I have two different 401(k) accounts and each hold a Vanguard "Targeted Retirement 2040" instrument. I had assumed they were the same, but I just realized that the two accounts actually hold different instruments.

One is the Vanguard Target Retirement 2040 Fund (VFORX).

The other is the Vanguard Target Retirement 2040 Trust Select (1680).

It appears that the 1680's returns are very slightly higher than the VFORX's returns.

I am unfamiliar with the terminology of "Trust Select" vs simply "Fund". Is it simply a different mix of assets, or does it reflect some kind of organizational difference?

Can someone explain the differences between these two?

  • 2
    Trusts are the New Thing in the 401(k) world. Their sole purpose is to confuse worker bees by not letting us Google share prices.
    – RonJohn
    Apr 20 at 21:41
  • @RonJohn Ha, I noticed that :)
    – bitsmack
    Apr 20 at 23:19

1 Answer 1


These trusts are usually custom offerings to specific 401k plans with slightly different costs, based off of the fund. You'll see that for VFORX Vanguard publish a specific expense ratio (0.08%), but for the trust they don't.

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