Fixed Income

BPLBX

Inflation Protected Bond Fund

  • NAV as of Dec 04, 2025 $9.75
    52 WK: 9.41 - 9.88
  • 1 Day NAV Change as of Dec 04, 2025 $-0.01 (-0.10%)
  • NAV Total Return as of Dec 04, 2025 YTD: 7.40%
  • Morningstar Rating

Overview

About this Fund

  • High-Quality Inflation Protection
  • A Distinct Portfolio Diversifier
  • Pursuing Protection and Income

Investment Approach

Invests at least 80% of its assets in inflation-indexed bonds of varying maturities issued by the U.S. and non-U.S. governments, their agencies or instrumentalities, and U.S. and non-U.S. corporations.
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Performance

Performance

  1y 3y 5y 10y
Total Return (%) 3.80 4.97 1.55 3.04
Benchmark (%) 3.79 4.88 1.42 3.01
Morningstar Category Avg. (%) 3.74 4.68 0.81 2.62
Morningstar Ranking 54/150 41/140 30/130 14/107
Morningstar Quartile 2 2 1 1
Lipper Category Avg. (%) 4.09 4.79 1.81 2.74
Lipper Ranking 118/220 92/198 86/184 40/150
Lipper Quartile 3 2 2 2
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 7.14 0.34 2.12 3.80 15.66 7.99 34.87
Benchmark (%) 6.87 0.43 2.10 3.79 15.38 7.32 34.46
Morningstar Category Avg. (%) 6.61 0.23 1.90 3.74 14.71 4.09 29.57
Lipper Category Avg. (%) 6.36 0.28 1.85 4.09 15.13 9.81 31.26
  2020 2021 2022 2023 2024
Total Return (%) 11.85 5.80 -11.47 3.77 1.87
Benchmark (%) 10.99 5.96 -11.85 3.90 1.84
Morningstar Category Avg. (%) 10.01 5.61 -8.98 2.82 2.05

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

The Fund’s returns prior to September 17, 2018 are the returns of a predecessor fund that reorganized into the Fund on September 17, 2018. The predecessor fund had the same investment objectives, strategies and policies, portfolio management team and contractual arrangements, including the same contractual fees and expenses, as the Fund as of the date of the reorganization. As a result, the performance of the Fund would have been substantially similar to that of the predecessor fund.

Click here for historical distribution data and here for upcoming distribution estimates

Key Facts

Key Facts

Size of Fund (Millions)
as of Dec 04, 2025
$1,805.3 M
Share Class launch date
Jun 28, 2004
Benchmark Index
Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series L)
Lipper Classification
Infl Protected Bd Fds
Max Offer Price
as of Dec 04, 2025
$9.75
Turnover Percent in the Annual Report
as of Dec 31, 2024
227.00%
Size of Class (Millions)
as of Dec 04, 2025
$541.2 M
Asset Class
Fixed Income
Morningstar Category
Inflation-Protected Bond
CUSIP
09260B549
Open to New Investors
Yes

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Oct 31, 2025
364
Alpha (3y)
as of Nov 30, 2025
0.00
R-Squared (3y)
as of Nov 30, 2025
98.41
Beta (3y)
as of Nov 30, 2025
1.00
Unsubsidized 30-Day SEC Yield
as of Oct 31, 2025
4.63%
Weighted Average Life
as of Oct 31, 2025
8.03 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
5.81%
30 Day SEC Yield
as of Oct 31, 2025
4.68%
Yield to Maturity
as of Oct 31, 2025
4.17%
Fund Standard Deviation (3y)
as of Nov 30, 2025
4.68
Average Coupon
as of Oct 31, 2025
1.41%
Yield to Worst
as of Oct 31, 2025
2.01%
Effective Duration
as of Oct 31, 2025
6.75 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Oct 31, 2023
-3.84%

For the latest month-end Distribution Yield, click here.


This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Fees

Fees

as of current prospectus
Gross Expense Ratio 1.09%
Net Expense Ratio 1.04%

Net Expense Ratio excluding Investment Related Expenses is 0.29%

  • Acquired Fund Fees and Expenses 0.00%
  • Interest expense 0.75%

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for Inflation Protected Bond Fund, as of Nov 30, 2025 rated against 138 Inflation-Protected Bond Funds based on risk adjusted total return.

