NOTICE
THE PURPOSE OF THIS POWER OF ATTORNEY IS TO GIVE THE PERSONS YOU DESIGNATE
(YOUR "AGENTS") BROAD POWERS TO ACT ON YOUR BEHALF WITH THE U.S. SECURITIES AND
EXCHANGE COMMISSION (THE "COMMISSION"), WHICH MAY INCLUDE, BUT ARE NOT LIMITED
TO, POWERS TO FILE A REGISTRATION STATEMENT, TO FILE ANY AND ALL APPLICATIONS
FOR EXEMPTIVE RELIEF FROM STATE OR FEDERAL REGULATIONS, AND TO PERFORM ANY AND
ALL ACTS THE AGENTS DEEM NECESSARY TO ENABLE THE UNDERSIGNED PERSONS TO COMPLY
WITH THE APPLICABLE LAWS OF THE UNITED STATES WITHOUT ADVANCE NOTICE TO YOU OR
APPROVAL BY YOU.
THIS POWER OF ATTORNEY DOES NOT IMPOSE A DUTY ON YOUR AGENTS TO EXERCISE
GRANTED POWERS, BUT WHEN POWERS ARE EXERCISED, YOUR AGENTS MUST USE DUE CARE TO
ACT FOR YOUR BENEFIT AND IN ACCORDANCE WITH THIS POWER OF ATTORNEY.
YOUR AGENTS MAY EXERCISE THE POWERS GIVEN HERE THROUGHOUT YOUR LIFETIME,
EVEN AFTER YOU BECOME INCAPACITATED, UNLESS YOU EXPRESSLY LIMIT THE DURATION OF
THESE POWERS OR YOU REVOKE THESE POWERS OR A COURT ACTING ON YOUR BEHALF
TERMINATES YOUR AGENTS' AUTHORITY.
YOUR AGENTS MUST KEEP YOUR FUNDS SEPARATE FROM YOUR AGENTS' FUNDS.
A COURT CAN TAKE AWAY THE POWERS OF YOUR AGENTS IF IT FINDS YOUR AGENTS
ARE NOT ACTING PROPERLY.
THE POWERS AND DUTIES OF AN AGENT UNDER A POWER OF ATTORNEY ARE EXPLAINED
MORE FULLY IN 20 PA.C.S. CH. 56.
IF THERE IS ANYTHING ABOUT THIS FORM THAT YOU DO NOT UNDERSTAND, YOU SHOULD
ASK A LAWYER OF YOUR OWN CHOOSING TO EXPLAIN IT TO YOU.
I HAVE READ OR HAD EXPLAINED TO ME THIS NOTICE AND I UNDERSTAND ITS
CONTENTS.
NAME TITLE DATE
/S/ JOHN J. BRENNAN JULY 20, 2007
- -------------------------- Chairman, Chief Executive ---------------------------
John J. Brennan Officer, and Trustee July 20, 2007
/S/ THOMAS J. HIGGINS JULY 20, 2007
- -------------------------- Treasurer (Principal Financial ---------------------------
Thomas J. Higgins and Accounting Officer) July 20, 2007
/S/ CHARLES D. ELLIS JULY 20, 2007
- -------------------------- ---------------------------
Charles D. Ellis Trustee July 20, 2007
/S/ RAJIV L. GUPTA JULY 20, 2007
- -------------------------- ---------------------------
Rajiv L. Gupta Trustee July 20, 2007
/S/ AMY GUTMANN JULY 20, 2007
- -------------------------- ---------------------------
Amy Gutmann Trustee July 20, 2007
/S/ JOANN HEFFERNAN HEISEN JULY 20, 2007
- -------------------------- ---------------------------
JoAnn Heffernan Heisen Trustee July 20, 2007
/S/ ANDRE F. PEROLD JULY 20, 2007
- -------------------------- ---------------------------
Andre F. Perold Trustee July 20, 2007
/S/ ALFRED M. RANKIN, JR. JULY 20, 2007
- -------------------------- ---------------------------
Alfred M. Rankin, Jr. Trustee July 20, 2007
/S/ J. LAWRENCE WILSON JULY 20, 2007
- -------------------------- ---------------------------
J. Lawrence Wilson Trustee July 20, 2007
The above-listed Directors/Trustees sit on the Board for each Registrant.
