The
Glenmede
Trust
Company
The Glenmede Fund, Inc.
The Glenmede Portfolios
Annual Report
October 31, 1997
<PAGE>
- --------------------------------------------------------------------------------
The performance for each of the portfolios shown on pages 3 to 13
represents past performance and is not a guarantee of future results. A
portfolio's share price and investment return will vary with market conditions,
and the principal value of shares, when redeemed, may be more or less than their
original cost. An investment in a portfolio is neither insured nor guaranteed by
the U.S. Government, the Federal Deposit Insurance Corporation, the Federal
Reserve Board or any other governmental agency or bank. The yields of money
market funds will fluctuate as market conditions change. There can be no
assurance that money market funds will be able to maintain their net asset value
of $1.00 per share. Unlike actual Fund performance, performance of an index does
not reflect any expenses or transaction costs. A direct investment in an
unmanaged index is not possible.
- --------------------------------------------------------------------------------
<PAGE>
THE GLENMEDE FUND PRESIDENT'S LETTER
Glenmede's family of mutual fund portfolios was created in November 1988 to
provide Glenmede Trust Company clients not only exposure to specialty products
such as Small Capitalization, International and Emerging Markets equities, but
also access to our Core Investment Services, including an Equity Portfolio
designed for taxable individuals, an Institutional Equity portfolio designed for
tax-exempt investors and a Core Fixed Income Portfolio. Other portfolios consist
of both taxable and tax-exempt money market funds and two municipal bond funds.
The goal of the funds is to generate attractive investment returns while
keeping fund expenses at competitively low levels and risk at tolerable levels.
Glenmede's investment style for all of our investment products, including stocks
and bonds, is disciplined and highly quantitative. We seek to emphasize
objective measurements of both value and growth while minimizing subjective
judgments that historically have led investors astray.
Results for the past year have been impressive in a relative sense as each
equity portfolio outperformed its respective benchmark and other mutual funds
with similar objectives. Ten of the portfolios were ahead of their peer group
averages during the past year.
In absolute terms, the past year was again very rewarding, particularly for
equity investors. It was the third year in a row with returns in excess of 20%
for domestic equity markets, which historically is highly unusual. Contributing
to the strong equity markets during the past year was a powerful combination of
better-than-expected corporate earnings in conjunction with lower-than-expected
inflation. Going forward, our concern is that the historically high valuations
of equities based on price/earnings ratios, dividend yields and price-to-book
ratios will tend to offset the favorable economic factors of moderate growth,
strong profit growth and even lower inflation and interest rates.
Glenmede has always emphasized high quality in the management of fixed-income
portfolios. Equity portfolios seek to achieve growth in both principal value and
income, whereas fixed-income portfolios seek to provide current income and
stability with the first priority being the repayment of principal. During this
unprecedented long period of economic prosperity that has been unblemished by
recession since 1990, investors have become complacent and have paid little heed
to credit quality. Thus, the spread between the highest quality bonds and the
lowest level of investment grade securities has greatly diminished and has been
a drag on Glenmede fixed-income portfolio performance. Nevertheless, portfolios
have performed well and would be expected to perform even better under
circumstances of stable spreads or widening spreads, as usually occurs during
periods of economic concerns such as recession.
<PAGE>
A description of the 11 portfolios is noted following this letter.
During the past year, the fund has grown in size from approximately $2.3
billion a year ago, to slightly over $3 billion at the end of this fiscal
year -- the largest yearly dollar gain since the Fund began in 1988 with about
$500 million. We are grateful to our clients for their support of our Fund and
pledge our dedication to strive for superior performance and below average risk
at a reasonably competitive cost.
Sincerely,
/s/ John W. Church, Jr.
--------------------------------
JOHN W. CHURCH, JR.
President, Chairman of the Board
November 18, 1997
--------------- 2 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
GOVERNMENT CASH PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 1997
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
- ------------------------------------------------------------------------------------------
IBC's U.S.
Government
and Agencies
Government Cash Portfolio Money Fund Average(TM)
- ------------------------------------- ----------------------
<S> <C> <C> <C>
Year ended 10/31/97 5.53% 4.88%
Five Years ended 10/31/97 4.76% 4.07%
Inception (11/7/88) through 10/31/97 5.81% 5.08%
<CAPTION>
7-Day 7-Day
Government Cash Portfolio Yield Effective Yield
- ------------------------------------- ----- ---------------
<S> <C> <C> <C>
As of 12/1/97 5.60% 5.75%
</TABLE>
During the past fiscal year, the Government Cash Portfolio outperformed IBC's
U.S. Government and Agencies Money Fund Average(TM) due to its use of overnight
and term mortgage-backed security repurchase agreements. This strategy enhances
the yield while maintaining a high quality diversified portfolio of money market
instruments.
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
GOVERNMENT CASH PORTFOLIO vs.
IBC's U.S. GOVERNMENT AND AGENCIES MONEY FUND AVERAGE(TM)
11/7/88 THROUGH 10/31/97
[Graph appears here--See plot points below]
IBC's U.S. Government
Glenmede Government and Agencies Money
Cash Portfolio* Fund Average(TM)*
------------------- -----------------------
Nov. 1988 $10,000 $10,000
Oct. 1989 10,927 10,874
Oct. 1990 11,846 11,720
Oct. 1991 12,627 12,423
Oct. 1992 13,156 12,871
Oct. 1993 13,575 13,208
Oct. 1994 14,091 13,637
Oct. 1995 14,918 14,353
Oct. 1996 15,733 15,055
Oct. 1997 16,603 15,790
* Assumes the reinvestment of all dividends and distributions.
- --------------------------------------------------------------------------------
IBC's U.S. Government and Agencies Money Fund Average(TM) is comprised of money
market funds investing in U.S. treasury securities and government agency
obligations. Funds included in this average must have at least $100,000 in total
net assets.
--------------- 3 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
TAX-EXEMPT CASH PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 1997
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
- -------------------------------------------------------------------------------------------
IBC's General
Tax-Exempt Cash Portfolio Purpose Average(TM)
- ----------------------------------------- -------------------
<S> <C> <C> <C>
Year ended 10/31/97 3.46% 3.04%
Five Years ended 10/31/97 3.09% 2.67%
Inception (11/10/88) through 10/31/97 3.97% 3.54%
<CAPTION>
7-Day 7-Day
Tax-Exempt Cash Portfolio Yield Effective Yield
- ----------------------------------------- ----- ---------------
<S> <C> <C> <C>
As of 12/1/97 3.69% 3.75%
</TABLE>
The Tax-Exempt Cash Portfolio has outperformed IBC's General Purpose
AverageTM consistently. During the past fiscal year, the strategy of maintaining
a shorter average maturity, which increases yield when rates rise or when there
is a greater supply of short-term securities, combined with a low expense ratio
has resulted in good relative performance.
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN TAX-EXEMPT
CASH PORTFOLIO vs. IBC's STOCK BROKER AND GENERAL PURPOSE TAX-FREE AVERAGE(TM)
11/10/88 THROUGH 10/31/97
[Graph appears here--See plot points below]
IBC's Stock Broker
Glenmede Tax-Exempt and General Purpose
Cash Portfolio* Tax-Free Average(TM)*
------------------- ---------------------
Nov. 1988 $10,000 $10,000
Oct. 1989 10,627 10,546
Oct. 1990 11,249 11,127
Oct. 1991 11,792 11,623
Oct. 1992 12,183 11,953
Oct. 1993 12,469 12,191
Oct. 1994 12,776 12,452
Oct. 1995 13,257 12,864
Oct. 1996 13,710 13,254
Oct. 1997 14,184 13,657
* Assumes the reinvestment of all dividends and distributions.
- --------------------------------------------------------------------------------
IBC's Stock Broker and General Purpose Tax-Free Average(TM) is comprised of
money market funds investing in fixed-income securities issued by state and
local government. Generally, interest payments on securities qualify for
exemption from Federal income taxes. Funds may also own municipal securities
subject to alternative minimum tax. Funds included in this average must have at
least $100,000 in total net assets.
--------------- 4 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
CORE FIXED INCOME PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 1997
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
Average Annual Total Return
- --------------------------------------------------------------------------------------------
Merrill Lynch Lehman Lipper
1-10 Year Aggregate Intermediate
Government/ Bond U.S. Government
Core Fixed Income Portfolio Treasury Index Index Fund Index*
- -------------------------------------- -------------- --------- ---------------
<S> <C> <C> <C> <C>
Year ended 10/31/97 8.63% 7.33% 8.89% 7.61%
Five Years ended 10/31/97 6.65% 6.36% 7.51% 6.08%
Inception (11/17/88) through 10/31/97 8.55% 8.22% 9.05% 6.43%
</TABLE>
The Core Fixed Income Portfolio slightly underperformed the Lehman Aggregate
Bond Index during the fiscal year. The tightening of credit spreads on corporate
bonds, which are underweighted in the Portfolio, had a negative impact on
performance. The Portfolio outperformed the Lipper Intermediate U.S. Government
Fund Index due to its longer duration and overweighting in mortgage-backed
securities. The Portfolio is invested to seek total return with minimal credit
risk and close-to-market interest rate risk.
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
CORE FIXED INCOME PORTFOLIO vs.
MERRILL LYNCH 1-10 YEAR GOVERNMENT/TREASURY INDEX, LEHMAN BROTHERS
AGGREGATE BOND INDEX AND LIPPER INTERMEDIATE U.S. GOVERNMENT FUND INDEX*
11/17/88 THROUGH 10/31/97
[Graph appears here--See plot points below]
<TABLE>
<CAPTION>
Index: Lipper
Index: Merrill Lynch Intermediate
Glenmede Core Fixed 1-10 Year Government/ Index: Lehman Brothers U.S. Government
Income Portfolio** Treasury** Aggregate Bond** Fund**
------------------- --------------------- ---------------------- ---------------
<S> <C> <C> <C> <C>
Nov. 1988 $10,000 $10,000 $10,000 $10,000
10,295 10,302 10,212 10,000
Oct. 1989 11,120 11,132 11,190 10,000
11,271 11,216 11,134 9,884
Oct. 1990 12,045 11,990 11,896 10,515
12,868 12,729 12,825 11,166
Oct. 1991 13,821 13,572 13,777 11,937
14,236 14,049 14,236 12,306
Oct. 1992 15,112 14,914 15,132 13,006
16,004 15,736 16,123 13,737
Oct. 1993 16,682 16,290 16,928 14,306
16,045 15,868 16,261 13,758
Oct. 1994 16,177 16,017 16,307 13,746
17,033 16,856 17,450 14,507
Oct. 1995 18,128 17,923 18,859 15,485
18,355 18,137 18,958 15,540
Oct. 1996 19,194 18,916 19,961 16,236
19,476 19,253 20,301 16,462
Oct. 1997 20,850 20,304 21,736 17,472
</TABLE>
* Index commenced 12/31/89.
** Assumes the reinvestment of all dividends and distributions.
- --------------------------------------------------------------------------------
In the future, we will compare the Portfolio's performance only to the Lehman
Brothers Aggregate Bond Index and the Lipper Intermediate U.S. Government Fund
Index because we believe they are more appropriate benchmarks to compare to the
Portfolio than the Merrill Lynch 1-10 Year Government/Treasury Index. The Lehman
Brothers Aggregate Bond Index is an unmanaged index comprised of securities from
the Lehman Brothers Government Corporate Bond, Mortgage-Backed Securities and
Asset-Backed Securities Indexes. Total return consists of price
appreciation/depreciation and income as a percentage of the original investment.
Indexes are rebalanced by market capitalization each month. The Lipper
Intermediate U.S. Government Fund Index is comprised of the 30 largest funds in
the Lipper Intermediate U.S. Government Fund Average. The Average consists of
funds that invest at least 65% of their assets in securities issued or
guaranteed by the U.S. government, its agencies or instrumentalities with
dollar-weighted average maturities of 5 to 10 years. The Merrill Lynch 1-10 Year
Government/Treasury Index is an unmanaged index comprised of U.S. treasury and
agency securities with a par amount outstanding of greater than or equal to $25
million, a maturity range of 1 through 9.99 years and fixed-rate coupon greater
than 4 1/4%.
--------------- 5 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
EQUITY PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 1997
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------
Average Annual Total Return
- ----------------------------------------------------------------------------------------
Lipper Growth
Equity Portfolio S&P 500 Dow Jones Fund Index
- -------------------------------------- ------- --------- -------------
<S> <C> <C> <C> <C>
Year ended 10/31/97 36.39% 32.16% 25.79% 28.42%
Five Years ended 10/31/97 20.71% 19.85% 21.19% 17.72%
Inception (7/20/89) through 10/31/97 15.79% 16.06% 17.00% 14.44%
</TABLE>
Stocks had another spectacular year, reflecting continued strong earnings
gains and not only low inflation, but lower than expected inflation. In strong
markets, investors have had a hard time keeping up with market indexes, which by
definition are always fully invested. We are pleased to report that the Equity
Portfolio comfortably outperformed the Standard & Poor's 500 Stock Index, Dow
Jones Industrial Average and Lipper Growth Fund Index for the year. The
Portfolio's good performance was mainly attributable to adhering to our
disciplined, quantitative process for the selection of stocks. This Portfolio is
designed for the taxable investor. Turnover was 26% for the year, and none of
the net gains were short term.
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
EQUITY PORTFOLIO vs. S&P 500 STOCK INDEX, DOW JONES
INDUSTRIAL AVERAGE AND LIPPER GROWTH FUND INDEX
7/20/89 THROUGH 10/31/97
[Graph appears here--See plot points below]
Glenmede Dow Jones
Equity Index: S&P Industrial Index: Lipper
Portfolio* 500 Stock* Average* Growth Fund*
---------- ---------- ---------- -------------
July 1989 $10,000 $10,000 $10,000 $10,000
10,000 10,000 10,000 10,000
Oct. 1989 10,127 10,200 10,424 10,167
9,868 10,100 10,630 9,864
Oct. 1990 8,978 9,459 9,962 8,863
11,126 11,873 11,995 11,580
Oct. 1991 12,103 12,629 12,952 12,536
12,637 13,545 14,382 13,190
Oct. 1992 13,146 13,885 14,036 13,515
14,322 14,798 15,136 14,472
Oct. 1993 15,329 15,953 16,482 16,080
14,954 15,580 16,708 15,817
Oct. 1994 15,514 16,564 17,987 16,409
16,824 18,289 20,166 17,556
Oct. 1995 19,203 20,936 22,479 20,343
21,797 23,811 26,626 22,625
Oct. 1996 24,705 25,977 29,167 23,788
27,772 29,791 34,243 25,815
Oct. 1997 33,696 34,332 36,687 30,549
* Assumes the reinvestment of all dividends and distributions.
- --------------------------------------------------------------------------------
The S&P 500 Stock Index is an unmanaged index comprised of 500 widely held
common stocks listed on the New York Stock Exchange, American Stock Exchange and
Over-The-Counter market. The Dow Jones Industrial Average is an unmanaged price
weighted average based on the "price only" performance of 30 blue chip stocks
(the average is computed by adding the prices of the 30 stocks and dividing by a
denominator which has been adjusted over the years for stock splits, stock
dividends, and substitution of stock). The Lipper Growth Fund Index is comprised
of the 30 largest funds in the Lipper Growth Fund Average. The Average consists
of funds that normally invest in companies whose long-term earnings are expected
to grow significantly faster than the earnings of the stocks represented in the
major unmanaged stock indexes.
--------------- 6 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
SMALL CAPITALIZATION EQUITY PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 1997
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
- -------------------------------------------------------------------------------------------
Lipper Small
Capitalization
Small Capitalization Equity Portfolio S&P 500 Russell 2000 Fund Index
- ----------------------------------------------- ------- ------------ --------------
<S> <C> <C> <C> <C>
Year ended 10/31/97 41.80% 32.16% 29.34% 18.58%
Five Years ended 10/31/97 22.83% 19.85% 18.69% 17.80%
Inception (3/1/91) through 10/31/97 19.05% 17.57% 18.00% 17.16%
</TABLE>
The Small Capitalization Equity Portfolio experienced a year of extremely
positive returns. The Portfolio's performance was significantly above that of
the Standard & Poor's 500 Stock Index, the Russell 2000 Index and the Lipper
Small Capitalization Fund Index. Our value style of investing the Portfolio led
to overweighted positions in the strong performing technology and real estate
sectors.
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
SMALL CAPITALIZATION EQUITY PORTFOLIO vs. S&P 500 STOCK INDEX,
RUSSELL 2000 INDEX AND LIPPER SMALL CAPITALIZATION FUND INDEX
3/1/91 THROUGH 10/31/97
[Graph appears here--See plot points below]
<TABLE>
<CAPTION>
Glenmede Small
Capitalization
Equity Index: S&P Index: Russell Index: Lipper Small
Portfolio* 500 Stock* 2000* Capitalization Fund*
-------------- ---------- -------------- --------------------
<S> <C> <C> <C> <C>
March 1991 $10,000 $10,000 $10,000 $10,000
10,269 10,180 10,674 10,551
Oct. 1991 11,184 10,828 11,696 11,887
11,079 11,615 12,496 12,290
Oct. 1992 11,443 11,906 12,805 12,679
13,097 12,690 14,466 13,848
Oct. 1993 15,318 13,679 16,954 16,438
15,444 13,359 16,610 16,033
Oct. 1994 15,754 14,203 16,902 16,766
16,936 15,682 17,808 17,634
Oct. 1995 19,086 17,952 19,999 20,718
21,221 20,417 23,683 24,724
Oct. 1996 22,563 22,275 23,320 24,259
25,452 25,544 23,694 22,266
Oct. 1997 31,993 29,438 30,161 28,766
</TABLE>
* Assumes the reinvestment of all dividends and distributions.
- --------------------------------------------------------------------------------
The S&P 500 Stock Index is an unmanaged index comprised of 500 widely held
common stocks listed on the New York Stock Exchange, American Stock Exchange and
Over-The-Counter market. The Russell 2000 Index is an unmanaged capitalization
weighted total return index which is comprised of 2000 of the smallest
capitalized U.S. domiciled companies stock which are traded in the United States
on the New York Stock Exchange, American Stock Exchange and NASDAQ. The Lipper
Small Capitalization Fund Index is comprised of the 30 largest funds in the
Lipper Small Capitalization Fund Average. The Average consists of funds that
invest primarily in companies with market capitalizations of less than $1
billion at the time of purchase.
--------------- 7 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
LARGE CAP VALUE PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 1997
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
- ---------------------------------------------------------------------------------------
Lipper Growth
Large Cap Value Portfolio S&P 500 Fund Index
- -------------------------------------------------- ------- -------------
<S> <C> <C> <C>
Year ended 10/31/97 36.55% 32.16% 28.42%
Inception (12/31/92) through 10/31/97 18.44% 19.63% 16.90%
</TABLE>
The Large Cap Value Portfolio is driven by a proprietary ranking process
similar to the process used by other Glenmede Funds. It is designed for
tax-exempt investors and, therefore, tax considerations are ignored. Management
is more active with turnover at 109% for the year. The ranking process seeks
value with positive catalysts to signal improvement in a company's prospects and
change in investor expectations. Overweighting financial stocks and good stock
selection through adherence to the ranking process led the Portfolio to
outperform the Standard & Poor's 500 Stock Index and the Lipper Growth Fund
Index during the past year. Prior to March 1996, the Portfolio was managed using
a purely quantitative methodology.
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
LARGE CAP VALUE PORTFOLIO vs. S&P 500 STOCK INDEX
AND LIPPER GROWTH FUND INDEX
12/31/92 THROUGH 10/31/97
[Graph appears here--See plot points below]
Glenmede Large Cap Index: S&P Index: Lipper
Value Portfolio* 500 Stock* Growth Fund*
------------------ ---------- -------------
Jan. 1993 $10,000 $10,000 $10,000
Apr. 1993 10,508 10,225 10,055
Oct. 1993 12,305 11,023 11,173
Apr. 1994 12,315 10,765 10,990
Oct. 1994 12,194 11,445 11,401
Apr. 1995 12,768 12,637 12,198
Oct. 1995 14,145 14,466 14,134
Apr. 1996 15,616 16,453 15,720
Oct. 1996 16,569 17,949 16,528
Apr. 1997 19,213 20,584 17,937
Oct. 1997 22,625 23,722 21,225
* Assumes the reinvestment of all dividends and distributions.
- --------------------------------------------------------------------------------
The S&P 500 Stock Index is an unmanaged index comprised of 500 widely held
common stocks listed on the New York Stock Exchange, American Stock Exchange and
Over-The-Counter market. The Lipper Growth Fund Index is comprised of the 30
largest funds in the Lipper Growth Fund Average. The Average consists of funds
that normally invest in companies whose long-term earnings are expected to grow
significantly faster than the earnings of the stocks represented in the major
unmanaged stock indexes.
--------------- 8 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
INTERNATIONAL PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 1997
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
- -----------------------------------------------------------------------------------------
Morgan Stanley
EAFE-IX(R) Lipper
ND International
International Portfolio Weighted Index Fund Index
- --------------------------------------------- -------------- -------------
<S> <C> <C> <C>
Year ended 10/31/97 16.35% 4.63% 13.35%
Five Years ended 10/31/97 15.98% 11.75% 13.70%
Inception (11/17/88) through 10/31/97 11.61% 4.46% 9.18%
</TABLE>
During the past fiscal year and since inception, the International Porfolio
has outperformed the Morgan Stanley EAFE-IX(R) ND Weighted Index and the Lipper
International Fund Index due to the investment manager's disciplined, value-
based style. Favorable country and security selection has been the primary
reason for the Portfolio's strong relative performance.
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
INTERNATIONAL PORTFOLIO vs. MORGAN STANLEY EAFE-IX(R) ND WEIGHTED INDEX
AND LIPPER INTERNATIONAL FUND INDEX
11/17/88 THROUGH 10/31/97
[Graph appears here--See plot points below]
Index: Morgan Index: Lipper
Glenmede International Stanley EAFE-IX(R) International
Portfolio* ND Weighted* Fund*
---------------------- ------------------ -------------
Nov. 1988 $10,000 $10,000 $10,000
10,896 10,451 10,740
Oct. 1989 11,207 10,481 11,281
11,319 9,085 11,546
Oct. 1990 11,685 9,138 11,239
12,741 9,481 11,866
Oct. 1991 13,101 9,774 12,180
13,736 8,677 12,362
Oct. 1992 12,743 8,482 11,563
15,224 10,552 13,439
Oct. 1993 17,007 11,659 15,502
18,412 12,308 16,633
Oct. 1994 19,433 12,836 17,286
19,420 12,996 16,438
Oct. 1995 20,254 12,789 17,205
22,948 14,479 19,286
Oct. 1996 22,982 14,129 19,381
24,866 14,347 21,076
Oct. 1997 26,739 14,779 21,968
* Assumes the reinvestment of all dividends and distributions excluding
withholding taxes.
- --------------------------------------------------------------------------------
The Morgan Stanley EAFE-IX(R) ND Weighted Index is an unmanaged capitalization
weighted composite portfolio consisting of equity total returns for the
countries of Australasia and New Zealand and countries in Europe and the Far
East. The Lipper International Fund Index is comprised of the 30 largest funds
in the Lipper International Fund Average. The Average consists of funds that
invest in securities whose primary trading markets are outside of the United
States.
--------------- 9 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
INSTITUTIONAL INTERNATIONAL PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 1997
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
- -----------------------------------------------------------------------------------------
Morgan Stanley
EAFE-IX(R) Lipper
ND International
Institutional International Portfolio Weighted Index Fund Index
- --------------------------------------------- -------------- -------------
<S> <C> <C> <C>
Year ended 10/31/97 15.54% 4.63% 13.35%
Five Years ended 10/31/97 14.90% 11.75% 13.70%
Inception (8/1/92) through 10/31/97 12.90% 10.88% 12.00%
</TABLE>
During the past fiscal year, the Institutional International Porfolio has
outperformed the Morgan Stanley EAFE-IX(R) ND Weighted Index and the Lipper
International Fund Index due to favorable country and security selection.
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
INSTITUTIONAL INTERNATIONAL PORTFOLIO vs. MORGAN STANLEY EAFE-IX(R) ND
WEIGHTED INDEX AND LIPPER INTERNATIONAL FUND INDEX
8/1/92 THROUGH 10/31/97
[Graph appears here--See plot points below]
Index: Morgan Index: Lipper
Glenmede Institutional Stanley EAFE-IX(R) International
International Portfolio* ND Weighted* Fund*
------------------------ ------------------ -------------
Aug. 1992 $10,000 $10,000 $10,000
Oct. 1992 9,440 9,871 9,543
Apr. 1993 11,234 12,280 11,091
Oct. 1993 12,493 13,568 12,793
Apr. 1994 13,511 14,323 13,726
Oct. 1994 14,240 14,937 14,265
Apr. 1995 13,981 15,123 13,565
Oct. 1995 14,294 14,882 14,198
Apr. 1996 16,314 16,848 15,916
Oct. 1996 16,361 16,440 15,994
Apr. 1997 17,538 16,699 17,393
Oct. 1997 18,903 17,202 18,129
* Assumes the reinvestment of all dividends and distributions excluding
withholding taxes.
