VANGUARD TOTAL BOND MARKET II INDEX FUND
U.S. bond index fund · tracks Bloomberg U.S. Aggregate Float Adjusted Index
As of its 2026 Q2 report, VANGUARD TOTAL BOND MARKET II INDEX FUND held 15,856 positions with $384.36B in net assets. Its ten largest holdings made up 11.5% of the fund. The VTBIX share class costs 0.09% a year. Over the 12 months to May 2026, VTBIX returned 4.9%, with dividends reinvested. In 2026 Q2 it added 628 new positions and exited 417.
Vanguard Total Bond Market II Index Fund (the Fund) seeks to track the performance of a broad, market-weighted bond index.
The fund tracks the Bloomberg U.S. Aggregate Float Adjusted Index using a sampling approach, holding a range of investment-grade bonds including government, corporate, mortgage-backed, and asset-backed securities with maturities over one year. Because the fund samples rather than holds all index constituents, its returns may diverge from the Target Index.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Vanguard Cmt Funds-Vanguard Market Liquidity Fund | 5.19% | $19.95B | — |
United States Treasury Note/Bond 4.13% · due 2028-06-30 | 1.55% | $5.95B | — |
United States Treasury Note/Bond 4.13% · due 2029-06-15 | 1.42% | $5.45B | — |
United States Treasury Note/Bond 4.13% · due 2031-06-30 | 0.68% | $2.62B | — |
United States Treasury Note/Bond 5.00% · due 2056-05-15 | 0.64% | $2.44B | — |
United States Treasury Note/Bond 4.25% · due 2033-06-30 | 0.57% | $2.21B | — |
United States Treasury Note/Bond 3.50% · due 2028-01-31 | 0.38% | $1.47B | — |
United States Treasury Note/Bond 4.13% · due 2036-02-15 | 0.37% | $1.42B | — |
United States Treasury Note/Bond 4.25% · due 2035-05-15 | 0.37% | $1.42B | — |
United States Treasury Note/Bond 4.25% · due 2035-08-15 | 0.37% | $1.42B | — |
The 200 largest of 15,856 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 | 77.64% |
| Securitized | 20.80% |
| Cash & short-term | 5.19% |
| Derivatives | 0.02% |
Derivatives are shown at market value, not notional exposure.
By sector
- Government
- 49.5%
- Securitized
- 20.4%
- Cash
- 5.0%
- Financials
- 4.9%
- 12 other sectors
- 20.2%
- Government
- 49.5%
- Securitized
- 20.4%
- Cash
- 5.0%
- Financials
- 4.9%
- Other
- 4.1%
- International
- 3.8%
- Utilities
- 2.5%
- Health Care
- 2.0%
- Information Technology
- 1.7%
- Communication Services
- 1.4%
- Industrials
- 1.4%
- Consumer Staples
- 0.9%
- Consumer Discretionary
- 0.8%
- Energy
- 0.7%
- Real Estate
- 0.6%
- Materials
- 0.3%
How it has done
VTBIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.15%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.09% | +4.90% | +12.01% | +0.54% | -5.04% | |
| 0.02% | +4.98% | +12.24% | +0.89% | -5.01% |
These classes hold the same portfolio, so the 0.35pp spread over 5 years is the cost difference between them — roughly 0.07pp a year — not a difference in what they own.
Fees & fund details
VANGUARD TOTAL BOND MARKET II INDEX FUND is a U.S. bond index fund that tracks the Bloomberg U.S. Aggregate Float Adjusted 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
- 0.02% – 0.09%· VTBIX 0.09%
- Portfolio turnover
- 107.00% a year · as of 2026 Q2
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.
628 new· the largest 2
417 exited· the largest 2
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
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 | 94.7% |
| Floating rate | 5.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.7% |
| 1-3y | 23.2% |
| 3-5y | 16.9% |
| 5-10y | 19.5% |
| 10y+ | 37.7% |
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 | 67% |
| Credit spreads | 33% |
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 | +2.75 yr |
| High yield | +0.02 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 | 0.66 yr | 12% |
| 5 yr | 1.62 yr | 28% |
| 10 yr | 2.18 yr | 38% |
| 30 yr | 1.23 yr | 22% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.25 yr | 9% |
| 5 yr | 0.78 yr | 28% |
| 10 yr | 1.17 yr | 42% |
| 30 yr | 0.55 yr | 20% |
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 | $308.9k | $1.6k |
| 1 yr | +0.66 | +0.25 | +0.00 | $9.67m | $65.5k |
| 5 yr | +1.62 | +0.78 | +0.01 | $29.82m | $198.3k |
| 10 yr | +2.18 | +1.16 | +0.01 | $44.77m | $379.9k |
| 30 yr | +1.23 | +0.55 | +0.01 | $21.09m | $194.5k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — VTBIX, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”