<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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070 M020900 N
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070 Q020900 N
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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024 001000 N
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<PAGE> PAGE 44
028 G021000 2
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<PAGE> PAGE 45
048 J011000 0
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
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<SERIES>
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Star Treasury Fund
Trust Shares
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Star Tax-Free Money Market Fund
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<SERIES>
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<NAME> Star Funds
Star Relative Value Fund
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<S> <C>
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<SERIES>
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<NAME> Star Funds
The Stellar Fund
Trust Shares
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The Stellar Fund
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> Star Funds
Star U.S. Government Income Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 133,621,009
<INVESTMENTS-AT-VALUE> 133,394,863
<RECEIVABLES> 9,804,107
<ASSETS-OTHER> 4,393
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 143,203,363
<PAYABLE-FOR-SECURITIES> 7,598,626
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 196,728
<TOTAL-LIABILITIES> 7,795,354
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 138,730,756
<SHARES-COMMON-STOCK> 14,190,745
<SHARES-COMMON-PRIOR> 14,131,815
<ACCUMULATED-NII-CURRENT> 28,783
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,125,384)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (226,146)
<NET-ASSETS> 135,408,009
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,644,744
<OTHER-INCOME> 0
<EXPENSES-NET> 615,722
<NET-INVESTMENT-INCOME> 4,029,022
<REALIZED-GAINS-CURRENT> (418,602)
<APPREC-INCREASE-CURRENT> (3,625,218)
<NET-CHANGE-FROM-OPS> (14,798)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,029,022
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,634,925
<NUMBER-OF-SHARES-REDEEMED> 1,725,910
<SHARES-REINVESTED> 149,915
<NET-CHANGE-IN-ASSETS> (3,465,572)
<ACCUMULATED-NII-PRIOR> 28,783
<ACCUMULATED-GAINS-PRIOR> (2,706,782)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 409,398
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 615,722
<AVERAGE-NET-ASSETS> 137,318,085
<PER-SHARE-NAV-BEGIN> 9.830
<PER-SHARE-NII> 0.280
<PER-SHARE-GAIN-APPREC> (0.290)
<PER-SHARE-DIVIDEND> 0.280
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.540
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> Star Funds
Star Capital Appreciation Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 74,510,913
<RECEIVABLES> 77,513
<ASSETS-OTHER> 3,631
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 74,592,057
<PAYABLE-FOR-SECURITIES> 788,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 20,210
<TOTAL-LIABILITIES> 808,210
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 60,236,042
<SHARES-COMMON-STOCK> 5,637,735
<SHARES-COMMON-PRIOR> 6,306,199
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,366,342
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,251,956
<NET-ASSETS> 73,783,847
<DIVIDEND-INCOME> 98,905
<INTEREST-INCOME> 310,643
<OTHER-INCOME> 0
<EXPENSES-NET> 480,041
<NET-INVESTMENT-INCOME> (70,493)
<REALIZED-GAINS-CURRENT> 3,053,670
<APPREC-INCREASE-CURRENT> (43,959)
<NET-CHANGE-FROM-OPS> 2,939,218
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 351,209
<NUMBER-OF-SHARES-REDEEMED> 1,019,673
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (5,378,962)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (687,328)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 356,189
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 480,041
<AVERAGE-NET-ASSETS> 75,124,308
<PER-SHARE-NAV-BEGIN> 12.550
<PER-SHARE-NII> (0.010)
<PER-SHARE-GAIN-APPREC> 0.550
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.090
<EXPENSE-RATIO> 1.28
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 08
<NAME> Star Funds
Star Strategic Income Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 134,106,680
<RECEIVABLES> 4,354,456
<ASSETS-OTHER> 60,008
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 138,521,144
