THE
GLENMEDE
TRUST
COMPANY
THE GLENMEDE FUND, INC.
THE GLENMEDE PORTFOLIOS
SEMI-ANNUAL REPORT
APRIL 30, 1999
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
STATEMENTS OF OPERATIONS
For the six months ended April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Tax- Core
Government Exempt Fixed
Cash Cash Income
Portfolio Portfolio Portfolio
----------- ----------- -----------
<S> <C> <C> <C>
Investment income:
Dividends (net of foreign withholding taxes) ..... $ -- $ -- $ --
Interest ......................................... 12,382,245 5,729,078 8,663,154
----------- ----------- -----------
Total investment income ........................ 12,382,245 5,729,078 8,663,154
----------- ----------- -----------
Expenses:
Investment advisory fee .......................... -- -- --
Administration fee ............................... 91,648 70,574 47,993
Shareholder servicing fee ........................ 124,837 96,066 65,705
Interest expense ................................. -- -- 558,145
Custodian fee .................................... 12,540 9,428 9,269
Legal and audit fees ............................. 15,856 24,352 13,415
Directors' fees and expenses ..................... 5,270 4,718 3,099
Registration and filing fees ..................... 1,339 15,568 817
Other expenses ................................... 17,006 22,937 15,076
----------- ----------- -----------
Total expenses ................................. 268,496 243,643 713,519
----------- ----------- -----------
Net investment income ............................ 12,113,749 5,485,435 7,949,635
----------- ----------- -----------
Realized and unrealized gain/(loss):
Net realized gain/(loss) on:
Securities transactions ........................ -- -- 2,294,711
Foreign currency transactions .................. -- -- --
----------- ----------- -----------
Net realized gain/(loss) ....................... -- -- 2,294,711
----------- ----------- -----------
Net change unrealized appreciation/
depreciation of:
Securities including options ................... -- -- (7,919,628)
Foreign currency translation ................... -- -- --
----------- ----------- -----------
Net unrealized appreciation/
depreciation ................................ -- -- (7,919,628)
----------- ----------- -----------
Net realized and unrealized gain/(loss) ............. -- -- (5,624,917)
----------- ----------- -----------
Net increase/(decrease) in net assets
resulting from operations ........................ $12,113,749 $ 5,485,435 $ 2,324,718
=========== =========== ===========
</TABLE>
See Notes to Financial Statements.
1
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
STATEMENTS OF OPERATIONS -- (Continued)
For the six months ended April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Tax Small
Managed Capitalization Large Cap
Equity Equity Value
Portfolio(1) Portfolio Portfolio
------------ ------------ ------------
<S> <C> <C> <C>
Investment income:
Dividends (net of foreign withholding taxes) $ 1,035,114 $ 3,196,525 $ 452,051
Interest ................................... 44,405 167,260 26,163
------------ ------------ ------------
Total investment income .................. 1,079,519 3,363,785 478,214
------------ ------------ ------------
Expenses:
Investment advisory fee .................... -- 895,071 --
Administration fee ......................... 28,893 58,732 13,800
Shareholder servicing fee .................. 39,339 376,126 18,493
Interest expense ........................... -- -- --
Custodian fee .............................. 5,177 12,113 2,322
Legal and audit fees ....................... 8,833 88,634 5,468
Directors' fees and expenses ............... 1,674 7,336 818
Registration and filing fees ............... 2,405 7,182 1,301
Other expenses ............................. 6,756 44,748 3,920
------------ ------------ ------------
Total expenses ........................... 93,077 1,489,942 46,122
------------ ------------ ------------
Net investment income ...................... 986,442 1,873,843 432,092
------------ ------------ ------------
Realized and unrealized gain/(loss):
Net realized gain/(loss) on:
Securities transactions .................. 15,478,319 (13,100,263) 4,541,065
Foreign currency transactions ............ -- -- --
------------ ------------ ------------
Net realized gain/(loss) ................. 15,478,319 (13,100,263) 4,541,065
------------ ------------ ------------
Net change unrealized appreciation/
depreciation of:
Securities including options ............. 8,103,853 10,649,786 11,888,866
Foreign currency translation ............. -- -- --
------------ ------------ ------------
Net unrealized appreciation
depreciation ........................... 8,103,853 10,649,786 11,888,866
------------ ------------ ------------
Net realized and unrealized gain .............. 23,582,172 (2,450,477) 16,429,931
------------ ------------ ------------
Net increase in net assets
resulting from operations .................. $ 24,568,614 $ (576,634) $ 16,862,023
============ ============ ============
</TABLE>
- -------------
(1) The Tax Managed Portfolio had foreign dividend withholding taxes of $2,948.
See Notes to Financial Statements.
2
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
STATEMENTS OF OPERATIONS -- (Continued)
For the six months ended April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Institutional Emerging
International International Markets
Portfolio(2) Portfolio(2) Portfolio(2)
------------- ------------- -------------
<S> <C> <C> <C>
Investment income:
Dividends (net of foreign withholding taxes) ............ $ 12,381,573 $ 1,098,519 $ 413,377
Interest ................................................ 1,211,305 181,039 9,165
------------- ------------- -------------
Total investment income ............................... 13,592,878 1,279,558 422,542
------------- ------------- -------------
Expenses:
Investment advisory fee ................................. -- 424,302 368,004
Administration fee ...................................... 217,998 22,818 10,838
Shareholder servicing fee ............................... 340,607 2,927 3,745
Interest expense ........................................ -- -- --
Custodian fee ........................................... 109,592 6,418 172,993
Legal and audit fees .................................... 64,858 6,446 7,106
Directors' fees and expenses ............................ 16,672 1,683 2,114
Registration and filing fees ............................ 23,768 15,381 1,063
Other expenses .......................................... 17,412 7,217 4,114
------------- ------------- -------------
Total expenses ........................................ 790,907 487,192 569,977
------------- ------------- -------------
Net investment income (loss) ............................ 12,801,971 792,366 (147,435)
------------- ------------- -------------
Realized and unrealized gain/(loss):
Net realized gain on:
Securities transactions ............................... 46,133,563 3,100,784 (540,018)
Foreign currency transactions ......................... (80,675) 37,903 (485,683)
------------- ------------- -------------
Net realized gain ..................................... 46,052,888 3,138,687 (1,025,701)
------------- ------------- -------------
Net change unrealized appreciation/
depreciation of:
Securities including options .......................... 114,334,324 11,485,050 18,163,244
Foreign currency translation .......................... (52,470) (4,717) 68,521
------------- ------------- -------------
Net unrealized appreciation/depreciation .............. 114,281,854 11,480,333 18,231,765
------------- ------------- -------------
Net realized and unrealized gain ........................... 160,334,742 14,619,020 17,206,064
------------- ------------- -------------
Net increase in net assets
resulting from operations ............................... $ 173,136,713 $ 15,411,386 $ 17,058,629
============= ============= =============
</TABLE>
- ------------
(2) The International Portfolio, Institutional International Portfolio and
Emerging Markets Portfolio had foreign dividend withholding taxes of
$1,276,965, $123,137 and $109,775, respectively.
See Notes to Financial Statements.
3
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
STATEMENTS OF OPERATIONS -- (Continued)
For the six months ended April 30, 1999 -- (Unaudited)
Global
Equity
Portfolio(2)
-----------
Investment income:
Dividends (net of foreign withholding taxes) ...... $ 246,941
Interest .......................................... 27,671
-----------
Total investment income ......................... 274,612
-----------
Expenses:
Investment advisory fee ........................... 95,684
Administration fee ................................ 4,990
Shareholder servicing fee ......................... 3,320
Interest expense .................................. --
Custodian fee ..................................... 1,043
Legal and audit fees .............................. 6,295
Directors' fees and expenses ...................... 281
Registration and filing fees ...................... 3,703
Other expenses .................................... 4,214
-----------
Total expenses .................................. 119,530
-----------
Net investment income ............................. 155,082
-----------
Realized and unrealized gain:
Net realized gain on:
Securities transactions ......................... 597,631
Foreign currency transactions ................... 13,705
-----------
Net realized gain ............................... 611,336
-----------
Net change unrealized appreciation/depreciation of:
Securities including options .................... 3,438,993
Foreign currency translation .................... (694)
-----------
Net unrealized appreciation/depreciation ........ 3,438,299
-----------
Net realized and unrealized gain ..................... 4,049,635
-----------
Net increase in net assets resulting from operations.. $ 4,204,717
===========
- ------------
(2) The Global Equity Portfolio had foreign dividend withholding taxes
of $32,017.
See Notes to Financial Statements.
4
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
STATEMENTS OF CHANGES IN NET ASSETS
For the six months ended April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Tax- Core
Government Exempt Fixed
Cash Cash Income
Portfolio Portfolio Portfolio
------------ ------------ ------------
<S> <C> <C> <C>
Net investment income.................................. $ 12,113,749 $ 5,485,435 $ 7,949,635
Net realized gain/(loss) on:
Security transactions including options ............ -- -- 2,294,711
Foreign currency transactions ...................... -- -- --
Net change in unrealized appreciation/ depreciation of:
Securities ......................................... -- -- (7,919,628)
Foreign currency translation ....................... -- -- --
------------ ------------ ------------
Net increase in net assets resulting
from operations .................................... 12,113,749 5,485,435 2,324,718
Distributions to shareholders from:
Net investment income .............................. (12,113,749) (5,485,435) (7,915,287)
Net investment income (Institutional Shares) ....... -- -- --
Net realized gain on investments ................... -- -- --
Net increase/(decrease) in net assets from
capital share transactions ....................... 167,975,715 (40,301,540) 15,712,159
------------ ------------ ------------
Net increase/(decrease) in net assets ................. 167,975,715 (40,301,540) 10,121,590
NET ASSETS:
Beginning of period ................................... 430,165,085 375,924,423 258,986,184
------------ ------------ ------------
End of period ......................................... $598,140,800 $335,622,883 $269,107,774
============ ============ ============
- ---------------------------------------------------------------------------------------------------------
For the year ended October 31, 1998
Tax- Core
Government Exempt Fixed
Cash Cash Income
Portfolio Portfolio Portfolio
------------ ------------ ------------
Net investment income.................................. $ 25,539,088 $ 9,876,757 $ 17,192,716
Net realized gain/(loss) on:
Securities transactions ............................ -- (7,168) 2,139,605
Foreign currency transactions ...................... -- -- --
Net change in unrealized appreciation/ depreciation of:
Securities ......................................... -- -- 3,989,062
Foreign currency translation ....................... -- -- --
------------ ------------ ------------
Net increase in net assets resulting
from operations .................................... 25,539,088 9,869,589 23,321,383
Distributions to shareholders from:
Net investment income .............................. (25,539,088) (9,876,757) (17,307,852)
Net realized gain on investments ................... -- -- --
Net increase/(decrease) in net assets from
capital share transactions ......................... (20,872,453) 94,981,854 (13,760,110)
------------ ------------ ------------
Net increase/(decrease) in net assets ................. (20,872,453) 94,974,686 (7,746,579)
NET ASSETS:
Beginning of year ..................................... 451,037,538 280,949,737 266,732,763
------------ ------------ ------------
End of year ........................................... $430,165,085 $375,924,423 $258,986,184
============ ============ ============
</TABLE>
See Notes to Financial Statements.
5
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
STATEMENTS OF CHANGES IN NET ASSETS -- (Continued)
For the six months ended April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Tax Small
Managed Capitalization Large Cap
Equity Equity Value
Portfolio Portfolio Portfolio
------------ ------------ ------------
<S> <C> <C> <C>
Net investment income ................................. $ 986,442 $ 1,873,843 $ 432,092
Net realized gain/(loss) on:
Security transactions including options ............ 15,478,319 (13,100,263) 4,541,065
Foreign currency transactions ...................... -- -- --
Net change in unrealized appreciation/
depreciation of:
Securities ......................................... 8,103,853 10,649,786 11,888,866
Foreign currency translation ....................... -- -- --
------------ ------------ ------------
Net increase/(decrease) in net assets resulting
from operations .................................... 24,568,614 (576,634) 16,862,023
Distributions to shareholders from:
Net investment income .............................. (974,159) (1,622,442) (471,942)
Net investment income (Institutional Shares) ....... -- (236,219) --
Net realized gain on investments ................... -- -- (474,398)
Net decrease in net assets from
capital share transactions .......................... (21,235,125) (37,289,317) (1,939,601)
------------ ------------ ------------
Net increase/(decrease) in net assets ................. 2,359,330 (39,724,612) 13,976,082
NET ASSETS:
Beginning of period ................................... 152,600,638 339,390,006 66,620,339
------------ ------------ ------------
End of period ......................................... $154,959,968 $299,665,394 $ 80,596,421
============ ============ ============
- ---------------------------------------------------------------------------------------------------------
For the year ended October 31, 1998
Tax Small
Managed Capitalization Large Cap
Equity Equity Value
Portfolio Portfolio Portfolio
------------ ------------ ------------
Net investment income ................................. $ 2,709,260 $ 4,578,357 $ 1,297,070
Net realized gain on:
Securities transactions ............................ 3,253,783 2,460,188 8,925,375
Foreign currency transactions ...................... -- -- --
Net change in unrealized appreciation/
depreciation of:
Securities ......................................... 3,805,619 (88,260,179) (6,891,265)
Foreign currency translation ....................... -- -- --
------------ ------------ ------------
Net increase/(decrease) in net assets resulting
from operations .................................... 9,768,662 (81,221,634) 3,331,180
Distributions to shareholders from:
Net investment income .............................. (2,647,424) (4,508,564) (1,322,089)
Net realized gain on investments ................... (3,246,929) (2,643,414) (9,224,403)
Net increase/(decrease) in net assets from
capital share transactions ......................... 8,231,775 (6,892,431) 2,658,292
------------ ------------ ------------
Net increase/(decrease) in net assets ................. 12,106,084 (95,266,043) (4,557,020)
NET ASSETS:
Beginning of year ..................................... 140,494,554 434,656,049 71,177,359
------------ ------------ ------------
End of year ........................................... $152,600,638 $339,390,006 $ 66,620,339
============ ============ ============
</TABLE>
See Notes to Financial Statements.
6
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
STATEMENTS OF CHANGES IN NET ASSETS -- (Continued)
For the six months ended April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Institutional Emerging
International International Markets
Portfolio Portfolio Portfolio
------------- ------------ ------------
<S> <C> <C> <C>
Net investment income (loss)........................... $ 12,801,971 $ 792,366 $ (147,435)
Net realized gain/(loss) on:
Security transactions including options............. 46,133,563 3,100,784 (540,018)
Foreign currency transactions....................... (80,675) 37,903 (485,683)
Net change in unrealized appreciation/depreciation of:
Securities.......................................... 114,334,324 11,485,050 18,163,244
Foreign currency translation........................ (52,470) (4,717) 68,521
------------- ------------ ------------
Net increase in net assets resulting
from operations..................................... 173,136,713 15,411,386 17,058,629
Distributions to shareholders from:
Net investment income............................... (13,412,040) (791,596) --
Net investment income (Institutional Shares) ....... -- -- --
Net realized gain on investments.................... -- -- --
Net increase/(decrease) in net assets from
capital share transactions.......................... 27,353,825 26,296,720 (838,818)
------------- ------------ -------------
Net increase in net assets............................. 187,078,498 40,916,510 16,219,811
NET ASSETS:
Beginning of period.................................... 1,135,191,805 98,727,108 55,788,603
-------------- ------------ ------------
End of period.......................................... $1,322,270,303 $139,643,618 $ 72,008,414
============== ============ ============
- ---------------------------------------------------------------------------------------------------------
For the year ended October 31, 1998
Institutional Emerging
International International Markets
Portfolio Portfolio Portfolio
------------- ------------ ------------
Net investment income.................................. $ 27,207,128 $ 1,518,179 $ 200,978
Net realized gain/(loss) on:
Securities transactions............................. (21,332,558) (1,822,717) (32,861,279)
Foreign currency transactions....................... 987,491 58,237 (549,596)
Net change in unrealized appreciation/depreciation of:
Securities.......................................... 71,680,523 5,361,413 940,185
Foreign currency translation........................ 32,072 3,986 (113,826)
-------------- ------------ ------------
Net increase/(decrease) in net assets resulting
from operations..................................... 78,574,656 5,119,098 (32,383,538)
Distributions to shareholders from:
Net investment income............................... (29,290,284) (1,718,496) --
Net realized gain on investments.................... (11,518,026) (943,135) --
Net increase/(decrease) in net assets from
capital share transactions.......................... 46,323,409 14,611,047 (6,839,917)
-------------- ------------ ------------
Net increase/(decrease) in net assets.................. 84,089,755 17,068,514 (39,223,455)
NET ASSETS:
Beginning of year...................................... 1,051,102,050 81,658,594 95,012,058
-------------- ------------ ------------
End of year............................................ $1,135,191,805 $ 98,727,108 $ 55,788,603
============== ============ ============
</TABLE>
See Notes to Financial Statements.
