<PAGE>
THE
GLENMEDE
TRUST
COMPANY
THE GLENMEDE FUND, INC.
THE GLENMEDE PORTFOLIOS
ANNUAL REPORT
OCTOBER 31, 1995
<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
without undue risk to principal 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.
In contrast to 1994, the past year has been very rewarding for investors. A
decline in interest rates and low inflation rates buoyed the bond and equity
markets. The graphic comparisons on the following pages provide a way for
investors to follow investment performance and demonstrate our results against
certain indices.
The following is a description of the twelve portfolios:
The Government Cash Portfolio, with approximately $313 million in net assets
at December 1, 1995, 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 $229 million in net assets
at December 1, 1995, 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 $296
million at December 1, 1995, 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 $84 million at
December 1, 1995, seeks to provide maximum long-term total return consistent
with reasonable risk to principal by investing primarily in common stocks.
The Small Capitalization Equity Portfolio, with net assets of approximately
$177 million at December 1, 1995, 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 $750 million. Most
securities have had market capitalizations between $75 million and $500 million.
The Model Equity Portfolio, with net assets of approximately $16 million at
December 1, 1995, seeks to provide maximum long-term total return consistent
with reasonable risk to principal by investing primarily in common stocks
selected by Glenmede's proprietary equity industry computer models.
The International Fixed Income Portfolio, with net assets of approximately
$26 million at December 1, 1995, 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 $380 million at
December 1, 1995, 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
$46 million at December 1, 1995, 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, which commenced operations on December 14,
1994 and had net assets of $26 million at December 1, 1995, 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 $18
million at December 1, 1995, 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 $6
million at December 1, 1995, 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 $1.6 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, 1995
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THE GLENMEDE FUND, INC.
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Government Cash Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1995
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------
Average Annual Total Return
- -------------------------------------------------------------------------------------
Donoghue's U.S. Government
and Agencies
Government Cash Portfolio Money Fund Average
- ---------------------------------------- ------------------------------
<S> <C> <C>
Year ended 10/31/95 5.87% 5.25%
Five Years ended 10/31/95 4.72% 4.12%
Inception (11/7/88) through 10/31/95 5.90% 5.24%
- -------------------------------------------------------------------------------------
</TABLE>
- ------------------------------------------------------
7-Day 7-Day
Government Cash Portfolio Yield Effective Yield
- -------------------------- ------- ---------------
As of 12/1/95 5.64% 5.80%
- ------------------------------------------------------
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 10/31/95
Glenmede Donoghue's
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 $14,919 $14,353
* 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.
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Tax-Exempt Cash Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1995
- ------------------------------------------------------------------------------
Average Annual Total Return
- ------------------------------------------------------------------------------
Donoghue's General
Tax-Exempt Cash Portfolio Purpose Average
- ------------------------------------------ ---------------------
Year ended 10/31/95 3.76% 3.31%
Five Years ended 10/31/95 3.34% 2.95%
Inception (11/10/88) through 10/31/95 4.12% 3.72%
- ------------------------------------------------------------------------------
- ------------------------------------------------------
7-Day 7-Day
Tax-Exempt Cash Portfolio Yield Effective Yield
- -------------------------- ------- ---------------
As of 12/1/95 3.67% 3.74%
- ------------------------------------------------------
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 10/31/95
Glenmede Donoghue's
Nov. 1988 $10,000 $10,000
Oct. 1989 $10,627 $10,546
Oct. 1990 $11,249 $11,127
Oct. 1991 $11,793 $11,623
Oct. 1992 $12,183 $11,953
Oct. 1993 $12,469 $12,191
Oct. 1994 $12,776 $12,452
Oct. 1995 $13,256 $12,864
* 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.
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THE GLENMEDE FUND, INC.
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Intermediate Government Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1995
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
Average Annual Total Return
- ---------------------------------------------------------------------------------------
Merrill Lynch 1-10 Year
Intermediate Government Portfolio Government/Treasury Index
- ------------------------------------------ -----------------------------
<S> <C> <C>
Year ended 10/31/95 12.06% 11.90%
Five Years ended 10/31/95 8.52% 8.37%
Inception (11/17/88) through 10/31/95 8.93% 8.76%
- ---------------------------------------------------------------------------------------
</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 its slightly longer weighted
average duration in a period of falling interest rates. Long term, this
Portfolio continues to outperform the index for the five year time period and
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 10/31/95
Glenmede Merrill
Nov. 1988 $10,000 $10,000
$10,295 $10,302
Oct. 1989 $11,120 $11,132
$11,271 $11,216
Oct. 1990 $12,045 $11,989
$12,868 $12,720
Oct. 1991 $13,821 $13,571
$14,236 $14,047
Oct. 1992 $15,112 $14,912
$16,004 $15,734
Oct. 1993 $16,682 $16,287
$16,045 $15,865
Oct. 1994 $16,177 $16,014
$17,033 $16,853
Oct. 1995 $18,128 $17,920
* 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.
- 6 -
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THE GLENMEDE FUND, INC.
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Equity Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1995
- ---------------------------------------------------------------------------
Average Annual Total Return
- ---------------------------------------------------------------------------
Equity Portfolio S&P 500 Dow Jones
- ------------------------------------ --------- ------------
Year ended 10/31/95 23.78% 26.40% 24.97%
Five Years ended 10/31/95 16.42% 17.22% 17.67%
Inception (7/20/89) through 10/31/95 10.94% 12.48% 13.76%
- ---------------------------------------------------------------------------
Stock indices rose sharply during the past fiscal year, reflecting strong
earnings gains, lower interest rates and low inflation. The Equity Portfolio
participated in this rise, but not as much as 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 10/31/95
Glenmede S&P Dow Jones
Jul. 1989 $10,000 $10,000 $10,000
Oct. 1989 $10,127 $10,200 $10,424
$9,868 $10,100 $10,630
Oct. 1990 $8,978 $9,459 $9,962
$11,126 $11,872 $11,994
Oct. 1991 $12,103 $12,628 $12,951
$12,637 $13,544 $14,281
Oct. 1992 $13,146 $13,884 $14,035
$14,322 $14,797 $15,133
Oct. 1993 $15,329 $15,952 $16,480
$14,954 $15,579 $16,706
Oct. 1994 $15,514 $16,563 $17,986
$16,824 $18,288 $20,164
Oct. 1995 $19,203 $20,935 $22,477
* 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.
- 7 -
<PAGE>
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THE GLENMEDE FUND, INC.
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Small Capitalization Equity Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1995
- ------------------------------------------------------------------------------
Average Annual Total Return
- ------------------------------------------------------------------------------
Small Capitalization Equity Portfolio S&P 500 Russell 2000
- ------------------------------------ -------- --------------
Year ended 10/31/95 21.15% 26.40% 18.33%
Inception (3/1/91) through 10/31/95 14.85% 13.35% 16.00%
- ------------------------------------------------------------------------------
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. The
Portfolio's strong relative performance was achieved in spite of an
underweighted position in the strong financial and health care sectors.
Performance was truly a function of our stock selection in nearly all 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 10/31/95
Glenmede S&P 500 Russell
Mar. 1991 $10,000 $10,000 $10,000
$10,269 $10,180 $10,674
Oct. 1991 $11,184 $10,828 $11,696
$11,079 $11,614 $12,496
Oct. 1992 $11,443 $11,906 $12,805
$13,097 $12,689 $14,466
Oct. 1993 $15,318 $13,679 $16,954
$15,444 $13,359 $16,610
Oct. 1994 $15,754 $14,203 $16,902
$16,936 $15,682 $17,808
Oct. 1995 $19,086 $17,953 $19,999
* 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.
- 8 -
<PAGE>
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THE GLENMEDE FUND, INC.
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Model Equity Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1995
- -------------------------------------------------------------
Average Annual Total Return
- -------------------------------------------------------------
Model Equity Portfolio S&P 500
- ------------------------------------- ---------
Year ended 10/31/95 16.01% 26.40%
Inception (12/31/92) through 10/31/95 13.08% 13.79%
- -------------------------------------------------------------
During the past fiscal year and since inception, the underperformance of the
Model Equity Portfolio versus the Standard & Poor's 500 Stock Index can be
attributed to adverse security selection. The management of the Portfolio
continues to be a disciplined, value-based investment style.
Hypothetical Illustration of $10,000 Invested in
Model Equity Portfolio vs. S&P 500 Stock Index
12/31/92 through 10/31/95
Glenmede S&P 500
Jan. 1993 $10,000 $10,000
$10,508 $10,191
Oct. 1993 $12,305 $10,986
$12,315 $10,729
Oct. 1994 $12,194 $11,407
$12,768 $12,595
Oct. 1995 $14,145 $14,481
* 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.
- 9 -
<PAGE>
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THE GLENMEDE FUND, INC.
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International Fixed Income Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1995
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------
Average Annual Total Return
- ---------------------------------------------------------------------------------
Salomon Brothers Non-U.S. World
International Fixed Income Portfolio Government Bond Market
- ------------------------------------ -------------------------------
<S> <C> <C>
Year ended 10/31/95 14.41% 15.19%
Inception (11/2/92) through 10/31/95 11.45% 11.72%
--------------------------------------------------------------------------------
</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 Japan. A strong yen
produced especially high returns for Japan during the first half of the year.
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 10/31/95
Glenmede Salomon
Nov. 1992 $10,000 $10,000
$10,735 $10,608
Oct. 1993 $11,013 $11,119
$11,358 $11,483
Oct. 1994 $12,092 $12,099
$13,518 $13,865
Oct. 1995 $13,834 $13,937
* 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.
- 10 -
<PAGE>
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THE GLENMEDE FUND, INC.
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International Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1995
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------
Average Annual Total Return
- ------------------------------------------------------------------------------------
Morgan Stanley EAFE-CAP
International Portfolio Weighted Index
- ----------------------------------------- --------------------------
<S> <C> <C>
Year ended 10/31/95 4.23% (0.37)%
Five Years ended 10/31/95 11.63% 6.95%
Inception (11/17/88) through 10/31/95 10.68% 3.60%
- ------------------------------------------------------------------------------------
</TABLE>
During the past fiscal year and since inception, the International Portfolio
has outperformed the Morgan Stanley EAFE-CAP 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-CAP Weighted Index
11/17/88 through 10/31/95
Glenmede Morgan
Nov. 1988 $10,000 $10,000
$10,896 $10,451
Oct. 1989 $11,207 $10,481
$11,319 $9,085
Oct. 1990 $11,685 $9,138
$12,741 $9,481
Oct. 1991 $13,101 $9,774
$13,736 $8,677
Oct. 1992 $12,743 $8,484
$15,224 $10,552
Oct. 1993 $17,007 $11,659
$18,412 $12,308
Oct. 1994 $19,433 $12,836
$19,420 $12,996
Oct. 1995 $20,254 $12,789
* Assumes the reinvestment of all dividends and distributions.
- -------------------------------------------------------------------------------
The Morgan Stanley EAFE-CAP 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.
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THE GLENMEDE FUND, INC.
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Institutional International Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1995
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------
Average Annual Total Return
- -----------------------------------------------------------------------------------
Morgan Stanley EAFE-CAP
Institutional International Portfolio Weighted Index
- ----------------------------------------- --------------------------
<S> <C> <C>
Year ended 10/31/95 0.38% (0.37)%
Inception (8/1/92) through 10/31/95 11.62% 13.03%
- -----------------------------------------------------------------------------------
</TABLE>
During the past fiscal year, the Institutional International Portfolio has
outperformed the Morgan Stanley EAFE-CAP Weighted Index due to favorable country
and security selection.
Hypothetical Illustration of $10,000 Invested in
Institutional International Portfolio vs. Morgan Stanley
EAFE-CAP Weighted Index
8/1/92 through 10/31/95
Glenmede Morgan
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
* Assumes the reinvestment of all dividends and distributions excluding
withholding taxes.
- -------------------------------------------------------------------------------
The Morgan Stanley EAFE-CAP 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.
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THE GLENMEDE FUND, INC.
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Emerging Markets Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1995
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
Average Annual Total Return
- ---------------------------------------------------------------------------------------
Morgan Stanley
Emerging Markets
Emerging Markets Portfolio Free Index IFC Composite
- ------------------------------------- ---------------- ----------------
<S> <C> <C> <C>
Inception (12/14/94) through 10/31/95 (1.71)% (12.99)% (14.89)%
- ---------------------------------------------------------------------------------------
</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 10/31/95
Glenmede Morgan IFC
Dec. 1994 $10,000 $10,000 $10,000
Apr 1995 $10,300 $8,624 $8,594
Jul 1995 $11,052 $9,309 $9,066
Oct. 1995 $9,829 $8,700 $8,510
* 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 sizeable 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.
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<PAGE>
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THE GLENMEDE PORTFOLIOS
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Muni Intermediate Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1995
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------
Average Annual Total Return
- ------------------------------------------------------------------------------------
Muni Intermediate Portfolio Lehman 7-Year Merrill Lynch
- ----------------------------------- --------------- ----------------
<S> <C> <C> <C>
Year ended 10/31/95 11.76% 12.33% 11.24%
Inception (6/5/92) through 10/31/95 5.65% 7.51% 7.00%
- ------------------------------------------------------------------------------------
</TABLE>
During the past fiscal year, the Muni Intermediate Portfolio has slightly
underperformed the Lehman Brothers Municipal 7-Year Bond Index as a result of
its slightly shorter duration, state specificity and overall higher quality
holdings. The strategy has been to provide a well diversified portfolio with
defensive characteristics.
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 10/31/95
Glenmede Merrill Lynch L7-year
Jun 1992 $10,000 $10,000 $10,000
Oct. 1992 $10,074 $10,327 $10,366
Apr 1993 $10,669 $11,063 $11,015
Oct. 1993 $11,137 $11,502 $11,607
Apr 1994 $10,912 $11,240 $11,358
Oct. 1994 $10,788 $11,317 $11,388
Apr 1995 $11,459 $11,862 $12,021
Oct. 1995 $12,057 $12,588 $12,792
* 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.
- 14 -
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
New Jersey Muni Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1995
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------
Average Annual Total Return
- -------------------------------------------------------------------------------------
New Jersey Muni Portfolio Lehman 7-Year Merrill Lynch
- ------------------------------------- --------------- ---------------
<S> <C> <C> <C>
Year ended 10/31/95 13.25% 12.33% 11.24%
Inception (11/1/93) through 10/31/95 3.67% 5.00% 4.87%
- -------------------------------------------------------------------------------------
</TABLE>
The New Jersey Muni Portfolio has outperformed the Lehman Brothers Municipal
7-Year Bond Index as a result of its state specificity and the shortage of
available New Jersey municipal bonds. 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 10/31/95
Glenmede Lehman Merrill
Nov. 1993 $10,000 $10,000 $10,000
Apr 1994 $9,660 $9,785 $9,819
Oct. 1994 $9,488 $9,811 $9,886
Apr 1995 $10,102 $10,356 $10,363
Oct.1995 $10,744 $11,020 $10,998
* 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.
- 15 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 1995
<TABLE>
<CAPTION>
Government Tax-Exempt Intermediate
Cash Cash Government
Portfolio Portfolio Portfolio
-------------- -------------- --------------
<S> <C> <C> <C>
ASSETS:
Investments, at value
See accompanying schedule:
Securities ....................................... $195,148,108 $225,039,254 $334,263,030
Repurchase agreements ............................ 217,648,125 -- 3,743,000
-------------- -------------- --------------
412,796,233 225,039,254 338,006,030
Cash .................................................. -- 168,801 659
Receivable from investments sold or principal paydowns -- -- 361,317
Receivable from fund shares sold ...................... -- -- 1,324
Dividends and/or interest receivable .................. 864,039 1,338,092 4,561,734
Tax reclaims receivable ............................... -- -- --
-------------- -------------- --------------
Total Assets ....................................... 413,660,272 226,546,147 342,931,064
-------------- -------------- --------------
LIABILITIES:
Payable for investment securities purchased ........... 3,000,000 -- --
Payable for fund shares redeemed ...................... -- -- --
Dividends payable ..................................... 1,960,013 696,550 --
Investment advisory fee payable ....................... -- -- --
Administration fee payable ............................ 15,000 7,222 11,700
Accrued expenses and other payables ................... 80,034 34,372 45,074
-------------- -------------- --------------
Total Liabilities .................................. 5,055,047 738,144 56,774
-------------- -------------- --------------
NET ASSETS .............................................. $408,605,225 $225,808,003 $342,874,290
============== ============== ==============
NET ASSETS consist of:
Undistributed net investment income ................... $ 71,402 $ -- $ 1,764,711
Accumulated net realized gain/(loss) on investments
sold, and foreign currency translations ............ (28,727) (74,721) (11,984,533)
Net unrealized appreciation/(depreciation) of
investments, and foreign currency translations ..... -- -- 4,803,566
Par value ............................................. 408,562 225,883 33,099
Paid-in capital in excess of par value ................ 408,153,988 225,656,841 348,257,447
-------------- -------------- --------------
Total Net Assets ...................................... $408,605,225 $225,808,003 $342,874,290
============== ============== ==============
NET ASSET VALUE, offering and redemption price per share
of common stock outstanding ........................... $1.00 $1.00 $10.36
============== ============== ==============
Number of Portfolio shares outstanding .................. 408,562,550 225,882,724 33,099,045
============== ============== ==============
Investments, at cost .................................... $412,796,233 $225,039,254 $333,202,464
============== ============== ==============
</TABLE>
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>
$78,384,437 $167,529,631 $15,694,243 $25,475,098 $314,907,196 $41,970,257 $27,774,149
1,772,000 4,985,000 279,000 45,000 31,750,000 2,427,000 --
------------- -------------- ------------- --------------- --------------- --------------- -------------
80,156,437 172,514,631 15,973,243 25,520,098 346,657,196 44,397,257 27,774,149
904 11 791 978 932 352,650 62,699
-- 99,727 -- 539,644 -- -- --
-- -- -- -- -- 20,000 --
18,776 162,212 26,841 922,765 657,176 64,997 8,022
-- -- -- -- 912,236 53,418 --
------------- -------------- ------------- --------------- --------------- --------------- -------------
80,176,117 172,776,581 16,000,875 26,983,485 348,227,540 44,888,322 27,844,870
------------- -------------- ------------- --------------- --------------- --------------- -------------
-- 1,790,749 -- -- 4,865,814 618,264 341,191
-- -- -- -- -- 30,754 --
-- -- -- -- -- -- --
-- -- -- -- -- 19,000 148,000
3,000 6,400 650 975 19,123 1,100 1,500
16,230 10,926 19,686 23,053 133,710 13,661 57,581
------------- -------------- ------------- --------------- --------------- --------------- -------------
19,230 1,808,075 20,336 24,028 5,018,647 682,779 548,272
------------- -------------- ------------- --------------- --------------- --------------- -------------
$80,156,887 $170,968,506 $15,980,539 $26,959,457 $343,208,893 $44,205,543 $27,296,598
============= ============== ============= =============== =============== =============== =============
$ 46,472 $ 10,971 $ 37,322 $ 311,915 $ 1,031,327 $ (98,385) $ 44,952
194,356 -- 5,658 15,020 59,344 (2,357) (348,325)
11,347,451 21,712,805 330,648 1,933,472 33,136,098 1,435,427 (1,075,968)
5,465 11,416 1,545 2,434 27,034 3,584 2,805
68,563,143 149,233,314 15,605,366 24,696,616 308,955,090 42,867,274 28,673,134
------------- -------------- ------------- --------------- --------------- --------------- -------------
$80,156,887 $170,968,506 $15,980,539 $26,959,457 $343,208,893 $44,205,543 $27,296,598
============= ============== ============= =============== =============== =============== =============
$14.67 $14.98 $10.34 $11.07 $12.70 $12.34 $9.73
============= ============== ============= =============== =============== =============== =============
5,464,696 11,416,545 1,545,474 2,434,306 27,034,127 3,582,959 2,804,867
============= ============== ============= =============== =============== =============== =============
$68,808,986 $150,738,101 $15,642,594 $23,597,289 $313,552,861 $42,962,255 $28,849,979
============= ============== ============= =============== =============== =============== =============
</TABLE>
See Notes to Financial Statements.
- 17 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
STATEMENTS OF OPERATIONS
For the year ended October 31, 1995
<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)++ ......... 25,532,604 8,205,058 22,334,233
--------------- -------------- ----------------
Total investment income ......................... 25,532,604 8,205,058 22,334,233
--------------- -------------- ----------------
Expenses:
Investment advisory fee .............................. -- -- --
Administration fee ................................... 297,755 156,299 242,809
Custodian fee ........................................ 35,935 17,949 27,355
Legal and audit fees ................................. 31,645 21,757 19,189
Directors' fees and expenses ......................... 14,031 6,552 10,199
State franchise taxes ................................ 38,401 19,339 32,993
Registration and filing fees ......................... 28,067 14,165 --
Other expenses ....................................... 190,898 82,920 21,432
--------------- -------------- ----------------
Total expenses .................................. 636,732 318,981 353,977
--------------- -------------- ----------------
Net investment income ..................................... 24,895,872 7,886,077 21,980,256
--------------- -------------- ----------------
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on:
Securities transactions ......................... (26,819) (27,815) 5,099,980
Foreign currency translation .................... -- -- --
--------------- -------------- ----------------
Net realized gain/(loss) on investments .......... (26,819) (27,815) 5,099,980
--------------- -------------- ----------------
Net change in unrealized appreciation/(depreciation)
of:
Securities ...................................... -- -- 10,354,660
Foreign currency translation .................... -- -- --
--------------- -------------- ----------------
Net unrealized appreciation/(depreciation) on
investments .................................. -- -- 10,354,660
--------------- -------------- ----------------
Net realized and unrealized gain/(loss) on investments .. (26,819) (27,815) 15,454,640
--------------- -------------- ----------------
Net increase/(decrease) in net assets resulting from
operations ............................................. $24,869,053 $7,858,262 $37,434,896
=============== ============== ================
</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 $20,041,
$5,569, $5,961, $1,084,804, $72,360 and $20,008, respectively.
