UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                   FORM N-PX

         ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT
                               INVESTMENT COMPANY

INVESTMENT COMPANY ACT FILE NUMBER                   811-00505
                                    ------------------------------------------

                           PHILADELPHIA FUND, INC.
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              (EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)

          1200 NORTH FEDERAL HIGHWAY, SUITE 424, BOCA RATON, FL 33432
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          (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)          (ZIP CODE)

                         BAXTER FINANCIAL CORPORATION
          1200 NORTH FEDERAL HIGHWAY, SUITE 424, BOCA RATON, FL 33432
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                   (NAME AND ADDRESS OF AGENT FOR SERVICE)

REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (561) 395-2155
                                                   ---------------------------

DATE OF FISCAL YEAR END:   NOVEMBER 30, 2008
                         -----------------------------------------------------

DATE OF REPORTING PERIOD:  JULY 1, 2007 - JUNE 30, 2008
                         -----------------------------------------------------


ITEM 1. PROXY VOTING RECORD.

DISCLOSE THE FOLLOWING INFORMATION FOR EACH MATTER RELATING TO A PORTFOLIO
SECURITY CONSIDERED AT ANY SHAREHOLDER MEETING HELD DURING THE PERIOD COVERED
BY THE REPORT AND WITH RESPECT TO WHICH THE REGISTRANT WAS ENTITLED TO VOTE:

(A) THE NAME OF THE ISSUER OF THE PORTFOLIO SECURITY;
(B) THE EXCHANGE TICKER SYMBOL OF THE PORTFOLIO SECURITY;
(C) THE COUNCIL ON UNIFORM SECURITIES IDENTIFICATION PROCEDURES ("CUSIP")
    NUMBER FOR THE PORTFOLIO SECURITY;
(D) THE SHAREHOLDER MEETING DATE;
(E) A BRIEF IDENTIFICATION OF THE MATTER VOTED ON;
(F) WHETHER THE MATTER WAS PROPOSED BY THE ISSUER OR BY A SECURITY HOLDER;
(G) WHETHER THE REGISTRANT CAST ITS VOTE ON THE MATTER;
(H) HOW THE REGISTRANT CAST ITS VOTE (E.G., FOR OR AGAINST PROPOSAL, OR
    ABSTAIN; FOR OR WITHHOLD REGARDING ELECTION OF DIRECTORS); AND
(I) WHETHER THE REGISTRANT CAST ITS VOTE FOR OR AGAINST MANAGEMENT.