7
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
STATEMENTS OF CHANGES IN NET ASSETS -- (Continued)
For the six months ended April 30, 1999 -- (Unaudited)
Global
Equity
Portfolio
------------
Net investment income ........................................ $ 155,082
Net realized gain on:
Security transactions including options ................... 597,631
Foreign currency transactions ............................. 13,705
Net change in unrealized appreciation/depreciation of:
Securities ................................................ 3,438,993
Foreign currency translation .............................. (694)
------------
Net increase/(decrease) in net assets resulting
from operations ........................................... 4,204,717
Distributions to shareholders from:
Net investment income ..................................... (188,832)
Net investment income (Institutional Shares) .............. --
Net realized gain on investments .......................... --
Net increase/(decrease) in net assets from
capital share transactions ................................ --
------------
Net increase/(decrease) in net assets ........................ 4,015,885
NET ASSETS:
Beginning of period .......................................... 25,310,649
------------
End of period ................................................ $ 29,326,534
============
- --------------------------------------------------------------------------------
For the period November 3, 1997(1) through October 31, 1998
Global
Equity
Portfolio
------------
Net investment income ........................................ $ 367,612
Net realized gain/(loss) on:
Securities transactions ................................... (407,213)
Foreign currency transactions ............................. (21,800)
Net change in unrealized appreciation/depreciation of:
Securities ................................................ 657,936
Foreign currency translation .............................. 1,614
------------
Net increase/(decrease) in net assets resulting
from operations ........................................... 598,149
Distributions to shareholders from:
Net investment income ..................................... (287,500)
Net realized gain on investments .......................... (175,000)
Net increase/(decrease) in net assets from
capital share transactions ................................ 25,175,000
------------
Net increase/(decrease) in net assets ........................ 25,310,649
NET ASSETS:
Beginning of year ............................................ --
------------
End of year .................................................. $ 25,310,649
============
- -------------
(1) Commencement of operations.
See Notes to Financial Statements.
8
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Government Cash Portfolio
Six Months -------------------------------------------------
ended Year Ended October 31,
April 30, -------------------------------------------------
1999(3) 1998 1997 1996 1995 1994
------- ------ ------- ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------ ------ ------
Net investment income...... 0.024 0.051 0.054 0.053 0.059 0.038
Distributions from net
investment income....... (0.024) (0.051) (0.054) (0.053) (0.059) (0.038)
------ ------ ------ ------ ------ ------
Net asset value, end
of period............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
Total Return(1)............ 2.42% 5.63% 5.53% 5.46% 5.87% 3.78%
====== ====== ====== ====== ====== ======
Ratios to average net
assets/Supplemental data:
Net assets, end of period
(in 000's).............. $598,141 $430,165 $451,038 $452,395 $408,605 $353,405
Ratio of operating expenses to
average net assets...... 0.11%(2) 0.11% 0.13% 0.16% 0.15% 0.11%
Ratio of net investment income
to average net assets... 4.84%(2) 5.41% 5.39% 5.32% 5.71% 3.82%
</TABLE>
- --------------------------------------------------------------------------------
(1) Total return represents aggregate total return for the period indicated.
(2) Annualized.
(3) Unaudited.
See Notes to Financial Statements.
9
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Tax-Exempt Cash Portfolio
Six Months -------------------------------------------------
ended Year Ended October 31,
April 30, -------------------------------------------------
1999(3) 1998 1997 1996 1995 1994
-------- ------ ------ ------ ------- ------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------ ------ -------
Net investment income...... 0.014 0.034 0.034 0.034 0.038 0.025
Distributions from net
investment income....... (0.014) (0.034) (0.034) (0.034) (0.038) (0.025)
------ ------ ------ ------ ------ -------
Net asset value, end
of period............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
Total Return(1)............ 1.43% 3.41% 3.46% 3.42% 3.76% 2.48%
====== ====== ====== ====== ====== ======
Ratios to average net
assets/Supplemental data:
Net assets, end of period
(in 000's).............. $335,623 $375,924 $280,950 $224,999 $222,808 $222,985
Ratio of operating expenses to
average net assets...... 0.13%(2) 0.13% 0.14% 0.15% 0.15% 0.13%
Ratio of net investment income
to average net assets... 2.85%(2) 3.37% 3.40% 3.36% 3.69% 2.52%
</TABLE>
- --------------------------------------------------------------------------------
(1) Total return represents aggregate total return for the period indicated.
(2) Annualized.
(3) Unaudited.
See Notes to Financial Statements.
10
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Core Fixed Income Portfolio
Six Months --------------------------------------------------
ended Year Ended October 31,
April 30, --------------------------------------------------
1999(4) 1998 1997 1996 1995 1994
------- ------- ------- ------- ------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period............... $ 10.70 $ 10.46 $ 10.29 $ 10.36 $ 9.89 $ 10.84
------- ------- ------- ------- ------- --------
Income from investment
operations:
Net investment income...... 0.32 0.64 0.68 0.66 0.69 0.64
Net realized and unrealized
gain/(loss) on investment (0.21) 0.24 0.17 (0.08) 0.46 (0.96)
------- ------- ------- ------- ------- --------
Total from investment
operations.............. 0.11 0.88 0.85 0.58 1.15 (0.32)
------- ------- ------- ------- ------- --------
Less Distributions from:
Net investment income...... (0.32) (0.64) (0.68) (0.65) (0.68) (0.63)
Net realized capital gains. -- -- -- -- -- --
------- ------- ------- ------- ------- --------
Total distributions........ (0.32) (0.64) (0.68) (0.65) (0.68) (0.63)
------- ------- ------- ------- ------- --------
Net asset value, end of period $ 10.49 $ 10.70 $ 10.46 $ 10.29 $ 10.36 $ 9.89
======= ======= ======= ======= ======= ========
Total Return(1)............ 1.01% 9.32% 8.63% 5.88% 12.06% (3.03)%
======= ======= ======= ======= ======= ========
Ratios to average net
assets/Supplemental data:
Net assets, end of period
(in 000's).............. $269,108 $258,986 $266,733 $259,503 $342,874 $333,797
Ratio of operating expenses to
average net assets...... 0.12%(2,3) 0.11%(2) 0.13%(2) 0.16% 0.11% 0.12%(2)
Ratio of total expenses to
average net assets...... 0.55%(3) 0.99% 0.43% 0.16% 0.11% 0.14%
Ratio of net investment income
to average net assets... 6.08%(3) 6.58% 6.67% 6.37% 6.67% 6.06%
Portfolio turnover rate.... 81% 93% 307% 47% 228% 165%
</TABLE>
- -------------
(1) Total return represents aggregate total return for the period indicated.
(2) The operating expense ratios exclude interest expense, which is included in
the total expense ratio.
(3) Annualized.
(4) Unaudited.
See Notes to Financial Statements.
11
<PAGE>
------------------------
THE GLENMEDE FUND, INC.
------------------------
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Tax Managed Equity Portfolio
Six Months --------------------------------------------------
ended Year Ended October 31,
April 30, --------------------------------------------------
1999(3) 1998 1997 1996 1995 1994
------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period............... $ 20.69 $ 20.11 $ 16.79 $ 14.67 $ 12.56 $ 13.23
------- ------- ------- ------- ------- --------
Income from investment
operations:
Net investment income...... 0.14 0.37 0.28 0.41 0.32 0.31
Net realized and unrealized
gain/(loss) on investments 3.34 1.02 5.69 3.73 2.64 (0.17)
------- ------- ------- ------- ------- --------
Total from investment
operations.............. 3.48 1.39 5.97 4.14 2.96 0.14
------- ------- ------- ------- ------- --------
Less Distributions from:
Net investment income...... (0.14) (0.36) (0.28) (0.40) (0.33) (0.29)
Net realized capital gains. -- (0.45) (2.37) (1.62) (0.52) (0.52)
------- ------- ------- ------- ------- --------
Total distributions........ (0.14) (0.81) (2.65) (2.02) (0.85) (0.81)
------- ------- ------- ------- ------- --------
Net asset value, end of period $ 24.03 $ 20.69 $ 20.11 $ 16.79 $ 14.67 $ 12.56
======= ======= ======= ======= ======= ========
Total Return(1)............ 16.80% 7.00% 36.39% 28.65% 23.78% 1.21%
======= ======= ======= ======= ======= ========
Ratios to average net
assets/Supplemental data:
Net assets, end of period
(in 000's).............. $154,960 $152,601 $140,495 $ 94,185 $ 80,157 $ 64,046
Ratio of operating expenses to
average net assets...... 0.12% 0.12% 0.13% 0.17% 0.14% 0.16%
Ratio of net investment income
to average net assets... 1.25%(2) 1.71% 1.91% 2.26% 2.32% 2.40%
Portfolio turnover rate.... 19% 52% 26% 36% 70% 109%
</TABLE>
- --------------
(1) Total return represents aggregate total return for the period indicated.
(2) Annualized.
(3) Unaudited.
See Notes to Financial Statements.
12
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Small Capitalization
Equity Portfolio (Advisor Shares)
Six Months --------------------------------------------------
ended Year Ended October 31,
April 30, --------------------------------------------------
1999(3) 1998 1997 1996 1995 1994
------- ------- ------- ------- ------- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period............... $ 15.28 $ 19.06 $ 16.12 $ 14.98 $ 13.95 $ 13.97
------- ------- ------- ------- ------- --------
Income from investment
operations:
Net investment income...... 0.09 0.19 0.38 0.33 0.28 0.16
Net realized and unrealized
gain/(loss) on investment (0.05) (3.66) 6.32 2.38 2.69 0.23
------- ------- ------- ------- ------- --------
Total from investment
operations.............. 0.04 (3.47) 6.70 2.71 2.97 0.39
------- ------- ------- ------- ------- --------
Less Distributions from:
Net investment income...... (0.09) (0.19) (0.37) (0.33) (0.26) (0.15)
Net realized capital gains. -- (0.12) (3.39) (1.24) (1.68) (0.26)
------- ------- ------- ------- ------- --------
Total distributions........ (0.09) (0.31) (3.76) (1.57) (1.94) (0.41)
------- ------- ------- ------- ------- --------
Net asset value, end of period $ 15.23 $ 15.28 $ 19.06 $ 16.12 $ 14.98 $ 13.95
======= ======= ======= ======= ======= ========
Total Return(1)............ 0.25% (18.35)% 41.80% 18.22% 21.15% 2.85%
======= ======= ======= ======= ======= ========
Ratios to average net
assets/Supplemental data:
Net assets, end of period
(in 000's).............. $271,174 $307,596 $434,656 $308,415 $170,969 $109,872
Ratio of operating expenses to
average net assets...... 0.89%(2) 0.76% 0.12% 0.17% 0.14% 0.14%
Ratio of net investment income
to average net assets.. 1.13%(2) 1.07% 2.00% 2.15% 1.92% 1.18%
Portfolio turnover rate.... 36% 42% 59% 37% 57% 31%
</TABLE>
- -------------
(1) Total return represents aggregate total return for the period indicated.
(2) Annualized.
(3) Unaudited.
See Notes to Financial Statements.
13
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Small Capitalization
Equity Portfolio
(Institutional Shares)
------------------------
For the Six For the Period
Months ended January 2, 1998(1)
April 30, 1999(4) through October 31, 1998
----------------- -------------------------
<S> <C> <C>
Net asset value, beginning
of period ..................................... $ 15.29 $ 19.33
------- -------
Income from investment
operations:
Net investment income ............................ 0.10 0.15
Net realized and unrealized
loss on investments ........................... (0.05) (3.94)
------- -------
Total from investment
operations .................................... 0.05 (3.79)
------- -------
Less Distributions from:
Net investment income ............................ (0.12) (0.13)
Net realized capital gains ....................... -- (0.12)
------- -------
Total distributions .............................. (0.12) (0.25)
------- -------
Net asset value, end of period ................... $ 15.22 $ 15.29
======= =======
Total Return(2) .................................. 0.34% (19.69)%
======= =======
Ratios to average net assets/Supplemental data:
Net assets, end of period
(in 000's) .................................... $28,491 $31,794
Ratio of operating expenses to
average net assets ............................ 0.69%(3) 0.69%(3)
Ratio of net investment income to
average net assets ............................ 1.33%(3) 1.07%(3)
Portfolio turnover rate .......................... 36% 42%
</TABLE>
- -------------------
(1) Commencement of operations.
(2) Total return represents aggregate total return for the period indicated.
(3) Annualized.
(4) Unaudited.
See Notes to Financial Statements.
14
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Large Cap Value Portfolio
Six Months --------------------------------------------------
ended Year Ended October 31,
April 30, --------------------------------------------------
1999(3) 1998 1997 1996 1995 1994
------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period............... $ 11.77 $ 13.29 $ 11.68 $ 10.34 $ 10.62 $ 10.92
------- ------- ------- ------- ------- -------
Income from investment
operations:
Net investment income...... 0.08 0.24 0.29 0.26 0.32 0.21
Net realized and unrealized
gain/(loss) on investments 2.95 0.35 3.95 1.49 1.38 (0.31)
------- ------- ------- ------- ------- -------
Total from investment
operations.............. 3.03 0.59 4.24 1.75 1.70 (0.10)
------- ------- ------- ------- ------- -------
Less Distributions from:
Net investment income...... (0.09) (0.25) (0.29) (0.27) (0.31) (0.20)
Net realized capital gains. (0.09) (1.86) (2.34) (0.14) (1.67) --
------- ------- ------- ------- ------- -------
Total distributions........ (0.18) (2.11) (2.63) (0.41) (1.98) (0.20)
------- ------- ------- ------- ------- -------
Net asset value, end of period $ 14.62 $ 11.77 $ 13.29 $ 11.68 $ 10.34 $ 10.62
======= ======= ======= ======= ======= =======
Total Return(1)............ 25.84% 4.77% 36.55% 17.13% 16.01% (0.91)%
======= ======= ======= ======= ====== ======
Ratios to average net
assets/Supplemental data:
Net assets, end of period
(in 000's)............. $ 80,596 $ 66,620 $ 71,177 $ 50,131 $ 15,981 $ 20,654
Ratio of operating expenses to
average net assets...... 0.12%(2) 0.12% 0.13% 0.15% 0.20% 0.24%
Ratio of net investment income
to average net assets... 1.17%(2) 1.74% 2.10% 2.62% 2.80% 2.04%
Portfolio turnover rate.... 59% 132% 109% 104% 227% 287%
</TABLE>
- ----------------
(1) Total return represents aggregate total return for the period indicated.
(2) Annualized.
(3) Unaudited.
See Notes to Financial Statements.
15
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
<TABLE>
<CAPTION>
International Portfolio
Six Months --------------------------------------------------
ended Year Ended October 31,
April 30, --------------------------------------------------
1999(3) 1998 1997 1996 1995 1994
------- ------- ------- ------- ------- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period............... $ 15.66 $ 15.11 $ 13.87 $ 12.70 $ 13.04 $ 12.69
------- ------- ------- ------- ------- --------
Income from investment
operations:
Net investment income...... 0.18 0.37 0.39 0.40 0.32 0.27
Net realized and unrealized
gain on investments..... 2.15 0.74 1.89 1.29 0.23 1.50
------- ------- ------- ------- ------- --------
Total from investment
operations.............. 2.33 1.11 2.28 1.69 0.55 1.77
------- ------- ------- ------- ------- --------
Less Distributions from:
Net investment income...... (0.18) (0.40) (0.35) (0.43) (0.32) (0.25)
Net realized capital gains. -- (0.16) (0.62) (0.04) (0.57) (1.16)
In excess of net realized gains -- -- -- (0.05) -- (0.01)
In excess of net investment
income.................. -- -- (0.07) -- -- --
------- ------- ------- ------- ------- --------
Total distributions........ (0.18) (0.56) (1.04) (0.52) (0.89) (1.42)
------- ------- ------- ------- ------- --------
Net asset value, end of period $ 17.81 $ 15.66 $ 15.11 $ 13.87 $ 12.70 $ 13.04
======= ======= ======= ======= ====== ========
Total Return(1)............ 14.95% 7.44% 16.35% 13.47% 4.23% 14.26%
======= ======= ======= ======= ====== ========
Ratios to average net
assets/Supplemental data:
Net assets, end of period
(in 000's)............. $1,322,270 $1,135,192 $1,051,102 $ 643,459 $ 343,209 $ 292,513
Ratio of operating expenses to
average net assets...... 0.13%(2) 0.13% 0.14% 0.18% 0.18% 0.16%
Ratio of net investment income
to average net assets... 2.06%(2) 2.32% 2.77% 3.05% 2.61% 2.11%
Portfolio turnover rate.... 15% 19% 15% 6% 24% 39%
</TABLE>
- ---------------
(1) Total return represents aggregate total return for the period indicated.
(2) Annualized.
(3) Unaudited.
See Notes to Financial Statements.
16
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Institutional International Portfolio
Six Months ---------------------------------------------------
ended Year Ended October 31,
April 30, ---------------------------------------------------
1999(5) 1998 1997 1996 1995 1994
------- -------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period............... $ 15.53 $ 14.89 $ 13.67 $ 12.34 $ 12.63 $ 12.00
------- ------- ------- ------- ------- -------
Income from investment
operations:
Net investment income...... 0.15 0.26 0.27 0.28 0.19 0.16
Net realized and unrealized
gain/(loss) on investments 1.98 0.81 1.86 1.50 (0.13) 1.49
------- ------- ------- ------- ------- -------
Total from investment
operations.............. 2.13 1.07 2.13 1.78 0.06 1.65
------- ------- ------- ------- ------- -------
Less Distributions from:
Net investment income...... (0.10) (0.28) (0.22) (0.25) (0.18) (0.13)
Net realized capital gains. -- (0.15) (0.61) (0.14) (0.17) (0.87)
In excess of net realized
capital gains........... -- -- -- (0.06) -- (0.02)
In excess of net investment
income.................. -- -- (0.08) -- -- --
------- ------- ------- ------- ------- -------
Total distributions........ (0.10) (0.43) (0.91) (0.45) (0.35) (1.02)
------- ------- ------- ------- ------- -------
Net asset value, end
of period............... $ 17.56 $ 15.53 $ 14.89 $ 13.67 $ 12.34 $ 12.63
======= ======= ======= ======= ======= =======
Total Return(1)............ 13.79% 7.26% 15.54% 14.46% 0.38% 13.85%
======= ======= ======= ======= ======= =======
Ratios to average net
assets/Supplemental data:
Net assets, end of period
(in 000's)............. $139,644 $ 98,727 $ 81,659 $ 58,390 $ 44,206 $ 17,076
Ratio of operating expenses to
average net assets(2)... 0.85%(4) 0.87% 0.87% 0.95 0.93% 1.00%
Ratio of net investment income
to average net assets(3) 1.39%(4) 1.58% 1.94% 2.06% 1.78% 1.29%
Portfolio turnover rate.... 13% 19% 15% 10% 25% 39%
</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 was 1.01%.
