# EDGAR Filing Document

**Accession Number:** 0000920655
**File Stem:** 0000920655-23-000001
**Filing Date:** 2023-2
**Character Count:** 12057
**Document Hash:** c064c782ea3ab70d4e16eb11d28ed07a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000920655-23-000001.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0000920655-23-000001

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VALLEY FORGE INVESTMENT CONSULTANTS INC ADV
- **CENTRAL INDEX KEY:** 0000920655
- **IRS NUMBER:** 232748550
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-20568
- **FILM NUMBER:** 23629237

**BUSINESS ADDRESS:**
- **STREET 1:** 1000 WESTLAKES DRIVE
- **STREET 2:** SUITE 200
- **CITY:** BERWYN
- **STATE:** PA
- **ZIP:** 19312
- **BUSINESS PHONE:** 6107836650

**MAIL ADDRESS:**
- **STREET 1:** 1000 WESTLAKES DRIVE
- **STREET 2:** SUITE 200
- **CITY:** BERWYN
- **STATE:** PA
- **ZIP:** 19312

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VALLEY FORGE INVESTMENT CONSULTANTS INC /PA/ /ADV
- **DATE OF NAME CHANGE:** 19940322

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** VALLEY FORGE INVESTMENT CONSULTANTS INC ADV<br>**Address:** 1000 WESTLAKES DRIVE<br>SUITE 200<br>BERWYN, PA 19312

**Form 13F File Number:** 028-20568

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Michael J. Maher Jr.<br>**Title:** Chairman<br>**Phone:** 484-679-4043

**Signature, Place, and Date of Signing:**

Michael J. Maher Jr.  Berwyn, PA  02-14-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[ ] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[x] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 76

