UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-22114
Name of Registrant: | Vanguard Montgomery Funds |
Address of Registrant: | P.O. Box 2600 |
Valley Forge, PA 19482 |
Name and address of agent for service: | Anne E. Robinson, Esquire |
P.O. Box 876 | |
Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: December 31
Date of reporting period: January 1, 2023—June 30, 2023
Item 1: Reports to Shareholders
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Trustees Approve Advisory Arrangement | 20 |
Liquidity Risk Management | 22 |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended June 30, 2023 | |||
Beginning Account Value 12/31/2022 | Ending Account Value 6/30/2023 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Market Neutral Fund | |||
Investor Shares | $1,000.00 | $1,009.00 | $9.46 |
Institutional Shares | 1,000.00 | 1,010.00 | 9.17 |
Based on Hypothetical 5% Yearly Return | |||
Market Neutral Fund | |||
Investor Shares | $1,000.00 | $1,015.37 | $9.49 |
Institutional Shares | 1,000.00 | 1,015.67 | 9.20 |
Long Portfolio | Short Portfolio | |
Communication Services | 4.0% | 4.0% |
Consumer Discretionary | 12.1 | 11.9 |
Consumer Staples | 4.3 | 4.5 |
Energy | 6.1 | 6.2 |
Financials | 13.3 | 13.1 |
Health Care | 10.0 | 10.3 |
Industrials | 17.9 | 17.6 |
Information Technology | 13.7 | 14.0 |
Materials | 6.4 | 6.3 |
Real Estate | 7.9 | 8.1 |
Utilities | 4.3 | 4.0 |
Shares | Market Value• ($000) | ||
Common Stocks—Long Positions (96.8%) | |||
Communication Services (3.8%) | |||
*,1 | Yelp Inc. Class A | 110,904 | 4,038 |
*,1 | Match Group Inc. | 95,322 | 3,989 |
* | Charter Communications Inc. Class A | 5,648 | 2,075 |
*,1 | Clear Channel Outdoor Holdings Inc. | 1,442,249 | 1,976 |
*,1 | Cinemark Holdings Inc. | 118,554 | 1,956 |
*,1 | TripAdvisor Inc. | 80,256 | 1,323 |
*,1 | ZipRecruiter Inc. Class A | 61,013 | 1,084 |
* | Playtika Holding Corp. | 65,011 | 754 |
Cogent Communications Holdings Inc. | 8,032 | 541 | |
Iridium Communications Inc. | 8,296 | 515 | |
18,251 | |||
Consumer Discretionary (11.8%) | |||
1 | Toll Brothers Inc. | 53,678 | 4,244 |
*,1 | Tri Pointe Homes Inc. | 126,639 | 4,161 |
1 | Boyd Gaming Corp. | 59,151 | 4,103 |
1 | Travel & Leisure Co. | 94,406 | 3,808 |
MGM Resorts International | 78,651 | 3,454 | |
*,1 | Everi Holdings Inc. | 233,793 | 3,381 |
*,1 | Taylor Morrison Home Corp. Class A | 66,608 | 3,249 |
*,1 | Capri Holdings Ltd. | 89,374 | 3,208 |
*,1 | Skyline Champion Corp. | 44,236 | 2,895 |
1 | Buckle Inc. | 77,655 | 2,687 |
* | Caesars Entertainment Inc. | 49,312 | 2,514 |
* | Shake Shack Inc. Class A | 28,975 | 2,252 |
* | Expedia Group Inc. | 16,274 | 1,780 |
*,1 | Perdoceo Education Corp. | 135,626 | 1,664 |
1 | Macy's Inc. | 97,487 | 1,565 |
* | Stride Inc. | 37,523 | 1,397 |
* | Penn Entertainment Inc. | 50,813 | 1,221 |
PVH Corp. | 13,217 | 1,123 | |
Lowe's Cos. Inc. | 4,839 | 1,092 | |
* | Grand Canyon Education Inc. | 10,299 | 1,063 |
1 | Signet Jewelers Ltd. | 14,177 | 925 |
* | Beazer Homes USA Inc. | 22,525 | 637 |
*,1 | Chegg Inc. | 69,853 | 620 |
* | Hovnanian Enterprises Inc. Class A | 5,826 | 578 |
* | Children's Place Inc. | 24,827 | 576 |
Shares | Market Value• ($000) | ||
General Motors Co. | 13,846 | 534 | |
* | Green Brick Partners Inc. | 8,636 | 491 |
* | Golden Entertainment Inc. | 11,223 | 469 |
Dine Brands Global Inc. | 7,486 | 435 | |
56,126 | |||
Consumer Staples (4.2%) | |||
1 | Kroger Co. | 74,189 | 3,487 |
1 | Coca-Cola Consolidated Inc. | 5,253 | 3,341 |
1 | Primo Water Corp. | 251,029 | 3,148 |
1 | Cal-Maine Foods Inc. | 37,594 | 1,692 |
Altria Group Inc. | 36,564 | 1,656 | |
1 | Ingles Markets Inc. Class A | 18,363 | 1,518 |
Andersons Inc. | 24,555 | 1,133 | |
1 | Archer-Daniels-Midland Co. | 14,172 | 1,071 |
John B Sanfilippo & Son Inc. | 5,939 | 696 | |
Kimberly-Clark Corp. | 4,112 | 568 | |
* | Hain Celestial Group Inc. | 43,189 | 540 |
Energizer Holdings Inc. | 15,703 | 527 | |
*,1 | Herbalife Ltd. | 36,456 | 483 |
19,860 | |||
Energy (5.9%) | |||
*,1 | Par Pacific Holdings Inc. | 170,002 | 4,524 |
*,1 | Weatherford International plc | 63,727 | 4,233 |
1 | Marathon Petroleum Corp. | 35,220 | 4,106 |
1 | Liberty Energy Inc. Class A | 303,117 | 4,053 |
*,1 | US Silica Holdings Inc. | 330,894 | 4,014 |
Valero Energy Corp. | 30,060 | 3,526 | |
