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: 811-04704

Primary Trend Fund, Inc.

(Exact name of registrant as specified in charter)

700 North Water Street, Milwaukee, Wisconsin, 53202

(Address of principal executive offices) (Zip code)

Arnold Investment Counsel, Inc., 700 North Water Street, Milwaukee, Wisconsin, 53202

(Name and address of agent for service)

Registrant's telephone number, including area code:

(414) 271-2726

Date of fiscal year end:

June 30

Date of reporting period:

July 1, 2007 - June 30, 2008

Item 1. Proxy Voting Record

		PROXY VOTING RECORD
Name of Fund:	The Primary Trend Fund
Period:	July 1, 2007 - June 30, 2008
Company Name	Meeting Date	Shares Voted	CUSIP	Ticker
Mylan Laboratories	7/27/07	10,000	628530107	MYL
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1. DIRECTORS/All 10 Nominees		Issuer
For	For	2. Ratify appointment of Deloitte  Touche LLP as independent registered public accounting firm		Issuer
Del Monte Foods Company	9/27/07	30,000	24522P103	DLM
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1a.-3c. DIRECTORS/All 3 Nominees		Issuer
For	For	2. To approve the amendment and restatement of the Del Monte Foods Company 2002 stock incentive plan		Issuer
For	For	3. To ratify the appointment of KPMG LLP, an independent registered public accounting firm, as Del Monte Foods Company's independent auditors for its fiscal year ending April 27, 2008		Issuer
The Marcus Corporation	10/16/07	25,000	566330106	MCS
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1. DIRECTORS/All 10 Nominees		Issuer
Microsoft Corporation	11/13/07	28,000	594918104	MSFT
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1A-1J. DIRECTORS/All 10 Nominees		Issuer
For	For	2. Ratification of the selection of Deloitte & Touche LLP as the Company's independent auditor		Issuer
Against	Against	3. Shareholder Proposal: Adoption of policies on Internet censorship		Shareholder
Against	Against	4. Shareholder Proposal: Establishment of board committee on human rights		Shareholder
Micron Technology, Inc.	12/4/07	30,000	595112103	MU
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1. DIRECTORS/All 7 Nominees		Issuer
For	For	2. Proposal by the Company to approve the Company's 2007 Equity Incentive Plan with 30,000,000 shares reserved for issuance thereunder		Issuer
For	For	3. Proposal by the Company to ratify the appointment of PriceWaterhouse Coopers LLP as the Company's independent registered public accounting firm for the fiscal year ending August 28, 2008		Issuer
D.R. Horton, Inc.	1/31/08	35,000	23331A109	DHI
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1. DIRECTORS/All 8 Nominees		Issuer
For	For	2. Approve an amendment and restatement of the amended and restated 2000 Incentive Bonus Plan with respect to current and future covered employees (determined under Section 162(M) of the Internal Revenue Code of 1986, as amended) and other participants		Issuer
For	For	3. Approve the 2008 Performance Unit Plan with respect to current and future covered employees (determined under Section 162(M) of the internal Revenue Code of 1986, as amended) and other participants		Issuer
Against	Against	4. Vote on a stockholder proposal concerning a pay-for-superior-performance standard for executive compensation		Shareholder
For	For	5. Conduct other business properly brought before the meeting		Issuer
ADC Telecommunications	1/8/08	35,000	000886309	ADCT
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1. DIRECTORS/All 3 Nominees		Issuer
For	For	2. Approve the 2008 Global Stock Incentive Plan		Issuer
For	For	3. Ratify the appointment of Ernst & Young LLP as ADC's independent registered public accounting firm for ADC's fiscal year ending October 31, 2008		Issuer
Toll Brothers, Inc.	3/12/08	15,000	889478103	TOL
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1. DIRECTORS/All 3 Nominees		Issuer
For	For	2. Approval of the Toll Brothers, Inc CEO cash bonus plan		Issuer
For	For	3. Approval of an amendment to the Toll Brothers, Inc. stock incentive plan for employees (2007)		Issuer
For	For	4. Approval of an amendment to the Toll Brothers, Inc. stock incentive plan for non-employee directors (2007)		Issuer
