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Vanguard - Fund Holdings

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Vanguard Lifetime Income Program - High Yield Bond Portfolio
Holdings

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so that investors' shares, when sold, may be worth more or less than their original cost. See performance data current to the most recent month-end, which may be higher or lower than that cited.

Fixed-Income Characteristics as of 03/31/2014
 VLIP-High Yield BondBarclays US Corp High Yield Index
Number of Bonds3692137
Yield to Maturity 4.7%6.1%
Average Coupon5.9%7.3%
Average Maturity 4.4 years4.6
Average Duration 3.8 years4.0 years
Short-Term Reserves8.8%
Total Net Assets

Distribution By Issuer (% of fund) as of 03/31/2014
 VLIP-High Yield Bond
Basic Industry4.7%
Capital Goods7.7%
Communication22.1%
Consumer Cyclical12.0%
Consumer Non-Cyclical11.7%
Energy5.3%
Finance17.8%
Industrial Other0.5%
Other0.0%
Technology9.5%
Transportation1.5%
Utilities7.2%
Total100.0%

Distribution By Maturity (% of fund) as of 03/31/2014
 VLIP-High Yield Bond
0.0 to <1.07.2%
1.0 to <2.01.7%
2.0 to <3.02.3%
3.0 to <4.07.3%
4.0 to <5.012.1%
5.0 to <6.015.5%
6.0 to <7.021.8%
7.0 to <8.012.6%
8.0 to <9.09.7%
9.0 to <10.05.1%
10.0 to <11.01.0%
11.0 to <12.00.0%
12.0 to <15.00.8%
15.0 to <20.01.2%
20_301.3%
GT_300.4%
Other0.0%
Total100.0%

Distribution By Credit Quality* (% of fund) as of 03/31/2014
 VLIP-High Yield Bond
Aaa3.7%
Aa10.0%
Baa21.4%
Baa33.7%
Ba19.7%
Ba224.4%
Ba320.6%
B110.8%
B210.2%
B36.7%
Caa14.8%
Caa20.2%
C0.4%
NOT RATED0.0%
Cash3.4%
Total100.0%

Vanguard managed taxable index bond funds, balanced funds, ETFs, and annuity portfolios: Credit-quality ratings for each issue are obtained from Barclays using ratings derived from Moody's Investors Service (Moody's), Fitch Ratings (Fitch), and Standard & Poor's (S&P). When ratings from all three agencies are available, the median rating is used. When ratings are available from two of the agencies, the lower rating is used. When one rating is available, that rating is used. Vanguard managed taxable non-index bond funds, municipal bond funds, balanced funds and annuity portfolios; Wellington Management Company managed bond funds, balanced funds and annuity portfolios: Credit-quality ratings for each issue are obtained from Moody's and S&P, and the higher rating for each issue is used. Oaktree Capital Management managed fund: Credit quality ratings are obtained from S&P. Vanguard taxable money market funds: Credit-quality ratings for each issuer are obtained from Moody's and S&P. Issuer long-term ratings are mapped to each issue, and the lower rating is used. Unrated securities are determined to be of comparable quality to a rated security in accordance with SEC Rule 2a-7 under the Investment Company Act of 1940. Vanguard municipal money market funds: Short-term credit-quality ratings for each issuer are obtained from Moody's, S&P, and Fitch. A rating is assigned to each issue based on the following priority order: Moody's, S&P, Fitch. Unrated securities are determined to be of comparable quality to a rated security in accordance with SEC Rule 2a-7 under the Investment Company Act of 1940.


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