<PAGE>
THE GLENMEDE FUND, INC.
Government Cash Portfolio
STATEMENT OF NET ASSETS
April 30, 1996
(Unaudited)
Face Market
Amount Value
------ -----
AGENCY DISCOUNT NOTES(+) - 31.8%
Federal Home Loan Mortgage Corp - 11.7%
$ 11,000,000 5.48% due 05/15/96 ...............................$10,978,697
15,000,000 6.33% due 05/24/96 ............................... 14,950,454
15,000,000 5.75% due 06/13/96 ............................... 14,907,371
15,000,000 6.06% due 07/24/96 ............................... 14,819,050
----------
55,655,572
----------
Federal Home Loan Banks - 12.6%
20,000,000 6.80% due 05/01/96 ............................... 20,000,000
20,000,000 6.80% due 05/13/96 ............................... 19,965,600
20,000,000 6.80% due 05/28/96 ............................... 19,922,450
----------
59,888,050
----------
Federal National Mortgage Assocation - 7.5%
1,000,000 6.35% due 05/03/96 ............................... 999,709
15,000,000 6.35% due 05/23/96 ............................... 14,952,333
1,000,000 5.95% due 06/03/96 ............................... 995,243
15,000,000 5.95% due 06/27/96 ............................... 14,879,350
1,000,000 6.28% due 07/03/96 ............................... 990,900
1,000,000 5.66% due 08/05/96 ............................... 986,293
1,000,000 5.36% due 09/03/96 ............................... 982,188
1,000,000 6.01% due 10/03/96 ............................... 977,826
----------
35,763,842
----------
TOTAL AGENCY DISCOUNT NOTES
(Cost $151,307,464)...............................151,307,464
----------
AGENCY NOTES - 10.7%
20,000,000 Federal Farm Credit Bank Discount Note
6.75% due 05/20/96................................ 19,945,533
15,000,000 Farmer Mac Discount Note
5.21% due 07/01/96 ............................... 14,867,579
10,000,000 Federal National Mortgage Association
5.31% due 10/18/96 ............................... 10,000,000
6,000,000 Federal National Mortgage Association Floater
5.245% due 03/25/97 .............................. 6,000,000
----------
TOTAL AGENCY NOTES
(Cost $50,813,112)............................... 50,813,112
----------
1
<PAGE>
THE GLENMEDE FUND, INC.
Government Cash Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
Face Market
Amount Value
------ -----
REPURCHASE AGREEMENTS(++) - 57.8%
$ 15,000,000 Bear Stearns Repo
5.29% due 07/02/96
(Agreement dated April 3, 1996)
$15,625,000 Par Value FN #303809, due 03/01/26 ...$15,000,000
20,000,000 J.P. Morgan Repo
5.30% due 07/16/96
(Agreement dated April 18, 1996)
$21,058,065 Par Value FN #303712, due 02/01/26 ... 20,000,000
79,333,768 Merrill Lynch Repo
5.36% due 05/01/96
(Agreement dated April 30, 1996)
$36,447,000 Par Value FHR #1653 PG, due 10/15/21
$29,767,830 Par Value FHR #1684 B, due 02/15/09
$16,573,080 Par Value FHR #1548 H, due 04/15/17 .. 79,333,768
20,000,000 Merrill Lynch Repo
5.25% due 05/23/96
(Agreement dated April 23, 1996)
$20,774,809 Par Value FN #304087, due 12/01/24 ... 20,000,000
15,000,000 Nomura Securities International Repo
5.30% due 06/17/96
(Agreement dated April 17, 1996)
$10,269,317 Par Value FHR #1628 F, due 12/15/23
$5,210,000 Par Value FHR #1642 PD, due 02/15/16 .. 15,000,000
15,000,000 Prudential Repo
5.18% due 05/01/96
(Agreement dated February 01, 1996)
$15,177,943 Par Value FN #304031, due 05/01/23 ... 15,000,000
15,000,000 Prudential Repo
5.15% due 05/07/96
(Agreement dated February 08, 1996)
$15,401,761 Par Value FNR #91-34 F, due 04/25/21 . 15,000,000
50,000,000 Smith Barney Repo
5.37% due 05/01/96
(Agreement dated April 30, 1996)
$17,988,264 Par Value FN #339141, due 03/01/26
$27,324,256 Par Value FN #250569, due 05/01/26
$8,558,092 Par Value FN #303234, due 01/01/25 .... 50,000,000
2
<PAGE>
THE GLENMEDE FUND, INC.
Government Cash Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Face Market
Amount Value
------ -----
<S> <C> <C>
REPURCHASE AGREEMENTS - (Continued)
$ 15,000,000 Smith Barney Repo
5.30% due 05/16/96
(Agreement dated April 16, 1996)
$9,909,855 Par Value FH #785192, due 12/01/20
$5,546,115 Par Value FN #248360, due 04/01/24 ............ $15,000,000
15,000,000 Smith Barney Repo
5.29% due 06/03/96
(Agreement dated April 03, 1996)
$15,750,595 Par Value FNR #93-250 A, due 09/25/16 ......... 15,000,000
15,000,000 Smith Barney Repo
5.30% due 06/17/96
(Agreement dated April 16, 1996)
$10,000,000 Par Value FNR #93-160 F, due 09/25/23
$5,770,105 Par Value FN #159084, due 05/01/22 ............. 15,000,000
TOTAL REPURCHASE AGREEMENTS
------------
(Cost $274,333,768)........................................ 274,333,768
------------
TOTAL INVESTMENTS (Cost $476,454,344*).............................. 100.3 $476,454,344
LIABILITIES IN EXCESS OF OTHER ASSETS............................... -0.3% (1,416,627)
----- ------------
NET ASSETS.......................................................... 100.0% $475,037,717
===== ============
NET ASSET VALUE ($475,037,717 divided by 474,995,042 shares
outstanding.) $1.00
============
</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 April
30, 1996. The term repurchase agreements are subject to a seven day demand
feature.
3
<PAGE>
THE GLENMEDE FUND, INC.
Tax-Exempt Portfolio
STATEMENT OF NET ASSETS
April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Face Market
Amount Value
------ -----
<S> <C>
VARIABLE/ FLOATING RATE NOTES** - 70.9%
Weekly Variable/Floating Rate Notes - 55.0%
$ 1,000,000 Alabama Housing Finance Authority
3.65% due 05/01/96.................................... $1,000,000
800,000 Alabama Special Care Facilities Authority
3.60% due 05/01/96 ................................... 800,000
4,000,000 Burke County, GA Development Authority PCR
3.65% due 05/01/96.................................... 4,000,000
800,000 California Health Facilities Child Hospital
3.20% due 05/02/96 ................................... 800,000
2,800,000 Colton, CA Redevelopment Agency
3.10% 05/07/96 ....................................... 2,800,000
7,400,000 Colorado Health Facilities
4.20% 05/07/96 ....................................... 7,400,000
1,100,000 Denver, CO City & County Multi- Family
3.90% due 05/01/96 ................................... 1,100,000
2,800,000 Florida Housing Finance Agency-Hampton
3.75% due 05/01/96 .................................... 2,800,000
2,000,000 Gloucester County, NJ Industrial PCR
3.30% due 05/01/96 ................................... 2,000,000
6,600,000 Hawaii State Housing Multi-Family-Topican
3.70% due 05/07/96 ................................... 6,600,000
3,700,000 Illinois Health Facility Authority
3.60% due 05/01/96.................................... 3,700,000
1,100,000 Indianapolis Industrial Multi-Family
3.60% due 05/01/96 ................................... 1,100,000
2,100,000 Iowa Higher Education Loan Authority, Private College
4.10% due 05/01/96.................................... 2,100,000
480,000 Knox County, TN Health Educational Board
3.65% due 05/01/96.................................... 480,000
4,100,000 Long Beach, CA Housing MultiFamily Project A
3.50% due 05/06/96.................................... 4,100,000
4,300,000 Louisiana Public Facilities Authority Revenue
3.55% due 05/01/96 ................................... 4,300,000
3,265,000 Maine Health & Higher Education Facilities
3.60% due 05/01/96 ................................... 3,265,000
3,500,000 Massachusetts State Industrial Finance Agency
3.00% due 05/01/96 ................................... 3,500,000
1,200,000 Metropolitan Government Nashburn County,
TN Health & Education
3.60% due 05/01/96 ................................... 1,200,000
1,300,000 Michigan State Strategic Fund IDR
3.60% due 05/01/96.................................... 1,300,000
4,200,000 Montgomery County, MD Housing Opportunities
3.70% due 05/01/96.................................... 4,200,000
</TABLE>
4
<PAGE>
THE GLENMEDE FUND, INC.
Tax-Exempt Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Face Market
Amount Value
------ -----
<S> <C>
VARIABLE/ FLOATING RATE NOTES - (Continued)
Weekly Variable/Floating Rate Notes - (Continued)
$ 1,500,000 Mountain View, CA Multi-Family Housing
3.70% due 05/02/96 ................................... $1,500,000
600,000 New Hampshire Higher Education Facilities Authority, Series C
3.60% due 05/01/96 ................................... 600,000
500,000 New Hampshire Higher Education Facilities Authority, Series E
3.60% due 05/01/96 .................................... 500,000
4,200,000 New Jersey State Turnpike Authority Revenue
3.40% due 05/01/96 ................................... 4,200,000
5,300,000 New York State Energy PCR
3.50% due 05/01/96 .................................... 5,300,000
4,200,000 North Carolina Medical Care Community Hostipal Revenue
4.40% due 05/07/96 ................................... 4,200,000
600,000 Puerto Rico Commonwealth Highway & Transportation Authority
3.30% due 05/01/96 ................................... 600,000
400,000 Rapides Parish, LA Indusrial Development Board
3.55% due 05/01/96.................................... 400,000
1,200,000 Savannah, GA Port Authority Revenue
3.70% due 05/01/96 ................................... 1,200,000
3,300,000 Simi Valley, CA Community Mutli-Family Series 1985, Issue A
3.20% due 05/07/96 ................................... 3,300,000
5,000,000 Utah State Board of Regents, Student Loan
3.60% due 05/01/96 ................................... 5,000,000
5,000,000 Valdez, AK Marine Terminal Revenue
3.60% due 05/01/96 ................................... 5,000,000
2,700,000 Vermont Health & Education Building Finance Agency, VHA New
England, Series E
3.60% due 05/01/96 ................................... 2,700,000
2,600,000 Vermont Health & Education Building Finance Agency, VHA New
England, Series F
3.60% due 05/01/96 ................................... 2,600,000
300,000 Vermont Health & Education Building Finance Agency, VHA New
England, Series G
3.60% due 05/01/96 ................................... 300,000
720,000 Volusia County, FL Health Facilities Revenue
3.75% due 05/01/96 ................................... 720,000
6,500,000 Wake County, NC Industrial Facilities & PCR
3.60% due 05/01/96 ................................... 6,500,000
6,300,000 Washington State Housing Finance Community
3.80% due 05/01/96 ................................... 6,300,000
2,800,000 Wisconsin State Health Facilities, Sisters Hospital,
Obligation G
3.60% due 05/01/96 ................................... 2,800,000
-----------
Total Weekly Variable/Floating Rate Notes
(Cost $112,265,000)........................................112,265,000
-----------
</TABLE>
5
<PAGE>
THE GLENMEDE FUND, INC.
Tax-Exempt Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Face Market
Amount Value
------ -----
<S> <C>
VARIABLE/ FLOATING RATE NOTES - (Continued)
Daily Variable/Floating Rate Notes - 15.9%
$ 1,300,000 Grapevine, TX IDR
4.05% due 05/01/96 ................................... $1,300,000
700,000 Grapevine, TX IDR
4.05% due 05/01/96 ................................... 700,000
200,000 Lincoln County, WY PCR Exxon Project B
4.00% due 05/01/96 ................................... 200,000
800,000 Lincoln County, WY PCR Exxon Project C
4.00% due 05/01/96 ................................... 800,000
1,400,000 Lincoln County, WY PCR Exxon Project D
4.00% due 05/01/96 ................................... 1,400,000
2,100,000 Lone Star Texas Airport Import Authority, A-3
4.05% due 05/01/96 ................................... 2,100,000
1,200,000 Lone Star Texas Airport Import Authority, A-4
4.05% due 05/01/96 ................................... 1,200,000
1,200,000 Lone Star Texas Airport Import Authority, B-1
4.05% due 05/01/96 ................................... 1,200,000
700,000 Lone Star Texas Airport Import Authority, B-5
4.05% due 05/01/96 ................................... 700,000
2,100,000 Louisiana State Recovery District Sales Tax
4.05% due 05/01/96 ................................... 2,100,000
2,200,000 New York City GO Series B, Sub Issuer B3
4.00% due 05/01/96 ................................... 2,200,000
700,000 New York City GO Series B, Sub Issuer B2
4.00% due 05/01/96 ................................... 700,000
3,700,000 New York City GO Series B, Sub Issuer B7
4.00% due 05/01/96 ................................... 3,700,000
1,300,000 New York City GO Series B, Sub Issuer B4
4.00% due 05/01/96 ................................... 1,300,000
700,000 New York City Municipal Water Finance Authority, Water &
Sewer Systems Revenue, Series C
4.00% due 05/01/96 ................................... 700,000
1,700,000 New York City Municipal Water Finance Authority, Water &
Sewer Systems Revenue, Series C
4.00% due 05/01/96 ................................... 1,700,000
1,100,000 New York State Energy, Research & Development
4.05% due 05/01/96 ................................... 1,100,000
1,900,000 North Carolina Medical Care Community Revenue
4.05% due 05/01/96 ................................... 1,900,000
3,400,000 North Central Texas Health Facilities Development
4.05% due 05/01/96 ................................... 3,400,000
800,000 Peninsula, VA Port Authority
3.95% due 05/01/96 ................................... 800,000
1,300,000 Platte County, WY PCR
4.10% due 05/01/96 ................................... 1,300,000
</TABLE>
6
<PAGE>
THE GLENMEDE FUND, INC.
Tax-Exempt Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Face Market
Amount Value
------ -----
<S> <C>
VARIABLE/ FLOATING RATE NOTES - (Continued)
Daily Variable/Floating Rate Notes - (Continued)
$ 2,000,000 Wilmington, DE Hospital Revenue
4.05% due 05/01/96 ................................... $2,000,000
------------
Total Daily Variable/Floating Rate Notes
(Cost $32,500,000)......................................... 32,500,000
------------
TOTAL VARIABLE FLOATING RATE NOTES
(Cost $144,765,000)........................................144,765,000
------------
PUT OPTION BONDS(+) - 11.3%
5,135,000 Broward County, FL Housing Finance Authority
3.50% due 07/01/96 ................................... 5,135,000
885,000 Dakota County, MN Housing & Redevelopment Authority
4.00% due 06/01/96........................... ........ 885,000
3,555,000 Florida Housing Agency, Long Option Period
3.70% due 05/01/96 ................................... 3,555,000
525,000 Nebraska Investment Finance Authority, Series B
3.75% due 07/15/96 ................................... 525,000
2,540,000 New Mexico Mortgage Finance Authority, Long Option
3.50% due 07/01/96 ................................... 2,540,000
1,500,000 Northeast, MD Waste Disposal Authority
3.50% due 07/01/96 ................................... 1,500,000
1,000,000 Northeast, MD Waste Disposal Authority
3.50% due 07/01/96 ................................... 1,000,000
1,790,000 Orange County, FL Housing Finance Authority,
Series D, CR 31 C
3.60% due 06/01/96 ................................... 1,790,000
5,820,000 Pennsylvania State Refinance Agency
3.75% due 05/01/96 ................................... 5,820,000
295,000 South Dakota Housing Development Authority
4.25% due 05/01/96 ................................... 295,000
-----------
TOTAL PUT OPTION BONDS
(Cost $23,045,000)......................................... 23,045,000
-----------
FIXED RATE NOTES - 18.2%
4,000,000 Colorado State General Fund Revenue
4.50% due 06/27/96 ................................... 4,005,130
3,000,000 Massachussettes State Health & Educational Facilities
7.13% due 07/01/96 ................................... 3,018,356
5,000,000 New York RAN, Series B
4.75% due 06/28/96 ................................... 5,007,174
1,050,000 Palm Beach County, FL School District
4.50% due 09/27/96 ................................... 1,053,920
4,000,000 Pennsylvania State TAN
4.50% due 06/28/96 ................................... 4,004,862
</TABLE>
7
<PAGE>
THE GLENMEDE FUND, INC.
Tax-Exempt Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Face Market
Amount Value
------ -----
<S> <C>
FIXED RATE NOTES - (Continued)
$ 900,000 Pennsylvania State Partnerships
4.75% due 07/01/96 ................................... $901,246
1,700,000 Rhode Island Depositors Economic Protocol Corporation
7.25% due 08/01/96 ................................... 1,749,095
1,760,000 South Carolina State Public Service Authority, Electric
Revenue
8.10% due 07/01/96 ................................... 1,826,150
4,000,000 Texas State TRAN
4.75% due 08/30/96 ................................... 4,012,938
3,100,000 Topeka, KS Temporary Notes, Series A
4.25% due 07/15/96 ................................... 3,102,921
3,320,000 Utah State GO
5.75% due 07/01/96 ................................... 3,330,976
5,000,000 Wisconsin State Operating Notes
4.50% due 06/17/96 ................................... 5,005,478
------------
TOTAL FIXED RATE NOTES
(Cost $37,018,246)......................................... 37,018,246
------------
TOTAL INVESTMENTS (Cost $204,828,246*).............................. 100.4% $204,828,246
OTHER ASSETS LESS LIABILITIES ...................................... -0.4% (741,001)
------ ------------
NET ASSETS.......................................................... 100.0% $204,087,245
===== ============
NET ASSET VALUE ($204,087,245 divided by 204,164,358 shares
outstanding.) $1.00
============
</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
IDR -- Industrial Development Revenue
LOC -- Letter of Credit
MBIA -- Municipal Bond Investors Assurance
PCR -- Pollution Control Revenue
RAN -- Revenue Anticipation Note
TAN -- Tax Anticipation Note
TRAN -- Tax & Revenue Anticipation Note
VHA -- Veteran's Housing Administration
8
<PAGE>
THE GLENMEDE FUND, INC.
Intermediate Government Portfolio
STATEMENT OF NET ASSETS
April 30, 1996
(Unaudited)
Face Market
Amount Value
------ -----
MORTGAGE-BACKED SECURITIES(+) - 43.3%
Federal Home Loan Mortgage Corporation - 12.8%
$ 296,419 #284173 10.00% due 11/01/16 ........................ $322,721
767,086 #297970 10.00% due 03/01/16 ........................ 831,759
527,071 #884028 10.00% due 12/01/20 ........................ 572,531
2,426,964 #884009 10.50% due 05/01/20 ........................ 2,666,625
4,464,631 #186429 6.75% due 06/01/03 ......................... 4,449,092
901,969 #292264 6.50% due 12/01/02 ......................... 926,323
3,952,049 #E51430 6.50% due 09/01/08 ......................... 3,853,247
667,944 #E00113 8.50% due 07/01/07 ......................... 692,237
298,115 #B00448 8.50% due 09/01/03 ......................... 308,529
594,972 #180738 7.00% due 09/01/11 ......................... 604,165
281,701 #295919 7.25% due 01/01/06 ......................... 284,646
123,079 #E38829 8.50% due 08/01/07.......................... 127,556
381,189 #E39538 8.50% due 08/01/07 ......................... 395,054
3,619,815 #D06776 7.00% due 10/01/14 ......................... 3,623,289
301,662 #181063 7.50% due 12/01/10 ......................... 305,530
716,704 #D10210 7.50% due 11/01/10 ......................... 725,664
1,712,345 #555004 8.00% due 07/01/11 ......................... 1,759,964
1,867,217 #181889 8.00% due 01/01/11 ......................... 1,919,143
307,279 #160053 8.00% due 07/01/08 ......................... 315,772
1,281,429 #186359 8.25% due 12/01/09 ......................... 1,320,269
900,465 #186361 8.50% due 12/01/08 ......................... 931,703
963,922 #230025 8.50% due 03/01/07 ......................... 998,113
375,923 #251738 8.50% due 07/01/09 ......................... 388,964
1,384,500 #297954 8.50% due 05/01/05 ......................... 1,428,526
195,529 #183614 8.75% due 11/01/09 ......................... 203,779
2,019,962 #B00368 9.00% due 12/01/05 ......................... 2,112,111
1,181,896 #282089 8.25%due 04/01/07 .......................... 1,217,720
642,489 #258424 9.50%due 11/01/09 .......................... 688,074
1,062,522 #730154 9.50% due 09/01/05 ......................... 1,109,008
----------
35,082,114
----------
Federal National Mortgage Association - 18.3%
202,255 #81607 10.00% due 04/01/19 ......................... 222,788
3,521,319 #174964 7.00% due 11/01/07 ......................... 3,499,309
583,742 #291581 7.00% due 08/01/09 ......................... 576,810
12,633,136 #E00398 7.00% due 10/01/10 .........................12,502,759
2,941,910 #80290 7.25% due 06/01/98 .......................... 2,956,618
6,862,920 #44045 8.00 due 06/01/08 ........................... 7,077,796
839,693 #76243 8.00% due 08/01/17........................... 863,986
840,019 #26492 9.00% due 11/01/11 .......................... 884,742
1,237,548 #297508 9.00% due 04/01/10 ......................... 1,303,436
9
<PAGE>
THE GLENMEDE FUND, INC.