1 | Helmerich & Payne Inc. | 48,221 | 1,709 |
* | Nabors Industries Ltd. (XNYS) | 17,285 | 1,608 |
Dorian LPG Ltd. | 19,561 | 502 | |
28,275 | |||
Financials (12.8%) | |||
1 | Essent Group Ltd. | 89,539 | 4,190 |
1 | MGIC Investment Corp. | 261,720 | 4,133 |
1 | CNO Financial Group Inc. | 172,964 | 4,094 |
1 | OFG Bancorp | 151,672 | 3,956 |
1 | American Financial Group Inc. | 32,423 | 3,850 |
Affiliated Managers Group Inc. | 24,904 | 3,733 |
Shares | Market Value• ($000) | ||
1 | W R Berkley Corp. | 60,886 | 3,626 |
1 | American Equity Investment Life Holding Co. | 67,015 | 3,492 |
1 | American International Group Inc. | 60,282 | 3,469 |
1 | Citigroup Inc. | 64,712 | 2,979 |
1 | Westamerica BanCorp. | 65,522 | 2,509 |
Ameriprise Financial Inc. | 7,018 | 2,331 | |
1 | Equitable Holdings Inc. | 84,966 | 2,308 |
*,1 | Cannae Holdings Inc. | 96,232 | 1,945 |
1 | Unum Group | 36,091 | 1,722 |
* | Block Inc. (XNYS) | 22,598 | 1,504 |
Virtu Financial Inc. Class A | 82,052 | 1,402 | |
1 | Radian Group Inc. | 52,234 | 1,320 |
Lincoln National Corp. | 41,933 | 1,080 | |
1 | Central Pacific Financial Corp. | 64,969 | 1,021 |
Banner Corp. | 21,422 | 935 | |
S&T Bancorp Inc. | 32,348 | 880 | |
*,1 | LendingClub Corp. | 89,902 | 877 |
1 | International Bancshares Corp. | 16,323 | 721 |
* | Palomar Holdings Inc. | 10,893 | 632 |
Synovus Financial Corp. | 20,032 | 606 | |
1 | Brightsphere Investment Group Inc. | 27,534 | 577 |
1 | Stewart Information Services Corp. | 12,558 | 517 |
1 | Jackson Financial Inc. Class A | 15,903 | 487 |
* | Skyward Specialty Insurance Group Inc. | 18,826 | 478 |
61,374 | |||
Health Care (9.7%) | |||
*,1 | Tenet Healthcare Corp. | 51,576 | 4,197 |
*,1 | Veradigm Inc. | 329,115 | 4,147 |
*,1 | Nevro Corp. | 124,744 | 3,171 |
* | Inspire Medical Systems Inc. | 7,835 | 2,544 |
*,1 | Alkermes plc | 69,807 | 2,185 |
*,1 | ACADIA Pharmaceuticals Inc. | 87,414 | 2,094 |
*,1 | Health Catalyst Inc. | 166,549 | 2,082 |
*,1 | Intercept Pharmaceuticals Inc. | 179,908 | 1,990 |
*,1 | Pediatrix Medical Group Inc. | 134,461 | 1,911 |
*,1 | Lantheus Holdings Inc. | 22,337 | 1,875 |
* | Teladoc Health Inc. | 66,529 | 1,684 |
*,1 | Medpace Holdings Inc. | 6,497 | 1,560 |
*,1,2 | Novavax Inc. | 191,258 | 1,421 |
Agilent Technologies Inc. | 11,101 | 1,335 | |
Gilead Sciences Inc. | 15,262 | 1,176 | |
*,1 | NeoGenomics Inc. | 72,627 | 1,167 |
1 | Agenus Inc. | 671,505 | 1,074 |
* | Ionis Pharmaceuticals Inc. | 25,469 | 1,045 |
* | Coherus Biosciences Inc. | 228,568 | 976 |
*,1 | Deciphera Pharmaceuticals Inc. | 64,206 | 904 |
*,1 | Veeva Systems Inc. Class A | 4,476 | 885 |
Cardinal Health Inc. | 8,432 | 797 | |
* | Twist Bioscience Corp. | 35,430 | 725 |
* | Ultragenyx Pharmaceutical Inc. | 15,588 | 719 |
Shares | Market Value• ($000) | ||
* | Phreesia Inc. | 23,038 | 714 |
Pfizer Inc. | 15,397 | 565 | |
Embecta Corp. | 25,467 | 550 | |
Elevance Health Inc. | 1,213 | 539 | |
* | REGENXBIO Inc. | 25,441 | 509 |
*,1 | Sangamo Therapeutics Inc. | 376,349 | 489 |
* | Altimmune Inc. | 120,703 | 426 |
* | CareDx Inc. | 45,010 | 383 |
* | Amneal Pharmaceuticals Inc. | 93,850 | 291 |
* | Nektar Therapeutics Class A | 261,128 | 150 |
*,1 | FibroGen Inc. | 36,712 | 99 |
46,379 | |||
Industrials (17.3%) | |||
*,1 | American Airlines Group Inc. | 247,768 | 4,445 |
1 | United Rentals Inc. | 9,935 | 4,425 |
*,1 | Atkore Inc. | 28,314 | 4,415 |
Applied Industrial Technologies Inc. | 29,906 | 4,331 | |
Herc Holdings Inc. | 30,899 | 4,228 | |
*,1 | GMS Inc. | 59,994 | 4,152 |
Watts Water Technologies Inc. Class A | 22,045 | 4,050 | |
1 | Acuity Brands Inc. | 24,536 | 4,001 |
AGCO Corp. | 25,235 | 3,316 | |
1 | H&E Equipment Services Inc. | 64,272 | 2,940 |
Cintas Corp. | 5,912 | 2,939 | |
1 | Kforce Inc. | 46,770 | 2,931 |
1 | Ryder System Inc. | 34,545 | 2,929 |
*,1 | MRC Global Inc. | 288,288 | 2,903 |
1 | Allison Transmission Holdings Inc. | 49,336 | 2,785 |
*,1 | United Airlines Holdings Inc. | 48,132 | 2,641 |
1 | UFP Industries Inc. | 24,829 | 2,410 |
*,1 | JELD-WEN Holding Inc. | 136,269 | 2,390 |
nVent Electric plc | 43,694 | 2,258 | |
*,1 | NOW Inc. | 190,091 | 1,969 |
*,1 | SkyWest Inc. | 43,206 | 1,759 |
Masco Corp. | 26,826 | 1,539 | |
* | Paylocity Holding Corp. | 7,710 | 1,423 |
1 | Terex Corp. | 23,789 | 1,423 |
