Vanguard Valley Forge Funds

08/27/2026 | Press release | Distributed by Public on 08/27/2026 09:19

Semi-Annual Report by Investment Company (Form N-CSRS)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-58431

Name of Registrant: Vanguard Valley Forge Funds
Address of Registrant: P.O. Box 2600
Valley Forge, PA 19482
Name and address of agent for service: Natalie Lamarque, Esquire
P.O. Box 876
Valley Forge, PA 19482

Registrant's telephone number, including area code: (610) 669-1000

Date of fiscal year end: December 31

Date of reporting period: January 1, 2026-June 30, 2026

Item 1: Reports to Shareholders.

TABLE OF CONTENTS

Baillie Gifford Global Positive Impact Stock Fund
Investor Shares - VBPIX

   

Vanguard Baillie Gifford Global Positive Impact Stock Fund

Investor Shares (VBPIX)

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about Vanguard Baillie Gifford Global Positive Impact Stock Fund (the "Fund") for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor Shares
$31
0.59%Footnote Reference1
Footnote Description
Footnote1
Annualized.

Fund Statistics (as of June 30, 2026)

Table Summary
Fund Net Assets (in millions)
$291
Number of Portfolio Holdings
43
Portfolio Turnover Rate
20%

Portfolio Composition % of Net Assets (as of June 30, 2026)

Table Summary
Asia
22.0%
Europe
15.7%
North America
57.2%
South America
4.5%
Other Assets and Liabilities-Net
0.6%

This table reflects the Fund's investments, including short-term investments and other assets and liabilities.

How has the Fund changed?

Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities through its wholly-owned subsidiaries, Vanguard Capital Management, LLC and Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since December 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

Where can I find additional information about the Fund?

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

Connect with Vanguard® • vanguard.com

Fund Information • 800-662-7447

Direct Investor Account Services • 800-662-2739

Text Telephone for People Who Are Deaf or Hard of Hearing •

800-749-7273

© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SRV010

Item 2: Code of Ethics.

Not applicable.

Item 3: Audit Committee Financial Expert.

Not applicable.

Item 4: Principal Accountant Fees and Services.

Not applicable.

Item 5: Audit Committee of Listed Registrants.

Not applicable.

Item 6: Investments.

Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of this Form.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

 
Financial Statements
For the six-months ended June 30, 2026
Vanguard Baillie Gifford Global Positive Impact Stock Fund
 
Contents 
Financial Statements
1
 
 
Baillie Gifford Global Positive Impact Stock Fund
Financial Statements (unaudited)
Schedule of Investments
As of June 30, 2026
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov. 
Shares
Market
Value•
($000)
Common Stocks (99.4%)
Brazil (4.5%)
*
MercadoLibre Inc.
    4,675
  7,935
*
NU Holdings Ltd. Class A
  389,068
  5,198
  
         
 13,133
Canada (0.8%)
*
Shopify Inc. Class A (XTSE)  
   19,444
  2,220
China (2.6%)
 
Contemporary Amperex Technology Co. Ltd. Class A (XSHE)  
  132,765
  7,718
Hong Kong (2.3%)
 
Prudential plc (XLON)  
  500,250
  6,644
India (2.6%)
 
HDFC Bank Ltd.  
  910,989
  7,688
Italy (1.8%)
 
Prysmian SpA  
   30,871
  5,197
Kazakhstan (1.7%)
 
Kaspi.KZ JSC ADR (Registered)  
   56,364
  4,883
Netherlands (6.9%)
 
ASML Holding NV  
   10,089
 19,978
Singapore (4.1%)
*
Grab Holdings Ltd. Class A
1,958,423
  7,383
*
Sea Ltd. ADR
   48,291
  4,628
  
         
 12,011
Sweden (3.9%)
 
Epiroc AB Class B
  314,545
  7,301
 
Beijer Ref AB Class B
  287,798
  4,218
  
         
 11,519
Switzerland (3.1%)
 
Sandoz Group AG  
   98,977
  8,943
Taiwan (8.7%)
 
Taiwan Semiconductor Manufacturing Co. Ltd. (XTAI)  
  321,000
 25,324
United States (56.4%)
 
KLA Corp.
   45,960
 13,866
*
Remitly Global Inc.
  588,656
 13,192
 
Deere & Co.
   20,467
 12,983
 
Microsoft Corp.
   28,854
 10,763
*
Illumina Inc.
   60,102
 10,568
 
Ecolab Inc.
   34,915
  9,728
 
New York Times Co. Class A
  124,064
  8,682
 
Schneider Electric SE
   26,311
  8,610
*
Alnylam Pharmaceuticals Inc.
   27,084
  8,153
 
