Standard Insurance

Morningstar® Investment Profile™

Vanguard 500 Index Admiral VFIAX

Please click on the Investment Option Disclosure link above for more information.

Release date as of 2023-04-30. Data on page is subject to change.


	Snapshot		Ratings & Risk		Portfolio		Nuts & Bolts

Morningstar Report

Overall Morningstar Rating™
What is this?


As of 2023-04-30

Out of 1268 Large Blend Funds

Morningstar®
Style Box™

What is this?

As of 2023-04-30

Total Fund Assets ($ Mil)
527,440.91

View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy

The investment seeks to track the performance of the Standard & Poor‘s 500 Index that measures the investment return of large-capitalization stocks.

The fund employs an indexing investment approach designed to track the performance of the Standard & Poor's 500 Index, a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. The advisor attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

Morningstar Category: Large Blend

Large-blend portfolios are fairly representative of the overall US stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the US equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of US industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500 Index.

Portfolio Profile

Asset Allocation

% of Net Assets
	U.S. Stocks	98.6
	Non-U.S. Stocks	1.1
	Bonds	0.0
	Cash	0.3
	Other	0.0

Data through 2023-04-30

Morningstar Equity Sectors

		% of Stocks
	Cyclical	27.73
	Basic Materials	2.35
	Consumer Cyclical	10.17
	Financial Services	12.59
	Real Estate	2.62



	Sensitive	47.57
	Communication Services	8.28
	Energy	4.69
	Industrials	8.18
	Technology	26.42



	Defensive	24.69
	Consumer Defensive	7.32
	Healthcare	14.49
	Utilities	2.88

Data through 2023-04-30

Holding Status

Total Number of Stock Holdings	505
Total Number of Bond Holdings	0
% of Net Assets in Top 10 Holdings	27.78

Turnover %	(as of 2022-12-31)	2.00
30 Day SEC Yield %		1.56

Top Holdings

	Sector	P/E	% of Net Assets

Apple Inc		28.81	7.22
Microsoft Corp		33.29	6.55
Amazon.com Inc		251.07	2.69
NVIDIA Corp		159.48	1.95
Alphabet Inc Class A		23.85	1.83

Berkshire Hathaway Inc Class B		---	1.69
Alphabet Inc Class C		24.05	1.61
Meta Platforms Inc Class A		29.78	1.53
Exxon Mobil Corp		8.01	1.39
UnitedHealth Group Inc		22.51	1.32

Data through 2023-04-30

Principal Risks

Loss of Money, Not FDIC Insured, Index Correlation/Tracking Error, Market/Market Volatility, Equity Securities, ETF, Early Close/Late Close/Trading Halt, Management, Market Trading

Show Risk Definitions

Other Information

Inception Date: 2000-11-13

Portfolio Manager(s)

Michelle Louie (2017-11-30)

Michelle Louie, CFA, Portfolio Manager at Vanguard. She has been with Vanguard since 2010, has worked in investment management since 2011. Education: B.S., The American University; M.B.A., Georgia Institute of Technology.

Donald M. Butler (2016-04-27)

Donald M. Butler, CFA, Principal of Vanguard. He has been with Vanguard since 1992; has managed investment portfolios since 1997; and has co-managed the Tax-Managed Capital Appreciation Fund, Tax-Managed Small-Cap Fund, and the stock portion of the Tax-Managed Balanced Fund since 2016. Education: B.S.B.A., Shippensburg University.

Investment Advisor(s)

Vanguard Group Inc

Issuer

Vanguard

Show Data Definitions

© Copyright 2023 Morningstar, Inc. All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or any losses arising from any use of information. Past performance is no guarantee of future performance.

Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.

Standard Insurance

Morningstar® Investment Profile™

Investment
Option Disclosure

Prospectus Document

Format
for Print

Vanguard 500 Index Admiral VFIAX

Please click on the Investment Option Disclosure link above for more information.