For	For	5. Approval of plan amendments to authorize a stock option exchange program for employees other than executive officers and directors		Issuer
For	For	6. Ratification of the re-appointment of Ernst & Young LLP as the Company's independent registered public accounting firm for the 2008 fiscal year.		Issuer
United Technologies Corp.	4/9/08	6,000	913017109	UTX
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1. DIRECTORS/All 12 Nominees		Issuer
For	For	2. Appointment of independent auditors		Issuer
For	For	3. Approval of amendment to the 2005 long-term incentive plan		Issuer
Against	Against	4. Shareowner proposal: Principles for health care reform		Shareholder
Against	Against	5. Shareowner proposal: Global set of corporate standards		Shareholder
Against	Against	6. Shareowner proposal: Pay for superior performance		Shareholder
Against	Against	7. Shareowner proposal: Offsets for foreign military sales		Shareholder
KB Home	4/3/08	23,000	48666K109	KBH
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1a.- 1c. DIRECTORS/All 3 Nominees		Issuer
For	For	2. Ratify the appointment of Ernst & Young LLP as KB Home's independent registered public accounting firm for the fiscal year ending November 30, 2008		Issuer
Against	Against	3. Stockholder Proposal relating to executive compensation		Shareholder
Against	Against	4. Stockholder proposal relating to stockholder approval of severance agreements		Shareholder
BP, plc	4/17/08	5,998	055622104	BP
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1. DIRECTORS/All 14 Nominees		Issuer
For	For	2. To receive the directors' annual report and accounts		Issuer
For	For	3. Approve the directors' remuneration report		Issuer
For	For	17. Re-appoint Ernst & Young as auditors and authorize the board to set their remuneration		Issuer
For	For	S18. Special resolution to adopt new articles of association		Issuer
For	For	S19. Special resolution: To give limited authority for the purchase of its own shares by the company		Issuer
For	For	20. To give limited authority to allot shares up to a specified amount		Issuer
For	For	S21. Special resolution:  To give authority to allot a limited number of shares for cash free of pre-emptive rights		Issuer
General Electric	4/23/08	23,000	369604103	GE
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	A1 -16. DIRECTORS/All 16 Nominees		Issuer
For	For	B. Ratification of KPMG		Issuer
Against	Against	1. Cumulative Voting		Shareholder
Against	Against	2. Separate the roles of CEO and Chairman		Shareholder
Against	Against	3. Recoup unearned management bonuses		Shareholder
Against	Against	4. Curb over-extended directors		Shareholder
Against	Against	5. Report on charitable contributions		Shareholder
Against	Against	6. Global warming report		Shareholder
Against	Against	7. Advisory vote on executive compensation		Shareholder
Anheuser-Busch Companies, Inc.	4/23/08	10,000	035229103	BUD
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1. DIRECTORS/All 9 Nominees		Issuer
For	For	2. Approval of the 2008 long-term equity incentive plan for non-employee directors		Issuer
For	For	3. Approval of independent registered public accounting firm		Issuer
Against	Against	4. Stockholder proposal concerning a report on charitable contributions		Shareholder
Against	Against	5. Stockholder proposal concerning special shareholder meetings		Shareholder
Against	Against	6. Stockholder proposal concerning executive compensation		Shareholder
AstraZeneca, plc	4/24/08	5,000	046353108	AZN
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	5. DIRECTORS/All 13 Nominees		Issuer
For	For	1. To receive the company's accounts and the reports of the directors and auditors for the year ended 31 December 2007		Issuer
For	For	2. To confirm dividends		Issuer
For	For	3. To re-appoint KPMB Audit PLC, London as auditor		Issuer
For	For	4. To authorize the directors to agree the remuneration of the auditor		Issuer
For	For	6. To approve the directors' remuneration report for the year ended 31 December 2007		Issuer
For	For	7. To authorize limited political donations		Issuer
For	For	8. To amend Articles of Association - directors' fees		Issuer
For	For	9. To authorize the directors to allot unissued shares		Issuer
For	For	10. To authorize the directors to disapply re-emptive rights		Issuer
