Inflation protected bond funds are investment vehicles that aim to shield investors from the eroding effects of inflation on their purchasing power. These funds typically invest in government-issued inflation-linked bonds, which adjust their principal and interest payments based on changes in the inflation rate. By investing in these bonds, investors can potentially benefit from both the fixed income component of the bond and the inflation protection feature. Inflation protected bond funds are considered a relatively safe investment option for those looking to hedge against rising prices and preserve the real value of their investments over time.