* | Upwork Inc. | 141,940 | 1,326 |
PACCAR Inc. | 13,982 | 1,170 | |
Caterpillar Inc. | 4,290 | 1,056 | |
* | Clean Harbors Inc. | 6,301 | 1,036 |
Vertiv Holdings Co. Class A | 37,429 | 927 | |
1 | ManpowerGroup Inc. | 8,526 | 677 |
1 | GrafTech International Ltd. | 131,564 | 663 |
AMETEK Inc. | 3,635 | 588 | |
Deere & Co. | 1,428 | 579 | |
Automatic Data Processing Inc. | 2,497 | 549 | |
* | ASGN Inc. | 7,057 | 534 |
*,1 | Conduent Inc. | 154,895 | 527 |
Heidrick & Struggles International Inc. | 10,156 | 269 | |
82,503 |
Shares | Market Value• ($000) | ||
Information Technology (13.2%) | |||
*,1 | CommScope Holding Co. Inc. | 780,816 | 4,396 |
Lam Research Corp. | 6,583 | 4,232 | |
*,1 | Rapid7 Inc. | 91,236 | 4,131 |
*,1 | Splunk Inc. | 37,541 | 3,983 |
*,1 | Everbridge Inc. | 145,241 | 3,907 |
* | Yext Inc. | 324,525 | 3,670 |
*,1 | Wix.com Ltd. | 46,361 | 3,627 |
*,1 | Arrow Electronics Inc. | 20,399 | 2,922 |
Applied Materials Inc. | 17,403 | 2,515 | |
1 | Xerox Holdings Corp. | 167,717 | 2,497 |
*,1 | Pure Storage Inc. Class A | 62,047 | 2,285 |
*,1 | Nutanix Inc. Class A | 78,096 | 2,191 |
*,1 | TTM Technologies Inc. | 155,722 | 2,164 |
*,1 | Domo Inc. Class B | 143,557 | 2,105 |
* | DocuSign Inc. Class A | 38,358 | 1,960 |
* | CommVault Systems Inc. | 23,445 | 1,703 |
* | New Relic Inc. | 24,742 | 1,619 |
*,1 | Axcelis Technologies Inc. | 8,573 | 1,572 |
* | Synaptics Inc. | 18,360 | 1,568 |
* | Infinera Corp. | 291,789 | 1,409 |
* | Impinj Inc. | 15,133 | 1,357 |
* | Dropbox Inc. Class A | 50,857 | 1,356 |
HP Inc. | 38,351 | 1,178 | |
*,1 | RingCentral Inc. Class A | 32,608 | 1,067 |
* | Workday Inc. Class A | 3,932 | 888 |
* | ACM Research Inc. Class A | 61,166 | 800 |
*,1 | Kyndryl Holdings Inc. | 41,636 | 553 |
* | Cadence Design Systems Inc. | 2,188 | 513 |
*,1 | EngageSmart Inc. | 26,188 | 500 |
NetApp Inc. | 6,272 | 479 | |
63,147 | |||
Materials (6.2%) | |||
Eagle Materials Inc. | 23,502 | 4,381 | |
1 | Warrior Met Coal Inc. | 104,167 | 4,057 |
Steel Dynamics Inc. | 36,454 | 3,971 | |
1 | AdvanSix Inc. | 111,336 | 3,895 |
1 | Reliance Steel & Aluminum Co. | 13,052 | 3,545 |
*,1 | Constellium SE Class A | 190,219 | 3,272 |
1 | Chemours Co. | 68,368 | 2,522 |
Ryerson Holding Corp. | 29,862 | 1,295 | |
United States Steel Corp. | 25,866 | 647 | |
* | O-I Glass Inc. | 29,032 | 619 |
*,1 | Ecovyst Inc. | 51,322 | 588 |
Orion Engineered Carbons SA | 22,463 | 477 | |
* | Century Aluminum Co. | 52,244 | 456 |
29,725 | |||
Real Estate (7.7%) | |||
1 | Apple Hospitality REIT Inc. | 273,860 | 4,138 |
1 | DiamondRock Hospitality Co. | 469,379 | 3,760 |
1 | Highwoods Properties Inc. | 149,683 | 3,579 |
1 | American Assets Trust Inc. | 182,690 | 3,508 |
1 | Host Hotels & Resorts Inc. | 200,083 | 3,368 |
1 | Gaming and Leisure Properties Inc. | 63,844 | 3,094 |
1 | Essential Properties Realty Trust Inc. | 113,395 | 2,669 |
Shares | Market Value• ($000) | ||
1 | RLJ Lodging Trust | 257,270 | 2,642 |
Park Hotels & Resorts Inc. | 185,893 | 2,383 | |
1 | Brandywine Realty Trust | 359,437 | 1,671 |
* | Zillow Group Inc. Class C | 25,653 | 1,289 |
NNN REIT Inc. | 28,164 | 1,205 | |
Mid-America Apartment Communities Inc. | 6,303 | 957 | |
EPR Properties | 18,569 | 869 | |
1 | Xenia Hotels & Resorts Inc. | 44,920 | 553 |
Service Properties Trust | 61,757 | 537 | |
1 | Retail Opportunity Investments Corp. | 37,075 | 501 |
36,723 | |||
Utilities (4.2%) | |||
1 | Evergy Inc. | 68,710 | 4,014 |
1 | National Fuel Gas Co. | 74,287 | 3,815 |
1 | Otter Tail Corp. | 46,334 | 3,658 |
1 | Vistra Corp. | 137,508 | 3,610 |
1 | AES Corp. | 121,504 | 2,519 |
Black Hills Corp. | 23,825 | 1,436 | |
Public Service Enterprise Group Inc. | 16,043 | 1,004 | |
20,056 | |||
Total Common Stocks—Long Positions (Cost $433,850) | 462,419 | ||
Temporary Cash Investments (0.3%) | |||
Money Market Fund (0.3%) | |||
3,4 | Vanguard Market Liquidity Fund, 5.150% (Cost $1,336) | 13,361 | 1,336 |
Common Stocks Sold Short (-96.5%) | |||
Communication Services (-3.8%) | |||
* | Take-Two Interactive Software Inc. | (29,084) | (4,280) |
* | Ziff Davis Inc. | (44,495) | (3,117) |
Madison Square Garden Entertainment Corp. Class A | (75,999) | (2,555) | |
Paramount Global Class B | (159,597) | (2,539) | |
* | Sphere Entertainment Co. | (88,279) | (2,418) |