(3) Netinvestment income before waiver of fees and/or expenses reimbursed by the
investment advisor for the year ended October 31, 1994 was $0.14.
(4) Annualized.
(5) Unaudited.
See Notes to Financial Statements.
17
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Emerging Markets Portfolio
Six Months --------------------------- Period
Ended Year Ended October 31, Ended
April 30, --------------------------- October 31,
1999(4) 1998 1997 1996 1995(1)
------ ------ ------ ------ -------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of period................ $ 5.87 $ 9.05 $ 9.52 $ 9.73 $ 10.00
------ ------ ------ ------ -------
Income from investment
operations:
Net investment income (loss) (0.02) 0.02 0.03 0.06 0.16
Net realized and unrealized
gain/(loss) on investments 1.84 (3.20) 0.09 (0.16) (0.31)
------ ------ ------ ------ -------
Total from investment
operations............... 1.82 (3.18) 0.12 (0.10) (0.15)
------ ------ ------ ------ -------
Less Distributions from:
Net investment income....... -- -- (0.02) (0.08) (0.12)
Net realized capital gains.. -- -- (0.57) (0.03) --
------ ------ ------ ------ -------
Total distributions......... -- -- (0.59) (0.11) (0.12)
------ ------ ------ ------ -------
Net asset value, end of period $ 7.69 $ 5.87 $ 9.05 $ 9.52 $ 9.73
====== ====== ====== ====== =======
Total Return(2)............. 31.01% (35.14)% 1.01% (0.96)% (1.96)%
====== ====== ====== ====== =======
Ratios to average net
assets/Supplemental data:
Net assets, end of period
(in 000's)............... $ 72,008 $ 55,789 $ 95,012 $ 86,385 $ 27,297
Ratio of operating expenses to
average net assets....... 1.92%(3) 1.85% 1.73% 1.76% 1.81%(3)
Ratio of net investment income
(loss) to average net assets (0.50)%(3) 0.26% 0.29% 0.80% 1.87%(3)
Portfolio turnover rate..... 75% 113% 94% 44% 50%
</TABLE>
- -----------------
(1) The Portfolio commenced operations on December 14, 1994.
(2) Total return represents aggregate total return for the period indicated.
(3) Annualized.
(4) Unaudited.
See Notes to Financial Statements.
18
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Global Equity Portfolio
-----------------------
For the Six For the Period
Months ended November 3, 1997(1)
April 30, 1999(4) through October 31, 1998
----------------- ------------------------
<S> <C> <C>
Net asset value, beginning
of period.................... $ 10.05 $ 10.00
------- -------
Income from investment
operations:
Net investment income........... 0.06 0.15
Net realized and unrealized
gain on investments.......... 1.61 0.09
------- -------
Total from investment
operations................... 1.67 0.24
------- -------
Less Distributions from:
Net investment income........... (0.07) (0.12)
Net realized capital gains...... -- (0.07)
------- -------
Total distributions............. (0.07) (0.19)
------- -------
Net asset value, end of period.. $ 11.65 $ 10.05
======= =======
Total Return(2)................. 16.71% 2.29%
======= =======
Ratios to average net
assets/Supplemental data:
Net assets, end of period
(in 000's)................... $29,327 $25,311
Ratio of operating expenses to
average net assets........... 0.87(3) 0.88%(3)
Ratio of net investment income to
average net assets........... 1.13%(3) 1.43%(3)
Portfolio turnover rate......... 27% 48%
</TABLE>
- --------------
(1) Commencement of operations.
(2) Total return represents aggregate total return for the period indicated.
(3) Annualized.
(4) Unaudited.
See Notes to Financial Statements.
19
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
STATEMENT OF CASH FLOWS
Core Fixed Income Portfolio
For the six months ended April 30, 1999(1)
<TABLE>
<S> <C>
Net Increase (Decrease) in Cash:
Cash flows from operating activities:
Dividends and interest received............................... $ 8,199,426
Operating expenses paid ....................................... (198,632)
Interest paid ................................................. (517,955)
---------------
Net cash provided by operating activities ................... 7,482,839
---------------
Cash flows from investing activities:
Purchase of portfolio securities .............................. (6,587,286,300)
Proceeds from disposition of portfolio securities ............. 6,571,609,389
---------------
Net cash provided by investing activities ................... (15,676,911)
---------------
Net cash provided by operating and investing activities ..... (8,194,072)
Cash flows from capital share transactions:
Receipts for shareholder purchases and reinvested distributions 54,811,433
Payments for shareholder redemptions and distributions ........ (46,617,591)
---------------
Net cash used in financing activities ....................... 8,193,842
---------------
Net decrease in cash ............................................... (230)
Cash at beginning of period ........................................ 954
---------------
Cash at end of period ....................................... $ 724
===============
</TABLE>
- -------------
(1) Unaudited.
See Notes to Financial Statements.
20
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Government Cash Portfolio
STATEMENT OF NET ASSETS
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------- ------------
<S> <C> <C>
AGENCY DISCOUNT NOTES(1) -- 42.6%
Federal Home Loan Mortgage Corporation -- 33.7%
$20,000,000 4.79% due 5/4/99.................................... $ 19,997,361
10,000,000 4.81% due 5/6/99.................................... 9,996,017
9,000,000 4.82% due 5/14/99................................... 8,986,965
10,000,000 4.77% due 5/17/99................................... 9,981,567
10,000,000 4.80% due 5/18/99................................... 9,980,167
20,000,000 4.80% due 5/19/99................................... 19,957,778
5,000,000 4.82% due 5/24/99................................... 4,986,058
5,000,000 4.79% due 5/28/99................................... 4,983,507
5,000,000 4.89% due 6/4/99.................................... 4,978,756
10,000,000 4.84% due 6/11/99................................... 9,948,217
5,000,000 4.82% due 6/15/99................................... 4,971,572
2,600,000 4.83% due 6/17/99................................... 2,584,497
10,000,000 4.80% due 6/22/99................................... 9,934,028
11,000,000 4.82% due 6/23/99................................... 10,925,667
15,000,000 4.82% due 6/25/99................................... 14,895,031
5,000,000 4.82% due 7/1/99.................................... 4,960,994
10,000,000 4.81% due 7/6/99.................................... 9,915,556
5,000,000 4.83% due 7/8/99.................................... 4,956,367
15,000,000 4.84% due 7/9/99.................................... 14,867,303
10,000,000 4.83% due 8/6/99.................................... 9,874,653
10,000,000 4.79% due 10/18/99.................................. 9,781,600
------------
201,463,661
------------
Federal National Mortgage Association -- 9.0%
15,000,000 4.80% due 6/3/99.................................... 14,938,646
14,000,000 4.83% due 6/8/99.................................... 13,933,170
10,000,000 4.75% due 7/22/99................................... 9,895,556
5,050,000 4.88% due 9/10/99................................... 4,963,014
10,000,000 4.85% due 9/13/99................................... 9,824,883
-------------
53,555,269
------------
TOTAL AGENCY DISCOUNT NOTE
(Cost $255,018,930) ................................ 255,018,930
------------
</TABLE>
See Notes to Financial Statements.
21
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Government Cash Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ -----------
<S> <C> <C>
AGENCY NOTES -- 17.2%
$ 5,000,000 Federal Farm Credit Bank
4.75% due 7/1/99 ................................... $ 5,000,000
Federal Home Loan Bank --
7,500,000 5.54% due 7/15/99................................... 7,509,335
6,675,000 5.87% due 10/22/99.................................. 6,707,143
5,000,000 4.93% due 1/13/00................................... 5,000,664
5,000,000 4.82% due 1/27/00................................... 5,000,700
5,000,000 4.89% due 2/4/00.................................... 4,999,245
2,850,000 4.95% due 2/17/00................................... 2,848,576
10,000,000 5.16% due 3/8/00.................................... 10,000,000
3,000,000 5.60% due 3/23/00................................... 3,015,105
15,000,000 5.67% due 3/30/00................................... 15,084,165
3,000,000 5.00% due 4/5/00.................................... 2,998,665
10,000,000 5.01% due 4/28/00................................... 9,992,405
3,100,000 Federal National Mortgage Association
8.45% due 7/12/99 .................................. 3,121,915
Federal National Mortgage Association --
Medium Term Notes
6,090,000 5.65% due 5/26/99................................... 6,093,310
2,760,000 6.03% due 7/7/99.................................... 2,765,051
2,500,000 5.48% due 7/9/99.................................... 2,502,297
3,000,000 5.90% due 7/19/99................................... 3,002,172
3,500,000 5.81% due 10/1/99................................... 3,513,478
4,000,000 Student Loan Market Association
5.58% due 8/11/99 .................................. 4,006,237
------------
TOTAL AGENCY NOTES
(Cost $103,160,463) ................................ 103,160,463
------------
REPURCHASE AGREEMENTS(2) -- 40.3%
25,000,000 Agreement with Bear Stearns, Inc., 4.95% dated 04/30/99
principal and interest in the amount of $25,010,313
due on 05/03/99, collateralized by: $25,775,064
Federal Home Loan Mortgage Corporation,
2126 A 6.00% due 11/15/25 .......................... 25,000,000
</TABLE>
See Notes to Financial Statements.
22
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Government Cash Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
-------- ------------
<S> <C> <C>
$10,000,000 Agreement with Merrill Lynch, Inc., 4.90% dated
04/30/99 principal and interest in the amount of
$10,004,083 due on 05/03/99, collateralized by:
$10,204,968 Federal National Mortgage Association,
1992-217 H 6.70% due 08/25/20 ...................... $ 10,000,000
15,000,000 Agreement with Merrill Lynch, Inc., 4.72% dated
04/27/99 principal and interest in the amount of
$15,121,933 due on 06/28/99, collateralized by:
$8,594,358 Federal Home Loan Mortgage Corporation,
2043 D 6.50% due 01/15/25, $7,031,131 Federal Home
Loan Mortgage Corporation, 2106 C 6.00%
due 02/15/27 ....................................... 15,000,000
56,284,000 Agreement with Prudential Securities, Inc., 4.92% dated
04/30/99 principal and interest in the amount of
$56,307,076 due on 05/03/99, collateralized by:
$14,908,126 Federal National Mortgage Association,
2129 FH 5.52625% due 02/15/29, $42,537,338 Federal
National Mortgage Association, 1998-36 A 6.50%
due 01/18/27 ....................................... 56,284,000
15,000,000 Agreement with Prudential Securities, Inc., 4.80% dated
03/30/99 principal and interest in the amount of
$15,114,000 due on 05/26/99, collateralized by:
$15,460,713 Federal Home Loan Mortgage Corporation,
1998-36 A 6.50% due 01/18/27 ...................... 15,000,000
15,000,000 Agreement with Prudential Securities, Inc., 4.80% dated
04/08/99 principal and interest in the amount of
$15,180,000 due on 07/07/99, collateralized by:
$15,616,888 Federal National Mortgage Association,
6.00% due 02/01/06 ................................. 15,000,000
25,000,000 Agreement with Salomon Smith Barney, Inc., 4.88% dated
04/30/99 principal and interest in the amount of
$25,010,167 due on 05/03/99, collateralized by:
$25,616,086 Federal Home Loan Mortgage Corporation,
7.50% due 04/01/28 ................................. 25,000,000
</TABLE>
See Notes to Financial Statements.
23
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Government Cash Portfolio
STATEMENT OF NET ASSETS -- (Concluded)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ ------------
<S> <C> <C>
$ 80,000,000 Agreement with Societe Generale Cowen, Inc., 4.92%
dated 04/30/99 principal and interest in the amount
of $80,032,800 due on 05/03/99, collateralized by:
$26,106,053 Federal Home Loan Mortgage Corporation,
5.867% due 08/01/34, $26,106,053 Federal Home Loan
Mortgage Corporation, 5.867%, 08/01/34, $18,435,050
Federal Home Loan Mortgage Corporation, 5.867%,
08/01/34, $10,943,721 Federal Home Loan Mortgage
Corporation, 6.955%, 08/01/37....................... $ 80,000,000
------------
TOTAL REPURCHASE AGREEMENTS
(Cost $241,284,000) ................................ 241,284,000
============
TOTAL INVESTMENTS (Cost $599,463,393)(3)............... 100.2% $599,463,393
LIABILITIES IN EXCESS OF OTHER ASSETS.................. (0.2)% (1,322,593)
----- ------------
NET ASSETS............................................. 100.0% $598,140,800
===== ============
NET ASSET VALUE ($598,140,800 divided by 598,105,160
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
April 30, 1999. The term repurchase agreements are subject to a seven day
demand feature.
(3) Aggregate cost for federal tax purposes.
See Notes to Financial Statements.
24
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Tax-Exempt Cash Portfolio
STATEMENT OF NET ASSETS
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
VARIABLE/FLOATING RATES NOTES(1) -- 85.7%
Daily Variable/Floating Rate Notes -- 17.8%
$ 800,000 California Statewide Community Development Authority
Revenue, Certificate Participation, Citrus Vally
Health Partners, Inc., Citrus Vally Medical Center,
Inc., Foothill Hospital, (MBIA Insured),
4.100% due 5/3/99 .................................. $ 800,000
700,000 Delaware County, PA, Industrial Development Authority,
Airport Facilities Revenue, United Parcel Service
Project,
4.150% due 5/3/99 .................................. 700,000
900,000 East Baton Rouge Parish, LA, Pollution Control Revenue,
Exxon Project,
4.250% due 5/3/99 .................................. 900,000
2,700,000 Forsyth, MT, Pollution Control Revenue, Pacificorp
Project, (LOC Rabobank Nederland),
4.400% due 5/3/99 .................................. 2,700,000
1,000,000 Franklin County, Ohio Health Systems Revenue,
Franciscan Sisters-St. Anthony's Hospital,
(LOC Chase Manhattan Bank),
4.200% due 5/3/99 .................................. 1,000,000
4,500,000 Hapeville, GA, Development Authority, Industrial
Development Revenue, Hapeville Hotel Limited,
(LOC Deutsche Bank A.G.),
4.250% due 5/3/99 .................................. 4,500,000
1,500,000 Harris County, TX, Health Facilities Development
Corporation, Special Facilities
Revenue, Texas Medical Center, (MBIA Insured),
4.400% due 5/3/99 .................................. 1,500,000
2,530,000 Harris County, TX, Health Facilities Development
Corporation, St. Lukes Episcopal Hospital, Series A,
4.250% due 5/3/99 .................................. 2,530,000
8,500,000 Irvine Ranch, CA, Water District, Certificate
Participation, Capital Improvement Project,
(LOC Toronto Dominion Bank),
4.200% due 5/3/99 .................................. 8,500,000
1,000,000 La Crosse, WI, Pollution Control Revenue, Dairyland
Power Cooperative C, (AMBAC Insured),
4.250% due 5/3/99 .................................. 1,000,000
</TABLE>
See Notes to Financial Statements.
25
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Tax-Exempt Cash Portfolio
STATEMENT OF NET ASSETS -- (Continued
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
VARIABLE/FLOATING RATES NOTES(1) -- (Continued)
$ 2,600,000 Lehigh County, PA, General Purpose Authority Revenues,
Lehigh Valley Hospital, Series A, (AMBAC Insured),
4.150% due 5/3/99 .................................. $ 2,600,000
3,200,000 Lincoln County, WY, Pollution Control Revenue, Exxon
Project, Series B, 4.150% due 5/3/99 ............... 3,200,000
5,300,000 Missouri State Development Financial Board,
Infrastructure Facilities Revenue,
Science City Union Station, Series B,
(LOC Canadian Imperial Bank),
4.400% due 5/3/99 .................................. 5,300,000
7,700,000 New York State Energy Research and Development Authority,
Pollution Control Revenue, New York State Electric &
Gas-D, (LOC Union Bank of Switzerland),
4.100% due 5/3/99 .................................. 7,700,000
900,000 New York, NY, General Obligation Unlimited, Series A,
Subseries A-5, (LOC Kredietbank N.V.),
4.250% due 5/3/99 .................................. 900,000
900,000 New York, NY, General Obligation Unlimited, Series B,
Subseries B-4, (MBIA Insured),
4.250% due 5/3/99 .................................. 900,000
1,200,000 New York, NY, General Obligation Unlimited, Series B,
Subseries B-7, (AMBAC Insured),
4.250% due 5/3/99 .................................. 1,200,000
1,000,000 New York, NY, City Municipal Water Financial Authority,
Water and Sewer Systems Revenue, Series C,
4.250% due 5/3/99 .................................. 1,000,000
1,405,000 Peninsula Port Authority, Virginia Coal Terminal
Revenue, Dominion Terminal Associates Project C,
(LOC National Westminster Pl),
4.250% due 5/3/99 .................................. 1,405,000
3,400,000 Port of Portland, Oregon, Pollution Control, Reynold
Metals, (LOC Bank of Nova Scotia),
4.250% due 5/3/99 .................................. 3,400,000
5,300,000 Reno, NV, Hospital Revenue, St Mary's Regional Medical
Center, Series B,
4.250% due 5/3/99 .................................. 5,300,000
</TABLE>
See Notes to Financial Statements.