<PAGE>
<TABLE>
<CAPTION>
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  (A)                        (B)       (C)         (D)               (E)                   (F)        (G)     (H)         (I)
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                                                  MEETING                                  ISSUER              VOTE    FOR/AGAINST
ISSUER                       TICKER  CUSIP         DATE    DESCRIPTION OF VOTE             VS. SH      VOTED?  CAST        MGMT
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<S>                          <C>     <C>         <C>       <C>                             <C>         <C>    <C>      <C>
---------------------------------------------------------------------------------------------------------------------------------
SPECTRA ENERGY CORP.         SE      847560109   10/31/07  RATIFY INDEPENDENT AUDITOR      ISSUER      YES    FOR      FOR
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SPECTRA ENERGY CORP.         SE      847560109   10/31/07  ELECTION OF BOARD               ISSUER      YES    FOR      FOR
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DEERE & COMPANY              DE      244199105   11/14/07  INCREASE SHARES TO EFFECT A     ISSUER      YES    FOR      FOR
                                                           2-1 STOCK SPLIT IN THE FORM
                                                           OF A COMMON STOCK DIVIDEND
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COSTCO WHOLESALE CORP.       COST    22160K105   01/29/08  AMEND THE SECOND RESTATED       ISSUER      NO
                                                           2002 STOCK INCENTIVE PLAN
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COSTCO WHOLESALE CORP.       COST    22160K105   01/29/08  RATIFY INDEPENDENT AUDITOR      ISSUER      NO
---------------------------------------------------------------------------------------------------------------------------------
COSTCO WHOLESALE CORP.       COST    22160K105   01/29/08  ELECTION OF BOARD               ISSUER      NO
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DEERE & COMPANY              DE      244199105   02/27/08  RE-APPROVE MID-TERM             ISSUER      YES    FOR      FOR
                                                           INCENTIVE PLAN
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DEERE & COMPANY              DE      244199105   02/27/08  RATIFY INDEPENDENT AUDITOR      ISSUER      YES    FOR      FOR
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DEERE & COMPANY              DE      244199105   02/27/08  ELECTION OF BOARD               ISSUER      YES    FOR      FOR
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WEYERHAEUSER CO.             WY      962166104   04/17/08  PROPOSAL REGARDING THE          SHAREHOLDER YES    AGAINST  FOR
                                                           CHAIRMAN POSITION
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WEYERHAEUSER CO.             WY      962166104   04/17/08  ELECTION OF BOARD               ISSUER      YES    FOR      FOR
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WEYERHAEUSER CO.             WY      962166104   04/17/08  RATIFY INDEPENDENT AUDITOR      ISSUER      YES    FOR      FOR
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AMERICAN ELECTRIC POWER      AEP     025537101   04/22/08  RATIFY INDEPENDENT AUDITOR      ISSUER      YES    FOR      FOR
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AMERICAN ELECTRIC POWER      AEP     025537101   04/22/08  ELECTION OF BOARD               ISSUER      YES    FOR      FOR
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MERCK & CO                   MRK     589331107   04/22/08  PROPOSAL REGARDING ADVISORY     SHAREHOLDER YES    AGAINST  FOR
                                                           VOTE ON EXEC. COMP.
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MERCK & CO., INC.            MRK     589331107   04/22/08  ELECTION OF BOARD               ISSUER      YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
MERCK & CO., INC.            MRK     589331107   04/22/08  RATIFY INDEPENDENT AUDITOR      ISSUER      YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
MERCK & CO., INC.            MRK     589331107   04/22/08  MANAGEMENT COMP. PROPOSAL       SHAREHOLDER YES    AGAINST  FOR
---------------------------------------------------------------------------------------------------------------------------------
MERCK & CO., INC.            MRK     589331107   04/22/08  PROPOSAL REGARDING SPECIAL      SHAREHOLDER YES    AGAINST  FOR
                                                           SHAREHOLDER MEETINGS
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MERCK & CO., INC.            MRK     589331107   04/22/08  PROPOSAL REGARDING INDEPENDENT  SHAREHOLDER YES    AGAINST  FOR
                                                           LEAD DIRECTOR
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WACHOVIA CORP.               WB      929903102   04/22/08  RATIFY INDEPENDENT AUDITOR      ISSUER      YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
WACHOVIA CORP.               WB      929903102   04/22/08  PROPOSAL REGARDING              SHAREHOLDER YES    AGAINST  FOR
                                                           NOMINATION OF DIRECTORS
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WACHOVIA CORP.               WB      929903102   04/22/08  ELECTION OF BOARD               ISSUER      YES    FOR      FOR
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WACHOVIA CORP.               WB      929903102   04/22/08  PROPOSAL REGARDING NON-BINDING  SHAREHOLDER YES    AGAINST  FOR
                                                           SHAREHOLDER VOTE RATIFING
                                                           EXEC. COMP.
