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, 2008
Reporting period: June 30, 2007 through June 30, 2008
VFF PROXY VOTING FROM 06/30/07 TO 06/30/08 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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ABITIBI-CONSOLIDAT ABY 003924107 05/08 DIRECTORS COMP YES FOR YES
ABITIBI-CONSOLIDAT ABY 003924107 05/08 AUDITOR COMP YES AGAINST NO
ABITIBI-CONSOLIDAT ABY 003924107 05/08 AMEND STK OPT PLA COMP YES AGAINST NO
ADC TELECOMMUNICAT ADCT 000886101 03/08 DIRECTORS COMP YES FOR YES
ADC TELECOMMUNICAT ADCT 000886101 03/08 AUDITOR COMP YEA AGAINST NO
ADC TELECOMMUNICAT ADCT 000886101 03/08 2008 STK INC PLAN COMP YES AGAINST NO
PEABODY ENERGY BTU 704549104 05/01 DIRECTORS COMP YES FOR YES
PEABODY ENERGY BTU 704549104 05/01 AUDITOR COMP YES AGAINST NO
PEABODY ENERGY BTU 704549104 05/01 BOARD DECLASSIFY SHAR YES FOR NO
CATERPILLAR INC. CAT 149123202 06/11 DIRECTORS COMP YES FOR YES
CATERPILLAR INC. CAT 149123202 06/11 AUDTORS COMP YES AGAINST NO
CATERPILLAR INC. CAT 149123202 06/11 ANN ELECT DIRECT SBAR YES AGAINST YES
CATERPILLAR INC. CAT 149123202 06/11 MAJ VOTE STANDARD SHAR YES AGAINST YES
CATERPILLAR INC. CAT 149123202 06/11 FOREIGN MIT SALES SHAR YES AGAINST YES
COEUR D'ALENE MINE CDE 192108108 05/13 DIRECTORS COMP YES FOR YES
COEUR D'ALENE MINE CDE 192108108 05/13 AUDITOR COMP YES AGAINST NO
CISCO SYSTEMS INC. CSCO 17275R102 11/15 DIRECTORS COMP YES COMP YES
CISCO SYSTEMS INC. CSCO 17275R102 11/15 AUDITORS COMP YES AGAINST NO
CISCO SYSTEMS INC. CSCO 17275R102 11/15 PAY - PERM GOALS SHAR YES FOR NO
CISCO SYSTEMS INC. CSCO 17275R102 11/15 EXEC COMP REPORT SHAR YES FOR NO
CISCO SYSTEMS INC. CSCO 17275R102 11/15 HUMAN RIGHTS SHAR YES AGAINST YES
EMC CORP EMC 268648102 05/03 DIRECTORS COMP YES FOR YES
EMC CORP EMC 268648102 05/03 AUDITOR COMP YES AGAINST NO
EMC CORP EMC 268648102 05/03 INC # SHARES COMP YES AGAINST NO
EMC CORP EMC 268648102 05/03 STK PUR PLAN REV COMP YES AGAINST NP
EMC CORP EMC 268648102 05/03 CHNG BOARD STRUCT COMP YES AGAINST NO
EMC CORP EMC 268648102 05/03 EMC's AUDIT COMMI SHAR YES AGAINST YES
EMC CORP EMC 268648102 05/03 DIR MAJORITY VOTE SHAR YES FOR NO
EMC CORP EMC 268648102 05/03 DIR BY MAJ VOTE SHAR YES AGAINST YES
EMC CORP EMC 268648102 05/03 PERF BASE STK OPT SHAR YES FOR NO
GENERAL ELECTRIC GE 369604105 04/23 DIRECTORS COMP YES FOR YES
GENERAL ELECTRIC GE 369604105 04/23 AUDITOR COMP YES AGAINST NO
GENERAL ELECTRIC GE 369604105 04/23 CUMULATIVE VOTING SHAR YES AGAINST NO
GENERAL ELECTRIC GE 369604105 04/23 SEP CEI - CHAIR SHAR YES FOR YES
GENERAL ELECTRIC GE 369604105 04/23 REC WRONG MGM BON SHAE YES AGAINST NO
GENERAL ELECTRIC GE 369604105 04/23 CURB OVEREXTN DIR SHAR YES FOR NO