Intermediate Government Portfolio
STATEMENT OF NET ASSETS
April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Face Market
Amount Value
------ -----
<S> <C>
MORTGAGE - BACKED SECURITIES - (Continued)
Federal National Mortgage Association - (Continued)
$ 213,335 #312180 8.00% due 05/01/03 ................................ $218,224
416,814 #312181 7.00% due 04/01/08 ................................ 413,555
472,259 #312182 6.50% due 06/01/09 ................................ 460,010
2,539,935 #335387 6.50% due 03/01/11 ................................ 2,459,748
250,356 #312183 8.00% due 06/01/21 ................................ 256,067
786,459 #312184 7.00% due 06/01/24 ................................ 760,161
820,373 #49 9.50% due 01/01/11 .................................... 883,403
2,352,041 #21352 8.25% due 01/01/07 ................................. 2,427,354
10,616,147 #E00394 7.50% due 09/01/10 ................................ 10,697,359
653,515 #289958 9.50% due 08/01/20 ................................ 692,727
1,019,160 #273030 9.50% due 03/01/20 ................................ 1,080,310
----------
50,237,162
----------
Government National Mortgage Association - 0.3%
563,974 #348359 7.50% due 04/15/08 ................................ 571,903
41,939 #358733 7.50% due 09/15/08 ................................ 42,529
133,847 #368433 7.50% due 02/15/09 ................................ 135,729
42,939 #403077 7.50% due 07/15/09 ................................ 43,543
15,877 #323102 7.50% due 05/15/07 ................................ 16,100
51,042 #172413 8.50% due 09/15/01 ................................ 53,144
----------
862,948
----------
Collateralized Mortgage Obligations - 11.9%
6,874,832 #1566C 5.60% due 09/15/00 ................................. 6,642,807
6,000,000 #1609 Multi Mtg P/C 5.75% due 12/15/16 .................... 5,833,125
9,000,000 #1666D 5.850% due 04/15/17 ................................ 8,772,300
3,406,500 #1543 PF 6.40% 01/15/19 ................................... 3,346,886
1,475,000 #1993-29 PD 5.50% due 05/25/16 ............................ 1,456,563
2,000,000 #1993-190 B 5.25% due 06/25/04 ............................ 1,983,200
5,000,000 #1994-42 E 5.75% due 09/25/18 ............................. 4,828,906
----------
32,863,787
----------
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $118,040,894)........................................119,046,011
----------
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 8.3%
Government Agency Debentures - 8.0%
4,800,000 Federal Home Loan Mortgage Corporation 7.125% due 11/18/02 4,894,512
5,000,000 Federal National Mortgage Association 7.55% due 04/22/02 .. 5,209,350
5,000,000 Federal National Mortgage Association 7.40% due 07/01/04 .. 5,153,900
5,000,000 Federal National Mortgage Association 5.875% due 02/02/06 . 4,635,950
2,000,000 Federal National Mortgage Association 6.610% due 03/24/99 . 2,010,000
----------
21,903,712
----------
</TABLE>
10
<PAGE>
THE GLENMEDE FUND, INC.
Intermediate Government Portfolio
STATEMENT OF NET ASSETS
April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Face Market
Amount Value
------ -----
<S> <C>
U.S. GOVERNMENT & AGENCY OBLIGATIONS - (Continued)
Agency Securities - 0.3%
$ 1,000,000 Tennessee Valley Authority 6.375% 06/15/05 ................ $961,090
----------
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(Cost $23,510,180)......................................... 22,864,802
----------
U.S. TREASURY OBLIGATIONS - 45.2%
U.S Treasury Notes
20,100,000 7.500% due 05/15/02 ....................................... 21,105,000
8,185,000 14.00% due 11/15/11 ....................................... 12,538,356
3,890,000 10.75% due 08/15/05 ....................................... 4,959,128
8,915,000 6.00% due 12/31/97 ........................................ 8,919,190
4,000,000 8.00% due 01/15/97 ........................................ 4,066,880
6,100,000 6.75% due 04/30/00 ........................................ 6,181,008
5,000,000 6.125% due 05/15/98 ....................................... 5,005,450
5,795,000 8.875% due 11/15/97 ....................................... 6,040,360
5,000,000 5.625% due 01/31/98 ....................................... 4,971,850
13,300,000 5.875% due 03/31/99 ....................................... 13,181,497
17,915,000 7.50% due 10/31/99 ........................................ 18,567,285
5,000,000 6.25% due 08/15/23 ........................................ 4,509,350
4,000,000 6.25% due 01/31/97 ........................................ 4,021,240
10,000,000 8.125% due 02/15/98 ....................................... 10,350,000
----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $125,890,471)........................................ 124,416,594
-----------
REPURCHASE AGREEMENT - 1.7%
4,574,000 Agreement with Goldman Sachs & Co., 5.05%, dated 04/30/96,
to be repuchased at $4,574,642 on 05/01/96, collateralized by:
$4,665,480 U. S. Treasury Bond, 11.75% due 02/15/01
(Cost $4,574,000) $ 4,574,000
-----------
TOTAL INVESTMENTS (Cost $272,015,545 *)............................ 98.5% $270,901,407
OTHER ASSETS IN EXCESS OF LIABILITIES.............................. 1.5% 4,106,699
----- ------------
NET ASSETS.......................................................... 100.0% $275,008,106
===== ============
NET ASSET VALUE ($275,008,106 divided by 27,056,326 shares outstanding) $10.16
============
</TABLE>
- ----------
* Aggregate cost for Federal tax purposes.
+ Face Amount disclosed represents current face amount at April 30, 1996.
11
<PAGE>
THE GLENMEDE FUND, INC.
Equity Portfolio
STATEMENT OF NET ASSETS
April 30, 1996
(Unaudited)
Market
Shares Value
------ -----
COMMON STOCKS - 99.4%
Consumer Services - 29.3%
30,000 American Home Products Corp..................... $3,165,000
50,000 Armstrong World................................. 2,850,000
40,000 Johnson & Johnson............................... 3,700,000
40,000 Loews Corp...................................... 3,050,000
30,000 Nike Inc., Class B.............................. 2,625,000
40,000 Philips Electronics NV-NY Shares................ 1,435,000
30,000 Premark International Inc....................... 1,541,250
75,000 Service Corp International...................... 3,984,375
60,000 VF Corp......................................... 3,420,000
----------
25,770,625
----------
Basic Industry - 20.8%
40,000 Burlington Northern Santa Fe Corp............... 3,500,000
45,000 Eastman Chemical Company........................ 3,026,250
40,000 Johnson Controls Inc............................ 3,575,000
50,000 Magna International............................ 2,550,625
55,000 Schlumberger LTD................................ 3,530,000
40,000 U.S. Health Care................................ 2,085,000
----------
18,266,875
----------
Financial Services - 14.8%
25,000 Cigna Corp...................................... 2,834,375
30,000 Citicorp........................................ 2,362,500
28,000 Duke Realty Investments......................... 829,500
25,000 First Union Corp................................ 1,537,500
32,000 Merry Land & Investment......................... 672,000
30,000 NationsBank Corp................................ 2,392,500
50,000 Safeco Corp..................................... 1,650,000
10,000 TransAmerica Corp............................... 760,000
----------
13,038,375
----------
Technology - 12.3%
70,000 Advanced Micro Devices *........................ 1,312,500
30,000 Compaq Computer Corp *.......................... 1,398,750
45,000 Computer Associates Intl. Inc................... 3,301,875
100,000 EMC Corporation *............................... 2,050,000
40,000 Intel........................................... 2,710,000
----------
10,773,125
----------
12
<PAGE>
THE GLENMEDE FUND, INC.
Equity Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Market
Shares Value
------ -----
<S> <C>
COMMON STOCKS - (Continued)
Energy - 12.0%
35,000 Amoco Corp................................................. $2,555,000
40,000 Chevron Corp............................................... 2,320,000
22,000 Mobil Corp................................................. 2,530,000
75,000 Philips Petroleum Co....................................... 3,112,500
----------
10,517,500
----------
Utilities - 10.3%
100,000 Baltimore Gas & Electric................................... 2,637,500
40,000 FPL........................................................ 1,725,000
45,000 Sprint Corp................................................ 1,895,625
60,000 Texas Utilities Co......................................... 2,415,000
15,000 360 Communications Company *............................... 352,500
----------
9,025,625
----------
TOTAL COMMON STOCKS
(Cost $70,581,131)......................................... 87,392,125
----------
</TABLE>
<TABLE>
<CAPTION>
Face
Amount
------
<S> <C> <C>
REPURCHASE AGREEMENT - 0.63%
$556,000 Agreement with Goldman Sachs & Co., 5.05%, dated 4/30/96 to be
repurchased at $556,078 on 05/01/96, collateralized by $572,475
U. S. Treasury Bonds, 11.75% due 2/15/01 (Cost $556,000)........ 556,000
-----------
TOTAL INVESTMENTS (Cost $71,137,131**).............................. 100.0% $87,948,125
LIABILITIES IN EXCESS OF OTHER ASSETS............................... 0.0% (3,066)
------ -----------
NET ASSETS.......................................................... 100.0% $87,945,059
===== ===========
NET ASSET VALUE ($87,945,059 divided by 5,349,469 shares outstanding) $16.44
===========
</TABLE>
- ----------
* Non-income producing security.
** Aggregate cost for Federal tax purposes.
13
<PAGE>
THE GLENMEDE FUND, INC.
Small Capitalization Equity Portfolio
STATEMENT OF NET ASSETS
April 30, 1996
(Unaudited)
Market
Shares Value
------ -----
COMMON STOCKS - 95.7%
Consumer Services - 22.1%
124,500 Alberto-Culver Co., Class A....................... $4,201,875
200,000 Adolph Coors, Class B............................. 3,800,000
165,000 Anthony Industries, Inc........................... 4,702,500
225,000 Family Dollar Stores ............................. 3,431,250
170,000 First Brands Corp ................................ 4,505,000
145,750 Harman International Industries, Inc. New ........ 6,886,687
180,000 Hudson Foods, Inc ................................ 2,385,000
200,000 Kellwood Co ...................................... 3,250,000
62,000 Kimball International, Class B.................... 1,798,000
190,000 Libbey, Inc ...................................... 4,417,500
80,000 Pulitzer Publishing Co ........................... 4,560,000
150,000 Rex Stores Corp * ................................ 2,343,750
450,000 Ryan's Family Steak Houses Inc * ................. 4,331,250
175,000 Sbarro, Inc ...................................... 4,593,750
192,000 Shopko Stores, Inc ............................... 2,976,000
90,000 Suiza Foods Corp * ............................... 1,282,500
125,000 Warnaco Group, Class A............................ 3,281,250
100,000 York Group, Inc * ................................ 1,837,500
----------
64,583,812
----------
Basic Industry - 19.1%
185,000 Amcast Industriall Corp .......................... 3,561,250
120,000 American Building Company * ...................... 3,048,750
125,000 Aptargroup, Inc .................................. 4,703,125
105,000 Atchison Casting Corp * .......................... 1,470,000
170,000 Caraustar Industries, Inc ........................ 4,292,500
90,000 Carpenter Technology Corp ........................ 3,386,250
80,000 Cleveland-Cliffs, Inc ............................ 3,340,000
60,000 Cytec Industries * ............................... 4,972,500
75,000 Excel Industries ................................. 993,750
150,000 First Mississippi Corp ........................... 3,487,500
225,000 Granite Construction, Inc ........................ 4,443,750
110,000 Greenfield Industries, Inc./DE ................... 4,180,000
44,200 Kaydon Corp ...................................... 1,756,950
70,000 Lindsay Manufacturing............................. 2,625,000
135,000 Masland Corp ..................................... 2,750,625
180,100 Mississippi Chemical Corp * ...................... 3,624,512
150,000 Watts Industries, Inc., Class A .................. 3,075,000
----------
55,711,462
----------
14
<PAGE>
THE GLENMEDE FUND, INC.
Small Capitalization Equity Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
Market
Shares Value
------ -----
COMMON STOCKS - (Continued)
Financial Services - 15.4%
110,000 American Bankers Insurance Group .............. $4,345,000
140,625 Bank Atlantic Bancorp, Inc .................... 2,214,844
50,000 Banknorth Group, Inc .......................... 1,750,000
250,000 California Federal Bancorp * .................. 4,468,750
160,000 Charter One Financial, Inc .................... 5,580,000
56,200 Equitable of Iowa Companies ................... 1,981,050
110,000 First Commerce Corp ........................... 3,740,000
100,000 First Financial Corp./Wisconsin................ 2,350,000
143,500 GCR Holding Limited............................ 3,659,250
124,300 Liberty Corp .................................. 3,946,525
110,000 Orion Capital ................................. 4,881,250
130,000 Protective Life Corp .......................... 4,517,500
75,000 Walden Bancorp, Inc. .......................... 1,425,000
----------
44,859,169
----------
Technology - 14.5%
180,000 Augat, Inc .................................... 3,465,000
160,000 BancTec, Inc * ................................ 3,260,000
165,000 Berg Electronics Corp *........................ 4,393,125
130,000 Cheyenne Software * ........................... 2,957,500
130,000 Exar Corp * ................................... 2,145,000
100,000 Lattice Semiconductor Corp * .................. 3,275,000
105,000 Novellus Systems, Inc. *....................... 5,696,250
130,000 Polaris Industries, Inc ....................... 4,533,750
150,000 Stratus Computer * ............................ 4,218,750
140,000 Watkins-Johnson Co ............................ 4,725,000
150,000 Western Digital Corp * ........................ 3,525,000
----------
42,194,375
----------
Healthcare - 9.7%
125,000 Amsco International, Inc * .................... 1,812,500
110,000 Bergen Brunswig Corp .......................... 2,997,500
155,000 Collagen Corp.................................. 3,177,500
225,000 Haemonetics Corp *............................. 4,331,250
100,000 Medisense, Inc *.............................. 4,500,000
105,000 Minntech Corp ................................. 1,942,500
145,000 Sierra Health Services *....................... 4,785,000
65,000 Steris Corp * ................................. 2,112,500
85,000 Vivra, Inc * .................................. 2,688,125
----------
28,346,875
----------
15
<PAGE>
THE GLENMEDE FUND, INC.
Small Capitalization Equity Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
Market
Shares Value
------ -----
COMMON STOCKS - (Continued)
Real Estate - 8.9%
50,000 Amli Residential Properties.................... $993,750
92,120 Bradley Real Estate............................ 1,358,770
152,000 Cali Realty Corporation........................ 3,477,000
100,000 CBL & Associates Properties, Inc............... 2,062,500
65,300 Chelsea GCA Realty, Inc ....................... 1,861,050
90,000 Duke Realty Investments ....................... 2,666,250
50,000 Essex Property Trust .......................... 1,031,250
75,000 HGI Reality, Inc .............................. 1,537,500
110,000 Liberty Property Trust ........................ 2,268,750
105,500 National Golf Properties....................... 2,597,938
120,000 Public Storage, Inc............................ 2,460,000
50,000 RFS Hotel Investors............................ 862,500
200,000 South West Property Trust ..................... 2,725,000
-----------
25,902,258
-----------
Energy - 5.0%
113,300 Mitchell Energy & Development Corp ........... 1,855,287
140,000 Production Operators........................... 4,655,000
110,000 Teekay Shipping Corp .......................... 3,052,500
165,000 Total Petroleum of North America Ltd. ......... 2,021,250
210,000 Zeigler Coal Holding........................... 3,097,500
-----------
14,681,537
-----------
Utilities - 1.0%
90,000 New Jersey Resources .......................... 2,553,750
20,000 Philadelphia Suburban.......................... 465,000
-----------
3,018,750
-----------
TOTAL COMMON STOCKS
(Cost $244,846,530)............................279,298,238
-----------
<TABLE>
<CAPTION>
Face
Amount
------
<S> <C>
REPURCHASE AGREEMENT - 7.1%
$20,764,000 Agreement with Goldman Sachs & Co., 5.05%, dated 04/30/96 to be
repurchased at $20,766,913 on 05/01/96, collateralized by $21,197,760
U. S. Treasury Bonds, 8.125% due 08/15/21 (Cost $20,764,000) ............ 20,764,000
----------
</TABLE>
16
<PAGE>
THE GLENMEDE FUND, INC.
Small Capitalization Equity Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Market
Value
-----
<S> <C> <C>
TOTAL INVESTMENTS (Cost $265,610,530**)............................. 102.8% $300,062,238
LIABILITIES IN EXCESS OF OTHER ASSETS............................... -2.8% (8,273,032)
----- ------------
NET ASSETS.......................................................... 100.0% $291,789,206
===== ============
NET ASSET VALUE ($291,789,206 divided by 17,652,970 shares
outstanding) ................................................... $16.53
============
</TABLE>
- ----------
* Non-income producing security.
** Aggregate cost for Federal tax purposes.
17
<PAGE>
THE GLENMEDE FUND, INC.
Model Equity Portfolio
STATEMENT OF NET ASSETS
April 30, 1996
(Unaudited)
Market
Shares Value
------ -----
COMMON STOCKS- 97.9%
Utilities - 16.8%
9,300 Ameritech........................................ $542,887
57,500 Centerior Energy................................. 395,312
20,000 Entergy Corp..................................... 530,000
16,400 General Public Utilities......................... 520,700
31,800 Long Island Lighting............................. 516,750
17,700 NY State Electric & Gas.......................... 404,887
25,000 Pacificorp....................................... 500,000
13,800 Sprint Corp...................................... 581,325
20,000 Unicom Corporation............................... 550,000
10,600 Williams Cos Inc................................. 541,925
---------
5,083,786
---------
Financial Services - 16.4%
13,500 A.G. Edwards..................................... 317,250
10,400 Bank of New York Inc............................. 504,400
8,400 Barnett Banks Inc................................ 532,350
7,400 Chase Manhattan Corp............................. 509,675
4,900 CIGNA Corp....................................... 555,537
25,000 Countrywide Credit Ind Inc....................... 540,625
21,600 Great Western Financial ......................... 496,800
3,100 Merrill Lynch.................................... 187,163
6,600 NationsBank...................................... 526,350
37,200 Reliance Group Holdings.......................... 297,600
9,600 St. Paul Companies............................... 510,000
---------
4,977,750
---------
Electronic Technology - 10.6%
35,400 Cypress Semiconductor Co......................... 500,025
22,700 EMC Corporation.................................. 465,350
20,000 KLA Instruments Corp............................. 577,500
21,600 Komag*........................................... 723,600
10,000 NewBridge Networks Corp.......................... 643,750
5,600 Novellus Systems, Inc. .......................... 303,800
---------
3,214,025
---------
Producer Manufacturing - 8.8%
7,800 Caterpillar, Inc. ............................... 499,200
12,300 Deere & Co. ..................................... 478,162
7,100 Loews Corp....................................... 541,375
7,500 Raychem Corp..................................... 584,063
6,500 Textron, Inc. ................................... 557,375
---------
2,660,175
---------
18
<PAGE>
THE GLENMEDE FUND, INC.
Model Equity Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
Market
Shares Value
------ -----
COMMON STOCKS - (Continued)
Retail - 7.5%
18,500 Gap Inc........................................ $557,313
28,400 The Limited Inc................................ 589,300
16,000 Ross Stores.................................... 552,000
16,700 Safeway Inc.................................... 563,625
---------
2,262,238
---------
Energy Minerals - 7.2%
7,500 Amoco Corp..................................... 547,500
2,810 Atlantic Richfield Co.......................... 330,877
2,700 Mobil Corp. ................................... 310,500
13700 Philips Petroleum Co........................... 568,550
8,200 Tosco Corp. ................................... 438,700
---------
2,196,127
---------
Non-Energy Minerals - 7.2%
13,300 Asarco......................................... 440,562
7,800 Carpenter Technology........................... 293,475
8,200 Cleveland-Cliffs Inc........................... 342,350
7,900 Phelps Dodge Corp.............................. 580,650
15,900 USX-U.S. Steel................................. 524,700
---------
2,181,737
---------
Transportation - 5.2%
11,100 CSX Corp. ..................................... 568,875
5,600 Delta Airlines ................................ 450,100
6,500 Norfolk Southern Corp. ........................ 546,000
---------
1,564,975
---------
Consumer Non-Durables - 5.0%
20,800 IBP, Inc....................................... 556,400
11,700 Liz Claiborne Co. ............................. 425,588
5,900 Philip Morris Cos., Inc. ...................... 531,738
---------
1,513,726
---------
Process Industries - 4.6%
14,600 IMC Global, Inc. .............................. 538,375
7,600 Spring Industries, Class A .................... 349,600
11,000 Union Carbide Corp. ........................... 500,500
---------
1,388,475
---------
Consumer Durables - 2.8%
8,600 Chrysler Corp. ................................ 539,650
6,700 Snap-On, Inc. ................................. 321,600
---------
861,250
---------
19
<PAGE>
THE GLENMEDE FUND, INC.
Model Equity Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
Market
Shares Value
------ -----
COMMON STOCKS - (Continued)
Health Services - 1.7%
25,700 Tenet Healthcare Corp. ........................... $526,850
----------
Industrial Services - 1.7%
45,500 Global Marine..................................... 517,563
----------
Consumer Services - 1.3%
12,300 Grand Casinos, Inc. .............................. 398,213
----------
Commercial Services - 1.1%
5,800 Wallace Computer Service.......................... 342,925
----------
TOTAL COMMON STOCKS
(Cost $27,898,469)............................... 29,689,815
----------
<TABLE>
<CAPTION>
Face
Amount
------
<S> <C> <C>
REPURCHASE AGREEMENT - 2.3%
$713,000 Agreement with Goldman Sachs & Co., 5.05%, dated 04/30/96 to be
repurchased at $713,100 on 05/01/96, collateralized by $728,938
U. S. Treasury Bonds, 13.375% due 08/15/01 (Cost $713,000). ....... 713,000
-----------
TOTAL INVESTMENTS (Cost $28,611,469**).............................. 100.2% $30,402,815
LIABILITIES IN EXCESS OF OTHER ASSETS............................... -0.2% (69,847)
----- -----------
NET ASSETS.......................................................... 100.0% $30,332,968
===== ===========
NET ASSET VALUE ($30,332,968 divided by 2,693,170 shares outstanding) $11.26
===========
</TABLE>
- ----------
* Non-income producing security
** Aggregate cost for Federal tax purposes
20
<PAGE>
THE GLENMEDE FUND, INC.
