<PAGE>
THE
GLENMEDE
TRUST
COMPANY
THE GLENMEDE FUND, INC.
THE GLENMEDE PORTFOLIOS
ANNUAL REPORT
OCTOBER 31, 1996
<PAGE>
THE GLENMEDE FUND PRESIDENT'S LETTER
We are pleased to present the annual report for The Glenmede Fund, Inc.
and The Glenmede Portfolios (collectively the "Fund," each individual
portfolio a "Portfolio"). The Glenmede Fund, Inc. was created in November
1988 to provide The Glenmede Trust Company's ("Glenmede") clients access to
specialty products that complement Glenmede's core investment services in the
stock and bond markets. The Glenmede Fund, Inc. is comprised of ten separate
portfolios, consisting of the Government Cash, Tax-Exempt Cash, Intermediate
Government, Equity, Small Capitalization Equity, International, Institutional
International, Model Equity, International Fixed Income and Emerging Markets
Portfolios. The Glenmede Portfolios is comprised of the Municipal
Intermediate Portfolio and the New Jersey Municipal Portfolio.
Generally, the Fund's goal is to generate attractive investment returns
and to maintain low expenses. Glenmede does not charge the Fund a fee for
investment management, with the exception of the Institutional International
and Emerging Markets Portfolios, which incorporate the fee within the
Portfolio rather than at the account level. We hope you will be pleased with
our progress toward these goals over the past year.
The past year has been very rewarding for most equity investors. Virtually
unchanged interest rates and low inflation rates buoyed the equity markets
and to a lesser extent the bond market. The graphic comparisons on the
following pages provide a way for investors to monitor investment performance
and compare our results against certain indices.
The following is a description of the twelve portfolios:
The Government Cash Portfolio, with approximately $467 million in net
assets at December 1, 1996, seeks maximum current interest income consistent
with the preservation of capital and liquidity by investing in a portfolio of
short-term government securities.
The Tax-Exempt Cash Portfolio, with approximately $220 million in net
assets at December 1, 1996, seeks to generate interest income exempt from
Federal income tax through investment in short-term high-quality municipal
securities.
The Intermediate Government Portfolio, with net assets of approximately
$263 million at December 1, 1996, seeks maximum long-term total return
consistent with reasonable risk to principal through the active management of
U.S. Government, agency and mortgage-backed securities, with an average
maturity of three to ten years. The investment principle used is to lengthen
maturities gradually as interest rates rise and shorten maturities gradually
as interest rates fall. The Portfolio also takes advantage of changes in
sector spreads and undervalued securities within sectors.
<PAGE>
The Equity Portfolio, with net assets of approximately $102 million at
December 1, 1996, seeks to provide maximum long-term total return consistent
with reasonable risk to principal by investing primarily in common stocks and
may be suitable for taxable investors.
The Small Capitalization Equity Portfolio, with net assets of
approximately $326 million at December 1, 1996, seeks to provide long-term
appreciation consistent with reasonable risk to principal by investing in
equity securities of companies with market capitalizations of less than $1
billion. Most securities have had market capitalizations between $75 million
and $500 million.
The Model Equity Portfolio, with net assets of approximately $56 million
at December 1, 1996, seeks to provide maximum long-term total return
consistent with reasonable risk to principal by investing primarily in common
stocks and may be suitable for tax exempt investors.
The International Fixed Income Portfolio, with net assets of approximately
$27 million at December 1, 1996, seeks to provide maximum long-term total
return consistent with reasonable risk to principal by investing primarily in
non-dollar denominated fixed income securities issued by foreign governments
and governmental agencies and other agencies, enterprises or
instrumentalities sponsored by foreign governments.
The International Portfolio, with net assets of approximately $692 million
at December 1, 1996, seeks maximum long-term total return consistent with
reasonable risk to principal by investing in equity securities of companies
located outside of the United States. A value-oriented investment discipline
is followed.
The Institutional International Portfolio, with net assets of
approximately $62 million at December 1, 1996, is invested very similarly to
the International Portfolio and varies only in that the Portfolio has a
management fee of 0.75% a year.
The Emerging Markets Portfolio, with net assets of approximately $87
million at December 1, 1996, seeks to provide long-term growth of capital by
investing primarily in equity securities of issuers in countries having
emerging markets.
The Municipal Intermediate Portfolio, with net assets of approximately $19
million at December 1, 1996, seeks to provide as high a level of current
income exempt from Federal income tax and Pennsylvania state income tax as is
consistent with preservation of capital.
2
<PAGE>
The New Jersey Municipal Portfolio, with net assets of approximately $8
million at December 1, 1996, seeks to provide as high a level of current
income exempt from Federal income tax and New Jersey state income tax as is
consistent with preservation of capital by investing in New Jersey municipal
obligations.
From a start of approximately $500 million in 1988, the Fund has grown in
size to approximately $2.3 billion. We appreciate your support in this
endeavor and will strive to make The Glenmede Fund, Inc. and The Glenmede
Portfolios continue to meet shareholders' needs.
Sincerely,
/s/ John W. Church, Jr.
------------------------------------
JOHN W. CHURCH, JR.
President, Chairman of the Board
December 1, 1996
3
<PAGE>
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THE GLENMEDE FUND, INC.
-----------------------
Government Cash Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1996
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------
Average Annual Total Return
- -------------------------------------------------------------------------------------
Donoghue's U.S. Government
and Agencies
Government Cash Portfolio Money Fund Average
- ---------------------------------------- -----------------------------
<S> <C> <C>
Year ended 10/31/96 5.46% 4.89%
Five Years ended 10/31/96 4.50% 3.90%
Inception (11/7/88) through 10/31/96 5.84% 5.21%
-----------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
7-Day 7-Day
Government Cash Portfolio Yield Effective Yield
- ------------------------- ------- ---------------
<S> <C> <C>
As of 12/1/96 5.27% 5.41%
- -----------------------------------------------------------------------------
</TABLE>
During the past fiscal year, the Government Cash Portfolio outperformed
the Donoghue's U.S. Government and Agencies Money Fund Average due to its use
of overnight and term mortgage-backed security repurchase agreements. This
strategy enhances the yield while maintaining a high quality diversified
portfolio of money market instruments.
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
GOVERNMENT CASH PORTFOLIO VS.
DONOGHUE'S U.S. GOVERNMENT AND AGENCIES MONEY FUND AVERAGE
11/7/88 THROUGH 10/31/96
Donoghue's
U.S. Government
Glenmede Government and Agencies
Cash Portfolio* Money Fund Average*
Nov. 1988 $10,000 $10,000
Oct. 1989 10,927 10,874
Oct. 1990 11,846 11,720
Oct. 1991 12,627 12,423
Oct. 1992 13,156 12,871
Oct. 1993 13,575 13,208
Oct. 1994 14,091 13,637
Oct. 1995 14,918 14,353
Oct. 1996 15,733 15,055
* Assumes the reinvestment of all dividends and distributions.
- -----------------------------------------------------------------------------
The Donoghue's U.S. Government and Agencies Money Fund Average is comprised
of Money Market Funds investing in U.S. treasury securities and government
agency obligations. Funds included in this average must have at least
$100,000 in total net assets.
Note: The performance shown represents past performance and is not a
guarantee of future results. A portfolio's investment return will vary
with market conditions. Yields will fluctuate as market conditions
change. An investment in money market funds is neither insured nor
guaranteed by the U.S. Government, the Federal Deposit Insurance
Corporation, the Federal Reserve Board, or any other governmental
agency or bank. There can be no assurance that money market funds will
be able to maintain their net asset value of $1.00 per share.
4
<PAGE>
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THE GLENMEDE FUND, INC.
-----------------------
Tax-Exempt Cash Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1996
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Average Annual Total Return
- ------------------------------------------------------------------------------
Donoghue's General
Tax-Exempt Cash Portfolio Purpose Average
- ----------------------------------------- ---------------------
<S> <C> <C>
Year ended 10/31/96 3.42% 3.04%
Five Years ended 10/31/96 3.06% 2.65%
Inception (11/10/88) through 10/31/96 4.04% 3.61%
- -----------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
7-Day 7-Day
Tax-Exempt Cash Portfolio Yield Effective Yield
- ------------------------- ------- ---------------
<S> <C> <C>
As of 12/1/96 3.45% 3.50%
- ------------------------------------------------------------------------------
</TABLE>
The Tax-Exempt Cash Portfolio has outperformed the Donoghue's General
Purpose Average consistently. During the past fiscal year, the strategy of
maintaining a shorter average maturity which increases yield when rates rise
or when there is a greater supply of short-term securities combined with a
low expense ratio has resulted in good relative performance.
Hypothetical Illustration of $10,000 Invested in
Tax-Exempt Cash Portfolio vs. Donoghue's General Purpose Average
11/10/88 through 10/31/96
Glenmede Tax-Exempt Donogue's General
Cash Portfolio* Purpose Average*
Nov. 1988 $10,000 $10,000
Oct. 1989 10,627 10,546
Oct. 1990 11,249 11,127
Oct. 1991 11,792 11,623
Oct. 1992 12,183 11,953
Oct. 1993 12,469 12,191
Oct. 1994 12,776 12,452
Oct. 1995 13,257 12,864
Oct. 1996 13,710 13,254
* Assumes the reinvestment of all dividends and distributions.
- -----------------------------------------------------------------------------
The Donoghue's Stock Broker and General Purpose Tax-Free Average is comprised
of Money Market Funds investing in fixed income securities issued by state
and local government. Generally, interest payments on securities qualify for
exemption from Federal income taxes. Funds may also own municipal securities
subject to alternative minimum tax. Funds included in this average must have
at least $100,000 in total net assets.
Note: The performance shown represents past performance and is not a
guarantee of future results. A portfolio's investment return will vary
with market conditions. Yields will fluctuate as market conditions
change. An investment in money market funds is neither insured nor
guaranteed by the U.S. Government, the Federal Deposit Insurance
Corporation, the Federal Reserve Board, or any other governmental
agency or bank. There can be no assurance that money market funds will
be able to maintain their net asset value of $1.00 per share.
5
<PAGE>
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THE GLENMEDE FUND, INC.
-----------------------
Intermediate Government Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1996
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------
Average Annual Total Return
- --------------------------------------------------------------------------------------
Merrill Lynch 1-10 Year
Intermediate Government Portfolio Government/Treasury Index
- ----------------------------------------- -----------------------------
<S> <C> <C>
Year ended 10/31/96 5.88% 5.54%
Five Years ended 10/31/96 6.79% 6.86%
Inception (11/17/88) through 10/31/96 8.54% 8.34%
-------------------------------------------------------------------------------------
</TABLE>
During the past fiscal year, the outperformance of the Intermediate
Government Portfolio, as compared to the Merrill Lynch 1-10 Year
Government/Treasury Index, can be attributed to the performance of mortgage
backed securities. Long term, this Portfolio has outperformed the index since
inception.
Hypothetical Illustration of $10,000 Invested in
Intermediate Government Portfolio vs.
Merrill Lynch 1 - 10 Year Government/Treasury Index
11/17/88 through 10/31/96
Index:
Merrill Lynch
Glenmede Intermediate 1-10 Year
Government Portfolio* Government/Treasury*
Nov. 1988 $10,000 $10,000
Oct. 1989 11,120 11,132
Oct. 1990 12,045 11,990
Oct. 1991 13,821 13,572
Oct. 1992 15,112 14,914
Oct. 1993 16,682 16,290
Oct. 1994 16,177 16,017
Oct. 1995 18,128 17,923
Oct. 1996 19,194 18,916
* Assumes the reinvestment of all dividends and distributions.
- -----------------------------------------------------------------------------
The Merrill Lynch 1-10 Year Government/Treasury Index is comprised of U.S.
treasury and agency securities with a par amount outstanding of greater than
or equal to $25 million, a maturity range of 1 through 9.99 years and fixed
rate coupon greater than 4 1/4 %.
Note: The performance shown represents past performance and is not a
guarantee of future results. A portfolio's share price and investment
return will vary with market conditions, and the principal value of
shares, when redeemed, may be more or less than original cost. An
investment in a portfolio is neither insured nor guaranteed by the U.S.
Government, the Federal Deposit Insurance Corporation, the Federal
Reserve Board, or any other governmental agency or bank. Unlike actual
Fund performance, performance of an index does not reflect any expenses
or transaction costs. A direct investment in an unmanaged index is not
possible.
6
<PAGE>
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THE GLENMEDE FUND, INC.
-----------------------
Equity Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1996
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Average Annual Total Return
-----------------------------------------------------------------------------
<S> <C> <C> <C>
Equity Portfolio S&P 500 Dow Jones
- ------------------------------------- --------- -----------
Year ended 10/31/96 28.65% 24.08% 29.76%
Five Years ended 10/31/96 15.34% 15.52% 17.63%
Inception (7/20/89) through 10/31/96 13.22% 14.01% 15.84%
-----------------------------------------------------------------------------
</TABLE>
Stock indices rose sharply during the past fiscal year, reflecting
continued earnings gains and low inflation. The Equity Portfolio participated
in this rise, outperforming the Standard & Poor's 500 Stock Index, which
remains fully invested at all times.
Hypothetical Illustration of $10,000 Invested in
Equity Portfolio vs. S&P 500 Stock Index and Dow Jones Industrial Average
7/20/89 through 10/31/96
Equity S&P 500 Dow Jones
Portfolio* Stock Index Industrial Average
July 1989 $10,000 $10,000 $10,000
Oct. 1989 10,127 10,200 10,424
Oct. 1990 8,978 9,459 9,962
Oct. 1991 12,103 12,629 12,952
Oct. 1992 13,146 13,885 14,036
Oct. 1993 15,329 15,953 16,482
Oct. 1994 15,514 15,564 17,987
Oct. 1995 19,203 20,936 22,479
Oct. 1996 24,705 25,977 29,167
* Assumes the reinvestment of all dividends and distributions.
- -----------------------------------------------------------------------------
The S&P 500 Stock Index is an index comprised of 500 widely held common
stocks listed on the New York Stock Exchange, American Stock Exchange and
Over-The-Counter market. The Dow Jones Industrial Average is a price weighted
average based on the "price only" performance of 30 blue chip stocks (the
average is computed by adding the prices of the 30 stocks and dividing by a
denominator which has been adjusted over the years for stock splits, stock
dividends, and substitution of stock).
Note: The performance shown represents past performance and is not a
guarantee of future results. A portfolio's share price and investment
return will vary with market conditions, and the principal value of
shares, when redeemed, may be more or less than original cost. An
investment in a portfolio is neither insured nor guaranteed by the U.S.
Government, the Federal Deposit Insurance Corporation, the Federal
Reserve Board, or any other governmental agency or bank. Unlike actual
Fund performance, performance of an index does not reflect any expenses
or transaction costs. A direct investment in an unmanaged index is not
possible.
7
<PAGE>
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THE GLENMEDE FUND, INC.
-----------------------
Small Capitalization Equity Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1996
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Average Annual Total Return
- ------------------------------------------------------------------------------
<S> <C> <C> <C>
Small Capitalization Equity Portfolio S&P 500 Russell 2000
------------------------------------ --------- --------------
Year ended 10/31/96 18.22% 24.08% 16.60%
Five years ended 10/31/96 15.07% 15.52% 14.80%
Inception (3/1/91) through 10/31/96 15.44% 15.17% 16.11%
------------------------------------ -------- --------- --------------
</TABLE>
The value style of investing helped the Small Capitalization Equity
Portfolio to another year of strong relative performance. Although the
Portfolio's performance over the past fiscal year was below the Standard &
Poor's 500 Stock Index, it was significantly better than the Russell 2000
Stock Index. Performance was driven by our value approach to stock selection
coupled with an overweighted position in the strong financial and real estate
sectors.
Hypothetical Illustration of $10,000 Invested in
Small Capitalization Equity Portfolio vs. S&P 500 Stock Index and
Russell 2000 Index
3/1/91 through 10/31/96
Small Cap Russell 2000 S&P 500
Equity Portfolio Index Stock Index
March 1991 $10,000 $10,000 $10,000
Oct. 1991 11,184 11,696 10,828
Oct. 1992 11,443 12,805 11,906
Oct. 1993 15,318 16,954 13,679
Oct. 1994 15,754 16,902 14,203
Oct. 1995 19,086 19,999 17,952
Oct. 1996 22,563 23,320 22,275
* Assumes the reinvestment of all dividends and distributions.
- -----------------------------------------------------------------------------
The S&P 500 Stock Index is an index comprised of 500 widely held common
stocks listed on the New York Stock Exchange, American Stock Exchange and
Over-The-Counter market. The Russell 2000 Index is a capitalization weighted
total return index which is comprised of 2000 of the smallest capitalized
U.S. domiciled companies stock which are traded in the United States on the
New York Stock Exchange, American Stock Exchange and NASDAQ.
Note: The performance shown represents past performance and is not a
guarantee of future results. A portfolio's share price and investment
return will vary with market conditions, and the principal value of
shares, when redeemed, may be more or less than original cost. An
investment in a portfolio is neither insured nor guaranteed by the U.S.
Government, the Federal Deposit Insurance Corporation, the Federal
Reserve Board, or any other governmental agency or bank. Unlike actual
Fund performance, performance of an index does not reflect any expenses
or transaction costs. A direct investment in an unmanaged index is not
possible.
8
<PAGE>
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THE GLENMEDE FUND, INC.
-----------------------
Model Equity Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1996
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Average Annual Total Return
- -------------------------------------------------------------------------------
<S> <C> <C>
Model Equity Portfolio S&P 500
- ------------------------------------- ----------
Year ended 10/31/96 17.13% 24.08%
Inception (12/31/92) through 10/31/96 14.11% 16.55%
- -------------------------------------------------------------------------------
</TABLE>
The Model Equity Fund is an actively managed large cap value fund which
utilizes a systematic and disciplined quantitative investment process
combined with professional judgment. Prior to March, 1996, the fund was
managed using a purely quantitative methodology. The Fund has underperformed
the S&P 500 Stock Index during the past fiscal year and for the period since
inception.
Hypothetical Illustration of $10,000 Invested in
Model Equity Portfolio vs. S&P 500 Stock Index
12/31/92 through 10/31/96
Model S&P 500
Equity Portfolio Stock Index
Jan. 1933 $10,000 $10,000
Apr. 1993 10,508 10,255
Oct. 1993 12,305 11,023
Apr. 1994 12,315 10,765
Oct. 1994 12,194 11,445
Apr. 1995 12,768 12,637
Oct. 1995 14,145 14,466
Apr. 1996 15,616 16,453
Oct. 1996 16,569 17,949
* Assumes the reinvestment of all dividends and distributions.
- -----------------------------------------------------------------------------
The S&P 500 Stock Index is an index comprised of 500 widely held common
stocks listed on the New York Stock Exchange, American Stock Exchange and
Over-The-Counter market.
Note: The performance shown represents past performance and is not a
guarantee of future results. A portfolio's share price and investment
return will vary with market conditions, and the principal value of
shares, when redeemed, may be more or less than original cost. An
investment in a portfolio is neither insured nor guaranteed by the U.S.
Government, the Federal Deposit Insurance Corporation, the Federal
Reserve Board, or any other governmental agency or bank. Unlike actual
Fund performance, performance of an index does not reflect any expenses
or transaction costs. A direct investment in an unmanaged index is not
possible.
9
<PAGE>
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THE GLENMEDE FUND, INC.
-----------------------
International Fixed Income Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1996
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
Average Annual Total Return
- ------------------------------------------------------------------------------------------
Salomon Brothers Non-U.S. World
International Fixed Income Portfolio Government Bond Market
- ----------------------------------------- ----------------------------------
<S> <C> <C>
Year ended 10/31/96 4.60% 5.45%
Inception (11/2/92) through 10/31/96 9.68% 10.13%
-----------------------------------------------------------------------------------------
</TABLE>
During the past fiscal year, the underperformance of the International
Fixed Income Portfolio, as compared to the Salomon Brothers Non-U.S. World
Government Bond Market Index, can be attributed to underweighting in Italy
and the United Kingdom. The Portfolio is more diversified with respect to
country weightings than the Index, which provides lower volatility of
returns.
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
INTERNATIONAL FIXED INCOME PORTFOLIO VS. SALOMON BROTHERS NON-U.S. WORLD
GOVERNMENT BOND MARKET INDEX
11/2/92 THROUGH 10/31/96
Salomon Brothers
Non-U.S. World
International Fixed Government
Income Portfolio Bond Market
Nov. 1992 $10,000 $10,000
Apr. 1993 10,735 10,609
Oct. 1993 11,013 11,119
Apr. 1994 11,358 11,483
Oct. 1994 12,092 12,098
Apr. 1995 13,518 13,864
Oct. 1995 13,834 13,936
Apr. 1996 13,727 13,911
Oct. 1996 14,470 14,695
* Assumes the reinvestment of all dividends and distributions.
- -----------------------------------------------------------------------------
The Salomon Brothers Non-U.S. World Government Bond Market Index measures the
total return performance of government issues of major industrialized
countries with the exclusion of U.S. government issues. The index is
calculated on a weighted average and includes the effect of income
reinvestment.
Note: The performance shown represents past performance and is not a
guarantee of future results. A portfolio's share price and investment
return will vary with market conditions, and the principal value of
shares, when redeemed, may be more or less than original cost. An
investment in a portfolio is neither insured nor guaranteed by the U.S.
Government, the Federal Deposit Insurance Corporation, the Federal
Reserve Board, or any other governmental agency or bank. Unlike actual
Fund performance, performance of an index does not reflect any expenses
or transaction costs. A direct investment in an unmanaged index is not
possible.
10
<PAGE>
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THE GLENMEDE FUND, INC.
-----------------------
International Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1996
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Average Annual Total Return
- ------------------------------------------------------------------------------
Morgan Stanley EAFE-IX ND
International Portfolio Weighted Index
- ------------------------------------- -------------------------
<S> <C> <C>
Year ended 10/31/96 13.47% 10.47%
Five Years ended 10/31/96 11.90% 7.65%
Inception (11/17/88) through 10/31/96 11.03% 4.43%
-----------------------------------------------------------------------------
</TABLE>
During the past fiscal year and since inception, the International
Portfolio has outperformed the Morgan Stanley EAFE-IX ND Weighted Index due
to the investment manager's disciplined, value-based style. Favorable country
and security selection has been the primary reason for the Portfolio's strong
relative performance.
Hypothetical Illustration of $10,000 Invested in
International Portfolio vs. Morgan Stanley EAFE-IX ND Weighted Index
11/17/88 through 10/31/96
Morgan Stanley EAFE
International Portfolio CAP Weighted Index
Nov. 1988 $10,000 $10,000
Oct. 1989 11,207 10,481
Oct. 1990 11,685 9,138
Oct. 1991 13,101 9,774
Oct. 1992 12,743 8,482
Oct. 1993 17,007 11,659
Oct. 1994 19,433 12,836
Oct. 1995 20,254 12,789
Oct. 1996 22,982 14,129
* Assumes the reinvestment of all dividends and distributions
excluding withholding taxes.
- -----------------------------------------------------------------------------
The Morgan Stanley EAFE-IX ND Weighted Index is a capitalization weighted
composite portfolio consisting of equity total returns for the countries of
Australia and New Zealand and countries in Europe and the Far East.
Note: The performance shown represents past performance and is not a
guarantee of future results. A portfolio's share price and investment
return will vary with market conditions, and the principal value of
shares, when redeemed, may be more or less than original cost. An
investment in a portfolio is neither insured nor guaranteed by the U.S.
Government, the Federal Deposit Insurance Corporation, the Federal
Reserve Board, or any other governmental agency or bank. Unlike actual
Fund performance, performance of an index does not reflect any expenses
or transaction costs. A direct investment in an unmanaged index is not
possible.
11
<PAGE>
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THE GLENMEDE FUND, INC.
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Institutional International Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1996
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------
Average Annual Total Return
- ----------------------------------------------------------------------------
Institutional International Morgan Stanley EAFE-IX ND
Portfolio Weighted Index
- ------------------------------------ --------------------------
<S> <C> <C>
Year ended 10/31/96 14.46% 10.47%
Inception (8/1/92) through 10/31/96 12.28% 12.41%
- ----------------------------------------------------------------------------
</TABLE>
During the past fiscal year, the Institutional International Portfolio has
outperformed the Morgan Stanley EAFE-IX ND Weighted Index due to favorable
country and security selection.
Hypothetical Illustration of $10,000 Invested in
Institutional International Portfolio vs. Morgan Stanley
EAFE-IX ND Weighted Index
8/1/92 through 10/31/96
Institutional Morgan Stanley EAFE
International Portfolio CAP Weighted Index
Aug. 1992 $10,000 $10,000
Oct. 1992 9,440 9,871
Apr. 1993 11,234 12,280
Oct. 1993 12,493 13,568
Apr. 1994 13,511 14,323
Oct. 1994 14,240 14,937
Apr. 1995 13,981 15,123
Oct. 1995 14,294 14,882
Apr. 1996 16,314 16,848
Oct. 1996 16,361 16,440
* Assumes the reinvestment of all dividends and distributions
excluding withholding taxes.
- -----------------------------------------------------------------------------
The Morgan Stanley EAFE-IX ND Weighted Index is a capitalization weighted
composite portfolio consisting of equity total returns for the countries of
Australia and New Zealand and countries in Europe and the Far East.
Note: The performance shown represents past performance and is not a
guarantee of future results. A portfolio's share price and investment
return will vary with market conditions, and the principal value of
shares, when redeemed, may be more or less than original cost. An
investment in a portfolio is neither insured nor guaranteed by the U.S.
Government, the Federal Deposit Insurance Corporation, the Federal
Reserve Board, or any other governmental agency or bank. Unlike actual
Fund performance, performance of an index does not reflect any expenses
or transaction costs. A direct investment in an unmanaged index is not
possible.
12
<PAGE>
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THE GLENMEDE FUND, INC.
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Emerging Markets Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1996
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------
Average Annual Total Return
- ----------------------------------------------------------------------------------------
Morgan Stanley
Emerging Markets
Emerging Markets Portfolio Free Index IFC Composite
- -------------------------------------- ---------------- ---------------
<S> <C> <C> <C>
Year ended 10/31/96 (0.96)% 6.48% 7.20%
Inception (12/14/94) through 10/31/96 (1.42)% (3.98)% (4.76)%
- ----------------------------------------------------------------------------------------
</TABLE>
Since inception, the Emerging Markets Portfolio has outperformed the
Morgan Stanley Emerging Markets Free Index due to an underweight position in
Latin America in the early part of the year and an overweight position in
some of the best performing markets, such as Greece and Turkey, where the
investment manager found the largest number of attractive securities in the
first two quarters.
Hypothetical Illustration of $10,000 Invested in
Emerging Markets Portfolio vs. Morgan Stanley Emerging Markets
Free Index and IFC Composite
12/14/94 through 10/31/96
Morgan Stanley
Emerging Markets Emerging Markets
Portfolio Free Index IFC Composite
Dec. 1994 $10,000 $10,000 $10,000
Apr. 1995 10,300 8,624 8,592
July 1995 11,052 9,309 9,067
Oct. 1995 9,829 8,700 8,511
Dec. 1995 8,989 8,924 8,529
Apr. 1996 10,500 9,859 9,728
July 1996 10,173 9,201 9,076
Oct. 1996 9,735 9,265 9,145
* Assumes the reinvestment of all dividends and distributions excluding
withholding taxes.
- -----------------------------------------------------------------------------
The Morgan Stanley Emerging Markets Free Index is a measure of the
performance of the major emerging economies with sizable and active equity
markets in Asia, Latin America, the Middle East, Africa and Europe. Only
those countries open to non-local investors are included. The IFC Composite
is a measure of the performance of stock markets in countries with developing
economies, especially those meeting World Bank classifications of low-income
and middle-income, but may include high-income economies where the stock
market is likely to be developing for some time. Markets are included in
Latin America, East Asia, South Asia and Europe/Mideast/Africa.
Note: The performance shown represents past performance and is not a
guarantee of future results. A portfolio's share price and investment
return will vary with market conditions, and the principal value of
shares, when redeemed, may be more or less than original cost. An
investment in a portfolio is neither insured nor guaranteed by the U.S.
Government, the Federal Deposit Insurance Corporation, the Federal
Reserve Board, or any other governmental agency or bank. Unlike actual
Fund performance, performance of an index does not reflect any expenses
or transaction costs. A direct investment in an unmanaged index is not
possible.
13
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Muni Intermediate Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1996
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------
Average Annual Total Return
- -----------------------------------------------------------------------------------
Muni Intermediate Portfolio Lehman 7-Year Merrill Lynch
- ------------------------------------ --------------- ---------------
<S> <C> <C> <C>
Year ended 10/31/96 4.67% 4.66% 5.68%
Inception (6/5/92) through 10/31/96 5.42% 6.84% 6.69%
----------------------------------------------------------------------------------
</TABLE>
During the past fiscal year, the Muni Intermediate Portfolio slightly
outperformed the Lehman Brothers Municipal 7-Year Bond Index. The strategy
has been to provide a well diversified portfolio with defensive
characteristics, in the intermediate maturity range.
Hypothetical Illustration of $10,000 Invested in
Muni Intermediate Portfolio vs. Lehman Brothers Municipal
7-Year Bond Index and
Merrill Lynch Municipal Bond Index (Bank Trust)
6/5/92 through 10/31/96
Muni Merrill Lynch Lehman Brothers
Intermediate Municipal Bond Municipal
Portfolio (Bank Trust) 7-Year Bond
June 1992 $10,000 $10,000 $10,000
Oct. 1992 10,074 10,327 10,366
Apr. 1993 10,669 11,063 11,016
Oct. 1993 11,137 11,503 11,607
Apr. 1994 10,912 11,234 11,358
Oct. 1994 10,788 11,317 11,388
Apr. 1995 11,459 11,863 12,021
Oct. 1995 12,057 12,589 12,792
Apr. 1996 12,215 12,840 12,932
Oct. 1996 12,621 13,304 13,388
* Assumes the reinvestment of all dividends and distributions.
