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 - ------------------------------------------------------------------------------ (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. - --------------------------------------------------------------------------------------------------------------------------------- (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 - --------------------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------------------- 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 - --------------------------------------------------------------------------------------------------------------------------------- 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.