| |
Management
Fees |
% |
12b-1
Distribution Fee |
|
Other
Expenses |
% |
Total
Annual Portfolio Operating Expenses |
% |
1
Year |
3
Years |
5
Years |
10
Years |
$ |
$ |
$ |
$ |
|
Total
Return |
Quarter |
|
% |
|
|
-
% |
|
|
1
Year |
5
Years |
10
Years |
Small
Company Growth Portfolio |
% |
% |
% |
Russell
2500 Growth Index
(reflects no
deduction for fees, expenses, or taxes) |
% |
% |
% |
Dow
Jones U.S. Total Stock Market Float Adjusted Index
(reflects no
deduction for fees, expenses, or taxes) |
|
|
|
Plain
Talk About Costs of Investing |
Costs
are an important consideration in choosing a mutual fund. That is
because
you, as a contract owner, pay a proportionate share of the costs of
operating
a fund and any transaction costs incurred when the fund buys or
sells
securities. These costs can erode a substantial portion of the gross
income
or the capital appreciation a fund achieves. Even seemingly small
differences
in expenses can, over time, have a dramatic effect on a
fund’s
performance. |
Plain
Talk About Growth Funds and Value Funds |
Growth
investing and value investing are two styles employed by stock-fund
managers.
Growth funds generally invest in stocks of companies believed to
have
above-average potential for growth in revenue, earnings, cash flow, or
other
similar criteria. These stocks typically have low dividend yields, if any,
and
above-average prices in relation to measures such as earnings and book
value.
Value funds typically invest in stocks whose prices are below average
in
relation to those measures; these stocks often have above-average
dividend
yields. Value stocks also may remain undervalued by the market for
long
periods of time. Growth and value stocks have historically produced
similar
long-term returns, though each category has periods when it
outperforms
the other. |
Plain
Talk About Vanguard’s Unique Corporate Structure |
Vanguard
is owned jointly by the funds it oversees and thus indirectly by the
shareholders
in those funds. Most other mutual funds are operated by
management
companies that are owned by third parties—either public or
private
stockholders—and not by the funds they serve.
|
|
Year Ended December
31, | ||||
For a
Share Outstanding
Throughout
Each Period |
2023 |
2022 |
2021 |
2020 |
2019 |
Net
Asset Value, Beginning of Period |
$14.78 |
$26.50 |
$24.49 |
$23.08 |
$20.30 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.089 |
.073 |
.056 |
.102 |
.128 |
Net
Realized and Unrealized Gain (Loss) on Investments |
2.806 |
(5.677) |
3.343 |
3.521 |
5.323 |
Total from
Investment Operations |
2.895 |
(5.604) |
3.399 |
3.623 |
5.451 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.065) |
(.057) |
(.101) |
(.143) |
(.118) |
Distributions
from Realized Capital Gains |
— |
(6.059) |
(1.288) |
(2.070) |
(2.553) |
Total
Distributions |
(.065) |
(6.116) |
(1.389) |
(2.213) |
(2.671) |
Net
Asset Value, End of Period |
$17.61 |
$14.78 |
$26.50 |
$24.49 |
$23.08 |
Total
Return |
19.65% |
-25.35% |
14.22% |
23.18% |
28.05% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$1,501 |
$1,328 |
$1,944 |
$2,130 |
$2,111 |
Ratio of
Total Expenses to Average Net Assets2 |
0.29% |
0.29% |
0.30% |
0.30% |
0.32% |
Ratio of
Net Investment Income to Average Net Assets |
0.55% |
0.43% |
0.21% |
0.52% |
0.59% |
Portfolio
Turnover Rate |
59% |
64% |
57%3 |
53% |
58% |
|
|
1 |
Calculated
based on average shares outstanding. |
2 |
Includes
performance-based investment advisory fee increases (decreases) of
(0.03%),
(0.02%),
(0.02%), (0.02%), and 0.01%. |
3 |
Excludes the
value of portfolio securities received or delivered as a result of in-kind
purchases
or
redemptions of the portfolio’s capital
shares. |