26
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Tax-Exempt Cash Portfolio
STATEMENT OF NET ASSETS -- (Continued
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
VARIABLE/FLOATING RATES NOTES(1) -- (Continued)
$2,590,000 South Carolina Jobs, Economic Development Authority,
Economic Development Revenue, St Francis Hospital,
(LOC Chase Manhattan Bank),
4.250% due 5/3/99 .................................. $ 2,590,000
-----------
Total Daily Variable/Floating Rates Notes............. 59,625,000
-----------
Monthly Floating Rates -- 0.4%
1,400,000 New Hampshire State Industrial Development Authority
Revenue, Oerlikon-Burlhe USA,
(LOC Bank of Switzerland),
3.550% due 5/3/99 .................................. 1,400,000
-----------
Weekly Variable/Floating Rate Notes -- 67.5%
1,100,000 Alabama Special Care Facilities, Finance Authority,
Montgomery Hospital Revenue, (FGIC Insured),
3.950% due 5/5/99 .................................. 1,100,000
8,200,000 Burke County, GA, Development Authority Pollution
Control Revenue, Oglethorpe Power Corp. Project,
Series A, (FGIC Insured),
3.850% due 5/5/99 .................................. 8,200,000
800,000 California Health Facilities, Financing Authority
Revenue, Childrens Hospital Project, (MBIA Insured),
3.900% due 5/6/99 .................................. 800,000
3,905,000 Charlotte, NC, Airport Revenue, Series A,
(MBIA Insured),
3.850% due 5/5/99 .................................. 3,905,000
1,080,000 Chicago, IL, O'Hare International Airport Revenue,
General Airport 2nd Lien-- A, (LOC Societe Generale),
3.950% due 5/5/99 .................................. 1,080,000
1,000,000 Chicago, IL, O'Hare International Airport Revenue,
General Airport 2nd Lien-- B, (LOC Societe Generale),
3.950% due 5/5/99 .................................. 1,000,000
2,335,000 Clayton County, GA, Housing Authority, Multi-Family
Housing Revenue, Ten Oaks Apartments, Series F,
(LOC Barclays Bank PLC),
4.000% due 5/5/99 .................................. 2,335,000
1,000,000 Clayton County, GA, Housing Authority, Multi-Family
Housing Revenue, Kimberly Forest, Series B,
(LOC Barclays Bank PLC),
4.000% due 5/5/99 .................................. 1,000,000
</TABLE>
See Notes to Financial Statements.
27
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Tax-Exempt Cash Portfolio
STATEMENT OF NET ASSETS -- (Continued
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
VARIABLE/FLOATING RATES NOTES -- (Continued)
$1,100,000 Clayton County, GA, Housing Authority, Multi-Family
Housing Revenue, Kings Arms Apartments, Series D,
(LOC Barclays Bank PLC),
4.000% due 5/5/99 .................................. $ 1,100,000
1,355,000 Clayton County, GA, Housing Authority, Multi-Family
Housing Revenue, Huntington Woods, Series A,
(LOC Barclays Bank PLC),
4.000% due 5/5/99 .................................. 1,355,000
1,700,000 Colton, CA, Redevelopment Agency, Multi-Family Revenue,
Issue A, (LOC Federal Home Loan Bank),
2.900% due 5/4/99 .................................. 1,700,000
15,100,000 Connecticut State Health and Education Facilities
Authority Revenue, Yale University,
3.800% due 5/6/99 .................................. 15,100,000
1,200,000 Dade County, FL, Aviation Revenue, Series A,
(LOC Morgan Guaranty Trust),
3.950% due 5/5/99 .................................. 1,200,000
2,600,000 Dauphin County, PA, General Authority Revenue, School
District Pooled Financing Program II,
3.750% due 5/5/99 .................................. 2,600,000
1,900,000 Durham, NC, General Obligation Unlimited,
Public Improvement,
3.800% due 5/6/99 .................................. 1,900,000
5,000,000 Emmaus, PA,General Authority Revenue, (FSA Insured),
3.950% due 5/5/99 .................................. 5,000,000
600,000 Fairfax County, VA, Industrial Development Authority
Revenue, Fairfax Hospital System -- C,
(LOC Credit Suisse),
4.000% due 5/5/99 .................................. 600,000
2,000,000 Gloucester County, NJ, Industrial Pollution Control,
Financing Authority Revenue, Mobil Oil Refining
Company Project,
3.800% due 5/5/99 .................................. 2,000,000
5,000,000 Golden Empire, CA, School Financing Authority, Kern
High School District Projects,
4.000% due 5/5/99 .................................. 5,000,000
2,900,000 Hamilton County, OH, Hospital Facilities Revenue,
Health Alliance of Greater Cinncinati, Series E,
(MBIA Insured),
3.900% due 5/5/99 .................................. 2,900,000
</TABLE>
See Notes to Financial Statements.
28
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Tax-Exempt Cash Portfolio
STATEMENT OF NET ASSETS -- (Continued
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
VARIABLE/FLOATING RATES NOTES -- (Continued)
$1,400,000 Hampton Roads, VA, Regional Jail Authority, Regional
Jail Facility Revenue,
3.100% due 5/5/99 .................................. $ 1,400,000
2,600,000 Illinois Health Facilities Authority Revenue, Decantur
Memorial Hospital Project, Series A, (MBIA Insured),
4.000% due 5/5/99 .................................. 2,600,000
700,000 Illinois Health Facilities Authority Revenue, Swedish
Covenant Hospital Project, (AMBAC Insured),
4.000% due 5/5/99 .................................. 700,000
5,900,000 Illinois Housing Development Authority, Housing Revenue,
Illinois Center Apartments, (Met Life Guaranty Insured),
4.000% due 5/5/99 .................................. 5,900,000
2,100,000 Iowa Higher Education Loan Authority, Private College
Facilities Revenue, (MBIA Insured),
4.050% due 5/5/99 .................................. 2,100,000
1,000,000 Knox County, TN, Industrial Development Board,
Industrial Revenue, Professional Plaza LTD Project,
(LOC Credit Suisse),
3.450% due 5/15/99 ................................. 1,000,000
2,700,000 Los Angeles County, CA, Pension Obligation, Series C,
(AMBAC Insured),
3.800% due 5/5/99 .................................. 2,700,000
3,215,000 Los Angeles, CA, Multifamily Revenue, Series K,
3.700% due 5/4/99 .................................. 3,215,000
3,250,000 Louisiana Public Facilities Authority Revenue, College
and University Equipment and Capital, Series A,
(FGIC Insured),
4.000% due 5/5/99 .................................. 3,250,000
4,200,000 Louisiana Public Facilities Authority Revenue,
Multi-Family Mortgage, (General Electric Capital
Guaranty Insured),
4.000% due 5/5/99 .................................. 4,200,000
1,100,000 Massachusetts Health & Educational Facilities Authority
Revenue, Capital Asset Project, Series G-1,
(MBIA Insured),
3.600% due 5/5/99 .................................. 1,100,000
7,800,000 Massachusetts State Health & Educational Facilities
Authority Revenue, Amherst College, Series F,
3.350% due 5/6/99 .................................. 7,800,000
</TABLE>
See Notes to Financial Statements.
29
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Tax-Exempt Cash Portfolio
STATEMENT OF NET ASSETS -- (Continued
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
VARIABLE/FLOATING RATES NOTES -- (Continued)
$ 1,200,000 Massachusetts State Housing Finance, Multi Family
Housing Project, Series A,
(FNMA Collateral Agreement Insured),
3.950% due 5/5/99 .................................. $ 1,200,000
10,000,000 Massachusetts State Water Resource Authority, Series B,
(LOC Landesbank Hessen),
4.000% due 5/5/99 .................................. 10,000,000
5,400,000 Mecklenburg County, NC, General Obligation Unlimited,
Series C,
3.450% due 5/6/99 .................................. 5,400,000
1,000,000 Metropolitan Government, Nashville & Davidson County,
TN, Health & Education Board Revenue, Series A,
(LOC Barclays Bank),
3.950% due 5/5/99 .................................. 1,000,000
1,300,000 Michigan State Strategic Fund Industrial Development
Revenue, Allen Group Project,
(LOC Dresdner Bank, A.G.),
4.000% due 5/5/99 .................................. 1,300,000
5,000,000 Moffat County, CO, Pollution Control Revenue, Fixed
Colorado United Electric, (AMBAC Insured),
4.050% due 5/5/99 .................................. 5,000,000
5,500,000 Montgomery County, MD, Housing Opportunity Commission,
Multi-Family, (CG Life Insured),
4.200% due 5/5/99 .................................. 5,500,000
1,500,000 Mountain View, CA, Multi-Family Housing Revenue,
Mariposa, A, (FGIC Insured),
3.900% due 5/6/99 .................................. 1,500,000
1,300,000 Municipal Electric Authority, GA, (LOC ABN Amro Bank),
4.000% due 5/5/99 .................................. 1,300,000
1,200,000 New Jersey Economic Development Authority, Pollution
Control Revenue, Public Services Electric and Gas
Company, Series A, (MIBA Insured),
3.800% due 5/5/99 .................................. 1,200,000
4,200,000 New Jersey State Turnpike Authority, Series D,
(FGIC Insured),
3.800% due 5/5/99 .................................. 4,200,000
1,100,000 New York State Medical Care Facilities Finance Agency
Revenue, Lenox Hill Hospital, Series A,
(LOC Chase Manhattan Bank),
3.900% due 5/5/99 .................................. 1,100,000
</TABLE>
See Notes to Financial Statements.
30
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Tax-Exempt Cash Portfolio
STATEMENT OF NET ASSETS -- (Continued
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
VARIABLE/FLOATING RATES NOTES -- (Continued)
$ 7,600,000 New York, NY, City Transitional Financial Authority
Revenue, Future Tax Secured, Series A 1,
4.000% due 5/5/99 .................................. $ 7,600,000
10,000,000 Niagara County, NY, Industrial Development Agency,
Solid Waste Disposal Revenue, American Ref-Fuel
Company, Series A, (LOC Wachovia Bank of NC),
4.000% due 5/5/99 .................................. 10,000,000
1,200,000 Ohio State University, General Receipts,
3.850% due 5/6/99 .................................. 1,200,000
6,500,000 Port Kalama,WA, Public Corporation Port, Conagra
Incorporated Project, (LOC Morgan Guaranty Trust),
4.050% due 5/5/99 .................................. 6,500,000
219,500 Puerto Rico Commonwealth Highway & Transportation
Authority Revenue, Series X, (LOC Union Bank of
Switzerland),
3.800% due 5/5/99 .................................. 219,500
400,000 Rapides Parish, LA, Industrial Development Board,
Pollution Control Revenue, Central Louisiana
Electric Company Project, (LOC Swiss Bank),
3.950% due 5/5/99 .................................. 400,000
1,100,000 Saint Charles, IL, Industrial Development Revenue,
Pier 1 Imports, Midwest Project,
(LOC National Westminster),
4.100% due 5/5/99 .................................. 1,100,000
1,200,000 Savannah, GA, Port Authority, Pier 1 Imports, Southeast,
(LOC National Westminster),
4.100% due 5/5/99 .................................. 1,200,000
2,300,000 Scottsdale, AZ, Industrial Development Authority,
Hospital Revenue, Scottsdale Memorial Health Systems,
Series B, (AMBAC Insured),
3.850% due 5/5/99 .................................. 2,300,000
1,100,000 Seattle, WA, Municipal Light and Power Revenue,
3.950% due 5/5/99 .................................. 1,100,000
3,300,000 Simi Valley, CA, Community Development Agency,
Multi-Family, Series 1985, Issue A,
3.250% due 5/6/99 .................................. 3,300,000
</TABLE>
See Notes to Financial Statements.
31
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Tax-Exempt Cash Portfolio
STATEMENT OF NET ASSETS -- (Continued
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
VARIABLE/FLOATING RATES NOTES -- (Continued)
$2,650,000 Texas Higher Education Authority Incorporated,
Series B, (FGIC Insured),
4.000% due 5/5/99 .................................. $ 2,650,000
4,200,000 Tulsa, OK, Tulsa Industrial Authority Revenue,
University of Tulsa, Series B, (MBIA Insured),
4.000% due 5/5/99 .................................. 4,200,000
14,730,000 University of Alabama, University Revenues, University
of Alabama in Birmingham, Series A,
4.000% due 5/5/99 .................................. 14,730,000
4,100,000 University of Utah, University Revenues, Auxiliary and
Campus Facilities, Series A,
4.000% due 5/5/99 .................................. 4,100,000
5,000,000 Utah State Board of Regents, Student Loan Revenue,
Series B, (AMBAC Insured),
4.000% due 5/5/99 .................................. 5,000,000
6,000,000 Valdez, AK, Marine Terminal Revenue, Mobile Alaska
Pipeline Project, Series A,
3.950% due 5/5/99 .................................. 6,000,000
7,200,000 Wake County, NC, Industrial Facilities & Pollution
Control Financing Authority, Carolina Power & Light
Co. Project, Series A, (LOC Credit Suisse),
3.950% due 5/5/99 .................................. 7,200,000
3,900,000 Washington State General Obligation Revenue,
Series VR 96A, 3.900% due 5/5/99 ................... 3,900,000
5,975,000 Washington State Housing Finance, Multi-Family Mortgage
Revenue, Pacific First Federal Project,Series A,
(LOC Pacific First Federal Savings),
4.000% due 5/5/99 .................................. 5,975,000
3,400,000 York County, PA, Industrial Development Authority,
Pollution Control Revenue, Public Service Electric &
Gas Project, Series A, (MBIA Insured),
3.900% due 5/5/99 .................................. 3,400,000
------------
Total Weekly Variable/Floating Rates Notes............ 226,614,500
------------
TOTAL VARIABLE/FLOATING RATES NOTES
(Cost $287,639,500) ................................ 287,639,500
------------
</TABLE>
See Notes to Financial Statements.
32
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Tax-Exempt Cash Portfolio
STATEMENT OF NET ASSETS -- (Continued
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
PUT OPTION BONDS(2) -- 2.8%
$2,000,000 Massachusetts Bay Transportation Authority, General
Transportation System, Series 1984, Issue A,
(LOC State Street Bank & Trust),
3.750% due 3/1/00 .................................. $ 2,000,000
York County, SC, Pollution Control Revenue
4,500,000 3.000% due 9/15/99.................................. 4,500,000
2,960,000 3.500% due 9/15/14.................................. 2,957,933
-----------
TOTAL PUT OPTION BONDS
(Cost $9,457,933) .................................. 9,457,933
-----------
FIXED RATE BONDS -- 11.2%
1,210,000 Arlington County, VA, General Obligation Unlimited,
5.000% due 12/1/99 ................................. 1,223,154
1,850,000 Arlington, TX, General Obligation Unlimited, Independent
School District, Series D,
8.000% due 8/15/99 ................................. 1,874,144
2,000,000 Clark County, KY, Pollution Control Revenue, East
Kentucky Power Coop, National Rural, Series J-1,
3.100% due 10/15/99 ................................ 2,000,000
2,350,000 Dallas, TX, General Obligation Limited,
5.500% due 2/15/00 ................................. 2,393,500
1,000,000 Delaware State Certificate of Participation,
6.700% due 9/1/99 .................................. 1,031,959
1,870,000 District of Columbia Hospital Revenue, Medlantic
Healthcare, Series A,
4.800% due 8/15/99 ................................. 1,879,691
5,000,000 Essex Cnty, NJ, Improvememt Authority,
Revenue Anticipation Notes,
3.500% due 3/31/00 ................................. 5,015,514
5,000,000 Fairfax County, VA, General Obligation Unlimited,
Public Improvement, Series A,
5.500% due 6/1/99 .................................. 5,010,173
1,000,000 Mecklenburg County, NC, Public Improvement, Series B,
4.250% due 2/1/00 .................................. 1,008,422
</TABLE>
See Notes to Financial Statements.
33
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Tax-Exempt Cash Portfolio
STATEMENT OF NET ASSETS -- (Continued
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
$ 1,625,000 New England Educational Loan Marketing Corp,
Massachusetts Student Loan Revenue, Issue D,
6.000% due 9/1/99 .................................. $ 1,641,034
2,965,000 New England Educational Loan Marketing Corp,
Massachusetts Student Loan Revenue, Issue A,
6.120% due 9/1/99 .................................. 2,995,485
1,630,000 New York, NY, City Municipal Water Financial Authority,
Water and Sewer Systems Revenue,
6.750% due 6/15/99 ................................. 1,660,613
5,235,000 Okaloosa County, FL, School Board Sales Tax Revenue,
6.000% due 9/1/99 .................................. 5,286,512
1,000,000 Philadelphia, PA, School District, Tax and Revenue
Anticipation Notes, Series A,
4.250% due 6/30/99 ................................. 1,000,971
1,000,000 Philadelphia, PA, Tax and Revenue Anticipation Notes,
Series A,
4.250% due 6/30/99 ................................. 1,000,983
1,500,000 Philadelphia PA Water and Sewer Revenue, 14th Series,
6.900% due 10/1/99 ................................. 1,553,031
1,000,000 University Cincinnati, OH, General Receipts, Series I1,
7.100% due 6/1/99 .................................. 1,022,879
-----------
TOTAL FIXED RATE BONDS
(Cost $37,598,065) ................................. 37,598,065
-----------
</TABLE>
See Notes to Financial Statements.
