0001752724-23-271192.txt : 20231128 0001752724-23-271192.hdr.sgml : 20231128 20231128150141 ACCESSION NUMBER: 0001752724-23-271192 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230930 FILED AS OF DATE: 20231128 DATE AS OF CHANGE: 20231128 PERIOD START: 20231231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD VALLEY FORGE FUNDS CENTRAL INDEX KEY: 0000889519 IRS NUMBER: 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: 231445282 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 0000889519 S000075775 Vanguard Baillie Gifford Global Positive Impact Stock Fund C000235057 Investor Shares VBPIX NPORT-P 1 primary_doc.xml NPORT-P false 0000889519 XXXXXXXX S000075775 C000235057 VANGUARD VALLEY FORGE FUNDS 811-58431 0000889519 549300FUTH8HHBEZCJ03 100 Vanguard Boulevard Malvern 19355 610-669-1000 VANGUARD BAILLIE GIFFORD GLOBAL POSITIVE IMPACT STOCK FUND S000075775 549300H2IF21UEITQ770 2023-12-31 2023-09-30 N 234737143.43 398823.64 234338319.79 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 N Wuxi Biologics Cayman Inc 5493001TD2TH6VDTJU11 WUXI BIOLOGICS C N/A 936500.00000000 NS 5442805.09000000 2.322627001370 Long EC CORP HK Y 2 N N N ABIOMED Inc 5493001EZN4ZTB4Z5887 ABIOMED INC CVR RIGHTS (DEC 2022) N/A 16638.00000000 NS USD 16970.76000000 0.007241990987 Long EC CORP US N 3 N N N Duolingo Inc N/A DUOLINGO 26603R106 49131.00000000 NS USD 8149358.97000000 3.477604079991 Long EC CORP US N 1 N N N Coursera Inc 984500573CA1QB7DAC30 COURSERA 22266M104 370889.00000000 NS USD 6931915.41000000 2.958080187743 Long EC CORP US N 1 N N N HDFC Bank Ltd 335800ZQ6I4E2JXENC50 HDFC BANK L-CW19 N/A 525354.00000000 NS USD 9583598.03000000 4.089641864202 Long EC CORP BM N 1 N N N Taiwan Semiconductor Manufacturing Co Ltd 549300KB6NK5SBD14S87 TSMC N/A 781000.00000000 NS 12735176.72000000 5.434525915954 Long EC CORP TW N 2 N N N Daikin Industries Ltd 549300Y7FWSTSHMW5Y57 DAIKIN INDS N/A 27700.00000000 NS 4342576.14000000 1.853122504203 Long EC CORP JP N 2 N N N Deere & Co PWFTNG3EI0Y73OXWDH08 DEERE & CO 244199105 29345.00000000 NS USD 11074216.10000000 4.725738457937 Long EC CORP US N 1 N N N Xylem Inc/NY 549300DF5MV96DRYLQ48 XYLEM INC 98419M100 86613.00000000 NS USD 7884381.39000000 3.364529282733 Long EC CORP US N 1 N N N Illumina Inc SQ95QG8SR5Q56LSNF682 ILLUMINA INC 452327109 39315.00000000 NS USD 5397163.20000000 2.303150080122 Long EC CORP US N 1 N N N NU Holdings Ltd/Cayman Islands 5493002DG1RHWK9W2X27 NU HOLDINGS LT-A G6683N103 1026760.00000000 NS USD 7444010.00000000 3.176608079579 Long EC CORP US N 1 N N N Autodesk Inc FRKKVKAIQEF3FCSTPG55 AUTODESK INC 052769106 25830.00000000 NS USD 5344485.30000000 2.280670658042 Long EC CORP US N 1 N N N Orsted AS W9NG6WMZIYEU8VEDOG48 ORSTED A/S N/A 99530.00000000 NS 5414749.38000000 2.310654691410 Long EC CORP DK Y 2 N N N 10X Genomics Inc 5493003Z6741WNLG7H43 10X GENOMICS I-A 88025U109 87555.00000000 NS USD 3611643.75000000 1.541209202676 Long EC CORP US N 1 N N N Tesla Inc 54930043XZGB27CTOV49 TESLA INC 88160R101 40697.00000000 NS USD 10183203.34000000 4.345513507618 Long EC CORP US N 1 N N N M3 Inc 3538001UOKRWIODYM055 M3 INC J4697J108 209700.00000000 NS 3803694.51000000 1.623163686335 Long EC CORP JP N 2 N N N Discovery Ltd 378900245A26169C8132 DISCOVERY LTD S2192Y109 722634.00000000 NS 5234822.68000000 2.233873949719 Long EC CORP ZA N 2 N N N Chr Hansen Holding A/S 549300MKPW8ZF3E8MW37 CHR HANSEN HOLDI N/A 72675.00000000 NS 4445747.66000000 1.897149243019 Long EC CORP DK N 2 N N N Safaricom PLC N/A SAFARICOM PLC N/A 4299300.00000000 NS 423803.58000000 0.180851164410 Long EC CORP KE N 2 N N N Umicore SA 529900F3AIQECS8ZSV61 UMICORE N/A 222748.00000000 NS 5273912.21000000 2.250554759770 Long EC CORP BE N 2 N N N Vanguard Cmt Funds-Vanguard Market Liquidity Fund 1I6HV0TLSTR3A4XQ6L78 Vanguard Market Liquidity Fund N/A 3683526.70000000 NS USD 3683158.35000000 1.571726874759 Long STIV CORP US N 1 N N N Remitly Global Inc N/A REMIT GLOBAL INC 75960P104 170533.00000000 NS USD 4300842.26000000 1.835313261550 Long EC CORP US N 1 N N N AbCellera Biologics Inc 9845000861BC95FF9F73 ABCELLERA BIOLOG 00288U106 497264.00000000 NS USD 