International Fixed Income Portfolio
STATEMENT OF NET ASSETS
April 30,1996
(Unaudited)
<TABLE>
<CAPTION>
Face Market
Amount Value
------ -----
<S> <C>
FOREIGN SECURITIES - 94.2%
JAPANESE YEN BONDS - 17.9%
JPY 100,000,000 Asian Development Bank, 5.625 due 02/18/02................. $1,090,909
35,000,000 European Investment Bank, 5.875 due 11/26/9................ 376,795
100,000,000 Export - Import Bank Japan, 4.375% due 10/01/03............ 1,022,727
100,000,000 IBRD - Global Bond, 5.25% due 03/20/02.................... 1,078,349
100,000,000 Japan Development Bank, 5.00% due 10/01/99................. 1,047,847
----------
TOTAL JAPANESE YEN BONDS
(Cost $4,814,674).......................................... 4,616,627
----------
GERMAN DEUTSCHEMARK BONDS - 13.3%
DEM 1,000,000 Bundesschatzanweisengen, 6.375% due 08/14/98............... 687,843
2,400,000 Deutschland Republic, 6.00% due 09/15/03................... 1,574,588
1,600,000 German Unity Fund 8.00%, 6.00% due 01/21/02................ 1,167,582
----------
TOTAL GERMAN DEUTSCHEMARK BONDS
(Cost $3,223,806).......................................... 3,430,013
----------
FRENCH FRANC BONDS - 8.6%
FRF 5,300,000 France O.A.T., 8.50% due 04/25/03.......................... 1,170,259
5,000,000 French Treasury Bill, 7.75% due 04/12/00................... 1,055,469
----------
TOTAL FRENCH FRANC BONDS
(Cost $2,067,663).......................................... 2,225,728
----------
DANISH KRONA BONDS - 7.0%
DKR 5,000,000 Denmark - Bullet, 7.00% due 12/15/04....................... 849,792
5,000,000 Denmark - Bullet, 9.00% due 11/15/00....................... 947,529
----------
TOTAL DANISH KRONA BONDS
(Cost $1,669,833).......................................... 1,797,321
----------
GREAT BRITAIN POUND STERLING BOND - 6.0%
GBP 950,000 United Kingdom Conversion, 10.25% due 11/22/99
(Cost $1,585,707) 1,561,857
----------
AUSTRALIAN DOLLAR BOND - 5.7%
AUD 1,850,000 Queensland Treasury, 8.00% due 05/14/97
(Cost $1,345,246).......................................................... 1,456,437
----------
BELGIAN FRANC BOND - 5.2%
BEF 8,000,000 Belgian (Kingdom), 9.00% due 03/28/03...................... 295,766
29,000,000 Belgian (Kingdom), 8.75% due 06/25/02...................... 1,058,325
----------
TOTAL BELGIAN FRANC BONDS
(Cost $1,234,154).......................................... 1,354,091
----------
AUSTRIAN SCHILLING BOND - 4.8%
ATS 13,000,000 Republic of Austria, 5.375% due 11/23/98
(Cost $1,165,747).......................................................... 1,241,546
----------
</TABLE>
21
<PAGE>
THE GLENMEDE FUND, INC.
International Fixed Income Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Face Market
Amount Value
------ -----
<S> <C>
FOREIGN SECURITIES - (Continued)
CANADIAN DOLLAR BONDS - 4.7%
CAD 870,000 Canada (Government), 9.25% due 10/01/96.................... $649,847
700,000 Canada (Government), 9.00% due 12/01/04.................... 554,703
----------
TOTAL CANADIAN DOLLAR BONDS
(Cost $1,180,905).......................................... 1,204,550
----------
NETHERLAND GUILDER BONDS - 4.3%
NLG 500,000 Netherlands (Government), 7.25% due 10/01/04............... 313,631
1,250,000 Netherlands (Government), 7.50% due 11/15/99............... 796,483
----------
TOTAL NETHERLAND GUILDER BONDS
(Cost $975,752)............................................ 1,110,114
----------
SPANISH PESETA BONDS - 4.3%
ESP 52,000,000 Spanish (Government), 10.25% due 11/30/98.................. 429,899
83,000,000 Spanish (Government), 11.60% due 01/15/97.................. 668,470
----------
TOTAL SPANISH PESETA BONDS
(Cost $1,104,936).......................................... 1,098,369
----------
IRISH PUNT BOND - 4.2%
IEP 700,000 Irish (Government), 6.25% due 04/01/99 (Cost $1,091,456)... 1,086,756
----------
NEW ZEALAND DOLLAR BONDS - 3.2%
NZD 1,250,000 New Zealand (Government), 8.00% due 04/15/04
(Cost $812,753)............................................................ 825,152
----------
SWEDISH KRONA BOND - 2.5%
SEK 4,000,000 Swedish (Government), 11.00% due 01/21/99 (Cost $554,358).. 647,555
----------
ITALIAN LIRA BOND - 2.5%
ITL 1,000,000,000 Italy (Government), 8.50% due 01/01/97 (Cost $634,885)..... 639,698
----------
TOTAL FOREIGN SECURITIES
(Cost $23,461,875)......................................... 24,295,814
----------
REPURCHASE AGREEMENTS - 1.9%
$486,000 Agreement with Goldman Sachs & Co., 5.05%, dated 04/30/96 to be
repurchased at $486,068 on 5/01/96, collateralized by $498,390
U.S. Treasury Bonds, 13.125% due 5/15/01 (Cost $$486,000).. 486,000
----------
</TABLE>
22
<PAGE>
THE GLENMEDE FUND, INC.
International Fixed Income Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Face Market
Amount Value
------ -----
<S> <C> <C>
FEDERAL HOME LOAN BANK BOND - 1.5%
$400,000 Merrill Lynch, 5.30%, dated 4/30/96, maturing 05/01/96
(Cost $400,000).................................................... $400,000
-----------
TOTAL INVESTMENTS (Cost $24,347,875*)............................... 97.6% $25,181,814
OTHER ASSETS IN EXCESS OF LIABILITIES............................... 2.4% 615,491
----- -----------
NET ASSETS.......................................................... 100.0% $25,797,305
===== ===========
NET ASSET VALUE ($25,797,305 divided by 2,438,480 shares outstanding) $10.58
===========
</TABLE>
- ----------
* Aggregate cost for federal tax purposes.
23
<PAGE>
THE GLENMEDE FUND, INC.
International Equity Portfolio
STATEMENT OF NET ASSETS
April 30, 1996
(Unaudited)
Market
Shares Value
------ -----
FOREIGN SECURITIES - 88.4%
Japan - 28.0%
116,600 Acom Co., Ltd. ................................... $4,407,368
150,000 Amway Japan Limited .............................. 7,736,842
140,000 Aoyama Trading Co. Limited ....................... 4,407,655
300,000 Canon Inc. ....................................... 5,971,291
119,000 Chukyo Coca-Cola Bottling Co. ................... 1,377,894
339,000 Dai Nippon Printing Co. Ltd. ..................... 6,390,717
600,000 Daiwa House Industry Co. Ltd. .................... 9,588,516
900 East Japan Railway Co. ........................... 4,814,354
6,294 Fuji Photo Film Ltd. - ADR ....................... 391,014
200,000 Fuji Photo Film Ltd............................... 6,239,234
962,000 Hitachi Ltd. ..................................... 10,402,487
313,000 Honda Motor Co. .................................. 7,158,564
125,000 Ito-Yokado Co. Ltd. .............................. 7,380,382
500,000 Kao Corp. ........................................ 6,698,564
470,000 Kirin Brewery Co., Ltd. .......................... 6,116,746
44,458 Kyocera Ltd. - ADR................................ 6,707,600
220,000 Matsushita Electric Industrial Co. ............... 3,894,736
14,187 Matsushita Electric Industrial Ltd. - ADR ........ 2,475,631
1,000,000 Mitsubishi Heavy Industries Ltd. ................. 8,937,799
284,000 Nippon Denso Co. Ltd ............................. 6,196,363
500,000 Nishimatsu Construction Co. ...................... 5,885,167
100,000 Rohm Company ..................................... 6,373,205
154,000 Sankyo Company Limited ........................... 3,743,157
450,000 Sharp Corp. ...................................... 7,837,320
1,000,000 Toda Construction Co. ............................ 10,909,090
450,000 Wacoal Corp. ..................................... 6,114,832
300,000 Yamanouchi Pharmaceutical Co. .................... 7,119,617
142,000 Yurtec Corp. ..................................... 2,690,541
-----------
167,966,686
-----------
United Kingdom - 12.9%
1,400,000 Argyll Group PLC ................................. 6,990,592
978,312 Associated British Foods PLC ..................... 5,856,097
475,000 Enterprise Oil PLC ............................... 3,200,512
3,000,000 Iceland Group PLC................................. 6,903,360
1,800,000 Mirror Group PLC ................................. 6,226,560
950,000 National Power PLC ............................... 8,015,568
570,000 Powerscreen International PLC .................... 3,909,196
600,000 Scottish Power PLC ............................... 3,361,440
1,000,000 Tate & Lyle PLC **................................ 7,249,280
1,800,000 Tomkins PLC ...................................... 7,458,336
458,333 Hyder PLC ........................................ 5,066,600
225,000 Hyder PLC 7.875% Cv Pfd .......................... 349,398
910,000 Smith (W.H.) Group PLC ........................... 6,774,768
300,000 Zeneca Group PLC ................................. 6,285,217
-----------
77,646,924
-----------
24
<PAGE>
THE GLENMEDE FUND, INC.
International Equity Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
Market
Shares Value
------ -----
FOREIGN SECURITIES - (Continued)
France - 7.0%
85,000 Compagnie Generale des Eaux **.................... $9,241,096
51,030 Compagnie de Saint-Gobain **...................... 6,110,608
36,200 Groupe Danone **.................................. 5,469,251
73,745 Lafarge SA **..................................... 4,722,039
260,000 Lagardere Groupe **............................... 6,976,186
79,858 Elf Aquitaine SA **............................... 5,936,863
80,000 Technip- ADR .................................... 3,591,954
-----------
42,047,997
-----------
Spain - 6.8%
300,000 Banco Central Hispanoamericano SA ................ 6,285,377
29,187 Banco Popular Espanol SA ......................... 4,836,965
400,000 Dragados y Construcciones SA **................... 5,503,144
1,100,000 Iberdrola S.A. ................................... 10,766,509
190,000 Repsol SA - ADR .................................. 7,030,000
126,000 Telefonica de Espana - ADR ....................... 6,630,751
-----------
41,052,746
-----------
Italy - 5.9%
800,000 Benetton Group S.p.A. **.......................... 9,611,810
180,000 ENI S.p.A. - ADR **............................... 7,650,000
322,000 Instituto Mobiliare Italiano S.p.A. - ADR **...... 7,687,750
5,000,000 Telecom Italia SPA **............................. 10,204,540
-----------
35,154,100
-----------
Germany - 5.2%
190,000 Deutsche Bank AG **............................... 9,102,614
20,000 Hoechst AG **..................................... 6,728,104
9,000 Siemens AG ....................................... 4,920,588
23,645 Siemens AG - ADR ................................. 2,585,110
156,200 Veba AG **........................................ 7,723,223
-----------
31,059,639
-----------
Netherlands - 4.9%
110,000 ABN-Amro Holding N.V. **.......................... 5,695,855
190,000 Koninklijke Bols Wessanen NV ..................... 3,715,703
157,187 Koninklijke PTT Nederland - ADR .................. 5,890,695
189,200 Philips Electronics N.V. - NY shares ............. 6,787,550
49,504 Royal Dutch Petroleum Co. - NY shares **.......... 7,091,449
-----------
29,181,252
-----------
Australia - 4.5%
2,500,000 Boral Limited..................................... 6,517,990
824,595 Burns, Philp & Company Limited ................... 1,690,117
2,300,000 Email Limited. ................................... 6,448,098
464,758 Lend Lease Corporation, Limited................... 7,080,504
1,033,789 Westpac Banking Corporation Ltd. ................. 5,017,138
-----------
26,753,847
-----------
25
<PAGE>
THE GLENMEDE FUND, INC.
International Equity Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
Market
Shares Value
------ -----
FOREIGN SECURITIES - (continued)
Sweden - 3.0%
195,000 Astra AB **....................................... $8,616,734
180,000 Electrolux AB - Series B **....................... 9,082,593
-----------
17,699,327
-----------
Norway - 2.5%
2,520,000 Christiania Bank OG Kreditkasse .................. 5,488,440
230,000 Kvaerner AS **.................................... 9,458,101
-----------
14,946,541
-----------
Canada - 1.5%
190,000 Magna International, Inc. - Class A .............. 8,811,250
-----------
Finland - 1.4%
225,000 Nokia AB - Series A ADR .......................... 8,184,375
-----------
Mexico - 1.3%
506,250 Cemex, S.A.de C.V. - Series "B" **................ 2,155,997
160,000 Telefonos de Mexico - Class L ADR ................ 5,440,000
-----------
7,595,997
-----------
Switzerland - 1.1%
5,520 Ciba-Geigy AG .................................... 6,409,605
-----------
Hong Kong - 0.7%
2,000,000 Hong Kong Land Holdings, Ltd. .................... 4,280,000
-----------
Denmark - 0.6%
150,500 Tele Danmark A/S - ADR **......................... 3,800,125
-----------
Thailand - 0.5%
120,087 Thailand Fund, Inc ............................... 2,987,164
-----------
Malaysia - 0.4%
666,666 Malaysia International Shipping BHD **............ 2,140,351
157,000 Sime Darby Berhad ................................ 434,746
-----------
2,575,097
-----------
Singapore - 0.4%
863,000 Sime Darby Berhad ................................ 2,395,179
-----------
TOTAL FOREIGN SECURITIES
(Cost $445,149,595)..............................530,547,851
-----------
26
<PAGE>
THE GLENMEDE FUND, INC.
International Equity Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Face Market
Amount Value
------ -----
<S> <C> <C>
REPURCHASE AGREEMENT- 13.4%
$80,205,000 Agreement with Goldman, Sachs & Co., 5.05%, dated 04/30/96,
to be repurchased at $80,216,25 on 05/01/96 collateralized
by $81,865,840 U. S. Treasury Bonds 8.125% due 08/15/21
(Cost $80,205,000)...................................................... $80,205,000
TOTAL INVESTMENTS (Cost $525,354,595*).............................. 101.8% $610,752,851
LIABILITIES IN EXCESS OF OTHER ASSETS............................... (1.8)% (10,785,975)
---- -----------
NET ASSETS.......................................................... 100.0% $599,966,876
===== ============
NET ASSET VALUE ($599,966,876 divided by 42,336,500 shares outstanding) $14.17
============
</TABLE>
- ----------
* Aggregate cost for Federal tax purposes.
** Non-income producing security.
ABBREVIATION:
ADR -- American Depositary Receipts
27
<PAGE>
THE GLENMEDE FUND, INC.
International Equity Portfolio
SECTOR DIVERSIFICATION
April 30, 1996
(Unaudited)
Percent of Market
INDUSTRIES: Net Asset Value
--------- -----
Other............................... 9.3% $55,839,028
Construction........................ 8.8% 52,923,114
Financial Services.................. 7.1% 42,425,822
Utilities........................... 7.1% 42,398,188
Basic Industry...................... 6.5% 38,976,442
Food & Beverage..................... 6.3% 37,993,080
Chemicals........................... 5.8% 34,928,918
Electronics......................... 4.8% 28,507,751
Retail.............................. 4.7% 28,049,103
Pharmaceuticals..................... 4.3% 25,764,725
Capital Goods....................... 3.8% 22,514,194
Automotive.......................... 3.7% 22,166,178
Communications...................... 2.8% 16,835,289
Consumer Non-Durables............... 2.4% 14,435,407
Printing & Publishing............... 2.2% 13,202,746
Electrical.......................... 2.2% 13,104,963
Business Services................... 2.1% 12,362,010
Metals & Mining..................... 1.2% 7,109,921
Transportation...................... 1.2% 6,954,706
Consumer Durables................... 1.1% 6,448,098
Apparel............................. 0.7% 4,407,656
Oil & Gas........................... 0.5% 3,200,512
----- ------------
TOTAL FOREIGN SECURITIES.......................... 88.4% $530,547,851
REPURCHASE AGREEMENT.............................. 13.4% 80,205,000
----- ------------
TOTAL INVESTMENTS................................. 101.8% $610,752,851
===== ============
28
<PAGE>
THE GLENMEDE FUND, INC.
Institutional International Portfolio
STATEMENT OF NET ASSETS
April 30, 1996
(Unaudited)
Market
Shares Value
------ -----
FOREIGN SECURITIES - 98.8%
Japan - 29.9%
15,800 Acom Co., Ltd. ................................... $597,224
13,600 Amway Japan Limited .............................. 701,473
5,300 Aoyama Trading Co. Limited ....................... 166,861
22,000 Canon Inc. ....................................... 437,894
14,000 Chukyo Coca-Cola Bottling Co. .................... 162,105
36,000 Dai Nippon Printing Co. Ltd. ..................... 678,660
34,000 Daiwa House Industry Co. Ltd. .................... 543,349
120 East Japan Railway Co. ........................... 641,913
361 Fuji Photo Film Ltd. - ADR........................ 22,427
90,000 Hitachi Ltd. ..................................... 973,205
30,000 Honda Motor Co. .................................. 686,124
10,000 Ito-Yokado Co. Ltd. .............................. 590,430
49,000 Kao Corp. ........................................ 656,459
32,000 Kirin Brewery Co., Ltd. .......................... 416,459
1,242 Kyocera Ltd. - ADR ............................... 187,386
40,000 Matsushita Electric Industrial Ltd. .............. 708,133
813 Matsushita Electric Industrial Ltd. - ADR ....... 141,868
89,000 Mitsubishi Heavy Industries Ltd. ................. 795,464
38,000 Nippon Denso Co. Ltd. ............................ 829,090
49,000 Nishimatsu Construction Co. ...................... 576,746
13,000 Rohm Company ..................................... 828,516
21,000 Sankyo Company Limited ........................... 510,430
60,000 Sharp Corp. ...................................... 1,044,976
93,000 Toda Construction Co. ............................ 1,014,545
50,000 Wacoal Corp. ..................................... 679,425
24,000 Yamanouchi Pharmaceutical Co...................... 569,569
16,000 Yurtec Corp. ..................................... 303,171
----------
15,463,902
----------
United Kingdom - 15.2%
185,000 Argyll Group PLC ................................. 923,756
49,688 Associated British Foods PLC ..................... 297,428
64,000 Enterprise Oil PLC ............................... 431,226
250,000 Iceland Group PLC ................................ 575,280
242,000 Mirror Group PLC ................................. 837,126
88,000 National Power PLC ............................... 742,494
75,000 Powerscreen International PLC..................... 514,368
81,000 Scottish Power PLC ............................... 453,794
242,000 Tomkins PLC ...................................... 1,002,731
28,166 Hyder PLC ........................................ 311,365
15,300 Hyder PLC 7.875% Cv Pfd .......................... 23,759
122,000 Smith (W.H.) Group PLC ........................... 908,265
40,000 Zeneca Group PLC ................................. 838,034
----------
7,859,626
----------
29
<PAGE>
THE GLENMEDE FUND, INC.
Institutional International Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
Market
Shares Value
------ -----
FOREIGN SECURITIES - (Continued)
Spain - 8.1%
21,000 Banco Central Hispanoamericano SA ................ $439,976
1,863 Banco Popular Espanol SA ......................... 308,742
51,000 Dragados y Construcciones SA **................... 701,650
114,000 Iberdrola S.A. ................................... 1,115,801
23,200 Repsol SA - ADR .................................. 858,400
14,000 Telefonica de Espana - ADR ....................... 736,752
----------
4,161,321
----------
France - 8.0%
6,100 Compagnie Generale des Eaux **.................... 663,184
6,925 Compagnie de Saint-Gobain **...................... 829,237
4,000 Groupe Danone **.................................. 604,337
5,944 Lafarge SA ** .................................... 380,663
25,000 Lagardere Groupe ** .............................. 670,787
6,642 Elf Aquitaine SA ** .............................. 493,784
11,000 Technip - ADR ................................... 493,894
----------
4,135,886
----------
Germany - 6.8%
26,000 Deutsche Bank AG **............................... 1,245,620
2,700 Hoechst AG ** .................................... 908,294
3,055 Siemens AG - ADR ................................. 334,003
20,800 Veba AG ** ....................................... 1,028,445
----------
3,516,362
----------
Netherlands - 6.1%
15,000 ABN-Amro Holding N.V **.......................... 776,707
25,000 Koninklijke Bols Wessanen NV...................... 488,908
6,000 Koninklijke PTT Nederland ........................ 225,218
4,062 Koninklijke PTT Nederland - ADR .................. 152,244
23,600 Philips Electronics N.V. - NY shares ............. 846,650
4,678 Royal Dutch Petroleum Co. - NY shares ** ......... 670,125
----------
3,159,852
----------
Australia - 4.9%
250,000 Boral Limited .................................... 651,799
112,229 Burns, Philp & Company Limited .................. 230,028
110,000 Email Limited .................................... 308,387
42,527 Lend Lease Corporation, Limited .................. 647,891
140,825 Westpac Banking Corporation Ltd. ................. 683,446
----------
2,521,551
----------
30
<PAGE>
THE GLENMEDE FUND, INC.
Institutional International Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
Market
Shares Value
------ -----
FOREIGN SECURITIES - (Continued)
Italy - 4.8%
40,000 Benetton Group S.p.A. ** ......................... $480,590
20,000 ENI S.p.A - ADR **................................ 850,000
27,000 Instituto Mobiliare Italiano S.p.A. - ADR ** ..... 644,625
250,000 Telecom Italia SPA **............................. 510,227
----------
2,485,442
----------
Sweden - 3.8%
27,000 Astra AB ** ...................................... 1,193,086
15,000 Electrolux AB - Series B ** ...................... 756,883
----------
1,949,969
----------
Norway - 2.9%
280,000 Christiania Bank OG Kreditkasse .................. 609,826
21,000 Kvaerner AS ** ................................... 863,566
----------
1,473,392
----------
Switzerland - 1.7%
762 Ciba-Geigy AG .................................... 884,804
----------
Mexico - 1.3%
7,000 Cemex, S.A. de C.V. - Series "A" ** .............. 27,830
61,000 Cemex, S.A. de C.V. - Series "B" ** .............. 259,784
10,700 Telefonos de Mexico - Class L ADR................. 363,800
----------
651,414
----------
Canada - 1.2%
13,211 Magna International, Inc. - Class A .............. 612,660
----------
Hong Kong - 1.1%
260,000 Hong Kong Land Holdings, Ltd. .................... 556,400
----------
Finland - 1.0%
13,500 Nokia AB - Series A ADR........................... 491,062
----------
Malaysia - 0.8%
85,000 Malaysia International Shipping BHD ** ........... 272,895
58,000 Sime Darby Berhad ................................ 160,606
----------
433,501
----------
Thailand - 0.8%
15,725 Thailand Fund, Inc. .............................. 391,159
----------
Denmark - 0.3%
6,200 Tele Danmark A/S - ADR ** ........................ 156,550
----------
31
<PAGE>
THE GLENMEDE FUND, INC.
