6 Percepción de los estudiantes sobre factores de discriminación en la inserción al
6.6 Análisis
6.6.1 La relevancia del capital humano
following four timeless, straightforward
principles can help put you on the right
track toward investment success: setting
goals, staying diversified, holding down
costs, and sticking to a long-term plan.
You can read more about our principles
in Vanguard’s Principles for Investment
Success, available at vanguard.com/
research.
Total Returns
Ten Years Ended December 31, 2014
Year Ended Average
December 31, 2014 Annual Return
Vanguard Total Stock Market Index Portfolio 12.29% 7.87%
Spliced Total Market Index1 12.46 7.95
Variable Insurance Multi-Cap Core Funds Average2 8.48 6.61
The figures shown represent past performance, which is not a guarantee of future results. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month- end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost.
Expense Ratios
Your Portfolio Compared With Its Peer Group
Variable Insurance
Acquired Fund Multi-Cap
Fees and Core Funds
Expenses3 Average4
Total Stock Market Index Portfolio 0.18% 0.95%
1 Dow Jones Wilshire 5000 Index through June 17, 2005; S&P Total Market Index thereafter. 2 Derived from data provided by Lipper, a Thomson Reuters Company.
3 This figure—drawn from the prospectus dated April 30, 2014—represents an estimate of the weighted average of the expense ratios and any transaction fees charged by the underlying mutual funds (the “acquired” funds) in which the Total Stock Market Index Portfolio invests. The Total Stock Market Index Portfolio does not charge any expenses or fees of its own. For the fiscal year ended December 31, 2014, the annualized acquired fund fees and expenses were 0.17%.
Total Portfolio Characteristics
Yield1 1.5%
Acquired Fund Fees and Expenses2 0.18%
Volatility Measures
Portfolio Versus
Target Index3
R-Squared 1.00 Beta 1.00
Allocation to Underlying Funds
Vanguard Variable Insurance Fund
Equity Index Portfolio 80.4%
Vanguard Extended Market Index Fund 19.6
1 30-day SEC yield.
2 This figure—drawn from the prospectus dated April 30, 2014—represents an estimate of the weighted average of the expense ratios and any transaction fees charged by the underlying mutual funds (the “acquired” funds) in which the Total Stock Market Index Portfolio invests. The Total Stock Market Index Portfolio does not charge any expenses or fees of its own. For the fiscal year ended December 31, 2014, the annualized acquired fund fees and expenses were 0.17%.
3 S&P Total Market Index.
Portfolio Profile
As of December 31, 2014
30-Day SEC Yield. A portfolio’s 30-day SEC yield is derived using a formula specified by the U.S. Securities and Exchange Commission. Under the formula,
data related to the portfolio’s security holdings in the previous 30 days are used to calculate the portfolio’s hypothetical net income for that period, which is
then annualized and divided by the portfolio’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s
income is based on its current market yield to maturity (for bonds), its actual income (for asset-backed securities), or its projected dividend yield (for stocks).
Because the SEC yield represents hypothetical annualized income, it will differ—at times significantly—from the portfolio’s actual experience. As a result,
the portfolio’s income distributions may be higher or lower than implied by the SEC yield.
Acquired Fund Fees and Expenses. Portfolios that invest in other Vanguard funds incur no direct expenses, but they do bear proportionate shares of the
operating, administrative, and advisory expenses of the underlying funds, and they must pay any fees charged by those funds. The figure for acquired fund
fees and expenses represents a weighted average of these underlying costs. Acquired is a term that the Securities and Exchange Commission applies to any
mutual fund whose shares are owned by another fund.
Beta. A measure of the magnitude of a portfolio’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned
a beta of 1.00. Compared with a given index, a portfolio with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose
or fell by 10%. For this report, beta is based on returns over the past 36 months for both the portfolio and the index.
R-Squared. A measure of how much of a portfolio’s past returns can be explained by the returns from the market in general, as measured by a given index.
If a portfolio’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the portfolio’s returns bore no relationship to
the index’s returns, its R-squared would be 0. For this report, R-squared is based on returns over the past 36 months for both the portfolio and the index.
Market Cap Investment Focus Value Large Medium Small Blend Growth Style
All of the returns in this report represent past performance, which is not a guarantee of future
results that may be achieved by the portfolio. (Current performance may be lower or higher than
the performance data cited. For performance data current to the most recent month-end, visit our
website at vanguard.com/performance.) Note, too, that both investment returns and principal
value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than
their original cost. The returns shown do not reflect taxes that a shareholder would pay on portfolio
distributions or on the sale of portfolio shares. Nor do the returns reflect fees and expenses associated
with the annuity or life insurance program through which a shareholder invests. If these fees and
expenses were included, the portfolio’s returns would be lower.
Cumulative Performance: December 31, 2004–December 31, 2014
Initial Investment of $10,000
Average Annual Total Returns Final Value Periods Ended December 31, 2014 of a $10,000 One Year Five Years Ten Years Investment Total Stock Market Index Portfolio 12.29% 15.50% 7.87% $21,322
Spliced Total Market Index1 12.46 15.64 7.95 21,499
Variable Insurance Multi-Cap Core
Funds Average2 8.48 12.62 6.61 18,973
Fiscal Year Total Returns (%): December 31, 2004–December 31, 2014
Total Stock Market Index Portfolio Spliced Total Market Index1
1 Dow Jones Wilshire 5000 Index through June 17, 2005; S&P Total Market Index thereafter. 2 Derived from data provided by Lipper, a Thomson Reuters Company.
