# EDGAR Filing Document

**Accession Number:** 0001409957
**File Stem:** 0001104659-25-083893
**Filing Date:** 2025-8
**Character Count:** 130841
**Document Hash:** 33c3291155d918e8d8c781dce8d9c46c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-083893.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001104659-25-083893

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**EFFECTIVENESS DATE**: 20250827

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Vanguard Montgomery Funds
- **CENTRAL INDEX KEY:** 0001409957

**ORGANIZATION NAME:**
- **EIN:** 261082315
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22114
- **FILM NUMBER:** 251262820

**BUSINESS ADDRESS:**
- **STREET 1:** P.O. BOX 2600
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 610-669-1000

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 2600
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482

## Series and Classes Contracts Data

### Vanguard Market Neutral Fund (Series ID: S000019457)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000054090 | Investor Shares      | VMNFX           |
| C000054091 | Institutional Shares | VMNIX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**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:** | **Tonya T. 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, 2025—June 30, 2025

**Item 1: Reports to Shareholders.**

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Market Neutral Fund](#classnamef38cf314-7866-4ad7-beed-f344250a7743)<br> **[Investor Shares - VMNFX](#classnamef38cf314-7866-4ad7-beed-f344250a7743)**  |
|  [Market Neutral Fund](#classnamebcd82c73-4140-4ed6-b194-56aab90d39f9)<br> **[Institutional Shares - VMNIX](#classnamebcd82c73-4140-4ed6-b194-56aab90d39f9)**  |

---

# Vanguard Market Neutral Fund
![Image](tm2519836d6_tsrimg001.jpg)

# Investor Shares (VMNFX)

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about Vanguard Market Neutral Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $91 | 1.81%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $379 |
| Number of Portfolio Holdings | 501 |
| Portfolio Turnover Rate | 59% |

---

## Portfolio Composition % of Net Assets (as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Sector | Long Portfolio | Short Portfolio |
| Communication Services | 3.6% | 3.7% |
| Consumer Discretionary | 10.9% | 10.6% |
| Consumer Staples | 2.8% | 3.3% |
| Energy | 3.2% | 3.0% |
| Financials | 20.3% | 20.4% |
| Health Care | 11.3% | 11.1% |
| Industrials | 18.7% | 18.8% |
| Information Technology | 12.0% | 11.6% |
| Materials | 4.5% | 4.4% |
| Real Estate | 7.8% | 7.8% |
| Utilities | 2.9% | 2.9% |
| Other Assets and Liabilities—Net | 2.0% | 2.4% |

---

#### This table reflects the Fund's investments, including short-term investments and other assets and liabilities.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR634

# Vanguard Market Neutral Fund
![Image](tm2519836d6_tsrimg001.jpg)

# Institutional Shares (VMNIX)

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about Vanguard Market Neutral Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $88 | 1.75%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $379 |
| Number of Portfolio Holdings | 501 |
| Portfolio Turnover Rate | 59% |

---

## Portfolio Composition % of Net Assets (as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Sector | Long Portfolio | Short Portfolio |
| Communication Services | 3.6% | 3.7% |
| Consumer Discretionary | 10.9% | 10.6% |
| Consumer Staples | 2.8% | 3.3% |
| Energy | 3.2% | 3.0% |
| Financials | 20.3% | 20.4% |
| Health Care | 11.3% | 11.1% |
| Industrials | 18.7% | 18.8% |
| Information Technology | 12.0% | 11.6% |
| Materials | 4.5% | 4.4% |
| Real Estate | 7.8% | 7.8% |
| Utilities | 2.9% | 2.9% |
| Other Assets and Liabilities—Net | 2.0% | 2.4% |

---

#### This table reflects the Fund's investments, including short-term investments and other assets and liabilities.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Institutional Investor Services** • 800-523-1036

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR734

**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 in the financial statements filed under Item 7 of this Form.

**Item 7**: **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

![](tm2519836d6marneufndfinsi001.jpg)

#### Financial Statements

#### For the six-months ended June 30, 2025

#### Vanguard Market Neutral Fund

------

#### Contents
Financial Statements 1 <br>

------

Market Neutral Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of June 30, 2025

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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks—Long Positions (98.0%)** | **Common Stocks—Long Positions (98.0%)** | **Common Stocks—Long Positions (98.0%)** | **Common Stocks—Long Positions (98.0%)** |
| **Communication Services (3.6%)** | **Communication Services (3.6%)** | **Communication Services (3.6%)** | **Communication Services (3.6%)** |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;fuboTV Inc. | &nbsp;&nbsp;&nbsp;&nbsp;601638 | &nbsp;&nbsp;&nbsp;&nbsp; 2322 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Playtika Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;399328 | &nbsp;&nbsp;&nbsp;&nbsp; 1889 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Telephone & Data Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46207 | &nbsp;&nbsp;&nbsp;&nbsp; 1644 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings Inc. | 1269403 | &nbsp;&nbsp;&nbsp;&nbsp; 1485 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;ZipRecruiter Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;206672 | &nbsp;&nbsp;&nbsp;&nbsp; 1036 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Anterix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36634 | &nbsp;&nbsp;&nbsp;&nbsp; 940 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Bandwidth Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;52158 | &nbsp;&nbsp;&nbsp;&nbsp; 829 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Comcast Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;22835 | &nbsp;&nbsp;&nbsp;&nbsp; 815 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996 | &nbsp;&nbsp;&nbsp;&nbsp; 735 |
|  | &nbsp;&nbsp;&nbsp;Electronic Arts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3989 | &nbsp;&nbsp;&nbsp;&nbsp; 637 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Live Nation Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4041 | &nbsp;&nbsp;&nbsp;&nbsp; 611 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Roku Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5468 | &nbsp;&nbsp;&nbsp;&nbsp; 481 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EverQuote Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;10106 | &nbsp;&nbsp;&nbsp;&nbsp; 244 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **13668** |
| **Consumer Discretionary (10.9%)** | **Consumer Discretionary (10.9%)** | **Consumer Discretionary (10.9%)** | **Consumer Discretionary (10.9%)** |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;National Vision Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;140815 | &nbsp;&nbsp;&nbsp;&nbsp; 3240 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;61727 | &nbsp;&nbsp;&nbsp;&nbsp; 3186 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Bath & Body Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96587 | &nbsp;&nbsp;&nbsp;&nbsp; 2894 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adtalem Global Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20851 | &nbsp;&nbsp;&nbsp;&nbsp; 2653 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Udemy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;376852 | &nbsp;&nbsp;&nbsp;&nbsp; 2649 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Expedia Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14954 | &nbsp;&nbsp;&nbsp;&nbsp; 2522 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Tapestry Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24183 | &nbsp;&nbsp;&nbsp;&nbsp; 2123 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cavco Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4668 | &nbsp;&nbsp;&nbsp;&nbsp; 2028 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;M/I Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16337 | &nbsp;&nbsp;&nbsp;&nbsp; 1832 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;77601 | &nbsp;&nbsp;&nbsp;&nbsp; 1738 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;70489 | &nbsp;&nbsp;&nbsp;&nbsp; 1430 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Etsy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27256 | &nbsp;&nbsp;&nbsp;&nbsp; 1367 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Carnival Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42658 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Warby Parker Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;51084 | &nbsp;&nbsp;&nbsp;&nbsp; 1120 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Frontdoor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16553 | &nbsp;&nbsp;&nbsp;&nbsp; 976 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Coursera Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110689 | &nbsp;&nbsp;&nbsp;&nbsp; 970 |
|  | &nbsp;&nbsp;&nbsp;Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp; 877 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Gap Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37825 | &nbsp;&nbsp;&nbsp;&nbsp; 825 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;16461 | &nbsp;&nbsp;&nbsp;&nbsp; 810 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Urban Outfitters Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10762 | &nbsp;&nbsp;&nbsp;&nbsp; 781 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Super Group SGHC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;69671 | &nbsp;&nbsp;&nbsp;&nbsp; 764 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Brinker International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3827 | &nbsp;&nbsp;&nbsp;&nbsp; 690 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Leggett & Platt Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76228 | &nbsp;&nbsp;&nbsp;&nbsp; 680 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Chegg Inc. | &nbsp;&nbsp;&nbsp;&nbsp;515206 | &nbsp;&nbsp;&nbsp;&nbsp; 623 |
|  | &nbsp;&nbsp;&nbsp;Monarch Casino & Resort Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6945 | &nbsp;&nbsp;&nbsp;&nbsp; 600 |
|  | &nbsp;&nbsp;&nbsp;Upbound Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18576 | &nbsp;&nbsp;&nbsp;&nbsp; 466 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hovnanian Enterprises Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4248 | &nbsp;&nbsp;&nbsp;&nbsp; 444 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Universal Technical Institute Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12784 | &nbsp;&nbsp;&nbsp;&nbsp; 433 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ODP Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22702 | &nbsp;&nbsp;&nbsp;&nbsp; 412 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86974 | &nbsp;&nbsp;&nbsp;&nbsp; 355 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Groupon Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10389 | &nbsp;&nbsp;&nbsp;&nbsp; 348 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Funko Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;68111 | &nbsp;&nbsp;&nbsp;&nbsp; 324 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **41360** |
| **Consumer Staples (2.8%)** | **Consumer Staples (2.8%)** | **Consumer Staples (2.8%)** | **Consumer Staples (2.8%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;PriceSmart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29778 | &nbsp;&nbsp;&nbsp;&nbsp; 3128 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Maplebear Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42765 | &nbsp;&nbsp;&nbsp;&nbsp; 1935 |
|  | &nbsp;&nbsp;&nbsp;Turning Point Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18811 | &nbsp;&nbsp;&nbsp;&nbsp; 1425 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31451 | &nbsp;&nbsp;&nbsp;&nbsp; 1415 |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16130 | &nbsp;&nbsp;&nbsp;&nbsp; 946 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Nu Skin Enterprises Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;62855 | &nbsp;&nbsp;&nbsp;&nbsp; 502 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;US Foods Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5097 | &nbsp;&nbsp;&nbsp;&nbsp; 392 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3280 | &nbsp;&nbsp;&nbsp;&nbsp; 366 |