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WACHOVIA CORP.               WB      929903102   04/22/08  PROPOSAL REGARDING REPORTING    SHAREHOLDER YES    AGAINST  FOR
                                                           POLITICAL CONTRIBUTIONS
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ANHEUSER-BUSCH COS. INC.     BUD     035229103   04/23/08  ELECTION OF BOARD               ISSUER      YES    FOR      FOR
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ANHEUSER-BUSCH COS. INC.     BUD     035229103   04/23/08  PROPOSAL REGARDING EXEC. COMP.  SHAREHOLDER YES    AGAINST  FOR
---------------------------------------------------------------------------------------------------------------------------------
ANHEUSER-BUSCH COS. INC.     BUD     035229103   04/23/08  PROPOSAL REGARDING              SHAREHOLDER YES    AGAINST  FOR
                                                           SPECIAL SHAREHOLDER MEETINGS
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ANHEUSER-BUSCH COS. INC.     BUD     035229103   04/23/08  PROPOSAL REGARDING A REPORT ON  SHAREHOLDER YES    AGAINST  FOR
                                                           CHARITABLE CONTRIBUTIONS
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ANHEUSER-BUSCH COS. INC.     BUD     035229103   04/23/08  RATIFY INDEPENDENT AUDITOR      ISSUER      YES    FOR      FOR
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ANHEUSER-BUSCH COS. INC.     BUD     035229103   04/23/08  2008 LONG-TERM EQUITY           ISSUER      YES    FOR      FOR
                                                           INCENTIVE PLAN FOR NON-
                                                           EMPLOYEE DIRECTORS 'APPROVAL
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BANK OF AMERICA CORP.        BAC     060505104   04/23/08  DETERMINATION OF CEO            SHAREHOLDER YES    FOR      AGAINST
                                                           COMP. PROPOSAL
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BANK OF AMERICA CORP.        BAC     060505104   04/23/08  EQUATOR PRINCIPLES PROPOSAL     SHAREHOLDER YES    AGAINST  FOR
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BANK OF AMERICA CORP.        BAC     060505104   04/23/08  SPECIAL MEETINGS PROPOSAL       SHAREHOLDER YES    AGAINST  FOR
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BANK OF AMERICA CORP.        BAC     060505104   04/23/08  IND. BOARD CHAIRMAN PROPOSAL    SHAREHOLDER YES    AGAINST  FOR
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BANK OF AMERICA CORP.        BAC     060505104   04/23/08  HUMAN RIGHTS PROPOSAL           SHAREHOLDER YES    AGAINST  FOR
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BANK OF AMERICA CORP.        BAC     060505104   04/23/08  CUMULATIVE VOTING PROPOSAL      SHAREHOLDER YES    AGAINST  FOR
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BANK OF AMERICA CORP.        BAC     060505104   04/23/08  ADVISORY VOTE ON EXEC.          SHAREHOLDER YES    AGAINST  FOR
                                                           COMP. PROPOSAL
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BANK OF AMERICA CORP.        BAC     060505104   04/23/08  STOCK OPTIONS PROPOSAL          SHAREHOLDER YES    AGAINST  FOR
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BANK OF AMERICA CORP.        BAC     060505104   04/23/08  RATIFY INDEPENDENT AUDITOR      ISSUER      YES    FOR      FOR
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BANK OF AMERICA CORP.        BAC     060505104   04/23/08  ELECTION OF BOARD               ISSUER      YES    FOR      FOR
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JOHNSON & JOHNSON            JNJ     478160104   04/24/08  RATIFY INDEPENDENT AUDITOR      ISSUER      YES    FOR      FOR
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JOHNSON & JOHNSON            JNJ     478160104   04/24/08  ADVISORY VOTE ON EXEC.          SHAREHOLDER YES    AGAINST  FOR
                                                           COMP. PROPOSAL
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JOHNSON & JOHNSON            JNJ     478160104   04/24/08  ELECTION OF BOARD               ISSUER      YES    FOR      FOR
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AT&T INC.                    T       00206R106   04/25/08  RATIFY INDEPENDENT AUDITOR      ISSUER      YES    FOR      FOR
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AT&T INC.                    T       00206R102   04/25/08  ELECTION OF BOARD               ISSUER      YES    FOR      FOR
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AT&T INC.                    T       00206R102   04/25/08  POLITICAL CONTRIB. REPORT       SHAREHOLDER YES    AGAINST  FOR
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AT&T INC.                    T       00206R102   04/25/08  PENSION CREDIT POLICY           SHAREHOLDER YES    AGAINST  FOR
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AT&T INC.                    T       00206R102   04/25/08  LEAD IND. DIRECTOR BYLAW        SHAREHOLDER YES    AGAINST  FOR
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AT&T INC.                    T       00206R102   04/25/08  ADVISORY VOTE ON COMP.          SHAREHOLDER YES    AGAINST  FOR
---------------------------------------------------------------------------------------------------------------------------------
AT&T INC.                    T       02006R102   04/25/08  SERP POLICY                     SHAREHOLDER YES    AGAINST  FOR
---------------------------------------------------------------------------------------------------------------------------------
KELLOGG COMPANY              K       487836108   04/25/08  RATIFY INDEPENDENT AUDITOR      ISSUER      YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
KELLOGG COMPANY              K       487836108   04/25/08  ELECTION OF BOARD               ISSUER      YES    FOR      FOR
