# EDGAR Filing Document

**Accession Number:** 0000889519
**File Stem:** 0000889519-25-000041
**Filing Date:** 2025-11
**Character Count:** 29103
**Document Hash:** 063031f57b7f0298a13021448faeea75
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000889519-25-000041.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000889519-25-000041

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD VALLEY FORGE FUNDS
- **CENTRAL INDEX KEY:** 0000889519

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-58431
- **FILM NUMBER:** 251518242

**BUSINESS ADDRESS:**
- **STREET 1:** P O BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 6106691000

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD BALANCED INDEX FUNDS
- **DATE OF NAME CHANGE:** 20070223

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD BALANCED INDEX FUND
- **DATE OF NAME CHANGE:** 20011121

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD BALANCED INDEX FUND INC
- **DATE OF NAME CHANGE:** 19920715

## Series and Classes Contracts Data

### Vanguard Baillie Gifford Global Positive Impact Stock Fund (Series ID: S000075775)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000235057 | Investor Shares | VBPIX           |

## Nport-Ex

Vanguard<sup>®</sup> Baillie Gifford Global Positive Impact Stock Fund

#### Schedule of Investments (unaudited)
As of September 30, 2025

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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Common Stocks (98.4%)** | **Common Stocks (98.4%)** | **Common Stocks (98.4%)** |
| **Brazil (3.6%)** | **Brazil (3.6%)** | **Brazil (3.6%)** |
| &nbsp;&nbsp;&nbsp;NU Holdings Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;647339 | &nbsp;&nbsp;&nbsp;&nbsp; 10364 |
| **Canada (4.4%)** | **Canada (4.4%)** | **Canada (4.4%)** |
| &nbsp;&nbsp;&nbsp;Shopify Inc. Class A (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68844 | &nbsp;&nbsp;&nbsp;&nbsp; 10231 |
| &nbsp;&nbsp;&nbsp;AbCellera Biologics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;487605 | &nbsp;&nbsp;&nbsp;&nbsp; 2453 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **12684** |
| **Denmark (2.6%)** | **Denmark (2.6%)** | **Denmark (2.6%)** |
| &nbsp;&nbsp;&nbsp;Novonesis (Novozymes) B Class B | &nbsp;&nbsp;&nbsp;&nbsp;124119 | &nbsp;&nbsp;&nbsp;&nbsp; 7639 |
| **France (2.8%)** | **France (2.8%)** | **France (2.8%)** |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24850 | &nbsp;&nbsp;&nbsp;&nbsp; 6994 |
| &nbsp;&nbsp;&nbsp;SOITEC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23453 | &nbsp;&nbsp;&nbsp;&nbsp; 1077 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **8071** |
| **India (3.2%)** | **India (3.2%)** | **India (3.2%)** |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;866540 | &nbsp;&nbsp;&nbsp;&nbsp; 9286 |
| **Indonesia (3.0%)** | **Indonesia (3.0%)** | **Indonesia (3.0%)** |
| &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk PT | 36845317 | &nbsp;&nbsp;&nbsp;&nbsp; 8636 |
| **Italy (1.5%)** | **Italy (1.5%)** | **Italy (1.5%)** |
| &nbsp;&nbsp;&nbsp;Prysmian SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44358 | &nbsp;&nbsp;&nbsp;&nbsp; 4415 |
| **Kazakhstan (0.7%)** | **Kazakhstan (0.7%)** | **Kazakhstan (0.7%)** |
| &nbsp;&nbsp;&nbsp;Kaspi.KZ JSC ADR (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24514 | &nbsp;&nbsp;&nbsp;&nbsp; 2002 |
| **Netherlands (5.0%)** | **Netherlands (5.0%)** | **Netherlands (5.0%)** |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14708 | &nbsp;&nbsp;&nbsp;&nbsp; 14343 |
| **Singapore (7.6%)** | **Singapore (7.6%)** | **Singapore (7.6%)** |
| &nbsp;&nbsp;&nbsp;Grab Holdings Ltd. Class A | 1872117 | &nbsp;&nbsp;&nbsp;&nbsp; 11270 |
| &nbsp;&nbsp;&nbsp;Sea Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59525 | &nbsp;&nbsp;&nbsp;&nbsp; 10639 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **21909** |
| **Sweden (2.0%)** | **Sweden (2.0%)** | **Sweden (2.0%)** |
| &nbsp;&nbsp;&nbsp;Epiroc AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;297758 | &nbsp;&nbsp;&nbsp;&nbsp; 5633 |
| **Switzerland (2.4%)** | **Switzerland (2.4%)** | **Switzerland (2.4%)** |
| &nbsp;&nbsp;&nbsp;Sandoz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;116216 | &nbsp;&nbsp;&nbsp;&nbsp; 6931 |
