Financial Statements

For the six-months ended April 30, 2026

Vanguard STAR^® Funds

Vanguard STAR Fund

Vanguard STAR Core-Plus Bond Fund

Contents

STAR Fund	1
STAR Core-Plus Bond Fund	8

STAR Fund

Financial Statements (unaudited)

Schedule of Investments

As of April 30, 2026

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.

					Shares	Market Value• ($000)
Investment Companies (100.0%)
U.S. Stock Funds (44.9%)
	Vanguard WindsorTM II Fund Investor Shares				67,759,134	3,352,722
	Vanguard U.S. Growth Fund Investor Shares				37,202,204	2,755,195
	Vanguard Windsor Fund Investor Shares				87,019,226	2,009,274
	Vanguard PRIMECAP Fund Investor Shares				8,014,090	1,584,225
	Vanguard Dividend Growth Fund Investor Shares				29,790,506	913,377
						10,614,793
International Stock Funds (19.0%)
	Vanguard International Value Fund Investor Shares				33,486,734	1,501,545
	Vanguard International Growth Fund Investor Shares				40,874,177	1,499,265
	Vanguard International Core Stock Fund Investor Shares				80,019,490	1,486,762
						4,487,572
U.S. Bond Fund (36.1%)
1	Vanguard STAR Core-Plus Bond Fund Institutional Shares				848,238,749	8,523,715
Total Investment Companies (Cost $15,060,139)						23,626,080
Temporary Cash Investments (0.0%)
Money Market Fund (0.0%)
2	Vanguard Market Liquidity Fund, 3.685% (Cost $603)				6,033	603
Total Investments (100.0%) (Cost $15,060,742)						23,626,683
Other Assets and Liabilities—Net (0.0%)						2,040
Net Assets (100%)						23,628,723

Cost is in $000.

•	See Note A in Notes to Financial Statements.

1	Represents a wholly owned fund. See accompanying financial statements for Vanguard STAR Core-Plus Bond Fund's Schedule of Investments.
2	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.

1

STAR Fund

Statement of Assets and Liabilities

As of April 30, 2026

($000s, except shares and per-share amounts)	Amount
Assets
Investments in Securities, at Value—Affiliated Funds (Cost $15,060,742)	23,626,683
Receivables for Investment Securities Sold	5,397
Receivables for Capital Shares Issued	2,770
Total Assets	23,634,850
Liabilities
Payables for Capital Shares Redeemed	6,127
Total Liabilities	6,127
Net Assets	23,628,723
At April 30, 2026, net assets consisted of:
Paid-in Capital	13,544,769
Total Distributable Earnings (Loss)	10,083,954
Net Assets	23,628,723
Net Assets
Applicable to 785,705,203 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	23,628,723
Net Asset Value Per Share	$30.07

See accompanying Notes, which are an integral part of the Financial Statements.

2

STAR Fund

Statement of Operations

	Six Months Ended April 30, 2026
	($000)
Investment Income
Income
Income Distributions Received from Affiliated Funds	310,626
Net Investment Income—Note C	310,626
Realized Net Gain (Loss)
Capital Gain Distributions Received from Affiliated Funds	1,384,395
Affiliated Funds Sold	199,759
Realized Net Gain (Loss)	1,584,154
Change in Unrealized Appreciation (Depreciation) from Affiliated Funds	(835,288)
Net Increase (Decrease) in Net Assets Resulting from Operations	1,059,492

See accompanying Notes, which are an integral part of the Financial Statements.

3

STAR Fund

Statement of Changes in Net Assets

	Six Months Ended April 30, 2026		Year Ended October 31, 2025
	($000)		($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income	310,626		571,375
Realized Net Gain (Loss)	1,584,154		1,473,703
Change in Unrealized Appreciation (Depreciation)	(835,288)		1,010,366
Net Increase (Decrease) in Net Assets Resulting from Operations	1,059,492		3,055,444
Distributions
Total Distributions	(1,774,578)		(1,448,827)
Capital Share Transactions
Issued	319,718		598,441
Issued in Lieu of Cash Distributions	1,659,168		1,358,487
Redeemed	(1,396,826)		(2,982,250)
Net Increase (Decrease) from Capital Share Transactions	582,060		(1,025,322)
Total Increase (Decrease)	(133,026)		581,295
Net Assets
Beginning of Period	23,761,749		23,180,454
End of Period	23,628,723		23,761,749

See accompanying Notes, which are an integral part of the Financial Statements.

4

STAR Fund

Financial Highlights

For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2026	Year Ended October 31,
		2025	2024	2023	2022	2021
Net Asset Value, Beginning of Period	$31.06	$29.01	$24.68	$25.23	$34.17	$29.01
Investment Operations
Net Investment Income1	.394	.724	.663	.563	.464	.395
Capital Gain Distributions Received1	1.758	1.205	.381	.717	1.827	.960
Net Realized and Unrealized Gain (Loss) on Investments	(.794)	1.968	4.781	.233	(9.076)	5.846
Total from Investment Operations	1.358	3.897	5.825	1.513	(6.785)	7.201
Distributions
Dividends from Net Investment Income	(.454)	(.714)	(.652)	(.551)	(.449)	(.405)
Distributions from Realized Capital Gains	(1.894)	(1.133)	(.843)	(1.512)	(1.706)	(1.636)
Total Distributions	(2.348)	(1.847)	(1.495)	(2.063)	(2.155)	(2.041)
Net Asset Value, End of Period	$30.07	$31.06	$29.01	$24.68	$25.23	$34.17
Total Return2	4.58%	14.24%	24.07%	6.24%	-21.07%	25.52%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$23,629	$23,762	$23,180	$20,682	$21,004	$28,992
Ratio of Total Expenses to Average Net Assets	—	—	—	—	—	—
Acquired Fund Fees and Expenses	0.29%	0.29%	0.30%	0.31%	0.31%	0.31%
Ratio of Net Investment Income to Average Net Assets	2.54%	2.50%	2.38%	2.18%	1.61%	1.21%
Portfolio Turnover Rate	5%	56%	4%	6%	12%	9%
The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.

See accompanying Notes, which are an integral part of the Financial Statements.

5

STAR Fund

Notes to Financial Statements

Vanguard STAR Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund follows a balanced investment strategy by investing in select Vanguard funds. The fund invests 60% to 70% of its net assets in stock funds (predominantly large-capitalization U.S. stock funds), and 30% to 40% in STAR Core-Plus Bond Fund, a broad U.S. fixed income fund. The STAR Core-Plus Bond Fund is wholly owned by the Vanguard STAR Fund, and its financial statements accompany these financial statements. Other information about each underlying fund is available at www.vanguard.com.

A.  The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.

2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.

3. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

4. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and borne by the funds in which the fund invests (see Note C). Any borrowings under either facility bear interest at the higher of the effective federal funds rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended April 30, 2026, the fund did not utilize the credit facilities or the Interfund Lending Program.

5. Other: Income and capital gain distributions received are recorded on the ex-dividend date. Interest income, if any, includes interest earned on cash and cash collateral. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

B.  Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Capital Management, LLC.

C.  In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. The FSA provides that expenses otherwise allocable to Vanguard funds-of-funds may be reduced or eliminated to the extent of savings realized by the underlying Vanguard funds by virtue of being part of a fund-of-funds. Accordingly, all expenses for services provided by Vanguard to the fund and all other expenses incurred by the fund during the six months ended April 30, 2026, were borne by the underlying Vanguard funds in which the fund invests. The fund's trustees and officers are also trustees and officers, respectively, of the underlying Vanguard funds, as well as directors and employees, respectively, of Vanguard.

D.  Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

Level 1—Quoted prices in active markets for identical securities.

Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Schedule of Investments.

At April 30, 2026, 100% of the market value of the fund's investments was determined based on Level 1 inputs.

6

STAR Fund

E.  As of April 30, 2026, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:

	Amount ($000)
Tax Cost	15,061,502
Gross Unrealized Appreciation	8,670,293
Gross Unrealized Depreciation	(105,112)
Net Unrealized Appreciation (Depreciation)	8,565,181

F.  Capital shares issued and redeemed were:

	Six Months Ended April 30, 2026		Year Ended October 31, 2025
	Shares (000)		Shares (000)
Issued	10,698		20,724
Issued in Lieu of Cash Distributions	56,724		48,861
Redeemed	(46,740)		(103,746)
Net Increase (Decrease) in Shares Outstanding	20,682		(34,161)

G.  Transactions during the period in affiliated underlying Vanguard funds were as follows:

		Current Period Transactions
	Oct. 31, 2025 Market Value ($000)	Purchases at Cost ($000)	Proceeds from Securities Sold ($000)	Realized Net Gain (Loss) ($000)	Change in Unrealized App. (Dep.) ($000)	Income ($000)	Capital Gain Distributions Received ($000)	Apr. 30, 2026 Market Value ($000)
Vanguard Dividend Growth Fund	888,811	181,946	—	—	(157,380)	7,750	174,195	913,377
Vanguard International Core Stock Fund	1,540,336	64,926	258,034	36,715	102,819	19,980	44,946	1,486,762
Vanguard International Growth Fund	1,525,910	94,007	25,888	1,638	(96,402)	15,597	78,409	1,499,265
Vanguard International Value Fund	1,512,446	239,219	206,193	17,612	(61,539)	40,282	198,937	1,501,545
Vanguard Market Liquidity Fund	2	NA1	NA1	—	—	6	—	603
Vanguard PRIMECAP Fund	1,579,081	222,071	233,081	68,856	(52,702)	13,262	208,810	1,584,225
Vanguard STAR Core-Plus Bond Fund2	8,521,390	208,803	79,437	(1,232)	(125,809)	169,665	36,646	8,523,715
Vanguard U.S. Growth Fund	2,912,471	239,498	6,374	5,295	(395,695)	1,684	237,814	2,755,195
Vanguard Windsor Fund	1,951,465	125,933	122,301	5,646	48,531	18,066	107,867	2,009,274
Vanguard Windsor II Fund	3,328,469	321,104	264,969	65,229	(97,111)	24,334	296,771	3,352,722
Total	23,760,381	1,697,507	1,196,277	199,759	(835,288)	310,626	1,384,395	23,626,683

1	Not applicable—purchases and sales are for temporary cash investment purposes.
2	Wholly owned fund, see accompanying financial statement for Vanguard STAR Core-Plus Bond Fund.

H.  Significant market disruptions, such as those caused by pandemics, natural or environmental ‎disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and global ‎markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.

To the extent the fund’s investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

I.  Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker (“CODM”). The fund is considered a single segment. Vanguard’s chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund’s chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund’s daily operations. Through these committees, the CODM manages the fund’s operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund’s investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

J.  Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements.

7

STAR Core-Plus Bond Fund

Financial Statements (unaudited)

Schedule of Investments

As of April 30, 2026

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.

			Coupon	Maturity Date	Face Amount ($000)	Market Value• ($000)
U.S. Government and Agency Obligations (31.1%)
U.S. Government Securities (6.5%)
1	United States Treasury Inflation Indexed Bonds		1.750%	1/15/2034	18,188	18,246
2	United States Treasury Note/Bond		3.625%	3/31/2030	44,156	43,597
3	United States Treasury Note/Bond		4.125%	8/31/2030	28,009	28,143
	United States Treasury Note/Bond		3.500%	11/30/2030	40,977	40,113
1	United States Treasury Note/Bond		3.750%	12/31/2030	20,000	19,770
	United States Treasury Note/Bond		4.125%	11/30/2031	43,356	43,436
	United States Treasury Note/Bond		4.250%	11/15/2040	16,490	15,593
1	United States Treasury Note/Bond		4.750%	2/15/2041	14,760	14,721
	United States Treasury Note/Bond		1.750%	8/15/2041	3,105	2,061
	United States Treasury Note/Bond		2.000%	11/15/2041	32,763	22,496
	United States Treasury Note/Bond		2.375%	2/15/2042	11,852	8,583
	United States Treasury Note/Bond		3.000%	5/15/2042	17,000	13,445
	United States Treasury Note/Bond		3.250%	5/15/2042	10,000	8,190
	United States Treasury Note/Bond		3.875%	5/15/2043	25,800	22,688
1	United States Treasury Note/Bond		3.750%	11/15/2043	20,000	17,195
	United States Treasury Note/Bond		4.625%	11/15/2044	17,424	16,715
1	United States Treasury Note/Bond		2.500%	2/15/2045	25,338	17,597
1	United States Treasury Note/Bond		4.750%	2/15/2045	38,000	37,017
	United States Treasury Note/Bond		2.500%	2/15/2046	4,711	3,218
	United States Treasury Note/Bond		3.000%	5/15/2047	1,040	765
4	United States Treasury Note/Bond		2.375%	11/15/2049	16,331	10,290
2	United States Treasury Note/Bond		1.250%	5/15/2050	42,300	19,843
3	United States Treasury Note/Bond		1.375%	8/15/2050	43,700	21,109
1	United States Treasury Note/Bond		1.625%	11/15/2050	35,400	18,260
2	United States Treasury Note/Bond		2.375%	5/15/2051	32,800	20,291
	United States Treasury Note/Bond		1.875%	11/15/2051	42,100	22,836
	United States Treasury Note/Bond		2.250%	2/15/2052	38,063	22,653
	United States Treasury Note/Bond		4.750%	5/15/2055	28,000	26,919
						555,790
Conventional Mortgage-Backed Securities (19.6%)
5,6	Fannie Mae Pool		3.000%	6/1/2043	5,216	4,768
5,6	Freddie Mac Gold Pool		3.000%	6/1/2045–1/1/2047	1,279	1,150
5,6	Freddie Mac Gold Pool		3.500%	11/1/2047–8/1/2048	238	221
5,6	Freddie Mac Gold Pool		4.000%	9/1/2030–4/1/2044	263	252
5,6	Freddie Mac Gold Pool		4.500%	9/1/2035–11/1/2045	2,946	2,925
5,6	Freddie Mac Gold Pool		5.000%	1/1/2038–4/1/2044	1,005	1,019
5	Ginnie Mae I Pool		2.500%	11/15/2042–12/15/2046	7,297	6,473
5	Ginnie Mae I Pool		3.000%	11/15/2026–6/15/2030	330	326
5	Ginnie Mae I Pool		3.250%	8/15/2042	1,264	1,173
5	Ginnie Mae I Pool		3.500%	7/15/2042	10	10
5	Ginnie Mae I Pool		3.750%	7/15/2042	167	158
5	Ginnie Mae I Pool		3.875%	10/15/2040–6/15/2042	2,106	2,018
5	Ginnie Mae I Pool		5.000%	6/15/2041	1	1
5	Ginnie Mae I Pool		5.500%	1/15/2030–9/15/2045	8	1,187
5	Ginnie Mae I Pool		6.000%	3/15/2040	22	22
5	Ginnie Mae I Pool		6.500%	5/15/2037	1	1
5	Ginnie Mae I Pool		7.000%	11/15/2031–11/15/2036	571	582
5	Ginnie Mae I Pool		7.500%	10/15/2031	284	292
5	Ginnie Mae I Pool		8.000%	8/15/2031	117	120
5	Ginnie Mae II Pool		1.500%	4/20/2044–6/20/2047	48	36
5	Ginnie Mae II Pool		2.000%	10/20/2043–8/20/2051	62,826	51,786
5	Ginnie Mae II Pool		2.500%	6/20/2037–3/20/2052	83,688	72,240
5	Ginnie Mae II Pool		3.000%	4/20/2031–12/20/2052	52,916	47,581
5	Ginnie Mae II Pool		3.500%	5/20/2046–9/20/2051	42,313	39,309
5	Ginnie Mae II Pool		4.000%	6/20/2039–8/20/2052	45,232	42,833
5	Ginnie Mae II Pool		4.500%	12/20/2032–10/20/2052	28,541	27,856
5,7	Ginnie Mae II Pool		5.000%	3/20/2033–5/15/2056	78,635	78,642
5,7	Ginnie Mae II Pool		5.500%	1/20/2034–5/15/2056	62,357	63,410
5,7	Ginnie Mae II Pool		6.000%	4/20/2028–5/15/2056	28,821	29,531

