INTERNAL CONTROL RPT

Report of Independent Registered Public
Accounting Firm

To the Board of Trustees of Vanguard Valley
Forge Funds and Shareholders of
Vanguard Balanced Index Fund

In planning and performing our audit of the
financial statements of Vanguard Balanced
Index Fund (one of the funds constituting
Vanguard Valley Forge Funds, referred to
hereafter as the "Fund") as of and for the year
ended December 31, 2023, in accordance with
the standards of the Public Company
Accounting Oversight Board (United States)
(PCAOB), we considered the Fund's internal
control over financial reporting, including
controls over safeguarding securities, as a
basis for designing our auditing procedures for
the purpose of expressing our opinion on the
financial statements and to comply with the
requirements of Form N-CEN, but not for the
purpose of expressing an opinion on the
effectiveness of the Fund's internal control over
financial reporting. Accordingly, we do not
express an opinion on the effectiveness of the
Fund's internal control over financial reporting.

The management of the Fund is responsible for
establishing and maintaining effective internal
control over financial reporting. In fulfilling this
responsibility, estimates and judgments by
management are required to assess the
expected benefits and related costs of controls.
A company's internal control over financial
reporting is a process designed to provide
reasonable assurance regarding the reliability
of financial reporting and the preparation of
financial statements for external purposes in
accordance with generally accepted accounting
principles. A company's internal control over
financial reporting includes those policies and
procedures that (1) pertain to the maintenance
of records that, in reasonable detail, accurately
and fairly reflect the transactions and
dispositions of the assets of the company; (2)
provide reasonable assurance that transactions
are recorded as necessary to permit
preparation of financial statements in
accordance with generally accepted accounting
principles, and that receipts and expenditures
of the company are being made only in
accordance with authorizations of management
and directors of the company; and (3) provide
reasonable assurance regarding prevention or
timely detection of unauthorized acquisition,
use or disposition of a company's assets that
could have a material effect on the financial
statements.

Because of its inherent limitations, internal
control over financial reporting may not prevent
or detect misstatements. Also, projections of
any evaluation of effectiveness to future
periods are subject to the risk that controls may
become inadequate because of changes in
conditions, or that the degree of compliance
with the policies or procedures may deteriorate.

A deficiency in internal control over financial
reporting exists when the design or operation of
a control does not allow management or
employees, in the normal course of performing
their assigned functions, to prevent or detect
misstatements on a timely basis. A material
weakness is a deficiency, or a combination of
deficiencies, in internal control over financial
reporting, such that there is a reasonable
possibility that a material misstatement of the
company's annual or interim financial
statements will not be prevented or detected on
a timely basis.

Our consideration of the Fund's internal control
over financial reporting was for the limited
purpose described in the first paragraph and
would not necessarily disclose all deficiencies
in internal control over financial reporting that
might be material weaknesses under standards
established by the PCAOB. However, we noted
no deficiencies in the Fund's internal control
over financial reporting and its operation,
including controls over safeguarding securities,
that we consider to be a material weakness as
defined above as of December 31, 2023.

This report is intended solely for the information
and use of the Board of Trustees of Vanguard
Valley Forge Funds and the Securities and
Exchange Commission and is not intended to
be and should not be used by anyone other
than these specified parties.



/s/ PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 16, 2024

INTERNAL CONTROL RPT

Report of Independent Registered
Public Accounting Firm

To the Board of Trustees of Vanguard
Valley Forge Funds and Shareholders
of
Vanguard Baillie Gifford Global Positive
Impact Stock Fund

In planning and performing our audit of
the financial statements of Vanguard
Baillie Gifford Global Positive Impact
Stock Fund (one of the funds constituting
Vanguard Valley Forge Funds, referred
to hereafter as the "Fund") as of and for
the year ended December 31, 2023, in
accordance with the standards of the
Public Company Accounting Oversight
Board (United States) (PCAOB), we
considered the Fund's internal control
over financial reporting, including controls
over safeguarding securities, as a basis
for designing our auditing procedures for
the purpose of expressing our opinion on
the financial statements and to comply
with the requirements of Form N-CEN,
but not for the purpose of expressing an
opinion on the effectiveness of the
Fund's internal control over financial
reporting. Accordingly, we do not express
an opinion on the effectiveness of the
Fund's internal control over financial
reporting.

The management of the Fund is
responsible for establishing and
maintaining effective internal control
over financial reporting. In fulfilling this
responsibility, estimates and judgments
by management are required to assess
the expected benefits and related costs
of controls. A company's internal
control over financial reporting is a
process designed to provide
reasonable assurance regarding the
reliability of financial reporting and the
preparation of financial statements for
external purposes in accordance with
generally accepted accounting
principles. A company's internal control
over financial reporting includes those
policies and procedures that (1) pertain
to the maintenance of records that, in
reasonable detail, accurately and fairly
reflect the transactions and dispositions
of the assets of the company; (2)
provide reasonable assurance that
transactions are recorded as necessary
to permit preparation of financial
statements in accordance with
generally accepted accounting
principles, and that receipts and
expenditures of the company are being
made only in accordance with
authorizations of management and
directors of the company; and (3)
provide reasonable assurance
regarding prevention or timely
detection of unauthorized acquisition,
use or disposition of a company's
assets that could have a material effect
on the financial statements.

Because of its inherent limitations,
internal control over financial reporting
may not prevent or detect
misstatements. Also, projections of any
evaluation of effectiveness to future
periods are subject to the risk that
controls may become inadequate
because of changes in conditions, or
that the degree of compliance with the
policies or procedures may deteriorate.

A deficiency in internal control over
financial reporting exists when the
design or operation of a control does
not allow management or employees,
in the normal course of performing their
assigned functions, to prevent or detect
misstatements on a timely basis. A
material weakness is a deficiency, or a
combination of deficiencies, in internal
control over financial reporting, such
that there is a reasonable possibility
that a material misstatement of the
company's annual or interim financial
statements will not be prevented or
detected on a timely basis.

Our consideration of the Fund's internal
control over financial reporting was for
the limited purpose described in the
first paragraph and would not
necessarily disclose all deficiencies in
internal control over financial reporting
that might be material weaknesses
under standards established by the
PCAOB. However, we noted no
deficiencies in the Fund's internal
control over financial reporting and its
operation, including controls over
safeguarding securities, that we
consider to be a material weakness as
defined above as of December 31,
2023.

This report is intended solely for the
information and use of the Board of
Trustees of Vanguard Valley Forge
Funds and the Securities and
Exchange Commission and is not
intended to be and should not be used
by anyone other than these specified
parties.



/s/ PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 15, 2024