* | Liberty Broadband Corp. Class C | (18,231) | (1,461) |
* | Roblox Corp. Class A | (25,661) | (1,034) |
* | ZoomInfo Technologies Inc. Class A | (17,952) | (456) |
* | Lions Gate Entertainment Corp. Class A | (50,049) | (442) |
(18,302) | |||
Consumer Discretionary (-11.5%) | |||
* | Mister Car Wash Inc. | (482,527) | (4,656) |
* | LGI Homes Inc. | (30,862) | (4,163) |
Krispy Kreme Inc. | (282,200) | (4,157) | |
* | Topgolf Callaway Brands Corp. | (201,317) | (3,996) |
* | Leslie's Inc. | (377,044) | (3,540) |
* | Mattel Inc. | (177,847) | (3,475) |
Strategic Education Inc. | (50,171) | (3,404) | |
Newell Brands Inc. | (367,885) | (3,200) | |
* | Carnival Corp. | (162,652) | (3,063) |
* | Sabre Corp. | (944,126) | (3,012) |
Shares | Market Value• ($000) | ||
Service Corp. International | (45,704) | (2,952) | |
* | Sonos Inc. | (158,842) | (2,594) |
* | Sweetgreen Inc. Class A | (157,956) | (2,025) |
* | DoorDash Inc. Class A | (26,261) | (2,007) |
Hanesbrands Inc. | (401,836) | (1,824) | |
* | CarMax Inc. | (16,260) | (1,361) |
* | Xponential Fitness Inc. Class A | (62,949) | (1,086) |
Leggett & Platt Inc. | (35,445) | (1,050) | |
Monro Inc. | (24,262) | (986) | |
Choice Hotels International Inc. | (7,658) | (900) | |
* | Kura Sushi USA Inc. | (7,912) | (735) |
Gentex Corp. | (17,148) | (502) | |
(54,688) | |||
Consumer Staples (-4.4%) | |||
* | Grocery Outlet Holding Corp. | (116,160) | (3,556) |
J & J Snack Foods Corp. | (19,712) | (3,121) | |
Dollar General Corp. | (15,777) | (2,679) | |
Reynolds Consumer Products Inc. | (79,108) | (2,235) | |
* | Celsius Holdings Inc. | (14,957) | (2,231) |
Utz Brands Inc. | (117,950) | (1,930) | |
MGP Ingredients Inc. | (15,705) | (1,669) | |
Hormel Foods Corp. | (29,721) | (1,195) | |
* | National Beverage Corp. | (20,366) | (985) |
Walgreens Boots Alliance Inc. | (22,659) | (645) | |
Universal Corp. | (12,692) | (634) | |
(20,880) | |||
Energy (-6.0%) | |||
Kinetik Holdings Inc. Class A | (119,491) | (4,199) | |
Kinder Morgan Inc. | (242,712) | (4,180) | |
* | Green Plains Inc. | (128,531) | (4,144) |
Comstock Resources Inc. | (226,559) | (2,628) | |
* | CNX Resources Corp. | (142,748) | (2,529) |
Chesapeake Energy Corp. | (25,128) | (2,103) | |
Northern Oil and Gas Inc. | (59,874) | (2,055) | |
* | Noble Corp. plc | (38,045) | (1,572) |
Enviva Inc. | (124,442) | (1,350) | |
EQT Corp. | (19,969) | (821) | |
* | NextDecade Corp. | (98,396) | (808) |
* | Uranium Energy Corp. | (214,427) | (729) |
* | Borr Drilling Ltd. ADR | (67,899) | (511) |
* | Tellurian Inc. | (349,536) | (493) |
* | Dril-Quip Inc. | (20,679) | (481) |
(28,603) | |||
Financials (-12.7%) | |||
* | Ryan Specialty Holdings Inc. Class A | (93,906) | (4,215) |
Moelis & Co. Class A | (91,920) | (4,168) | |
Kemper Corp. | (82,809) | (3,996) | |
Morningstar Inc. | (19,868) | (3,896) | |
* | BRP Group Inc. Class A | (134,309) | (3,328) |
Allstate Corp. | (28,689) | (3,128) | |
Cincinnati Financial Corp. | (30,559) | (2,974) | |
First Interstate BancSystem Inc. Class A | (101,716) | (2,425) | |
PJT Partners Inc. Class A | (32,605) | (2,271) | |
Lakeland Financial Corp. | (46,346) | (2,249) | |
T Rowe Price Group Inc. | (16,957) | (1,900) |
Shares | Market Value• ($000) | ||
Erie Indemnity Co. Class A | (8,899) | (1,869) | |
* | Encore Capital Group Inc. | (35,918) | (1,746) |
First Financial Bankshares Inc. | (55,523) | (1,582) | |
CVB Financial Corp. | (116,657) | (1,549) | |
ServisFirst Bancshares Inc. | (32,025) | (1,310) | |
* | I3 Verticals Inc. Class A | (47,367) | (1,083) |
PennyMac Financial Services Inc. | (14,783) | (1,039) | |
Artisan Partners Asset Management Inc. Class A | (25,789) | (1,014) | |
Progressive Corp. | (7,257) | (961) | |
* | PRA Group Inc. | (39,237) | (897) |
* | Toast Inc. Class A | (39,157) | (884) |
Selective Insurance Group Inc. | (8,941) | ��� (858) | |
Franklin Resources Inc. | (32,099) | (857) | |
Mercury General Corp. | (26,769) | (810) | |
White Mountains Insurance Group Ltd. | (554) | (769) | |
* | Credit Acceptance Corp. | (1,507) | (765) |
TFS Financial Corp. | (59,492) | (748) | |
Live Oak Bancshares Inc. | (27,535) | (724) | |
Jack Henry & Associates Inc. | (4,189) | (701) | |
* | SoFi Technologies Inc. | (82,104) | (685) |
United Bankshares Inc. | (20,857) | (619) | |