<PAYABLE-FOR-SECURITIES> 1,722,587
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 185,751
<TOTAL-LIABILITIES> 1,908,338
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 137,481,804
<SHARES-COMMON-STOCK> 13,319,697
<SHARES-COMMON-PRIOR> 10,546,598
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 170,429
<ACCUMULATED-NET-GAINS> (1,438,705)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 740,136
<NET-ASSETS> 136,612,806
<DIVIDEND-INCOME> 1,797,739
<INTEREST-INCOME> 3,161,148
<OTHER-INCOME> 0
<EXPENSES-NET> 772,888
<NET-INVESTMENT-INCOME> 4,185,999
<REALIZED-GAINS-CURRENT> (163,296)
<APPREC-INCREASE-CURRENT> (2,171,900)
<NET-CHANGE-FROM-OPS> 1,850,803
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,642,340
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,222,517
<NUMBER-OF-SHARES-REDEEMED> 594,463
<SHARES-REINVESTED> 145,045
<NET-CHANGE-IN-ASSETS> 25,837,991
<ACCUMULATED-NII-PRIOR> 258,912
<ACCUMULATED-GAINS-PRIOR> (1,275,409)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 579,822
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 772,888
<AVERAGE-NET-ASSETS> 122,416,069
<PER-SHARE-NAV-BEGIN> 10.500
<PER-SHARE-NII> 0.350
<PER-SHARE-GAIN-APPREC> (0.200)
<PER-SHARE-DIVIDEND> 0.390
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.260
<EXPENSE-RATIO> 1.27
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 09
<NAME> Star Funds
Star Growth Equity Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 124,991,659
<RECEIVABLES> 2,263,445
<ASSETS-OTHER> 11,895
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 127,266,999
<PAYABLE-FOR-SECURITIES> 1,701,723
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 59,273
<TOTAL-LIABILITIES> 1,760,996
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 94,005,107
<SHARES-COMMON-STOCK> 8,128,156
<SHARES-COMMON-PRIOR> 5,625,443
<ACCUMULATED-NII-CURRENT> 246,618
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,614,252
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 26,640,026
<NET-ASSETS> 125,506,003
<DIVIDEND-INCOME> 1,000,571
<INTEREST-INCOME> 117,997
<OTHER-INCOME> 0
<EXPENSES-NET> 596,013
<NET-INVESTMENT-INCOME> 522,555
<REALIZED-GAINS-CURRENT> 4,668,552
<APPREC-INCREASE-CURRENT> 11,481,156
<NET-CHANGE-FROM-OPS> 16,672,263
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 465,001
<DISTRIBUTIONS-OF-GAINS> 5,807,119
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,946,511
<NUMBER-OF-SHARES-REDEEMED> 774,222
<SHARES-REINVESTED> 330,424
<NET-CHANGE-IN-ASSETS> 40,194,613
<ACCUMULATED-NII-PRIOR> 189,064
<ACCUMULATED-GAINS-PRIOR> 5,752,819
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 356,189
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 596,013
<AVERAGE-NET-ASSETS> 108,580,433
<PER-SHARE-NAV-BEGIN> 15.170
<PER-SHARE-NII> 0.070
<PER-SHARE-GAIN-APPREC> 1.290
<PER-SHARE-DIVIDEND> 0.070
<PER-SHARE-DISTRIBUTIONS> 1.020
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.440
<EXPENSE-RATIO> 1.11
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> Star Funds
The Stellar Insured Tax-Free Bond Fund
<PERIOD-TYPE> 5-Mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 112,533,299
<INVESTMENTS-AT-VALUE> 115,440,654
<RECEIVABLES> 1,935,930
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 117,376,584
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 43,873
<TOTAL-LIABILITIES> 43,873
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 114,168,693
<SHARES-COMMON-STOCK> 11,717,533
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2,487
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 254,176
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,907,355
<NET-ASSETS> 117,332,711
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,661,522
<OTHER-INCOME> 0
<EXPENSES-NET> 382,375
<NET-INVESTMENT-INCOME> 2,279,147
<REALIZED-GAINS-CURRENT> 254,176
<APPREC-INCREASE-CURRENT> 2,907,355
<NET-CHANGE-FROM-OPS> 5,440,678
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,276,660
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,475,158
<NUMBER-OF-SHARES-REDEEMED> 757,812
<SHARES-REINVESTED> 187
<NET-CHANGE-IN-ASSETS> 117,332,711
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 358,736
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 501,954
<AVERAGE-NET-ASSETS> 113,782,641
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.200
<PER-SHARE-GAIN-APPREC> 0.010
<PER-SHARE-DIVIDEND> 0.200
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.010
<EXPENSE-RATIO> 0.79
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