++ The International Fixed Income Portfolio had foreign interest withholding
taxes of $85,264.
* 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>
$ 1,610,984 $2,401,639 $ 532,237 $ -- $ 7,741,637 $ 483,545 $ 427,471
92,879 484,151 29,837 1,711,993 844,391 95,790 236,878
------------- -------------- ------------ --------------- --------------- --------------- --------------
1,703,863 2,885,790 562,074 1,711,993 8,586,028 579,335 664,349
------------- -------------- ------------ --------------- --------------- --------------- --------------
-- -- -- -- -- 155,065 239,919
49,501 100,933 13,986 18,299 228,285 13,890 11,921
6,086 10,735 1,414 12,321 85,907 11,736 9,562
9,203 18,314 6,815 10,942 31,961 6,729 13,517
3,153 4,902 657 1,927 10,304 1,049 2,050
6,276 12,647 1,737 2,207 27,975 1,887 1,350
8,403 10,606 -- 1,484 17,562 7,762 438
14,965 34,345 12,563 11,711 147,063 436 48,218
------------- -------------- ------------ --------------- --------------- --------------- --------------
97,587 192,482 37,172 58,891 549,057 198,554 326,975
------------- -------------- ------------ --------------- --------------- --------------- --------------
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 (1,251) 14,683,934 842,438 (348,325)
-- -- -- 103,588 (288,298) (480,875) (62,805)
------------- -------------- ------------ --------------- --------------- --------------- --------------
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) 1,652,832 (8,673,647) (1,207,681) (1,075,829)
-- -- -- (22,632) (55,600) (2,886) (139)
------------- -------------- ------------ --------------- --------------- --------------- --------------
10,171,776 8,446,898 (426,228) 1,630,200 (8,729,247) (1,210,567) (1,075,968)
------------- -------------- ------------ --------------- --------------- --------------- --------------
13,082,072 25,462,571 2,299,924 1,732,537 5,666,389 (849,004) (1,487,098)
------------- -------------- ------------ --------------- --------------- --------------- --------------
$14,688,348 $28,155,879 $2,824,826 $3,385,639 $13,703,360 $ (468,223) $(1,149,724)
============= ============== ============ =============== =============== =============== ==============
</TABLE>
See Notes to Financial Statements.
- 19 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
STATEMENTS OF CHANGES IN NET ASSETS
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
============== ============== ==============
Undistributed net investment income ........................ $ 71,402 $ -- $ 1,807,787
============== ============== ==============
</TABLE>
===============================================================================
For the year ended October 31, 1994
<TABLE>
<CAPTION>
Government Tax-Exempt Intermediate
Cash Cash Government
Portfolio Portfolio Portfolio
-------------- -------------- ---------------
<S> <C> <C> <C>
Net investment income ...................................... $ 11,682,245 $ 4,431,391 $ 26,783,336
Net realized gain/(loss) on investments, forward foreign
exchange contracts and foreign currency transactions ...... (1,000) (8,905) (17,345,585)
Net unrealized appreciation/(depreciation) of investments,
forward foreign exchange contracts, foreign currency
transactions and net other assets ......................... -- -- (25,015,563)
-------------- -------------- ---------------
Net increase/(decrease) in net assets resulting from
operations ................................................ 11,681,245 4,422,486 (15,577,812)
Distributions to shareholders:
From net investment income ............................ (11,682,245) (4,431,391) (27,193,931)
In excess of net investment income .................... -- -- --
From net realized gain on investments ................. -- -- --
In excess of net realized gain on investments ......... -- -- --
Net increase/(decrease) in net assets from capital share
transactions ............................................. 105,589,405 116,404,319 (205,254,234)
-------------- -------------- ---------------
Net increase/(decrease) in net assets ...................... 105,588,405 116,395,414 (248,025,977)
NET ASSETS:
Beginning of year .......................................... 247,816,458 106,590,074 581,822,513
-------------- -------------- ---------------
End of year ................................................ $353,404,863 $222,985,488 $ 333,796,536
============== ============== ===============
Undistributed net investment income ........................ $ 71,402 $ -- $ 2,056,666
============== ============== ===============
</TABLE>
- ------
* The Model Equity Portfolio commenced operations on December 31, 1992.
** The International Fixed Income Portfolio commenced operations on
November 2, 1992.
+ The Emerging Markets Portfolio commenced operations on December 14, 1994.
See Notes to Financial Statements.
- 20 -
<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>
$ 1,606,276 $ 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
============= ============== ============= =============== =============== =============== =============
$ 46,472 $ 267,286 $ 37,322 $ 248,918 $ 1,031,327 $ 138,145 $ 107,757
============= ============== ============= =============== =============== =============== =============
</TABLE>
===============================================================================
<TABLE>
<CAPTION>
Small International
Capitalization Model Fixed Institutional
Equity Equity Equity Income International International
Portfolio Portfolio Portfolio* Portfolio** Portfolio Portfolio
------------- -------------- ------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C>
$ 1,378,395 $ 1,039,334 $ 359,372 $ 961,641 $ 5,454,484 $ 197,115
2,580,800 2,028,036 (495,472) 895,939 23,395,727 1,095,392
(3,176,324) (817,284) (663) (361,299) 5,041,750 624,321
------------- -------------- ------------- --------------- --------------- ---------------
782,871 2,250,086 (136,763) 1,496,281 33,891,961 1,916,828
(1,282,665) (991,297) (343,257) (1,007,686) (4,904,564) (155,926)
-- -- -- (714,685) -- --
(2,585,081) (2,008,753) -- (102,505) (23,731,567) (1,097,961)
-- -- -- -- (303,868) (20,021)
23,519,477 42,204,376 7,165,619 1,112,406 66,045,827 3,453,680
------------- -------------- ------------- --------------- --------------- ---------------
20,434,602 41,454,412 6,685,599 783,811 70,997,789 4,096,600
43,611,101 68,417,844 13,968,814 15,800,627 221,515,012 12,979,440
------------- -------------- ------------- --------------- --------------- ---------------
$ 64,045,703 $109,872,256 $20,654,413 $16,584,438 $292,512,801 $17,076,040
============= ============== ============= =============== =============== ===============
$ 118,999 $ 48,037 $ 28,666 $ 78,750 $ 1,072,118 $ 28,158
============= ============== ============= =============== =============== ===============
</TABLE>
See Notes to Financial Statements.
- 21 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year.
<TABLE>
<CAPTION>
Government Cash Portfolio
---------------------------------------------------------------
Year Ended October 31,
---------------------------------------------------------------
1995 1994 1993 1992 1991
---------- ---------- ---------- ---------- ----------
<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 ............................ 0.059 0.038 0.031 0.041 0.064
Distributions from net investment income ......... (0.059) (0.038) (0.031) (0.041) (0.064)
------------ ------------ ------------ ------------ ------------
Net asset value, end of year ...................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ ============ ============ ============ ============
Total return+ .................................... 5.87% 3.78% 3.18% 4.19% 6.59%
============ ============ ============ ============ ============
Ratios to average net assets/Supplemental data:
Net assets, end of year (in 000's) ................ $408,605 $353,405 $247,816 $203,882 $253,260
Ratio of operating expenses to average net assets.. 0.15% 0.11% 0.11% 0.13% 0.13%
Ratio of net investment income to average net
assets .......................................... 5.71% 3.82% 3.14% 4.18% 6.45%
</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,
-------------------------------------------------------------------------
1995 1994 1993 1992 1991
---------- ---------- ---------- ---------- ----------
<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 ............................. 0.038 0.025 0.023 0.033 0.047
Distributions from net investment income .......... (0.038) (0.025) (0.023) (0.033) (0.047)
------------ ------------ ------------ ------------ -----------
Net asset value, end of year ...................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ ============ ============ ============ ===========
Total return+ ..................................... 3.76% 2.48% 2.34% 3.30% 4.83%
============ ============ ============ ============ ===========
Ratios to average net assets/Supplemental data:
Net assets, end of year (in 000's) ................ $225,808 $222,985 $106,590 $125,826 $81,394
Ratio of operating expenses to average net assets . 0.15% 0.13% 0.13% 0.15% 0.16%
Ratio of net investment income to average net
assets ........................................... 3.69% 2.52% 2.33% 3.21% 4.78%
</TABLE>
- ------
+ Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
- 22 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year.
<TABLE>
<CAPTION>
Intermediate Government Portfolio
--------------------------------------------------------------------------
Year Ended October 31,
---------------------------------------------------------------------------
1995 1994 1993 1992 1991
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year ............ $ 9.89 $ 10.84 $ 10.76 $ 10.61 $ 10.11
----------- ----------- ----------- ----------- -----------
Income from investment operations:
Net investment income ......................... 0.69 0.64 0.66 0.74 0.87
Net realized and unrealized gain/(loss) on
investments .................................. 0.46 (0.96) 0.41 0.22 0.56
----------- ----------- ----------- ----------- -----------
Total from investment operations .............. 1.15 (0.32) 1.07 0.96 1.43
----------- ----------- ----------- ----------- -----------
Less Distributions:
Distributions from net investment income ...... (0.68) (0.63) (0.67) (0.70) (0.93)
Distributions from net realized capital gains . -- -- (0.32) (0.11) --
----------- ----------- ----------- ----------- -----------
Total Distributions ........................... (0.68) (0.63) (0.99) (0.81) (0.93)
----------- ----------- ----------- ----------- -----------
Net asset value, end of year .................. $ 10.36 $ 9.89 $ 10.84 $ 10.76 $ 10.61
=========== =========== =========== =========== ===========
Total return+ ................................. 12.06% (3.03)% 10.38% 9.34% 14.75%
=========== =========== =========== =========== ===========
Ratios to average net assets/Supplemental data:
Net assets, end of year (in 000's) ............ $ 342,874 $ 333,797 $ 581,823 $ 445,816 $ 265,963
Ratio of operating expenses to average net
assets ....................................... 0.11% 0.12%* 0.14%* 0.16% 0.16%
Ratio of net investment income to average net
assets ....................................... 6.67% 6.06% 6.03% 7.03% 8.22%
Portfolio turnover rate ....................... 228% 165% 83% 39% 91%
</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.
- 23 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year.
<TABLE>
<CAPTION>
Equity Portfolio
------------------------------------------------------
Year Ended October 31,
------------------------------------------------------
1995 1994 1993 1992 1991
------- ------- ------- ------ ------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year ........................ $ 12.56 $ 13.23 $ 11.84 $ 11.21 $ 8.57
------- ------- ------- ------- ------
Income from investment operations:
Net investment income ..................................... 0.32 0.31 0.32 0.31 0.29
Net realized and unrealized gain/(loss) on investments .... 2.64 (0.17) 1.63 0.65 2.66
------- ------- ------- ------- ------
Total from investment operations .......................... 2.96 0.14 1.95 0.96 2.95
------- ------- ------- ------- ------
Less Distributions:
Distributions from net investment income .................. (0.33) (0.29) (0.32) (0.33) (0.31)
Distributions from net realized capital gains ............. (0.52) (0.52) (0.24) -- --
------- ------- ------- ------- ------
Total Distributions ....................................... (0.85) (0.81) (0.56) (0.33) (0.31)
------- ------- ------- ------- ------
Net asset value, end of year .............................. $ 14.67 $ 12.56 $ 13.23 $ 11.84 $11.21
======= ======= ======= ======= ======
Total return+ ............................................. 23.78% 1.21% 16.60% 8.62% 34.81%
======= ======= ======= ======= ======
Ratios to average net assets/Supplemental data:
Net assets, end of year (in 000's) ........................ $80,157 $64,046 $43,611 $18,049 $9,135
Ratio of operating expenses to average net assets ......... 0.14% 0.16% 0.20% 0.24% 0.22%
Ratio of net investment income to average net assets ...... 2.32% 2.40% 2.61% 2.91% 2.89%
Portfolio turnover rate ................................... 70% 109% 61% 30% 86%
</TABLE>
- ------
+ Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
- 24 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period.
<TABLE>
<CAPTION>
Small Capitalization Equity Portfolio
-------------------------------------------------------------
Period
Year Ended October 31, Ended
---------------------------------------------- October 31,
1995 1994 1993 1992 1991+
--------- --------- -------- -------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year ..................... $ 13.95 $ 13.97 $ 11.12 $ 11.02 $ 10.00
--------- --------- -------- -------- --------
Income from investment operations:
Net investment income ................................. 0.28 0.16 0.14 0.16 0.16
Net realized and unrealized gain on investments ........ 2.69 0.23 3.60 0.09 1.02
--------- --------- -------- -------- --------
Total from investment operations ....................... 2.97 0.39 3.74 0.25 1.18
--------- --------- -------- -------- --------
Less Distributions:
Distributions from net investment income .............. (0.26) (0.15) (0.15) (0.15) (0.16)
Distributions from net realized capital gains ......... (1.68) (0.26) (0.74) -- --
--------- --------- -------- -------- --------
Total Distributions ................................... (1.94) (0.41) (0.89) (0.15) (0.16)
--------- --------- -------- -------- --------
Net asset value, end of year ........................... $ 14.98 $ 13.95 $ 13.97 $ 11.12 $ 11.02
========= ========= ======== ======== ========
Total return++ ........................................ 21.15% 2.85% 33.86% 2.32% 11.84%
========= ========= ======== ======== ========
Ratios to average net assets/Supplemental data:
Net assets, end of year (in 000's) ..................... $170,969 $109,872 $68,418 $39,728 $39,631
Ratio of operating expenses to average net assets ...... 0.14% 0.14% 0.14% 0.19% 0.20%*
Ratio of net investment income to average net assets.... 1.92% 1.18% 1.08% 1.44% 2.24%*
Portfolio turnover rate ................................ 57% 31% 63% 56% 29%
</TABLE>
- ------
+ The Portfolio commenced operations on March 1, 1991.
++ Total return represents aggregate total return for the period indicated.
* Annualized.
===============================================================================
For a share outstanding throughout each period.
<TABLE>
<CAPTION>
Model Equity Portfolio
--------------------------------------------
Period
Year Ended October 31, Ended
--------------------------- October 31,
1995 1994 1993+
---------- ---------- -----------
<S> <C> <C> <C>
Net asset value, beginning of period ...................... $ 10.62 $ 10.92 $ 10.00
---------- ---------- ----------
Income from investment operations:
Net investment income ..................................... 0.32 0.21 0.21
Net realized and unrealized gain/(loss) on investments .... 1.38 (0.31) 2.06
---------- ---------- ----------
Total from investment operations .......................... 1.70 (0.10) 2.27
---------- ---------- ----------
Less Distributions:
Distributions from net investment income .................. (0.31) (0.20) (0.20)
Distributions from net realized capital gains ............. (1.67) -- (1.15)
---------- ---------- ----------
Total Distributions ....................................... (1.98) (0.20) (1.35)
---------- ---------- ----------
Net asset value, end of period ............................ $ 10.34 $ 10.62 $ 10.92
========== ========== ==========
Total return++ ............................................ 16.01% (0.91)% 23.05%
========== ========== ==========
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's) ...................... $ 15,981 $ 20,654 $ 13,969
Ratio of operating expenses to average net assets ......... 0.20% 0.24% 0.24%*
Ratio of net investment income to average net assets ...... 2.80% 2.04% 2.47%*
Portfolio turnover rate ................................... 227% 287% 230%
</TABLE>
- ------
+ The Portfolio commenced operations on December 31, 1992.
++ Total return represents aggregate total return for the period indicated.
* Annualized.
See Notes to Financial Statements.
- 25 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year.
<TABLE>
<CAPTION>
International Fixed Income Portfolio
----------------------------------------
Year Ended October 31, Period Ended
---------------------- October 31,
1995 1994 1993+
--------- ---------- --------------
<S> <C> <C> <C>
Net asset value, beginning of period ................ $ 10.25 $ 10.45 $ 10.00
-------- --------- -----------
Income from investment operations:
Net investment income ................................ 0.66 0.65 0.40
Net realized and unrealized gain on investments ...... 0.78 0.34 0.59
-------- --------- -----------
Total from investment operations .................... 1.44 0.99 0.99
-------- --------- -----------
Less Distributions:
Distributions from net investment income ............ (0.61) (0.66) (0.45)
Distributions in excess of net investment income ..... -- (0.46) --
Distributions from net realized capital gains ........ (0.01) (0.07) (0.09)
-------- --------- -----------
Total Distributions .................................. (0.62) (1.19) (0.54)
-------- --------- -----------
Net asset value, end of period ....................... $ 11.07 $ 10.25 $ 10.45
======== ========= ===========
Total return++ ...................................... 14.41% 9.79% 10.13%
======== ========= ===========
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's) ................ $26,959 $16,584 $15,801
Ratio of operating expenses to average net assets .... 0.23% 0.24% 0.24%*
Ratio of net investment income to average net assets . 6.50% 5.99% 6.04%*
Portfolio turnover rate .............................. 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.
- 26 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year.
<TABLE>
<CAPTION>
International Portfolio
------------------------------------------------------------
Year Ended October 31,
------------------------------------------------------------
1995 1994 1993 1992 1991
--------- ---------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year ................. $ 13.04 $ 12.69 $ 9.84 $ 10.89 $ 10.48
-------- --------- --------- --------- --------
Income from investment operations:
Net investment income ............................... 0.32 0.27 0.27 0.26 0.21
Net realized and unrealized gain/(loss) on
investments ........................................ 0.23 1.50 2.98 (0.51) 1.00
-------- --------- --------- --------- ---------
Total from investment operations .................... 0.55 1.77 3.25 (0.25) 1.21
-------- --------- --------- --------- ---------
Less Distributions:
Distributions from net investment income ............ (0.32) (0.25) (0.26) (0.26) (0.28)
Distributions from net realized gains ............... (0.57) (1.16) (0.14) (0.54) (0.52)
Distributions in excess of net realized gains ....... (0.01) -- -- --
-------- --------- --------- --------- ---------
Total Distributions ................................ (0.89) (1.42) (0.40) (0.80) (0.80)
-------- --------- --------- --------- ---------
Net asset value, end of year ........................ $ 12.70 $ 13.04 $ 12.69 $ 9.84 $ 10.89
======== ========= ========= ========= =========
Total return+ ...................................... 4.23% 14.26% 33.47% (2.73)% 12.12%
======== ========= ========= ========= =========
Ratios to average net assets/ Supplemental data:
Net assets, end of year (in 000's) .................. $343,209 $292,513 $221,515 $167,191 $176,397
Ratio of operating expenses to average net assets ... 0.18% 0.16% 0.17% 0.23% 0.23%
Ratio of net investment income to average net assets. 2.61% 2.11% 2.31% 2.47% 2.99%
Portfolio turnover rate ............................. 24% 39% 34% 40% 46%
</TABLE>
- ------
+Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
- 27 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period.
<TABLE>
<CAPTION>
Institutional International Portfolio
--------------------------------------------------
Year Ended Period
October 31, Ended
---------------------------------- October 31,
1995 1994 1993 1992+
--------- --------- --------- -------------
<S> <C> <C> <C> <C>
Net asset value, beginning of year ..................... $ 12.63 $ 12.00 $ 9.42 $10.00
------- ------- ------- ------
Income from investment operations:
Net investment income(1) ................................ 0.19 0.16 0.15 0.03
Net realized and unrealized gain/(loss) on investments .. (0.13) 1.49 2.88 (0.60)
------ ------- ------- ------
Total from investment operations ....................... 0.06 1.65 3.03 (0.57)
------ ------- ------- ------
Less Distributions:
Distributions from net investment income ................ (0.18) (0.13) (0.14) (0.01)
Distributions from net realized capital gains ........... (0.17) (0.87) (0.31) --
Distributions in excess of net realized gains ........... -- (0.02) -- --
------ ------- ------- ------
Total Distributions ..................................... (0.35) (1.02) (0.45) (0.01)
------ ------- ------- ------
Net asset value, end of year ........................... $ 12.34 $ 12.63 $ 12.00 $ 9.42
======= ======= ======= ======
Total return++ .......................................... 0.38% 13.85% 32.34% (5.60)%
======= ======= ======= ======
Ratios to average net assets/Supplemental data:
Net assets, end of year (in 000's) ..................... $44,206 $17,076 $12,979 $9,416
Ratio of operating expenses to average net assets** ..... 0.93% 1.00% 1.00% 1.00%*
Ratio of net investment income to average net assets ... 1.78% 1.29% 1.41% 1.28%*
Portfolio turnover rate ................................. 25% 39% 34% 10%
</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.
See Notes to Financial Statements.
- 28 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
For a share outstanding throughout the period.
<TABLE>
<CAPTION>
Emerging Markets Portfolio*
---------------------------
Period Ended
October 31,
1995
---------------
<S> <C>
Net asset value, beginnning of period ................. $ 10.00
-------
Net investment income .................................. 0.16
Net realized and unrealized gain/(loss) on investments . (0.31)
-------
Total from investment operations ...................... (0.15)
-------
Less Distributions:
Distributions from net investment income ............... (0.12)
Distributions from net realized capital gains .......... --
-------
Total Distributions .................................... (0.12)
-------
Net asset value, end of period ........................ $ 9.73
=======
Total Return .......................................... (1.96)%**
=======
Ratios to average net assets/Supplemental data:
Net assets, end of year (in 000's) .................... $27,297
Ratio of operating expenses to average net assets ...... 1.81%**
Ratio of net investment income to average net assets .. 1.87%**
Portfolio turnover rate ................................ 50%
</TABLE>
- ------
*The Emerging Markets Portfolio commenced operations on December 14, 1994.