Institutional International Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
Market
Shares Value
------ -----
FOREIGN SECURITIES - (Continued)
Singapore - 0.3%
49,000 Sime Darby Berhad ............................... $136,003
----------
TOTAL FOREIGN SECURITIES
(Cost $43,757,080)............................... 51,040,856
----------
<TABLE>
<CAPTION>
Face
Amount
------
<S> <C> <C>
REPURCHASE AGREEMENT - 0.4%
$195,000 Agreement with Goldman, Sachs & Co., 5.05%, dated
04/30/96 to be repurchased at $195,027 on 05/01/96,
collateralized by $205,013 U. S. Treasury Bonds 11.75%
due 02/15/01 (Cost $195,000)....................................... 195,000
------------
TOTAL INVESTMENTS (Cost $43,952,080*)............................... 99.2% $51,235,856
OTHER ASSETS LESS LIABILITIES....................................... 0.8% 426,729
------ -----------
NET ASSETS.......................................................... 100.0% $51,662,585
===== ===========
NET ASSET VALUE ($51,662,585 divided by 3,684,926).................. $14.02
===========
</TABLE>
- ----------
* Aggregate cost for Federal tax purposes.
** Non-income producing security.
ABBREVIATION:
ADR -- American Depositary Receipt
32
<PAGE>
THE GLENMEDE FUND, INC.
Institutional International Portfolio
SECTOR DIVERSIFICATION
April 30, 1996
(Unaudited)
Percent of Market
INDUSTRIES: Net Asset Value
--------- -----
Construction......................... 10.8% $5,567,008
Financial Services................... 10.4% 5,379,035
Utilities............................ 8.5% 4,374,459
Other................................ 7.8% 4,038,464
Basic Industry....................... 7.0% 3,612,796
Electronics.......................... 6.9% 3,554,833
Chemicals............................ 6.7% 3,479,286
Pharmaceuticals...................... 6.0% 3,111,115
Retail............................... 5.8% 2,997,733
Food & Beverage...................... 5.5% 2,851,066
Automotive........................... 4.1% 2,127,875
Printing & Publishing................ 2.9% 1,507,914
Communications....................... 2.8% 1,472,196
Consumer Non-Durables................ 2.6% 1,357,933
Capital Goods........................ 2.6% 1,327,241
Business Services.................... 2.2% 1,116,555
Transportation....................... 1.8% 914,809
Metals & Mining...................... 1.7% 853,002
Electrical........................... 1.0% 491,063
Oil & Gas............................ 0.8% 431,227
Consumer Durables.................... 0.6% 308,387
Apparel.............................. 0.3% 166,861
---- -----------
TOTAL FOREIGN SECURITIES........................... 98.8% $51,040,856
REPURCHASE AGREEMENT............................... 0.4% 195,000
---- -----------
TOTAL INVESTMENTS.................................. 99.2% $51,235,856
==== ===========
33
<PAGE>
THE GLENMEDE FUND, INC.
Emerging Markets Portfolio
STATEMENT OF NET ASSETS
April 30, 1996
(Unaudited)
Market
Shares Value
------ -----
FOREIGN SECURITIES - 89.4%
Turkey - 10.4%
610,000 Akcimento............................................. $478,399
797,000 Aksa ** .............................................. 291,339
910,000 Anadolu Cam ** ....................................... 64,110
907,560 Aygaz ** ............................................. 186,988
1,050,000 Bagfas Bandirma Gubre Sabrikalair ** ................. 300,079
2,980,000 Bati Cimento ......................................... 372,351
740,000 Bati Cimento Subscription Rights Expiring 5/15/96 **.. 82,626
3,799,995 Bekoteknik **......................................... 368,735
7,700,000 Bolu Cimento Samayi AG ** ............................ 363,352
1,900,900 Bossa **.............................................. 214,776
400,000 Bursa Cimento Fabrikasi ** ........................... 71,779
362,000 Cemtas Celik ** ...................................... 149,169
56,000 Cimentas **........................................... 14,515
570,000 Cukurova Elektrik ** ................................. 310,647
1,030,000 Eczacibasi Yatirim ** ................................ 174,564
1,550,000 Ege Seramik **........................................ 355,410
1,154,000 Esem Spor Glyim ** ................................... 218,589
1,676,000 Eczacibasi Yapi Gere San Ticaret AS **................ 184,910
1,015,000 Goltas Goller Bolgesi Cimento ** ..................... 371,028
601,250 Good-Year............................................. 239,764
15,515,500 Izmir Demir Celik ** ................................. 335,141
390,000 Kepez Elektrik ** .................................... 295,493
918,500 Koc Yatirim **........................................ 228,922
2,534,500 Marshall Boya **...................................... 215,616
3,156,000 Metas **.............................................. 119,561
1,967,316 Peg Profilo AS **..................................... 411,873
604,000 Petrol Ofisi ** ...................................... 172,617
9,300,000 Sabah Yayincilik ..................................... 250,332
2,350,000 T Sise Cam ** ........................................ 390,469
3,100,000 Tofas (Turk Otomobil Fab) **.......................... 333,776
1,259,000 Trakya Cam **......................................... 175,721
1,140,000 Turcas Petroculuk AS ** .............................. 348,531
283,500 Turk Tuborg ** ....................................... 158,274
1,203,000 Turkish Siemens....................................... 455,742
1,858,000 Unye Cimento ** ...................................... 130,897
8,250,000 Yapi Kredi Bankasi ** ................................ 559,301
---------
9,395,396
----------
34
<PAGE>
THE GLENMEDE FUND, INC.
Emerging Markets Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
Market
Shares Value
------ -----
FOREIGN SECURITIES - (Continued)
South Africa - 9.0%
116,800 Automakers ............................................ $81,205
25,070 Blyboorvitzicht Gold Mining Co. ** ................... 43,574
95,000 Buffelsfontein Gold Mining Co. ** ..................... 308,227
255,000 Deelkraal Gold Mining Co. ** ......................... 265,932
28,634 East Daggafontein Mines ** ............................ 99,540
86,100 East Rand Gold & Uranium Co. .......................... 239,443
650,000 East Rand Proprietary Mines **......................... 436,848
75,000 Free State Consolidated Gold Mines .................... 834,298
76,000 Grootvlei Proprietary Mines +.......................... 220,162
49,000 Harmony Gold Mining Co. ** ............................ 564,947
163,000 Hartebeesfontein Gold Mines ........................... 591,181
131,000 Illovo Sugar .......................................... 297,520
42,000 Kinross Mines **+ ..................................... 440,440
64,000 Kolosus Holdings ...................................... 81,575
50,000 Leslie Gold Mines +.................................... 69,524
72,000 Loraine Gold Mines ** ................................. 283,661
84,000 Metro Cash & Carry .................................... 327,045
31,500 Nampak **.............................................. 132,862
81,000 Randfontein Estates Gold Mining Co. Witwatersrand Ltd. 633,545
24,000 Rustenburg Platinum Holdings........................... 475,550
87,000 Sentrachem ............................................ 336,709
32,700 Servgro International.................................. 172,025
4,700 Southvaal Holdings .................................... 201,506
32,000 Telemetrix ............................................ 51,184
24,400 Trans-Natal Coal Corp. ................................ 186,604
60,000 Unisel Gold Mines ..................................... 260,718
1,900 Vaal Reefs Exploration & Mining Co. .................. 186,697
26,600 Winkelhaak Mines ...................................... 258,910
---------
8,081,432
---------
South Korea - 8.2%
7,800 Asia Paper ............................................ 305,705
16,500 Byucksan Corp. ** ..................................... 265,034
11,200 Cho Hung Bank ......................................... 155,435
5,336 Choil Aluminum Manufacturing Co. ...................... 148,107
6,000 Daesun Distilling Co. ................................. 335,389
87 Daeduck Industrial Co. ................................ 4,393
35
<PAGE>
THE GLENMEDE FUND, INC.
Emerging Markets Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
Market
Shares Value
------ -----
FOREIGN SECURITIES - (Continued)
South Korea - (Continued)
112 Daeil Chemical Co. .............................. $6,980
10,000 Daiyang Metal ** ................................ 313,544
3,750 Dongah Tire Industrial Co. ** .................. 280,454
4,250 Hanil Cement Manufacturing ...................... 251,220
4,820 Hanil Iron & Steel Co. .......................... 224,214
5,100 Hyundai Pharmaceutical Industries ............... 154,664
2,660 Ilshin Spinning Co. ** .......................... 244,397
12,300 Ilsung Corp. **.................................. 333,500
6,900 Il Yang Pharmaceutical ** ....................... 249,151
250 Jeewon Industrial Co. ........................... 8,673
16,500 Koram Bank ...................................... 265,034
8,100 Korea Export Packaging Industry **............... 262,297
2,400 Korea Green Cross **............................. 277,872
290 Korea Mobile Telecommunications Corp. ** ........ 280,236
5,300 Korea Mobile Telecommunications Corp. GDR ** .... 249,100
9,000 Kum Kyung Co. .................................. 116,808
20,700 Kyungnam Bank **................................. 316,538
23,700 Kyungki Bank ** ................................. 274,094
13,000 Nae Wae Semi Conductor Co. ** ................... 265,612
17,900 Pusan Bank ...................................... 257,620
7,600 Rocket Electric Co. ............................ 260,755
4,305 Saehan Precision Co. ........................... 175,917
2,314 Samsung Electronics Co. GDR ** .................. 172,699
170 Samsung Fire & Marine ** ........................ 111,629
463 Seah Steel Corp. ................................ 16,025
3,570 Shinhan Bank **.................................. 78,922
8,900 Ssangyong Cement Co. ........................... 265,330
5,500 Ssangyong Investment & Securities ** ............ 130,750
9,900 Tai Lim Packing **............................... 279,876
---------
7,337,974
---------
India - 7.8%
244,500 Arvind Mills GDR ** ............................. 1,039,125
100,000 Ashok Leyland GDR ** ............................ 1,375,000
74,500 Dr Reddy's Laboratories GDR ** .................. 633,250
102,000 Finolex Cables Ltd. ** .......................... 841,500
4,500 Hindalco Industries GDR **...................... 199,125
107,250 Indian Aluminum GDR ** .......................... 844,057
31,666 Mahindra Mahindra GDR ........................... 261,992
500 Tata Electric Compnanies ** .................... 253,750
36
<PAGE>
THE GLENMEDE FUND, INC.
Emerging Markets Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
Market
Shares Value
------ -----
FOREIGN SECURITIES - (Continued)
India - (Continued)
50,000 Tata Engineering & Locomotive Co. ** ............... $900,000
80,200 Wockhardt GDR ....................................... 701,750
---------
7,049,549
---------
Indonesia - 5.8%
123,000 Bank Bali ........................................... 316,330
210,000 Bank Tiara Asia **................................... 265,537
280,000 Barito Pacific Timber **............................. 282,040
85,000 Dankos Laboratories ** .............................. 207,672
362,000 Gadjah Tunggal ** ................................... 213,351
14,000 Hanjaya Mandala Sampoerna ** ........................ 154,522
200,000 Hero Supermarket ** ................................. 231,461
6,750 Indostat ADR **...................................... 235,406
125,000 Kawasan Industri Jababeka **......................... 251,821
135,000 Lippo Bank **........................................ 306,686
300,000 Lippo Securities **.................................. 308,615
393,000 Mayora Indah ** ..................................... 269,524
61,500 Modern Photo Film ................................... 303,150
350,000 Roda Vivatex **...................................... 277,539
366,000 Sinar Mas Agro Resources Agricultural Production &
Technology Corp. ** ............................ 286,305
612,500 Surabaya Agung Industri Pulp & Kertas ** ............ 249,410
87,500 Surabaya Agung Industri Pulp & Kertas
Warrants Expiring 3/13/2001 **.................. 1,875
17,500 Tambang Timah GDR.................................... 301,875
55,000 Tigaraksa Satria **.................................. 282,897
225,000 Unggul Indah Corp. ................................. 250,750
15,000 Unilever Indonesia................................... 241,115
---------
5,237,881
---------
Greece - 5.3%
16,500 Aegek SA ** ......................................... 105,056
9,803 Alpha Credit Bank ................................... 491,076
5,700 Aluminum Co. of Greece ** ........................... 257,558
15,800 Arcadia Metal Industries C Rokas SA ** .............. 157,065
10,400 Commercial Bank of Greece ** ........................ 341,554
4,000 Delta Dairy ** ...................................... 49,622
10,800 Edrasi- Psallidas SA ** ............................. 140,634
8,000 Elliniki Technodomiki ** ............................ 136,378
37
<PAGE>
THE GLENMEDE FUND, INC.
Emerging Markets Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
Market
Shares Value
------ -----
FOREIGN SECURITIES - (Continued)
Greece - (Continued)
70,000 Epilektos Textile **................................ $273,167
17,220 Ergas Construction Co. ** ......................... 142,886
60,000 Fanco **+ .......................................... 295,760
11,000 Fourlis **.......................................... 154,535
13,400 Hellas Can SA ** ................................... 286,230
16,590 Hellenic Telecommunications Organization SA **...... 278,726
15,480 Heracles General Cement ** ......................... 177,412
10,500 Ionian Bank **...................................... 186,329
17,200 Metka SA **+ ....................................... 171,689
4,500 National Bank of Greece ** ......................... 217,938
7,850 National Investment Bank for Industrial Development
SA ** ........................................... 162,843
30,600 Sarantis **......................................... 281,573
40,000 Shellman ** ........................................ 238,251
5,700 Titan Cement Co. ** ................................ 263,411
---------
4,809,693
---------
China - 5.0%
194,000 China International Marine Containers (Group) **.... 159,263
2,240,000 China Pharmaceutical Enterprise **.................. 301,176
130,000 China Southern Glass **+............................ 57,142
6,000 China Tire Holdings ................................ 60,750
7,725 China Yuchai International.......................... 74,353
504,000 Chiwan Wharf Holdings 'B' **........................ 197,429
327,000 Guangdong Electric Power Development Co., Ltd ** ... 179,890
1,300,000 Harbin Power Equipment Co. **....................... 210,084
19,500 Huaneng Power International Inc., Sponsered ADR **.. 304,687
522,000 Inner Mongolia Erdos Cashmere Products ** .......... 247,435
1,400,000 Jilin Chemical Industrial Co. ...................... 280,542
275,200 Konka Group......................................... 145,160
900,000 Luoyang Glass Co. ** ............................... 230,381
200,000 Phoenix Co. ** ..................................... 33,600
780,000 Quingling Motors **................................. 254,621
305,000 Shanghai Dazhong Taxi Shareholding ................. 234,850
653,200 Shanghai Narcissus Electric Appliances Industrial
Co, Ltd. ......................................... 137,172
429,000 Shanghai New Asia (Group) Co. ** ................... 253,110
950,000 Shanghai Petrochemical Co. ** ..................... 282,482
585,000 Shanghai Refrigerator Compressor Co. ** ............ 300,690
560,000 Shanghai Sanmao Textile Co. **...................... 134,400
359,600 Shanghai Shanglin Electric Appliance Co. ** ........ 233,020
38
<PAGE>
THE GLENMEDE FUND, INC.
Emerging Markets Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
Market
Shares Value
------ -----
FOREIGN SECURITIES - (Continued)
China - (Continued)
210,000 Shanghai Tyre & Rubber Co. ** .................... $50,400
58,000 Shanghai Yaohua Pilkington Glass Co. ** .......... 47,444
353,000 Weifu Fuel Injection ** ........................... 108,059
---------
4,518,140
---------
Russia - 4.9%
10 Lukoil Holdings RDC **............................. 306,250
39,000 Lukoil Holdings Sponsered ADR ** ................. 955,500
92,000 Mosenergo Sponsered ADR **......................... 1,127,000
30,000 Norilsk Nickel CSFB Certificates **................ 165,355
30,000 Purneftegaz CFSB Certificates **+ ................. 52,500
80 Rostelecom RDC ** ................................. 1,128,000
11,246,312 Unified Energy Systems CFSB Cerificates ** ........ 481,342
20,000 Yuganskneftegaz CSFB Certificates ** .............. 150,469
---------
4,366,416
---------
Czech Republic - 4.5%
626 Cement Hranice **+................................. 16,123
23,000 Ceska Sporitelna **................................ 248,559
7,640 CEZ ** ............................................ 293,105
12,850 Chemopetrol **..................................... 523,072
1,500 Cokoladovny Praha AS ** ........................... 197,496
2,440 Deza AS ** ........................................ 205,677
2,600 Fatra ** ......................................... 110,050
600 Galena ** ........................................ 21,938
2,050 Jihoceske Mlerkarny AS ** ......................... 67,939
9,960 Kaucuk ** ......................................... 412,608
5,450 Komercni Banka ** ................................. 426,026
680 Laciva **+ ........................................ 60,626
663 Milo Olomouc ** .................................. 34,033
1,240 Rakovnick Keramicke Zavody **+..................... 51,592
10,900 Skoda Koncern Plzen **............................. 308,231
3,000 SPT Telecom ** .................................... 367,435
970 Tabak AS ** ....................................... 212,798
3,900 VSZ AS ** ......................................... 448,995
2,000 ZDB **+............................................ 21,974
---------
4,028,277
---------
39
<PAGE>
THE GLENMEDE FUND, INC.
Emerging Markets Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
Market
Shares Value
------ -----
FOREIGN SECURITIES - (Continued)
Taiwan - 3.9%
204 Formosa Fund **....................................$1,705,236
168,000 ROC Taiwan Fund **................................. 1,806,000
---------
3,511,236
---------
Brazil - 3.7%
1,400,000 Brasmotor SA **..................................... 381,048
800,000 Copene-Petroquimica Do Nordeste SA **............... 403,217
12,000 Iochpe-Maxion SA ** ................................ 32,654
280,000 Klabin Fabricadora De Papel Celulsa SA.............. 276,612
50,000,000 OSA SA Organizacao Sistemas Aplica **............... 410,786
33,400,000 Paranapanema SA Mineracao, Industria E Construcao ** 370,367
13,000 Refrigeracao Parana SA Sponsered ADR **............. 161,811
173,000,000 Refrigeracao Parana SA **........................... 427,268
60,430 Souza Cruz SA ...................................... 472,109
2,030,000 Compania Vale Do Rio Doce .......................... 296,150
7,000 Votorantim Celulose E Papel SA **................... 67,022
---------
3,299,044
---------
Mexico - 3.2%
350,000 El Puerto De Liverpool, SA **....................... 278,301
150,000 Embottelladores Del Valle Anahuac SA **............. 97,035
200,000 Far-Ben SA De Cv ** ................................ 315,363
101,000 Formento Eonomico Mexicano SA De Cv **.............. 306,266
60,800 Grupo Casa Autrey SA De Cv **....................... 351,525
354,900 Grupo Industrial Maseca SA De Cv ................... 346,290
353,000 Grupo Posadas SA De Cv **+ ......................... 161,752
61,700 Industrias Penoles, SA ............................. 268,170
14,000 Jugos Del Valle SA De Cv ** ....................... 18,118
47,000 Nacional De Drogas SA De Cv **...................... 215,997
4,500 Sigma Alimentos .................................... 32,446
44,000 Tablex SA De Cv ** ................................. 91,913
42,500 Tubos De Acero De Mexico, SA ADR ** ............... 361,250
---------
2,844,426
---------
Hungary - 2.9%
13,800 Borsodchem Rt. GDR ** .............................. 246,330
19,200 Danubius Hotel & Spa **............................. 260,180
6,200 Egis Gyogyszergyar Reszvnytarsas AG ** ............. 268,852
40
<PAGE>
THE GLENMEDE FUND, INC.
Emerging Markets Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
Market
Shares Value
------ -----
FOREIGN SECURITIES - (Continued)
Hungary - (Continued)
55,290 Fotex ** .......................................... $63,685
7,200 Graboplast Textiles Muborgyarto **+................ 165,864
4,489 Hajdutej Tejipari Rt. **+ ......................... 76,038
1,050 Inter-Europa Bank **............................... 188,529
28,900 Magyar Olaj-Es Gazipare Reszventytar **............ 312,321
18,000 OTP Bank ** ....................................... 190,866
10,000 Pannonplast Muanuagipari **+ ...................... 271,365
1,700 Pick Szeged GDS ** ................................ 81,675
2,700 Primagaz Hungaria Industrial Commercial Co. ** .... 110,678
4,795 Richter Gedeon Vegyeszeti Gyar Rt. ** ............ 167,316
6,100 Soproni Sorgyar Rt. (Austrian Certificates) **..... 92,372
6,095 Soproni Sorgyar Rt. ** ........................... 95,395
---------
2,591,466
---------
Israel - 2.7%
42,000 Elscint **......................................... 619,500
23,600 Koor Industries ADS .............................. 442,500
5,000 Lanoptics **....................................... 41,250
112,000 New Dimension Software **.......................... 644,000
30,300 Scitex Corp. ...................................... 636,300
25,000 Tat Technologies ** ............................... 37,500
---------
2,421,050
---------
Malaysia - 2.5%
75,000 Chemical Co. of Malaysia Berhad.................... 239,284
90,000 Commerce Asset-Holdings Berhad **.................. 293,362
45,000 Kian Joo Can Factory Berhad **..................... 260,052
75,000 Nylex (Malaysia) Berhad ** ........................ 307,006
65,000 Sistem Televisyen Malaysia Berhad **............... 289,549
140,000 Store Corp. Berhad **.............................. 309,013
165,000 Tan Chong Motor Holdings Berhad **................. 266,197
50,000 Ytl Corp. ** ...................................... 250,822
---------
2,215,285
---------
41
<PAGE>
THE GLENMEDE FUND, INC.