**Form 13F Information Table Value Total:** $189652869

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

|   No. | Name                                | Form 13F File Number   | CRD Number   | SEC File Number   |
|---:|:---|:---|:---|:---|
|     1 | ACR Alpine Capital Research LLC     | 028-14059              |  |  |
|     2 | Parametric Portfolio Associates LLC | 028-04558              |  |  |
|     3 | CIBC Private Wealth Advisors Inc.   | 028-06467              |  |  |
|     4 | Logan Capital Management Inc        | 028-05837              |  |  |
|     5 | Dana Investment Advisors Inc.       | 028-13023              |  |  |
|     6 | Ethic Inc.                          | 028-19978              |  |  |
|     7 | Davis Selected Advisors             | 028-04121              |  |  |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABRDN PRECIOUS METALS BASKET | PHYSCL PRECS MET | 003263100 |  | 202552 | 2270 | SH |  | SOLE |  | 0 | 0 | 2270 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 289260 | 3260 | SH |  | SOLE |  | 0 | 0 | 3260 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 462325 | 5240 | SH |  | SOLE |  | 0 | 0 | 5240 |
| APPLE INC | COM | 037833100 |  | 1355300 | 10431 | SH |  | SOLE |  | 0 | 0 | 10431 |
| ARAMARK | COM | 03852U106 |  | 324626 | 7853 | SH |  | SOLE |  | 0 | 0 | 7853 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 2343555 | 5 | SH |  | SOLE |  | 0 | 0 | 5 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 445125 | 1441 | SH |  | SOLE |  | 0 | 0 | 1441 |
| CHEVRON CORP NEW | COM | 166764100 |  | 17949 | 100 | SH |  | SOLE |  | 0 | 0 | 100 |
| CITIGROUP INC | COM NEW | 172967424 |  | 11308 | 250 | SH |  | SOLE |  | 0 | 0 | 250 |
| DULUTH HLDGS INC | COM CL B | 26443V101 |  | 86415 | 13983 | SH |  | SOLE |  | 0 | 0 | 13983 |
| FEDEX CORP | COM | 31428X106 |  | 8660 | 50 | SH |  | SOLE |  | 0 | 0 | 50 |
| GENERAL MTRS CO | COM | 37045V100 |  | 14802 | 440 | SH |  | SOLE |  | 0 | 0 | 440 |
| HERSHEY CO | COM | 427866108 |  | 908912 | 3925 | SH |  | SOLE |  | 0 | 0 | 3925 |
| ISHARES TR | CORE S TTL STK | 464287150 |  | 251522 | 2966 | SH |  | SOLE |  | 0 | 0 | 2966 |
| ISHARES TR | CORE S ETF | 464287200 |  | 52726733 | 137234 | SH |  | SOLE |  | 0 | 0 | 137234 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 824136 | 8497 | SH |  | SOLE |  | 0 | 0 | 8497 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 551097 | 8170 | SH |  | SOLE |  | 0 | 0 | 8170 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 13284772 | 54921 | SH |  | SOLE |  | 0 | 0 | 54921 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 230963 | 1523 | SH |  | SOLE |  | 0 | 0 | 1523 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 3836560 | 17908 | SH |  | SOLE |  | 0 | 0 | 17908 |
| ISHARES TR | RUS 2000 VAL ETF | 464287630 |  | 297170 | 2143 | SH |  | SOLE |  | 0 | 0 | 2143 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 443397 | 2543 | SH |  | SOLE |  | 0 | 0 | 2543 |
| ISHARES TR | CORE S US VLU | 464287663 |  | 2368578 | 33535 | SH |  | SOLE |  | 0 | 0 | 33535 |
| ISHARES TR | CORE S US GWT | 464287671 |  | 751180 | 9215 | SH |  | SOLE |  | 0 | 0 | 9215 |
| ISHARES TR | S MC 400VL ETF | 464287705 |  | 738627 | 7328 | SH |  | SOLE |  | 0 | 0 | 7328 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 13502862 | 142676 | SH |  | SOLE |  | 0 | 0 | 142676 |
| ISHARES TR | SP SMCP600VL ETF | 464287879 |  | 920143 | 10077 | SH |  | SOLE |  | 0 | 0 | 10077 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 256951 | 11669 | SH |  | SOLE |  | 0 | 0 | 11669 |
| ISHARES TR | MSCI EAFE MIN VL | 46429B689 |  | 1016662 | 15989 | SH |  | SOLE |  | 0 | 0 | 15989 |
| ISHARES TR | MSCI USA MIN VOL | 46429B697 |  | 560276 | 7771 | SH |  | SOLE |  | 0 | 0 | 7771 |
| ISHARES TR | CORE MSCI TOTAL | 46432F834 |  | 413913 | 7151 | SH |  | SOLE |  | 0 | 0 | 7151 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 21504153 | 348867 | SH |  | SOLE |  | 0 | 0 | 348867 |
| ISHARES TR | CORE 1 5 YR USD | 46432F859 |  | 241619 | 5203 | SH |  | SOLE |  | 0 | 0 | 5203 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 383437 | 8211 | SH |  | SOLE |  | 0 | 0 | 8211 |
| ISHARES TR | BLACKROCK ULTRA | 46434V878 |  | 661403 | 13217 | SH |  | SOLE |  | 0 | 0 | 13217 |