GENERAL ELECTRIC GE 369604105 04/23 REP CHARIT CONTRI SHAR YES FOR NO
GENERAL ELECTRIC GE 369604105 04/23 GLOBAL WARM REP SHAR YES AGAINST YES
GENERAL ELECTRIC GE 369604105 04/23 ADV VOTE EX COMP SHAR YES AGAINST NO
W. W. GRANGER, INC GWW 384802104 04/30 DIRECTORS COMP YES FOR YES
W. W. GRANGER, INC GWW 384802104 04/35 AUDITOR COMP YES AGAINST NO
VFF PROXY VOTING FROM 06/30/07 TO 06/30/08 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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KIMBERY-CLARK CO. KMB 494368103 04/17 DIR - ALM COMP YES FOR YES
KIMBERY-CLARK CO. KMB 494368103 04/17 DIR - BERGSTROM COMP YES FOR YES
KIMBERY-CLARK CO. KMB 494368103 04/17 DIR - DECHERD COMP YES FOR YES
KIMBERY-CLARK CO. KMB 494368103 04/17 DIR - READ COMP YES FOR YES
KIMBERY-CLARK CO. KMB 494368103 04/17 DIR - SULLIVAN COMP YES FOR YES
KIMBERY-CLARK CO. KMB 494368103 04/17 AUDITOR COMP YES AGAINST NO
KIMBERY-CLARK CO. KMB 494368103 04/17 AMMEND CERT INCOR COMP YES AGAINST NO
KIMBERY-CLARK CO. KMB 494368103 04/17 GLOBAL HUM RIGHTS SHAR YES AGAINST YES
KIMBERY-CLARK CO. KMB 494368103 04/17 SPEC SHAR MTGS SHAR YES AGAINST YES
KIMBERY-CLARK CO. KMB 494368103 04/17 CUMULARIVE VOTING SHAR YES AGAINST YES
KIMBERY-CLARK CO. KMB 494368103 04/17 AMEND BYLAWS SHAR YES AGAINST YES
PEP BOYS M. M & J PBY 713278109 06/19 DIRECTORS COMP YES FOR YES
PEP BOYS M. M & J PBY 713278109 06/19 AUDITOR COMP YES AGAINST NO
PEP BOYS M. M & J PBY 713278109 06/19 MAJORITY VOTING COMP YES AGAINST NO
SUPERVALU INC SVU 868536103 06/26 DIRECTORS COMP YES FOR YES
SUPERVALU INC SVU 868536103 06/26 AUDITORS COMP YES AGAINST NO
SUPERVALU INC SVU 868536103 06/26 DECLASFY DIRECTOR SHAR YES AGAINST YES
SUPERVALU INC SVU 868536103 06/25 KILLING CHICKENS SHAR YES AGAINST YES
AT&T CORP T 001957505 04/25 DIRECTORS COMP YES FOR YES
AT&T CORP T 001957505 04/25 AUDITOR COMP YES FOR YES
AT&T CORP T 001957505 04/25 POLITICAL CONTRIB SHAR YES AGAINST NO
AT&T CORP T 001957505 04/25 PENSION POLICY SHAR YES FOR NO
AT&T CORP T 001957505 04/25 LEAD DIR BY LAW SHAR YES AGAINST YES
AT&T CORP T 001957505 04/25 SERP POLICY SHAR YES AGAINST NO
AT&T CORP T 001957505 04/27 ADVIS COMPENSAT SHAR YES FOR NO
TARGET CORPORATION TGT 87512E106 05/22 DIRECTORS COMP YES FOR YES
TARGET CORPORATION TGT 87512E106 05/22 AUDITOR COMP YES AGAINST NO
TIME WARNER INC TWX 00184A105 05/16 DIRECTORS COMP YES FOR YES
TIME WARNER INC TWX 00184A105 05/16 AMEND CERT OF INC COMP YES FOR YES
TIME WARNER INC TWX 00184A105 05/16 REVISED BONUS PLA COMP YES AGAINST NO
TIME WARNER INC TWX 00184A105 05/16 AUDITOR COMP YES AGAINST NO
TIME WARNER INC TWX 00184A105 05/16 SEPARATE CHAIR/CE SHAR YES AGAINST YES
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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 07/01/08