| **Taiwan (7.6%)** | **Taiwan (7.6%)** | **Taiwan (7.6%)** |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. (XTAI) | &nbsp;&nbsp;&nbsp;&nbsp;502000 | &nbsp;&nbsp;&nbsp;&nbsp; 21806 |
| **United Kingdom (6.0%)** | **United Kingdom (6.0%)** | **United Kingdom (6.0%)** |
| &nbsp;&nbsp;&nbsp;Ashtead Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99492 | &nbsp;&nbsp;&nbsp;&nbsp; 6672 |
| &nbsp;&nbsp;&nbsp;Prudential plc (XLON) | &nbsp;&nbsp;&nbsp;&nbsp;468353 | &nbsp;&nbsp;&nbsp;&nbsp; 6557 |
| &nbsp;&nbsp;&nbsp;ARM Holdings plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29097 | &nbsp;&nbsp;&nbsp;&nbsp; 4117 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **17346** |
| **United States (46.0%)** | **United States (46.0%)** | **United States (46.0%)** |
| &nbsp;&nbsp;&nbsp;MercadoLibre Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6860 | &nbsp;&nbsp;&nbsp;&nbsp; 16031 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27539 | &nbsp;&nbsp;&nbsp;&nbsp; 14264 |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28658 | &nbsp;&nbsp;&nbsp;&nbsp; 13068 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23881 | &nbsp;&nbsp;&nbsp;&nbsp; 10920 |
| &nbsp;&nbsp;&nbsp;Autodesk Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34044 | &nbsp;&nbsp;&nbsp;&nbsp; 10815 |
| &nbsp;&nbsp;&nbsp;Ecolab Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33254 | &nbsp;&nbsp;&nbsp;&nbsp; 9107 |
| &nbsp;&nbsp;&nbsp;Duolingo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27497 | &nbsp;&nbsp;&nbsp;&nbsp; 8850 |
| &nbsp;&nbsp;&nbsp;Dexcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101469 | &nbsp;&nbsp;&nbsp;&nbsp; 6828 |
| &nbsp;&nbsp;&nbsp;New York Times Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;116436 | &nbsp;&nbsp;&nbsp;&nbsp; 6683 |
| &nbsp;&nbsp;&nbsp;Insulet Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20846 | &nbsp;&nbsp;&nbsp;&nbsp; 6436 |
| &nbsp;&nbsp;&nbsp;Remitly Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;362801 | &nbsp;&nbsp;&nbsp;&nbsp; 5914 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Illumina Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56444 | &nbsp;&nbsp;&nbsp;&nbsp; 5360 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Savers Value Village Inc. | &nbsp;&nbsp;&nbsp;&nbsp;386455 | &nbsp;&nbsp;&nbsp;&nbsp; 5120 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coursera Inc. | &nbsp;&nbsp;&nbsp;&nbsp;345575 | &nbsp;&nbsp;&nbsp;&nbsp; 4047 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9683 | &nbsp;&nbsp;&nbsp;&nbsp; 3792 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Joby Aviation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;209866 | &nbsp;&nbsp;&nbsp;&nbsp; 3387 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rivian Automotive Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90363 | &nbsp;&nbsp;&nbsp;&nbsp; 1327 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22453 | &nbsp;&nbsp;&nbsp;&nbsp; 801 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;ABIOMED Inc. CVR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16638 | &nbsp;&nbsp;&nbsp;&nbsp; 17 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**132767** |
| **Total Common Stocks (Cost $207,833)** | **Total Common Stocks (Cost $207,833)** | **Total Common Stocks (Cost $207,833)** | &nbsp;&nbsp;&nbsp;&nbsp;**283832** |
| **Temporary Cash Investments (1.6%)** | **Temporary Cash Investments (1.6%)** | **Temporary Cash Investments (1.6%)** | **Temporary Cash Investments (1.6%)** |
| **Money Market Fund (1.6%)** | **Money Market Fund (1.6%)** | **Money Market Fund (1.6%)** | **Money Market Fund (1.6%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.180% **(Cost $4,509)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45093 | &nbsp;&nbsp;&nbsp;&nbsp; **4509** |
| **Total Investments (100.0%) (Cost $212,342)** | **Total Investments (100.0%) (Cost $212,342)** | **Total Investments (100.0%) (Cost $212,342)** | &nbsp;&nbsp;&nbsp;&nbsp;**288341** |
| **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(43)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**288298** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| \* | 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. |

