VANGUARD TOTAL INTERNATIONAL BOND II INDEX FUND
VANGUARD CHARLOTTE FUNDS · 2 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
VANGUARD TOTAL INTERNATIONAL BOND II INDEX FUND is a developed international bond index fund that tracks the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged).
- Asset class
- Bonds
- Region
- Developed international
- Management
- Index (passive)
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2026 Q1
Vanguard Total International Bond II Index Fund (the Fund) seeks to track the performance of a benchmark index that measures the investment return of non-U.S. dollar-denominated investment-grade bonds.
The fund tracks the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index, which measures investment-grade bonds issued outside the U.S. dollar across developed and emerging markets, and uses sampling to approximate the index's risk factors and characteristics while hedging foreign currency exposure through currency forwards. Because the fund samples rather than holds all index constituents, its returns may diverge from the index.
| Share class | Expense ratio |
|---|---|
| VTIIX | 0.11% |
| VTILX | 0.07% |
Portfolio turnover 25.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 98.01% |
| Cash & short-term | 2.02% |
| Derivatives | -2.05% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: French Republic Government Bond OAT ×2, Bundesschatzanweisungen, Italy Buoni Poliennali Del Tesoro ×2, Netherlands Government Bond, European Union, Canadian Government Bond
Largest exited: United Kingdom Gilt, French Republic Government Bond OAT, Bundesobligation, Republic of Austria Government Bond, Australia Government Bond, Korea Treasury Bond, Italy Buoni Poliennali Del Tesoro, Canadian Government Bond
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +1.28% | +11.63% | +1.05% | 3.23% | -2.38% | |
| +1.30% | +11.80% | +1.26% | 3.17% | -2.29% |
These classes hold the same portfolio, so the 0.21pp spread over 5 years is the cost difference between them — roughly 0.04pp a year — not a difference in what they own.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
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 | 96.4% |
| Floating rate | 3.6% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.2% |
| 1-3y | 22.0% |
| 3-5y | 19.7% |
| 5-10y | 32.1% |
| 10y+ | 26.0% |
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 a small fraction 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 | 77% |
| Credit spreads | 23% |
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 | +1.94 yr |
| High yield | +0.00 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 | 0.05 yr | 1% |
| 1 yr | 0.58 yr | 9% |
| 5 yr | 1.86 yr | 28% |
| 10 yr | 2.71 yr | 41% |
| 30 yr | 1.48 yr | 22% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.24 yr | 12% |
| 5 yr | 0.72 yr | 37% |
| 10 yr | 0.72 yr | 37% |
| 30 yr | 0.26 yr | 13% |
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 | +0.05 | +0.00 | +0.00 | $30.4k | $140 |
| 1 yr | +0.58 | +0.23 | +0.00 | $3.42m | $15.6k |
| 5 yr | +1.86 | +0.72 | +0.00 | $10.45m | $34.3k |
| 10 yr | +2.71 | +0.72 | +0.00 | $10.55m | $16.1k |
| 30 yr | +1.48 | +0.26 | +0.00 | $3.82m | $2.9k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 6.68 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Vanguard Cmt Funds-Vanguard Market Liquidity Fund | 2.02% | $2.95B | — |
| — | French Republic Government Bond OAT0.75% · due 2028-11-25 | 0.47% | $677.42M | — |
| — | United Kingdom Gilt4.13% · due 2029-07-22 | 0.44% | $647.31M | — |
| — | French Republic Government Bond OAT2.50% · due 2027-09-24 | 0.44% | $640.54M | — |
| — | French Republic Government Bond OAT2.70% · due 2031-02-25 | 0.36% | $518.61M | — |
| — | United Kingdom Gilt4.38% · due 2030-03-07 | 0.35% | $508.09M | — |
| — | Bundesrepublik Deutschland Bundesanleihe2.40% · due 2030-11-15 | 0.33% | $485.96M | — |
| — | Bundesrepublik Deutschland Bundesanleihe2.60% · due 2035-08-15 | 0.32% | $459.06M | — |
| — | French Republic Government Bond OAT1.25% · due 2038-05-25 | 0.31% | $457.49M | — |
| — | French Republic Government Bond OAT2.40% · due 2028-09-24 | 0.29% | $429.90M | — |
Top 10 positions are 5.33% of net assets, top 25 9.31%, across 1.4K issuers.
See more of this fund's book
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