34
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Tax-Exempt Cash Portfolio
STATEMENT OF NET ASSETS -- (Concluded)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
TOTAL INVESTMENTS (Cost $334,691,014)(3)............... 99.7% $334,695,498
OTHER ASSETS IN EXCESS OF LIABILITIES.................. 0.3% 927,385
------ ------------
NET ASSETS ............................................ 100.0% $335,622,883
===== ============
NET ASSET VALUE ($335,622,883 divided by 335,704,785
shares outstanding)................................. $ 1.00
============
</TABLE>
- -------------
(1) Dates shown are coupon reset dates. Rates shown are the most recent rates as
of April 30, 1999.
(2) Dates shown are put dates
(3) Aggregate cost for federal tax purposes
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
FGIC -- Financial Guaranty Insurance Corporation
LOC -- Letter of Credit
MBIA -- Municipal Bond Investors Assurance
FNMA -- Federal National Mortgage Association
FSA --Financial Security Assurance Inc.
See Notes to Financial Statements.
35
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Core Fixed Income Portfolio
STATEMENT OF NET ASSETS
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
MORTGAGE-BACKED SECURITIES(1) -- 42.3%
Countrywide Securities Corp. -- 0.9%
$2,397,099 Countrywide 1998-6 A
6.500% due 6/25/13 ................................ $2,398,562
----------
Federal Home Loan Mortgage Corporation -- 3.3%
194,749 #555359 6.500% due 4/1/08 ............................ 194,435
2,202,075 #G10753 6.500% due 9/1/09 ............................ 2,223,964
256,222 #555360 7.000% due 7/1/12 ............................ 260,036
916,112 #D86858 7.500% due 2/1/28 ............................ 941,590
881,634 #D88567 7.500% due 4/1/28 ............................ 906,153
1,200,855 #D84894 8.000% due 12/1/27 ........................... 1,249,634
1,464,740 #D78677 8.000% due 3/1/27 ............................ 1,524,238
1,169,782 #555354 8.500% due 10/1/18 ........................... 1,224,586
278,645 #G00807 9.500% due 3/1/21 ............................ 299,519
----------
8,824,155
----------
Federal National Mortgage Association -- 38.1%
2,913,595 #313816 6.000% due 11/25/27 .......................... 2,891,743
3,762,696 #380159 6.210% due 5/1/08 ............................ 3,766,621
1,426,342 #44174 6.500% due 11/1/03 ............................ 1,426,429
1,746,078 #313815 6.500% due 11/25/27 .......................... 1,761,932
28,500,000 FNMA TBA 6.500% due 2/1/29 .......................... 28,330,781
7,404,207 #73829 6.560% due 12/1/03 ............................ 7,540,148
5,700,000 #73924 6.580% due 2/1/07 ............................. 5,831,602
6,463,740 #73927 6.620% due 1/1/04 ............................. 6,597,643
4,487,288 #73828 6.810% due 12/1/06 ............................ 4,641,391
3,432,619 #73954 6.850% due 2/1/07 ............................. 3,560,096
3,428,965 #73905 6.910% due 1/1/07 ............................. 3,566,725
4,353,924 #73917 6.950% due 1/1/07 ............................. 4,538,235
1,200,993 #313672 7.020% due 6/1/07 ............................ 1,255,569
1,880,357 #409459 7.500% due 1/1/28 ............................ 1,932,651
5,376,096 #393877 7.500% due 7/1/27 ............................ 5,552,500
1,307,109 #395680 7.500% due 8/1/27 ............................ 1,349,999
1,281,604 #398674 7.500% due 9/1/27 ............................ 1,323,657
1,463,992 #405845 8.000% due 11/1/27 ........................... 1,523,006
346,951 #313804 8.000% due 11/25/27 .......................... 361,454
1,359,669 #373328 8.000% due 3/1/27 ............................ 1,414,478
</TABLE>
See Notes to Financial Statements.
36
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Core Fixed Income Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
---------- -----------
<S> <C>
MORTGAGE-BACKED SECURITIES -- (Continued)
Federal National Mortgage Association-- (Continued)
$3,549,799 #390895 8.000% due 6/1/27 ............................ $ 3,692,892
1,306,060 #395715 8.000% due 8/1/27 ............................ 1,358,708
6,206,063 #397602 8.000% due 8/1/27 ............................ 6,456,230
470,483 #313798 9.000% due 11/25/27 .......................... 500,401
692,674 #313795 9.500% due 11/25/27 .......................... 739,195
349,705 #313796 9.500% due 11/25/27 .......................... 374,465
-----------
102,288,551
-----------
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $111,954,909) ................................ 113,511,268
-----------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 6.9%
11,153,087 FNR #1992-47 H 5.000% due 2/25/07 .................... 10,981,553
7,500,000 FHR #1590 H 6.500% due 11/15/22 ...................... 7,453,125
1,354,327 FHR #1544 H 6.500% due 7/15/08 ....................... 65,294
-----------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $18,006,043) ................................. 18,499,972
-----------
ASSET-BACKED SECURITIES -- 11.6%
5,000,000 #1999-A A2 Peco Energy Transition Trust 5.630% due 3/1/05 4,979,300
18,000,000 #1997-1 A3 California Infrastructure SCE Funding Corp.
6.170% due 3/25/03 ................................. 18,185,625
4,000,000 #1997-1 A4 California Infrastructure SCE Funding Corp.
6.220% due 3/25/04 ................................. 4,051,562
4,000,000 #1997-1 California Infrastructure Pacific Gas & Electric
6.320% due 9/25/05 ................................. 4,073,125
-----------
TOTAL ASSET-BACKED SECURITIES
(Cost $31,077,675) ................................. 31,289,612
-----------
</TABLE>
See Notes to Financial Statements.
37
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Core Fixed Income Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ ----------
<S> <C>
INTEREST-ONLY SECURITIES(2) -- 2.0%
$46,773,372 UAC #99-AI 0.800% due 9/8/06 ......................... $ 489,659
18,941,435 UAC #97-B I 1.850% due 4/10/01 ....................... 192,374
1,054,263 FHR #1697 PV 6.000% due 4/15/06 ...................... 57,572
3,846,153 FNR #93-135 PI 6.500% due 7/25/08 .................... 1,019,231
7,900,000 FHR #1611 L 7.000% due 11/15/23 ...................... 2,646,500
1,344,393 FNR 93-147 K 7.000% due 2/25/20 ...................... 119,611
1,290,000 FHR #1529 JB 7.000% due 3/15/06 ...................... 197,353
2,185,782 FHG #16 PQ 7.000% due 4/25/21 ........................ 278,042
2,321,118 FNR #1997-40 PK 7.000% due 7/18/19 ................... 186,191
1,963,760 FNR #93-167 L 7.000% due 8/25/19 ..................... 153,034
-----------
TOTAL INTEREST-ONLY SECURITIES
(Cost $5,670,277) .................................. 5,339,567
-----------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- 3.5%
10,000,000 Federal National Mortgage Association 5.250% due 1/15/09 9,542,200
-----------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $9,944,410) .................................. 9,542,200
-----------
CORPORATE NOTES -- 14.8%
5,000,000 IBM Corp. 5.370% due 2/1/09 .......................... 4,736,235
5,000,000 Cit Group Inc. 5.500% due 2/15/04 .................... 4,884,705
4,000,000 Associates Corp. of North America 5.750% due 11/1/03 . 3,962,660
5,000,000 Ford Motor Credit Co. 5.750% due 2/23/04 ............. 4,945,975
5,685,000 General Electric Cap Corp. 5.770% due 8/27/01 ........ 5,711,509
5,000,000 Merrill Lynch and Co. 6.000% due 2/17/09 ............. 4,827,505
5,000,000 AT&T Corp. 6.000% due 3/15/09 ........................ 4,897,965
1,125,000 Associates Corp. of North America 6.000% due 4/15/03 . 1,125,338
5,000,000 Lucent Technologies 6.450% due 3/15/29 ............... 4,832,725
-----------
TOTAL CORPORATE NOTES
(Cost $40,625,592) ................................. 39,924,617
-----------
</TABLE>
See Notes to Financial Statements.
38
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Core Fixed Income Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ ----------
<S> <C>
U.S. TREASURY OBLIGATIONS -- 18.7%
U.S. Treasury Notes --
$19,595,000 4.750% due 11/15/08................................... $ 18,716,164
8,050,000 5.620% due 5/15/01.................................... 8,130,500
6,108,000 5.750% due 8/15/03.................................... 6,219,654
11,150,000 6.120% due 11/15/27................................... 11,542,034
5,281,000 7.000% due 7/15/06.................................... 5,775,249
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $50,850,520) ................................. 50,383,601
------------
REPURCHASE AGREEMENTS -- 17.1%
162,000 Agreement with Goldman Sachs & Co., 4.65%, dated
04/30/99, principal and interest in the amount of
$162,063 due on 05/03/99, collateralized by:
$170,689 U.S. Treasury Notes,
12.375% due 05/15/04 ............................... 162,000
45,800,000 Agreement with Prudential Securities, 4.92%, dated
04/30/99, principal and interest in the amount of
$45,818,778 due on 05/03/99, collateralized by:
$24,077,774 Federal National Mortgage Association,
6.50%,due 04/01/29, $22,656,870 Federal National
Mortgage Association, 6.50%, due 04/01/29.......... 45,800,000
------------
TOTAL REPURCHASE AGREEMENTS
(Cost $45,962,000) ................................. 45,962,000
------------
TOTAL INVESTMENTS (Cost $314,091,426)3................. 116.9% $314,452,837
REVERSE REPURCHASE AGREEMENTS--(19.8)%
19,595,000 Reverse Repurchase Agreement with Merrill Lynch,
dated 4/30/99 bearing 3.50% to be repurchased at
$19,247,902 on 5/3/99, collateralized by:
$19,595,000 U.S. Treasury Bonds,
4.750% due 11/15/08..................... (19,595,000)
------------
TOTAL REVERSE REPURCHASE AGREEMENTS.................... (7.3)% (19,595,000)
LIABILITIES IN EXCESS OF OTHER ASSETS.................. (9.6)% (25,750,063)
----- ------------
NET ASSETS ............................................ 100.0% $269,107,774
===== ============
NET ASSET VALUE ($269,107,774 divided by 25,659,310
shares outstanding)................................. $ 10.49
============
</TABLE>
- ----------
(1) Represents current face amount at April 30, 1999.
(2) Collateral for reverse repurchase agreements.
(3) Aggregate cost for federal tax purposes.
ABBREVIATION:
FNMA -- Federal National Mortgage Association
See Notes to Financial Statements.
39
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Tax Managed Equity Portfolio
STATEMENT OF NET ASSETS
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- -----------
<S> <C>
COMMON STOCKS -- 94.9%
Financial Services -- 15.7%
35,000 American International Group, Inc. ................... $ 4,110,312
46,208 Associates First Capital Corp. ....................... 2,047,592
54,000 BankBoston Corp. ..................................... 2,646,000
60,000 Bank of America ...................................... 4,320,000
25,000 Bank One Corp. ....................................... 1,475,000
56,000 Duke Realty Investments, Inc. ........................ 1,316,000
47,000 Fannie Mae ........................................... 3,334,063
50,000 First Union Corp. .................................... 2,768,750
14,300 Hartford Life, Inc.-- Class A ........................ 748,069
35,000 Wells Fargo & Co. .................................... 1,511,563
------------
24,277,349
------------
Electronic Technology -- 14.5%
25,000 Cisco Systems, Inc.(1)................................ 2,851,562
100,000 EMC Corp.(1).......................................... 10,893,750
25,000 Intel Corp. .......................................... 1,529,687
13,000 International Business Machines Corp. ................ 2,719,437
36,000 Lexmark International Group, Inc.-- Class A(1) ....... 4,446,000
200 Siebl Systems, Inc.(1)................................ 7,687
------------
22,448,123
------------
Utilities -- 12.0%
80,000 BellSouth Corp. ...................................... 3,580,000
30,000 Columbia Energy Group ................................ 1,441,875
28,000 FPL Group, Inc. ...................................... 1,578,500
60,000 MCI Worldcom, Inc.(1) ................................ 4,931,250
39,000 Pinnacle West Capital Corp. .......................... 1,513,688
45,000 Sprint Corp. (FON Group) ............................. 4,615,313
22,500 Sprint Corp. (PCS Group)(1) .......................... 953,438
------------
18,614,064
------------
Health Technology -- 10.7%
50,000 American Home Products Corp. ......................... 3,050,000
56,000 Bristol-Myers Squibb Co. ............................. 3,559,500
40,000 Johnson & Johnson .................................... 3,900,000
44,000 Merck & Co., Inc. .................................... 3,091,000
45,000 Warner Lambert Co. ................................... 3,057,187
------------
16,657,687
------------
</TABLE>
See Notes to Financial Statements.
40
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Tax Managed Equity Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- -----------
<S> <C>
COMMON STOCKS -- (Continued)
Producer Manufacturing -- 8.1%
40,000 Johnson Controls, Inc. ............................... $ 2,917,500
125,000 Leggett & Platt, Inc. ................................ 2,882,813
30,000 Magna International .................................. 1,792,500
20,000 Tyco International, Ltd. ............................. 1,625,000
56,000 Xerox Corp. .......................................... 3,290,000
------------
12,507,813
------------
Energy Minerals -- 4.7%
40,000 Chevron Corp. ........................................ 3,990,000
65,000 Phillips Petroleum Co. ............................... 3,290,625
------------
7,280,625
------------
Consumer Durables -- 4.4%
50,000 Ford Motor ........................................... 3,196,875
60,000 Harley-Davidson, Inc. ................................ 3,577,500
------------
6,774,375
------------
Consumer Services -- 4.1%
120,000 Carnival Corp.-- Class A ............................. 4,950,000
30,000 H & R Block, Inc. .................................... 1,443,750
------------
6,393,750
------------
Technology -- 4.0%
30,001 Computer Associates International, Inc. .............. 1,280,668
35,000 Microsoft Corp.(1) ................................... 2,845,938
100,000 Sterling Software, Inc.(1) ........................... 2,068,750
------------
6,195,356
------------
Consumer Non-Durables -- 3.7%
37,000 Procter & Gamble Co. ................................. 3,471,062
45,000 VF Corp. ............................................. 2,317,500
------------
5,788,562
------------
Commercial Services -- 3.6%
100,000 McGraw-Hill, Inc. .................................... 5,525,000
------------
Retail Trade -- 3.3%
27,000 Dayton Hudson Corp. .................................. 1,817,437
150,000 Office Depot, Inc.(1) ................................ 3,300,000
------------
5,117,437
------------
</TABLE>
See Notes to Financial Statements.
41
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Tax Managed Equity Portfolio
STATEMENT OF NET ASSETS -- (Concluded)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- ------------
<S> <C>
COMMON STOCKS -- (Continued)
Process Industries -- 2.4%
35,000 General Electric Co. ................................. $ 3,692,500
------------
Transportation -- 1.9%
80,000 Burlington Northern Sante Fe Corp. ................... 2,930,000
------------
Industrial Services -- 1.9%
45,000 Schlumberger, Ltd. ................................... 2,874,375
------------
TOTAL COMMON STOCKS
(Cost $93,270,118) ................................. 147,077,016
------------
OPTIONS -- (0.1)%
Written Call Options -- (0.1)%
70 EMC Corp.-- 99 May 110 ............................... (37,625)
100 EMC Corp.-- 99 May 115 ............................... (36,250)
50 EMC Corp.-- 99 June 125 .............................. (21,674)
40 Lexmark Corp.-- 99 June 130 .......................... (41,339)
-------------
(136,888)
-------------
Purchased Put Options -- 0.0%
50 EMC Corp.-- 99 June 105 .............................. 35,200
40 Lexmark Corp.-- 99 June 120 .......................... 40,660
------------
75,860
------------
TOTAL OPTIONS
(Cost $154,218) .................................... (61,028)
------------
Face Amount
-----------
REPURCHASE AGREEMENT -- 3.2%
$ 4,917,000 Agreement with Goldman Sachs & Co.,4.65%, dated 04/30/99,
principal and interest in the amount of $4,917,635
due on 05/03/99, collateralized by $4,030,000
U.S. Treasury Bonds,11.125% due 08/15/03
(Cost $4,917,000) .................................. 4,917,000
------------
TOTAL INVESTMENTS (Cost $98,032,900)(2)................. 98.0% $151,932,988
OTHER ASSETS IN EXCESS OF LIABILITIES................... 2.0% 3,026,980
----- ------------
NET ASSETS ............................................. 100.0% $154,959,968
===== ============
NET ASSET VALUE ($154,959,968 divided by 6,449,794
shares outstanding)............................................. $ 24.03
============
</TABLE>
- ----------
(1)Non-income producing security.
(2)Aggregate cost for federal tax purposes.
See Notes to Financial Statements.
