CONSENT OF INDEPENDENT ACCOUNTANTS

We hereby consent to the incorporation by reference in the Combined Proxy
Statement and Prospectus constituting part of this registration statement on
Form N-14 (the "Registration Statement") of our report dated February 6, 1998,
relating to the financial statements and financial highlights appearing in the
December 31, 1997 Annual Report to Shareholders of the Vanguard Growth and
Income Portfolio, which is incorporated by reference into the Registration
Statement. We also consent to the incorporation by reference in the Prospectus
and Statement of Additional Information dated April 17, 1998 constituting parts
of the registration statement on Form N-1A of Vanguard Growth and Income
Portfolio of our report dated February 6, 1998, relating to the financial
statements and financial highlights appearing in the December 31, 1997 Annual
Report to Shareholders to Vanguard Growth and Income Portfolio, which Prospectus
and Statement of Additional Information are incorporated by reference in the
Registration Statement. We also consent to the incorporation by reference in the
Prospectus and Statement of Additional Information dated April 30, 1998
constituting parts of the registration statement on Form N-1A of Vanguard
Trustees' Equity Fund of our report dated February 6, 1998, relating to the
financial statements and financial highlights appearing in the December 31, 1997
Annual Report to Shareholders of Vanguard Trustees' Equity Fund - U.S.
Portfolio, which Prospectus and Statement of Additional Information are
incorporated by reference into the Registration Statement. We also consent to
the references to us under the headings "Financial Highlights" in the
Prospectuses and "Financial Statements" in the Statements of Additional
Information for Vanguard Growth and Income Portfolio and Trustees Equity Fund
and to the reference to us under the heading "General Information" in the
Prospectus of Vanguard Growth and Income Portfolio.


/s/ Price Waterhouse LLP
- - ------------------------
PRICE WATERHOUSE LLP
Philadelphia, Pennsylvania 
May 20,1998