**Annualized.
See Notes to Financial Statements.
- 29 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Government Cash Portfolio
PORTFOLIO OF INVESTMENTS
October 31, 1995
<TABLE>
<CAPTION>
Face Market
Amount Value
---------- ----------
<S> <C> <C>
AGENCY DISCOUNT NOTES+ -- 47.0%
Federal Home Loan Banks:
$15,000,000 5.82% due 11/1/95................................................... $ 15,000,000
15,000,000 6.64% due 11/9/95................................................... 14,981,433
15,000,000 5.55% due 12/8/95................................................... 14,903,667
15,000,000 5.43% due 12/11/95.................................................. 14,914,438
15,000,000 6.12% due 12/11/95.................................................. 14,907,000
15,000,000 5.61% due 12/13/95.................................................. 14,902,700
15,000,000 5.62% due 12/26/95.................................................. 14,873,500
15,000,000 6.20% due 1/16/96................................................... 14,823,616
15,000,000 6.35% due 4/1/96.................................................... 9,768,200
Farmer Mac Discount Notes:
19,000,000 5.70% due 11/15/95.................................................. 18,958,474
Federal National Mortgage Association:
15,000,000 5.95% due 2/12/96................................................... 14,762,671
15,000,000 6.16% due 2/16/96................................................... 14,754,346
15,000,000 6.31% due 4/26/96................................................... 14,598,063
-------------
TOTAL AGENCY DISCOUNT NOTES
(Cost $192,148,108)................................................. 192,148,108
-------------
AGENCY NOTES -- 0.7%
Federal Farm Credit Bank:
3,000,000 5.66% due 2/1/96.................................................... 3,000,000
-------------
TOTAL AGENCY NOTES
(Cost $3,000,000)................................................... 3,000,000
-------------
REPURCHASE AGREEMENTS++ -- 53.3%
15,000,000 Agreement with Bear Stearns & Co., 5.72% dated 8/8/95 to be
repurchased at $15,216,883 on 11/7/95, collateralized by:
$15,081,088 Federal Home Loan Mortgage Corporation #1666F,
7.08% due 1/15/24,
$466,399 Federal Home Loan Mortgage Association #216755,
6.93% due 9/1/23.................................................... 15,000,000
15,000,000 Agreement with Bear Stearns & Co., 5.74% dated 8/25/95 to be
repurchased at $15,176,983 on 11/27/95, collateralized by:
$850,291 Federal Home Loan Mortgage Corporation #C90096,
9.00% due 4/1/15,
$5,254,549 Federal Home Loan Mortgage Association #124541,
9.25% due 12/1/16,
$4,270,257 Federal Home Loan Mortgage Corporation #89-41,
10.00% due 5/15/20,
$5,201,550 Federal National Mortgage Association #91-101,
9.00% due 12/25/19.................................................. 15,000,000
15,000,000 Agreement with Daiwa Securities America Inc., 5.70% dated 10/16/95
repurchased at $15,075,250 on 11/15/95, collateralized by:
$15,342,701 United States Treasury Bonds, 8.875% due 08/15/17....... 15,000,000
15,000,000 Agreement with Greenwich Capital Corp., 5.75% dated 10/11/95 to be
repurchased at $15,081,458 on 11/14/95, collateralized by:
$15,390,729 Federal National Mortgage Association, ARM #190086,
6.98% due 10/01/23.................................................. 15,000,000
15,000,000 Agreement with J.P. Morgan Securities, 5.72% dated 9/12/95 to be
repurchased at $15,150,150 on 11/14/95, collateralized by:
$15,389,812 Federal National Mortgage Association #326885,
7.00% due 10/1/25................................................... 15,000,000
</TABLE>
See Notes to Financial Statements.
- 30 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Government Cash Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
<TABLE>
<CAPTION>
Face Market
Amount Value
---------- ----------
<S> <C> <C>
REPURCHASE AGREEMENTS -- (Continued)
$15,000,000 Agreement with Merrill Lynch & Co., 5.75% dated 8/22/95 to be
repurchased at $15,215,625 on 11/20/95, collateralized by:
$15,832,632 Federal Home Loan Mortgage Association #1522,
6.00% due 8/15/16................................................... $15,000,000
15,000,000 Agreement with Merrill Lynch & Co., 5.72% dated 10/13/95 to be
repurchased at $15,214,500 on 1/11/96, collateralized by:
$15,872,008 Federal Home Loan Mortgage Association #845774,
6.35% due 6/1/24.................................................... 15,000,000
67,648,125 Agreement with Nomura Securities, Inc., 5.93%, dated 10/31/95 to be
repurchased at $67,659,268 on 11/1/95, collateralized by:
$9,824,750 Federal National Mortgage Association #94-20 PD,
5.85% due 12/25/06,
$9,876,000 Federal National Mortgage Association #94-17E,
6.00% due 2/25/07,
$9,874,750 Federal National Mortgage Association #94-02C,
5.25% due 11/25/12,
$9,398,175 Federal National Mortgage Association #94-224F,
6.63% due 11/25/23
$14,755,897 Federal National Mortgage Association #94-40FA,
7.03% due 3/25/24,
$7,806,740 Federal National Mortgage Association #93-175FC,
7.88% due 9/25/08,
$7,845,557 Federal Home Loan Mortgage Corporation #1606 KA,
6.25% due 11/15/08.................................................. 67,648,125
15,000,000 Agreement with Nomura Securities, Inc., 5.75%, dated 10/11/95 to be
repurchased at $15,079,062 on 11/13/95, collateralized by:
$7,819,138 Federal Home Loan Mortgage Corporation #1528 A,
6.50% due 12/15/00,
$7,716,034 Federal Home Loan Mortgage Corporation #1562 A,
6.50% due 1/15/17................................................... 15,000,000
15,000,000 Agreement with Prudential Securities, Inc., 5.72%, dated 10/11/95 to be
repurchased at $15,145,383 on 12/11/95, collateralized by:
$15,526,260 Federal Home Loan Mortgage Corporation #390334,
6.39% due 5/1/24.................................................... 15,000,000
15,000,000 Agreement with Smith Barney, Inc., 5.75%, dated 10/16/95 to be
repurchased at $15,074,271 on 11/16/95, collateralized by:
$15,400,682 Federal National Mortgage Association #94-83A,
7.50% due 4/25/19................................................... 15,000,000
-------------
TOTAL REPURCHASE AGREEMENTS
(Cost $217,648,125)................................................. 217,648,125
-------------
TOTAL INVESTMENTS (Cost $412,796,233*). ...................................... 101.0% $412,796,233
====== ============
</TABLE>
- ------
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized discount yield at date of purchase.
++ Market value disclosed for collateral on repurchase agreements is at
October 31, 1995. The term repurchase agreements are subject to a seven day
demand feature.
See Notes to Financial Statements.
- 31 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Tax-Exempt Cash Portfolio
PORTFOLIO OF INVESTMENTS
October 31, 1995
<TABLE>
<CAPTION>
Face Market
Amount Value
---------- ----------
<S> <C> <C>
VARIABLE/FLOATING RATE NOTES** -- 82.0%
Daily Variable/Floating Rate Notes -- 29.3%
$ 2,300,000 Beltrami County, MN, Environmental Correctional Revenue,
Northwood Panelboard, 3.90% due 11/1/95 ............................. $ 2,300,000
1,000,000 Delta County, MI, Economic Development Corporation,
(LOC Bank of Nova Scotia),
3.90% due 11/1/95 .................................................... 1,000,000
550,000 East Baton Rouge, LA, Pollution Control Revenue, Exxon Project,
3.90% due 11/1/95 .................................................... 550,000
400,000 Grapevine, TX, Industrial Development Corporation, Multiple Mode,
American Airlines, B3,
4.00% due 11/1/95 .................................................... 400,000
500,000 Grapevine, TX, Industrial Development Corporation Multiple Mode,
American Airlines, A3,
4.00% due 11/1/95 .................................................... 500,000
2,100,000 Hapeville, GA, Development Authority, Industrial Revenue,
Hapeville Hotel, LTD,
4.00% due 11/1/95 .................................................... 2,100,000
800,000 Harris County, TX, Industrial Development Corporation,
Pollution Control Revenue,
3.90% due 11/1/95 .................................................... 800,000
1,100,000 Harris County, TX, Industrial Development Corporation, Pollution
Control Revenue,
3.90% due 11/1/95 .................................................... 1,100,000
3,000,000 Kansas City, KS, Industrial Revenue, PQ Corporate Project,
4.00% due 11/1/95 ..................................................... 3,000,000
2,600,000 Lincoln County, WY, Pollution Control Revenue,
Exxon Project, A, 3.90% due 11/1/95 ................................. 2,600,000
1,000,000 Lincoln County, WY, Pollution Control Revenue,
Exxon Project, B, 3.90% due 11/1/95 .................................. 1,000,000
600,000 Lincoln County, WY, Pollution Control Revenue,
Exxon Project, C, 3.90% due 11/1/95 ................................. 600,000
6,500,000 Lincoln County, WY, Pollution Control Revenue, Exxon Project, D,
3.90% due 11/1/95 .................................................... 6,500,000
3,600,000 Louisiana State Recovery District Sales Tax Revenue
4.00% due 11/1/95 .................................................... 3,600,000
1,100,000 Louisiana State Recovery District Sales Tax Revenue
4.00% due 11/1/95 ..................................................... 1,100,000
4,200,000 Massachusetts State, Updates, GO, Series E, 3.80% due 11/1/95 ........ 4,200,000
</TABLE>
See Notes to Financial Statements.
- 32 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Tax-Exempt Cash Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
<TABLE>
<CAPTION>
Face Market
Amount Value
---------- ----------
<S> <C> <C>
VARIABLE/FLOATING RATE NOTES -- (Continued)
Daily Variable/Floating Rate Notes -- (Continued)
$ 200,000 Massachusetts State, Updates, GO, Series D, 3.80% due 11/1/95 ........ $ 200,000
1,900,000 New York, NY, GO, Series B, Sub Issuer B2,
3.90% due 11/1/95 .................................................... 1,900,000
300,000 New York, NY, GO, Series B, Sub Issuer B7,
3.90% due 11/1/95 .................................................... 300,000
6,700,000 New York, NY, GO, Series I, Sub Issuer B4,
3.90% due 11/1/95 .................................................... 6,700,000
6,200,000 New York City, NY, Municipal Water Finance Authority, Water &
Sewer Systems Revenue, Series C, 3.90% due 11/1/95 .................. 6,200,000
3,900,000 New York City, NY, Municipal Water Finance Authority, Water &
Sewer Systems Revenue, Series C, 3.90% due 11/1/95 .................. 3,900,000
2,000,000 North Carolina Medical Care Community Revenue, Carol Woods Project,
3.95% due 11/1/95 .................................................... 2,000,000
900,000 North Carolina Medical Care Community Hospital Revenue,
Pooled Financing Project, Series B,
3.90% due 11/1/95 .................................................... 900,000
3,500,000 North Central Texas Health Facilities Development Corporation,
Presbyterian Medical Center, C,
4.00% due 11/1/95 .................................................... 3,500,000
500,000 North Central Texas Health Facilities Development Corporation,
Presbyterian Medical Center, D,
4.00% due 11/1/95 .................................................... 500,000
3,000,000 Nueces, TX, River Authority Pollution, Reynolds Metals Company
Project, 4.10% due 11/1/95 ........................................... 3,000,000
800,000 Peninsula, VA, Ports Authority Coal Terminal Revenue, Dominion
Term Project, C,
3.90% due 11/1/95 .................................................... 800,000
4,000,000 Platte County, WY, Pollution Control Revenue, Tri-State General &
Transportation, A,
4.00% due 11/1/95 .................................................... 4,000,000
400,000 Wilmington, DE, Hospital Revenue, Franciscan Health System, B,
4.00% due 11/1/95 .................................................... 400,000
400,000 Wilmington, DE, Hospital Revenue, Franciscan Health System, A,
4.00% due 11/1/95 .................................................... 400,000
----------
Total Daily Variable/Floating Rate Notes
(Cost $66,050,000) ................................................... 66,050,000
----------
</TABLE>
See Notes to Financial Statements.
- 33 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Tax-Exempt Cash Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
<TABLE>
<CAPTION>
Face Market
Amount Value
---------- ----------
<S> <C> <C>
VARIABLE/FLOATING RATE NOTES -- (Continued)
Weekly Variable/Floating Rate Notes -- 52.7%
$ 1,000,000 Alabama Housing Finance Authority, Multi-Family Residential
3.85% due 11/8/95 .................................................... $ 1,000,000
900,000 Alabama Special Care Facilities, Finance Authority,
Montgomery Hospital Revenue, (FGIC Insured),
3.85% due 11/8/95 .................................................... 900,000
4,000,000 Burke County, GA, Development Authority Pollution Control,
Oglethorpe Power Corporation, Series A,
3.85% due 11/8/95 .................................................... 4,000,000
800,000 California Health Facilities, Financing Authority Revenue,
Children's Hospital,
3.60% due 11/9/95 .................................................... 800,000
1,700,000 Chelan County, WA, Development Corporation,
Pollution Control Revenue, ALCOA Project,
3.75% due 11/7/95 .................................................... 1,700,000
2,800,000 Colton, CA, Redevelopment Agency, Multi-Family Housing,
Issue 85-A,
3.50% due 11/7/95 .................................................... 2,800,000
1,100,000 Denver, CO, City & County Multi-Family Housing Revenue,
Seasons Apartments Project,
4.00% due 11/8/95 .................................................... 1,100,000
4,400,000 Fairfax County, VA, Industrial Development Authority Revenue,
Fairfax Hospital Association, A,
3.95% due 11/8/95 .................................................... 4,400,000
1,100,000 Florida Housing Finance Agency, (LOC Connecticut GenLife):
Hampton Lake, Series U,
4.15% due 11/8/95 .................................................... 1,100,000
2,000,000 Gloucester County, NJ, Pollution Control Finance Authority Revenue,
Mobil Oil Refining Company Project,
3.65% due 11/8/95 .................................................... 2,000,000
6,600,000 Hawaii Housing Authority, Multi-Family Housing Revenue,
Tropican West Project, A,
3.95% due 11/7/95 .................................................... 6,600,000
3,700,000 Illinois Health Facilities Authority Revenue,
Hospital Sisters Service, Series E,
3.85% due 11/8/95 .................................................... 3,700,000
1,100,000 Indianapolis Industrial Multi-Family Revenue, Canal Square Project,
3.85% due 11/8/95 .................................................... 1,100,000
2,100,000 Iowa Higher Education Loan Authority, Private College Facilities
Revenue, (MBIA Insured),
4.00% due 11/8/95 .................................................... 2,100,000
485,000 Knox County, TN, Health Educational & Housing Facilities Board
Series B,
3.75% due 11/8/95 .................................................... 485,000
</TABLE>
See Notes to Financial Statements.
- 34 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Tax-Exempt Cash Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
<TABLE>
<CAPTION>
Face Market
Amount Value
---------- ----------
<S> <C> <C>
VARIABLE/FLOATING RATE NOTES -- (Continued)
Weekly Variable/Floating Rate Notes -- (Continued)
$ 4,100,000 Long Beach, CA, Housing Authority, Meadow Wood Project, A,
3.80% due 11/13/95 ................................................... $ 4,100,000
4,300,000 Louisiana Public Facilities Authority Revenue, Multi-Family,
3.85% due 11/8/95 .................................................... 4,300,000
3,265,000 Maine Health & Higher Education Facilities Authority Revenue,
VHA New England, Series G
3.85% due 11/8/95 .................................................... 3,265,000
3,500,000 Massachusetts State Industrial Finance Agency, Ogden Haverhill
Project, A,
3.70% due 11/8/95 .................................................... 3,500,000
1,400,000 Metropolitan Government Nashville & Davidson County, TN, Health &
Educational Board Revenue, A,
3.85% due 11/8/95 .................................................... 1,400,000
1,300,000 Michigan State Strategic Fund Industrial Development Revenue,
Allen Group Inc. Project,
3.85% due 11/8/95 .................................................... 1,300,000
3,000,000 Missouri State Health & Educational Facilities Authority Revenue,
Anthony's Medical Center, B,
3.90% due 11/7/95 .................................................... 3,000,000
800,000 Missouri State Health & Educational Facilities Authority Revenue,
Anthony's Medical Center, C,
3.90% due 11/7/95 .................................................... 800,000
4,200,000 Montgomery County, MD, Housing Opportunity Commission,
Multi-Family,
4.00% due 11/8/95 .................................................... 4,200,000
1,500,000 Mountain View, CA, Multifamily Housing Revenue, Mariposa, A,
3.85% due 11/9/95 .................................................... 1,500,000
600,000 New Hampshire Higher Educational & Health Facilities Authority,
VHA New England Inc., Series C,
3.85% due 11/8/95 .................................................... 600,000
500,000 New Hampshire Higher Educational & Health Facilities Authority,
VHA New England Inc., Series E,
3.85% due 11/8/95 .................................................... 500,000
4,200,000 New Jersey State Turnpike Authority,
3.60% due 11/8/95 .................................................... 4,200,000
5,300,000 New York State Energy Development Authority Pollution Control,
Orange & Rockland Project, A,
3.65% due 11/8/95 .................................................... 5,300,000
4,200,000 North Carolina Medical Care Community Hospital Revenue,
Pooled Equipment Financing Project,
3.85% due 11/7/95 .................................................... 4,200,000
</TABLE>
See Notes to Financial Statements.
- 35 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Tax-Exempt Cash Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
<TABLE>
<CAPTION>
Face Market
Amount Value
---------- ----------
<S> <C> <C>
VARIABLE/FLOATING RATE NOTES -- (Continued)
Weekly Variable/Floating Rate Notes -- (Continued)
$ 600,000 Puerto Rico Commonwealth Highway & Transportation Authority,
Series X,
3.65% due 11/8/95 .................................................... $ 600,000
400,000 Rapides Parish, LA, Industrial Development Board Inc.,
Central LA Electric Company Project,
3.80% due 11/8/95 .................................................... 400,000
1,200,000 Savannah, GA, Port Authority, Pier 1 Imports-Southeast,
3.90% due 11/8/95 .................................................... 1,200,000
3,300,000 Simi Valley, CA, Community Development Agency, Multi-Family,
Series 1985, Issue A,
3.60% due 11/7/95 .................................................... 3,300,000
400,000 Springfield (City of), IL, Community Improvement Revenue
Realty Restoration Project,
4.15% due 11/8/95 .................................................... 400,000
4,900,000 Springfield (City of), IL, Multifamily Housing Revenue,
4.15% due 11/8/95 .................................................... 4,900,000
5,000,000 Utah State Board of Regents Student Loan
3.90% due 11/8/95 .................................................... 5,000,000
5,000,000 Valdez, AK, Marine Term Revenue, Mobile Alaska Pipeline,
3.85% due 11/8/95 .................................................... 5,000,000
2,700,000 Vermont Educational & Health Buildings Financing Authority,
VHA New England, Series E,
3.85% due 11/8/95 .................................................... 2,700,000
2,600,000 Vermont Educational & Health Buildings Financing Authority,
VHA New England, Series F,
3.85% due 11/8/95 .................................................... 2,600,000
300,000 Vermont Educational & Health Buildings Financing Authority,
VHA New England, Series G,
3.85% due 11/8/95 .................................................... 300,000
820,000 Volusia County, FL, Health Facilities Authority, Pooled Hospital
Loan Program,
3.95% due 11/8/95 .................................................... 820,000
6,500,000 Wake County, NC, Industrial Facilities & Pollution Control Finance
Authority, Carolina Power & Light Co., A,
3.85% due 11/8/95 .................................................... 6,500,000
6,400,000 Washington State Housing Finance Community, Multi-Family,
Mortgage, Pacific First Federal, A,
4.00% due 11/8/95 .................................................... 6,400,000
3,000,000 Wisconsin State Health Facilities, Hospital Sisters Obligation, G,
3.85% due 11/8/95 .................................................... 3,000,000
--------------
Total Weekly Variable/Floating Rate Notes
(Cost $119,070,000) .................................................. 119,070,000
--------------
TOTAL VARIABLE FLOATING RATE NOTES
(Cost $185,120,000) .................................................. 185,120,000
--------------
</TABLE>
See Notes to Financial Statements.
- 36 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Tax-Exempt Cash Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
<TABLE>
<CAPTION>
Face Market
Amount Value
---------- ----------
<S> <C> <C>
PUT OPTION BONDS+ -- 10.4%
$ 5,405,000 Broward County, FL, Housing Finance Authority,
Long Option Period, CR 1C,
4.70% due 1/1/96 ..................................................... $ 5,405,211
915,000 Dakota County, MN, Housing & Redevelopment Authority, (GNMA),
3.67% due 3/1/96 ..................................................... 915,000
3,835,000 Florida Housing Finance Agency, Long Option Period, CR 25C,
4.25% due 12/15/95 ................................................... 3,835,000
955,000 Maryland State Community Development Administration,
Long Option Period CR 28C,
4.25% due 11/1/95 .................................................... 955,000
525,000 Nebraska Investment Finance Authority, Series B, (GNMA)
Tendered Option,
4.78% due 1/15/96 .................................................... 525,000
2,875,000 New Mexico Mortgage Finance Authority, Long Option, Series B, CR 123
3.75% due 1/1/96 ..................................................... 2,875,000
1,500,000 Northeast MD Waste Disposal Authority, Recovery Revenue,
Long Option Period, CR 121,
3.75% due 1/1/96 ..................................................... 1,500,000
1,000,000 Northeast MD Waste Disposal Authority, Recovery Revenue,
Long Option Period, CR 119,
3.75% due 1/1/96 ..................................................... 1,000,000
1,850,000 Orange County, FL, Housing Finance Authority, Mortgage Revenue,
Long Option Period, CR 31C,
4.30% due 12/1/95 .................................................... 1,850,000
2,820,000 Pennsylvania State, Long Option Period, CR 42
3.95% due 11/1/95 .................................................... 2,820,000
295,000 South Dakota Housing Development Authority, Homeownership
Mortgage, Series A,
4.00% due 11/1/95 .................................................... 295,000
1,500,000 Upper Alleghany, PA, Joint San Authority,
4.50% due 1/15/96 .................................................... 1,502,111
--------------
TOTAL PUT OPTION BONDS
(Cost $23,478,547*) .................................................. 23,477,322
--------------
FIXED RATE NOTES -- 7.3%
5,000,000 New York, NY, Revenue Anticipation Notes Series B,
4.75% due 6/28/96 .................................................... 5,029,684
2,880,000 New York State Urban Development Correctional Facility, Series A,
9.20% due 1/1/96 ..................................................... 2,962,643
2,000,000 Texas State Revenue Anticipation Notes, Series A,
4.75% due 8/30/96 .................................................... 2,013,568
</TABLE>
See Notes to Financial Statements.
