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.
------------------------------------------------------------------------------
              (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
------------------------------------------------------------------------------
                   (NAME AND ADDRESS OF AGENT FOR SERVICE)

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

DATE OF FISCAL YEAR END:   NOVEMBER 30, 2007
                         -----------------------------------------------------

DATE OF REPORTING PERIOD:  JULY 1, 2006 - JUNE 30, 2007
                         -----------------------------------------------------


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)
---------------------------------------------------------------------------------------------------------------------------------
                                                  MEETING                                  ISSUER              VOTE    FOR/AGAINST
ISSUER                       TICKER  CUSIP         DATE    DESCRIPTION OF VOTE             VS. SH      VOTED?  CAST        MGMT
---------------------------------------------------------------------------------------------------------------------------------
<S>                          <C>     <C>         <C>       <C>                             <C>         <C>    <C>      <C>
---------------------------------------------------------------------------------------------------------------------------------
WACHOVIA CORP                WB      929903102   08/31/06  STOCK INCENTIVE PLAN            ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
WACHOVIA CORP                WB      929903102   08/31/06  ISSUE SHARES FOR MERGER WITH    ISSUER      TRUE   FOR      FOR
                                                           GOLDEN WEST FINANCIAL
---------------------------------------------------------------------------------------------------------------------------------
AMSOUTH BANCORP              ASO     032165102   10/03/06  MERGER WITH REGIONS FINANCIAL   ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
AMSOUTH BANCORP              ASO     032165102   10/03/06  ADJOURN SPECIAL MEETING AND IF  ISSUER      TRUE   FOR      FOR
                                                           NECESSARY SOLICIT PROXIES
---------------------------------------------------------------------------------------------------------------------------------
DUKE ENERGY CORP             DUK     26441C105   10/24/06  ELECTION OF DIRECTORS           ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
DUKE ENERGY CORP             DUK     26441C105   10/24/06  2006 L-T INCENTIVE PLAN         ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
DUKE ENERGY CORP             DUK     26441C105   10/24/06  RATIFY INDEPENDENT AUDITORS     ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
COSTCO WHOLESALE CORP        COST    22160K105   01/31/07  ELECTION OF DIRECTORS           ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
COSTCO WHOLESALE CORP        COST    22160K105   01/31/07  RATIFY INDEPENDENT AUDITORS     ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
FIFTH THIRD BANCORP          FITB    316773100   04/17/07  ELECTION OF DIRECTORS           ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
FIFTH THIRD BANCORP          FITB    316773100   04/17/07  AMEND ARTICLE VII - ISSUANCE    ISSUER      TRUE   FOR      FOR
                                                           OF UNCERT. SHARES
---------------------------------------------------------------------------------------------------------------------------------
FIFTH THIRD BANCORP          FITB    316773100   04/17/07  RATIFY INDEPENDENT AUDITORS     ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
WACHOVIA CORP                WB      929903102   04/17/07  ELECTION OF DIRECTORS           ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
WACHOVIA CORP                WB      929903102   04/17/07  RATIFY INDEPENDENT AUDITORS     ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
WACHOVIA CORP                WB      929903102   04/17/07  ELIMINATE PROVISIONS            ISSUER      TRUE   FOR      FOR
                                                           CLASSIFYING TERMS OF THE BOARD
---------------------------------------------------------------------------------------------------------------------------------
WACHOVIA CORP                WB      929903102   04/17/07  MAJORITY VOTING ON UNCONTESTED  ISSUER      TRUE   FOR      FOR
                                                           DIRECTORS ELECTIONS
---------------------------------------------------------------------------------------------------------------------------------
WACHOVIA CORP                WB      929903102   04/17/07  NON-BINDING STOCKHOLDER VOTE    SHAREHOLDER TRUE   AGAINST  FOR
                                                           RATIFYING EXEC. COMPENSATION
---------------------------------------------------------------------------------------------------------------------------------
