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1661
Target Retirement Income Trust Plus
$22.4B
As of06/30/2025
$3.4B
As of06/30/2025
YTD RETURN
6.60%
As of07/24/2025
BENCHMARK
Target Retirement Income Composite Index

1661 | Target Retirement Income Trust Plus

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Overview

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

1year3year5year10yearSinceinception0%5%10%15%9.68%9.60%7.37%7.50%4.52%4.65%4.77%4.92%5.05%5.18%

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

Share classSymbolAcquired fund fees and expensesMinimumInception date
Trust1661NoteNote08/15/2011

At a glance

STYLE
—
CUSIP
92202V468
FUND #
1661
PRODUCT TYPE
Retirement Income
INCEPTION DATE
08/15/2011
DAILY NAV
$59.75as of07/24/2025

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

Vanguard Equity Index Group

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.

Performance & Price

Total returns

Acquired fund fees and expensesNote

As of
Quarter-endYear-to-date1 year3 year5 year10 yearSince inception0%5%10%15%4.58%4.61%5.98%5.87%9.68%9.60%7.37%7.50%4.52%4.65%4.77%4.92%5.05%5.18%
Quarter-endYear-to-date1 year3 year5 year10 yearSince inception[2]
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

Acquired fund fees and expensesNote

Quarterly returns by NAVAnnual returns by NAV
Year1st quarter2nd quarter3rd Quarter4th quarterCapital return[2]Income return[4]Total return[5]Benchmark[1]
20251.34%4.58%——————
20242.11%0.91%5.13%-1.56%6.64%0.00%6.64%6.74%
20234.26%1.37%-2.39%7.33%10.72%0.00%10.72%10.80%
2022-4.74%-7.36%-4.71%3.80%-12.71%0.00%-12.71%-12.44%
20210.06%3.21%-0.09%2.03%5.27%0.00%5.27%5.44%
2020-5.90%7.88%3.13%5.17%10.10%0.00%10.10%10.70%
20195.60%2.95%1.53%2.65%13.31%0.00%13.31%13.41%
2018-0.52%0.45%1.35%-3.23%-1.99%0.00%-1.99%-1.98%
20172.49%1.81%2.00%2.05%8.61%0.00%8.61%8.68%
20162.33%1.96%1.97%-1.04%5.28%0.00%5.28%5.35%
20151.81%-0.96%-2.12%1.23%-0.08%0.00%-0.08%0.13%


Cumulative returnsas of06/30/2025

Acquired fund fees and expensesNote

1 month3 month1 year3 year5 year10 yearSince inception[2]
1661(NAV)2.15%4.58%9.68%23.78%24.71%59.29%98.00%
Benchmark2.10%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 year5 year10 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]1.021.011.01
Broad-based benchmark[2]1.001.020.92
R-squared[5]
Primary benchmark*[1]1.001.001.00
Broad-based benchmark[1]0.840.770.54
Information ratio[6]
Primary benchmark*[1]-0.38-0.43-0.48
Broad-based benchmark[1]1.511.470.71

Risk and return statistics

3 year5 year10 year
Standard deviation
16617.97%7.44%6.28%
Primary benchmark*7.83%7.36%6.21%
Broad-based benchmark7.30%6.37%5.03%
Sharpe ratio
16610.330.220.44
Primary benchmark*0.350.240.47
Broad-based benchmark-0.30-0.57-0.05
Sortino ratio
16610.510.360.67
Primary benchmark*0.540.390.72
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

$59.75
NAV CHANGE
-$0.07(-0.12%)
52-WEEK HIGH
$59.82
As of07/23/2025
52-WEEK LOW
$54.44
As of08/07/2024
52-WEEK DIFFERENCE
$5.38(9.88%)

Price analysis

Price history


Inception date: 08/15/2011

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Start date
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1 - 5 of 5

DateNAV07/24/2025$59.7507/23/2025$59.8207/22/2025$59.6807/21/2025$59.5807/18/2025$59.44

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.

Fees & Costs

Shareholder fees

Fees paid directly from your investment

Sales charge (load) imposed on purchasesNone
Purchase feeNone
Redemption feeNone

Annual fund operating expenses

Expenses that you pay each year as a percentage of the value of your investment.

Acquired fund fees and expensesNote
12b-1 distribution feeNone
Portfolio

Style box


Vanguard style view is not available. This fund is not accurately defined by style, either because of the fund's investment mandate, or asset class.

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.

Yield & Distribution

Yield

—
1.87%
As of06/30/2025

Fund Literature
06/30/2025
06/30/2025

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.