---

**A.** 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.

**B.** 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).

**C.** 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 September 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks—North and South America | 155798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;155815 |
| Common Stocks—Other | &nbsp;&nbsp;&nbsp;28028 | &nbsp;&nbsp;&nbsp;99989 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;128017 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;4509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4509 |
| Total | 188335 | &nbsp;&nbsp;&nbsp;99989 | &nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;288341 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** VANGUARD VALLEY FORGE FUNDS

- **b. Investment Company Act file number:** 811-58431

- **c. CIK number of Registrant:** 0000889519

- **d. LEI of Registrant:** 549300FUTH8HHBEZCJ03

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Vanguard Boulevard

  - **City:** Malvern

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19355

  - **Telephone number:** 610-669-1000

**Item A.2. Information about the Series.**

- **a. Name of Series:** VANGUARD BAILLIE GIFFORD GLOBAL POSITIVE IMPACT STOCK FUND

- **b. EDGAR series identifier (if any):** S000075775

- **c. LEI of Series:** 549300H2IF21UEITQ770

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $288613218.45

**Total Liabilities:** $591647.73

**Net Assets:** $288021570.72

**Cash Not Reported:** $76961.82

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000235057 | -0.82%               | 3.17%                | 2.67%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1195861.98              | $-3371598.70                               |
| Month 2  | $178756.61               | $8231521.22                                |
| Month 3  | $309382.38               | $7001143.52                                |