---

------

Market Neutral Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10817 | &nbsp;&nbsp;&nbsp;&nbsp; 351 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **10460** |
| **Energy (3.2%)** | **Energy (3.2%)** | **Energy (3.2%)** | **Energy (3.2%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Weatherford International plc | &nbsp;&nbsp;&nbsp;&nbsp;48826 | &nbsp;&nbsp;&nbsp;&nbsp; 2457 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;79111 | &nbsp;&nbsp;&nbsp;&nbsp; 1955 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;35498 | &nbsp;&nbsp;&nbsp;&nbsp; 1694 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Excelerate Energy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;50463 | &nbsp;&nbsp;&nbsp;&nbsp; 1480 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Aris Water Solutions Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;33460 | &nbsp;&nbsp;&nbsp;&nbsp; 791 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Select Water Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;69367 | &nbsp;&nbsp;&nbsp;&nbsp; 599 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BKV Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23879 | &nbsp;&nbsp;&nbsp;&nbsp; 576 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Oceaneering International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26096 | &nbsp;&nbsp;&nbsp;&nbsp; 541 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Antero Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13062 | &nbsp;&nbsp;&nbsp;&nbsp; 526 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24538 | &nbsp;&nbsp;&nbsp;&nbsp; 465 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hallador Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;26412 | &nbsp;&nbsp;&nbsp;&nbsp; 418 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Clean Energy Fuels Corp. | &nbsp;&nbsp;&nbsp;&nbsp;191997 | &nbsp;&nbsp;&nbsp;&nbsp; 374 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Ardmore Shipping Corp. | &nbsp;&nbsp;&nbsp;&nbsp;37935 | &nbsp;&nbsp;&nbsp;&nbsp; 364 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **12240** |
| **Financials (20.3%)** | **Financials (20.3%)** | **Financials (20.3%)** | **Financials (20.3%)** |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Enova International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32392 | &nbsp;&nbsp;&nbsp;&nbsp; 3612 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Virtu Financial Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;75895 | &nbsp;&nbsp;&nbsp;&nbsp; 3399 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;NMI Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80301 | &nbsp;&nbsp;&nbsp;&nbsp; 3388 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Corebridge Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;94166 | &nbsp;&nbsp;&nbsp;&nbsp; 3343 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;119783 | &nbsp;&nbsp;&nbsp;&nbsp; 3335 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;74463 | &nbsp;&nbsp;&nbsp;&nbsp; 3297 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;63135 | &nbsp;&nbsp;&nbsp;&nbsp; 3279 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Janus Henderson Group plc | &nbsp;&nbsp;&nbsp;&nbsp;82753 | &nbsp;&nbsp;&nbsp;&nbsp; 3214 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Essent Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;51162 | &nbsp;&nbsp;&nbsp;&nbsp; 3107 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Robinhood Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;31526 | &nbsp;&nbsp;&nbsp;&nbsp; 2952 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;116737 | &nbsp;&nbsp;&nbsp;&nbsp; 2847 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;CNO Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73667 | &nbsp;&nbsp;&nbsp;&nbsp; 2842 |
|  | &nbsp;&nbsp;&nbsp;Globe Life Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22172 | &nbsp;&nbsp;&nbsp;&nbsp; 2756 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;BankUnited Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77083 | &nbsp;&nbsp;&nbsp;&nbsp; 2743 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;PayPal Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36397 | &nbsp;&nbsp;&nbsp;&nbsp; 2705 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palomar Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17370 | &nbsp;&nbsp;&nbsp;&nbsp; 2679 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;62216 | &nbsp;&nbsp;&nbsp;&nbsp; 2663 |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9860 | &nbsp;&nbsp;&nbsp;&nbsp; 2631 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;36323 | &nbsp;&nbsp;&nbsp;&nbsp; 2085 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54121 | &nbsp;&nbsp;&nbsp;&nbsp; 2031 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32405 | &nbsp;&nbsp;&nbsp;&nbsp; 1677 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;50270 | &nbsp;&nbsp;&nbsp;&nbsp; 1568 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52860 | &nbsp;&nbsp;&nbsp;&nbsp; 1482 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;LendingClub Corp. | &nbsp;&nbsp;&nbsp;&nbsp;107792 | &nbsp;&nbsp;&nbsp;&nbsp; 1297 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Veritex Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49221 | &nbsp;&nbsp;&nbsp;&nbsp; 1285 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;PROG Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43079 | &nbsp;&nbsp;&nbsp;&nbsp; 1264 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;22267 | &nbsp;&nbsp;&nbsp;&nbsp; 1079 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Hamilton Insurance Group Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;49040 | &nbsp;&nbsp;&nbsp;&nbsp; 1060 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Enact Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25404 | &nbsp;&nbsp;&nbsp;&nbsp; 944 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Toast Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;21077 | &nbsp;&nbsp;&nbsp;&nbsp; 934 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8389 | &nbsp;&nbsp;&nbsp;&nbsp; 892 |
|  | &nbsp;&nbsp;&nbsp;Popular Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7601 | &nbsp;&nbsp;&nbsp;&nbsp; 838 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Brighthouse Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14509 | &nbsp;&nbsp;&nbsp;&nbsp; 780 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;PRA Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52045 | &nbsp;&nbsp;&nbsp;&nbsp; 768 |
|  | &nbsp;&nbsp;&nbsp;Moelis & Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7513 | &nbsp;&nbsp;&nbsp;&nbsp; 468 |
|  | &nbsp;&nbsp;&nbsp;Tradeweb Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2909 | &nbsp;&nbsp;&nbsp;&nbsp; 426 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16434 | &nbsp;&nbsp;&nbsp;&nbsp; 410 |
|  | &nbsp;&nbsp;&nbsp;Universal Insurance Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14207 | &nbsp;&nbsp;&nbsp;&nbsp; 394 |
|  | &nbsp;&nbsp;&nbsp;Banc of California Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26148 | &nbsp;&nbsp;&nbsp;&nbsp; 367 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Selectquote Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89043 | &nbsp;&nbsp;&nbsp;&nbsp; 212 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **77053** |
| **Health Care (11.3%)** | **Health Care (11.3%)** | **Health Care (11.3%)** | **Health Care (11.3%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19119 | &nbsp;&nbsp;&nbsp;&nbsp; 3365 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Teladoc Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;363034 | &nbsp;&nbsp;&nbsp;&nbsp; 3162 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Incyte Corp. | &nbsp;&nbsp;&nbsp;&nbsp;46242 | &nbsp;&nbsp;&nbsp;&nbsp; 3149 |
|  | &nbsp;&nbsp;&nbsp;Universal Health Services Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;14138 | &nbsp;&nbsp;&nbsp;&nbsp; 2561 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Arvinas Inc. | &nbsp;&nbsp;&nbsp;&nbsp;337610 | &nbsp;&nbsp;&nbsp;&nbsp; 2485 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Progyny Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99405 | &nbsp;&nbsp;&nbsp;&nbsp; 2187 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;REGENXBIO Inc. | &nbsp;&nbsp;&nbsp;&nbsp;252121 | &nbsp;&nbsp;&nbsp;&nbsp; 2070 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38701 | &nbsp;&nbsp;&nbsp;&nbsp; 1529 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Phreesia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53246 | &nbsp;&nbsp;&nbsp;&nbsp; 1515 |