- 37 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Tax-Exempt Cash Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
<TABLE>
<CAPTION>
Face Market
Amount Value
---------- ----------
<S> <C> <C>
$ 3,100,000 Topeka, KS, Temporary Notes, Series A
4.25% due 7/15/96 .................................................... $ 3,110,010
1,800,000 Utah State General Obligation
5.75% due 7/1/96 ..................................................... 1,822,716
1,500,000 Westview, PA, Municipal Authority, Water Revenue
9.50% due 11/15/95 ................................................... 1,503,311
--------------
TOTAL FIXED RATE NOTES
(Cost $16,484,483) ................................................... 16,441,932
--------------
TOTAL INVESTMENTS (Cost $225,039,254*) ..................................... 99.7% $225,039,254
===== =============
</TABLE>
- ------
* Aggregate cost for federal tax purposes.
** Dates shown are coupon reset dates.
+ Dates shown are put dates.
ABBREVIATIONS:
FGIC - Financial Guaranty Insurance Corporation
GNMA - Government National Mortgage Association
GO - General Obligation
LOC - Letter of Credit
MBIA - Municipal Bond Investors Assurance
VHA - Veteran's Housing Administration
See Notes to Financial Statements.
- 38 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Intermediate Government Portfolio
PORTFOLIO OF INVESTMENTS
October 31, 1995
<TABLE>
<CAPTION>
Face Market
Amount Value
---------- ----------
<S> <C> <C>
MORTGAGE-BACKED SECURITIES+--39.0%
Collateralized Mortgage Obligations
$ 2,000,000 #1993-190 B 5.25% due 6/25/04 ................................. $ 1,970,000
1,475,000 #1993-29 PD 5.50% due 5/25/16 ................................. 1,456,563
6,911,784 #1566C 5.60% due 9/15/00 ...................................... 6,750,870
6,000,000 #1609 Multi Mtg P/C 5.75% due 12/15/16 ........................ 5,863,125
5,000,000 #1994-42 E 5.75% due 9/25/18 .................................. 4,860,937
9,000,000 #1666D 5.85% due 4/15/17 ...................................... 8,825,625
3,406,500 #R1543 PF 6.40% due 1/15/19 ................................... 3,400,198
-------------
33,127,318
-------------
Federal Home and Loan Mortgage Corporation
1,154,399 #292264 6.50% due 12/1/02 ..................................... 1,194,076
4,149,857 #E51430 6.50% due 9/1/08 ...................................... 4,118,734
4,993,768 #186429 6.75% due 6/1/03 ...................................... 4,937,489
631,206 #180738 7.00% due 9/1/11 ...................................... 625,500
4,088,559 #D06776 7.00% due 10/1/14 ..................................... 4,128,342
316,163 #295919 7.25% due 1/1/06 ...................................... 317,153
3,634,212 #L90129 7.50% due 7/1/99 ...................................... 3,696,648
3,749,399 #M90397 7.50% due 4/1/00 ...................................... 3,813,814
771,893 #D10210 7.50% due 11/1/10 ..................................... 792,596
334,260 #181063 7.50% due 12/1/10 ..................................... 336,476
2,043,549 #181889 8.00% due 1/1/11 ...................................... 2,103,037
342,752 #160053 8.00% due 7/1/08 ...................................... 353,079
1,921,300 #555004 8.00% due 7/1/11 ...................................... 1,977,230
1,347,634 #282089 8.25% due 4/1/07 ...................................... 1,390,233
1,390,242 #186359 8.25% due 12/1/09 ..................................... 1,434,188
341,832 #B00448 8.50% due 9/1/03 ...................................... 354,863
993,854 #230025 8.50% due 3/1/07 ...................................... 1,031,929
758,396 #E00113 8.50% due 7/1/07 ...................................... 787,307
184,212 #E38829 8.50% due 8/1/07 ...................................... 191,234
394,938 #E39538 8.50% due 8/1/07 ...................................... 409,994
986,631 #186361 8.50% due 12/1/08 ..................................... 1,024,429
436,463 #251738 8.50% due 7/1/09 ...................................... 453,678
216,224 #183614 8.75% due 11/1/09 ..................................... 225,293
2,336,359 #B00368 9.00% due 12/1/05 ..................................... 2,445,141
1,425,738 #730154 9.50% due 9/1/05 ...................................... 1,478,748
682,814 #258424 9.50% due 11/1/09 ..................................... 724,562
841,290 #297970 10.00% due 3/1/16 ..................................... 912,481
374,351 #284173 10.00% due 11/1/16 .................................... 406,987
534.860 #884028 10.00% due 12/1/20 .................................... 580,152
2,828,638 #884009 10.50% due 5/1/20 ..................................... 3,096,453
-------------
45,341,846
-------------
Federal National Mortgage Association
484,151 #312182 6.50% due 6/1/09 ...................................... 480,215
3,652,266 #174964 7.00% due 11/1/07 ..................................... 3,679,658
428,706 #312181 7.00% due 4/1/08 ...................................... 431,922
1,088,189 #291581 7.00% due 8/1/09 ...................................... 1,097,201
13,248,180 #FN CI 7.00% due 10/1/10 ...................................... 13,359,962
</TABLE>
See Notes to Financial Statements.
- 39 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Intermediate Government Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
<TABLE>
<CAPTION>
Face Market
Amount Value
---------- ----------
<S> <C> <C>
MORTGAGE-BACKED SECURITIES--(Continued)
Federal National Mortgage Association--(Continued)
$ 904,091 #312184 7.00% due 6/1/24 ...................................... $ 899,851
2,953,051 #80290 7.25% due 6/1/98 ....................................... 2,977,968
11,355,300 #FN CI 7.50% due 9/1/10 ....................................... 11,592,967
246,408 #312180 8.00% due 5/1/03 ...................................... 253,570
7,470,999 #44045 8.00% due 6/1/08 ....................................... 7,727,255
934,138 #76243 8.00% due 8/1/17 ....................................... 966,469
293,762 #312183 8.00% due 6/1/21 ...................................... 303,295
2,647,253 #21352 8.25% due 1/1/07 ....................................... 2,733,369
1,305,215 #297508 9.00% due 4/1/10 ...................................... 1,380,396
899,980 #26492 9.00% due 11/1/11 ...................................... 952,008
897,105 #49 9.50% due 1/1/11 .......................................... 957,185
1,079,244 #273030 9.50% due 3/1/20 ...................................... 1,127,811
765,761 #289958 9.50% due 8/1/20 ...................................... 800,220
235,179 #81607 10.00% due 4/1/19 ...................................... 257,272
-------------
51,978,594
-------------
Government National Mortgage Association
17,124 #323102 7.50% due 5/15/07 ..................................... 17,542
701,187 #348359 7.50% due 4/15/08 ..................................... 718,276
808,804 #350729 7.50% due 7/15/08 ..................................... 828,515
44,772 #358733 7.50% due 9/15/08 ..................................... 45,863
140,196 #368433 7.50% due 2/15/09 ..................................... 143,613
43,894 #403077 7.50% due 7/15/09 ..................................... 44,964
54,778 #172413 8.50% due 9/15/01 ..................................... 57,226
1,357,332 #380118 8.50% due 7/15/24 ..................................... 1,413,323
-------------
3,269,322
-------------
TOTAL MORTGAGE-BACKED SECURITIES
Cost $131,582,781)............................................ 133,717,080
-------------
U.S. GOVERNMENT & AGENCY OBLIGATIONS--7.1%
Government Agency Debentures
2,000,000 Federal National Mortgage Association 6.61% due 3/24/99 ....... 2,031,000
4,800,000 Federal Home Loan Mortgage Corporation 7.125% due 11/18/02 .... 5,062,512
5,000,000 Federal National Mortgage Association 7.40% due 7/1/04 ........ 5,366,400
5,000,000 Federal National Mortgage Association 7.55% due 4/22/02 ....... 5,382,850
5,000,000 Federal Home Loan Mortgage Corporation 8.115% due 1/31/05 ..... 5,607,050
-------------
23,449,812
-------------
Agency Securities
1,000,000 Tennessee Valley Authority 6.375% due 6/15/05 ................. 1,004,060
-------------
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(Cost $24,111,533)............................................ 24,453,872
-------------
U.S. GOVERNMENT SECURITIES--51.4%
U.S. Treasury Bonds
8,235,000 7.500% due 11/15/16 ........................................... 9,263,057
10,000,000 10.00% due 5/15/10 ............................................ 12,756,200
</TABLE>
See Notes to Financial Statements.
- 40 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Intermediate Government Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
<TABLE>
<CAPTION>
Face Market
Amount Value
---------- ----------
<S> <C> <C>
U.S. GOVERNMENT SECURITIES--(Continued)
U.S. Treasury Bonds--(Continued)
$ 3,890,000 10.75% due 8/15/05 ............................................ $ 5,212,600
15,000,000 14.00% due 11/15/11 ........................................... 24,307,050
-------------
51,538,907
-------------
U.S. Treasury Notes:
11,425,000 5.625% due 1/31/98 ............................................ 11,414,261
13,300,000 5.875% due 3/31/99 ............................................ 13,349,875
8,915,000 6.00% due 12/31/97 ............................................ 8,980,437
5,000,000 6.125% due 5/15/98 ............................................ 5,052,350
10,750,000 6.25% due 1/31/97 ............................................. 10,832,345
13,100,000 6.75% due 4/30/00 ............................................. 13,574,875
29,915,000 7.50% due 10/31/99 ............................................ 31,700,626
4,000,000 8.00% due 1/15/97 ............................................. 4,110,000
18,435,000 8.125% due 2/15/98 ............................................ 19,388,458
5,795,000 8.875% due 11/15/97 ........................................... 6,149,944
-------------
124,553,170
-------------
TOTAL U.S. GOVERNMENT SECURITIES
(Cost $173,765,150)........................................... 176,092,078
-------------
REPURCHASE AGREEMENT--1.1%
$ 3,743,000 Agreement with Goldman Sachs & Co., 5.60%, dated 10/31/95 to be
repurchased at $3,743,582 on 11/1/95, collateralized by
$3,825,195 U.S. Treasury Bonds, 10.00% due 5/15/10 ........... 3,743,000
-------------
TOTAL INVESTMENTS (Cost $333,202,464*) ............................ 98.6% $338,006,030
===== =============
</TABLE>
- ------
* Aggregate cost for Federal tax purposes.
+ Face Amount disclosed represents current face amount at October 31, 1995.
ABBREVIATION:
GNMA--Government National Mortgage Association
See Notes to Financial Statements.
- 41 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Equity Portfolio
PORTFOLIO OF INVESTMENTS
October 31, 1995
<TABLE>
<CAPTION>
Market
Shares Value
---------- ----------
<S> <C> <C>
COMMON STOCKS--97.8%
Consumer Services--24.0%
100,000 Circuit City Stores Inc. .................................................. $ 3,337,500
30,000 Dayton-Hudson Corp. ....................................................... 2,062,500
80,000 Philips Electronics NV-NY SH .............................................. 3,090,000
50,000 Premark International Inc. ................................................ 2,312,500
75,000 Service Corp International ................................................ 3,009,375
40,000 Tribune ................................................................... 2,525,000
60,000 VF Corp. .................................................................. 2,872,500
------------
19,209,375
------------
Basic Industry--22.1%
40,000 Burlington Northern Inc. .................................................. 3,355,000
45,000 Eastman Chemical Company .................................................. 2,677,500
25,000 ITT Corp. ................................................................. 3,065,625
50,000 Johnson Controls Inc. ..................................................... 2,912,500
75,000 Magna International ....................................................... 3,243,750
40,000 Schlumerger Ltd. .......................................................... 2,490,000
------------
17,744,375
------------
Energy--10.9%
35,000 Amoco Corp. ............................................................... 2,235,625
40,000 Chevron Corp. ............................................................. 1,870,000
22,000 Mobil Corp. ............................................................... 2,216,500
75,000 Phillips Petroleum Co ..................................................... 2,418,750
------------
8,740,875
------------
Technology--10.6%
70,000 Advanced Micro Devices+ ................................................... 1,671,250
40,000 Compaq Computer Corp+ ..................................................... 2,230,000
45,000 Computer Associates Intl. Inc ............................................. 2,475,000
30,000 Intel ..................................................................... 2,096,250
------------
8,472,500
------------
Financial Services--10.0%
30,000 Citicorp .................................................................. 1,946,250
10,000 First Interstate Bancorp. ................................................. 1,290,000
25,000 First Union Corp. ......................................................... 1,240,625
30,000 NationsBank Corp. ......................................................... 1,972,500
25,000 SAFECO Corp. .............................................................. 1,604,687
------------
8,054,062
------------
</TABLE>
See Notes to Financial Statements.
- 42 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Equity Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
<TABLE>
<CAPTION>
Market
Shares Value
---------- ----------
<S> <C> <C>
COMMON STOCK--(Continued)
Utilities--8.8%
40,000 FPL ....................................................................... $ 1,675,000
40,000 Frontier Corp. ............................................................ 1,080,000
100,000 Panhandle Eastern Corp. ................................................... 2,525,000
45,000 Sprint Corp. .............................................................. 1,732,500
------------
7,012,500
------------
Health Services--7.4%
30,000 American Home Products Corp. .............................................. 2,658,750
40,000 Johnson & Johnson ......................................................... 3,260,000
------------
5,918,750
------------
Consumer Products--2.1%
30,000 NIKE Inc. ................................................................. 1,702,500
------------
Real Estate--1.9%
28,000 Duke Realty Investments ................................................... 857,500
32,000 Merry Land & Investment Co. ............................................... 672,000
------------
1,529,500
------------
TOTAL COMMON STOCKS
(Cost $67,036,986) ....................................................... 78,384,437
------------
Face
Amount
------------
REPURCHASE AGREEMENT--2.2% (Cost $1,772,000)
$1,772,000 Agreement with Goldman Sachs & Co., 5.60%, dated 10/31/95 to be
repurchased at $1,772,276 on 11/1/95, collateralized by
$1,814,010 U.S.Treasury Bonds, 10.00% due 5/5/10 .................. 1,772,000
------------
TOTAL INVESTMENTS (Cost $68,808,986*) ........................................... 100% $80,156,437
==== ============
</TABLE>
- ------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
See Notes to Financial Statements.
- 43 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Small Capitalization Equity Portfolio
PORTFOLIO OF INVESTMENTS
October 31, 1995
<TABLE>
<CAPTION>
Market
Shares Value
---------- ----------
<S> <C> <C>
COMMON STOCKS--98.0%
Basic Industry--23.6%
135,000 Alltrista Corp.+ .............................................. $ 2,531,250
170,000 Amcast Industrial Corp. ....................................... 2,890,000
110,000 American Building Company+ .................................... 2,777,500
120,000 Aptargroup Inc. ............................................... 4,110,000
105,000 Atchison Casting Corp.+ ....................................... 1,627,500
90,000 Carpenter Technology Corp. .................................... 3,408,750
80,000 Cleveland Cliffs Inc. ......................................... 2,990,000
100,000 Cone Mills Corp.+ ............................................. 1,087,500
50,000 Cytec Industries+ ............................................. 2,737,500
130,000 Granite Construction Inc. ..................................... 3,688,750
120,000 Greenfield Industries Inc. .................................... 3,600,000
135,000 Masland Corp. ................................................. 1,890,000
175,000 Material Sciences Corp.+ ...................................... 2,909,375
173,100 Mississippi Chemical Corp.+ ................................... 4,176,038
-------------
40,424,163
-------------
Consumer Related--22.0%
130,000 Alberto-Culver Co. Class A .................................... 3,510,000
60,000 First Brands Corp. ............................................ 2,745,000
110,750 Harman Intl Inds Inc. ......................................... 5,108,344
180,000 Hudson Foods Inc. ............................................. 2,542,500
200,000 Kellwood Co. .................................................. 3,750,000
190,000 Libbey Inc. ................................................... 3,895,000
20,000 Medicine Shoppe Intl Inc. ..................................... 860,000
53,000 Pulitzer Publishing Co. ....................................... 2,398,250
135,000 Rex Stores Corp.+ ............................................. 2,295,000
450,000 Ryan's Family Steak Houses Inc.+ .............................. 3,487,500
175,000 Sbarro Inc. ................................................... 3,653,125
100,000 Tutex Corp.+ .................................................. 475,000
125,000 Warnaco Group Inc. Class A+ ................................... 2,906,250
-------------
37,625,969
-------------
Technology--14.7%
180,000 Augat Inc. .................................................... 2,835,000
150,000 BancTec, Inc.+ ................................................ 2,812,500
115,000 Cheyenne Software+ ............................................ 2,400,625
45,000 Electronics For Imaging Inc.+ ................................. 3,701,250
130,000 Exar Corp.+ ................................................... 3,087,500
90,000 Lattice Semiconductor Corp.+ .................................. 3,532,500
108,000 Reynolds & Reynolds, Class A .................................. 3,847,500
110,000 Verifone, Inc.+ ............................................... 2,970,000
-------------
25,186,875
-------------
Financial Services--16.6%
18,000 Allmerica Financial Corp.+ .................................... 452,250
90,000 American Bankers Insurance Group .............................. 3,228,750
130,000 BHC Financial Inc. ............................................ 2,356,250
</TABLE>
See Notes to Financial Statements.
- 44 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Small Capitalization Equity Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
<TABLE>
<CAPTION>
Market
Shares Value
---------- ----------
<S> <C> <C>
COMMON STOCKS--(Continued)
Financial Services--(Continued)
112,500 BankAtlantic Bancorp Inc. ..................................... $ 2,081,250
150,000 Charter One Financial Inc. .................................... 4,256,250
50,000 Co-operative Bank of Concord .................................. 837,500
56,200 Equitable of Iowa ............................................. 1,967,000
110,000 First Commerce Corp. .......................................... 3,410,000
75,000 First Financial Corp. ......................................... 1,603,125
115,000 Liberty Corp. ................................................. 3,852,500
130,000 Protective Life Corp. ......................................... 3,705,000
25,000 Prudential Reinsurance Holding Inc.+ .......................... 509,375
-------------
28,259,250
-------------
Healthcare--7.9%
176,250 Bergen Brunswig Corp. ......................................... 3,657,186
175,000 Haemonetics Corp.+ ............................................ 3,303,125
150,000 Medisense Inc. ................................................ 3,206,250
100,000 Vivra Inc.+ ................................................... 3,300,000
-------------
13,466,561
-------------
Energy--6.0%
145,000 J Ray McDermott ............................................... 2,193,125
113,300 Mitchell Energy & Dev Corp. ................................... 1,841,125
90,000 Teekay Shipping Corp. ......................................... 2,092,500
165,000 Total Petroleum of North America Ltd. ......................... 1,670,625
210,000 Zeigler Coal Holdings Co.+ .................................... 2,467,500
-------------
10,264,875
-------------
Real Estate--7.2%
82,000 Cali Realty Corporation ....................................... 1,599,000
80,000 Duke Realty Investments Inc. .................................. 2,450,000
110,000 Liberty Property Trust SBI .................................... 2,227,500
66,300 National Golf Properties ...................................... 1,433,738
150,000 South West Property Trust 1,818,750
120,000 Storage Equities Inc. ......................................... 2,205,000
61,400 Tucker Properties Corp. ....................................... 567,950
-------------
12,301,938
-------------
TOTAL COMMON STOCKS
(Cost $145,753,101) .......................................... 167,529,631
-------------
</TABLE>
<TABLE>
<CAPTION>
Face
Amount
---------
<S> <C> <C>
REPURCHASE AGREEMENT--2.9% (Cost $4,985,000)
$4,985,000 Agreement with Goldman Sachs & Co.,
5.60%, dated 10/31/95 to be repurchased at $4,985,775 on 11/1/95,
collateralized by $5,092,200 U.S. Treasury Bonds,
12.00% due 5/15/05 ............................................. 4,985,000
-------------
TOTAL INVESTMENTS (Cost $150,738,101*) ............................. 100.9% $172,514,631
====== =============
</TABLE>
- ------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
See Notes to Financial Statements.
