Objective
Vanguard Target Retirement Income Trust Plus seeks to provide current income and some capital appreciation.
Investment approach
- Simple fund of funds structure seeks to build appropriate asset allocation from preselected stock and bond portfolios.
- The allocation between funds and asset classes automatically becomes more conservative over time.
- The trust handles investment selection, asset allocation, and rebalancing through retirement.
- 100% of assets invested in index funds.
Performance snapshot
Quarter-end total returnsas of06/30/2025
Note: Returns are unadjusted for transaction fees where applicable.
The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited.
Share classes
At a glance
Objective
Vanguard Target Retirement Income Trust Plus seeks to provide current income and some capital appreciation.
Investment approach
- Simple fund of funds structure seeks to build appropriate asset allocation from preselected stock and bond portfolios.
- The allocation between funds and asset classes automatically becomes more conservative over time.
- The trust handles investment selection, asset allocation, and rebalancing through retirement.
- 100% of assets invested in index funds.
Process & Management
Process
Vanguard Target Retirement Income Trust Plus uses an asset allocation strategy designed for investors currently in retirement. The trust seeks to provide current income and some capital appreciation by investing in a mix of the following Vanguard funds and trusts: Total Stock Market Index Fund, Total Bond Market II Index Fund, Institutional Total International Stock Market Index Trust II, Total International Bond II Index Fund, and Short-Term Inflation-Protected Securities Fund. The combination of funds and trusts produces a portfolio that is diversified by asset class and holdings.
Vanguard Target Retirement Income Trust Plus is one of a series of Vanguard trusts that use a targeted maturity approach as a simplified way to meet investors’ different objectives, time horizons, and changing risk tolerances. The trust invests in Vanguard Short-Term Inflation-Protected Securities Index Fund to provide a hedge against inflation while dampening the overall volatility of the portfolio. In this regard, the trust diversifies both stock and conventional bond exposure.
Management
Firm Description
Launched in 1975, The Vanguard Group, Malvern, Pennsylvania, is among the world’s largest equity and fixed income managers. As chief investment officer, Gregory Davis, CFA, oversees Vanguard’s Equity Index, Investment Strategy, Quantitative Equity, and Fixed Income Groups. Rodney Comegys, Principal and global head of Vanguard's Equity Index Group, is responsible for all equity index funds. The Equity Index Group manages indexed equity portfolios covering U.S. and international markets. It has developed sophisticated portfolio construction methodologies and efficient trading strategies that seek to deliver returns that are highly correlated with target portfolio benchmarks. The group has advised Vanguard Target Retirement Income Trust Plus since 2017.
Investment Manager Biographies
Michael R. Roach, CFA
- Portfolio manager.
- Advised the trust since 2023.
- Worked in investment management since 2000.
- B.S., Bloomsburg University of Pennsylvania.
- M.S., Drexel University.
Walter Nejman
- Portfolio manager.
- Advised the trust since 2017.
- Worked in investment management since 2008.
- B.A., Arcadia University.
- M.B.A., Villanova University.
Aurelie Denis, CFA
- Portfolio manager.
- Advised the trust since 2023.
- Worked in investment management since 2017.
- B.S., Pennsylvania State University.
Roger Aliaga-Diaz, Ph.D., Principal
- Portfolio manager, Investment Strategy Group.
- Advised the trust since 2023.
- Worked in investment management since 2010.
- B.A., Universidad Nacional de Córdoba.
- Ph.D., North Carolina State University.
Glidepath
Source: Vanguard
* Target date is the year stated in the fund name and assumes retirement at age 65.
| Quarter-end | Year-to-date | 1 year | 3 year | 5 year | 10 year | Since inception[2] | ||
|---|---|---|---|---|---|---|---|---|
 | 1661(NAV) | 4.58% | 5.98% | 9.68% | 7.37% | 4.52% | 4.77% | 5.05% |
 | Benchmark[1] | 4.61% | 5.87% | 9.60% | 7.50% | 4.65% | 4.92% | 5.18% |
| +/- Benchmark[4] | -0.03% | 0.11% | 0.08% | -0.13% | -0.13% | -0.15% | -0.13% |
Note: Returns are unadjusted for transaction fees where applicable.
Quarterly & Annual returns
Cumulative returnsas of06/30/2025
| 1 month | 3 month | 1 year | 3 year | 5 year | 10 year | Since inception[2] | |
|---|---|---|---|---|---|---|---|
| 1661(NAV) | 2.15% | 4.58% | 9.68% | 23.78% | 24.71% | 59.29% | 98.00% |
| Benchmark | 2.10% | 4.61% | 9.60% | 24.22% | 25.52% | 61.59% | 101.41% |
Quarterly commentary
- During the three months ended June 30, 2025, financial markets made solid gains despite bouts of volatility sparked by trade policy announcements and heightened geopolitical tensions.