WACHOVIA CORP                WB      929903102   04/17/07  QUALIFICATIONS OF DIRECTOR      SHAREHOLDER TRUE   AGAINST  FOR
                                                           NOMINEES
---------------------------------------------------------------------------------------------------------------------------------
WACHOVIA CORP                WB      929903102   04/17/07  REPORTING POLITICAL CONTRIB.    SHAREHOLDER TRUE   AGAINST  FOR
---------------------------------------------------------------------------------------------------------------------------------
WACHOVIA CORP                WB      929903102   04/17/07  SEPARATE CHAIRMAN AND CEO       SHAREHOLDER TRUE   AGAINST  FOR
                                                           OFFICES
---------------------------------------------------------------------------------------------------------------------------------
REGIONS FINANCIAL CORP       RF      7591EP100   04/19/07  ELECTION OF DIRECTORS           ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
REGIONS FINANCIAL CORP       RF      7591EP100   04/19/07  RATIFY INDEPENDENT AUDITORS     ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
IDEARC INC                   IAR     451663108   04/19/07  ELECTION OF DIRECTORS           ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
IDEARC INC                   IAR     451663108   04/19/07  RATIFY INDEPENDENT AUDITORS     ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
AMERICAN ELECTRIC POWER      AEP     025537101   04/24/07  ELECTION OF DIRECTORS           ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
AMERICAN ELECTRIC POWER      AEP     025537101   04/24/07  SENIOR OFFICER INCENTIVE PLAN   ISSUER      TRUE   AGAINST  AGAINST
---------------------------------------------------------------------------------------------------------------------------------
AMERICAN ELECTRIC POWER      AEP     025537101   04/24/07  RATIFY INDEPENDENT AUDITORS     ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
HAWAIIAN ELECTRIC IND        HE      419870100   04/24/07  ELECTION OF DIRECTORS           ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
HAWAIIAN ELECTRIC IND        HE      419870100   04/24/07  RATIFY INDEPENDENT AUDITORS     ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
WELLS FARGO & CO             WFC     949746101   04/24/07  ELECTION OF DIRECTORS           ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
WELLS FARGO & CO             WFC     949746101   04/24/07  RATIFY INDEPENDENT AUDITORS     ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
WELLS FARGO & CO             WFC     949746101   04/24/07  SEPARATE CHAIRMAN AND CEO       SHAREHOLDER TRUE   AGAINST  FOR
                                                           OFFICES
---------------------------------------------------------------------------------------------------------------------------------
WELLS FARGO & CO             WFC     949746101   04/24/07  ADVISORY VOTE ON EXEC. COMP.    SHAREHOLDER TRUE   AGAINST  FOR
---------------------------------------------------------------------------------------------------------------------------------
WELLS FARGO & CO             WFC     949746101   04/24/07  LIMIT BENEFITS - SUPPLEMENTAL   SHAREHOLDER TRUE   AGAINST  FOR
                                                           EXEC. RETIREMENT PLAN
---------------------------------------------------------------------------------------------------------------------------------
WELLS FARGO & CO             WFC     949746101   04/24/07  HOME MORTGAGE DISCL. ACT        SHAREHOLDER TRUE   AGAINST  FOR
                                                           DATA REPORT
---------------------------------------------------------------------------------------------------------------------------------
WELLS FARGO & CO             WFC     949746101   04/24/07  EMISSION REDUCTION GOALS        SHAREHOLDER TRUE   AGAINST  FOR
---------------------------------------------------------------------------------------------------------------------------------
E.I. DU PONT DE NEMOURS      DD      263534109   04/25/07  ELECTION OF DIRECTORS           ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
E.I. DU PONT DE NEMOURS      DD      263534109   04/25/07  RATIFY INDEPENDENT AUDITORS     ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
E.I. DU PONT DE NEMOURS      DD      263534109   04/25/07  EQUITY AND INCENTIVE PLAN       ISSUER      TRUE   AGAINST  AGAINST
---------------------------------------------------------------------------------------------------------------------------------
E.I. DU PONT DE NEMOURS      DD      263534109   04/25/07  ON GENETICALLY MODIFIED FOOD    SHAREHOLDER TRUE   AGAINST  FOR
---------------------------------------------------------------------------------------------------------------------------------
E.I. DU PONT DE NEMOURS      DD      263534109   04/25/07  ON PLANT CLOSURE                SHAREHOLDER TRUE   AGAINST  FOR
---------------------------------------------------------------------------------------------------------------------------------