Lipper Leader

 
 
 
 
Overall Lipper Leaders ratings based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable) and do not take into account the effects of sales charges for these categories (Consistent Return, Preservation, Total Return, Expense, and Tax Efficiency) as of Sep 30, 2025 out of 198, 6,065, 198, 248 and 198 Funds, respectively in Lipper's Infl Protected Bd Fds classification.

Holdings

Holdings

as of Oct 31, 2025
Name Weight (%)
UMBS 30YR TBA(REG A) 5.35
TREASURY (CPI) NOTE 2.125 01/15/2035 4.48
TREASURY (CPI) NOTE 1.625 04/15/2030 4.00
TREASURY (CPI) NOTE 1.875 07/15/2034 3.91
TREASURY (CPI) NOTE 1.75 01/15/2034 3.78
Name Weight (%)
TREASURY (CPI) NOTE 1.125 01/15/2033 3.47
TREASURY (CPI) NOTE 0.625 07/15/2032 3.47
TREASURY (CPI) NOTE 1.375 07/15/2033 3.40
TREASURY (CPI) NOTE 1.625 10/15/2029 3.35
TREASURY (CPI) NOTE 2.125 04/15/2029 3.32
Name Market Value Weight (%) Shares Maturity Coupon (%)
Detailed Holdings and Analytics
Holdings are subject to change. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. The Fund is actively managed and its details, holdings and characteristics will vary. Holdings shown should not be deemed as a recommendation to buy or sell securities. The user relies on this data at its own risk and neither BlackRock nor any other party makes any representations or express or implied warranties (which are expressly disclaimed) nor shall they incur any liability for any errors or omissions in the data.

Exposure Breakdowns

Exposure Breakdowns

as of Oct 31, 2025

% Notional Exposures

Type Fund Benchmark Net
as of Oct 31, 2025

% Market Value

Type Fund Benchmark Net
as of Oct 31, 2025

% Market Value

Type Fund Benchmark Net
The fund itself has not been rated by an independent rating agency. Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.

Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Certain transactions the funds may utilize may give rise to a form of leverage through either (a) additional market exposure or (b) borrowing capital in an attempt to increase investment return. The use of such transactions includes certain leverage-related risks, including potential for higher volatility, greater decline of the fund’s net asset value and fluctuations of dividends and distributions paid by the fund.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Harrison Segall
Harrison Segall
Russell Brownback
Russell Brownback
Managing Director, Deputy CIO and Head of Global Macro Positioning Team within Global Fixed Income

    

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Russell Brownback, Managing Director, is Deputy Chief Investment Officer of Global Fixed Income. Mr. Brownback is the lead investor for Core and Core Plus, and Inflation Linked Strategies. In addition, he is a co-lead manager of the Strategic Income Opportunities Fund and flexible global aggregate mandates, including BlackRock Strategic Global Bond Fund.

 

Prior to joining BlackRock in 2009, Mr. Brownback was a Senior Partner with R3 Capital Partners. From 1992 to 2008, he was with Lehman Brothers, most recently as a Managing Director and proprietary trader/portfolio manager for the Global Principal Strategies team.

 

Previously, he was the head of the firm's Corporate Bond trading desk and an industrial sector bond trader. During his tenure, he also traded emerging markets and cross over sovereign bonds.

 

Mr. Brownback earned a BA degree in economics from Hobart College in 1987 and an MBA from the J.L. Kellogg Graduate School of Management at Northwestern University. He has been an adjunct professor for both graduate and undergraduate studies at Syracuse University's Whitman School of Business.

Johan Sjogren
Johan Sjogren
Portfolio Manager

ESG Integration

ESG Integration

BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.

This fund does not seek to follow a sustainable, impact or ESG investment strategy. For more information regarding the fund's investment strategy, please see the fund's prospectus or, as applicable, shareholder report.

Funds related to BPLBX

Funds related to BPLBX

TIP
iShares TIPS Bond ETF
Learn more about TIP
BFRAX
Floating Rate Income Fund
Learn more about BFRAX
FLOT
iShares Floating Rate Bond ETF
Learn more about FLOT

Literature

Literature