Risk and volatilityas of06/30/2025
Relative risk measures |
| 3 year | 5 year | 10 year | ||
|---|---|---|---|---|
| Alpha[3] | ||||
| Primary benchmark*[1] | -0.01% | -0.01% | -0.01% | |
| Broad-based benchmark[2][2] | 0.39% | 0.44% | 0.25% | |
| Beta[4] | ||||
| Primary benchmark*[1] | 1.02 | 1.01 | 1.01 | |
| Broad-based benchmark[2] | 1.00 | 1.02 | 0.92 | |
| R-squared[5] | ||||
| Primary benchmark*[1] | 1.00 | 1.00 | 1.00 | |
| Broad-based benchmark[1] | 0.84 | 0.77 | 0.54 | |
| Information ratio[6] | ||||
| Primary benchmark*[1] | -0.38 | -0.43 | -0.48 | |
| Broad-based benchmark[1] | 1.51 | 1.47 | 0.71 | |
Risk and return statistics |
| 3 year | 5 year | 10 year | ||
|---|---|---|---|---|
| Standard deviation | ||||
| 1661 | 7.97% | 7.44% | 6.28% | |
| Primary benchmark* | 7.83% | 7.36% | 6.21% | |
| Broad-based benchmark | 7.30% | 6.37% | 5.03% | |
| Sharpe ratio | ||||
| 1661 | 0.33 | 0.22 | 0.44 | |
| Primary benchmark* | 0.35 | 0.24 | 0.47 | |
| Broad-based benchmark | -0.30 | -0.57 | -0.05 | |
| Sortino ratio | ||||
| 1661 | 0.51 | 0.36 | 0.67 | |
| Primary benchmark* | 0.54 | 0.39 | 0.72 | |
| Broad-based benchmark | -0.35 | -0.68 | -0.03 | |
Risk measures are calculated from trailing 3, 5, and 10 year fund returns relative to the associated benchmarks.
Because the trust invests substantially all of its assets in underlying Vanguard funds, it is subject to underlying fund risk. This means that the trust is exposed to all of the risks associated with the investment strategies and policies of the underlying Vanguard funds, including the risk that the underlying funds will not meet their investment objectives. The trust is subject to several stock and bond market risks, any of which could cause an investor to lose money. However, based on the trust’s current allocation between stocks and the less volatile asset class of bonds, the trust’s overall level of risk should be higher than those funds that invest mostly in bonds, but lower than those investing mostly in stocks. The trust also is subject to asset allocation risk, which is the chance that the selection of underlying funds and the allocation of fund assets will cause the fund to underperform other funds with a similar investment objective.
Closing priceas of07/24/2025
Price analysis
Price history
Inception date: 08/15/2011
Get up to 24 months of prices for this fund. You can also export all prices of this fund since the inception date.
The performance data shown represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited.
Performance data for periods of less than one year does not reflect the deduction of purchase and redemption fees. Maintenance, low balance, and service fees may be assessed by some funds. None of these fees are reflected in the performance figures. If these fees were included, the performance would be lower. All other performance data are adjusted for purchase and redemption fees, where applicable. See Fees & Costs below for expense ratio and additional fee details.
The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index. Benchmark comparative indexes represent unmanaged or average returns on various financial assets, which can be compared with funds' total returns for the purpose of measuring relative performance.
Source: FactSet financial data and analytics.
Investments in Target Retirement Funds are subject to the risks of their underlying funds. The year in the Fund name refers to the approximate year (the target date) when an investor in the Fund would retire and leave the work force. The Fund will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date. An investment in the Target Retirement Fund is not guaranteed at any time, including on or after the target date.
Shareholder feesFees paid directly from your investment | |
| Sales charge (load) imposed on purchases | None |
| Purchase fee | None |
| Redemption fee | None |
Annual fund operating expensesExpenses that you pay each year as a percentage of the value of your investment. | |
| Acquired fund fees and expenses | Note |
| 12b-1 distribution fee | None |
Style box
Allocation to underlying funds (actual)As of06/30/2025
Weighted equity exposures exclude any temporary cash investments and equity index futures. Some short-term fixed income securities are classified as cash and are excluded from the weighted bond exposures.
The performance data shown represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. See performance data current to the most recent month end.