E.I. DU PONT DE NEMOURS      DD      263534109   04/25/07  ON REPORT ON PFOA               SHAREHOLDER TRUE   AGAINST  FOR
---------------------------------------------------------------------------------------------------------------------------------
E.I. DU PONT DE NEMOURS      DD      263534109   04/25/07  ON COSTS                        SHAREHOLDER TRUE   AGAINST  FOR
---------------------------------------------------------------------------------------------------------------------------------
E.I. DU PONT DE NEMOURS      DD      263534109   04/25/07  ON GLOBAL WARMING               SHAREHOLDER TRUE   AGAINST  FOR
---------------------------------------------------------------------------------------------------------------------------------
E.I. DU PONT DE NEMOURS      DD      263534109   04/25/07  ON CHEMICAL FACILITY SECURITY   SHAREHOLDER TRUE   AGAINST  FOR
---------------------------------------------------------------------------------------------------------------------------------
BANK OF AMERICA              BAC     060505104   04/25/07  ELECTION OF DIRECTORS           ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
BANK OF AMERICA              BAC     060505104   04/25/07  RATIFY INDEPENDENT AUDITORS     ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
BANK OF AMERICA              BAC     060505104   04/25/07  STOCK OPTIONS PROPOSAL          SHAREHOLDER TRUE   AGAINST  FOR
---------------------------------------------------------------------------------------------------------------------------------
BANK OF AMERICA              BAC     060505104   04/25/07  NUMBER OF DIRECTORS PROPOSAL    SHAREHOLDER TRUE   AGAINST  FOR
---------------------------------------------------------------------------------------------------------------------------------
BANK OF AMERICA              BAC     060505104   04/25/07  INDEP. BOARD CHAIRMAN PROPOSAL  SHAREHOLDER TRUE   AGAINST  FOR
---------------------------------------------------------------------------------------------------------------------------------
CHEVRON CORP                 CVX     166764100   04/25/07  ELECTION OF DIRECTORS           ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
CHEVRON CORP                 CVX     166764100   04/25/07  RATIFY INDEPENDENT AUDITORS     ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
CHEVRON CORP                 CVX     166764100   04/25/07  RESTATE CERT. OF INCORP. -      ISSUER      TRUE   FOR      FOR
                                                           REPEAL SUPERMAJORITY VOTE
---------------------------------------------------------------------------------------------------------------------------------
CHEVRON CORP                 CVX     166764100   04/25/07  HUMAN RIGHTS POLICY AND REPORT  SHAREHOLDER TRUE   AGAINST  FOR
---------------------------------------------------------------------------------------------------------------------------------
CHEVRON CORP                 CVX     166764100   04/25/07  GREENHOUSE EMISSIONS GOALS      SHAREHOLDER TRUE   AGAINST  FOR
                                                           AND REPORT
---------------------------------------------------------------------------------------------------------------------------------
CHEVRON CORP                 CVX     166764100   04/25/07  ANIMAL WELFARE POLICY           SHAREHOLDER TRUE   AGAINST  FOR
                                                           AND REPORT
---------------------------------------------------------------------------------------------------------------------------------
CHEVRON CORP                 CVX     166764100   04/25/07  SEPARATE CHAIRMAN AND           SHAREHOLDER TRUE   AGAINST  FOR
                                                           CEO OFFICES
---------------------------------------------------------------------------------------------------------------------------------
CHEVRON CORP                 CVX     166764100   04/25/07  AMEND BY-LAWS - STOCKHOLDERS    SHAREHOLDER TRUE   AGAINST  FOR
                                                           RIGHTS
---------------------------------------------------------------------------------------------------------------------------------
CHEVRON CORP                 CVX     166764100   04/25/07  HOST COUNTRY ENVIRON. LAWS      SHAREHOLDER TRUE   AGAINST  FOR
                                                           REPORT
---------------------------------------------------------------------------------------------------------------------------------
MARATHON OIL CORP            MRO     565849106   04/25/07  ELECTION OF DIRECTORS           ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
MARATHON OIL CORP            MRO     565849106   04/25/07  RATIFY INDEPENDENT AUDITORS     ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
MARATHON OIL CORP            MRO     565849106   04/25/07  AMEND CERT. OF INCORP. AND      ISSUER      TRUE   FOR      FOR
                                                           BY-LAWS - ELIMINATE SUPER-