### Schedule of Portfolio Investments

| Name                                              | Title                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AbCellera Biologics Inc                           | ABCELLERA BIOLOG               | CUSIP: 00288U106<br>LEI: 9845000861BC95FF9F73 | Long             | EC               | CORP              | US        |    487605 | NS      | $2452653.15   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| ABIOMED Inc                                       | ABIOMED INC-CVR                | CUSIP: N/A<br>LEI: 5493001EZN4ZTB4Z5887       | Long             | EC               | CORP              | US        |     16638 | NS      | $16970.76     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Ashtead Group PLC                                 | ASHTEAD GROUP                  | CUSIP: G05320109<br>LEI: 2138007UTBN8X9K1A235 | Long             | EC               | CORP              | GB        |     99492 | NS      | $6672064.92   | 2.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Alnylam Pharmaceuticals Inc                       | ALNYLAM PHARMACE               | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |     28658 | NS      | $13068048.00  | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                                      | AUTODESK INC                   | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |     34044 | NS      | $10814757.48  | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential PLC                                    | PRUDENTIAL PLC                 | CUSIP: G72899100<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |    468353 | NS      | $6556802.80   | 2.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Coursera Inc                                      | COURSERA                       | CUSIP: 22266M104<br>LEI: 984500573CA1QB7DAC30 | Long             | EC               | CORP              | US        |    345575 | NS      | $4046683.25   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                                        | DEERE & CO                     | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     23881 | NS      | $10919826.06  | 3.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom Inc                                        | DEXCOM                         | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |    101469 | NS      | $6827849.01   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Duolingo Inc                                      | DUOLINGO                       | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27497 | NS      | $8849634.48   | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                                        | ECOLAB INC                     | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |     33254 | NS      | $9106940.44   | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                                      | ILLUMINA INC                   | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |     56444 | NS      | $5360486.68   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                                      | INSULET CORP                   | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |     20846 | NS      | $6435785.58   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Schneider Electric SE                             | SCHNEIDER ELECTR               | CUSIP: N/A<br>LEI: 969500A1YF1XUYYXS284       | Long             | EC               | CORP              | FR        |     24850 | NS      | $6994586.15   | 2.43%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                                  | MERCADOLIBRE INC               | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |      6860 | NS      | $16031408.40  | 5.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                    | MICROSOFT CORP                 | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     27539 | NS      | $14263825.05  | 4.95%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Times Co/The                             | NEW YORK TIMES-A               | CUSIP: 650111107<br>LEI: 529900J1WEMMIW7BOH57 | Long             | EC               | CORP              | US        |    116436 | NS      | $6683426.40   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Rakyat Indonesia Persero Tbk PT              | BANK RAKYAT INDO               | CUSIP: Y0697U112<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        |  36845317 | NS      | $8635893.61   | 3.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd         | TSMC                           | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |    502000 | NS      | $21805782.79  | 7.57%             |  |  |  | No            |                  2 | On Loan: No      |
| PROCEPT BioRobotics Corp                          | PROCEPT BIOROBOT               | CUSIP: 74276L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22453 | NS      | $801347.57    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Remitly Global Inc                                | REMIT GLOBAL INC               | CUSIP: 75960P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    362801 | NS      | $5913656.30   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Rivian Automotive Inc                             | RIVIAN AUTOMOT-A               | CUSIP: 76954A103<br>LEI: 25490004LNKJ84MFYY24 | Long             | EC               | CORP              | US        |     90363 | NS      | $1326528.84   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Savers Value Village Inc                          | SAVERS VALUE VIL               | CUSIP: 80517M109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    386455 | NS      | $5120528.75   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                                       | SHOPIFY INC - A                | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | US        |     68844 | NS      | $10230906.84  | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc                        | VERTEX PHARM                   | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      9683 | NS      | $3792250.12   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Prysmian SpA                                      | PRYSMIAN SPA                   | CUSIP: N/A<br>LEI: 529900X0H1IO3RS1A464       | Long             | EC               | CORP              | IT        |     44358 | NS      | $4414575.91   | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Novonesis (Novozymes) B                           | NOVONESIS (NOVOZ               | CUSIP: K7317J133<br>LEI: 529900T6WNZXD2R3JW38 | Long             | EC               | CORP              | DK        |    124119 | NS      | $7638782.50   | 2.65%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                                   | ASML HOLDING NV                | CUSIP: N07059202<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     14708 | NS      | $14343049.47  | 4.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Kaspi.KZ JSC                                      | JSC KASPI.KZ                   | CUSIP: N/A<br>LEI: 2549003YU6FARG8OAZ13       | Long             | EC               | CORP              | US        |     24514 | NS      | $2002303.52   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                                     | HDFC BANK LTD                  | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | IN        |    866540 | NS      | $9286446.31   | 3.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Sandoz Group AG                                   | SANDOZ GROUP AG                | CUSIP: N/A<br>LEI: 5493000JWK6XWFEUD320       | Long             | EC               | CORP              | CH        |    116216 | NS      | $6931431.15   | 2.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Epiroc AB                                         | EPIROC AB-B                    | CUSIP: N/A<br>LEI: 5493004Q73OEYW1SPE91       | Long             | EC               | CORP              | SE        |    297758 | NS      | $5633120.41   | 1.96%             |  |  |  | No            |                  2 | On Loan: No      |
| ARM Holdings PLC                                  | ARM HOLDINGS PLC               | CUSIP: N/A<br>LEI: 2138001E66EELTE7Y904       | Long             | EC               | CORP              | US        |     29097 | NS      | $4116934.53   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                                           | SEA LTD-ADR                    | CUSIP: N/A<br>LEI: 529900OM6JLLW44YKI15       | Long             | EC               | CORP              | US        |     59525 | NS      | $10638903.25  | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| SOITEC                                            | SOITEC                         | CUSIP: N/A<br>LEI: 969500ZR92SQCU9TST26       | Long             | EC               | CORP              | FR        |     23453 | NS      | $1076591.41   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |   4415517 | NS      | $4415517.00   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Grab Holdings Ltd                                 | GRAB HOLDINGS LTD - CL A       | CUSIP: G4124C109<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | US        |   1872117 | NS      | $11270144.34  | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Joby Aviation Inc                                 | JOBY AVIATION IN               | CUSIP: G65163100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    209866 | NS      | $3387237.24   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NU Holdings Ltd/Cayman Islands                    | NU HOLDINGS LT-A               | CUSIP: G6683N103<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | US        |    647339 | NS      | $10363897.39  | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

**Name of Applicant:** VANGUARD VALLEY FORGE FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer