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
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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
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Date of fiscal year end: November 30, 2004
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Date of reporting period: July 1, 2003 - June 30, 2004
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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.
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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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Del Monte Foods DLM 24522P103 09/12/03 Amend Incentive Plan To Issuer Yes For For
Comply With IRS Code
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Del Monte Foods DLM 24522P103 09/12/03 Election Of Directors Issuer Yes For For
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Del Monte Foods DLM 24522P103 09/12/03 Ratify Independent Auditors Issuer Yes For For
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H.J. Heinz Co. HNZ 423074103 09/12/03 Ratify Independent Auditors Issuer Yes For For
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H.J. Heinz Co. HNZ 423074103 09/12/03 Election Of Directors Issuer Yes For For
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Costco Wholesale COST 22160K105 01/29/04 Election Of Directors Issuer Yes For For
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Costco Wholesale COST 22160K105 01/29/04 Selection Of Independent Issuer Yes For For
Auditors
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Costco Wholesale COST 22160K105 01/29/04 Develop Policy For Land Shareholder Yes Against For
Procurement
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Costco Wholesale COST 22160k105 01/29/04 Elect Directors Annually Shareholder Yes Against For
And Not By Classes
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Bank of America Corp. BAC 060505104 03/17/04 Amended Stock Plan Issuer Yes For For
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Bank of America Corp. BAC 060505104 03/17/04 Merger Agreement Issuer Yes For For
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Bank of America Corp. BAC 060505104 03/17/04 Increase Authorized Shares Issuer Yes For For
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Bank of America Corp. BAC 060505104 03/17/04 Adjourn Special Meeting To Issuer Yes For For
Solicit Additional Proxies
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Amsouth Bancorp ASO 032165102 04/15/04 1996 Amended Long Term Issuer Yes For For
Incentive Plan
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Amsouth Bancorp ASO 032165102 04/15/04 Employee Stock Purchase Plan Issuer Yes For For
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Amsouth Bancorp ASO 032165102 04/15/04 Outside Directors Stock Issuer Yes For For
Option Plan
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Amsouth Bancorp ASO 032165102 04/15/04 Election Of Directors Issuer Yes For For
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Amsouth Bancorp ASO 032165102 04/15/04 Ratify Independent Auditors Issuer Yes For For
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Amsouth Bancorp ASO 032165102 04/15/04 Political Contributions Shareholder Yes For Against
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Hawaiian Electric Ind HE 419870100 04/20/04 Election Of Directors Issuer Yes For For
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Hawaiian Electric Ind HE 419870100 04/20/04 Ratify Independent Auditors Issuer Yes For For
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Public Service Ent. Grp PEG 744573106 04/20/04 2004 Long-Term Incentive Plan Issuer Yes For For
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Public Service Ent. Grp PEG 744573106 04/20/04 Election Of Directors Issuer Yes For For
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Public Service Ent. Grp PEG 744573106 04/20/04 Board Nominations - Shareholder Yes Against For
2 Candidate Minimum
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Public Service Ent. Grp PEG 744573106 04/20/04 Ratify Independent Auditors Issuer Yes For For
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Southtrust Bank SOTR 844730101 04/21/04 Election Of Directors Issuer Yes For For
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Southtrust Bank SOTR 844730101 04/21/04 2004 Long-Term Incentive Plan Issuer Yes For For
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Southtrust Bank SOTR 844730101 04/21/04 Senior Officer Performance Issuer Yes For For
Incentive Plan
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Southtrust Bank SOTR 844730101 04/21/04 Ratify Independent Auditors Issuer Yes For For
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Kellogg Co K 487836108 04/23/04 Election Of Directors Issuer Yes For For
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Kellogg Co K 487836108 04/23/04 Ratify Independent Auditors Issuer Yes For For
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Kellogg Co K 487836108 04/23/04 Genetically Engineered Food Shareholder Yes Against For
Impact Report
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American Electric Power AEP 025537101 04/27/04 Election Of Directors Issuer Yes For For
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American Electric Power AEP 025537101 04/27/04 Auditor Perform Only Audit Shareholder Yes Against For
And Audit Related Work
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American Electric Power AEP 025537101 04/27/04 Ratify Independent Auditors Issuer Yes For For
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American Electric Power AEP 025537101 04/27/04 Executive Severance Agreement Shareholder Yes Against For
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American Electric Power AEP 025537101 04/27/04 Supplemental Executive Shareholder Yes Against For
Retirement Plans