                                                           MAJORITY VOTE
---------------------------------------------------------------------------------------------------------------------------------
MARATHON OIL CORP            MRO     565849106   04/25/07  2007 INCENTIVE COMP. PLAN       ISSUER      TRUE   AGAINST  AGAINST
---------------------------------------------------------------------------------------------------------------------------------
MARATHON OIL CORP            MRO     565849106   04/25/07  INCREASE AUTH. COMMON STOCK     ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
SEMPRA ENERGY                SRE     816851109   04/26/07  ELECTION OF DIRECTORS           ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
SEMPRA ENERGY                SRE     816851109   04/26/07  RATIFY INDEPENDENT AUDITORS     ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
SEMPRA ENERGY                SRE     816851109   04/26/07  RATIFY INDEPENDENT AUDITORS     ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
SEMPRA ENERGY                SRE     816851109   04/26/07  ADOPT A SIMPLE MAJORITY VOTE    SHAREHOLDER TRUE   AGAINST  FOR
---------------------------------------------------------------------------------------------------------------------------------
SEMPRA ENERGY                SRE     816851109   04/26/07  DIRECTOR ELECTION MAJORITY      SHAREHOLDER TRUE   AGAINST  FOR
                                                           VOTE STANDARD PROPOSAL
---------------------------------------------------------------------------------------------------------------------------------
SEMPRA ENERGY                SRE     816851109   04/26/07  SUPPLEMENTAL EXEC. RETIREMENT   SHAREHOLDER TRUE   AGAINST  FOR
                                                           PLAN POLICY PROPOSAL
---------------------------------------------------------------------------------------------------------------------------------
KELLOGG CO                   K       487836108   04/27/07  ELECTION OF DIRECTORS           ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
KELLOGG CO                   K       487836108   04/27/07  RATIFY INDEPENDENT AUDITOR      ISSUER      TRUE   FOR      FOR
---------------------------------------------------------------------------------------------------------------------------------
KELLOGG CO                   K       487836108   04/27/07  PREPARE SUSTAINABILITY REPORT   SHAREHOLDER TRUE   AGAINST  FOR
                                                           PROPOSAL
---------------------------------------------------------------------------------------------------------------------------------
KELLOGG CO                   K       487836108   04/27/07  MAJORITY VOTE REQUIREMENT       SHAREHOLDER TRUE   AGAINST   FOR
                                                           PROPOSAL
---------------------------------------------------------------------------------------------------------------------------------
AT&T INC                     T       00206R102   04/27/07  ELECTION OF DIRECTORS           ISSUER      TRUE   FOR       FOR
---------------------------------------------------------------------------------------------------------------------------------
AT&T INC                     T       00206R102   04/27/07  RATIFY INDEPENDENT AUDITORS     ISSUER      TRUE   FOR       FOR
---------------------------------------------------------------------------------------------------------------------------------
AT&T INC                     T       00206R102   04/27/07  APPROVE AT&T SEVERANCE PLAN     ISSUER      TRUE   FOR       FOR
---------------------------------------------------------------------------------------------------------------------------------
AT&T INC                     T       00206R102   04/27/07  SEMI-ANNUAL POLITICAL CONTRIB.  SHAREHOLDER TRUE   AGAINST   FOR
                                                           REPORTING
---------------------------------------------------------------------------------------------------------------------------------
AT&T INC                     T       00206R102   04/27/07  GIVE CERTAIN SHAREHOLDERS       SHAREHOLDER TRUE   AGAINST   FOR
                                                           POWER TO CALL A SPECIAL
                                                           SHAREHOLDER MEETING
---------------------------------------------------------------------------------------------------------------------------------
AT&T INC                     T       00206R102   04/27/07  ESTABLISH PAY-FOR-SUPERIOR-     SHAREHOLDER TRUE   AGAINST   FOR
                                                           PERF. STANDARD IN EXECUTIVE
                                                           COMP. PLAN FOR SENIOR EXECS.
---------------------------------------------------------------------------------------------------------------------------------
AT&T INC                    T        00206R102   04/27/07  ANNUAL PROXY VOTE FOR CERTAIN   SHAREHOLDER TRUE   AGAINST   FOR
                                                           EXECUTIVE OFFICERS COMP.