- 45 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Model Equity Portfolio
PORTFOLIO OF INVESTMENTS
October 31, 1995
<TABLE>
<CAPTION>
Market
Shares Value
---------- ----------
<S> <C> <C>
COMMON STOCKS -- 98.2%
Basic Industries -- 23.3%
12,000 British Steel PLC ADR ......................................... $ 307,500
9,800 Chesapeake Corp. .............................................. 300,125
8,200 Cleveland-Cliffs Inc. ......................................... 306,475
5,300 Consolidated Press Inc. ....................................... 303,425
8,500 Federal Paper Board Co. ....................................... 361,250
8,000 Grand Casios Inc.+ ............................................ 318,000
15,000 International MultiFoods ...................................... 307,500
7,300 Magna International ........................................... 315,725
16,000 Moore Corp Ltd. ............................................... 306,000
15,800 Quanex Corp. .................................................. 312,050
5,900 Union Camp Corp. .............................................. 300,163
5,000 Willamette Industries ......................................... 290,000
-------------
3,728,213
-------------
Utilities -- 12.0%
12,600 Brooklyn Union Gas Co. ........................................ 316,575
31,000 Centerior Energy .............................................. 310,000
13,000 Eastern Utilities ............................................. 305,500
13,000 NY State Electric & Gas ....................................... 328,250
11,200 Pacific Gas & Electric ........................................ 329,000
10,000 Unicom Corporation ............................................ 327,500
-------------
1,916,825
-------------
Retail -- 9.6%
12,000 Federated Dept Stores+ ........................................ 304,500
20,000 Ross Stores ................................................... 313,750
56,000 Service Merchandise Co.+ ...................................... 301,000
26,000 Shopko Stores Inc. ............................................ 279,500
8,000 Snap-On Inc. .................................................. 339,000
-------------
1,537,750
-------------
Financial Services -- 9.5%
6,800 Bank of New York Inc. ......................................... 285,600
5,100 Chemical Banking Corp. ........................................ 290,063
3,200 CIGNA Corp. ................................................... 317,200
11,000 Fremont General ............................................... 319,000
4,500 First Chicago Corp. ........................................... 305,437
-------------
1,517,300
-------------
Energy -- 8.2%
3,010 Atlantic Richfield Co. ........................................ 321,317
16,000 Occidental Petroleum .......................................... 344,000
10,500 Phillips Petroleum Co. ........................................ 338,625
17,200 USX-Marathon Group Inc. ....................................... 305,300
-------------
1,309,242
-------------
</TABLE>
See Notes to Financial Statements.
- 46 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Model Equity Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
<TABLE>
<CAPTION>
Market
Shares Value
---------- ----------
<S> <C> <C>
COMMON STOCK -- (Continued)
Consumer Durables/Non-Durables -- 8.2%
5,900 IBP Inc. ...................................................... $ 353,262
10,000 RJR Nabisco Holding ........................................... 308,750
42,000 Ryan's Family Steak Houses Inc.+ .............................. 325,500
11,500 Servicemaster ................................................. 326,313
-------------
1,313,825
-------------
Technology -- 7.7%
9,200 Cypress Semiconductor Co.+ .................................... 324,300
5,000 Komag+ ........................................................ 285,000
4,500 Micron Technology Inc. ........................................ 317,812
8,700 Read-Rite Corp.+ .............................................. 303,413
-------------
1,230,525
-------------
Consumer Related -- 5.9%
20,000 Callaway Golf ................................................. 327,500
16,000 CPI Corp. ..................................................... 292,000
6,700 VF Corporation ................................................ 320,763
-------------
940,263
-------------
Capital Goods -- 4.1%
5,600 Novellus Systems Inc.+ ........................................ 385,700
7,000 Philips Electronics NV-NY ..................................... 270,375
-------------
656,075
-------------
Energy Technology/Equipment -- 3.9%
15,000 Integrated Device+ ............................................ 285,000
3,300 Mobile Corp. .................................................. 332,475
-------------
617,475
-------------
Medical Products and Supplies -- 2.0%
14,000 Rotech Medical Corp.+ ......................................... 318,500
-------------
Transportation -- 2.0%
7,200 PHH Corp. ..................................................... 315,000
-------------
Multi-Line Insurance -- 1.8%
2,000 Loews Corp. ................................................... 293,250
-------------
TOTAL COMMON STOCKS
(Cost $15,363,594) ........................................... 15,694,243
-------------
</TABLE>
See Notes to Financial Statements.
- 47 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Model Equity Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
<TABLE>
<CAPTION>
Market
Shares Value
---------- ----------
<S> <C> <C>
REPURCHASE AGREEMENT -- 1.7% (Cost $279,000)
$279,000 Agreement with Goldman Sachs & Co., 5.60%, dated 10/31/95 to be
repurchased at $279,043 on 11/1/95, collateralized by $288,750
U.S. Treasury Bonds, 11.625% due 11/15/02............................. $ 279,000
TOTAL INVESTMENTS (Cost $15,642,594*) ................................ 99.9% $15,973,243
===== ============
</TABLE>
- ------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
ABBREVIATION:
ADR--American Depositary Receipt
See Notes to Financial Statements.
- 48 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
International Fixed Income Portfolio
PORTFOLIO OF INVESTMENTS
October 31, 1995
<TABLE>
<CAPTION>
Face Market
Amount Value
---------- ----------
<S> <C> <C> <C>
FOREIGN SECURITIES -- 94.5%
JAPANESE YEN BONDS -- 18.1%
JPY 100,000,000 Asian Development Bank, 5.625% due 2/18/02 .... $1,155,709
35,000,000 European Investment Bank, 5.875% due 11/26/99 . 400,646
100,000,000 Export-Import Bank Japan, 4.375% due 10/1/03 .. 1,082,331
100,000,000 IBRD-Global Bond, 5.25% due 3/20/02 ........... 1,142,868
100,000,000 Japan Development Bank, 5.00% due 10/1/99 ..... 1,109,970
-------------
TOTAL JAPANESE YEN BONDS
(Cost $4,828,397) ............................ 4,891,524
-------------
GERMAN DEUTSCHEMARK BONDS -- 17.7%
DEM $2,500,000 Bundesschatzanweisengen, 6.375% due 8/14/98 ... 1,850,562
2,400,000 Deutschland Republic, 6.00% due 9/15/03 ....... 1,673,823
1,600,000 German Unity Fund, 8.00% due 1/21/02 .......... 1,250,562
-------------
TOTAL GERMAN DEUTSCHEMARK BONDS
(Cost $4,186,490) ............................ 4,774,947
-------------
FRENCH FRANC BONDS -- 8.3%
FRF 5,300,000 France O.A.T., 8.50% due 4/25/03 .............. 1,173,036
5,000,000 French Treasury Bill, 7.75% due 4/12/00 ....... 1,071,092
-------------
TOTAL FRENCH FRANC BONDS
(Cost $2,070,719) ............................ 2,244,128
-------------
DANISH KRONA BONDS -- 6.9%
DKR 5,000,000 Denmark -- Bullet, 7.00% due 12/15/04 ......... 869,334
5,000,000 Denmark -- Bullet, 9.00% due 11/15/00 ......... 992,034
-------------
TOTAL DANISH KRONA BONDS
(Cost $1,666,843) ............................ 1,861,368
-------------
GREAT BRITAIN POUND STERLING BOND -- 6.1%
(Cost $1,596,041)
GBP 950,000 United Kingdom Conversion, 10.25% due 11/22/99. 1,650,684
-------------
BELGIAN FRANC BOND--5.3%
BEF 8,000,000 Belgian (Kingdom), 9.00% due 3/28/03 .......... 313,776
29,000,000 Belgian (Kingdom), 8.75% due 6/25/02 .......... 1,124,001
-------------
TOTAL BELGIAN FRANC BONDS
(Cost $1,236,933) ............................ 1,437,777
-------------
AUSTRALIAN DOLLAR BOND -- 5.3%
(Cost $1,335,652)
AUD 1,850,000 Queensland Treasury, 8.00% due 5/14/97 ........ 1,414,279
-------------
AUSTRIAN SCHILLING BOND -- 4.9%
(Cost $1,165,035)
ATS 13,000,000 Republic of Austria, 5.375% due 11/23/98 ...... 1,323,770
-------------
</TABLE>
See Notes to Financial Statements.
- 49 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
International Fixed Income Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
<TABLE>
<CAPTION>
Face Market
Amount Value
---------- ----------
<S> <C> <C> <C>
FOREIGN SECURITIES -- 94.5%
CANADIAN DOLLAR BONDS -- 4.6%
CAD $ 870,000 Canada (Government), 9.25% due 10/1/96 ....... $ 666,402
700,000 Canada (Government), 9.00% due 12/1/04 ....... 570,527
-----------
TOTAL CANADIAN DOLLAR BONDS
(Cost $1,184,966) ........................... 1,236,929
-----------
NETHERLAND GUILDER BONDS -- 4.4%
NLG 500,000 Netherlands (Government), 7.25% due 10/1/04 .. 334,643
1,250,000 Netherlands (Government), 7.50% due 11/15/99 . 854,433
-----------
TOTAL NETHERLAND GUILDER BONDS
(Cost $977,066) ............................. 1,189,076
-----------
SPANISH PESETA BONDS -- 4.2%
ESP 52,000,000 Spanish (Government), 10.25% due 11/30/98 .... 426,544
83,000,000 Spanish (Government), 11.60% due 1/15/97 ..... 693,357
-----------
TOTAL SPANISH PESETA BONDS
(Cost $1,102,135) ........................... 1,119,901
-----------
NEW ZEALAND DOLLAR BONDS -- 4.0%
NZD 950,000 New Zealand (Government), 8.00% due 11/15/95 . 626,494
650,000 New Zealand LN NZ, 8.00% due 4/15/04 ......... 450,431
-----------
TOTAL NEW ZEALAND DOLLAR BONDS
(Cost $1,008,027) ........................... 1,076,925
-----------
SWEDISH KRONA BOND -- 2.4%
(Cost $563,613)
SEK 4,000,000 Swedish (Government), 11.00% due 1/21/99 ..... 638,729
-----------
ITALIAN LIRA BOND -- 2.3%
(Cost $630,372)
ITL 1,000,000,000 Italy (Government), 8.50% due 1/1/97 ......... 615,061
-----------
TOTAL FOREIGN SECURITIES
(Cost $23,555,289) .......................... 25,475,098
-----------
</TABLE>
<TABLE>
<CAPTION>
Par
--------
<S> <C> <C> <C>
REPURCHASE AGREEMENTS -- 0.2%
45,000 Agreement with Goldman Sachs & Co., 5.60%
dated 10/31/95 to be repurchased at $45,007 on
11/1/95 collateralized by:
$48,860 U.S. Treasury Bonds 8.125% due 8/15/21 ..... 45,000
-----------
TOTAL INVESTMENTS (Cost $23,597,289*) .......................... 94.7% $25,520,098
===== ===========
</TABLE>
- ------
*Aggregate cost for federal tax purposes.
See Notes to Financial Statements.
- 50 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
International Portfolio
PORTFOLIO OF INVESTMENTS
October 31, 1995
<TABLE>
<CAPTION>
Market
Shares Value
---------- ----------
<S> <C> <C>
FOREIGN SECURITIES -- 91.7%
Japan -- 28.9%
116,600 Acom Company, Ltd. ............................................ $ 3,798,825
100,000 Amway Japan, Ltd. ............................................. 3,815,673
40,000 Aoyama Trading ................................................ 1,080,129
170,000 Canon Inc. .................................................... 2,910,674
119,000 Chukyo Coca-Cola .............................................. 1,152,626
339,000 Dai Nippon Printing Inc. ...................................... 5,406,223
283,000 Daiwa House** ................................................. 4,236,278
900 East Japan Railway Co. ........................................ 4,253,008
6,294 Fuji Photo Film Ltd. .......................................... 309,979
662,000 Hitachi Ltd. .................................................. 6,800,706
313,000 Honda Motor Corp. ............................................. 5,450,934
75,000 Ito-Yokado Company ............................................ 4,101,849
360,000 Kao Corp. ..................................................... 4,367,478
236,000 Kirin Brewery Co. ............................................. 2,378,242
9,458 Kyocera Corp. - ADR ........................................... 1,565,299
220,000 Matsushita Electric Industrial Co. Ltd. ....................... 3,121,025
14,187 Matsushita Electric Industrial Co. Ltd., ADR .................. 2,050,021
660,000 Mitsubishi Heavy Industries ................................... 5,094,806
284,000 Nippon Denso Ltd. ............................................. 5,195,969
360,000 Nishimatsu Construction Co. ................................... 4,050,485
100,000 Rohm Company .................................................. 6,075,728
154,000 Sankyo Co. .................................................... 3,390,079
450,000 Sharp Co. ..................................................... 6,251,834
690,000 Toda Construction ............................................. 5,643,675
180,000 Yamanouchi Pharmaceuticals .................................... 4,015,264
142,800 Yurtech Corp. ................................................. 2,598,649
-------------
99,115,458
-------------
United Kingdom -- 14.4%
Common Stock
1,400,000 Argyll Group PLC .............................................. 7,124,894
189,156 Associated British Foods Ord. ................................. 2,103,191
475,000 Enterprise Oil Ord. ........................................... 2,514,970
1,800,000 Mirror Group Newspapers Ord. .................................. 4,750,984
650,000 National Power PLC ............................................ 5,064,713
570,000 Powerscreen International Ord. ................................ 3,477,417
600,000 Scottish Power Ord. ........................................... 3,309,567
1,800,000 Tomkins PLC ................................................... 7,098,025
208,333 Welsh Water Ord. .............................................. 2,479,409
910,000 WH Smith Class A .............................................. 5,465,369
300,000 Zeneca Group .................................................. 5,587,857
-------------
48,976,396
-------------
Convertible Preferred Stock
225,000 Welsh Water Ord. .............................................. 369,837
-------------
49,346,233
-------------
</TABLE>
See Notes to Financial Statements.
- 51 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
International Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
<TABLE>
<CAPTION>
Market
Shares Value
---------- ----------
<S> <C> <C>
FOREIGN SECURITIES -- (Continued)
France -- 8.4%
45,000 Cie Generale Des Eaux.......................................... $4,190,227
51,030 Compagnie de Saint-Gobain Ord. ................................ 6,095,163
29,200 Groupe Danone ................................................. 4,672,239
43,745 Lafarge - Coppee SA ........................................... 2,904,689
260,000 Lagardere Groupe .............................................. 4,863,348
49,858 Societe Nationale Elf Aquitaine ............................... 3,401,499
80,000 Technip, ADR .................................................. 2,599,688
-------------
28,726,853
-------------
Netherlands -- 7.1%
110,000 Algemene Bank Nederland ....................................... 4,622,258
190,000 Bols Wessanew ................................................. 3,757,130
77,187 Koninklijke PTT Nederland ..................................... 2,711,095
189,200 Philips Electronics NV, ADR ................................... 7,307,850
49,504 Royal Dutch Petroleum Co., ADR ................................ 6,082,806
-------------
24,481,139
-------------
Germany -- 6.6%
190,000 Deutsche Bank AG .............................................. 8,577,421
20,000 Hoechst AG .................................................... 5,218,256
23,645 Siemens AG, ADR ............................................... 2,478,231
156,200 Veba AG ....................................................... 6,399,691
-------------
22,673,599
-------------
Spain -- 5.9%
160,000 Banco Central Hispanoamericano, SA ............................ 3,320,482
14,187 Banco Popular de Espanol ...................................... 2,256,467
400,000 Dragados & Construcciones SA .................................. 5,249,774
855,000 Iberdrola SA .................................................. 6,452,301
100,000 Repsol SA, ADR ................................................ 2,962,500
-------------
20,241,524
-------------
Australia -- 4.8%
824,595 Burns, Philip & Company, Ltd. ................................. 1,846,111
800,000 Email Ltd. .................................................... 2,010,360
3,936,690 Goodman Fielder Corp., Ltd. Ord. .............................. 3,957,083
314,758 Lend Lease Corp. .............................................. 4,376,706
1,033,789 Westpac Banking Corp. ......................................... 4,243,172
-------------
16,433,432
-------------
Sweden -- 3.3%
195,000 Astra AB, Series B ............................................ 7,053,716
100,000 Electrolux .................................................... 4,280,461
-------------
11,334,177
-------------
</TABLE>
See Notes to Financial Statements.
- 52 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
International Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
<TABLE>
<CAPTION>
Market
Shares Value
---------- ----------
<S> <C> <C>
FOREIGN SECURITIES -- (Continued)
Hong Kong -- 2.0%
900,000 Dao Heng Bank Group............................................ $3,300,263
2,000,000 Hong Kong Land Holdings ....................................... 3,600,000
-------------
6,900,263
-------------
Italy -- 1.8%
300,000 Bennetton Group, Ord. ......................................... 3,107,963
200,000 IMI, ADR ...................................................... 3,225,000
-------------
6,332,963
-------------
Switzerland -- 1.4%
5,520 Ciba-Geigy AG ................................................. 4,781,178
-------------
Norway -- 1.4%
112,000 Kvaerner ...................................................... 4,715,031
-------------
Canada -- 1.2%
97,289 Magna International ........................................... 4,207,749
-------------
Mexico -- 1.1%
506,250 Cementos Astsk "B" SA ......................................... 1,631,803
80,000 Telefonos de Mexico SA, ADR ................................... 2,200,000
-------------
3,831,803
-------------
Denmark -- 1.0%
45,000 Teledanmark AS, ADR ........................................... 1,175,625
112,548 International Service Systems, Series B ....................... 2,308,465
-------------
3,484,090
-------------
Thailand -- 0.8%
9,008 The Thai Capital Fund Inc. .................................... 133,994
108,648 The Thailand Fund Inc. ....................................... 2,526,089
-------------
2,660,083
-------------
Malaysia -- 0.6%
666,666 Malaysian International Shipping Co. ......................... 1,758,182
157,000 Sime Darby .................................................... 392,422
-------------
2,150,604
-------------
Singapore -- 0.6%
863,000 Sime Darby .................................................... 2,138,408
-------------
</TABLE>
See Notes to Financial Statements.
- 53 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
International Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
<TABLE>
<CAPTION>
Market
Shares Value
---------- ----------
<S> <C> <C>
FOREIGN SECURITIES -- (Continued)
Finland -- 0.4%
85,000 Outokumpu OY Ord., Class A .................................... $ 1,352,609
-------------
TOTAL FOREIGN SECURITIES
(Cost $281,802,861) .......................................... 314,907,196
-------------
</TABLE>
<TABLE>
<CAPTION>
Face
Amount
- ---------
<S> <C> <C>
REPURCHASE AGREEMENTS -- 9.2% (Cost $31,750,000)
$31,750,000 Agreement with Goldman Sachs & Co.,
5.60% dated 10/31/95 to be repurchased at
$31,754,939 on 11/1/95, collateralized by
$32,408,715 U.S. Treasury Bonds 8.125% due
5/15/21 .......................................................... 31,750,000
-------------
TOTAL INVESTMENTS (Cost $313,552,861*) ............................ 100.9% $346,657,196
====== =============
</TABLE>
- ------
*Aggregate cost for Federal tax purposes.
**Non-income producing security.
ABBREVIATION:
ADR--American Depositary Receipts
See Notes to Financial Statements.
- 54 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
International Portfolio
SECTOR DIVERSIFICATION
At October 31, 1995, sector diversification of the Portfolio was as follows
(Unaudited):
% of Net Market
Assets Value
---------- --------------
FOREIGN SECURITIES:
Financial Services ....... 10.8% $ 36,943,888
Construction ............ 9.8 33,670,304
Utilities ............... 8.2 28,265,745
Capital Goods ........... 7.9 27,185,985
Retail ................... 6.0 20,507,785
Pharmaceuticals ......... 5.8 20,046,916
Food & Beverage ......... 5.8 19,866,622
Electronics ............. 5.6 19,063,907
Printing & Publishing .... 4.4 15,020,555
Oil & Gas ............... 4.4 14,961,775
Automotive .............. 4.3 14,854,652
Consumer Durables ....... 4.3 14,808,964
Basic Industry .......... 3.0 10,257,796
Chemicals ............... 2.9 9,999,434
Communications .......... 1.8 6,086,720
Transportation .......... 1.8 6,011,190
Consumer Non-Durables .... 1.3 4,367,478
Apparel ................. 1.2 4,188,092
Other .................... 0.8 2,660,083
Electrical .............. 0.7 2,478,231
Business Services ....... 0.7 2,308,465
Metals & Mining ......... 0.4 1,352,609
-------- ----------------
TOTAL FOREIGN SECURITIES ..... 91.9 314,907,196
REPURCHASE AGREEMENT ........ 9.2 31,750,000
---------- ----------------
TOTAL INVESTMENTS ........... 101.0% $346,657,196
========== ================
See Notes to Financial Statements.
- 55 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Institutional International Portfolio
PORTFOLIO OF INVESTMENTS
October 31, 1995
Market
Shares Value
---------- ----------
FOREIGN SECURITIES -- 94.9%
Japan--29.6%
15,800 Acom Co. Ltd. ................................ $ 514,764
13,600 Amway Japan Ltd .............................. 518,932
5,300 Aoyama Trading ............................... 143,117
22,000 Canon Inc .................................... 376,676
14,000 Chukyo Coca-Cola ............................. 135,603
46,000 Dai Nippon Printing Co. ...................... 733,588
34,000 Daiwa House** ................................ 508,952
120 East Japan Railway Co. ....................... 567,068
361 Fuji Photo Film Ltd., ADR .................... 17,779
90,000 Hitachi Ltd. ................................. 924,567
40,000 Honda Motor Corp. ............................ 696,605
10,000 Ito-Yokado Co. ............................... 546,913
49,000 Kao Corp ..................................... 594,463
32,000 Kirin Brewery Co. ............................ 322,473
1,242 Kyocera Corp., ADR ........................... 205,551
813 Matsushita Electric Industrial Co., Ltd., ADR. 117,479
40,000 Matsushita Electric Industrial Co., Ltd. ..... 567,459
89,000 Mitsubishi Heavy Industries .................. 687,027
38,000 Nippon Denso Ltd. ............................ 695,235
49,000 Nishimatsu Construction Co. .................. 551,316
13,000 Rohm Company ................................. 789,844
21,000 Sankyo Co. ................................... 462,284
60,000 Sharp Corp. .................................. 833,577
93,000 Toda Construction ............................ 760,669
24,000 Yamanouchi Pharmaceuticals ................... 535,368
16,800 Yurtech Corp. ................................ 305,723
------------
13,113,032
------------
United Kingdom--14.9%
Common Stock
185,000 Argyll Group PLC ............................. 941,504
24,844 Associated British Foods Ord. ................ 276,236
64,000 Enterprise Oil Ord. .......................... 338,859
242,000 Mirror Group Newspapers Ord. ................. 638,744
88,000 National Power PLC ........................... 685,685
75,000 Powerscreen International Ord. ............... 457,555
81,000 Scottish Power Ord. .......................... 446,792
242,000 Tomkins PLC .................................. 954,290
28,167 Welsh Water Ord. ............................. 335,216
122,000 WH Smith Class A ............................. 732,719
40,000 Zeneca Group ................................. 745,047
------------
6,552,647
------------
See Notes to Financial Statements.