- -----------------------------------------------------------------------------
The Lehman Brothers Municipal 7-Year Bond Index is a total return performance
benchmark for the intermediate-term, investment-grade tax-exempt bond
market. The Merrill Lynch Municipal Bond Index (Bank Trust) is designed to
model the average characteristics of municipal common trust funds as reported
by Nuveen. The index is comprised of municipal securities of various
maturities and of a quality range of A/A3 and above.
Note: The performance shown represents past performance and is not a
guarantee of future results. A portfolio's share price and investment
return will vary with market conditions, and the principal value of
shares, when redeemed, may be more or less than original cost. An
investment in a portfolio is neither insured nor guaranteed by the U.S.
Government, the Federal Deposit Insurance Corporation, the Federal
Reserve Board, or any other governmental agency or bank. Unlike actual
Fund performance, performance of an index does not reflect any expenses
or transaction costs. A direct investment in an unmanaged index is not
possible.
14
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
New Jersey Muni Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1996
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------
Average Annual Total Return
- ------------------------------------------------------------------------------------
New Jersey Muni Portfolio Lehman 7-Year Merrill Lynch
- ------------------------------------ --------------- ---------------
<S> <C> <C> <C>
Year ended 10/31/96 4.24% 4.66% 5.68%
Inception (11/1/93) through 10/31/96 3.85% 4.89% 4.98%
- ------------------------------------ ------- --------------- ---------------
</TABLE>
The New Jersey Muni Portfolio has underperformed the Lehman Brothers
Municipal 7-Year Bond Index as a result of its slightly longer duration. The
strategy has been to provide a very high quality, well diversified portfolio
with an intermediate maturity to Portfolio investors.
Hypothetical Illustration of $10,000 Invested in
New Jersey Muni Portfolio vs. Lehman Brothers Municipal 7-Year Bond Index and
Merrill Lynch Municipal Bond Index (Bank Trust)
11/1/93 through 10/31/96
Lehman Brothers Merrill Lynch
New Jersey Municipal Municipal Bond
Muni Portfolio 7-Year Bond (Bank Trust)
Nov. 1993 $10,000 $10,000 $10,000
Apr. 1994 9,660 9,785 9,767
Oct. 1994 9,488 9,812 9,838
Apr. 1995 10,102 10,357 10,313
Oct. 1995 10,744 11,021 10,944
Apr. 1996 10,863 11,142 11,162
Oct. 1996 11,200 11,535 11,565
* Assumes the reinvestment of all dividends and distributions.
- -----------------------------------------------------------------------------
The Lehman Brothers Municipal 7-Year Bond Index is a total return performance
benchmark for the intermediate-term, investment-grade tax-exempt bond market.
The Merrill Lynch Municipal Bond Index (Bank Trust) is designed to model the
average characteristics of municipal common trust funds as reported by Nuveen.
The index is comprised of municipal securities of various maturities and of a
quality range of A/A3 and above.
Note: The performance shown represents past performance and is not a
guarantee of future results. A portfolio's share price and investment
return will vary with market conditions, and the principal value of
shares, when redeemed, may be more or less than original cost. An
investment in a portfolio is neither insured nor guaranteed by the U.S.
Government, the Federal Deposit Insurance Corporation, the Federal
Reserve Board, or any other governmental agency or bank. Unlike actual
Fund performance, performance of an index does not reflect any expenses
or transaction costs. A direct investment in an unmanaged index is not
possible.
15
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
STATEMENTS OF OPERATIONS
For the year ended October 31, 1996
<TABLE>
<CAPTION>
Government Tax-Exempt Intermediate
Cash Cash Government
Portfolio Portfolio Portfolio
------------- ------------ --------------
<S> <C> <C> <C>
Investment income:
Dividends (net of foreign withholding taxes)+ .. $ -- $ -- $ --
Interest (net of foreign withholding taxes)++ .. 25,037,869 8,113,983 18,096,109
------------- ------------ --------------
Total investment income ................... 25,037,869 8,113,983 18,096,109
------------- ------------ --------------
Expenses:
Investment advisory fee ........................ -- -- --
Administration fee ............................. 183,151 95,073 110,811
Shareholder servicing fee ...................... 226,624 117,082 136,249
Custodian fee .................................. 37,797 18,684 22,395
Legal and audit fees ........................... 83,329 38,144 56,394
Directors' fees and expenses ................... 13,589 6,035 7,889
Registration and filing fees ................... 14,354 0 0
Other expenses ................................. 161,544 76,651 116,968
------------- ------------ --------------
Total expenses ............................ 720,388 351,669 450,706
============= ============ ==============
Net investment income ............................... 24,317,481 7,762,314 17,645,403
------------- ------------ --------------
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on:
Securities transactions ................... 781 (13) 214,030
Foreign currency transactions ............. -- -- --
------------- ------------ --------------
Net realized gain/(loss) on investments ... 781 (13) 214,030
------------- ------------ --------------
Net change in unrealized appreciation/(depreciation)
of:
Securities ................................ -- -- (1,992,578)
Foreign currency translation .............. -- -- --
------------- ------------ --------------
Net unrealized appreciation/(depreciation) on
investments ............................. -- -- (1,992,578)
------------- ------------ --------------
Net realized and unrealized gain/(loss) on investments 781 (13) (1,778,548)
------------- ------------ --------------
Net increase/(decrease) in net assets resulting from
operations ........................................ $24,318,262 $7,762,301 $15,866,855
============= ============ ==============
</TABLE>
- ------
+ The Equity Portfolio, Small Capitalization Equity Portfolio, Model Equity
Portfolio, International Portfolio, Institutional International Portfolio
and Emerging Markets Portfolio had foreign dividend withholding taxes of
$11,425, $3,713, $1,824, $2,080,307, $197,461 and $102,900, respectively.
++ The International Fixed Income Portfolio had foreign interest withholding
taxes of $283.
See Notes to Financial Statements.
16
<PAGE>
<TABLE>
<CAPTION>
Small International
Capitalization Model Fixed Institutional Emerging
Equity Equity Equity Income International International Markets
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
------------- -------------- ------------ --------------- --------------- --------------- --------------
<S> <C> <C> <C> <C> <C> <C>
$2,006,399 $ 5,231,510 $ 803,535 $ -- $15,032,258 $1,445,769 $ 1,447,935
67,684 597,941 67,712 1,784,361 2,097,993 63,537 253,825
------------- -------------- ------------ --------------- --------------- --------------- --------------
2,074,083 5,829,451 871,247 1,784,361 17,130,251 1,509,306 1,701,760
------------- -------------- ------------ --------------- --------------- --------------- --------------
-- -- -- -- -- 382,491 830,578
33,415 101,413 12,716 10,614 216,069 20,500 25,712
42,934 125,390 15,789 13,077 265,082 -- --
4,669 20,551 2,504 8,445 150,543 16,909 270,209
14,272 30,102 4,831 7,501 58,882 10,109 12,244
2,160 6,323 998 678 14,343 1,332 7,310
369 43,244 8,807 77 96,154 7,925 21,232
33,718 101,275 885 15,191 159,638 38,250 3,247
------------- -------------- ------------ --------------- --------------- --------------- --------------
131,537 428,298 46,530 55,583 960,711 477,516 1,170,532
============= ============== ============ =============== =============== =============== ==============
1,942,546 5,401,153 824,717 1,728,778 16,169,540 1,031,790 531,228
------------- -------------- ------------ --------------- --------------- --------------- --------------
8,245,044 22,099,067 605,642 113,654 1,641,419 586,873 370,191
-- -- -- 7,276 (269,772) (33,382) 75,411
------------- -------------- ------------ --------------- --------------- --------------- --------------
8,245,044 22,099,067 605,642 120,930 1,371,647 553,491 445,602
------------- -------------- ------------ --------------- --------------- --------------- --------------
11,633,992 14,741,219 3,541,791 (664,185) 41,884,049 5,028,823 (3,306,342)
-- -- -- (9,870) (33,880) (5,530) (2,996)
------------- -------------- ------------ --------------- --------------- --------------- --------------
11,633,992 14,741,219 3,541,791 (674,055) 41,850,169 5,023,293 (3,309,338)
------------- -------------- ------------ --------------- --------------- --------------- --------------
19,879,036 36,840,286 4,147,433 (553,125) 43,221,816 5,576,784 (2,863,736)
------------- -------------- ------------ --------------- --------------- --------------- --------------
$21,821,582 $42,241,439 $4,972,150 $1,175,653 $59,391,356 $6,608,574 $(2,332,508)
============= ============== ============ =============== =============== =============== ==============
</TABLE>
See Notes to Financial Statements.
17
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED OCTOBER 31, 1996
<TABLE>
<CAPTION>
Government Tax-Exempt Intermediate
Cash Cash Government
Portfolio Portfolio Portfolio
-------------- -------------- --------------
<S> <C> <C> <C>
Net investment income ...................................... $ 24,317,481 $ 7,762,314 $ 17,645,403
Net realized gain/(loss) on investments .................... 781 (13) 214,030
Net unrealized appreciation/(depreciation) on investments
and net assets ............................................ -- -- (1,992,578)
-------------- -------------- --------------
Net increase/(decrease) in net assets resulting from
operations ................................................ 24,318,262 7,762,301 15,866,855
Distributions to shareholders:
From net investment income ............................ (24,317,481) (7,762,314) (17,973,595)
From net realized gain on investments ................. -- -- --
In excess of net investment income .................... -- -- --
Net increase/(decrease) in net assets from capital share
transactions ............................................. 43,788,531 (808,888) (81,264,828)
-------------- -------------- --------------
Net increase/(decrease) in net assets ...................... 43,789,312 (808,901) (83,371,568)
NET ASSETS:
Beginning of year .......................................... 408,605,225 225,808,003 342,874,290
-------------- -------------- --------------
End of year ................................................ $452,394,537 $224,999,102 $259,502,722
============== ============== ==============
</TABLE>
FOR THE YEAR ENDED OCTOBER 31, 1995
<TABLE>
<CAPTION>
Government Tax-Exempt Intermediate
Cash Cash Government
Portfolio Portfolio Portfolio
-------------- -------------- --------------
<S> <C> <C> <C>
Net investment income ......................................... $ 24,895,872 $ 7,886,077 $ 21,980,256
Net realized gain/(loss) on investments ....................... (26,819) (27,815) 5,099,980
Net unrealized appreciation/(depreciation) on investments and
net assets ................................................... -- -- 10,354,660
-------------- -------------- --------------
Net increase/(decrease) in net assets resulting from operations 24,869,053 7,858,262 37,434,896
Distributions to shareholders:
From net investment income ............................... (24,895,872) (7,886,077) (22,229,135)
From net realized gain on investments .................... -- -- --
Net increase/(decrease) in net assets from capital share
transactions ................................................ 55,227,181 2,850,330 (6,128,007)
-------------- -------------- --------------
Net increase/(decrease) in net assets ......................... 55,200,362 2,822,515 9,077,754
NET ASSETS:
Beginning of year ............................................. 353,404,863 222,985,488 333,796,536
-------------- -------------- --------------
End of year ................................................... $408,605,225 $225,808,003 $342,874,290
============== ============== ==============
</TABLE>
- ------
* The Emerging Markets Portfolio commenced operations on December 14, 1994.
See Notes to Financial Statements.
18
<PAGE>
<TABLE>
<CAPTION>
Small International
Capitalization Model Fixed Institutional Emerging
Equity Equity Equity Income International International Markets
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
------------- -------------- ------------- --------------- --------------- --------------- -------------
<S> <C> <C> <C> <C> <C> <C>
$1,942,546 $ 5,401,153 $ 824,717 $ 1,728,778 $ 16,169,540 $ 1,031,790 $ 531,228
8,245,044 22,099,067 605,642 120,930 1,371,647 553,491 445,602
11,633,992 14,741,219 3,541,791 (674,055) 41,850,169 5,023,293 (3,309,338)
------------- -------------- ------------- --------------- --------------- --------------- -------------
21,821,582 42,241,439 4,972,150 1,175,653 59,391,356 6,608,574 (2,332,508)
(1,890,653) (5,193,834) (765,438) (1,830,533) (17,200,867) (933,405) (791,631)
(8,439,400) (22,099,067) (594,750) (125,953) (1,700,763) (587,999) (79,207)
-- -- -- -- (2,182,510) (235,506) --
2,536,458 122,498,366 30,538,451 165,160 261,942,539 9,332,942 62,291,262
------------- -------------- ------------- --------------- --------------- --------------- -------------
14,027,987 137,446,904 34,150,413 (615,673) 300,249,755 14,184,606 59,087,916
80,156,887 170,968,506 15,980,539 26,959,457 343,208,893 44,205,543 27,296,598
------------- -------------- ------------- --------------- --------------- --------------- -------------
$94,184,874 $308,415,410 $50,130,952 $26,343,784 $643,458,648 $58,390,149 $86,384,514
============= ============== ============= =============== =============== =============== =============
</TABLE>
<TABLE>
<CAPTION>
Small International
Capitalization Model Fixed Institutional Emerging
Equity Equity Equity Income International International Markets
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio*
------------- -------------- ------------- --------------- --------------- --------------- -------------
<S> <C> <C> <C> <C> <C> <C>
$1,606,276 $ 2,693,308 $ 524,902 $ 1,653,102 $ 8,036,971 $ 380,781 $ 337,374
2,910,296 17,015,673 2,726,152 102,337 14,395,636 361,563 (411,130)
10,171,776 8,446,898 (426,228) 1,630,200 (8,729,247) (1,210,567) (1,075,968)
------------- -------------- ------------- --------------- --------------- --------------- -------------
14,688,348 28,155,879 2,824,826 3,385,639 13,703,360 (468,223) (1,149,724)
(1,678,803) (2,730,374) (516,246) (1,482,934) (7,792,634) (26,978) (229,617)
(2,715,940) (17,034,956) (2,225,023) (24,321) (14,630,296) (841,909) --
5,817,579 52,705,701 (4,757,431) 8,496,635 59,415,662 28,466,613 28,675,939
------------- -------------- ------------- --------------- --------------- --------------- -------------
16,111,184 61,096,250 (4,673,874) 10,375,019 50,696,092 27,129,503 27,296,598
64,045,703 109,872,256 20,654,413 16,584,438 292,512,801 17,076,040 --
------------- -------------- ------------- --------------- --------------- --------------- -------------
$80,156,887 $170,968,506 $15,980,539 $26,959,457 $343,208,893 $44,205,543 $27,296,598
============= ============== ============= =============== =============== =============== =============
</TABLE>
See Notes to Financial Statements.
19
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year.
<TABLE>
<CAPTION>
Government Cash Portfolio
---------------------------------------------------------------
Year Ended October 31,
---------------------------------------------------------------
1996 1995 1994 1993 1992
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year ................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- ----------
Net investment income .............................. 0.053 0.059 0.038 0.031 0.041
Distributions from net investment income ........... (0.053) (0.059) (0.038) (0.031) (0.041)
---------- ---------- ---------- ---------- ----------
Net asset value, end of year ....................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ========== ==========
Total return+ ...................................... 5.46% 5.87% 3.78% 3.18% 4.19%
========== ========== ========== ========== ==========
Ratios to average net assets/Supplemental data:
Net assets, end of year (in 000's) ................. $452,395 $408,605 $353,405 $247,816 $203,882
Ratio of operating expenses to average net assets .. 0.16% 0.15% 0.11% 0.11% 0.13%
Ratio of net investment income to average net assets 5.32% 5.71% 3.82% 3.14% 4.18%
</TABLE>
- ------
+ Total return represents aggregate total return for the period indicated.
For a share outstanding throughout each year.
<TABLE>
<CAPTION>
Tax-Exempt Cash Portfolio
---------------------------------------------------------------
Year Ended October 31,
---------------------------------------------------------------
1996 1995 1994 1993 1992
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year ................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- ----------
Net investment income .............................. 0.034 0.038 0.025 0.023 0.033
Distributions from net investment income ........... (0.034) (0.038) (0.025) (0.023) (0.033)
---------- ---------- ---------- ---------- ----------
Net asset value, end of year ....................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ========== ==========
Total return+ ...................................... 3.42% 3.76% 2.48% 2.34% 3.30%
========== ========== ========== ========== ==========
Ratios to average net assets/Supplemental data:
Net assets, end of year (in 000's) ................. $224,999 $225,808 $222,985 $106,590 $125,826
Ratio of operating expenses to average net assets .. 0.15% 0.15% 0.13% 0.13% 0.15%
Ratio of net investment income to average net assets. 3.36% 3.69% 2.52% 2.33% 3.21%
</TABLE>
- ------
+ Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
20
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year.
<TABLE>
<CAPTION>
Intermediate Government Portfolio
---------------------------------------------------------------
Year Ended October 31,
---------------------------------------------------------------
1996 1995 1994 1993 1992
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year ................... $ 10.36 $ 9.89 $ 10.84 $ 10.76 $ 10.61
---------- ---------- ---------- ---------- ----------
Income from investment operations:
Net investment income ................................ 0.66 0.69 0.64 0.66 0.74
Net realized and unrealized gain/(loss) on investments (0.08) 0.46 (0.96) 0.41 0.22
---------- ---------- ---------- ---------- ----------
Total from investment operations ..................... 0.58 1.15 (0.32) 1.07 0.96
---------- ---------- ---------- ---------- ----------
Less Distributions:
Distributions from net investment income ............. (0.65) (0.68) (0.63) (0.67) (0.70)
Distributions from net realized capital gains ........ -- -- -- (0.32) (0.11)
---------- ---------- ---------- ---------- ----------
Total Distributions .................................. (0.65) (0.68) (0.63) (0.99) (0.81)
---------- ---------- ---------- ---------- ----------
Net asset value, end of year ......................... $ 10.29 $ 10.36 $ 9.89 $ 10.84 $ 10.76
========== ========== ========== ========== ==========
Total return+ ........................................ 5.88% 12.06% (3.03)% 10.38% 9.34%
========== ========== ========== ========== ==========
Ratios to average net assets/Supplemental data:
Net assets, end of year (in 000's) ................... $259,503 $342,874 $333,797 $581,823 $445,816
Ratio of operating expenses to average net assets .... 0.16% 0.11% 0.12%* 0.14%* 0.16%
Ratio of net investment income to average net assets . 6.37% 6.67% 6.06% 6.03% 7.03%
Portfolio turnover rate .............................. 47% 228% 165% 83% 39%
</TABLE>
- ------
+ Total return represents aggregate total return for the period indicated.
* The annualized operating expense ratios exclude interest expense. The
ratios including interest expense for the years ended October 31, 1994 and
October 31, 1993 were 0.14% and 0.16%, respectively.
See Notes to Financial Statements.
21
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year.
<TABLE>
<CAPTION>
Equity Portfolio
----------------------------------------------------------
Year Ended October 31,
----------------------------------------------------------
1996 1995 1994 1993 1992
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year .................... $ 14.67 $ 12.56 $ 13.23 $ 11.84 $ 11.21
--------- --------- --------- --------- ---------
Income from investment operations:
Net investment income ................................. 0.41 0.32 0.31 0.32 0.31
Net realized and unrealized gain/(loss) on investments 3.73 2.64 (0.17) 1.63 0.65
--------- --------- --------- --------- ---------
Total from investment operations ...................... 4.14 2.96 0.14 1.95 0.96
--------- --------- --------- --------- ---------
Less Distributions:
Distributions from net investment income .............. (0.40) (0.33) (0.29) (0.32) (0.33)
Distributions from net realized capital gains ......... (1.62) (0.52) (0.52) (0.24) --
--------- --------- --------- --------- ---------
Total Distributions ................................... (2.02) (0.85) (0.81) (0.56) (0.33)
--------- --------- --------- --------- ---------
Net asset value, end of year .......................... $ 16.79 $ 14.67 $ 12.56 $ 13.23 $ 11.84
========= ========= ========= ========= =========
Total return+ ......................................... 28.65% 23.78% 1.21% 16.60% 8.62%
========= ========= ========= ========= =========
Ratios to average net assets/Supplemental data:
Net assets, end of year (in 000's) .................... $94,185 $80,157 $64,046 $43,611 $18,049
Ratio of operating expenses to average net assets ..... 0.17% 0.14% 0.16% 0.20% 0.24%
Ratio of net investment income to average net assets .. 2.26% 2.32% 2.40% 2.61% 2.91%
Portfolio turnover rate ............................... 36% 70% 109% 61% 30%
Average Commissions per share* ........................ $ 0.07 NA NA NA NA
</TABLE>
- ------
+ Total return represents aggregate total return for the period indicated.
* Disclosure is required for fiscal years beginning on or after September 1,
1995. Represents average commission rate per share charged to the Fund on
purchases and sales of investments during the period.
See Notes to Financial Statements.
22
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year.
<TABLE>
<CAPTION>
Small Capitalization Equity Portfolio
-------------------------------------------------------------
Year Ended October 31,
-------------------------------------------------------------
1996 1995 1994 1993 1992
---------- ---------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year ................. $ 14.98 $ 13.95 $ 13.97 $ 11.12 $ 11.02
---------- ---------- ---------- --------- ---------
Income from investment operations:
Net investment income .............................. 0.33 0.28 0.16 0.14 0.16
Net realized and unrealized gain on investments .... 2.38 2.69 0.23 3.60 0.09
---------- ---------- ---------- --------- ---------
Total from investment operations ................... 2.71 2.97 0.39 3.74 0.25
---------- ---------- ---------- --------- ---------
Less Distributions:
Distributions from net investment income ........... (0.33) (0.26) (0.15) (0.15) (0.15)
Distributions from net realized capital gains ...... (1.24) (1.68) (0.26) (0.74) --
---------- ---------- ---------- --------- ---------
Total Distributions ................................ (1.57) (1.94) (0.41) (0.89) (0.15)
---------- ---------- ---------- --------- ---------
Net asset value, end of year ....................... $ 16.12 $ 14.98 $ 13.95 $ 13.97 $ 11.12
========== ========== ========== ========= =========
Total return+ ...................................... 18.22% 21.15% 2.85% 33.86% 2.32%
========== ========== ========== ========= =========
Ratios to average net assets/Supplemental data:
Net assets, end of year (in 000's) ................. $308,415 $170,969 $109,872 $68,418 $39,728
Ratio of operating expenses to average net assets .. 0.17% 0.14% 0.14% 0.14% 0.19%
Ratio of net investment income to average net assets 2.15% 1.92% 1.18% 1.08% 1.44%
Portfolio turnover rate ............................ 37% 57% 31% 63% 56%
NA
Average Commissions per share* ..................... $ 0.07 NA NA NA
</TABLE>
- ------
+ Total return represents aggregate total return for the period indicated.
* Disclosure is required for fiscal years beginning on or after September 1,
1995. Represents average commission rate per share charged to the Fund on
purchases and sales of investments during the period.
<PAGE>
For a share outstanding throughout each period.
<TABLE>
<CAPTION>
Model Equity Portfolio
--------------------------------------------------
Period
Year Ended October 31, Ended
---------------------------------- October 31,
1996 1995 1994 1993+
--------- --------- --------- -------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ................. $ 10.34 $ 10.62 $ 10.92 $ 10.00
--------- --------- --------- -------------
Income from investment operations:
Net investment income ................................ 0.26 0.32 0.21 0.21
Net realized and unrealized gain/(loss) on investments 1.49 1.38 (0.31) 2.06
--------- --------- --------- -------------
Total from investment operations ..................... 1.75 1.70 (0.10) 2.27
--------- --------- --------- -------------
Less Distributions:
Distributions from net investment income ............. (0.27) (0.31) (0.20) (0.20)
Distributions from net realized capital gains ........ (0.14) (1.67) -- (1.15)
--------- --------- --------- -------------
Total Distributions .................................. (0.41) (1.98) (0.20) (1.35)
--------- --------- --------- -------------
Net asset value, end of period ....................... $ 11.68 $ 10.34 $ 10.62 $ 10.92
========= ========= ========= =============
Total return++ ....................................... 17.13% 16.01% (0.91)% 23.05%
========= ========= ========= =============
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's) ................. $50,131 $15,981 $20,654 $13,969
Ratio of operating expenses to average net assets .... 0.15% 0.20% 0.24% 0.24%*
Ratio of net investment income to average net assets . 2.62% 2.80% 2.04% 2.47%*
Portfolio turnover rate .............................. 104% 227% 287% 230%
NA
Average Commissions per share** ...................... $ 0.07 NA NA
</TABLE>
- ------
+ The Portfolio commenced operations on December 31, 1992.
++ Total return represents aggregate total return for the period indicated.
* Annualized.
** Disclosure is required for fiscal years beginning on or after September 1,
1995. Represents average commission rate per share charged to the Fund on
purchases and sales of investments during the period.
See Notes to Financial Statements.
23
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period.
<TABLE>
<CAPTION>
International Fixed Income Portfolio
----------------------------------------------------
Period Ended
Year Ended October 31, October 31,
----------------------------------- --------------
1996 1995 1994 1993+
--------- --------- ---------- --------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ............... $ 11.07 $ 10.25 $ 10.45 $ 10.00
--------- --------- ---------- --------------
Income from investment operations:
Net investment income .............................. 0.72 0.66 0.65 0.40
Net realized and unrealized gain on investments .... (0.23) 0.78 0.34 0.59
--------- --------- ---------- --------------
Total from investment operations ................... 0.49 1.44 0.99 0.99
--------- --------- ---------- --------------
Less Distributions:
Distributions from net investment income ........... (0.76) (0.61) (0.66) (0.45)
Distributions in excess of net investment income ... -- -- (0.46) --
Distributions from net realized capital gains ...... (0.05) (0.01) (0.07) (0.09)
--------- --------- ---------- --------------
Total Distributions ................................ (0.81) (0.62) (1.19) (0.54)
--------- --------- ---------- --------------
Net asset value, end of period ..................... $ 10.75 $ 11.07 $ 10.25 $ 10.45
========= ========= ========== ==============
Total return++ ..................................... 4.60% 14.41% 9.79% 10.13%
========= ========= ========== ==============
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's) ............... $26,344 $26,959 $16,584 $15,801
Ratio of operating expenses to average net assets .. 0.21% 0.23% 0.24% 0.24%*
Ratio of net investment income to average net assets . 6.64% 6.50% 5.99% 6.04%*
Portfolio turnover rate ............................ 13% 30% 39% 27%
</TABLE>
- ------
+The Portfolio commenced operations on November 2, 1992.
++Total return represents aggregate total return for the period indicated.
*Annualized.
See Notes to Financial Statements.
24
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year.
<TABLE>
<CAPTION>
International Portfolio
---------------------------------------------------------------
Year Ended October 31,
---------------------------------------------------------------
1996 1995 1994 1993 1992
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year ....... $ 12.70 $ 13.04 $ 12.69 $ 9.84 $ 10.89
---------- ---------- ---------- ---------- ----------
Income from investment operations:
Net investment income .................... 0.40 0.32 0.27 0.27 0.26
Net realized and unrealized gain/(loss) on
investments ............................. 1.29 0.23 1.50 2.98 (0.51)
---------- ---------- ---------- ---------- ----------
Total from investment operations ......... 1.69 0.55 1.77 3.25 (0.25)
---------- ---------- ---------- ---------- ----------
Less Distributions:
Distributions from net investment income . (0.43) (0.32) (0.25) (0.26) (0.26)
Distributions from net realized gains .... (0.04) (0.57) (1.16) (0.14) (0.54)
Distributions in excess of net realized gains (0.05) (0.01) -- --
---------- ---------- ---------- ---------- ----------
Total Distributions ...................... (0.52) (0.89) (1.42) (0.40) (0.80)
---------- ---------- ---------- ---------- ----------
Net asset value, end of year ............. $ 13.87 $ 12.70 $ 13.04 $ 12.69 $ 9.84
========== ========== ========== ========== ==========
Total return+ ............................ 13.47% 4.23% 14.26% 33.47% (2.73)%
========== ========== ========== ========== ==========
Ratios to average net assets/Supplemental data:
Net assets, end of year (in 000's) ....... $643,459 $343,209 $292,513 $221,515 $167,191
Ratio of operating expenses to average net
assets .................................. 0.18% 0.18% 0.16% 0.17% 0.23%
Ratio of net investment income to average net
assets .................................. 3.05% 2.61% 2.11% 2.31% 2.47%
Portfolio turnover rate .................. 6% 24% 39% 34% 40%
Average commissions per share* ........... $ 0.02 NA NA NA NA
</TABLE>
- ------
+ Total return represents aggregate total return for the period indicated.
* Disclosure is required for fiscal years beginning on or after September 1,
1995. Represents average commission rate per share charged to the Fund on
purchases and sales of investments during the period.
See Notes to Financial Statements.
25
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period.
<TABLE>
<CAPTION>
Institutional International Portfolio
--------------------------------------------------------------
Period
Year Ended Ended
October 31, October 31,
---------------------------------------------- -------------
1996 1995 1994 1993 1992+
--------- --------- --------- --------- -------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ..... $ 12.34 $ 12.63 $ 12.00 $ 9.42 $ 10.00
--------- --------- --------- --------- -------------
Income from investment operations:
Net investment income1 .................... 0.28 0.19 0.16 0.15 0.03
Net realized and unrealized gain/(loss) on
investments ............................. 1.50 (0.13) 1.49 2.88 (0.60)
--------- --------- --------- --------- -------------
Total from investment operations ......... 1.78 0.06 1.65 3.03 (0.57)
--------- --------- --------- --------- -------------
Less Distributions:
Distributions from net investment income . (0.25) (0.18) (0.13) (0.14) (0.01)
Distributions from net realized capital gains (0.14) (0.17) (0.87) (0.31) --
Distributions in excess of net realized gains (0.06) -- (0.02) -- --
--------- --------- --------- --------- -------------
Total Distributions ...................... (0.45) (0.35) (1.02) (0.45) (0.01)
--------- --------- --------- --------- -------------
Net asset value, end of period ........... $ 13.67 $ 12.34 $ 12.63 $ 12.00 $ 9.42
========= ========= ========= ========= =============
Total return++ ........................... 14.46% 0.38% 13.85% 32.34% (5.60)%
========= ========= ========= ========= =============
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's) ..... $58,390 $44,206 $17,076 $12,979 $ 9,416
Ratio of operating expenses to average net
assets** ................................ 0.95% 0.93% 1.00% 1.00% 1.00%*
Ratio of net investment income to average net
assets .................................. 2.06% 1.78% 1.29% 1.41% 1.28%*
Portfolio turnover rate .................. 10% 25% 39% 34% 10%
Average commissions per share(2) ......... $ 0.02 NA NA NA NA
</TABLE>
- ------
+ The Portfolio commenced operations on August 1, 1992.