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KELLOGG COMPANY              K       487836108   04/25/08  MAJORITY VOTE                   SHAREHOLDER YES    AGAINST  FOR
                                                           REQUIREMENT PROPOSAL
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MARATHON OIL CORP.           MRO     565849406   04/30/08  ELECTION OF BOARD               ISSUER      YES    FOR      FOR
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MARATHON OIL CORP.           MRO     565849106   04/30/08  SHAREHOLDERS CALL SPECIAL       SHAREHOLDER YES    AGAINST  FOR
                                                           MEETINGS BY-LAWS AMEND.
                                                           PROPOSAL
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MARATHON OIL CORP.           MRO     565849106   04/30/08  EXEC. COMP. PROPOSAL            SHAREHOLDER YES    AGAINST  FOR
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MARATHON OIL CORP.           MRO     565849106   04/30/08  RATIFY INDEPENDENT AUDITORS     ISSUER      YES    FOR      FOR
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TECO ENERGY INC.             TE      872375100   04/30/08  ELECTION OF BOARD               ISSUER      YES    FOR      FOR
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TECO ENERGY INC.             TE      872375100   04/30/08  RATIFY INDEPENDENT AUDITOR      ISSUER      YES    FOR      FOR
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VERIZON COMMUNICATIONS INC.  VZ      92343V104   05/01/08  GENDER IDENTITY NON-            SHAREHOLDER YES    AGAINST  FOR
                                                           DISCLOSURE POLICY PROPOSAL
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VERIZON COMMUNICATIONS INC.  VZ      92343V104   05/01/08  ELIMINATE STOCK                 SHAREHOLDER YES    AGAINST  FOR
                                                           OPTIONS PROPOSAL
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VERIZON COMMUNICATIONS INC.  VZ      92343V104   05/01/08  RATIFY INDEPENDENT AUDITOR      ISSUER      YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
VERIZON COMMUNICATIONS INC.  VZ      92343V104   05/01/08  SEPARATION OF CHAIRMAN AND      SHAREHOLDER YES    AGAINST  FOR
                                                           CEO PROPOSAL
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VERIZON COMMUNICATIONS INC.  VZ      92343V104   05/01/08  ELECTION OF BOARD               ISSUER      YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
OCCIDENTAL PETROLEUM CORP.   OXY     674599105   05/02/08  ADVISORY VOTE ON EXEC. COMP.    SHAREHOLDER YES    AGAINST  FOR
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OCCIDENTAL PETROLEUM CORP.   OXY     674599105   05/02/08  COMP. CONSULTANTS INDEPEND.     SHAREHOLDER YES    AGAINST  FOR
---------------------------------------------------------------------------------------------------------------------------------
OCCIDENTAL PETROLEUM CORP.   OXY     674599105   05/02/08  PAY FOR SUPERIOR                SHAREHOLDER YES    AGAINST  FOR
                                                           PERFORMANCE PRINCIPLE
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OCCIDENTAL PETROLEUM CORP.   OXY     674599105   05/02/08  SPECIAL SHAREHOLDER MEETING     SHAREHOLDER YES    AGAINST  FOR
---------------------------------------------------------------------------------------------------------------------------------
OCCIDENTAL PETROLEUM CORP.   OXY     674599105   05/02/08  SCIENTIFIC REPORT ON            SHAREHOLDER YES    AGAINST  FOR
                                                           GLOBAL WARMING
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OCCIDENTAL PETROLEUM CORP.   OXY     274599105   05/02/08  RATIFY INDEPENDENT AUDITOR      ISSUER      YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
OCCIDENTAL PETROLEUM CORP.   OXY     674599105   05/02/08  ELECTION OF BOARD               ISSUER      YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
BRISTOL-MYERS SQUIBB CO.     BMY     110122108   05/06/08  RATIFY INDEPENDENT AUDITOR      ISSUER      YES    FOR      FOR
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BRISTOL-MYERS SQUIBB CO.     BMY     110122108   05/06/08  ELECTION OF DIRECTORS           ISSUER      YES    FOR      FOR
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BRISTOL-MYERS SQUIBB CO.     BMY     110122108   05/08/08  EXEC. COMP. DISCLOSURE          SHAREHOLDER YES    AGAINST  FOR
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DUKE ENERGY CORP.            DUK     264410105   05/08/08  ELECTION OF BOARD               ISSUER      YES    FOR      FOR
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DUKE ENERGY CORP.            DUK     264410105   05/08/08  RATIFY INDEPENDENT AUDITOR      ISSUER      YES    FOR      FOR
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DUKE ENERGY CORP.            DUK     264410105   05/08/08  APPROVAL OF EXECUTIVE SHORT     ISSUER      YES    AGAINST  AGAINST
                                                           TERM INCENTIVE PLAN
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SPECTRA ENERGY CORP.         SE      847560109   05/08/08  ELECTION OF BOARD               ISSUER      YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
SPECTRA ENERGY CORP.         SE      847560109   05/08/08  APPROVAL OF EXECUTIVE SHORT     ISSUER      YES    FOR      FOR
                                                           TERM INCENTIVE PLAN
---------------------------------------------------------------------------------------------------------------------------------
SPECTRA ENERGY CORP.         SE      847560109   05/08/08  APPROVAL OF 2007 LONG TERM      ISSUER      YES    AGAINST  AGAINST
                                                           INCENTIVE PLAN
---------------------------------------------------------------------------------------------------------------------------------