- --------------------------------------------------------------------------------
The Morgan Stanley EAFE-IX(R) ND Weighted Index is an unmanaged capitalization
weighted composite portfolio consisting of equity total returns for the
countries of Australasia and New Zealand and countries in Europe and the Far
East. The Lipper International Fund Index is comprised of the 30 largest funds
in the Lipper International Fund Average. The Average consists of funds that
invest in securities whose primary trading markets are outside of the United
States.
--------------- 10 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
EMERGING MARKETS PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 1997
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
- --------------------------------------------------------------------------------------------
Morgan Stanley Lipper Emerging
Emerging Markets Markets Fund
Emerging Markets Portfolio Free Index IFC Composite Index
- ---------------------------------------- ---------------- ------------- ---------------
<S> <C> <C> <C> <C>
Year ended 10/31/97 1.01% (8.48)% (9.06)% (3.84)%
Inception (12/14/94) through
10/31/97 (0.58)% (5.57)% (6.28)% (2.51)%
</TABLE>
Since inception, the Emerging Markets Portfolio has outperformed the Morgan
Stanley Emerging Markets Free Index as a result of overweighted positions in key
European and Mediterranean markets, combined with significant underweightings in
Southeast Asia, particularly Malaysia and Thailand.
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
EMERGING MARKETS PORTFOLIO vs. MORGAN STANLEY EMERGING MARKETS
FREE INDEX, IFC COMPOSITE AND LIPPER EMERGING MARKETS FUND INDEX
12/14/94 THROUGH 10/31/97
[Graph appears here--See plot points below]
Index: Morgan Index: Lipper
Glenmede Emerging Stanley Emerging Index: IFC Emerging
Markets Portfolio* Markets Free* Composite* Markets Fund*
------------------ ---------------- ---------- -------------
Dec. 1994 $10,000 $10,000 $10,000 $10,000
Apr. 1995 10,300 8,624 8,592 8,730
July 1995 11,052 9,309 9,067 9,494
Oct. 1995 9,829 8,700 8,511 8,823
Jan. 1996 9,820 9,559 8,950 9,701
Apr. 1996 10,500 9,859 9,705 10,006
July 1996 10,173 9,201 9,054 9,535
Oct. 1996 9,735 9,265 9,123 9,667
Jan. 1997 11,176 10,108 9,797 10,731
Apr. 1997 11,514 10,282 10,061 10,831
July 1997 12,588 11,309 10,922 12,100
Oct. 1997 9,833 8,479 8,296 9,295
* Assumes the reinvestment of all dividends and distributions excluding
withholding taxes.
- --------------------------------------------------------------------------------
The Morgan Stanley Emerging Markets Free Index is an unmanaged measure of the
performance of the major emerging economies with sizable and active equity
markets in Asia, Latin America, the Middle East, Africa and Europe. Only those
countries open to non-local investors are included. The IFC Composite is an
unmanaged measure of the performance of stock markets in countries with
developing economies, especially those meeting World Bank classifications of
low-income and middle-income, but may include high-income economies where the
stock market is likely to be developing for some time. Markets are included in
Latin America, East Asia and Europe/Mideast/Africa. The Lipper Emerging Markets
Fund Index is comprised of the 30 largest funds in the Lipper Emerging Markets
Fund Average. The Average consists of funds that seek long-term capital
appreciation by investing at least 65% of their assets in emerging market equity
securities. An emerging market is defined by a country's Gross National Product
per capita or other economic measures.
--------------- 11 ---------------
<PAGE>
--------------------------------
THE GLENMEDE PORTFOLIOS
--------------------------------
MUNI INTERMEDIATE PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 1997
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
- --------------------------------------------------------------------------------------------
Lipper Intermediate
Municipal Debt
Muni Intermediate Portfolio Lehman 7-Year Lehman 5-Year Fund Index
- ------------------------------- ------------- ------------- -------------------
<S> <C> <C> <C> <C>
Year ended 10/31/97 6.69% 7.46% 6.31% 6.56%
Five Years ended 10/31/97 5.97% 6.78% 6.01% 6.05%
Inception (6/5/92) through
10/31/97 5.65% 6.96% 6.22% 6.14%
</TABLE>
The Muni Intermediate Portfolio underperformed the Lehman Brothers Municipal
7-Year Bond Index due to its shorter average life and its shorter duration. The
strategy has been to provide a well-diversified portfolio with defensive
characteristics for Pennsylvania residents. The Portfolio outperformed the
Lehman Brothers Municipal 5-Year Bond Index and the Lipper Intermediate
Municipal Debt Fund Index for the fiscal year.
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN MUNI INTERMEDIATE PORTFOLIO
vs. LEHMAN BROTHERS MUNICIPAL 7-YEAR BOND INDEX, LEHMAN BROTHERS
MUNICIPAL 5-YEAR BOND INDEX AND LIPPER INTERMEDIATE
MUNICIPAL DEBT FUND INDEX
6/5/92 THROUGH 10/31/97
[Graph appears here--See plot points below]
Index: Lipper Index: Lehman Index: Lehman
Glenmede Muni Intermediate Brothers Brothers
Intermediate Municipal Municipal Municipal
Portfolio* Debt Fund* 7-Year Bond* 5-Year Bond*
------------- ------------- ------------ -------------
6/92 $10,000 $10,000 $10,000 $10,000
10/92 10,074 10,287 10,366 10,360
4/93 10,669 10,957 11,016 10,904
10/93 11,137 11,484 11,607 11,375
4/94 10,912 11,197 11,358 11,229
10/94 10,788 11,194 11,388 11,314
4/95 11,459 11,775 12,021 11,843
10/95 12,057 12,419 12,792 12,479
4/96 12,215 12,540 12,932 12,656
10/96 12,621 12,951 13,388 13,049
4/97 12,872 13,152 13,627 13,246
10/97 13,465 13,801 14,387 13,872
* Assumes the reinvestment of all dividends and distributions.
- --------------------------------------------------------------------------------
In the future, we will compare the Portfolio's performance only to the Lehman
Brothers Municipal 5-Year Bond Index and the Lipper Intermediate Municipal Debt
Fund Index because we believe they are more appropriate benchmarks to compare to
the Portfolio than the Merrill Lynch Municipal Bond Index (Bank Trust) and the
Lehman Brothers Municipal 7-Year Bond Index. The Lehman Brothers Municipal
7-Year Bond Index and the Lehman Brothers Municipal 5-Year Bond Index are
unmanaged total return performance benchmarks for the intermediate-term and
short-intermediate, investment-grade tax-exempt bond markets, respectively. The
Lipper Intermediate Municipal Debt Fund Index is comprised of the 30 largest
funds in the Lipper Intermediate Municipal Debt Fund Average. The Average
consists of funds that invest in municipal debt issues with dollar-weighted
average maturities of 5 to 10 years.
--------------- 12 ---------------
<PAGE>
--------------------------------
THE GLENMEDE PORTFOLIOS
--------------------------------
NEW JERSEY MUNI PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 1997
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
- -----------------------------------------------------------------------------------------
Lipper New Jersey
Municipal Debt
New Jersey Muni Portfolio Lehman 7-Year Lehman 5-Year Fund Index
- -------------------------- ------------- ------------- -----------------
<S> <C> <C> <C> <C>
Year ended 10/31/97 6.90% 7.46% 6.31% 7.42%
Inception (11/1/93)
through 10/31/97 4.62% 5.53% 5.08% 4.85%
</TABLE>
The New Jersey Muni Portfolio has slightly underperformed the Lehman
Municipal 7-Year Bond Index. It is normal to see this difference in performance
because there is a price differential between New Jersey municipals and national
municipals due to the lack of issuance of New Jersey bonds. The strategy has
been to provide a very high quality, well-diversified portfolio that is
tax-exempt for New Jersey residents.
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN NEW JERSEY MUNI PORTFOLIO
vs. LEHMAN BROTHERS MUNICIPAL 7-YEAR BOND INDEX, LEHMAN BROTHERS
MUNICIPAL 5-YEAR BOND INDEX AND LIPPER NEW JERSEY MUNICIPAL
DEBT FUND INDEX
11/1/93 THROUGH 10/31/97
[Graph appears here--See plot points below]
<TABLE>
<CAPTION>
Index: Lipper Index: Lehman Index: Lehman
New Jersey Brothers Brothers
Glenmede New Jersey Municipal Municipal Municipal
Muni Portfolio* Debt Fund* 7-Year Bond* 5-Year Bond*
------------------- ------------- ------------- --------------
<S> <C> <C> <C> <C>
Nov. 1993 $10,000 $10,000 $10,000 $10,000
April 1994 9,660 9,581 9,785 9,872
Oct. 1994 9,488 9,484 9,812 9,946
April 1995 10,102 10,163 10,357 10,412
Oct. 1995 10,744 10,745 11,021 10,971
April 1996 10,863 10,796 11,142 11,126
Oct. 1996 11,200 11,245 11,535 11,471
April 1997 11,384 11,430 11,740 11,645
Oct. 1997 11,973 12,080 12,395 12,195
</TABLE>
* Assumes the reinvestment of all dividends and distributions.
- --------------------------------------------------------------------------------
In the future, we will compare the Portfolio's performance only to the Lehman
Brothers Municipal 5-Year Bond Index and the Lipper New Jersey Municipal Debt
Fund Index because we believe they are more appropriate benchmarks to compare to
the Portfolio than the Merrill Lynch Municipal Bond Index (Bank Trust) and the
Lehman Brothers Municipal 7-Year Bond Index. The Lehman Brothers Municipal
7-Year Bond Index and the Lehman Brothers Municipal 5-Year Bond Index are
unmanaged total return performance benchmarks for the intermediate-term and
short-intermediate, investment-grade tax-exempt bond markets, respectively. The
Lipper New Jersey Municipal Debt Fund Index consists of the 10 largest funds in
the Lipper New Jersey Municipal Debt Fund Average. The Average consists of funds
that invest only in securities that are exempt from taxation in New Jersey or
cities in New Jersey.
--------------- 13 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 1997
<TABLE>
<CAPTION>
GOVERNMENT TAX-EXEMPT CORE FIXED
CASH CASH INCOME
PORTFOLIO PORTFOLIO PORTFOLIO
----------- ---------- -----------
<S> <C> <C> <C>
Investment income:
Dividends (net of foreign withholding
taxes)(1)................................ $ -- $ -- $ --
Interest................................... 25,804,699 9,242,617 18,400,489
Other income(2)............................ -- -- 43,633
----------- ---------- -----------
Total investment income.................. 25,804,699 9,242,617 18,444,122
----------- ---------- -----------
Expenses:
Investment advisory fee.................... -- -- --
Administration fee......................... 178,351 99,450 101,654
Shareholder servicing fee.................. 233,912 130,408 129,813
Custodian fee.............................. 38,777 25,306 28,726
Legal and audit fees....................... 60,262 45,000 42,533
Directors' fees and expenses............... 9,868 6,295 5,702
State franchise taxes...................... 36,976 19,284 19,456
Registration and filing fees............... 13,597 8,264 1,680
Interest expense........................... -- -- 774,426
Pricing fees............................... -- 13,900 9,427
Other expenses............................. 13,559 16,439 4,536
----------- ---------- -----------
Total expenses........................... 585,302 364,346 1,117,953
----------- ---------- -----------
Net investment income...................... 25,219,397 8,878,271 17,326,169
----------- ---------- -----------
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on:
Securities transactions................. (7,815) -- 2,260,378
Foreign currency translation............ -- -- --
----------- ---------- -----------
Net realized gain/(loss) on
investments........................... (7,815) -- 2,260,378
----------- ---------- -----------
Net change in unrealized appreciation or
depreciation of:
Securities.............................. -- -- 1,480,988
Foreign currency translation............ -- -- --
----------- ---------- -----------
Net unrealized appreciation or
depreciation on investments........... -- -- 1,480,988
----------- ---------- -----------
Net realized and unrealized gain/(loss) on
investments................................ (7,815) -- 3,741,366
----------- ---------- -----------
Net increase/(decrease) in net assets
resulting from operations.................. $25,211,582 $8,878,271 $21,067,535
=========== ========== ===========
</TABLE>
- ---------------
(1) The Equity Portfolio, International Portfolio, Institutional International
Portfolio and Emerging Markets Portfolio had foreign dividend withholding
taxes of $12,071, $2,865,499, $240,971 and $132,496, respectively.
(2) Income from security lending.
See Notes to Financial Statements.
--------------- 14 ---------------
<PAGE>
<TABLE>
<CAPTION>
SMALL
CAPITALIZATION LARGE CAP
EQUITY EQUITY VALUE INTERNATIONAL
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- -------------- ----------- -------------
<S> <C> <C> <C> <C>
Investment income:
Dividends (net of foreign withholding
taxes)(1)................................ $ 2,291,907 $ 7,522,355 $ 1,316,267 $ 22,838,827
Interest................................... 140,219 460,781 139,317 2,822,226
Other income(2)............................ 1,829 38,685 1,220 455,604
----------- -------------- ----------- -------------
Total investment income.................. 2,433,955 8,021,821 1,456,804 26,116,657
----------- -------------- ----------- -------------
Expenses:
Investment advisory fee.................... -- -- -- --
Administration fee......................... 45,406 144,610 24,893 342,102
Shareholder servicing fee.................. 59,674 189,976 32,710 448,678
Custodian fee.............................. 8,532 29,046 5,440 136,698
Legal and audit fees....................... 16,678 43,705 12,797 110,117
Directors' fees and expenses............... 2,170 12,076 1,457 16,359
State franchise taxes...................... 9,136 28,056 4,657 63,727
Registration and filing fees............... 8,544 1,444 19 75,730
Interest expense........................... -- -- -- --
Pricing fees............................... -- -- -- 20,132
Other expenses............................. 4,026 4,088 2,026 26,871
----------- -------------- ----------- -------------
Total expenses........................... 154,166 453,001 83,999 1,240,414
----------- -------------- ----------- -------------
Net investment income...................... 2,279,789 7,568,820 1,372,805 24,876,243
----------- -------------- ----------- -------------
Realized and unrealized gain/(loss) on investments
Net realized gain/(loss) on:
Securities transactions................. 14,776,696 66,336,844 11,569,530 39,575,586
Foreign currency translation............ -- -- -- (1,313,479)
----------- -------------- ----------- -------------
Net realized gain/(loss) on
investments........................... 14,776,696 66,336,844 11,569,530 38,262,107
----------- -------------- ----------- -------------
Net change in unrealized appreciation or
depreciation of:
Securities.............................. 19,009,171 55,995,170 6,599,382 63,720,908
Foreign currency translation............ -- -- -- 50,719
----------- -------------- ----------- -------------
Net unrealized appreciation or
depreciation on investments........... 19,009,171 55,995,170 6,599,382 63,771,627
----------- -------------- ----------- -------------
Net realized and unrealized gain/(loss) on
investments................................ 33,785,867 122,332,014 18,168,912 102,033,734
----------- -------------- ----------- -------------
Net increase/(decrease) in net assets $36,065,656 $129,900,834 $19,541,717 $126,909,977
resulting from operations.................. =========== ============== =========== =============
</TABLE>
<TABLE>
<CAPTION>
INSTITUTIONAL EMERGING
INTERNATIONAL MARKETS
PORTFOLIO PORTFOLIO
------------- ----------
<S> <C> <C>
Investment income:
Dividends (net of foreign withholding
taxes)(1)................................ $ 1,897,429 $2,069,196
Interest................................... 189,047 79,595
Other income(2)............................ 27,669 1,263
------------- ----------
Total investment income.................. 2,114,145 2,150,054
------------- ----------
Expenses:
Investment advisory fee.................... 564,533 1,324,657
Administration fee......................... 28,484 40,354
Shareholder servicing fee.................. -- --
Custodian fee.............................. 12,459 405,544
Legal and audit fees....................... 12,190 19,632
Directors' fees and expenses............... 1,581 11,657
State franchise taxes...................... 4,965 7,954
Registration and filing fees............... 12,125 797
Interest expense........................... -- --
Pricing fees............................... 10,648 12,782
Other expenses............................. 8,817 14,576
------------- ----------
Total expenses........................... 655,802 1,837,953
------------- ----------
Net investment income...................... 1,458,343 312,101
------------- ----------
Realized and unrealized gain/(loss) on investments
Net realized gain/(loss) on:
Securities transactions................. 3,099,441 5,969,186
Foreign currency translation............ (76,211) (347,790)
------------- ----------
Net realized gain/(loss) on
investments........................... 3,023,230 5,621,396
------------- ----------
Net change in unrealized appreciation or
depreciation of:
Securities.............................. 5,329,295 (6,445,695)
Foreign currency translation............ 8,486 46,409
------------- ----------
Net unrealized appreciation or
depreciation on investments........... 5,337,781 (6,399,286)
------------- ----------
Net realized and unrealized gain/(loss) on
investments................................ 8,361,011 (777,890)
------------- ----------
Net increase/(decrease) in net assets $ 9,819,354 $(465,789)
resulting from operations.................. ============= ==========
</TABLE>
See Notes to Financial Statements.
--------------- 15 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED OCTOBER 31, 1997
<TABLE>
<CAPTION>
GOVERNMENT TAX-EXEMPT CORE FIXED
CASH CASH INCOME
PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ ------------
<S> <C> <C> <C>
Net investment income..................... $ 25,219,397 $ 8,878,271 $ 17,326,169
Net realized gain/(loss) on:
Securities transactions................. (7,815) -- 2,260,378
Foreign currency translation............ -- -- --
Net change in unrealized appreciation or
depreciation of:
Securities.............................. -- -- 1,480,988
Foreign currency translation............ -- -- --
------------ ------------ ------------
Net increase/(decrease) in net assets
resulting from operations............... 25,211,582 8,878,271 21,067,535
Distributions to shareholders:
From net investment income.............. (25,219,397) (8,878,271) (17,221,980)
From net realized gain on investments... -- -- --
In excess of net investment income...... -- -- --
Net increase/(decrease) in net assets from
capital share transactions.............. (1,349,184) 55,950,635 3,384,486
------------ ------------ ------------
Net increase/(decrease) in net assets..... (1,356,999) 55,950,635 7,230,041
NET ASSETS:
Beginning of year......................... 452,394,537 224,999,102 259,502,722
------------ ------------ ------------
End of year............................... $451,037,538 $280,949,737 $266,732,763
============ ============ ============
</TABLE>
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED OCTOBER 31, 1996
<TABLE>
<CAPTION>
GOVERNMENT TAX-EXEMPT CORE FIXED
CASH CASH INCOME
PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ ------------
<S> <C> <C> <C>
Net investment income..................... $24,317,481 $ 7,762,314 $ 17,645,403
Net realized gain/(loss) on investments... 781 (13) 214,030
Net unrealized appreciation or
depreciation on investments and net
assets.................................. -- -- (1,992,578)
------------ ------------ ------------
Net increase/(decrease) in net assets
resulting from operations............... 24,318,262 7,762,301 15,866,855
Distributions to shareholders:
From net investment income.............. (24,317,481) (7,762,314) (17,973,595)
From net realized gain on investments... -- -- --
In excess of net investment income...... -- -- --
Net increase/(decrease) in net assets from
capital share transactions.............. 43,788,531 (808,888) (81,264,828)
------------ ------------ ------------
Net increase/(decrease) in net assets..... 43,789,312 (808,901) (83,371,568)
NET ASSETS:
Beginning of year......................... 408,605,225 225,808,003 342,874,290
------------ ------------ ------------
End of year............................... $452,394,537 $224,999,102 $259,502,722
============ ============ ============
</TABLE>
See Notes to Financial Statements.
--------------- 16 ---------------
<PAGE>
<TABLE>
<CAPTION>
SMALL
CAPITALIZATION LARGE CAP
EQUITY EQUITY VALUE INTERNATIONAL
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ -------------- ----------- --------------
<S> <C> <C> <C> <C>
Net investment income..................... $ 2,279,789 $ 7,568,820 $ 1,372,805 $ 24,876,243
Net realized gain/(loss) on:
Securities transactions................. 14,776,696 66,336,844 11,569,530 39,575,586
Foreign currency translation............ -- -- -- (1,313,479)
Net change in unrealized appreciation or
depreciation of:
Securities.............................. 19,009,171 55,995,170 6,599,382 63,720,908
Foreign currency translation............ -- -- -- 50,719
------------ ------------- ----------- --------------
Net increase/(decrease) in net assets
resulting from operations............... 36,065,656 129,900,834 19,541,717 126,909,977
Distributions to shareholders:
From net investment income.............. (2,304,679) (7,291,159) (1,367,809) (22,423,961)
From net realized gain on investments... (14,776,695) (66,437,876) (10,947,814) (39,511,477)
In excess of net investment income...... -- -- -- (4,393,736)
Net increase/(decrease) in net assets from
capital share transactions.............. 27,325,398 70,068,841 13,820,313 347,062,599
------------ ------------- ----------- --------------
Net increase/(decrease) in net assets..... 46,309,680 126,240,639 21,046,407 407,643,402
NET ASSETS:
Beginning of year......................... 94,184,874 308,415,410 50,130,952 643,458,648
------------ ------------- ----------- --------------
End of year............................... $140,494,554 $434,656,049 $71,177,359 $1,051,102,050
============ ============= =========== ==============
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL
CAPITALIZATION LARGE CAP
EQUITY EQUITY VALUE INTERNATIONAL
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ -------------- ----------- --------------
<S> <S> <C> <C> <C>
Net investment income..................... $ 1,942,546 $ 5,401,153 $ 824,717 $ 16,169,540
Net realized gain/(loss) on investments... 8,245,044 22,099,067 605,642 1,371,647
Net unrealized appreciation or
depreciation on investments and net
assets.................................. 11,633,992 14,741,219 3,541,791 41,850,169
------------ -------------- ----------- --------------
Net increase/(decrease) in net assets
resulting from operations............... 21,821,582 42,241,439 4,972,150 59,391,356
Distributions to shareholders:
From net investment income.............. (1,890,653) (5,193,834) (765,438) (17,200,867)
From net realized gain on investments... (8,439,400) (22,099,067) (594,750) (1,700,763)
In excess of net investment income...... -- -- -- (2,182,510)
Net increase/(decrease) in net assets from
capital share transactions.............. 2,536,458 122,498,366 30,538,451 261,942,539
------------ -------------- ----------- --------------
Net increase/(decrease) in net assets..... 14,027,987 137,446,904 34,150,413 300,249,755
NET ASSETS:
Beginning of year......................... 80,156,887 170,968,506 15,980,539 343,208,893
------------ -------------- ----------- --------------
End of year............................... $ 94,184,874 $308,415,410 $50,130,952 $ 643,458,648
============ ============== =========== ==============
</TABLE>
<TABLE>
<CAPTION>
INSTITUTIONAL EMERGING
INTERNATIONAL MARKETS
PORTFOLIO PORTFOLIO
------------- -----------
<S> <C> <C>
Net investment income..................... $ 1,458,343 $ 312,101
Net realized gain/(loss) on:
Securities transactions................. 3,099,441 5,969,186
Foreign currency translation............ (76,211) (347,790)
Net change in unrealized appreciation or
depreciation of:
Securities.............................. 5,329,295 (6,445,695)
Foreign currency translation............ 8,486 46,409
------------- -----------
Net increase/(decrease) in net assets
resulting from operations............... 9,819,354 (465,789)
Distributions to shareholders:
From net investment income.............. (1,188,327) (238,483)
From net realized gain on investments... (3,055,675) (5,576,979)
In excess of net investment income...... (465,613) --
Net increase/(decrease) in net assets from
capital share transactions.............. 18,158,706 14,908,795
------------- -----------
Net increase/(decrease) in net assets..... 23,268,445 8,627,544
NET ASSETS:
Beginning of year......................... 58,390,149 86,384,514
------------- -----------
End of year............................... $81,658,594 $95,012,058
============= ===========
</TABLE>
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INSTITUTIONAL EMERGING
INTERNATIONAL MARKETS
PORTFOLIO PORTFOLIO
------------- -----------
<S> <C> <C>
Net investment income..................... $ 1,031,790 $ 531,228
Net realized gain/(loss) on investments... 553,491 445,602
Net unrealized appreciation or
depreciation on investments and net
assets.................................. 5,023,293 (3,309,338)
------------- -----------
Net increase/(decrease) in net assets
resulting from operations............... 6,608,574 (2,332,508)
Distributions to shareholders:
From net investment income.............. (933,405) (791,631)
From net realized gain on investments... (587,999) (79,207)
In excess of net investment income...... (235,506) --
Net increase/(decrease) in net assets from
capital share transactions.............. 9,332,942 62,291,262
------------- -----------
Net increase/(decrease) in net assets..... 14,184,606 59,087,916
NET ASSETS:
Beginning of year......................... 44,205,543 27,296,598
------------- -----------
End of year............................... $58,390,149 $86,384,514
============= ===========
</TABLE>
See Notes to Financial Statements.
