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. 87 to the registration  statement on Form N-1A (the  "Registration
Statement")  of our  reports  dated  January  30,  2003,  and  February 5, 2003,
relating to the financial  statements and financial  highlights appearing in the
December  31, 2002 Annual  Reports to  Shareholders  of Vanguard 500 Index Fund,
Vanguard U.S. Stock Index Funds,  Vanguard  Institutional  Index Fund,  Vanguard
Institutional  Total Stock Market Index Fund, and Vanguard  Institutional  Total
Bond  Market  Index  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

June 25, 2003