Emerging Markets Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
Market
Shares Value
------ -----
FOREIGN SECURITIES - (Continued)
Portugal - 2.4%
37,330 Banco Espir Santo E Com De Lisboa ................. $419,965
22,050 Banco Totta E Acores SA ........................... 424,768
10,150 Comp. De Cellulose Do Caima ....................... 214,951
15,000 Fisipe (Fibras Sintetics De Portugal) **+.......... 76,550
8,320 Lusotur Sociedad Financeira De Tur ** ............. 132,678
8,900 Mague-Gestao E Participacoes SA. ** ............... 143,063
4,500 Soares Da Costa Soc De Construcoes **+............. 30,713
32,850 Sonae Industria SGPS SA ** ........................ 276,596
7,900 Sumolis Industria De Frutas Bebidas +.............. 61,982
18,880 Unicer-Uniao Cervejeira ........................... 340,820
---------
2,122,086
---------
Argentina - 2.1%
200,000 Bagley SA **....................................... 430,055
315,000 Dalmine Siderca SA **.............................. 368,597
81,000 Ipako Industrias Petroquimica Argentinas SA ....... 324,042
220,000 Ladesma ** ........................................ 312,440
34,000 Molinos Rio de la Plata **......................... 351,945
58,500 Sevel S.A. ** .................................... 112,919
---------
1,899,998
---------
Thailand - 1.7%
317,500 Bangchak Petroleum Public Co. .................... 402,487
29,000 Bangkok Bank Public Co. ** ....................... 282,613
30,500 Matichon Public Company Ltd. ** ................... 236,818
160,000 National Petrochemical Public Co. ** .............. 283,645
90,000 Thai-German Ceramic Industry Co. .................. 219,268
30,000 Thai Glass Industries ............................. 142,613
---------
1,567,444
---------
Poland - 0.8%
6,500 Bank Rozwoju Eksportu ............................. 155,285
7,000 Krosno ** ........................................ 125,094
47,600 Mostostal Export **............................... 139,686
10,100 Optimus ** ........................................ 128,434
13,800 Rafko AS **........................................ 151,602
---------
700,101
---------
42
<PAGE>
THE GLENMEDE FUND, INC.
Emerging Markets Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
Market
Shares Value
------ -----
FOREIGN SECURITIES - (Continued)
Slavakia - 0.7%
2,000 Chirana Prema ** ................................. $70,552
740 Nafta AS ** ...................................... 327,149
1,500 Plastika Nitra ** ................................ 63,213
5,700 Slovnaft ** ...................................... 180,713
----------
641,627
----------
Canada - 0.6%
39,500 Magic Software Enterprises ** .................... 508,562
----------
Venezuela - 0.4%
176,000 Ceramicas Carabobo C.A. + ....................... 211,750
23,000 Venezolana De Prerreducidos Caroni **............. 137,770
----------
349,520
----------
Lebanon - 0.3%
22,000 Banque Audi Sal **................................ 286,000
----------
Bangladesh - 0.3%
46,000 Beximco Pharmaceutical ** ........................ 95,467
3,000 Chittagong Cement ** ............................. 124,347
6,000 Prime Textile Spinning Mills ** .................. 41,056
----------
260,870
----------
Croatia - 0.2%
6,600 Pliva D.D. GDR **................................. 211,992
----------
Zimbabwe - 0.1%
67,500 Bindura Nickel.................................... 99,821
----------
Egypt - 0.0%
4,500 Middle Egypt Flour Mills **....................... 23,831
----------
TOTAL FOREIGN INVESTMENTS
(Cost $77,000,098)................................ 80,379,117
----------
43
<PAGE>
THE GLENMEDE FUND, INC.
Emerging Markets Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Face Market
Amount Value
------ -----
<S> <C> <C>
TIME DEPOSITS - 16.2%
$14,550,000 Chase Manhattan Time Deposit due 5/1/96
(Cost $14,550,000)......................................... $14,550,000
-----------
TOTAL INVESTMENTS (Cost $91,550,098*)............................... 105.6% $94,929,117
LIABILITIES IN EXCESS OF OTHER ASSETS............................... -5.6% (5,067,281)
----- -----------
NET ASSETS.......................................................... 100.0% $89,861,836
===== ===========
NET ASSET VALUE ($89,861,836 divided by8,677,172 shares outstanding) $10.36
===========
</TABLE>
- ----------
* Aggregate cost for Federal tax purposes.
** Non-income producing security.
+ Illiquid security.
ABBREVIATION:
ADR -- American Depositary Receipt
44
<PAGE>
THE GLENMEDE FUND, INC.
Emerging Markets Portfolio
SECTOR DIVERSIFICATION
April 30, 1996
(Unaudited)
Percent of Market
INDUSTRIES: Net Asset Value
--------- -----
Banking............................... 7.9% $7,111,210
Mining................................ 7.8% 6,994,017
Building Materials & Components....... 6.2% 5,539,094
Metals ............................... 6.0% 5,349,222
Automobiles........................... 5.5% 4,969,721
Financial Services.................... 4.6% 4,125,165
Energy Sources........................ 4.5% 4,028,752
Health & Personal Care................ 4.4% 3,925,451
Utilities - Electrical & Gas.......... 4.3% 3,849,217
Textiles.............................. 3.8% 3,394,391
Food & Household Products............ 3.7% 3,368,824
Chemicals............................. 3.7% 3,287,322
Telecommunications.................... 3.1% 2,745,997
Forest Products & Paper............... 2.9% 2,587,497
Beverages & Tobacco................... 2.8% 2,489,057
Retail................................ 2.3% 2,075,138
Appliances & Household Durables....... 2.3% 2,027,107
Information Systems & Technology...... 2.2% 1,954,796
Electronics........................... 1.8% 1,603,637
Misc. Materials & Commodities........ 1.6% 1,437,447
Other................................. 1.6% 1,432,331
Machinery & Engineering............... 1.5% 1,380,201
Construction & Housing................ 1.3% 1,211,820
Brodcasting & Publishing.............. 1.1% 1,012,105
Leisure & Tourism..................... 1.0% 880,667
Real Estate........................... 0.6% 502,643
Plastics.............................. 0.5% 412,608
Transportation - Shipping............. 0.3% 295,641
Glass................................. 0.3% 276,410
Insurance............................. 0.1% 111,629
----- -----------
TOTAL FOREIGN SECURITIES............................ 89.7 $80,379,117
TIME DEPOSIT........................................ 16.2% 14,550,000
----- -----------
TOTAL INVESTMENTS................................... 105.9% $94,929,117
===== ===========
45
<PAGE>
THE GLENMEDE FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Government Tax-Exempt Intermediate
Cash Cash Government
Portfolio Portfolio Portfolio
--------- --------- ---------
<S> <C> <C> <C>
ASSETS:
Investments, at value
See accompanying schedule:
Securities $ 202,120,576 $ 204,828,246 $ 266,327,407
Repurchase agreements 274,333,768 -- 4,574,000
-------------- ------------- -------------
476,454,344 204,828,246 270,901,407
Cash -- 101,883 174
Receivable from investments sold or principal
paydowns -- 5,361,413 519,465
Dividends and/or interest receivable 725,355 1,857,612 3,649,943
Tax reclaims receivable -- -- --
-------------- ------------- -------------
Total Assets 477,179,699 212,149,154 275,070,989
-------------- ------------- -------------
LIABILITIES:
Payable for investment securities purchased -- 7,400,000 --
Dividends payable 2,043,343 619,361 --
Investment advisory fee payable -- -- --
Administration fee payable 15,909 7,742 11,559
Accrued expenses and other payables 82,730 34,806 51,324
-------------- ------------- -------------
Total Liabilities 2,141,982 8,061,909 62,883
-------------- ------------- -------------
NET ASSETS $ 475,037,717 $ 204,087,245 $ 275,008,106
============== ============= =============
NET ASSETS consist of:
Undistributed net investment income $ 71,402 $ (2,383) $ 1,485,021
Accumulated net realized gain/(loss) on
investments sold, and foreign currency
translations (28,727) (74,730) (11,060,390)
Net unrealized appreciation/(depreciation)
of investments, and foreign currency
translations -- -- (1,114,138)
Par value 474,995 20,164 27,056
Paid-in capital in excess of par value 474,520,047 204,144,194 285,670,557
-------------- ------------- -------------
Total Net Assets $ 475,037,717 $ 204,087,245 $ 275,008,106
============== ============= =============
NET ASSET VALUE, offering and redemption price
per share of common stock outstanding $ 1.00 $ 1.00 $ 10.16
============== ============= =============
Number of Portfolio shares outstanding 474,995,042 204,164,358 27,056,326
============== ============= =============
Investments, at cost $ 476,454,344 $ 204,828,246 $ 272,015,545
============== ============= =============
</TABLE>
See Notes to Financial Statements.
46
<PAGE>
THE GLENMEDE FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES - (Continued)
April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Small
Capitalization Model
Equity Equity Equity
Portfolio Portfolio Portfolio
--------- --------- ---------
<S> <C> <C> <C>
ASSETS:
Investments, at value
See accompanying schedule:
Securities $ 87,392,125 $ 279,298,238 $ 29,689,815
Repurchase agreements 556,000 20,764,000 713,000
-------------- ------------- -------------
87,948,125 300,062,238 30,402,815
Cash 229 441 202
Receivable from investments sold or
principal paydowns -- 99,500 414,783
Dividends and/or interest receivable 15,178 223,448 40,075
Tax reclaims receivable -- -- --
-------------- ------------- -------------
Total Assets 87,963,532 300,385,627 30,857,875
-------------- ------------- -------------
LIABILITIES:
Payable for investment securities purchased -- 8,535,137 505,213
Dividends payable -- -- --
Investment advisory fee payable -- -- --
Administration fee payable 3,049 10,154 1,055
Accrued expenses and other payables 15,424 51,130 18,639
-------------- ------------- -------------
Total Liabilities 18,473 8,596,421 524,907
-------------- ------------- -------------
NET ASSETS $ 87,945,059 $ 291,789,206 $ 30,332,968
============== ============= =============
NET ASSETS consist of:
Undistributed net investment income $ 74,306 $ 497,651 $ 22,802
Accumulated net realized gain/(loss) on
investments sold, and foreign currency
translations 4,657,919 8,940,162 325,519
Net unrealized appreciation/(depreciation) of
investments, and foreign currency
translations 16,810,994 34,451,708 1,791,346
Par value 5,349 17,653 2,693
Paid-in capital in excess of par value 66,396,491 247,882,032 28,190,608
-------------- ------------- -------------
Total Net Assets $ 87,945,059 $ 291,789,206 $ 30,332,968
============== ============= =============
NET ASSET VALUE, offering and redemption price
per share of common stock outstanding $ 16.44 $ 16.53 $ 11.26
============== ============= =============
Number of Portfolio shares outstanding 5,349,469 17,652,970 2,693,170
============== ============= =============
Investments, at cost $ 71,137,131 $ 265,610,530 $ 28,611,469
============== ============= =============
</TABLE>
See Notes to Financial Statements.
47
<PAGE>
THE GLENMEDE FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES - (Continued)
April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
International
Fixed Institutional
Income International International
Portfolio Portfolio Portfolio
--------- --------- ---------
<S> <C> <C> <C>
ASSETS:
Investments, at value
See accompanying schedule:
Securities $ 24,295,814 $ 530,547,851 $ 51,040,856
Repurchase agreements 886,000 80,205,000 195,000
-------------- ------------- -------------
25,181,814 610,752,851 51,235,856
Cash 777 358 24
Receivable from investments sold or
principal paydowns -- -- 217,203
Dividends and/or interest receivable 636,918 1,879,459 206,394
Tax reclaims receivable -- 706,358 44,023
-------------- ------------- -------------
Total Assets 25,819,509 613,339,026 51,703,500
-------------- ------------- -------------
LIABILITIES:
Payable for investment securities purchased -- 13,232,398 --
Dividends payable -- -- --
Investment advisory fee payable -- -- 31,266
Administration fee payable 901 18,072 1,680
Accrued expenses and other payables 21,303 121,680 7,969
-------------- ------------- -------------
Total Liabilities 22,204 13,372,150 40,915
-------------- ------------- -------------
NET ASSETS $ 25,797,305 $ 599,966,876 $ 51,662,585
============== ============= =============
NET ASSETS consist of:
Undistributed net investment income $ 162,223 $ (914,936) $ (46,778)
Accumulated net realized gain/(loss) on
investments sold, and foreign currency
translations 92,344 614,541 301,356
Net unrealized appreciation/(depreciation) of
investments, and foreign currency
translations 818,160 85,436,584 7,282,192
Par value 2,438 42,336 3,685
Paid-in capital in excess of par value 24,722,140 514,788,351 44,122,130
-------------- ------------- -------------
Total Net Assets $ 25,797,305 $ 599,966,876 $ 51,662,585
============== ============= =============
NET ASSET VALUE, offering and redemption price
per share of common stock outstanding $ 10.58 $ 14.17 $ 14.02
============== ============= =============
Number of Portfolio shares outstanding 2,438,480 42,336,500 3,684,926
============== ============= =============
Investments, at cost $ 24,347,875 $ 525,354,595 $ 43,952,080
============== ============= =============
</TABLE>
See Notes to Financial Statements.
48
<PAGE>
THE GLENMEDE FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES - (Concluded)
April 30, 1996
(Unaudited)
Emerging
Markets
Portfolio
---------
ASSETS:
Investments, at value
See accompanying schedule:
Securities $ 94,929,117
Repurchase agreements --
--------------
94,929,117
Cash 3,035,740
Receivable from investments sold or
principal paydowns 275,361
Dividends and/or interest receivable 61,063
Tax reclaims receivable --
--------------
Total Assets 98,301,281
--------------
LIABILITIES:
Payable for investment securities purchased 8,315,988
Dividends payable --
Investment advisory fee payable 30,086
Administration fee payable 45,127
Accrued expenses and other payables 48,244
--------------
Total Liabilities 8,439,445
--------------
NET ASSETS $ 89,861,836
==============
NET ASSETS consist of:
Undistributed net investment income $ 80,054
Accumulated net realized gain/(loss) on
investments sold, and foreign currency
translations (550,154)
Net unrealized appreciation/(depreciation) of
investments, and foreign currency
translations 3,410,107
Par value 8,677
Paid-in capital in excess of par value 86,913,152
--------------
Total Net Assets $ 89,861,836
==============
NET ASSET VALUE, offering and redemption price
per share of common stock outstanding $ 10.36
==============
Number of Portfolio shares outstanding 8,677,172
==============
Investments, at cost $ 91,550,098
==============
See Notes to Financial Statements.
49
<PAGE>
THE GLENMEDE FUND, INC.
STATEMENTS OF OPERATIONS
For the Six Months Ended April 30, 1996
(Unaudited)
<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) 11,596,589 4,119,765 9,337,709
---------- --------- ---------
Total investment income 11,596,589 4,119,765 9,337,709
---------- --------- ---------
Expenses:
Investment advisory fee -- -- --
Administration fee 84,748 49,048 59,857
Shareholder servicing fee 98,817 58,333 70,609
Custodian fee 16,497 8,626 12,120
Legal and audit fees 37,969 22,091 39,321
Directors' fees and expenses 6,839 3,817 4,714
State franchise taxes 15,852 8,466 11,082
Registration and filing fees 9,154 469 --
Other expenses 53,924 26,043 36,808
---------- --------- ---------
Total expenses 323,800 176,893 234,511
---------- --------- ---------
Net investment income 11,272,789 3,942,872 9,103,198
---------- --------- ---------
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on:
Securities transactions -- (9) 924,144
Foreign currency translation -- -- --
---------- --------- ---------
Net realized gain/(loss) on investments -- (9) 924,144
---------- --------- ---------
Net change in unrealized appreciation/
(depreciation) of:
Securities -- -- (5,917,705)
Foreign currency translation -- -- --
---------- --------- ---------
Net unrealized appreciation/(depreciation)
on investments -- -- (5,917,705)
---------- --------- ---------
Net realized and unrealized gain/(loss) on investments -- (9) (4,993,561)
---------- --------- ---------
Net increase/(decrease) in net assets resulting from
operations $11,272,789 $3,942,863 $4,109,637
=========== ========== ==========
</TABLE>
See Notes to Financial Statements.
50
<PAGE>
THE GLENMEDE FUND, INC.
STATEMENTS OF OPERATIONS - (Continued)
For the Six Months Ended April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Small
Capitalization Model
Equity Equity Equity
Portfolio Portfolio Portfolio
----------- ----------- ----------
<S> <C> <C> <C>
Investment income:
(1) Dividends (net of foreign withholding taxes) $ 967,252 $2,036,283 $246,431
Interest (net of foreign withholding taxes) 32,958 324,371 32,876
----------- ----------- ----------
Total investment income 1,000,210 2,360,654 279,307
----------- ----------- ----------
Expenses:
Investment advisory fee -- -- --
Administration fee 16,667 43,734 4,033
Shareholder servicing fee 21,616 51,976 4,745
Custodian fee 1,919 7,897 821
Legal and audit fees 6,704 21,306 1,800
Directors' fees and expenses 1,183 3,593 330
State franchise taxes 3,092 7,751 753
Registration and filing fees 1,254 10,219 --
Other expenses 13,277 50,348 80
----------- ----------- ----------
Total expenses 65,712 196,824 12,562
----------- ----------- ----------
Net investment income 934,498 2,163,830 266,745
----------- ----------- ----------
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on:
Securities transactions 4,657,920 8,940,162 325,517
Foreign currency translation -- -- --
----------- ----------- ----------
Net realized gain/(loss) on investments 4,657,920 8,940,162 325,517
----------- ----------- ----------
Net change in unrealized appreciation/
(depreciation) of:
Securities 5,463,543 12,738,903 1,460,698
Foreign currency translation -- -- --
----------- ----------- ----------
Net unrealized appreciation/
(depreciation) on investments 5,463,543 12,738,903 1,460,698
----------- ----------- ----------
Net realized and unrealized gain/(loss) on
investments 10,121,463 21,679,065 1,786,215
----------- ----------- ----------
Net increase/(decrease) in net assets
resulting from operations $11,055,961 $23,842,895 $2,052,960
=========== =========== ==========
</TABLE>
- ----------
(1) The Equity Portfolio, Small Capitalization Equity Portfolio and Model
Equity Portfolio had foreign dividend withholding taxes of $9,789, $3,713
and $9,789, respectively.
See Notes to Financial Statements.
51
<PAGE>
THE GLENMEDE FUND, INC.
STATEMENTS OF OPERATIONS - (Continued)
For the Six Months Ended April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
International
Fixed Institutional
Income International International
Portfolio Portfolio Portfolio
--------- ------------ -------------
<S> <C> <C> <C>
Investment income:
(1) Dividends (net of foreign withholding
taxes) $ -- $ 4,093,025 $ 479,210
(2) Interest (net of foreign withholding
taxes) 869,057 1,001,717 22,154
---------- ---------- ---------
Total investment income 869,057 5,094,742 501,364
---------- ---------- ---------
Expenses:
Investment advisory fee -- -- 186,137
Administration fee 5,483 93,102 10,122
Shareholder servicing fee 6,547 109,989 --
Custodian fee 5,923 76,441 8,546
Legal and audit fees 3,392 32,788 3,262
Directors' fees and expenses 449 9,340 840
State franchise taxes 977 15,144 1,745
Registration and filing fees 1,400 11,182 4,950
Other expenses 4,311 54,605 12,833
---------- ---------- ---------
Total expenses 28,482 402,591 228,435
---------- ---------- ---------
Net investment income 840,575 4,692,151 272,929
---------- ---------- ---------
Realized and unrealized gain/(loss)
on investments:
Net realized gain/(loss) on:
Securities transactions 71,921 651,681 322,965
Foreign currency translation 20,422 (37,140) (18,707)
---------- ---------- ---------
Net realized gain/(loss) on
investments 92,343 614,541 304,258
---------- ---------- ---------
Net change in unrealized appreciation/
(depreciation) of:
Securities (1,088,870) 52,293,921 5,848,775
Foreign currency translation (26,442) 6,565 (2,010)
---------- ---------- ---------
Net unrealized appreciation/
(depreciation) on investments (1,115,312) 52,300,486 5,846,765
---------- ---------- ---------
Net realized and unrealized gain/(loss) on
investments (1,022,969) 52,915,027 6,151,023
---------- ---------- ---------
Net increase/(decrease) in net assets
resulting from operations $ (182,394) $ 57,607,178 $ 6,423,952
============ ============ ============
</TABLE>
- ----------
(1) The International Portfolio and Institutional International Portfolio had
foreign dividend withholding taxes of $594,280 and $66,927, respectively.
(2) The International Fixed Income Portfolio had foreign interest withholding
taxes of $2,436.
See Notes to Financial Statements.
52
<PAGE>
THE GLENMEDE FUND, INC.
STATEMENTS OF OPERATIONS - (Concluded)
For the Six Months Ended April 30, 1996
(Unaudited)
Emerging
Markets
Portfolio
---------
Investment income:
(1) Dividends (net of foreign withholding tax $ 308,466
Interest (net of foreign withholding taxes) 137,020
----------
Total investment income 445,486
----------
Expenses:
Investment advisory fee 249,294
Administration fee 7,776
Shareholder servicing fee --
Custodian fee 83,081
Legal and audit fees 5,121
Directors' fees and expenses 2,058
State franchise taxes 1,640
Registration and filing fees 7,195
Other expenses (8,977)
----------
Total expenses 347,188
----------
Net investment income 98,298
----------
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on:
Securities transactions (323,486)
Foreign currency translation 121,657
----------
Net realized gain/(loss) on investments (201,829)
----------
Net change in unrealized appreciation/
(depreciation) of:
Securities 4,454,849
Foreign currency translation 31,226
----------
Net unrealized appreciation/(depreciation)
on investments 4,486,075
----------
Net realized and unrealized gain/(loss) on
investments 4,284,246
----------
Net increase/(decrease) in net assets resulting
from operations $4,382,544
==========
- ----------
(1) The Emerging Markets Portfolio had foreign dividend withholding taxes of
$26,042.
See Notes to Financial Statements.