---------------------------------------------------------------------------------------------------------------------------------
AT&T INC                    T        00206R102   04/27/07  LIMIT BENEFITS OF SUPPLEMENTAL  SHAREHOLDER TRUE   AGAINST   FOR
                                                           EXEC. PLAN
---------------------------------------------------------------------------------------------------------------------------------
BRISTOL-MYERS SQUIBB        BMY      110122108   05/01/07  RATIFY INDEPENDENT AUDITORS     ISSUER      TRUE   FOR       FOR
---------------------------------------------------------------------------------------------------------------------------------
BRISTOL-MYERS SQUIBB        BMY      110122108   05/01/07  2007 STOCK AWARD AND INCENTIVE  ISSUER      TRUE   FOR       FOR
                                                           PLAN
---------------------------------------------------------------------------------------------------------------------------------
BRISTOL-MYERS SQUIBB        BMY      110122108   05/01/07  SENIOR EXEC. PERF. INCENTIVE    ISSUER      TRUE   FOR       FOR
                                                           PLAN
---------------------------------------------------------------------------------------------------------------------------------
BRISTOL-MYERS SQUIBB        BMY      110122108   05/01/07  EXEC.COMPENSATION DISCLOSURE    SHAREHOLDER TRUE   AGAINST   FOR
---------------------------------------------------------------------------------------------------------------------------------
BRISTOL-MYERS SQUIBB        BMY      110122108   05/01/07  RECOUPMENT                      SHAREHOLDER TRUE   AGAINST   FOR
---------------------------------------------------------------------------------------------------------------------------------
BRISTOL-MYERS SQUIBB        BMY      110122108   05/01/07  CUMULATIVE VOTING               SHAREHOLDER TRUE   AGAINST   FOR
---------------------------------------------------------------------------------------------------------------------------------
VERIZON                     VZ       92343V104   05/03/07  ELECTION OF DIRECTORS           ISSUER      TRUE   FOR       FOR
---------------------------------------------------------------------------------------------------------------------------------
VERIZON                     VZ       92343V104   05/03/07  RATIFY INDEPENDENT AUDITOR      ISSUER      TRUE   FOR       FOR
---------------------------------------------------------------------------------------------------------------------------------
VERIZON                     VZ       92343V104   05/03/07  SHAREHOLDER APPROVAL FOR        SHAREHOLDER TRUE   AGAINST   FOR
                                                           FUTURE SEVERANCE AGREEMENTS
---------------------------------------------------------------------------------------------------------------------------------
VERIZON                     VZ       92343V104   05/03/07  COMP. CONSULTANT DISCLOSURE     SHAREHOLDER TRUE   AGAINST   FOR
---------------------------------------------------------------------------------------------------------------------------------
VERIZON                     VZ       92343V104   05/03/07  EXEC. COMP. ADVISORY VOTE       SHAREHOLDER TRUE   AGAINST   FOR
---------------------------------------------------------------------------------------------------------------------------------
VERIZON                     VZ       92343V104   05/03/07  LIMIT SERVICE ON OUTSIDE BOARD  SHAREHOLDER TRUE   AGAINST   FOR
---------------------------------------------------------------------------------------------------------------------------------
VERIZON                     VZ       92343V104   05/03/07  SHAREHOLDER APPROVAL OF FUTURE  SHAREHOLDER TRUE   AGAINST   FOR
                                                           POISON PILL
---------------------------------------------------------------------------------------------------------------------------------
VERIZON                     VZ       92343V104   05/03/07  CHARITABLE CONTRIB. REPORT      SHAREHOLDER TRUE   AGAINST   FOR
---------------------------------------------------------------------------------------------------------------------------------
OCCIDENTAL PETROLEUM        OXY      674599105   05/04/07  ELECTION OF DIRECTORS           ISSUER      TRUE   FOR       FOR
---------------------------------------------------------------------------------------------------------------------------------
OCCIDENTAL PETROLEUM        OXY      674599105   05/04/07  RATIFY INDEPENDENT AUDITORS     ISSUER      TRUE   FOR       FOR
---------------------------------------------------------------------------------------------------------------------------------
OCCIDENTAL PETROLEUM        OXY      674599105   05/04/07  2005 L-T INCENTIVE PLAN AMEND.  ISSUER      TRUE   FOR       FOR
---------------------------------------------------------------------------------------------------------------------------------
OCCIDENTAL PETROLEUM        OXY      674599105   05/04/07  SCIENTIFIC REPORT ON GLOBAL     SHAREHOLDER TRUE   AGAINST   FOR
                                                           WARMING
---------------------------------------------------------------------------------------------------------------------------------
OCCIDENTAL PETROLEUM        OXY      674599105   05/04/07  ADVISORY VOTE TO RATIFY         SHAREHOLDER TRUE   AGAINST   FOR
                                                           EXEC. COMP.
