Bond Market Index Fund
U.S. bond index fund · tracks Bloomberg US Aggregate Index
As of its 2026 Q2 report, Bond Market Index Fund held 4,141 positions with $2.96B in net assets. Its ten largest holdings made up 7.4% of the fund. The PNIIX share class costs 0.12% a year. Over the 12 months to May 2026, PNIIX returned 5.0%, with dividends reinvested. In 2026 Q2 it added 228 new positions and exited 137.
The Fund seeks to provide current income.
The fund tracks the Bloomberg US Aggregate Index using a sampling methodology, holding a representative subset of the Index's investment-grade government, corporate, and securitized debt securities rather than all constituents. Because the fund does not purchase all securities in the Index, its returns may diverge from the Index. The fund maintains a portfolio duration aligned with the Index.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Principal Funds, Inc - Government Money Market Fund - Class R-6 | 2.39% | $70.97M | — | — |
United States Treasury Note/Bond 0.63% · due 2030-05-15 | 0.88% | $25.98M | — | — |
iShares iBoxx USD Investment Grade Corporate Bond ETF | 0.59% | $17.50M | 160.0K | $109.36 |
United States Treasury Note/Bond 3.88% · due 2028-03-31 | 0.58% | $17.36M | — | — |
United States Treasury Note/Bond 1.38% · due 2031-11-15 | 0.58% | $17.15M | — | — |
United States Treasury Note/Bond 4.63% · due 2027-06-15 | 0.57% | $17.01M | — | — |
United States Treasury Note/Bond 2.88% · due 2028-08-15 | 0.46% | $13.63M | — | — |
United States Treasury Note/Bond 4.13% · due 2032-11-15 | 0.46% | $13.60M | — | — |
United States Treasury Note/Bond 2.75% · due 2027-07-31 | 0.46% | $13.48M | — | — |
United States Treasury Note/Bond 0.63% · due 2030-08-15 | 0.44% | $13.05M | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-31 — not a live quote, and not what the fund paid.
The 200 largest of 4,141 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 73.36% |
| Securitized | 24.55% |
| Cash & short-term | 2.53% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified.
By sector
- Government
- 47.8%
- Securitized
- 24.5%
- Financials
- 4.8%
- International
- 4.0%
- 12 other sectors
- 18.9%
- Government
- 47.8%
- Securitized
- 24.5%
- Financials
- 4.8%
- International
- 4.0%
- Other
- 3.8%
- Utilities
- 2.5%
- Cash
- 2.5%
- Health Care
- 2.1%
- Information Technology
- 1.7%
- Communication Services
- 1.6%
- Industrials
- 1.3%
- Consumer Staples
- 1.1%
- Energy
- 0.8%
- Consumer Discretionary
- 0.7%
- Real Estate
- 0.5%
- Materials
- 0.4%
How it has done
PNIIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.21%. Past returns are a record, not a forecast.
The 6 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.12% | +4.97% | +11.72% | +0.26% | -5.35% | |
| — | — | — | — | — | |
| 0.69% | +4.51% | +9.97% | -2.43% | -5.48% | |
| — | — | — | — | — | |
| 0.38% | +4.83% | +10.95% | -0.95% | -5.43% | |
| 0.43% | +4.72% | +10.71% | -1.30% | -5.48% |
Fees & fund details
Bond Market Index Fund is a U.S. bond index fund that tracks the Bloomberg US Aggregate Index.
- Asset class
- Bonds
- Region
- United States
- Management
- Index (passive)
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.12% – 0.69%· PNIIX 0.12%
- Portfolio turnover
- 43.10% a year · as of 2025 Q4
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
228 new· the largest 2
137 exited· the largest 3
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 95.7% |
| Floating rate | 4.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.8% |
| 1-3y | 21.4% |
| 3-5y | 15.2% |
| 5-10y | 19.5% |
| 10y+ | 43.1% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 65% |
| Credit spreads | 35% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +3.14 yr |
| High yield | +0.03 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.13 yr | 2% |
| 5 yr | 1.67 yr | 29% |
| 10 yr | 1.65 yr | 28% |
| 30 yr | 2.34 yr | 40% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.07 yr | 2% |
| 5 yr | 0.92 yr | 29% |
| 10 yr | 0.90 yr | 28% |
| 30 yr | 1.28 yr | 40% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.01 | +0.00 | $2.3k | $23 |
| 1 yr | +0.13 | +0.07 | +0.00 | $21.4k | $212 |
| 5 yr | +1.67 | +0.91 | +0.01 | $268.6k | $2.7k |
| 10 yr | +1.65 | +0.89 | +0.01 | $264.4k | $2.6k |
| 30 yr | +2.34 | +1.27 | +0.01 | $375.3k | $3.7k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
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