53
<PAGE>
THE GLENMEDE FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Government Tax-Exempt Intermediate
Cash Cash Government
Portfolio Portfolio Portfolio
--------- --------- ---------
<S> <C> <C> <C>
INCREASE/DECREASE IN NET ASSETS:
Operations:
Net investment income $ 11,272,789 $ 3,942,872 $ 9,103,198
Net realized gain/(loss) on investments --- (9) 924,144
Net unrealized appreciation/(depreciation)
on investments and net assets --- --- (5,917,705)
------------ ------------ ------------
Net increase/(decrease) in net assets
resulting from operations 11,272,789 3,942,863 4,109,637
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (11,272,789) (3,945,255) (9,382,888)
Net realized gain on investments --- --- ---
NET INCREASE/(DECREASE) IN NET ASSETS FROM
CAPITAL SHARE TRANSACTIONS: 66,432,492 (21,718,366) (62,595,933)
------------ ------------ ------------
Net increase/(decrease) in net assets 66,432,492 (21,720,758) (67,874,290)
NET ASSETS:
Beginning of period 408,605,225 225,808,003 342,874,290
------------ ------------ ------------
End of period $475,037,717 $204,087,245 $275,008,106
============ ============ ============
- ---------------------------------------------------------------------------------------------
For the year ended October 31, 1995
Government Tax-Exempt Intermediate
Cash Cash Government
Portfolio Portfolio Portfolio
--------- --------- ---------
INCREASE/DECREASE IN NET ASSETS:
Operations:
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 (24,869,872) (7,886,077) (22,229,135)
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 period 353,404,863 222,985,488 333,796,536
------------ ------------ ------------
End of period $408,605,225 $225,808,003 $342,874,290
============ ============ ============
</TABLE>
See Notes to Financial Statements.
54
<PAGE>
THE GLENMEDE FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS - (Continued)
For the period ended April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Small
Capitalizatio Model
Equity Equity Equity
Portfolio Portfolio Portfolio
--------- --------- ---------
<S> <C> <C> <C>
INCREASE/DECREASE IN NET ASSETS:
Operations:
Net investment income $ 934,498 $ 2,163,830 $ 266,745
Net realized gain/(loss) on investments 4,657,920 8,940,162 325,517
Net unrealized appreciation/(depreciation)
on investments and net assets 5,463,543 12,738,903 1,460,698
------------ ------------ ------------
Net increase/(decrease) in net assets
resulting from operations 11,055,961 23,842,895 2,052,960
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (906,664) (1,677,150) (281,265)
Net realized gain on investments (194,357) -- (5,656)
NET INCREASE/(DECREASE) IN NET ASSETS FROM
CAPITAL SHARE TRANSACTIONS: (2,166,768) 98,654,955 12,586,390
------------ ------------ ------------
Net increase/(decrease) in net assets 7,788,172 120,820,700 14,352,429
NET ASSETS:
Beginning of period 80,156,887 170,968,506 15,980,539
------------ ------------ ------------
End of period $ 87,945,059 $291,789,206 $ 30,332,968
============ ============ ============
- --------------------------------------------------------------------------------------------
For the year ended October 31, 1995
Small
Capitalizatio Model
Equity Equity Equity
Portfolio Portfolio Portfolio
--------- --------- ---------
INCREASE/DECREASE IN NET ASSETS:
Operations:
Net investment income $ 1,606,276 $ 2,693,308 $ 524,902
Net realized gain/(loss) on investments 2,910,296 17,015,673 2,726,152
Net unrealized appreciation/(depreciation)
on investments and net assets 10,171,776 8,446,898 (426,228)
------------ ------------ ------------
Net increase/(decrease) in net assets
resulting from operations 14,688,348 28,155,879 2,824,826
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (1,678,803) (2,730,374) (516,246)
Net realized gain on investments (2,715,940) (17,034,956) (2,225,023)
NET INCREASE/(DECREASE) IN NET ASSETS FROM
CAPITAL SHARE TRANSACTIONS: 5,817,579 52,705,701 (4,757,431)
------------ ------------ ------------
Net increase/(decrease) in net assets 16,111,184 61,096,250 (4,673,874)
NET ASSETS:
Beginning of period 64,045,703 109,872,256 20,654,413
------------ ------------ ------------
End of period $ 80,156,887 $170,968,506 $ 15,980,539
============ ============ ============
</TABLE>
See Notes to Financial Statements.
55
<PAGE>
THE GLENMEDE FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS - (Continued)
For the period ended April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
International
Fixed Institutional
Income International International
Portfolio Portfolio Portfolio
--------- --------- ---------
<S> <C> <C> <C>
INCREASE/DECREASE IN NET ASSETS:
Operations:
Net investment income $ 840,575 $ 4,692,151 $ 272,929
Net realized gain/(loss) on investments 92,343 614,541 304,258
Net unrealized appreciation/(depreciation)
on investments and net assets (1,115,312) 52,300,486 5,846,765
------------ ------------ ------------
Net increase/(decrease) in net assets
resulting from operations (182,394) 57,607,178 6,423,952
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (990,267) (6,638,414) (221,322)
Net realized gain on investments (15,019) (59,344) (545)
NET INCREASE/(DECREASE) IN NET ASSETS FROM
CAPITAL SHARE TRANSACTIONS: 25,528 205,848,563 1,254,957
------------ ------------ ------------
Net increase/(decrease) in net assets (1,162,152) 256,757,983 7,457,042
NET ASSETS:
Beginning of period 26,959,457 343,208,893 44,205,543
------------ ------------ ------------
End of period $ 25,797,305 $599,966,876 $ 51,662,585
============ ============ ============
- --------------------------------------------------------------------------------------------
For the year ended October 31, 1995
International
Fixed Institutional
Income International International
Portfolio Portfolio Portfolio
--------- --------- ---------
INCREASE/DECREASE IN NET ASSETS:
Operations:
Net investment income $ 1,653,102 $ 8,036,971 $ 380,781
Net realized gain/(loss) on investments 102,337 14,395,636 361,563
Net unrealized appreciation/(depreciation)
on investments and net assets 1,630,200 (8,729,247) (1,210,567)
------------ ------------ ------------
Net increase/(decrease) in net assets
resulting from operations 3,385,639 13,703,360 (468,223)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (1,482,934) (7,792,634) (26,978)
Net realized gain on investments (24,321) (14,630,296) (841,909)
NET INCREASE/(DECREASE) IN NET ASSETS FROM
CAPITAL SHARE TRANSACTIONS: 8,496,635 59,415,662 28,466,613
------------ ------------ ------------
Net increase/(decrease) in net assets 10,375,019 50,696,092 27,129,503
NET ASSETS:
Beginning of period 16,584,438 292,512,801 17,076,040
------------ ------------ ------------
End of period $ 26,959,457 $343,208,893 $ 44,205,543
============ ============ ============
</TABLE>
See Notes to Financial Statements.
56
<PAGE>
THE GLENMEDE FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS - (Concluded)
For the period ended April 30, 1996
(Unaudited)
Emerging
Markets
Portfolio
---------
INCREASE/DECREASE IN NET ASSETS:
Operations:
Net investment income $ 98,298
Net realized gain/(loss) on investments (201,829)
Net unrealized appreciation/(depreciation)
on investments and net assets 4,486,075
------------
Net increase/(decrease) in net assets
resulting from operations 4,382,544
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (63,196)
Net realized gain on investments ---
NET INCREASE/(DECREASE) IN NET ASSETS FROM
CAPITAL SHARE TRANSACTIONS: 58,245,890
------------
Net increase/(decrease) in net assets 62,565,238
NET ASSETS:
Beginning of period 27,296,598
------------
End of period $ 89,861,836
============
- ------------------------------------------------------------------
For the year ended October 31, 1995
Emerging
Markets
Portfolio#
----------
INCREASE/DECREASE IN NET ASSETS:
Operations:
Net investment income $ 337,374
Net realized gain/(loss) on investments (411,130)
Net unrealized appreciation/(depreciation)
on investments and net assets (1,075,968)
------------
Net increase/(decrease) in net assets
resulting from operations (1,149,724)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (229,617)
Net realized gain on investments --
NET INCREASE/(DECREASE) IN NET ASSETS FROM
CAPITAL SHARE TRANSACTIONS: 28,675,939
------------
Net increase/(decrease) in net assets 27,296,598
NET ASSETS:
Beginning of period ---
------------
End of period $ 27,296,598
============
- ----------
#The Emerging Markets Portfolio commenced on December 14, 1994.
See Notes to Financial Statements.
57
<PAGE>
THE GLENMEDE FUND, INC.
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Government Cash Portfolio
---------------------------------------------------------------------------
Six Months Year Ended October 31,
Ended ----------------------------------------------------------
April 30, 1996 1995 1994 1993 1992 1991
-------------- ---- ---- ---- ---- ----
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------ ------------ ------------ ------------ ------------ ------------
Net investment income 0.027 0.059 0.038 0.031 0.041 0.064
Distributions from net investment income (0.027) (0.059) (0.038) (0.031) (0.041) (0.064)
------------ ------------ ------------ ------------ ------------ ------------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------ ------------ ------------ ------------ ------------ ------------
Total Return(+) 2.72% 5.87% 3.78% 3.18% 4.19% 6.59%
============ ============ ============ ============ ============ ============
Ratios to average net assets/Supplemental
data:
Net assets, end of period (in 000's) $ 475,038 $ 408,605 $ 353,405 $ 247,816 $ 203,882 $ 253,260
Ratio of operating expenses to average net
assets 0.15%* 0.15% 0.11% 0.11% 0.13% 0.13%
Ratio of net investment income to average net
assets 5.39%* 5.71% 3.82% 3.14% 4.18% 6.45%
</TABLE>
- ----------
+Total return represents aggregate total return for the period indicated.
*Annualized.
See Notes to Financial Statements.
58
<PAGE>
THE GLENMEDE FUND, INC.
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Tax-Exempt Cash Portfolio
---------------------------------------------------------------------------
Six Months Year Ended October 31,
Ended ----------------------------------------------------------
April 30, 1996 1995 1994 1993 1992 1991
-------------- ---- ---- ---- ---- ----
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------ ------------ ------------ ------------ ------------ ------------
Net investment income 0.018 0.038 0.025 0.023 0.033 0.047
Distributions from net investment income (0.018) (0.038) (0.025) (0.023) (0.033) (0.047)
------------ ------------ ------------ ------------ ------------ ------------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ ============ ============ ============ ============ ============
Total Return(+) 1.73% 3.76% 2.48% 2.34% 3.30% 4.83%
============ ============ ============ ============ ============ ============
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's) $ 204,087 $ 222,808 $ 222,985 $ 106,590 $ 125,826 $ 81,394
Ratio of operating expenses to average net
assets 0.15%* 0.15% 0.13% 0.13% 0.15% 0.16%
Ratio of net investment income to average
net assets 3.45%* 3.69% 2.52% 2.33% 3.21% 4.78%
</TABLE>
- ----------
+Total return represents aggregate total return for the period indicated.
*Annualized.
See Notes to Financial Statements.
59
<PAGE>
THE GLENMEDE FUND, INC.
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Intermediate Government Portfolio
---------------------------------------------------------------------------
Six Months Year Ended October 31,
Ended ----------------------------------------------------------
April 30, 1996 1995 1994 1993 1992 1991
-------------- ---- ---- ---- ---- ----
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 10.36 $ 9.89 $ 10.84 $ 10.76 $ 10.61 $ 10.11
--------- -------- -------- -------- -------- ---------
Income from investment operations:
Net investment income 0.40 0.69 0.64 0.66 0.74 0.87
Net realized and unrealized gain/(loss) on
invesments (0.27) 0.46 (0.96) 0.41 0.22 0.56
--------- -------- -------- -------- -------- ---------
Total from investment operations 0.13 1.15 (0.32) 1.07 0.96 1.43
--------- -------- -------- -------- -------- ---------
Less Distributions:
Distributions from net investment income (0.33) (0.68) (0.63) (0.67) (0.70) (0.93)
Distributions from net realized capital gains --- --- --- (0.32) (0.11) ---
--------- -------- -------- -------- -------- ---------
Total distributions (0.33) (0.68) (0.63) (0.99) (0.81) (0.93)
--------- -------- -------- -------- -------- ---------
Net asset value, end of period $ 10.16 $ 10.36 $ 9.89 $ 10.84 $ 10.76 $ 10.61
========= ======== ======== ======== ======== =========
Total Return(+) 1.25% 12.06% (3.03%) 10.38% 9.34% 14.75%
========= ======== ======== ======== ======== =========
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's) $ 275,008 $342,874 $333,797 $581,823 $445,816 $265,963
Ratio of operating expenses to average net
assets 0.16%* 0.11% 0.12%** 0.14%** 0.16% 0.16%
Ratio of net investment income to average net
assets 6.39%* 6.67% 6.06% 6.03% 7.03% 8.22%
Portfolio turnover rate 42% 228% 165% 83% 39% 91%
</TABLE>
- ----------
+Total return represents aggregate total return for the period indicated.
*Annualized.
**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.
60
<PAGE>
THE GLENMEDE FUND, INC.
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Equity Portfolio
---------------------------------------------------------------------------
Six Months Year Ended October 31,
Ended ----------------------------------------------------------
April 30, 1996 1995 1994 1993 1992 1991
-------------- ---- ---- ---- ---- ----
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 14.67 $ 12.56 $ 13.23 $ 11.84 $ 11.21 $ 8.57
------------ ------------ ------------ ------------ ------------ ------------
Income from investment operations:
Net investment income 0.17 0.32 0.31 0.32 0.31 0.29
Net realized and unrealized gain/(loss) on
investments 1.80 2.64 (0.17) 1.63 0.65 2.66
------------ ------------ ------------ ------------ ------------ ------------
Total from investment operations 1.97 2.96 0.14 1.95 0.96 2.95
------------ ------------ ------------ ------------ ------------ ------------
Less Distributions:
Distributions from net investment income (0.17) (0.33) (0.29) (0.32) (0.33) (0.31)
Distributions from net realized capital gains (0.03) (0.52) (0.52) (0.24) -- --
------------ ------------ ------------ ------------ ------------ ------------
Total distributions (0.20) (0.85) (0.81) (0.56) (0.33) (0.31)
------------ ------------ ------------ ------------ ------------ ------------
Net asset value, end of period $ 16.44 $ 14.67 $ 12.56 $ 13.23 $ 11.84 $ 11.21
============ ============ ============ ============ ============ ============
Total Return(+) 13.51% 23.78% 1.21% 16.60% 8.62% 34.81%
============ ============ ============ ============ ============ ============
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's) $ 87,945 $ 80,157 $ 64,046 $ 43,611 $ 18,049 $ 9,135
Ratio of operating expenses to average net
assets 0.15%* 0.14% 0.16% 0.20% 0.24% 0.22%
Ratio of net investment income to average net
assets 2.17%* 2.32% 2.40% 2.61% 2.91% 2.89%
Portfolio turnover rate 46% 70% 109% 61% 30% 86%
</TABLE>
+Total return represents aggregate total return for the period indicated.
*Annualized.
See Notes to Financial Statements.
61
<PAGE>
THE GLENMEDE FUND, INC.
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Small Capitalization Equity Portfolio
----------------------------------------------------------------------------
Period Ended
Six Months Year Ended October 31, October 31,
Ended ----------------------------------------------------------
April 30, 1996 1995 1994 1993 1992 1991
-------------- ---- ---- ---- ---- ----
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 14.98 $ 13.95 $ 13.97 $ 11.12 $ 11.02 $ 10.00
------------ ------------ ------------ ------------ ------------ ------------
Income from investment operations:
Net investment income 0.15 0.28 0.16 0.14 0.16 0.16
Net realized and unrealized gain/(loss) on
investments 1.52 2.69 0.23 3.60 0.09 1.02
------------ ------------ ------------ ------------ ------------ ------------
Total from investment operations 1.67 2.97 0.39 3.74 0.25 1.18
------------ ------------ ------------ ------------ ------------ ------------
Less Distributions:
Distributions from net investment income (0.12) (0.26) (0.15) (0.15) (0.15) (0.16)
Distributions from net realized capital gains -- (1.68) (0.26) (0.74) -- --
------------ ------------ ------------ ------------ ------------ ------------
Total distributions (0.12) (1.94) (0.41) (0.89) (0.15) (0.16)
------------ ------------ ------------ ------------ ------------ ------------
Net asset value, end of period $ 16.53 $ 14.98 $ 13.95 $ 13.97 $ 11.12 $ 11.02
============ ============ ============ ============ ============ ============
Total Return(+) 11.19% 21.15% 2.85% 33.86% 2.32% 11.84%
============ ============ ============ ============ ============ ============
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's) $ 291,789 $ 170,969 $ 109,872 $ 68,418 $ 39,728 $ 39,631
Ratio of operating expenses to average net
assets 0.15%* 0.14% 0.14% 0.14% 0.19% 0.20%*
Ratio of net investment income to average net
assets 1.60%* 1.92% 1.18% 1.08% 1.44% 2.24%*
Portfolio turnover rate 35% 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.
See Notes to Financial Statements.
62
<PAGE>
THE GLENMEDE FUND, INC.
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Model Equity Portfolio
----------------------------------------------------
Six Months Year Ended October 31, Period Ended
Ended ---------------------- October 31,
April 30, 1996 1995 1994 1993#
-------------- ---- ---- ----
(Unaudited)
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 10.34 $ 10.62 $ 10.92 $ 10.00
------------ ------------ ------------ ------------
Income from investment operations:
Net investment income 0.13 0.32 0.21 0.21
Net realized and unrealized gain/(loss) on
investments 0.94 1.38 (0.31) 2.06
------------ ------------ ------------ ------------
Total from investment operations 1.07 1.70 (0.10) 2.27
------------ ------------ ------------ ------------
Less Distributions:
Distributions from net investment income (0.14) (0.31) (0.20) (0.20)
Distributions from net realized capital gains (0.01) (1.67) -- (1.15)
------------ ------------ ------------ ------------
Total distributions (0.15) (1.98) (0.20) (1.35)
------------ ------------ ------------ ------------
Net asset value, end of period $ 11.26 $ 10.34 $ 10.62 $ 10.92
============ ============ ============ ============
Total Return(+) 10.40% 16.01% (0.91%) 23.05%
============ ============ ============ ============
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's) $ 30,333 $ 15,981 $ 20,654 $ 13,969
Ratio of operating expenses to average net
assets 0.09%* 0.20% 0.24% 0.24%*
Ratio of net investment income to average net
assets 1.90%* 2.80% 2.04% 2.47%*
Portfolio turnover rate 154% 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.
63
<PAGE>
THE GLENMEDE FUND, INC.
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
<TABLE>
<CAPTION>
International Fixed Income Portfolio
----------------------------------------------------
Six Months Year Ended October 31, Period Ended
Ended ---------------------- October 31,
April 30, 1996 1995 1994 1993#
-------------- ---- ---- ----
(Unaudited)
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 11.07 $ 10.25 $ 10.45 $ 10.00
------------ ------------ ------------ ------------
Income from investment operations:
Net investment income 0.36 0.66 0.65 0.40
Net realized and unrealized gain/(loss) on
investments (0.43) 0.78 0.34 0.59
------------ ------------ ------------ ------------
Total from investment operations (0.07) 1.44 0.99 0.99
------------ ------------ ------------ ------------
Less Distributions:
Distributions from net investment income (0.42) (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 (0.42) (0.62) (1.19) (0.54)
------------ ------------ ------------ ------------
Net asset value, end of period $ 10.58 $ 11.07 $ 10.25 $ 10.45
============ ============ ============ ============
Total Return(+) (0.77%) 14.41% 9.79% 10.13%
============ ============ ============ ============
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's) $ 25,797 $ 26,959 $ 16,584 $ 15,801
Ratio of operating expenses to average net
assets 0.22%* 0.23% 0.24% 0.24%*
Ratio of net investment income to average net
assets 6.47%* 6.50% 5.99% 6.04%*
Portfolio turnover rate 12% 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.
64
<PAGE>
THE GLENMEDE FUND, INC.
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
<TABLE>
<CAPTION>
International Portfolio
---------------------------------------------------------------------------
Six Months Year Ended October 31,
Ended ----------------------------------------------------------
April 30, 1996 1995 1994 1993 1992 1991
-------------- ---- ---- ---- ---- ----
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 12.70 $ 13.04 $ 12.69 $ 9.84 $ 10.89 $ 10.48
------------ ------------ ------------ ------------ ------------ ------------
Income from investment operations:
Net investment income 0.15 0.32 0.27 0.27 0.26 0.21
Net realized and unrealized gain/(loss) on
investments 1.53 0.23 1.50 2.98 (0.51) 1.00
------------ ------------ ------------ ------------ ------------ ------------
Total from investment operations 1.68 0.55 1.77 3.25 (0.25) 1.21
------------ ------------ ------------ ------------ ------------ ------------
Less Distributions:
Distributions from net investment income (0.21) (0.32) (0.25) (0.26) (0.26) (0.28)
Distributions from net realized capital gains -- (0.57) (1.16) (0.14) (0.54) (0.52)
Distributions in excess of net realized
capital gains -- -- (0.01) -- -- --
------------ ------------ ------------ ------------ ------------ ------------
Total distributions (0.21) (0.89) (1.42) (0.40) (0.80) (0.80)
------------ ------------ ------------ ------------ ------------ ------------
Net asset value, end of period $ 14.17 $ 12.7 $ 13.04 $ 12.69 $ 9.84 $ 10.89
============ ============ ============ ============ ============ ============
Total Return(+) 13.30% 4.23% 14.26% 33.47% (2.73%) 12.12%
============ ============ ============ ============ ============ ============
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's) $ 599,967 $ 343,209 $ 292,513 $ 221,515 $ 167,191 $ 176,397
Ratio of operating expenses to average net
assets 0.18%* 0.18% 0.16% 0.17% 0.23% 0.23%
Ratio of net investment income to average net
assets 2.13%* 2.61% 2.11% 2.31% 2.47% 2.99%
Portfolio turnover rate 6% 24% 39% 34% 40% 46%
</TABLE>
- ----------
+Total return represents aggregate total return for the period indicated.
*Annualized.
See Notes to Financial Statements.
65
<PAGE>
THE GLENMEDE FUND, INC.
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Institutional International Portfolio
---------------------------------------------------------------------
Six Months Year Ended October 31, Period Ended
Ended ------------------------------ October 31,
April 30, 1996 1995 1994 1993 1992#
-------------- ---- ---- ---- -----------
(Unaudited)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 12.34 $ 12.63 $ 12.00 $ 9.42 $ 10.00
------------ ------------ ------------ ------------ ------------
Income from investment operations:
Net investment income 0.07 0.19 0.16 0.15 0.03
Net realized and unrealized gain/(loss) on
investments 1.67 (0.13) 1.49 2.88 (0.60)
------------ ------------ ------------ ------------ ------------
Total from investment operations 1.74 0.06 1.65 3.03 (0.57)
------------ ------------ ------------ ------------ ------------
Less Distributions:
Distributions from net investment income (0.06) (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
capital gains -- -- (0.02) -- --
------------ ------------ ------------ ------------ ------------
Total distributions (0.06) (0.35) (1.02) (0.45) (0.01)
------------ ------------ ------------ ------------ ------------
Net asset value, end of period $ 14.02 $ 12.34 $ 12.63 $ 12.00 $ 9.42
============ ============ ============ ============ ============
Total Return(+) 14.13% 0.38% 13.85% 32.34% (5.60%)
============ ============ ============ ============ ============
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's) $ 51,663 $ 44,206 $ 17,076 $ 12,979 $ 9,416
Ratio of operating expenses to average net
assets** 0.95%* 0.93% 1.00% 1.00% 1.00%*
Ratio of net investment income to average net
assets++ 1.14%* 1.78% 1.29% 1.41% 1.28%*
Portfolio turnover rate 11% 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 rations 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.
