# Vanguard Target Retirement 2020 Fund (VTWNX): Mutual Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/vtwnx for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: Vanguard · Asset class: Multi-Asset - Strategy: Thematic · Inception: 2006-06-07 Vanguard Target Retirement Funds furnish investors with a single, comprehensively diversified fund whose underlying asset allocation progressively evolves. These funds ensure broad diversification by systematically decreasing their equity holdings and augmenting their fixed-income investments as the target retirement year draws nearer. This dynamic adjustment process persists for roughly seven years beyond the target date, at which point their asset composition harmonizes with that of the Target Retirement Income Fund. Potential investors should be comfortable with the inherent market volat... ## Key Facts | Metric | Value | |---|---| | Price | $28.54 | | Expense Ratio | 0.08% | | Assets Under Management | $32.20B | | NAV | $28.57 | | Holdings Count | 0 | | Distribution Yield (TTM) | 7.89% | | Annual Distribution (TTM) | $2.25 /share | | Distribution Frequency | Annual | | 52-Week Range | $26.99 – $29.71 | | Beta | 0.70 | ## Latest Distribution - Amount: $2.2506 /share - Ex-date: 2025-12-23 - Pay date: 2025-12-24 ## Frequently Asked Questions ### What does VTWNX invest in? Vanguard Target Retirement Funds furnish investors with a single, comprehensively diversified fund whose underlying asset allocation progressively evolves. These funds ensure broad diversification by systematically decreasing their equity holdings and augmenting their fixed-income investments as the target retirement year draws nearer. This dynamic adjustment process persists for roughly seven years beyond the target date, at which point their asset composition harmonizes with that of the Target Retirement Income Fund. Potential investors should be comfortable with the inherent market volatility risks associated with both stocks and bonds. This specific fund is designed for individuals anticipating retirement between 2018 and 2022. ### What is the expense ratio of VTWNX? Vanguard Target Retirement 2020 Fund (VTWNX) charges an expense ratio of 0.08%. This is the annual fee deducted from fund assets to cover management and operations. ### What is VTWNX's dividend yield? VTWNX's trailing-twelve-month yield is 7.89%, calculated from the sum of dividends over the past year divided by the current price. ### How big is VTWNX? Vanguard Target Retirement 2020 Fund (VTWNX) manages $32.20B in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation. ### Is VTWNX actively managed or an index fund? VTWNX's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy. ### When was VTWNX launched? Vanguard Target Retirement 2020 Fund (VTWNX) launched in June 2006 and is managed by Vanguard. ### Does VTWNX pay a dividend? Yes, Vanguard Target Retirement 2020 Fund (VTWNX) distributes dividends to shareholders. The trailing-twelve-month yield is 7.89%. Full dividend history is on this page. ### How often does VTWNX pay dividends? Vanguard Target Retirement 2020 Fund pays dividends Annual. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### When is VTWNX's next ex-dividend date? The most recently announced ex-dividend date for VTWNX was 2025-12-23. The next ex-date typically follows Annual; once announced it appears at the top of the dividend history table on this page. ### How much will VTWNX's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.08% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does VTWNX charge its expense ratio? The expense ratio is deducted in tiny daily slices from VTWNX's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does VTWNX cost more than a fund like VOO? VTWNX's strategy (current expense ratio 0.08%) is different from a broad-market index tracker like VOO, so its fee belongs to a different cohort. The Cost Verdict card above shows you where VTWNX sits within its own category, which is the comparison that actually matters. ### Are there cheaper alternatives to VTWNX? The Lower-Fee Alternatives card above lists mutual funds following the same investment strategy as VTWNX (0.08%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/vtwnx - Distribution history: https://www.dividenddata.com/funds/vtwnx/dividend - Holdings & diversification: https://www.dividenddata.com/funds/vtwnx/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/vtwnx/expenses - Peer comparison: https://www.dividenddata.com/funds/vtwnx/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.