Release date as of 2023-04-30. Data on page is subject to change.


	Snapshot			Ratings & Risk		Portfolio		Nuts & Bolts

Morningstar Ratings

	Morningstar Return	Morningstar Risk	Morningstar Rating	Number of Funds
3-Year	Average	Average		1268
5-Year	Above Avg	Average		1169
10-Year	Above Avg	Average		867
Overall	Above Avg	Average		1268

Morningstar Category: Large Blend \| Number of Funds in Category: 1268
Data through 2023-04-30

Ratings reflect risk-adjusted performance and are derived from a weighted average of the performance figures associated with its three, five and ten-year (if applicable) time periods.

Volatility Measurements

Standard Deviation	18.03
Mean	14.48
Sharpe Ratio	0.77


Trailing 3-Yr as of 2023-04-30

Modern Portfolio Theory Statistics

	Best Fit Index S&P 500 TR USD
R-Squared	100
Beta	1.00
Alpha	-0.04


Trailing 3-Yr as of 2023-04-30

Principal Risks

Loss of Money, Not FDIC Insured, Index Correlation/Tracking Error, Market/Market Volatility, Equity Securities, ETF, Early Close/Late Close/Trading Halt, Management, Market Trading

Show Risk Definitions

Show Data Definitions

Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.

Standard Insurance

Morningstar® Investment Profile™

Investment
Option Disclosure

Prospectus Document

Format
for Print

Vanguard 500 Index Admiral VFIAX

Please click on the Investment Option Disclosure link above for more information.

Release date as of 2023-04-30. Data on page is subject to change.


	Snapshot		Ratings & Risk			Portfolio		Nuts & Bolts

Style Box Details for Stock Holdings

Size
Average Mkt Cap $Mil	195,804

Market Capitalization

% of Portfolio

Giant	48.10
Large	35.01
Medium	16.69
Small	0.20
Micro	0.00

Investment Valuation	Stock Portfolio
Forward P/E	18.9
Price/Book	3.5
Price/Sales	2.1
Price/Cash Flow	11.4
Dividend Yield	1.8
Long-Term Earnings	11.5
Historical Earnings	16.0
Sales Growth	11.4
Cash-Flow Growth	8.1
Book-Value Growth	4.6

As of 2023-04-30

Data as of 2023-04-30

Asset Allocation

% of Net Assets
	U.S. Stocks	98.6
	Non-U.S. Stocks	1.1
	Bonds	0.0
	Cash	0.3
	Other	0.0

Data through 2023-04-30

Morningstar Equity Sectors

		% of Stocks
	Cyclical	27.73
	Basic Materials	2.35
	Consumer Cyclical	10.17
	Financial Services	12.59
	Real Estate	2.62



	Sensitive	47.57
	Communication Services	8.28
	Energy	4.69
	Industrials	8.18
	Technology	26.42



	Defensive	24.69
	Consumer Defensive	7.32
	Healthcare	14.49
	Utilities	2.88

Data through 2023-04-30

Top 25 Holdings

Total Number of Stock Holdings	505
Total Number of Bond Holdings	0
% of Net Assets in Top 10 Holdings	27.78

Turnover %	(as of 2022-12-31)	2.00
30 Day SEC Yield %		1.56

Top 25 Holdings

	Sector	P/E	% of Net Assets

Apple Inc		28.81	7.22
Microsoft Corp		33.29	6.55
Amazon.com Inc		251.07	2.69
NVIDIA Corp		159.48	1.95
Alphabet Inc Class A		23.85	1.83

Berkshire Hathaway Inc Class B		---	1.69
Alphabet Inc Class C		24.05	1.61
Meta Platforms Inc Class A		29.78	1.53
Exxon Mobil Corp		8.01	1.39
UnitedHealth Group Inc		22.51	1.32

Tesla Inc		48.33	1.26
Johnson & Johnson		34.32	1.23
JPMorgan Chase & Co		10.19	1.16
Visa Inc Class A		31.11	1.08
Procter & Gamble Co		27.20	1.06

