High-Yield Bond Portfolio

C000012158 Fund Overview

High-Yield Bond Portfolio is a US mutual fund managed by Vanguard Variable Insurance Funds, categorised as Short Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Vanguard Variable Insurance Funds
• Category: Short Corporate Bond
• Assets under management: $951.31M
• 1-year return: 5.5%
• SEC CIK: 0000857490
• SEC series ID: S000004402
• Share class ID: C000012158

C000012158 Investment Objective and Strategy

High-Yield Bond Portfolio describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Vanguard Variable Insurance Funds.

Investment objective

Vanguard Variable Insurance Funds High Yield Bond Portfolio (the Fund) seeks to provide a high level of current income.

Principal investment strategy

The Fund employs an active management approach, investing in a diversified group of high-yielding, higher-risk corporate bonds with medium- and lower-range credit quality ratings (commonly known as junk bonds). The Fund has multiple advisors, each of which independently selects and maintains a portfolio of fixed income securities for the Fund. Under normal circumstances, the Fund invests at least 80% of its assets, plus the amount of any borrowings for investment purposes, in corporate bonds that are rated below Baa by Moodys or the equivalent rating by any other independent bond rating agency, or, if unrated, are determined to be of comparable quality by the Funds advisors. The Funds holdings generally have short- and intermediate-term maturities. With no more than 20% of its assets, the Fund may invest in any of the following, in the aggregate: bonds that are rated below B or the equivalent, fixed- and floating-rate loans of medium to lower-range credit quality, or other securities that may include, but are not limited to, convertible securities or preferred stocks.

The loans in which the Fund may invest will be rated Baa or below by Moodys or the equivalent by another independent rating agency (or, if unrated, will be determined to be of comparable quality by the Funds advisors). Certain securities in which the Fund may invest are only eligible for resale pursuant to Rule 144A under the Securities Act of 1933 (144A securities). The Fund may invest in derivatives such as fixed income futures contracts, foreign currency exchange forward contracts, fixed income options (including options on swaps), currency swaps, interest rate swaps, total return swaps, credit default swaps, or other derivatives.

C000012158 Holdings

Top 10 holdings of High-Yield Bond Portfolio by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000012158 holdings

C000012158 Portfolio Allocation

Asset-class allocation of High-Yield Bond Portfolio by percentage of net assets, from the latest SEC N-PORT filing.

C000012158 Performance

Total returns for C000012158 (as of 2026-10-01), from SEC filings.

C000012158 Risk Information

Risk metrics for C000012158, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 2.1%

C000012158 Costs and Fees

C000012158 costs about $24 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.24%
• Gross expense ratio: 0.24%
• Portfolio turnover: 46%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

C000012158 Cashflows

Over the 12 months to 2026-06, High-Yield Bond Portfolio had net inflows of $187.43M, from monthly SEC N-PORT filings.

C000012158 Debt Constituents

Largest debt holdings of High-Yield Bond Portfolio by percentage of net assets, from the latest SEC N-PORT filing.

C000012158 Prospectus and SEC Filings

Official High-Yield Bond Portfolio filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-04-28
• Prospectus (485BPOS) — filed 2025-04-29
• Prospectus (485BPOS) — filed 2024-04-26
• 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 2026-03-12
• Annual census (N-CEN) — filed 2025-03-13

Related Funds

Other Short Corporate Bond funds tracked on ABC INVEST:

• Vanguard Short-Term Investment-Grade Fund (VFSTX)
• Vanguard Short-Term Corporate Bond Index Fund (VSCSX)
• American High Income Trust (AHITX)
• Vanguard High-Yield Corporate Fund (VWEHX)
• PGIM High Yield Fund (JDYRX)

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, annual data from Form N-CEN, and shareholder reports from Form N-CSR.