42
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Small Capitalization Equity Portfolio
STATEMENT OF NET ASSETS
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- -----------
COMMON STOCKS -- 99.9%
<S> <C> <C>
Basic Industry -- 12.9%
163,300 Aptargroup, Inc. ..................................... $ 4,572,400
66,300 Borg-Warner Automotive, Inc. ......................... 3,762,525
272,300 Cable Design Technologies(1) ......................... 4,050,463
39,200 Cleveland-Cliffs, Inc. ............................... 1,560,650
106,000 Dexter Corp. ......................................... 4,352,625
126,700 Granite Construction, Inc. ........................... 3,618,869
145,500 Intermet Corp. ....................................... 2,146,125
99,700 Kaydon Corp. ......................................... 3,364,875
46,600 Lone Star Inds. ...................................... 1,663,037
137,500 Pittston Services Group .............................. 3,626,562
98,500 Teekay Shipping Corp. ................................ 1,674,500
59,000 Texas Industries, Inc. ............................... 1,821,625
126,300 Watsco, Inc. ......................................... 2,478,637
------------
38,692,893
------------
Consumer Services -- 30.3%
44,300 Alaska Air Group, Inc. ............................... 1,951,969
107,700 Applebee's International, Inc. ....................... 2,780,006
131,600 Banta Corp. .......................................... 2,804,725
127,200 BJ's Wholesale Club, Inc.(1) ......................... 3,378,750
167,000 Bob Evans Farms, Inc. ................................ 3,058,187
42,050 Canandaigua Wine Company, Inc.-- Class A(1) .......... 2,165,575
80,600 Carlisle Companies, Inc. ............................. 3,949,400
38,100 Children's Place(1) .................................. 1,381,125
163,600 Copart, Inc.(1) ...................................... 2,965,250
67,000 Department 56, Inc. .................................. 1,813,187
110,800 First Years, Inc. .................................... 1,682,775
185,400 Foodmaker(1) ......................................... 4,472,775
228,700 Fred's, Inc. ......................................... 2,672,931
114,050 Harman International Industries, Inc. ................ 5,239,172
103,800 Haverty Furniture Company, Inc. ...................... 2,452,275
191,700 K2, Inc. ............................................. 1,952,944
120,300 Kellwood Co. ......................................... 3,097,725
153,800 La-Z-Boy Chair Co. ................................... 3,027,937
</TABLE>
See Notes to Financial Statements.
43
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Small Capitalization Equity Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- -----------
<S> <C>
COMMON STOCKS -- (Continued)
Consumer Services -- (Continued)
62,000 Libbey, Inc. ......................................... $ 1,863,875
86,800 Metzler Group, Inc.(1) ............................... 2,419,550
76,050 Midwest Express Holdings, Inc. ....................... 2,376,562
120,300 Movado Group, Inc. ................................... 2,902,237
43,900 Payless Shoesource, Inc.(1) .......................... 2,126,406
184,200 Ralcorp Holdings, Inc.(1) ............................ 3,384,675
249,300 Reynolds & Reynolds .................................. 5,687,156
95,500 Sbarro, Inc. ......................................... 2,500,906
109,800 Shopko Stores, Inc. .................................. 3,767,512
210,800 Stride Rite Corp. .................................... 2,463,725
74,400 Suiza Foods Corp. .................................... 2,794,650
131,600 Toll Brothers, Inc.(1) ............................... 2,812,950
57,500 Toro Co. ............................................. 2,001,719
113,500 Universal Corp. ...................................... 2,887,156
------------
90,835,787
------------
Energy -- 0.9%
226,900 Tesoro Petroleum Corp.(1) ............................ 2,566,806
------------
Financial Services -- 18.0%
48,700 American Heritage Life Investment Corp. .............. 1,129,231
172,500 Amerin Corp. ......................................... 4,042,969
65,900 Bancwest Corp. ....................................... 2,623,644
93,800 Bank of Commerce/San Diego ........................... 1,958,075
58,800 Chartwell Re Corp. ................................... 1,087,800
36,000 Cullen/Frost Bankers, Inc. ........................... 1,941,750
42,500 D&N Financial Corp. .................................. 977,500
141,600 Enhance Financial Services Group, Inc. ............... 2,929,350
59,800 Greater Bay Bancorp .................................. 1,801,475
108,200 Harleysville Group, Inc. ............................. 2,015,225
139,538 Hubco, Inc. .......................................... 4,936,157
111,500 Intl. Telecomm Data Systems(1) ....................... 1,261,344
22,000 Landamerica Financial Group, Inc. .................... 616,000
59,270 Metris Companies, Inc. ............................... 3,622,879
87,000 Orion Capital Corp. .................................. 2,561,062
102,400 Presidential Life Corp. .............................. 1,836,800
</TABLE>
See Notes to Financial Statements.
44
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Small Capitalization Equity Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- ------------
<S> <C>
COMMON STOCKS -- (Continued)
Financial Services -- (Continued)
96,600 Protective Life Corp. ................................ $ 3,785,512
285,500 Reliance Group Holdings .............................. 2,141,250
80,200 Republic Bancorp, Inc. ............................... 1,017,537
116,000 Selective Insurance Group, Inc. ...................... 2,247,500
116,300 Stancorp Financial Group ............................. 2,798,469
83,400 Sterling Bancshares, Inc. ............................ 1,042,500
56,900 The MONY Group, Inc. ................................. 1,507,850
189,734 Washington Federal, Inc. ............................. 4,197,865
------------
54,079,744
------------
Healthcare -- 5.1%
117,000 Conmed Corp.(1) ...................................... 3,378,375
85,400 Maxxim Medical, Inc.(1) .............................. 1,361,062
195,400 Orthodontic Centers of America, Inc.(1) .............. 2,418,075
80,700 Roberts Pharmaceutical Corp.(1) ...................... 1,371,900
206,850 Sierra Health Services(1) ............................ 2,585,625
135,400 Wesley Jessen VisionCare, Inc. ....................... 4,146,625
------------
15,261,662
------------
Real Estate -- 9.8%
105,200 Amli Residential Properties .......................... 2,294,675
67,700 Arden Realty Group ................................... 1,692,500
141,900 Bedford Property Investors, Inc. ..................... 2,438,906
102,120 Bradley Real Estate, Inc. ............................ 2,036,018
79,000 Brandywine Realty Trust .............................. 1,491,125
94,000 CBL & Associates Properties .......................... 2,308,875
61,300 Felcor Lodging Trust, Inc. ........................... 1,467,369
94,000 Glenborough Realty Trust, Inc. ....................... 1,615,625
139,500 Glimcher Realty Trust ................................ 2,362,781
63,700 Kilroy Realty Corp. .................................. 1,500,931
74,900 Koger Equity, Inc. ................................... 1,100,094
74,500 Liberty Property Trust ............................... 1,797,313
49,700 MGI Properties, Inc. ................................. 1,372,963
75,000 Pacific Gulf Properties, Inc. ........................ 1,560,938
</TABLE>
See Notes to Financial Statements.
45
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Small Capitalization Equity Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- -----------
<S> <C>
COMMON STOCKS -- (Continued)
Real Estate -- (Continued)
68,000 Regency Realty Corp. ................................. $ 1,470,500
101,100 TriNet Corporate Realty Trust, Inc. .................. 2,773,931
------------
29,284,544
------------
Technology -- 18.3%
71,862 Benchmark Electronics, Inc.(1) ....................... 2,416,360
323,000 CellStar Corp. ....................................... 2,382,125
166,800 Computer Horizons Corp.(1) ........................... 2,356,050
55,300 Dallas Semiconductor Corp. ........................... 2,350,250
189,300 DSP Communications, Inc.(1) .......................... 5,158,425
116,500 DSP Group, Inc. ...................................... 2,111,563
53,800 Electronics For Imaging(1) ........................... 2,545,413
79,200 FLIR Systems, Inc. ................................... 1,089,000
74,700 Henry (Jack) & Associates, Inc. ...................... 2,465,100
84,600 Kellstrom Industries, Inc.(1) ........................ 1,559,812
120,800 Kimball International, Inc.-- Class B ................ 1,932,800
68,800 Metro One Telecommunications(1) ...................... 1,122,265
58,600 Moog, Inc.-- Class A ................................. 1,823,925
154,100 Neomagic Corp. ....................................... 1,801,044
74,400 Pinnacle Systems, Inc. ............................... 4,045,500
93,400 Plexus Corp.(1) ...................................... 3,117,225
121,900 Remedy Corp.(1) ...................................... 2,133,250
180,900 Sterling Software, Inc.(1) ........................... 3,742,369
154,600 Structural Dynamics Research Corp.(1) ................ 3,005,038
293,500 Symantec Corp. ....................................... 5,833,313
78,000 Xircom, Inc.(1) ...................................... 1,755,000
------------
54,745,827
------------
</TABLE>
See Notes to Financial Statements.
46
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Small Capitalization Equity Portfolio
STATEMENT OF NET ASSETS -- (Concluded)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- ------------
<S> <C>
COMMON STOCKS -- (Continued)
Utilities -- 4.7%
60,000 Equitable Resources, Inc. ............................ $ 1,590,000
68,000 MDU Resources Group, Inc. ............................ 1,449,250
45,900 New Jersey Resources Corp. ........................... 1,692,563
138,400 NUI Corp. ............................................ 3,001,550
78,900 People's Energy Corp. ................................ 2,948,888
110,500 Public Service Co. of New Mexico ..................... 1,975,188
51,900 Sigcorp, Inc. ........................................ 1,495,369
------------
14,152,808
------------
TOTAL COMMON STOCKS
(Cost $284,781,269) ................................ 299,620,071
------------
Face Amount
- -----------
REPURCHASE AGREEMENT -- 0.9%
$ 2,780,000 Goldman Sachs & Company, 4.65%,
dated 4/30/99 principal and interest in the amount
of $2,781,077 due on 5/03/99, collateralized by
$2,085,000 U.S. Treasury Bonds, 8.75% due 5/15/17
(Cost $2,780,000) .................................. 2,780,000
------------
TOTAL INVESTMENTS (Cost $287,561,269)(2).................... 100.9% $302,400,071
LIABILITIES IN EXCESS OF OTHER ASSETS....................... (0.9)% (2,734,677)
----- ------------
NET ASSETS ................................................. 100.0% $299,665,394
===== ============
NET ASSET VALUE PAR:
Advisor Share ($271,174,249 divided by 17,807,527
shares outstanding)......................................... $ 15.23
============
Institutional Share ($28,491,145 divided by 1,871,515
shares outstanding)......................................... $ 15.22
============
</TABLE>
- ----------
(1) Non-income producing security.
(2) Also aggregate cost for federal tax purposes.
See Notes to Financial Statements.
47
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Large Cap Value Portfolio
STATEMENT OF NET ASSETS
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- ------------
<S> <C>
COMMON STOCKS -- 97.4%
Financial Services -- 24.5%
25,000 American General Corp. ............................... $ 1,850,000
41,838 Associates First Capital Corp. ....................... 1,853,946
30,900 Bank Of America ...................................... 2,224,800
21,900 Chase Manhattan Corp. ................................ 1,812,225
26,500 Cigna Corp. .......................................... 2,310,469
34,800 Fleet Financial Group, Inc. .......................... 1,498,575
25,700 Freddie Mac .......................................... 1,612,675
16,500 Household International, Inc. ........................ 830,156
15,500 Lincoln National Corp. ............................... 1,488,969
11,500 Morgan, (J.P.) & Co. ................................. 1,549,625
19,000 Morgan Stanley Dean Witter ........................... 1,884,562
6,700 Providian Financial Corp. ............................ 864,719
------------
19,780,721
------------
Electronic Technology -- 15.3%
44,300 Ceridian Corp. ....................................... 1,622,487
22,700 General Dynamics Corp. ............................... 1,594,675
26,900 Intel Corp. .......................................... 1,645,944
7,900 International Business Machines Corp. ................ 1,652,581
17,600 Lexmark International Group, Inc.-- Class A(1) ....... 2,173,600
21,600 Sun Microsystems, Inc.(1) ............................ 1,291,950
16,000 United Technologies Corp. ............................ 2,318,000
------------
12,299,237
------------
Utilities -- 9.4%
32,975 Alltel Corp. ......................................... 2,223,752
27,000 Bell Atlantic Corp. .................................. 1,555,875
25,200 Consolidated Natural Gas ............................. 1,499,400
22,600 Sprint Corp. ......................................... 2,317,913
------------
7,596,940
------------
Energy Minerals -- 7.8%
24,900 Chevron Corp. ........................................ 2,483,775
29,300 Exxon Corp. .......................................... 2,433,731
13,200 Mobil Corp. .......................................... 1,382,700
------------
6,300,206
------------
</TABLE>
See Notes to Financial Statements.
48
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Large Cap Value Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- ------------
<S> <C>
COMMON STOCKS -- (Continued)
Retail Trade -- 7.3%
23,500 Dayton Hudson Corp. .................................. $ 1,581,844
88,825 Office Depot, Inc.(1) ................................ 1,954,150
70,700 TJX Companies, Inc. .................................. 2,355,194
------------
5,891,188
------------
Health Technology -- 7.1%
31,400 American Home Products Corp. ......................... 1,915,400
25,200 Amgen, Inc.(1) ....................................... 1,548,225
35,600 Bristol-Myers Squibb Co. ............................. 2,262,825
------------
5,726,450
------------
Consumer Non -- Durables -- 6.3%
26,000 Anheuser-Busch Companies, Inc. ....................... 1,901,250
27,000 Kimberly Clark Corp. ................................. 1,655,437
15,900 Procter & Gamble Co. ................................. 1,491,619
------------
5,048,306
------------
Producer Manufacturing -- 5.3%
30,900 Tyco International, Ltd. ............................. 2,510,625
29,900 Xerox Corp. .......................................... 1,756,625
------------
4,267,250
------------
Consumer Durables -- 3.4%
18,000 Ford Motor ........................................... 1,150,875
22,800 Maytag Corp. ......................................... 1,558,950
------------
2,709,825
------------
Consumer Services -- 2.9%
32,900 Gannett Company, Inc. ................................ 2,329,731
------------
Commercial Services -- 2.8%
41,000 McGraw-Hill, Inc. .................................... 2,265,250
------------
Industrial Services -- 2.8%
39,300 Waste Management, Inc. ............................... 2,220,450
------------
</TABLE>
See Notes to Financial Statements.
49
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Large Cap Value Portfolio
STATEMENT OF NET ASSETS -- (Concluded)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- ------------
<S> <C>
COMMON STOCKS -- (Continued)
Transportation -- 1.5%
37,150 Southwest Airlines Co. ............................... $ 1,209,697
------------
Health Services -- 1.1%
65,400 Healthsouth Corp.(1).................................. 878,813
------------
TOTAL COMMON STOCKS
(Cost $63,054,641) ................................. 78,524,064
------------
REPURCHASE AGREEMENT -- 2.1%
$ 1,675,000 Agreement with Goldman Sachs & Co.,4.65%,
dated 04/30/99, principal and interest in the amount
of $1,675,216 due on 05/03/99, collateralized by
$1,714,625 U.S. Treasury Bonds,10.75% due 05/15/03
(Cost $1,675,000) .................................. 1,675,000
------------
TOTAL INVESTMENTS (Cost $64,729,641)(2)................ 99.5% $ 80,199,064
OTHER ASSETS IN EXCESS OF LIABILITIES.................. 0.5% 397,357
----- ------------
NET ASSETS ............................................ 100.0% $ 80,596,421
===== ============
NET ASSET VALUE ($80,596,421 divided by 5,512,982
shares outstanding)............................................. $ 14.62
============
</TABLE>
- ----------
(1) Non-income producing security.
(2) Aggregate cost for federal tax purposes.
See Notes to Financial Statements.
50
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
International Portfolio
STATEMENT OF NET ASSETS
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- ------------
<S> <C>
FOREIGN SECURITIES -- 98.9%
Japan -- 21.3%
218,600 Acom Co., Ltd. ....................................... $ 16,391,153
571,000 Aoyama Trading Co., Ltd. ............................. 15,882,194
673,000 Canon, Inc. .......................................... 16,463,957
1,690,000 Chugai Pharmaceutical Co. ............................ 20,105,337
1,065,000 Dai Nippon Printing Co., Ltd. ........................ 16,881,345
2,580 East Japan Railway Co. ............................... 15,238,602
354,000 Eisai Co., Ltd. ...................................... 6,628,528
2,000,000 Fuji Heavy Industry .................................. 13,404,675
410,000 Fuji Photo Film, Ltd. ................................ 15,491,615
430,000 Honda Motor Co. ...................................... 18,949,183
684,000 Kao Corp. ............................................ 17,363,410
178,000 Nintendo Corp., Ltd. ................................. 16,597,836
2,200 NTT Docomo ........................................... 12,901,999
205,000 Rohm Company ......................................... 24,731,625
180,000 Sony Corp. ........................................... 16,814,489
305,000 Takefuji Corp. ....................................... 25,297,135
1,120,000 Wacoal Corp. ......................................... 12,104,421
------------
281,247,504
------------
United Kingdom -- 19.9%
1,854,000 Allied Domecq PLC .................................... 14,552,486
756,500 Allied Zurich PLC .................................... 10,377,706
1,353,312 Associated British Foods PLC ......................... 9,859,829
864,300 BOC Group PLC ........................................ 13,693,437
1,583,200 British American Tobacco ............................. 13,280,865
5,500,000 British Steel PLC .................................... 13,039,797
1,535,000 Cadbury Schweppes PLC ................................ 20,612,339
2,000,000 Caradon PLC .......................................... 5,120,118
2,000,000 Gallaher Group PLC ................................... 11,471,963
225,000 Hyder PLC,Cumulative, Redeemable Preference
Shares 7.875%(1) .................................... 441,067
635,333 Hyder PLC,Ordinary Shares ............................ 7,876,712
2,396,250 Iceland Group PLC .................................... 9,356,140
4,065,926 Invensys PLC ......................................... 20,916,219
2,925,000 Johnson Matthey PLC .................................. 27,456,633
3,850,000 Mirror Group Newspapers PLC ......................... 14,071,469
</TABLE>
See Notes to Financial Statements.