---

------

Market Neutral Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;30982 | &nbsp;&nbsp;&nbsp;&nbsp; 1434 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;PTC Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27959 | &nbsp;&nbsp;&nbsp;&nbsp; 1366 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;CareDx Inc. | &nbsp;&nbsp;&nbsp;&nbsp;69814 | &nbsp;&nbsp;&nbsp;&nbsp; 1364 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Pediatrix Medical Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92084 | &nbsp;&nbsp;&nbsp;&nbsp; 1321 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Vir Biotechnology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;225345 | &nbsp;&nbsp;&nbsp;&nbsp; 1136 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Omnicell Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37533 | &nbsp;&nbsp;&nbsp;&nbsp; 1104 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;119363 | &nbsp;&nbsp;&nbsp;&nbsp; 1070 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Castle Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49288 | &nbsp;&nbsp;&nbsp;&nbsp; 1007 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24539 | &nbsp;&nbsp;&nbsp;&nbsp; 892 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Varex Imaging Corp. | &nbsp;&nbsp;&nbsp;&nbsp;102574 | &nbsp;&nbsp;&nbsp;&nbsp; 889 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Veracyte Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31750 | &nbsp;&nbsp;&nbsp;&nbsp; 858 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Moderna Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30287 | &nbsp;&nbsp;&nbsp;&nbsp; 836 |
|  | &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5113 | &nbsp;&nbsp;&nbsp;&nbsp; 781 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Option Care Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22791 | &nbsp;&nbsp;&nbsp;&nbsp; 740 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Align Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3467 | &nbsp;&nbsp;&nbsp;&nbsp; 656 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;LifeStance Health Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;115718 | &nbsp;&nbsp;&nbsp;&nbsp; 598 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Bioventus Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;83657 | &nbsp;&nbsp;&nbsp;&nbsp; 554 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23499 | &nbsp;&nbsp;&nbsp;&nbsp; 507 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31358 | &nbsp;&nbsp;&nbsp;&nbsp; 496 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Doximity Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7712 | &nbsp;&nbsp;&nbsp;&nbsp; 473 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Travere Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28234 | &nbsp;&nbsp;&nbsp;&nbsp; 418 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;AdaptHealth Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41628 | &nbsp;&nbsp;&nbsp;&nbsp; 393 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;10X Genomics Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;31818 | &nbsp;&nbsp;&nbsp;&nbsp; 368 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;38005 | &nbsp;&nbsp;&nbsp;&nbsp; 368 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Fate Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;308409 | &nbsp;&nbsp;&nbsp;&nbsp; 345 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Ironwood Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;476865 | &nbsp;&nbsp;&nbsp;&nbsp; 342 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Editas Medicine Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118506 | &nbsp;&nbsp;&nbsp;&nbsp; 261 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Agenus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33574 | &nbsp;&nbsp;&nbsp;&nbsp; 153 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Mersana Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118116 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **42788** |
| **Industrials (18.7%)** | **Industrials (18.7%)** | **Industrials (18.7%)** | **Industrials (18.7%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Pitney Bowes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;309224 | &nbsp;&nbsp;&nbsp;&nbsp; 3374 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42518 | &nbsp;&nbsp;&nbsp;&nbsp; 3314 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;SkyWest Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31401 | &nbsp;&nbsp;&nbsp;&nbsp; 3233 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;34812 | &nbsp;&nbsp;&nbsp;&nbsp; 3063 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42195 | &nbsp;&nbsp;&nbsp;&nbsp; 3054 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sterling Infrastructure Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13181 | &nbsp;&nbsp;&nbsp;&nbsp; 3041 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Legalzoom.com Inc. | &nbsp;&nbsp;&nbsp;&nbsp;338076 | &nbsp;&nbsp;&nbsp;&nbsp; 3012 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Lyft Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;190823 | &nbsp;&nbsp;&nbsp;&nbsp; 3007 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Tutor Perini Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59146 | &nbsp;&nbsp;&nbsp;&nbsp; 2767 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MasTec Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15739 | &nbsp;&nbsp;&nbsp;&nbsp; 2682 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;ABM Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51944 | &nbsp;&nbsp;&nbsp;&nbsp; 2452 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Greenbrier Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51170 | &nbsp;&nbsp;&nbsp;&nbsp; 2356 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Worthington Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35651 | &nbsp;&nbsp;&nbsp;&nbsp; 2269 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;United Airlines Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26272 | &nbsp;&nbsp;&nbsp;&nbsp; 2092 |
|  | &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7854 | &nbsp;&nbsp;&nbsp;&nbsp; 2022 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Interface Inc. | &nbsp;&nbsp;&nbsp;&nbsp;94392 | &nbsp;&nbsp;&nbsp;&nbsp; 1976 |
|  | &nbsp;&nbsp;&nbsp;Comfort Systems USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3537 | &nbsp;&nbsp;&nbsp;&nbsp; 1897 |
|  | &nbsp;&nbsp;&nbsp;BWX Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12175 | &nbsp;&nbsp;&nbsp;&nbsp; 1754 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Steelcase Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;167538 | &nbsp;&nbsp;&nbsp;&nbsp; 1747 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Upwork Inc. | &nbsp;&nbsp;&nbsp;&nbsp;122510 | &nbsp;&nbsp;&nbsp;&nbsp; 1647 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;CoreCivic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74279 | &nbsp;&nbsp;&nbsp;&nbsp; 1565 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Willdan Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24425 | &nbsp;&nbsp;&nbsp;&nbsp; 1527 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;128373 | &nbsp;&nbsp;&nbsp;&nbsp; 1508 |
|  | &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6728 | &nbsp;&nbsp;&nbsp;&nbsp; 1499 |
|  | &nbsp;&nbsp;&nbsp;CSG Systems International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21312 | &nbsp;&nbsp;&nbsp;&nbsp; 1392 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Heidrick & Struggles International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24770 | &nbsp;&nbsp;&nbsp;&nbsp; 1133 |
|  | &nbsp;&nbsp;&nbsp;Air Lease Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18488 | &nbsp;&nbsp;&nbsp;&nbsp; 1081 |
|  | &nbsp;&nbsp;&nbsp;ESCO Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5590 | &nbsp;&nbsp;&nbsp;&nbsp; 1073 |
|  | &nbsp;&nbsp;&nbsp;Expeditors International of Washington Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9249 | &nbsp;&nbsp;&nbsp;&nbsp; 1057 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Huron Consulting Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6722 | &nbsp;&nbsp;&nbsp;&nbsp; 925 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Innodata Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16315 | &nbsp;&nbsp;&nbsp;&nbsp; 836 |
|  | &nbsp;&nbsp;&nbsp;Allegiant Travel Co. | &nbsp;&nbsp;&nbsp;&nbsp;12843 | &nbsp;&nbsp;&nbsp;&nbsp; 706 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;MRC Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50238 | &nbsp;&nbsp;&nbsp;&nbsp; 689 |
|  | &nbsp;&nbsp;&nbsp;Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1907 | &nbsp;&nbsp;&nbsp;&nbsp; 681 |
|  | &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7918 | &nbsp;&nbsp;&nbsp;&nbsp; 656 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Paylocity Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3375 | &nbsp;&nbsp;&nbsp;&nbsp; 612 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;ACCO Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;169137 | &nbsp;&nbsp;&nbsp;&nbsp; 605 |
|  | &nbsp;&nbsp;&nbsp;Matson Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5383 | &nbsp;&nbsp;&nbsp;&nbsp; 599 |

---

------

Market Neutral Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;CH Robinson Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5706 | &nbsp;&nbsp;&nbsp;&nbsp; 547 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Columbus McKinnon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31721 | &nbsp;&nbsp;&nbsp;&nbsp; 484 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ATI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5282 | &nbsp;&nbsp;&nbsp;&nbsp; 456 |
|  | &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611 | &nbsp;&nbsp;&nbsp;&nbsp; 392 |
|  | &nbsp;&nbsp;&nbsp;Apogee Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6188 | &nbsp;&nbsp;&nbsp;&nbsp; 251 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **71033** |
| **Information Technology (12.0%)** | **Information Technology (12.0%)** | **Information Technology (12.0%)** | **Information Technology (12.0%)** |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;RingCentral Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;117193 | &nbsp;&nbsp;&nbsp;&nbsp; 3322 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;CommScope Holding Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;388907 | &nbsp;&nbsp;&nbsp;&nbsp; 3220 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17906 | &nbsp;&nbsp;&nbsp;&nbsp; 2852 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Domo Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;200337 | &nbsp;&nbsp;&nbsp;&nbsp; 2799 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;ADTRAN Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;308627 | &nbsp;&nbsp;&nbsp;&nbsp; 2768 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;BigCommerce Holdings Inc. Series 1 | &nbsp;&nbsp;&nbsp;&nbsp;474654 | &nbsp;&nbsp;&nbsp;&nbsp; 2373 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;MaxLinear Inc. | &nbsp;&nbsp;&nbsp;&nbsp;159427 | &nbsp;&nbsp;&nbsp;&nbsp; 2265 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Penguin Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108243 | &nbsp;&nbsp;&nbsp;&nbsp; 2144 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Extreme Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;117662 | &nbsp;&nbsp;&nbsp;&nbsp; 2112 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;PROS Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130277 | &nbsp;&nbsp;&nbsp;&nbsp; 2040 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3951 | &nbsp;&nbsp;&nbsp;&nbsp; 1965 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Asana Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;135745 | &nbsp;&nbsp;&nbsp;&nbsp; 1833 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Calix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27735 | &nbsp;&nbsp;&nbsp;&nbsp; 1475 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Yext Inc. | &nbsp;&nbsp;&nbsp;&nbsp;167355 | &nbsp;&nbsp;&nbsp;&nbsp; 1423 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Digital Turbine Inc. | &nbsp;&nbsp;&nbsp;&nbsp;237601 | &nbsp;&nbsp;&nbsp;&nbsp; 1402 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Kyndryl Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33011 | &nbsp;&nbsp;&nbsp;&nbsp; 1385 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pagaya Technologies Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;63769 | &nbsp;&nbsp;&nbsp;&nbsp; 1360 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;51070 | &nbsp;&nbsp;&nbsp;&nbsp; 1044 |
|  | &nbsp;&nbsp;&nbsp;NetApp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9515 | &nbsp;&nbsp;&nbsp;&nbsp; 1014 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Semtech Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21274 | &nbsp;&nbsp;&nbsp;&nbsp; 960 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Wix.com Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5186 | &nbsp;&nbsp;&nbsp;&nbsp; 822 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;NETGEAR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28156 | &nbsp;&nbsp;&nbsp;&nbsp; 819 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Harmonic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78867 | &nbsp;&nbsp;&nbsp;&nbsp; 747 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Workiva Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7981 | &nbsp;&nbsp;&nbsp;&nbsp; 546 |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3371 | &nbsp;&nbsp;&nbsp;&nbsp; 533 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Weave Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54424 | &nbsp;&nbsp;&nbsp;&nbsp; 453 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Viavi Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41763 | &nbsp;&nbsp;&nbsp;&nbsp; 421 |
|  | &nbsp;&nbsp;&nbsp;Benchmark Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10768 | &nbsp;&nbsp;&nbsp;&nbsp; 418 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;ACM Research Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;16114 | &nbsp;&nbsp;&nbsp;&nbsp; 417 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Twilio Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3144 | &nbsp;&nbsp;&nbsp;&nbsp; 391 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sandisk Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5041 | &nbsp;&nbsp;&nbsp;&nbsp; 229 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **45552** |
| **Materials (4.5%)** | **Materials (4.5%)** | **Materials (4.5%)** | **Materials (4.5%)** |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Constellium SE | &nbsp;&nbsp;&nbsp;&nbsp;195759 | &nbsp;&nbsp;&nbsp;&nbsp; 2603 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Clearwater Paper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;65082 | &nbsp;&nbsp;&nbsp;&nbsp; 1773 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Coeur Mining Inc. | &nbsp;&nbsp;&nbsp;&nbsp;195688 | &nbsp;&nbsp;&nbsp;&nbsp; 1734 |
|  | &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19871 | &nbsp;&nbsp;&nbsp;&nbsp; 1588 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36147 | &nbsp;&nbsp;&nbsp;&nbsp; 1567 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18035 | &nbsp;&nbsp;&nbsp;&nbsp; 1551 |
|  | &nbsp;&nbsp;&nbsp;Newmont Corp. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;21855 | &nbsp;&nbsp;&nbsp;&nbsp; 1273 |
|  | &nbsp;&nbsp;&nbsp;Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23675 | &nbsp;&nbsp;&nbsp;&nbsp; 1186 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;SunCoke Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;131903 | &nbsp;&nbsp;&nbsp;&nbsp; 1133 |
|  | &nbsp;&nbsp;&nbsp;Alcoa Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23369 | &nbsp;&nbsp;&nbsp;&nbsp; 690 |
|  | &nbsp;&nbsp;&nbsp;United States Lime & Minerals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6467 | &nbsp;&nbsp;&nbsp;&nbsp; 645 |
|  | &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7191 | &nbsp;&nbsp;&nbsp;&nbsp; 474 |
|  | &nbsp;&nbsp;&nbsp;CRH plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3814 | &nbsp;&nbsp;&nbsp;&nbsp; 350 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Ryerson Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15799 | &nbsp;&nbsp;&nbsp;&nbsp; 341 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **16908** |
| **Real Estate (7.8%)** | **Real Estate (7.8%)** | **Real Estate (7.8%)** | **Real Estate (7.8%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Cousins Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105362 | &nbsp;&nbsp;&nbsp;&nbsp; 3164 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Alexander & Baldwin Inc. | &nbsp;&nbsp;&nbsp;&nbsp;154922 | &nbsp;&nbsp;&nbsp;&nbsp; 2762 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Brixmor Property Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99657 | &nbsp;&nbsp;&nbsp;&nbsp; 2595 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;First Industrial Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53225 | &nbsp;&nbsp;&nbsp;&nbsp; 2562 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Urban Edge Properties | &nbsp;&nbsp;&nbsp;&nbsp;115839 | &nbsp;&nbsp;&nbsp;&nbsp; 2162 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Phillips Edison & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61439 | &nbsp;&nbsp;&nbsp;&nbsp; 2152 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;74618 | &nbsp;&nbsp;&nbsp;&nbsp; 2045 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;American Assets Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102135 | &nbsp;&nbsp;&nbsp;&nbsp; 2017 |
|  | &nbsp;&nbsp;&nbsp;Welltower Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11840 | &nbsp;&nbsp;&nbsp;&nbsp; 1820 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Summit Hotel Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;314988 | &nbsp;&nbsp;&nbsp;&nbsp; 1603 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Millrose Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55122 | &nbsp;&nbsp;&nbsp;&nbsp; 1572 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Piedmont Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;170992 | &nbsp;&nbsp;&nbsp;&nbsp; 1247 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Broadstone Net Lease Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56538 | &nbsp;&nbsp;&nbsp;&nbsp; 907 |

