Vanguard Target Retirement 2020 Fund VTWNX NASDAQ

Vanguard Target Retirement 2020 Fund is a managed mutual fund designed for investors planning to retire around 2020. The fund pursues capital appreciation and current income through a diversified portfolio of Vanguard mutual funds allocated across stocks, bonds, and fixed income securities. The fund implements a target-date strategy that automatically becomes more conservative over time, progressively reducing equity exposure while increasing fixed income allocations as the target retirement year approaches. This approach aligns the fund's risk profile with investors' changing needs during their transition to retirement and beyond.