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<PAGE> PAGE 2
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SIGNATURE RONALD F. ROHE
TITLE VICE PRESIDENT
<TABLE> <S> <C>
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<CIK> 0000078105
<NAME> PHILADELPHIA FUND, INC.
<S> <C>
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<PERIOD-START> DEC-01-1998
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 74,680,569
<INVESTMENTS-AT-VALUE> 109,108,500
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BRIGGS
BUNTING &
DOUGHERTY, LLP
- -----------------------------------------------------------------------------
Certified Public Accountants and Business Advisors
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL
BOARD OF DIRECTORS
PHILADELPHIA FUND, INC.
BOCA RATON, FLORIDA
In planning and performing our audit of the financial statements of
Philadelphia Fund, Inc. for the year ended November 30, 1999, we considered
its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose
of expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of controls. Generally, controls that are relevant to an
audit pertain to the entity's objective of preparing financial statements
for external purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses, as defined
above, as of November 30, 1999.
This report is intended solely for the information and use of management, the
Board of Directors and the Securities and Exchange Commission, and should not
be used for any other purpose.
/s/BRIGGS, BUNTING & DOUGHERTY, LLP
BRIGGS, BUNTING & DOUGHERTY, LLP
PHILADELPHIA, PENNSYLVANIA
DECEMBER 20, 1999