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American Electric Power AEP 025537101 04/27/04 Term Limits For Directors Shareholder Yes Against For
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National City Corp NCC 635405103 04/27/04 Senior Officer Incentive Plan Issuer Yes For For
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National City Corp NCC 635405103 04/27/04 Election Of Directors Issuer Yes For For
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National City Corp NCC 635405103 04/27/04 Ratify Independent Auditors Issuer Yes For For
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ChevronTexaco Corp CVX 166764100 04/28/04 Long-Term Incentive Plan Issuer Yes For For
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ChevronTexaco Corp CVX 166764100 04/28/04 Director Election Shareholder Yes Against For
Vote Threshold
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ChevronTexaco Corp CVX 166764100 04/28/04 Election Of Directors Issuer Yes For For
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ChevronTexaco Corp CVX 166764100 04/28/04 HIV/AIDS, TB & Malaria Report Shareholder Yes Against For
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ChevronTexaco Corp CVX 166764100 04/28/04 Political Disclosure Shareholder Yes Against For
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ChevronTexaco Corp CVX 166764100 04/28/04 Ratify Independent Auditors Issuer Yes For For
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ChevronTexaco Corp CVX 166764100 04/28/04 Renewable Energy Shareholder Yes Against For
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ChevronTexaco Corp CVX 166764100 04/28/04 Report On Ecuador Shareholder Yes Against For
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ChevronTexaco Corp CVX 166764100 04/28/04 Shareholder Rights Plan Issuer Yes For For
Policy Support
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Marathon Oil Corp MRO 565849106 04/28/04 Climate Change Resolution Shareholder Yes Against For
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Marathon Oil Corp MRO 565849106 04/28/04 Senior Executive Officers Shareholder Yes Against For
Severance Compensation Limit
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Marathon Oil Corp MRO 565849106 04/28/04 Ratify Independent Auditors Issuer Yes For For
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Occidental Petroleum OXY 674599105 04/30/04 Restricted Stock Plan Issuer Yes Against Against
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Occidental Petroleum OXY 674599105 04/30/04 Discontinue Options, Rights, Shareholder Yes For Against
And Severance Payments
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Occidental Petroleum OXY 674599105 04/30/04 Election Of Directors Issuer Yes For For
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Louisiana-Pacific Corp LPX 546347105 05/03/04 1992 Non-Employee Director Issuer Yes For For
Stock Option Plan
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Louisiana-Pacific Corp LPX 546347105 05/03/04 1997 Incentive Stock Issuer Yes For For
Award Plan
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Louisiana-Pacific Corp LPX 546347105 05/03/04 2000 Non-Employee Director Issuer Yes For For
Restricted Stock Plan
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Louisiana-Pacific Corp LPX 546347105 05/03/04 Annual Cash Incentive Award Issuer Yes Against Against
Plan Performance Goals
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Louisiana-Pacific Corp LPX 546347105 05/03/04 Election Of Directors Issuer Yes For For
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Louisiana-Pacific Corp LPX 546347105 05/03/04 Separation Of Chairman Shareholder Yes For Against
And CEO Positions
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Louisiana-Pacific Corp LPX 546347105 05/03/04 Environmental Matters Shareholder Yes Against For
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Louisiana-Pacific Corp LPX 546347105 05/03/04 Ratify Independent Auditors Issuer Yes For For
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Bristol-Myers Squibb BMY 110122108 05/04/04 Director Vote Threshold Shareholder Yes Against For
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Bristol-Myers Squibb BMY 110122108 05/04/04 HIV/AIDS-TB-Malaria Shareholder Yes Against For
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Bristol-Myers Squibb BMY 110122108 05/04/04 Prohibition Of Political Shareholder Yes Against For
Contributions
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Bristol-Myers Squibb BMY 110122108 05/04/04 Publication Of Political Shareholder Yes Against For
Contributions
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Bristol-Myers Squibb BMY 110122108 05/04/04 Ratify Independent Auditors Issuer Yes For For
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Bristol-Myers Squibb BMY 110122108 05/04/04 Separation Of Chairman Shareholder Yes For Against
And CEO Positions
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Bristol-Myers Squibb BMY 110122108 05/04/04 Election Of Directors Issuer Yes For For
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Sempra Energy SRE 816851109 05/04/04 Election Of Directors Issuer Yes For For
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Sempra Energy SRE 816851109 05/04/04 Annual Election Of Directors Shareholder Yes Against For
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Sempra Energy SRE 816851109 05/04/04 Auditor Services Shareholder Yes Against For
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Sempra Energy SRE 816851109 05/04/04 Independent Chairman Of Shareholder Yes For Against
The Board
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Sempra Energy SRE 816851109 05/04/04 Shareholder Rights Plan Shareholder Yes Against For
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Sempra Energy SRE 816851109 05/04/04 Ratify Independent Auditors Issuer Yes For For
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Kerr-McGee KMG 492386107 05/11/04 Election Of Directors Issuer Yes For For
