403(b) Vanguard Target Retirement Fund (VFORX) vs. 403(b) 3 or 4 fund portfolio (VTSAX, VTIAX, VBLTX / VTABX)?

What are the pros and cons of each? I want to set it and forget it. I imagine I'd need to rebalance the 3 or 4 fund portfolio as I get nearer to retirement. Would that possibly trigger fees or taxes? Would the TRF rebalance by itself if it's a self-directed account? Would that trigger fees/taxes, i.e. selling off a portion to take on Vanguard Short-Term Inflation-Protected Securities Index Fund VTAPX (VTIP)?