++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.
66
<PAGE>
THE GLENMEDE FUND, INC.
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
Emerging Markets Portfolio
Six Months Period Ended
Ended October 31,
April 30, 1996 1995#
--------------- ------------
(Unaudited)
Net asset value, beginning of period $ 9.73 $ 10.00
-------- ----------
Income from investment operations:
Net investment income 0.01 0.16
Net realized and unrealized gain/(loss) on
investments 0.64 (0.31)
-------- ----------
Total from investment operations 0.65 (0.15)
-------- ----------
Less Distributions:
Distributions from net investment income (0.02) (0.12)
Distributions in excess of net investment income -- --
-------- ----------
Total distributions (0.02) (0.12)
-------- ----------
Net asset value, end of period $ 10.36 $ 9.73
======== ==========
Total Return(+) 6.83% (1.96%)
======== ==========
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's) $ 89,861 $ 27,297
Ratio of operating expenses to average net
assets 1.64%* 1.81%*
Ratio of net investment income to average net
assets 0.47%* 1.87%*
Portfolio turnover rate 35% 50%
#The Portfolio commenced operations on December 14, 1994.
+Total return represents aggregate total return for the period indicated.
*Annualized.
See Notes to Financial Statements.
67
<PAGE>
THE GLENMEDE FUND, INC.
Notes to Financial Statements
(Unaudited)
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 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.
68
<PAGE>
THE GLENMEDE FUND, INC.
Notes to Financial Statements - (continued)
(Unaudited)
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 Incme and Emerging Markets Portfolios may
enter into forward foreign exchange contracts. Forward foreign exchange
contracts are valued at the forward rate and 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
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.
69
<PAGE>
THE GLENMEDE FUND, INC.
Notes to Finacial Statements - (Continued)
(Unaudited)
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 Government Cash Portfolio,
Intermediate Government Portfolio and Emerging Markets Portfolios may enter into
reverse repurchase agreements. A reverse repurchase agreement involves a sale by
the Portfolio of 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 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 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 aspect to
reverse repurchase agreements. Under normal circumstances the Government Cash
Portfolio, Intermediate Government Portfolio and Emerging Markets Portfolio will
not enter into reverse repurchase agreements if entering into such agreements
would cause, at the time of entering into such agreements, more than 10% of the
value of its total assets to be subject to such agreements.
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-delievery basis
may be settled a month or more after the trade date. Interest income is not
accrued until settlement date. The Portfolio instructs the custodian to
segregate assets in a separate account with a current value at least equal to
the amount of its when-issued purchased commitments.
Dividends and distributions to shareholders: Dividends from net
investment income, if any, of the Government Cash and Tax-Exempt Cash Portfolios
are declared each day the Portfolio is open for business and paid monthly.
Dividends from net investment income, if any, of the International, Equity,
Small Capitalization Equity, Institutional International, International Fixed
Income, Model Equity and Emerging Markets Portfolios
70
<PAGE>
THE GLENMEDE FUND, INC.
Notes to Financial Statements - (Continued)
(Unaudited)
are declared and paid quarterly. Dividends from net investments 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 of
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 annual rate of 0.75% of the value of its average daily
net assets. In addition, the Portfolio also pays the Advisor for its investment
advisory services a monthly fee 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 remaining
Portfolios for its investment advisory services. However, as of January 1, 1995,
each Portfolio (except the Institutional International and Emerging Markets
Portfolios) pays the Advisor a shareholder servicing fee at the annual rate of
0.05% of the value of its average daily net assets.
For the Institutional International Portfolio, the Advisor has agreed to
waive its fees and/or reimburse expenses to the extent necessary to ensure that
the Portfolio's total operating expenses do not exceed 1.00% of the Portfolio's
average daily net assets. There were no waivers necessary for the period ended
April 30, 1996.
71
<PAGE>
THE GLENMEDE FUND, INC.
Notes to Financial Statements - (Continued)
(Unaudited)
Investment Company Capital Corp. ("ICC"), a wholly-owned subsidiary of
Alex. Brown & Son's 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% if 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 in excess of $750 million. This fee is allocated to each
Portfolio based on the relative net assets of each.
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 Boad meetings.
3. Purchases and Sales of Securities
For the period ended April 30, 1996, 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 $19,829,624 $20,943,399
Small Capitalization Equity Portfolio 24,997,912 34,908,369
Model Equity 26,691,435 14,482,070
International Fixed Income Portfolio 1,502,817 2,277,663
International Portfolio 161,112,552 11,678,710
Institutional International Portfolio 5,383,925 2,485,065
Emerging Markets Portfolio 57,429,734 7,302,657
For the period ended April 30, 1996, cost of purchases and proceeds from sales
of Long-term U.S. Government securities were:
Portfolio Purchases Sales
- --------- --------- ------------
Intermediate Government Portfolio $58,602,127 $120,995,797
At April 30 1996 aggregate gross unrealized appreciation for all
securities in which there was an excess of value over tax cost and aggregate
gross unrealized depreciation for all securities in which there was an excess of
tax cost over value were as follows:
72
<PAGE>
THE GLENMEDE FUND, INC.
Notes to Financial Statements - (Continued)
(Unaudited)
Portfolio Appreciation Depreciation
- --------- ------------ ------------
Intermediate Government Portfolio $2,180,424 $20,943,399
Equity Portfolio 18,187,368 34,908,369
Small Capitalization Equity Portfolio 38,998,811 4,547,103
Model Equity 2,493,302 701,956
International Fixed Income Portfolio 1,173,215 339,276
International Portfolio 92,378,865 6,980,609
Institutional International Portfolio 7,760,728 476,952
Emerging Markets Portfolio 7,006,609 3,627,590
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 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:
Period Ended 4/30/1996 Year Ended 10/31/95
---------------------- -------------------
Government Cash Portfolio:
Sold $1,868,168,741 $2,409,469,078
Issued as reinvestment
of dividends 4,522 12,176
Redeemed (1,801,740,771) 2,354,254,073)
--------------- ---------------
Net increase $66,432,492 $55,227,181
Tax-Exempt Cash Portfolio:
Sold $464,872,400 $913,203,200
Issued as reinvestment
of dividends 2,334 4,730
Redeemed (486,593,100) (910,357,600)
--------------- ---------------
Net increase $(21,718,366) $2,850,330
73
<PAGE>
<TABLE>
<CAPTION>
Period Ended Year Ended
4/30/96 10/31/95
------- --------
Shares Amount Shares Amount
------ ------ ------ ------
<S> <C> <C> <C> <C>
Intermediate Government Portfolio:
Sold 867,403 $ 9,042,531 3,967,663 $ 40,175,736
Issued as reinvestment of dividends 2,935 30,401 6,085 61,117
Redeemed (6,913,057) (71,665,865) (4,628,535) (46,364,860)
---------- --------------- --------- -------------
Net increase (6,042,719) $ (62,592,933) (654,787) $ (6,128,007)
========== =============== ========= =============
Equity Portfolio:
Sold 653,849 $ 10,070,213 1,306,422 $ 17,828,359
Issued as reinvestment of dividends 5,125 79,822 190,381 2,826,834
Redeemed (774,201) (12,316,803) (1,132,291) (14,837 614)
---------- --------------- --------- -------------
Net increase (115,227) $ (2,166,768) 364,512 $ 5,817,579
========== =============== ========= =============
Small Capitalization Equity Portfolio:
Sold 6,443,980 $ 101,896,157 2,921,359 $ 42,992,478
Issued as reinvestment of dividends 1,835 28,914 1,126,812 17,318,874
Redeemed (209,390) (3,270,116) (507,371) (7,605,651)
---------- --------------- --------- -------------
Net increase 6,236,425 $ 98,654,955 3,540,800 $ 52,705,701
========== =============== ========= =============
Model Equity Portfolio:
Sold 1,164,584 $ 12,770,371 43,417 $ 471,878
Issued as reinvestment of dividends 3,029 33,195 213,134 2,225,134
Redeemed (19,917) (217,176) (655,217) (7,454,443)
---------- --------------- --------- -------------
Net increase 1,147,696 $ 12,586,390 (398,666) $ (4,757,431)
========== =============== ========= =============
International Fixed Income Portfolio:
Sold 91,662 $ 994,426 1,006,117 $ 10,548,302
Issued as reinvestment of dividends 1,048 11,189 50 558
Redeemed (88,536) (980,087) (190,265) (2,052 225)
---------- --------------- --------- -------------
Net increase 4,174 $ 25,528 815,902 $ 8,496,635
========== =============== ========= =============
International Portfolio:
Sold 15,577,360 $ 209,515,984 4,780,814 $ 61,184,082
Issued as reinvestment of dividends 56,666 756,673 1,174,783 15,107,479
Redeemed (331,653) (4,424,094) (1,348,160) (16,875,899)
---------- --------------- --------- -------------
Net increase 15,302,373 $ 205,848,563 4,607,437 $ 59,415,662
========== =============== ========= =============
Institutional International Portfolio:
Sold 162,522 $ 2,060,227 2,407,743 $ 30,659,078
Issued as reinvestment of dividends 4,786 63,327 52,024 650,145
Redeemed (65,341) (868,597) (228,643) (2,842,667)
---------- --------------- --------- -------------
Net increase 101,967 $ 1,254,957 2,231,124 $ 28,466,556
========== =============== ========= =============
Period Ended Period Ended
4/30/96 10/31/95*
------- ---------
Shares Amount Shares Amount
------ ------ ------ ------
Emerging Markets Portfolio:
Sold 5,973,641 $ 59,150,637 2,841,258 $ 29,049,025
Issued as reinvestment of dividends 18 162 321 3,444
Redeemed (101,354) (904,909) (36,712) (376,530)
--------- --------------- --------- -------------
Net increase 5,872,305 $ 58,245,890 2,804,867 $ 28,675,939
========= =============== ========= =============
</TABLE>
- ----------
*The Emerging Markets Portfolio commenced operations on December 14, 1994.
74
<PAGE>
THE GLENMEDE FUND, INC.
Notes to Financial Statements - (Continued)
(Unaudited)
5. Lending of Portfolio Securities
The Government Cash, Tax-Exempt Cash, Intermediate Government, Equity,
Small Capitilization Equity, International Fixed Income, Interternational,
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 April 30, 1996.
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>
Portfolio in 2000 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 --
Emerging Markets -- -- -- 348,325
</TABLE>
7. Foreign Securities
The International, Equity, Small Capitilization 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 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.
75
<PAGE>
THE GLENMEDE FUND, INC.
Notes to Financial Statement - (Contiued)
(Unaudited)
8. Matters Submitted to Shareholders
By unanimous consent dated February 13, 1996, the shareholders of record
of the International Portfolio voted to: change that Portfolio's investment
objective to provide that the objective of the International Portfolio is to
provide maximum long-term total return consistent with reasonable risk to
principal; and make the Portfolio's investment objective non-fundamental so that
it may be changed by the Board of Directors of the Fund without the affirmative
vote of a majority of the outstanding shareholders of the International
portfolio. These voted upon changes in the Portfolio's investment objective
became effective on February 27, 1996.
By consent dated February 13, 1996, the sole shareholder of record of
the Small Capitalization Equity portfolio voted to: change that Portfolio's
investment objective to provide that the objective of the small Capitalizaion
Equity Portfolio is to provide maximum long-term total return consistent with
reasonable risk to principal; and make the Portfolio's investment objective
non-fundamental so that it may be changed by the Board of Directors of the Fund
without the affirmative vote of a majority of the outstanding shareholders of
the Small Equity Capitalization Equity International Portfolio. These voted upon
changes in the Portfolio's investment objective became effective on February 27,
1996.
By consent dated February 13, 1996, the sole shareholder of record of
the Emerging Markets Portfolio voted to: change that Portfolio's investment
objective to provide that the objective of the Emerging Markets Portfolio is to
provide maximum long-term growth of capital; and make the Portfolio's investment
objective non-fundamental so that it may be changed by the Board of Directors of
the Fund without the affirmative vote of a majority of the outstanding
shareholders of the Emerging Markets Portfolio. These voted upon changes in the
Portfolio's investment objective became effective on February 27, 1996.
By consent dated February 13, 1996, the sole shareholder of record of
the Tax-Exempt Cash Portfolio voted to: change that Portfolio's investment
objective to provide that the objective of the Tax-Exempt Cash Portfolio is to
provide maximum current interest income exempt from Federal income taxes
consistent with the preservation of capital and liquidity; and make the
portfolio's investment objective non-fundamental so that it may be changed by
the Board of Directors of the Fund without the affirmative vote of a majority of
the outstanding shareholders of the Tax-Exempt Cash Portfolio. These voted upon
changes in the Portfolio's investment objective became effective on February 27,
1996.
By consent dated February 13, 1996, the sole shareholder of record of
the Government Cash Portfolio voted to: change that Portfolio's investment
objective to provide that the objective of the Government Cash Portfolio is to
provide maximum current interest
76
<PAGE>
THE GLENMEDE FUND, INC.
Notes to Financial Statement - (Continued)
(Unaudited)
income consistent with the preservation of capital and liquidity; and make the
Portfolio's investment objective non-fundamental so that it may be changed by
the Board of Directors of the Fund without the affirmative vote of a majority of
the outstanding shareholders of the Government Cash Portfolio. These voted upon
changes in the Portfolio's investment objective became effective on February 27,
1996.
By consent dated February 13, 1996, the sole shareholder of record of
the Intermediate Government Portfolio voted to: change that the Portfolio's
investment objective to provide that the objective of the Intermediate
Government Portfolio is to provide maximum long-term total return consistent
with reasonable risk to principal; and make the Portfolio's investment objective
non-fundamental so that it may be changed by the Board of Directors of the Fund
without the affirmative vote of a majority of the outstanding shareholders of
the Intermediate Government Portfolio. These voted upon changes in the
Portfolio's investment objective became effective on February 27, 1996.
By consent dated February 13, 1996, the sole shareholder of record of
the International Fixed Income Portfolio voted to: change that the Portfolio's
investment objective to provide that the objective of the International Fixed
Income Portfolio is to provide maximum long-term total return consistent with
reasonable risk to principal; and make the Portfolio's investment objective
non-fundamental so that it may be changed by the Board of Directors of the Fund
without the affirmative vote of majority of the outstanding shareholders of the
International Fixed Income Portfolio. These voted upon changes in the
Portfolio's Investment objective became effective on Feburuary 27, 1996.
By consent dated February 13, 1996, the sole shareholder of record of
the Equity Porfolio voted to: change that Portfolio's investment objective to
provide that the objective of the Equity Portfolio is to provide maximum
long-term total return consistent with reasonable risk to principal; and make
the Portfolio's investment objective non-fundamental so that it may be changed
by the Board of Directors of the Fund without the affirmative vote of a majority
of the outstanding shareholders of the Equity Portfolio. These voted upon
changes in the Portfolio's investment objective became effective on February 27,
1996.
By consent dated February 13, 1996, the sole shareholder of record of
the Model Equity Portfolio voted to: change that Portfolio's investment
objective to provide that the objective of the Model Equity Portfolio is to
provide maximum long-term total return consistent with reasonable risk to
principal; and make the Portfolio's investment objective non-fundamental so that
it may be changed by the Board of Directors of the Fund without the affirmative
vote of a majority of the outstanding shareholders of the Model Equity
Portfolio. These voted upon changes in the Portfolio's investment objective
became effective on February 27, 1996.
77
<PAGE>
THE GLENMEDE FUND, INC.
Notes to Financial Statement - (Continued)
(Unaudited)
By unanimous consent dated February 13, 1996, the shareholders of record
of the Intstitutional International Portfolio voted to: change that Portfolio's
investment objective to provide that the objective of the Institutional
International Portfolio is to provide maximum long-term total return consistent
with reasonable risk to principal; and make the Portfolio's investment objective
non-fundamental so that it may be changed by the Board of Directors of the Fund
without the affirmative vote of a majority of the outstanding shareholders of
the Institutional International Portfolio. These voted upon changes in the
Portfolio's investment objective became effective on February 27, 1996.
By the same consent the shareholders voted to change the investment
objective of their respective portfolio and make such investment objective
non-fundamental, such shareholders unanimously elected H. Franklin Allen, Ph.D.
a Director of the Fund to serve until the election and qualification of a
successor. After such election, the names of each other Director of the Fund
whose term of office continued after the election of Dr. Allen are: Mr. Willard
S. Boothby, Jr., Mr. John W. Church, Jr., Mr. Francis J. Palamara and Mr. G.
Thompson Pew, Jr.