++ Total return represents aggregate total return for the period indicated.
* Annualized.
** Annualized expense ratios before waiver of fees and/or expenses reimbursed
by investment advisor for the year ended October 31, 1994 and 1993 and the
period ended October 31, 1992 were 1.01%, 1.08% and 1.08%, respectively.
(1) Net investment income before waiver of fees and/or expenses reimbursed by
the investment advisor for the years ended October 31, 1994 and 1993 and
the period ended October 31, 1992 was $0.16, $0.14 and $0.03, respectively.
(2) Disclosure is required for fiscal years beginning on or after September
1, 1995. Represents average commission rate per share charged to the Fund
on purchases and sales of investments during the period.
See Notes to Financial Statements.
26
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period.
<TABLE>
<CAPTION>
Emerging Markets
Portfolio+
------------------------
Period Ended October 31,
------------------------
1996 1995
---------- ----------
<S> <C> <C>
Net asset value, beginnning of period ................ $ 9.73 $ 10.00
---------- ----------
Net investment income ................................ 0.06 0.16
Net realized and unrealized gain/(loss) on investments . (0.16) (0.31)
---------- ----------
Total from investment operations ..................... (0.10) (0.15)
---------- ----------
Less Distributions:
Distributions from net investment income ............. (0.08) (0.12)
Distributions from net realized capital gains ........ (0.03) --
---------- ----------
Total Distributions .................................. (0.11) (0.12)
---------- ----------
Net asset value, end of period ....................... $ 9.52 $ 9.73
========== ==========
Total Return++ ....................................... (0.96)% (1.96)%*
========== ==========
Ratios to average net assets/Supplemental data:
Net assets, end of year (in 000's) ................... $86,385 $27,297
Ratio of operating expenses to average net assets .... 1.76% 1.81%*
Ratio of net investment income to average net assets . 0.80% 1.87%*
Portfolio turnover rate .............................. 44% 50%
Average commissions per share** ...................... $ 0.001 NA
</TABLE>
- ------
+ The Emerging Markets Portfolio commenced operations on December 14, 1994.
++ Total return represents aggregate total return for the period indicated.
* Annualized.
** Disclosure is required for fiscal years beginning on or after September 1,
1995. Represents average commission rate per share charged to the Fund on
purchases and sales of investments during the period.
See Notes to Financial Statements.
27
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Government Cash Portfolio
STATEMENT OF NET ASSETS
October 31, 1996
<TABLE>
<CAPTION>
Face
Amount Value
------------- -------------
<S> <C> <C>
AGENCY DISCOUNT NOTES(+) -- 52.4%
Federal Home Loan Mortgage Corp. -- 12.7%
$15,000,000 6.20% due 12/03/96 ................................................. $ 14,928,267
18,000,000 6.20% due 12/16/96 ................................................. 17,883,675
20,000,000 6.57% due 01/02/97 ................................................. 19,819,856
5,000,000 6.98% due 02/18/97 ................................................. 4,920,672
-------------
57,552,470
-------------
Federal Home Loan Banks -- 9.0%
17,000,000 6.79% due 02/28/97 ................................................. 16,701,046
14,170,000 5.30% due 03/05/97 ................................................. 14,151,974
10,000,000 5.25% due 06/18/97 ................................................. 9,968,570
-------------
40,821,590
-------------
Federal National Mortgage Association -- 30.7%
15,000,000 5.72% due 11/08/96 ................................................. 14,984,308
10,000,000 5.72% due 11/27/96 ................................................. 9,961,144
15,000,000 6.05% due 12/11/96 ................................................. 14,910,833
20,000,000 6.40% due 01/07/97 ................................................. 19,804,211
20,000,000 6.40% due 01/17/97 ................................................. 19,777,128
20,000,000 6.40% due 01/22/97 ................................................. 19,762,656
20,000,000 6.79% due 02/10/97 ................................................. 19,706,539
20,000,000 6.79% due 02/21/97 ................................................. 19,675,200
-------------
138,582,019
-------------
TOTAL AGENCY DISCOUNT NOTES
(Cost $236,956,079) ................................................ 236,956,079
-------------
AGENCY NOTES -- 5.6%
Tennessee Valley Authority
19,500,000 8.25% due 11/15/96 ................................................. 19,518,659
-------------
Federal National Mortgage Association Floater
6,000,000 5.245% due 03/25/97 ................................................ 6,000,000
-------------
TOTAL AGENCY NOTES
(Cost $25,518,659) ................................................. 25,518,659
-------------
REPURCHASE AGREEMENTS(++) -- 41.9%
16,600,000 Agreement with Bear Stearns & Co., 5.35% dated 8/20/96 to be
repurchased at $16,824,492 on 11/19/96, collateralized by:
$4,309,126 Federal Home Loan Mortgage Corporation #1644N
6.00% due 12/15/23,
$3,650,000 Federal Home Loan Mortgage Corporation #1869FA
6.00% due 10/15/23,
$9,524,657 Federal Home Loan Mortgage Corporation #1669P
6.64% due 02/15/24 .................................................... 16,600,000
20,000,000 Agreement with Greenwich Capital, 5.45% dated 9/17/96 to be
repurchased at $20,278,556 on 12/18/96, collateralized by:
$21,211,902 Federal National Mortgage Association #250414
7.00% due 12/01/25 .................................................... 20,000,000
20,000,000 Agreement with J.P. Morgan, 5.40% dated 9/17/96 to be
repurchased at $20,273,000 on 12/17/96, collateralized by:
$19,783,545 Federal Home Loan Mortgage Corporation #G00474
9.00% due 04/01/25 .................................................... 20,000,000
15,000,000 Agreement with Merrill Lynch, 5.36% dated 8/19/96 to be
repurchased at $15,200,449 on 11/18/96, collateralized by:
$15,748,683.86 Federal Home Loan Mortgage Corporation #1659TB
6.00% due 06/15/06 .................................................... 15,000,000
</TABLE>
28
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Government Cash Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Face
Amount Value
------------- -------------
<S> <C> <C>
REPURCHASE AGREEMENTS -- (Continued)
$10,000,000 Agreement with Merrill Lynch, 5.33% dated 10/08/96 to be
repurchased at $10,133,250 on 01/06/97, collateralized by:
$10,533,000 Federal Home Loan Mortgage Corporation #1347F
7.20% due 07/15/18 ................................................... $ 10,000,000
32,703,167 Agreement with Nomura Securities International, 5.60% dated 10/31/96
to be repurchased at $32,708,254 on 11/01/96, collateralized by:
$22,362,500 Federal Home Loan Mortgage Corporation #1843B
7.00% due 09/15/22,
$8,345,846 Federal National Mortgage Association #93-251A
6.50% due 03/25/23,
$3,091,428 Federal Home Loan Mortgage Corporation #23B
6.69% due 11/25/23 ................................................... 32,703,167
20,000,000 Agreement with Nomura Securities International, 5.38% dated 8/07/96 to
be repurchased at $20,269,000 on 11/05/96, collateralized by:
$21,100,000 Federal Home Loan Mortgage Association #94-40FA
5.55% due 03/25/24 ................................................... 20,000,000
20,000,000 Agreement with Prudential Securities Inc., 5.42% dated 8/02/96 to be
repurchased at $20,295,089 on 11/08/96, collateralized by:
$15,637,870 Federal Home Loan Mortgage Corporation #865477
6.43% due 02/01/26,
$5,212,949 Federal Home Loan Mortgage Corporation #865477
6.43% due 02/01/26 ................................................... 20,000,000
15,000,000 Agreement with Prudential Securities Inc., 5.35% dated 8/27/96 to be
repurchased at $15,200,625 on 11/25/96, collateralized by:
$10,782,332 Federal Home Loan Mortgage Corporation #390334
6.09% due 05/01/24,
$4,440,983 Federal National Mortgage Association #227456
10.00% due 10/01/20 .................................................. 15,000,000
20,000,000 Agreement with Smith Barney, Inc., 5.27% dated 10/07/96 to be
repurchased at $20,090,761 on 11/07/96, collateralized by:
$6,849,663 Federal Home Loan Mortgage Corporation #1259E
7.50% due 01/15/18,
$13,503,354 Federal National Mortgage Association #93-17PF
5.96% due 01/25/21 ................................................... 20,000,000
-------------
TOTAL REPURCHASE AGREEMENTS
(Cost $189,303,167) ............................................... 189,303,167
-------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
TOTAL INVESTMENTS (Cost $451,777,905*) ........ 99.9% $451,777,905
OTHER ASSETS LESS LIABILITIES .................. 0.1% 616,632
-------- --------------
NET ASSETS ..................................... 100.0% $452,394,537
======== ==============
NET ASSET VALUE ($452,394,537 divided by
452,351,081 shares outstanding) ............. $ 1.00
==============
</TABLE>
- ------
+ Rate represents annualized discount yield at date of purchase.
++ Market value disclosed for collateral on repurchase agreements is at
October 31, 1996.
The term repurchase agreements are subject to a seven day demand feature.
* Aggregate cost for Federal tax purposes.
29
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Tax-Exempt Cash Portfolio
STATEMENT OF NET ASSETS
October 31, 1996
<TABLE>
<CAPTION>
Face
Amount Value
------------- -------------
<S> <C> <C>
VARIABLE/FLOATING RATE NOTES** -- 74.6%
Daily Variable/Floating Rate Notes -- 13.3%
$1,100,000 Delta County, MI, Economic Development Corporation, Environmental Improvement
Revenue Bonds, Mead Escanaba Paper Project, Series C, (LOC Bank of Nova Scotia),
3.55% due 11/01/96 .............................................................. $1,100,000
1,200,000 East Baton Rouge, LA, Pollution Control Revenue, Exxon Project,
3.55% due 11/01/96 .............................................................. 1,200,000
1,100,000 Grapevine, TX, Industrial Development Corporation Multiple Mode Demand Revenue
Bonds, American Airlines, Inc. Project, Series A2, (LOC Morgan Guaranty Trust),
3.65% due 11/01/96 .............................................................. 1,100,000
1,700,000 Grapevine, TX, Industrial Development Corporation Multiple Mode, Demand Revenue
Bonds, American Airlines, Inc. Project, Series B1, (LOC Morgan Guaranty Trust),
3.65% due 11/01/96 .............................................................. 1,700,000
1,500,000 Grapevine, TX, Industrial Development Corporation Multiple Mode, Demand Revenue
Bonds, American Airlines, Inc. Project, Series B2, (LOC Morgan Guaranty Trust),
3.65% due 11/01/96 .............................................................. 1,500,000
1,100,000 Grapevine, TX, Industrial Development Corporation Multiple Mode, Demand Revenue
Bonds, American Airlines, Inc. Project, Series B4, (LOC Morgan Guaranty Trust),
3.65% due 11/01/96 .............................................................. 1,100,000
2,100,000 Hapeville, GA, Development Authority, Industrial Revenue, Hapeville Hotel, LTD
Project, (LOC Swiss Bank),
3.55% due 11/01/96 .............................................................. 2,100,000
3,500,000 Lincoln County, WY, Pollution Control Revenue, Exxon Project, Series A, 3.55%
due 11/01/96 .................................................................... 3,500,000
1,600,000 Lone Star, TX, Airport Improvement Authority, Multiple Mode Demand Revenue Bonds,
American Airlines Project, Series A-1, (LOC Royal Bank of Canada),
3.65% due 11/01/96 .............................................................. 1,600,000
1,300,000 Lone Star, TX, Airport Improvement Authority, Multiple Mode Demand Revenue Bonds,
American Airlines Project, Series A-4, (LOC Royal Bank of Canada),
3.65% due 11/01/96 .............................................................. 1,300,000
700,000 Lone Star, TX, Airport Improvement Authority, Multiple Mode Demand Revenue Bonds,
American Airlines Project, Series B-5, (LOC Royal Bank of Canada),
3.65% due 11/01/96 .............................................................. 700,000
600,000 Los Angeles, CA, Regional Airports Improvement Corporation, American Airlines
Project, Series G, (LOC Wachovia Bank),
3.65% due 11/01/96 .............................................................. 600,000
</TABLE>
30
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Tax-Exempt Cash Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Face
Amount Value
------------- -------------
<S> <C> <C>
VARIABLE/FLOATING RATE NOTES -- (Continued)
$4,900,000 New York, NY, General Obligation, Series B, Sub Issuer B3,
(MBIA Insured),
3.55% due 11/01/96 ............................................................... $4,900,000
1,000,000 New York, NY, General Obligation, Series B, Sub Issuer B2,
(MBIA Insured),
3.55% due 11/01/96 ............................................................... 1,000,000
2,500,000 North Carolina Medical Care Community Hospital Revenue, Pooled
Financing Project, Series B, (LOC First Union National),
3.55% due 11/01/96 ............................................................... 2,500,000
1,400,000 Nueces, TX, River Authority Pollution, Reynolds Metals Company Project, (LOC Bank
of Nova Scotia),
3.60% due 11/01/96 ............................................................... 1,400,000
700,000 Platte County, WY, Pollution Control Revenue, Tri-State General &
Transportation, Series A, (LOC Societe Generale),
3.60% due 11/01/96 ............................................................... 700,000
1,900,000 Wilmington, DE, Hospital Revenue, Franciscan Health System, Series A, (LOC Toronto
Dominion Bank),
3.65% due 11/01/96 ............................................................... 1,900,000
Total Daily Variable/Floating Rate Notes -----------
(Cost $29,900,000) ............................................................... 29,900,000
Weekly Variable/Floating Rate Notes -- 61.3% -----------
700,000 Alabama Special Care Facilities, Finance Authority, Montgomery Hospital Revenue,
(FGIC Insured),
3.50% due 11/06/96 ............................................................... 700,000
1,700,000 Ascension Parish, LA, Pollution Control Revenue, Borden Inc. Project, (LOC Credit
Suisse),
3.50% due 11/06/96 ............................................................... 1,700,000
8,200,000 Burke County, GA, Development Authority Pollution Control Revenue, Oglethorpe
Power Corp. Project, Series A, (FGIC Insured),
3.50% due 11/06/96 ............................................................... 8,200,000
800,000 California Health Facilities, Financing Authority Revenue, Childrens
Hospital Project, (MBIA Insured),
3.35% due 11/07/96 ............................................................... 800,000
7,400,000 Colorado Health Facilities, Authority Revenue, Sisters of Charity Health,
Series A,
3.50% due 11/07/96 ............................................................... 7,400,000
650,000 Colorado Student Obligation Board Authority, Student Loan Revenue, Series C-1,
(LOC Student Loan Marketing Association),
3.50% due 11/06/96 ............................................................... 650,000
900,000 Colorado Student Obligation Board Authority, Student Loan Revenue, Series C-2,
(LOC Student Loan Marketing Association),
3.50% due 11/06/96 ............................................................... 900,000
</TABLE>
See Notes to Financial Statements.
31
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Tax-Exempt Cash Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Face
Amount Value
------------- -------------
<S> <C> <C>
VARIABLE/FLOATING RATE NOTES -- (Continued)
$2,800,000 Colton, CA, Redevelopment Agency, Multi-family Revenue, Issue A,
(LOC Federal Home Loan Corp.),
3.20% due 11/05/96 ............................................................... $2,800,000
1,600,000 Denver, CO, City & County Multi-Family Housing Revenue, Seasons
Apartments Project, (LOC Federal Home Loan Bank),
3.60% due 11/06/96 ............................................................... 1,600,000
2,800,000 Florida Housing Finance Agency, Hampton Lake,
(LOC Connecticut GenLife),
3.55% due 11/06/96 .............................................................. 2,800,000
2,000,000 Gloucester County, NJ, Industrial Pollution Control, Financing Authority Revenue,
Mobil Oil Refining Company Project,
3.30% due 11/06/96 .............................................................. 2,000,000
6,600,000 Hawaii Housing Authority, Multi-Family Housing Revenue, Tropicana West Project,
Series A, (LOC Federal Home Loan Corp.),
3.50% due 11/05/96 .............................................................. 6,600,000
3,700,000 Illinois Health Facilities Authority Revenue, Hospital Sisters Service Project,
Series E, (MBIA Insured),
3.50% due 11/06/96 .............................................................. 3,700,000
700,000 Illinois Health Facilities Authority Revenue, Swedish Covenant Hospital Project,
(AMBAC Insured),
3.50% due 11/06/96 .............................................................. 700,000
1,100,000 Indianapolis Industrial Multi-Family Revenue, Canal Square Project,
(LOC Societe Generale),
3.50% due 11/06/96 .............................................................. 1,100,000
2,100,000 Iowa Higher Education Loan Authority, Private College Facilities
Revenue, (MBIA Insured),
3.55% due 11/06/96 .............................................................. 2,100,000
1,000,000 Knox County, TN, Industrial Development Board, Industrial Revenue, Professional
Plaza LTD Project, (LOC Credit Suisse),
3.50% due 11/06/96 .............................................................. 1,000,000
480,000 Knox County, TN, Health Educational & Housing Facilities Board, Mercy Health Care
Systems Project, Series B, (MBIA Insured),
3.50% due 11/06/96 .............................................................. 480,000
4,100,000 Long Beach, CA, Housing Authority, Multi-Family Housing Revenue, Meadow Wood
Project, Series A, (overcollateralized U.S. Govt's),
4.40% due 11/04/96 .............................................................. 4,100,000
5,000,000 Los Angeles, County, CA, Pension Obligation, Series C, (AMBAC Insured),
3.40% due 11/06/96 ............................................................. 5,000,000
4,300,000 Louisiana Public Facilities Authority Revenue, Multi-Family Mortgage,
(GE Capital Guaranty Insured),
3.50% due 11/06/96 .............................................................. 4,300,000
3,265,000 Maine Health & Higher Educational Facilities Authority Revenue, VHA New England
Project, Series G, (AMBAC Insured),
3.50% due 11/06/96 .............................................................. 3,265,000
</TABLE>
See Notes to Financial Statements.
32
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Tax-Exempt Cash Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Face
Amount Value
------------- -------------
<S> <C> <C>
VARIABLE/FLOATING RATE NOTES -- (Continued)
$ 1,100,000 Massachusetts Health & Educational Facilities Authority Revenue, Capital Asset
Project, Series G-1, (MBIA Insured),
3.35% due 11/06/96 ............................................................... $ 1,100,000
10,500,000 Massachusetts State Industrial Finance Agency, Ogden Haverhill Project, Series
A, (LOC Union Bank of Switzerland),
3.35% due 11/06/96 ............................................................... 10,500,000
1,000,000 Metropolitan Government Nashville & Davidson County, TN, Health & Education Board
Revenue, Series A, (LOC Barclays Bank),
3.50% due 11/06/96 .............................................................. 1,000,000
1,300,000 Michigan State Strategic Fund Industrial Development Revenue, Allen Group Project,
(LOC Dresdner Bank, A.G.),
3.45% due 11/06/96 .............................................................. 1,300,000
2,000,000 Missouri State Health & Educational Facilities Authority Revenue, SSM Health Care
Project, Series C, (MBIA Insured),
3.50% due 11/06/96 .............................................................. 2,000,000
5,500,000 Montgomery County, MD, Housing Opportunity Commission, Multi-Family,
(CG Life Insured),
3.55% due 11/06/96 .............................................................. 5,500,000
1,500,000 Mountain View, CA, Multi-Family Housing Revenue, Mariposa, A, (FGIC Insured),
3.35% due 11/07/96 .............................................................. 1,500,000
600,000 New Hampshire Higher Educational & Health Facilities Authority Revenue, VHA New
England Inc. Project, Series C, (AMBAC Insured),
3.50% due 11/06/96 .............................................................. 600,000
500,000 New Hampshire Higher Educational & Health Facilities Authority Revenue, VHA New
England Inc. Project, Series E, (AMBAC Insured),
3.50% due 11/06/96 .............................................................. 500,000
4,200,000 New Jersey State Turnpike Authority, Series D, (FGIC Insured),
3.40% due 11/06/96 .............................................................. 4,200,000
5,300,000 New York State Energy Research & Development Authority Pollution Control Revenue,
Orange & Rockland Project, Series A, (FGIC Insured),
3.40% due 11/06/96 .............................................................. 5,300,000
500,000 Puerto Rico Commonwealth Highway & Transportation Authority Revenue, Series X,
(LOC Union Bank of Switzerland),
3.30% due 11/06/96 .............................................................. 500,000
400,000 Rapides Parish, LA, Industrial Development Board, Pollution Control Revenue,
Central LA Electric Company Project, (LOC Swiss Bank),
3.40% due 11/06/96 .............................................................. 400,000
1,200,000 Savannah, GA, Port Authority, Pier 1 Imports, Southeast,
(LOC National Westminster),
3.55% due 11/06/96 .............................................................. 1,200,000
</TABLE>
See Notes to Financial Statements.
33
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Tax-Exempt Cash Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Face
Amount Value
------------- -------------
<S> <C> <C>
VARIABLE/FLOATING RATE NOTES -- (Continued)
$3,300,000 Simi Valley, CA, Community Development Agency, Multi-Family, Series 1985, Issue
A, (Coast Savings & Loan),
3.30% due 11/05/96 ................................................................ $3,300,000
5,000,000 Utah State Board of Regents, Student Loan Revenue, Series B,
(AMBAC Insured),
3.50% due 11/06/96 ................................................................ 5,000,000
5,000,000 Valdez, AK, Marine Terminal Revenue, Mobile Alaska Pipeline Project, Series A,
3.50% due 11/06/96 ............................................................... 5,000,000
2,700,000 Vermont Educational & Health Buildings Financing Agency, VHA New England Project,
Series E, (AMBAC Insured),
3.50% due 11/06/96 ............................................................... 2,700,000
2,600,000 Vermont Educational & Health Buildings Financing Agency, VHA New England Project,
Series F, (AMBAC Insured),
3.50% due 11/06/96 ............................................................... 2,600,000
300,000 Vermont Educational & Health Buildings Financing Agency, VHA New England Project,
Series G, (AMBAC Insured),
3.50% due 11/06/96 ............................................................... 300,000
7,200,000 Wake County, NC, Industrial Facilities & Pollution Control Financing Authority,
Carolina Power & Light Co. Project, Series A, (LOC Credit Suisse),
3.50% due 11/06/96 ............................................................... 7,200,000
6,300,000 Washington State Housing Finance Commission, Multi-Family Mortgage Revenue Pacific
First Federal Project, Series A, (LOC First Federal Saving),
3.60% due 11/06/96 ............................................................... 6,300,000
4,600,000 Wisconsin State Health Facilities Authority Revenue, Hospital Sisters Obligation
Project, Series G, (MBIA Insured),
3.50% due 11/06/96 ............................................................... 4,600,000
3,400,000 York County, PA, Industrial Development Authority Pollution Control Revenue, Public
Service Electric & Gas Project, Series A, (MBIA Insured),
3.35% due 11/06/96 ............................................................... 3,400,000
-------------
Total Weekly Variable/Floating Rate Notes (Cost $137,895,000) ...................... 137,895,000
-------------
TOTAL VARIABLE FLOATING RATE NOTES
(Cost $167,795,000) ................................................................ 167,795,000
-------------
PUT OPTION BONDS(+) -- 1.6%
1,710,000 Orange County, FL, Housing Finance Authority, Mortgage Revenue, Long Option Period,
CR 31C,
3.65% due 12/01/96 ............................................................... 1,710,000
2,000,000 Massachusetts Bay Transportation Authority, General Transportation System, Series
1984, Issue A, (LOC State Street Bank & Trust),
3.63% due 03/01/97 ............................................................... 2,000,000
-------------
TOTAL PUT OPTION BONDS (Cost $3,710,000) ........................................... 3,710,000
-------------
</TABLE>
See Notes to Financial Statements.
34
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Tax-Exempt Cash Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Face
Amount Value
------------- -------------
<S> <C> <C>
FIXED RATE NOTES -- 23.7%
$2,000,000 Anchorage, AK, Telephone Utility Revenue, Series A (AMBAC Insured),
3.50% due 12/01/96 ................................................................ $2,000,000
1,000,000 Berks County, PA, General Obligation, (FGIC Insured),
4.90% due 11/15/96 ................................................................ 1,000,447
2,000,000 California State Notes,
4.50% due 06/30/97 ................................................................ 2,006,730
1,000,000 Cleveland, OH, Public Power Supply, First Mortgage, Pre-refunded 8/01/97 $102,
8.375% due 08/01/17 ............................................................... 1,052,751
5,000,000 Colorado State, General Fund Revenue, Tax & Revenue Anticipation Notes, Series A,
4.50% due 06/27/97 ................................................................ 5,020,701
500,000 Cornwall Lebanon, PA, School District, General Obligation (FGIC Insured)
Pre-refunded, 8/15/97 $100,
4.85% due 2/15/98 ................................................................. 502,853
1,000,000 Fulton County, GA, School District, General Obligation, Pre-refunded 5/01/97 $103,
7.45% due 05/01/05 ................................................................ 1,047,825
3,250,000 Georgia Municipal Electric Authority Power Revenue, Series L, Pre- refunded 1/01/97
$102,
7.75% due 01/01/18 ................................................................ 3,336,571
1,000,000 Grand River Dam Authority, OK, Revenue Bonds, Pre-refunded 6/01/97 $102,
6.25% due 06/01/13 ................................................................ 1,033,820
5,000,000 Harris County, TX, Notes,
4.50% due 02/28/97 ................................................................ 5,013,388
5,000,000 Indiana Board Bank, Advance Funding Notes,
4.25% due 01/09/97 ................................................................ 5,004,770
2,000,000 Kentucky State Turnpike Authority Economic Development Road Revenue, Series A,
Pre-refunded 7/01/97 $102,
8.25% due 07/01/07 ................................................................ 2,096,626
1,000,000 Lexington-Fayette Urban County, KY, Public Facilities Corp. Mortgage
Revenue, (FSA Insured),
4.375% due 02/01/97 ............................................................... 1,001,896
3,400,000 Louisiana State Recovery District Sales Tax Revenue, (FGIC Insured),
3.90% due 07/01/97 ................................................................ 3,400,000
5,000,000 North Carolina Eastern Muni Power Agency Revenue, Series A,
Pre-refunded 1/01/97 102 (BIG Insured),
7.50% due 01/01/15 ................................................................ 5,130,728
5,000,000 Sonoma County, CA, Tax & Revenue Anticipation Notes,
4.50% due 11/01/96 ................................................................ 5,000,000
1,000,000 South Carolina State Public Service Authority Revenue, Series B,
(FGIC Insured),
4.85% due 01/01/97 ................................................................ 1,001,768
</TABLE>
See Notes to Financial Statements.
35
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Tax-Exempt Cash Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Face
Amount Value
------------- -------------
<S> <C> <C>
FIXED RATE NOTES -- (Continued)
$4,000,000 Texas State Tax & Revenue Anticipation Notes,
4.75% due 08/29/97 ............................................................. $ 4,027,917
1,000,000 Virginia State Public School Authority, Series B,
Pre-refunded 1/01/97 102
7.20% due 01/01/25 ............................................................. 1,025,476
3,500,000 Wisconsin State Operating Notes,
4.50% due 06/16/97 ............................................................. 3,513,214
-------------
TOTAL FIXED RATE NOTES
(Cost $53,217,481) ................................................................ 53,217,481
-------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
TOTAL INVESTMENTS (Cost $224,722,481*) ........................................ 99.9% $224,722,481
OTHER ASSETS LESS LIABILITIES ................................................. 0.1% 276,621
-------- --------------
NET ASSETS .................................................................... 100.0% $224,999,102
======== ==============
NET ASSET VALUE ($224,999,102 divided by
225,073,836 shares outstanding) ............................................ $ 1.00
==============
</TABLE>
- ------
* Aggregate cost for federal tax purposes.
** Dates shown are coupon reset dates.
+ Dates shown are put dates.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
CG -- Connecticut General
FGIC -- Financial Guaranty Insurance Corporation
FSA -- Financial Security Assurance
GE -- General Electric
LOC -- Letter of Credit
MBIA -- Municipal Bond Investors Assurance
See Notes to Financial Statements.
