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UNITED SATATES
SECURITIES AND EXCHANGE COMMISSION
Washington DC 20549
FORM N-PX
ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number; 811-01932
Name of registrant: Valley Forge Fund
Address: 1375 Anthony Wayne Dr
Wayne PA 19087
Agent for service: Bernard B. Klawans
Registrants telephone number: 610-688-6839
Date of fiscal year end: December 31, 2005
Reporting period: June 30, 2004 through June 30, 2005
11-JUL-05 4:42 PM VFF PROXY VOTING FROM 6/30/04 TO 6/30/05 Page 1
SYM MTG MATTER WHO VOT TYPE OF FOR
COMPANY BOL CUSIP NO DATE VOTED ON FROM ED VOTE MGM
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BARRICK GOLD CORP ABX 067901108 04/22 DIRECTORS COMP YES FOR YES
BARRICK GOLD CORP ABX 067901108 04/22 AUDITOR COMP YES AGAINST NO
ABITIBI-CONSOLIDAT ABY 003924107 04/27 DIRECTORS COMP YES FOR YES
ABITIBI-CONSOLIDAT ABY 003924107 04/27 AUDITOR COMP YES AGAINST NO
ADC TELECOMMUNICAT ADCT 000886101 03/01 DIRECTORS COMP YES FOR YES
ADC TELECOMMUNICAT ADCT 000886101 03/01 AUDITOR COMP YEA AGAINST NO
ADC TELECOMMUNICAT ADCT 000886101 03/01 RED SHARE RIGHTS COMP YES AGAINST YES
ALEXANDER & BALDWI ALEX 014482103 04/28 DIRECTORS COMP YES FOR YES
ALEXANDER & BALDWI ALEX 014482103 04/28 AUDITOR COMP YES AGAINST NO
ALEXANDER & BALDWI ALEX 014482103 05/20 AMEND STK OPTIONS COMP YES AGAINST NO
ARROW ELECTRONICS ARW 042735100 05/05 DIRECTORS COMP YES FOR YES
ARROW ELECTRONICS ARW 042735100 05/05 AUDITOR COMP YES AGAINST NO
COEUR D'ALENE MINE CDE 192108108 05/10 DIRECTORS COMP YES FOR YES
COEUR D'ALENE MINE CDE 192108108 05/10 OPT & MORE SHARES COMP YES AGAINST NO
COMCAST CORP CMCSA 20030N101 06/01 DIRECTORS COMP YES FOR YES
COMCAST CORP CMCSA 20030N101 06/01 AUDITOR COMP YES AGAINST NO
COMCAST CORP CMCSA 20030N101 06/01 RESTRICTED STK COMP YES AGAINST NO
COMCAST CORP CMCSA 20030N101 06/01 DISCLOSE CONTRIB SHAR YES OR NO
COMCAST CORP CMCSA 20030N101 06/01 COB NO MGM RESPON SHAR YES FOR NO
COMCAST CORP CMCSA 20030N101 06/01 ELIM SHARE PLAN SHAR YES YES NO
COMCAST CORP CMCSA 20030N101 06/01 NEW RECAPITAL PLN SHAR YES FOR NO
CISCO SYSTEMS INC. CSCO 17275R102 11/18 DIRECTORS COMP YES COMP YES
CISCO SYSTEMS INC. CSCO 17275R102 11/18 AUDITOR COMP YES AGAINST NO
CISCO SYSTEMS INC. CSCO 17275R102 11/18 COMPENSATION POLI SHAR YES AGAINST NO
DUKE ENERGY CORP. DUK 264399106 05/12 DIRECTORS COMP YES FOR YES
DUKE ENERGY CORP. DUK 264399106 05/12 RESTATED ARTICLES COMP YES AGAINST NO
DUKE ENERGY CORP. DUK 264399106 05/12 AUDITOR COMP YES AGAINST NO
EMC CORP EMC 268648102 05/05 DIRECTORS COMP YES FOR YES
EMC CORP EMC 268648102 05/05 INC # SHA & OPT COMP YES AGAINST NO
EMC CORP EMC 268648102 05/05 AUDITOR COMP YES AGAINST NO
EMC CORP EMC 268648102 05/05 PERF BASE STK OPT SHAR YES FOR NO
EMC CORP EMC 268648102 05/05 EMC's AUDIT COMMI SHAR YES FOR NO
FEDDERS CORP FJC 313135501 04/27 DIRECTORS COMP YES FOR YES
FEDDERS CORP FJC 313135501 04/27 EXE INCENTIVES COMP YES AGAINST NO
FEDDERS CORP FJC 313135501 04/27 CEO AWARD GRANT COMP YES AGAINST NO
FEDDERS CORP FJC 313135501 04/27 AUDITOR COMP YES AGAINST NO
GENERAL ELECTRIC GE 369604105 04/27 DIRECTORS COMP YES FOR YES
GENERAL ELECTRIC GE 369604105 04/27 AUDITOR COMP YES AGAINST NO
GENERAL ELECTRIC GE 369604105 04/27 CUMULATIVE VOTES SHAR YES AGAINST NO
11-JUL-05 4:42 PM VFF PROXY VOTING FROM 6/30/04 TO 6/30/05 Page 2
SYM MTG MATTER WHO VOT TYPE OF FOR
COMPANY BOL CUSIP NO DATE VOTED ON FROM ED VOTE MGM
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GENERAL ELECTRIC GE 369604105 04/27 NUCLEAR RISK SHAR YES AGAINST NO
GENERAL ELECTRIC GE 369604105 04/27 PCB CLEANUP COSTS SHAR YES AGAINST NO
GENERAL ELECTRIC GE 369604105 04/27 CURB OVER EXT DIR SHAR YES FOR YES