Mastercard Inc Class A		37.97	0.92
Eli Lilly and Co		63.68	0.89
The Home Depot Inc		18.01	0.88
Chevron Corp		9.10	0.86
Merck & Co Inc		22.55	0.84

AbbVie Inc		35.56	0.76
PepsiCo Inc		40.10	0.75
Broadcom Inc		21.11	0.75
Coca-Cola Co		28.26	0.71
Costco Wholesale Corp		36.97	0.64

Data through 2023-04-30

Show Data Definitions

Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.

Standard Insurance

Morningstar® Investment Profile™

Investment
Option Disclosure

Prospectus Document

Format
for Print

Vanguard 500 Index Admiral VFIAX

Please click on the Investment Option Disclosure link above for more information.

Release date as of 2023-04-30. Data on page is subject to change.


	Snapshot		Ratings & Risk		Portfolio			Nuts & Bolts

Fees and Expenses	Taken from prospectus dated 2023-04-28

Maximum Sales Fees
Maximum Sales Charge	---


Maximum Fees
Administrative	---
Management	0.04%
12b-1	---

Actual Fees
12b-1	---
Management	0.04%
Expense Ratio	0.04%
(taken from annual report dated 2022-12-31)
Total Annual Operating Expense	0.04%

Waiver Data

	Type	Date	%
---	---	---	---

Management

Inception Date: 2000-11-13


Mngr Name	Michelle Louie
Mngr Start Date	2017-11-30

Biography
Michelle Louie, CFA, Portfolio Manager at Vanguard. She has been with Vanguard since 2010, has worked in investment management since 2011. Education: B.S., The American University; M.B.A., Georgia Institute of Technology.


Mngr Name	Donald M. Butler
Mngr Start Date	2016-04-27

Biography
Donald M. Butler, CFA, Principal of Vanguard. He has been with Vanguard since 1992; has managed investment portfolios since 1997; and has co-managed the Tax-Managed Capital Appreciation Fund, Tax-Managed Small-Cap Fund, and the stock portion of the Tax-Managed Balanced Fund since 2016. Education: B.S.B.A., Shippensburg University.

Investment Advisor(s)

Vanguard Group Inc

Web Site

www.vanguard.com

Issuer

Vanguard

Show Data Definitions

Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.

Morningstar Investment Profiles^sm: Investment Option Disclosure

A redemption fee may apply to short-term investments. Investments are subject to market risks and fluctuate in value. Past performance is no guarantee of future results.

Standard Insurance Company currently invests in this Fund through its separate account on behalf of retirement plan sponsors and participants. It reserves the right to cease investing contributions in the Fund. The Standard charges fees, which are described in the prospectus, in addition to those charged by the Fund.

Plan sponsors and participants should carefully consider the investment objectives, risks, charges and expenses of the investment options offered under the retirement plan before investing. The prospectuses for The Standard Group Variable Annuity Contract and its underlying investment options contain this and other important information. Prospectuses may be obtained by calling 877.805.1127. Please read the prospectus carefully before investing.

NOT A DEPOSIT – NOT FDIC INSURED – NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY – NOT GUARANTEED BY THE INSTITUTION – MAY GO DOWN IN VALUE

Morningstar Rating™

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

For private funds, the Morningstar Rating presented is hypothetical, because Morningstar does not independently analyze private funds. Rather, the rating is assigned as a means to compare these funds with the universe of mutual funds that Morningstar rates. The evaluation of this investment does not affect the retail mutual fund data published by Morningstar.

Morningstar Return

The Morningstar Return rates a fund's performance relative to other managed products in its Morningstar Category. It is an assessment of a product's excess return over a risk-free rate (the return of the 90-day Treasury Bill) in comparison with the products in its Morningstar category. In each Morningstar category, the top 10% of products earn a High Morningstar Return (High), the next 22.5% Above Average (+Avg), the middle 35% Average (Avg), the next 22.5% Below Average (-Avg), and the bottom 10% Low (Low). Morningstar Return is measured for up to three time periods (three, five, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the product. Products with less than three years of performance history are not rated.

