VFORX — Vanguard Target Retirement 2040 Fund, Investor Shares
Data updated: 2026-08-28
VFORX — Vanguard Target Retirement 2040 Fund, Investor Shares. 0.08% expense ratio · no sales load · since 2006. Holdings, fees, performance and SEC filings.
VFORX Fund Overview
VFORX — Vanguard Target Retirement 2040 Fund, Investor Shares is a US mutual fund managed by The Vanguard Group, Inc., categorised as Target-Date. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Adviser: The Vanguard Group, Inc.
- Trust: Vanguard Chester Funds
- Category: Target-Date
- Minimum investment: $1,000
- Additional investment: $1
- Inception date: June 7, 2006
- Assets under management: $119.66B
- 1-year return: 19.3%
- Ticker: VFORX
- SEC CIK: 0000752177
- SEC series ID: S000012761
- Share class ID: C000034440
- FIGI: BBG000LH2VT6
- LEI: SR4MBA5TKXX2H6WDUH78
About VFORX
Vanguard Target Retirement 2040 Fund (VFORX) seeks capital appreciation and current income consistent with its current asset allocation. It invests in other Vanguard mutual funds, with its allocation shifting from stocks toward bonds and fixed income as it approaches and passes 2040. Its Investor Shares, launched June 7, 2006, cost 0.08% a year and returned 19.3% in the 12 months to June 30, 2026, based on monthly returns reported to the SEC on Form N-PORT, with 10.0% volatility.
VFORX Holdings
Top 5 holdings of Vanguard Target Retirement 2040 Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Vanguard Total Stock Market Index Fund | 44.69% |
| Vanguard Total International Stock Index Fund | 30.10% |
| Vanguard Total Bond Market II Index Fund | 17.44% |
| Vanguard Total International Bond II Index Fund | 7.13% |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | 0.54% |
VFORX Portfolio Allocation
Asset-class allocation of Vanguard Target Retirement 2040 Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 99.4% |
| Cash & Equivalents | 0.5% |
VFORX Performance
Total returns for VFORX through June 2026, from SEC filings.
| Period | Total return |
|---|---|
| YTD | 9.39% |
| 1 year | 19.33% |
| 3 years (annualised) | 16.04% |
| 5 years (annualised) | 8.42% |
VFORX Risk Information
Risk metrics for VFORX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 9.97%
VFORX Costs and Fees
VFORX costs about $8 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.08%
- Gross expense ratio: 0.08%
- Portfolio turnover: 5%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
VFORX Cashflows
Over the 12 months to 2026-06, Vanguard Target Retirement 2040 Fund had net inflows of $3.26B, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$427.76M |
| 2026-05 | −$257.84M |
| 2026-04 | $259.77M |
| 2026-03 | $302.32M |
| 2026-02 | $138.77M |
| 2026-01 | $200.22M |
VFORX Debt Constituents
No individual debt constituents are reported in Vanguard Target Retirement 2040 Fund's latest SEC N-PORT filing.
VFORX Prospectus and SEC Filings
Official Vanguard Target Retirement 2040 Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-01-28
- Prospectus (485BPOS) — filed 2025-01-31
- Prospectus (485BPOS) — filed 2024-01-31
- Portfolio holdings (N-PORT) — filed 2026-08-28
- Portfolio holdings (N-PORT) — filed 2026-05-28
- Portfolio holdings (N-PORT) — filed 2026-02-26
- Annual census (N-CEN) — filed 2025-12-10
- Annual census (N-CEN) — filed 2024-12-12
VFORX Service Providers
Firms that manage, distribute, hold, administer and audit Vanguard Target Retirement 2040 Fund, as reported on SEC Form N-CEN, fiscal year ending September 30, 2025.
- Adviser: The Vanguard Group, Inc.
- Distributor: Vanguard Marketing Corp.
- Custodian: JPMorgan Chase Bank NA
- Transfer agent: The Vanguard Group, Inc.
- Administrator: The Vanguard Group, Inc.
- Auditor: Pricewaterhousecoopers Llp
Related Funds
Other Target-Date funds tracked on ABC INVEST:
VFORX: Frequently Asked Questions
What is the expense ratio of Vanguard Target Retirement 2040 Fund (VFORX)?
VFORX has a net expense ratio of 0.08%, about $8 a year for every $10,000 invested. VFORX fees and costs
Does VFORX charge a sales load?
No. This share class (VFORX) charges no sales load.
What is the minimum investment for VFORX?
The minimum initial investment in VFORX is $1,000, and additional purchases must be at least $1. Source: the fund's summary prospectus (January 2026).
What are VFORX's top holdings?
As of June 30, 2026, VFORX held 7 positions. The largest are Vanguard Total Stock Market Index Fund (44.69%), Vanguard Total International Stock Index Fund (30.10%), Vanguard Total Bond Market II Index Fund (17.44%), Vanguard Total International Bond II Index Fund (7.13%) and Vanguard Cmt Funds-Vanguard Market Liquidity Fund (0.54%). All VFORX holdings
How has Vanguard Target Retirement 2040 Fund performed?
VFORX returned +19.3% over the 12 months to June 2026, +16.0% a year over 3 years and +8.4% a year over 5 years. VFORX performance and risk
How large is VFORX?
VFORX manages $119.66B (SEC N-PORT, June 2026). Investors added a net $3.26B over the past 12 months.
Who manages VFORX and when did it launch?
VFORX is managed by The Vanguard Group, Inc.. It is a series of Vanguard Chester Funds. It launched on June 7, 2006.
How does VFORX compare with similar Target-Date funds?
Among 324 Target-Date funds with $100M+ in assets, VFORX ranks #14 of 324 on net expense ratio (0.08%) and #3 of 324 by assets. The largest is Vanguard Target Retirement 2035 Fund (VTTHX). Compare VFORX with VTTHX
Where can I find VFORX's prospectus and SEC filings?
VFORX's latest prospectus (485BPOS) was filed January 28, 2026 and its latest N-PORT holdings report was filed August 28, 2026. All 55 filings are linked on ABC INVEST and on SEC EDGAR (series S000012761). VFORX SEC filings
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, and annual data from Form N-CEN.
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.