Sunbelt Rentals Holdings Inc.
  105,927
  7,727
*
ARM Holdings plc ADR
   20,816
  7,381
*
Veeva Systems Inc. Class A
   36,722
  6,517
*
Vertex Pharmaceuticals Inc.
   13,018
  6,466
*
Dexcom Inc.
   77,743
  5,236
*
Edwards Lifesciences Corp.
   50,564
  4,574
*
Autodesk Inc.
   22,883
  4,449
*
Savers Value Village Inc.
  409,215
  4,129
*
Coursera Inc.
  729,412
  4,114
*
Duolingo Inc.
   34,177
  3,931
1
Baillie Gifford Global Positive Impact Stock Fund
Shares
Market
Value•
($000)
*
Insulet Corp.
   22,235
  3,385
 
Intuit Inc.
   12,681
  3,310
*
Joby Aviation Inc.
  260,593
  2,324
*
Rivian Automotive Inc. Class A
   95,962
  1,665
*
Billiontoone Inc. Class A
   10,258
  1,231
*
Circle Internet Group Inc.
   11,976
    750
*
Procept Biorobotics Corp.
   22,453
    507
*,1
ABIOMED Inc. CVR
   16,638
     17
  
         
164,258
Total Common Stocks (Cost $212,033)
289,516
Temporary Cash Investments (0.9%)
Money Market Fund (0.9%)
2
Vanguard Market Liquidity Fund, 3.682% (Cost $2,553)
   25,536
       2,553
Total Investments (100.3%) (Cost $214,586)
292,069
Other Assets and Liabilities-Net (-0.3%)
(894)
Net Assets (100%)
291,175
Cost is in $000.
 
•
See Note A in Notes to Financial Statements.
*
Non-income-producing security.
1
Security value determined using significant unobservable inputs.
2
Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
ADR-American Depositary Receipt.
CVR-Contingent Value Rights.
 
See accompanying Notes, which are an integral part of the Financial Statements.
2
Baillie Gifford Global Positive Impact Stock Fund
Statement of Assets and Liabilities
As of June 30, 2026
 
($000s, except shares and per-share amounts)
Amount
Assets
Investments in Securities, at Value
Unaffiliated Issuers (Cost $212,033)
289,516
Affiliated Issuers (Cost $2,553)
2,553
Total Investments in Securities
292,069
Investment in Vanguard
6
Receivables for Accrued Income
303
Receivables for Capital Shares Issued
173
Total Assets
292,551
Liabilities
Payables for Investment Securities Purchased
11
Payables to Investment Advisor
306
Payables for Capital Shares Redeemed
1,021
Payables to Vanguard
17
Deferred Foreign Capital Gains Taxes
21
Total Liabilities
1,376
Net Assets
291,175
At June 30, 2026, net assets consisted of:
Paid-in Capital
240,861
Total Distributable Earnings (Loss)
50,314
Net Assets
291,175
Net Assets
Applicable to 11,743,337 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
291,175
Net Asset Value Per Share
$24.79
  See accompanying Notes, which are an integral part of the Financial Statements.
3
Baillie Gifford Global Positive Impact Stock Fund
Statement of Operations
 
Six Months Ended
June 30, 2026
($000)
Investment Income
Income
Dividends1
1,312
Interest2
52
Total Income
1,364
Expenses
Investment Advisory Fees-Note B
614
The Vanguard Group-Note C
Management and Administrative
139
Marketing and Distribution
11
Custodian Fees
10
Shareholders' Reports
13
Trustees' Fees and Expenses
-
Other Expenses
15
Total Expenses
802
Net Investment Income
562
Realized Net Gain (Loss)
Investment Securities Sold2
18,965
Foreign Currencies
(27
)
Realized Net Gain (Loss)
18,938
Change in Unrealized Appreciation (Depreciation)
Investment Securities2,3
10,491
Foreign Currencies
(13
)
Change in Unrealized Appreciation (Depreciation)
10,478
Net Increase (Decrease) in Net Assets Resulting from Operations
29,978
 
1
Dividends are net of foreign withholding taxes of $147.
2
Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $50, less than $1, and less than $1, respectively. Purchases and sales are for
temporary cash investment purposes.
3
The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of ($283).
  See accompanying Notes, which are an integral part of the Financial Statements.
4
Baillie Gifford Global Positive Impact Stock Fund
Statement of Changes in Net Assets
 
