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, 2006
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DATE OF REPORTING PERIOD: JULY 1, 2005 - JUNE 30, 2006
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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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PUBLIC SERVICE ENTERPRISE PEG 744573106 07/19/05 ELECTION OF DIRECTORS ISSUER YES FOR FOR
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PUBLIC SERVICE ENTERPRISE PEG 744573106 07/19/05 RATIFY INDEPENDENT AUDITOR ISSUER YES FOR FOR
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PUBLIC SERVICE ENTERPRISE PEG 744573106 07/19/05 ADJOURN OR POSTPONE ANNUAL MTG ISSUER YES FOR FOR
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PUBLIC SERVICE ENTERPRISE PEG 744573106 07/19/05 MERGER WITH EXELON CORP ISSUER YES FOR FOR
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PUBLIC SERVICE ENERPRISE PEG 744573106 07/19/05 EXECUTIVE COMPENSATION PROPOSAL SHAREHOLDER YES AGAINST FOR
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H.J. HEINZ COMPANY HNZ 423074103 08/23/05 RATIFY INDEPENDENT AUDITOR ISSUER YES FOR FOR
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H.J. HEINZ COMPANY HNZ 423074103 08/23/05 HIRE INVESTMENT BANK TO EXPLORE SHAREHOLDER YES AGAINST FOR
SALE OF COMPANY
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H.J. HEINZ COMPANY HNZ 423074103 08/23/05 SIMPLE MAJORITY ON SHAREHOLDER SHAREHOLDER YES AGAINST FOR
VOTES EXCEPT BOARD ELECTION
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H.J. HEINZ COMPANY HNZ 423074103 08/23/05 ELECTION OF DIRECTORS ISSUER YES FOR FOR
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CINERGY CORP CIN 172474108 01/17/06 MERGER WITH DUKE ENERGY ISSUER YES FOR
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COSTCO WHOLESALE COST 22160K105 01/25/06 ELECTION OF DIRECTORS ISSUER YES FOR FOR
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COSTCO WHOLESALE COST 22160K105 01/25/06 REINSTATE 2002 STOCK ISSUER YES FOR FOR
INCENTIVE PLAN
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COSTCO WHOLESALE COST 22160K105 01/25/06 ELECT ALL DIRECTORS ANNUALLY SHAREHOLDER YES AGAINST FOR
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COSTCO WHOLESALE COST 22160K105 01/25/06 ADOPT A VENDOR CODE OF CONDUCT SHAREHOLDER YES AGAINST FOR
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COSTCO WHOLESALE COST 22160K105 01/25/06 SELECT INDEPENDENT AUDITORS ISSUER YES FOR FOR
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WACHOVIA CORP WB 929903102 04/18/06 ELECTION OF DIRECTORS ISSUER YES FOR FOR
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WACHOVIA CORP WB 929903102 04/18/06 RATIFY INDEPENDENT AUDITOR ISSUER YES FOR FOR
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WACHOVIA CORP WB 929903102 04/18/06 FUTURE SEVERANCE ARRANGEMENTS SHAREHOLDER YES AGAINST FOR
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WACHOVIA CORP WB 929903102 04/18/06 POLITICAL CONTRIB. REPORTING SHAREHOLDER YES AGAINST FOR
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WACHOVIA CORP WB 929903102 04/18/06 SEPARATE CHAIRMAN & CEO SHAREHOLDER YES AGAINST FOR
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WACHOVIA CORP WB 929903102 04/18/06 ELECT DIRECTORS BY MAJORITY SHAREHOLDER YES AGAINST FOR
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AMSOUTH BANCORP ASO 032165102 04/20/06 ELECTION OF DIRECTORS ISSUER YES FOR FOR
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AMSOUTH BANCORP ASO 032165102 04/20/06 RATIFY INDEPENDENT AUDITOR ISSUER YES FOR FOR
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AMSOUTH BANCORP ASO 032165102 04/20/06 2006 L-T INCENTIVE COMP. PLAN ISSUER YES FOR FOR
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AMSOUTH BANCORP ASO 032165102 04/20/06 POLITICAL CONTRIB. PROPOSAL SHAREHOLDER YES AGAINST FOR
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AMSOUTH BANCORP ASO 032165102 04/20/06 AMENDMENT OF EEOC POLICY SHAREHOLDER YES AGAINST FOR
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KELLOGG CO K 487836108 04/21/06 ELECTION OF DIRECTORS ISSUER YES FOR FOR
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KELLOGG CO K 487836108 04/21/06 RATIFY INDEPENDENT AUDITOR ISSUER YES FOR FOR
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KELLOGG CO K 487836108 04/21/06 PREPARE SUSTAINABILITY REPORT SHAREHOLDER YES AGAINST FOR
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NATIONAL CITY CORP NCC 635405103 04/25/06 ELECTION OF DIRECTORS ISSUER YES FOR FOR
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NATIONAL CITY CORP NCC 635405103 04/25/06 RATIFY INDEPENDENT AUDITOR ISSUER YES FOR FOR
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AMERICAN ELECTRIC POWER AEP 025537101 04/25/06 ELECTION OF DIRECTORS ISSUER YES FOR FOR
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AMERICAN ELECTRIC POWER AEP 025537101 04/25/06 RATIFY INDEPENDENT AUDITOR ISSUER YES FOR FOR
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WELLS FARGO & CO WFC 949746101 04/25/06 RATIFY INDEPENDENT AUDITOR ISSUER YES FOR FOR
