CERTIFICATION OF ADOPTION OF RESOLUTIONS

THE UNDERSIGNED HEREBY CERTIFIES individually and on behalf of the following Delaware statutory trusts (the "Vanguard Funds"):

Vanguard Wellington Fund

Vanguard Windsor Funds, a series fund consisting of:

Vanguard Windsor Fund

Vanguard Windsor II Fund

Vanguard World Fund, a series fund consisting of:

Vanguard Consumer Discretionary Index Fund

Vanguard Consumer Staples Index Fund

Vanguard Energy Index Fund

Vanguard Financial Index Fund

Vanguard Health Care Index Fund

Vanguard Industrial lndex Fund

Vanguard Industrial Technology Fund

Vanguard Material Index Fund

Vanguard Telecommunication Services Index Fund

Vanguard Utilities Index Fund

Vanguard U.S. Growth Fund

Vanguard International Growth Fund

Vanguard Calvert Social lndex Fund

Vanguard Explorer Fund

Vanguard Morgan Growth Fund

Vanguard Wellesley Income Fund

Vanguard Fixed Income Securities Fund, a series fund consisting of:

Vanguard GNMA Fund

Vanguard High Yield Corporate Fund

Vanguard Intermediate Term Treasury Fund

Vanguard Intermediate-Term Investment-Grade Fund

Vanguard Long Term U.S. Treasury Fund

Vanguard Long-Term Investment-Grade Fund

Vanguard Short-Term Investment-Grade Fund

Vanguard Short-Term Federal Fund

Vanguard Short-Term U.S. Treasury Fund

Vanguard Inflation Protected Securities Fund

Vanguard Money Market Reserves, a series fund consisting of:

Vanguard Prime Money Market Fund

Vanguard Federal Money Market Fund

Vanguard Municipal Bond Funds, a series fund consisting of:

Vanguard Tax-Exempt Money Market Fund

Vanguard Short-Term Tax-Exempt Fund

Vanguard Intermediate-Term Tax-Exempt Fund

Vanguard Long-Term Tax-Exempt Fund

Vanguard High Yield Tax-Exempt Fund

Vanguard Insured LongTerm Tax-Exempt Fund

Vanguard Limited-Term Tax-Exempt Fund

Vanguard Index Funds, a series fund consisting of:

Vanguard Extended Market Index Fund

Vanguard Growth Index Fund

Vanguard 500 Index Fund

Vanguard Total Stock Market Index Fund

Vanguard Value Index Fund

Vanguard Mid-Cap Stock Index Fund

Vanguard Small-Cap Index Fund

Vanguard Small-Cap Value Index Fund

Vanguard Small-Cap Growth Index Fund

Vanguard Large-Cap Index Fund

Vanguard Trustees' Equity Fund, a series fund consisting of:

Vanguard International Value Fund

Vanguard Chester Funds

Vanguard PRIMECAP Fund

Vanguard Target Retirement Income Fund

Vanguard Target Retirement 2005 Fund

Vanguard Target Retirement 20 15 Fund

Vanguard Target Retirement 2025 Fund

Vanguard Target Retirement 2035 Fund

Vanguard Target Retirement 2045 Fund

Vanguard Specialized Funds, a series fund consisting of:

Vanguard Energy Fund

Vanguard Precious Metals and Mining Fund

Vanguard Health Care Fund

Vanguard REIT Index Fund

Vanguard Dividend Growth Fund

Vanguard California Tax-Free Funds, a series fund consisting of:

Vanguard California Tax-Exempt Money Market Fund

Vanguard California LongTerm Tax-Exempt Fund

Vanguard California Intermediate-Term Tax-Exempt Fund

Vanguard New York Tax-Free Funds

Vanguard New York Long-Term Tax-Exempt Fund

Vanguard New York Tax-Exempt Money Market Fund

Vanguard Pennsylvania Tax-Free Funds, a series fund consisting of:

Vanguard Pennsylvania Tax-Exempt Money Market Fund

Vanguard Pennsylvania Long-Term Tax-Exempt Fund

Vanguard Convertible Securities Fund

Vanguard Quantitative Funds, a series fund consisting of:

