VANGUARD STAR CORE-PLUS BOND FUND
VANGUARD STAR FUNDS · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
VANGUARD STAR CORE-PLUS BOND FUND is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2026 Q1
Vanguard STAR Core-Plus Bond Fund (the Fund) seeks to provide total return while generating a moderate to high level of current income.
The fund actively manages a diversified bond portfolio across maturities, credit qualities, and geographies, targeting a dollar-weighted average maturity between 4 and 12 years and holding at least 80% in bonds including corporates, government securities, mortgage-backed securities, and foreign obligations. The fund may allocate up to 35% to high-yield bonds and employ derivatives including currency forwards, swaps, and futures to manage interest rate and currency risk. Because performance depends on the manager's security selection and positioning decisions, results will diverge from any benchmark index.
| Share class | Expense ratio |
|---|---|
| VCPSX | 0.20% |
Portfolio turnover 327.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 60.33% |
| Securitized | 34.65% |
| Cash & short-term | 0.94% |
| Loans | 0.39% |
| Derivatives | -0.21% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Securitized | 40.8% |
| Government | 22.6% |
| International | 9.3% |
| Financials | 7.8% |
| 12 smaller | 19.5% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: Fannie Mae or Freddie Mac ×5, Province of British Columbia Canada, United States Treasury Inflation Indexed Bonds, United States Treasury Note/Bond
Largest exited: Fannie Mae or Freddie Mac ×4, United States Treasury Note/Bond, United States Treasury Inflation Indexed Bonds, Freddie Mac REMICS, Ginnie Mae I Pool
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 80.9% |
| Floating rate | 18.9% |
| Zero-coupon or unclassified | 0.2% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 7.1% |
| 1-3y | 9.6% |
| 3-5y | 15.7% |
| 5-10y | 17.7% |
| 10y+ | 50.0% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 60% |
| Credit spreads | 40% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +3.48 yr |
| High yield | +0.39 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.10 yr | 2% |
| 1 yr | 0.66 yr | 11% |
| 5 yr | 1.65 yr | 29% |
| 10 yr | 2.25 yr | 39% |
| 30 yr | 1.11 yr | 19% |
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.46 yr | 12% |
| 5 yr | 1.22 yr | 32% |
| 10 yr | 1.55 yr | 40% |
| 30 yr | 0.61 yr | 16% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.10 | +0.01 | +0.00 | $12.4k | $3.5k |
| 1 yr | +0.66 | +0.36 | +0.10 | $310.4k | $84.4k |
| 5 yr | +1.65 | +1.04 | +0.18 | $889.5k | $153.1k |
| 10 yr | +2.25 | +1.46 | +0.09 | $1.25m | $78.5k |
| 30 yr | +1.11 | +0.59 | +0.01 | $506.2k | $12.2k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 5.76 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Fannie Mae or Freddie Mac4.50% · due 2026-05-13 | 1.89% | $160.85M | — |
| — | Fannie Mae or Freddie Mac5.00% · due 2026-05-13 | 0.97% | $82.53M | — |
| — | Vanguard Cmt Funds-Vanguard Market Liquidity Fund | 0.94% | $79.68M | — |
| — | Province of British Columbia Canada4.05% · due 2031-04-23 | 0.65% | $55.13M | — |
| — | Fannie Mae or Freddie Mac3.00% · due 2026-05-13 | 0.59% | $49.94M | — |
| — | Ginnie Mae II Pool5.50% · due 2026-05-20 | 0.55% | $46.68M | — |
| — | Mexico Government International Bond5.85% · due 2032-07-02 | 0.55% | $46.55M | — |
| — | United States Treasury Inflation Indexed Bonds1.25% · due 2031-04-15 | 0.54% | $46.04M | — |
| — | PMT Loan Trust5.50% floating · due 2056-03-25 | 0.54% | $45.71M | — |
| — | Dominican Republic International Bond5.50% · due 2029-02-22 | 0.51% | $43.82M | — |
Top 10 positions are 7.71% of net assets, top 25 14.57%, across 1.2K issuers.
See more of this fund's book
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