- 56 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Institutional International Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
Market
Shares Value
---------- ----------
FOREIGN SECURITIES -- (Continued)
Convertible Preferred Stock
15,300 Welsh Water Ord. ............................. $ 25,149
------------
6,577,796
------------
France -- 8.7%
6,100 Cie Generale des Eaux ........................ 568,009
6,925 Compangnie de Saint-Gobain Ord. .............. 827,140
4,000 Groupe Danone ................................ 640,032
5,944 Lafarge-Coppee SA ............................ 394,744
33,000 Lagardere Groupe ............................. 617,272
6,642 Societe Nationale Elf Aquitaine .............. 453,142
11,000 Technip, ADR ................................. 357,457
------------
3,857,796
------------
Netherlands -- 7.4%
15,000 Algemene Bank Nederland ...................... 630,308
25,000 Bols Wessanew ................................ 494,359
6,000 Koninklijke PTT Nederland .................... 211,053
4,062 Koninklijke PTT Nederland, ADR ............... 142,689
25,600 Philips Electronics NV, ADR .................. 988,800
6,378 Royal Dutch Petroleum Co., ADR ............... 783,697
------------
3,250,906
------------
Germany -- 6.9%
26,000 Deutsche Bank AG ............................. 1,173,752
2,700 Hoechst AG ................................... 704,465
3,055 Siemens AG, ADR .............................. 320,195
20,800 Veba AG ...................................... 852,200
------------
3,050,612
------------
Spain -- 6.0%
21,000 Banco Central Hispanoamericano SA ............ 435,813
1,863 Banco Popular de Espanol ..................... 296,313
51,000 Dagados & Construcciones SA .................. 669,346
114,000 Iberdrola SA ................................. 860,307
13,200 Repsol SA, ADR ............................... 391,051
------------
2,652,830
------------
Australia -- 5.0%
112,229 Burns, Philip & Company Ltd. ................. 251,259
110,000 Email Ltd. ................................... 276,424
534,194 Goodman Fielder Ltd. Ord. .................... 536,961
42,527 Lend Lease Corp. ............................. 591,338
140,825 Westpac Banking Corp. ........................ 578,014
------------
2,233,996
------------
See Notes to Financial Statements.
- 57 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Institutional International Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
Market
Shares Value
---------- ----------
FOREIGN SECURITIES -- (Continued)
Sweden -- 3.7%
27,000 Astra AB ..................................... $ 976,669
15,000 Electrolux ................................... 642,069
------------
1,618,738
------------
Hong Kong -- 2.0%
120,000 Dao Heng Bank Group .......................... 440,035
260,000 Hong Kong Land Holdings ...................... 468,000
------------
908,035
------------
Italy -- 1.9%
40,000 Bennetton Group Ord. ......................... 414,395
27,000 IMI, ADR ..................................... 435,375
------------
849,770
------------
Switzerland -- 1.5%
762 Ciba-Geigy AG ................................ 660,010
------------
Norway -- 1.4%
15,000 Kvaerner ..................................... 631,477
------------
Canada -- 1.3%
13,211 Magna International .......................... 571,376
------------
Mexico -- 1.2%
7,000 Cementos Astsk "A" SA ........................ 21,531
61,000 Cementos Astsk "B" SA ........................ 196,622
10,700 Telefonos de Mexico SA, ADR .................. 294,250
------------
512,403
------------
Denmark -- 1.1%
14,950 International Service Systems, Series B ...... 306,639
6,200 Teledanmark AS, ADR .......................... 161,975
------------
468,614
------------
See Notes to Financial Statements.
- 58 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Institutional International Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
Market
Shares Value
---------- ----------
FOREIGN SECURITIES -- (Continued)
Malaysia -- 0.8%
85,000 Malaysian International Shipping Co........... $223,874
58,000 Sime Darby ................................... 144,971
------------
368,845
------------
Thailand -- 0.8%
592 The Thai Capital Fund Inc. ................... 8,806
14,227 The Thailand Fund Inc. ....................... 330,799
------------
339,605
------------
Finland -- 0.4%
11,500 Outokumpu OY Ord., Class A ................... 183,000
------------
Singapore -- 0.3%
49,000 Sime Darby ................................... 121,416
------------
TOTAL FOREIGN SECURITIES
(Cost $40,535,255) ........................... 41,970,257
------------
<TABLE>
<CAPTION>
Face
Amount
- ----------
<S> <C> <C>
REPURCHASE AGREEMENTS -- 5.5% (Cost $2,427,000)
$2,427,000 Agreement with Goldman Sachs & Co. 5.60%, dated
10/31/95 to be repurchased at $2,427,378 on 11/1/95,
collateralized by $2,478,120 U.S. Treasury Bonds 13.75%
due 8/15/04 ....................................................... 2,427,000
-------------
TOTAL INVESTMENTS (Cost $42,962,255*)................................. 100.4% $44,397,257
====== =============
</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, 1995, sector diversification of the Portfolio was as follows
(Unaudited):
% of Net Market
Assets Value
---------- -------------
FOREIGN SECURITIES:
Financial Services .... 11.2% $ 4,972,374
Construction ......... 10.0 4,415,969
Utilities ............ 8.5 3,773,358
Capital Goods ........ 8.3 3,654,916
Retail ................ 6.2 2,740,068
Pharmaceuticals ...... 6.2 2,719,368
Food & Beverage ...... 6.0 2,656,923
Electronics .......... 5.7 2,513,910
Consumer Durables .... 4.6 2,025,324
Printing & Publishing . 4.5 1,989,604
Oil & Gas ............ 4.4 1,966,749
Automotive ........... 4.4 1,963,216
Chemicals ............ 3.1 1,364,475
Basic Industry ....... 3.0 1,311,680
Communications ....... 1.8 809,967
Transportation ....... 1.8 790,942
Consumer Non-Durables . 1.3 594,463
Apparel .............. 1.3 557,512
Other ................. 0.8 339,605
Electrical ........... 0.7 320,195
Business Services .... 0.7 306,639
Metals & Mining ...... 0.4 183,000
--------- ------------
TOTAL FOREIGN SECURITIES .. 94.9 41,970,257
REPURCHASE AGREEMENT ..... 5.5 2,427,000
--------- ------------
TOTAL INVESTMENTS ........ 100.4% $44,397,257
========= ============
See Notes to Financial Statements.
- 60 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Emerging Markets Portfolio
PORTFOLIO OF INVESTMENTS
October 31, 1995
Market
Shares Value
---------- ----------
FOREIGN SECURITIES -- 98.7%
Greece--13.9%
16,500 Aegek ............................... $ 174,107
3,000 Aegek Pref. Stock ................... 16,831
5,000 Alcatel Cables Hellas ............... 36,683
6,200 Alpha Credit Bank ................... 373,268
2,900 Aluminum Co of Greece ............... 143,929
7,000 Arcadia Metal Ind ................... 80,963
6,900 Commercial Bank of Greece ........... 248,651
4,000 Delta Dairies ....................... 85,451
7,000 Edrasi Psallida ..................... 104,829
2,100 Edrasi Rights ....................... 4,259
12,300 Ergas Construction+ ................. 140,671
9,700 ETEM ................................ 171,636
30,000 Fanco+ .............................. 149,540
12,600 Hellas Can .......................... 263,734
7,000 Hellenic Bottling Co ................ 223,555
14,600 Hellenic Sugar Industry ............. 183,988
2,500 Hellenic Technodomiki ............... 56,644
22,500 Heracles General Cement ............. 229,165
10,500 Ionian Bank ......................... 224,310
11,200 Metka+ .............................. 107,548
4,500 National Bank of Greece ............. 224,893
13,000 Sarantis ............................ 122,869
19,000 Shelman Hellenic-Swisswood .......... 130,788
5,700 Titan Cement Co. .................... 237,387
8,000 Uncle Stathis+ ...................... 56,104
-------------
3,791,803
-------------
South Korea--13.3%
7,900 Bolak Kswn .......................... 153,849
11,200 Cho Hung Bank ....................... 147,849
4,600 Choil Aluminum Kswn ................. 148,503
736 Choil Aluminum ...................... 18,373
9,300 Dae Woo Metal Kswn .................. 151,940
1,800 Daeil Chemical ...................... 156,450
2,500 Dongah Tire Industry ................ 174,813
2,650 Hanil Cement Manufacturing .......... 154,130
5,100 Hyundai Pharmaceutical .............. 159,979
7,200 Il Sung Pharmaceutical .............. 163,743
3,800 Il Yang Pharmaceutical .............. 143,536
9,000 Kum Kyung ........................... 141,158
5,000 Jee Won Industrial .................. 154,881
See Notes to Financial Statements.
- 61 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Emerging Markets Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
Market
Shares Value
---------- ----------
FOREIGN SECURITIES -- (Continued)
South Korea--(Continued)
4,000 Kemongsa Publishing ................. $ 148,477
6,700 Keang Nam Enterprise ................ 126,976
11,000 Koram Bank .......................... 166,775
2,500 Korea Cast Iron Kswn ................ 148,673
9,500 Koroyo Cement Manufacturing** ....... 149,000
11,500 Pusan Bank Kswn ..................... 160,828
4,600 Rocket Electric ..................... 155,116
4,100 Sae Han Precision ................... 175,232
4,000 Sam Hwa Capacitor ................... 145,340
3,350 Sam Yung Trading Co.** .............. 131,355
5,800 Ssangyong Cement Industries ......... 178,904
2,210 Youngwoo Chemical ................... 67,880
-------------
3,623,760
-------------
Turkey--12.2%
400,000 Akcimento Ticaret A.S. .............. 144,277
700,000 Anadolu Cam Sanayi .................. 91,440
200,000 Aygaz ............................... 150,126
270,000 Bagfas Bandirma Gubre ............... 131,604
799,995 Bekoteknik Sanayi ................... 88,905
992,000 Bolu Cimento ........................ 48,352
100,000 Bursa Cimento Fabrikasi ............. 77,987
240,000 Cukurova Electrik ................... 91,245
345,000 Ege Seramik Co. Inc. ................ 119,394
500,000 Esem Spor Glyim ..................... 87,736
650,000 Eczacibasi Yatirim .................. 96,315
700,000 Eczacibasi Yapi** ................... 83,252
520,000 Goltas Goller ....................... 136,868
416,250 Goodyear Lastikleri ................. 170,427
330,000 Guney Biracilik Ve Malt ............. 69,165
3,315,500 Izmir Demir Celik ................... 74,338
540,400 Koc Yatirim ve Sanayi** ............. 152,774
1,204,000 Marshall Boya Ve Vernik ............. 131,456
1,756,000 Metas Izmir Metalurji ............... 80,456
450,000 Petrol Ofisi ........................ 105,283
6,500,000 Sabah Yayincilik .................... 171,085
965,000 Sonmez Pamuklu ...................... 92,191
1,040,000 Tofas Turk Otomobil ................. 133,827
1,260,080 Trakya Cam Sanayii AS ............... 181,801
194,000 Turk Tuborg Bira Ve Malt ............ 147,514
390,000 Turkish Siemens ..................... 110,255
See Notes to Financial Statements.
- 62 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Emerging Markets Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
Market
Shares Value
---------- ----------
FOREIGN SECURITIES -- (Continued)
Turkey--(Continued)
1,120,000 Turkiye Is Bankasi .................. $ 137,666
1,008,000 Unye Cimento Sanayii Ve Ticaret ..... 86,473
2,130,000 Yapi Ve Kredi Bankasi ............... 147,426
-------------
3,339,638
-------------
China--7.9%
194,000 China International Marine .......... 150,558
130,000 China Southern Glass Co+ ............ 72,304
6,000 China Tire Holdings ................. 49,500
314,000 Chiwan Wharf Holding ................ 142,151
102,000 Erdos Cashmere Products** ........... 48,316
260,000 Guangdong Power** ................... 142,927
140,000 Guangzhou Shipyard .................. 42,554
229,000 Shanghai Dazhong Taxi** ............. 185,490
235,000 Shanghai Diesel Engine .............. 103,870
95,000 Shanghai Jinqiao Exp ................ 43,700
289,000 Shanghai New Asia Group** ........... 138,720
190,000 Shanghai Petrochemical .............. 54,681
200,000 Shanghai Phoenix Bicycle+ ........... 44,000
195,000 Shanghai Refrigerator ............... 93,600
560,000 Shanghai Sanmao Textile ............. 151,200
163,000 Shanghai Shanglin ................... 143,440
210,000 Shanghai Tyre & Rubber .............. 57,540
58,000 Shanghai Yaohua ..................... 56,840
258,200 Shenzhen Konka Electric ............. 156,966
186,000 Shenzhen North Jians ................ 114,277
110,000 Shanghai Wai Gaoqiao ................ 42,900
353,000 Weifu Fuel Injection** .............. 120,993
-------------
2,156,527
-------------
South Africa--7.7%
1,800 Blyvooruitzicht Gold** .............. 2,369
29,700 Buffelsfontein Gold** ............... 122,171
200,000 Deelkral ............................ 164,541
40,000 Doorfontein Gold** .................. 27,423
27,000 East Daggafontein Mines ............. 77,745
66,000 East Rand Gold & Uranium Co ......... 190,045
13,000 Free State Consolidated Gold ........ 121,212
76,000 Grootvlei Proprietary+ .............. 187,577
14,800 Harmony Gold Mining Co .............. 125,819
40,000 Hartebeestfontein Gold .............. 100,370
13,700 Kinross Mines+ ...................... 123,981
64,000 Kolosus Holdings .................... 115,837
See Notes to Financial Statements.
- 63 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Emerging Markets Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
Market
Shares Value
---------- ----------
FOREIGN SECURITIES -- (Continued)
South Africa--(Continued)
50,000 Leslie Gold Mines+ .................. $ 51,419
29,000 Loraine Gold Mines**+ ............... 79,528
24,000 Randfontein Estates Gold ............ 133,278
18,000 Servgro ............................. 83,916
4,700 Southvaal Holdings+ ................. 106,979
60,000 Unisel Gold Mines ................... 168,654
1,900 Vaal Reefs Exploration & Mining ..... 108,638
-------------
2,091,502
-------------
Indonesia--6.0%
50,000 Bank Bali ........................... 116,740
45,000 Dankos Laboratories ................. 126,872
24,000 Gudang Garam ........................ 208,810
28,000 Hanjaya Mandala Sampoern ............ 259,030
100,000 Hero Supermarket .................... 204,845
40,000 Kalbe Farma ......................... 126,872
138,000 Mayora Indah ........................ 98,788
27,000 Modern Photo Film Co ................ 164,140
100,000 PT Astra International .............. 200,440
64,000 Trias Sentosa ....................... 140,969
-------------
1,647,506
-------------
India--4.9%
67,000 Arvind Mills GDR** .................. 288,100
26,000 Dr Reddy's Laboratories ............. 220,467
11,700 Finolex Cables Ltd .................. 85,183
4,500 Hindalco Industries** ............... 143,415
39,250 Indian Aluminum ..................... 235,500
33,000 Indo Gulf Fertilizer ................ 50,325
19,000 Mahindra Mahindra ................... 201,666
14,000 Wockhardt Ltd** ..................... 112,000
-------------
1,336,656
-------------
Mexico--4.5%
25,000 Coca-Cola Fesma ..................... 45,365
101,000 Formento Eonomico Mexicano .......... 211,362
15,800 Grupo Casa Autres ................... 51,261
46,900 Grupo Fernandez Editores**+ ......... 13,174
104,900 Grupo Industrial Maseca ............. 68,656
28,000 Grupo Modelo ........................ 106,573
353,000 Grupo Posadas S. A. S**+ ............ 103,619
32,900 Industrial Penoles .................. 125,223
See Notes to Financial Statements.
- 64 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Emerging Markets Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
Market
Shares Value
---------- ----------
FOREIGN SECURITIES -- (Continued)
Mexico--(Continued)
14,000 Jugos del Valle** ................... $ 24,342
4,500 Kimberly - Clarke de Mexico ......... 58,714
14,000 Nacional de Drogas .................. 44,241
4,500 Sigma Alimentos ..................... 31,601
44,000 Tablex** ............................ 67,359
42,500 Tubos De Acero De Mexico** .......... 286,875
-------------
1,238,365
-------------
Hungary--4.4%
19,200 Danubius Hotel ...................... 172,538
2,600 Egis Gyogy .......................... 64,945
55,290 Fotex ............................... 54,738
7,200 Graboplast Textiles+ ................ 100,068
4,489 Hajdutej**+ ......................... 75,209
1,820 Mol Magyar Ola** .................... 165,284
7,000 Pannonplast Muanuag+ ................ 90,625
8,000 Pharmavit Gdr Ord+ .................. 46,208
1,700 Pick Szeged Gds ..................... 77,522
2,700 Primagaz Hungaria ................... 78,238
4,570 Richter Gedeon** .................... 72,912
6,100 Soproni Sorgyar ..................... 123,244
4,620 Soproni Sorgyar Rt P ................ 86,376
-------------
1,207,907
-------------
Russia--4.3%
2 Lukoil Holdings RDC** ............... 218,611
30,000 Norilsk CSFB** ...................... 131,166
30,000 Purneftegaz CFSB**+ ................. 69,676
4 Rostelecom RDC** .................... 172,848
36,514 Unified Energy Systems CSFB ......... 346,883
20,000 Yuganskneftegaz CSFB** .............. 223,779
-------------
1,162,963
-------------
Portugal--3.8%
8,580 Banco Espirito Santo ................ 126,125
7,309 Banco Totta Acores .................. 126,909
3,600 Cellulosa Do Caima .................. 97,100
5,900 Cinca-Companhia Ind De Ceramica+ .... 65,246
8,300 Corticeira Amorim Sociedad .......... 81,153
See Notes to Financial Statements.
- 65 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Emerging Markets Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
Market
Shares Value
---------- ----------
FOREIGN SECURITIES -- (Continued)
Portugal--(Continued)
15,000 Fisipe-Fibras Sintetics DePortugal+ . $ 89,008
4,200 Lusotur ............................. 87,795
3,500 Mota E Companhia, S.A+ .............. 74,366
4,500 Soares Da Costa S.A.+ ............... 62,811
10,000 Sonae Industria De Frutas ........... 72,960
7,900 Sumolis Industria De Frutas+ ........ 74,578
5,600 Unicer-Uniao Cervejeira ............. 91,004
-------------
1,049,055
-------------
Brazil--3.7%
16,000 Aracruz Celulose .................... 148,000
500,000 Cervajaria Brahma Pr ................ 190,847
5,000 CIA Siderurgica Tubarao** ........... 115,410
980,000 CIA Vale Do Rio Doce ................ 157,982
12,000 Iochpe Maxion S.A. .................. 93,572
13,000 Refrigeracao Parana ................. 157,466
4,430 Souza Cruz .......................... 31,698
7,000 Votorantim Celulose ................. 105,532
-------------
1,000,507
-------------
Czech Republic--2.6%
626 Cement Hranice Ord**+ ............... 19,154
3,840 Cez** ............................... 149,810
2,600 Fatra** ............................. 126,295
2,050 Jihoceske Mlerkarny** ............... 78,408
3,150 Komercni Banka ...................... 180,722
680 Leciva Praha**+ ..................... 65,542
1,240 Rakovnick Keram Zavo DNY**+ ......... 54,067
2,000 ZDB**+ .............................. 31,516
-------------
705,514
-------------
Taiwan--2.0%
58,000 ROC Taiwan Fund** ................... 558,250
-------------
Israel--1.9%
8,000 Data Systems & Software** ........... 72,000
22,000 Elscint Ltd.** ...................... 49,500
10,000 Fourth Dimension Software ........... 47,500
16,600 Scitex Corp Depository Receipt ...... 288,425
25,000 Tat Technologies Ltd.** ............. 54,687
-------------
512,112
-------------
See Notes to Financial Statements.
- 66 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Emerging Markets Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
Market
Shares Value
---------- ----------
FOREIGN SECURITIES -- (Continued)
Poland--1.6%
34 Gorazde ............................. $ 644
7,000 Krosno Ord** ........................ 114,192
47,600 Mostostal Export .................... 111,623
10,100 Optimus** ........................... 109,979
13,800 Rafako** ............................ 105,244
-------------
441,682
-------------
Venezuela--1.3%
160,000 Ceramicas Carabobo+ ................. 221,456
23,000 Venprecar CA Spons .................. 124,200
-------------
345,656
-------------
Malaysia--0.9%
45,000 IJM Corp. ........................... 74,132
58,000 O'Connors Engineering ............... 171,226
-------------
245,358
-------------
Bangladesh--0.4%
3,000 Chittagong Cement ................... 54,724
6,000 Prime Textile Spinning Mills ........ 44,944
-------------
99,668
-------------
Lebanon--0.3%
7,500 Banque Audi** ....................... 94,500
-------------
Argentina--0.2%
6,000 Ipako Ind Petroleum** ............... 21,480
35,000 Ledesma ............................. 37,800
-------------
59,280
-------------
See Notes to Financial Statements.
