VANGUARD TOTAL INTERNATIONAL BOND II INDEX FUND
Developed international bond index fund · tracks Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged)
As of its 2026 Q2 report, VANGUARD TOTAL INTERNATIONAL BOND II INDEX FUND held 7,145 positions with $145.78B in net assets. Its ten largest holdings made up 5.3% of the fund. The VTIIX share class costs 0.11% a year. Over the 12 months to May 2026, VTIIX returned 2.2%, with dividends reinvested. In 2026 Q3 it added 382 new positions and exited 296.
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.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Vanguard Cmt Funds-Vanguard Market Liquidity Fund | 2.02% | $2.95B | — |
French Republic Government Bond OAT 0.75% · due 2028-11-25 | 0.47% | $677.42M | — |
United Kingdom Gilt 4.13% · due 2029-07-22 | 0.44% | $647.31M | — |
French Republic Government Bond OAT 2.50% · due 2027-09-24 | 0.44% | $640.54M | — |
French Republic Government Bond OAT 2.70% · due 2031-02-25 | 0.36% | $518.61M | — |
United Kingdom Gilt 4.38% · due 2030-03-07 | 0.35% | $508.09M | — |
Bundesrepublik Deutschland Bundesanleihe 2.40% · due 2030-11-15 | 0.33% | $485.96M | — |
Bundesrepublik Deutschland Bundesanleihe 2.60% · due 2035-08-15 | 0.32% | $459.06M | — |
French Republic Government Bond OAT 1.25% · due 2038-05-25 | 0.31% | $457.49M | — |
French Republic Government Bond OAT 2.40% · due 2028-09-24 | 0.29% | $429.90M | — |
The 200 largest of 7,145 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 | 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.
How it has done
VTIIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.33%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are 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 |
|---|---|---|---|---|---|
| 0.11% | +2.23% | +12.63% | +1.86% | -2.38% | |
| 0.07% | +2.26% | +12.86% | +2.18% | -2.29% |
These classes hold the same portfolio, so the 0.32pp spread over 5 years is the cost difference between them — roughly 0.06pp a year — not a difference in what they own.
Fees & fund details
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
- Expense ratio, by class
- 0.07% – 0.11%· VTIIX 0.11%
- Portfolio turnover
- 25.00% a year · as of 2026 Q1
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.
382 new· the largest 7
296 exited· the largest 6
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.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
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 — VTIIX, 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?”