Six Months Ended
June 30,
2026
Year Ended
December 31,
2025
($000)
($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income
562
501
Realized Net Gain (Loss)
18,938
5,729
Change in Unrealized Appreciation (Depreciation)
10,478
25,262
Net Increase (Decrease) in Net Assets Resulting from Operations
29,978
31,492
Distributions
Total Distributions
(194
)
(461
)
Capital Share Transactions
Issued
22,959
101,632
Issued in Lieu of Cash Distributions
161
385
Redeemed
(37,493
)
(72,723
)
Net Increase (Decrease) from Capital Share Transactions
(14,373
)
29,294
Total Increase (Decrease)
15,411
60,325
Net Assets
Beginning of Period
275,764
215,439
End of Period
291,175
275,764
  See accompanying Notes, which are an integral part of the Financial Statements.
5
Baillie Gifford Global Positive Impact Stock Fund
Financial Highlights
 
  
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2026
Year Ended December 31,
2025
2024
2023
20221
20211
Net Asset Value, Beginning of Period
$22.24
$19.20
$18.68
$16.28
$23.89
$23.79
Investment Operations
Net Investment Income (Loss)2
.047
.043
.048
.054
.007
(.08)
Net Realized and Unrealized Gain (Loss) on Investments
2.519
3.037
.492
2.428
(7.246)
2.25
Total from Investment Operations
2.566
3.080
.540
2.482
(7.239)
2.17
Distributions
Dividends from Net Investment Income
(.016)
(.040)
(.020)
(.082)
(.031)
-
Distributions from Realized Capital Gains
-
-
-
-
(.340)
(2.07)
Total Distributions
(.016)
(.040)
(.020)
(.082)
(.371)
(2.07)
Net Asset Value, End of Period
$24.79
$22.24
$19.20
$18.68
$16.28
$23.89
Total Return3
11.58%
16.07%
2.89%
15.26%
-30.25%
9.15%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)
$291
$276
$215
$253
$162
$87
Ratio of Net Expenses to Average Net Assets
0.59%
0.59%
0.59%
0.59%
0.64%4
0.72%4
Ratio of Net Investment Income (Loss) to Average Net Assets
0.41%
0.20%
0.26%
0.31%
0.04%
(0.28%)
Portfolio Turnover Rate
20%
32%
30%
26%
35%
28%
The expense ratio and net investment income ratio for the current period have been annualized.
 
1
Includes activity of the Predecessor Fund through 7/18/22. See Note H in the Notes to Financial Statements.
2
Calculated based on average shares outstanding.
3
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
4
The ratio of total expenses to average net assets before an expense waiver was 0.68% for 2022 and 0.77% for 2021. See Note H in the Notes to Financial Statements.
 
See accompanying Notes, which are an integral part of the Financial Statements.
6
Baillie Gifford Global Positive Impact Stock Fund
Notes to Financial Statements
Vanguard Baillie Gifford Global Positive Impact Stock Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.
A.
The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund
consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund's pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Other temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at the higher of the effective federal funds rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended June 30, 2026, the fund did not utilize the credit facilities or the Interfund Lending Program.
6. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Taxes on foreign dividends and capital gains have been provided for in accordance with the applicable countries' tax rules and rates. Deferred foreign capital gains tax, if any, is accrued daily based upon net unrealized gains.
B.
Baillie Gifford Overseas Ltd. provides investment advisory services to the fund for a basic fee calculated at an annual percentage rate of average
net assets. For the six months ended June 30, 2026, the investment advisory fee represented an effective annual basic rate of 0.45% of fund's average net assets.
C.
In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund
corporate management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of
operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.
7
Baillie Gifford Global Positive Impact Stock Fund
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2026, the fund had contributed to Vanguard capital in the amount of $6,000, representing less than 0.01% of the fund's net assets and less than 0.01% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.
D.
Various inputs may be used to determine the value of the fund's investments. These inputs are summarized in three broad levels for financial
statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in
those securities.
Level 1-Quoted prices in active markets for identical securities.
Level 2-Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3-Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund's investments as of June 30, 2026, based on the inputs used to value them: 
Level 1
($000)
Level 2
($000)
Level 3
($000)
Total
($000)
Investments 
Assets
Common Stocks-North and South America
163,257
16,337
17
179,611
Common Stocks-Other
16,894
93,011
-
109,905
Temporary Cash Investments
2,553
-
-
2,553
Total
182,704
109,348
17
292,069
E.
As of June 30, 2026, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows: 
Amount
($000)
Tax Cost
215,261
Gross Unrealized Appreciation
90,995
Gross Unrealized Depreciation
(14,187)
Net Unrealized Appreciation (Depreciation)
76,808
The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2025, the fund had available capital losses totaling $45,594,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2026; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
F.
During the six months ended June 30, 2026, the fund purchased $54,633,000 of investment securities and sold $67,252,000 of investment securities, other than temporary cash investments.
G.
Capital share transactions for each class of shares were:
 