36
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Intermediate Government Portfolio
STATEMENT OF NET ASSETS
October 31, 1996
<TABLE>
<CAPTION>
Face
Amount Value
------------ -------------------------------------------------------------------- -------------
<S> <C> <C>
MORTGAGE-BACKED SECURITIES(+) -- 48.9%
Federal Home Loan Mortgage Corporation -- 22.5%
$ 252,163 #284173 10.00% due 11/01/16 ........................................ $ 275,052
729,989 #297970 10.00% due 03/01/16 ........................................ 791,987
511,322 #884028 10.00% due 12/01/20 ........................................ 557,653
2,147,144 #884009 10.50% due 05/01/20 ........................................ 2,380,646
3,889,057 #186429 6.75% due 06/01/03 ......................................... 3,874,551
701,694 #292264 6.50% due 12/01/02 ......................................... 721,559
3,591,453 #E51430 6.50% due 09/01/08 ......................................... 3,561,141
553,345 #E00113 8.50% due 07/01/07 ......................................... 577,449
253,175 #B00448 8.50% due 09/01/03 ......................................... 263,494
9,941,265 #E00394 7.50% due 09/01/10 ......................................... 10,122,991
11,891,745 #E00398 7.00% due 10/01/10 ......................................... 11,927,658
533,738 #180738 7.00% due 09/01/11 ......................................... 541,914
258,507 #295919 7.25% due 01/01/06 ......................................... 260,068
119,791 #E38829 8.50% due 08/01/07 ......................................... 125,009
244,895 #E39538 8.50% due 08/01/07 ......................................... 255,562
4,013,994 #D06776 7.00% due 10/01/14 ......................................... 4,079,302
269,830 #181063 7.50% due 12/01/10 ......................................... 272,769
670,642 #D10210 7.50% due 11/01/10 ......................................... 689,882
1,517,484 #555004 8.00% due 07/01/11 ......................................... 1,568,684
1,678,912 #181889 8.00% due 01/01/11 ......................................... 1,735,559
291,093 #160053 8.00% due 07/01/08 ......................................... 301,686
2,710,213 #49826 8.00% due 06/01/07 .......................................... 2,835,983
1,192,891 #20229 8.00% due 12/01/14 .......................................... 1,247,138
2,020,762 #124672 8.00% due 12/01/09 ......................................... 2,120,951
1,168,985 #186359 8.25% due 12/01/09 ......................................... 1,211,348
807,277 #186361 8.50% due 12/01/08 ......................................... 842,111
868,242 #230025 8.50% due 03/01/07 ......................................... 905,707
362,343 #251738 8.50% due 07/01/09 ......................................... 377,978
1,183,978 #297954 8.50% due 05/01/05 ......................................... 1,224,648
175,603 #183614 8.75% due 11/01/09 ......................................... 184,497
1,108,946 #282089 8.25% due 04/01/07 ......................................... 1,149,134
587,505 #258424 9.50% due 11/01/09 ......................................... 632,114
780,350 #730154 9.50% due 09/01/05 ......................................... 811,314
-------------
58,427,539
Federal National Mortgage Association -- 13.6%
150,023 #81607 10.00% due 04/01/19 ......................................... 165,234
3,214,790 #174964 7.00% due 11/01/07 ......................................... 3,233,854
570,015 #291581 7.00% due 08/01/09 ......................................... 569,837
2,930,220 #80290 7.25% due 06/01/98 .......................................... 2,951,281
6,206,270 #44045 8.00% due 06/01/08 .......................................... 6,470,035
785,816 #76243 8.00% due 08/01/17 .......................................... 816,330
798,218 #26492 9.00% due 11/01/11 .......................................... 845,608
1,138,050 #297508 9.00% due 04/01/10 ......................................... 1,202,270
168,043 #312180 8.00% due 05/01/03 ......................................... 172,679
404,438 #312181 7.00% due 04/01/08 ......................................... 407,091
459,699 #312182 6.50% due 06/01/09 ......................................... 455,102
203,264 #312183 8.00% due 06/01/21 ......................................... 209,666
766,294 #312184 7.00% due 06/01/24 ......................................... 760,160
2,426,284 #335387 6.50% due 03/01/11 ......................................... 2,394,038
724,930 #49 9.50% due 01/01/11 ............................................. 780,872
2,085,646 #21352 8.25% due 01/01/07 .......................................... 2,162,669
515,625 #289958 9.50% due 08/01/20 ......................................... 553,652
891,001 #273030 9.50% due 03/01/20 ......................................... 956,712
</TABLE>
See Notes to Financial Statements.
37
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Intermediate Government Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Face
Amount Value
------------ -------------------------------------------------------------------- -------------
MORTGAGE-BACKED SECURITIES -- (Continued)
<S> <C> <C>
Federal National Mortgage Association -- (Continued)
$1,080,755 #104959 8.50% due 04/01/19 ......................................... $ 1,128,169
5,033,524 #361775 7.169% due 10/01/26 ........................................ 5,085,432
4,000,000 #362617 7.125% due 11/01/26 ........................................ 4,048,750
-------------
35,369,441
-------------
Government National Mortgage Association -- 0.3%
544,294 #348359 7.50% due 04/15/08 ......................................... 556,710
39,339 #358733 7.50% due 09/15/08 ......................................... 40,236
122,895 #368433 7.50% due 02/15/09 ......................................... 125,660
41,943 #403077 7.50% due 07/15/09 ......................................... 42,886
14,062 #323102 7.50% due 05/15/07 ......................................... 14,388
47,067 #172413 8.50% due 09/15/01 ......................................... 49,078
-------------
828,958
-------------
Collateralized Mortgage Obligations -- 12.4%
6,292,870 #1566C 5.60% due 09/15/00 .......................................... 6,151,280
6,000,000 #1609 Multi Mtg P/C 5.75% due 12/15/16 ............................. 5,896,875
9,000,000 #1666D 5.850% due 04/15/17 ......................................... 8,867,813
3,406,500 #1543 PF 6.40% 01/15/19 ............................................ 3,403,298
1,475,000 #1993-29 PD 5.50% due 05/25/16 ..................................... 1,466,242
1,557,163 #1993-190 B 5.25% due 06/25/04 ..................................... 1,547,430
5,000,000 #1994-42 E 5.75% due 09/25/18 ...................................... 4,900,000
-------------
32,232,938
-------------
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $124,808,870) ................................................ 126,858,876
-------------
U.S. GOVERNMENT & AGENCY OBLIGATIONS -- 49.9%
Government Agency Debentures -- 6.8%
4,800,000 Federal Home Loan Mortgage Corporation 7.125% due 11/18/02 ......... 4,988,975
5,000,000 Federal National Mortgage Association 7.55% due 04/22/02 ........... 5,278,100
5,000,000 Federal National Mortgage Association 7.40% due 07/01/04 ........... 5,270,300
2,000,000 Federal National Mortgage Association 6.610% due 03/24/99 .......... 2,024,400
-------------
17,561,775
-------------
Agency Securities -- 0.3%
1,000,000 Tennessee Valley Authority 6.375% 06/15/05 ......................... 985,000
-------------
U.S Treasury Notes -- 42.8%
12,100,000 7.500% due 05/15/02 ................................................ 12,873,311
16,890,000 10.75% due 08/15/05 ................................................ 21,817,151
14,500,000 5.75% due 08/15/03 ................................................. 14,133,295
13,300,000 5.875% due 03/31/99 ................................................ 13,316,625
17,915,000 7.50% due 10/31/99 ................................................. 18,676,388
3,650,000 6.25% due 08/15/23 ................................................. 3,428,701
16,200,000 6.75% due 05/31/99 ................................................. 16,539,228
10,000,000 8.125% due 02/15/98 ................................................ 10,301,600
-------------
111,086,299
-------------
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(Cost $128,872,091) ................................................ 129,633,074
-------------
</TABLE>
See Notes to Financial Statements.
38
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Intermediate Government Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Face
Amount Value
------------ -------------
REPURCHASE AGREEMENT -- 3.2%
<C> <C> <C>
$ 8,221,000 Agreement with Goldman Sachs & Co., 5.30%, dated 10/31/96, to be
repuchased at $8,222,210 on 11/01/96, collateralized by:
$5,640,000 U. S. Treasury Bond, 15.75% due 11/15/01
(Cost $8,221,000) ................................................. $8,221,000
-------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
TOTAL INVESTMENTS (Cost $261,901,961*) ............................ 102.0% $264,712,950
OTHER ASSETS LESS LIABILITIES ...................................... (2.0)% (5,210,228)
-------- --------------
NET ASSETS ......................................................... 100.0% $259,502,722
======== ==============
NET ASSET VALUE ($259,502,722 divided by
25,215,777 shares outstanding) .................................. $ 10.29
==============
</TABLE>
- ------
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized discount yield at date of purchase.
See Notes to Financial Statements.
39
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Equity Portfolio
STATEMENT OF NET ASSETS
October 31, 1996
<TABLE>
<CAPTION>
Shares Value
--------- ------------
<S> <C> <C>
COMMON STOCKS--97.8%
Consumer Services--29.2%
60,000 American Home Products Corp ................. $ 3,675,000
50,000 Armstrong World ............................. 3,337,500
100,000 Ford Motor Co. .............................. 3,125,000
80,000 Johnson & Johnson ........................... 3,940,000
38,900 Loews Corp .................................. 3,214,113
40,000 Nike Inc., Class B .......................... 2,355,000
40,000 Philips Electronics NV-NY Shares ............ 1,410,000
90,000 Service Corp International .................. 2,565,000
60,000 VF Corp. .................................... 3,922,500
------------
27,544,113
------------
Basic Industry--21.9%
40,000 Burlington Northern Santa Fe Corp. .......... 3,295,000
50,000 Johnson Controls, Inc ....................... 3,650,000
125,000 Leggett & Platt, Inc ........................ 3,734,375
55,000 Magna International, Inc .................... 2,756,875
45,000 Rohm & Haas Co .............................. 3,211,875
40,000 Schlumberger Ltd ............................ 3,965,000
------------
20,613,125
------------
Financial Services--15.6%
25,000 Cigna Corp .................................. 3,262,500
25,000 Citicorp .................................... 2,475,000
28,000 Duke Realty Investments ..................... 966,000
25,000 First Union Corp ............................ 1,818,750
32,000 Merry Land & Investment ..................... 672,000
30,000 NationsBank Corp ............................ 2,827,500
50,000 Safeco Corp ................................. 1,887,500
10,000 TransAmerica Corp ........................... 758,750
------------
14,668,000
------------
Technology--12.7%
30,000 Compaq Computer Corp. * ..................... 2,088,750
37,500 Computer Associates International, Inc ...... 2,217,187
125,000 EMC Corp.* .................................. 3,281,250
40,000 Intel Corp .................................. 4,395,000
------------
11,982,187
------------
Utilities--9.7%
100,000 Baltimore Gas & Electric .................... 2,725,000
40,000 FPL Group, Inc .............................. 1,840,000
45,000 Sprint Corp ................................. 1,766,250
60,000 Texas Utilities Co .......................... 2,430,000
15,000 360 Communications Co.* ..................... 339,375
------------
9,100,625
------------
Energy--8.7%
34,200 Amoco Corp .................................. 2,590,650
40,000 Chevron Corp. ............................... 2,630,000
73,300 Phillips Petroleum Co ....................... 3,005,300
------------
8,225,950
------------
TOTAL COMMON STOCKS
(Cost $69,152,557) .......................... $92,134,000
------------
</TABLE>
See Notes to Financial Statements.
40
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Equity Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ---------------
<S> <C>
REPURCHASE AGREEMENT--2.1%
$1,996,000 Agreement with Goldman Sachs & Co., 5.30%, dated 10/31/96 to be repurchased
at $1,996,294 on 11/01/96, collateralized by $2,041,050 U.S. Treasury Bonds,
11.75% due 2/15/01 (Cost $1,996,000) ........................................ $ 1,996,000
---------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
TOTAL INVESTMENTS (Cost $71,148,557**) ........................................ 99.9% $94,130,000
OTHER ASSETS LESS LIABILITIES ................................................. 0.1% 54,874
-------- -------------
NET ASSETS .................................................................... 100.0% $94,184,874
======== =============
NET ASSET VALUE ($94,184,874 divided by 5,610,200
shares outstanding) ........................................................ $16.79
=============
</TABLE>
- ------
* Non-income producing security.
** Aggregate cost for Federal tax purposes.
See Notes to Financial Statements.
41
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Small Capitalization Equity Portfolio
STATEMENT OF NET ASSETS
October 31, 1996
<TABLE>
<CAPTION>
Shares Value
--------- ------------
<S> <C> <C>
COMMON STOCKS--98.8%
Consumer Services -- 24.8%
200,000 Adolph Coors, Class B ........................ $ 3,900,000
120,000 Alberto-Culver Co., Class A .................. 4,770,000
150,000 Banta Corp. .................................. 3,168,750
60,000 Carmike Cinemas, Inc.* ....................... 1,425,000
250,000 Family Dollar Stores ......................... 4,250,000
175,000 First Brands Corp. ........................... 4,965,625
120,750 Harman International Industries, Inc. ........ 6,203,531
165,000 Hudson Foods, Inc. ........................... 2,743,125
10,000 Interstate Hotels Co. ........................ 270,000
165,000 K2, Inc. ..................................... 3,795,000
200,000 Kellwood Co. ................................. 3,600,000
62,000 Kimball International, Class B ............... 2,232,000
40,000 La-Z-Boy, Inc. ............................... 1,245,000
160,000 Libbey, Inc. ................................. 3,840,000
45,000 Mail Boxes Etc.* ............................. 916,875
40,000 Media General, Inc., Class A ................. 1,190,000
100,000 Morningstar Group, Inc. ...................... 1,687,500
100,000 Polaris Industries, Inc. ..................... 1,962,500
65,000 Pulitzer Publishing Co. ...................... 4,127,500
180,000 Sbarro, Inc. ................................. 4,747,500
200,000 Shopko Stores, Inc. .......................... 3,225,000
90,000 Suiza Foods Corp.* ........................... 1,507,500
50,000 TCA Cable TV, Inc. ........................... 1,337,500
70,000 Universal Corp. .............................. 1,907,500
100,000 Waban, Inc. .................................. 2,612,500
130,000 Warnaco Group, Class A ....................... 3,233,750
100,000 York Group, Inc.* ............................ 1,675,000
------------
76,538,656
------------
Basic Industry -- 19.7%
185,000 Amcast Industrial Corp. ...................... 3,769,375
120,000 American Building Co.* ....................... 2,516,250
125,000 Aptargroup, Inc. ............................. 4,031,250
105,000 Atchison Casting Corp.* ...................... 1,680,000
25,000 Borg-Warner Automotive, Inc. ................. 959,375
60,000 Breed Technologies, Inc. ..................... 1,380,000
160,000 Caraustar Industries, Inc. ................... 4,680,000
11,500 Carlisle Companies., Inc. .................... 654,063
90,000 Carpenter Technology Corp. ................... 2,936,250
50,000 Channell Commercial Corp. .................... 584,375
85,000 Cleveland-Cliffs, Inc. ....................... 3,485,000
155,000 Cytec Industries* ............................ 5,541,250
35,000 Dexter Corp. ................................. 1,085,000
120,000 Excel Industries ............................. 1,815,000
150,000 First Mississippi Corp. ...................... 4,350,000
215,000 Granite Construction, Inc. ................... 4,138,750
90,000 Greenfield Industries, Inc. .................. 2,385,000
70,600 Kaydon Corp. ................................. 2,876,950
</TABLE>
See Notes to Financial Statements.
42
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Small Capitalization Equity Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Shares Value
--------- ------------
<S> <C> <C>
COMMON STOCKS -- (Continued)
Basic Industry -- (Continued)
50,000 Lindsay Manufacturing ........................ $ 2,150,000
180,100 Mississippi Chemical Corp. ................... 4,525,013
75,000 Regal-Beloit Corp. ........................... 1,331,250
13,000 Texas Industries, Inc. ....................... 737,750
150,000 Watts Industries, Inc., Class A .............. 3,131,250
------------
60,743,151
------------
Financial Services -- 16.2%
85,000 American Bankers Insurance Group ............. 4,080,000
20,156 Bank Atlantic Bancorp, Inc., Class A ......... 269,586
80,625 Bank Atlantic Bancorp, Inc., Class B ......... 1,058,203
35,000 Bank United Corp., Class A ................... 931,875
50,000 Banknorth Group, Inc. ........................ 1,725,000
5,000 California Financial Holding Co. ............. 118,125
106,000 Charter One Financial, Inc. .................. 4,604,375
35,000 Collective Bancorp, Inc. ..................... 1,050,000
56,200 Equitable of Iowa Companies .................. 2,353,375
60,000 First Commerce Corp. ......................... 2,130,000
100,000 First Financial Corp. ........................ 2,712,500
35,000 First Hawaiian, Inc. ......................... 1,085,000
50,000 First Republic Bancorp, Inc. ................. 768,750
150,000 GCR Holding Limited .......................... 3,487,500
130,000 Liberty Corp. ................................ 4,485,000
20,000 Magna Group, Inc. ............................ 560,000
15,000 Mark Twain Bancshares, Inc. .................. 688,125
90,000 Orion Capital Corp. .......................... 4,893,750
100,000 PHH Corp. .................................... 2,975,000
135,000 Protective Life Corp. ........................ 4,657,500
75,000 Walden Bancorp, Inc. ......................... 2,456,250
120,000 Washington Federal, Inc. ..................... 2,880,000
------------
49,969,914
------------
Technology -- 12.0%
180,000 Augat, Inc. .................................. 4,950,000
160,000 BancTec, Inc.* ............................... 3,260,000
165,000 Berg Electronics Corp.* ...................... 4,661,250
130,000 Exar Corp.* .................................. 1,787,500
100,000 Lattice Semiconductor Corp.* ................. 3,425,000
85,000 Novellus Systems, Inc.* ...................... 3,506,250
135,000 StoreMedia, Inc. ............................. 1,552,500
165,000 Stratus Computer, Inc.* ...................... 3,691,875
180,000 Symantec Corp. ............................... 1,957,500
140,000 Watkins-Johnson Co. .......................... 2,537,500
80,000 Western Digital Corp.* ....................... 3,880,000
72,500 Xicor, Inc. .................................. 824,687
50,000 Zilog, Inc. .................................. 987,500
------------
37,021,562
------------
</TABLE>
See Notes to Financial Statements.
43
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Small Capitalization Equity Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Shares Value
--------- ------------
<S> <C> <C>
COMMON STOCKS -- (Continued)
Real Estate -- 10.5%
60,000 Amli Residential Properties .................. $ 1,320,000
25,000 Arden Realty Group, Inc. ..................... 565,625
102,120 Bradley Real Estate, Inc. .................... 1,697,745
152,000 Cali Realty Corp. ............................ 4,085,000
100,000 CBL & Associates Properties, Inc. ............ 2,362,500
65,300 Chelsea GCA Realty, Inc. ..................... 1,967,163
35,000 Commercial Net Lease Realty .................. 481,250
90,000 Duke Realty Investments ...................... 3,105,000
50,000 Essex Property Trust, Inc. ................... 1,293,750
35,000 Felcor Suites Hotels, Inc. ................... 1,146,250
125,000 Glenborough Realty Trust ..................... 1,750,000
75,000 Horizon Group, Inc. .......................... 1,584,375
110,000 Liberty Property Trust ....................... 2,378,750
95,500 National Golf Properties ..................... 2,769,500
120,000 Public Storage, Inc. ......................... 2,760,000
50,000 RFS Hotel Investors .......................... 812,500
150,000 South West Property Trust .................... 2,250,000
------------
32,329,408
------------
Healthcare -- 7.2%
110,000 Bergen Brunswig Corp. ........................ 3,451,250
160,000 Collagen Corp. ............................... 3,100,000
50,000 Dentsply International, Inc. ................. 2,106,250
200,000 Haemonetics Corp.* ........................... 3,575,000
105,000 Minntech Corp. ............................... 1,312,500
125,000 Sierra Health Services* ...................... 3,578,125
140,000 Steris Corp.* ................................ 5,285,000
------------
22,408,125
------------
Energy -- 5.5%
113,300 Mitchell Energy & Development Corp. .......... 2,350,975
60,000 Parker & Parsley Petroleum Co. ............... 1,725,000
75,000 Pride Petroleum Services ..................... 1,312,500
120,000 Production Operators Corp. ................... 4,770,000
100,000 Teekay Shipping Corp. ........................ 3,112,500
200,000 Zeigler Coal Holding Co. ..................... 3,625,000
------------
16,895,975
------------
Utilities -- 2.9%
20,000 Eastern Enterprises .......................... 770,000
90,000 New Jersey Resources ......................... 2,486,250
15,000 Northwest Natural Gas Co. .................... 380,625
25,000 People's Energy Corp. ........................ 881,250
78,900 Philadelphia Suburban Corp. .................. 1,341,300
30,000 Piedmont Natural Gas Co., Inc. ............... 735,000
25,000 Washington Gas Light Co. ..................... 559,375
50,000 Wicor, Inc. .................................. 1,781,250
------------
8,935,050
------------
</TABLE>
See Notes to Financial Statements.
44
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Small Capitalization Equity Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Value
-------------
<S> <C> <C>
TOTAL COMMON STOCKS
(Cost $268,387,817) $304,841,841
-------------
</TABLE>
<TABLE>
<CAPTION>
Face
Amount
------------
<S> <C>
REPURCHASE AGREEMENT--1.1%
$ 3,400,000 Agreement with Goldman Sachs & Co., 5.30%, dated 10/31/96 to be
repurchased at $3,400,500 on 11/01/96, collateralized by U. S.
Treasury Bonds, 10.625% due 08/15/15 (Cost $3,400,000) ................... $3,400,000
-----------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
TOTAL INVESTMENTS (Cost $271,787,817**) .............................. 99.9% $308,241,841
OTHER ASSETS LESS LIABILITIES ......................................... 0.1% 173,569
-------- --------------
NET ASSETS ............................................................ 100.0% $308,415,410
======== ==============
NET ASSET VALUE ($308,415,410 divided
by 19,131,909 shares outstanding) ................................... $ 16.12
==============
</TABLE>
- ------
* Non-income producing security.
** Aggregate cost for Federal tax purposes.
See Notes to Financial Statements.
45
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Model Equity Portfolio
STATEMENT OF NET ASSETS
October 31, 1996
<TABLE>
<CAPTION>
Shares Value
-------- ------------
<S> <C> <C>
COMMON STOCKS -- 97.7%
Financial Services -- 19.9%
28,300 A. G. Edwards, Inc. ......................... $ 845,463
19,600 Barnett Banks, Inc. ......................... 747,250
11,300 Chase Manhattan Corp. ....................... 968,975
2,700 Comerica, Inc. .............................. 143,438
18,100 Conseco, Inc. ............................... 968,350
37,400 Countrywide Credit Industries, Inc. ......... 1,065,900
9,200 MBIA, Inc. .................................. 815,350
14,100 Merrill Lynch & Co. ......................... 990,525
9,300 NationsBank Corp. ........................... 876,525
13,500 St. Paul Companies .......................... 734,063
11,800 Student Loan Marketing Association .......... 976,450
15,400 Travelers Group, Inc. ....................... 835,450
------------
9,967,739
------------
Utilities -- 13.4%
16,700 Consolidated Natural Gas Co. ................ 887,188
24,100 Entergy Corp. ............................... 674,800
29,700 GPU, Inc. ................................... 976,388
41,200 Long Island Lighting ........................ 746,750
30,400 New York State Electric & Gas ............... 634,600
30,000 Pacificorp .................................. 633,750
26,900 PanEnergy Corp. ............................. 1,035,650
13,800 Sprint Corp. ................................ 541,650
22,200 Unicom Corporation .......................... 577,200
------------
6,707,976
------------
Electronic Technology -- 12.1%
14,200 Compaq Computer Corp.* ...................... 988,675
36,500 EMC Corp.* .................................. 958,125
15,300 Harris Corp. ................................ 958,162
8,200 Intel Corp. ................................. 900,975
9,600 Lockheed Martin Corp. ....................... 860,400
28,700 Western Digital Corp.* ...................... 1,391,950
------------
6,058,287
------------
Producer Manufacturing -- 9.2%
12,800 Caterpillar, Inc. ........................... 878,400
15,400 Deere & Co. ................................. 642,950
20,200 Harnischfeger Industries, Inc. .............. 808,000
19,600 Ingersoll-Rand Corp. ........................ 815,850
23,900 Parker-Hannifin Corp. ....................... 905,213
6,200 TRW, Inc. ................................... 561,100
------------
4,611,513
------------
Process Industries -- 8.4%
9,300 Dow Chemical Co. ............................ 723,075
10,700 Loews Corp. ................................. 884,087
15,300 Mead Corp. .................................. 868,275
7,600 Springs Industries, Inc. - Class A .......... 342,950
</TABLE>
See Notes to Financial Statements.
46
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Model Equity Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Shares Value
-------- ------------
<S> <C> <C>
COMMON STOCKS -- (Continued)
Process Industries -- (Continued)
7,800 Textron, Inc. ............................ $ 692,250
16,300 Union Carbide Corp. ...................... 694,788
------------
4,205,425
------------
Energy Minerals -- 6.8%
7,400 Atlantic Richfield Co. ................... 980,500
6,200 Mobil Corp. .............................. 723,850
22,000 Phillips Petroleum Co. ................... 902,000
14,000 Tosco Corp. .............................. 785,750
------------
3,392,100
------------
Retail Trade -- 6.7%
24,000 American Stores Co. ...................... 993,000
26,100 Dayton-Hudson Corp. ...................... 903,712
44,100 Limited, Inc. ............................ 810,338
16,000 Ross Stores Inc. ......................... 664,000
------------
3,371,050
------------
Consumer Durables -- 6.2%
29,700 Chrysler Corp. ........................... 998,662
26,100 Ford Motor Co. ........................... 815,625
13,500 Goodyear Tire & Rubber Co. ............... 619,312
20,700 Snap-On, Inc. ............................ 664,987
------------
3,098,586
------------
Transportation -- 4.1%
17,900 CSX Corp. ................................ 771,937
8,200 Delta Air Lines, Inc. .................... 581,175
8,000 Norfolk Southern Corp. ................... 713,000
------------
2,066,112
------------
Consumer Non-Durables -- 3.7%
37,400 IBP, Inc. ................................ 935,000
10,000 Philip Morris Companies, Inc. ............ 926,250
------------
1,861,250
------------
Non-Energy Minerals -- 2.4%
7,800 Carpenter Technology ..................... 254,475
8,200 Cleveland-Cliffs, Inc. ................... 336,200
10,000 Phelps Dodge Corp. ....................... 628,750
------------
1,219,425
------------
Health Technology -- 1.9%
22,200 Mallinckrodt, Inc. ....................... 965,700
------------
Technology Software/Services -- 1.7%
16,500 Avnet, Inc. .............................. 831,187
------------
Health Services -- 1.2%
30,000 Tenet Healthcare Corp. ................... 626,250
------------
TOTAL COMMON STOCKS
(Cost $45,110,161) ....................... 48,982,600
------------
</TABLE>
See Notes to Financial Statements.
47
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Model Equity Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Face
Amount Value
-------- ------------
<S> <C>
REPURCHASE AGREEMENT -- 2.2%
$1,090,000 Agreement with Goldman Sachs & Co., 5.30%,
dated 10/31/96 to be repurchased at
$1,090,160 on 05/01/96, collateralized by
$1,118,910 U.S. Treasury Bonds, 12.75%
due 11/15/10 (Cost $1,090,000) ..................... $1,090,000
------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
TOTAL INVESTMENTS (Cost $46,200,161**) ......... 99.9% $50,072,600
OTHER ASSETS LESS LIABILITIES .................. 0.1% 58,352
-------- -------------
NET ASSETS ..................................... 100.0% $50,130,952
======== =============
NET ASSET VALUE ($50,130,952 divided by
4,291,161 shares outstanding) ................. $ 11.68
=============
</TABLE>
- ------
* Non-income producing security.
** Aggregate cost for Federal tax purposes.
See Notes to Financial Statements.
48
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
International Fixed Income Portfolio
STATEMENT OF NET ASSETS
October 31, 1996
<TABLE>
<CAPTION>
Face
Amount Value
--------------- ------------
<S> <C>
FOREIGN SECURITIES -- 95.5%
JAPANESE YEN BONDS -- 16.7%
JPY 100,000,000 Asian Development Bank, 5.625% due 02/18/02 ......................... $1,041,575
35,000,000 European Investment Bank, 5.875% due 11/26/99 ....................... 351,092
100,000,000 Export -- Import Bank Japan, 4.375% due 10/01/03 .................... 995,429
100,000,000 IBRD -- Global Bond, 5.25% due 03/20/02 ............................. 1,030,588
100,000,000 Japan Development Bank, 5.00% due 10/01/99 .......................... 976,751
------------
TOTAL JAPANESE YEN BONDS
(Cost $4,800,946) ................................................... 4,395,435
------------
GERMAN DEUTSCHEMARK BONDS -- 13.3%
DEM 1,000,000 Bundesschatzanweisengen, 6.375% due 08/14/98 ........................ 691,738
2,400,000 Deutschland Republic, 6.00% due 09/15/03 ............................ 1,627,812
1,600,000 German Unity Fund 8.00% due 01/21/02 ................................ 1,193,919
------------
TOTAL GERMAN DEUTSCHEMARK BONDS
(Cost $3,227,439) ................................................... 3,513,469
------------
FRENCH FRANC BONDS -- 8.7%
FRF 5,300,000 France O.A.T., 8.50% due 04/25/03 ................................... 1,210,673
5,000,000 French Treasury Bill, 7.75% due 04/12/00 ............................ 1,080,610
------------
TOTAL FRENCH FRANC BONDS
(Cost $2,064,496) ................................................... 2,291,283
------------
DANISH KRONA BONDS -- 7.0%
DKR 5,000,000 Denmark -- Bullet, 7.00% due 12/15/04 ............................... 883,107
5,000,000 Denmark -- Bullet, 9.00% due 11/15/00 ............................... 972,243
------------
TOTAL DANISH KRONA BONDS
(Cost $1,672,920) ................................................... 1,855,350
------------
GREAT BRITAIN POUND STERLING BOND -- 6.4%
GBP 950,000 United Kingdom Conversion, 10.25% due 11/22/99 (Cost $1,574,700) .... 1,681,377
------------
AUSTRALIAN DOLLAR BOND -- 5.6%
AUD 1,850,000 Queensland Treasury, 8.00% due 05/14/97 (Cost $1,355,887) ........... 1,468,132
------------
ITALIAN LIRA BOND -- 5.3%
ITL 1,000,000,000 Italy (Government), 10.50% due 07/15/98 ............................. 693,192
1,000,000,000 Italy (Government), 9.50% due 02/01/01 .............................. 708,958
------------
TOTAL ITALIAN LIRA BONDS
(Cost $1,386,492) ................................................... 1,402,150
------------
AUSTRIAN SCHILLING BOND -- 4.8%
ATS 13,000,000 Republic of Austria, 5.375% due 11/23/98 (Cost $1,166,862) .......... $1,254,086
------------
CANADIAN DOLLAR BONDS -- 4.7%
CAD 800,000 Canada (Government), 7.00% due 09/01/01 ............................. 634,124
700,000 Canada (Government), 9.00% due 12/01/04 ............................. 614,943
------------
TOTAL CANADIAN DOLLAR BONDS
(Cost $1,145,414) ................................................... 1,249,067
------------
</TABLE>
See Notes to Financial Statements.
