UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D.C. 20549

                                 FORM N-PX

                    ANNUAL REPORT OF PROXY VOTING RECORD
                                     OF
                 REGISTERED MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER:    811-58431

NAME OF REGISTRANT:                    VANGUARD VALLEY FORGE FUNDS

ADDRESS OF REGISTRANT:                 PO BOX 2600, VALLEY FORGE, PA 19482

NAME AND ADDRESS OF AGENT FOR SERVICE: ANNE E. ROBINSON
                                       PO 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:              JULY 1, 2022 - JUNE 30, 2023




******************************* FORM N-Px REPORT *******************************
ICA File Number: 81158431B
Reporting Period: 07/01/2022 - 06/30/2023
VANGUARD VALLEY FORGE FUNDS

Each  investment  advisor's  votes  cast  are  shown  separately below. Sections
without  an  investment advisor listed reflect votes cast by the Fund. The votes
reported do not reflect any votes cast pursuant to a regulatory requirement.



======================= VANGUARD MANAGED ALLOCATION FUND =======================

There is no proxy voting activity for the fund, as the fund did not hold any
votable positions during the reporting period.
========== END NPX REPORT



                                   SIGNATURES

Pursuant to the requirements of 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/Mortimer J. Buckley
        Mortimer J. Buckley*
        Chief Executive Officer, President, and Trustee

Date:   August 28, 2023
*By:    /s/Anne E. Robinson

Anne E. Robinson, pursuant to a Power of Attorney filed on July 21, 2023 (see
File Number 33-53683) and to a Power of Attorney filed on March 29, 2023 (see
File Number 2-11444), Incorporated by Reference.