--------------- 17 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR
<TABLE>
<CAPTION>
GOVERNMENT CASH PORTFOLIO
--------------------------------------------------------
YEAR ENDED OCTOBER 31,
--------------------------------------------------------
1997 1996 1995 1994 1993
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
year........................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
Net investment income............ 0.054 0.053 0.059 0.038 0.031
Distributions from net investment
income......................... (0.054) (0.053) (0.059) (0.038) (0.031)
-------- -------- -------- -------- --------
Net asset value, end of year..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total Return(1).................. 5.53% 5.46% 5.87% 3.78% 3.18%
======== ======== ======== ======== ========
Ratios to average net
assets/Supplemental data:
Net assets, end of year
(in 000's).................... $451,038 $452,395 $408,605 $353,405 $247,816
Ratio of operating expenses to
average net assets............. 0.13% 0.16% 0.15% 0.11% 0.11%
Ratio of net investment income to
average net assets............. 5.39% 5.32% 5.71% 3.82% 3.14%
</TABLE>
- ---------------
(1) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
--------------- 18 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR
<TABLE>
<CAPTION>
TAX-EXEMPT CASH PORTFOLIO
--------------------------------------------------------
YEAR ENDED OCTOBER 31,
--------------------------------------------------------
1997 1996 1995 1994 1993
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
year........................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
Net investment income............ 0.034 0.034 0.038 0.025 0.023
Distributions from net investment
income......................... (0.034) (0.034) (0.038) (0.025) (0.023)
-------- -------- -------- -------- --------
Net asset value, end of year..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total Return(1).................. 3.46% 3.42% 3.76% 2.48% 2.34%
======== ======== ======== ======== =========
Ratios to average net
assets/Supplemental data:
Net assets, end of year (in
000's)......................... $280,950 $224,999 $222,808 $222,985 $106,590
Ratio of operating expenses to
average net assets............. 0.14% 0.15% 0.15% 0.13% 0.13%
Ratio of net investment income to
average net assets............. 3.40% 3.36% 3.69% 2.52% 2.33%
</TABLE>
- ---------------
(1) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
--------------- 19 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR
<TABLE>
<CAPTION>
CORE FIXED INCOME PORTFOLIO
--------------------------------------------------------
YEAR ENDED OCTOBER 31,
--------------------------------------------------------
1997 1996 1995 1994 1993
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
year........................... $ 10.29 $ 10.36 $ 9.89 $ 10.84 $ 10.76
-------- -------- -------- -------- --------
Income from investment
operations:
Net investment income............ 0.68 0.66 0.69 0.64 0.66
Net realized and unrealized
gain/(loss) on investments..... 0.17 (0.08) 0.46 (0.96) 0.41
-------- -------- -------- -------- --------
Total from investment
operations..................... 0.85 0.58 1.15 (0.32) 1.07
-------- -------- -------- -------- --------
Less Distributions:
Distributions from net investment
income......................... (0.68) (0.65) (0.68) (0.63) (0.67)
Distributions from net realized
capital gains.................. -- -- -- -- (0.32)
-------- -------- -------- -------- --------
Total distributions.............. (0.68) (0.65) (0.68) (0.63) (0.99)
-------- -------- -------- -------- --------
Net asset value, end of year..... $ 10.46 $ 10.29 $ 10.36 $ 9.89 $ 10.84
======== ======== ======== ======== ========
Total Return(1).................. 8.63% 5.88% 12.06% (3.03)% 10.38%
======== ======== ======== ======== ========
Ratios to average net
assets/Supplemental data:
Net assets, end of year (in
000's)......................... $266,733 $259,503 $342,874 $333,797 $581,823
Ratio of operating expenses to
average net assets............. 0.13% 0.16% 0.11% 0.12% 0.14%
Ratio of gross expenses to
average net assets............. 0.43%(2) 0.16% 0.11% 0.14%(2) 0.16%(2)
Ratio of net investment income to
average net assets............. 6.67% 6.37% 6.67% 6.06% 6.03%
Portfolio turnover rate.......... 307% 47% 228% 165% 83%
</TABLE>
- ---------------
(1) Total return represents aggregate total return for the period indicated.
(2) The annualized gross expense ratios include interest expense. The ratios
excluding interest expense for the years ended October 31, 1997, October 31,
1994 and October 31, 1993 were 0.13%, 0.12% and 0.14%, respectively.
See Notes to Financial Statements.
--------------- 20 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR
<TABLE>
<CAPTION>
EQUITY PORTFOLIO
----------------------------------------------------
YEAR ENDED OCTOBER 31,
----------------------------------------------------
1997 1996 1995 1994 1993
-------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year... $ 16.79 $ 14.67 $ 12.56 $ 13.23 $ 11.84
-------- ------- ------- ------- -------
Income from investment operations:
Net investment income................ 0.28 0.41 0.32 0.31 0.32
Net realized and unrealized
gain/(loss) on investments......... 5.69 3.73 2.64 (0.17) 1.63
-------- ------- ------- ------- -------
Total from investment operations..... 5.97 4.14 2.96 0.14 1.95
-------- ------- ------- ------- -------
Less Distributions:
Distributions from net investment
income............................. (0.28) (0.40) (0.33) (0.29) (0.32)
Distributions from net realized
capital gains...................... (2.37) (1.62) (0.52) (0.52) (0.24)
-------- ------- ------- ------- -------
Total distributions.................. (2.65) (2.02) (0.85) (0.81) (0.56)
-------- ------- ------- ------- -------
Net asset value, end of year......... $ 20.11 $ 16.79 $ 14.67 $ 12.56 $ 13.23
======== ======= ======= ======= =======
Total Return(1)...................... 36.39% 28.65% 23.78% 1.21% 16.60%
======== ======= ======= ======= =======
Ratios to average net
assets/Supplemental data:
Net assets, end of year (in 000's)... $140,495 $94,185 $80,157 $64,046 $43,611
Ratio of operating expenses to
average net assets................. 0.13% 0.17% 0.14% 0.16% 0.20%
Ratio of net investment income to
average net assets................. 1.91% 2.26% 2.32% 2.40% 2.61%
Portfolio turnover rate.............. 26% 36% 70% 109% 61%
Average commissions per share(2)..... $ 0.0623 $0.0700 NA NA NA
</TABLE>
- ---------------
(1) Total return represents aggregate total return for the period indicated.
(2) Disclosure is required for fiscal years beginning on or after September 1,
1995. Represents average commission rate per share charged to the Fund on
purchases and sales of investments during the period.
See Notes to Financial Statements.
--------------- 21 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR
<TABLE>
<CAPTION>
SMALL CAPITALIZATION EQUITY PORTFOLIO
-------------------------------------------------------
YEAR ENDED OCTOBER 31,
-------------------------------------------------------
1997 1996 1995 1994 1993
-------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
year............................ $ 16.12 $ 14.98 $ 13.95 $ 13.97 $ 11.12
-------- -------- -------- -------- -------
Income from investment operations:
Net investment income............. 0.38 0.33 0.28 0.16 0.14
Net realized and unrealized gain
on investments.................. 6.32 2.38 2.69 0.23 3.60
-------- -------- -------- -------- -------
Total from investment
operations...................... 6.70 2.71 2.97 0.39 3.74
-------- -------- -------- -------- -------
Less Distributions:
Distributions from net investment
income.......................... (0.37) (0.33) (0.26) (0.15) (0.15)
Distributions from net realized
capital gains................... (3.39) (1.24) (1.68) (0.26) (0.74)
-------- -------- -------- -------- -------
Total distributions............... (3.76) (1.57) (1.94) (0.41) (0.89)
-------- -------- -------- -------- -------
Net asset value, end of year...... $ 19.06 $ 16.12 $ 14.98 $ 13.95 $ 13.97
======== ======== ======== ======== =======
Total Return(1)................... 41.80% 18.22% 21.15% 2.85% 33.86%
======== ======== ======== ======== =======
Ratios to average net
assets/Supplemental data:
Net assets, end of year (in
000's).......................... $434,656 $308,415 $170,969 $109,872 $68,418
Ratio of operating expenses to
average net assets.............. 0.12% 0.17% 0.14% 0.14% 0.14%
Ratio of net investment income to
average net assets.............. 2.00% 2.15% 1.92% 1.18% 1.08%
Portfolio turnover rate........... 59% 37% 57% 31% 63%
Average commissions per share(2).. $ 0.0615 $ 0.0700 NA NA NA
</TABLE>
- ---------------
(1) Total return represents aggregate total return for the period indicated.
(2) Disclosure is required for fiscal years beginning on or after September 1,
1995. Represents average commission rate per share charged to the Fund on
purchases and sales of investments during the period.
See Notes to Financial Statements.
--------------- 22 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
LARGE CAP VALUE PORTFOLIO
--------------------------------------------------------
YEAR ENDED OCTOBER 31, PERIOD ENDED
---------------------------------------- OCTOBER 31,
1997 1996 1995 1994 1993(1)
------- ------- ------- ------- ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period....................... $ 11.68 $ 10.34 $ 10.62 $ 10.92 $ 10.00
------- ------- ------- ------- ------------
Income from investment
operations:
Net investment income.......... 0.29 0.26 0.32 0.21 0.21
Net realized and unrealized
gain/(loss) on investments... 3.95 1.49 1.38 (0.31) 2.06
------- ------- ------- ------- ------------
Total from investment
operations................... 4.24 1.75 1.70 (0.10) 2.27
------- ------- ------- ------- ------------
Less Distributions:
Distributions from net
investment income............ (0.29) (0.27) (0.31) (0.20) (0.20)
Distributions from net realized
capital gains................ (2.34) (0.14) (1.67) -- (1.15)
------- ------- ------- ------- ------------
Total distributions............ (2.63) (0.41) (1.98) (0.20) (1.35)
------- ------- ------- ------- ------------
Net asset value, end of
period....................... $ 13.29 $ 11.68 $ 10.34 $ 10.62 $ 10.92
======= ======= ======= ======= ============
Total Return(2)................ 36.55% 17.13% 16.01% (0.91)% 23.05%
======= ======= ======= ======= ============
Ratios to average net
assets/Supplemental data:
Net assets, end of period (in
000's)....................... $71,177 $50,131 $15,981 $20,654 $ 13,969
Ratio of operating expenses to
average net assets........... 0.13% 0.15% 0.20% 0.24% 0.24%(4)
Ratio of net investment income
to average net assets........ 2.10% 2.62% 2.80% 2.04% 2.47%(4)
Portfolio turnover rate........ 109% 104% 227% 287% 230%
Average commissions per
share(3)..................... $0.0622 $0.0700 NA NA NA
</TABLE>
- ---------------
(1) The Portfolio commenced operations on December 31, 1992.
(2) Total return represents aggregate total return for the period indicated.
(3) Disclosure is required for fiscal years beginning on or after September 1,
1995. Represents average commission rate per share charged to the Fund on
purchases and sales of investments during the period.
(4) Annualized.
See Notes to Financial Statements.
--------------- 23 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR
<TABLE>
<CAPTION>
INTERNATIONAL PORTFOLIO
----------------------------------------------------------
YEAR ENDED OCTOBER 31,
----------------------------------------------------------
1997 1996 1995 1994 1993
---------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
year............................. $ 13.87 $ 12.70 $ 13.04 $ 12.69 $ 9.84
---------- -------- -------- -------- --------
Income from investment operations:
Net investment income.............. 0.39 0.40 0.32 0.27 0.27
Net realized and unrealized gain on
investments...................... 1.89 1.29 0.23 1.50 2.98
---------- -------- -------- -------- --------
Total from investment operations... 2.28 1.69 0.55 1.77 3.25
---------- -------- -------- -------- --------
Less Distributions:
Distributions from net investment
income........................... (0.35) (0.43) (0.32) (0.25) (0.26)
Distributions from net realized
capital gains.................... (0.62) (0.04) (0.57) (1.16) (0.14)
Distributions in excess of net
realized gains................... -- (0.05) -- (0.01) --
Distributions in excess of net
investment income................ (0.07) -- -- -- --
---------- -------- -------- -------- --------
Total distributions................ (1.04) (0.52) (0.89) (1.42) (0.40)
---------- -------- -------- -------- --------
Net asset value, end of year....... $ 15.11 $ 13.87 $ 12.70 $ 13.04 $ 12.69
========== ======== ======== ======== ========
Total Return(1).................... 16.35% 13.47% 4.23% 14.26% 33.47%
========== ======== ======== ======== ========
Ratios to average net
assets/Supplemental data:
Net assets, end of year (in
000's)........................... $1,051,102 $643,459 $343,209 $292,513 $221,515
Ratio of operating expenses to
average net assets............... 0.14% 0.18% 0.18% 0.16% 0.17%
Ratio of net investment income to
average net assets............... 2.77% 3.05% 2.61% 2.11% 2.31%
Portfolio turnover rate............ 15% 6% 24% 39% 34%
Average commissions per share(2)... $ 0.0332 $ 0.0200 NA NA NA
</TABLE>
- ---------------
(1) Total return represents aggregate total return for the period indicated.
(2) Disclosure is required for fiscal years beginning on or after September 1,
1995. Represents average commission rate per share charged to the Fund on
purchases and sales of investments during the period.
See Notes to Financial Statements.
--------------- 24 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR
<TABLE>
<CAPTION>
INSTITUTIONAL INTERNATIONAL PORTFOLIO
---------------------------------------------------
YEAR ENDED OCTOBER 31,
---------------------------------------------------
1997 1996 1995 1994 1993
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year.... $ 13.67 $ 12.34 $ 12.63 $ 12.00 $ 9.42
------- ------- ------- ------- -------
Income from investment operations:
Net investment income................. 0.27 0.28 0.19 0.16 0.15
Net realized and unrealized
gain/(loss) on investments.......... 1.86 1.50 (0.13) 1.49 2.88
------- ------- ------- ------- -------
Total from investment operations...... 2.13 1.78 0.06 1.65 3.03
------- ------- ------- ------- -------
Less Distributions:
Distributions from net investment
income.............................. (0.22) (0.25) (0.18) (0.13) (0.14)
Distributions from net realized
capital gains....................... (0.61) (0.14) (0.17) (0.87) (0.31)
Distributions in excess of net
realized capital gains.............. -- (0.06) -- (0.02) --
Distributions in excess of net
investment income................... (0.08) -- -- -- --
------- ------- ------- ------- -------
Total distributions................... (0.91) (0.45) (0.35) (1.02) (0.45)
------- ------- ------- ------- -------
Net asset value, end of year.......... $ 14.89 $ 13.67 $ 12.34 $ 12.63 $ 12.00
======= ======= ======= ======= =======
Total Return(1)....................... 15.54% 14.46% 0.38% 13.85% 32.34%
======= ======= ======= ======= =======
Ratios to average net
assets/Supplemental data:
Net assets, end of year (in 000's).... $81,659 $58,390 $44,206 $17,076 $12,979
Ratio of operating expenses to
average net assets(2)............... 0.87% 0.95% 0.93% 1.00% 1.00%
Ratio of net investment income to
average net assets(3)............... 1.94% 2.06% 1.78% 1.29% 1.41%
Portfolio turnover rate............... 15% 10% 25% 39% 34%
Average commissions per share(4)...... $0.0341 $0.0200 NA NA NA
</TABLE>
- ---------------
(1) Total return represents aggregate total return for the period indicated.
(2) Annualized expense ratios before waiver of fees and/or expenses reimbursed
by investment advisor for the year ended October 31, 1994 and 1993 were
1.01% and 1.08%, respectively.
(3) Net investment income before waiver of fees and/or expenses reimbursed by
the investment advisor for the years ended October 31, 1994 and 1993 was
$0.16 and $0.14, respectively.
(4) Disclosure is required for fiscal years beginning on or after September 1,
1995. Represents average commission rate per share charged to the Fund on
purchases and sales of investments during the period.
See Notes to Financial Statements.
--------------- 25 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
EMERGING MARKETS PORTFOLIO
------------------------------------------
YEAR ENDED YEAR ENDED PERIOD ENDED
OCTOBER 31, OCTOBER 31, OCTOBER 31,
1997 1996 1995(1)
----------- ----------- ------------
<S> <C> <C> <C>
Net asset value, beginning of period.... $ 9.52 $ 9.73 $ 10.00
----------- ----------- ------------
Income from investment operations:
Net investment income................... 0.03 0.06 0.16
Net realized and unrealized gain/(loss)
on investments........................ 0.09 (0.16) (0.31)
----------- ----------- ------------
Total from investment operations........ 0.12 (0.10) (0.15)
----------- ----------- ------------
Less Distributions:
Distributions from net investment
income................................ (0.02) (0.08) (0.12)
Distributions from net realized
capital gains......................... (0.57) (0.03) --
----------- ----------- ------------
Total distributions..................... (0.59) (0.11) (0.12)
----------- ----------- ------------
Net asset value, end of period.......... $ 9.05 $ 9.52 $ 9.73
=========== =========== ============
Total Return(2)......................... 1.01% (0.96)% (1.96)%
=========== =========== ============
Ratios to average net
assets/Supplemental data:
Net assets, end of period (in 000's).... $95,012 $86,385 $ 27,297
Ratio of operating expenses to
average net assets.................... 1.73% 1.76% 1.81%(3)
Ratio of net investment income to
average net assets.................... 0.29% 0.80% 1.87%(3)
Portfolio turnover rate................. 94% 44% 50%
Average commissions per share(4)........ $0.0022 $0.0010 NA
</TABLE>
- ---------------
(1) The Portfolio commenced operations on December 14, 1994.
(2) Total return represents aggregate total return for the period indicated.
(3) Annualized.
(4) Disclosure is required for fiscal years beginning on or after September 1,
1995. Represents average commission rate per share charged to the Fund on
purchases and sales of investments during the period.
See Notes to Financial Statements.
--------------- 26 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
GOVERNMENT CASH PORTFOLIO
STATEMENT OF NET ASSETS
OCTOBER 31, 1997
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
- ----------- ------------
<S> <C> <C>
AGENCY DISCOUNT NOTES(1) -- 20.3%
Federal National Mortgage Association -- 5.5%
$10,000,000 5.55% due 11/17/97...................................... $ 9,975,244
5,000,000 5.55% due 11/19/97...................................... 4,986,050
5,000,000 5.55% due 11/24/97...................................... 4,982,175
5,000,000 5.95% due 1/16/98....................................... 4,942,895
------------
24,886,364
------------
Federal Farm Credit Bank -- 11.1%
50,000,000 5.55% due 11/3/97....................................... 49,984,305
------------
Federal Home Loan Bank -- 3.7%
5,000,000 6.35% due 3/10/98....................................... 4,903,071
5,000,000 6.35% due 3/11/98....................................... 4,902,500
1,000,000 5.01% due 3/11/98....................................... 997,459
3,000,000 5.71% due 10/1/98....................................... 2,999,725
3,000,000 5.70% due 10/23/98...................................... 2,998,303
------------
16,801,058
------------
TOTAL AGENCY DISCOUNT NOTES
(Cost $91,671,727).................................... 91,671,727
------------
AGENCY NOTES -- 15.7%
1,000,000 Federal National Mortgage Association
9.55% due 11/10/97.................................... 1,000,851
5,000,000 Federal Home Loan Bank Floater
5.29% due 12/10/97.................................... 4,999,794
5,000,000 Federal National Mortgage Association Medium-Term Note
5.51% due 2/24/98..................................... 4,999,262
10,000,000 Federal Home Loan Bank
5.70% due 2/25/98..................................... 10,000,000
5,000,000 Student Loan Marketing Association Floater
5.36% due 3/19/98..................................... 5,000,000
1,000,000 Private Expenditure Funding
5.75% due 4/30/98..................................... 1,000,131
3,000,000 Federal National Mortgage Association
8.15% due 5/11/98..................................... 3,037,707
</TABLE>
See Notes to Financial Statements.
--------------- 27 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
GOVERNMENT CASH PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
- ----------- ------------
<S> <C> <C>
AGENCY NOTES -- (CONTINUED)
$ 3,000,000 Student Loan Marketing Association
5.75% due 6/30/98..................................... $ 3,000,694
8,000,000 Aid Israel
4.875% due 9/15/98.................................... 7,944,316
5,000,000 Federal Home Loan Bank
5.80% due 9/18/98..................................... 5,003,344
10,000,000 Federal National Mortgage Association
5.91% due 10/16/98.................................... 10,011,633
10,000,000 Federal Home Loan Bank
5.792% due 10/23/98................................... 10,004,584
5,000,000 Student Loan Marketing Association
5.83% due 10/29/98.................................... 5,004,762
------------
TOTAL AGENCY NOTES
(Cost $71,007,078).................................... 71,007,078
------------
REPURCHASE AGREEMENTS(2) -- 64.0%
15,000,000 Agreement with Bear Stearns & Co., 5.52% dated 10/3/97
to be repurchased at $15,071,300 on 11/3/97,
collateralized by: $15,389,703 Federal National
Mortgage Association #93-192 FB
6.54% due 10/25/08.................................... 15,000,000
15,000,000 Agreement with Bear Stearns & Co., 5.55% dated 8/8/97 to
be repurchased at $15,208,125 on 11/6/97,
collateralized by: $15,536,872 Federal Home Loan
Mortgage Corp. #1951 F
6.29% due 10/15/24.................................... 15,000,000
15,000,000 Agreement with Bear Stearns & Co., 5.54% dated 10/7/97
to be repurchased at $15,143,117 on 12/8/97,
collateralized by: $15,546,030 Federal Home Loan
Mortgage Corp. #1487 O
6.44% due 3/15/23..................................... 15,000,000
15,000,000 Agreement with Bear Stearns & Co., 5.54% dated 10/9/97
to be repurchased at $15,145,425 on 12/11/97,
collateralized by: $15,290,549 Federal National
Mortgage Association #1487 O
6.19% due 8/25/20,
$240,403 Federal National Mortgage Association #92-172
FA
6.59% due 2/25/21..................................... 15,000,000
</TABLE>
See Notes to Financial Statements.
--------------- 28 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
GOVERNMENT CASH PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
- ----------- ------------
<S> <C> <C>
REPURCHASE AGREEMENTS -- (CONTINUED)
$10,000,000 Agreement with Bear Stearns & Co., 5.55% dated 10/3/97
to be repurchased at $10,140,292 on 1/2/98,
collateralized by: $10,338,731 Federal National
Mortgage Association #92-172 FA
6.29% due 2/25/21..................................... $ 10,000,000
22,000,000 Agreement with Merrill Lynch, 5.73% dated 10/31/97 to be
repurchased at $22,010,505 on 11/3/97, collateralized
by: $22,558,788 Federal Home Loan Mortgage Corp.
#390381
5.73% due 2/1/37...................................... 22,000,000
12,000,000 Agreement with Nomura Securities International, 5.72%
dated 10/31/97 to be repurchased at $12,005,740 on
11/3/97, collateralized by: $12,317,740 Federal Home
Loan Mortgage Corp. #1534
7.57% due 1/1/27...................................... 12,000,000
10,000,000 Agreement with Nomura Securities International, 5.56%
dated 10/21/97 to be repurchased at $10,046,333 on
11/20/97, collateralized by: $10,200,897 Federal
National Mortgage Association #96-7 A
7.037% due 8/25/10.................................... 10,000,000
27,685,121 Agreement with Prudential Securities, Inc., 5.71% dated
10/31/97 to be repurchased at $27,698,295 on 11/3/97,
collateralized by: $28,385,875 Federal National
Mortgage Association #313579
6.27% due 5/1/27...................................... 27,685,121
15,000,000 Agreement with Prudential Securities, Inc., 5.54% dated
10/3/97 to be repurchased at $15,138,500 on 12/2/97,
collateralized by: $15,550,375 Federal Home Loan
Mortgage Corp. #390381
6.08% due 2/1/27...................................... 15,000,000
15,000,000 Agreement with Prudential Securities, Inc., 5.54% dated
10/6/97 to be repurchased at $15,136,192 on 12/4/97,
collateralized by: $15,550,375 Federal Home Loan
Mortgage Corp. #390381
6.08% due 2/1/27...................................... 15,000,000
15,000,000 Agreement with Prudential Securities, Inc., 5.54% dated
10/14/97 to be repurchased at $15,073,867 on 12/10/97,
collateralized by: $15,549,698 Federal Home Loan
Mortgage Corp. #845471
7.82% due 10/1/23..................................... 15,000,000
</TABLE>
See Notes to Financial Statements.
--------------- 29 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
GOVERNMENT CASH PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
- ----------- ------------
<S> <C> <C>
REPURCHASE AGREEMENTS -- (CONTINUED)
$15,000,000 Agreement with Smith Barney, Inc., 5.53% dated 10/7/97 to be
repurchased at $15,082,950 on 11/12/97, collateralized by:
$10,796,355 Federal National Mortgage Association #92-23 PG
6.50% due 2/25/14,
$4,727,777 Federal Home Loan Mortgage Corp. #1492 FA
6.29% due 9/15/21..................................... $ 15,000,000
15,000,000 Agreement with Smith Barney, Inc., 5.53% dated 10/9/97 to be
repurchased at $15,080,500 on 11/13/97, collateralized by:
$13,385,134 Federal Home Loan Mortgage Corp. #1492 FA
6.290% due 9/15/21,
$2,001,889 Federal National Mortgage Association
#94-81 FB
7.14% due 5/25/23..................................... 15,000,000
15,000,000 Agreement with Smith Barney, Inc., 5.57% dated 9/2/97 to be
repurchased at $15,201,912 on 11/28/97, collateralized by:
$15,568,135 Federal National Mortgage Association
#93-164 F
6.03% due 9/25/08..................................... 15,000,000
15,000,000 Agreement with Smith Barney, Inc., 5.53% dated 10/9/97 to be
repurchased at $15,073,733 on 12/10/97, collateralized by:
$15,601,320 Federal National Mortgage Association #93-17 PF
6.24% due 1/25/21..................................... 15,000,000
10,000,000 Agreement with Smith Barney, Inc., 5.56% dated 10/3/97 to be
repurchased at $10,046,333 on 1/2/98, collateralized by:
$10,513,690 Federal Home Loan Mortgage Corp. #390322
6.11% due 12/1/22..................................... 10,000,000
10,000,000 Agreement with Smith Barney, Inc., 5.64% dated 10/23/97 to be
repurchased at $10,065,800 on 1/21/98, collateralized by:
$10,346,576 Federal Home Loan Mortgage Corp. #390339
6.100% due 8/1/34,
$131,392 Federal National Mortgage Association #183051
7.52% due 10/1/22..................................... 10,000,000
22,000,000 Agreement with Union Bank of Switzerland Securities,
5.75% dated 10/31/97 to be repurchased at $22,010,542
on 11/3/97, collateralized by: $22,560,888 Federal
Home Loan Mortgage Corp. #1969 PL
6.50% due 12/15/09.................................... 22,000,000
------------
TOTAL REPURCHASE AGREEMENTS
(Cost $288,685,121)................................... 288,685,121
------------
</TABLE>
See Notes to Financial Statements.
--------------- 30 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
GOVERNMENT CASH PORTFOLIO
STATEMENT OF NET ASSETS -- (CONCLUDED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
VALUE
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $451,363,926(3)).................... 100.1% $451,363,926
LIABILITIES IN EXCESS OF OTHER ASSETS....................... (0.1) (326,388)
------ ------------
NET ASSETS.................................................. 100.0% $451,037,538
====== ============
NET ASSET VALUE ($451,037,538 DIVIDED BY 451,001,897 SHARES
OUTSTANDING).............................................. $ 1.00
============
</TABLE>
- ---------------
(1) Rate represents annualized discount yield at date of purchase.
(2) Market value disclosed for collateral on repurchase agreements is at October
31, 1997. The term repurchase agreements are subject to a seven-day demand
feature.
(3) Aggregate cost for federal tax purposes.
See Notes to Financial Statements.
--------------- 31 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
TAX-EXEMPT CASH PORTFOLIO
STATEMENT OF NET ASSETS
OCTOBER 31, 1997
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
- ------------ -------------
<S> <C> <C>
VARIABLE/FLOATING RATE NOTES(1) -- 91.1%
DAILY VARIABLE/FLOATING RATE NOTES -- 32.4%
$ 900,000 Beltrami County, MN, Environmental Control Revenue,
Northwood Panelboard, (LOC Union Bank of Switzerland),
3.95% due 11/3/97..................................... $ 900,000
4,200,000 Delaware County, PA, Industrial Development Authority,
Airport Facilities Revenue, United Parcel Service
Project,
4.00% due 11/3/97..................................... 4,200,000
5,800,000 Delta County, MI, Economic Development Corporation,
Environmental Improvement Revenue, Mead Escanaba Paper
Project, Series C, (LOC Bank of Nova Scotia),
3.95% due 11/3/97..................................... 5,800,000
4,200,000 East Baton Rouge Parish, LA, Pollution Control Revenue,
Exxon Project,
3.95% due 11/3/97..................................... 4,200,000
600,000 Grapevine, TX, Industrial Development Corporation
Multiple Mode Demand Revenue, American Airlines, Inc.
Project, Series A1,
4.05% due 11/3/97..................................... 600,000
900,000 Grapevine, TX, Industrial Development Corporation
Multiple Mode Demand Revenue, American Airlines, Inc.
Project, B-4,
4.05% due 11/3/97..................................... 900,000
1,300,000 Hapeville, GA, Development Authority, Industrial
Development Revenue, Hapeville Hotel Limited, (LOC
Deutsche Bank A.G.),
4.00% due 11/3/97..................................... 1,300,000
1,400,000 Harris County, TX, Health Facilities, Development
Corporation Revenue, Texas Medical Center, (MBIA
Insured),
3.95% due 11/3/97..................................... 1,400,000
2,600,000 Harris County, TX, Health Facilities, Development
Corporation Revenue, Saint Luke's Episcopal Hospital, A,
4.05% due 11/3/97..................................... 2,600,000
2,500,000 Lehigh Valley, PA, General Purpose Authority Revenue,
Lehigh Valley Hospital, Series A, (AMBAC Insured),
4.00% due 11/3/97..................................... 2,500,000
</TABLE>
See Notes to Financial Statements.
--------------- 32 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
TAX-EXEMPT CASH PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
- ------------ -------------
<S> <C> <C>
VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$ 1,500,000 Lincoln County, WY, Pollution Control Revenue, Exxon
Project, Series A,
3.95% due 11/3/97..................................... $ 1,500,000
4,000,000 Lincoln County, WY, Pollution Control Revenue, Exxon
Project, Series C,
3.95% due 11/3/97..................................... 4,000,000
1,300,000 Lone Star, TX, Airport Improvement Authority, Multiple Mode
Demand Revenue, American Airlines, Inc. Project,
Series A-4, (LOC Royal Bank of Canada),
4.05% due 11/3/97..................................... 1,300,000
1,900,000 Lone Star, TX, Airport Improvement Authority, Multiple Mode
Demand Revenue, American Airlines, Inc. Project,
Series A-5, (LOC Royal Bank of Canada),
4.05% due 11/3/97..................................... 1,900,000
1,000,000 Lone Star, TX, Airport Improvement Authority, Multiple Mode
Demand Revenue, American Airlines, Inc. Project, Series B-2,
(LOC Royal Bank of Canada),
4.05% due 11/3/97..................................... 1,000,000
1,400,000 Los Angeles, CA, Regional Airports Improvement
Corporation, Lease Revenue American Airlines, Los
Angeles International A, (LOC Wachovia Bank of
Georgia),
4.05% due 11/3/97..................................... 1,400,000
1,300,000 Los Angeles, CA, Regional Airports Improvement
Corporation, Lease Revenue American Airlines, Los
Angeles International F, (LOC Wachovia Bank of
Georgia),
4.05% due 11/3/97..................................... 1,300,000
600,000 Los Angeles, CA, Regional Airports Improvement
Corporation, Lease Revenue American Airlines, Los
Angeles International G, (LOC Wachovia Bank of
Georgia),
4.05% due 11/3/97..................................... 600,000
2,000,000 Los Angeles, CA, Regional Airports Improvement
Corporation, Lease Revenue Sublease, Los Angeles
International, Lax 2, (LOC Societe Generale),
4.05% due 11/3/97..................................... 2,000,000
1,000,000 Louisiana Public Facilities Authority Revenue,
Industrial Development, Kenner Hotel Ltd., (LOC
Deutsche Bank A.G.),
4.00% due 11/3/97..................................... 1,000,000
</TABLE>
See Notes to Financial Statements.
--------------- 33 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
TAX-EXEMPT CASH PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
- ------------ -------------
<S> <C> <C>
VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$ 2,100,000 Massachusetts State, General Obligation Unlimited,
Series B, (LOC National Westminster),
4.00% due 11/3/97..................................... $ 2,100,000
1,800,000 Metropolitan Nashville Airport Authority Special
Facilities Revenue, American Airlines, Inc. Project,
Series A,
4.05% due 11/3/97..................................... 1,800,000
4,300,000 New Jersey Economic Development Authority, Water
Facilities Revenue, United Water NJ Incorporated
Project-B, (AMBAC Insured),
3.90% due 11/3/97..................................... 4,300,000
3,300,000 New York, NY, General Obligation Unlimited, Series A-5,
(LOC Kredietbank N.V.),
4.00% due 11/3/97..................................... 3,300,000
600,000 New York, NY, General Obligation Unlimited, Series B,
Subseries B7, (AMBAC Insured),
4.00% due 11/3/97..................................... 600,000
1,100,000 New York, NY, General Obligation Unlimited, Subseries
A-10, (AMBAC Insured),
3.65% due 11/3/97..................................... 1,100,000
2,415,000 New York, NY, General Obligation Unlimited, Subseries
A8, (Morgan Guaranty Trust Insured),
4.00% due 11/3/97..................................... 2,415,000
900,000 New York, NY, General Obligation Unlimited, Series B,
(FGIC Insured),
3.65% due 11/3/97..................................... 900,000
2,300,000 New York, NY, General Obligation Unlimited, Series B,
Subseries B4, (MBIA Insured),
4.00% due 11/3/97..................................... 2,300,000
2,500,000 New York, NY, City Municipal Water Finance Authority,
Water & Sewer Systems Revenue, Series C, (FGIC
Insured),
4.00% due 11/3/97..................................... 2,500,000
700,000 New York State Energy Research and Development
Authority, Pollution Control Revenue, Niagara Mohawk
Power, Series A, (LOC Toronto Dominion Bank),
3.90% due 11/3/97..................................... 700,000
</TABLE>
See Notes to Financial Statements.
--------------- 34 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
TAX-EXEMPT CASH PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
- ------------ -------------
VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
<S> <C> <C>
$ 5,255,000 New York State Energy Research and Development
Authority, Pollution Control Revenue, New York State
Electric & Gas-C, (LOC Morgan Guaranty Trust),
3.70% due 11/3/97..................................... $ 5,255,000
3,800,000 New York State Energy Research and Development
Authority, Pollution Control Revenue, New York State
Electric & Gas-D, (LOC Union Bank of Switzerland),
3.95% due 11/3/97..................................... 3,800,000
2,800,000 North Carolina Medical Care Community Hospital Revenue,
Pooled Financing Project, Series B, (LOC First Union
Bank),
4.05% due 11/3/97..................................... 2,800,000
3,200,000 Orange County, CA, Water District, Certificates of
Participation, Project B, (LOC National Westminster Pl),
3.90% due 11/3/97..................................... 3,200,000
2,700,000 Peninsula Port Authority, Virginia Coal Terminal Revenue,
Dominion Terminal Associates Project -- C, (LOC
National Westminster),
4.00% due 11/3/97..................................... 2,700,000
3,300,000 Platte County, WY, Pollution Control Revenue, Tri-State
General & Transportation, Series A, (LOC Societe
Generale),
3.95% due 11/3/97..................................... 3,300,000
2,100,000 Saint Mary's Hospital Authority, Langhorne, PA, Hospital
Revenue, Franciscan Health System C, (LOC Toronto
Dominion Bank),
4.00% due 11/3/97..................................... 2,100,000
2,085,000 South Carolina Jobs Economic Development Authority,
Economic Development, Saint Francis Hospital, (LOC
Chase Manhattan Bank),
4.05% due 11/3/97..................................... 2,085,000
2,800,000 Stevenson, AL, Industrial Development Board
Environmental Improvement Revenue, Mead Corporation
Project, (LOC Credit Suisse First Boston),
4.05% due 11/3/97..................................... 2,800,000
500,000 Wilmington, DE, Hospital Revenue, Franciscan Health
System, Series B, (LOC Toronto Dominion Bank),
4.05% due 11/3/97..................................... 500,000
-------------
TOTAL DAILY VARIABLE/FLOATING RATE NOTES
(Cost $90,955,000).................................... 90,955,000
-------------
</TABLE>
See Notes to Financial Statements.
--------------- 35 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
TAX-EXEMPT CASH PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
- ------------ -------------
<S> <C> <C>
VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
WEEKLY VARIABLE/FLOATING RATE NOTES -- 58.7%
$ 1,300,000 Alabama Special Care Facilities, Finance Authority,
Montgomery Hospital Revenue, (FGIC Insured),
3.65% due 11/5/97..................................... $ 1,300,000
8,200,000 Burke County, GA, Development Authority Pollution
Control Revenue, Oglethorpe Power Corp. Project,
Series A, (FGIC Insured),
3.60% due 11/5/97..................................... 8,200,000
800,000 California Health Facilities, Financing Authority Revenue,
Children's Hospital Project, (MBIA Insured),
3.35% due 11/6/97..................................... 800,000
1,180,000 Chicago, IL, O'Hare International Airport Revenue,
General Airport 2nd Lien -- A, (LOC Societe Generale),
3.65% due 11/5/97..................................... 1,180,000
1,000,000 Clayton County, GA, Housing Authority, Multi-Family
Housing Revenue, (LOC Barclays Bank PLC),
3.65% due 11/5/97..................................... 1,000,000
1,100,000 Clayton County, GA, Housing Authority, Multi-Family
Housing Revenue, (LOC Barclays Bank PLC),
3.65% due 11/5/97..................................... 1,100,000
7,300,000 Colorado Health Facilities, Authority Revenue, Sisters
of Charity Health, Series A,
3.60% due 11/6/97..................................... 7,300,000
650,000 Colorado Student Obligation Board Authority, Student
Loan Revenue, Series C-1, (LOC Student Loan Marketing P
Association),
3.60% due 11/5/97..................................... 650,000
900,000 Colorado Student Obligation Board Authority, Student
Loan Revenue, Series C-2, (LOC Student Loan Marketing
Association),
3.60% due 11/5/97..................................... 900,000
1,700,000 Colton, CA, Redevelopment Agency, Multi-Family Revenue,
Issue A, (LOC Federal Home Loan Bank),
3.15% due 11/4/97..................................... 1,700,000
4,000,000 Dauphin County, PA, General Authority Revenue,
School District Pooled Financing Program II (AMBAC
Insured),
3.75% due 11/5/97..................................... 4,000,000
</TABLE>
See Notes to Financial Statements.
--------------- 36 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
TAX-EXEMPT CASH PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
- ------------ -------------
<S> <C> <C>
VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$ 5,000,000 Emmaus, PA, General Authority Revenue, (FSA Insured),
3.85% due 11/5/97..................................... $ 5,000,000
600,000 Fairfax County, VA, Industrial Development Authority
Revenue, Fairfax Hospital System -- C, (LOC Credit Suisse),
3.60% due 11/5/97..................................... 600,000
2,000,000 Gloucester County, NJ, Industrial Pollution Control,
Financing Authority Revenue, Mobil Oil Refining
Company Project,
3.35% due 11/5/97..................................... 2,000,000
1,400,000 Hampton Roads, VA, Regional Jail Authority, Regional
Jail Facility Revenue, Series B, (LOC Wachovia Bank),
3.60% due 11/5/97..................................... 1,400,000
9,300,000 Hawaii Housing Authority, Multi-Family Housing Revenue,
Tropicana West Project, Series A, (LOC Federal Home
Loan Bank),
3.75% due 11/4/97..................................... 9,300,000
2,800,000 Illinois Health Facilities Authority Revenue, Decatur
Memorial Hospital, Project -- A,
3.70% due 11/5/97..................................... 2,800,000
700,000 Illinois Health Facilities Authority Revenue, Swedish
Covenant Hospital Project, (AMBAC Insured),
3.65% due 11/5/97..................................... 700,000
4,600,000 Illinois Health Facilities Authority Revenue, SSM Health
Care, Project -- A, (LOC Rabobank Nederland),
3.75% due 11/5/97..................................... 4,600,000
1,100,000 Indianapolis, IN, Industrial Multi-Family Revenue, Canal
Square Project, (LOC Societe Generale),
3.65% due 11/5/97..................................... 1,100,000
2,100,000 Iowa Higher Education Loan Authority, Private College
Facilities Revenue, (MBIA Insured),
3.65% due 11/5/97..................................... 2,100,000
1,000,000 Knox County, TN, Industrial Development Board,
Industrial Revenue, Professional Plaza LTD Project,
(LOC Credit Suisse),
3.65% due 11/5/97..................................... 1,000,000
5,000,000 Los Angeles County, CA, Pension Obligation, Series C,
(AMBAC Insured),
3.40% due 11/5/97..................................... 5,000,000
</TABLE>
See Notes to Financial Statements.
--------------- 37 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
TAX-EXEMPT CASH PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
- ------------ -------------
<S> <C> <C>
VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$ 4,300,000 Louisiana Public Facilities Authority Revenue,
Multi-Family Mortgage, (General Electric Capital
Guaranty Insured),
3.60% due 11/5/97..................................... $ 4,300,000
3,265,000 Maine State Health & Higher Educational Facilities
Authority Revenue, VHA New England Project, Series G,
(AMBAC Insured),
3.65% due 11/5/97..................................... 3,265,000
1,100,000 Massachusetts State Health & Educational Facilities
Authority Revenue, Capital Asset Project, Series G-1,
(MBIA Insured),
3.40% due 11/5/97..................................... 1,100,000
8,900,000 Massachusetts State Health & Educational Facilities
Authority Revenue, Amherst College, Series F,
3.55% due 11/6/97..................................... 8,900,000
5,000,000 Massachusetts State Industrial Finance Agency Resource
Recovery Revenue, Ogden Haverhill Project, Series A,
3.50% due 11/5/97..................................... 5,000,000
1,000,000 Metropolitan Government, Nashville & Davidson County,
TN, Health & Education Board Revenue, Series A, (LOC
Barclays Bank),
3.65% due 11/5/97..................................... 1,000,000
1,300,000 Michigan State Strategic Fund Industrial Development
Revenue, Allen Group Project, (LOC Dresdner Bank,
A.G.),
3.55% due 11/5/97..................................... 1,300,000
2,000,000 Missouri State Health & Educational Facilities Authority
Revenue, SSM Health Care Project, Series C, (MBIA
Insured),
3.65% due 11/5/97..................................... 2,000,000
4,600,000 Missouri State Health & Educational Facilities Authority
Revenue, SSM Health Care Project, Series A, (LOC
Rabobank Nederland),
3.75% due 11/5/97..................................... 4,600,000
5,000,000 Moffat County, CO, Pollution Control Revenue,
Fixed Colorado United Electric, (AMBAC Insured),
3.70% due 11/5/97..................................... 5,000,000
5,500,000 Montgomery County, MD, Housing Opportunity Commission,
Multi-Family,
3.75% due 11/5/97..................................... 5,500,000
</TABLE>
See Notes to Financial Statements.
--------------- 38 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
TAX-EXEMPT CASH PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
- ------------ -------------
<S> <C> <C>
VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$ 1,500,000 Mountain View, CA, Multi-Family Housing Revenue,
Mariposa, A, (FGIC Insured),
3.35% due 11/6/97..................................... $ 1,500,000
600,000 New Hampshire Higher Educational & Health Facilities
Authority Revenue, VHA New England Inc. Project,
Series C, (AMBAC Insured),
3.65% due 11/5/97..................................... 600,000
500,000 New Hampshire Higher Educational & Health Facilities
Authority Revenue, VHA New England Inc. Project,
Series E, (AMBAC Insured),
3.45% due 11/5/97..................................... 500,000
4,200,000 New Jersey State Turnpike Authority, Series D, (FGIC
Insured),
3.25% due 11/5/97..................................... 4,200,000
1,400,000 New York State Medical Care Facilities Finance Agency
Revenue, Lenox Hill Hospital, Series A, (LOC Chase
Manhattan Bank),
3.60% due 11/5/97..................................... 1,400,000
5,650,000 Port Kalama, WA, Public Corporation Port, Conagra
Incorporated Project, (LOC Morgan Guaranty Trust),
3.55% due 11/5/97..................................... 5,650,000
364,500 Puerto Rico Commonwealth Highway & Transportation
Authority Revenue, Series X, (LOC Union Bank of
Switzerland),
3.35% due 11/5/97..................................... 364,500
400,000 Rapides Parish, LA, Industrial Development Board,
Pollution Control Revenue, Central Louisiana Electric
Company Project, (LOC West Deutsche Landesbank),
3.60% due 11/5/97..................................... 400,000
1,100,000 Saint Charles, IL, Industrial Development Revenue,
Pier 1 Imports, Midwest Project, (LOC National
Westminster),
3.75% due 11/5/97..................................... 1,100,000
1,200,000 Savannah, GA, Port Authority, Pier 1 Imports, Southeast,
(LOC National Westminster),
3.75% due 11/5/97..................................... 1,200,000
3,300,000 Simi Valley, CA, Community Development Agency,
Multi-Family, Series 1985, Issue A,
3.25% due 11/4/97..................................... 3,300,000
</TABLE>
See Notes to Financial Statements.
--------------- 39 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
TAX-EXEMPT CASH PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
- ------------ -------------
<S> <C> <C>
VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$ 5,000,000 Utah State Board of Regents, Student Loan Revenue,
Series B, (AMBAC Insured),
3.60% due 11/5/97..................................... $ 5,000,000
6,000,000 Valdez, AK, Marine Terminal Revenue, Mobile Alaska
Pipeline Project, Series A,
3.65% due 11/5/97..................................... 6,000,000
2,700,000 Vermont Educational & Health Buildings Financing Agency,
VHA New England Project, Series E, (AMBAC Insured),
3.65% due 11/5/97..................................... 2,700,000
2,600,000 Vermont Educational & Health Buildings Financing Agency,
VHA New England Project, Series F, (AMBAC Insured),
3.65% due 11/5/97..................................... 2,600,000
300,000 Vermont Educational & Health Buildings Financing Agency,
VHA New England Project, Series G, (AMBAC Insured),
3.65% due 11/5/97..................................... 300,000
7,200,000 Wake County, NC, Industrial Facilities & Pollution
Control Financing Authority, Carolina Power & Light
Co. Project, Series A, (LOC Credit Suisse),
3.65% due 11/5/97..................................... 7,200,000
6,150,000 Washington State Housing Finance Commission,
Multi-Family Mortgage Revenue, Pacific First Federal
Project, Series A,
3.70% due 11/5/97..................................... 6,150,000
1,500,000 Washington State General Obligation Revenue, Series VR
96A
3.55% due 11/5/97..................................... 1,500,000
4,200,000 Wisconsin State Health Facilities Authority Revenue,
Hospital Sisters Obligation Project, Series G, (MBIA
Insured),
3.65% due 11/5/97..................................... 4,200,000
3,400,000 York County, PA, Industrial Development Authority,
Pollution Control Revenue, Public Service Electric &
Gas Project, Series A, (MBIA Insured),
3.50% due 11/5/97..................................... 3,400,000
-------------
TOTAL WEEKLY VARIABLE/FLOATING RATE NOTES
(Cost $164,959,500)................................... 164,959,500
-------------
TOTAL VARIABLE/FLOATING RATE NOTES
(Cost $255,914,500)................................... 255,914,500
-------------
</TABLE>
See Notes to Financial Statements.
--------------- 40 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
TAX-EXEMPT CASH PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
- ------------ -------------
<S> <C> <C>
PUT OPTION BOND(2) -- 0.7%
$ 2,000,000 Massachusetts Bay Transportation Authority, General
Transportation System, Series 1984, Issue A, (LOC
State Street Bank & Trust),
3.75% due 3/1/98
(Cost $2,000,000)..................................... $ 2,000,000
-------------
FIXED-RATE BONDS -- 8.0%
1,000,000 Allegheny County, PA, General Obligation Unlimited,
Series C-36,
6.38% due 12/1/97..................................... 1,002,212
3,075,000 Davis County, UT, School District, General Obligation
Unlimited,
4.25% due 6/1/98...................................... 3,083,620
1,000,000 Fairfax County, VA, General Obligation Unlimited,
Series A,
6.50% due 4/1/98...................................... 1,030,732
750,000 Greater Detroit Resource Recovery Authority, Michigan
Revenue, Series A, (AMBAC Insured),
4.00% due 12/13/97.................................... 749,915
1,000,000 Houston, TX, Water System Revenue,
7.40% due 12/1/97..................................... 1,022,838
1,365,000 Kentucky Local Correctional Facilities Construction
Authority Revenue, Pre-refunded 11/1/97 @ $102,
7.00% due 11/1/97..................................... 1,392,380
1,375,000 North East Independent School District, TX, General
Obligation Unlimited, (PSFG Insured),
7.00% due 2/1/98...................................... 1,385,720
3,000,000 Pennsylvania State University, University Project Notes,
Series A,
4.50% due 11/25/97.................................... 3,001,273
3,000,000 Riverside County, CA, Certificates of Participation,
1997 Lease Reference Project, (MBIA Insured),
4.25% due 11/1/97..................................... 1,705,003
2,000,000 San Antonio, TX, Electric & Gas Revenue Improvement,
(FGIC Insured),
8.00% due 2/1/98...................................... 2,060,850
6,000,000 Texas State Tax & Revenue Anticipation Notes, Series A,
4.75% due 8/31/98..................................... 6,043,624
-------------
TOTAL FIXED-RATE BONDS
(Cost $22,478,167).................................... 22,478,167
-------------
</TABLE>
See Notes to Financial Statements.
--------------- 41 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
TAX-EXEMPT CASH PORTFOLIO
STATEMENT OF NET ASSETS -- (CONCLUDED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
VALUE
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $280,392,667(3)).................... 99.8% $280,392,667
OTHER ASSETS IN EXCESS OF LIABILITIES....................... 0.2 557,070
------ ------------
NET ASSETS.................................................. 100.0% $280,949,737
====== ============
NET ASSET VALUE ($280,949,737 DIVIDED BY 281,024,470 SHARES
OUTSTANDING).............................................. $ 1.00
============
</TABLE>
- ---------------
(1) Dates shown are coupon reset dates. Rates shown are the most recent rates as
of October 31, 1997.
(2) Dates shown are put dates.
(3) Aggregate cost for federal tax purposes.
ABBREVIATIONS:
AMBAC -- AMBAC Indemnity Corporation
FGIC -- Financial Guaranty Insurance Corporation
FSA -- Financial Security Assurance Inc.