49
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
International Fixed Income Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Face
Amount Value
--------------- ------------
<S> <C>
FOREIGN SECURITIES -- (Continued)
IRISH PUNT BOND -- 4.3%
IEP 700,000 Irish (Government), 6.25% due 04/01/99 (Cost $1,091,374) ............ $ 1,140,029
------------
NETHERLAND GUILDER BONDS -- 4.3%
NLG 500,000 Netherlands (Government), 7.25% due 10/01/04 ........................ 322,723
1,250,000 Netherlands (Government), 7.50% due 11/15/99 ........................ 803,124
------------
TOTAL NETHERLAND GUILDER BONDS
(Cost $974,416) ..................................................... 1,125,847
------------
SPANISH PESETA BONDS -- 4.2%
ESP 52,000,000 Spanish (Government), 10.25% due 11/30/98 ........................... 434,617
83,000,000 Spanish (Government), 11.60% due 01/15/97 ........................... 656,229
------------
TOTAL SPANISH PESETA BONDS
(Cost $1,107,861) ................................................... 1,090,846
------------
BELGIAN FRANC BOND -- 4.1%
BEF 29,000,000 Belgian (Kingdom), 8.75% due 06/25/02 (Cost $964,815) ............... 1,086,220
------------
NEW ZEALAND DOLLAR BONDS -- 3.5%
NZD 1,250,000 New Zealand (Government), 8.00% due 04/15/04 (Cost $812,483 ......... 918,487
------------
SWEDISH KRONA BOND -- 2.6%
SEK 4,000,000 Swedish (Government), 11.00% due 01/21/99 (Cost $544,523) ........... 677,474
------------
TOTAL FOREIGN SECURITIES
(Cost $23,890,628) .................................................. 25,149,252
------------
REPURCHASE AGREEMENT -- 1.1%
$292,000 Agreement with Goldman Sachs & Co., 5.30%, dated 10/31/96 to be
repurchased at $292,043 on 11/01/96, collateralized by $303,065
U.S. Treasury Bonds, 11.750% due 2/15/01 (Cost $292,000) ............ 292,000
------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
TOTAL INVESTMENTS (Cost $24,182,628*) ......................................... 96.6% $25,441,252
OTHER ASSETS LESS LIABILITIES ................................................. 3.4% 902,532
-------- -------------
NET ASSETS .................................................................... 100.0% $26,343,784
======== =============
NET ASSET VALUE ($26,343,784 divided by 2,451,511
shares outstanding) .......................................................... $ 10.75
=============
</TABLE>
- ------
* Aggregate cost for federal tax purposes.
See Notes to Financial Statements.
50
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
International Portfolio
STATEMENT OF NET ASSETS
October 31, 1996
<TABLE>
<CAPTION>
Shares Value
----------- -------------
<S> <C> <C>
FOREIGN SECURITIES -- 95.5%
Japan -- 27.0%
116,600 Acom Co., Ltd. ................................. $ 4,478,702
150,000 Amway Japan Ltd. ............................... 5,985,760
140,000 Aoyama Trading Co. Ltd. ........................ 3,580,908
300,000 Canon Inc. ..................................... 5,748,439
339,000 Dai Nippon Printing Co. Ltd. ................... 5,721,016
600,000 Daiwa House Industry Co. Ltd. .................. 8,332,600
1,900 East Japan Railway Co. ......................... 8,734,288
12,588 Fuji Photo Film Ltd. -- ADR .................... 360,331
200,000 Fuji Photo Film Ltd. ........................... 5,748,439
962,000 Hitachi Ltd. ................................... 8,540,212
313,000 Honda Motor Co. ................................ 7,483,167
125,000 Ito-Yokado Co. Ltd. ............................ 6,240,660
500,000 Kao Corp. ...................................... 5,889,074
470,000 Kirin Brewery Co., Ltd. ........................ 4,833,435
44,458 Kyocera Ltd. -- ADR ............................ 5,840,669
9,457 Matsushita Electric Industrial Ltd. -- ADR ..... 1,528,487
1,000,000 Mitsubishi Heavy Industries Ltd. ............... 7,690,955
434,000 Denso Corp. .................................... 9,002,724
130,000 Nintendo Corp. Ltd. ............................ 8,318,537
800,000 Nishimatsu Construction Co. .................... 7,383,317
150,000 Rohm Co. ....................................... 8,899,534
519,000 Sankyo Co. Ltd. ................................ 12,864,375
600,000 Sharp Corp. .................................... 9,123,670
1,000,000 Toda Construction Co. .......................... 7,919,486
450,000 Wacoal Corp. ................................... 5,379,273
300,000 Yamanouchi Pharmaceutical Co. .................. 6,091,236
149,100 Yurtec Corp. ................................... 2,175,510
-------------
173,894,804
-------------
United Kingdom -- 17.6%
978,312 Associated British Foods PLC ................... 6,717,031
1,100,000 B.A.T. Industries PLC .......................... 7,659,916
2,050,000 BTR PLC ........................................ 8,588,526
1,565,000 Dalgety PLC .................................... 7,931,584
500,000 De La Rue PLC .................................. 4,795,582
3,000,000 Iceland Group PLC .............................. 4,197,660
2,800,000 Mirror Group PLC ............................... 10,591,770
950,000 National Power PLC ............................. 6,290,795
1,400,000 Safeway PLC .................................... 8,302,581
1,763,200 Scottish Power PLC ............................. 9,022,144
1,000,000 Tate & Lyle PLC ................................ 7,760,790
2,600,000 Tomkins PLC .................................... 10,913,916
458,333 Hyder PLC ...................................... 5,279,611
225,000 Hyder PLC 7.875% Cv Pfd. ....................... 383,463
910,000 Smith (W.H.) Group PLC ......................... 6,803,219
300,000 Zeneca Group PLC ............................... 8,161,034
-------------
113,399,622
-------------
</TABLE>
See Notes to Financial Statements.
51
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
International Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Shares Value
----------- -------------
<S> <C> <C>
FOREIGN SECURITIES -- (Continued)
France -- 8.0%
85,000 Compagnie Generale des Eaux ................... $10,161,416
51,030 Compagnie de Saint-Gobain ..................... 6,889,199
51,200 Groupe Danone ................................. 7,012,326
103,745 Lafarge SA .................................... 6,227,541
260,000 Lagardere Groupe .............................. 8,215,613
119,858 Elf Aquitaine SA .............................. 9,586,763
80,000 Technip - ADR ................................. 3,499,467
-------------
51,592,325
-------------
Spain -- 7.8%
300,000 Banco Central Hispanoamericano SA ............. 7,010,115
29,187 Banco Popular Espanol SA ...................... 5,581,988
400,000 Dragados & Construcciones SA .................. 5,363,443
1,100,000 Iberdrola SA .................................. 11,687,447
280,000 Repsol SA -- ADR .............................. 9,135,000
186,000 Telefonica de Espana -- ADR ................... 11,206,500
-------------
49,984,493
-------------
Italy -- 5.7%
800,000 Benetton Group S.p.A. ......................... 9,462,337
180,000 ENI S.p.A. -- ADR ............................. 8,550,000
322,000 Instituto Mobiliare Italiano S.p.A. -- ADR ** . 7,889,000
5,000,000 Telecom Italia S.p.A. ......................... 11,142,245
-------------
37,043,582
-------------
Germany -- 5.6%
240,000 Deutsche Bank AG .............................. 11,159,286
250,000 Hoechst AG .................................... 9,418,374
90,000 Siemens AG .................................... 4,658,228
47,290 Siemens AG -- ADR ............................. 2,459,080
156,200 Veba AG ....................................... 8,344,776
-------------
36,039,744
-------------
Netherlands -- 5.2%
160,000 ABN-Amro Holding N.V. ......................... 9,044,503
161,323 Royal PTT Nederland NV -- ADR ................. 5,827,793
289,200 Philips Electronics N.V. -- NY shares ......... 10,194,300
49,504 Royal Dutch Petroleum Co. -- NY shares ........ 8,186,724
-------------
33,253,320
-------------
Australia -- 4.7%
3,500,000 Boral Ltd. .................................... 8,705,179
824,595 Burns, Philp & Co. Ltd. ....................... 1,306,323
2,300,000 Email Ltd. .................................... 6,321,750
464,758 Lend Lease Corp., Ltd. ........................ 7,874,403
1,033,789 Westpac Banking Corp., Ltd. ................... 5,895,823
-------------
30,103,478
-------------
</TABLE>
See Notes to Financial Statements.
52
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
International Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Shares Value
----------- -------------
<S> <C> <C>
FOREIGN SECURITIES -- (Continued)
Sweden -- 2.9%
195,000 Astra AB ...................................... $ 8,911,569
180,000 Electrolux AB -- Series B ..................... 10,035,799
-------------
18,947,368
-------------
Norway -- 2.8%
3,320,000 Christiania Bank OG Kreditkasse ............... 9,106,868
230,000 Kvaerner AS ................................... 8,688,360
-------------
17,795,228
-------------
Finland -- 1.6%
225,000 Nokia AB -- Series A ADR ...................... 10,434,375
-------------
Canada -- 1.5%
190,000 Magna International, Inc. -- Class A .......... 9,523,750
-------------
Switzerland -- 1.0%
5,520 Ciba-Geigy AG ................................. 6,803,324
-------------
Mexico -- 1.0%
506,250 Cemex, S.A.de C.V. -- Series "B" .............. 1,835,747
160,000 Telefonos de Mexico -- Class L ADR ............ 4,880,000
-------------
6,715,747
-------------
Hong Kong -- 0.7%
2,000,000 Hong Kong Land Holdings, Ltd. ................. 4,460,000
-------------
Thailand -- 0.7%
221,273 Thailand Fund, Inc. ........................... 4,231,846
-------------
Denmark -- 0.6%
150,500 Tele Danmark A/S -- ADR ....................... 3,762,500
-------------
Singapore -- 0.5%
863,000 Sime Darby Berhad ............................. 3,052,372
-------------
Malaysia -- 0.4%
666,666 Malaysia International Shipping Berhad ........ 1,992,608
157,000 Sime Darby Berhad ............................. 556,274
-------------
2,548,882
-------------
New Zealand -- 0.2%
70,000 Tranz Rail Holdings -- ADR ** ................. 1,146,259
-------------
TOTAL FOREIGN SECURITIES
(Cost $539,744,635) ........................... 614,733,019
-------------
</TABLE>
See Notes to Financial Statements.
53
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
International Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Face
Amount Value
- ------ --------------
<S> <C> <C>
REPURCHASE AGREEMENT -- 5.7%
$36,596,000 Agreement with Goldman Sachs & Co., 5.30% dated
10/31/96 to be repurchased at $36,601,388 on
11/01/96 collateralized by $37,352,500
U.S. Treasury Bonds 10.375% due 11/15/12
(Cost $36,596,000)..................... $ 36,596,000
--------------
TOTAL INVESTMENTS (Cost $576,340,635*) ............ 101.2% $651,329,019
OTHER ASSETS LESS LIABILITIES ..................... (1.2%) (7,870,371)
-------- --------------
NET ASSETS ........................................ 100.0% $643,458,648
======== ==============
NET ASSET VALUE ($643,458,648 divided by
46,381,563 shares outstanding) .................. $ 13.87
==============
</TABLE>
- ------
* Aggregate cost for Federal tax purposes.
** Non-income producing security.
ABBREVIATION:
ADR -- American Depository Receipts
See Notes to Financial Statements.
54
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
International Portfolio
SECTOR DIVERSIFICATION
At October 31, 1996, sector diversification of the Portfolio was as follows
(Unaudited):
<TABLE>
<CAPTION>
% of Net
Assets Value
---------- --------------
<S> <C> <C>
INDUSTRIES:
Electronics ................ 10.7% $ 68,628,226
Financial Services ......... 10.6 68,040,690
Engineering & Construction . 10.4 67,019,835
Oil & Gas .................. 6.8 43,803,263
Healthcare & Pharmaceuticals. 6.7 42,831,538
Utilities .................. 6.6 42,824,877
Food & Beverage ............ 5.5 35,561,491
Telecommunications ......... 4.8 30,991,244
Other ...................... 4.5 28,695,913
Automotive ................. 4.0 26,009,642
Retail ..................... 3.6 22,884,368
Printing & Publishing ...... 3.3 21,108,368
Industrial ................. 2.9 18,604,871
Consumer Durables /
Non-Durables ............. 2.8 18,115,496
Manufacturing .............. 2.5 16,357,548
Chemicals .................. 2.4 15,527,145
Apparel & Textiles ......... 2.3 14,841,611
Transportation ............. 1.8 11,873,146
Real Estate ................ 1.3 8,068,646
Electrical ................. 1.1 7,117,308
Commercial Services ........ 0.9 5,827,793
--------------
TOTAL FOREIGN SECURITIES ........ 95.5% $614,733,019
---------- --------------
REPURCHASE AGREEMENT ............ 5.7% 36,596,000
---------- --------------
TOTAL INVESTMENTS ............... 101.2% $651,329,019
========== ==============
</TABLE>
See Notes to Financial Statements.
55
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Institutional International Portfolio
STATEMENT OF NET ASSETS
October 31, 1996
<TABLE>
<CAPTION>
Shares Value
--------- ------------
<S> <C> <C>
FOREIGN SECURITIES -- 92.8%
Japan--24.5%
15,800 Acom Co., Ltd. ................................ $ 606,891
13,600 Amway Japan Ltd. .............................. 542,708
5,300 Aoyama Trading Co. Ltd. ....................... 135,562
22,000 Canon Inc. .................................... 421,552
36,000 Dai Nippon Printing Co. Ltd. .................. 607,541
34,000 Daiwa House Industry Co. Ltd. ................. 472,180
120 East Japan Railway Co. ........................ 551,639
722 Fuji Photo Film Ltd. - ADR .................... 20,667
18,000 Fuji Photo Film Ltd. .......................... 517,359
90,000 Hitachi Ltd. .................................. 798,980
30,000 Honda Motor Co. ............................... 717,236
10,000 Ito-Yokado Co. Ltd. ........................... 499,252
49,000 Kao Corp. ..................................... 577,129
32,000 Kirin Brewery Co., Ltd. ....................... 329,085
1,242 Kyocera Ltd. - ADR ............................ 163,167
543 Matsushita Electric Industrial Ltd. - ADR ..... 87,762
89,000 Mitsubishi Heavy Industries Ltd. .............. 684,495
38,000 Denso Corp. ................................... 788,257
11,000 Nintendo Corp. Ltd. ........................... 703,876
49,000 Nishimatsu Construction Co. ................... 452,228
13,000 Rohm Co. ...................................... 771,292
36,000 Sankyo Co. Ltd. ............................... 892,326
60,000 Sharp Corp. ................................... 912,367
93,000 Toda Construction Co. ......................... 736,512
50,000 Wacoal Corp. .................................. 597,697
24,000 Yamanouchi Pharmaceutical Co. ................. 487,298
16,800 Yurtec Corp. 245,137
------------
14,320,195
------------
United Kingdom -- 18.1%
49,688 Associated British Foods PLC .................. 341,154
110,000 B.A.T. Industries PLC ......................... 765,991
180,000 BTR PLC ....................................... 754,114
140,000 Dalgety PLC ................................... 709,534
50,000 De La Rue PLC ................................. 479,558
250,000 Iceland Group PLC ............................. 349,805
242,000 Mirror Group PLC .............................. 915,431
88,000 National Power PLC ............................ 582,726
185,000 Safeway PLC ................................... 1,097,126
89,262 Scottish Power PLC ............................ 456,746
90,000 Tate & Lyle PLC ............................... 698,471
242,000 Tomkins PLC ................................... 1,015,833
15,300 Hyder PLC ..................................... 26,075
34,866 Hyder PLC 7.875% Cv Pfd. ...................... 401,627
122,000 Smith (W.H.) Group PLC ........................ 912,079
40,000 Zeneca Group PLC .............................. 1,088,144
------------
10,594,414
------------
</TABLE>
See Notes to Financial Statements.
56
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Institutional International Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1996
Shares Value
--------- ------------
<TABLE>
<CAPTION>
FOREIGN SECURITIES -- (Continued)
<S> <C> <C>
France -- 7.5%
6,100 Compagnie Generale des Eaux ................... $ 729,231
6,925 Compagnie de Saint-Gobain ..................... 934,895
4,000 Groupe Danone ................................. 547,838
5,944 Lafarge SA .................................... 356,802
25,000 Lagardere Groupe .............................. 789,962
6,642 Elf Aquitaine SA .............................. 531,256
11,000 Technip- ADR .................................. 481,178
------------
4,371,162
------------
Spain -- 7.4%
21,000 Banco Central Hispanoamericano SA .............. 490,708
1,863 Banco Popular Espanol SA ....................... 356,297
51,000 Dragados y Construcciones SA ................... 683,839
114,000 Iberdrola SA ................................... 1,211,244
23,200 Repsol SA - ADR ................................ 756,900
14,000 Telefonica de Espana - ADR ..................... 843,500
------------
4,342,488
------------
Germany -- 6.3%
26,000 Deutsche Bank AG ............................... 1,208,922
27,000 Hoechst AG ..................................... 1,017,184
6,110 Siemens AG - ADR ............................... 317,720
20,800 Veba AG ........................................ 1,111,213
------------
3,655,039
------------
Italy -- 5.1%
40,000 Benetton Group S.p.A. .......................... 473,116
20,000 ENI S.p.A. - ADR ............................... 950,000
27,000 Instituto Mobiliare Italiano S.p.A. - ADR ** ... 661,500
400,000 Telecom Italia S.p.A. 891,380
------------
2,975,996
------------
Netherlands -- 4.8%
15,000 ABN-Amro Holding N.V. .......................... 847,922
6,000 Royal PTT Nederland NV ......................... 217,152
4,168 Royal PTT Nederland NV - ADR ................... 150,569
23,600 Philips Electronics N.V. - NY shares ........... 831,900
4,678 Royal Dutch Petroleum Co. - NY shares .......... 773,625
------------
2,821,168
------------
Australia -- 4.5%
250,000 Boral Ltd. ..................................... 621,798
112,229 Burns, Philp & Co. Ltd. ........................ 177,793
110,000 Email Ltd. ..................................... 302,344
42,527 Lend Lease Corp. Ltd. .......................... 720,535
140,825 Westpac Banking Corp. Ltd. ..................... 803,143
------------
2,625,613
------------
</TABLE>
See Notes to Financial Statements.
57
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Institutional International Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Shares Value
--------- ------------
OREIGN SECURITIES -- (Continued)
<S> <C> <C>
Sweden -- 3.5%
27,000 Astra AB ....................................... $ 1,233,909
15,000 Electrolux AB - Series B ....................... 836,317
------------
2,070,226
------------
Norway -- 2.7%
280,000 Christiania Bank OG Kreditkasse ................ 768,049
21,000 Kvaerner AS .................................... 793,285
------------
1,561,334
------------
Switzerland -- 1.6%
762 Ciba-Geigy AG .................................. 939,154
------------
Canada -- 1.1%
13,211 Magna International, Inc. - Class A ............ 662,201
------------
Finland -- 1.1%
13,500 Nokia AB - Series A ADR ........................ 626,062
------------
Hong Kong -- 1.0%
260,000 Hong Kong Land Holdings, Ltd. .................. 579,800
------------
Mexico -- 1.0%
7,000 Cemex, S.A. de C.V. - Series "A" ............... 23,376
61,000 Cemex, S.A.de C.V. - Series "B" ................ 221,197
10,700 Telefonos de Mexico - Class L ADR .............. 326,350
------------
570,923
------------
Thailand -- 0.9%
25,880 Thailand Fund, Inc. ............................ 494,955
------------
Malaysia -- 0.8%
85,000 Malaysia International Shipping Berhad ......... 254,057
58,000 Sime Darby Berhad .............................. 205,503
------------
459,560
------------
Singapore -- 0.3%
49,000 Sime Darby Berhad .............................. 173,309
------------
New Zealand -- 0.3%
10,000 Tranz Rail Holdings - ADR ** ................... 163,757
------------
Denmark -- 0.3%
6,200 Tele Danmark A/S - ADR ......................... 155,000
------------
TOTAL FOREIGN SECURITIES
(Cost $47,698,531) ............................. 54,162,356
------------
</TABLE>
See Notes to Financial Statements.
58
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Institutional International Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Face
Amount Value
- ------- -------------
<S> <C> <C>
REPURCHASE AGREEMENT -- 9.6%
$5,600,000 Agreement with Goldman, Sachs & Co., 5.30% dated
10/31/96 to be repurchased at $5,600,824 on
11/01/96 collateralized by $5,714,870
U.S. Treasury Bonds 11.75% due 11/15/14
(Cost $5,600,000)...................... $ 5,600,000
-------------
TOTAL INVESTMENTS (Cost $53,298,531*) ............ 102.4% $59,762,356
OTHER ASSETS LESS LIABILITIES .................... (2.4%) (1,372,207)
-------- -------------
NET ASSETS ....................................... 100.0% $58,390,149
======== =============
NET ASSET VALUE ($58,390,149 divided by
4,272,552 shares outstanding) .................. $ 13.67
=============
</TABLE>
- ------
* Aggregate cost for Federal tax purposes.
** Non-income producing security.
ABBREVIATION:
ADR -- American Depository Receipts
See Notes to Financial Statements.
59
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Institutional International Portfolio
SECTOR DIVERSIFICATION
At October 31, 1996, sector diversification of the Portfolio was as follows
(Unaudited):
<TABLE>
<CAPTION>
% of Net
Assets Value
---------- -------------
<S> <C> <C>
INDUSTRIES:
Financial Services ........ 11.1% $ 6,463,967
Engineering & Construction . 10.3 6,022,417
Electronics ............... 9.1 5,316,961
Healthcare & Pharmaceuticals 7.9 4,640,827
Utilities ................. 7.7 4,518,862
Oil & Gas ................. 5.2 3,011,780
Other ..................... 4.8 2,805,034
Food & Beverage ........... 4.8 2,803,876
Retail .................... 4.3 2,494,574
Telecommunications ........ 4.2 2,433,382
Automotive ................ 3.7 2,167,694
Printing & Publishing ..... 3.4 2,002,531
Industrial ................ 2.9 1,700,328
Consumer Durables /
Non-Durables ............ 2.8 1,619,091
Chemicals ................. 2.7 1,555,210
Manufacturing ............. 2.0 1,138,661
Apparel & Textiles ........ 1.8 1,070,813
Transportation ............ 1.7 969,447
Real Estate ............... 1.6 958,612
Electrical ................ 0.5 317,720
Commercial Services ....... 0.3 150,569
---------- -------------
TOTAL FOREIGN SECURITIES ....... 92.8% $54,162,356
---------- -------------
REPURCHASE AGREEMENT ........... 9.6% 5,600,000
---------- -------------
TOTAL INVESTMENTS .............. 102.4% $59,762,356
========== =============
</TABLE>
See Notes to Financial Statements.
60
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Emerging Markets Portfolio
STATEMENT OF NET ASSETS
October 31, 1996
<TABLE>
<CAPTION>
Shares Value
------------- ------------
<S> <C> <C>
FOREIGN SECURITIES -- 97.6%
India -- 10.8%
331,500 Arvind Mills GDR. .................................................. $1,282,910
100,000 Ashok Leyland GDR .................................................. 1,125,000
74,500 Dr Reddy's Laboratories GDR ........................................ 419,062
61,000 Finolex Cables Ltd. ................................................ 221,430
20,355 Hindalco Industries GDR ............................................ 374,124
53,500 Indian Aluminum GDR ................................................ 240,750
281,000 Kesoram GDR ** ..................................................... 224,800
61,000 Larsen Toubro GDR .................................................. 915,000
51,966 Mahindra Mahindra GDR .............................................. 519,660
113,100 Southern Petrochemical GDS ** ...................................... 424,125
85,000 State Bank of India GDR ** ......................................... 1,283,500
2,544 Tata Electric Companies ............................................ 922,200
92,000 Tata Engineering & Locomotive Co. .................................. 1,138,960
40,000 Wockhardt GDR ...................................................... 265,000
------------
9,356,521
------------
Turkey -- 7.9%
4,428,085 Akcansa Cimento .................................................... 335,984
870,000 Akbank T.A.S ....................................................... 106,251
1,470,000 Aksa ............................................................... 202,447
1,229,067 Anadolu Cam ** ..................................................... 35,130
2,640,000 Ardem Pisirici ..................................................... 404,746
1,050,000 Bagfas Bandirma Gubre Sabrikalair .................................. 193,716
1,412,000 Bati Cimento ....................................................... 172,445
2,849,000 Bekoteknik ......................................................... 248,743
9,971,000 Bolu Cimento Samayi AG ............................................. 290,186
516,000 Brisa Bridgestone .................................................. 238,665
342,000 Cukurova Elektrik .................................................. 273,713
3,352,000 Eczacibasi Yapi Gere San Ticaret AS ** ............................. 125,425
1,703,042 Eczacibasi Yatirim ** .............................................. 145,150
9,300,000 Ege Seramik ........................................................ 314,156
2,167,600 Esem Spor Glyim ** ................................................. 144,191
1,180,000 Goltas Goller Bolgesi Cimento ...................................... 288,223
601,250 Good-Year .......................................................... 259,348
34,952,727 Izmir Demir Celik ** ............................................... 283,371
300,000 Kepez Elektrik ..................................................... 271,281
2,534,500 Marshall Boya ...................................................... 194,941
270,000 Otosan Otomobil Sanayii ** ......................................... 91,206
1,735,966 Peg Profilo AS ..................................................... 155,174
604,000 Petrol Ofisi ....................................................... 175,782
9,300,000 Sabah Yayincilik ................................................... 132,912
3,500,000 T Sise Cam ** ...................................................... 349,236
5,425,000 Tofas (Turk Otomobil Fab) ** ....................................... 188,896
4,446,000 Turcas Petroculuk AS ............................................... 318,858
2,268,000 Turk Tuborg ........................................................ 114,331
1,984,500 Turk Tuborg Rights, Expiring 11/7/96** ............................. 79,413
600,000 Turkish Siemens .................................................... 162,145
720,000 Turkiye IS Bankasi ................................................. 102,899
</TABLE>
See Notes to Financial Statements.
61
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Emerging Markets Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Shares Value
------------- ------------
FOREIGN SECURITIES -- (Continued)
Turkey -- (Continued)
<S> <C> <C>
17,325,000 Yapi Kredi Bankasi ................................................ $ 450,195
------------
6,849,159
------------
South Africa -- 7.6%
116,800 Automakers ........................................................ 62,758
25,070 Blyvooruitzicht Gold Mining Co. ** ................................ 34,745
3,270 Blyvooruitzicht Gold Mining Co. Options ** ........................ 2,963
95,000 Buffelsfontein Gold Mining Co. ** ................................. 465,889
255,000 Deelkraal Gold Mining Co. ** ...................................... 209,328
28,634 East Daggafontein Mines ........................................... 91,579
86,100 East Rand Gold & Uranium Co. ...................................... 167,059
650,000 East Rand Proprietary Mines ** .................................... 279,957
75,000 Free State Consolidated Gold Mines ................................ 655,658
76,000 Grootvlei Proprietary Mines + ..................................... 137,739
73,000 Harmony Gold Mining Co. ** ........................................ 560,347
163,000 Hartebeesfontein Gold Mines ....................................... 417,058
192,000 Illovo Sugar ...................................................... 374,584
42,000 Kinross Mines + ................................................... 331,343
64,000 Kolosus Holdings .................................................. 40,938
50,000 Leslie Gold Mines + ............................................... 43,176
72,000 Loraine Gold Mines ** ............................................. 224,136
84,000 Metro Cash & Carry ................................................ 250,746
31,500 Nampak ............................................................ 124,253
81,000 Randfontein Estates Gold Mining Co. Witwatersrand Ltd. ............ 403,272
24,000 Rustenburg Platinum Holdings ...................................... 372,281
87,000 Sentrachem ........................................................ 238,368
32,700 Servgro International ............................................. 167,334
4,700 Southvaal Holdings ................................................ 168,358
32,000 Telemetrix ........................................................ 32,409
30,000 Tiger Wheels Ltd .................................................. 108,742
38,200 Trans-Natal Coal Corp. ............................................ 302,586
1,900 Vaal Reefs Exploration & Mining Co. ............................... 147,867
26,600 Winkelhaak Mines .................................................. 155,970
------------
6,571,443
------------
Brazil -- 6.7%
8,350,000 Bombril SA ** ..................................................... 162,562
1,400,000 Brasmotor SA ...................................................... 489,233
2,995,200 Caemi Mineracao E Metal ** ........................................ 183,683
479,000 Companhia Bras De Frigorificos ** ................................. 223,809
25,000,000 Companhia Brasileira de Petroleo Ipiranga ......................... 333,398
8,500,000 Companhia Petroquimica de Sul ..................................... 450,939
25,040 Companhia Vale Do Rio Doce ** ..................................... 526,494
800,000 Copene-Petroquimica Do Nordeste SA ................................ 306,037
285,000 Empresa Brasileira De Compressores SA ............................. 166,455
5,400 Iochpe-Maxion SA ** ............................................... 11,563
280,000 Klabin Fabricadora De Papel Celulsa SA ............................ 275,284
7,500,000 Lorenz ** ......................................................... 153,241
19,000 Makro Atacadista GDR ** ........................................... 176,700
</TABLE>
See Notes to Financial Statements.