SPECTRA ENERGY CORP.         SE      847560109   05/08/08  RATIFY INDEPENDENT AUDITOR      ISSUER      YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
THE WASHINGTON POST CO.      WPO     939640108   05/08/08  ELECTION OF BOARD               ISSUER      YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
THE WASHINGTON POST CO.      WPO     939640108   05/08/08  TRANSACT ALL OTHER BUSINESS     ISSUER      YES    FOR      FOR
                                                           THAT COMES BEFORE THE BOARD
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INTERNATIONAL PAPER CO.      IP      460146103   05/12/08  MAJORITY VOTING                 SHAREHOLDER YES    AGAINST  FOR
---------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL PAPER CO.      IP      460146103   05/12/08  REMOVE SUPERMAJORITY VOTING     ISSUER      YES    FOR      FOR
                                                           PROVISIONS (ARTICLE VIII)
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INTERNATIONAL PAPER CO.      IP      460146103   05/12/08  REMOVE SUPERMAJORITY VOTING     ISSUER      YES    FOR      FOR
                                                           PROVISIONS (ARTICLE VII)
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INTERNATIONAL PAPER CO.      IP      460146103   05/12/08  ELECTION OF BOARD               ISSUER      YES    FOR      FOR
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INTERNATIONAL PAPER CO.      IP      460146103   05/12/08  ELECTION OF DIRECTORS           ISSUER      YES    FOR      FOR
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INTERNATIONAL PAPER CO.      IP      460146103   05/12/08  MAJORITY VOTING IN NON-         ISSUER      YES    FOR      FOR
                                                           CONTESTED DIRECTOR ELECTIONS
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INTERNATIONAL PAPER CO.      IP      460146103   05/12/08  RATIFY INDEPENDENT AUDITOR      ISSUER      YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL PAPER CO.      IP      460146103   05/12/08  SUSTAINABLE FORESTRY            SHAREHOLDER YES    AGAINST  FOR
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PROGRESS ENERGY, INC.        PGN     743263105   05/14/08  ELECTION OF BOARD               ISSUER      YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
PROGRESS ENERGY, INC.        PGN     743263105   05/14/08  RATIFY INDEPENDENT AUDITOR      ISSUER      YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
PROGRESS ENERGY, INC.        PGN     743263105   05/14/08  EXECUTIVE COMP.                 SHAREHOLDER YES    AGAINST  FOR
---------------------------------------------------------------------------------------------------------------------------------
THE DOW CHEMICAL COMPANY     DOW     260543103   05/15/08  ELECTION OF BOARD               ISSUER      YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
THE DOW CHEMICAL COMPANY     DOW     260543103   05/15/08  RATIFY INDEPENDENT AUDITOR      ISSUER      YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
THE DOW CHEMICAL COMPANY     DOW     260543103   05/15/08  CHEMICALS WITH LINKS TO         SHAREHOLDER YES    AGAINST  FOR
                                                           RESPIRATORY PROBLEMS
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THE DOW CHEMICAL COMPANY     DOW     260543103   05/15/08  ENVIRONMENTAL REMEDIATION       SHAREHOLDER YES    AGAINST  FOR
                                                           IN THE MIDLAND AREA
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THE DOW CHEMICAL COMPANY     DOW     260543103   05/15/08  GENETICALLY ENGINEERED SEED     SHAREHOLDER YES    AGAINST  FOR
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THE DOW CHEMICAL COMPANY     DOW     260543103   05/15/08  COMPENSATION PLAN               SHAREHOLDER YES    AGAINST  FOR
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FIRSTENERGY CORP             FE      337932107   05/20/08  RATIFY INDEPENDENT AUDITOR      ISSUER      YES    FOR      FOR
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FIRSTENERGY CORP.            FE      337932107   05/20/08  ADOPT MAJORITY VOTE STANDARD    SHAREHOLDER YES    AGAINST  FOR
                                                           FOR ELECTION OF DIRECTORS
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FIRSTENERGY CORP.            FE      337932107   05/20/08  ADOPT SIMPLE MAJORITY VOTE      SHAREHOLDER YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
