Investment objective & strategy
As of Jan. 28, 2026 · prospectusObjective. Vanguard Target Retirement Income Fund (the Fund) seeks to provide current income and some capital appreciation.
Strategy. The Fund invests in a mix of Vanguard mutual funds (the Underlying Funds) according to an asset allocation strategy designed for investors currently in retirement. As of September 30, 2025, the Funds allocation among the underlying asset classes was as follows: U.S. fixed income securities 36.3% U.S. stocks 18.5% Inflation-indexed securities 16.2% Foreign fixed income securities 15.4% Foreign stocks 12.9% The Funds asset allocation may be affected by a variety of factors, such as whether the Underlying Funds are accepting additional investments. The Funds indirect fixed income holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, … The Fund invests in a mix of Vanguard mutual funds (the Underlying Funds) according to an asset allocation strategy designed for investors currently in retirement. As of September 30, 2025, the Funds allocation among the underlying asset classes was as follows: U.S. fixed income securities 36.3% U.S. stocks 18.5% Inflation-indexed securities 16.2% Foreign fixed income securities 15.4% Foreign stocks 12.9% The Funds asset allocation may be affected by a variety of factors, such as whether the Underlying Funds are accepting additional investments. The Funds indirect fixed income holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by the advisor to minimize foreign currency exposure). The Funds indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| VANG-TB II-INV | — | $13.04B | 36.91% |
| VANG-T ST M-INS+ | — | $6.24B | 17.66% |
| VANG-S/T INF-ADM | — | $5.87B | 16.63% |
| VANG-TTL INT-INS | — | $5.49B | 15.55% |
| VANG-TO INT-INV | — | $4.39B | 12.44% |
| Vanguard Market Liquidity Fund | — | $221.86M | 0.63% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| VANGUARD TARGET RETIREMENT 2020 FUND · VTWNX | 96% | 0.08% |
| VANGUARD TARGET RETIREMENT 2025 FUND · VTTVX | 82% | 0.08% |
| VANGUARD TARGET RETIREMENT 2030 FUND · VTHRX | 71% | 0.08% |
Advisers
| Firm | Role |
|---|---|
| The Vanguard Group, Inc. | Adviser |
Footnotes
- Expense ratio as of January 28, 2026, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. As reported in the fund's prospectus performance bar chart.
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