78
<PAGE>
THE GLENMEDE PORTFOLIOS
Municipal Intermediate Portfolio
STATEMENT OF NET ASSETS
April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Face Market
Amount Value
------ -----
<S> <C>
MUNICIPAL BONDS & NOTES - 97.8%
$500,000 Beaver Falls, PA Municipal Authority
5.70 % due 12/01/08.................................. $508,825
385,000 Berks County, PA Municipal Authority Revenue
6.70% due 09/01/07 ................................... 399,372
100,000 Bethel Park, PA, School District, (FGIC Insured),
5.40% due 08/01/00 ................................... 102,536
500,000 Boyertown, PA, Area School District A, (AMBAC Insured),
6.45% due 02/01/06 ................................... 510,370
100,000 Bucks County, PA, Community College Authority Revenue,
6.05% due 06/15/06 ................................... 104,137
70,000 Butler County, PA ARPT Authority Revenue
7.25% due 11/01/99 ................................... 73,900
220,000 Center Area School District, PA, Series A, (FGIC Insured),
5.00% due 09/01/03 ................................... 221,731
100,000 Chambersburg, PA, School District,
6.625% due 04/01/09................................... 105,720
200,000 College Township, PA, Industrial Development Authority,
6.60% due 06/01/04 ................................... 200,202
210,000 Coraopolis Verona Housing Development, Multifamily Mortgage
Revenue Bonds,
5.35% due 07/01/03. .................................. 211,724
10,000 Cornwall-Lebanon, PA, School District, (FGIC Insured),
5.30% due 02/15/01 ................................... 10,187
200,000 Dauphin County, PA General Authority Revenue
5.40% due 08/01/06.................................... 202,302
500,000 Dauphin County, PA General Authority Revenue
6.00% 06/01/26 ....................................... 515,655
250,000 Delaware County, PA
7.25% due 12/01/00.......... ......................... 252,850
805,000 Delaware County, PA, University Authority Revenue,
5.10% due 08/01/05 ................................... 806,699
100,000 Eastern Montgomery County, PA, Refunding,
5.90% due 06/15/02 ................................... 101,149
150,000 Eastern Montgomery County, PA, Area Vocational Technical School,
5.75% due 06/15/01 ................................... 151,664
50,000 Erie County, PA, Hospital Authority, Vincent Hospital, Series B,
5.00% due 07/01/98 ................................... 50,674
100,000 Gettysburg, PA, Municipal Authority,
5.95% due 02/15/00 ................................... 103,830
100,000 Gettysburg, PA, Municipal Authority,
6.20% due 07/01/12.................................... 102,196
570,000 Greene County, PA, Industrial Development Authority, PCR
6.10% due 02/01/07 ................................... 570,792
275,000 Hazleton, PA, School District
5.875% due 03/01/10 .................................. 281,056
</TABLE>
79
<PAGE>
THE GLENMEDE PORTFOLIOS
Municipal Intermediate Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Face Market
Amount Value
------ -----
<S> <C>
MUNICIPAL BONDS & NOTES - (Continued)
$100,000 Hempfield, PA, School District, Lancaster School, (FGIC Insured),
6.10% due 08/15/02 ................................... $107,091
100,000 Lancaster County, PA
6.10% 07/01/01 ....................................... 100,321
300,000 Lancaster County, PA
4.65% 12/01/02 ....................................... 296,142
170,000 Lancaster, PA, Higher Education Authority Project, (MBIA Insured),
6.55% due 04/15/07.................................... 182,614
200,000 Lycoming County, PA Authority Hospital Revenue,
4.70% due 11/15/01................................... 196,554
375,000 Lycoming County, PA, College Revenue Authority, (AMBAC Insured),
5.20% due 11/01/04 ................................... 380,269
100,000 Montgomery County, PA Higher Education & Health Authority
5.80% 06/01/04 ....................................... 104,653
60,000 Montgomery County, PA Industrial Development Authority Revenue
7.50% 01/01/12 ....................................... 63,457
175,000 Montgomery County, PA
5.00% due 10/15/05 ................................... 174,865
200,000 North East, PA
6.00% due 09/15/10 ................................... 205,518
200,000 North Penn, PA, School District, General Obligation Bonds,
6.20% due 09/01/07 ................................... 210,662
470,000 North Pocono, PA, School District, (FGIC Insured),
5.25% due 07/15/06 ................................... 471,020
100,000 Palisades School District, PA, 1st Series:
5.85% due 09/01/03 ................................... 101,187
75,000 Palisades School District, PA, 1st Series:
5.70% due 09/01/02 ................................... 75,596
275,000 Penn Trafford, PA, School District, (MBIA Insured),
6.50% due 04/01/06 ................................... 287,812
200,000 Pennsylvania State Higher Education, University of the Arts,
5.05% due 09/15/05.................................... 194,776
100,000 Pennsylvania State Higher Education, University of the Arts,
5.15% due 09/15/06.................................... 96,962
350,000 Pennsylvania Housing Finance Agency,
5.25% due 07/01/04 ................................... 346,654
500,000 Pennsylvania Housing Finance Agency,
5.45% due 07/01/06 ................................... 496,075
330,000 Pennsylvania Housing Finance Agency,
5.50% due 04/01/05.................................... 327,235
500,000 Pennsylvania Infrastructure, Revenue Bond,
5.90% due 09/01/10.................................... 504,450
150,000 Pennsylvania Intergovernmental Coop Authority, Special Tax Rev.,
(City of Philadelpia Funding Project), (FGIC Insured):
5.15% due 06/15/05 ................................... 150,168
</TABLE>
80
<PAGE>
THE GLENMEDE PORTFOLIOS
Municipal Intermediate Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Face Market
Amount Value
------ -----
<S> <C>
MUNICIPAL BONDS & NOTES - (Continued)
$300,000 Pennsylvania Intergovernmental Coop Authority, Special Tax Rev.,
(City of Philadelpia Funding Project), (FGIC Insured):
6.00% due 06/15/02 ................................... $318,237
1,000,000 Pennsylvania State Finance Authority Revenue, Capital
Improvements Program,
6.60% due 11/01/09 ................................... 1,041,510
220,000 Pennsylvania State, General Obligation Bonds:
5.70% due 08/01/97 ................................... 221,591
150,000 Pennsylvania State, General Obligation Bonds:
6.25% due 09/01/02 ................................... 153,290
500,000 Pennsylvania State, Certificates of Participation,
5.00% due 07/01/03 ................................... 500,560
250,000 Pennsylvania Higher Educational Facilities Authority
5.60% due 09/01/10.................................... 250,230
250,000 Pennsylvania State Higher Education
6.30% 01/01/01 ....................................... 254,348
330,000 Pennsylvania State Higher Education
6.80% 12/01/00 ....................................... 355,176
100,000 Pennsylvania State Higher Educational Facilities Authority
6.60% 01/01/97 ....................................... 100,715
65,000 Perkiomen VY School Authority, PA School Revenue
6.40% 12/01/02 ....................................... 65,080
250,000 Philadelphia, PA, Hospitals & Higher Education
5.25% due 07/01/10.................................... 236,818
100,000 Reading, PA, Refunding, (AMBAC Insured):
6.10% due 11/15/04 ................................... 101,640
110,000 Reading, PA, Refunding, (AMBAC Insured):
6.00% due 11/15/03 ................................... 111,789
250,000 Sayre, PA, Health Housing Authority, (VHA East Financing
Project),
6.10% due 07/01/02 ................................... 265,923
125,000 Seneca Valley School District,
5.80% due 07/01/10................................... 126,798
200,000 Souderton, PA Area School District
5.90% due 9/01/2004 ................................. 201,486
285,000 Southeastern Pennsylvania Transportation Authority
6.00% 06/01/01 ....................................... 301,048
110,000 Southeastern Pennsylvania Transportation Authority
6.00% 06/01/00 ....................................... 115,547
100,000 State Public School Building Authority
5.45% 06/15/98 ....................................... 101,332
100,000 Swarthmore Borough, PA College Revenue Authority,
6.10% due 09/15/07................................... 105,278
325,000 Wayne County, PA, Hospital and Health Facility Authority,
(Wayne Memorial Hospital Association), (MBIA Insured),
5.05% due 07/01/03 ................................... 326,141
135,000 West Chester, PA, Area Municipal Authority, (FGIC Insured),
5.25% due 02/01/07 ................................... 134,441
</TABLE>
81
<PAGE>
THE GLENMEDE PORTFOLIOS
Municipal Intermediate Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Face Market
Amount Value
------ -----
<S> <C>
MUNICIPAL BONDS & NOTES - (Continued)
$240,000 Westmoreland County, PA, Municipal Services, (MBIA Insured),
5.80% due 07/01/01 ...................................... $251,974
100,000 Wilkinsburg, PA, Joint Water Revenue, (AMBAC Insured),
6.10% due 08/15/04 ...................................... 107,091
50,000 William Penn, PA, School District,
8.00% due 08/01/00....................................... 52,884
500,000 Williamsport, PA, Municipal Water Authority,
6.95% due 01/01/04 ...................................... 510,904
100,000 Wilson, PA, Area School District, (AMBAC Insured):
6.20% due 05/15/07 ...................................... 102,536
100,000 Wilson, PA, Area School District, (AMBAC Insured):
6.00% due 05/15/03 ...................................... 101,120
170,000 York County, PA, Industrial Development Authority,
6.25% due 07/01/02 ...................................... 179,652
175,000 York County, PA Solid Waste Refuse
6.65% 12/01/96 .......................................... 177,252
-------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
TOTAL INVESTMENTS - (Cost $17,472,476*)............................. 97.8% $17,534,043
OTHER ASSETS IN EXCESS OF LIABILITIES............................... 2.2% 396,051
----- -----------
NET ASSETS.......................................................... 100.0% $17,930,094
===== ===========
NET ASSET VALUE ($17,534,043 divided by 1,759,539 shares outstanding) $ 10.19
===========
</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
82
<PAGE>
THE GLENMEDE PORTFOLIOS
New Jersey Municipal Portfolio
STATEMENT OF NET ASSETS
April 30,1996
(Unaudited)
<TABLE>
<CAPTION>
Face Market
Amount Value
------ -----
<S> <C>
MUNICIPAL BONDS & NOTES - 98.4%
$100,000 Beach Haven, NJ
5.70% 08/15/03 ....................................... $105,726
100,000 Burlington Township, NJ
4.70% 02/15/02 ....................................... 100,446
100,000 Burlington County, NJ
5.20% 09/15/02 ....................................... 102,721
150,000 Cape May County, NJ
5.35% 08/01/04 ....................................... 155,142
200,000 Cape May County, NJ Municipal Utilities
5.60% 01/01/05 ....................................... 208,344
150,000 Delaware River & Bay Authority
4.50% 01/01/04 ....................................... 144,153
125,000 East Winsor, NJ Municipal Utilities Authority Revenue
4.30% 12/01/00 ....................................... 124,021
125,000 Egg Harbor Township, NJ School District
4.75% 03/01/03 ....................................... 124,272
150,000 Gloucester County, NJ
4.50% 01/01/98 ....................................... 150,855
200,000 Hasbrouck Heights, NJ
5.25% 09/01/04 ....................................... 204,044
200,000 Hunterdon, NJ Central Regional High School District
5.25% 05/01/06 ....................................... 200,772
125,000 Manchester Township, NJ Educational Board Certificates
4.70% 12/15/02 ....................................... 124,627
150,000 Mercer County, NJ Improvement Revenue
5.40% 12/01/05 ....................................... 153,824
100,000 Middle Township, NJ School District
4.45% 10/01/01 ....................................... 99,521
150,000 Middletown Township, NJ Authority
4.65% 01/01/02 ....................................... 149,592
125,000 Monmouth County, NJ Improvement Authority
4.80% 08/01/05 ....................................... 122,161
125,000 Monmouth County, NJ Improvement Authority
4.75% 07/15/03 ....................................... 125,067
200,000 Morris Township, NJ School District
5.625% 04/01/06 ...................................... 206,572
125,000 New Jersey State Building Authority
4.70% 06/15/06 ....................................... 119,363
</TABLE>
83
<PAGE>
THE GLENMEDE PORTFOLIOS
New Jersey Municipal Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30,1996
(Unaudited)
<TABLE>
<CAPTION>
Face Market
Amount Value
------ -----
<S> <C>
MUNICIPAL BONDS & NOTES - (Continued)
$125,000 New Jersey Health Care Facilities Financing
4.60% 07/01/00 ....................................... $125,510
200,000 New Jersey Economic Development Authority
5.125% 07/01/00 ...................................... 204,234
100,000 New Jersey State
5.10% 02/15/00 ....................................... 102,273
125,000 New Jersey State Edcational Facilities Authority Revenue
5.00% 09/01/00 ....................................... 126,545
100,000 New Jersey State Edcational Facilities Authority Revenue
4.50% 07/01/00 ....................................... 100,372
150,000 New Jersey State Edcational Facilities Authority Revenue
4.75% 07/01/05 ....................................... 148,236
125,000 New Jersey State Edcational Facilities Authority Revenue
5.125% 09/01/08 ...................................... 123,240
175,000 New Jersey State Housing and Mortgage
4.65% 05/01/01 ....................................... 173,568
125,000 New Jersey State Housing and Mortgage
5.05% 04/01/07 ....................................... 122,266
175,000 New Jersey State Transportation Trusst Fund
4.75% 6/15/03 ........................................ 173,532
150,000 New Jersey State Transportation Trusst Fund
5.30% 12/15/01 ....................................... 154,395
125,000 New Jersey State Transportation Trusst Fund
4.75% 12/15/07 ....................................... 118,149
110,000 New Jersey Wastewater Treatment
4.25% 03/01/99 ....................................... 109,791
200,000 Park Ridge, NJ
5.60% 11/01/03 ....................................... 209,340
150,000 Passaic County, NJ
4.65% 09/01/03 ....................................... 148,431
125,000 Passaic County, NJ
4.70% 09/01/03 ....................................... 124,151
130,000 Perth Amboy, NJ
6.20% 08/01/06 ....................................... 141,422
125,000 Port Authority of New York & New Jersey
4.40% 11/15/01 ....................................... 123,283
100,000 Port Authority of New York & New Jersey
4.60% 07/01/02 ....................................... 99,010
</TABLE>
84
<PAGE>
THE GLENMEDE PORTFOLIOS
New Jersey Municipal Portfolio
STATEMENT OF NET ASSETS - (Continued)
April 30,1996
(Unaudited)
<TABLE>
<CAPTION>
Face Market
Amount Value
------ -----
<S> <C>
MUNICIPAL BONDS & NOTES - (Continued)
$125,000 Roxbury Township, NJ School District
4.40% 12/01/02 ....................................... $123,240
100,000 Rutgers State University
4.00% 05/01/97 ....................................... 100,317
100,000 Surf City, NJ
5.15% 01/15/06 ....................................... 99,879
125,000 Warren County, NJ
4.65% 09/15/01 ....................................... 125,289
175,000 West Long Branch, NJ
4.60% 12/15/04 ....................................... 169,516
65,000 Woodbridge Township, NJ
4.25% 09/15/01........................................ 63,622
--------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
TOTAL INVESTMENTS (Cost $ 6,012,757*)............................... 98.4% $6,030,834
OTHER ASSETS IN EXCESS OF LIABILITIES.............................. 1.6% 97,811
----- ----------
NET ASSETS.......................................................... 100.0% $6,128,645
===== ==========
NET ASSET VALUE ($6,128,645 divided by 619,117 shares outstanding).. $9.90
==========
</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
85
<PAGE>
THE GLENMEDE PORTFOLIOS
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Muni New Jersey
Intermediate Muni
Portfolio Portfolio
----------- ----------
<S> <C> <C>
ASSETS:
Investments, at value
See accompanying schedule $17,534,043 $6,030,834
Cash 79,756 18,578
Interest receivable 309,114 89,509
----------- ----------
Total Assets 17,922,913 6,138,921
----------- ----------
LIABILITIES:
Administration fee payable 625 215
Accrued expenses and other payables (7,806) 10,061
----------- ----------
Total Liabilities (7,181) 10,276
----------- ----------
NET ASSETS consist of:
Undistributed net investment income $ 77,878 $ 27,914
Accumulated net realized gain/(loss) on
investments sold (742,179) (87,419)
Net unrealized appreciation/(depreciation) of
investments 61,567 18,077
Par value 1,760 619
Paid-in capital in excess of par value 18,531,068 6,169,454
----------- ----------
Total Net Assets $17,930,094 $6,128,645
=========== ==========
NET ASSET VALUE, offering and redemption price
per share of beneficial interest outstanding $ 10.19 $ 9.90
=========== ==========
Number of Portfolio shares outstanding 1,759,539 619,117
=========== ==========
Investments, at cost $17,472,476 $6,012,757
=========== ==========
</TABLE>
See Notes to Financial Statements.
86
<PAGE>
THE GLENMEDE PORTFOLIOS
STATEMENTS OF OPERATIONS
For the Six Months Ended April 30, 1996
(Unaudited)
Muni New Jersey
Intermediate Muni
Portfolio Portfolio
--------- ---------
Investment Income:
Interest $ 485,979 $ 142,689
--------- ---------
Expenses:
Administration fee 3,764 1,294
Shareholder servicing fee 4,488 1,532
Custodian fee 739 223
Legal and audit fees 4,038 906
Directors' fees and expenses 1,733 572
State franchise taxes -- 76
Registration and filing fees -- 200
Other expenses 9,119 2,921
------- -------
Total expenses 23,881 7,724
------- -------
Net investment income 462,098 134,965
------- -------
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on investments
during the year 28,636 8,697
Net unrealized appreciation on investments
during the year (255,234) (77,544)
------- -------
Net realized and unrealized gain/(loss) on
investments (226,598) (68,847)
------- -------
Net increase/(decrease) in net assets resulting
from operations $ 235,500 $ 66,118
========= =========
87
<PAGE>
THE GLENMEDE PORTFOLIOS
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Muni New Jersey
Intermediate Muni
Portfolio Portfolio
--------- ---------
<S> <C> <C>
INCREASE/DECREASE IN NET ASSETS:
Operations:
Net investment income $ 462,098 $ 134,965
Net realized gain/(loss) on investments 28,636 8,697
Net unrealized appreciation/(depreciation) on investments 255,234 (77,544)
----------- ----------
Net increase/(decrease) in net assets resulting from
operations 235,500 66,118
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME: (465,693) (128,823)
NET INCREASE/(DECREASE) IN NET ASSETS FROM
CAPITAL SHARE TRANSACTIONS: 64,321 258,908
----------- ----------
Net increase/(decrease) in net assets (165,872) 196,203
NET ASSETS:
Beginning of period 18,095,966 5,932,442
----------- ----------
End of period $17,930.094 $6,128,645
=========== ==========
- ---------------------------------------------------------------------------------------------------------------------
For the year ended October 31, 1995
Muni New Jersey
Intermediate Muni
Portfolio Portfolio
--------- ---------
INCREASE/DECREASE IN NET ASSETS:
Operations:
Net investment income $ 979,745 $ 218,748
Net realized gain/(loss) on investments (549,436) (21,708)
Net unrealized appreciation/(depreciation) on investments and
net assets 1,549,201 426,833
----------- ----------
Net increase/(decrease) in net assets resulting from
operations 1,979,510 623,873
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (1,001,625) (216,955)
Net realized gain on investments -- --
NET INCREASE/(DECREASE) IN NET ASSETS FROM
CAPITAL STIARE TRANSACTIONS: (4,979,071) 961,965
----------- ----------
Net increase/(decrease) in net assets (4,001,186) 1,368,883
NET ASSETS:
Beginning of period 22,097,152 4,563,559
----------- ----------
End of period $18,095,966 $5,932,442
=========== ==========
</TABLE>
See Notes to Financial Statements.
88
<PAGE>
THE GLENMEDE PORTFOLIOS
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Muni Intermediate Portfolio
---------------------------------------------------------------------------
Six Months Year Ended October 31, Period Ended
Ended ------------------------------ October 31,
April 30, 1996 1995 1994 1993 1992 #
-------------- ---- ---- ---- ------
(Unaudited)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 10.32 $ 9.74 $ 10.59 $ 10.00 $ 10.00
------- ------- ------- -------- -------
Income from investment operations:
Net investment income 0.27 0.53 0.53 0.44 0.11
Net realized and unrealized gain/(loss)
on investments (0.13) 0.58 (0.85) 0.59 (0.03)
------- ------- ------- -------- -------
Total from investment operations 0.14 1.11 (0.32) 1.03 0.08
------- ------- ------- -------- -------
Distributions to shareholders from net investment
income (0.27) (0.53) (0.53) (0.44) 0.08
------- ------- ------- -------- -------
Net asset value, end of period $ 10.19 $ 10.32 $ 9.74 $ 10.59 $ 10.00
======= ======= ======= ======== ========
Total Return(+) 1.30% 11.76% -3.13% 10.54% 0.74%
======= ======= ======= ======== ========
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's) $17,930 $ 18,096 $22,097 $ 94,803 $ 42,533
Ratio of operating expenses to average net assets 0.26%* 0.28% 0.25% 0.25% 0.25%*
Ratio of net investment income to average net assets 5.12%* 5.23% 4.78% 4.41% 4.22%*
Portfolio turnover rate 20% 28% 11% 10% 3%
</TABLE>
- ----------
#The Portfolio commenced operations on June 5, 1992.
+Total return represents aggregate total return for the period indicated.
*Annualized.
See Notes to Financial Statements.
89
<PAGE>
THE GLENMEDE PORTFOLIOS
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
<TABLE>
<CAPTION>
New Jersey Municipal Portfolio
-------------------------------------------------------
Six Months Year Ended Period Ended
Ended October 31, October 31,
April 30, 1996 1995 1994 #
-------------- ----------- ------------
(Unaudited)
<S> <C> <C> <C>
Net asset value, beginning of period $ 10.00 $ 9.22 $ 10.00
--------- --------- ----------
Income from investment operations:
Net investment income 0.26 0.41 0.32
Net realized and unrealized gain/(loss) on investments (0.11) 0.78 (0.82)
--------- --------- ----------
Total from investment operations 0.15 1.19 (0.50)
--------- --------- ----------
Distributions to shareholder from net investment income (0.21) (0.41) (0.28)
--------- --------- ----------
Net asset value, end of period $ 9.94 $ 10.00 $ 9.22
--------- --------- ----------
Total Return(+) 1.10% 13.25% -5.13%
========= ========= ==========
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's) $ 6,129 $ 5,932 $ 4,564
Ratio of operating expenses to average net assets 0.63%* 0.53% 0.60%
Ratio of net investment income to average net assets 10.98%* 4.30% 3.60%
Portfolio turnover rate 12% 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.
90
<PAGE>
THE GLENMEDE PORTFOLIOS
Notes to Financial Statements
(Unaudited)
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 April 30, 1996, 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 market 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 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 of 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. The Portfolios's Advisor has agreed that in the
event any of the initial share in any the Portfolios are
91
<PAGE>
THE GLENMEDE PORTFOLIOS
Notes to Financial Statements (Continued)
(Unaudited)
redeemed during such period, the appropriate Portfolio will be reimbursed for
any unamortized organization costs in the same proportion as the number of
shares reedemed bears to the numbers of the initial shares held at the time of
redemption.
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 tax-exempt (and taxable, if any,) income to its
shareholders. Therefore, no Federal income tax provision is required.
2. Investment Advisory Fee, Administration Fee and Other Party Transactions
The Glenmede Trust Company (the "Advisor") provides investment advisory
services to the Fund. The Advisor does not receive a fee from the Portfolios for
its investment advisory services. However, each Portfolio pays The Glenmede
Trust Company a shareholder servicing fee at the annual rate of 0.05% of the
value of its average daily net assets.
Investment Company Capital Corp. ("ICC"), a wholly-owned subsidiary of
Alex. Brown & Son's 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% if 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 in excess of $750 million. This fee is allocated to each
Portfolio based on the relative net assets of each.
The Fund pays each board member, other than Mr. Church, an annual fee
of $1,000 plus and out-of-pocket expenses incurred in attending Boad meetings.
3. Purchases and Sales of Securities
For the period ended April 30, 1996, cost of purchases and proceeds
from sales of investment securities other than U. S. Government securities and
short-term securities were:
Portfolio Purchases Sales
- --------- --------- -----
Muni Intermediate Portfolio $3,652,322 $3,528,027
New Jersey Muni Portfolio 951,293 721,625
92
<PAGE>
THE GLENMEDE PORTFOLIOS
Notes to Financial Statements - (Continued)
(Unaudited)
At April 30, 1996, aggregate gross unrealized appreciation for all
securities in which there was an excess of value over tax cost and aggregate
gross unrealized depreciation for all securities in which there was an excess of
tax cost over value were as follows:
Portfolio Appreciation Depreciation
- --------- ------------ ------------
Muni Intermediate Portfolio $ 186,231 $ 124,664
New Jersey Muni Portfolio 68,174 50,097
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:
Period Ended 4/30/96 Year Ended 10/31/95
Shares Amount Shares Amount
------ ------ ------ ------
Muni Intermediate Portfolio:
Sold 152,576 $1,575,000 329,415 $3,250,600
Redeemed (46,499) (1,510,679) (845,139) (8,229,671)
------- ---------- ------- ---------
Net increase 6,077 $ 64,321 (515,724) $(4,979,071)
New Jersey Muni Portfolio:
Sold 100,267 $1,005,950 181,200 $1,752,209
Redeemed (64,426) (647,042) (82,755) (790,244)
------- ---------- ------- ---------
Net increase 35,841 $ 358,908 98,445 $ 961,965
5. Capital Loss Carryforward
At April 30, 1996, the following Portfolios had available capital loss
carryforwards to offset future net capital gains through the indicated
expiration dates as follows:
Expiring Expiring Expiring Expiring
Portfolio in 2000 in 2001 in 2002 in 2003
- --------- ------- ------- ------- -------
Muni Intermediate Portfolio $656 $4,787 $215,936 $549,436
New Jersey Muni Portfolio -- -- 74,408 21,708
93
<PAGE>
THE GLENMEDE PORTFOLIOS
Notes to Financial Statements - (Continued)
(Unaudited)
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 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 April 30, 1996, 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.
7. Matters Submitted to Shareholders
By consent dated February 13, 1996, the sole shareholder of record of
the New Jersey Muni Intermediate Portfolio voted to: change that the Portfolio's
Investment objective to provide that the objective of the New Jersey Muni
Portfolio is to seek as high level of current income exempt from federal income
tax as is consistent with preservation of capital; and make the portfolio's
investment objective non-fundamental so that it may be changed by the Board of
Trustees of The Glenmede Portfolios without the affirmative vote of the majority
of the outstanding shareholders of the New Jersey Muni Portfolio. These voted
upon changes of the Portfolio's Investment objective became effective on
February 27, 1996.
By consent dated February 13, 1996, the sole shareholder of record of
the Muni Intermediate Portfolio voted to: change that Portfolio's investment
objective to provide that the objective of the Muni Intermediate Portfolio is to
seek as high a level of current income exempt from federal income tax as is
consistent with preservation of capital; and make the Portfolio's investment
objective non-fundamental so that it may be changed by the Board of Trustees of
The Glenmede Portfolios without the affirmative vote of a majority of the
outstanding shareholders of the Muni Intermediate Portfolio. These voted upon
changes in the Portfolio's investment objective became effective on February 27,
1996.
94
