Vanguard Montgomery Funds

Filed: 25 Oct 17, 8:00pm

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October 2017

P.O. Box 2600
Valley Forge, PA 19482-2600

[Address 1]
[Address 2]
[Address 3]
[City, State Zip]

Action needed: Please vote your proxy

We recently sent you a communication because you owned shares of one or more Vanguard funds on the record date of August 16, 2017, and you’re entitled to vote on several important proposals presented in a proxy by the funds’ boards of trustees.

As a co-trustee, you and Vanguard National Trust Company (VNTC) share the fiduciary responsibility of making decisions on behalf of the trust; for this reason, we’re asking you for your vote and will compare your input with VNTC’s recommendation. If both VNTC and you agree, VNTC will vote accordingly. If VNTC doesn’t come to the same conclusion, VNTC will abstain from voting on behalf of the trust.

Make sure you cast a vote even if a the trust has sold all or a portion of its shares since the August 16, 2017, record date. Your vote is important—no matter how many shares the trust owns. If you have any questions about the proxy, please call us at 800-822-8978 Monday through Friday from 8 8 p.m., Eastern time.

Please vote by October 27, 2017 to allow adequate processing time.

Thank you in advance for voting. If you have already voted, thank you for your participation in this important effort.



Vanguard National Trust Company is a federally chartered, limited-purpose trust company operated under the supervision of the Office of the Comptroller of the Currency.

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