- 67 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Emerging Markets Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
Market
Shares Value
---------- ----------
FOREIGN SECURITIES -- (Continued)
Slavakia--0.8%
2,000 Chirana Prema** ..................... $ 54,118
740 Nafta Gbely** ....................... 53,823
1,500 Plastika Nitia ...................... 50,850
3,900 Vychodoslovenske Zeleziarne ......... 58,141
-------------
216,932
-------------
Zimbabwe--0.1%
10,000 Cluff Resources ..................... 9,008
-------------
TOTAL FOREIGN INVESTMENTS
Cost ($28,009,979*) ............... 26,934,149
-------------
Face
Amount
- ---------
TIME DEPOSITS -- 3.0% (Cost $840,000)
$840,000 Chase Manhattan Time Deposit due
11/1/95.......................................... 840,000
------------
TOTAL INVESTMENTS (Cost $28,849,979*) ...... 101.7% $27,774,149
====== ============
- ------
*Aggregate cost for Federal tax purposes.
**Non-income producing security.
+Illiquid security.
ABBREVIATION:
ADR--American Depository Receipt
See Notes to Financial Statements.
- 68 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Emerging Markets Portfolio
SECTOR DIVERSIFICATION
At October 31, 1995, sector diversification of the Portfolio was as follows
(Unaudited):
% of Net Market
Assets Value
---------- -------------
FOREIGN SECURITIES:
Banking ......................... 9.4% $ 2,572,977
Building Materials & Components.. 9.3 2,546,670
Mining .......................... 8.3 2,272,983
Beverages & Tobacco ............ 6.7 1,823,525
Metals .......................... 6.6 1,814,285
Electronics ..................... 5.2 1,405,978
Automobiles ..................... 5.1 1,381,552
Health & Personal Care ......... 4.6 1,258,417
Food & Household Products ...... 4.4 1,234,328
Construction & Housing ......... 4.2 1,212,754
Chemicals ....................... 3.8 1,040,115
Energy Sources .................. 3.7 1,013,902
Textiles ........................ 3.4 915,449
Machinery & Engineering ........ 2.6 696,887
Utilities -- Electrical & Gas ... 2.3 639,936
Leisure & Tourism .............. 2.3 623,017
Other ........................... 2.0 558,250
Misc. Materials & Commodities ... 1.9 488,063
Retail .......................... 1.8 416,127
Forest Products & Paper ........ 1.5 409,346
Transportation -- Shipping ..... 1.4 391,907
Broadcasting & Publishing ...... 1.2 332,736
Appliances & Household Durables.. 1.1 301,899
Information Systems & Technology. 1.1 284,166
Canning ......................... 1.0 263,734
Financial Services ............. 0.9 249,393
Plastics ........................ 0.8 215,303
Real Estate ..................... 0.7 195,674
Telecommunications ............. 0.7 172,848
Glass ........................... 0.4 114,192
Footwear ........................ 0.3 87,736
------- -----------
TOTAL FOREIGN SECURITIES ........... 98.7 26,934,149
REPURCHASE AGREEMENT ................ 3.0 840,000
------- -----------
TOTAL INVESTMENTS ................... 101.7% $27,774,149
======= ===========
See Notes to Financial Statements.
- 69 -
<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
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
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 Board of Directors.
- 70 -
<PAGE>
----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements -- (Continued)
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 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 changes in foreign
currency exchange rates 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
- 71 -
<PAGE>
----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements -- (Continued)
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 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 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.
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.
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
- 72 -
<PAGE>
----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements -- (Continued)
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 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. 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 period January 1, 1995 through October 31,
1995, shareholder servicing fees were incurred and outstanding payables
consisted of:
- 73 -
<PAGE>
----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements -- (Continued)
Shareholder Outstanding
Servicing Fee Payable as of
Portfolio Incurred October 31, 1995
- ---------- ------------- ----------------
Government Cash Portfolio ................ $179,403 $17,198
Tax-Exempt Cash Portfolio ................ 88,295 9,547
Intermediate Government Portfolio ........ 137,633 14,501
Equity Portfolio ........................ 29,441 3,416
Small Capitalization Equity Portfolio ... 61,932 7,416
Model Equity Portfolio ................... 7,699 712
International Fixed Income Portfolio .... 11,150 1,154
International Portfolio .................. 130,533 14,718
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, 1995.
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.
Prior to the close of business on July 1, 1995, The Shareholder Services
Group, Inc. ("TSSG"), a wholly-owned subsidiary of First Data Corporation,
served as the Fund's administrator. From November 1, 1994 through June 30, 1995,
TSSG received the following administration fees for each of the Portfolios
listed below:
Administration
Portfolio Fee
- --------- --------------
Government Cash Portfolio ................ $238,455
Tax-Exempt Cash Portfolio ................ 126,195
Intermediate Government Portfolio ........ 193,903
Equity Portfolio ........................ 38,056
Small Capitalization Equity Portfolio ... 76,001
International Portfolio .................. 172,504
Institutional International Portfolio ... 10,092
International Fixed Income Portfolio .... 14,249
Model Equity Portfolio ................... 11,371
Emerging Markets Portfolio ............... 7,397
- 74 -
<PAGE>
----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements -- (Continued)
The Fund pays each Board member, other than Mr. Church, an annual fee of
$6,000 plus $1,250 for each Board meeting attended and out-of-pocket expenses
incurred in attending Board meetings.
3. Purchases and Sales of Securities
For the year ended October 31, 1995, cost of purchases and proceeds from
sales of investment securities other than U.S. Government securities and
short-term securities were:
Portfolio Purchases Sales
- --------- --------- -----
Equity Portfolio .............................. $278,697,489 $47,865,086
Small Capitalization Equity Portfolio ......... 114,235,443 77,443,204
Model Equity Portfolio ......................... 83,985,687 41,525,850
International Fixed Income Portfolio .......... 16,243,046 7,040,862
International Portfolio ........................ 98,348,356 71,224,506
Institutional International Portfolio ......... 31,686,412 5,205,271
Emerging Markets Portfolio ..................... 37,118,056 8,387,334
For the year ended October 31, 1995, cost of purchases and proceeds from
sales of long-term U.S. Government securities were:
Portfolio Purchases Sales
- --------- --------- -----
Intermediate Government Portfolio ............. $899,180,676 $660,905,619
At October 31, 1995, 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:
Portfolio Appreciation Depreciation
- --------- ------------ ------------
Intermediate Government Portfolio ............. $ 5,348,052 $ 544,486
Equity Portfolio ............................. 12,427,345 1,079,894
Small Capitalization Equity Portfolio ........ 26,885,786 5,109,256
Model Equity Portfolio ........................ 1,134,869 804,220
International Fixed Income Portfolio ......... 2,165,411 242,602
International Portfolio ....................... 47,658,424 14,554,089
Institutional International Portfolio ........ 2,797,822 1,337,934
Emerging Markets Portfolio .................... 1,730,669 2,806,498
- 75 -
<PAGE>
----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements -- (Continued)
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:
<TABLE>
<CAPTION>
Year Ended Year Ended
10/31/95 10/31/94
--------------- ---------------
<S> <C> <C>
Government Cash Portfolio:
Sold ......................... $ 2,409,469,078 $ 1,611,676,902
Issued as reinvestment of
dividends .................. 12,176 4,234
Redeemed ..................... (2,354,254,073) (1,506,091,731)
--------------- ---------------
Net increase ................. $ 55,227,181 $ 105,589,405
=============== ===============
Tax-Exempt Cash Portfolio:
Sold ......................... $ 913,203,200 $ 848,918,349
Issued as reinvestment of
dividends .................. 4,730 3,019
Redeemed ..................... (910,357,600) (732,517,049)
--------------- ---------------
Net increase/(decrease) ...... $ 2,850,330 $ 116,404,319
=============== ===============
</TABLE>
- 76 -
<PAGE>
----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements -- (Continued)
<TABLE>
<CAPTION>
Year Ended Year Ended
10/31/95 10/31/94
------------------------------- --------------------------------
Shares Amount Shares Amount
------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Intermediate Government
Portfolio:
Sold ................. 3,967,663 $ 40,175,736 4,916,865 $ 51,370,534
Issued as reinvestment
of dividends ....... 6,085 61,117 4,203 42,305
Redeemed ............. (4,628,535) (46,364,860) (24,837,194) (256,667,073)
------------- -------------- -------------- --------------
Net decrease ......... (654,787) $ (6,128,007) (19,916,126) $(205,254,234)
============= ============== ============== ==============
Equity Portfolio:
Sold ................. 1,306,422 $ 17,828,359 2,419,521 $ 31,693,492
Issued as reinvestment
of dividends ....... 190,381 2,826,834 264,269 3,300,879
Redeemed ............. (1,132,291) (14,837,614) (880,558) (11,474,894)
------------- -------------- -------------- --------------
Net increase ......... 364,512 $ 5,817,579 1,803,232 $ 23,519,477
============= ============== ============== ==============
Small Capitalization Equity
Portfolio:
Sold ................. 2,921,359 $ 42,992,478 2,952,364 $ 41,884,716
Issued as reinvestment
of dividends ....... 1,126,812 17,318,874 146,784 2,018,361
Redeemed ............. (507,371) (7,605,651) (122,581) (1,698,701)
------------- -------------- -------------- --------------
Net increase ......... 3,540,800 $ 52,705,701 2,976,567 $ 42,204,376
============= ============== ============== ==============
Model Equity Portfolio:
Sold ................. 43,417 $ 471,878 676,282 $ 7,288,850
Issued as reinvestment
of dividends ....... 213,134 2,225,134 2 20
Redeemed ............. (655,217) (7,454,443) (11,652) (123,251)
------------- -------------- -------------- --------------
Net increase/(decrease) (398,666) $ (4,757,431) 664,632 $ 7,165,619
============= ============== ============== ==============
International Fixed Income
Portfolio:
Sold ................. 1,006,117 $ 10,548,302 38,327 $ 409,000
Issued as reinvestment
of dividends ....... 50 558 68,558 703,406
Redeemed ............. (190,265) (2,052,225) -- --
------------- -------------- -------------- --------------
Net increase ......... 815,902 $ 8,496,635 106,885 $ 1,112,406
============= ============== ============== ==============
</TABLE>
- 77 -
<PAGE>
----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements -- (Continued)
<TABLE>
<CAPTION>
Year Ended Year Ended
10/31/95 10/31/94
----------------------------- -------------------------
Shares Amount Shares Amount
------------ -------------- ----------- ----------
<S> <C> <C> <C> <C>
International Portfolio:
Sold ................................ 4,780,814 $ 61,184,082 3,610,951 $48,790,402
Issued as reinvestment of dividends.. 1,174,783 15,107,479 1,878,271 24,101,526
Redeemed ........................... (1,348,160) (16,875,899) (513,149) (6,846,101)
------------ -------------- ----------- -------------
Net increase ....................... 4,607,437 $ 59,415,662 4,976,073 $66,045,827
============ ============== =========== =============
Institutional International Portfolio:
Sold ................................ 2,407,743 $ 30,659,078 286,525 $ 3,579,843
Issued as reinvestment of dividends.. 52,024 650,145 79,124 986,022
Redeemed ........................... (228,643) (2,842,667) (95,081) (1,112,185)
------------ -------------- ----------- -------------
Net increase ....................... 2,231,124 $ 28,466,556 270,568 $ 3,453,680
============ ============== =========== =============
</TABLE>
<TABLE>
<CAPTION>
Period Ended
10/31/95*
-------------------------
Shares Amount
---------- -----------
<S> <C> <C>
Emerging Markets Portfolio:
Sold ................................ 2,841,258 $29,049,025
Issued as reinvestment of dividends 321 3,444
Redeemed ............................ (36,712) (376,530)
----------- ------------
Net increase ....................... 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, 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. No such securities
were on loan as of October 31, 1995.
6. Capital Loss Carryforward
At October 31, 1995, 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
Portfolio in 1999 in 2001 in 2002 in 2003
- --------- ---------- ---------- ------------ ----------
<S> <C> <C> <C> <C>
Government Cash Portfolio ........... -- $ 908 $ 1,000 $ 26,819
Tax-Exempt Cash Portfolio ........... $18,922 19,079 8,905 27,815
Intermediate Government Portfolio .... -- -- 11,984,533 --
Model Equity Portfolio .............. -- -- -- --
Emerging Markets ..................... -- -- -- 348,325
</TABLE>
- 78 -
<PAGE>
----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements -- (Continued)
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>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Directors of
The Glenmede Fund, Inc.:
We have audited the accompanying statement of assets and liabilities 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"), including the portfolios of investments, as
of October 31, 1995, and the related statements of operations, the statement of
changes in net assets for each of the two years (or periods) presented, and the
financial highlights for each of the four 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. Financial
highlights for the year ended October 31, 1991, were audited by other auditors,
whose report, dated December 13, 1991, expressed an unqualified opinion on
certain selected per share data and ratios.
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, 1995 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, 1995, the results of their operations, the
statement of changes in net assets for each of the two years (or periods)
presented, and the financial highlights for each of the four years (or periods)
presented, in conformity with generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
Philadelphia, Pennsylvania
December 18, 1995
- 80 -
<PAGE>
----------------------
THE GLENMEDE FUND, INC.
-----------------------
TAX INFORMATION (UNAUDITED)
FOR THE YEAR ENDED OCTOBER 31, 1995
The amount of long-term capital gain paid for the fiscal year ended October
31, 1995 was as follows:
<TABLE>
<CAPTION>
<S> <C>
Equity Portfolio ......................... $ 461,892
Small Capitalization Equity Portfolio .... $ 8,668,464
Model Equity Portfolio .................... $ 390,319
International Fixed Income Portfolio ..... $ 23,920
International Portfolio ................... $14,680,764
Institutional International Portfolio .... $ 841,909
</TABLE>
Of the dividends paid from net investment income for the year ended October
31, 1995, 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 ................ 4%
Intermediate Government Portfolio ........ 52%
</TABLE>
Of the dividends paid by the Portfolios from net investment income for the
year ended October 31, 1995, 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, 1995, the
following percentages qualify for the dividends received deduction available to
corporate shareholders:
<TABLE>
<CAPTION>
<S> <C>
Equity Portfolio .............................. 41%
Small Capitalization Equity Portfolio ........ 21%
Model Equity Portfolio ........................ 22%
</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.
- 81 -
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 1995
<TABLE>
<CAPTION>
Muni New Jersey
Intermediate Muni
Portfolio Portfolio
-------------- ------------
<S> <C> <C>
ASSETS:
Investments, at value
See accompanying schedule ............................................ $17,730,444 $ 5,871,726
Cash ................................................................... 40,738 (9,597)
Interest receivable .................................................... 307,889 83,051
Receivable for securities sold ......................................... 14,600 --
Prepaid Expenses ....................................................... 11,650 5,954
------------ ------------
Total Assets ......................................................... 18,105,321 5,951,134
------------ ------------
LIABILITIES:
Administration fee payable ............................................. 700 205
Accrued expenses and other payables .................................... 8,655 18,487
------------ ------------
Total Liabilities .................................................... 9,355 18,692
------------ ------------
NET ASSETS ................................................................. $18,095,966 $ 5,932,442
============ ============
NET ASSETS consist of:
Undistributed net investment income .................................... $ 81,474 $ 21,772
Accumulated net realized loss on investments sold ...................... (770,816) (96,117)
Net unrealized appreciation of investments ............................. 316,802 95,621
Par value .............................................................. 1,753 592
Paid-in capital in excess of par value ................................. 18,466,753 5,910,574
------------ ------------
Total Net Assets .................................................... $18,095,966 $ 5,932,442
============ ============
NET ASSET VALUE, offering and redemption price per share of beneficial
interest outstanding ..................................................... $ 10.32 $ 10.00
============ ============
Number of Portfolio shares outstanding ..................................... 1,753,462 593,410
============ ============
Investments, at cost ....................................................... $17,413,642 $ 5,776,105
============ ============
</TABLE>
See Notes to Financial Statements.
- 82 -
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 1995
<TABLE>
<CAPTION>
Muni New Jersey
Intermediate Muni
Portfolio Portfolio
-------------- ------------
<S> <C> <C>
Investment income:
Interest ................................................. $ 1,032,479 $ 245,816
----------- -----------
Expenses:
Administration fee ....................................... 13,675 3,637
Custodian fee ............................................ 5,305 430
Security pricing fees .................................... -- 4,000
Legal and audit fees ..................................... 17,411 12,251
Trustees' fees and expenses .............................. 2,161 912
State franchise taxes .................................... 1,404 648
Registration and filing fees ............................. 1,866 --
Other expenses ........................................... 10,912 5,190
----------- -----------
Total expenses ......................................... 52,734 27,068
----------- -----------
Net investment income ........................................ 979,745 218,748
----------- -----------
Realized and unrealized loss on investments (Notes 1 and 3):
Net realized loss on investments during the year ......... (549,436) (21,708)
Net unrealized appreciation on investments during the year 1,549,201 426,833
----------- -----------
Net realized and unrealized gain on investments .............. 999,765 405,125
----------- -----------
Net increase in net assets resulting from operations ......... $ 1,979,510 $ 623,873
=========== ===========
</TABLE>
See Notes to Financial Statements.
- 83 -
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
STATEMENTS OF CHANGES IN NET ASSETS
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 loss on investments ......................... (549,436) (21,708)
Net unrealized appreciation of investments ............... 1,549,201 426,833
------------ ------------
Net increase 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
============ ============
Undistributed net investment income ...................... $ 81,474 $ 21,772
============ ============
=============================================================================================
</TABLE>
FOR THE YEAR ENDED OCTOBER 31, 1994
<TABLE>
<CAPTION>
Muni New Jersey
Intermediate Muni
Portfolio Portfolio+
-------------- ------------
<S> <C> <C>
Net investment income .................................... $ 2,642,455 $ 127,898
Net realized loss on investments ......................... (215,936) (74,408)
Net unrealized depreciation of investments during the year (3,974,040) (331,212)
------------ ------------
Net decrease in net assets resulting from operations ..... (1,547,521) (277,722)
Distributions to shareholders from net investment income . (2,911,510) (107,919)
Net increase/(decrease) in net assets from Portfolio share
transactions (Note 4) ................................... (68,247,247) 4,949,200
------------ ------------
Net increase/(decrease) in net assets .................... (72,706,278) 4,563,559
NET ASSETS:
Beginning of year ........................................ 94,803,430 --
------------ ------------
End of year .............................................. $ 22,097,152 $ 4,563,559
============ ============
Undistributed net investment income ...................... $ 103,354 $ 19,979
============ ============
</TABLE>
- ------
+ The New Jersey Muni Portfolio commenced operations on November 1, 1993.
See Notes to Financial Statements.
- 84 -
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
<TABLE>
<CAPTION>
Muni Intermediate Portfolio
--------------------------------------------------
Period
Year Ended Ended
October 31, October 31,
---------------------- -------------
1995 1994 1993 1992+
--------- --------- --------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of year .................... $ 9.74 $ 10.59 $ 10.00 $ 10.00
--------- --------- -------- ----------
Income from investment operations: ....................
Net investment income ................................. 0.53 0.53 0.44 0.11
Net realized and unrealized gain/(loss) on investments 0.58 (0.85) 0.59 (0.03)
--------- --------- -------- ----------
Total from investment operations ...................... 1.11 (0.32) 1.03 0.08
Distributions to shareholders from net investment
income ............................................... (0.53) (0.53) (0.44) (0.08)
--------- --------- -------- ----------
Net asset value, end of year .......................... $ 10.32 $ 9.74 $ 10.59 $ 10.00
========= ========= ======== ==========
Total return++ ........................................ 11.76% (3.13)% 10.54% 0.74%
========= ========= ======== ==========
Ratios to average net assets/Supplemental data: .......
Net assets, end of year (in 000's) .................... $18,096 $22,097 $94,803 $42,533
Ratio of operating expenses to average net assets ..... 0.28% 0.25% 0.25% 0.25%*
Ratio of net investment income to average net assets .. 5.23% 4.78% 4.41% 4.22%*
Portfolio turnover rate ............................... 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,
-------------------------
1995 1994+
-------- ---------
<S> <C> <C>
Net asset value, beginning of period .................. $ 9.22 $10.00
-------- ---------
Income from investment operations: ....................
Net investment income ................................. 0.41 0.32
Net realized and unrealized loss on investments ....... 0.78 (0.82)
-------- ---------
Total from investment operations ...................... 1.19 (0.50)
Distributions to shareholders from net investment
income ............................................... (0.41) (0.28)
-------- ---------
Net asset value, end of period ........................ $10.00 $ 9.22
======== =========
Total return++ ........................................ 13.25% (5.13)%
======== =========
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's) .................. $5,932 $4,564
Ratio of operating expenses to average net assets ..... 0.53% 0.60%*
Ratio of net investment income to average net assets .. 4.30% 3.60%*
Portfolio turnover rate ............................... 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.