See Financial Highlights for dividend and capital gains information.
Performance Summary
2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 $26,000 4,000 21,322 6.13 6.29 2005 15.52 15.57 2006 5.16 5.32 2007 –37.28 –37.36 2008 28.26 28.29 2009 17.11 17.30 2010 0.83 0.92 2011 16.33 16.44 2012 33.28 33.40 2013 12.29 12.46 2014Financial Statements
Statement of Net Assets
As of December 31, 2014
The portfolio reports a complete list of its holdings in regulatory filings four times in each fiscal
year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the portfolio’s
semiannual and annual reports to shareholders. For the first and third fiscal quarters, the portfolio files
the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the
portfolio’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied
at the SEC’s Public Reference Room (see the back cover of this report for further information).
• See Note A in Notes to Financial Statements.
1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. See accompanying Notes, which are an integral part of the Financial Statements.
Investment Companies (100.0%) U.S. Stock Funds (100.0%)
Vanguard Variable Insurance Fund—Equity Index Portfolio 38,029,551 1,309,738 Vanguard Extended Market Index Fund Investor Shares 4,786,859 318,948
Total Investment Companies (Cost $1,349,057) 1,628,686
Temporary Cash Investment (0.0%) Money Market Fund (0.0%)
1 Vanguard Market Liquidity Fund, 0.126% (Cost $213) 213,000 213
Total Investments (100.0%) (Cost $1,349,270) 1,628,899
Other Assets and Liabilities (0.0%)
Other Assets 669
Liabilities (825)
(156)
Net Assets (100%)
Applicable to 48,675,310 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 1,628,743
Net Asset Value Per Share $33.46
At December 31, 2014, net assets consisted of:
Amount
($000)
Paid-in Capital 1,274,219
Undistributed Net Investment Income 20,984
Accumulated Net Realized Gains 53,911
Unrealized Appreciation (Depreciation) 279,629
Net Assets 1,628,743
Market
Value•
Statement of Changes in Net Assets
1 Includes fiscal 2014 and 2013 short-term gain distributions totaling $385,000 and $540,000, respectively. Short-term gain distributions are treated as ordinary income dividends for tax purposes. 2 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $20,984,000 and $17,218,000.
See accompanying Notes, which are an integral part of the Financial Statements.
Year Ended
December 31, 2014
($000)
Investment Income Income
Income Distributions Received 21,072
Other Income 23
Net Investment Income—Note B 21,095 Realized Net Gain (Loss)
Capital Gain Distributions Received 19,245 Affiliated Investment Securities Sold 34,740 Realized Net Gain (Loss) 53,985 Change in Unrealized Appreciation
(Depreciation) of Investment Securities 75,415 Net Increase (Decrease) in Net Assets
Resulting from Operations 150,495
Statement of Operations
Year Ended December 31,
2014 2013 ($000) ($000)
Increase (Decrease) in Net Assets Operations
Net Investment Income 21,095 17,295
Realized Net Gain (Loss) 53,985 68,784
Change in Unrealized Appreciation (Depreciation) 75,415 217,913
Net Increase (Decrease) in Net Assets Resulting from Operations 150,495 303,992 Distributions
Net Investment Income (17,329) (15,649)
Realized Capital Gain1 (68,740) (36,155)
Total Distributions (86,069) (51,804)
Capital Share Transactions
Issued 397,660 141,568
Issued in Lieu of Cash Distributions 86,069 51,804
Redeemed (128,564) (139,285)
Net Increase (Decrease) from Capital Share Transactions 355,165 54,087
Total Increase (Decrease) 419,591 306,275
Net Assets
Beginning of Period 1,209,152 902,877
For a Share Outstanding Year Ended December 31,
Throughout Each Period 2014 2013 2012 2011 2010
Net Asset Value, Beginning of Period $32.01 $25.32 $23.63 $24.44 $21.73
Investment Operations
Net Investment Income .5061 .454 .442 .3641 .358
Capital Gain Distributions Received .4621 .560 .858 .6491 .189
Net Realized and Unrealized Gain (Loss)
on Investments 2.717 7.116 2.488 (.753) 3.078
Total from Investment Operations 3.685 8.130 3.788 .260 3.625
Distributions
Dividends from Net Investment Income (.450) (.435) (.428) (.340) (.419) Distributions from Realized Capital Gains (1.785) (1.005) (1.670) (.730) (.496)
Total Distributions (2.235) (1.440) (2.098) (1.070) (.915)
Net Asset Value, End of Period $33.46 $32.01 $25.32 $23.63 $24.44
Total Return 12.29% 33.28% 16.33% 0.83% 17.11%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $1,629 $1,209 $903 $786 $956
Ratio of Total Expenses to Average Net Assets — — — — —
Acquired Fund Fees and Expenses 0.17% 0.18% 0.18% 0.18% 0.20% Ratio of Net Investment Income to
Average Net Assets 1.61% 1.62% 1.83% 1.52% 1.66%
Portfolio Turnover Rate 9% 17% 8% 12% 12%
1 Calculated based on average shares outstanding.