---------------------------------------------------------------------------------------------------------------------------------
OCCIDENTAL PETROLEUM        OXY      674599105   05/04/07  PERF. BASED STOCK OPTIONS       SHAREHOLDER TRUE   AGAINST   FOR
---------------------------------------------------------------------------------------------------------------------------------
PROGRESS ENERGY INC         PGN      743263105   05/09/07  ELECTION OF DIRECTORS           ISSUER      TRUE   FOR       FOR
---------------------------------------------------------------------------------------------------------------------------------
PROGRESS ENERGY INC         PGN      743263105   05/09/07  2007 EQUITY INCENTIVE PLAN      ISSUER      TRUE   FOR       FOR
---------------------------------------------------------------------------------------------------------------------------------
WASHINGTON POST CO          WPO      939640108   05/10/07  ELECTION OF DIRECTORS           ISSUER      TRUE   FOR       FOR
---------------------------------------------------------------------------------------------------------------------------------
WASHINGTON POST CO          WPO      939640108   05/10/07  TRANSACT OTHER BUSINESS AT      ISSUER      TRUE   FOR       FOR
                                                           MEETING
---------------------------------------------------------------------------------------------------------------------------------
DUKE ENERGY CORP            DUK      26441C105   05/10/07  ELECTION OF DIRECTORS           ISSUER      TRUE   FOR       FOR
---------------------------------------------------------------------------------------------------------------------------------
DUKE ENERGY CORP            DUK      26441C105   05/10/07  RATIFY INDEPENDENT AUDITORS     ISSUER      TRUE   FOR       FOR
---------------------------------------------------------------------------------------------------------------------------------
FIRSTENERGY CORP            FE       337932107   05/15/07  ELECTION OF DIRECTORS           ISSUER      TRUE   FOR       FOR
---------------------------------------------------------------------------------------------------------------------------------
FIRSTENERGY CORP            FE       337932107   05/15/07  RATIFY INDEPENDENT AUDITORS     ISSUER      TRUE   FOR       FOR
---------------------------------------------------------------------------------------------------------------------------------
FIRSTENERGY CORP            FE       337932107   05/15/07  APPROVAL OF 2007 INCENT. PLAN   ISSUER      TRUE   AGAINST   AGAINST
---------------------------------------------------------------------------------------------------------------------------------
FIRSTENERGY CORP            FE       337932107   05/15/07  MAJORITY VOTE REINCORP.         SHAREHOLDER TRUE   AGAINST   FOR
                                                           PROPOSAL
---------------------------------------------------------------------------------------------------------------------------------
FIRSTENERGY CORP            FE       337932107   05/15/07  ENGAGEMENT PROCESS POLICY FOR   SHAREHOLDER TRUE   AGAINST   FOR
                                                           PROPONENTS OF SHAREHOLDER
                                                           PROPOSALS SUPPORTED BY
                                                           MAJORITY VOTE
---------------------------------------------------------------------------------------------------------------------------------
FIRSTENERGY CORP            FE      337932107    05/15/07  ADOPT SIMPLE MAJORITY VOTE      SHAREHOLDER TRUE   AGAINST   FOR
---------------------------------------------------------------------------------------------------------------------------------
CORN PRODUCTS               CPO     219023108    05/16/07  ELECTION OF DIRECTORS           ISSUER      TRUE   FOR       FOR
---------------------------------------------------------------------------------------------------------------------------------
CORN PRODUCTS               CPO     219203108    05/16/07  RATIFY INDEPENDENT AUDITORS     ISSUER      TRUE   FOR       FOR
---------------------------------------------------------------------------------------------------------------------------------
THE SOUTHERN CO             SO      842587107    05/23/07  ELECTION OF DIRECTORS           ISSUER      TRUE   FOR       FOR
---------------------------------------------------------------------------------------------------------------------------------
THE SOUTHERN CO             SO      842587107    05/23/07  RATIFY INDEPENDENT AUDITORS     ISSUER      TRUE   FOR       FOR
---------------------------------------------------------------------------------------------------------------------------------