For	For	11. To authorize the company to purchase its own shares		Issuer
For	For	12. To amend Articles of Association - conflicts of interest		Issuer
Lilly (Eli) and Company	4/21/08	17,000	532457108	LLY
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1. DIRECTORS/All 4 Nominees		Issuer
For	For	2. Ratification of the appointment by the audit committee of the board of directors of Ernst & Young LLP as principal independent auditors for 2008		Issuer
For	For	3. Approve amendments to the Articles of Incorporation to provide for the declassification of the board		Issuer
For	For	4. Approve amendments to the Articles of Incorporation to provide for election of directors by majority vote		Issuer
For	For	5. Amending the company's stock plans		Issuer
Against	Against	6. Proposal by shareholders on international outsourcing of animal research		Shareholder
Against	Against	7. Proposal by shareholders on allowing shareholders to amend the company's bylaws		Shareholder
Against	Against	8. Proposal by shareholders on adopting a simple majority vote standard		Shareholder
Against	Against	9. Proposal by shareholders on reporting company's political contributions		Shareholder
Citigroup, Inc.	4/22/08	25,000	172967101	C
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1a-1n. DIRECTORS/All 14 Nominees		Issuer
For	For	2. Ratify the selection of KPMG LLP as Citigroup's independent registered public accounting firm for 2008		Issuer
Against	Against	3. Stockholder proposal requesting a report on prior governmental service of certain individuals		Shareholder
Against	Against	4. Stockholder proposal requesting a report on political contributions		Shareholder
Against	Against	5. Stockholder proposal requesting that executive compensation be limited to 100 times the average compensation paid to worldwide employees		Shareholder
Against	Against	6. Stockholder proposal requesting that two candidates be nominated for each board position		Shareholder
Against	Against	7. Stockholder proposal requesting a report on the Equator Principles		Shareholder
Against	Against	8. Stockholder proposal requesting the adoption of certain employment principles for executive officers		Shareholder
Against	Against	9. Stockholder proposal requesting that Citi amend its GHG emissions policies		Shareholder
Against	Against	10. Stockholder proposal requesting a report on how investment policies address or could address human rights issues		Shareholder
Against	Against	11. Stockholder proposal requesting an independent board chairman		Shareholder
Against	Against	12. Stockholder proposal requesting an advisory vote to ratify executive compensation		Shareholder
Merrill Lynch & Co., Inc.	4/24/08	7,000	590188108	MER
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1A-1D. DIRECTORS/All 4 Nominees		Issuer
For	For	2. Ratify appointment of Deloitte & Touche LLP as independent registered public accounting firm		Issuer
Against	Against	3. Adopt cumulative voting		Shareholder
Against	Against	4. Prohibit senior executive officer stock sales during buyback		Shareholder
Against	Against	5. Adopt advisory vote on executive compensation		Shareholder
Against	Against	6. Adopt responsible employment principles		Shareholder
Wells Fargo & Company	4/29/08	18,000	949746101	WFC
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1a-1p. DIRECTORS/All 16 Nominees		Issuer
For	For	2. Ratify appointment of KPMB LLP as independent auditors for 2008		Issuer
For	For	3. Approve the performance-based compensation policy		Issuer
For	For	4. Approve the amended and restated long-term incentive compensation plan		Issuer
Against	Against	5. Proposal regarding a By-Laws amendment to require an independent chairman		Shareholder
Against	Against	6. Proposal regarding an executive compensation advisory vote		Shareholder
Against	Against	7. Proposal regarding a "pay-for-superior-performance" compensation plan		Shareholder
Against	Against	8. Proposal regarding human rights issues in investment policies		Shareholder
Against	Against	9. Proposal regarding a neutral sexual orientation employment policy		Shareholder
Against	Against	10. Proposal regarding a report on racial disparities in mortgage lending		Shareholder
The Coca-Cola Company	4/16/08	9,000	191216100	KO