Six Months
Ended
June 30,
2026
Year Ended
December 31,
2025
Shares
(000)
Shares
(000)
Issued
1,011
4,681
Issued in Lieu of Cash Distributions
8
19
Redeemed
(1,675)
(3,522)
Net Increase (Decrease) in Shares Outstanding
(656)
1,178
H.
On July 18, 2022, the fund acquired all net assets of the Baillie Gifford Positive Change Equities Fund (the Predecessor Fund). The primary reasons for the acquisition were to reduce shareholder costs using the fund's lower operating cost structure and achieve greater economies of scale through access to the fund's larger retail distribution network. The acquisition was accomplished by a tax-free exchange of 3.7 million and 5.6 million of the fund's Investor Class shares for the 3.7 million Institutional Class shares and the 5.6 million Class K shares of the Predecessor Fund, respectively, on July 18, 2022. The Predecessor Fund's net assets of $143.3 million, including $32.0 million of unrealized depreciation, were acquired by the fund on July 18, 2022. Historical performance information of the Investor Class through July 18, 2022 is representative of the Institutional Class of the Predecessor Fund.
Baillie Gifford and its affiliates were responsible for providing certain administrative services to the Predecessor Fund, as well as coordinating, overseeing and supporting services provided to the Predecessor Fund by third parties, including financial intermediaries that hold accounts with the Predecessor Fund, for a fee. Through July 18, 2022, Baillie Gifford contractually agreed to waive its fees and/or bear expenses of the Predecessor
8
Baillie Gifford Global Positive Impact Stock Fund
Fund to the extent that the Predecessor Fund's total annual operating expenses (excluding any taxes, sub-accounting expenses and extraordinary expenses) exceeded 0.65% of each of the Predecessor Fund's Institutional Class and Class K average daily net assets. Waived fees or expenses reimbursed are not subject to recoupment by Baillie Gifford.
I.
Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory
conditions, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse
impact on the value of the fund's investments and fund performance.
To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
At June 30, 2026, one shareholder was the record or beneficial owner of 28% of the fund's net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund's expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.
J.
Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their
operating results regularly reviewed by a chief operating decision maker ("CODM"). The fund is considered a single segment. Vanguard's chief
executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund's chief financial officer
collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's
daily operations. Through these committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its
prospectus, through the execution of the fund's investment strategies. When assessing segment performance and making decisions about segment
resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the
information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying
financial statements.
K.
Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would
require recognition or disclosure in these financial statements.
QV0102 082026
9

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9: Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable. The Trustees' Fees and Expenses are included in the financial statements filed under Item 7 of this Form.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.

Not applicable.

Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13: Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15: Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 16: Controls and Procedures.

(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

(b) Internal Control Over Financial Reporting. There were no changes in the Registrant's Internal Control Over Financial Reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 17: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18: Recovery of Erroneously Awarded Compensation

Not applicable.

Item 19: Exhibits.

(a)(1) Not applicable.
(a)(2) Certifications filed herewith.
(a)(2) Certifications filed herewith.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

VANGUARD VALLEY FORGE FUNDS
BY:

/s/ SALIM RAMJI*

SALIM RAMJI
CHIEF EXECUTIVE OFFICER

Date: August 17, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

VANGUARD VALLEY FORGE FUNDS
BY:

/s/ SALIM RAMJI*

SALIM RAMJI
CHIEF EXECUTIVE OFFICER

Date: August 17, 2026

VANGUARD VALLEY FORGE FUNDS
BY:

/s/ CHRISTINE BUCHANAN*

CHRISTINE BUCHANAN
CHIEF FINANCIAL OFFICER

Date: August 17, 2026

*By: /s/ Natalie Lamarque

Natalie Lamarque, pursuant to a Power of Attorney filed on December 19, 2025 (see File Number 33-49023), and to a Power of Attorney filed on February 27, 2026 (see File Number 333-177613), Incorporated by Reference.

Vanguard Valley Forge Funds published this content on August 27, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 27, 2026 at 15:20 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]