S&P Global Inc. | (1,523) | (611) | |
* | Trupanion Inc. | (28,264) | (556) |
* | Marqeta Inc. Class A | (107,460) | (523) |
New York Community Bancorp Inc. | (46,261) | (520) | |
BankUnited Inc. | (21,935) | (473) | |
Bank of Hawaii Corp. | (11,279) | (465) | |
United Community Banks Inc. | (16,661) | (416) | |
Independent Bank Group Inc. | (11,670) | (403) | |
FB Financial Corp. | (13,350) | (375) | |
(60,362) | |||
Health Care (-9.9%) | |||
* | OPKO Health Inc. | (2,058,797) | (4,468) |
* | R1 RCM Inc. | (229,749) | (4,239) |
* | Neogen Corp. | (187,550) | (4,079) |
* | ICU Medical Inc. | (22,086) | (3,935) |
* | agilon health Inc. | (199,682) | (3,462) |
* | Axsome Therapeutics Inc. | (46,964) | (3,375) |
* | Cerevel Therapeutics Holdings Inc. | (83,314) | (2,649) |
* | Arcellx Inc. | (78,915) | (2,495) |
* | TG Therapeutics Inc. | (82,307) | (2,045) |
* | AdaptHealth Corp. Class A | (164,011) | (1,996) |
* | QuidelOrtho Corp. | (24,075) | (1,995) |
* | Halozyme Therapeutics Inc. | (53,547) | (1,931) |
Mesa Laboratories Inc. | (10,656) | (1,369) | |
* | Repligen Corp. | (9,282) | (1,313) |
* | Revance Therapeutics Inc. | (43,838) | (1,110) |
* | PROCEPT BioRobotics Corp. | (29,930) | (1,058) |
* | Recursion Pharmaceuticals Inc. Class A | (107,863) | (806) |
Shares | Market Value• ($000) | ||
* | AbCellera Biologics Inc. | (122,823) | (793) |
* | Cutera Inc. | (50,066) | (757) |
* | Guardant Health Inc. | (17,361) | (622) |
* | Avid Bioservices Inc. | (43,312) | (605) |
Select Medical Holdings Corp. | (14,845) | (473) | |
* | Cano Health Inc. | (335,011) | (466) |
* | Innoviva Inc. | (36,014) | (458) |
* | BioLife Solutions Inc. | (19,723) | (436) |
* | Arvinas Inc. | (15,332) | (381) |
(47,316) | |||
Industrials (-17.0%) | |||
* | Hayward Holdings Inc. | (359,974) | (4,626) |
* | MasTec Inc. | (36,830) | (4,345) |
Quanta Services Inc. | (21,769) | (4,277) | |
Stanley Black & Decker Inc. | (45,240) | (4,239) | |
Equifax Inc. | (17,754) | (4,177) | |
* | FTI Consulting Inc. | (21,054) | (4,004) |
* | Chart Industries Inc. | (24,747) | (3,954) |
* | Construction Partners Inc. Class A | (118,294) | (3,713) |
* | RBC Bearings Inc. | (16,294) | (3,543) |
* | XPO Inc. | (58,077) | (3,427) |
* | Mercury Systems Inc. | (97,370) | (3,368) |
* | Bloom Energy Corp. Class A | (179,703) | (2,938) |
CH Robinson Worldwide Inc. | (30,431) | (2,871) | |
Northrop Grumman Corp. | (6,071) | (2,767) | |
* | 3D Systems Corp. | (241,408) | (2,397) |
* | GXO Logistics Inc. | (33,712) | (2,118) |
* | SiteOne Landscape Supply Inc. | (12,490) | (2,090) |
Granite Construction Inc. | (47,125) | (1,875) | |
* | Core & Main Inc. Class A | (53,692) | (1,683) |
* | AeroVironment Inc. | (15,268) | (1,562) |
RB Global Inc. | (25,828) | (1,550) | |
* | Rocket Lab USA Inc. | (257,062) | (1,542) |
* | Ameresco Inc. Class A | (30,894) | (1,502) |
* | Virgin Galactic Holdings Inc. | (355,304) | (1,379) |
United Parcel Service Inc. Class B | (7,362) | (1,320) | |
Zurn Elkay Water Solutions Corp. | (48,429) | (1,302) | |
* | OPENLANE Inc. | (76,007) | (1,157) |
* | Fluor Corp. | (35,647) | (1,055) |
* | Saia Inc. | (2,539) | (869) |
* | ACV Auctions Inc. Class A | (44,504) | (769) |
ICF International Inc. | (6,068) | (755) | |
* | Parsons Corp. | (14,603) | (703) |
* | AerSale Corp. | (46,595) | (685) |
U-Haul Holding Co. | (11,064) | (612) | |
* | Driven Brands Holdings Inc. | (21,000) | (568) |
TransUnion | (6,932) | (543) | |
* | Shoals Technologies Group Inc. Class A | (20,993) | (537) |
* | GEO Group Inc. | (66,325) | (475) |
(81,297) | |||
Information Technology (-13.5%) | |||
* | Envestnet Inc. | (72,260) | (4,289) |
* | DoubleVerify Holdings Inc. | (107,030) | (4,166) |
* | Jamf Holding Corp. | (212,296) | (4,144) |
Shares | Market Value• ($000) | ||
* | nCino Inc. | (134,876) | (4,062) |
* | Lumentum Holdings Inc. | (65,888) | (3,738) |
Gen Digital Inc. | (199,012) | (3,692) | |
Power Integrations Inc. | (38,329) | (3,629) | |
* | Aspen Technology Inc. | (20,573) | (3,448) |
* | Advanced Micro Devices Inc. | (30,118) | (3,431) |
* | Mirion Technologies Inc. Class A | (405,543) | (3,427) |
* | SentinelOne Inc. Class A | (221,814) | (3,349) |
* | Unity Software Inc. | (76,106) | (3,305) |
* | Coherent Corp. | (57,564) | (2,935) |