8

STAR Core-Plus Bond Fund

			Coupon	Maturity Date	Face Amount ($000)	Market Value• ($000)
5	Ginnie Mae II Pool		6.500%	5/20/2037–8/20/2055	7,377	7,732
5	Ginnie Mae II Pool		7.000%	2/20/2055	1,630	1,683
5,6	UMBS Pool		1.500%	2/1/2036–1/1/2051	68,564	56,775
5,6,7	UMBS Pool		2.000%	5/1/2036–5/25/2056	361,377	298,973
5,6,7	UMBS Pool		2.500%	7/1/2027–5/25/2056	274,304	235,415
5,6,7	UMBS Pool		3.000%	9/1/2026–5/25/2056	80,921	73,787
5,6,7	UMBS Pool		3.500%	5/1/2042–5/25/2056	119,981	110,517
5,6,7	UMBS Pool		4.000%	7/1/2042–5/25/2056	22,820	22,161
5,6,7	UMBS Pool		4.500%	12/1/2040–5/25/2056	138,683	133,953
5,6,7	UMBS Pool		5.000%	9/1/2035–5/25/2056	201,572	199,766
5,6,7	UMBS Pool		6.000%	11/1/2052–5/25/2056	16,834	18,399
5,6	UMBS Pool		6.500%	2/1/2029–8/1/2055	37,051	38,814
						1,673,897
Nonconventional Mortgage-Backed Securities (5.0%)
5,6	Fannie Mae Pool		1.773%	8/1/2051	1,766	1,711
5,6	Fannie Mae Pool		3.836%	4/1/2056	1,510	1,476
5,6	Fannie Mae Pool		4.304%	2/1/2056	9,913	9,757
5,6	Fannie Mae Pool		4.522%	9/1/2055	7,518	7,463
5,6	Fannie Mae Pool		4.553%	10/1/2055	12,487	12,406
5,6	Fannie Mae Pool		4.593%	3/1/2056	1,374	1,373
5,6	Fannie Mae Pool		4.617%	8/1/2055	4,373	4,382
5,6	Fannie Mae Pool		4.633%	3/1/2056	2,806	2,807
5,6	Fannie Mae Pool		4.637%	3/1/2056	8,639	8,641
5,6	Fannie Mae Pool		4.665%	4/1/2056	2,310	2,312
5,6	Fannie Mae Pool		4.713%	1/1/2056	3,203	3,211
5,6	Fannie Mae Pool		4.737%	5/1/2056	16,400	16,384
5,6	Fannie Mae Pool		4.849%	12/1/2055	2,402	2,396
5,6	Fannie Mae Pool		4.860%	12/1/2055	11,694	11,720
5,6	Fannie Mae Pool		4.901%	4/1/2056	2,110	2,115
5,6	Fannie Mae Pool		4.920%	4/1/2056	2,720	2,725
5,6	Fannie Mae Pool		4.980%	3/1/2056	6,682	6,713
5,6	Fannie Mae Pool		4.995%	11/1/2055	5,710	5,739
5,6	Fannie Mae Pool		4.999%	8/1/2055	2,124	2,145
5,6	Fannie Mae Pool		5.025%	4/1/2056	1,430	1,429
5,6	Fannie Mae Pool		5.041%	3/1/2056	4,985	5,027
5,6	Fannie Mae Pool		5.047%	4/1/2056	3,348	3,369
5,6	Fannie Mae Pool		5.048%	12/1/2055	7,085	7,136
5,6	Fannie Mae Pool		5.058%	1/1/2056	2,839	2,859
5,6	Fannie Mae Pool		5.084%	5/1/2056	1,710	1,722
5,6	Fannie Mae Pool		5.093%	10/1/2055	5,869	5,931
5,6	Fannie Mae Pool		5.094%	12/1/2055	4,206	4,249
5,6	Fannie Mae Pool		5.117%	10/1/2055	2,252	2,271
5,6	Fannie Mae Pool		5.125%	9/1/2055	4,879	4,926
5,6	Fannie Mae Pool		5.167%	12/1/2055	1,568	1,584
5,6	Fannie Mae Pool		5.369%	5/1/2055	2,656	2,695
5,6,8	Fannie Mae Pool, RFUCCT1Y + 1.560%		6.310%	8/1/2043	56	58
5,6,8	Fannie Mae Pool, RFUCCT1Y + 1.580%		6.330%	9/1/2044	355	369
5,6	Fannie Mae REMICS		1.000%	8/25/2050	2,119	1,692
5,6	Fannie Mae REMICS		1.250%	5/25/2050	926	748
5,6	Fannie Mae REMICS		1.500%	1/25/2051	10,638	8,439
5,6	Fannie Mae REMICS		2.500%	4/25/2043–9/25/2049	10,841	9,571
5,6	Fannie Mae REMICS		3.000%	11/25/2046–10/25/2049	8,521	7,486
5,6	Fannie Mae REMICS		3.500%	10/25/2042–9/25/2045	2,735	2,531
5,6	Fannie Mae REMICS		5.500%	12/25/2051–8/25/2053	4,801	4,824
5,6	Fannie Mae REMICS		6.000%	9/25/2053	1,290	1,333
5,6,8	Freddie Mac Non Gold Pool, RFUCCT1Y + 1.514%		6.264%	10/1/2044	99	102
5,6,8	Freddie Mac Non Gold Pool, RFUCCT1Y + 1.600%		6.327%	10/1/2044	431	447
5,6,8	Freddie Mac Non Gold Pool, RFUCCT1Y + 1.617%		6.327%	9/1/2044	266	276
5,6,8	Freddie Mac Non Gold Pool, RFUCCT1Y + 1.620%		6.219%	10/1/2044	356	370
5,6,8	Freddie Mac Non Gold Pool, RFUCCT1Y + 1.620%		6.370%	9/1/2043–7/1/2044	235	244
5,6,8	Freddie Mac Non Gold Pool, RFUCCT1Y + 1.630%		5.983%	4/1/2044	277	287
5,6,8	Freddie Mac Non Gold Pool, RFUCCT1Y + 1.640%		6.371%	8/1/2043	301	312
5,6,8	Freddie Mac Non Gold Pool, SOFR30A + 2.060%		4.644%	1/1/2056	894	887
5,6,8	Freddie Mac Non Gold Pool, SOFR30A + 2.089%		4.624%	3/1/2056	5,606	5,591
5,6,8	Freddie Mac Non Gold Pool, SOFR30A + 2.105%		5.025%	9/1/2055	2,681	2,691
5,6,8	Freddie Mac Non Gold Pool, SOFR30A + 2.124%		4.965%	2/1/2056	11,251	11,278
5,6,8	Freddie Mac Non Gold Pool, SOFR30A + 2.138%		4.608%	5/1/2056	5,900	5,842
5,6,8	Freddie Mac Non Gold Pool, SOFR30A + 2.147%		5.190%	11/1/2055	2,275	2,296
5,6,8	Freddie Mac Non Gold Pool, SOFR30A + 2.149%		5.139%	12/1/2055	6,869	6,915