GENERAL ELECTRIC GE 369604105 04/27 SUSTAINABILITY SHAR YES FOR YES
GENERAL ELECTRIC GE 369604105 04/27 DISCLOSE POL CONT SHAR YES FOR YES
GENERAL ELECTRIC GE 369604105 04/27 ANIMAL TESTING SHAR YES FOR YES
GENERAL MOTORS GM 370442105 08/07 DIRECTORS COMP YES FOR YES
GENERAL MOTORS GM 370442105 08/07 AUDITORS COMP YES AGAINST NO
GENERAL MOTORS GM 370442105 08/07 SHARE APP OPTIONS SHAR YES FOR NO
GENERAL MOTORS GM 370442105 08/07 ADOPT ACCUM VOTES SHAR YES FOR NO
GENERAL MOTORS GM 370442105 08/07 GREENHOUSE OMMITI SHAR YES AGAINST YES
GENERAL MOTORS GM 370442105 08/07 SHAR APP PARASHUT SHAR YES FOR NO
GENERAL MOTORS GM 370442105 08/07 SIMPLE MAJOR RULE SHAR YES FOR NO
THE HOME DEPOT INC HD 437076102 05/26 DIRECTORS COMP YES FOR YES
THE HOME DEPOT INC HD 437076102 05/26 AUDITOR COMP YES AGAINST NO
THE HOME DEPOT INC HD 437076102 05/26 AMEND CERT INC COMP YES ADAINST NO
THE HOME DEPOT INC HD 437076102 05/26 STK INCENTIVE COMP YES AGAINST NO
THE HOME DEPOT INC HD 437076102 05/26 EMPLOYMENT DIVERS SHAR YES AGAINST YES
THE HOME DEPOT INC HD 437076102 05/26 VOTING METHOD SHAR YES AGAINST YES
THE HOME DEPOT INC HD 437078102 05/26 NONDEDUCT COMPENS SHAR YES FOR NO
THE HOME DEPOT INC HD 437076102 05/26 SEVERANCE AGREE SHAR YES FOR NO
THE HOME DEPOT INC HD 437078102 05/26 PERM & TM BAS SHA SHAR YES FOR NO
THE HOME DEPOT INC HD 437078102 05/26 PERN BASED OPTION SHAR YES FOR NO
THE HOME DEPOT INC HD 437078102 05/26 POLITICAL PARTSHI SHAR YES AGAINST YES
HERCULES INC HPC 427856101 06/16 DIRECTORS COMP YES FOR YES
HERCULES INC HPC 427856101 05/12 AUDITOR COMP YES AGAINST NO
MCDONALDS CORP MCD 580135101 05/11 DIRECTORS COMP YES FOR YES
MCDONALDS CORP MCD 580135101 05/11 AUDITOR COMP YES AGAINST NO
MCDONALDS CORP MCD 580135101 05/11 GENETIC ENG FOOD SHAR YES AGAINST YES
NEWELL RUBBERMAID NWL 651229106 05/11 DIRECTORS COMP YES FOR YES
NEWELL RUBBERMAID NWL 651229106 05/11 AUDITOR COMP YES AGAINST NO
NEWELL RUBBERMAID NWL 651559106 05/11 CLASSIFIED DIRECT SHAR YES FOR NO
PEP BOYS M, M & J PBY 713278109 06/08 DIRECTORS COMP YES FOR YES
PEP BOYS M. M & J PBY 713278109 06/08 AUDITOR COMP YES AGAINST NO
PEP BOYS M. M & J PBY 713278109 06/08 SHAREHOLDER RGTHS SHAR YES FOR NO
SUPERVALU INC SVU 868536103 06/15 DIRECTORS COMP YES FOR YES
SUPERVALU INC SVU 868536103 06/15 AUDITOR COMP YES AGAINST NO
SUPERVALU INC SVU 868536103 06/15 SHAREHOLDR PROP SHAR YES FOR NO
AT&T CORP T 001957505 05/27 MERGER AGREEMENT SHAR YES AGAINST NO
AT&T CORP T 001957505 05/27 FURTHER SOL PROXY COMP YES AGAINST NO
AT&T CORP T 001957505 05/27 DIRECTORS COMP YES FOR YES
11-JUL-05 4:42 PM VFF PROXY VOTING FROM 6/30/04 TO 6/30/05 Page 3
SYM MTG MATTER WHO VOT TYPE OF FOR
COMPANY BOL CUSIP NO DATE VOTED ON FROM ED VOTE MGM
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AT&T CORP T 001957505 05/27 AUDITOR COMP YES AGAINST NO
AT&T CORP T 001957505 05/27 NO STK OPTIONS SHAR YES FOR NO
AT&T CORP T 001955557 05/27 LINK STK VEST/PER SHAR YES FOR MO
AT&T CORP T 001957505 05/27 EXE PAY SHAR YES FOR NO
AT&T CORP T 001957505 05/27 POISON PILL SHAR YES FOR NO
AT&T CORP T 001957505 05/27 FUTURE SERPS SHAR YES AGAINST YES
AT&T CORP T 001957505 05/27 SEVERANCE AGREE SHAR YEA FOR NO
TIME WARNER INC TXW 00184A105 05/20 DIRECTORS COMP YES FOR YES
TIME WARNER INC TXW 00184A105 05/20 AUDITOR COMP YES AGAINST NO
TIME WARNER INC TXW 00184A105 05/20 PAY COMPENSATION SHAR YES FOR NO
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SIGNATURES
Pursuant to the requirements of the Investment Company Act of 1940
Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
(Registrant) VALLEY FORGE FUND
By /s/ BERNARD B. KLAWANS
President
Signature and Title
Date 07/11/05