51
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
International Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- -----------
<S> <C>
FOREIGN SECURITIES -- (Continued)
United Kingdom -- (Continued)
1,310,000 Rio Tinto PLC ........................................ $ 22,969,526
2,413,200 Scottish Power PLC ................................... 19,796,588
1,370,000 Tate & Lyle PLC ...................................... 9,424,439
4,435,900 Tomkins PLC .......................................... 18,748,387
------------
263,065,720
------------
France -- 11.9%
105,300 Alcatel Alsthom ...................................... 12,944,977
80,030 Compagnie de Saint-Gobain ............................ 13,758,560
176,858 Elf Aquitane SA ...................................... 27,504,821
84,200 Groupe Danone ........................................ 22,537,171
224,745 Lafarge SA ........................................... 21,874,828
276,000 Lagardere Groupe ..................................... 10,943,984
279,000 Pernod-Ricard ........................................ 18,846,551
310,000 Scor SA .............................................. 15,479,983
162,000 Valeo SA ............................................. 13,711,084
------------
157,601,959
------------
Germany -- 7.9%
360,000 Bayer AG ............................................. 15,234,538
786,500 Continental AG ....................................... 19,678,711
194,000 Daimler-Chrysler AG .................................. 18,995,247
335,000 Hoechst AG ........................................... 15,346,152
219,000 Siemens AG ........................................... 16,148,927
47,290 Siemens AG -- ADR .................................... 3,502,146
275,200 Veba AG .............................................. 15,066,958
------------
103,972,679
------------
Spain -- 7.1%
651,000 Dragados Construcciones SA ........................... 21,763,807
637,976 Endesa SA ............................................ 14,200,932
1,513,000 Iberdrola SA ......................................... 21,209,068
1,155,000 Repsol ADR ........................................... 19,057,500
127,865 Telefonica de Espana ADR ............................. 17,821,207
------------
94,052,514
------------
</TABLE>
See Notes to Financial Statements.
52
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
International Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- ------------
<S> <C>
FOREIGN SECURITIES -- (Continued)
Australia -- 5.5%
1,200,000 Commonwealth Bank of Australia ....................... $ 21,882,878
6,600,000 Foster's Brewing Group ............................... 19,281,428
1,275,516 Lend Lease Corp., Ltd. ............................... 17,222,435
1,870,789 Westpac Banking Corp., Ltd. .......................... 14,303,217
------------
72,689,958
------------
Netherlands -- 4.9%
468,900 Akzo Nobel ........................................... 21,207,190
830,000 Algemene Bank Nederland .............................. 19,801,196
330,900 Hagemeyer N.V. ....................................... 11,202,463
171,323 Royal KPN N.V. ....................................... 7,345,474
171,323 TNT Post Group N.V. -- ADR ........................... 4,700,675
------------
64,256,998
------------
Italy -- 4.9%
11,439,990 Bennetton Group S.P.A. ............................... 20,575,071
247,000 Ente Nazionale Idrocarbure S.P.A. .................... 16,147,625
2,601,330 Telecom Italia S.P.A ................................. 27,713,521
------------
64,436,217
------------
Sweden -- 4.7%
440,092 Astrazeneca PLC ...................................... 17,214,840
1,235,000 Electrolux AB -- Series B ............................ 25,108,842
450,000 Skf AB -- B Shares ................................... 7,757,899
480,000 Volvo AB -- Series B ................................. 12,697,987
------------
62,779,568
------------
Norway -- 2.5%
4,580,000 Christiania Bank ..................................... 17,646,408
355,000 Norsk Hydro .......................................... 15,934,745
------------
33,581,153
------------
Belgium -- 1.5%
59,000 Electrabel SA ........................................ 19,481,059
------------
Canada -- 1.4%
300,000 Magna International -- Class A ....................... 17,925,000
------------
</TABLE>
See Notes to Financial Statements.
53
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
International Portfolio
STATEMENT OF NET ASSETS -- (Concluded)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- -------------
<S> <C>
FOREIGN SECURITIES -- (Continued)
Finland -- 1.3%
239,800 Nokia, ADR ........................................... $ 17,790,163
-------------
Austria -- 1.3%
269,200 Bank Austria ......................................... 16,720,679
-------------
Denmark -- 1.2%
235,000 Uni-Danmark .......................................... 16,171,955
-------------
New Zealand -- 0.9%
2,320,000 Telecom Corp. New Zealand ............................ 12,073,239
-------------
Singapore -- 0.8%
1,080,000 Singapore Airlines, Ltd. ............................. 9,948,645
-------------
TOTAL COMMON STOCKS
(Cost $983,070,871) ................................ 1,307,795,010
-------------
Face
Amount
----------
REPURCHASE AGREEMENT -- 0.7%
$ 9,552,000 Agreement with Goldman Sachs & Co., dated 04/30/1999,
principal and interest in the amount of $9,555,701.40
due on 05/03/99, collateralized by $11,015,250
U.S. Treasury Bonds, 14.25% due 02/15/02
(Cost $9,552,000) .................................. 9,552,000
--------------
TOTAL INVESTMENTS (Cost $992,622,871)(2)............... 99.6% $1,317,347,010
OTHER ASSETS IN EXCESS OF LIABILITIES.................. 0.4% 4,923,293
----- --------------
NET ASSETS ............................................ 100.0% $1,322,270,303
===== ==============
NET ASSET VALUE ($1,322,270,303 divided by 74,226,061
shares outstanding)........................................ $ 17.81
==============
</TABLE>
- ----------
(1) Non-income producing security.
(2) Aggregate cost for federal tax purposes.
ABBREVIATION:
ADR -- American Depositary Receipts
See Notes to Financial Statements.
54
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
International Portfolio
SECTOR DIVERSIFICATION
On April 30, 1999, sector diversification of
the Portfolio was as follows (Unaudited):
<TABLE>
<CAPTION>
% of Net
Assets Value
----------- --------------
<S> <C>
INDUSTRIES:
Financial Services........................ 10.0% $ 132,544,422
Food & Beverage........................... 8.7 115,114,242
Electronics............................... 7.8 103,040,213
Oil & Gas................................. 5.9 77,776,904
Miscellaneous Industries.................. 5.7 74,999,833
Health Care & Pharmaceuticals............. 4.9 65,155,896
Chemicals................................. 4.5 59,765,741
Telecommunications........................ 4.4 58,436,727
Industrial................................ 4.4 57,652,658
Engineering & Construction................ 4.3 57,397,194
Automotive................................ 4.2 55,869,430
Banking................................... 3.8 49,707,123
Utilities................................. 3.7 49,323,436
Manufacturing............................. 3.4 45,564,729
Electrical................................ 2.6 33,852,006
Apparel & Textiles........................ 2.5 32,679,493
Printing & Publishing..................... 2.3 30,952,814
Automobiles & Trucks...................... 2.1 27,115,759
Retail.................................... 1.9 25,238,334
Transportation............................ 1.9 25,187,247
Housing & Home Furnishings................ 1.9 25,018,216
Tire & Rubber Goods....................... 1.5 19,678,711
Consumer Services......................... 1.4 18,159,915
Consumer Durables/Non-Durables............ 1.3 17,363,410
Insurance................................. 1.2 15,479,983
Commercial Services....................... 0.9 12,046,148
Tobacco................................... 0.9 11,471,963
Consumer Products......................... 0.8 11,202,463
---- --------------
TOTAL FOREIGN SECURITIES....................... 98.9% $1,307,795,010
REPURCHASE AGREEMENT........................... 0.7% 9,552,000
---- --------------
TOTAL INVESTMENTS.............................. 99.6% $1,317,347,010
==== ==============
</TABLE>
See Notes to Financial Statements.
55
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Institutional International Portfolio
STATEMENT OF NET ASSETS
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- -----------
<S> <C>
FOREIGN SECURITIES -- 97.1%
Japan -- 21.1%
22,300 Acom Co., Ltd. ....................................... $ 1,672,108
50,300 Aoyama Trading Co., Ltd. ............................. 1,399,079
71,000 Canon, Inc. .......................................... 1,736,911
170,000 Chugai Pharmaceutical Co. ............................ 2,022,430
113,000 Dai Nippon Printing Co., Ltd. ........................ 1,791,166
225 East Japan Railway Co. ............................... 1,328,948
37,000 Eisai Co., Ltd. ...................................... 692,812
300,000 Fuji Heavy Industry .................................. 2,010,701
37,000 Fuji Photo Film, Ltd. ................................ 1,398,024
42,000 Honda Motor Co. ...................................... 1,850,850
94,000 Kao Corp. ............................................ 2,386,200
15,000 Nintendo Corp., Ltd................................... 1,398,694
23 Ntt Docomo ........................................... 1,348,845
21,000 Rohm Co. ............................................. 2,533,484
20,000 Sony Corp. ........................................... 1,868,277
29,000 Takefuji Corp. ....................................... 2,405,301
155,000 Wacoal Corp. ......................................... 1,675,165
------------
29,518,995
------------
United Kingdom -- 20.4%
273,000 Allied Domecq PLC .................................... 2,142,842
55,000 Allied Zurich PLC .................................... 754,493
145,688 Associated British Foods PLC ......................... 1,061,439
89,100 BOC Group PLC ........................................ 1,411,646
163,600 British American Tobacco ............................. 1,372,378
915,000 British Steel PLC .................................... 2,169,348
162,100 Cadbury Schweppes PLC ................................ 2,176,717
207,000 Caradon PLC .......................................... 529,932
217,000 Gallaher Group PLC ................................... 1,244,708
15,300 Hyder PLC, Cumulative, Redeemable Preference
Shares 7.875%(1) .................................... 29,993
57,866 Hyder PLC, Ordinary Shares ........................... 717,409
189,000 Iceland .............................................. 737,949
426,723 Invensys PLC ......................................... 2,195,178
303,500 Johnson Matthey PLC .................................. 2,848,919
329,000 Mirror Group PLC ..................................... 1,202,471
</TABLE>
See Notes to Financial Statements.
56
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Institutional International Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- ------------
<S> <C>
FOREIGN SECURITIES -- (Continued)
United Kingdom -- (Continued)
140,000 Rio Tinto PLC ........................................ $ 2,454,758
208,262 Scottish Power PLC ................................... 1,708,469
258,000 Tate & Lyle PLC ...................................... 1,774,821
460,500 Tomkins PLC .......................................... 1,946,309
------------
28,479,779
------------
France -- 12.0%
16,400 Alcatel Alsthom ...................................... 2,016,122
11,725 Compagnie de Saint-Gobain ............................ 2,015,733
7,700 Groupe Danone ........................................ 2,061,000
21,244 Lafarge-Coppee ....................................... 2,067,716
38,000 Lagardere Groupe ..................................... 1,506,780
27,200 Pernod-Ricard ........................................ 1,837,370
28,500 Scor SA .............................................. 1,423,160
16,142 Societe Nationale ELF ................................ 2,510,392
16,000 Valeo SA ............................................. 1,354,181
------------
16,792,454
------------
Germany -- 7.6%
35,000 Bayer AG ............................................. 1,481,136
76,300 Continental AG ....................................... 1,909,073
18,700 Daimlerchrysler AG ................................... 1,830,985
29,500 Hoechst AG ........................................... 1,351,378
24,000 Siemens AG ........................................... 1,769,745
13,110 Siemens AG -- ADR .................................... 970,885
22,800 Veba AG .............................................. 1,248,280
------------
10,561,482
------------
Spain -- 6.7%
63,300 Dragados Construcciones SA ........................... 2,116,204
72,537 Endesa SA ............................................ 1,614,627
125,000 Iberdrola SA ......................................... 1,752,236
118,200 Repsol ADR ........................................... 1,950,300
13,484 Telefonica de Espana ADR ............................. 1,879,388
------------
9,312,755
------------
</TABLE>
See Notes to Financial Statements.
57
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Institutional International Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
Shares Value
- ---------- -----------
FOREIGN SECURITIES -- (Continued)
Australia -- 5.7%
135,000 Commonwealth Bank of Australia ....................... $ 2,461,824
795,000 Foster's Brewing Group ............................... 2,322,536
103,054 Lend Lease Corp., Ltd. ............................... 1,391,469
232,825 Westpac Banking Corp., Ltd. .......................... 1,780,076
-----------
7,955,905
-----------
Netherlands -- 4.8%
45,200 Akzo Nobel ........................................... 2,044,285
69,200 Algemene Bank Nederland .............................. 1,650,895
54,200 Hagemeyer N.V. ....................................... 1,834,915
12,000 Koninklijke KPN ...................................... 501,470
5,168 Royal KPN N.V. ....................................... 221,578
5,168 TNT Post Group N.V.-- ADR ............................ 141,797
12,000 TNT Post Group N.V. .................................. 323,734
-----------
6,718,674
-----------
Italy -- 4.8%
1,052,000 Bennetton Group S.P.A. ............................... 1,892,045
28,300 Ente Nazionale Idrocarbure S.P.A. .................... 1,850,112
272,215 Telecom Italia S.P.A. ............................... 2,900,069
-----------
6,642,226
-----------
Sweden -- 3.9%
36,324 Astrazeneca PLC ...................................... 1,420,866
99,000 Electrolux AB -- Series B ............................ 2,012,774
38,000 Skf AB -- B Shares ................................... 655,111
50,000 Volvo AB -- Series B ................................. 1,322,707
-----------
5,411,458
-----------
Norway -- 2.5%
465,000 Christiania Bank ..................................... 1,791,611
38,000 Norsk Hydro .......................................... 1,705,691
-----------
3,497,302
-----------
Belgium -- 1.4%
5,800 Electrabel SA ........................................ 1,915,087
-----------
See Notes to Financial Statements.
58
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Institutional International Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
Shares Value
- ---------- -----------
FOREIGN SECURITIES -- (Continued)
Finland -- 1.3%
25,200 Nokia, ADR ........................................... $ 1,869,525
-----------
Canada -- 1.2%
28,611 Magna International -- Class A ....................... 1,709,507
-----------
Austria -- 1.2%
26,500 Bank Austria ......................................... 1,645,981
-----------
Denmark -- 1.1%
22,850 Uni-Danmark .......................................... 1,572,465
-----------
New Zealand -- 0.8%
214,000 Telecom Corp., New Zealand ........................... 1,113,652
-----------
Singapore -- 0.6%
94,000 Singapore Airlines, Ltd. ............................. 865,901
-----------
TOTAL COMMON STOCKS
(Cost $106,943,565) ................................ 135,583,148
-----------
Face
Amount
- ----------
REPURCHASE AGREEMENT -- 2.3%
$3,267,000 Agreement with Goldman Sachs & Co., $3,267,000 dated
04/30/99, principal and interest in the amount of
$3,268,266 due on 05/03/99, collateralized by
$3,336,580 U.S. Treasury Bonds, 6.25% due 08/15/23
(Cost $3,267,000) .................................. 3,267,000
-----------
TOTAL INVESTMENTS (Cost $110,210,565)(2)................. 99.4% $138,850,148
OTHER ASSETS IN EXCESS OF LIABILITIES.................... 0.6% 793,470
----- ------------
NET ASSETS .............................................. 100.0% $139,643,618
===== ============
NET ASSET VALUE ($139,643,618 divided by 7,950,189
shares outstanding)......................................... $ 17.56
============
- ----------
(1) Non-income producing security.
(2) Aggregate cost for federal tax purposes.
ABBREVIATION:
ADR -- American Depositary Receipts
See Notes to Financial Statements.
59
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Institutional International Portfolio
SECTOR DIVERSIFICATION
On April 30, 1999, sector diversification of the Portfolio was as follows
(Unaudited)
% of
Net Assets Value
---------- ------------
INDUSTRIES:
Financial Services ........................... 9.5% $ 13,153,283
Electronics .................................. 7.5 10,387,532
Food & Beverage .............................. 7.1 9,764,534
Miscellaneous Industries ..................... 5.5 7,743,917
Utilities .................................... 5.3 7,365,460
Telecommunications ........................... 5.0 6,953,507
Automotive ................................... 4.8 6,745,524
Oil & Gas .................................... 4.5 6,310,804
Engineering & Construction ................... 4.4 6,199,653
Industrial ................................... 4.4 6,106,759
Banking ...................................... 3.6 5,086,722
Health Care & Pharmaceuticals ................ 3.4 4,759,526
Electrical ................................... 3.1 4,355,257
Chemicals .................................... 3.0 4,244,159
Manufacturing ................................ 2.9 3,990,592
Foods ........................................ 2.6 3,612,190
Apparel & Textiles ........................... 2.6 3,567,210
Housing & Home Furnishings ................... 2.2 3,129,774
Printing & Publishing ........................ 2.1 2,993,637
Consumer Services ............................ 1.9 2,699,280
Consumer Durables/Non-Durables ............... 1.7 2,386,200
Transportation ............................... 1.6 2,194,848
Retail ....................................... 1.5 2,137,029
Automobiles & Trucks ......................... 1.4 2,010,701
Consumer Products ............................ 1.3 1,834,915
Insurance .................................... 1.0 1,423,160
Pharmaceuticals .............................. 1.0 1,420,866
Chemicals-Specialty .......................... 1.0 1,398,024
Tobacco ...................................... 0.9 1,244,708
Commercial Services .......................... 0.3 363,377
---- ------------
TOTAL FOREIGN SECURITIES .......................... 97.1% $135,583,148
REPURCHASE AGREEMENT .............................. 2.3% 3,267,000
---- ------------
TOTAL INVESTMENTS ................................. 99.4% $138,850,148
==== ============
See Notes to Financial Statements.