9

STAR Core-Plus Bond Fund

			Coupon	Maturity Date	Face Amount ($000)	Market Value• ($000)
5,6,8	Freddie Mac Non Gold Pool, SOFR30A + 2.181%		5.259%	10/1/2055	1,393	1,405
5,6,8	Freddie Mac Non Gold Pool, SOFR30A + 2.184%		5.309%	11/1/2055	1,546	1,559
5,6,8	Freddie Mac Non Gold Pool, SOFR30A + 2.186%		5.160%	10/1/2055	2,882	2,908
5,6,8	Freddie Mac Non Gold Pool, SOFR30A + 2.220%		5.173%	8/1/2055	2,808	2,829
5,6,8	Freddie Mac Non Gold Pool, SOFR30A + 2.246%		4.561%	10/1/2055	4,116	4,076
5,6,8	Freddie Mac Non Gold Pool, SOFR30A + 2.249%		5.141%	1/1/2056	6,139	6,189
5,6,8	Freddie Mac Non Gold Pool, SOFR30A + 2.320%		4.959%	11/1/2055	1,885	1,895
5,6,8	Freddie Mac Non Gold Pool, SOFR30A + 2.320%		5.101%	11/1/2055	3,247	3,264
5,6,8	Freddie Mac Non Gold Pool, SOFR30A + 2.320%		5.365%	10/1/2055	1,543	1,550
5,6,8	Freddie Mac Non Gold Pool, SOFR30A + 2.325%		5.177%	10/1/2055	2,664	2,683
5,6,8	Freddie Mac Non Gold Pool, SOFR30A + 2.325%		5.300%	9/1/2055	3,174	3,204
5,6,8	Freddie Mac Non Gold Pool, SOFR30A + 2.325%		5.318%	9/1/2055	3,025	3,055
5,6,8	Freddie Mac Non Gold Pool, SOFR30A + 2.340%		4.676%	5/1/2056	1,590	1,570
5,6,8	Freddie Mac Non Gold Pool, SOFR30A + 2.350%		4.792%	4/1/2056	1,838	1,833
5,6	Freddie Mac REMICS		1.000%	8/25/2050	1,092	821
5,6	Freddie Mac REMICS		2.000%	7/25/2050–9/25/2050	24,557	21,514
5,6	Freddie Mac REMICS		2.500%	11/25/2040–8/25/2048	13,272	11,919
5,6	Freddie Mac REMICS		3.000%	3/15/2044–5/15/2045	7,613	6,808
5,6	Freddie Mac REMICS		3.500%	3/15/2042	1,472	1,355
5,6	Freddie Mac REMICS		4.000%	2/15/2042–7/15/2048	4,441	4,231
5,6	Freddie Mac REMICS		5.250%	8/25/2055	3,964	3,975
5,6	Freddie Mac REMICS		6.000%	10/25/2053	3,618	3,694
5,8	Ginnie Mae II Pool, 1YR CMT + 1.500%		4.000%	11/20/2055–1/20/2056	5,717	5,609
5,8	Ginnie Mae II Pool, 1YR CMT + 1.500%		4.500%	9/20/2055–11/20/2055	13,574	13,522
5,8	Ginnie Mae II Pool, 1YR CMT + 1.500%		5.000%	11/20/2055–2/20/2056	13,785	13,883
5	Ginnie Mae REMICS		1.000%	4/20/2051	1,054	809
5	Ginnie Mae REMICS		1.250%	2/20/2050–2/20/2051	7,755	6,058
5	Ginnie Mae REMICS		1.375%	8/20/2050	12,558	9,874
5	Ginnie Mae REMICS		1.500%	2/20/2050	898	716
5	Ginnie Mae REMICS		2.500%	10/20/2043–11/20/2049	18,525	16,445
5	Ginnie Mae REMICS		3.500%	4/20/2047–5/20/2048	6,181	5,839
5	Ginnie Mae REMICS		4.000%	8/20/2041	26,843	25,586
5	Ginnie Mae REMICS		5.000%	9/20/2055	9,582	9,555
						423,496
Total U.S. Government and Agency Obligations (Cost $2,647,910)						2,653,183
Asset-Backed/Commercial Mortgage-Backed Securities (11.6%)
5,9	Affirm Asset Securitization Trust Series 2025-X2		4.930%	10/15/2030	290	290
5,9	Affirm Master Trust Series 2025-3A		4.450%	10/16/2034	5,460	5,443
5,9	Affirm Master Trust Series 2025-3A		4.750%	10/16/2034	290	289
5,9	Affirm Master Trust Series 2025-3A		4.890%	10/16/2034	2,300	2,287
5,9	Affirm Master Trust Series 2026-1A		4.370%	2/15/2034	4,210	4,189
5,9	Affirm Master Trust Series 2026-1A		4.910%	2/15/2034	400	398
5,9	Ally Auto Receivables Trust Series 2023-1		5.960%	3/15/2029	254	258
5,9	Ally Auto Receivables Trust Series 2023-1		6.740%	4/15/2034	165	168
5,9	Ally Auto Receivables Trust Series 2023-A		7.330%	1/17/2034	175	179
5	Ally Auto Receivables Trust Series 2024-1		5.410%	11/15/2029	184	186
5,9	Ally Auto Receivables Trust Series 2024-1		5.800%	2/16/2032	182	185
5,9	Ally Bank Auto Credit-Linked Notes Series 2024-A		6.022%	5/17/2032	437	443
5,9	Ally Bank Auto Credit-Linked Notes Series 2024-B		4.970%	9/15/2032	174	175
5,9	Ally Bank Auto Credit-Linked Notes Series 2024-B		5.117%	9/15/2032	124	125
5,9	Ally Bank Auto Credit-Linked Notes Series 2024-B		5.215%	9/15/2032	403	406
5,9	Ally Bank Auto Credit-Linked Notes Series 2025-A		4.844%	6/15/2033	848	850
5,9	Ally Bank Auto Credit-Linked Notes Series 2025-A		4.991%	6/15/2033	403	403
5,9	Ally Bank Auto Credit-Linked Notes Series 2025-B		4.697%	9/15/2033	1,011	1,010
5,9	Ally Bank Auto Credit-Linked Notes Series 2025-B		4.942%	9/15/2033	382	382
5,9	American Heritage Auto Receivables Trust Series 2024-1A		5.070%	6/17/2030	241	243
5	AmeriCredit Automobile Receivables Trust Series 2023-2		6.000%	7/18/2029	520	532
5	AmeriCredit Automobile Receivables Trust Series 2024-1		5.380%	6/18/2029	1,190	1,205
5,9	AMSR Trust Series 2024-SFR2		4.150%	11/17/2041	905	883
5,9	AMSR Trust Series 2024-SFR2		4.150%	11/17/2041	595	575
5,9	AMSR Trust Series 2025-SFR1		3.655%	6/17/2042	2,130	2,032
5,9	AMSR Trust Series 2025-SFR2		4.275%	11/17/2042	1,110	1,067
5	AMSR Trust Series 2026-SFR1		3.775%	4/17/2031	650	614
5,9	Apidos CLO XLVII Ltd. Series 2024-47A		4.917%	4/26/2039	2,790	2,796
5,9	Apidos CLO XLVII Ltd. Series 2024-47A		5.247%	4/26/2039	1,640	1,644
5,9	AutoNation Finance Trust Series 2025-1A		5.190%	12/10/2030	560	566
5,9	AutoNation Finance Trust Series 2025-1A		5.630%	9/10/2032	730	737
5,9	AutoNation Finance Trust Series 2026-1A		4.560%	10/14/2031	450	447