* | CCC Intelligent Solutions Holdings Inc. | (152,453) | (1,709) |
Bentley Systems Inc. Class B | (30,327) | (1,645) | |
* | Wolfspeed Inc. | (29,488) | (1,639) |
Teradyne Inc. | (12,727) | (1,417) | |
* | MeridianLink Inc. | (67,073) | (1,395) |
Ubiquiti Inc. | (7,781) | (1,367) | |
Methode Electronics Inc. | (40,732) | (1,365) | |
* | indie Semiconductor Inc. Class A | (126,208) | (1,186) |
* | Confluent Inc. Class A | (26,909) | (950) |
Cognex Corp. | (16,503) | (924) | |
* | First Solar Inc. | (4,021) | (764) |
* | PAR Technology Corp. | (20,138) | (663) |
* | Knowles Corp. | (28,516) | (515) |
MKS Instruments Inc. | (4,612) | (499) | |
* | Digi International Inc. | (12,674) | (499) |
* | Clearfield Inc. | (9,932) | (470) |
(64,622) | |||
Materials (-6.1%) | |||
SSR Mining Inc. | (284,084) | (4,028) | |
Royal Gold Inc. | (31,522) | (3,618) | |
Hecla Mining Co. | (688,182) | (3,544) | |
Mativ Holdings Inc. | (218,333) | (3,301) | |
Westlake Corp. | (24,656) | (2,946) | |
Ball Corp. | (45,494) | (2,648) | |
* | Novagold Resources Inc. | (600,144) | (2,395) |
Celanese Corp. Class A | (13,706) | (1,587) | |
* | Piedmont Lithium Inc. | (23,095) | (1,333) |
Kaiser Aluminum Corp. | (17,111) | (1,226) | |
Scotts Miracle-Gro Co. | (15,010) | (941) | |
* | PureCycle Technologies Inc. | (67,365) | (720) |
DuPont de Nemours Inc. | (8,715) | (623) | |
(28,910) | |||
Real Estate (-7.8%) | |||
Welltower Inc. | (51,042) | (4,129) | |
Omega Healthcare Investors Inc. | (131,841) | (4,046) | |
Easterly Government Properties Inc. Class A | (277,747) | (4,027) | |
Healthcare Realty Trust Inc. Class A | (211,374) | (3,987) | |
Medical Properties Trust Inc. | (425,773) | (3,943) | |
NETSTREIT Corp. | (187,658) | (3,353) | |
Uniti Group Inc. | (713,487) | (3,296) | |
National Health Investors Inc. | (62,623) | (3,283) | |
Elme Communities | (161,327) | (2,652) | |
Pebblebrook Hotel Trust | (133,730) | (1,864) | |
American Tower Corp. | (5,226) | (1,014) | |
Digitalbridge Group Inc. | (57,746) | (849) |
Shares | Market Value• ($000) | ||
Douglas Emmett Inc. | (58,480) | (735) | |
(37,178) | |||
Utilities (-3.8%) | |||
Southwest Gas Holdings Inc. | (63,112) | (4,017) | |
Atmos Energy Corp. | (28,483) | (3,314) | |
Spire Inc. | (49,063) | (3,112) | |
American Water Works Co. Inc. | (16,073) | (2,294) | |
Constellation Energy Corp. | (23,077) | (2,113) | |
* | Sunnova Energy International Inc. | (94,921) | (1,738) |
* | Altus Power Inc. Class A | (126,777) | (685) |
Middlesex Water Co. | (6,685) | (539) | |
Brookfield Renewable Corp. Class A | (16,135) | (509) | |
(18,321) | |||
Total Common Stocks Sold Short (Proceeds $451,978) | (460,479) | ||
Other Assets and Other Liabilities—Net (99.4%) | 474,128 | ||
Net Assets (100%) | 477,404 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Long security positions with a value of $298,062,000 are held in a segregated account at the fund's custodian bank and pledged to a broker-dealer as collateral for the fund's obligation to return borrowed securities. For so long as such obligations continue, the fund’s access to these assets is subject to authorization from the broker-dealer. |
2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $155,000. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $167,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
REIT—Real Estate Investment Trust. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $433,850) | 462,419 |
Affiliated Issuers (Cost $1,336) | 1,336 |
Total Investments in Securities | 463,755 |
Investment in Vanguard | 17 |
Cash Segregated for Short Positions | 472,954 |
Receivables for Investment Securities Sold | 12,496 |
Receivables for Accrued Income | 990 |
Receivables for Capital Shares Issued | 263 |
Total Assets | 950,475 |
Liabilities | |
Securities Sold Short, at Value (Proceeds $451,978) | 460,479 |
Due to Custodian | 91 |
Payables for Investment Securities Purchased | 11,159 |
Collateral for Securities on Loan | 167 |
Payables for Capital Shares Redeemed | 643 |
Payables to Vanguard | 43 |
Accrued Dividend Expense on Securities Sold Short | 489 |
Total Liabilities | 473,071 |
Net Assets | 477,404 |
1 Includes $155,000 of securities on loan. | |
At June 30, 2023, net assets consisted of: | |
Paid-in Capital | 621,325 |