- 85 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Muni Intermediate Portfolio
PORTFOLIO OF INVESTMENTS
October 31, 1995
<TABLE>
<CAPTION>
Face Market
Amount Value
----------- ------------
<S> <C> <C>
MUNICIPAL BONDS AND NOTES -- 98.0%
Pennsylvania--98.0%
$100,000 Allegheny County, PA, Hospital Authority, Magee-Women's Hospital
Revenue, (FGIC Insured),
5.00% due 10/1/97 ........................................................ $ 101,547
40,000 Allegheny County, PA, Hospital Development Authority Revenue
6.50% due 12/1/14 ........................................................ 40,092
385,000 Berks County, PA, Municipal Authority Revenue
6.70% due 9/1/07 ......................................................... 403,241
100,000 Bethel Park, PA, School District, (FGIC Insured),
5.40% due 8/1/00 ......................................................... 103,241
500,000 Boyertown, PA, Area School District A, (AMBAC Insured),
6.45% due 2/1/06 ......................................................... 515,370
100,000 Bucks County, PA, Community College Authority Revenue,
6.05% due 6/15/06 ........................................................ 105,448
85,000 Butler County, PA, ARPT Authority Revenue
7.25% due 11/1/99 ........................................................ 90,968
220,000 Center Area School District, PA, Series A, (FGIC Insured),
5.00% due 9/1/03 ......................................................... 224,558
100,000 Chambersburg, PA, Area School District, Series A, (AMBAC Insured),
5.55% due 4/1/97 ......................................................... 102,000
150,000 College Township, PA, Industrial Development Authority,
6.60% due 6/1/04 ......................................................... 150,164
340,000 Conewago Valley, PA, School District, (AMBAC Insured),
5.25% due 9/1/07 ......................................................... 341,085
210,000 Coraopolis Verona Housing Development, Multifamily Mortgage
Revenue Bonds,
5.35% due 7/1/03 ......................................................... 211,955
10,000 Cornwall-Lebanon, PA, School District, (FGIC Insured),
5.30% due 2/15/01 ........................................................ 10,129
100,000 Corry, PA, Municipal Authority Sewer Revenue, (MBIA Insured),
5.70% due 4/15/01 ........................................................ 102,450
500,000 Dauphin County, PA, General Authority Revenue
6.00% due 6/1/26 ......................................................... 517,720
250,000 Delaware County, PA,
7.25% due 12/1/00 ........................................................ 256,493
805,000 Delaware County, PA, University Authority Revenue,
5.10% due 8/1/05 ......................................................... 818,548
100,000 Eastern Montgomery County, PA, Refunding,
5.90% due 6/15/02 ........................................................ 101,847
150,000 Eastern Montgomery County, PA, Area Vocational Technical School,
5.75% due 6/15/01 ........................................................ 152,588
200,000 Erie County, PA, Hospital Authority, Vincent Hospital, Series B,
5.00% due 7/1/98 ......................................................... 203,632
</TABLE>
See Notes to Financial Statements.
- 86 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Muni Intermediate Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
<TABLE>
<CAPTION>
Face Market
Amount Value
----------- ------------
<S> <C> <C>
MUNICIPAL BONDS AND NOTES -- (Continued)
Pennsylvania--(Continued)
$100,000 Gettysburg, PA, Municipal Authority,
5.95% due 2/15/00 ........................................................ $ 104,954
570,000 Greene County, PA, Industrial Development Authority, Pollution Control
Revenue Bond Bonds,
6.10% due 2/1/07 ......................................................... 570,855
75,000 Hanover Borough, PA,
5.45% due 3/1/03 ......................................................... 77,444
300,000 Harrisburg, PA, Authority Lease Revenue, (CAPGTY Insured),
5.70% due 6/1/96 ......................................................... 303,369
100,000 Hempfield, PA, School District, Lancaster School, (FGIC Insured),
6.10% due 8/15/02 ........................................................ 108,958
100,000 Lancaster County, PA,
6.10% due 7/1/01 ......................................................... 101,302
300,000 Lancaster County, PA,
4.65% due 12/1/02 ........................................................ 299,094
170,000 Lancaster, PA, Higher Education Authority Project, (MBIA Insured),
6.55% due 4/15/07 ........................................................ 185,849
375,000 Lycoming County, PA, College Revenue Authority, (AMBAC Insured),
5.20% due 11/1/04 ........................................................ 384,593
100,000 Montgomery County, PA, Health and Higher Education
5.80% due 6/1/04 ......................................................... 106,384
60,000 Montgomery County, PA, Industrial Development Authority Revenue
7.50% due 1/1/12 ......................................................... 64,775
175,000 Montgomery County, PA,
5.00% due 10/15/05 ....................................................... 176,447
200,000 North East, PA,
6.00% due 9/15/10 ........................................................ 205,528
200,000 North Penn, PA, School District, General Obligation Bonds,
6.20% due 9/1/07 ......................................................... 213,430
470,000 North Pocono, PA, School District, (FGIC Insured),
5.25% due 7/15/06 ........................................................ 475,964
Palisades School District, PA, 1st Series:
100,000 5.85% due 9/1/03 ......................................................... 101,942
75,000 5.70% due 9/1/02 ......................................................... 76,118
275,000 Penn Trafford, PA, School District, (MBIA Insured),
6.50% due 4/1/06 ......................................................... 290,928
Pennsylvania Housing Finance Agency,
350,000 5.25% due 7/1/04 ......................................................... 350,529
500,000 5.45% due 7/1/06 ......................................................... 502,760
Pennsylvania Intergovernmental Co-op Authority, Special Tax
Revenue, (City of Philadelphia Funding Project), (FGIC Insured):
300,000 5.20% due 6/15/96 ........................................................ 302,286
</TABLE>
See Notes to Financial Statements.
- 87 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Muni Intermediate Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
<TABLE>
<CAPTION>
Face Market
Amount Value
----------- ------------
<S> <C> <C>
MUNICIPAL BONDS AND NOTES -- (Continued)
Pennsylvania--(Continued)
$250,000 5.15% due 6/15/05 ........................................................ $ 252,970
300,000 6.00% due 6/15/02 ........................................................ 321,954
300,000 5.05% due 6/15/06 ........................................................ 301,113
1,000,000 Pennsylvania State Finance Authority Revenue, Capital Improvements Program,
6.60% due 11/1/09 ........................................................ 1,058,510
Pennsylvania State, General Obligation Bonds:
220,000 5.70% due 8/1/97 ......................................................... 221,962
150,000 6.25% due 9/1/02 ......................................................... 154,029
200,000 Pennsylvania State Second Series,
5.50% due 7/1/01 ......................................................... 209,384
500,000 Pennsylvania State, Certificates of Participation,
5.00% due 7/1/03 ......................................................... 507,280
250,000 Pennsylvania State Higher Education,
6.30% due 1/1/01 ......................................................... 254,925
300,000 Pennsylvania State Higher Education,
6.80% due 12/1/00 ........................................................ 325,920
100,000 Pennsylvania State Higher Educational Facilities Authority,
6.60% due 1/1/97 ......................................................... 101,223
250,000 Pennsylvania State University,
4.60% due 8/15/98 ........................................................ 252,460
75,000 Perkiomen VY School Authority PA, School Revenue
6.40% due 12/1/02 ........................................................ 75,000
300,000 Pike County, PA,
5.10% due 10/1/05 ........................................................ 301,116
Reading, PA, Refunding, (AMBAC Insured):
100,000 6.10% due 11/15/04 ....................................................... 102,533
110,000 6.00% due 11/15/03 ....................................................... 112,790
250,000 Sayre, PA, Health Housing Authority, (VHA East Financing Project),
6.10% due 7/1/02 ......................................................... 269,665
285,000 Southestern Pennsylvania Transportation Authority,
6.00% due 6/1/01 ......................................................... 304,004
110,000 Southeastern Pennsylvania Transportation Authority,
6.00% due 6/1/00 ......................................................... 116,574
80,000 State Public School Building Authority
5.85% due 4/1/96 ......................................................... 80,405
100,000 State Public School Building Authority
5.45% due 6/15/98 ........................................................ 101,951
650,000 Washington County, PA, Industrial Development Revenue, (Mitchell Project),
4.95% due 3/1/03 ......................................................... 660,907
</TABLE>
See Notes to Financial Statements.
- 88 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Muni Intermediate Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
<TABLE>
<CAPTION>
Face Market
Amount Value
----------- ------------
<S> <C> <C>
CONTINUEDMUNICIPAL BONDS AND NOTES -- (Continued)
Pennsylvania -- (Continued)
$325,000 Wayne County, PA, Hospital and Health Facility Authority, (Wayne
Memorial Hospital Association), (MBIA Insured),
5.05% due 7/1/03.......................................................... $ 330,558
135,000 West Chester, PA, Area Municipal Authority, (FGIC Insured),
5.25% due 2/1/07 ......................................................... 136,339
170,000 Western Wayne, PA, School District, (AMBAC Insured),
5.20% due 9/15/05 ........................................................ 171,195
240,000 Westmoreland County, PA, Municipal Services, (MBIA Insured),
5.80% due 7/1/01 ......................................................... 256,054
100,000 Wilkinsburg, PA, Joint Water Revenue, (AMBAC Insured),
6.10% due 8/15/04 ........................................................ 108,958
500,000 Williamsport, PA, Municipal Water Authority,
6.95% due 1/1/04 ......................................................... 517,855
Wilson, PA, Area School District, (AMBAC Insured):
100,000 6.20% due 5/15/07 ........................................................ 103,325
100,000 6.00% due 5/15/03 ........................................................ 101,921
170,000 York County, PA, Industrial Development Authority,
6.25% due 7/1/02 ......................................................... 181,609
175,000 York County, PA, Solid Waste Refuse,
6.65% due 12/1/96 ........................................................ 179,373
------------
TOTAL INVESTMENTS (Cost $17,413,642*)........................................ 98.0% $17,730,444
======= ===========
</TABLE>
- ------
* Aggregate cost for Federal tax purposes.
INSURANCE ABBREVIATIONS:
AMBAC--American Municipal Bond Assurance Corporation
CAPGTY--Capital Guaranty
FGIC--Federal Guaranty Insurance Corporation
FSA --Financial Security Assurance
MBIA--Municipal Bond Investors Assurance
VHA--Veteran's Housing Adminstration
See Notes to Financial Statements.
- 89 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
New Jersey Muni Portfolio
PORTFOLIO OF INVESTMENTS
October 31, 1995
<TABLE>
<CAPTION>
Face Market
Amount Value
----------- ------------
<S> <C> <C>
MUNICIPAL BONDS AND NOTES -- 99.0%
New Jersey--99.0%
$100,000 Beach Haven, NJ, General Obligation Bonds, (MBIA Insured),
5.70% due 8/15/03 ........................................................... $ 107,057
Burlington County, NJ, General Obligation Bonds:
100,000 4.35% due 10/15/00 .......................................................... 99,954
100,000 5.20% due 9/15/02 ........................................................... 103,973
100,000 Burlington County, NJ, General Obligation Bonds, 4.70% due 2/15/02 .......... 101,462
150,000 Cape May County, NJ, General Improvement, (AMBAC Insured),
5.35% due 8/1/04 ............................................................ 156,808
200,000 Cape May County, NJ, Municipal Utilities Authority Revenue, Sewer Service,
(AMBAC Insured), 5.60% due 1/1/05 .......................................... 211,586
125,000 East Windsor, NJ, Municipal Utilities Authority Revenue, Junior Lien Revenue,
(AMBAC Insured), 4.30% due 12/1/00 ........................................ 124,601
100,000 Edison Township, NJ, General Obligation Bonds, (AMBAC Insured),
4.20% due 1/1/99 ............................................................. 99,790
125,000 Egg Harbor Township, NJ, School District Authority Revenue, (MBIA Insured),
4.75% due 3/1/03 ............................................................ 125,530
150,000 Gloucester County, NJ, General Improvement, Series A, (AMBAC Insured),
4.50% due 1/1/98 ............................................................ 151,194
200,000 Hasbrouck Heights, NJ, General Improvement, 5.25% due 9/1/04 ............... 206,550
200,000 Hunterdon, NJ, Central Regional High School District,
5.25% due 5/1/06 ............................................................ 203,718
125,000 Manchester Township, NJ, Board of Education, Certificates of Participation
(MBIA Insured), 4.70% due 12/15/02 ........................................ 125,595
150,000 Mercer County, NJ, General Improvement Revenue, 5.40% due 12/1/05 .......... 155,885
100,000 Middle Township, NJ, School District Authority Revenue, 4.45% due 10/1/01 .. 100,100
150,000 Middle Township, NJ, Sewer Authority Revenue, Series A, 4.65% due 1/1/02 ... 150,951
125,000 Monmouth County, NJ, Water Treatment Facilities, Improvement Authority
Revenue, (MBIA Insured), 4.80% due 8/1/05 ................................. 123,850
200,000 Morris Township, NJ, School District Authority Revenue, 5.625% due 4/1/06 .. 208,982
125,000 New Jersey Building Authority, State Building Revenue,
4.70% due 6/15/06 ........................................................... 121,610
125,000 New Jersey Health Care Facilities Finance Authority Revenue, (Mountainside
Hospital), (MBIA Insured), 4.60% due 7/1/00 ............................... 126,195
200,000 New Jersey Economic Development Authority, Market Transition Facility
Revenue, Senior Lien Series A,
5.125% due 7/1/00 ........................................................... 205,282
</TABLE>
See Notes to Financial Statements.
- 90 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
New Jersey Muni Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
<TABLE>
<CAPTION>
Face Market
Amount Value
----------- ------------
<S> <C> <C>
MUNICIPAL BONDS AND NOTES -- (Continued)
New Jersey--(Continued)
$100,000 New Jersey State Refunding, General Obligation Bonds, Series D,
5.10% due 2/15/00 ........................................................... $ 102,939
125,000 New Jersey State Educational Facilities Authority Revenue Bonds,
Higher Education Equipment Leasing,
5.00% due 9/1/00 ............................................................ 127,409
150,000 New Jersey State Educational Facilities Authority Revenue Bonds,
Princeton University, Series C,
4.75% due 7/1/05 ............................................................ 150,337
100,000 New Jersey State Educational Facilities Authority Revenue Bonds,
Princeton University, Series C,
4.50% due 7/1/00 ............................................................ 100,959
175,000 New Jersey State Housing and Mortgage Finance Agency,
Multi-Family Housing Revenue, Series A,
4.65% due 5/1/01 ............................................................ 173,777
150,000 New Jersey State Transportation Funding Authority, Series A,
5.30% due 12/15/01 .......................................................... 156,759
175,000 New Jersey State Transportation Funding Authority, Series A,
4.75% due 6/15/03 ........................................................... 176,439
200,000 New Jersey State Turnpike Authority, Series A,
5.70% due 1/1/01 ............................................................ 209,720
110,000 New Jersey Wastewater Treatment, 4.25% due 3/1/99 .......................... 109,792
200,000 Park Ridge, NJ, General Obligations Bonds, 5.60% due 11/1/03 ............... 212,024
150,000 Passaic County, NJ, General Obligation Bonds, Refunding, (FGIC Insured),
4.65% due 9/1/03 ............................................................ 150,166
125,000 Passaic County, NJ, General Obligation Bonds, Refunding (FGIC Insured),
4.70% due 9/1/03 ............................................................ 125,635
130,000 Perth Amboy, NJ, General Obligation Bonds, (MBIA Insured),
6.20% due 8/1/06 ............................................................ 143,208
125,000 Port Authority NY and NJ Revenue Bonds,
4.40% due 11/15/01 .......................................................... 123,888
100,000 Port Authority NY and NJ Revenue Bonds,
4.60% due 7/1/02 ............................................................ 99,881
125,000 Roxbury Township, NJ, School District Authority Revenue, General Obligation
Bonds, 4.40% due 12/1/02 ................................................... 124,657
100,000 Rutgers State University, NJ, Revenue Bonds, Series S, 4.00% due 5/1/97 .... 99,957
100,000 Surf City, NJ, General Obligation Bonds, (MBIA Insured), 5.15% due 1/15/06 . 101,162
125,000 Warren County, NJ, General Obligation Bonds, (AMBAC Insured),
4.65% due 9/15/01 ........................................................... 126,209
125,000 West New York, NJ, Municipal Utilities Authority, Sewer Revenue,
(FGIC Insured), 4.00% due 12/15/99 ......................................... 123,685
</TABLE>
See Notes to Financial Statements.
- 91 -
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
New Jersey Muni Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
October 31, 1995
<TABLE>
<CAPTION>
Face Market
Amount Value
----------- ------------
<S> <C> <C>
MUNICIPAL BONDS AND NOTES -- (Continued)
New Jersey--(Continued)
$125,000 Woodbridge Township, NJ, Sewer, Series B, General Obligation Bonds,
4.25% due 9/15/01 .................................................... $ 122,450
-----------
TOTAL INVESTMENTS (Cost $5,776,105*) ................................................ 99.0% $5,871,726
======= ===========
</TABLE>
- ------
* Aggregate cost for Federal tax purposes.
INSURANCE ABBREVIATIONS:
AMBAC--American Municipal Bond Assurance Corporation
FGIC--Federal Guaranty Insurance Corporation
MBIA --Municipal Bond Investors Assurance
See Notes to Financial Statements.
- 92 -
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
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, 1995, the
Fund offered shares of two SubTrusts, the Muni Intermediate Portfolio and the
New Jersey Muni Portfolio (collectively, the "Portfolios"). 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.
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.
- 93 -
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
Notes To Financial Statements -- (Continued)
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. For the period January 1, 1995 through October 31,
1995, shareholder servicing fees were incurred and outstanding payables
consisted of:
<TABLE>
<CAPTION>
Shareholder Outstanding
Servicing Fee Payable as of
Fund Incurred October 31, 1995
- ---- --------------- ----------------
<S> <C> <C>
Muni Intermediate Portfolio ... $7,721 $794
New Jersey Muni Portfolio ..... 2,177 255
</TABLE>
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.
Prior to the close of business on July 1, 1995, The Shareholder Services
Group, Inc. ("TSSG") a wholly-owned subsidiary of First Data Corporation, served
as the Fund's administrator. From November 1, 1994 through June 30, 1995, TSSG
received the following administration fees for each of the Portfolios listed
below:
<TABLE>
<CAPTION>
Administration
Portfolio Fee
- ---------- --------------
<S> <C>
Muni Intermediate Portfolio ... $11,012
New Jersey Muni Portfolio ..... 2,829
</TABLE>
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.
- 94 -
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
Notes To Financial Statements -- (Continued)
3. PURCHASES AND SALES OF SECURITIES
For the year ended October 31, 1995, 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 .... $5,207,758 $10,218,926
New Jersey Muni Portfolio ...... 1,631,510 621,500
</TABLE>
At October 31, 1995, 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>
Appreciation Depreciation
-------------- --------------
<S> <C> <C>
Muni Intermediate Portfolio .... $336,820 $20,017
New Jersey Muni Portfolio ...... $114,248 $18,627
</TABLE>
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
10/31/95 10/31/94
----------------------------- --------------------------------
Shares Amount Shares Amount
----------- -------------- ------------- ---------------
<S> <C> <C> <C> <C>
Muni Intermediate Portfolio:
Sold ..................... 329,415 $ 3,250,600 1,393,260 $ 14,469,000
Redeemed ................. (845,139) (8,229,671) (8,072,819) (82,716,247)
----------- -------------- ------------- ---------------
Net increase/(decrease) .. (515,724) $(4,979,071) (6,679,559) $(68,247,247)
=========== ============== ============= ===============
</TABLE>
<TABLE>
<CAPTION>
Year Ended Year Ended
10/31/95 10/31/94
-------------------------- ----------------------------
Shares Amount Shares Amount
---------- ------------ ----------- -------------
<S> <C> <C> <C> <C>
New Jersey Muni Portfolio:
Sold ................... 181,200 $1,752,209 745,981 $ 7,334,410
Redeemed ............... (82,755) (790,244) (250,915) (2,385,210)
---------- ------------ ----------- -------------
Net increase ........... 98,445 $ 961,965 495,066 $ 4,949,200
========== ============ =========== =============
</TABLE>
- ------
* The New Jersey Muni Portfolio commenced operations on November 1, 1993.
- 95 -
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
Notes To Financial Statements -- (Continued)
5. CAPITAL LOSS CARRYFORWARD
At October 31, 1995, 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
Portfolio in 2000 in 2001 in 2002 in 2003
--------- -------- -------- -------- --------
<S> <C> <C> <C> <C>
Muni Intermediate Portfolio.... $656 $4,787 $215,936 $549,436
New Jersey Muni Portfolio .. -- -- 74,408 21,708
</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,
1995, the Muni Intermediate Portfolio maintained all its investments in debt
obligations issued by the Commonwealth of Pennsylvania and its political
subdivisions and the New Jersey Muni Portfolio maintained all its investments in
debt obligations issued by the State of New Jersey and its political
subdivisions.
- 96 -
<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, 1995, and the related statement of operations, the statement of
changes in net assets, and the financial highlights for each of the period
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, 1995 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, 1995, the results of their
operations, the changes in their net assets and the financial highlights for
each of the periods presented, in conformity with generally accepted
accounting principles.
COOPERS & LYBRAND L.L.P.
Philadelphia, Pennsylvania
December 18, 1995
- 97 -
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
TAX INFORMATION (UNAUDITED)
FOR THE YEAR ENDED OCTOBER 31, 1995
Of the dividends paid by the Muni Intermediate Portfolio from net investment
income for the year ended October 31, 1995, 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, 1995, 100% is tax exempt for regular
Federal income taxes and New Jersey taxes.
- 98-
<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
Sheryl P. Durham
H. Franklin Allen, Ph.D. Vice President
Director/Trustee
Kimberly C. Osborne
Willard S. Boothby, Jr. Vice President
Director/Trustee
Michael P. Malloy
Francis J. Palamara Secretary
Director/Trustee
Joseph A. Finelli
G. Thompson Pew, Jr. Treasurer
Director/Trustee
Brian C. Nelson
Assistant Secretary
Investment Adviser
The Glenmede Trust Company
One Liberty Place, 1650 Market Street, Suite 1200
Philadelphia, Pennsylvania 19103
Administrator
Investment Company Capital Corp.
P.O. Box 515
Baltimore, Maryland 21203
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>
THIS PAGE INTENTIONALLY LEFT BLANK
<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.