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WELLS FARGO & CO WFC 949746101 04/25/06 DIRECTOR ELECTION BY-LAW SHAREHOLDER YES AGAINST FOR
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WELLS FARGO & CO WFC 494746101 04/25/06 SEPARATE BOARD CHAIR & CEO SHAREHOLDER YES AGAINST FOR
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WELLS FARGO & CO WFC 949746101 04/25/06 DIRECTOR COMPENSATION SHAREHOLDER YES AGAINST FOR
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WELLS FARGO & CO WFC 949746101 04/25/06 DIRECTOR COMPENSATION SHAREHOLDER YES AGAINST FOR
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WELLS FARGO & CO WFC 949746101 04/25/06 HOME MORTGAGE DISCL. ACT REPORT SHAREHOLDER YES AGAINST FOR
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BANK OF AMERICA CORP BAC 060505104 04/26/06 ELECTION OF DIRECTORS ISSUER YES FOR FOR
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BANK OF AMERICA CORP BAC 060505104 04/26/06 RATIFY INDEPENDENT AUDITOR ISSUER YES FOR FOR
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BANK OF AMERICA CORP BAC 060505104 04/26/06 POLITICAL CONTRIBUTIONS SHAREHOLDER YES AGAINST FOR
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BANK OF AMERICA CORP BAC 060505104 04/26/06 ELECT DIRECTORS BY MAJORITY SHAREHOLDER YES AGAINST FOR
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BANK OF AMERICA CORP BAC 060505104 04/26/06 INDEPENDENT BOARD CHAIRMAN SHAREHOLDER YES AGAINST FOR
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BANK OF AMERICA CORP BAC 060505104 04/26/06 EQUAL EMPLOYMENT OPPORT. POLICY SHAREHOLDER YES AGAINST FOR
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WELLS FARGO & CO WFC 949746101 04/26/06 ELECTION OF DIRECTORS ISSUER YES FOR FOR
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MARATHON OIL CORP MRO 565849106 04/26/06 ELECTION OF DIRECTORS ISSUER YES FOR FOR
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MARATHON OIL CORP MRO 565849106 04/26/06 RATIFY INDEPENDENT AUDITOR ISSUER YES FOR FOR
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MARATHON OIL CORP MRO 565849106 04/26/06 DECLASSIFY BOARD IN RESTATED ISSUER YES FOR FOR
CERTIFICATE OF INCORP.
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MARATHON OIL CORP MRO 565849106 04/26/06 AMEND RESTATED CERT. OF ISSUER YES FOR FOR
INCORP. VARIOUS ISSUES
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MARATHON OIL CORP MRO 565849106 04/26/06 ELECT DIRECTORS BY MAJORITY SHAREHOLDER YES AGAINST FOR
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MARATHON OIL CORP MRO 565849106 04/26/06 SIMPLE MAJORITY VOTE SHAREHOLDER YES AGAINST FOR
OF STOCKHOLDERS
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KELLOGG CO K 487836108 04/26/06 SR. EXEC. ANNUAL INCENTIVE PLAN ISSUER YES FOR FOR
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CHEVRON CORP CVX 166764100 04/26/06 ELECTION OF DIRECTORS ISSUER YES FOR FOR
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CHEVRON CORP CVX 166764100 04/26/06 RATIFY INDEPENDENT AUDITOR ISSUER YES FOR FOR
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CHEVRON CORP CVX 166764100 04/26/06 AMEND BY-LAWS TO INCLUDE SHAREHOLDER YES AGAINST FOR
PROPONENT REIMBURSEMENT
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CHEVRON CORP CVX 166764100 04/26/06 OIL AND DRILLING REPORT SHAREHOLDER YES AGAINST FOR
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CHEVRON CORP CVX 166764100 04/26/06 POLITICAL CONTRIB. REPORT SHAREHOLDER YES AGAINST FOR
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CHEVRON CORP CVX 166764100 04/26/06 ADOPT AN ANIMAL WELFARE POLICY SHAREHOLDER YES AGAINST FOR
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CHEVRON CORP CVX 166764100 04/26/06 REPORT ON HUMAN RIGHTS SHAREHOLDER YES AGAINST FOR
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CHEVRON CORP CVX 166764100 04/26/06 REPORT ON ECUADOR SHAREHOLDER YES AGAINST FOR
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UNITEDHEALTH GROUP UNH 91324P102 05/02/06 ELECTION OF DIRECTORS ISSUER YES FOR FOR
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UNITEDHEALTH GROUP UNH 91324P102 05/02/06 RATIFY INDEPENDENT AUDITOR ISSUER YES FOR FOR
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UNITEDHEALTH GROUP UNH 91324P102 05/02/06 ELECT DIRECTORS BY MAJORITY SHAREHOLDER YES AGAINST FOR
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HAWAIIAN ELECTRIC IND HE 419870100 05/02/06 ELECTION OF DIRECTORS ISSUER YES FOR FOR
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HAWAIIAN ELECTRIC IND HE 419870100 05/02/06 RATIFY INDEPENDENT AUDITOR ISSUER YES FOR FOR
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HAWAIIAN ELECTRIC IND HE 419870100 05/02/06 INCREASE COMMON SHARES AMOUNT ISSUER YES FOR FOR
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HAWAIIAN ELECTRIC IND HE 419870100 05/02/06 1990 NONEMPLOYEE DIRECTOR ISSUER YES FOR FOR
STOCK PLAN
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HAWAIIAN ELECTRIC IND HE 419870100 05/02/06 AMEND ARTICLE 6 OF RESTATED ISSUER YES FOR FOR
ARTICLE OF INCORP.
