Launched in 1975, The Vanguard Group, Inc. (VGI), Malvern, Pennsylvania, is among the world’s largest equity and fixed income managers. VGI’s wholly-owned subsidiary, Vanguard Fiduciary Trust Company (VFTC), manages Vanguard’s collective investment trust mandates.
Overview
The trust 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 trust handles investment selection, asset allocation, and rebalancing through retirement.
- 100% of assets invested in index funds.
Investment Tools
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Fund facts
| YTD Returns (NAV) | — |
|---|---|
| — | |
as of 09/30/2026 | 1.58% |
| Inception date | 06/30/2015 |
| $23.1B | |
| $798.8M | |
| Fund number | V069 |
| CUSIP | 92202M443 |
| Designation | Retirement Income |
| Benchmark | Target Retirement Income Composite Index |
Fees & minimum
| None | |
| None | |
| Minimum investment |
Glidepath
Performance
Total returns
RECENT RETURNS
AVERAGE ANNUAL
| Month-end | YTD | 1 YEAR | 3 YEAR | 5 YEAR | 10 YEAR | ||
|---|---|---|---|---|---|---|---|
V069* (NAV) | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | |
| — | — | — | — | — | — | — |
*
Performance shown reflects the historical returns of the Target Retirement Trusts Select through the inception date (March 31, 2026) of TRT CT, and the actual performance of TRT CT thereafter. The underlying investments, expense ratio, and strategy are identical.
*Derived by applying the fund’s target asset allocation to the results of the following benchmarks: for international stocks of developed markets, the MSCI EAFE Index through December 15, 2010, the MSCI ACWI ex USA IMI Index through June 2, 2013, and the FTSE Global All Cap ex US Index thereafter; for emerging-market stocks, the Select Emerging Markets Index through August 23, 2006, the MSCI Emerging Markets Index through December 15, 2010, the MSCI ACWI ex USA IMI Index through June 2, 2013, and the FTSE Global All Cap ex US Index thereafter; for U.S. bonds, the Bloomberg U.S. Aggregate Bond Index through December 31, 2009, and the Bloomberg U.S. Aggregate Float Adjusted Index thereafter, as well as the Bloomberg U.S. Treasury Inflation-Protected Securities Index through June 2, 2013, and the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0–5 Year Index thereafter; for short-term reserves, the Citigroup Three-Month Treasury Bill Index through June 2, 2013; for international bonds, the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index Hedged beginning June 3, 2013; and for U.S. stocks, the Dow Jones U.S. Total Stock Market Index (formerly known as the Dow Jones Wilshire 5000 Index) through April 22, 2005, the MSCI US Broad Market Index through June 2, 2013, and the Morningstar US Total Market Index thereafter. International stock benchmark returns are adjusted for withholding taxes.
| YEAR | 1ST QUARTER | 2ND QUARTER | 3RD QUARTER | 4TH QUARTER |
|---|
| YEAR |
|---|
| AS OF | 1 MONTH | 3 MONTH | YTD AS OF | YTD AS OF | 1 YEAR | 3 YEAR | 5 YEAR | 10 YEAR | |
|---|---|---|---|---|---|---|---|---|---|
V069 (NAV) | |||||||||
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.
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.
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.
Price & Distributions
Closing price
Closing price as of
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NAV change
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Portfolio
Style box
Risk and volatility
as of
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.
Management
The trust 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.
The trust 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.