---

------

Market Neutral Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;LTC Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24630 | &nbsp;&nbsp;&nbsp;&nbsp; 852 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Compass Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;100093 | &nbsp;&nbsp;&nbsp;&nbsp; 629 |
|  | &nbsp;&nbsp;&nbsp;Essex Property Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2097 | &nbsp;&nbsp;&nbsp;&nbsp; 594 |
|  | &nbsp;&nbsp;&nbsp;Equinix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573 | &nbsp;&nbsp;&nbsp;&nbsp; 456 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Uniti Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101921 | &nbsp;&nbsp;&nbsp;&nbsp; 440 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **29579** |
| **Utilities (2.9%)** | **Utilities (2.9%)** | **Utilities (2.9%)** | **Utilities (2.9%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;76549 | &nbsp;&nbsp;&nbsp;&nbsp; 2905 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Brookfield Infrastructure Corp. Class A (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;61773 | &nbsp;&nbsp;&nbsp;&nbsp; 2570 |
|  | &nbsp;&nbsp;&nbsp;NRG Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9868 | &nbsp;&nbsp;&nbsp;&nbsp; 1585 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26994 | &nbsp;&nbsp;&nbsp;&nbsp; 1514 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24116 | &nbsp;&nbsp;&nbsp;&nbsp; 878 |
|  | &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9240 | &nbsp;&nbsp;&nbsp;&nbsp; 783 |
|  | &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17834 | &nbsp;&nbsp;&nbsp;&nbsp; 774 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **11009** |
| **Total Common Stocks—Long Positions (Cost $339,580)** | **Total Common Stocks—Long Positions (Cost $339,580)** | **Total Common Stocks—Long Positions (Cost $339,580)** | &nbsp;&nbsp;&nbsp;&nbsp;**371650** |
| **Temporary Cash Investments (1.4%)** | **Temporary Cash Investments (1.4%)** | **Temporary Cash Investments (1.4%)** | **Temporary Cash Investments (1.4%)** |
| **Money Market Fund (1.4%)** | **Money Market Fund (1.4%)** | **Money Market Fund (1.4%)** | **Money Market Fund (1.4%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.355% **(Cost $5,508)** | &nbsp;&nbsp;&nbsp;&nbsp;55085 | &nbsp;&nbsp;&nbsp;&nbsp; **5508** |
| **Common Stocks Sold Short (-97.6%)** | **Common Stocks Sold Short (-97.6%)** | **Common Stocks Sold Short (-97.6%)** | **Common Stocks Sold Short (-97.6%)** |
| **Communication Services (-3.7%)** | **Communication Services (-3.7%)** | **Communication Services (-3.7%)** | **Communication Services (-3.7%)** |
|  | &nbsp;&nbsp;&nbsp;TKO Group Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(15071) | &nbsp;&nbsp;&nbsp;&nbsp; (2742) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gogo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(168065) | &nbsp;&nbsp;&nbsp;&nbsp; (2467) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sphere Entertainment Co. | &nbsp;&nbsp;&nbsp;&nbsp;(56357) | &nbsp;&nbsp;&nbsp;&nbsp; (2356) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8480) | &nbsp;&nbsp;&nbsp;&nbsp; (2059) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EchoStar Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;(28861) | &nbsp;&nbsp;&nbsp;&nbsp; (800) |
|  | &nbsp;&nbsp;&nbsp;Cogent Communications Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(14050) | &nbsp;&nbsp;&nbsp;&nbsp; (677) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Global Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;(48545) | &nbsp;&nbsp;&nbsp;&nbsp; (486) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vivid Seats Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;(282931) | &nbsp;&nbsp;&nbsp;&nbsp; (478) |
|  | &nbsp;&nbsp;&nbsp;Cinemark Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(14293) | &nbsp;&nbsp;&nbsp;&nbsp; (431) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Starz Entertainment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(24373) | &nbsp;&nbsp;&nbsp;&nbsp; (392) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lionsgate Studios Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(63234) | &nbsp;&nbsp;&nbsp;&nbsp; (368) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ibotta Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9485) | &nbsp;&nbsp;&nbsp;&nbsp; (347) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Thryv Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(28151) | &nbsp;&nbsp;&nbsp;&nbsp; (342) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **(13945)** |
| **Consumer Discretionary (-10.6%)** | **Consumer Discretionary (-10.6%)** | **Consumer Discretionary (-10.6%)** | **Consumer Discretionary (-10.6%)** |
|  | &nbsp;&nbsp;&nbsp;Somnigroup International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(48340) | &nbsp;&nbsp;&nbsp;&nbsp; (3290) |
|  | &nbsp;&nbsp;&nbsp;Advance Auto Parts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(66062) | &nbsp;&nbsp;&nbsp;&nbsp; (3071) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dream Finders Homes Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;(119697) | &nbsp;&nbsp;&nbsp;&nbsp; (3008) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;First Watch Restaurant Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(162681) | &nbsp;&nbsp;&nbsp;&nbsp; (2609) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EVgo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(587094) | &nbsp;&nbsp;&nbsp;&nbsp; (2143) |
|  | &nbsp;&nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(21592) | &nbsp;&nbsp;&nbsp;&nbsp; (1978) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kura Sushi USA Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;(22873) | &nbsp;&nbsp;&nbsp;&nbsp; (1969) |
|  | &nbsp;&nbsp;&nbsp;Lithia Motors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5258) | &nbsp;&nbsp;&nbsp;&nbsp; (1776) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sweetgreen Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;(118868) | &nbsp;&nbsp;&nbsp;&nbsp; (1769) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Portillo's Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;(150601) | &nbsp;&nbsp;&nbsp;&nbsp; (1758) |
|  | &nbsp;&nbsp;&nbsp;Krispy Kreme Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(595718) | &nbsp;&nbsp;&nbsp;&nbsp; (1734) |
|  | &nbsp;&nbsp;&nbsp;Polaris Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(41180) | &nbsp;&nbsp;&nbsp;&nbsp; (1674) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LGI Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(31879) | &nbsp;&nbsp;&nbsp;&nbsp; (1642) |
|  | &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(30267) | &nbsp;&nbsp;&nbsp;&nbsp; (1317) |
|  | &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9972) | &nbsp;&nbsp;&nbsp;&nbsp; (1210) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6126) | &nbsp;&nbsp;&nbsp;&nbsp; (1158) |
|  | &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(18926) | &nbsp;&nbsp;&nbsp;&nbsp; (1156) |
|  | &nbsp;&nbsp;&nbsp;Churchill Downs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8708) | &nbsp;&nbsp;&nbsp;&nbsp; (880) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(25712) | &nbsp;&nbsp;&nbsp;&nbsp; (782) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DraftKings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;(18085) | &nbsp;&nbsp;&nbsp;&nbsp; (776) |
|  | &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5439) | &nbsp;&nbsp;&nbsp;&nbsp; (760) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Savers Value Village Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(67673) | &nbsp;&nbsp;&nbsp;&nbsp; (690) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amer Sports Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(16750) | &nbsp;&nbsp;&nbsp;&nbsp; (649) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QuantumScape Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(93161) | &nbsp;&nbsp;&nbsp;&nbsp; (626) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Asbury Automotive Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1992) | &nbsp;&nbsp;&nbsp;&nbsp; (475) |
|  | &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1448) | &nbsp;&nbsp;&nbsp;&nbsp; (423) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lucid Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(181244) | &nbsp;&nbsp;&nbsp;&nbsp; (382) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arhaus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(43249) | &nbsp;&nbsp;&nbsp;&nbsp; (375) |
|  | &nbsp;&nbsp;&nbsp;LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6626) | &nbsp;&nbsp;&nbsp;&nbsp; (245) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **(40325)** |