Total Distributable Earnings (Loss) | (143,921) |
Net Assets | 477,404 |
Investor Shares—Net Assets | |
Applicable to 33,392,496 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 417,442 |
Net Asset Value Per Share—Investor Shares | $12.50 |
Institutional Shares—Net Assets | |
Applicable to 4,813,898 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 59,962 |
Net Asset Value Per Share—Institutional Shares | $12.46 |
Six Months Ended June 30, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 4,620 |
Interest2 | 12,537 |
Securities Lending—Net | 11 |
Total Income | 17,168 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 49 |
Management and Administrative—Investor Shares | 410 |
Management and Administrative—Institutional Shares | 30 |
Marketing and Distribution—Investor Shares | 21 |
Marketing and Distribution—Institutional Shares | 1 |
Custodian Fees | 20 |
Shareholders’ Reports—Investor Shares | 19 |
Shareholders’ Reports—Institutional Shares | — |
Trustees’ Fees and Expenses | — |
Dividend Expense on Securities Sold Short | 4,897 |
Other Expenses | 7 |
Total Expenses | 5,454 |
Net Investment Income | 11,714 |
Realized Net Gain (Loss) | |
Investment Securities Sold—Long Positions2 | 18,321 |
Investment Securities Sold—Short Positions | (7,164) |
Realized Net Gain (Loss) | 11,157 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities—Long Positions2 | 16,872 |
Investment Securities—Short Positions | (38,533) |
Change in Unrealized Appreciation (Depreciation) | (21,661) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,210 |
1 | Dividends are net of foreign withholding taxes of $16,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $161,000, less than $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 11,714 | 4,921 | |
Realized Net Gain (Loss) | 11,157 | 50,785 | |
Change in Unrealized Appreciation (Depreciation) | (21,661) | (5,638) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,210 | 50,068 | |
Distributions | |||
Investor Shares | (39) | (4,637) | |
Institutional Shares | (14) | (405) | |
Total Distributions | (53) | (5,042) | |
Capital Share Transactions | |||
Investor Shares | (231,075) | 325,379 | |
Institutional Shares | 7,447 | 1,691 | |
Net Increase (Decrease) from Capital Share Transactions | (223,628) | 327,070 | |
Total Increase (Decrease) | (222,471) | 372,096 | |
Net Assets | |||
Beginning of Period | 699,875 | 327,779 | |
End of Period | 477,404 | 699,875 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $12.39 | $11.00 | $8.94 | $10.19 | $11.62 | $11.66 |
Investment Operations | ||||||
Net Investment Income1 | .248 | .107 | .017 | .051 | .206 | .108 |
Net Realized and Unrealized Gain (Loss) on Investments | (.137) | 1.376 | 2.060 | (1.229) | (1.314) | (.038) |
Total from Investment Operations | .111 | 1.483 | 2.077 | (1.178) | (1.108) | .070 |
Distributions | ||||||
Dividends from Net Investment Income | (.001) | (.093) | (.017) | (.072) | (.322) | (.110) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.001) | (.093) | (.017) | (.072) | (.322) | (.110) |
Net Asset Value, End of Period | $12.50 | $12.39 | $11.00 | $8.94 | $10.19 | $11.62 |
Total Return | 0.90% | 13.48% | 23.24% | -11.57% | -9.57% | 0.59% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $417 | $648 | $283 | $243 | $408 | $1,209 |
Ratio of Total Expenses to Average Net Assets | ||||||
Based on Total Expenses2,3 | 1.90% | 1.83% | 1.31% | 1.18% | 1.46% | 1.80% |
Net of Dividend and Borrowing Expense on Securities Sold Short | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
Ratio of Net Investment Income to Average Net Assets | 3.86% | 0.90% | 0.18% | 0.52% | 1.90% | 0.93% |
Portfolio Turnover Rate | 57% | 209% | 133% | 172% | 141% | 110% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Includes dividend expense on securities sold short of 1.70%, 1.63%, 0.84%, 0.98%, 1.26%, and 1.60%, respectively. |
3 | Includes borrowing expense on securities sold short of 0.00%, 0.00%, 0.27%, 0.00%, 0.00%, and 0.00%, respectively. |
Institutional Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $12.34 | $10.96 | $8.90 | $10.15 | $11.57 | $11.61 |
Investment Operations | ||||||
Net Investment Income1 | .250 | .108 | .017 | .057 | .213 | .119 |
Net Realized and Unrealized Gain (Loss) on Investments | (.127) | 1.368 | 2.065 | (1.230) | (1.305) | (.043) |