Morningstar Risk

Morningstar Risk evaluates a fund's downside volatility relative to that of other products in its Morningstar Category. It is an assessment of the variations in monthly returns, with an emphasis on downside variations, in comparison with the products in its Morningstar category. In each Morningstar category, the 10% of products with the lowest measured risk are described as Low Risk (Low), the next 22.5% Below Average (-Avg), the middle 35% Average (Avg), the next 22.5% Above Average (+Avg), and the top 10% High (High). Morningstar Risk is measured for up to three time periods (three, five, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the product. Products with less than three years of performance history are not rated.

Risk Measures

R-squared reflects the percentage of a funds movements that are explained by movements in its benchmark index, showing the degree of correlation between the fund and the benchmark.

Beta is a measure of a funds sensitivity to market movements. A portfolio with a beta greater than 1 is more volatile than the market, and a portfolio with a beta less than 1 is less volatile than the market.

Alpha measures the difference between a funds actual returns and its expected performance, given its level of risk (as measured by beta).

Sharpe ratio uses standard deviation and excess return to determine reward per unit of risk.

Standard deviation is a statistical measure of the volatility of the funds returns.

Morningstar Style Box™

The Morningstar Style Box reveals a fund's investment strategy as of the date noted on this report.

For equity funds the vertical axis shows the market capitalization of the long stocks owned and the horizontal axis shows investment style (value, blend, or growth).

For fixed-income funds, the vertical axis shows the credit quality of the long bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration.

For corporate and municipal bonds, Morningstar surveys credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information, Morningstar instructs fund companies to only use ratings that have been assigned by a Nationally Recognized Statistical Rating Organization (NRSRO). If two NRSROs have rated a security, fund companies are to report the lowest rating to Morningstar. If a rating is unavailable or unpublished, then the security or issuer is categorized as Not Rated/Not Available. US Government Securities issued by the US Treasury or US Government Agencies are included in the US Government category. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO rating on a fixed-income security can change from time-to-time.

Investment Risk

Foreign Securities Funds/Emerging Markets Funds: Funds that invest in foreign securities involve special additional risks. These risks include, but are not limited to, currency risk, political risk, and risk associated with varying accounting standards. Investing in emerging markets may accentuate these risks.

Sector Funds: Funds that invest exclusively in one sector or industry involve additional risks. The lack of industry diversification subjects the investor to increased industry-specific risks.

Non-Diversified Funds: Funds that invest more of their assets in a single issuer involve additional risks, including share price fluctuations, because of the increased concentration of investments.

Small Cap Funds: Funds that invest in stocks of small companies involve additional risks. Smaller companies typically have a higher risk of failure, and are not as well established as larger blue-chip companies. Historically, smaller-company stocks have experienced a greater degree of market volatility than the overall market average.

Mid Cap Funds: Funds that invest in companies with market capitalizations below $10 billion involve additional risks. The securities of these companies may be more volatile and less liquid than the securities of larger companies.

High-Yield Bond Funds: Funds that invest in lower-rated debt securities (commonly referred to as junk bonds) involve additional risks because of the lower credit quality of the securities in the portfolio. The investor should be aware of the possible higher level of volatility, and increased risk of default. The investor should also be aware that as interest rates rise, bond prices will fall.

Funds that invest in Derivatives: Funds that invest in derivatives are subject to a number of risks, such as liquidity risk, interest rate risk, market risk, credit risk, and management risk. A Fund investing in a derivative instrument could lose more than the principal amount invested, as stated in the Fund's prospectus.

Real Estate Funds: Real estate investment funds are subject to risks, such as market forces, that may affect the values of their underlying real estate assets.