| ISHARES TR | ESG AWR MSCI USA | 46435G425 |  | 236029 | 2785 | SH |  | SOLE |  | 0 | 0 | 2785 |
| ISHARES TR | ESG AW MSCI EAFE | 46435G516 |  | 399831 | 6082 | SH |  | SOLE |  | 0 | 0 | 6082 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 75498 | 563 | SH |  | SOLE |  | 0 | 0 | 563 |
| J P MORGAN EXCHANGE TRADED F | ULTRA SHRT INC | 46641Q837 |  | 297722 | 5939 | SH |  | SOLE |  | 0 | 0 | 5939 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 324859 | 1839 | SH |  | SOLE |  | 0 | 0 | 1839 |
| LIGHTWAVE LOGIC INC | COM | 532275104 |  | 172400 | 40000 | SH |  | SOLE |  | 0 | 0 | 40000 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 269029 | 553 | SH |  | SOLE |  | 0 | 0 | 553 |
| MAGNA INTL INC | COM | 559222401 |  | 8708 | 155 | SH |  | SOLE |  | 0 | 0 | 155 |
| MICROSOFT CORP | COM | 594918104 |  | 209123 | 872 | SH |  | SOLE |  | 0 | 0 | 872 |
| PAYCHEX INC | COM | 704326107 |  | 526954 | 4560 | SH |  | SOLE |  | 0 | 0 | 4560 |
| PIMCO ETF TR | ACTIVE BD ETF | 72201R775 |  | 355193 | 3926 | SH |  | SOLE |  | 0 | 0 | 3926 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 409200 | 1070 | SH |  | SOLE |  | 0 | 0 | 1070 |
| SPDR SER TR | S 600 SMCP GRW | 78464A201 |  | 609942 | 8443 | SH |  | SOLE |  | 0 | 0 | 8443 |
| SPDR SER TR | S 400 MDCP GRW | 78464A821 |  | 466789 | 7144 | SH |  | SOLE |  | 0 | 0 | 7144 |
| SCHWAB STRATEGIC TR | US BRD MKT ETF | 808524102 |  | 7085345 | 158120 | SH |  | SOLE |  | 0 | 0 | 158120 |
| SCHWAB STRATEGIC TR | US LRG CAP ETF | 808524201 |  | 17672425 | 391416 | SH |  | SOLE |  | 0 | 0 | 391416 |
| SCHWAB STRATEGIC TR | US LCAP GR ETF | 808524300 |  | 1426947 | 25683 | SH |  | SOLE |  | 0 | 0 | 25683 |
| SCHWAB STRATEGIC TR | US LCAP VA ETF | 808524409 |  | 2392652 | 36241 | SH |  | SOLE |  | 0 | 0 | 36241 |
| SCHWAB STRATEGIC TR | US MID-CAP ETF | 808524508 |  | 6529281 | 99517 | SH |  | SOLE |  | 0 | 0 | 99517 |
| SCHWAB STRATEGIC TR | US SML CAP ETF | 808524607 |  | 6353140 | 156829 | SH |  | SOLE |  | 0 | 0 | 156829 |
| SCHWAB STRATEGIC TR | EMRG MKTEQ ETF | 808524706 |  | 468237 | 19782 | SH |  | SOLE |  | 0 | 0 | 19782 |
| SCHWAB STRATEGIC TR | US DIVIDEND EQ | 808524797 |  | 6129259 | 81139 | SH |  | SOLE |  | 0 | 0 | 81139 |
| SCHWAB STRATEGIC TR | INTL EQTY ETF | 808524805 |  | 3860629 | 119858 | SH |  | SOLE |  | 0 | 0 | 119858 |
| SCHWAB STRATEGIC TR | US AGGREGATE B | 808524839 |  | 1794462 | 39309 | SH |  | SOLE |  | 0 | 0 | 39309 |
| SCHWAB STRATEGIC TR | SHT TM US TRES | 808524862 |  | 336344 | 6972 | SH |  | SOLE |  | 0 | 0 | 6972 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 220745 | 1879 | SH |  | SOLE |  | 0 | 0 | 1879 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 1491785 | 9824 | SH |  | SOLE |  | 0 | 0 | 9824 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 508326 | 12112 | SH |  | SOLE |  | 0 | 0 | 12112 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 236114 | 2182 | SH |  | SOLE |  | 0 | 0 | 2182 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 |  | 218136 | 2531 | SH |  | SOLE |  | 0 | 0 | 2531 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 255982 | 6567 | SH |  | SOLE |  | 0 | 0 | 6567 |
| VANGUARD MUN BD FDS | TAX EXEMPT BD | 922907746 |  | 419774 | 8482 | SH |  | SOLE |  | 0 | 0 | 8482 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 995483 | 2833 | SH |  | SOLE |  | 0 | 0 | 2833 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 686191 | 3367 | SH |  | SOLE |  | 0 | 0 | 3367 |
| VANGUARD INDEX FDS | LARGE CAP ETF | 922908637 |  | 832125 | 4777 | SH |  | SOLE |  | 0 | 0 | 4777 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 285730 | 1341 | SH |  | SOLE |  | 0 | 0 | 1341 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 1529730 | 10898 | SH |  | SOLE |  | 0 | 0 | 10898 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 859697 | 4684 | SH |  | SOLE |  | 0 | 0 | 4684 |
| VODAFONE GROUP PLC NEW | SPONSORED ADR | 92857W308 |  | 12417 | 1227 | SH |  | SOLE |  | 0 | 0 | 1227 |
| LIBERTY GLOBAL PLC | SHS CL C | G5480U120 |  | 12493 | 643 | SH |  | SOLE |  | 0 | 0 | 643 |
| CHUBB LIMITED | COM | H1467J104 |  | 441200 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |

---