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Kerr-McGee KMG 492386107 05/11/04 Directors Communication Shareholder Yes Against For
Office Establishment
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UnitedHealth Group UNH 91324P102 05/12/04 Election Of Directors Issuer Yes For For
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UnitedHealth Group UNH 91324P102 05/12/04 Stock Options Expensing Shareholder Yes Against For
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UnitedHealth Group UNH 91324P102 05/12/04 Replace Stock Options Shareholder Yes Against For
With Restricted Stock
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Washington Post Co WPO 939640108 05/13/04 Election Of Directors Issuer Yes For For
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Washington Post Co WPO 939640108 05/13/04 Transact Other Business Issuer Yes For For
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FirstEnergy Corp FE 337932107 05/18/04 Articles Of Incorporation And
Code Of Regulations Voting Issuer Yes For For
Requirements Amendments
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FirstEnergy Corp FE 337932107 05/18/04 Code Of Regulations To Issuer Yes For For
Declassify Board Of Directors
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FirstEnergy Corp FE 337932107 05/18/04 Director Deferred Issuer Yes For For
Compensation Plan
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FirstEnergy Corp FE 337932107 05/18/04 Executive Deferred Issuer Yes For For
Compensation Plan
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FirstEnergy Corp FE 337932107 05/18/04 Election Of Directors Issuer Yes For For
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FirstEnergy Corp FE 337932107 05/18/04 Expense Stock Option
Grants To Employees Shareholder Yes Against For
In Financial Statement
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FirstEnergy Corp FE 337932107 05/18/04 Financial Statement Change For
Option Grants To Employees Shareholder Yes Against For
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FirstEnergy Corp FE 337932107 05/18/04 Shareholder Vote For Future Shareholder Yes Against For
Severance Agreement
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FirstEnergy Corp FE 337932107 05/18/04 Publish Political Contribution
Detail in Annual And Semi- Shareholder Yes Against For
Annual Reports
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Corn Products Int'l CPO 219023108 05/19/04 Election Of Directors Issuer Yes For For
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Corn Products Int'l CPO 219023108 05/19/04 Ratify Independent Auditors Issuer Yes For For
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TXU Corp TXU 873168108 05/21/04 Ratify Independent Auditors Issuer Yes For For
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TXU Corp TXU 873168108 05/21/04 Election Of Directors Issuer Yes For For
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TXU Corp TXU 873168108 05/21/04 Officers' Sales Of Shareholder Yes Against For
Restricted Stock
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Kerr-McGee KMG 492386107 05/23/04 Ratify Independent Auditors Issuer Yes For For
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Unocal Corp UCL 915289102 05/24/04 2004 Directors Deferred
Compensation And Restricted Issuer Yes For For
Stock Award Plan
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Unocal Corp UCL 915289102 05/24/04 Board Of Directors Committee Shareholder Yes Against For
Report On Greenhouse Gases
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Unocal Corp UCL 915289102 05/24/04 Election Of Directors Issuer Yes For For
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Unocal Corp UCL 915289102 05/24/04 Bylaw Requiring The Chairman
Not Concurrently Serve As CEO Shareholder Yes For Against
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Unocal Corp UCL 915289102 05/24/04 Restricted Stock Programs For
Executive Compensation In Shareholder Yes For Against
Lieu Of Stock Options
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Unocal Corp UCL 915289102 05/24/04 Directors Communication Shareholder Yes Against For
Office Establishment
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Unocal Corp UCL 915289102 05/24/04 Ratify Independent Auditors Issuer Yes For For
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Bank of America Corp. BAC 060505104 05/26/04 Election Of Directors Issuer Yes For For
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Bank of America Corp. BAC 060505104 05/26/04 Annual Meeting Date Shareholder Yes Against For
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Bank of America Corp. BAC 060505104 05/26/04 Mutual Fund Trading Policies Shareholder Yes Against For
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Bank of America Corp. BAC 060505104 05/26/04 Privacy & Information Security Shareholder Yes Against For
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Bank of America Corp. BAC 060505104 05/26/04 Board Nominations - Shareholder Yes Against For
2 Candidate Minimum
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Bank of America Corp. BAC 060505104 05/26/04 Stop Charitable Contributions Shareholder Yes Against For
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Bank of America Corp. BAC 060505104 05/26/04 Ratify Independent Auditors Issuer Yes For For
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The Southern Co SO 842587107 05/26/04 Outside Directors Stock Plan Issuer Yes For For
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The Southern Co SO 125071100 05/26/04 Election Of Directors Issuer Yes For For
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The Southern Co SO 842587107 05/26/04 Ratify Independent Auditors Issuer Yes For For
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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 6, 2004
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* Print the name and title of each signing officer under his or her signature.