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SEMPRA ENERGY SRE 816851109 05/04/06 ELECTION OF DIRECTORS ISSUER YES FOR FOR
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SEMPRA ENERGY SRE 816851109 05/04/06 RATIFY INDEPENDENT AUDITOR ISSUER YES FOR FOR
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SEMPRA ENERGY SRE 816851109 05/04/06 ARTICLES AMENDMENT FOR THE ISSUER YES FOR FOR
ANNUAL ELECTION OF DIRECTORS
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SEMPRA ENERGY SRE 816851109 05/04/06 PERFORMANCE-BASED STOCK OPTIONS SHAREHOLDER YES AGAINST FOR
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OCCIDENTAL PETROLEUM COR OXY 674599105 05/05/06 ELECTION OF DIRECTORS ISSUER YES FOR FOR
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OCCIDENTAL PETROLEUM COR OXY 674599105 05/05/06 RATIFY INDEPENDENT AUDITOR ISSUER YES FOR FOR
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OCCIDENTAL PETROLEUM COR OXY 674599105 05/05/06 INCREASE AUTHORIZED CAP. STOCK ISSUER YES FOR FOR
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OCCIDENTAL PETROLEUM COR OXY 674599105 05/05/06 EXECUTIVE COMPENSATION LIMIT ISSUER NO ABSTAIN
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OCCIDENTAL PETROLEUM COR OXY 674599105 05/05/06 GLOBAL WARMING/COOLING REPORT SHAREHOLDER YES AGAINST FOR
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OCCIDENTAL PETROLEUM COR OXY 674599105 05/05/06 ELECT DIRECTORS BY MAJORITY SHAREHOLDER YES AGAINST FOR
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WASHINGTON POST WPO 939640108 05/11/06 AMEND INCENTIVE COMP. PLAN ISSUER YES FOR FOR
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WASHINGTON POST WPO 939640108 05/11/06 OTHER BUSINESS OR ADJOURNMENT ISSUER YES FOR FOR
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FIRSTENERGY CORP FE 337932107 05/16/06 ELECTION OF DIRECTORS ISSUER YES FOR FOR
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FIRSTENERGY CORP FE 337932107 05/16/06 RATIFY INDEPENDENT AUDITOR ISSUER YES FOR FOR
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FIRSTENERGY CORP FE 337932107 05/16/06 MAJORITY SHAREHOLDER VOTING SHAREHOLDER YES AGAINST FOR
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FIRSTENERGY CORP FE 337932107 05/16/06 OBTAIN SHAREHOLDER VOTE ON SHAREHOLDER YES AGAINST FOR
CERTAIN SEVERANCE AGREEMENTS
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CORN PRODUCTS INT'L CPO 219023108 05/17/06 ELECTION OF DIRECTORS ISSUER YES FOR FOR
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CORN PRODUCTS INT'L CPO 219023108 05/17/06 RATIFY INDEPENDENT AUDITOR ISSUER YES FOR FOR
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TXU CORP TXU 873168108 05/19/06 ELECTION OF DIRECTORS ISSUER YES FOR FOR
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TXU CORP TXU 873168108 05/19/06 RATIFY INDEPENDENT AUDITOR ISSUER YES FOR FOR
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TXU CORP TXU 873168108 05/19/06 RESTATED BY-LAWS AMENDMENT ISSUER YES FOR FOR
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TXU CORP TXU 873168108 05/19/06 RESTATED CERT. OF INFORMATION ISSUER YES FOR FOR
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TXU CORP TXU 873168108 05/19/06 ELECT DIRECTORS BY MAJORITY SHAREHOLDER YES AGAINST FOR
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THE SOUTHERN CO SO 842587107 05/24/06 ELECTION OF DIRECTORS ISSUER YES FOR FOR
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THE SOUTHERN CO SO 842587107 05/24/06 RATIFY INDEPENDENT AUDITOR ISSUER YES FOR FOR
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THE SOUTHERN CO SO 842587107 05/24/06 OMNIBUS INCENTIVE COMP. PLAN ISSUER YES AGAINST AGAINST
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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 3, 2006
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* PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.