---

------

Market Neutral Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Consumer Staples (-3.3%)** | **Consumer Staples (-3.3%)** | **Consumer Staples (-3.3%)** | **Consumer Staples (-3.3%)** |
|  | &nbsp;&nbsp;&nbsp;Casey's General Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6268) | &nbsp;&nbsp;&nbsp;&nbsp; (3198) |
|  | &nbsp;&nbsp;&nbsp;Weis Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(25767) | &nbsp;&nbsp;&nbsp;&nbsp; (1868) |
|  | &nbsp;&nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;(10842) | &nbsp;&nbsp;&nbsp;&nbsp; (1799) |
|  | &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;(24337) | &nbsp;&nbsp;&nbsp;&nbsp; (1284) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grocery Outlet Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(78843) | &nbsp;&nbsp;&nbsp;&nbsp; (979) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Celsius Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(17774) | &nbsp;&nbsp;&nbsp;&nbsp; (825) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chefs' Warehouse Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(11616) | &nbsp;&nbsp;&nbsp;&nbsp; (741) |
|  | &nbsp;&nbsp;&nbsp;J & J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6272) | &nbsp;&nbsp;&nbsp;&nbsp; (711) |
|  | &nbsp;&nbsp;&nbsp;Estee Lauder Cos. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5911) | &nbsp;&nbsp;&nbsp;&nbsp; (478) |
|  | &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3304) | &nbsp;&nbsp;&nbsp;&nbsp; (378) |
|  | &nbsp;&nbsp;&nbsp;Primo Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7819) | &nbsp;&nbsp;&nbsp;&nbsp; (232) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **(12493)** |
| **Energy (-3.0%)** | **Energy (-3.0%)** | **Energy (-3.0%)** | **Energy (-3.0%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sable Offshore Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(111506) | &nbsp;&nbsp;&nbsp;&nbsp; (2451) |
|  | &nbsp;&nbsp;&nbsp;Atlas Energy Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(153503) | &nbsp;&nbsp;&nbsp;&nbsp; (2052) |
|  | &nbsp;&nbsp;&nbsp;Core Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(140672) | &nbsp;&nbsp;&nbsp;&nbsp; (1621) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Borr Drilling Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;(825518) | &nbsp;&nbsp;&nbsp;&nbsp; (1511) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NextDecade Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(120375) | &nbsp;&nbsp;&nbsp;&nbsp; (1072) |
|  | &nbsp;&nbsp;&nbsp;Core Natural Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(15080) | &nbsp;&nbsp;&nbsp;&nbsp; (1052) |
|  | &nbsp;&nbsp;&nbsp;Kinetik Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(14615) | &nbsp;&nbsp;&nbsp;&nbsp; (644) |
|  | &nbsp;&nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4412) | &nbsp;&nbsp;&nbsp;&nbsp; (516) |
|  | &nbsp;&nbsp;&nbsp;Noble Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;(15717) | &nbsp;&nbsp;&nbsp;&nbsp; (417) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **(11336)** |
| **Financials (-20.4%)** | **Financials (-20.4%)** | **Financials (-20.4%)** | **Financials (-20.4%)** |
|  | &nbsp;&nbsp;&nbsp;Franklin Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(142368) | &nbsp;&nbsp;&nbsp;&nbsp; (3395) |
|  | &nbsp;&nbsp;&nbsp;TPG Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(62920) | &nbsp;&nbsp;&nbsp;&nbsp; (3300) |
|  | &nbsp;&nbsp;&nbsp;Blue Owl Capital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(164771) | &nbsp;&nbsp;&nbsp;&nbsp; (3165) |
|  | &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(45621) | &nbsp;&nbsp;&nbsp;&nbsp; (3102) |
|  | &nbsp;&nbsp;&nbsp;TFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(237784) | &nbsp;&nbsp;&nbsp;&nbsp; (3079) |
|  | &nbsp;&nbsp;&nbsp;FactSet Research Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6799) | &nbsp;&nbsp;&nbsp;&nbsp; (3041) |
|  | &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(113007) | &nbsp;&nbsp;&nbsp;&nbsp; (3035) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Shift4 Payments Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;(29680) | &nbsp;&nbsp;&nbsp;&nbsp; (2942) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(51405) | &nbsp;&nbsp;&nbsp;&nbsp; (2929) |
|  | &nbsp;&nbsp;&nbsp;ServisFirst Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(37348) | &nbsp;&nbsp;&nbsp;&nbsp; (2895) |
|  | &nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(44331) | &nbsp;&nbsp;&nbsp;&nbsp; (2886) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Baldwin Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(67243) | &nbsp;&nbsp;&nbsp;&nbsp; (2879) |
|  | &nbsp;&nbsp;&nbsp;Ares Management Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;(16505) | &nbsp;&nbsp;&nbsp;&nbsp; (2859) |
|  | &nbsp;&nbsp;&nbsp;UWM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(682396) | &nbsp;&nbsp;&nbsp;&nbsp; (2825) |
|  | &nbsp;&nbsp;&nbsp;Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(45767) | &nbsp;&nbsp;&nbsp;&nbsp; (2812) |
|  | &nbsp;&nbsp;&nbsp;Flagstar Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(256266) | &nbsp;&nbsp;&nbsp;&nbsp; (2716) |
|  | &nbsp;&nbsp;&nbsp;PJT Partners Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;(16241) | &nbsp;&nbsp;&nbsp;&nbsp; (2680) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Encore Capital Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(63156) | &nbsp;&nbsp;&nbsp;&nbsp; (2445) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Oscar Health Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;(108464) | &nbsp;&nbsp;&nbsp;&nbsp; (2325) |
|  | &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7233) | &nbsp;&nbsp;&nbsp;&nbsp; (2315) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Triumph Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(39701) | &nbsp;&nbsp;&nbsp;&nbsp; (2188) |
|  | &nbsp;&nbsp;&nbsp;City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;(17216) | &nbsp;&nbsp;&nbsp;&nbsp; (2108) |
|  | &nbsp;&nbsp;&nbsp;First Citizens BancShares Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1065) | &nbsp;&nbsp;&nbsp;&nbsp; (2084) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lemonade Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(43528) | &nbsp;&nbsp;&nbsp;&nbsp; (1907) |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5125) | &nbsp;&nbsp;&nbsp;&nbsp; (1820) |
|  | &nbsp;&nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(123524) | &nbsp;&nbsp;&nbsp;&nbsp; (1742) |
|  | &nbsp;&nbsp;&nbsp;WaFd Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(42271) | &nbsp;&nbsp;&nbsp;&nbsp; (1238) |
|  | &nbsp;&nbsp;&nbsp;Glacier Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(26428) | &nbsp;&nbsp;&nbsp;&nbsp; (1138) |
|  | &nbsp;&nbsp;&nbsp;Ally Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(28323) | &nbsp;&nbsp;&nbsp;&nbsp; (1103) |
|  | &nbsp;&nbsp;&nbsp;Cannae Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(45014) | &nbsp;&nbsp;&nbsp;&nbsp; (938) |
|  | &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(11062) | &nbsp;&nbsp;&nbsp;&nbsp; (747) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ambac Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(71712) | &nbsp;&nbsp;&nbsp;&nbsp; (509) |
|  | &nbsp;&nbsp;&nbsp;White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264) | &nbsp;&nbsp;&nbsp;&nbsp; (474) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coastal Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4424) | &nbsp;&nbsp;&nbsp;&nbsp; (429) |
|  | &nbsp;&nbsp;&nbsp;Live Oak Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(14231) | &nbsp;&nbsp;&nbsp;&nbsp; (424) |
|  | &nbsp;&nbsp;&nbsp;Aflac Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3536) | &nbsp;&nbsp;&nbsp;&nbsp; (373) |
|  | &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2493) | &nbsp;&nbsp;&nbsp;&nbsp; (371) |
|  | &nbsp;&nbsp;&nbsp;Capitol Federal Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(46693) | &nbsp;&nbsp;&nbsp;&nbsp; (285) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **(77503)** |
| **Health Care (-11.1%)** | **Health Care (-11.1%)** | **Health Care (-11.1%)** | **Health Care (-11.1%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Roivant Sciences Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;(269768) | &nbsp;&nbsp;&nbsp;&nbsp; (3040) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axsome Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(25564) | &nbsp;&nbsp;&nbsp;&nbsp; (2669) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(43317) | &nbsp;&nbsp;&nbsp;&nbsp; (2495) |
|  | &nbsp;&nbsp;&nbsp;Baxter International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(78267) | &nbsp;&nbsp;&nbsp;&nbsp; (2370) |

