Philadelphia Fund, Inc.

Shares Owned	Security	% of Total Net Assets
50,000	Procter & Gamble Co.	5.75
50,000	McDonald's Corp.	5.25
60,000	Coca Cola Co..	5.02
50,000	Wal-Mart Stores Inc.	4.99
70,000	Progress Energy Inc.	4.96
80,000	Verizon Communications, Inc.	4.67
40,000	Colgate-Palmolive Co.	4.65
40,000	Johnson & Johnson	4.19
80,000	MetLife, Inc	4.11
120,000	Dow Chemical Co.	3.98
*The listing excludes cash and short term investments having maturities of  90 days or less.

(click here for a full list of holdings as of 09/30/08)