CERTIFICATION OF ADOPTION OF RESOLUTIONS

THE UNDERSIGNED HEREBY CERTIFIES individually and on behaIf 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 Funds, a series fund consisting of:

Vanguard U.S. Growth Fund

Vanguard lnternational Growth Fund

Vanguard Calvert Social Index Fund

Vanguard Explorer Fund

Vanguard Morgan Growth Fund

Vanguard Wellesley Income Fund

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

Vanguard GNMA Fund

Vanguard High Yield Corporate Fund

Vanguard Intermediate-Term Treasury Fund

Vanguard Intermediate-Term Corporate Fund

Vanguard Long-Term U.S. Treasury Fund

Vanguard Long-Term Corporate Fund

Vanguard Short-Term Corporate 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 Long-Term Tax-Exempt Fund

Vanguard Limited-Term Tax-Exempt Fund

Vanguard STAR Fund, a series consisting of:

Vanguard STAR Fund

Vanguard Lifestrategy Income Fund

Vanguard Lifestrategy Conservative Growth Fund

Vanguard Lifestrategy Moderate Growth Fund

Vanguard Lifestrategy Growth Fund

Vanguard Total International Stock Index Fund

Vanguard Developed Markets Index Fund

Vanguard Institutional Developed Markets Index Fund

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

Vanguard Tax-Managed Growth and Income Fund

Vanguard Tax-Managed Small Cap Fund

Vanguard Tax-Managed International Fund

Vanguard Tax-Managed Capital Appreciation Fund

Vanguard Tax-Managed Balanced Fund

Vanguard Index Funds, a series fund consisting of:

Vanguard Extended Market lndex Fund

Vanguard Growth Index Fund

Vanguard 500 Index Fund

Vanguard Total Stock Market lndex Fund

Vanguard Value lndex Fund

Vanguard Mid-Cap Stock Index Fund

Vanguard Small-Cap lndex Fund

Vanguard Small-Cap Value lndex Fund

Vanguard Small-Cap Growth Index Fund

Calvert Social Index Fund

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

Vanguard International Value Fund

Vanguard Chester Funds

Vanguard Specialized Funds, a series fund consisting of:

Vanguard Energy Fund

Vanguard Precious Metals and Mining Fund

Vanguard Health Care Fund

Vanguard Utilities Income 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 Long-Term 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 & Income Fund

Vanguard Bond Index Funds, a series fund consisting of:

Vanguard Total Bond Market Index Fund

Vanguard Short-Term Bond Index Fund

Vanguard Intermediate-Term Bond Index Fund

Vanguard Long-Term Bond Index Fund

Vanguard Fenway Funds

Vanguard Equity Income Fund

Vanguard Growth Equity Fund

Vanguard Balanced Index Funds

Vanguard Florida Tax-Free Funds

Vanguard Admiral Funds, Inc., 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 Term Tax-Exempt Fund

Vanguard Malvern Funds, a series fund consisting of:

Vanguard U.S. Value Fund

Vanguard Asset Allocation

Vanguard Capital Value

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

Vanguard Ohio Tax-Exempt Money Market Fund

Vanguard Ohio Long-Term Tax-Exempt Fund

Vanguard Variable Insurance Funds, a series find 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-Term Investment Grade Portfolio

Total Stock Market Index Portfolio

Total Bond Market Index Portfolio

Capital Growth Portfolio

Vanguard Institutional Index Fund, a series fund consisting of:

Vanguard Institutional lndex Fund

Vanguard Institutional Total Stock Market Index Fund

Vanguard Institutional Total Bond Market Index Fund

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

Vanguard Emerging Markets Stock Index Fund

Vanguard Pacific Stock Index Fund

Vanguard European Stock Index 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 December 17 ,2004, 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 the Fund to participate in the joint 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 of May 2007.

/s/ Arthur S. Gabinet

Arthur S. Gabinet

Assistant Secretary