62
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Emerging Markets Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Shares Value
------------- ------------
FOREIGN SECURITIES -- (Continued)
Brazil -- (Continued)
<C> <C> <C>
50,000,000 OSA SA Organizacao Sistemas Aplica ** ........................... $ 384,503
45,750 Oxiteno SA ...................................................... 135,829
51,100,000 Paranapanema SA Mineracao, Industria E Construcao ** ............ 422,807
3,000,000 Petroleo Brasileiro SA ** ....................................... 384,016
173,000,000 Refrigeracao Parana SA .......................................... 414,270
253,000 Sadia Concordia ** .............................................. 169,930
60,430 Souza Cruz SA ................................................... 370,003
7,000 Votorantim Celulose E Papel SA .................................. 60,298
------------
5,801,054
------------
Russia -- 6.4%
9,000 Chernogorneft Sponsered ADR ..................................... 90,000
25,000 Gazprom ADR ** .................................................. 431,250
29,500 Lukoil Holdings Sponsered ADR ................................... 1,165,250
17,500 Mosenergo Sponsered ADR ......................................... 507,500
30,000 Norilsk Nickel CSFB Certificates ** ............................. 190,370
30,000 Purneftegaz CSFB Certificates **+ ............................... 58,200
80 Rostelecom RDC ** ............................................... 2,048,000
11,246,312 Unified Energy Systems CSFB Cerificates ** ...................... 918,823
20,000 Yuganskneftegaz CSFB Certificates ** ............................ 164,266
------------
5,573,659
------------
China -- 5.9%
252,200 China International Marine Containers (Group) ................... 217,242
20,625 China Yuchai International ...................................... 90,234
504,000 Chiwan Wharf Holdings 'B' ....................................... 219,677
490,000 Guangdong Electric Power Development Co., Ltd ................... 339,058
1,700,000 Harbin Power Equipment Co. ...................................... 226,470
19,500 Huaneng Power International Inc., Sponsered ADR ** .............. 297,375
822,000 Inner Mongolia Erdos Cashmere Products .......................... 391,275
1,700,000 Jilin Chemical Industrial Co. ................................... 226,470
185,200 Konka Group ..................................................... 160,008
55,560 Konka Group Rights Expiring 11/18/96 ** ......................... 0
900,000 Luoyang Glass Co. ............................................... 154,817
1,030,000 Quingling Motors ................................................ 432,960
405,000 Shanghai Dazhong Taxi Shareholding .............................. 247,050
121,500 Shanghai Dazhong Taxi Shareholding Rights ....................... 243
780,000 Shanghai Diesel Engine .......................................... 326,040
1,103,100 Shanghai Narcissus Electric Appliances Industrial Co, Ltd. ...... 132,372
569,000 Shanghai New Asia (Group) Co. ................................... 273,120
1,250,000 Shanghai Petrochemical Co. ...................................... 335,469
862,000 Shanghai Refrigerator Compressor Co. ............................ 353,420
560,000 Shanghai Sanmao Textile Co. ..................................... 78,400
603,600 Shanghai Shanglin Electric Appliance Co. ........................ 210,052
210,000 Shanghai Tyre & Rubber Co. ...................................... 50,820
72,500 Shanghai Yaohua Pilkington Glass Co. ............................ 34,655
353,000 Weifu Fuel Injection ............................................ 128,440
230,000 Wuxi Little Swan ................................................ 160,637
------------
5,086,304
------------
</TABLE>
See Notes to Financial Statements.
63
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Emerging Markets Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Shares Value
------------- ------------
FOREIGN SECURITIES -- (Continued)
Indonesia -- 5.4%
<C> <C> <C>
123,000 Bank Bali ......................................................... $ 256,216
501,475 Bank International Indonesia ...................................... 807,696
150,000 Bank Negara Indonesia ............................................. 54,760
280,000 Barito Pacific Timber ............................................. 162,350
170,000 Dankos Laboratories ............................................... 142,378
362,000 Gadjah Tunggal .................................................... 155,478
362,000 Gadjah Tunggal Rights Expiring 11/19/96** ......................... 466
14,000 Hanjaya Mandala Sampoerna ......................................... 130,180
200,000 Hero Supermarket .................................................. 124,554
6,750 Indostat ADR ...................................................... 203,343
82,500 Kawasan Industri Jababeka ......................................... 108,958
202,500 Lippo Bank ........................................................ 293,534
330,000 Lippo Life Insurance .............................................. 255,121
434,500 Lippo Securities .................................................. 265,929
393,000 Mayora Indah ...................................................... 160,353
61,500 Modern Photo Film ................................................. 169,710
290,000 Panin Bank ........................................................ 289,588
165,000 Ramayana Lestari Sentosa .......................................... 279,925
250,000 Roda Vivatex ...................................................... 179,852
366,000 Sinar Mas Agro Resources Agricultural Production & Technology Corp. 251,513
Surabaya Agung Industri Pulp & Kertas Warrants Expiring
87,500 3/13/2001 ** ..................................................... 7,516
17,500 Tambang Timah GDR ................................................. 267,400
99,000 Tigaraksa Satria .................................................. 170,081
------------
4,736,901
------------
South Korea -- 5.0%
10,711 Asia Paper ........................................................ 441,963
10,000 Daiyang Metal ..................................................... 334,951
2,660 Ilshin Spinning Co. ............................................... 255,024
19,100 Kookman Bank GDR .................................................. 405,879
8,524 Koram Bank ........................................................ 91,550
3,396 Koram Bank New Shares*** .......................................... 36,474
8,100 Korea Export Packaging Industry ................................... 216,262
2,400 Korea Green Cross ................................................. 253,980
290 Korea Mobile Telecommunications Corp. ............................. 153,094
15,900 Korea Mobile Telecommunications Corp. GDR ......................... 201,135
29,400 Kum Kyung Co. ..................................................... 392,475
20,700 Kyungnam Bank ..................................................... 220,565
10,620 Kyungki Bank ...................................................... 75,396
14,050 Pusan Bank ........................................................ 136,407
7,600 Rocket Electric Co. ............................................... 313,592
8,900 Ssangyong Cement Co. .............................................. 165,254
9,900 Tai Lim Packing ................................................... 284,745
2,783 Tai Lim Packing New Shares*** ..................................... 80,045
8,000 Yoosung Enterprise Co. ............................................ 309,708
------------
4,368,499
------------
</TABLE>
See Notes to Financial Statements.
64
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Emerging Markets Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Shares Value
------------- ------------
FOREIGN SECURITIES -- (Continued)
Greece -- 4.4%
<C> <C> <C>
9,803 Alpha Credit Bank ................................................. $ 627,025
5,700 Aluminum Co. of Greece ............................................ 214,793
14,750 Arcadia Metal Industries C Rokas SA ............................... 125,378
55,000 Bank of Piraeus ................................................... 642,256
12,960 Edrasi- Psallidas SA .............................................. 125,433
5,570 Elliniki Technodomiki ............................................. 82,035
70,000 Epilektos Textile ................................................. 229,759
3,280 Ergas Construction Co. ............................................ 18,909
11,000 Fourlis ........................................................... 136,551
13,400 Hellas Can SA ..................................................... 243,877
12,050 Hellenic Sugar Industry ........................................... 118,147
16,590 Hellenic Telecommunications Organization SA ....................... 293,557
15,480 Heracles General Cement ........................................... 195,421
7,850 National Investment Bank for Industrial Development SA ............ 222,973
40,000 Shellman .......................................................... 232,284
5,700 Titan Cement Co. .................................................. 323,329
------------
3,831,727
------------
Czech Republic -- 4.3%
626 Cement Hranice **+ ................................................ $ 18,650
23,000 Ceska Sporitelna ** ............................................... 295,135
7,640 CEZ ** ............................................................ 272,796
12,850 Chemopetrol ....................................................... 540,080
1,500 Cokoladovny Praha AS ** ........................................... 186,900
2,440 Deza AS ** ........................................................ 197,842
2,600 Fatra ** .......................................................... 69,820
875 Galena ** ......................................................... 29,290
2,050 Jihoceske Mlerkarny AS ** ......................................... 48,646
9,960 Kaucuk ** ......................................................... 397,496
5,450 Komercni Banka .................................................... 405,415
680 Laciva **+ ........................................................ 62,724
663 Milo Olomouc ** ................................................... 38,518
1,240 Rakovnick Keramicke Zavody **+ .................................... 52,346
10,900 Skoda Koncern Plzen ** ............................................ 347,441
5,000 SPT Telecom ** .................................................... 535,411
970 Tabak AS ** ....................................................... 230,900
2,000 ZDB + ............................................................. 18,150
------------
3,747,560
------------
Mexico -- 3.3%
150,000 Embottelladores Del Valle Anahuac SA ** ........................... 95,327
109,700 Formento Eonomico Mexicano SA De Cv ............................... 331,492
270,000 Grupo Casa Autrey SA De Cv ........................................ 504,000
36,600 Grupo Elektra SA De Cv ............................................ 248,104
309,555 Grupo Herdez SA ................................................... 104,149
354,900 Grupo Industrial Maseca SA De Cv .................................. 432,515
70,600 Grupo Posadas SA De Cv **+ ........................................ 29,031
61,700 Industrias Penoles, SA + .......................................... 246,031
</TABLE>
See Notes to Financial Statements.
65
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Emerging Markets Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Shares Value
------------- ------------
FOREIGN SECURITIES -- (Continued)
Mexico -- (Continued)
<C> <C> <C>
94,000 Nacional De Drogas SA De Cv ...................................... $ 267,651
44,000 Tablex SA De Cv .................................................. 102,748
42,500 Tubos De Acero De Mexico, SA ADR ** .............................. 472,814
------------
2,833,862
------------
Argentina -- 3.1%
200,000 Bagley SA ** ..................................................... 460,073
315,000 Dalmine Siderca SA ............................................... 496,204
220,000 Ladesma .......................................................... 277,244
77,400 Massalin Particulares ............................................ 349,903
99,166 Molinos Rio de la Plata .......................................... 312,422
101,000 Nobleza Piccardo SA .............................................. 353,560
168,500 Sevel SA ** ...................................................... 411,205
------------
2,660,611
------------
Taiwan -- 3.0%
100 Formosa Fund ** .................................................. 870,000
20,690 Macronix International ** ........................................ 263,805
146,000 ROC Taiwan Fund ** ............................................... 1,423,500
------------
2,557,305
------------
Malaysia -- 2.8%
73,000 Commerce Asset-Holdings Berhad ................................... 476,843
45,000 Kian Joo Can Factory Berhad ...................................... 245,843
157,500 Nylex (Malaysia) Berhad .......................................... 346,051
100,000 O'Connor's Engineering ** ........................................ 360,253
115,000 Perlis Plantations ............................................... 330,067
140,000 Store Corp. Berhad ............................................... 262,707
66,000 Ytl Corp. ** ..................................................... 355,344
------------
2,377,108
------------
Israel -- 2.7%
42,000 Elscint ** ....................................................... 325,500
23,600 Koor Industries ADS .............................................. 410,050
50,000 Lanoptics ** ..................................................... 237,500
39,500 Magic Software Enterprises ** .................................... 281,437
112,000 New Dimension Software ** ........................................ 777,000
30,300 Scitex Corp. ..................................................... 299,212
------------
2,330,699
------------
Hungary -- 2.5%
21,800 Borsodchem Rt. GDR ............................................... 441,455
19,200 Danubius Hotel & Spa ** .......................................... 391,962
55,290 Fotex ** ......................................................... 36,318
1,920 Graboplast Textiles Muborgyarto + ................................ 58,856
4,489 Hajdutej Tejipari Rt. **+ ........................................ 40,472
1,050 Inter-Europa Bank ** ............................................. 260,336
28,900 Magyar Olaj-Es Gazipare Reszventytar ............................. 294,992
18,000 OTP Bank ......................................................... 312,983
6,100 Soproni Sorgyar Rt. (Austrian Certificates) ...................... 98,553
</TABLE>
See Notes to Financial Statements.
66
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Emerging Markets Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Shares Value
------------- ------------
FOREIGN SECURITIES -- (Continued)
Hungary -- (Continued)
<C> <C> <C>
6,095 Soproni Sorgyar Rt. ............................................. $ 90,278
11,000 Tisza Vegyi Kombinat GDR ** ..................................... 95,150
------------
2,121,355
------------
Pakistan -- 2.4%
700,000 D G Khan Cement ** .............................................. 152,819
600,000 Indus Motors ** ................................................. 254,491
504,000 Karachi Elctric Supply ** ....................................... 267,216
660,000 Maple Leaf Cement ** ............................................ 168,787
264,000 Maple Leaf Cement Rights** ...................................... 3,293
529,000 Nishat Textile Mills ** ......................................... 145,184
55,000 Pak State Oil ** ................................................ 474,801
600,000 Sui Northern Gas Pipeline ** .................................... 625,006
------------
2,091,597
------------
Portugal -- 2.4%
27,330 Banco Espir Santo E Com De Lisboa ............................... 480,511
22,050 Banco Totta E Acores SA ......................................... 400,502
10,150 Comp. De Cellulose Do Caima ..................................... 188,736
14,320 Lusotur Sociedad Financeira De Tur ** ........................... 219,947
32,850 Sonae Industria SGPS SA ** ...................................... 268,382
15,000 Tranquil Idade ** ............................................... 308,823
11,280 Unicer-Uniao Cervejeira ......................................... 203,482
------------
2,070,383
------------
Egypt -- 1.9%
1,000 Commercial International Bank ** ................................ 131,223
30,000 Commercial International Bank GDR ** ............................ 435,000
4,920 Eastern Tobacco ** .............................................. 69,561
7,731 Egyptian International Pharm ** ................................. 359,800
10,000 Financial & Industrial ** ....................................... 179,678
17,300 Starch Glucose ** ............................................... 197,716
12,650 Uni Arab Spinning & Weaving ** .................................. 190,031
3,500 Upper Egypt Flour Mills ** ...................................... 51,547
------------
1,614,556
------------
Philippines -- 1.7%
2,300,000 Cosmos Bottling Co. ............................................. 438,262
460,000 Cosmos Bottling Co. Rights, Expiring 11/7/96** .................. 0
740,000 Filinvest Land ** ............................................... 250,990
20,500 Metropolitan Bank & Trust ** .................................... 453,127
1,150,000 Republic Glass Holding .......................................... 223,513
620,000 Willam Gothong & Aboitiz ** ..................................... 134,679
------------
1,500,571
------------
Bangladesh -- 1.3%
57,500 Beximco Pharmaceutical .......................................... 471,133
3,000 Chittagong Cement ............................................... 629,185
6,000 Prime Textile Spinning Mills .................................... 57,988
------------
1,158,306
------------
</TABLE>
See Notes to Financial Statements.
67
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Emerging Markets Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Shares Value
------------- ------------
FOREIGN SECURITIES -- (Continued)
Slovakia -- 1.2%
<C> <C> <C>
2,000 Chirana Prema .................................................... $ 53,194
4,040 Nafta AS ......................................................... 245,981
1,500 Plastika Nitra ................................................... 54,316
1,500 Slovakfarma ** ................................................... 153,816
5,700 Slovnaft ** ...................................................... 162,564
19,000 VSZ AS ** ........................................................ 365,923
------------
1,035,794
------------
Poland -- 1.0%
6,500 Bank Rozwoju Eksportu ............................................ 193,135
27,100 Elektrim SA ...................................................... 226,623
7,000 Krosno ........................................................... 132,019
47,600 Mostostal Export Rights ** ....................................... 0
3,250 Relpol SA ........................................................ 65,920
3,900 Stalexport SA ** ................................................. 48,850
28,150 Wiekopolski Bank ** .............................................. 175,298
------------
841,845
------------
Zimbabwe -- 0.8%
179,000 Bindura Nickel ................................................... 177,646
198,500 Meikles African ** ............................................... 267,975
119,000 Trans Zambezi Industries ** ...................................... 243,950
------------
689,571
------------
Croatia -- 0.7%
11,600 Pliva D.D. GDR ** ................................................ 571,300
------------
Peru -- 0.5%
31,000 Southern Peru Copper Corp ** ..................................... 430,125
------------
Thailand -- 0.4%
30,500 Matichon Public Company Ltd. ..................................... 118,459
90,000 Thai-German Ceramic Industry Co. ................................. 97,096
30,000 Thai Glass Industries ............................................ 117,693
------------
333,248
------------
Lebanon -- 0.4%
22,000 Banque Audi Sal ** ............................................... 311,300
------------
Venezuela -- 0.4%
176,000 Ceramicas Carabobo C.A. + ........................................ 184,250
23,000 Venezolana De Prerreducidos Caroni C.A. .......................... 119,600
------------
303,850
------------
Morocco -- 0.3%
7,125 Sonasid ** ....................................................... 273,534
------------
Sri Lanka -- 0.3%
300,000 Lanka Lubricant ** ............................................... 263,157
------------
</TABLE>
See Notes to Financial Statements.
68
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Emerging Markets Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Shares Value
------------- ------------
FOREIGN SECURITIES -- (Continued)
<C> <C> <C>
Bolivia -- 0.1%
300 Cia Boliviana Energia ** ......................................... $ 12,675
------------
TOTAL FOREIGN SECURITIES (Cost $88,687,751) ...................... 84,305,579
------------
Face
Amount
-------------
TIME DEPOSITS -- 1.6%
$1,400,000 Chase Manhattan Time Deposit due 11/1/96 (Cost $1,400,000)........ $ 1,400,000
------------
</TABLE>
<TABLE>
<CAPTION>
TOTAL INVESTMENTS (Cost $90,087,751*) ........... 99.2% $85,705,579
<S> <C> <C>
OTHER ASSETS LESS LIABILITIES .................... 0.8% 678,935
-------- -------------
NET ASSETS ....................................... 100.0% $86,384,514
======== =============
NET ASSET VALUE ($86,384,514 divided by
9,073,450 shares outstanding) .................. $ 9.52
=============
</TABLE>
- ------
* Aggregate cost for Federal tax purposes.
** Non-income producing security.
*** Shares do not rank for dividend
+ Illiquid security.
ABBREVIATION:
ADR -- American Depository Receipt
ADS -- American Depository Share
CSFB -- Credit Suisse Financial Brokers
GDR -- Global Depository Receipt
GDS -- Global Depository Share
RDC -- Russian Depository Certificate
69
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Emerging Markets Portfolio
SECTOR DIVERSIFICATION
At October 31, 1996, sector diversification of the Portfolio was as follows
(Unaudited)
<TABLE>
<CAPTION>
% of Net
Assets Value
----------
<S> <C> <C>
INDUSTRIES:
Banking .................... 11.4% $ 9,859,499
Energy Sources ............. 8.5 7,353,792
Mining ..................... 7.1 6,107,549
Building Materials & Components 7.0 6,049,591
Metals ..................... 5.1 4,363,105
Automobiles ................ 5.0 4,293,807
Textiles ................... 4.7 4,058,587
Food & Household Products .. 4.1 3,568,262
Financial Services ......... 3.9 3,379,720
Telecommunications ......... 3.7 3,231,197
Machinery & Engineering .... 3.6 3,085,898
Chemicals .................. 3.5 3,027,622
Health & Personal Care ..... 3.5 3,010,979
Beverages & Tobacco ........ 3.4 2,914,183
Electronics ................ 3.3 2,890,337
Utilities -- Electrical & Gas 3.2 2,751,169
Misc. Materials & Commodities 2.4 2,080,767
Appliances & Household Durables 2.1 1,804,779
Forest Products & Paper .... 2.1 1,781,154
Other ...................... 1.9 1,676,572
Retail ..................... 1.7 1,510,396
Information Systems &
Technology ............... 1.6 1,357,649
Leisure & Tourism .......... 1.2 1,031,157
Real Estate ................ 0.9 764,201
Construction & Housing ..... 0.8 694,627
Broadcasting & Publishing .. 0.5 454,714
Transportation -- Shipping . 0.5 433,956
Plastics ................... 0.5 397,496
Insurance .................. 0.3 255,121
Glass ...................... 0.1 117,693
---------- -------------
TOTAL FOREIGN SECURITIES ........ 97.6% $84,305,579
---------- -------------
TIME DEPOSIT .................... 1.6% 1,400,000
---------- -------------
TOTAL INVESTMENTS ............... 99.2% $85,705,579
========== =============
</TABLE>
See Notes to Financial Statements.
70
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements
1. Significant Accounting Policies
The Glenmede Fund, Inc. (the "Fund") consists of ten portfolios:
Government Cash Portfolio, Tax-Exempt Cash Portfolio, Intermediate Government
Portfolio, International Portfolio, Equity Portfolio, Small Capitalization
Equity Portfolio, Institutional International Portfolio, International Fixed
Income Portfolio, Model Equity Portfolio and Emerging Markets Portfolio
(collectively, the "Portfolios"). The Fund was incorporated in the State of
Maryland on June 30, 1988 and is registered with the Securities and Exchange
Commission under the Investment Company Act of 1940 as an open-end management
investment company.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates. The
following is a summary of significant accounting policies consistently
followed by each Portfolio in the preparation of its financial statements.
Portfolio valuation: Securities held by the Government Cash and Tax-Exempt
Cash Portfolios are valued by the "amortized cost" method of valuation which
approximates market value. Amortized cost valuation involves valuing an
instrument at its cost initially and thereafter assuming a constant
amortization to maturity of any discount or premium, regardless of the effect
of fluctuating interest rates on the market value of the instrument.
Equity securities listed on a U.S. securities exchange for which market
quotations are readily available are valued at the last quoted sale price as
of the close of the exchange's regular trading hours on the day the valuation
is made. Securities listed on a foreign exchange and unlisted foreign
securities are valued at the last quoted sales price available before the
time when assets are valued. Price information on listed securities is taken
from the exchange where the security is primarily traded. Unlisted equity
securities and listed securities not traded on the valuation date for which
market quotations are readily available are valued at an amount that does not
exceed the asked price and is not less than the bid price.
Bonds and other fixed income securities are valued according to the
broadest and most representative market, which is ordinarily the
over-the-counter market, at the most recent quoted bid price or, when
exchange valuations are used, at the latest quoted sale price on the day of
valuation. If there is no such reported sale, the latest quoted bid price
will be used. Bond and other fixed income securities may be valued on the
basis of prices provided by a pricing service when the Advisor believes such
prices reflect the fair market value of such securities. Debt securities
purchased by non-money market portfolios with
71
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements -- (Continued)
remaining maturities of 60 days or less are valued at amortized cost.
Securities with remaining maturities exceeding 60 days are valued at their
market or fair value until the 61st day prior to maturity and are valued at
amortized cost, thereafter.
The value of other assets and securities for which no market quotations
are readily available (including restricted securities) is determined in good
faith at fair value by the methods determined by the Board of Directors.
Repurchase agreements: Each Portfolio may engage in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, the
Portfolio takes possession of an underlying debt obligation subject to an
obligation of the seller to repurchase, and the Portfolio to resell, the
obligation at an agreed-upon price and time, thereby determining the yield
during the Portfolio's holding period. This arrangement results in a fixed
rate of return that is not subject to market fluctuations during the
Portfolio's holding period. The value of the collateral is at least equal at
all times to 102% of the total amount of the repurchase obligations,
including interest. In the event of counterparty default, the Portfolio has
the right to use the collateral to offset losses incurred. There is potential
loss to the Portfolio in the event the Portfolio is delayed or prevented from
exercising its rights to dispose of the collateral securities, including the
risk of a possible decline in the value of the underlying securities during
the period while the Portfolio seeks to assert its rights. The Portfolio's
investment advisor, acting under the supervision of the Board of Directors,
reviews the value of the collateral and the creditworthiness of those banks
and dealers with which the Portfolio enters into repurchase agreements to
evaluate potential risks.
Forward foreign exchange contracts: The International, Institutional
International, International Fixed Income and Emerging Markets Portfolios may
enter into forward foreign exchange contracts. Forward foreign exchange
contracts are valued at the forward rate and are marked-to-market daily. The
change in market value is recorded by the Portfolio as an unrealized gain or
loss. When the contract is closed, the Portfolio records a realized gain or
loss equal to the difference between the value of the contract at the time it
was opened and the value at the time it was closed.
The use of forward foreign exchange contracts does not eliminate
fluctuations in the underlying prices of the Portfolio's securities, but it
does establish a rate of exchange that can be achieved in the future.
Although forward foreign exchange contracts limit the risk of loss due to a
decline in the value of the hedged currency, they also limit any potential
gain that might result should the value of the currency increase. In
addition, the Portfolio could be exposed to risks if the counterparties to
the contracts are unable to meet the terms of their contracts.
Foreign currency: The books and records of each Portfolio are maintained
in United States (U.S.) dollars. Foreign currencies, investments and other
assets and liabilities are
72
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements -- (Continued)
translated into U.S. dollars at the exchange rates prevailing at the end of
the period, and purchases and sales of investment securities, income and
expenses are translated on the respective dates of such transactions.
Unrealized gains and losses which result from the translation of foreign
currencies, other assets and liabilities have been included in the unrealized
appreciation/(depreciation) of foreign currency translations. Net realized
foreign currency gains and losses resulting from changes in exchange rates
include foreign currency gains and losses between trade date and settlement
date on investment securities transactions, foreign currency transactions and
the difference between the amounts of interest and dividends recorded on the
books of the Portfolio and the amount actually received. The portion of
foreign currency gains and losses related to fluctuation in exchange rates
between the purchase settlement date and subsequent sale trade date is
included in realized gains and losses on investment securities sold.
Reverse repurchase agreements: The Intermediate Government Portfolio, the
Government Cash Portfolio, and the Emerging Markets Portfolio may enter into
reverse repurchase agreements. A reverse repurchase agreement involves a sale
by the Portfolio of securities that it holds with an agreement by the
Portfolio to repurchase the same securities at an agreed upon price and date.
A reverse repurchase agreement involves the risk that the market value of the
collateral retained by the Portfolio may decline below the price of the
securities the Portfolio has sold but is obligated to repurchase under the
agreement. In the event the buyer of securities under a reverse repurchase
agreement files for bankruptcy or becomes insolvent, the Portfolio's use of
the proceeds of the agreement may be restricted pending a determination by
the party, or its trustee or receiver, whether to enforce the Portfolio's
obligation to repurchase the securities. If entering into reverse repurchase
agreements, the Portfolio will establish a segregated account with its
custodian in which the Portfolio will maintain cash, U.S. Government
securities or other liquid high grade debt obligations at least equal in
value to its obligations with respect to reverse repurchase agreements. Under
normal circumstances the Intermediate Government Portfolio, the Government
Cash Portfolio, and the Emerging Markets Portfolio will not enter into
reverse repurchase agreements if entering into such agreements would cause,
at the time of entering into such agreements, more than 10% of the value of
its total assets to be subject to such agreements. There were no reverse
repurchase agreements as of October 31, 1996.
Securities transactions and investment income: Securities transactions are
recorded as of the trade date. Realized gains and losses on investments sold
are computed on the basis of identified cost. Dividend income and
distributions to shareholders are recorded on the ex-dividend date. Dividend
income for foreign securities is recorded on the ex-dividend dates except
that certain dividends from foreign securities are recorded as soon as the
Portfolio is informed of the ex-dividend date. Interest income is recorded on
the accrual basis. Discounts and premiums on securities purchased are
amortized over their respective lives.
73
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements -- (Continued)
Securities purchased or sold on a when-issued or delayed-delivery basis
may be settled a month or more after the trade date. Interest income is not
accrued until settlement date. The Portfolio instructs the custodian to
segregate assets in a separate account with a current value at least equal to
the amount of its when-issued purchased commitments.
Dividends and distributions to shareholders: Dividends from net investment
income, if any, of the Government Cash and Tax-Exempt Cash Portfolios are
declared each day the Portfolio is open for business and paid monthly.
Dividends from net investment income, if any, of the International, Equity,
Small Capitalization Equity, Institutional International, International Fixed
Income, Model Equity and Emerging Markets Portfolios are declared and paid
quarterly. Dividends from net investment income, if any, of the Intermediate
Government Portfolio are declared and paid monthly. The Portfolios distribute
any net realized capital gains on an annual basis. Additional distributions
of net investment income and capital gains for each Portfolio may be made at
the discretion of the Board of Directors in order to avoid the 4%
nondeductible Federal excise tax. Income distributions and capital gains
distributions are determined in accordance with income tax regulations which
may differ from generally accepted accounting principles. These differences
are primarily due to differing treatments of income and gains on various
investment securities held by each Portfolio, timing differences and
differing characterization of distributions made by each Portfolio.
Organization Costs: Organization costs are being amortized on the
straight-line basis over periods of five years from the dates on which each
Portfolio commenced operations.
Federal income taxes: Each Portfolio intends to qualify as a regulated
investment company by complying with the requirements of the Internal Revenue
Code applicable to regulated investment companies and by distributing
substantially all of its taxable income to its shareholders. Therefore, no
Federal income tax provision is required.
2. Investment Advisory Fee, Administration Fee and Other Party
Transactions
For the Institutional International Portfolio, the Portfolio pays The
Glenmede Trust Company (the "Advisor") for its investment advisory services a
monthly fee at the annual rate of 0.75% of the value of its average daily net
assets. For the Emerging Markets Portfolio, the Portfolio pays Pictet
International Management Limited (the "Subadvisor") for its investment
advisory services a monthly fee at the annual rate of 0.75% of the value of
its average daily net assets. In addition, the Emerging Markets Portfolio has
accrued an investment advisory fee payable to The Glenmede Trust Company (the
"Advisor") at the annual rate of 0.50% of the value of its average daily net
assets. Effective November 1, 1996, the Emerging Markets Portfolio will pay
Pictet International Management Limited (the "Subadvisor") for its investment
advisory services a monthly fee at the
74
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements -- (Continued)
annual rate of 0.50% of the value of its average daily net assets. In
addition, the Emerging Markets Portfolio will begin accruing an investment
advisory fee payable to The Glenmede Trust Company (the "Advisor") at the
annual rate of 0.75% of the value of its average daily net assets. The
Advisor does not receive a fee from any of the remaining Portfolios for its
investment advisory services. However, effective January 1, 1995 each
Portfolio (except the Institutional International and Emerging Markets
Portfolios) pays The Glenmede Trust Company a shareholder servicing fee at
the annual rate of 0.05% of the value of its average daily net assets.
