VALLEY FORGE ASSET MANAGEMENT, LLC Last Quarter Change: USA ETF, Reduced

VALLEY FORGE ASSET MANAGEMENT, LLC quarter change: USA ETF, Reduced

In exchange-traded fund shares (known by the fund name on the filing) (listed in the US), from the quarter ended 2015-09-30 to 2015-12-31, VALLEY FORGE ASSET MANAGEMENT, LLC opened 1 positions, added to 6, reduced 6, sold out of 0 and left 1 unchanged. The largest increase in value was EEM (+$2,281,000); the largest decrease was VWO (-$2,815,000).

VWO: Country of operation —; Class COM; Shares 2015-09-30 255,117; Shares 2015-12-31 172,026.
VOO: Country of operation —; Class COM; Shares 2015-09-30 9,934; Shares 2015-12-31 8,896.
iShares MSCI Japan: Country of operation —; Class COM; Shares 2015-09-30 581,027; Shares 2015-12-31 553,278.
SPY: Country of operation —; Class COM; Shares 2015-09-30 11,483; Shares 2015-12-31 10,961.

Two Form 13F-HR filings compared (SEC CIK 894135): 2015-09-30 (filed 2015-11-13) and 2015-12-31 (filed 2016-02-09). Rows for the same security, class and put/call are added together. Value change is the filed value at each quarter end, so it includes the price move; share change is the position change.

Stock	Class	Shares 2015-09-30	Shares 2015-12-31	Share change	Value 2015-09-30	Value 2015-12-31	Value change
VWO Vanguard Emerging Markets	COM	255,117	172,026	-83,091	$8,442,000	$5,627,000	-$2,815,000
VOO Vanguard S&P 500 ETF	COM	9,934	8,896	-1,038	$1,746,000	$1,663,000	-$83,000
iShares MSCI Japan CUSIP 464286848	COM	581,027	553,278	-27,749	$6,641,000	$6,706,000	+$65,000
SPY SPDR Tr Unit Ser 1	COM	11,483	10,961	-522	$2,201,000	$2,235,000	+$34,000
JOF Japan Smaller Cap Fund Inc	COM	26,350	25,325	-1,025	$268,000	$259,000	-$9,000
Market Vectors Biotech ETF CUSIP 57060U183	COM	47,640	42,965	-4,675	$5,446,000	$5,454,000	+$8,000

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