---

------

Market Neutral Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liquidia Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(187798) | &nbsp;&nbsp;&nbsp;&nbsp; (2340) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Neogen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(459928) | &nbsp;&nbsp;&nbsp;&nbsp; (2198) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RadNet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(38612) | &nbsp;&nbsp;&nbsp;&nbsp; (2197) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Soleno Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(25832) | &nbsp;&nbsp;&nbsp;&nbsp; (2164) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TransMedics Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(14458) | &nbsp;&nbsp;&nbsp;&nbsp; (1938) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;STAAR Surgical Co. | &nbsp;&nbsp;&nbsp;&nbsp;(115076) | &nbsp;&nbsp;&nbsp;&nbsp; (1931) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(53413) | &nbsp;&nbsp;&nbsp;&nbsp; (1892) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ARS Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(94043) | &nbsp;&nbsp;&nbsp;&nbsp; (1641) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Schrodinger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(79643) | &nbsp;&nbsp;&nbsp;&nbsp; (1602) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Innoviva Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(72600) | &nbsp;&nbsp;&nbsp;&nbsp; (1459) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alignment Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(102023) | &nbsp;&nbsp;&nbsp;&nbsp; (1428) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nuvalent Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;(16996) | &nbsp;&nbsp;&nbsp;&nbsp; (1297) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Viking Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(46304) | &nbsp;&nbsp;&nbsp;&nbsp; (1227) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PACS Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(87610) | &nbsp;&nbsp;&nbsp;&nbsp; (1132) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3641) | &nbsp;&nbsp;&nbsp;&nbsp; (1102) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Summit Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(50514) | &nbsp;&nbsp;&nbsp;&nbsp; (1075) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Haemonetics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(14197) | &nbsp;&nbsp;&nbsp;&nbsp; (1059) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Krystal Biotech Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6484) | &nbsp;&nbsp;&nbsp;&nbsp; (891) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(24341) | &nbsp;&nbsp;&nbsp;&nbsp; (720) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TG Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(17639) | &nbsp;&nbsp;&nbsp;&nbsp; (635) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trevi Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(98110) | &nbsp;&nbsp;&nbsp;&nbsp; (537) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Avadel Pharmaceuticals plc | &nbsp;&nbsp;&nbsp;&nbsp;(58279) | &nbsp;&nbsp;&nbsp;&nbsp; (516) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ADMA Biologics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(27133) | &nbsp;&nbsp;&nbsp;&nbsp; (494) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **(42049)** |
| **Industrials (-18.8%)** | **Industrials (-18.8%)** | **Industrials (-18.8%)** | **Industrials (-18.8%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Joby Aviation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(346594) | &nbsp;&nbsp;&nbsp;&nbsp; (3657) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AeroVironment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(11664) | &nbsp;&nbsp;&nbsp;&nbsp; (3324) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boeing Co. | &nbsp;&nbsp;&nbsp;&nbsp;(15582) | &nbsp;&nbsp;&nbsp;&nbsp; (3265) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Transcat Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(37853) | &nbsp;&nbsp;&nbsp;&nbsp; (3254) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Casella Waste Systems Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;(27509) | &nbsp;&nbsp;&nbsp;&nbsp; (3174) |
|  | &nbsp;&nbsp;&nbsp;VSE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(23666) | &nbsp;&nbsp;&nbsp;&nbsp; (3100) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Montrose Environmental Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(136915) | &nbsp;&nbsp;&nbsp;&nbsp; (2997) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;First Advantage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(175919) | &nbsp;&nbsp;&nbsp;&nbsp; (2922) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rocket Lab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(80692) | &nbsp;&nbsp;&nbsp;&nbsp; (2886) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CBIZ Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(38288) | &nbsp;&nbsp;&nbsp;&nbsp; (2746) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CACI International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5719) | &nbsp;&nbsp;&nbsp;&nbsp; (2726) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Archer Aviation Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;(239947) | &nbsp;&nbsp;&nbsp;&nbsp; (2603) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;U-Haul Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;(41126) | &nbsp;&nbsp;&nbsp;&nbsp; (2491) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trex Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(40770) | &nbsp;&nbsp;&nbsp;&nbsp; (2217) |
|  | &nbsp;&nbsp;&nbsp;Concentrix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(41420) | &nbsp;&nbsp;&nbsp;&nbsp; (2189) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sunrun Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(263684) | &nbsp;&nbsp;&nbsp;&nbsp; (2157) |
|  | &nbsp;&nbsp;&nbsp;Insperity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(34862) | &nbsp;&nbsp;&nbsp;&nbsp; (2096) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ACV Auctions Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;(120772) | &nbsp;&nbsp;&nbsp;&nbsp; (1959) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CECO Environmental Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(65510) | &nbsp;&nbsp;&nbsp;&nbsp; (1855) |
|  | &nbsp;&nbsp;&nbsp;AAON Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(24361) | &nbsp;&nbsp;&nbsp;&nbsp; (1797) |
|  | &nbsp;&nbsp;&nbsp;FTAI Infrastructure Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(257299) | &nbsp;&nbsp;&nbsp;&nbsp; (1587) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intuitive Machines Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(142525) | &nbsp;&nbsp;&nbsp;&nbsp; (1549) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RXO Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(87232) | &nbsp;&nbsp;&nbsp;&nbsp; (1371) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ameresco Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;(88813) | &nbsp;&nbsp;&nbsp;&nbsp; (1349) |
|  | &nbsp;&nbsp;&nbsp;AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(11961) | &nbsp;&nbsp;&nbsp;&nbsp; (1234) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Frontier Group Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(333711) | &nbsp;&nbsp;&nbsp;&nbsp; (1211) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;JetBlue Airways Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(263667) | &nbsp;&nbsp;&nbsp;&nbsp; (1115) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amentum Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(43603) | &nbsp;&nbsp;&nbsp;&nbsp; (1029) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(20406) | &nbsp;&nbsp;&nbsp;&nbsp; (948) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fluence Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(138977) | &nbsp;&nbsp;&nbsp;&nbsp; (933) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AerSale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(119071) | &nbsp;&nbsp;&nbsp;&nbsp; (716) |
|  | &nbsp;&nbsp;&nbsp;Cadre Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(18417) | &nbsp;&nbsp;&nbsp;&nbsp; (587) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NuScale Power Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(14484) | &nbsp;&nbsp;&nbsp;&nbsp; (573) |
|  | &nbsp;&nbsp;&nbsp;JBT Marel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4626) | &nbsp;&nbsp;&nbsp;&nbsp; (556) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pursuit Attractions & Hospitality Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(15638) | &nbsp;&nbsp;&nbsp;&nbsp; (451) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axon Enterprise Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(482) | &nbsp;&nbsp;&nbsp;&nbsp; (399) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Loar Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4620) | &nbsp;&nbsp;&nbsp;&nbsp; (398) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Janus International Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(47446) | &nbsp;&nbsp;&nbsp;&nbsp; (386) |
|  | &nbsp;&nbsp;&nbsp;Genco Shipping & Trading Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;(28670) | &nbsp;&nbsp;&nbsp;&nbsp; (375) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Titan International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(35048) | &nbsp;&nbsp;&nbsp;&nbsp; (360) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Array Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(50383) | &nbsp;&nbsp;&nbsp;&nbsp; (297) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Saia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1077) | &nbsp;&nbsp;&nbsp;&nbsp; (295) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **(71134)** |

---

------

Market Neutral Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Information Technology (-11.6%)** | **Information Technology (-11.6%)** | **Information Technology (-11.6%)** | **Information Technology (-11.6%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NextNav Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(214500) | &nbsp;&nbsp;&nbsp;&nbsp; (3260) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PAR Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(46210) | &nbsp;&nbsp;&nbsp;&nbsp; (3206) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SiTime Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(14002) | &nbsp;&nbsp;&nbsp;&nbsp; (2984) |
|  | &nbsp;&nbsp;&nbsp;Crane NXT Co. | &nbsp;&nbsp;&nbsp;&nbsp;(50505) | &nbsp;&nbsp;&nbsp;&nbsp; (2722) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(282498) | &nbsp;&nbsp;&nbsp;&nbsp; (2658) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vertex Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;(73927) | &nbsp;&nbsp;&nbsp;&nbsp; (2612) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;First Solar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(12197) | &nbsp;&nbsp;&nbsp;&nbsp; (2019) |
|  | &nbsp;&nbsp;&nbsp;Adeia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(133535) | &nbsp;&nbsp;&nbsp;&nbsp; (1888) |
|  | &nbsp;&nbsp;&nbsp;Progress Software Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(28016) | &nbsp;&nbsp;&nbsp;&nbsp; (1789) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aurora Innovation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(311124) | &nbsp;&nbsp;&nbsp;&nbsp; (1630) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lumentum Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(15880) | &nbsp;&nbsp;&nbsp;&nbsp; (1510) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Globant SA | &nbsp;&nbsp;&nbsp;&nbsp;(15747) | &nbsp;&nbsp;&nbsp;&nbsp; (1430) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alkami Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(44304) | &nbsp;&nbsp;&nbsp;&nbsp; (1335) |
|  | &nbsp;&nbsp;&nbsp;Littelfuse Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5150) | &nbsp;&nbsp;&nbsp;&nbsp; (1168) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Knowles Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(62760) | &nbsp;&nbsp;&nbsp;&nbsp; (1106) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IonQ Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(24495) | &nbsp;&nbsp;&nbsp;&nbsp; (1053) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;I3 Verticals Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;(34090) | &nbsp;&nbsp;&nbsp;&nbsp; (937) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;OSI Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4001) | &nbsp;&nbsp;&nbsp;&nbsp; (900) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cleanspark Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(81218) | &nbsp;&nbsp;&nbsp;&nbsp; (896) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Silicon Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5879) | &nbsp;&nbsp;&nbsp;&nbsp; (866) |
|  | &nbsp;&nbsp;&nbsp;Microchip Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(11048) | &nbsp;&nbsp;&nbsp;&nbsp; (777) |
|  | &nbsp;&nbsp;&nbsp;Vishay Intertechnology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(46288) | &nbsp;&nbsp;&nbsp;&nbsp; (735) |
|  | &nbsp;&nbsp;&nbsp;Entegris Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8511) | &nbsp;&nbsp;&nbsp;&nbsp; (686) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Novanta Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5116) | &nbsp;&nbsp;&nbsp;&nbsp; (660) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Applied Optoelectronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(24568) | &nbsp;&nbsp;&nbsp;&nbsp; (631) |
|  | &nbsp;&nbsp;&nbsp;Power Integrations Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(10748) | &nbsp;&nbsp;&nbsp;&nbsp; (601) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Clearfield Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(12610) | &nbsp;&nbsp;&nbsp;&nbsp; (547) |
|  | &nbsp;&nbsp;&nbsp;Advanced Energy Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3664) | &nbsp;&nbsp;&nbsp;&nbsp; (486) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Varonis Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9573) | &nbsp;&nbsp;&nbsp;&nbsp; (486) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zeta Global Holdings Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;(29805) | &nbsp;&nbsp;&nbsp;&nbsp; (462) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Terawulf Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(99149) | &nbsp;&nbsp;&nbsp;&nbsp; (434) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enphase Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(10449) | &nbsp;&nbsp;&nbsp;&nbsp; (414) |
|  | &nbsp;&nbsp;&nbsp;Analog Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1709) | &nbsp;&nbsp;&nbsp;&nbsp; (407) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MARA Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(25518) | &nbsp;&nbsp;&nbsp;&nbsp; (400) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;indie Semiconductor Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;(101517) | &nbsp;&nbsp;&nbsp;&nbsp; (361) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **(44056)** |
| **Materials (-4.4%)** | **Materials (-4.4%)** | **Materials (-4.4%)** | **Materials (-4.4%)** |
|  | &nbsp;&nbsp;&nbsp;Warrior Met Coal Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(54986) | &nbsp;&nbsp;&nbsp;&nbsp; (2520) |
|  | &nbsp;&nbsp;&nbsp;International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp;(47644) | &nbsp;&nbsp;&nbsp;&nbsp; (2231) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PureCycle Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(160259) | &nbsp;&nbsp;&nbsp;&nbsp; (2196) |
|  | &nbsp;&nbsp;&nbsp;Air Products & Chemicals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7170) | &nbsp;&nbsp;&nbsp;&nbsp; (2022) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Novagold Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(447523) | &nbsp;&nbsp;&nbsp;&nbsp; (1830) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Perpetua Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(127418) | &nbsp;&nbsp;&nbsp;&nbsp; (1547) |
|  | &nbsp;&nbsp;&nbsp;Ramaco Resources Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;(96611) | &nbsp;&nbsp;&nbsp;&nbsp; (1270) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ivanhoe Electric Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(116577) | &nbsp;&nbsp;&nbsp;&nbsp; (1057) |
|  | &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;(39106) | &nbsp;&nbsp;&nbsp;&nbsp; (824) |
|  | &nbsp;&nbsp;&nbsp;Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp;(42079) | &nbsp;&nbsp;&nbsp;&nbsp; (482) |
|  | &nbsp;&nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7100) | &nbsp;&nbsp;&nbsp;&nbsp; (398) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aspen Aerogels Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(44567) | &nbsp;&nbsp;&nbsp;&nbsp; (264) |
|  | &nbsp;&nbsp;&nbsp;Ramaco Resources Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2995) | &nbsp;&nbsp;&nbsp;&nbsp; (25) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **(16666)** |
| **Real Estate (-7.8%)** | **Real Estate (-7.8%)** | **Real Estate (-7.8%)** | **Real Estate (-7.8%)** |
|  | &nbsp;&nbsp;&nbsp;JBG SMITH Properties | &nbsp;&nbsp;&nbsp;&nbsp;(174447) | &nbsp;&nbsp;&nbsp;&nbsp; (3018) |
|  | &nbsp;&nbsp;&nbsp;Sun Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(20473) | &nbsp;&nbsp;&nbsp;&nbsp; (2590) |
|  | &nbsp;&nbsp;&nbsp;National Storage Affiliates Trust | &nbsp;&nbsp;&nbsp;&nbsp;(80173) | &nbsp;&nbsp;&nbsp;&nbsp; (2565) |
|  | &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(75955) | &nbsp;&nbsp;&nbsp;&nbsp; (2424) |
|  | &nbsp;&nbsp;&nbsp;Farmland Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(210360) | &nbsp;&nbsp;&nbsp;&nbsp; (2421) |
|  | &nbsp;&nbsp;&nbsp;Safehold Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(150298) | &nbsp;&nbsp;&nbsp;&nbsp; (2339) |
|  | &nbsp;&nbsp;&nbsp;SITE Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(206794) | &nbsp;&nbsp;&nbsp;&nbsp; (2339) |
|  | &nbsp;&nbsp;&nbsp;Crown Castle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(17905) | &nbsp;&nbsp;&nbsp;&nbsp; (1839) |
|  | &nbsp;&nbsp;&nbsp;Iron Mountain Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(17355) | &nbsp;&nbsp;&nbsp;&nbsp; (1780) |
|  | &nbsp;&nbsp;&nbsp;Park Hotels & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(166798) | &nbsp;&nbsp;&nbsp;&nbsp; (1706) |
|  | &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(16750) | &nbsp;&nbsp;&nbsp;&nbsp; (1653) |
|  | &nbsp;&nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(27428) | &nbsp;&nbsp;&nbsp;&nbsp; (1580) |
|  | &nbsp;&nbsp;&nbsp;Medical Properties Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(246060) | &nbsp;&nbsp;&nbsp;&nbsp; (1060) |
|  | &nbsp;&nbsp;&nbsp;Diversified Healthcare Trust | &nbsp;&nbsp;&nbsp;&nbsp;(289500) | &nbsp;&nbsp;&nbsp;&nbsp; (1036) |
|  | &nbsp;&nbsp;&nbsp;Host Hotels & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(27868) | &nbsp;&nbsp;&nbsp;&nbsp; (428) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Opendoor Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(777769) | &nbsp;&nbsp;&nbsp;&nbsp; (415) |