For the Institutional International Portfolio, the Advisor has agreed to
waive its fees and/or reimburse expenses to the extent necessary to ensure
that the Portfolio's total operating expenses do not exceed 1.00% of the
Portfolio's average daily net assets. There were no waivers necessary for the
year ended October 31, 1996.
Investment Company Capital Corp. ("ICC"), a wholly-owned subsidiary of
Alex. Brown & Sons Incorporated, provides administrative, accounting and
transfer agent services to the Fund. The Fund pays ICC a fee computed daily
and payable monthly at the annual rate of 0.12% of the first $100 million of
the combined aggregate average daily net assets of the Fund and The Glenmede
Portfolios, an investment company with the same officers, Board and service
providers as the Fund (collectively, the "Companies"), 0.08% of the next $150
million of the combined aggregate average daily net assets of the Companies,
0.04% of the next $500 million of the combined aggregate average daily net
assets of the Companies and 0.03% of the combined aggregate average daily net
assets of the Companies in excess of $750 million. This fee is allocated to
each Portfolio based on the relative net assets of each.
Effective June 12, 1996 the Fund pays each Board member, other than Mr.
Church, an annual fee of $8,000 plus $1,250 for each Board meeting attended
and each Valuation Committee meeting attended and not held in conjunction
with a board meeting and out-of-pocket expenses incurred in attending Board
meetings. Prior to June 12, 1996, the annual fee paid to Board Members was
$6,000, plus $1,250 for each Board meeting attended and out of pocket
expenses incurred in attending Board meetings.
Expenses for the year ended October 31, 1996 include Legal Fees paid to
Drinker Biddle and Reath. A partner of the firm is Secretary of the Fund.
75
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements -- (Continued)
3. Purchases and Sales of Securities
For the year ended October 31, 1996, cost of purchases and proceeds from
sales of investment securities other than U.S. Government securities and
short-term securities were:
<TABLE>
<CAPTION>
Portfolio Purchases Sales
------------------------------------- ------------- -------------
<S> <C> <C>
Equity Portfolio .................... $ 30,721,651 $36,851,123
Small Capitalization Equity Portfolio . 189,956,279 89,484,355
Model Equity Portfolio .............. 60,417,867 31,276,942
International Fixed Income Portfolio . 3,508,862 3,127,784
International Portfolio ............. 284,967,310 28,666,955
Institutional International Portfolio . 11,417,314 4,840,911
Emerging Markets Portfolio .......... 88,047,515 27,739,933
</TABLE>
For the year ended October 31, 1996, cost of purchases and proceeds from
sales of long-term U.S. Government securities were:
<TABLE>
<CAPTION>
Portfolio Purchases Sales
--------------------------------- -------------- --------------
<S> <C> <C>
Intermediate Government Portfolio . $127,289,165 $202,015,304
</TABLE>
At October 31, 1996, aggregate gross unrealized appreciation for all
securities in which there was an excess of value over tax cost and aggregate
gross unrealized depreciation for all securities in which there was an excess
of tax cost over value were as follows:
<TABLE>
<CAPTION>
Portfolio Appreciation Depreciation
------------------------------------- -------------- --------------
<S> <C> <C>
Intermediate Government Portfolio ... $ 3,470,861 $ 659,872
Equity Portfolio .................... 23,301,027 319,584
Small Capitalization Equity Portfolio . 48,922,765 12,468,740
Model Equity Portfolio .............. 4,810,102 937,663
International Fixed Income Portfolio . 1,733,142 474,518
International Portfolio ............. 100,699,757 25,711,373
Institutional International Portfolio . 8,394,818 1,930,993
Emerging Markets Portfolio .......... 8,817,295 13,199,467
</TABLE>
4. Common Stock
The Fund is authorized to issue and has classified 2,500,000,000 shares of
common stock with a $.001 par value. Since the Government Cash Portfolio and
the Tax-Exempt Cash Portfolio have sold shares, issued shares as
reinvestments of dividends and redeemed shares only at a constant net value
of $1.00 per share, the number of shares represented by such sales,
reinvestments and redemptions is the same as the amounts shown below for such
transactions. Changes in the capital shares outstanding were as follows:
76
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements -- (Continued)
<TABLE>
<CAPTION>
Year Ended Year Ended
10/31/96 10/31/95
--------------- ---------------
<S> <C> <C>
Government Cash Portfolio:
Sold ......................... $ 3,113,471,425 $ 2,409,469,078
Issued as reinvestment of
dividends .................. 9,257 12,176
Redeemed ..................... (3,069,692,151) (2,354,254,073)
--------------- ---------------
Net increase ................. $ 43,788,531 $ 55,227,181
=============== ===============
Tax-Exempt Cash Portfolio:
Sold ......................... $ 992,259,979 $ 913,203,200
Issued as reinvestment of
dividends .................. 4,576 4,730
Redeemed ..................... (993,073,443) (910,357,600)
--------------- ---------------
Net increase/(decrease) ...... $ (808,888) $ 2,850,330
=============== ===============
</TABLE>
<TABLE>
<CAPTION>
Year Ended Year Ended
10/31/96 10/31/95
-------------------------------- -------------------------------
Shares Amount Shares Amount
------------- --------------- ------------- --------------
<S> <C> <C> <C> <C>
Intermediate Government
Portfolio:
Sold ................... 1,282,964 $ 13,259,787 3,967,663 $ 40,175,736
Issued as reinvestment
of dividends ......... 6,066 61,966 6,085 61,117
Redeemed ............... (9,172,298) (94,586,581) (4,628,535) (46,364,860)
------------- --------------- ------------- --------------
Net decrease ........... (7,883,268) $(81,264,828) (654,787) $ (6,128,007)
============= =============== ============= ==============
Equity Portfolio:
Sold ................... 1,111,114 $ 17,969,935 1,306,422 $ 17,828,359
Issued as reinvestment
of dividends ......... 499,778 8,315,878 190,381 2,826,834
Redeemed ............... (1,465,388) (23,749,355) (1,132,291) (14,837,614)
------------- --------------- ------------- --------------
Net increase ........... 145,504 $ 2,536,458 364,512 $ 5,817,579
============= =============== ============= ==============
Small Capitalization Equity
Portfolio:
Sold ................... 6,818,126 $108,124,038 2,921,359 $ 42,992,478
Issued as reinvestment
of dividends ......... 1,404,372 22,598,004 1,126,812 17,318,874
Redeemed ............... (507,134) (8,223,676) (507,371) (7,605,651)
------------- --------------- ------------- --------------
Net increase ........... 7,715,364 $122,498,366 3,540,800 $ 52,705,701
============= =============== ============= ==============
Model Equity Portfolio:
Sold ................... 2,782,747 $ 30,928,807 43,417 $ 471,878
Issued as reinvestment
of dividends ......... 62,080 717,367 213,134 2,225,134
Redeemed ............... (99,140) (1,107,723) (655,217) (7,454,443)
------------- --------------- ------------- --------------
Net increase/(decrease) 2,745,687 $ 30,538,451 (398,666) $ (4,757,431)
============= =============== ============= ==============
</TABLE>
77
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements -- (Continued)
<TABLE>
<CAPTION>
Year Ended Year Ended
10/31/96 10/31/95
-------------------------------- -------------------------------
Shares Amount Shares Amount
------------- --------------- ------------- --------------
<S> <C> <C> <C> <C>
International Fixed Income
Portfolio:
Sold ................... 92,155 $ 999,711 1,006,117 $ 10,548,302
Issued as reinvestment
of dividends ......... 13,854 148,401 50 558
Redeemed ............... (88,804) (982,952) (190,265) (2,052,225)
------------- --------------- ------------- --------------
Net increase ........... 17,205 $ 165,160 815,902 $ 8,496,635
============= =============== ============= ==============
International Portfolio:
Sold ................... 19,987,270 $270,728,669 4,780,814 $ 61,184,082
Issued as reinvestment
of dividends ......... 340,814 4,711,978 1,174,783 15,107,479
Redeemed ............... (980,648) (13,498,108) (1,348,160) (16,875,899)
------------- --------------- ------------- --------------
Net increase ........... 19,347,436 $261,942,539 4,607,437 $ 59,415,662
============= =============== ============= ==============
Institutional International
Portfolio:
Sold ................... 763,908 $ 10,331,280 2,407,743 $ 30,659,078
Issued as reinvestment
of dividends ......... 69,500 952,085 52,024 650,145
Redeemed ............... (143,815) (1,950,423) (228,643) (2,842,667)
------------- --------------- ------------- --------------
Net increase ........... 689,593 $ 9,332,942 2,231,124 $ 28,466,556
============= =============== ============= ==============
</TABLE>
<TABLE>
<CAPTION>
Year Ended Period Ended
10/31/96 10/31/95*
---------------------------- ----------------------------
Shares Amount Shares Amount
----------- ------------- ----------- -------------
<S> <C> <C> <C> <C>
Emerging Markets Portfolio:
Sold ................... 6,375,538 $63,260,731 2,841,258 $29,049,025
Issued as reinvestment of
dividends ............ 28,632 272,340 321 3,444
Redeemed ............... (135,587) (1,241,809) (36,712) (376,530)
----------- ------------- ----------- -------------
Net increase ........... 6,268,583 $62,291,262 2,804,867 $28,675,939
=========== ============= =========== =============
</TABLE>
- ------
* The Emerging Markets Portfolio commenced operations on December 14, 1994.
5. Lending of Portfolio Securities
The Government Cash, Tax-Exempt Cash, Intermediate Government, Equity,
Model Equity, Small Capitalization Equity, International Fixed Income,
International, Institutional International and Emerging Markets Portfolios
have the ability to lend their securities to brokers, dealers and other
financial organizations. Loans of portfolio securities by the Portfolios are
collateralized by cash and/or government securities that are maintained at
all times in an amount at least equal to the current market value of the
loaned securities.
78
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements -- (Continued)
The Portfolios generated additional income by lending its securities to
approved brokers. At October 31, 1996, the following Portfolios had
outstanding loans of securities to certain approved brokers for which the
Portfolios received collateral:
<TABLE>
<CAPTION>
Year Ended 10/31/96
--------------------------------------------------
Market Value of Market Value of % of Fund
Portfolio Loaned Securities Collateral on Loan
------------------------------------- ----------------- --------------- -----------
<S> <C> <C> <C>
Intermediate Government Portfolio ... $38,911,803 $40,298,750 14.99%
Institutional International Portfolio . 2,722,254 2,842,203 4.66%
International Portfolio ............. 72,736,535 76,539,823 11.30%
Small Capitalization Equity Portfolio . 11,139,071 14,262,500 3.61%
Equity Portfolio .................... 2,725,000 2,800,000 2.89%
</TABLE>
6. Capital Loss Carryforward
At October 31, 1996, the following Portfolios had available capital loss
carryforwards to offset future net capital gains through the indicated
expiration dates as follows:
<TABLE>
<CAPTION>
Expiring Expiring Expiring Expiring Expiring
Portfolio in 1999 in 2001 in 2002 in 2003 2004
--------------------------------- ---------- ---------- ------------ ---------- ----------
<S> <C> <C> <C> <C> <C>
Government Cash Portfolio ....... -- $ 127 $ 1,000 $26,819 --
Tax-Exempt Cash Portfolio ....... $18,922 19,079 8,905 27,815 13
Intermediate Government Portfolio . -- -- 11,697,302 -- --
Emerging Markets ................ -- -- -- 19,308 --
</TABLE>
7. Foreign Securities
The International, Equity, Small Capitalization Equity, Institutional
International, International Fixed Income and Emerging Markets Portfolios may
invest in foreign securities. Investing in foreign companies and foreign
governments involves special risks and considerations not typically
associated with investing in U.S. companies and the U.S. government. These
risks include evaluation of currencies and future adverse political and
economic developments. Moreover, securities of many foreign companies and
foreign governments and their markets may be less liquid and their prices
more volatile than those of securities of comparable U.S. companies and the
U.S. government. This is particularly true with respect to emerging markets
in developing countries.
79
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements -- (Continued)
8. Net Assets
At October 31, 1996, net assets consisted of:
<TABLE>
<CAPTION>
Government Tax-Exempt Intermediate
Cash Cash Government Equity
Portfolio Portfolio Portfolio Portfolio
-------------- -------------- -------------- -------------
<S> <C> <C> <C> <C>
Par value ................................... $ 452,351 $ 225,074 $ 25,216 $ 5,610
Paid-in capital in excess of par value ...... 451,898,730 224,848,762 267,000,502 71,099,456
Undistributed net investment income ......... 71,402 -- 1,372,331 98,365
Accumulated net realized gain/(loss) on
investments sold, and foreign currency
transactions ............................... (27,946) (74,734) (11,743,764) 0
Net unrealized appreciation/(depreciation) of
investments and foreign currency transactions -- -- 2,848,437 22,981,443
-------------- -------------- -------------- -------------
Total Net Assets .......................... $452,394,537 $224,999,102 $259,502,722 $94,184,874
============== ============== ============== =============
</TABLE>
<TABLE>
<CAPTION>
Small International
Capitalization Model Fixed
Equity Equity Income International
Portfolio Portfolio Portfolio Portfolio
-------------- -------------- --------------- ---------------
<S> <C> <C> <C> <C>
Par value ................................... $ 19,131 $ 4,291 $ 2,452 $ 46,382
Paid-in capital in excess of par value ...... 271,723,965 46,141,071 24,861,758 570,878,281
Undistributed net investment income ......... 218,290 96,601 220,157 (2,452,282)
Accumulated net realized gain/(loss) on
investments sold, and foreign currency
transactions ............................... 0 16,550 0 0
Net unrealized appreciation/(depreciation) of
investments and foreign currency transactions 36,454,024 3,872,439 1,259,417 74,986,267
-------------- -------------- --------------- ---------------
Total Net Assets .......................... $308,415,410 $50,130,952 $26,343,784 $643,458,648
============== ============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
Institutional Emerging
International Markets
Portfolio Portfolio
--------------- -------------
<S> <C> <C>
Par value ................................... $ 4,273 $ 9,074
Paid-in capital in excess of par value ...... 52,199,527 90,884,370
Undistributed net investment income ......... (270,015) (79,207)
Accumulated net realized gain/(loss) on
investments sold, and foreign currency
transactions ............................... (2,356) (44,417)
Net unrealized appreciation/(depreciation) of
investments and foreign currency transactions 6,458,720 (4,385,306)
--------------- -------------
Total Net Assets .......................... $58,390,149 $86,384,514
=============== =============
</TABLE>
80
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Directors of
The Glenmede Fund, Inc.:
We have audited the accompanying statements of net assets of the
Government Cash Portfolio, Tax-Exempt Cash Portfolio, Intermediate Government
Portfolio, Equity Portfolio, Small Capitalization Equity Portfolio, Model
Equity Portfolio, International Fixed Income Portfolio, International
Portfolio, Institutional International Portfolio, and Emerging Markets
Portfolio of The Glenmede Fund, Inc., (the "Funds"), as of October 31, 1996,
and the related statements of operations for the year then ended, the
statements of changes in net assets for each of the two years (or periods)
then ended, and the financial highlights for each of the five years (or
periods) presented. These financial statements and financial highlights are
the responsibility of the Fund's management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of October 31, 1996 by correspondence with the custodian
and brokers. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
the Government Cash Portfolio, Tax-Exempt Cash Portfolio, Intermediate
Government Portfolio, International Portfolio, Equity Portfolio, Small
Capitalization Equity Portfolio, Institutional International Portfolio,
International Fixed Income Portfolio, Model Equity Portfolio and Emerging
Markets Portfolio of The Glenmede Fund, Inc. as of October 31, 1996, the
results of their operations for the year then ended, the changes in their net
assets for each of the two years (or periods) then ended, and financial
highlights for each of the respective periods stated in the first paragraph,
in conformity with generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
Philadelphia, Pennsylvania
December 9, 1996
81
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Tax Information (Unaudited)
For the Year Ended October 31, 1996
The amount of long-term capital gain paid for the fiscal year ended
October 31, 1996 was as follows:
<TABLE>
<CAPTION>
<S> <C>
Equity Portfolio ......................................... $ 7,767,005
Small Capitalization Equity Portfolio ...................... $18,167,000
Model Equity Portfolio .................................... $ 172,781
International Fixed Income Portfolio ....................... $ 122,495
International Portfolio ................................... $ 1,700,763
Institutional International Portfolio ...................... $ 282,366
</TABLE>
Of the dividends paid from net investment income for the year ended
October 31, 1996, the following percentages have been derived from
investments in U.S. Government and Agency Obligations. All or a portion of
the distributions from this income may be exempt from taxation at the state
level. Consult your tax advisor for state specific information.
<TABLE>
<CAPTION>
<S> <C>
Government Cash Portfolio ........................................ 9%
Intermediate Government Portfolio ................................. 44%
</TABLE>
Of the dividends paid by the Portfolios from net investment income for the
year ended October 31, 1996, the following percentages are tax exempt for
regular Federal income tax purposes.
<TABLE>
<CAPTION>
<S> <C>
Tax-Exempt Cash Portfolio ........................................ 100%
</TABLE>
Of the distributions made during the fiscal year ended October 31, 1996,
the following percentages qualify for the dividends received deduction
available to corporate shareholders:
<TABLE>
<CAPTION>
<S> <C>
Equity Portfolio ................................................. 76%
Small Capitalization Equity Portfolio ............................. 62%
Model Equity Portfolio ............................................ 52%
</TABLE>
The above figures may differ from those cited elsewhere in this report due
to differences in the calculation of income and gains for Securities and
Exchange Commission (book) purposes and Internal Revenue Service (tax)
purposes.
82
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
STATEMENTS OF ASSETS AND LIABILITIES
FOR THE YEAR ENDED OCTOBER 31, 1996
<TABLE>
<CAPTION>
Muni New Jersey
Intermediate Muni
Portfolio Portfolio
-------------- ------------
<S> <C> <C>
ASSETS:
Investments, at value
See accompanying schedule .......................... $17,853,972 $7,323,594
Cash ................................................. 299,190 382,227
Interest receivable .................................. 319,912 117,637
-------------- ------------
Total Assets .................................... 18,473,074 7,823,458
-------------- ------------
LIABILITIES:
Payable for investment securities purchased .......... -- 270,722
Administration fee payable ........................... 648 241
Accrued expenses and other payables .................. 1,366 7,355
-------------- ------------
Total Liabilities .................................. 2,014 278,318
-------------- ------------
NET ASSETS ................................................ $18,471,060 $7,545,140
============== ============
NET ASSETS consist of:
Undistributed net investment income .................. $ 82,927 $ 29,465
Accumulated net realized gain/(loss) on investments sold (773,221) (107,777)
Net unrealized appreciation/(depreciation) of investments 225,228 94,851
Par value ............................................ 1,800 755
Paid-in capital in excess of par value ............... 18,934,326 7,527,846
-------------- ------------
Total Net Assets ................................ $18,471,060 $7,545,140
============== ============
NET ASSET VALUE, offering and redemption price
per share of beneficial interest outstanding with a $.001
par value ............................................... $ 10.26 $ 9.97
============== ============
Number of Portfolio shares outstanding .................... 1,799,502 756,459
============== ============
Investments, at cost ...................................... $17,628,744 $7,228,744
============== ============
</TABLE>
See Notes to Financial Statements.
83
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 1996
<TABLE>
<CAPTION>
Muni New Jersey
Intermediate Muni
Portfolio Portfolio
-------------- ------------
<S> <C> <C>
Investment income:
Interest ............................................ $1,001,690 $301,885
-------------- ------------
Expenses:
Administration fee .................................. 7,474 2,571
Shareholder servicing fee ........................... 9,135 3,168
Custodian fee ....................................... 1,691 537
Legal and audit fees ................................ 8,069 4,655
Trustees' fees and expenses ......................... 3,962 1,142
Registration and filing fees ........................ 187 797
Other expenses ...................................... 27,251 2,231
-------------- ------------
Total expenses .................................... 57,769 15,101
============== ============
Net investment income .................................... 943,921 286,784
-------------- ------------
Realized and unrealized gain/(loss) on investments (Notes 1
and 3):
Net realized gain/(loss) on investments ............. (2,404) (11,660)
Net unrealized appreciation/(depreciation) on investments (91,574) (770)
-------------- ------------
Net realized and unrealized gain/(loss) on investments ... (93,978) (12,430)
-------------- ------------
Net increase in net assets resulting from operations ..... $ 849,943 $274,354
============== ============
</TABLE>
See Notes to Financial Statements.
84
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED OCTOBER 31, 1996
<TABLE>
<CAPTION>
Muni New Jersey
Intermediate Muni
Portfolio Portfolio
-------------- ------------
<S> <C> <C>
Net investment income ........................................ $ 943,921 $ 286,784
Net realized gain/(loss) on investments ...................... (2,404) (11,660)
Net unrealized appreciation/(depreciation) of investments .... (91,574) (770)
-------------- ------------
Net increase/(decrease) in net assets resulting from operations 849,943 274,354
Distributions to shareholders from net investment income ..... (942,468) (279,091)
Net increase/(decrease) in net assets from Portfolio share
transactions (Note 4) ....................................... 467,619 1,617,435
-------------- ------------
Net increase/(decrease) in net assets ........................ 375,094 1,612,698
NET ASSETS:
Beginning of year ............................................ 18,095,966 5,932,442
-------------- ------------
End of year .................................................. $18,471,060 $7,545,140
============== ============
</TABLE>
FOR THE YEAR ENDED OCTOBER 31, 1995
<TABLE>
<CAPTION>
Muni New Jersey
Intermediate Muni
Portfolio Portfolio
-------------- ------------
<S> <C> <C>
Net investment income ......................................... $ 979,745 $ 218,748
Net realized gain/(loss) on investments ....................... (549,436) (21,708)
Net unrealized appreciation/(depreciation) of investments during
the year ..................................................... 1,549,201 426,833
-------------- ------------
Net increase/(decrease) in net assets resulting from operations . 1,979,510 623,873
Distributions to shareholders from net investment income ...... (1,001,625) (216,955)
Net increase/(decrease) in net assets from Portfolio share
transactions (Note 4) ........................................ (4,979,071) 961,965
-------------- ------------
Net increase/(decrease) in net assets ......................... (4,001,186) 1,368,883
NET ASSETS:
Beginning of year ............................................. 22,097,152 4,563,559
-------------- ------------
End of year ................................................... $18,095,966 $5,932,442
============== ============
</TABLE>
See Notes to Financial Statements.
85
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
<TABLE>
<CAPTION>
Muni Intermediate Portfolio
--------------------------------------------------------------
Period
Year Ended Ended
October 31, October 31,
---------------------------------------------- -------------
1996 1995 1994 1993 1992+
--------- --------- --------- --------- -------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year ................... $ 10.32 $ 9.74 $ 10.59 $ 10.00 $ 10.00
--------- --------- --------- --------- -------------
Income from investment operations:
Net investment income ................................ 0.53 0.53 0.53 0.44 0.11
Net realized and unrealized gain/(loss) on investments (0.06) 0.58 (0.85) 0.59 (0.03)
--------- --------- --------- --------- -------------
Total from investment operations ..................... 0.47 1.11 (0.32) 1.03 0.08
Distributions to shareholders from net investment
income .............................................. (0.53) (0.53) (0.53) (0.44) (0.08)
--------- --------- --------- --------- -------------
Net asset value, end of year ......................... $ 10.26 $ 10.32 $ 9.74 $ 10.59 $ 10.00
========= ========= ========= ========= =============
Total return++ ....................................... 4.67% 11.76% (3.13)% 10.54% 0.74%
========= ========= ========= ========= =============
Ratios to average net assets/Supplemental data:
Net assets, end of year (in 000's) ................... $18,471 $18,096 $22,097 $94,803 $42,533
Ratio of operating expenses to average net assets .... 0.32% 0.28% 0.25% 0.25% 0.25%*
Ratio of net investment income to average net assets . 5.16% 5.23% 4.78% 4.41% 4.22%*
Portfolio turnover rate .............................. 44% 28% 11% 10% 3%
</TABLE>
- ------
+ The Portfolio commenced operations on June 5, 1992.
++ Total return represents aggregate total return for the period indicated.
* Annualized.
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
<TABLE>
<CAPTION>
New Jersey Muni Portfolio
--------------------------------
Year Ended October 31,
--------------------------------
1996 1995 1994+
-------- -------- ---------
<S> <C> <C> <C>
Net asset value, beginning of period .................. $ 10.00 $ 9.22 $ 10.00
-------- -------- ---------
Income from investment operations:
Net investment income ................................. 0.44 0.41 0.32
Net realized and unrealized loss on investments ....... (0.03) 0.78 (0.82)
-------- -------- ---------
Total from investment operations ...................... 0.41 1.19 (0.50)
Distributions to shareholders from net investment
income ............................................... (0.44) (0.41) (0.28)
-------- -------- ---------
Net asset value, end of period ........................ $ 9.97 $ 10.00 $ 9.22
======== ======== =========
Total return++ ........................................ 4.24% 13.25% (5.13)%
======== ======== =========
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's) .................. $7,545 $5,932 $4,564
Ratio of operating expenses to average net assets ..... 0.24% 0.53% 0.60%*
Ratio of net investment income to average net assets .. 4.56% 4.30% 3.60%*
Portfolio turnover rate ............................... 33 % 12 % 65 %
</TABLE>
- ------
+ The Portfolio commenced operations on November 1, 1993.
++ Total return represents aggregate total return for the period indicated.
* Annualized.
See Notes to Financial Statements.
86
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Muni Intermediate Portfolio
PORTFOLIO OF INVESTMENTS
October 31, 1996
<TABLE>
<CAPTION>
Face
Amount Value
----------- -----------
<S> <C> <C>
MUNICIPAL BONDS & NOTES -- 96.7%
$175,000 Allegheny County, PA , Series C, General Obligation Unlimited,
(MBIA Insured)
5.875 % due 9/15/12 .................................................... $179,583
125,000 Beaver County, PA, Industrial Development Authority Pollution Control
Revenue Saint Joe Minerals Corporation Project
6.00 % due 5/01/07 ..................................................... 125,011
500,000 Beaver Falls, PA Municipal Authority Water & Hydroelectric Revenue
(FGIC Insured)
5.70 % due 12/01/08 .................................................... 512,810
385,000 Berks County, PA Municipal Authority Higher Education, PA Pooled Financing
Program
6.70% due 09/01/07 ..................................................... 394,394
100,000 Bethel Park, PA, School District, General Obligation Unlimited,
(FGIC Insured)
5.40% due 08/01/00 ..................................................... 102,478
400,000 Boyertown, PA, School District, Series A, General Obligation Unlimited,
(AMBAC Insured)
6.45% due 02/01/06 ..................................................... 402,788
100,000 Bucks County, PA, Community College Authority College Building Revenue
6.05% due 06/15/06 ..................................................... 104,785
70,000 Butler County, PA Airport Authority Revenue
7.25% due 11/01/99 ..................................................... 74,118
100,000 Chambersburg, Pennsylvania Area School District, Series B, General
Obligation Unlimited, (AMBAC Insured)
6.625% due 04/01/09 .................................................... 105,519
190,000 College Township, Industrial Development Authority, PA, Corning Glass
Works Project
6.60% due 06/01/04 ..................................................... 190,245
210,000 Coraopolis-Verona Housing Development Corporation, Multifamily Mortgage
Revenue (FHA Insured)
5.35% due 07/01/03. .................................................... 214,706
10,000 Cornwall-Lebanon, PA, School District, General Obligation Unlimited, (FGIC
Insured),
5.30% due 02/15/01 ..................................................... 10,124
200,000 Dauphin County, PA, General Obligation Unlimited, (MBIA Insured)
5.40% due 08/01/06 ..................................................... 204,404
100,000 Dauphin County, PA, General Authority Revenue
6.85% due 06/01/26 ..................................................... 106,364
130,000 Dauphin County, PA, General Authority Revenue
6.80% due 06/01/26 ..................................................... 139,253
500,000 Dauphin County, PA, General Authority Revenue
6.00% due 06/01/26 ..................................................... 513,165
250,000 Delaware County, PA, Unrefunded Balance, General Obligation Unlimited
7.25% due 12/01/00 ..................................................... 250,722
600,000 Delaware River Joint Toll Bridge, Refunding, (FGIC Insured)
6.15% due 7/01/04 ...................................................... 639,420
280,000 Delaware River Port Authority,PA & NJ Del River Bridges Revenue
6.50% due 1/15/11 ...................................................... 298,875
</TABLE>
See Notes to Financial Statements.