Vanguard Growth and Income Fund

Vanguard Bond Index Funds, a series fund consisting of:

Vanguard Total Bond Market Index Fund

Vanguard Short-Term Bond Index Fund

Vanguard IntermediateTerm Bond Index Fund

Vanguard Long-Term Bond Index Fund

Vanguard Fenway Funds, a series fund consisting of:

Vanguard Equity Income Fund

Vanguard Growth Equity Fund

Vanguard PRIMECAP Core Fund

Vanguard Balanced Index Funds

Vanguard Florida Tax Free Funds

Vanguard Admiral Funds, a series fund consisting of:

Vanguard Admiral Treasury Money Market Fund

Vanguard New Jersey Tax-Free Funds, a series fund consisting of:

Vanguard New Jersey Tax-Exempt Money Market Fund

Vanguard New Jersey Long Tern Tax-Exempt Fund

Vanguard Malvern Funds, a series fund consisting of:

Vanguard U.S. Value Fund

Vanguard Asset Allocation Fund

Vanguard Capital Value Fund

Vanguard Ohio Tax Free Funds, a series fund consisting of:

Vanguard Ohio Tax-Exempt Money Market Fund

Vanguard Ohio Long-Tern Tax-Exempt Fund

Vanguard Variable Insurance Funds, a series fund consisting of:

Money Market Portfolio

High Grade Bond Portfolio

Equity Index Portfolio

Equity Income Portfolio

Balanced Portfolio

International Portfolio

Growth Portfolio

High Yield Bond Portfolio

Diversified Value Portfolio

Mid-Cap Index Portfolio

REIT Index Portfolio

Short-Tern Investment-Grade Portfolio

Total Stock Market Index Portfolio

Total Bond Market Index Portfolio

Capital Growth Portfolio

Vanguard International Equity Index Funds, a series fund consisting of:

Vanguard Emerging Markets Stock Index Fund

Vanguard Pacific Stock Index Fund

Vanguard European Stock Index Fund

Vanguard Tax-Managed Funds, a series fund consisting of:

Vanguard Tax-Managed Growth and Income Fund

Vanguard Tax-Managed Capital Appreciation Fund

Vanguard Tax-Managed Balanced Fund

Vanguard Tax-Managed International Fund

Vanguard Tax-Managed Small Cap Fund

Vanguard Horizon Fund, a series consisting of:

Vanguard Strategic Equity Fund

Vanguard Capital Opportunity Fund

Vanguard Global Equity Fund

Vanguard Whitehall Funds, a series consisting of:

Vanguard Selected Value Fund

Vanguard International Explorer Fund

Vanguard Mid-Cap Growth Fund

Vanguard Treasury Fund, a series consisting of:

Vanguard Treasury Money Market Fund

Vanguard Massachusetts Tax-Exempt Funds

Vanguard Massachusetts Tax-Exempt Fund

Vanguard CMT Funds, a series consisting of:

Vanguard Market Liquidity Fund

Vanguard Municipal Cash Management Fund

Vanguard Yorktown Liquidity Fund

that I am the duly elected and qualified Assistant Secretary of the Vanguard Funds, and that set forth below is a true and correct copy of resolutions duly adopted by a majority of the Trustees who are not interested persons of the Vanguard Funds at meetings of the Board of Trustees of each of the Vanguard Funds duly held on January 19 and 20, 2006, and that such resolutions have not been amended or rescinded and are now in full force and effect:

RESOLVED, that the Board hereby determines that it is in the best interests of each Vanguard Fund and its shareholders to participate in the joint fidelity bond described at this meeting, which the Board finds to be reasonable in form and amount, and the Board approves the allocation of the premiums for the fidelity bond to the Fund relative to the other Vanguard Funds.

IN WITNESS WHEREOF, I have executed this Certification as of this 29^th day of May 2007.

/s/ Arthur S. Gabinet

Arthur S. Gabinet

Assistant Secretary