---

------

Market Neutral Fund

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(11042) | &nbsp;&nbsp;&nbsp;&nbsp; (393) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **(29586)** |
| **Utilities (-2.9%)** | **Utilities (-2.9%)** | **Utilities (-2.9%)** |
| &nbsp;&nbsp;&nbsp;Ormat Technologies Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;(39714) | &nbsp;&nbsp;&nbsp;&nbsp; (3326) |
| &nbsp;&nbsp;&nbsp;Brookfield Renewable Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(99435) | &nbsp;&nbsp;&nbsp;&nbsp; (3259) |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(13730) | &nbsp;&nbsp;&nbsp;&nbsp; (1228) |
| &nbsp;&nbsp;&nbsp;NextEra Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(15063) | &nbsp;&nbsp;&nbsp;&nbsp; (1046) |
| &nbsp;&nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;(14973) | &nbsp;&nbsp;&nbsp;&nbsp; (953) |
| &nbsp;&nbsp;&nbsp;Dominion Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6962) | &nbsp;&nbsp;&nbsp;&nbsp; (394) |
| &nbsp;&nbsp;&nbsp;Sempra | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5058) | &nbsp;&nbsp;&nbsp;&nbsp; (383) |
| &nbsp;&nbsp;&nbsp;Middlesex Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5939) | &nbsp;&nbsp;&nbsp;&nbsp; (322) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **(10911)** |
| **Total Common Stocks Sold Short<br> (Proceeds $346,468)** | **Total Common Stocks Sold Short<br> (Proceeds $346,468)** | &nbsp;&nbsp;&nbsp;&nbsp;**(370004)** |
| **Other Assets and Other Liabilities—Net (98.2%)** | **Other Assets and Other Liabilities—Net (98.2%)** | &nbsp;&nbsp;&nbsp;&nbsp;**372139** |
| **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**379293** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Long security positions with a value of $268,710 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 | 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.

------

Market Neutral Fund

Statement of Assets and Liabilities

As of June 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $339,580) | 371650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $5,508) | &nbsp;&nbsp;&nbsp;&nbsp;5508 |
| Total Investments in Securities | 377158 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Cash Held at Broker for Short Positions | 372277 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 |
| **Total Assets** | **750441** |
| **Liabilities** |  |
| Securities Sold Short, at Value (Proceeds $346,468) | 370004 |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Accrued Dividend Expense on Securities Sold Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649 |
| Payables to Broker-Dealer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| **Total Liabilities** | **371148** |
| **Net Assets** | **379293** |
| **At June 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 478815 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;(99522) |
| **Net Assets** | **379293** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 25,815,929 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **353999** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;**$13.71** |
| **Institutional Shares—Net Assets** |  |
| **Applicable to 1,851,284 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**25294** |
| **Net Asset Value Per Share—Institutional Shares** | &nbsp;&nbsp;&nbsp;**$13.66** |

---

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

------

Market Neutral Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> June 30, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;2736 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;8033 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Income | 10769 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| Shareholders' Reports and Proxy Fees—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Shareholders' Reports and Proxy Fees—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Dividend Expense on Securities Sold Short | &nbsp;&nbsp;&nbsp;3157 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Total Expenses | &nbsp;&nbsp;&nbsp;3541 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;**7228** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold—Long Positions<sup>2</sup> | 20129 |
| Investment Securities Sold—Short Positions | (18595) |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;**1534** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities—Long Positions<sup>2</sup> | (11622) |
| Investment Securities—Short Positions | 15814 |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;**4192** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **12954** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $16. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $120, less than $1, and ($1), respectively. Purchases and sales are for temporary cash investment purposes. |

---

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

------

Market Neutral Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> June 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;7228 | &nbsp;&nbsp;&nbsp;&nbsp;23622 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;1534 | &nbsp;&nbsp;&nbsp;&nbsp;12724 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;4192 | &nbsp;&nbsp;&nbsp;&nbsp;(8885) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;12954 | &nbsp;&nbsp;&nbsp;&nbsp;27461 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(383) | &nbsp;&nbsp;&nbsp;&nbsp;(21586) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | &nbsp;&nbsp;&nbsp;&nbsp;(1863) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(410) | &nbsp;&nbsp;&nbsp;&nbsp;(23449) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;(54120) | &nbsp;&nbsp;&nbsp;&nbsp;(69600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;(10032) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5635 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;(64152) | &nbsp;&nbsp;&nbsp;&nbsp;(63965) |
| Total Increase (Decrease) | &nbsp;&nbsp;(51608) | &nbsp;&nbsp;&nbsp;&nbsp;(59953) |
| **Net Assets** |  |  |
| **Beginning of Period** | **430901** | &nbsp;&nbsp;&nbsp;**490854** |
| **End of Period** | **379293** | &nbsp;&nbsp;&nbsp;**430901** |

---

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

------

Market Neutral Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$13.26** | &nbsp;&nbsp;&nbsp;**$13.23** | &nbsp;&nbsp;&nbsp;**$12.39** | &nbsp;&nbsp;&nbsp;**$11.00** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.94** | &nbsp;&nbsp;&nbsp;**$10.19** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.051 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.060 | &nbsp;&nbsp;&nbsp;&nbsp;(1.229) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.077 | &nbsp;&nbsp;&nbsp;&nbsp;(1.178) |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.673) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.093) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.072) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(.014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.673) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.093) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.072) |
| **Net Asset Value, End of Period** | **$13.71** | &nbsp;&nbsp;&nbsp;**$13.26** | &nbsp;&nbsp;&nbsp;**$13.23** | &nbsp;&nbsp;&nbsp;**$12.39** | &nbsp;&nbsp;&nbsp;**$11.00** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.94** |
| **Total Return** | **3.50%** | &nbsp;&nbsp;&nbsp;**5.84%** | &nbsp;&nbsp;&nbsp;**12.24%** | &nbsp;&nbsp;&nbsp;**13.48%** | &nbsp;&nbsp;&nbsp;**23.24%** | &nbsp;&nbsp;&nbsp;**-11.57%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $354 | &nbsp;&nbsp;&nbsp;$396 | &nbsp;&nbsp;&nbsp;$461 | &nbsp;&nbsp;&nbsp;$648 | &nbsp;&nbsp;&nbsp;$283 | &nbsp;&nbsp;&nbsp;$243 |
| Based on Total Expenses<sup>2,3</sup> | 1.81% | &nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;1.18% |
| Net of Dividend and Borrowing Expense on Securities Sold Short | 0.20% | &nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;0.20% |
| Ratio of Net Investment Income to Average Net Assets | 3.34% | &nbsp;&nbsp;&nbsp;4.89% | &nbsp;&nbsp;&nbsp;4.50% | &nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;0.52% |
| Portfolio Turnover Rate | 59% | &nbsp;&nbsp;&nbsp;104% | &nbsp;&nbsp;&nbsp;124% | &nbsp;&nbsp;&nbsp;209% | &nbsp;&nbsp;&nbsp;133% | &nbsp;&nbsp;&nbsp;172% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | 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 1.61%, 1.20%, 1.60%, 1.63%, 0.84%, and 0.98%, respectively. |
| 3 | Includes borrowing expense on securities sold short of 0.00%, 0.00%, 0.00%, 0.00%, 0.27%, and 0.00%, respectively. |