10

STAR Core-Plus Bond Fund

			Coupon	Maturity Date	Face Amount ($000)	Market Value• ($000)
5,9	AutoNation Finance Trust Series 2026-1A		5.070%	1/11/2034	1,440	1,430
5,9	Avis Budget Rental Car Funding AESOP LLC Series 2023-1A		6.230%	4/20/2029	258	261
5,9	Avis Budget Rental Car Funding AESOP LLC Series 2023-7A		5.900%	8/21/2028	130	132
5,9	Avis Budget Rental Car Funding AESOP LLC Series 2023-8A		6.020%	2/20/2030	1,306	1,350
5,9	Avis Budget Rental Car Funding AESOP LLC Series 2024-1A		5.360%	6/20/2030	599	611
5,9	Avis Budget Rental Car Funding AESOP LLC Series 2024-3A		5.230%	12/20/2030	575	585
5,9	Avis Budget Rental Car Funding AESOP LLC Series 2024-3A		5.580%	12/20/2030	330	335
5,9	Avis Budget Rental Car Funding AESOP LLC Series 2025-1A		4.800%	8/20/2029	1,420	1,427
5,9	Avis Budget Rental Car Funding AESOP LLC Series 2025-1A		5.240%	8/20/2029	2,230	2,242
5,9	Avis Budget Rental Car Funding AESOP LLC Series 2025-1A		5.870%	8/20/2029	210	211
5,9	Avis Budget Rental Car Funding AESOP LLC Series 2025-2A		5.510%	8/20/2031	500	507
5,9	Avis Budget Rental Car Funding AESOP LLC Series 2025-2A		6.240%	8/20/2031	220	224
5,9	Avis Budget Rental Car Funding AESOP LLC Series 2026-1A		4.280%	8/20/2030	1,010	1,000
5,9	Avis Budget Rental Car Funding AESOP LLC Series 2026-2A		4.600%	8/20/2032	1,060	1,048
5,9	Avis Budget Rental Car Funding AESOP LLC Series 2026-2A		5.000%	8/20/2032	710	700
5,8,9	Balboa Bay Loan Funding Ltd. Series 2023-2A, TSFR3M + 1.150%		4.825%	10/20/2036	1,630	1,628
5,8,9	Balboa Bay Loan Funding Ltd. Series 2023-2A, TSFR3M + 1.550%		5.225%	10/20/2036	1,760	1,765
5	Banc of America Commercial Mortgage Trust Series 2015-UBS7		4.429%	9/15/2048	81	75
5	Banc of America Funding Trust Series 2006-H		4.671%	9/20/2046	114	99
5	BANK Series 2017-BNK4		3.625%	5/15/2050	198	196
5	BANK Series 2017-BNK7		3.435%	9/15/2060	159	156
5	BANK Series 2017-BNK8		3.488%	11/15/2050	333	325
5	BANK Series 2018-BNK15		4.407%	11/15/2061	72	72
5	BANK Series 2019-BNK16		4.005%	2/15/2052	168	165
5	BANK Series 2019-BNK23		2.920%	12/15/2052	463	437
5	BANK Series 2019-BNK24		2.960%	11/15/2062	627	591
5	BANK Series 2022-BNK40		3.502%	3/15/2064	7,500	6,979
5	BANK Series 2024-5YR7		5.769%	6/15/2057	1,078	1,111
5	BANK Series 2025-BNK50		6.072%	5/15/2068	890	923
5	Barclays Commercial Mortgage Trust Series 2019-C3		3.583%	5/15/2052	533	517
5	Barclays Commercial Mortgage Trust Series 2019-C5		3.063%	11/15/2052	146	138
5,8,9	Barings CLO Ltd. Series 2025-7A, TSFR3M + 1.140%		4.813%	1/15/2038	1,110	1,109
5,8,9	Barings CLO Ltd. Series 2025-7A, TSFR3M + 1.500%		5.173%	1/15/2038	2,920	2,931
5,8,9	Basswood Park CLO Ltd. Series 2021-1A, TSFR3M + 1.030%		4.705%	4/20/2034	1,390	1,390
5,8,9	Basswood Park CLO Ltd. Series 2021-1A, TSFR3M + 1.500%		5.175%	4/20/2034	1,870	1,871
5,9	Bayview MSR Opportunity Master Fund Trust Series 2021-2		2.500%	6/25/2051	203	168
5,9	Bayview Opportunity Master Fund VI Trust Series 2021-6		2.500%	10/25/2051	951	788
5,9	Bayview Opportunity Master Fund VII Trust Series 2024-SN1		5.670%	8/15/2028	206	207
5,9	Bayview Opportunity Master Fund VII Trust Series 2024-SN1		5.830%	12/15/2028	231	233
5,9	Bayview Opportunity Master Fund VII Trust Series 2024-SN1		6.360%	7/16/2029	279	284
5	BBCMS Mortgage Trust Series 2018-C2		4.314%	12/15/2051	677	669
5	BBCMS Mortgage Trust Series 2022-C16		4.021%	6/15/2055	71	71
5	BBCMS Mortgage Trust Series 2024-5C25		5.946%	3/15/2057	4,600	4,745
5	BBCMS Mortgage Trust Series 2024-5C25		6.358%	3/15/2057	1,375	1,422
5	BBCMS Mortgage Trust Series 2024-5C29		5.208%	9/15/2057	3,245	3,293
5	BBCMS Mortgage Trust Series 2025-C35		5.586%	7/15/2058	1,580	1,641
5	BBCMS Mortgage Trust Series 2025-C35		5.843%	7/15/2058	600	617
5	BBCMS Mortgage Trust Series 2026-5C40		5.248%	2/15/2059	2,030	2,072
5	Bear Stearns ARM Trust Series 2006-4		4.063%	10/25/2036	154	130
5	Bear Stearns ARM Trust Series 2007-3		4.046%	5/25/2047	150	136
5	Benchmark Mortgage Trust Series 2018-B1		3.666%	1/15/2051	768	758
5	Benchmark Mortgage Trust Series 2024-V6		5.926%	3/15/2057	501	516
5	Benchmark Mortgage Trust Series 2024-V10		5.277%	9/15/2057	353	359
5	Benchmark Mortgage Trust Series 2025-B41		5.754%	7/15/2068	1,020	1,047
5,8,9	Benefit Street Partners CLO IV Ltd. Series 2014-IVA, TSFR3M + 1.250%		4.925%	10/20/2038	1,970	1,975
5,8,9	Benefit Street Partners CLO IV Ltd. Series 2014-IVA, TSFR3M + 1.550%		5.225%	10/20/2038	2,240	2,247
5,9	BFLD Commercial Mortgage Trust Series 2025-5MW		4.830%	10/10/2042	2,890	2,869
5,9	BHG Securitization Trust Series 2026-1CON		4.810%	6/17/2036	1,190	1,189
5	BMO Mortgage Trust Series 2024-5C3		5.739%	2/15/2057	664	680
5	BMO Mortgage Trust Series 2024-5C4		6.526%	5/15/2057	456	477
5	BMO Mortgage Trust Series 2024-5C8		5.625%	12/15/2057	1,075	1,104
5	BMO Mortgage Trust Series 2024-C9		5.759%	7/15/2057	1,030	1,077
5	BMO Mortgage Trust Series 2025-C13		5.353%	10/15/2058	3,850	3,912
5	BMO Mortgage Trust Series 2026-C14		5.317%	2/15/2059	4,760	4,827
5	BMO Mortgage Trust Series 2026-C14		5.522%	2/15/2059	2,150	2,156
5	Bridgecrest Lending Auto Securitization Trust Series 2025-3		4.810%	5/15/2031	940	943
5	Bridgecrest Lending Auto Securitization Trust Series 2025-4		4.800%	8/15/2031	640	641
5	Bridgecrest Lending Auto Securitization Trust Series 2026-1		4.440%	11/17/2031	1,250	1,239
5	Bridgecrest Lending Auto Securitization Trust Series 2026-2		4.880%	2/17/2032	670	669
5,9	BX Trust Series 2019-OC11		3.202%	12/9/2041	3,640	3,452

