CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Prospectuses and
Statement of Additional Information constituting parts of this Post-Effective
Amendment No. 22 to the registration statement on Form N-1A (the "Registration
Statement") of our reports dated November 1, 2000, relating to the financial
statements and financial highlights appearing in the September 30, 2000 Annual
Reports to Shareholders of Vanguard Equity Income Fund and Vanguard Growth
Equity Fund, which are also incorporated by reference into the Registration
Statement. We also consent to the references to us under the heading "Financial
Highlights" in the Prospectuses and under the headings "Financial Statements"
and "Service Providers-Independent Accountants" in the Statement of Additional
Information.
PricewaterhouseCoopers LLP
Philadelphia, PA
January 11, 2001