LOC -- Letter of Credit
MBIA -- Municipal Bond Investors Assurance
PSFG -- Public School Funding Group
See Notes to Financial Statements.
--------------- 42 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
CORE FIXED INCOME PORTFOLIO
STATEMENT OF NET ASSETS
OCTOBER 31, 1997
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
- ----------- ------------
<S> <C> <C>
MORTGAGE-BACKED SECURITIES(1) -- 45.7%
FEDERAL HOME LOAN MORTGAGE CORPORATION -- 7.2%
$ 775,661 #L90062 5.50% due 12/1/98............................... $ 770,992
549,039 #M18006 5.50% due 5/1/98................................ 547,008
751,329 #M90187 5.50% due 7/1/98................................ 748,550
3,150,893 #M90329 5.50% due 4/1/99................................ 3,131,925
397,260 #292264 6.50% due 12/1/02............................... 408,599
3,051,833 #E51430 6.50% due 9/1/08................................ 3,062,118
428,916 #180738 7.00% due 9/1/11................................ 435,972
2,441,902 #D78677 8.00% due 3/1/27................................ 2,535,000
231,489 #160053 8.00% due 7/1/08................................ 240,108
1,408,987 #181889 8.00% due 1/1/11................................ 1,452,990
1,206,114 #555004 8.00% due 7/1/11................................ 1,243,782
962,832 #186359 8.25% due 12/1/09............................... 996,830
962,714 #282089 8.25% due 4/1/07................................ 996,708
671,059 #186361 8.50% due 12/1/08............................... 699,956
277,130 #251738 8.50% due 7/1/09................................ 289,063
935,368 #297954 8.50% due 5/1/05................................ 964,608
500,564 #258424 9.50% due 11/1/09............................... 533,802
------------
19,058,011
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 38.5%
3,834,852 #313816 6.00% due 11/25/27.............................. 3,793,052
12,096,464 #313817 6.00% due 11/25/27.............................. 11,956,145
2,121,939 #44174 6.50% due 11/1/03................................ 2,112,264
2,560,965 #313815 6.50% due 11/25/27.............................. 2,573,770
7,517,401 #73829 6.565% due 12/1/03............................... 7,618,417
5,700,000 #73924 6.585% due 2/1/07................................ 5,762,344
6,563,921 #73927 6.62% due 1/1/04................................. 6,674,688
4,552,772 #73828 6.81% due 12/1/06................................ 4,666,592
3,480,481 #73954 6.851% due 2/1/07................................ 3,564,231
3,477,699 #73905 6.91% due 1/1/07................................. 3,590,725
4,419,762 #73917 6.95% due 1/1/07................................. 4,573,073
</TABLE>
See Notes to Financial Statements.
--------------- 43 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
CORE FIXED INCOME PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
- ----------- ------------
<S> <C> <C>
MORTGAGE-BACKED SECURITIES -- (CONTINUED)
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- (CONTINUED)
$ 2,905,097 #80290 7.25% due 6/1/98................................. $ 2,909,183
1,247,501 #313808 7.50% due 11/25/27.............................. 1,285,675
6,553,675 #393877 7.50% due 7/1/27................................ 6,715,470
1,664,217 #395680 7.50% due 8/1/27................................ 1,705,303
1,479,284 #398674 7.50% due 9/1/27................................ 1,515,804
656,031 #313804 8.00% due 11/25/27.............................. 687,192
5,027,295 #313805 8.00% due 11/25/27.............................. 5,228,387
2,472,852 #373328 8.00% due 3/1/27................................ 2,566,357
6,513,848 #390895 8.00% due 6/1/27................................ 6,760,153
2,371,671 #395715 8.00% due 8/1/27................................ 2,461,350
9,085,206 #397602 8.00% due 8/1/27................................ 9,428,740
1,682,136 #21352 8.25% due 1/1/07................................. 1,741,365
807,056 #313798 9.00% due 11/25/27.............................. 864,599
1,316,388 #313795 9.50% due 11/25/27.............................. 1,420,053
543,637 #313796 9.50% due 11/25/27.............................. 591,205
------------
102,766,137
------------
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $119,988,256)..................................... 121,824,148
------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 18.0%
13,161,000 FNR #1992-47 H 5.00% due 2/25/07........................ 12,585,206
345,229 FNR #1993-190 B 5.25% due 6/25/04....................... 343,824
539,523 FNR #1993-29 PD 5.50% due 5/25/16....................... 537,328
9,597,608 FHR #1585 K 6.500% due 9/15/23.......................... 9,372,664
7,500,000 FHR #1590 H 6.500% due 11/15/22......................... 7,537,500
17,680,000 FNR #1994-36 J 6.500% due 6/25/23....................... 17,740,642
------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $46,515,357)...................................... 48,117,164
------------
ASSET-BACKED SECURITY -- 1.9%
5,000,000 #1997-1 A7 EQCC 7.12% due 5/15/28....................... 5,156,250
------------
TOTAL ASSET-BACKED SECURITY
(Cost $4,997,280)....................................... 5,156,250
------------
</TABLE>
See Notes to Financial Statements.
--------------- 44 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
CORE FIXED INCOME PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
- ----------- ------------
<S> <C> <C>
INTEREST-ONLY SECURITIES(2) -- 4.6%
$43,350,255 UAC #97-B I 1.85% due 4/10/01........................... $ 948,287
3,846,153 FNR #93-135 PI 6.50% due 7/25/08........................ 1,288,461
1,290,000 FHR #1529 JB 7.00% due 3/15/06.......................... 317,259
2,677,825 FHG #16 PQ 7.00% due 4/25/21............................ 497,908
7,900,000 FHR #1611 L 7.00% due 11/15/23.......................... 3,300,719
2,661,107 FNR #1997-40 PK 7.00% due 7/18/19....................... 415,798
3,203,817 FHR #1966 PL 7.50% due 6/15/15.......................... 462,050
5,824,892 FHR #1970 PN 7.50% due 6/15/15.......................... 899,218
11,000,000 FNR #1997-43 PI 8.00% due 7/18/17....................... 4,118,125
------------
TOTAL INTEREST-ONLY SECURITIES
(Cost $13,206,567)...................................... 12,247,825
------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- 8.9%
GOVERNMENT AGENCY DEBENTURES -- 8.5%
4,800,000 Federal Home Loan Mortgage Corp. 7.125% due 11/18/02.... 5,040,000
5,000,000 Federal National Mortgage Association 5.90% due
10/10/02.............................................. 4,989,050
2,000,000 Federal National Mortgage Association 6.61% due
3/24/99............................................... 2,022,180
5,000,000 Federal National Mortgage Association 7.40% due
7/1/04................................................ 5,350,800
5,000,000 Federal National Mortgage Association 7.55% due
4/22/02............................................... 5,306,250
------------
22,708,280
------------
AGENCY SECURITY -- 0.4%
1,000,000 Tennessee Valley Authority 6.375% 6/15/05............... 1,011,560
------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $23,361,712)...................................... 23,719,840
------------
U.S. TREASURY OBLIGATIONS -- 26.5%
U.S. TREASURY NOTES
16,500,000(3)6.00% due 8/15/00....................................... 16,631,505
40,000,000(3)6.125% due 8/15/07...................................... 40,868,800
3,650,000 6.25% due 8/15/23....................................... 3,663,104
9,000,000 6.50% due 11/15/26...................................... 9,381,060
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $69,248,547)...................................... 70,544,469
------------
</TABLE>
See Notes to Financial Statements.
--------------- 45 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
CORE FIXED INCOME PORTFOLIO
STATEMENT OF NET ASSETS -- (CONCLUDED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
- ----------- ------------
<S> <C> <C>
REPURCHASE AGREEMENTS -- 21.5%
$57,200,000 Agreement with Union Bank of Switzerland, 5.75%, dated
10/31/97, to be repurchased at $57,227,408 on 11/3/97,
collateralized by: $38,744,063 Federal National Mortgage
Association FNR 94 -- 50 PD, 5.85% due 9/25/17,
$19,599,782 Federal National Mortgage Association
FNR 97 -- 57 F, 6.03% due 9/18/27....................... $ 57,200,000
258,000 Agreement with Goldman Sachs & Co., 5.45%, dated
10/31/97, to be repurchased at $258,117 on 11/3/97,
collateralized by:
$265,760 U.S. Treasury Bond, 9.125% due 5/15/09......... 258,000
------------
TOTAL REPURCHASE AGREEMENTS
(Cost $57,458,000)...................................... 57,458,000
------------
TOTAL INVESTMENTS (Cost $334,775,719(4)).................... 127.1% $339,067,696
REVERSE REPURCHASE AGREEMENTS -- (21.4)%
40,400,000 Reverse Repurchase Agreement with Merrill
Lynch, dated 10/31/97 bearing 2.25% to be
repurchased at $40,407,575 on 11/3/97,
collateralized by: $40,000,000 U.S. Treasury
Bonds,
6.125% due 8/15/07............................ (40,400,000)
16,788,750 Reverse Repurchase Agreement with Merrill
Lynch, dated 10/31/97 bearing 5.15% to be
repurchased at $16,795,955 on 11/3/97,
collateralized by: $16,500,000 U.S. Treasury
Bonds,
6.00% due 8/15/00............................. (16,788,750)
------------
TOTAL REVERSE REPURCHASE AGREEMENTS......................... (21.4) (57,188,750)
------------
LIABILITIES IN EXCESS OF OTHER ASSETS....................... (5.7) (15,146,183)
------ ------------
NET ASSETS.................................................. 100.0% $266,732,763
====== ============
NET ASSET VALUE ($266,732,763 DIVIDED BY 25,507,187 SHARES
OUTSTANDING).............................................. $ 10.46
============
</TABLE>
- ---------------
(1) Represents current face amount at October 31, 1997.
(2) Amounts disclosed represent notional amounts.
(3) Collateral for reverse repurchase agreements.
(4) Aggregate cost for federal tax purposes was $334,927,681.
See Notes to Financial Statements.
--------------- 46 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
EQUITY PORTFOLIO
STATEMENT OF NET ASSETS
OCTOBER 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------
<S> <C> <C>
COMMON STOCKS -- 99.7%
CONSUMER SERVICES -- 27.1%
50,000 Armstrong World......................................... $ 3,328,125
130,000 Brunswick Corp. ........................................ 4,387,500
120,000 Carnival Corp., Class A................................. 5,820,000
50,000 Ford Motor Co. ......................................... 2,184,375
38,900 Loews Corp. ............................................ 4,344,644
80,000 McGraw-Hill Companies, Inc. ............................ 5,230,000
90,000 Service Corp. International............................. 2,739,375
110,000 Snap-On, Inc. .......................................... 4,730,000
60,000 V. F. Corp. ............................................ 5,362,500
------------
38,126,519
------------
BASIC INDUSTRY -- 19.8%
40,000 Burlington Northern Santa Fe Corp. ..................... 3,800,000
100,000 Johnson Controls, Inc. ................................. 4,487,500
125,000 Leggett & Platt, Inc. .................................. 5,218,750
55,000 Magna International, Inc. .............................. 3,623,125
45,000 Rohm & Haas Co. ........................................ 3,749,062
80,000 Schlumberger Ltd. ...................................... 7,000,000
------------
27,878,437
------------
FINANCIAL SERVICES -- 17.7%
25,000 Cigna Corp. ............................................ 3,881,250
37,500 Compass Bancshares, Inc. ............................... 1,413,281
56,000 Duke Realty Investments................................. 1,260,000
60,000 Edwards (A.G.) Inc. .................................... 1,968,750
90,000 First Union Corp. ...................................... 4,415,625
100,000 H&R Block, Inc.......................................... 3,700,000
14,300 Hartford Life, Class A.................................. 528,206
32,000 Merry Land & Investment................................. 698,000
60,000 NationsBank Corp. ...................................... 3,592,500
50,000 SAFECO Corp. ........................................... 2,381,250
10,000 TransAmerica Corp. ..................................... 1,009,375
------------
24,848,237
------------
</TABLE>
See Notes to Financial Statements.
--------------- 47 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
EQUITY PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
TECHNOLOGY -- 16.6%
60,000 Adobe Systems, Inc. .................................... $ 2,865,000
75,000 Compaq Computer Corp. .................................. 4,781,250
55,000 Computer Associates International, Inc. ................ 4,100,938
100,000 EMC Corp.(1)............................................ 5,600,000
100,000 Harris Corp. ........................................... 4,362,500
20,000 Intel Corp. ............................................ 1,540,000
------------
23,249,688
------------
ENERGY -- 10.6%
34,200 Amoco Corp. ............................................ 3,135,713
40,000 Chevron Corp............................................ 3,317,500
100,000 Phillips Petroleum Co. ................................. 4,837,500
100,000 USX-Marathon Group...................................... 3,575,000
------------
14,865,713
------------
UTILITIES -- 7.9%
100,000 Baltimore Gas & Electric................................ 2,743,750
40,000 FPL Group, Inc. ........................................ 2,067,500
50,000 Pinnacle West Capital Corp. ............................ 1,740,625
45,000 Sprint Corp. ........................................... 2,340,000
60,000 Texas Utilities Co. .................................... 2,152,500
------------
11,044,375
------------
TOTAL COMMON STOCKS
(Cost $98,022,355).................................... 140,012,969
------------
</TABLE>
See Notes to Financial Statements.
--------------- 48 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
EQUITY PORTFOLIO
STATEMENT OF NET ASSETS -- (CONCLUDED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
- ----------- ------------
<S> <C> <C>
REPURCHASE AGREEMENT -- 0.3%
$ 443,000 Agreement with Goldman Sachs & Co., 5.45%, dated
10/31/97 to be repurchased at $443,201 on 11/3/97,
collateralized by $452,925 U.S. Treasury Bonds, 13.25%
due 5/15/14 (Cost $443,000)........................... $ 443,000
------------
TOTAL INVESTMENTS (Cost $98,465,355(2))..................... 100.0% $140,455,969
OTHER ASSETS IN EXCESS OF LIABILITIES....................... -- 38,585
------ ------------
NET ASSETS.................................................. 100.0% $140,494,554
====== ============
NET ASSET VALUE ($140,494,554 DIVIDED BY 6,986,291 SHARES
OUTSTANDING).............................................. $ 20.11
============
</TABLE>
- ---------------
(1) Non-income producing security.
(2) Aggregate cost for federal tax purposes.
See Notes to Financial Statements.
--------------- 49 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
SMALL CAPITALIZATION EQUITY PORTFOLIO
STATEMENT OF NET ASSETS
OCTOBER 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------
<S> <C> <C>
COMMON STOCKS -- 99.4%
CONSUMER SERVICES -- 24.4%
100,400 Applebee's International, Inc. ......................... $ 2,227,625
150,000 Banta Corp. ............................................ 3,918,750
100,000 BJ's Wholesale Club, Inc.(1)............................ 2,887,500
156,000 Bob Evans Farms, Inc. .................................. 2,954,250
109,900 Canandaigua Brands, Inc.(1)............................. 5,453,787
86,300 Carmike Cinemas, Inc.(1)................................ 2,804,750
135,700 Consolidated Cigar Holdings Inc.(1)..................... 5,326,225
213,800 Fingerhut Companies, Inc. .............................. 4,730,325
172,700 First Brands Corp. ..................................... 4,403,850
37,300 General Cigar Holdings Inc.(1).......................... 1,079,369
145,950 Harman International Industries, Inc. .................. 7,881,300
128,700 Haverty Furniture Company, Inc. ........................ 1,673,100
193,500 Homebase, Inc.(1)....................................... 1,777,781
175,000 K2, Inc. ............................................... 4,429,687
120,500 Kellwood Co. ........................................... 4,164,781
62,000 Kimball International, Class B.......................... 2,542,000
55,100 La-Z Boy, Inc. ......................................... 2,059,363
160,600 Libbey, Inc. ........................................... 6,002,425
114,800 Lone Star Steakhouse & Saloon, Inc.(1).................. 2,654,750
183,000 Pittston Brink's Group.................................. 6,610,875
102,200 Polaris Industries, Inc. ............................... 3,110,713
86,667 Pulitzer Publishing Co. ................................ 4,669,185
141,100 Sbarro, Inc. ........................................... 3,730,331
258,200 Shopko Stores, Inc. .................................... 6,471,138
90,000 Tarrant Apparel Group, Inc.(1).......................... 1,102,500
105,500 Toro Co. ............................................... 4,510,125
119,100 Universal Corp. ........................................ 4,577,906
100,000 York Group, Inc. ....................................... 2,325,000
------------
106,079,391
------------
</TABLE>
See Notes to Financial Statements.
--------------- 50 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
SMALL CAPITALIZATION EQUITY PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
BASIC INDUSTRY -- 21.7%
61,300 Aeroquip-Vickers Inc. .................................. $ 3,191,431
130,600 Amcast Industrial Corp. ................................ 3,313,975
120,000 American Building Co.(1)................................ 3,360,000
48,000 AptarGroup, Inc. ....................................... 2,637,000
80,000 Atchison Casting Corp.(1)............................... 1,645,000
65,400 Borg-Warner Automotive, Inc. ........................... 3,564,300
140,800 Breed Technologies, Inc. ............................... 3,106,400
122,500 Caraustar Industries, Inc. ............................. 4,210,938
112,500 Carlisle Companies, Inc. ............................... 4,865,625
90,000 Carpenter Technology Corp. ............................. 4,353,750
119,600 ChemFirst Inc. ......................................... 3,019,900
127,200 Cincinnati Milacron, Inc. .............................. 3,529,800
79,100 Cleveland-Cliffs, Inc. ................................. 3,435,906
128,800 Dexter Corp. ........................................... 5,055,400
117,900 Excel Industries........................................ 2,100,094
224,400 Granite Construction, Inc. ............................. 4,740,450
187,900 Intermet Corp. ......................................... 3,617,075
177,400 Kaydon Corp. ........................................... 5,388,525
207,500 Mississippi Chemical Corp. ............................. 3,812,813
68,600 Moog, Inc., Class A(1).................................. 2,572,500
105,900 Regal-Beloit Corp. ..................................... 2,846,062
82,400 Standex International Corp. ............................ 2,884,000
90,800 Texas Industries, Inc. ................................. 4,307,325
182,700 Titan International, Inc. .............................. 3,791,025
90,000 Titanium Metals Corp.(1)................................ 2,812,500
150,000 Watts Industries, Inc., Class A......................... 3,806,250
69,100 Zurn Industries, Inc. .................................. 2,319,169
------------
94,287,213
------------
FINANCIAL SERVICES -- 17.1%
122,400 American Bankers Insurance Group........................ 4,574,700
56,300 AmerUs Life Holdings, Inc.(1)........................... 1,748,819
</TABLE>
See Notes to Financial Statements.
--------------- 51 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
SMALL CAPITALIZATION EQUITY PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
FINANCIAL SERVICES -- (CONTINUED)
76,845 Bank Atlantic Bancorp, Inc., Class A.................... $ 1,056,619
80,625 Bank Atlantic Bancorp, Inc., Class B.................... 1,118,672
58,800 Bank United Corp., Class A.............................. 2,469,600
60,000 Banknorth Group, Inc. .................................. 3,630,000
109,000 Enhance Financial Services Group........................ 5,756,563
85,100 First Hawaiian, Inc. ................................... 3,318,900
129,200 First Republic Bancorp, Inc. ........................... 3,649,900
126,200 Harleysville Group, Inc. ............................... 3,218,100
194,400 HUBCO, Inc. ............................................ 6,767,550
130,000 Liberty Corp. .......................................... 5,565,625
144,800 Orion Capital Corp. .................................... 6,516,000
108,100 Presidential Life Corp. ................................ 2,148,488
121,300 Protective Life Corp. .................................. 6,413,737
350,900 Reliance Group Holdings................................. 4,430,112
70,700 Selective Insurance Group............................... 3,826,637
88,500 Trans Financial, Inc. .................................. 2,832,000
186,400 Washington Federal, Inc. ............................... 5,498,800
------------
74,540,822
------------
TECHNOLOGY -- 11.5%
160,000 BancTec, Inc.(1)........................................ 3,660,000
58,200 Benchmark Electronics, Inc.(1).......................... 1,451,362
241,800 Chips & Technologies, Inc.(1)........................... 3,838,575
145,500 Data General Corp.(1)................................... 2,800,875
164,200 Fluke Corp. ............................................ 3,951,063
159,300 Glenayre Technologies(1)................................ 2,070,900
7,200 Helix Technology Corp. ................................. 324,000
135,200 In Focus Systems, Inc.(1)............................... 4,427,800
82,600 Network Equipment Technologies, Inc.(1)................. 1,404,200
87,100 Policy Management Systems Corp.(1)...................... 5,334,875
177,000 S3 Incorporated(1)...................................... 1,570,875
131,600 Silicon Valley Group, Inc.(1)........................... 3,783,500
117,600 Sterling Software, Inc.1................................ 4,013,100
91,000 Stratus Computer, Inc.(1)............................... 3,219,125
</TABLE>
See Notes to Financial Statements.
--------------- 52 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
SMALL CAPITALIZATION EQUITY PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
TECHNOLOGY -- (CONTINUED)
180,000 Symantec Corp. ......................................... $ 3,937,500
105,000 Watkins-Johnson Co. .................................... 3,255,000
170,000 Xicor, Inc. ............................................ 935,000
------------
49,977,750
------------
REAL ESTATE -- 10.3%
100,000 Amli Residential Properties............................. 2,325,000
66,500 Apartment Investment & Management Co. .................. 2,356,594
75,800 Arden Realty Group, Inc. ............................... 2,311,900
156,900 Bedford Property Investors.............................. 3,216,450
112,120 Bradley Real Estate, Inc. .............................. 2,200,355
81,800 Cali Realty Corp. ...................................... 3,312,900
100,000 CBL & Associates Properties, Inc. ...................... 2,412,500
65,300 Chelsea GCA Realty, Inc. ............................... 2,669,138
145,500 Duke Realty Investments................................. 3,273,750
57,300 FelCor Suites Hotels, Inc. ............................. 2,098,613
125,000 Glenborough Realty Trust................................ 3,203,125
81,900 Kilroy Realty Corp. .................................... 2,170,350
89,300 Koger Equity, Inc. ..................................... 1,931,112
79,500 Liberty Property Trust.................................. 2,226,000
54,700 MGI Properties, Inc. ................................... 1,258,100
83,500 Pacific Gulf Properties................................. 1,889,187
169,100 TriNet Corporate Realty................................. 6,119,306
------------
44,974,380
------------
HEALTH CARE -- 6.1%
141,200 Conmed Corporation(1)................................... 2,894,600
102,600 DENTSPLY International, Inc. ........................... 2,911,275
116,700 Hologic, Inc. .......................................... 2,990,437
187,700 Integrated Health Services.............................. 5,959,475
222,400 NovaCare Inc.(1)........................................ 2,905,100
152,100 Sierra Health Services(1)............................... 5,618,194
158,600 Sun HealthCare Group, Inc.(1)........................... 3,152,175
------------
26,431,256
------------
</TABLE>
See Notes to Financial Statements.
--------------- 53 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
SMALL CAPITALIZATION EQUITY PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
ENERGY -- 5.0%
104,600 Belco Oil & Gas Corp.(1)................................ $ 2,261,975
113,300 Mitchell Energy & Development Corp. .................... 2,832,500
100,000 Teekay Shipping Corp. .................................. 3,200,000
146,400 Trico Marine Services Inc.(1)........................... 5,380,200
190,200 Vintage Petroleum, Inc. ................................ 4,350,825
198,000 Zeigler Coal Holding Co. ............................... 3,539,250
------------
21,564,750
------------
UTILITIES -- 3.3%
38,500 Eastern Enterprises..................................... 1,508,719
90,000 New Jersey Resources.................................... 2,913,750
51,400 Northwest Natural Gas Co. .............................. 1,265,725
30,000 People's Energy Corp. .................................. 1,072,500
53,500 Piedmont Natural Gas Co., Inc. ......................... 1,498,000
125,600 Public Service Co. of New Mexico........................ 2,441,350
53,800 Washington Gas Light Co. ............................... 1,381,987
50,000 WICOR, Inc. ............................................ 2,156,250
------------
14,238,281
------------
TOTAL COMMON STOCKS
(Cost $339,644,649)................................... 432,093,843
------------
</TABLE>
See Notes to Financial Statements.
--------------- 54 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
SMALL CAPITALIZATION EQUITY PORTFOLIO
STATEMENT OF NET ASSETS -- (CONCLUDED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
- ----------- ------------
<S> <C> <C>
REPURCHASE AGREEMENT -- 0.6%
$2,694,000 Agreement with Goldman Sachs & Co., 5.45%, dated
10/31/97 to be repurchased at $2,695,224 on 11/3/97,
collateralized by $2,754,240 U.S. Treasury Bonds,
9.125% due 2/15/23 (Cost $2,694,000).................. $ 2,694,000
------------
TOTAL INVESTMENTS (Cost $342,338,649(2)).................... 100.0% $434,787,843
LIABILITIES IN EXCESS OF OTHER ASSETS....................... -- (131,794)
------ ------------
NET ASSETS.................................................. 100.0% $434,656,049
====== ============
NET ASSET VALUE ($434,656,049 DIVIDED BY 22,803,233 SHARES
OUTSTANDING).............................................. $ 19.06
============
</TABLE>
- ---------------
(1) Non-income producing security.