87
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Muni Intermediate Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Face
Amount Value
----------- -----------
MUNICIPAL BONDS & NOTES -- (Continued)
<C> <C> <C>
$ 40,000 Delaware River Port Authority,PA & NJ Del River Bridges Revenue
6.00% due 1/15/10 ...................................................... $ 41,475
100,000 Eastern Montgomery County, PA, Refunding,
5.90% due 06/15/02 ..................................................... 100,746
150,000 Eastern Montgomery County, PA, Refunding
5.75% due 06/15/01 ..................................................... 151,074
50,000 Erie County, PA, Hospital Authority Revenue, Saint Vincent Health Center,
Series B (MBIA Insured)
5.00% due 07/01/98 ..................................................... 50,739
100,000 Gettysburg, PA, Municipal Authority College Revenue, Gettysburg College
Project,
5.95% due 02/15/00 ..................................................... 103,834
100,000 Gettysburg, PA, Municipal Authority County, Guaranteed Hospital Revenue,
Gettysburg Hospital Project, (MBIA County Guaranteed)
6.20% due 07/01/12 ..................................................... 104,248
570,000 Greene County, PA, Industrial Development Authority, Pollution Control
Revenue, West Pennsylvania Power, Hatfield Ferry
6.10% due 02/01/07 ..................................................... 570,969
100,000 Greene County, PA, Industrial Development Authority, Pollution Control
Revenue, West Pennsylvania Power, (MBIA Insured)
6.10% due 02/01/07 ..................................................... 100,059
275,000 Hazleton, PA, Area School District, Series A, General Obligaton Unlimited,
5.875% due 03/01/10 .................................................... 284,394
100,000 Hempfield, PA, School District, Lancaster School, General Obligation
Unlimited, (FGIC Insured)
6.10% due 08/15/02 ..................................................... 107,613
100,000 Lancaster County, PA, General Obligaton Unlimited, (FGIC Insured)
6.10% 07/01/01 ......................................................... 100,130
170,000 Lancaster, PA, Higher Education Authority College Revenue, Franklin &
Marshall College PJ, (MBIA Insured)
6.55% due 04/15/07 ..................................................... 184,635
375,000 Lycoming County, PA, College Revenue, PA College of Technology, (AMBAC
Insured)
5.20% due 11/01/04 ..................................................... 383,081
100,000 Montgomery County, PA, Higher Education & Health Authority Hospital
Revenue Abington Memorial Hospital, Series A, (AMBAC Insured)
5.80% 06/01/04 ......................................................... 105,639
60,000 Montgomery County, PA Industrial Development Authority Revenue
7.50% 01/01/12 ......................................................... 64,400
100,000 Montgomery County, PA, Series A, General Obligation Unlimited
5.00% due 10/15/05 ..................................................... 100,496
100,000 New Kensington, PA, General Obligation Unlimited, (FGIC Insured)
5.625% due 10/01/04 .................................................... 102,407
200,000 North East, PA, School District, Refunding, (AMBAC Insured)
6.00% due 09/15/10 ..................................................... 207,074
200,000 North Penn, PA, School District, Series A, General Obligation Unlimited
6.20% due 09/01/07 ..................................................... 210,178
250,000 North Pocono, School District, PA, General Obligation Unlimited,
(FGIC Insured),
5.25% due 07/15/06 ..................................................... 252,468
</TABLE>
See Notes to Financial Statements.
88
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Muni Intermediate Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Face
Amount Value
----------- -----------
MUNICIPAL BONDS & NOTES -- (Continued)
<C> <C> <C>
$ 100,000 Palisades School District, PA, 1st Series, General Obligation Unlimited
5.85% due 09/01/03 .................................................... $ 100,606
75,000 Palisades School District, PA, 1st Series, General Obligation Unlimited
5.70% due 09/01/02 .................................................... 75,270
275,000 Penn Trafford, PA, School District, General Obligation Unlimited,
(MBIA Insured)
6.50% due 04/01/06 .................................................... 290,177
200,000 Pennridge Penn School District, Series A, General Obligation Unlimited,
(AMBAC Insured)
6.25% due 02/15/04 .................................................... 213,290
100,000 Pennsylvania Housing Finance Agency, Single Family Mortgage, Series S,
(FHA Insured)
7.15% due 10/01/01 .................................................... 104,994
125,000 Pennsylvania Housing Finance Agency, Single Family Mortgage, Series S (FHA
Insured)
7.60% due 04/01/16 .................................................... 134,248
350,000 Pennsylvania Housing Finance Agency, Refunding, Rental Housing,
5.25% due 07/01/04 .................................................... 354,158
500,000 Pennsylvania Housing Finance Agency, Refunding, Rental Housing
5.45% due 07/01/06 .................................................... 508,280
330,000 Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 38
5.50% due 04/01/05 .................................................... 334,643
500,000 Pennsylvania Infrastructure Investment Authority Revenue Pennvest Loan
Pool -- Remarket 5/3/93-A
5.90% due 09/01/10 .................................................... 512,885
300,000 Pennsylvania Intergovernmental Coop Authority, Special Tax Revenue, City
of Philadelphia Funding Program, (FGIC Insured)
6.00% due 06/15/02 .................................................... 320,121
300,000 Pennsylvania State, Certificates of Participation, Series A, (AMBAC
Insured)
5.00% due 07/01/03 .................................................... 304,053
1,000,000 Pennsylvania State Finance Authority Revenue, Refunding, Municipal Capital
Improvements Program
6.60% due 11/01/09 .................................................... 1,067,030
580,000 Pennsylvania State Higher Education Assistance Agency Student Loan
Revenue, Refunding, Series A, (FGIC Insured)
6.80% due 12/01/00 .................................................... 622,299
250,000 Pennsylvania State Higher Educational Facilities Authority College &
University Revenues University of Pennsylvania, Series A
5.60% due 09/01/10 .................................................... 253,595
55,000 Perkiomen Valley School Authority, PA, School Revenue, (MBIA Insured)
6.40% due 12/01/02 .................................................... 57,216
320,000 Philadelphia, PA, Hospitals Revenue, Hospital University, PA, (FGIC
Insured)
5.875% due 07/01/08 ................................................... 333,850
260,000 Pittsburgh,PA Urban Redevelopment Authority Mortgage Revenue, Series D
5.75% due 10/01/07 263,245
150,000 Pittsburgh,PA Urban Redevelopment Authority Mortgage Revenue, Series D
6.20% due 4/01/11 ..................................................... 152,123
</TABLE>
See Notes to Financial Statements.
89
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Muni Intermediate Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Face
Amount Value
----------- -----------
MUNICIPAL BONDS & NOTES -- (Continued)
<C> <C> <C>
$155,000 Pittsburgh,PA Urban Redevelopment Authority Mortgage Revenue, Series D
6.20% due 10/01/11 ..................................................... $157,193
110,000 Reading, Pennsylvania, General Obligation Unlimited, (AMBAC Insured)
6.00% due 11/15/03 ..................................................... 111,420
100,000 Reading, Pennsylvania, General Obligation Unlimited, (AMBAC Insured)
6.10% due 11/15/04 ..................................................... 101,290
235,000 Ringgold,PA School District
6.20% due 01/15/13 ..................................................... 245,925
250,000 Sayre, PA, Health Care Facilities Authority Revenue, (AMBAC Insured)
6.10% due 07/01/02 ..................................................... 267,215
100,000 Seneca Valley, PA, School District, Series B, General Obligation
Unlimited, (FGIC Insured)
5.70% due 07/01/06 ..................................................... 103,360
125,000 Seneca Valley, PA, School District, Series B, General Obligation
Unlimited, (FGIC Insured)
5.80% due 7/01/10 ...................................................... 127,880
200,000 Souderton, PA Area School District, Refunding, General Obligation
Unlimted, (MBIA Insured)
5.90% due 9/01/04 ...................................................... 201,438
285,000 Southeastern Pennsylvania Transportation Authority, Revenue
6.00% due 06/01/01 ..................................................... 301,789
110,000 Southeastern Pennsylvania Transportation Authority, Revenue
6.00% due 06/01/00 ..................................................... 115,474
250,000 State Public School Building Authority, PA, School, Hazleton Area School
District Project, (FGIC Insured)
6.50% due 03/01/08 ..................................................... 267,033
100,000 State Public School Building Authority, PA, School, Erie County Area
Vocational Technical School G, (MBIA Insured)
5.45% due 06/15/98 ..................................................... 100,933
100,000 Swarthmore Borough, PA College Revenue
6.10% due 09/15/07 ..................................................... 106,211
120,000 Swatara Township Authority, PA, Sewer, Revenue, (MBIA Insured)
6.15% due 05/01/07 ..................................................... 130,452
325,000 Wayne County, PA, Hospital & Health Facilities Authority, County
Guaranteed Hospital Revenue, Wayne Memorial Hospital Project, (MBIA
Insured)
5.05% due 07/01/03 ..................................................... 329,566
240,000 Westmoreland County, PA, Municipal Authority, Municipal Services Revenue,
Series P, (MBIA Insured)
5.80% due 07/01/01 ..................................................... 253,087
100,000 Wilkinsburg, PA, Joint Water Authority, Water Revenue, Series A, (AMBAC
Insured)
6.10% due 08/15/04 ..................................................... 107,613
40,000 William Penn, PA, School District, General Obligation Unlimited
8.00% due 08/01/00 ..................................................... 42,615
500,000 Williamsport, PA, Municipal Water Authority, Water Revenue, (FGIC Insured)
6.95% due 01/01/04 ..................................................... 502,725
</TABLE>
See Notes to Financial Statements.
90
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Muni Intermediate Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Face
Amount Value
----------- -----------
MUNICIPAL BONDS & NOTES -- (Continued)
<C> <C> <C>
$100,000 Wilson, PA, Area School District, Series A, General Obligation Unlimited,
(AMBAC Insured)
6.20% due 05/15/07 .................................................... $101,351
100,000 Wilson, PA, Area School District, Refunding, Series B, General Obligation
Unlimited, (AMBAC Insured)
6.00% due 05/15/03 .................................................... 100,676
170,000 York County, PA, Industrial Development Authority, Industrial Development
Revenue, Refunding, Stanley Works Project
6.25% due 07/01/02 .................................................... 182,220
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
TOTAL INVESTMENTS -- (Cost $17,628,744*) ....... 96.7% $17,853,972
OTHER ASSETS LESS LIABILITIES .................. 3.3% 617,088
-------- -------------
NET ASSETS ..................................... 100.0% $18,471,060
======== =============
NET ASSET VALUE ($18,471,060 divided by 1,799,502
shares outstanding) ........................... $ 10.26
=============
</TABLE>
- ------
* Aggregate cost for Federal tax purposes.
INSURANCE ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
FGIC -- Federal Guaranty Insurance Corporation
FHA -- Federal Housing Administration
MBIA -- Municipal Bond Investors Assurance
See Notes to Financial Statements.
91
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
New Jersey Muni Portfolio
PORTFOLIO OF INVESTMENTS
October 31, 1996
<TABLE>
<CAPTION>
Face
Amount Value
----------
<S> <C> <C>
MUNICIPAL BONDS & NOTES - 97.1%
$100,000 Beach Haven, NJ, General Obligation Unlimited, (MBIA Insured)
5.70% due 08/15/03 ....................................................... $106,225
100,000 Burlington Township, NJ, General Obligation Unlimited
4.70% due 02/15/02 ....................................................... 101,066
100,000 Burlington County, NJ, General Obligation Unlimited
5.20% due 09/15/02 ....................................................... 103,155
150,000 Cape May County, NJ, General Improvements, General Obligation Unlimited,
(AMBAC Insured)
5.35% due 08/01/04 ....................................................... 155,472
200,000 Cape May County, NJ Municipal Utilities, Sewer Revenue, Refunding, (AMBAC
Insured)
5.60% due 01/01/05 ....................................................... 209,178
100,000 Delaware River Joint Bridge, Commonwealth of Pennsylvania Bridge Revenue,
Refunding, (FGIC Insured)
6.15% due 07/01/04 ....................................................... 106,570
150,000 Delaware River Port Authority, PA,NJ, & DE River Bridges Revenue
6.50% due 01/15/11 ....................................................... 160,112
125,000 Egg Harbor Township, NJ School District, General Obligation Unlimited,
(MBIA Insured)
4.75% due 03/01/03 ....................................................... 125,264
100,000 Gloucester County, NJ, General Obligation Unlimited, (AMBAC Insured)
4.50% due 01/01/98 ....................................................... 100,684
200,000 Hasbrouck Heights, NJ, General Improvements, General Obligation Unlimited
5.25% due 09/01/04 ....................................................... 205,410
250,000 Hudson County, NJ Certificates of Participation, Refunding -- Correctional
Facilities, (MBIA Insured)
6.20% due 06/01/03 ....................................................... 268,378
200,000 Hunterdon, NJ, Central Regional High School District, General Obligation
Unlimited, (FSA Insured)
5.25% due 05/01/06 ....................................................... 203,290
125,000 Manchester Township, NJ, Board of Education Certificates of Participation,
Refunding, (MBIA Insured)
4.70% due 12/15/02 ....................................................... 125,575
150,000 Mercer County, NJ, Improvement Authority Revenue, Refunding --
Governmental Leasing, (County Guaranteed -- A)
5.40% due 12/01/05 ....................................................... 155,762
150,000 Middle Township, NJ, Sewer Authority, Sewer Revenue, Refunding -- Series
A (FGIC Insured)
4.65% due 01/01/02 ....................................................... 150,442
125,000 Monmouth County, NJ, Improvement Authority, Refunding -- Water Treatment
Facilities, (MBIA Insured)
4.80% due 08/01/05 ....................................................... 124,022
</TABLE>
See Notes to Financial Statements.
92
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
New Jersey Muni Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Face
Amount Value
- ---------- ----------
MUNICIPAL BONDS & NOTES -- (Continued)
<S> <C> <C>
$125,000 Monmouth County, NJ, Improvement Authority Revenue, Governmental Loans,
(FSA Insured)
4.75% due 07/15/03 ........................................................ $125,490
200,000 Morris Township, NJ, School District, General Obligation Unlimited
5.625% due 4/01/06 ........................................................ 208,074
125,000 New Jersey State Building Authority, State Building Revenue
4.70% due 06/15/06 ........................................................ 121,284
125,000 New Jersey Health Care Facilities Finance Authority Revenue, (Mountainside
Hospital), (MBIA Insured)
4.60% due 07/01/00 ........................................................ 125,705
100,000 New Jersey Health Care Facilities Finance Authority Revenue, (St. Joseph's
Hospital & Medical Center -- A)
5.00% due 07/01/03 ........................................................ 100,556
200,000 New Jersey Economic Development Authority, Market Transition Facilities
Revenue, Senior Lien -- Series A, (MBIA Insured)
5.125% due 07/01/00 ....................................................... 203,830
200,000 New Jersey Economic Development Authority, Market Transition Facilities
Revenue, Senior Lien -- Series A, (MBIA Insured)
5.70% due 07/01/05 ........................................................ 209,304
125,000 New Jersey Economic Development Authority, Market Transition Facilities
Revenue, Senior Lien -- Series A, (MBIA Insured)
5.75% due 07/01/06 ........................................................ 130,839
250,000 New Jersey State, General Obligation Unlimited, Refunding -- Series C
6.50% due 01/15/03 ........................................................ 262,792
100,000 New Jersey State, General Obligation Unlimited, Refunding -- Series D
5.10% due 02/15/00 ........................................................ 102,299
125,000 New Jersey State Educational Facilities Authority Revenue, Higher
Education Equipment Leasing Fund -- A, (MBIA Insured)
5.00% due 09/01/00 ........................................................ 126,950
150,000 New Jersey State Educational Facilities Authority Revenue, Princeton
University -- Series C
4.75% due 07/01/05 ........................................................ 149,780
100,000 New Jersey State Educational Facilities Authority Revenue, Higher
Education Facilities Trust Fund -- Series A, (AMBAC Insured)
5.125% due 09/01/02 ....................................................... 102,499
125,000 New Jersey State Educational Facilities Authority Revenue, Higher
Education Facilities Trust Fund -- Series A, (AMBAC Insured)
5.125% due 09/01/08 ....................................................... 123,832
125,000 New Jersey State Housing and Mortgage Finance Agency Revenue, Home Buyer
-- Series P, (MBIA Insured)
5.05% due 04/01/07 ........................................................ 125,125
100,000 New Jersey State Transportation Trust Fund Authority, Transportation
System -- Series A, (FSA Insured)
4.75% due 6/15/03 ......................................................... 101,014
</TABLE>
See Notes to Financial Statements.
93
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
New Jersey Muni Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Face
Amount Value
- ---------- ----------
MUNICIPAL BONDS & NOTES -- (Continued)
<S> <C> <C>
$150,000 New Jersey State Transportation Trust Fund Authority, Transportation
System -- Series A
5.30% due 12/15/01 ....................................................... $155,635
200,000 New Jersey State Transportation Trust Fund Authority, Transportation
System -- Series B, (MBIA Insured)
5.00% due 06/15/04 ....................................................... 202,772
125,000 New Jersey State Transportation Trust Fund Authority, Transportation
System -- Series A, (MBIA Insured)
4.75% due 12/15/07 ....................................................... 120,390
125,000 New Jersey Wastewater Treatment Trust, Refunding -- Series C, (MBIA
Insured)
6.25% due 05/15/03 ....................................................... 135,942
100,000 Ocean County, NJ, General Improvement, General Obligation Unlimited
5.65% due 07/01/06 ....................................................... 105,005
250,000 Ocean Township, NJ Sewer Authority
6.00% due 12/01/07 ....................................................... 264,570
200,000 Park Ridge, NJ, General Obligation Unlimited
5.60% due 11/01/03 ....................................................... 210,266
125,000 Passaic County, NJ, General Obligation Unlimited
4.70% due 09/01/03 ....................................................... 125,021
130,000 Perth Amboy, NJ, General Obligation Unlimited, (MBIA Insured)
6.20% due 08/01/06 ....................................................... 141,508
125,000 Port Authority of New York & New Jersey, Consolidated -- 91st Series
4.40% due 11/15/01 ....................................................... 124,184
100,000 Port Authority of New York & New Jersey, Consolidated -- 86th Series
4.60% due 07/01/02 ....................................................... 100,014
125,000 Port Authority of New York, Consolidated
5.80% due 02/01/07 ....................................................... 125,574
25,000 Rutgers State University, NJ, Refunding -- Series S
4.00% due 05/01/97 ....................................................... 25,043
250,000 Southern Regional High School District, General Obligation Unlimited,
(MBIA Insured)
5.40% due 09/01/04 ....................................................... 260,012
160,000 Sparta Township, NJ School District, General Obligation Unlimited, (MBIA
Insured)
5.75% due 09/01/04 ....................................................... 170,030
100,000 Surf City, NJ, General Obligation Unlimited, (MBIA Insured)
5.15% due 01/15/06 ....................................................... 101,868
175,000 West Long Branch, NJ, Board of Education Certificates of Participation,
(MBIA Insured)
4.60% due 12/15/04 ....................................................... 171,990
65,000 Woodbridge Township, NJ, General Obligation Unlimited, Refunding -- Sewer
Utilities -- Series B
4.25% due 09/15/01 ....................................................... 63,792
----------
</TABLE>
See Notes to Financial Statements.
94
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
New Jersey Muni Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1996
<TABLE>
<CAPTION>
Face
Amount Value
------- ------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $7,228,744*) ............ 97.1% $7,323,594
OTHER ASSETS LESS LIABILITIES ................... 2.9% 221,546
-------- ------------
NET ASSETS ...................................... 100.0% $7,545,140
======== ============
NET ASSET VALUE ($7,545,140 divided by
756,459 shares outstanding) .................. $ 9.97
============
</TABLE>
------
* Aggregate cost for federal tax purposes.
INSURANCE ABBREVIATIONS:
AMBAC- American Municipal Bond Assurance Corporation
FGIC - Federal Guaranty Insurance Corporation
FSA - Financial Security Assurance
MBIA - Municipal Bond Investors Assurance
See Notes to Financial Statements.
95
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements
1. SIGNIFICANT ACCOUNTING POLICIES
The Glenmede Portfolios (the "Fund") is an investment company which was
organized as a "Massachusetts business trust" on March 3, 1992 and is
registered with the Securities and Exchange Commission under the Investment
Company Act of 1940 as an open-end management investment company. As of
October 31, 1996, the Fund offered shares of two SubTrusts, the Muni
Intermediate Portfolio and the New Jersey Muni Portfolio (collectively, the
"Portfolios").
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates. The
following is a summary of significant accounting policies consistently
followed by each Portfolio in the preparation of its financial statements.
Portfolio valuation: Municipal obligations for which quotations are
readily available are valued at the most recent quoted bid price provided by
investment dealers. Municipal obligations may be valued on the basis of
prices provided by a pricing service when such prices are determined by the
Advisor to reflect the fair market value of such municipal obligations;
securities for which market quotations are not readily available are valued
at fair value as determined in good faith by or under the direction of the
Board of Trustees.
Securities transactions and investment income: Securities transactions are
recorded as of the trade date. Realized gains and losses on investments sold
are computed on the basis of identified cost. Interest income is recorded on
the accrual basis. Discounts and premiums on securities purchased are
amortized over their respective lives.
Securities purchased or sold on a when-issued or delayed-delivery basis
may be settled a month or more after the trade date. Interest income is not
accrued until settlement date. The Portfolio instructs the custodian to
segregate assets in a separate account with a current value at least equal to
the amount of its when-issued purchased commitments.
Dividends and distributions to shareholders: Dividends from net investment
income, if any, are declared and paid monthly. The Portfolio distributes any
net realized capital gains on an annual basis. Additional distributions of
net investment income and capital gains of each Portfolio may be made at the
discretion of the Board of Trustees in order to avoid the 4% nondeductible
Federal excise tax. Income distributions and capital gain distributions are
determined in accordance with income tax regulations which may differ from
generally accepted accounting principles. These differences are primarily due
to differing treatments of income and gains on various investment securities
held by each Portfolio, timing differences and differing characterization of
distributions made by each Portfolio.
96
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements -- (Continued)
Organization costs: Organization costs are being amortized on a
straight-line basis over periods of five years from the dates on which each
Portfolio commenced operations.
Federal income taxes: Each Portfolio intends to qualify as a regulated
investment company by complying with the requirements of the Internal Revenue
Code by distributing substantially all of its tax-exempt (and taxable, if
any,) income to its shareholders. Therefore, no Federal income tax provision
is required.
2. INVESTMENT ADVISORY FEE, ADMINISTRATION FEE AND OTHER PARTY
TRANSACTIONS
The Glenmede Trust Company (the "Advisor") provides investment advisory
services to the Fund. The Advisor does not receive a fee from the Portfolios
for its investment advisory services. Each Portfolio pays The Glenmede Trust
Company a shareholder servicing fee at the annual rate of 0.05% of the value
of its average daily net assets.
Investment Company Capital Corp. ("ICC"), a wholly-owned subsidiary of
Alex. Brown & Sons Incorporated, provides administrative, accounting and
transfer agent services to the Fund. The Fund pays ICC a fee computed daily
and payable monthly at the annual rate of 0.12% of the first $100 million of
the combined aggregate average daily net assets of the Fund and The Glenmede
Fund, Inc., an investment company with the same officers, Board and service
providers as the Fund (collectively, the "Companies"), 0.08% of the next $150
million of the combined aggregate average daily net assets of the Companies,
0.04% of the next $500 million of the combined aggregate average daily net
assets of the Companies and 0.03% of the combined aggregate average daily net
assets of the Companies in excess of $750 million. This fee is allocated to
each Fund based on its relative net assets.
The Fund pays each Board member, other than Mr. Church, an annual fee of
$1,000 and out-of-pocket expenses incurred in attending Board meetings.
Expenses for the year ended October 31, 1996 include Legal Fees paid to
Drinker Biddle and Reath. A partner of the firm is Secretary of the Fund.
3. PURCHASES AND SALES OF SECURITIES
For the year ended October 31, 1996, cost of purchases and proceeds from
sales of investment securities other than U.S. Government securities and
short-term securities were:
<TABLE>
<CAPTION>
Portfolio Purchases Sales
---------- ------------ ------------
<S> <C> <C>
Muni Intermediate Portfolio . $8,450,330 $7,863,805
New Jersey Muni Portfolio .. 3,532,203 2,062,544
</TABLE>
At October 31, 1996, aggregate gross unrealized appreciation for all
securities in which there was an excess of value over tax cost and aggregate
gross unrealized depreciation for all securities in which there was an excess
of tax cost over value were as follows:
<TABLE>
<CAPTION>
Portfolio Appreciation Depreciation
---------- -------------- --------------
<S> <C> <C>
Muni Intermediate Portfolio . $291,932 $66,704
New Jersey Muni Portfolio .. $111,968 $17,117
</TABLE>
97
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements -- (Continued)
4. SHARES OF BENEFICIAL INTEREST
The Fund may issue an unlimited number of shares of beneficial interest
with a $.001 par value. Changes in shares of beneficial interest outstanding
were as follows:
<TABLE>
<CAPTION>
Year Ended Year Ended
10/31/96 10/31/95
---------------------------- -----------------------------
Shares Amount Shares Amount
----------- ------------- ----------- --------------
<S> <C> <C> <C> <C>
Muni Intermediate Portfolio:
Sold ..................... 359,842 $ 3,686,100 329,415 $ 3,250,600
Redeemed ................. (313,802) (3,218,481) (845,139) (8,229,671)
----------- ------------- ----------- --------------
Net increase/(decrease) .. 46,040 $ 467,619 (515,724) $(4,979,071)
=========== ============= =========== ==============
</TABLE>
<TABLE>
<CAPTION>
Year Ended Year Ended
10/31/96 10/31/95
--------------------------- --------------------------
Shares Amount Shares Amount
----------- ------------ ---------- ------------
<S> <C> <C> <C> <C>
New Jersey Muni Portfolio:
Sold ................... 263,097 $2,617,250 181,200 $1,752,209
Redeemed ............... (100,048) (999,815) (82,755) (790,244)
----------- ------------ ---------- ------------
Net increase ........... 163,049 $1,617,435 98,445 $ 961,965
=========== ============ ========== ============
</TABLE>
5. CAPITAL LOSS CARRYFORWARD
At October 31, 1996, the following Portfolios had available capital loss
carryforwards to offset future net capital gains through the indicated
expiration dates as follows:
<TABLE>
<CAPTION>
Expiring Expiring Expiring Expiring Expiring
Portfolio in 2000 in 2001 in 2002 in 2003 in 2004
--------- --------- --------- -------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Muni Intermediate Portfolio $656 $4,787 $215,936 $549,436 $ 2,107
New Jersey Muni Portfolio . -- -- 74,408 21,708 11,660
</TABLE>
6. CONCENTRATION OF CREDIT
The Muni Intermediate Portfolio and New Jersey Muni Portfolio primarily
invest in debt obligations issued by the Commonwealth of Pennsylvania and the
State of New Jersey, respectively, and their political subdivisions, agencies
and public authorities to obtain funds for various public purposes. Each
Portfolio is more susceptible to factors adversely affecting issuers of the
respective region that the Portfolio invests in than is a municipal bond fund
that is not concentrated in these issuers to the same extent. As of October
31, 1996, the Muni Intermediate Portfolio maintained substantially all of its
investments in debt obligations issued by the Commonwealth of Pennsylvania
and its political subdivisions and the New Jersey Muni Portfolio maintained
substantially all of its investments in debt obligations issued by the State
of New Jersey and its political subdivisions.
98
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees of
The Glenmede Portfolios:
We have audited the accompanying statement of assets and liabilities of
the Muni Intermediate Portfolio and New Jersey Muni Portfolio of The Glenmede
Portfolios, (the "Portfolios") including the portfolio of investments, as of
October 31, 1996, and the related statement of operations for the year then
ended, the statement of changes in net assets for each of the two years (or
periods) then ended, and the financial highlights for each of the five years
(or periods) presented. These financial statements and financial highlights
are the responsibility of the Portfolio's management. Our responsibility is
to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of October 31, 1996 by correspondence with the custodian
and brokers. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
The Glenmede Portfolios as of October 31, 1996, the results of their
operations for the year then ended, the changes in their net assets for each
of the two years (or periods) then ended and the financial highlights for
each of the respective periods stated in the first paragraph, in conformity
with generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
Philadelphia, Pennsylvania
December 9, 1996
99
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
TAX INFORMATION (UNAUDITED)
FOR THE YEAR ENDED OCTOBER 31, 1996
Of the dividends paid by the Muni Intermediate Portfolio from net
investment income for the year ended October 31, 1996, 100% is tax exempt for
regular Federal income taxes and Pennsylvania taxes.
Of the dividends paid by the New Jersey Muni Portfolio from net investment
income for the year ended October 31, 1996, 100% is tax exempt for regular
Federal income taxes and New Jersey taxes.
100
<PAGE>
THE GLENMEDE FUND, INC. AND THE GLENMEDE PORTFOLIOS
OFFICERS AND DIRECTORS/TRUSTEES
John W. Church, Jr. Mary Ann B. Wirts
Chairman, President and Executive Vice President
Director/Trustee
Kimberly C. Osborne
H. Franklin Allen, Ph.D. Vice President
Director/Trustee
Michael P. Malloy
Willard S. Boothby, Jr. Secretary
Director/Trustee
Joseph A. Finelli
Francis J. Palamara Treasurer
Director/Trustee
Edward J. Veilleux
G. Thompson Pew, Jr. Assistant Secretary
Director/Trustee
Investment Advisor Investment Sub-Advsior
The Glenmede Trust Company (for Emerging Markets Portfolio)
One Liberty Place Pictet International Management Limited
1650 Market Street, Suite 1200 Cutlers Garden
Philadelphia, Pennsylvania 19103 5 Devonshire Square
London, United Kingdom EC2M 4LD
Administrator
Investment Company Capital Corp. Distributor
P.O. Box 515 Armata Financial Corp.
Baltimore, Maryland 21203 135 East Baltimore Street
Baltimore, Maryland 21202
Custodian
The Chase Manhattan Bank, N.A.
3 Chase Metrotech Center
Brooklyn, NY 11245
Legal Counsel
Drinker Biddle & Reath
1100 Philadelphia National Bank Bldg.
Philadelphia, Pennsylvania 19107
Independent Accountants
Coopers & Lybrand L.L.P.
2400 Eleven Penn Center
Philadelphia, Pennsylvania 19103
<PAGE>
The report is submitted for the general information of the shareholders of
The Glenmede Fund, Inc. and The Glenmede Portfolios. It is not authorized for
distribution to prospective investors unless accompanied or preceded by an
effective prospectus for the Funds, which contains information concerning the
Fund's investment policies and expenses as well as other pertinent information.