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1a.-1n. DIRECTORS/All 14 Nominees		Issuer
For	For	2. Ratification of the appointment of Ernst & Young LLP a independent auditors		Issuer
For	For	3. Approval of The Coca-Cola Company 2008 Stock Option Plan		Issuer
Against	Against	4. Shareowner proposal regarding an advisory vote on executive compensation		Shareholder
Against	Against	5. Shareowner proposal regarding an independent board chair		Shareholder
Against	Against	6. Shareowner proposal regarding a board committee on human rights		Shareholder
Pfizer, Inc.	4/24/08	30,000	717081103	PFE
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1a-1n. DIRECTORS/All 14 Nominees		Issuer
For	For	1. Ratify the selection of KPMG LLP as independent registered public accounting firm for 2008		Issuer
Against	Against	3. Shareholder proposal regarding stock options		Shareholder
Against	Against	4. Shareholder proposal requesting separation of chairman and CEO roles		Shareholder
Johnson & Johnson	4/24/08	9,000	478160104	JNJ
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1. DIRECTORS/All 12 Nominees		Issuer
For	For	2. Ratification of appointment of PriceWaterhouseCoopers, LLP as independent registered public accounting firm		Issuer
Against	Against	3. Shareholder proposal: Advisory vote on executive compensation policies and disclosure		Shareholder
Intel Corporation	5/21/08	30,000	458140100	INTC
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1A-1K. DIRECTORS/All 11 Nominees		Issuer
For	For	2. Ratification of selection of Ernst & Young LLP as our independent registered public accounting firm for the current year		Issuer
Against	Against	3. Stockholder Proposal: To amend the Bylaws to establish a board committee on sustainability		Shareholder
Verizon Communications	5/1/08	5,000	92343V104	VZ
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1a.-1l. DIRECTORS/All 12 Nominees		Issuer
For	For	2. Ratification of appointment of independent registered public accounting firm		Issuer
Against	Against	3. Eliminate stock options		Shareholder
Against	Against	4. Gender identity nondiscrimination policy		Shareholder
Against	Against	5. Separate offices of Chairman and CEO		Shareholder
JPMorgan Chase & Co.	5/20/08	18,000	46625H100	JPM
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1a.-1l. DIRECTORS/All 12 Nominees		Issuer
For	For	2. Appointment of independent registered public accounting firm		Issuer
For	For	3. Approval of amendment to 2005 Long-Term Incentive Plan		Issuer
For	For	4. Reapproval of Key Executive Performance Plan		Issuer
Against	Against	5. Government service report		Shareholder
Against	Against	6. Political contributions report		Shareholder
Against	Against	7. Independent chairman of the board		Shareholder
Against	Against	8. Executive compensation approval		Shareholder
Against	Against	9. Two candidates per directorship		Shareholder
Against	Against	10. Human rights and investment report		Shareholder
Against	Against	11. Lobbying priorities report		Shareholder
Kraft Foods, Inc.	5/13/08	25,000	50075N104	KFT
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1. DIRECTORS/All 12 Nominees		Issuer
For	For	2. Ratification of the selection of independent auditors		Issuer
Amgen, Inc.	5/7/08	5,000	031162100	AMGN
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1A.-1K. DIRECTORS/All 11 Nominees		Issuer
For	For	2. Ratify the selection of Ernst & Young LLP as the company's independent registered public accountants for the fiscal year		Issuer
Against	Against	3A. Stockholder proposal #1 (simple majority vote)		Shareholder
Against	Against	3B. Stockholder proposal #2 (animal welfare)		Shareholder
SLM Corporation	5/8/08	5,000	78442P106	SLM
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1a.-1o. DIRECTORS/All 15 Nominees		Issuer
For	For	2. Amendment to the Certificate of Incorporation		Issuer
For	For`	3. Ratify the appointment of PriceWaterhouseCoopers LLP as the Corporation's independent registered public accounting firm		Issuer
Waste Management, Inc.	5/9/08	17,000	94106L109	WMI
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1A.-1I.  DIRECTORS/All 9 Nominees		Issuer
For	For	2. Proposal to ratify the appointment of Ernst & Young LLP as the independent registered public accounting firm for 2008		Issuer