(2) Aggregate cost for federal tax purposes was $342,445,295.
See Notes to Financial Statements.
--------------- 55 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
LARGE CAP VALUE PORTFOLIO
STATEMENT OF NET ASSETS
OCTOBER 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------
<S> <C> <C>
COMMON STOCKS -- 98.8%
FINANCIAL SERVICES -- 17.5%
8,000 Cigna Corp. ............................................ $ 1,242,000
23,100 Fleet Financial Group Inc. ............................. 1,485,619
31,500 Green Tree Financial Corp. ............................. 1,326,938
25,400 MBIA, Inc. ............................................. 1,517,650
22,900 Merrill Lynch & Co. .................................... 1,548,612
25,800 NationsBank Corp. ...................................... 1,544,775
20,700 Providian Financial Corp. .............................. 765,900
10,300 SLM Holding Corp. ...................................... 1,445,862
23,000 Travelers Group, Inc. .................................. 1,610,000
------------
12,487,356
------------
PRODUCER MANUFACTURING -- 12.3%
26,200 Caterpillar, Inc. ...................................... 1,342,750
26,000 Cooper Industries, Inc. ................................ 1,355,250
32,000 Dana Corp. ............................................. 1,498,000
29,500 Deere & Co. ............................................ 1,552,438
39,100 Ingersoll-Rand Corp. ................................... 1,522,456
34,800 Parker-Hannifin Corp. .................................. 1,455,075
------------
8,725,969
------------
UTILITIES -- 11.6%
21,700 Columbia Gas System, Inc. .............................. 1,567,825
23,400 Consolidated Natural Gas Co. ........................... 1,265,062
30,000 FPL Group, Inc. ........................................ 1,550,625
20,800 Pinnacle West Capital Corp. ............................ 724,100
41,900 Texas Utilities Co. .................................... 1,503,163
40,800 US WEST Communications Group............................ 1,624,350
------------
8,235,125
------------
ENERGY MINERALS -- 10.6%
19,000 Chevron Corp. .......................................... 1,575,813
24,000 Exxon Corp. ............................................ 1,474,500
20,000 Mobil Corp. ............................................ 1,456,250
</TABLE>
See Notes to Financial Statements.
--------------- 56 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
LARGE CAP VALUE PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------
COMMON STOCKS -- (CONTINUED)
<S> <C> <C>
ENERGY MINERALS -- (CONTINUED)
30,800 Phillips Petroleum Co. ................................. $ 1,489,950
42,700 USX-Marathon Group...................................... 1,526,525
------------
7,523,038
------------
ELECTRONIC TECHNOLOGY -- 10.0%
46,500 Applied Materials, Inc.(1).............................. 1,551,938
34,800 Harris Corp. ........................................... 1,518,150
15,600 International Business Machines Corp. .................. 1,529,775
32,500 Sun Microsystems, Inc.(1)............................... 1,113,125
17,800 Xerox Corp. ............................................ 1,411,763
------------
7,124,751
------------
CONSUMER DURABLES -- 8.4%
45,600 Brunswick Corp. ........................................ 1,539,000
40,800 Chrysler Corp. ......................................... 1,438,200
32,200 Ford Motor Co. ......................................... 1,406,737
56,300 Hasbro, Inc. ........................................... 1,632,700
------------
6,016,637
------------
CONSUMER NON-DURABLES -- 8.4%
27,800 Gannett Company, Inc. .................................. 1,461,237
24,300 McGraw-Hill Companies, Inc. ............................ 1,588,613
37,200 Philip Morris Companies, Inc. .......................... 1,474,050
16,200 V. F. Corp. ............................................ 1,447,875
------------
5,971,775
------------
TRANSPORTATION -- 6.3%
14,600 Delta Air Lines, Inc. .................................. 1,470,950
46,300 Norfolk Southern Corp. ................................. 1,487,387
23,000 Tidewater Inc. ......................................... 1,510,813
------------
4,469,150
------------
</TABLE>
See Notes to Financial Statements.
--------------- 57 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
LARGE CAP VALUE PORTFOLIO
STATEMENT OF NET ASSETS -- (CONCLUDED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
RETAIL TRADE -- 6.0%
23,200 Dayton Hudson Corp. .................................... $ 1,457,250
37,600 Federated Department Stores(1).......................... 1,654,400
60,300 Woolworth Corp.(1)...................................... 1,145,700
------------
4,257,350
------------
PROCESS INDUSTRIES -- 3.9%
16,000 Dow Chemical Co. ....................................... 1,452,000
22,700 duPont (E.I.) de Nemours................................ 1,291,062
------------
2,743,062
------------
INDUSTRIAL SERVICES -- 2.0%
24,300 Halliburton Co. ........................................ 1,448,887
------------
NON-ENERGY MINERALS -- 1.8%
24,900 Nucor Corp. ............................................ 1,301,025
------------
TOTAL COMMON STOCKS
(Cost $59,832,304).................................... 70,304,125
------------
<CAPTION>
FACE
AMOUNT
- -----------
<S> <C> <C>
REPURCHASE AGREEMENT -- 0.3%
$ 215,000 Agreement with Goldman Sachs & Co., 5.45%, dated 10/31/97
to be repurchased at $215,098 on 11/3/97, collateralized
by $221,620 U.S. Treasury Bonds, 13.875% due 5/15/11
(Cost $215,000)....................................... 215,000
------------
TOTAL INVESTMENTS (Cost $60,047,304(2))..................... 99.1% $ 70,519,125
OTHER ASSETS IN EXCESS OF LIABILITIES....................... 0.9 658,234
------ ------------
NET ASSETS.................................................. 100.0% $ 71,177,359
====== ============
NET ASSET VALUE ($71,177,359 DIVIDED BY 5,354,906 SHARES
OUTSTANDING)....................................................... $ 13.29
============
</TABLE>
- ---------------
(1) Non-income producing security.
(2) Aggregate cost for federal tax purposes.
See Notes to Financial Statements.
--------------- 58 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
INTERNATIONAL PORTFOLIO
STATEMENT OF NET ASSETS
OCTOBER 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------
<S> <C> <C>
FOREIGN SECURITIES -- 95.2%
JAPAN -- 22.6%
158,600 Acom Co., Ltd. ......................................... $ 8,701,247
309,000 Amway Japan Ltd. ....................................... 8,116,708
191,000 Aoyama Trading Co. Ltd. ................................ 5,128,263
412,000 Canon Inc............................................... 10,000,333
465,000 Dai Nippon Printing Co. Ltd. ........................... 9,276,808
596,000 Denso Corp. ............................................ 12,881,131
2,580 East Japan Railway Co. ................................. 12,546,135
12,588 Fuji Photo Film Ltd. -- ADR............................. 462,609
277,000 Fuji Photo Film Ltd. ................................... 10,039,235
1,323,000 Hitachi Ltd. ........................................... 10,172,693
430,000 Honda Motor Co. ........................................ 14,476,309
170,000 Ito-Yokado Co. Ltd. .................................... 8,450,540
684,000 Kao Corp. .............................................. 9,552,120
647,000 Kirin Brewery Co., Ltd. ................................ 5,432,003
24,458 Kyocera Ltd. -- ADR..................................... 2,852,414
1,372,000 Mitsubishi Heavy Industries Ltd. ....................... 6,740,249
178,000 Nintendo Corp. Ltd. .................................... 15,388,196
1,590,000 Nishimatsu Construction Co. ............................ 7,798,005
205,000 Rohm Co. ............................................... 20,278,470
1,600,000 Sekisui Chemicals Corp. ................................ 12,595,179
825,000 Sharp Corp. ............................................ 6,412,095
1,379,000 Toda Construction Co. .................................. 6,958,047
2,200,000 Toshiba Corp. .......................................... 9,966,750
620,000 Wacoal Corp. ........................................... 6,699,917
688,000 Yamanouchi Pharmaceutical Co. .......................... 16,928,346
------------
237,853,802
------------
UNITED KINGDOM -- 20.2%
1,353,312 Associated British Foods PLC............................ 10,782,074
1,513,000 B.A.T. Industries PLC................................... 13,285,147
163,000 BOC Group PLC........................................... 2,731,265
2,825,000 BTR PLC................................................. 9,630,742
</TABLE>
See Notes to Financial Statements.
--------------- 59 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
INTERNATIONAL PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------
<S> <C> <C>
FOREIGN SECURITIES -- (CONTINUED)
UNITED KINGDOM -- (CONTINUED)
1,535,000 Cadbury Schweppes PLC................................... $ 15,357,820
1,565,000 Dalgety PLC............................................. 6,444,312
1,100,000 De La Rue PLC........................................... 7,859,828
225,000 Hyder PLC, Cumulative, Redeemable Preference Shares,
7.875%................................................ 432,114
635,333 Hyder PLC, Ordinary Shares.............................. 9,585,468
2,556,250 Iceland Group PLC....................................... 5,145,118
3,850,000 Mirror Group Newspapers PLC............................. 12,753,770
1,292,000 National Power PLC...................................... 10,737,840
1,600,000 Reed International...................................... 15,753,202
890,000 Rio Tinto PLC........................................... 11,554,249
1,910,000 Safeway PLC............................................. 12,478,189
2,413,200 Scottish Power PLC...................................... 17,991,850
1,245,000 Smith (W.H.) Group PLC, Class A......................... 7,893,542
1,370,000 Tate & Lyle PLC......................................... 10,443,960
3,565,000 Tomkins PLC............................................. 18,222,753
411,000 Zeneca Group PLC........................................ 13,029,099
------------
212,112,342
------------
ITALY -- 7.5%
1,144,000 Benetton Group S.p.A. .................................. 16,695,045
247,000 ENI S.p.A. -- ADR....................................... 13,924,625
1,577,173 Instituto Bancario Sao Paolo di Torino.................. 11,993,835
442,000 Instituto Mobiliare Italiano S.p.A. -- ADR.............. 11,878,750
3,838,333 Telecom Italia S.p.A.................................... 24,110,303
------------
78,602,558
------------
SPAIN -- 7.4%
158,348 Banco Popular Espanol SA................................ 9,353,661
651,000 Dragados & Construcciones SA............................ 13,206,230
1,513,000 Iberdrola SA............................................ 18,103,562
385,000 Repsol SA -- ADR........................................ 16,362,500
253,000 Telefonica de Espana -- ADR............................. 20,809,250
------------
77,835,203
------------
</TABLE>
See Notes to Financial Statements.
--------------- 60 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
INTERNATIONAL PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------
<S> <C> <C>
FOREIGN SECURITIES -- (CONTINUED)
FRANCE -- 6.7%
80,030 Compagnie de Saint-Gobain............................... $ 11,490,149
126,858 Elf Aquitaine SA........................................ 15,705,747
84,200 Groupe Danone........................................... 12,877,252
134,745 Lafarge SA.............................................. 8,420,540
276,000 Lagardere Groupe........................................ 7,939,588
310,000 SCOR SA................................................. 14,400,479
------------
70,833,755
------------
GERMANY -- 5.8%
314,000 Deutsche Bank AG........................................ 20,764,399
180,000 Deutsche Telekom AG..................................... 3,375,523
335,000 Hoechst AG.............................................. 12,885,363
99,000 Siemens AG.............................................. 6,150,139
47,290 Siemens AG -- ADR....................................... 2,914,246
275,200 Veba AG................................................. 15,498,374
------------
61,588,044
------------
SWEDEN -- 5.4%
872,333 Astra AB................................................ 13,514,067
247,000 Electrolux AB -- Series B............................... 20,451,935
450,000 SKF AB -- Series B...................................... 10,457,010
480,000 Volvo AB -- Series B.................................... 12,564,438
------------
56,987,450
------------
AUSTRALIA -- 5.3%
4,185,000 Boral Ltd. ............................................. 11,003,286
3,170,000 Email Ltd. ............................................. 8,423,768
6,600,000 Foster's Brewing Group.................................. 12,527,460
637,758 Lend Lease Corp., Ltd. ................................. 13,055,774
1,870,789 Westpac Banking Corp., Ltd. ............................ 10,889,563
------------
55,899,851
------------
</TABLE>
See Notes to Financial Statements.
--------------- 61 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
INTERNATIONAL PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------
<S> <C> <C>
FOREIGN SECURITIES -- (CONTINUED)
NORWAY -- 4.5%
4,580,000 Christiania Bank OG Kreditkasse......................... $ 18,283,954
317,000 Kvaerner AS............................................. 16,293,379
235,000 Norsk Hydro ASA......................................... 12,916,322
------------
47,493,655
------------
FINLAND -- 2.5%
291,000 Oy Nokia AB -- Series A ADR............................. 25,680,750
------------
NETHERLANDS -- 2.2%
830,000 ABN-AMRO Holding N.V.................................... 16,719,732
171,323 Royal PTT Nederland N.V................................. 6,510,274
------------
23,230,006
------------
CANADA -- 1.9%
300,000 Magna International, Inc. -- Class A.................... 19,762,500
------------
MEXICO -- 1.7%
716,250 Cemex, S.A. de C.V. -- Series "B"(1).................... 3,128,252
217,000 Telefonos de Mexico -- Class L ADR...................... 9,385,250
257,100 TV Azteca ADR(1)........................................ 4,917,038
------------
17,430,540
------------
SINGAPORE -- 0.8%
1,080,000 Singapore Airlines, Ltd., Foreign....................... 8,099,142
------------
MALAYSIA -- 0.3%
857,666 Malaysia International Shipping Berhad.................. 1,442,754
1,411,000 Sime Darby Berhad....................................... 2,034,484
------------
3,477,238
------------
THAILAND -- 0.3%
293,273 Thailand Fund, Inc. .................................... 2,932,730
------------
NEW ZEALAND -- 0.1%
95,000 Tranz Rail Holdings -- ADR.............................. 1,282,500
------------
TOTAL FOREIGN SECURITIES
(Cost $862,392,774)................................... 1,001,102,066
------------
</TABLE>
See Notes to Financial Statements.
--------------- 62 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
INTERNATIONAL PORTFOLIO
STATEMENT OF NET ASSETS -- (CONCLUDED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
- ----------- --------------
<S> <C> <C>
REPURCHASE AGREEMENT -- 4.6%
$47,892,000 Agreement with Goldman, Sachs & Co., 5.45%, dated
10/31/97, to be repurchased at $47,913,751 on 11/3/97
collateralized by $48,881,400 U.S. Treasury Bonds,
10% due 5/15/10 (Cost $47,892,000)................... $ 47,892,000
--------------
TOTAL INVESTMENTS (Cost $910,284,774(2)).................. 99.8% $1,048,994,066
OTHER ASSETS IN EXCESS OF LIABILITIES..................... 0.2 2,107,984
------ --------------
NET ASSETS................................................ 100.0% $1,051,102,050
====== ==============
NET ASSET VALUE ($1,051,102,050 DIVIDED BY 69,543,611
SHARES OUTSTANDING).............................................. $ 15.11
==============
</TABLE>
- ---------------
(1) Non-income producing security.
(2) Aggregate cost for federal tax purposes was $919,032,804.
ABBREVIATION:
ADR -- American Depositary Receipts
See Notes to Financial Statements.
--------------- 63 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
INTERNATIONAL PORTFOLIO
SECTOR DIVERSIFICATION
ON OCTOBER 31, 1997, SECTOR DIVERSIFICATION OF THE PORTFOLIO WAS AS FOLLOWS
(UNAUDITED):
<TABLE>
<CAPTION>
% OF
NET ASSETS VALUE
---------- --------------
<S> <C> <C>
INDUSTRIES:
Financial Services................................. 11.6% $ 121,640,915
Electronics........................................ 9.6 100,751,701
Engineering & Construction......................... 7.4 78,297,888
Food & Beverage.................................... 7.0 73,864,881
Oil & Gas.......................................... 5.9 61,491,246
Telecommunications................................. 5.5 57,680,326
Utilities.......................................... 5.4 56,850,835
Industrial......................................... 4.7 49,433,574
Automotive......................................... 4.5 47,119,940
Other.............................................. 4.4 46,352,645
Printing & Publishing.............................. 4.3 45,643,607
Health Care & Pharmaceuticals...................... 4.1 43,471,511
Manufacturing...................................... 3.7 39,332,713
Chemicals.......................................... 3.7 38,713,651
Retail............................................. 2.9 30,645,111
Consumer Durables/Non-Durables..................... 2.5 26,119,368
Apparel & Textiles................................. 2.2 23,394,962
Transportation..................................... 2.2 23,370,531
Insurance.......................................... 1.4 14,400,479
Electrical......................................... 0.9 9,064,386
Commercial Services................................ 0.6 6,510,274
Television......................................... 0.5 4,917,038
Real Estate........................................ 0.2 2,034,484
---------- --------------
TOTAL FOREIGN SECURITIES............................... 95.2% $1,001,102,066
---------- --------------
REPURCHASE AGREEMENT................................... 4.6 47,892,000
---------- --------------
TOTAL INVESTMENTS...................................... 99.8% $1,048,994,066
========== ==============
</TABLE>
See Notes to Financial Statements.
--------------- 64 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
INSTITUTIONAL INTERNATIONAL PORTFOLIO
STATEMENT OF NET ASSETS
OCTOBER 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------
<S> <C> <C>
FOREIGN SECURITIES -- 94.7%
JAPAN -- 21.9%
15,800 Acom Co., Ltd. ......................................... $ 866,833
26,600 Amway Japan Ltd. ....................................... 698,719
14,300 Aoyama Trading Co. Ltd. ................................ 383,948
30,000 Canon Inc. ............................................. 728,179
36,000 Dai Nippon Printing Co. Ltd. ........................... 718,204
43,000 Denso Corp. ............................................ 929,343
190 East Japan Railway Co. ................................. 923,940
722 Fuji Photo Film Ltd. -- ADR............................. 26,533
21,000 Fuji Photo Film Ltd. ................................... 761,097
96,000 Hitachi Ltd. ........................................... 738,154
30,000 Honda Motor Co. ........................................ 1,009,975
12,000 Ito-Yokado Co. Ltd. .................................... 596,508
49,000 Kao Corp. .............................................. 684,289
47,000 Kirin Brewery Co., Ltd. ................................ 394,596
1,242 Kyocera Ltd. -- ADR..................................... 144,848
100,000 Mitsubishi Heavy Industries Ltd. ....................... 491,271
13,000 Nintendo Corp. Ltd. .................................... 1,123,857
130,000 Nishimatsu Construction Co. ............................ 637,572
15,000 Rohm Co. ............................................... 1,483,790
130,000 Sekisui Chemicals Corp. ................................ 1,023,358
60,000 Sharp Corp. ............................................ 466,334
100,000 Toda Construction Co. .................................. 504,571
175,000 Toshiba Corp. .......................................... 792,809
50,000 Wacoal Corp. ........................................... 540,315
50,000 Yamanouchi Pharmaceutical Co. .......................... 1,230,269
------------
17,899,312
------------
UNITED KINGDOM -- 20.2%
96,688 Associated British Foods PLC............................ 770,330
110,000 B.A.T. Industries PLC................................... 965,874
14,000 BOC Group PLC........................................... 234,587
203,000 BTR PLC................................................. 692,049
</TABLE>
See Notes to Financial Statements.
--------------- 65 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
INSTITUTIONAL INTERNATIONAL PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------
<S> <C> <C>
FOREIGN SECURITIES -- (CONTINUED)
UNITED KINGDOM -- (CONTINUED)
110,000 Cadbury Schweppes PLC................................... $ 1,100,560
155,000 Dalgety PLC............................................. 638,254
80,000 De La Rue PLC........................................... 571,623
15,300 Hyder PLC, Cumulative, Redeemable Preference Shares,
7.875%................................................ 29,383
48,866 Hyder PLC, Ordinary Shares.............................. 737,256
180,000 Iceland Group PLC....................................... 362,296
279,000 Mirror Group Newspapers PLC............................. 924,234
95,000 National Power PLC...................................... 789,547
125,000 Reed International...................................... 1,230,718
65,000 Rio Tinto PLC........................................... 843,849
185,000 Safeway PLC............................................. 1,208,620
176,262 Scottish Power PLC...................................... 1,314,138
122,000 Smith (W.H.) Group PLC.................................. 773,503
98,000 Tate & Lyle PLC......................................... 747,086
257,000 Tomkins PLC............................................. 1,313,673
40,000 Zeneca Group PLC........................................ 1,268,048
------------
16,515,628
------------
ITALY -- 7.1%
83,200 Benetton Group S.p.A. .................................. 1,214,186
20,000 ENI S.p.A. -- ADR....................................... 1,127,500
112,000 Instituto Bancario Sao Paolo di Torino.................. 851,719
32,000 Instituto Mobiliare Italiano S.p.A. -- ADR.............. 860,000
272,221 Telecom Italia S.p.A. .................................. 1,709,943
------------
5,763,348
------------
SPAIN -- 7.0%
11,452 Banco Popular Espanol SA................................ 676,473
51,000 Dragados & Construcciones SA............................ 1,034,589
114,000 Iberdrola SA............................................ 1,364,048
28,200 Repsol SA -- ADR........................................ 1,198,500
18,000 Telefonica de Espana -- ADR............................. 1,480,502
------------
5,754,112
------------
</TABLE>
See Notes to Financial Statements.
--------------- 66 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
INSTITUTIONAL INTERNATIONAL PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------
<S> <C> <C>
FOREIGN SECURITIES -- (CONTINUED)
FRANCE -- 6.9%
6,925 Compagnie de Saint-Gobain............................... $ 994,244
11,642 Elf Aquitaine SA........................................ 1,441,346
5,000 Groupe Danone........................................... 764,682
9,944 Lafarge SA.............................................. 621,424
25,000 Lagardere Groupe........................................ 719,165
14,000 SCOR SA................................................. 1,114,877
------------
5,655,738
------------
GERMANY -- 6.2%
26,000 Deutsche Bank AG........................................ 1,719,346
15,600 Deutsche Telekom AG..................................... 292,545
27,000 Hoechst AG.............................................. 1,038,521
13,110 Siemens AG -- ADR....................................... 807,903
20,800 Veba AG................................................. 1,171,390
------------
5,029,705
------------
SWEDEN -- 5.3%
72,000 Astra AB................................................ 1,115,415
18,000 Electrolux AB -- Series B............................... 1,490,424
35,000 SKF AB -- Series B...................................... 813,323
36,000 Volvo AB -- Series B.................................... 942,333
------------
4,361,495
------------
AUSTRALIA -- 5.3%
350,000 Boral Ltd. ............................................. 920,228
230,000 Email Ltd. ............................................. 611,188
525,000 Foster's Brewing Group.................................. 996,502
46,527 Lend Lease Corp. Ltd. .................................. 952,470
140,825 Westpac Banking Corp. Ltd. ............................. 819,721
------------
4,300,109
------------
NORWAY -- 4.2%
315,000 Christiania Bank OG Kreditkasse......................... 1,257,520
</TABLE>
See Notes to Financial Statements.
--------------- 67 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
INSTITUTIONAL INTERNATIONAL PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------
<S> <C> <C>
FOREIGN SECURITIES -- (CONTINUED)
NORWAY -- (CONTINUED)
22,400 Kvaerner AS............................................. $ 1,151,330
18,700 Norsk Hydro ASA......................................... 1,027,810
------------
3,436,660
------------
FINLAND -- 2.3%
21,500 Oy Nokia AB -- Series A ADR............................. 1,897,375
------------
NETHERLANDS -- 2.3%
63,200 ABN-AMRO Holding N.V. .................................. 1,273,117
11,000 Koninklijke PTT Nederland............................... 420,504
4,168 Royal PTT Nederland N.V. ............................... 158,385
------------
1,852,006
------------
MEXICO -- 2.2%
7,000 Cemex, S.A. de C.V. -- Series "A"(1).................... 27,565
61,000 Cemex, S.A. de C.V. -- Series "B"(1).................... 266,420
16,700 Telefonos de Mexico -- Class L ADR...................... 722,275
42,000 TV Azteca ADR(1)........................................ 803,250
------------
1,819,510
------------
CANADA -- 2.0%
24,211 Magna International, Inc. -- Class A.................... 1,594,899
------------
SINGAPORE -- 0.8%
85,000 Singapore Airlines Ltd., Foreign........................ 637,432
------------
MALAYSIA -- 0.4%
85,000 Malaysia International Shipping Berhad.................. 142,986
107,000 Sime Darby Berhad....................................... 154,281
------------
297,267
------------
THAILAND -- 0.3%
24,880 Thailand Fund, Inc. .................................... 248,800
------------
NEW ZEALAND -- 0.2%
10,000 Tranz Rail Holdings -- ADR.............................. 135,000
------------
</TABLE>
See Notes to Financial Statements.
--------------- 68 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
INSTITUTIONAL INTERNATIONAL PORTFOLIO
STATEMENT OF NET ASSETS -- (CONCLUDED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------
<S> <C> <C>
FOREIGN SECURITIES -- (CONTINUED)
PORTUGAL -- 0.1%
5,000 Electricidade de Portugal............................... $ 87,883
------------
TOTAL FOREIGN SECURITIES
(Cost $65,493,159).................................... 77,286,279
------------
<CAPTION>
FACE
AMOUNT
- -----------
<S> <C> <C>
REPURCHASE AGREEMENT -- 5.0%
$ 4,120,000 Agreement with Goldman, Sachs & Co., 5.45%, dated
10/31/97, to be repurchased at $4,121,871 on 11/3/97
collateralized by $4,207,500 U.S. Treasury Bonds,
11.75% due 11/15/14 (Cost $4,120,000)................. 4,120,000
------------
TOTAL INVESTMENTS (Cost $69,613,159(2))..................... 99.7% $ 81,406,279
OTHER ASSETS IN EXCESS OF LIABILITIES....................... 0.3 252,315
------ ------------
NET ASSETS.................................................. 100.0% $ 81,658,594
====== ============
NET ASSET VALUE ($81,658,594 DIVIDED BY 5,483,886
SHARES OUTSTANDING)................................................ $ 14.89
============
</TABLE>
- ---------------
(1) Non-income producing security.