11

STAR Core-Plus Bond Fund

			Coupon	Maturity Date	Face Amount ($000)	Market Value• ($000)
5,9	BX Trust Series 2025-ARIA		5.199%	12/13/2042	5,120	5,154
5,8,9	Capital Street Master Trust Series 2025-1, SOFR30A + 1.100%		4.739%	8/16/2029	2,710	2,706
5,8,9	Capital Street Master Trust Series 2026-1, SOFR30A + 1.150%		4.794%	5/16/2030	4,500	4,500
5	CarMax Auto Owner Trust Series 2024-3		5.280%	3/15/2030	124	126
5	CarMax Auto Owner Trust Series 2024-3		5.670%	1/15/2031	88	89
5	CarMax Auto Owner Trust Series 2024-4		4.640%	4/15/2030	383	386
5	CarMax Auto Owner Trust Series 2024-4		4.820%	5/15/2030	122	123
5	CarMax Auto Owner Trust Series 2024-4		4.970%	6/17/2030	134	135
5	CarMax Auto Owner Trust Series 2024-4		5.360%	8/15/2031	108	109
5	CarMax Auto Owner Trust Series 2025-1		5.110%	9/16/2030	78	79
5	CarMax Auto Owner Trust Series 2025-1		5.260%	10/15/2030	146	147
5	CarMax Auto Owner Trust Series 2025-1		5.600%	7/15/2031	123	124
5	CarMax Auto Owner Trust Series 2025-2		4.960%	11/15/2030	540	546
5	CarMax Auto Owner Trust Series 2025-2		5.740%	10/15/2031	330	335
5	CarMax Auto Owner Trust Series 2025-3		4.880%	4/15/2031	380	382
5	CarMax Auto Owner Trust Series 2025-3		5.220%	5/17/2032	400	400
5	CarMax Auto Owner Trust Series 2025-4		4.810%	9/15/2031	480	481
5	CarMax Auto Owner Trust Series 2025-4		5.110%	5/17/2032	190	189
5	CarMax Auto Owner Trust Series 2026-1		4.540%	3/15/2032	580	576
5	CarMax Auto Owner Trust Series 2026-1		4.930%	1/18/2033	270	266
5	CarMax Auto Owner Trust Series 2026-2		5.100%	4/18/2033	240	239
5	Carvana Auto Receivables Trust Series 2021-P3		1.030%	6/10/2027	67	67
5	CD Mortgage Trust Series 2016-CD1		2.724%	8/10/2049	186	183
5	CD Mortgage Trust Series 2016-CD1		3.631%	8/10/2049	169	93
5	CD Mortgage Trust Series 2017-CD3		3.631%	2/10/2050	272	267
5	CD Mortgage Trust Series 2017-CD4		3.514%	5/10/2050	357	354
5	CD Mortgage Trust Series 2017-CD5		3.684%	8/15/2050	225	221
5	CD Mortgage Trust Series 2017-CD6		3.709%	11/13/2050	144	142
5	CD Mortgage Trust Series 2018-CD7		4.999%	8/15/2051	144	134
5,9	CENT Trust Series 2025-CITY		5.091%	7/10/2040	3,880	3,898
5,9	Chase Auto Credit Linked Notes Series 2025-1		4.851%	2/25/2033	364	364
5,9	Chase Auto Credit Linked Notes Series 2025-1		5.047%	2/25/2033	182	182
5,9	Chase Auto Owner Trust Series 2024-1A		5.160%	11/26/2029	94	95
5,9	Chase Auto Owner Trust Series 2024-1A		5.360%	1/25/2030	88	89
5,9	Chase Auto Owner Trust Series 2024-3A		5.280%	1/25/2030	219	223
5,9	Chase Auto Owner Trust Series 2024-3A		5.410%	2/28/2030	147	150
5,9	Chase Auto Owner Trust Series 2024-4A		5.230%	4/25/2030	361	366
5,9	Chase Auto Owner Trust Series 2024-4A		5.460%	7/25/2030	391	397
5,9	Chase Auto Owner Trust Series 2024-5A		4.620%	8/26/2030	196	195
5,9	Chase Auto Owner Trust Series 2025-1A		4.930%	12/26/2030	340	341
5,9	Chase Auto Owner Trust Series 2025-1A		5.240%	11/26/2032	370	370
5,9	Chase Auto Owner Trust Series 2025-2A		4.530%	4/25/2031	230	228
5,9	Chase Auto Owner Trust Series 2025-2A		5.030%	2/25/2033	660	653
5	CHL Mortgage Pass-Through Trust Series 2006-HYB1		4.680%	3/20/2036	103	98
5	CHL Mortgage Pass-Through Trust Series 2007-HYB2		4.155%	2/25/2047	122	115
5,8,9	CIFC Funding Ltd. Series 2023-2A, TSFR3M + 1.130%		4.802%	1/21/2037	950	949
5,8,9	CIFC Funding Ltd. Series 2023-2A, TSFR3M + 1.450%		5.122%	1/21/2037	2,730	2,739
5,8,9	CIFC Funding Ltd. Series 2025-6A, TSFR3M + 1.250%		4.916%	10/23/2038	490	491
5,8,9	CIFC Funding Ltd. Series 2025-6A, TSFR3M + 1.550%		5.216%	10/23/2038	900	904
5	Citigroup Commercial Mortgage Trust Series 2015-GC33		4.480%	9/10/2058	203	176
5	Citigroup Commercial Mortgage Trust Series 2017-C4		3.471%	10/12/2050	255	251
5	Citigroup Commercial Mortgage Trust Series 2017-P8		4.192%	9/15/2050	193	175
5	Citigroup Commercial Mortgage Trust Series 2017-P8		4.389%	9/15/2050	110	90
5	Citigroup Commercial Mortgage Trust Series 2018-B2		4.009%	3/10/2051	253	251
5	Citigroup Commercial Mortgage Trust Series 2019-C7		3.102%	12/15/2072	940	890
5	Citigroup Mortgage Loan Trust Series 2007-AR8		4.831%	7/25/2037	7	7
5,9	CLI Funding IX LLC Series 2024-1A		5.630%	7/20/2049	1,019	1,024
5,9	COMM Mortgage Trust Series 2013-CR6		3.397%	3/10/2046	42	41
5,9	Compass Datacenters Issuer II LLC Series 2025-2A		4.926%	11/25/2050	3,020	2,964
5,9	Compass Datacenters Issuer III LLC Series 2025-3A		5.286%	7/25/2050	3,740	3,691
5,9	Compass Datacenters Issuer III LLC Series 2026-1A		4.897%	2/25/2056	2,540	2,516
5,9	Compass Datacenters Issuer III LLC Series 2026-1A		5.289%	2/25/2056	1,490	1,481
5,9	Concord Music Royalties LLC Series 2025-1A		5.507%	7/20/2075	4,280	4,296
5,8,9	Connecticut Avenue Securities Trust Series 2023-R06, SOFR30A + 1.700%		5.345%	7/25/2043	42	42
5,8,9	Connecticut Avenue Securities Trust Series 2023-R07, SOFR30A + 1.950%		5.595%	9/25/2043	123	123
5,8,9	Connecticut Avenue Securities Trust Series 2024-R01, SOFR30A + 1.050%		4.695%	1/25/2044	471	471