2287414.40000000 0.976116241701 Long EC CORP US N 1 N N N Dexcom Inc 549300YSK3QDSFR5EU59 DEXCOM 252131107 99312.00000000 NS USD 9265809.60000000 3.954030910652 Long EC CORP US N 1 N N N Novozymes A/S 529900T6WNZXD2R3JW38 NOVOZYMES-B SHS K7317J133 118941.00000000 NS 4785577.18000000 2.042165866977 Long EC CORP DK N 2 N N N Bank Rakyat Indonesia Persero Tbk PT 254900HB6S4B12GBNP64 BANK RAKYAT INDO Y0697U112 31841017.00000000 NS 10753759.36000000 4.588988847251 Long EC CORP ID N 2 N N N Sartorius AG 529900EQV2DY4FOAMU38 SARTORIUS AG-PFD D6705R119 16549.00000000 NS 5605046.69000000 2.391860919299 Long EP CORP DE N 2 N N N MercadoLibre Inc 549300DKPDN9M5S8GB14 MERCADOLIBRE INC 58733R102 15296.00000000 NS USD 19393492.48000000 8.275851980751 Long EC CORP US N 1 N N N Shopify Inc 549300HGQ43STJLLP808 SHOPIFY INC - A 82509L107 203042.00000000 NS USD 11080001.94000000 4.728207469409 Long EC CORP US N 1 N N N Alnylam Pharmaceuticals Inc 529900S3ZI14OWRJII50 ALNYLAM PHARMACE 02043Q107 52976.00000000 NS USD 9382049.60000000 4.003634407043 Long EC CORP US N 1 N N N Ecolab Inc 82DYEISM090VG8LTLS26 ECOLAB INC 278865100 32777.00000000 NS USD 5552423.80000000 2.369404971826 Long EC CORP US N 1 N N N ASML Holding NV 724500Y6DUVHQD6OXN27 ASML HOLDING NV N07059202 26493.00000000 NS 15597764.80000000 6.656088007278 Long EC CORP NL N 2 N N N Moderna Inc 549300EI6OKH5K5Q2G38 MODERNA INC 60770K107 95678.00000000 NS USD 9882580.62000000 4.217227736742 Long EC CORP US N 1 N N N 2023-11-27 VANGUARD VALLEY FORGE FUNDS Ashley Grim Ashley Grim Treasurer XXXX NPORT-EX 2 vg_bailliegifford.htm
Vanguard® Baillie Gifford Global Positive Impact Stock Fund
Schedule of Investments (unaudited)
As of September 30, 2023
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 (91.8%)
Belgium (2.2%)
  Umicore SA 222,748 5,274
Brazil (3.2%)
* NU Holdings Ltd. Class A 1,026,760 7,444
Canada (5.7%)
* Shopify Inc. Class A (XTSE) 203,042 11,080
* AbCellera Biologics Inc. 497,264 2,287
      13,367
China (2.3%)
*,1 Wuxi Biologics Cayman Inc. 936,500 5,443
Denmark (6.2%)
1 Orsted A/S 99,530 5,415
  Novozymes A/S Class B 118,941 4,785
  Chr Hansen Holding A/S 72,675 4,446
      14,646
Indonesia (4.6%)
  Bank Rakyat Indonesia Persero Tbk PT 31,841,017 10,754
Japan (3.5%)
  Daikin Industries Ltd. 27,700 4,342
  M3 Inc. 209,700 3,804
      8,146
Kenya (0.2%)
  Safaricom plc 4,299,300 424
Netherlands (6.7%)
  ASML Holding NV 26,493 15,598
South Africa (2.2%)
* Discovery Ltd. 722,634 5,235
Taiwan (5.4%)
  Taiwan Semiconductor Manufacturing Co. Ltd. (XTAI) 781,000 12,735
United States (49.6%)
* MercadoLibre Inc. 15,296 19,394
  Deere & Co. 29,345 11,074
* Tesla Inc. 40,697 10,183
* Moderna Inc. 95,678 9,883
* Alnylam Pharmaceuticals Inc. 52,976 9,382
* DexCom Inc. 99,312 9,266
* Duolingo Inc. 49,131 8,149
  Xylem Inc. 86,613 7,884
* Coursera Inc. 370,889 6,932
    Shares Market
Value
($000)
  Ecolab Inc. 32,777 5,552
* Illumina Inc. 39,315 5,397
* Autodesk Inc. 25,830 5,344
* Remitly Global Inc. 170,533 4,301
* 10X Genomics Inc. Class A 87,555 3,612
*,2 ABIOMED Inc. CVR 16,638 17
      116,370
Total Common Stocks (Cost $226,948) 215,436
Preferred Stock (2.4%)
  Sartorius AG Preference Shares (Cost $6,804) 16,549 5,605
Warrant (4.1%)
* HDFC Bank Ltd. Exp. 6/30/24 (Cost $9,419) 525,354 9,584
Temporary Cash Investments (1.6%)
Money Market Fund (1.6%)
3 Vanguard Market Liquidity Fund, 5.391% (Cost $3,661) 36,617 3,661
Total Investments (99.9%) (Cost $246,832) 234,286
Other Assets and Liabilities—Net (0.1%) 194
Net Assets (100%) 234,480
Cost is in $000.
* Non-income-producing security.
1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2023, the aggregate value was $10,858,000, representing 4.6% of net assets.
2 Security value determined using significant unobservable inputs.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
  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, 2023, 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 137,164 — 17 137,181
Common Stocks—Other — 78,255 — 78,255
Preferred Stock — 5,605 — 5,605
Warrant 9,584 — — 9,584
Temporary Cash Investments 3,661 — — 3,661
Total 150,409 83,860 17 234,286