(2) Aggregate cost for federal tax purposes was $70,369,049.
ABBREVIATION:
ADR -- American Depositary Receipts
See Notes to Financial Statements.
--------------- 69 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
INSTITUTIONAL INTERNATIONAL PORTFOLIO
SECTOR DIVERSIFICATION
ON OCTOBER 31, 1997, SECTOR DIVERSIFICATION OF THE PORTFOLIO WAS AS FOLLOWS
(UNAUDITED):
<TABLE>
<CAPTION>
% OF NET
ASSETS VALUE
-------- -----------
<S> <C> <C>
INDUSTRIES:
Financial Services..................................... 11.4% $ 9,277,199
Electronics............................................ 9.0 7,375,349
Engineering & Construction............................. 7.5 6,157,945
Food & Beverage........................................ 6.6 5,412,013
Utilities.............................................. 6.6 5,405,764
Telecommunications..................................... 5.7 4,625,768
Oil & Gas.............................................. 4.6 3,767,346
Industrial............................................. 4.5 3,676,605
Health Care & Pharmaceuticals.......................... 4.4 3,613,711
Miscellaneous Industries............................... 4.4 3,568,221
Automotive............................................. 4.3 3,534,218
Printing & Publishing.................................. 4.2 3,444,781
Chemicals.............................................. 3.8 3,084,098
Manufacturing.......................................... 3.7 2,914,935
Retail................................................. 3.3 2,728,369
Consumer Durables/Non-Durables......................... 2.4 1,979,518
Transportation......................................... 2.3 1,839,359
Apparel & Textiles..................................... 2.1 1,754,501
Insurance.............................................. 1.4 1,114,876
Electrical............................................. 1.1 895,788
Television............................................. 1.0 803,250
Commercial Services.................................... 0.2 158,384
Real Estate............................................ 0.2 154,281
-------- -----------
TOTAL FOREIGN SECURITIES................................... 94.7% $77,286,279
-------- -----------
REPURCHASE AGREEMENT....................................... 5.0 4,120,000
-------- -----------
TOTAL INVESTMENTS.......................................... 99.7% $81,406,279
======== ===========
</TABLE>
See Notes to Financial Statements.
--------------- 70 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
EMERGING MARKETS PORTFOLIO
PORTFOLIO OF INVESTMENTS
OCTOBER 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------
<S> <C> <C> <C>
FOREIGN SECURITIES -- 95.1%
INDIA -- 9.1%
90,000 Arvind Mills GDR......................................... $ 303,750
38,000 Asia Cement GDR.......................................... 417,050
18,155 Hindalco Industries GDR.................................. 524,679
150,049 India Access Fund LTD Ord.(1)............................ 1,556,759
46,000 India Access Fund "C'(1)................................. 477,250
46,500 Indus Credit & Invest SP................................. 690,525
44,000 Larsen Toubro GDR........................................ 462,000
51,966 Mahindra Mahindra GDR(2)................................. 545,643
86,000 Reliance Industries GDR.................................. 1,806,000
42,000 State Bank of India GDR.................................. 772,800
1,270 Tata Electric Companies(1)............................... 381,000
51,000 Videsh Sanchar Nigam Ltd. GDR(2)......................... 703,800
------------
8,641,256
------------
BRAZIL -- 8.3%
3,000 Antarctica Paulista(1)................................... 243,560
38,175,000 Banco Bradesco SA........................................ 283,959
1,439,000 Banco Itau SA............................................ 580,874
1,400,000 Brasmotor SA............................................. 196,843
7,995,200 Caemi Mineracao E Metal(2)............................... 388,011
1,115,000 Centrais Electricas Brasileiras SA....................... 482,452
25,000,000 Companhia Brasileira de Petroleo Ipiranga................ 362,845
8,250,000 Companhia Energetica de Minas............................ 329,282
45,500,000 Companhia Paranaense de Energia-Copel PFB................ 549,351
33,340 Companhia Vale Do Rio Doce............................... 644,178
65,000 Confeccoes Guararapes SA(1).............................. 241,745
7,500,000 Lorenz................................................... 285,740
26,000 Petroleo Brasileiro ADR.................................. 510,656
4,700,000 Petroleo Brasileiro SA................................... 874,002
506,000 Sadia Concordia.......................................... 367,199
60,430 Souza Cruz SA............................................ 491,706
</TABLE>
See Notes to Financial Statements.
--------------- 71 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
EMERGING MARKETS PORTFOLIO
PORTFOLIO OF INVESTMENTS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------
<S> <C> <C>
FOREIGN SECURITIES -- (CONTINUED)
BRAZIL -- (CONTINUED)
5,000,000 Telecomunicacoes Brasileiras SA.......................... $ 498,911
42,000 Votorantim Celulose E Papel SA........................... 501,165
------------
7,832,479
------------
MEXICO -- 8.0%
724,000 Controladora Comercial SA de CV.......................... 717,089
293,000 Embotelladores Del Valle Anahuac SA...................... 297,196
30,200 Empresas ICA S.A. Sponsored.............................. 402,037
930,000 Grupo Financiero Bancomer, SA de CV...................... 438,365
112,000 Grupo Financiero Banamex Accival, SA de CV (Banacci) --
B shares............................................... 221,862
132,500 Grupo Financiero Banamex Accival, SA de CV (Banacci) --
L shares............................................... 242,232
1,500,000 Grupo Gigante SA......................................... 451,074
859,555 Grupo Herdez SA, Series B................................ 560,044
30,100 Grupo Minsa, SA de CV(1,2)............................... 251,431
21,500 Grupo Televisa SA GDR.................................... 666,500
282,000 Nadro Sa De C.V. "L"..................................... 272,578
35,000 Pepsi Gemex SA Sponsored GDR............................. 476,875
44,129 Tablex SA de CV.......................................... 95,314
3,000 Taneft ADR............................................... 430,500
36,800 Telefonos de Mexico ADR.................................. 1,591,600
41,000 Vitro SA ADR............................................. 489,438
------------
7,604,135
------------
SOUTH AFRICA -- 7.4%
72,000 Anglo American Platinum.................................. 1,107,693
49,000 Barlow Limited........................................... 494,075
152,000 Dimension Data Holdings Ltd.(2).......................... 632,017
13,900 Edgars Stores Ltd........................................ 315,568
25,500 Evander Gold Mines....................................... 53,015
40,000 Fedsure Holdings......................................... 432,432
36,500 Harmony Gold Mining Co.(2)............................... 125,967
</TABLE>
See Notes to Financial Statements.
--------------- 72 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
EMERGING MARKETS PORTFOLIO
PORTFOLIO OF INVESTMENTS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------
<S> <C> <C>
FOREIGN SECURITIES -- (CONTINUED)
SOUTH AFRICA -- (CONTINUED)
32,000 Liberty Life Association................................. $ 798,337
420,000 Metro Cash & Carry....................................... 406,029
39,000 Nedcor Ltd............................................... 818,919
340,000 New Clicks Holding Ltd................................... 445,322
20,000 Pretoria Portland Cement Co. Ltd......................... 274,428
40,000 Randgold & Exploration Company Ltd....................... 86,486
67,000 Sasol Ltd.(2)............................................ 807,900
6,000 Vaal Reef Exploration.................................... 258,212
------------
7,056,400
------------
TURKEY -- 7.2%
2,000,000 Akcansa Cimento.......................................... 359,673
8,500,000 Aksigorta A.S............................................ 660,082
3,000,000 Alcatel Teletas Telekomunikasyon Endustri ve Ticaret
AS..................................................... 429,155
2,600,000 Ardem Pisirici........................................... 301,090
1,800,000 Bati Cimento............................................. 255,041
40,000,000 Izmir Demir Celik Sanayi................................. 550,409
534,000 Petkim Petrokimya........................................ 299,738
2,236,048 Petrol Ofisi............................................. 420,401
3,200,000 Sarkuysan Electrolitik................................... 348,774
10,000,000 Tofas (Turk Otomobil Fab)................................ 694,823
4,340,000 Tupras Turkiye Petrol.................................... 390,245
9,580,000 Turkiye IS Bankasi....................................... 926,676
6,633,000 Turkiye Garanti Bankasi.................................. 343,398
28,800,000 Yapi Kredi Bankasi....................................... 878,911
------------
6,858,416
------------
CHINA -- 6.9%
800,000 Beijing Datang Power..................................... 403,622
301,860 China International Marine Containers (Group)............ 296,783
440,000 China Resources Beijing Land............................. 179,301
284,000 China Telecommunications................................. 453,738
441,900 Chiwan Wharf Holdings 'B'(1)............................. 171,501
</TABLE>
See Notes to Financial Statements.
--------------- 73 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
EMERGING MARKETS PORTFOLIO
PORTFOLIO OF INVESTMENTS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------
<S> <C> <C>
FOREIGN SECURITIES -- (CONTINUED)
CHINA -- (CONTINUED)
343,000 Cosco Pacific Ltd........................................ $ 399,353
672,000 Erdos Cashmere Products(1)............................... 385,730
996,000 Founder Hong Kong Ltd. .................................. 785,977
360,000 Guangdong Kelon Electric................................. 456,404
400,000 Heilongjiang Electric Power Co. Ltd. .................... 300,000
18,500 Huaneng Power International Inc.......................... 407,000
328,000 NG Fund Hong Ltd. ....................................... 307,633
630,000 Quingling Motors......................................... 411,578
635,000 Shanghai Dazhong Taxi Shareholding....................... 501,650
682,800 Shanghai New Asia (Group) Co.(1)......................... 188,452
925,600 Shanghai Refrigerator Compressor Co...................... 240,656
72,500 Shanghai Yaohua Pilkington Glass Co.(1).................. 21,026
244,904 Shenzhen Fangda Co. Ltd. B............................... 327,911
302,000 Wuxi Little Swan......................................... 343,803
------------
6,582,118
------------
RUSSIA -- 6.7%
16,000 Gazprom ADR.............................................. 358,000
10,000 Lukoil Holdings Sponsored ADR, Representing 4 Ord.
Shares................................................. 832,500
28,000 Lukoil Holdings Sponsored ADR, Representing 2 Pref.
Shares................................................. 917,000
70,000 Norilsk Nickel CSFB Certificates(1,2).................... 612,500
20 Rostelecom RDC(2,3)...................................... 620,000
85,000 Surgutneftegaz ADR....................................... 775,625
70,000 Unified Energy Systems of Russia(2)...................... 2,205,000
------------
6,320,625
------------
INDONESIA -- 5.8%
698,000 Astra.................................................... 520,098
861,078 Bank International Indonesia............................. 185,887
1,077,000 Bank Negara Indonesia.................................... 232,500
987,000 Barito Pacific Timber.................................... 577,354
1,281,300 Fiskar Agung Perkasa..................................... 535,362
520,000 Lippo Bank............................................... 144,847
</TABLE>
See Notes to Financial Statements.
--------------- 74 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
EMERGING MARKETS PORTFOLIO
PORTFOLIO OF INVESTMENTS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------
<S> <C> <C>
FOREIGN SECURITIES -- (CONTINUED)
INDONESIA -- (CONTINUED)
1,934,100 Lippo Life Insurance..................................... $ 338,217
1,722,000 Matahari Putra Prima..................................... 335,766
3,444,000 Matahari Putra Prima Rights, Expiring 12/9/97............ 191,866
358,000 Ramayana Lestari Sentosa................................. 608,301
793,500 Semen Gresik............................................. 773,607
1,082,500 Telekomunikasi Indonesia................................. 1,010,132
------------
5,503,937
------------
SOUTH KOREA -- 3.7%
17,080 Hyundai Electronics Industries Co........................ 355,834
18,660 Hyundai Motor Co......................................... 309,056
50,170 Korea Electric Power Corp................................ 715,968
6,292 Korea Green Cross........................................ 302,147
402 Korea Green Cross Rights, Expiring 11/3/97............... --
28,300 LG Electronics........................................... 383,229
5,041 LG Information........................................... 289,858
21,000 LG Semiconductor Company................................. 347,813
298 SK Telecom Co. Ltd....................................... 92,504
7,080 Samsung Display Devices.................................. 217,562
4,330 Samsung Electronics...................................... 170,945
1,200 Samsung Fire & Marine.................................... 318,750
------------
3,503,666
------------
CZECH REPUBLIC -- 3.4%
46,000 Ceska Sporitelna......................................... 350,297
17,315 CEZ2..................................................... 549,400
663 Milo Olomouc(1,2)........................................ 16,990
10,900 Skoda Koncern Plzen(1,2)................................. 283,270
10,000 SPT Telecom(2)........................................... 1,148,314
260,870 Unipetrol(2)............................................. 864,627
------------
3,212,898
------------
</TABLE>
See Notes to Financial Statements.
--------------- 75 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
EMERGING MARKETS PORTFOLIO
PORTFOLIO OF INVESTMENTS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------
<S> <C> <C>
FOREIGN SECURITIES -- (CONTINUED)
GREECE -- 3.3%
40,000 Athens Medical Care SA................................... $ 433,887
30,000 Bank of Piraeus.......................................... 552,655
18,600 Hellenic Telecommunications Organization SA.............. 389,153
6,300 Intracom SA.............................................. 276,592
4,810 Intracom SA, Pref. Shares................................ 195,258
3,800 National Bank of Greece SA............................... 398,220
760 National Bank of Greece SA, Rights Expiring 11/14/97..... --
8,635 National Investment Bank for Industrial Development SA... 482,615
7,700 Titan Cement Co.......................................... 376,846
------------
3,105,226
------------
MALAYSIA -- 2.5%
221,000 Commerce Asset-Holdings Berhad........................... 172,605
198,000 Kuala Lumpur Kepong...................................... 475,818
64,000 Malayan Bank Berhad...................................... 248,002
122,300 Malaysian Assurance Alliance Berhad...................... 220,427
131,000 Malaysian Pacific Industries............................. 409,252
128,000 Perusahaan Otomobil NAS.................................. 307,600
144,000 Star Publications........................................ 268,189
109,000 United Engineers Malaysia................................ 258,666
------------
2,360,559
------------
ARGENTINA -- 2.5%
25,000 Bansud SA................................................ 222,639
102,860 Central Puerto SA........................................ 226,432
337,909 Dalmine Siderca SA....................................... 828,391
101,000 Nobleza Piccardo SA(1)................................... 535,632
21,300 Telecom Argentina ADR.................................... 539,156
------------
2,352,250
------------
ISRAEL -- 2.4%
20,000 Crystal Systemes Solutions............................... 420,000
10,000 Gilat Satellite Networks................................. 325,000
</TABLE>
See Notes to Financial Statements.
--------------- 76 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
EMERGING MARKETS PORTFOLIO
PORTFOLIO OF INVESTMENTS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------
<S> <C> <C>
FOREIGN SECURITIES -- (CONTINUED)
ISRAEL -- (CONTINUED)
35,000 New Dimension Software................................... $ 713,125
13,000 Orbotech Ltd............................................. 555,750
25,000 Tower Semiconductor Ltd.................................. 293,750
------------
2,307,625
------------
PHILIPPINES -- 2.4%
2,823,333 Cosmos Bottling Co.(1)................................... 466,534
3,100,000 Filinvest Land Inc....................................... 282,622
140,500 Manila Electric Co....................................... 432,308
37,119 Metropolitan Bank & Trust................................ 259,097
149,000 PCI Leasing & Finance(1)................................. 5,519
9,000 Philippines National Bank................................ 21,154
731,300 Republic Glass Holding(1)................................ 29,168
660,000 RFM Corporation(1)....................................... 122,222
180,700 San Miguel Corp., Class B Shares......................... 203,351
2,492,000 SM Prime Holdings Inc.................................... 440,182
------------
2,262,157
------------
TAIWAN -- 2.0%
93,940 Accton Technology(2)..................................... 347,578
71,500 Acer Inc. GDR............................................ 470,113
39,900 China Steel Corp. GDR.................................... 585,532
37,814 Macronix International................................... 543,576
------------
1,946,799
------------
THAILAND -- 2.0%
64,700 Advanced Information Service, Foreign Shares............. 347,642
70,000 Bangkok Bank, Local Shares............................... 189,801
13,600 Bangkok Bank, Foreign Shares............................. 47,363
57,300 Delta Electronics, Foreign Shares........................ 484,627
138,180 Electricity Generating, Local Shares..................... 185,615
56,820 Electricity Generating, Foreign Shares................... 94,700
27,600 Grammy Entertainment PLC, Foreign Shares(1).............. 163,403
51,800 Jasmine International Public Co., Foreign Shares(1)...... 28,993
</TABLE>
See Notes to Financial Statements.
--------------- 77 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
EMERGING MARKETS PORTFOLIO
PORTFOLIO OF INVESTMENTS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------
<S> <C> <C>
FOREIGN SECURITIES -- (CONTINUED)
THAILAND -- (CONTINUED)
34,700 KR Precision Public Co., Foreign Shares(1)............... $ 255,502
4,500 PTT Exploration & Production, Foreign Shares............. 45,895
59,600 Thai-German Ceramic Industry Co., Foreign Shares(1)...... 16,679
------------
1,860,220
------------
PAKISTAN -- 1.7%
500 Indus Motors............................................. 148
40 Maple Leaf Cement........................................ 6
500 Nishat Textile Mills..................................... 182
50,000 Pak State Oil............................................ 539,699
800,000 Pakistan Telecom, A...................................... 673,544
602,000 Sui Northern Gas Pipeline................................ 430,918
------------
1,644,497
------------
EGYPT -- 1.6%
10,000 Commercial International Bank............................ 231,324
5,350 Eastern Tobacco(1,2)..................................... 134,143
7,731 Egyptian International Pharmaceuticals(1)................ 559,361
100 Financial & Industrial(2)................................ 6,588
125 Starch Glucose(1,2)...................................... 1,390
25,300 Uni Arab Spinning & Weaving(1)........................... 217,654
17,500 Upper Egypt Flour Mills(2)............................... 392,463
------------
1,542,923
------------
HUNGARY -- 1.5%
10,000 Borsodchem Rt. GDR....................................... 357,500
3,500 Gedeon Richter GDR....................................... 325,500
10,000 Magyar Olaj-Es Gazipare Reszventytar..................... 215,670
11,500 Mol Magyar Olaj GDR...................................... 248,687
8,800 OTP Bank................................................. 280,500
------------
1,427,857
------------
</TABLE>
See Notes to Financial Statements.
--------------- 78 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
EMERGING MARKETS PORTFOLIO
PORTFOLIO OF INVESTMENTS -- (CONTINUED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------
<S> <C> <C>
FOREIGN SECURITIES -- (CONTINUED)
PORTUGAL -- 1.2%
27,330 Banco Espirito Santo E Com De Lisboa..................... $ 792,850
8,150 Portugal Telecom SA...................................... 334,483
------------
1,127,333
------------
VENEZUELA -- 1.1%
234,667 Ceramicas Carabobo C.A................................... 256,960
440,000 Sudamtex De Venezuela Convertible Bond, 11% Due
3/19/01................................................ 413,600
23,000 Venezolana De Prerreducidos Caroni....................... 147,200
108,000 Venezuela S.A. C.A.(3)................................... 203,040
------------
1,020,800
------------
ZIMBABWE -- 1.0%
179,000 Bindura Nickel(1,2)...................................... 70,472
198,500 Meikles Africa........................................... 401,962
595,000 Trans Zambezi Industries(2).............................. 505,750
------------
978,184
------------
LEBANON -- 0.9%
22,000 Banque Audi Sal.......................................... 649,000
15,200 Solidere GDR(2).......................................... 235,600
------------
884,600
------------
SLOVAKIA -- 0.8%
2,000 Chirana Prema(1,2)....................................... 18,025
4,040 Nafta AS(1).............................................. 157,779
5,700 Slovnaft(1,2)............................................ 155,142
19,000 VSZ AS(1,2).............................................. 405,263
------------
736,209
------------
SRI LANKA -- 0.6%
71,742 John Keells Holdings Ltd................................. 366,214
300,000 Lanka Lubricant(1)....................................... 251,046
------------
617,260
------------
</TABLE>
See Notes to Financial Statements.
--------------- 79 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
EMERGING MARKETS PORTFOLIO
PORTFOLIO OF INVESTMENTS -- (CONCLUDED)
OCTOBER 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------
<S> <C> <C>
FOREIGN SECURITIES -- (CONTINUED)
PERU -- 0.5%
31,000 Southern Peru Copper Corp................................ $ 488,250
------------
POLAND -- 0.5%
13,400 Bank Handlowy W Warszawie................................ 180,206
19,250 Bank Handlowy W Warszawie GDR............................ 263,725
------------
443,931
------------
SLOVENIA -- 0.1%
7,300 SKB Bank GDR............................................. 118,077
------------
TOTAL INVESTMENTS (Cost $101,168,554(4))...................... 95.1% $ 90,340,687
OTHER ASSETS IN EXCESS OF LIABILITIES......................... 4.9 4,671,371
----- ------------
NET ASSETS.................................................... 100.0% $ 95,012,058
===== ============
</TABLE>
- ---------------
(1) Illiquid security.
(2) Non-income producing security.
(3) Security exempt from registration under Rule 144A of the Securities Act of
1933. This security may be resold in transactions exempt from registrations,
normally to qualified institutional buyers.
(4) Aggregate cost for federal tax purposes was $101,173,890.
ABBREVIATIONS:
ADR -- American Depositary Receipts
CSFB -- Credit Suisse Financial Brokers
GDR -- Global Depositary Receipt
RDC -- Russian Depositary Certificate
See Notes to Financial Statements.
--------------- 80 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
EMERGING MARKETS PORTFOLIO
SECTOR DIVERSIFICATION
ON OCTOBER 31, 1997, SECTOR DIVERSIFICATION OF THE PORTFOLIO WAS AS FOLLOWS
(UNAUDITED):
<TABLE>
<CAPTION>
% OF NET
ASSETS VALUE
-------- -----------
<S> <C> <C>
INDUSTRIES:
Banking................................................ 11.8% $11,237,347
Telecommunications..................................... 9.6 9,137,717
Energy................................................. 7.9 7,488,751
Utilities -- Electrical & Gas.......................... 6.5 6,151,462
Metals................................................. 5.8 5,521,963
Electronics............................................ 5.7 5,376,293
Building Materials & Components........................ 4.1 3,899,675
Automobiles............................................ 3.6 3,466,964
Misc. Materials & Commodities.......................... 3.5 3,285,713
Chemicals.............................................. 3.5 3,279,173
Food & Household Products.............................. 3.3 3,140,212
Other.................................................. 3.2 3,079,729
Data Processing & Reproduction......................... 3.1 3,016,283
Beverage & Tobacco..................................... 3.0 2,848,997
Insurance.............................................. 3.0 2,818,245
Merchandising.......................................... 2.6 2,438,358
Health & Personal Care................................. 2.0 1,893,473
Financial Services..................................... 2.0 1,871,773
Textiles............................................... 1.5 1,464,629
Forest Products & Paper................................ 1.5 1,460,860
Broadcasting & Publishing.............................. 1.3 1,259,689
Appliances & Household Durables........................ 1.3 1,237,706
Machinery & Engineering................................ 1.2 1,116,092
Leisure & Tourism...................................... 1.1 1,068,944
Real Estate............................................ 1.0 958,404
Transportation -- Shipping............................. 0.9 867,637
Mining................................................. 0.6 523,680
Business & Public Services............................. 0.5 430,918
---- -----------
TOTAL FOREIGN SECURITIES................................... 95.1% $90,340,687
---- -----------
TOTAL INVESTMENTS.......................................... 95.1% $90,340,687
==== ===========
</TABLE>
See Notes to Financial Statements.
--------------- 81 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
FOR THE YEAR ENDED OCTOBER 31, 1997
<TABLE>
<CAPTION>
EMERGING
MARKETS
PORTFOLIO
------------
<S> <C>
ASSETS:
Investments, at value
(Cost $101,168,554).............................................. $ 90,340,687
Cash............................................................... 3,735,217
Receivable from investments sold................................... 1,162,623
Dividends and/or interest receivable............................... 169,788
Prepaid expenses................................................... 266
Unamortized organization costs..................................... 5,327
------------
Total Assets................................................... 95,413,908
------------
LIABILITIES:
Payable for investment securities purchased........................ 160,262
Investment advisory fee payable.................................... 116,881
Administration fee payable......................................... 3,468
Accrued custody fees............................................... 81,806
Accrued expenses and other payables................................ 39,433
------------
Total Liabilities.............................................. 401,850
------------
NET ASSETS............................................................. $ 95,012,058
============
NET ASSETS CONSIST OF:
Par value.......................................................... $ 10,497
Paid-in capital in excess of par value............................. 105,791,488
Undistributed net investment income................................ (5,336)
Accumulated net realized gain/(loss) on investments sold and
foreign currency transactions.................................... --
Net unrealized appreciation or depreciation of investments and
foreign currency transactions.................................... (10,784,591)
------------
Total Net Assets............................................... $ 95,012,058
============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE
per share of beneficial interest outstanding......................... $ 9.05
============
Number of Portfolio shares outstanding................................. 10,497,462
============
</TABLE>
See Notes to Financial Statements.