2
Vanguard Wellington Fund Vanguard New York Tax-Free Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard Windsor Funds Vanguard Pennsylvania Tax-Free Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard World Funds Vanguard New Jersey Tax-Free Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard Explorer Fund Vanguard Ohio Tax-Free Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard Morgan Growth Fund Vanguard Convertible Securities Fund
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard Wellesley Income Fund Vanguard Quantitative Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
3
Vanguard Fixed Income Securities Funds Vanguard Fenway Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard Money Market Funds Vanguard Malvern Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard International Equity Index Funds Vanguard Index Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard Variable Insurance Fund Vanguard Municipal Bond Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard STAR Fund Vanguard Trustees Equity Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard Whitehall Funds Vanguard CMT Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
4
Vanguard Specialized Funds Vanguard Tax-Managed Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard Chester Funds Vanguard Treasury Fund
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard Florida Tax-Free Funds Vanguard Horizon Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard California Tax-Free Funds Vanguard Institutional Index Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard Balanced Index Fund Vanguard Bond Index Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard Massachusetts Tax-Exempt Funds Vanguard Admiral Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard Montgomery Funds
By /S/ JOHN J. BRENNAN
--------------------
Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and
Trustee
5
POWER OF ATTORNEY
Each person (as such term is defined in the Securities Act of 1933, as
amended) whose signature appears below (the "Principals") hereby constitutes and
appoints Heidi Stam and Arthur Gabinet and each of them, with full power to act
without the other, as the true and lawful attorney-in-fact and agent, with full
and several power of substitution, of such undersigned person with authority to
take any appropriate action to execute in the name of and on behalf of such
undersigned person, and to file with the Commission, any and all amendments
(including without limitation post-effective amendments) to a registration
statement, any and all applications for exemptive relief from state or federal
regulations, and any and all amendments thereto, or any other forms of
documents, including without limitation, any registration statement on Form
N-14, and any and all amendments thereto, and to perform any and all such acts
as such attorney-in-fact may deem necessary or advisable to enable the following
named persons that are registered with the Commission (the "Registrants") to
comply with the applicable laws of the United States, any individual state or
similar jurisdiction of the United States, and in connection therewith to
execute and file all requisite papers and documents, including but not limited
to, applications, reports, notices, surety bonds, irrevocable consents and
appointments of attorneys for service of process; granting to such
attorneys-in-fact and agents, and each of them, full power and authority to do
and perform each and every act requisite and necessary to be done in connection
therewith, as fully as the relevant Registrant and undersigned person might or
could do herself, himself or itself or in person, hereby ratifying and
confirming all that such attorneys-in-fact and agents or any of them, or their
substitute or substitutes, may lawfully do or cause to be done by virtue hereof:
Vanguard Wellington Fund (2-11444) Vanguard New York Tax-Free Funds (33-2908)
Vanguard Windsor Funds (2-14336) Vanguard Pennsylvania Tax-Free Funds (33-2907)
Vanguard World Funds (2-17620) Vanguard New Jersey Tax-Free Funds (33-17351)
Vanguard Explorer Fund (2-27203) Vanguard Ohio Tax-Free Funds (33-34261)
Vanguard Morgan Growth Fund (2-29601) Vanguard Convertible Securities Fund (33-4424)
Vanguard Wellesley Income Fund (2-31333) Vanguard Quantitative Funds (33-8553)
Vanguard Fixed Income Securities Funds (2-47371) Vanguard Fenway Funds (33-19446)
Vanguard Money Market Funds (2-52698) Vanguard Malvern Funds (33-23444)
Vanguard Index Funds (2-56846) Vanguard International Equity Index Funds (33-32548)
Vanguard Municipal Bond Funds (2-57689) Vanguard Variable Insurance Fund (33-32216)
Vanguard Trustees Equity Funds (2-65955-99) Vanguard STAR Fund (2-88373)
Vanguard Specialized Funds (2-88116) Vanguard Whitehall Funds (33-64845)
Vanguard Chester Funds (2-92948) Vanguard Tax-Managed Funds (33-53683)
Vanguard Florida Tax-Free Funds (33-48783) Vanguard Treasury Fund (333-11763)
Vanguard California Tax-Free Funds (33-1569) Vanguard Horizon Funds (33-56443)
Vanguard Massachusetts Tax-Exempt Funds (333-63579) Vanguard Institutional Index Funds (33-34494)
Vanguard Balanced Index Fund (33-48863) Vanguard Admiral Funds (33-49023)
Vanguard CMT Funds (333-111362) Vanguard Bond Index Funds (33-6001)
Vanguard Montgomery Funds
The Principals hereby revoke all powers of attorney which they may have
heretofore granted regarding the subject matter hereof.
6
Each of the undersigned persons has executed this Power of Attorney in
the capacity and on the date indicated opposite the name of the undersigned
person.
