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. 19 to the registration statement on Form N-1A (the "Registration
Statement") of our report dated November 1, 2000, relating to the financial
statements and financial highlights appearing in the September 30, 2000 Annual
Report to Shareholders of Vanguard U.S. Value Fund, and Vanguard Asset
Allocation Fund, which are also incorporated by reference into the Registration
Statement. We also consent to the references to us under the heading "Financial
Statements" in the Prospectuses and under the headings "Financial Statements"
and "Service Providers - Independent Accountants" in the Statement of Additional
Information.
PricewaterhouseCoopers LLP
Philadelphia, PA
December 22, 2000