--------------- 82 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES
The Glenmede Fund, Inc. (the "Fund") consists of nine portfolios: Government
Cash Portfolio, Tax-Exempt Cash Portfolio, Core Fixed Income Portfolio (formerly
Intermediate Government Portfolio), International Portfolio, Equity Portfolio,
Small Capitalization Equity Portfolio, Institutional International Portfolio,
Large Cap Value Portfolio (formerly Model Equity Portfolio) and Emerging Markets
Portfolio (collectively the "Portfolios"). The Fund was incorporated in the
State of Maryland on June 30, 1988 and is registered with the Securities and
Exchange Commission under the Investment Company Act of 1940 as an open-end
management Investment company.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates. The following is a summary of
significant accounting policies consistently followed by each Portfolio in the
preparation of its financial statements.
PORTFOLIO VALUATION: Securities held by the Government Cash and Tax-Exempt
Cash Portfolios are valued by the "amortized cost" method of valuation, which
approximates market value. Amortized cost valuation involves valuing an
instrument at its cost initially and thereafter assuming a constant amortization
to maturity of any discount or premium, regardless of the effect of fluctuating
interest rates on the market value of the instrument.
Equity securities listed on a U.S. securities exchange for which market
quotations are readily available are valued at the last quoted sale price as of
the close of the exchange's regular trading hours on the day the valuation is
made. Securities listed on a foreign exchange and unlisted foreign securities
are valued at the last quoted sales price available before the time when assets
are valued. Price information on listed securities is taken from the exchange
where the security is primarily traded. Unlisted equity securities and listed
securities not traded on the valuation date for which market quotations are
readily available are valued at an amount that does not exceed the asked price
and is not less than the bid price.
Bonds and other fixed-income securities are valued according to the broadest
and most representative market, which is ordinarily the over-the-counter market,
at the most recent quoted bid price or when exchange valuations are used, at the
latest quoted sale price on the day of valuation. If there is no such reported
sale, the latest quoted bid price will be used. Bond and other fixed-income
securities may be valued on the basis of prices provided by a pricing service
when the portfolio's investment 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
--------------- 83 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
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.
In determining fair value, management considers all relevant qualitative and
quantitative information available. These factors are subject to change over
time and are reviewed periodically. The values assigned to fair value
investments are based on available information and do not necessarily represent
amounts that might ultimately be realized, since such amounts depend on future
developments inherent in long-term investments. However, because of the inherent
uncertainty of valuation, those estimated values may differ significantly from
the values that would have been used had a ready market of the investments
existed, and the differences could be material. On October 31, 1997, 9% of net
assets of the Emerging Markets Portfolio were considered illiquid by Pictet
International Management Limited, the Portfolio's Subadvisor, but did not
require a fair value determination.
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 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
--------------- 84 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
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 that 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. 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 Core Fixed Income Portfolio, the
Government Cash Portfolio and the Emerging Markets Portfolio may enter into
reverse repurchase agreements. Under the terms of a reverse repurchase
agreement, the Portfolio sells a security subject to an obligation to repurchase
the security from the buyer at an agreed upon time and price thereby determining
the yield during the buyer's holding period. 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 respect to reverse repurchase agreements.
Under normal circumstances the Core Fixed Income Portfolio, the Government Cash
Portfolio and the Emerging Markets Portfolio will not enter into reverse
repurchase agreements if entering into such agreements would cause, at the time
of entering into such agreements, more than one-third of the value of its total
assets to be subject to such agreements.
The Core Fixed Income Portfolio's average daily balance of reverse repurchase
agreements outstanding during the year ended October 31, 1997 was approximately
$18,774,792 at a weighted average interest rate of approximately 4.12%. The
maximum
--------------- 85 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
amount of reverse repurchase agreements outstanding at a month-end during the
year ended October 31, 1997 was $65,643,750 as of September 30, 1997, which was
20.1% of total assets. The amount of reverse repurchase agreements outstanding
on October 31, 1997 was $57,188,750, which was 16.2% of total assets.
INTEREST-ONLY SECURITIES: The Core Fixed Income Portfolio may invest in
interest-only securities, which are the interest portions of "stripped"
securities. The holders of interest-only securities receive the interest on the
underlying security, but no principal payments. While the timing of the interest
receipts is known, the amount of interest to be received is not known.
COLLATERALIZED MORTGAGE OBLIGATIONS: The Core Fixed Income Portfolio may
invest in collateralized mortgage obligations, which are backed by a pool of
mortgages or mortgage-backed securities. The bonds that form collateralized
mortgage obligations are grouped into classes, which have different coupon rates
or maturities. The principal cash flows of the underlying pool of mortgages are
channeled sequentially into each class.
TBA PURCHASE COMMITMENTS: The Core Fixed Income Portfolio may enter into TBA
(to be announced) purchase commitments to purchase securities for a fixed price
at a future date, typically not exceeding 45 days. TBA purchase commitments may
be considered securities in themselves, and involve a risk of loss if the value
of the security to be purchased declines prior to settlement date. This risk is
in addition to the risk of decline in the value of the Portfolio's other assets.
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 date 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 and includes
the pro rata scientific method for amortization of premiums and accretion of
discounts when appropriate.
Securities purchased or sold on a when-issued or delayed-delivery basis may
be settled a month or more after the trade date. Interest income is not accrued
until settlement date. The Portfolio instructs the custodian to segregate assets
in a separate account with a current value at least equal to the amount of its
when-issued purchased commitments.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: Dividends from net investment
income, if any, of the Government Cash and Tax-Exempt Cash Portfolios are
declared each day the Portfolio is open for business and are paid monthly.
Dividends from net investment income, if any, of the International, Equity,
Small Capitalization Equity, Institutional International, Large Cap Value and
Emerging Markets Portfolios are declared and paid quarterly. Dividends from net
investment income, if any, of the Core
--------------- 86 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
Fixed Income Portfolio are declared and paid monthly. The Portfolios distribute
any net realized capital gains on an annual basis. Additional distributions of
net investment income and capital gains for each Portfolio may be made at the
discretion of the Board of Directors in order to avoid the 4% nondeductible
Federal excise tax. Income distributions and capital gains distributions are
determined in accordance with income tax regulations which may differ from
generally accepted accounting principles. These differences are primarily due to
differing treatments of income and gains on various investment securities held
by each Portfolio, timing differences and differing characterization of
distributions made by each Portfolio.
ORGANIZATION COSTS: Organization costs are being amortized on the
straight-line basis over periods of five years from the dates on which each
Portfolio commenced operations.
FEDERAL INCOME TAXES: Each Portfolio intends to qualify as a regulated
investment company by complying with the requirements of the Internal Revenue
Code applicable to regulated investment companies and by distributing
substantially all of its taxable income to its shareholders. Therefore, no
Federal income tax provision is required.
2. INVESTMENT ADVISORY FEE, ADMINISTRATION FEE AND OTHER PARTY TRANSACTIONS
For the Institutional International Portfolio, the Portfolio pays The
Glenmede Trust Company (the "Advisor") for its investment advisory services a
monthly fee at the annual rate of 0.75% of the value of its average daily net
assets. For the Emerging Markets Portfolio, the Portfolio pays Pictet
International Management Limited (the "Subadvisor") for its investment advisory
services a monthly fee at the annual rate of 0.50% of the value of its average
daily net assets. In addition, the Emerging Markets Portfolio also pays 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. 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 year ended
October 31, 1997.
Investment Company Capital Corp. ("ICC"), an indirect subsidiary of Bankers
Trust New York Corporation, provides administrative, accounting and transfer
agent services to the Fund. The Fund pays ICC a fee based on 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").
--------------- 87 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
This fee is computed daily and paid monthly at the following annual rates: 0.12%
of the first $100 million, 0.08% of the next $150 million, 0.04% of the next
$500 million and 0.03% of the amount in excess of $750 million. This fee is
allocated to each fund based on its relative net assets.
The Fund pays each Board member, other than Mr. Church, an annual fee of
$8,000 plus $1,250 for each Board meeting attended and each Valuation Committee
meeting attended not held in conjunction with a board meeting and out-of-pocket
expenses incurred in attending Board meetings.
Expenses for the year ended October 31, 1997 include legal fees paid to
Drinker Biddle and Reath LLP. A partner of the law firm is Secretary of the
Fund.
3. PURCHASES AND SALES OF SECURITIES
For the year ended October 31, 1997, cost of purchases and proceeds from
sales of investment securities other than U.S. Government securities and
short-term securities were:
<TABLE>
<CAPTION>
PORTFOLIO PURCHASES SALES
- --------------------------------------------------- ------------ ------------
<S> <C> <C>
Equity Portfolio................................... $ 44,074,932 $ 29,981,830
Small Capitalization Equity Portfolio.............. 222,836,299 217,916,304
Large Cap Value Portfolio.......................... 71,249,756 68,097,142
International Portfolio............................ 406,971,934 123,899,382
Institutional International Portfolio.............. 25,241,354 10,546,167
Emerging Markets Portfolio......................... 102,023,708 95,509,238
</TABLE>
For the year ended October 31, 1997, cost of purchases and proceeds from
sales of long-term U.S. Government securities were:
<TABLE>
<CAPTION>
PORTFOLIO PURCHASES SALES
- --------------------------------------------------- ------------ ------------
<S> <C> <C>
Core Fixed Income Portfolio........................ $832,376,694 $809,769,987
</TABLE>
On October 31, 1997 aggregate gross unrealized appreciation for all
securities in which there was an excess of value over tax cost and aggregate
gross unrealized depreciation for all securities in which there was an excess of
tax cost over value were as follows:
<TABLE>
<CAPTION>
PORTFOLIO APPRECIATION DEPRECIATION
- ------------------------------------------------ ------------ ------------
<S> <C> <C>
Core Fixed Income Portfolio..................... $ 5,371,108 $ 1,231,093
Equity Portfolio................................ 42,522,993 532,379
Small Capitalization Equity Portfolio........... 96,770,034 4,427,486
Large Cap Value Portfolio....................... 11,416,160 944,339
International Portfolio......................... 188,095,916 58,134,654
Institutional International Portfolio........... 15,507,949 4,470,718
Emerging Markets Portfolio...................... 11,672,884 22,506,087
</TABLE>
--------------- 88 --------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
4. COMMON STOCK
The Fund is authorized to issue and has classified 2,500,000,000 shares of
common stock with a $.001 par value. Since the Government Cash Portfolio and the
Tax-Exempt Cash Portfolio have sold shares as reinvestments of dividends and
redeemed shares only at a constant net value of $1.00 per share, the number of
shares represented by such sales, reinvestments and redemptions is the same as
the amounts shown below for such transactions. Changes in the capital shares
outstanding were as follows:
<TABLE>
<CAPTION>
YEAR ENDED 10/31/97 YEAR ENDED 10/31/96
------------------- -------------------
<S> <C> <C>
GOVERNMENT CASH PORTFOLIO:
Sold............................... $ 3,649,350,962 $ 3,113,471,425
Issued as reinvestment of
dividends.......................... 8,198 9,257
Redeemed........................... (3,650,708,344) (3,069,692,151)
------------------- -------------------
Net increase/(decrease)............ $ (1,349,184) $ 43,788,531
=================== ===================
TAX-EXEMPT CASH PORTFOLIO:
Sold............................... $ 1,166,721,027 $ 992,259,979
Issued as reinvestment of
dividends.......................... 4,632 4,576
Redeemed........................... (1,110,775,024) (993,073,443)
------------------- -------------------
Net increase/(decrease)............ $ 55,950,635 $ (808,888)
=================== ===================
</TABLE>
--------------- 89 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
10/31/97 10/31/96
------------------------- -------------------------
SHARES AMOUNT SHARES AMOUNT
---------- ------------ ---------- ------------
<S> <C> <C> <C> <C>
CORE FIXED INCOME PORTFOLIO:
Sold............................... 5,724,183 $ 59,031,638 1,282,964 $ 13,259,787
Issued as reinvestment of
dividends........................ 6,266 63,870 6,066 61,966
Redeemed........................... (5,439,039) (55,711,022) (9,172,298) (94,586,581)
---------- ------------ ---------- ------------
Net increase/(decrease)............ 291,410 $ 3,384,486 (7,883,268) $(81,264,828)
========== ============ ========== ============
EQUITY PORTFOLIO:
Sold............................... 1,051,983 $ 20,655,031 1,111,114 $ 17,969,935
Issued as reinvestment of
dividends........................ 729,704 14,732,629 499,778 8,315,878
Redeemed........................... (405,596) (8,062,262) (1,465,388) (23,749,355)
---------- ------------ ---------- ------------
Net increase....................... 1,376,091 $ 27,325,398 145,504 $ 2,536,458
========== ============ ========== ============
SMALL CAPITALIZATION EQUITY PORTFOLIO:
Sold............................... 2,520,157 $ 50,324,718 6,818,126 $108,124,038
Issued as reinvestment of
dividends........................ 3,193,384 61,159,348 1,404,372 22,598,004
Redeemed........................... (2,042,217) (41,415,225) (507,134) (8,223,676)
---------- ------------ ---------- ------------
Net increase....................... 3,671,324 $ 70,068,841 7,715,364 $122,498,366
========== ============ ========== ============
LARGE CAP VALUE PORTFOLIO:
Sold............................... 1,897,771 $ 26,904,146 2,782,747 $ 30,928,807
Issued as reinvestment of
dividends........................ 771,345 10,315,696 62,080 717,367
Redeemed........................... (1,605,371) (23,399,529) (99,140) (1,107,723)
---------- ------------ ---------- ------------
Net increase....................... 1,063,745 $ 13,820,313 2,745,687 $ 30,538,451
========== ============ ========== ============
INTERNATIONAL PORTFOLIO:
Sold............................... 21,430,219 $320,764,119 19,987,270 $270,728,669
Issued as reinvestment of
dividends........................ 2,858,245 43,750,000 340,814 4,711,978
Redeemed........................... (1,126,416) (17,451,520) (980,648) (13,498,108)
---------- ------------ ---------- ------------
Net increase....................... 23,162,048 $347,062,599 19,347,436 $261,942,539
========== ============ ========== ============
INSTITUTIONAL INTERNATIONAL PORTFOLIO:
Sold............................... 1,965,611 $ 29,419,375 763,908 $ 10,331,280
Issued as reinvestment of
dividends........................ 231,979 3,503,654 69,500 952,085
Redeemed........................... (986,256) (14,764,323) (143,815) (1,950,423)
---------- ------------ ---------- ------------
Net increase....................... 1,211,334 $ 18,158,706 689,593 $ 9,332,942
========== ============ ========== ============
EMERGING MARKETS PORTFOLIO:
Sold............................... 1,349,880 $ 15,409,544 6,375,538 $ 63,260,731
Issued as reinvestment of
dividends........................ 628,699 5,815,463 28,632 272,340
Redeemed........................... (554,567) (6,316,212) (135,587) (1,241,809)
---------- ------------ ---------- ------------
Net increase....................... 1,424,012 $ 14,908,795 6,268,583 $ 62,291,262
========== ============ ========== ============
</TABLE>
--------------- 90 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
5. LENDING OF PORTFOLIO SECURITIES
The Government Cash, Tax-Exempt Cash, Core Fixed Income, Equity, Large Cap
Value, Small Capitalization Equity, International, Institutional International
and Emerging Markets Portfolios have the ability to lend their securities to
brokers, dealers and other financial organizations. Loans of portfolio
securities by the Portfolios are collateralized by cash and/or government
securities that are maintained at all times in an amount at least equal to the
current market value of the loaned securities.
The Portfolios generated additional income by lending their securities to
approved brokers. On October 31, 1997, the following Portfolios had outstanding
loans of securities to certain approved brokers for which the Portfolios
received collateral:
<TABLE>
<CAPTION>
YEAR ENDED 10/31/97
---------------------------------------------------
MARKET VALUE OF MARKET VALUE OF % OF FUND
PORTFOLIO LOANED SECURITIES COLLATERAL ON LOAN
- ------------------------------ ----------------- --------------- ---------
<S> <C> <C> <C>
Core Fixed Income Portfolio... $ 13,044,164 $ 13,487,160 4.89%
Institutional International
Portfolio................... 4,908,554 5,264,118 6.01%
International Portfolio....... 92,255,143 97,104,486 8.78%
Small Capitalization Equity
Portfolio................... 38,856,923 40,395,430 8.94%
Large Cap Value Portfolio..... 6,002,763 6,142,700 8.43%
Equity Portfolio.............. 9,333,550 9,471,400 6.64%
Emerging Markets Portfolio.... 1,698,362 1,770,400 1.79%
</TABLE>
6. CAPITAL LOSS CARRYFORWARD
On October 31, 1997, the following Portfolios had available capital loss
carryforwards to offset future net capital gains through the indicated
expiration dates as follows:
<TABLE>
<CAPTION>
EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING
PORTFOLIO IN 1999 IN 2001 IN 2002 IN 2003 IN 2004 IN 2005
- --------------------------- -------- -------- ---------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Government Cash
Portfolio................ -- $ 127 $ 1,000 $26,819 -- $7,815
Tax-Exempt Cash
Portfolio................ $18,922 19,079 8,905 27,815 $13 --
Core Fixed Income
Portfolio................ -- -- 9,261,440 -- -- --
</TABLE>
7. FOREIGN SECURITIES
The International, Equity, Small Capitalization Equity, Institutional
International and Emerging Markets Portfolios may invest in foreign securities.
Investing in foreign companies and foreign governments involves special risks
and considerations not typically associated with investing in U.S. companies and
the U.S. government. These risks include evaluation of currencies and future
adverse political and economic developments. Moreover, securities of many
foreign companies and foreign governments and their markets may be less liquid
and their prices more volatile than those of securities of comparable U.S.
companies and the U.S. government. This is particularly true with respect to
emerging markets in developing countries.
--------------- 91 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
8. NET ASSETS
On October 31, 1997, net assets consisted of:
<TABLE>
<CAPTION>
GOVERNMENT TAX-EXEMPT CORE FIXED
CASH CASH INCOME
PORTFOLIO PORTFOLIO PORTFOLIO
-------------- ------------ ------------
<S> <C> <C> <C>
Par Value................................ $ 451,002 $ 218,024 $ 25,507
Paid in Capital in excess of par value... 450,550,895 280,806,447 270,384,696
Undistributed net investment income...... 71,402 -- 1,443,986
Accumulated net realized loss on
investments sold, and foreign currency
transactions........................... (35,761) (74,734) (9,413,402)
Net unrealized appreciation or
depreciation of investments and foreign
currency transactions.................. -- -- 4,291,977
-------------- ------------ ------------
Total Net Assets..................... $451,037,538 $280,949,737 $266,732,763
============== ============ ============
</TABLE>
<TABLE>
<CAPTION>
SMALL
CAPITALIZATION LARGE CAP
EQUITY EQUITY VALUE
PORTFOLIO PORTFOLIO PORTFOLIO
------------ -------------- -----------
<S> <C> <C> <C>
Par Value................................. $ 6,986 $ 22,803 $ 5,355
Paid in Capital in excess of par value.... 98,423,478 341,789,134 59,960,320
Undistributed net investment income....... 73,476 394,918 118,145
Accumulated net realized gain/(loss) on
investments sold, and foreign currency
transactions............................ -- -- 621,718
Net unrealized appreciation or
depreciation of investments and foreign
currency transactions................... 41,990,614 92,449,194 10,471,821
------------ -------------- -----------
Total Net Assets...................... $140,494,554 $434,656,049 $71,177,359
============ ============ ===========
</TABLE>
--------------- 92 ---------------
<PAGE>
------------------------------
THE GLENMEDE FUND, INC.
------------------------------
NOTES TO FINANCIAL STATEMENTS -- (CONCLUDED)
<TABLE>
<CAPTION>
INSTITUTIONAL EMERGING
INTERNATIONAL INTERNATIONAL MARKETS
PORTFOLIO PORTFOLIO PORTFOLIO
-------------- ------------- ------------
<S> <C> <C> <C>
Par Value............................... $ 69,544 $ 5,484 $ 10,497
Paid in Capital in excess of par
value................................. 917,917,718 70,357,022 105,791,488
Distributions in excess of net
investment income..................... (5,643,106) (500,413) --
Accumulated net realized gain/(loss) on
investments sold, and foreign currency
transactions.......................... -- -- (5,336)
Net unrealized appreciation or
depreciation of investments and
foreign currency transactions......... 138,757,894 11,796,501 (10,784,591)
-------------- ----------- ------------
Total Net Assets................... $1,051,102,050 $81,658,594 $ 95,012,058
============== =========== ============
</TABLE>
9. SUBSEQUENT EVENT
Effective January 1, 1998, the Small Capitalization Equity Portfolio will
consist of two share classes, the Advisory Shares and the Institutional Shares.
Each class will charge an advisory fee of 0.55% of its average daily net assets.
In addition, the Advisory Shares will charge a shareholder servicing fee of
0.25% of its average daily net assets and the Institutional Shares will charge a
shareholder servicing fee of 0.05% of its average daily net assets.
--------------- 93 ---------------
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Directors of
The Glenmede Fund, Inc.:
We have audited the accompanying statements of net assets of the Government
Cash Portfolio, Tax-Exempt Cash Portfolio, Core Fixed Income Portfolio, Equity
Portfolio, Small Capitalization Equity Portfolio, Large Cap Value Portfolio,
International Portfolio, and Institutional International Portfolio, and the
accompanying Statement of Assets and Liabilities, including the portfolio of
investments, of the Emerging Markets Portfolio of The Glenmede Fund, Inc., (the
"Funds"), as of October 31, 1997, and the related statements of operations for
the year then ended, the statements of changes in net assets for each of the two
years (or periods) then ended, and the financial highlights for each of the five
years (or periods) presented. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
October 31, 1997 by correspondence with the custodian and brokers. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Government Cash Portfolio, Tax-Exempt Cash Portfolio, Core Fixed Income
Portfolio, Equity Portfolio, Small Capitalization Equity Portfolio, Large Cap
Value Portfolio, International Portfolio, Institutional International Portfolio
and Emerging Markets Portfolio of The Glenmede Fund, Inc. as of October 31,
1997, the results of their operations for the year then ended, the changes in
their net assets for each of the two years (or periods) then ended, and
financial highlights for each of the five years (or periods) presented in
conformity with generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
Philadelphia, Pennsylvania
December 5, 1997
--------------- 94 ---------------
<PAGE>
--------------------------------
THE GLENMEDE FUND, INC.
--------------------------------
TAX INFORMATION (UNAUDITED)
FOR THE YEAR ENDED OCTOBER 31, 1997
The amount of long-term capital gain paid for the fiscal year ended October
31, 1997 was as follows:
<TABLE>
<S> <C>
Equity Portfolio...................................... $ 14,776,695
Small Capitalization Equity Portfolio................. $ 46,150,423
Large Cap Value Portfolio............................. $ 3,775,612
International Portfolio............................... $ 27,992,444
Institutional International Portfolio................. $ 2,521,770
Emerging Markets Portfolio............................ $ 2,251,691
</TABLE>
Of the ordinary distributions made during the fiscal year ended October 31,
1997, the following percentages have been derived from investments in U.S.
Government and Agency Obligations. All or a portion of the distributions from
this income may be exempt from taxation at the state level. Consult your tax
advisor for state specific information.
<TABLE>
<S> <C>
Government Cash Portfolio............................. 33%
Core Fixed Income Portfolio........................... 8%
</TABLE>
Of the ordinary distributions made during the fiscal year ended October 31,
1997, the following percentages are tax exempt for regular Federal income tax
purposes.
<TABLE>
<S> <C>
Tax-Exempt Cash Portfolio............................. 100%
</TABLE>
Of the ordinary distributions made during the fiscal year ended October 31,
1997, the following percentages qualify for the dividends received deduction
available to corporate shareholders:
<TABLE>
<S> <C>
Equity Portfolio...................................... 96%
Small Capitalization Equity Portfolio................. 27%
Large Cap Value Portfolio............................. 15%
</TABLE>
The above figures may differ from those cited elsewhere in this report due to
differences in the calculation of income and gains for Securities and Exchange
Commission (book) purposes and Internal Revenue Service (tax) purposes.
Foreign Taxes Paid or Withheld
<TABLE>
<CAPTION>
TOTAL PER SHARE
----------- ---------
<S> <C> <C>
International Portfolio...................... $ 2,865,499 $0.04
Institutional International Portfolio........ $ 240,971 $0.04
Emerging Markets Portfolio................... $ 132,496 $0.01
</TABLE>
The foreign taxes paid or withheld per share represent taxes incurred by the
Fund on interest and dividends received by the Fund from foreign sources.
Foreign taxes paid or withheld should be included in taxable income with an
offsetting deduction from gross income or as a credit for taxes paid to foreign
governments. You should consult your tax advisor regarding the appropriate
treatment of foreign taxes paid.
--------------- 95 ---------------