NAME TITLE DATE
/S/ JOHN J. BRENNAN JULY 20,2007
- -------------------------- Chairman, Chief Executive ---------------------------
John J. Brennan Officer, and Trustee July 20,2007
/S/ THOMAS J. HIGGINS JULY 20,2007
- -------------------------- Treasurer (Principal Financial ---------------------------
Thomas J. Higgins and Accounting Officer) July 20,2007
/S/ CHARLES D. ELLIS JULY 20,2007
- -------------------------- ---------------------------
Charles D. Ellis Trustee July 20,2007
/S/ RAJIV L. GUPTA JULY 20,2007
- -------------------------- ---------------------------
Rajiv L. Gupta Trustee July 20,2007
/S/ AMY GUTMANN JULY 20,2007
- -------------------------- ---------------------------
Amy Gutmann Trustee July 20,2007
/S/ JOANN HEFFERNAN HEISEN JULY 20,2007
- -------------------------- ---------------------------
JoAnn Heffernan Heisen Trustee July 20,2007
/S/ ANDRE F. PEROLD JULY 20,2007
- -------------------------- ---------------------------
Andre F. Perold Trustee July 20,2007
/S/ ALFRED M. RANKIN, JR. JULY 20,2007
- -------------------------- ---------------------------
Alfred M. Rankin, Jr. Trustee July 20,2007
/S/ J. LAWRENCE WILSON JULY 20,2007
- -------------------------- ---------------------------
J. Lawrence Wilson Trustee July 20,2007
The above-listed Directors/Trustees sit on the Board for each Registrant.
7
Vanguard Wellington Fund Vanguard New York Tax-Free Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard Windsor Funds Vanguard Pennsylvania Tax-Free Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard World Funds Vanguard New Jersey Tax-Free Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard Explorer Fund Vanguard Ohio Tax-Free Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard Morgan Growth Fund Vanguard Convertible Securities Fund
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard Wellesley Income Fund Vanguard Quantitative Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
8
Vanguard Fixed Income Securities Funds Vanguard Fenway Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard Money Market Funds Vanguard Malvern Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard International Equity Index Funds Vanguard Index Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard Variable Insurance Fund Vanguard Municipal Bond Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard STAR Fund Vanguard Trustees Equity Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard Whitehall Funds Vanguard CMT Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
9
Vanguard Specialized Funds Vanguard Tax-Managed Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard Chester Funds Vanguard Treasury Fund
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard Florida Tax-Free Funds Vanguard Horizon Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard California Tax-Free Funds Vanguard Institutional Index Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard Balanced Index Fund Vanguard Bond Index Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard Massachusetts Tax-Exempt Funds Vanguard Admiral Funds
By /S/ JOHN J. BRENNAN By /S/ JOHN J. BRENNAN
-------------------- --------------------
Name: John J. Brennan Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and Title: Chairman, Chief Executive Officer, and
Trustee Trustee
Vanguard Montgomery Funds
By /S/ JOHN J. BRENNAN
--------------------
Name: John J. Brennan
Title: Chairman, Chief Executive Officer, and
Trustee
10
ACKNOWLEDGMENT
We, Heidi Stam and Arthur Gabinet, have read the attached power of attorney
and are the persons identified as the agents for the Registrants. We hereby
acknowledge that in the absence of a specific provision to the contrary in the
power of attorney or in 20 Pa.C.S. when we act as agents:
We shall exercise the powers for the benefit of the Registrants.
We shall keep the assets of the Registrants separate from our assets.
We shall exercise reasonable caution and prudence.
We shall keep a full and accurate record of all actions, receipts, and
disbursements on behalf of the Registrants.
Date: JULY 20, 2007
-------------------
/S/ HEIDI STAM
------------------------------
Heidi Stam
/S/ ARTHUR GABINET
------------------------------
Arthur Gabinet
- --------------------------------------------------------------------------------
PROPOSED RESOLUTION
APPROVAL OF A POWER OF ATTORNEY
- --------------------------------------------------------------------------------
RESOLVED, that the proposed Power of Attorney, in substantially the form
presented to this meeting, constituting and appointing Heidi Stam and Arthur
Gabinet each with full power to act alone) as attorneys-in-fact and agents for
(i) each of the Directors, Trustees, principal executive officer and principal
financial and accounting officer of the investment companies that are listed in
the proposed Power of Attorney (each of such investment companies, a "Vanguard
Company"); and (ii) each of the Vanguard Companies, for the purpose of executing
and filing for and on behalf of the Vanguard Companies all requisite papers and
documents with the U.S. Securities and Exchange Commission and the offices of
the securities administrators of the states and similar jurisdictions of the
United States to comply with the applicable laws of the United States, any
individual state or similar jurisdiction of the United States, is hereby
approved and may be executed by each designated Director/Trustee, officer and
Vanguard Company.