12

STAR Core-Plus Bond Fund

			Coupon	Maturity Date	Face Amount ($000)	Market Value• ($000)
5,8,9	Connecticut Avenue Securities Trust Series 2024-R02, SOFR30A + 1.100%		4.745%	2/25/2044	46	46
5,8,9	Connecticut Avenue Securities Trust Series 2024-R04, SOFR30A + 1.000%		4.645%	5/25/2044	253	253
5,8,9	Connecticut Avenue Securities Trust Series 2024-R05, SOFR30A + 1.000%		4.645%	7/25/2044	689	690
5,8,9	Connecticut Avenue Securities Trust Series 2024-R06, SOFR30A + 1.150%		4.795%	9/25/2044	446	448
5,8,9	Connecticut Avenue Securities Trust Series 2025-R01, SOFR30A + 0.950%		4.595%	1/25/2045	396	397
5,8,9	Connecticut Avenue Securities Trust Series 2025-R02, SOFR30A + 1.000%		4.645%	2/25/2045	400	401
5,8,9	Connecticut Avenue Securities Trust Series 2025-R03, SOFR30A + 1.450%		5.095%	3/25/2045	1,459	1,467
5,8,9	Connecticut Avenue Securities Trust Series 2025-R04, SOFR30A + 1.000%		4.645%	5/25/2045	850	851
5,8,9	Connecticut Avenue Securities Trust Series 2025-R05, SOFR30A + 1.000%		4.645%	7/25/2045	1,293	1,295
5,8,9	Connecticut Avenue Securities Trust Series 2025-R06, SOFR30A + 0.900%		4.545%	9/25/2045	1,439	1,440
5,8,9	Connecticut Avenue Securities Trust Series 2026-R02, SOFR30A + 0.950%		4.595%	2/25/2046	1,711	1,713
5,9	Connecticut Avenue Securities Trust Series 2026-R03		4.740%	4/25/2046	1,940	1,944
5	CSAIL Commercial Mortgage Trust Series 2015-C3		4.339%	8/15/2048	182	176
5	CSAIL Commercial Mortgage Trust Series 2016-C7		3.502%	11/15/2049	263	262
5	CSAIL Commercial Mortgage Trust Series 2019-C17		2.763%	9/15/2052	68	65
5,9	DB Master Finance LLC Series 2019-1A		4.352%	5/20/2049	309	304
5,9	DB Master Finance LLC Series 2025-1A		4.891%	8/20/2055	2,095	2,075
5	DBJPM Mortgage Trust Series 2017-C6		3.328%	6/10/2050	180	177
5	DBJPM Mortgage Trust Series 2020-C9		1.926%	8/15/2053	559	501
5,9	Dell Equipment Finance Trust Series 2024-2		4.820%	8/22/2030	113	114
5,9	Dell Equipment Finance Trust Series 2025-1		4.960%	2/24/2031	110	111
5,9	Dell Equipment Finance Trust Series 2025-1		5.640%	8/22/2031	210	213
5,9	Dell Equipment Finance Trust Series 2025-2		4.530%	3/24/2031	400	399
5,9	Dell Equipment Finance Trust Series 2025-2		4.830%	3/22/2032	510	507
5,9	Dell Equipment Finance Trust Series 2026-1A		4.800%	12/22/2031	460	459
5,9	Dell Equipment Finance Trust Series 2026-1A		5.190%	11/22/2032	180	180
5,9	DLLAA LLC Series 2023-1A		5.730%	10/20/2031	139	141
5,9	DLLST LLC Series 2024-1A		4.930%	4/22/2030	57	57
5,9	Domino's Pizza Master Issuer LLC Series 2019-1A		3.668%	10/25/2049	1,150	1,104
5,9	Domino's Pizza Master Issuer LLC Series 2025-1A		4.930%	7/25/2055	4,500	4,477
5,9	Domino's Pizza Master Issuer LLC Series 2025-1A		5.217%	7/25/2055	2,820	2,795
5	Drive Auto Receivables Trust Series 2024-1		5.430%	11/17/2031	738	748
5	Drive Auto Receivables Trust Series 2024-2		4.670%	5/17/2032	924	928
5	Drive Auto Receivables Trust Series 2024-2		4.940%	5/17/2032	1,346	1,357
5	Drive Auto Receivables Trust Series 2025-1		5.410%	9/15/2032	5,470	5,523
5	Drive Auto Receivables Trust Series 2025-2		4.900%	12/15/2032	3,740	3,722
5,8,9	Dryden 113 CLO Ltd. Series 2022-113A, TSFR3M + 1.090%		4.763%	10/15/2037	650	650
5,8,9	Dryden 90 CLO Ltd. Series 2021-90A, TSFR3M + 1.250%		4.903%	11/15/2038	1,950	1,954
5,8,9	Dryden 90 CLO Ltd. Series 2021-90A, TSFR3M + 1.600%		5.253%	11/15/2038	2,200	2,210
5,8,9	Edsouth Indenture No. 9 LLC Series 2015-1, SOFR30A + 0.914%		4.560%	10/25/2056	197	196
5,9	EDvestinU Private Education Loan Issue No. 1 LLC Series 2019-A		3.580%	11/25/2038	48	47
5,8,9	Elmwood CLO 21 Ltd. Series 2022-8A, TSFR3M + 1.220%		4.893%	10/15/2038	1,450	1,452
5,8,9	Elmwood CLO 21 Ltd. Series 2022-8A, TSFR3M + 1.550%		5.223%	10/15/2038	1,120	1,125
5,9	Enterprise Fleet Financing LLC Series 2024-3		5.060%	3/20/2031	217	220
5,9	Evergreen Credit Card Trust Series 2025-CRT5		5.240%	5/15/2029	238	240
5,9	Evergreen Credit Card Trust Series 2025-CRT5		5.530%	5/15/2029	362	364
5	Exeter Automobile Receivables Trust Series 2025-5A		4.680%	3/15/2032	790	788
5	Exeter Automobile Receivables Trust Series 2025-5A		5.160%	3/15/2032	2,180	2,186
5	Exeter Automobile Receivables Trust Series 2026-1A		4.400%	5/17/2032	1,620	1,601
5	Exeter Automobile Receivables Trust Series 2026-1A		5.000%	5/17/2032	3,850	3,812
5	Exeter Select Automobile Receivables Trust Series 2025-2		4.630%	11/17/2031	170	170
5,9	FCCU Auto Receivables Trust Series 2025-1A		5.180%	5/15/2031	670	677
5	First Horizon Mortgage Pass-Through Trust Series 2006-AR3		3.697%	11/25/2036	61	32
5	First Horizon Mortgage Pass-Through Trust Series 2006-AR4		4.440%	1/25/2037	130	57
5,9	First Investors Auto Owner Trust Series 2025-1A		4.750%	12/15/2031	770	769
5,9	First Investors Auto Owner Trust Series 2025-1A		5.220%	12/15/2033	570	571
5,9	First Investors Auto Owner Trust Series 2026-1A		5.380%	7/15/2032	1,850	1,860
5,9	First Investors Auto Owner Trust Series 2026-1A		5.800%	4/17/2034	1,620	1,633
5	First National Master Note Trust Series 2024-1		5.340%	5/15/2030	1,100	1,113
5	FIVE Mortgage Trust Series 2023-V1		5.668%	2/10/2056	43	44