Total from Investment Operations | .123 | 1.476 | 2.082 | (1.173) | (1.092) | .076 |
Distributions | ||||||
Dividends from Net Investment Income | (.003) | (.096) | (.022) | (.077) | (.328) | (.116) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.003) | (.096) | (.022) | (.077) | (.328) | (.116) |
Net Asset Value, End of Period | $12.46 | $12.34 | $10.96 | $8.90 | $10.15 | $11.57 |
Total Return | 1.00% | 13.47% | 23.39% | -11.58% | -9.48% | 0.65% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $60 | $52 | $45 | $65 | $142 | $346 |
Ratio of Total Expenses to Average Net Assets | ||||||
Based on Total Expenses2,3 | 1.84% | 1.77% | 1.25% | 1.12% | 1.40% | 1.74% |
Net of Dividend and Borrowing Expense on Securities Sold Short | 0.14% | 0.14% | 0.14% | 0.14% | 0.14% | 0.14% |
Ratio of Net Investment Income to Average Net Assets | 3.92% | 0.91% | 0.17% | 0.59% | 1.96% | 0.99% |
Portfolio Turnover Rate | 57% | 209% | 133% | 172% | 141% | 110% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Includes dividend expense on securities sold short of 1.70%, 1.63%, 0.84%, 0.98%, 1.26%, and 1.60%, respectively. |
3 | Includes borrowing expense on securities sold short of 0.00%, 0.00%, 0.27%, 0.00%, 0.00%, and 0.00%, respectively. |
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. |
B. | 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 and are generally settled twice a month. |
C. | 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. |
D. | As of June 30, 2023, gross unrealized appreciation and depreciation for investments and securities sold short based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 437,080 |
Gross Unrealized Appreciation | 106,210 |
Gross Unrealized Depreciation | (88,036) |
Net Unrealized Appreciation (Depreciation) | 18,174 |
E. | During the six months ended June 30, 2023, the fund purchased $184,990,000 of investment securities and sold $443,679,000 of investment securities, other than temporary cash investments. The proceeds of short sales and the cost of purchases to cover short sales were $205,956,000 and $471,642,000, respectively. |
F. | Capital share transactions for each class of shares were: |
Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 82,234 | 6,691 | 677,868 | 56,425 | |
Issued in Lieu of Cash Distributions | 28 | 2 | 3,386 | 274 | |
Redeemed | (313,337) | (25,589) | (355,875) | (30,160) | |
Net Increase (Decrease)—Investor Shares | (231,075) | (18,896) | 325,379 | 26,539 | |
Institutional Shares | |||||
Issued | 13,624 | 1,108 | 23,905 | 2,023 | |
Issued in Lieu of Cash Distributions | 5 | 1 | 113 | 9 | |
Redeemed | (6,182) | (506) | (22,327) | (1,887) | |
Net Increase (Decrease)—Institutional Shares | 7,447 | 603 | 1,691 | 145 |
G. | Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, 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. |
H. | Management has determined that no events or transactions occurred subsequent to June 30, 2023, that would require recognition or disclosure in these financial statements. |
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Item 2: Code of Ethics.
Not applicable.
Item 3: Audit Committee Financial Expert.
Not applicable.
Item 4: Principal Accountant Fees and Services.
Not applicable.
Item 5: Audit Committee of Listed Registrants.
Not applicable.
Item 6: Investments.
Not applicable. The complete schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in the Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: Exhibits.
(a)(1) | Not applicable. |
(a)(2) | Certifications filed herewith. |
(b) | Certifications filed herewith. |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD Montgomery FUNDS | ||
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: August 17, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
VANGUARD montgomery FUNDS | ||
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: August 17, 2023
VANGUARD montgomery FUNDS | ||
BY: | /s/ CHRISTINE BUCHANAN* | |
CHRISTINE BUCHANAN | ||
CHIEF FINANCIAL OFFICER |
Date: August 17, 2023
* By: | /s/ Anne E. Robinson |
Anne E. Robinson, pursuant to a Power of Attorney filed on July 21, 2023 (see File Number 33-53683) and to a Power of Attorney filed on March 29, 2023 (see File Number 2-11444), Incorporated by Reference.