THE SOUTHERN CO             SO      842587107    05/23/07  ENVIRONMENTAL REPORT            SHAREHOLDER TRUE   AGAINST   FOR
---------------------------------------------------------------------------------------------------------------------------------
UNITEDHEALTH GROUP          UNH     91324P102    05/29/07  ELECTION OF DIRECTORS           ISSUER      TRUE   FOR       FOR
---------------------------------------------------------------------------------------------------------------------------------
UNITEDHEALTH GROUP          UNH     91324P102    05/29/07  AMEND ARTICLES OF INCORP. AND   ISSUER      TRUE   FOR       FOR
                                                           BY-LAWS FOR ANNUAL ELECTION
                                                           OF DIRECTORS
---------------------------------------------------------------------------------------------------------------------------------
UNITEDHEALTH GROUP          UNH     91324P102    05/29/07  REQUIRE MAJORITY VOTE FOR       ISSUER      TRUE   FOR       FOR
                                                           ELECTION OF DIRECTORS
---------------------------------------------------------------------------------------------------------------------------------
UNITEDHEALTH GROUP          UNH     91324P102    05/29/07  ELIMINATE SUPERMAJORITY         ISSUER      TRUE   FOR       FOR
                                                           PROVISIONS FOR REMOVAL
                                                           OF BOARD
---------------------------------------------------------------------------------------------------------------------------------
UNITEDHEALTH GROUP          UNH     91324P102    05/29/07  ELIMINATE SUPERMAJORITY         ISSUER      TRUE   FOR       FOR
                                                           PROVISIONS FOR CERTAIN
                                                           BUSINESS COMBINATIONS
---------------------------------------------------------------------------------------------------------------------------------
UNITEDHEALTH GROUP          UNH     91324P102    05/29/07  ADOPT REINSTATED ARTICLES       ISSUER      TRUE   FOR       FOR
                                                           OF INCORP.
---------------------------------------------------------------------------------------------------------------------------------
UNITEDHEALTH GROUP          UNH     91324P102    05/29/07  RATIFY INDEPENDENT AUDITORS     ISSUER      TRUE   FOR       FOR
---------------------------------------------------------------------------------------------------------------------------------
UNITEDHEALTH GROUP          UNH     91324P102    05/29/07  SUPPLEMENTAL EXECUTIVE          SHAREHOLDER TRUE   AGAINST   FOR
                                                           RETIREMENT PLAN PROPOSAL
---------------------------------------------------------------------------------------------------------------------------------
UNITEDHEALTH GROUP          UNH     91324P102    05/29/07  PERF.-VESTING SHARES PROPOSAL   SHAREHOLDER TRUE   AGAINST   FOR
---------------------------------------------------------------------------------------------------------------------------------
UNITEDHEALTH GROUP          UNH     91324P102    05/29/07  ADVISORY RESOLUTION ON COMP.    SHAREHOLDER TRUE   AGAINST   FOR
                                                           OF NAMED EXEC. OFFICERS
                                                           PROPOSAL
---------------------------------------------------------------------------------------------------------------------------------
UNITEDHEALTH GROUP          UNH     91324P102    05/29/07  SHAREHOLDER NOMINEES FOR        SHAREHOLDER TRUE   AGAINST   FOR
                                                           ELECTION TO UNH BOARD PROPOSAL
---------------------------------------------------------------------------------------------------------------------------------
ENERGY EAST CORP            EAS     29266M109    06/14/07  ELECTION OF DIRECTORS           ISSUER      TRUE   FOR       FOR
---------------------------------------------------------------------------------------------------------------------------------
ENERGY EAST CORP            EAS     29266M109    06/14/07  RATIFY INDEPENDENT AUDITORS     ISSUER      TRUE   FOR       FOR
---------------------------------------------------------------------------------------------------------------------------------

</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.
             --------------------------------------------------------------



BY (SIGNATURE AND TITLE)* /S/DONALD H. BAXTER
                          -------------------------------------------------
                          DONALD H. BAXTER, PRESIDENT


DATE: Aug 13 2007
      ---------------


* PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.