FIRSTENERGY CORP.            FE      337932107   05/20/08  ESTABLISH SHAREHOLDER           SHAREHOLDER YES    AGAINST  FOR
                                                           PROPONENT ENGAGEMENT PROCESS
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FIRSTENERGY CORP.            FE      337932107   05/20/08  REDUCE THE PERCENTAGE OF        SHAREHOLDER YES    AGAINST  FOR
                                                           SHAREHOLDERS REQUIRED TO CALL
                                                           A SPECIAL MEETING
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FIRSTENERGY CORP.            FE      337932109   05/20/08  ELECTION OF BOARD               ISSUER      YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
MCDONALD'S CORP.             MCD     580135101   05/22/08  RATIFY INDEPENDENT AUDITOR      ISSUER      YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
MCDONALD'S CORP.             MCD     580135101   05/22/08  ELECTION OF BOARD               ISSUER      YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
SEMPRA ENERGY                SRE     816851109   05/22/08  SHAREHOLDER SAY ON PAY          SHAREHOLDER YES    AGAINST  FOR
---------------------------------------------------------------------------------------------------------------------------------
SEMPRA ENERGY                SRE     816851109   05/22/08  RATIFY INDEPENDENT AUDITOR      ISSUER      YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
SEMPRA ENERGY                SRE     816851109   05/22/08  APPROVAL OF 2008 LONG TERM      ISSUER      YES    FOR      FOR
                                                           INCENTIVE PLAN
---------------------------------------------------------------------------------------------------------------------------------
SEMPRA ENERGY                SRE     816851109   05/22/08  AMEND AND REINSTATE             ISSUER      YES    FOR      FOR
                                                           ARTICLE OF INC.
---------------------------------------------------------------------------------------------------------------------------------
SEMPRA ENERGY                SRE     816851109   05/22/08  ELECTION OF BOARD               ISSUER      YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
CHEVRON CORP.                CVX     166764100   05/28/08  ELECTION OF BOARD               ISSUER      YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
CHEVRON CORP.                CVX     166764100   05/28/08  RATIFY INDEPENDENT AUDITOR      ISSUER      YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
CHEVRON CORP.                CVX     166764100   05/28/08  INCREASE AUTHORIZED SHARES      ISSUER      YES    FOR      FOR
                                                           OF COMMON STOCK
---------------------------------------------------------------------------------------------------------------------------------
CHEVRON CORP.                CVX     166764100   05/28/08  POLICY TO SEPARATE THE CEO/     SHAREHOLDER YES    AGAINST  FOR
                                                           CHAIRMAN POSITION
---------------------------------------------------------------------------------------------------------------------------------
CHEVRON CORP.                CVX     166764100   05/28/08  POLICY AND REPORT ON            SHAREHOLDER YES    AGAINST  FOR
                                                           HUMAN RIGHTS
---------------------------------------------------------------------------------------------------------------------------------
CHEVRON CORP.                CVX     166764100   05/28/08  ENVIRONMENTAL IMPACT OF         SHAREHOLDER YES    AGAINST  FOR
                                                           CANADIAN OIL SANDS OPERATIONS
---------------------------------------------------------------------------------------------------------------------------------
CHEVRON CORP.                CVX     166764100   05/28/08  ADOPT GOALS & REPORT ON         SHAREHOLDER YES    AGAINST  FOR
                                                           GREENHOUSE GAS EMISSIONS
---------------------------------------------------------------------------------------------------------------------------------
CHEVRON CORP.                CVX     166764100   05/28/08  REVIEW & REPORT ON GUIDELINE    SHAREHOLDER YES    AGAINST  FOR
