I moved this to McAfee Anti-Theft as that's the only home product that uses vaults. It would appear that your installation is corrupted somehow.
Can you provide more information please such as your operating system andf service pack, installed McAfee products, versions etc?
Try running the McAfee Virtual Technician to see if it will repair the installation.
If it doesn't then I suggest contacting live Technical Support Chat via the link under "Useful Links" at the top of this page, it's free.
EDIT: I located an old thread on the same subject which may help: http://community.mcafee.com/message/103870
In particular, post # 10.