---

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

------

Market Neutral Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$13.21** | &nbsp;&nbsp;&nbsp;**$13.18** | &nbsp;&nbsp;&nbsp;**$12.34** | &nbsp;&nbsp;&nbsp;**$10.96** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.90** | &nbsp;&nbsp;&nbsp;**$10.15** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.057 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.065 | &nbsp;&nbsp;&nbsp;&nbsp;(1.230) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.082 | &nbsp;&nbsp;&nbsp;&nbsp;(1.173) |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.679) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.077) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(.016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.679) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.077) |
| **Net Asset Value, End of Period** | **$13.66** | &nbsp;&nbsp;&nbsp;**$13.21** | &nbsp;&nbsp;&nbsp;**$13.18** | &nbsp;&nbsp;&nbsp;**$12.34** | &nbsp;&nbsp;&nbsp;**$10.96** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.90** |
| **Total Return** | **3.53%** | &nbsp;&nbsp;&nbsp;**5.91%** | &nbsp;&nbsp;&nbsp;**12.33%** | &nbsp;&nbsp;&nbsp;**13.47%** | &nbsp;&nbsp;&nbsp;**23.39%** | &nbsp;&nbsp;&nbsp;**-11.58%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $25 | &nbsp;&nbsp;&nbsp;$35 | &nbsp;&nbsp;&nbsp;$29 | &nbsp;&nbsp;&nbsp;$52 | &nbsp;&nbsp;&nbsp;$45 | &nbsp;&nbsp;&nbsp;$65 |
| Based on Total Expenses<sup>2,3</sup> | 1.75% | &nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;1.12% |
| Net of Dividend and Borrowing Expense on Securities Sold Short | 0.14% | &nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;0.14% |
| Ratio of Net Investment Income to Average Net Assets | 3.43% | &nbsp;&nbsp;&nbsp;4.96% | &nbsp;&nbsp;&nbsp;4.48% | &nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;0.59% |
| Portfolio Turnover Rate | 59% | &nbsp;&nbsp;&nbsp;104% | &nbsp;&nbsp;&nbsp;124% | &nbsp;&nbsp;&nbsp;209% | &nbsp;&nbsp;&nbsp;133% | &nbsp;&nbsp;&nbsp;172% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | 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 1.61%, 1.20%, 1.60%, 1.63%, 0.84%, and 0.98%, respectively. |
| 3 | Includes borrowing expense on securities sold short of 0.00%, 0.00%, 0.00%, 0.00%, 0.27%, and 0.00%, respectively. |

---

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

------

Market Neutral Fund

Notes to Financial Statements

Vanguard Market Neutral Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Investor Shares and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.

**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: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

2. Short Sales: Short sales are the sales of securities that the fund does not own. The fund sells a security it does not own in anticipation of a decline in the value of that security. In order to deliver the security to the purchaser, the fund borrows the security from a broker-dealer. The fund must segregate, as collateral for its obligation to return the borrowed security, an amount of cash and long security positions at least equal to the market value of the security sold short. In the absence of a default, the collateral segregated by the fund cannot be repledged, resold or rehypothecated. This results in the fund holding a significant portion of its assets in cash. The fund later closes out the position by returning the security to the lender, typically by purchasing the security in the open market. A gain, limited to the price at which the fund sold the security short, or a loss, theoretically unlimited in size, is recognized upon the termination of the short sale. The fund is charged a fee on borrowed securities, based on the market value of each borrowed security and a variable rate that is dependent upon the availability of such security, and the fund may receive a portion of the income from the investment of collateral which offsets the borrowing fee. The net amounts of fees or income are recorded as borrowing expense on securities sold short (for net fees charged) or interest income (for net income received) on the Statement of Operations. Dividends on securities sold short are reported as an expense in the Statement of Operations. Cash collateral segregated for securities sold short is recorded as an asset in the Statement of Assets and Liabilities. Long security positions segregated as collateral are shown in the Schedule of Investments.

3. 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.

4. 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.

5. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

6. 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 included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. 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 June 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

------

Market Neutral Fund

7. Other: Dividend income (or dividend expense on short positions) is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. 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.

Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses), shareholder reporting, and proxy fees. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

**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.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2025, the fund had contributed to Vanguard capital in the amount of $10,000, representing less than 0.01% of the fund's net assets and less than 0.01% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**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.

#### 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 June 30, 2025, 100% of the market value of the fund's investments was determined based on Level 1 inputs.

**D.** As of June 30, 2025, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;346596 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;99071 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(92045) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7026 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2024, the fund had available capital losses totaling $115,301,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2025; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**E.** During the six months ended June 30, 2025, the fund purchased $188,934,000 of investment securities and sold $245,377,000 of investment securities, other than temporary cash investments. The proceeds of short sales
and the cost of purchases to cover short sales were $213,131,000 and $267,851,000, respectively.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended June 30, 2025, such purchases were $1,355,000 and sales were $3,400,000, resulting in net realized gain of $1,111,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

**F.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> June 30, 2025 | Six Months Ended<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31, 2024 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31, 2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Investor Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;29748 | &nbsp;&nbsp;&nbsp;&nbsp;2227 | &nbsp;&nbsp;&nbsp;&nbsp;176162 | &nbsp;&nbsp;&nbsp;&nbsp;12625 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099 |
| Redeemed | (84129) | &nbsp;&nbsp;(6322) | &nbsp;&nbsp;(260332) | &nbsp;&nbsp;(18702) |
| Net Increase (Decrease)—Investor Shares | (54120) | &nbsp;&nbsp;(4075) | &nbsp;&nbsp;&nbsp;&nbsp;(69600) | &nbsp;&nbsp;&nbsp;&nbsp;(4978) |

---

------

Market Neutral Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> June 30, 2025 | Six Months Ended<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31, 2024 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31, 2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Institutional Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;11612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 |
| Redeemed | (21671) | &nbsp;&nbsp;(1646) | &nbsp;&nbsp;&nbsp;&nbsp;(14201) | &nbsp;&nbsp;&nbsp;&nbsp;(1038) |
| Net Increase (Decrease)—Institutional Shares | (10032) | &nbsp;&nbsp;&nbsp;&nbsp;(772) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 |

---

**G.** 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.

**H.** 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.

**I.** 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.

Q6342 082025

------

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies.**

At a special meeting of shareholders on February 26, 2025, shareholders of Vanguard Montgomery Funds (the "Trust") approved the following proposal:

Proposal 1—Elect Trustees for each fund.\*

The individuals listed in the table below were elected as Trustees. All Trustees with the exception of Mr. Murphy; Ms. Patterson; Mr. Ramji; and Ms. Venneman, served as Trustees prior to the shareholder meeting. Each vote reported below represents one dollar of the total combined net asset value of the Trust's shares held on the record date of November 26, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Trustee | Votes For | Votes Withheld | Abstained | Broker<br> Non-Votes |
| Tara Bunch | 369261860 | 2537470 | N/A | N/A |
| Mark Loughridge | 346795164 | 25004167 | N/A | N/A |
| Scott C. Malpass | 346798036 | 25001294 | N/A | N/A |
| John Murphy | 369032203 | 2767127 | N/A | N/A |
| Lubos Pastor | 369199273 | 2600057 | N/A | N/A |
| Rebecca Patterson | 369458013 | 2341317 | N/A | N/A |
| André F. Perold | 369043993 | 2755337 | N/A | N/A |
| Salim Ramji | 368982470 | 2816860 | N/A | N/A |
| Sarah Bloom Raskin | 369068777 | 2730553 | N/A | N/A |
| Grant Reid | 369408253 | 2391077 | N/A | N/A |
| David Thomas | 369299809 | 2499521 | N/A | N/A |
| Barbara Venneman | 369261860 | 2537470 | N/A | N/A |
| Peter F. Volanakis | 346812031 | 24987299 | N/A | N/A |

---

\* Results are for all funds within the same Trust.

**Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable. The Trustees' Fees and Expenses are included in the financial statements filed under Item 7 of this Form.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.**

**Trustees Approve Advisory Arrangement**

The board of trustees of Vanguard Market Neutral Fund has renewed the fund's investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Quantitative Equity Group. The board determined that continuing the fund's internalized management structure was in the best interests of the fund and its shareholders.

The board based its decision upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Oversight and Manager Search team met regularly with the advisor and made presentations to the board during the fiscal year that directed the board's focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received periodic reports throughout the year, which included information about the portfolio's performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Oversight and Manager Search team's ongoing assessment of the advisor.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board's decision.

**Nature, extent, and quality of services**

The board reviewed the quality of the fund's investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Quantitative Equity Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.

The board concluded that Vanguard's experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.

**Investment performance**

The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with a relevant benchmark index and peer group. The board concluded that the performance was such that the advisory arrangement should continue.

**Cost**

The board concluded that the fund's expense ratio was below the average expense ratio charged by funds in its peer group and that the fund's advisory expenses were also below the peer-group average.

The board does not conduct a profitability analysis of Vanguard because of Vanguard's unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

**The benefit of economies of scale**

The board concluded that the fund's arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.

The board will consider whether to renew the advisory arrangement again after a one-year period.

**Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13: Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14**: **Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15**: **Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16**: **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Internal Control Over Financial Reporting. There were no changes in the Registrant's Internal Control Over Financial Reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17**: **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18: Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19: Exhibits.**

(a)(1) Not applicable.

[(a)(2) Certifications filed herewith.](tm2519836d6_ex99-cert.htm)

[(a)(2) Certifications filed herewith.](tm2519836d6_ex99-906cert.htm)

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/ SALIM RAMJI\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: August 18, 2025

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/ SALIM RAMJI\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: August 18, 2025

---

| | |
|:---|:---|
|  | VANGUARD MONTGOMERY FUNDS |
| BY: | /s/ CHRISTINE BUCHANAN\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHRISTINE BUCHANAN |
|  | CHIEF FINANCIAL OFFICER |

---

Date: August 18, 2025

---

| | |
|:---|:---|
| \*By: | /s/ Tonya T. Robinson |

---

Tonya T. Robinson, pursuant to a [Power of Attorney](https://www.sec.gov/Archives/edgar/data/1532203/000168386325001428/f40903d9.htm) filed on February 28, 2025 (see File Number 333-177613), Incorporated by Reference.

## Ex-99.Cert

**Exhibit 99.CERT**

<u>CERTIFICATIONS</u>

I, Salim Ramji, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard Montgomery Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 18, 2025

---

| |
|:---|
| /s/ Salim Ramji |
| Salim Ramji |
| Chief Executive Officer |

---

<u>CERTIFICATIONS</u>

I, Christine Buchanan, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard Montgomery Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 18, 2025

---

| |
|:---|
| /s/ Christine Buchanan |
| Christine Buchanan |
| Chief Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>Vanguard Montgomery Funds</u>**

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
 Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the issuer.

Date: August 18, 2025

---

| |
|:---|
| /s/ Salim Ramji |
| Salim Ramji |
| Chief Executive Officer |

---

**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>Vanguard Montgomery Funds</u>**

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to her knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
 Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the issuer.

Date: August 18, 2025

---

| |
|:---|
| /s/ Christine Buchanan |
| Christine Buchanan |
| Chief Financial Officer |

---