                                                           FOR COUNTRY SELECTION
---------------------------------------------------------------------------------------------------------------------------------
CHEVRON CORP.                CVX     166764100   05/28/08  REPORT ON HOST COUNTRY LAWS     SHAREHOLDER YES    AGAINST  FOR
---------------------------------------------------------------------------------------------------------------------------------
THE SOUTHERN COMPANY         SO      842587107   05/28/08  ELECTION OF BOARD               ISSUER      YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
THE SOUTHERN COMPANY         SO      842587107   05/28/08  RATIFY INDEPENDENT AUDITOR      ISSUER      YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
THE SOUTHERN COMPANY         SO      842587107   05/28/08  AMEND BY-LAWS - MAJORITY        ISSUER      YES    FOR      FOR
                                                           VOTING AND CUMULATIVE VOTING
---------------------------------------------------------------------------------------------------------------------------------
THE SOUTHERN COMPANY         SO      842587107   05/28/08  AMEND CERT. OF INC. -           ISSUER      YES    FOR      FOR
                                                           CUMULATIVE VOTING
---------------------------------------------------------------------------------------------------------------------------------
THE SOUTHERN COMPANY         SO      842587107   05/28/08  ENVIROMENTAL REPORT             SHAREHOLDER YES    AGAINST  FOR
---------------------------------------------------------------------------------------------------------------------------------
UNITEDHEALTH GROUP INC.      UNH     91324P102   06/05/08  EXEC. COMP. ADVISORY VOTE       SHAREHOLDER YES    AGAINST  FOR
---------------------------------------------------------------------------------------------------------------------------------
UNITEDHEALTH GROUP INC.      UNH     91324P102   06/05/08  ELECTION OF BOARD               ISSUER      YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
UNITEDHEALTH GROUP INC.      UNH     91324P102   06/05/08  RATIFY INDEPENDENT AUDITOR      ISSUER      YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
UNITEDHEALTH GROUP INC.      UNH     91324P102   06/05/08  APPROVAL OF EXEC. COMP.         ISSUER      YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
UNITEDHEALTH GROUP INC.      UNH     91324P102   06/05/08  APPROVAL OF EMPLOYEE STOCK      ISSUER      YES    FOR      FOR
                                                           PURCHASE PLAN
---------------------------------------------------------------------------------------------------------------------------------
UNITEDHEALTH GROUP INC.      UNH     91324P102   06/05/08  PERFORMANCE VESTING SHARES      SHAREHOLDER YES    AGAINST  FOR
---------------------------------------------------------------------------------------------------------------------------------
FAIRPOINT COMM., INC.        FRP     305560104   06/18/08  RATIFY INDEPENDENT AUDITOR      ISSUER      YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
FAIRPOINT COMM., INC.        FRP     305560104   06/18/08  APPROVE 2008 LONG TERM          ISSUER      YES    AGAINST  AGAINST
                                                           INCENTIVE PLAN
---------------------------------------------------------------------------------------------------------------------------------
FAIRPOINT COMM., INC.        FRP     305560104   06/18/08  ELECTION OF BOARD               ISSUER      YES    FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
FAIRPOINT COMM., INC.        FRP     305560104   06/18/08  APPROVE 2008 ANNUAL             ISSUER      YES    AGAINST  AGAINST
                                                           INCENTIVE PLAN
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>



                                  SIGNATURES

PURSUANT TO THE REQUIREMENTS OF THE INVESTMENT COMPANY ACT OF 1940, THE
REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE
UNDERSIGNED, THEREUNTO DULY AUTHORIZED.


(REGISTRANT)              PHILADELPHIA FUND, INC.
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BY (SIGNATURE AND TITLE)* /S/DONALD H. BAXTER
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                          DONALD H. BAXTER, PRESIDENT


DATE: AUGUST 14, 2008
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* PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.