13

STAR Core-Plus Bond Fund

			Coupon	Maturity Date	Face Amount ($000)	Market Value• ($000)
5,9	Flagstar Mortgage Trust Series 2021-7		2.500%	8/25/2051	1,600	1,079
5,9	Flagstar Mortgage Trust Series 2021-11IN		2.500%	11/25/2051	917	760
5,9	Flagstar Mortgage Trust Series 2021-12		2.500%	11/25/2051	1,400	933
5,9	Flatiron CLO 24 Ltd. Series 2023-2A		4.783%	1/15/2039	1,130	1,131
5,9	Flatiron CLO 24 Ltd. Series 2023-2A		4.993%	1/15/2039	990	991
5	Ford Credit Auto Lease Trust Series 2025-A		4.960%	2/15/2029	195	196
5,9	Ford Credit Auto Owner Trust Series 2022-1		4.670%	11/15/2034	1,160	1,160
5	Ford Credit Auto Owner Trust Series 2023-C		6.370%	5/15/2031	633	648
5,9	Ford Credit Auto Owner Trust Series 2024-1		5.240%	8/15/2036	676	688
5	Ford Credit Auto Owner Trust Series 2024-B		5.230%	5/15/2030	817	828
5	Ford Credit Auto Owner Trust Series 2024-C		4.400%	8/15/2030	967	969
5	Ford Credit Auto Owner Trust Series 2024-D		4.880%	9/15/2030	181	182
5,9	Ford Credit Auto Owner Trust Series 2025-1		4.860%	8/15/2037	1,550	1,576
5,9	Ford Credit Auto Owner Trust Series 2025-2		4.670%	2/15/2038	1,250	1,249
5	Ford Credit Auto Owner Trust Series 2025-A		4.890%	2/15/2031	2,150	2,168
5,9	Ford Credit Auto Owner Trust Series 2026-1		4.480%	8/15/2038	1,780	1,762
5,9	Ford Credit Floorplan Master Owner Trust A Series 2024-2		5.560%	4/15/2031	556	570
5,9	Ford Credit Floorplan Master Owner Trust A Series 2024-3		4.500%	9/15/2029	589	590
5,9	Ford Credit Floorplan Master Owner Trust A Series 2024-4		4.610%	9/15/2031	239	238
5	Ford Credit Floorplan Master Owner Trust A Series 2025-1		4.840%	4/15/2030	1,050	1,057
5,6,8,9	Freddie Mac STACR REMICS Trust Series 2023-HQA3, SOFR30A + 1.850%		5.495%	11/25/2043	188	189
5,6,8,9	Freddie Mac STACR REMICS Trust Series 2024-DNA1, SOFR30A + 1.350%		4.995%	2/25/2044	640	642
5,6,8,9	Freddie Mac STACR REMICS Trust Series 2024-DNA2, SOFR30A + 1.250%		4.895%	5/25/2044	972	976
5,6,8,9	Freddie Mac STACR REMICS Trust Series 2024-DNA3, SOFR30A + 1.050%		4.695%	10/25/2044	63	63
5,6,8,9	Freddie Mac STACR REMICS Trust Series 2024-HQA1, SOFR30A + 1.250%		4.895%	3/25/2044	565	567
5,6,8,9	Freddie Mac STACR REMICS Trust Series 2024-HQA2, SOFR30A + 1.250%		4.895%	8/25/2044	794	797
5,6,8,9	Freddie Mac STACR REMICS Trust Series 2025-DNA1, SOFR30A + 0.950%		4.595%	1/25/2045	128	128
5,6,8,9	Freddie Mac STACR REMICS Trust Series 2025-DNA2, SOFR30A + 1.100%		4.745%	5/25/2045	946	949
5,6,8,9	Freddie Mac STACR REMICS Trust Series 2025-DNA3, SOFR30A + 0.950%		4.595%	9/25/2045	2,979	2,982
5,6,8,9	Freddie Mac STACR REMICS Trust Series 2025-HQA1, SOFR30A + 0.950%		4.595%	2/25/2045	235	236
5,9	GCAT Trust Series 2022-INV1		3.000%	12/25/2051	1,437	1,245
5,9	GCAT Trust Series 2024-INV4		6.000%	12/25/2054	707	715
5,7,9	GCM CLO Ltd. Series 2026-1A		0.000%	7/20/2039	2,780	2,780
5,7,9	GCM CLO Ltd. Series 2026-1A		0.000%	7/20/2039	1,130	1,130
5,9	GGP Trust Series 2026-TY		4.825%	3/5/2043	5,290	5,238
5,9	GLS Auto Receivables Issuer Trust Series 2025-4A		4.530%	4/15/2030	2,050	2,051
5,7,9	GLS Auto Receivables Issuer Trust Series 2026-2A		4.900%	1/15/2032	2,580	2,580
5,9	GLS Auto Select Receivables Issuer Trust Series 2026-1A		4.460%	2/17/2032	350	347
5	GM Financial Automobile Leasing Trust Series 2025-2		5.040%	10/22/2029	920	926
5	GM Financial Automobile Leasing Trust Series 2025-3		4.600%	1/21/2030	680	679
5	GM Financial Consumer Automobile Receivables Trust Series 2024-1		5.160%	8/16/2029	117	118
5	GM Financial Consumer Automobile Receivables Trust Series 2024-2		5.280%	10/16/2029	180	183
5	GM Financial Consumer Automobile Receivables Trust Series 2024-3		5.390%	1/16/2030	383	388
5	GM Financial Consumer Automobile Receivables Trust Series 2024-4		4.670%	5/16/2030	122	123
5	GM Financial Consumer Automobile Receivables Trust Series 2025-1		5.000%	8/16/2030	75	76
5	GM Financial Consumer Automobile Receivables Trust Series 2025-2		4.910%	10/18/2032	930	935
5	GM Financial Consumer Automobile Receivables Trust Series 2025-3		4.730%	1/18/2033	190	190
5,9	GM Financial Revolving Receivables Trust Series 2021-1		1.490%	6/12/2034	94	93
5,9	GM Financial Revolving Receivables Trust Series 2021-1		1.670%	6/12/2034	171	169
5,9	GM Financial Revolving Receivables Trust Series 2023-2		6.210%	8/11/2036	200	208
5,9	GM Financial Revolving Receivables Trust Series 2024-1		4.980%	12/11/2036	939	956
5,9	GM Financial Revolving Receivables Trust Series 2024-1		5.230%	12/11/2036	266	271
5,9	GM Financial Revolving Receivables Trust Series 2025-1		4.640%	12/11/2037	3,020	3,046
5,9	GM Financial Revolving Receivables Trust Series 2025-1		4.800%	12/11/2037	129	129
5,9	GM Financial Revolving Receivables Trust Series 2025-1		5.000%	12/11/2037	914	919
5	GMACM Mortgage Loan Trust Series 2005-AR6		3.707%	11/19/2035	12	11
5,9	GMF Floorplan Owner Revolving Trust Series 2024-2A		5.060%	3/15/2031	1,184	1,208
5,9	GMF Floorplan Owner Revolving Trust Series 2024-2A		5.350%	3/15/2031	152	155
5,9	GMF Floorplan Owner Revolving Trust Series 2024-4A		4.980%	11/15/2029	312	314
5,9	GMF Floorplan Owner Revolving Trust Series 2025-1A		4.880%	3/15/2029	560	562
5,9	GMF Floorplan Owner Revolving Trust Series 2025-2A		4.910%	3/15/2030	820	824