Against	Against	3. Proposal relating to disclosure of political contributions, if properly presented at the meeting		Shareholder
Aqua America, Inc.	5/15/08	28,333	03836W103	WTR
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1. DIRECTORS/All 3 Nominees		Issuer
For	For	2. Ratify the appointment of PriceWaterhouseCoopers LLP as the independent registered public accountants for the Company for the 2008 fiscal year		Issuer
The Home Depot, Inc.	5/22/08	22,000	437076102	HD
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1a.-1j. DIRECTORS/All 10 Nominees		Issuer
For	For	2. Ratify the appointment of KPMG Lip as the independent registered public accounting firm of the Company for the fiscal year ending February 1, 2009		Issuer
For	For	3. To approve the material terms of officer performance goals under the Management Incentive Plan		Issuer
For	For	4. To approve an amendment to the Company's Employee stock Purchase Plan to increase the number of reserved shares		Issuer
Against	Against	5. Shareholder proposal regarding political nonpartisanship		Shareholder
Against	Against	6. Shareholder proposal regarding special shareholder meetings		Shareholder
Against	Against	7. Shareholder proposal regarding employment diversity report disclosure		Shareholder
Against	Against	8. Shareholder proposal regarding executive officer compensation		Shareholder
Against	Against	9. Shareholder proposal regarding pay-for-superior performance		Shareholder
PartnerRe Ltd	5/22/08	6,000	G6852T105	PRE
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1. DIRECTORS/All 4 Nominees		Issuer
For	For	2. Reappoint Deloitte & Touche, the independent registered public accounting firm, as our independent auditors, to serve until the 2009 annual general meeting, and to refer decisions about the auditors' remuneration to the board of directors		Issuer
For	For	3. Approve our 2005 Employee Equity Plan, as amended and restated		Issuer
For	For	4. Consider and take action with respect to such other matters as may properly come before the annual general meeting or any adjournment thereof		Issuer
The Allstate Corporation	5/20/08	5,000	020002101	ALL
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1A.-1K. DIRECTORS/All 11 Nominees		Issuer
For	For	2. Ratification of the appointment of Deloitte & Touche LLP as Allstate's independent registered public accountant for 2008		Issuer
Again	Against	3. Stockholder proposal calling for cumulative voting in the election of directors		Shareholder
Against	Against	4. Stockholder proposal seeking the right to call special shareholder meetings		Shareholder
Against	Against	5. Stockholder proposal seeking an advisory resolution to ratify compensation of the named executive officers		Shareholder
Wal-Mart Stores, Inc.	6/6/08	6,000	931142103	WMT
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1a.-1o. DIRECTORS/All 15 Nominees		Issuer
For	For	2. Approval of Management Incentive Plan, as amended and restated		Issuer
For	For	3. Ratification of Ernest & Young LLP as independent accountants		Issuer
Against	Against	4. Amend equal employment opportunity policy		Shareholder
Against	Against	5. Pay-for-superior-performance		Shareholder
Against	Against	6. Recoupment of Senior Executive Compensation Policy		Shareholder
Against	Against	7. Establish human rights committee		Shareholder
Against	Against	8. Advisory vote on executive compensation		Shareholder
Against	Against	9. Political contributions report		Shareholder
Against	Against	10. Social and reputation impact report		Shareholder
Against	Against	11. Special shareholders' meeting		Shareholder
FairPoint Communications	6/18/08	94	305560104	FRP
Vote Cast	Management Vote	Proposal		Proposed by Issuer or Security Holder
For	For	1. DIRECTORS/All 3 Nominees		Issuer
For	For	2. Ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2008.		Issuer
For	For	3. Approve the Fairmont Communications 2008 long-term incentive plan		Issuer
For	For	4. Approve the Fairmont Communications 2008 annual incentive plan		Issuer

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)Primary Trend Fund, Inc.

By (Signature and Title) /s/ Lilli Gust, Principal Executive Officer

Date July 18, 2008