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. 26 to the registration  statement on Form N-1A (the  "Registration
Statement")  of our report dated  December 31, 2003,  relating to the  financial
statements  and financial  highlights  appearing in the November 30, 2003 Annual
Report to Shareholders of Vanguard  Convertible  Securities  Fund, which is 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

March 1, 2004