60
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Emerging Markets Portfolio
STATEMENT OF NET ASSETS
April 30, 1999 -- (Unaudited)
Shares Value
- ---------- -----------
FOREIGN SECURITIES -- 98.3%
South Korea -- 14.4%
2,980 Dacom Corp. .......................................... $ 251,998
234 Dae Duck Electronics ................................. 2,461
70,000 Daewoo Corp. ......................................... 383,436
20,600 Hansol Paper Co. ..................................... 346,666
39,500 Hyundai Engineering(2)................................ 370,584
44,600 Kookmin Bank(2)....................................... 607,945
18,500 Korea Electric Power ................................. 532,368
40,000 Korea Telecom Corp. .................................. 1,750,159
37,312 LG Chemical, Ltd...................................... 643,601
16,399 LG Information & Communication ....................... 772,716
32,000 Oriental Chemical Ind. Co. ........................... 568,129
46,820 Samsung Corp.(2)...................................... 657,903
14,388 Samsung Display Devices .............................. 738,490
13,897 Samsung Electro Mechanic ............................. 327,411
4,164 Samsung Electronics .................................. 320,237
1,401 Samsung Fire & Marine ................................ 648,358
19,969 Samsung Securities Co.(2)............................. 772,934
20,000 Shinsegae Dept. Store ................................ 689,967
-----------
10,385,363
-----------
South Africa -- 9.6%
29,200 Anglo American Corp. ................................. 1,503,926
14,620 Anglo American Platinum .............................. 265,847
50,000 Barlow, Ltd........................................... 298,968
30,000 De Beers ............................................. 747,009
27,000 Gold Fields, Ltd.(2).................................. 166,971
69,000 Harmony Gold Mining Co.(2)............................ 396,750
1,600,000 Iscor, Ltd. .......................................... 498,006
420,000 Metro Cash & Carry, Ltd. ............................. 350,898
27,000 Nedcor, Ltd. ......................................... 588,270
70,000 Rembrandt Group, Ltd. ................................ 530,360
162,500 Sappi, Ltd. .......................................... 1,171,298
50,000 South African Breweries(2)............................ 412,002
-----------
6,930,305
-----------
See Notes to Financial Statements.
61
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Emerging Markets Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
Shares Value
- ---------- -----------
FOREIGN SECURITIES -- (Continued)
Indonesia -- 7.6%
36,800 Freeport-McMoran Copper B ............................ $ 563,500
20,000 Gulf Indonesia Resources, Ltd.(2)..................... 206,250
3,930,000 Lippo Life Ins Idr500 ................................ 182,287
11,400,000 PT Bank Internasional Indonesia(2).................... 211,509
22,800,000 PT Bank Internasional Indonesia Warrants(2)........... 211,509
394,000 PT Gudang Garam Tbk .................................. 713,948
860,000 PT Indofood Sudses Makmur Tbk(2)...................... 680,787
1,103,000 PT Pabrik Kertas Tjiwi Kimia(2)....................... 354,717
110,100 PT Telekomunikas Indonesia ADR ....................... 963,375
1,619,000 Ramayana Lestari Sentosa(1)........................... 610,773
500,212 Semen Gresik (Pers) Tbk .............................. 785,762
-----------
5,484,417
-----------
Mexico -- 7.6%
105,000 Alfa S.A. ............................................ 414,216
142,000 Cemex S.A. (Cpo) ..................................... 660,073
145,000 Consorcio Ara S.A.(2)................................. 531,996
233,000 Controladora Comercial ............................... 244,607
107,000 Corporacion Geo Sa -- Series B(2)..................... 445,846
1,968,000 Gpo Financiero Bancomer .............................. 683,708
130,000 Grupo Financiero Banamex(2)........................... 331,341
178,000 Grupo Mexico S.A. .................................... 692,563
140,000 Grupo Sanborns S.A.-- Series B1(2).................... 272,735
10,500 Grupo Televisa S.A. GDR(2)............................ 430,500
55,800 Pepsi Gemex S.A. Spons GDR(2)......................... 585,900
27,800 TV Azteca S.A. ADR ................................... 194,600
-----------
5,488,085
-----------
Taiwan -- 7.3%
179,076 Accton Technology(2).................................. 626,766
60,240 Advanced Semiconductor Engineering(2)................. 956,310
67,500 Asustek Computer, Inc.(2)............................. 912,938
13,700 China Steel Corp. GDR(2).............................. 208,925
54,000 Evergreen Marine Corp. GDR(2)......................... 804,600
See Notes to Financial Statements.
62
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
------------------------
Emerging Markets Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
Shares Value
- ---------- -----------
FOREIGN SECURITIES -- (Continued)
Taiwan -- (Continued)
31,000 Synnex Techology Intl. GDR(2)......................... $ 612,250
14,200 Taiwan Semiconductor ADR(2)........................... 342,930
49,000 Winbond Electronic Corp. GDR(2)....................... 504,700
40,800 Yang Ming Marine Transport(2)......................... 314,160
-----------
5,283,579
-----------
India -- 6.4%
188,647 India Access Fund(2).................................. 1,485,595
158,700 India Fund(2)......................................... 1,329,112
25,000 Indian Tobacco Company, Ltd. GDR ..................... 703,750
80,000 Reliance Industries GDR .............................. 600,000
30,000 State Bank of India GDR .............................. 267,000
60,000 Tata Eng & Loco GDR .................................. 196,500
-----------
4,581,957
-----------
Turkey -- 6.1%
9,948,000 Akcansa Cimento ...................................... 254,028
4,000,000 Alcatel Teletas Komunikasyon ......................... 247,695
8,000,000 Arcelik A.S. ......................................... 316,642
1,568,000 Brisa Bridgestone Sabanci ............................ 48,048
20,000,000 Dogan Sirketler Grubu Hldgs .......................... 250,249
1,600,000 Enka Holding Yatirim AS .............................. 269,656
40,901,000 Eregli Demir Ve Celik Fabrik(2)....................... 751,991
719,000 Ford Otomotiv Sanayi AS .............................. 307,532
14,551,000 Haci Omer Sabanci .................................... 399,436
2,280,000 Koc Holding AS ....................................... 413,370
300,000 Migros Turk TAS ...................................... 413,677
18,540,000 Petkim Petrokimya Holding AS ......................... 321,933
5,200,000 Turkiye Garanti Bankasi(2)............................ 235,694
1,800,000 Uzel Makina Sanayii AS ............................... 149,383
-----------
4,379,334
-----------
See Notes to Financial Statements.
63
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Emerging Markets Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
Shares Value
- ---------- -----------
FOREIGN SECURITIES -- (Continued)
Philippines -- 5.5%
2,037,000 Ayala Land ........................................... $ 750,003
530,300 Benpres Holdings Corp.(2)............................. 124,124
635,000 Cosmos Bottling Pfd.(1)............................... 93,520
4,000,000 Filinvest Land, Inc.(2)............................... 504,946
3,835,500 International Container Terminal Services, Inc. ...... 383,309
78,000 Metropolitan Bank & Trust ............................ 779,511
18,100 Philippine Long Distance Telephone Co. ............... 583,725
192,000 San Miguel Corp.-- Class B ........................... 409,006
1,624,000 SM Prime Holdings .................................... 367,306
-----------
3,995,450
-----------
Thailand -- 5.4%
350,500 Bangkok Bank (F)(2)................................... 1,048,273
574,000 Bank of Asia (F)(2)................................... 514,241
53,500 Bec World PLC ........................................ 282,536
73,500 Delta Electronics (F) ................................ 342,607
217,929 Electricity Generating Pub. Co.(2).................... 484,431
450,000 Industrial Finance Corp.(F)(2)........................ 315,246
40,000 Ptt Exploration & Production(2)....................... 368,595
596,000 Telecomasia (F)(2).................................... 513,877
-----------
3,869,806
-----------
Brazil -- 5.3%
178 Banco Bradesco SA Pfd. ............................... 1
68,900 Banco Bradesco Spon -- ADR ........................... 361,725
501,000 Banco Itau SA Pfd. ................................... 264,246
6,145,200 Caemi Mineracao E Metal .............................. 177,803
16,200,000 Cia Siderurgica Nacional ............................. 351,544
37,500 Cia Vale Do Rio Doce ................................. 495,038
11,000 Cia Vale Do Rio Doce Pfd. A(2)........................ 211,517
17,800 Embratel Participacoes -- ADR ........................ 289,250
59,555,000 Lojas Americanas S.A. Pfd.(2)......................... 265,652
34,700 Souza Cruz SA ........................................ 231,966
3,700 Tele Centro Sul Part -- Adr .......................... 196,562
See Notes to Financial Statements.
64
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Emerging Markets Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
Shares Value
- ---------- -----------
FOREIGN SECURITIES -- (Continued)
Brazil -- (Continued)
15,650,000 Telerj Celular SA -- Pfd B ........................... $ 331,119
5,366,000 Telesp Celular SA -- Pfd B ........................... 229,653
10,900 Telesudeste Celular Part. ADR ........................ 311,331
41,000 Usinas Sider Minas Ger Pfd A(2)....................... 115,910
33,340 Vale do Rio Doce Pfd A Npv(2)......................... 0
-----------
3,833,317
-----------
China -- 4.7%
1,621,000 Beijing Datang Power ................................. 486,287
19,000 China International Marine ........................... 8,507
245,000 China Telecommunications(2)........................... 559,534
401,900 Chiwan Wharf Holdings 'B' ............................ 54,969
432,000 Cosco Pacific, Ltd. .................................. 292,638
814,000 Guangdong Kelon Electric ............................. 735,207
994,000 Huaneng Power International(2)........................ 336,669
336,000 NG Fung Hong ......................................... 325,153
1,223,000 Qingling Motors Co. .................................. 190,941
529,000 Shanghai Dazhong Taxi(2).............................. 166,106
1,366,000 Zhenjiang Expressway Co. ............................. 227,367
-----------
3,383,378
-----------
Malaysia -- 4.3%4
127,000 Genting Berhad ....................................... 349,584
138,000 Kian Joo Can Factory ................................. 196,323
198,000 Kuala Lumpur Kepong .................................. 232,806
168,000 Malayan Banking BHD .................................. 446,526
792,000 Malayan Cement BHD(1)................................. 251,356
131,000 Malaysian Pacific Industries ......................... 309,229
54,000 Nestle Malaysia BHD .................................. 177,632
462,000 RHB Capital BHD(2).................................... 474,158
144,000 Star Publications .................................... 215,242
164,000 Telekom Malaysia ..................................... 436,758
-----------
3,089,614
-----------
See Notes to Financial Statements.
65
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Emerging Markets Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
Shares Value
- ---------- -----------
FOREIGN SECURITIES -- (Continued)
Russia -- 2.7%
26,000 Gazprom ADR .......................................... $ 276,250
17,300 Lukoil ADR............................................ 547,112
124,290 Mosenergo ADR ........................................ 295,189
64,000 Rostelekom ADR ....................................... 280,000
115,000 UES................................................... 531,875
-----------
1,930,426
-----------
Egypt -- 2.3%
2,800 Alexandria Real Estate(1,2)........................... 83,779
62,857 Arabian International Construction(2)................. 485,890
29,900 Commercial Intl. Bank ................................ 294,623
11,600 EFG Hermes GDR(2)..................................... 122,612
25 Egypt Starch & Glucose ............................... 278
20 Egyptian International Pharmaceuticals ............... 1,007
8,903 Egyptian Mobile Phone(2).............................. 118,865
95,000 EZZ Porcelain(1,2).................................... 234,575
200 Financial & Industrial ............................... 3,039
10,130 Orascom Construction Hldg.(2)......................... 130,215
8,500 Oriental Weavers Co. ................................. 175,907
-----------
1,650,790
-----------
Argentina -- 2.2%
50,500 Nobleza Piccardo ARS(1)............................... 166,712
25,040 Quilmes Industrial Quins ADR ......................... 273,875
158,700 Siderca SA ........................................... 273,066
20,300 YPF Sociedad Anonima ................................. 848,794
-----------
1,562,447
-----------
Chile -- 1.3%
9,510 Compania Cerveceria Unida ADR ........................ 233,589
9,000 Gener SA ADR ......................................... 180,000
23,560 Masisa SA ADR ........................................ 226,765
7,990 Quimica y Minera ADR ................................. 294,631
462 Quimica y Minera ADR -- A ............................ 16,141
-----------
951,126
-----------
See Notes to Financial Statements.
66
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Emerging Markets Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
Shares Value
- ---------- -----------
FOREIGN SECURITIES -- (Continued)
Israel -- 1.2%
9,500 ECI Telecom ADR(2) ................................... $ 350,312
134,000 Makhteshim-Agan Industries(2)......................... 309,532
6,400 Nice Systems Ltd. ADR(2).............................. 184,000
-----------
843,844
-----------
Poland -- 0.9%
29,000 Kghm Polska Miedz ADR ................................ 369,750
49,130 Telekomunikacja Polska GDR(2)......................... 304,606
-----------
674,356
-----------
Peru -- 0.6%
31,000 Southern Peru Copper Corp. ........................... 441,750
-----------
Venezuela -- 0.5%
25,812 Ceramica Carabobo(1).................................. 11,615
6,650 Cia Anonima Telef De Ven ADR ......................... 182,875
6,406 Electricidad de Caracas ADR(2)........................ 129,725
7,666 International Briquettes Holdings(1,2)................ 32,581
38,823 Sudamtex de Venezuela ................................ 34,122
113,400 Venepal S.A.C.A. ADR 144A(1).......................... 4,536
-----------
395,454
-----------
Pakistan -- 0.4%
53,180 Engro Chemicals Pak, Ltd. ............................ 90,140
120,000 Pakistan State Oil Co., Ltd. ......................... 215,088
-----------
305,228
-----------
Ghana -- 0.4%
30,000 Ashanti Goldfields GDR ............................... 270,750
-----------
Sri Lanka -- 0.3%
89,677 John Keels Holdings, Ltd.(1).......................... 247,304
-----------
Lebanon -- 0.3%
10,400 Banque Liban Outre GDR ............................... 242,320
-----------
Czech Republic -- 0.3%
150,700 Ceske Energeticke Zavody AS(2)........................ 212,978
-----------
See Notes to Financial Statements.
67
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Emerging Markets Portfolio
STATEMENT OF NET ASSETS -- (Concluded)
April 30, 1999 -- (Unaudited)
Shares Value
- ---------- ------------
FOREIGN SECURITIES -- (Continued)
Slovakia -- 0.2%
2,000 Chirana Prema AS(1,2)................................. $ 471
5,700 Slovnaft AS(1)........................................ 80,075
19,000 Vychodoslovenske Zelezia(1)........................... 69,416
-----------
149,962
-----------
Slovenia -- 0.1%
7,300 SKB Bank GDR ......................................... 98,185
-----------
Malawi -- 0.1%
10,200 Press Corp.(1,2)...................................... 67,626
-----------
Kenya -- 0.0%
46,094 Kenya Commercial Bank ................................ 30,662
-----------
TOTAL COMMON STOCKS
(Cost $62,504,251) ................................. 70,779,813
-----------
Face Amount
- -----------
SHORT TERM INVESTMENT -- 1.9%
$1,400,000 Time Deposit with Chase Manhattan Bank,
4.6875%, dated 4/30/99 maturing 5/03/99
(Cost $1,400,000) .................................. 1,400,000
-----------
TOTAL INVESTMENTS (Cost $63,904,251)(3)................... 100.2% $72,179,813
OTHER LIABILITIES IN EXCESS OF OTHER ASSETS .............. (0.2)% (171,399)
----- -----------
NET ASSETS ............................................... 100.0% $72,008,414
===== ===========
NET ASSET VALUE ($72,008,414 divided by 9,368,650
shares outstanding) ...................................... $ 7.69
===========
- ----------
(1) Illiquid Security.
(2) Non-income producing security.
(3) Aggregate cost for federal tax purposes.
(4) Security fair valued by management see note 1.
ABBREVIATIONS:
ADR -- American Depositary Receipts
GDR -- Global Depositary Receipt
See Notes to Financial Statements.
68
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-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Emerging Markets Portfolio
SECTOR DIVERSIFICATION
On April 30, 1999, sector diversification of the Portfolio was as follows
(Unaudited):
% of
Net Assets Value
---------- -----------
INDUSTRIES:
Banking................................... 12.1% $ 8,668,622
Telecommunications........................ 9.4 6,794,057
Financial Services........................ 8.6 6,209,899
Metals and Mining......................... 6.6 4,785,121
Electrical & Electronics.................. 5.8 4,147,516
Textiles & Apparel........................ 4.9 3,527,028
Household & Home Furnishings.............. 4.2 2,999,529
Construction & Housing.................... 4.1 2,985,679
Foods & Beverages......................... 3.8 2,747,000
Real Estate............................... 3.7 2,683,877
Computers................................. 3.2 2,272,208
Chemicals. ............................... 2.7 1,935,581
Transportation............................ 2.6 1,895,541
Miscellaneous Industries.................. 2.6 1,892,024
Energy Sources............................ 2.2 1,620,067
Oil Related............................... 2.1 1,503,714
Manufacturing............................. 2.0 1,431,284
Automobiles............................... 1.8 1,314,971
Retail.................................... 1.7 1,206,275
Consumer Products......................... 1.6 1,171,298
Broadcasting & Publishing................. 1.6 1,122,878
Paper Products............................ 1.5 1,082,773
Utilities -- Electric..................... 1.4 1,016,307
Business Systems.......................... 1.2 858,419
Insurance................................. 1.2 830,647
Technology................................ 0.9 626,766
Leisure & Tourism......................... 0.9 622,321
Miscellaneous Services.................... 0.7 539,942
Metals -- No Ferrous...................... 0.6 441,751
Tobacco................................... 0.6 398,677
Industries................................ 0.5 383,437
Metals -- Steel........................... 0.5 324,834
Advertising............................... 0.4 309,532
Agriculture............................... 0.3 232,807
Machinery................................. 0.2 149,384
Tire and Rubber Goods..................... 0.1 48,047
----- -----------
TOTAL FOREIGN SECURITIES....................... 98.3% $70,779,813
TIME DEPOSIT................................... 1.9% 1,400,000
----- -----------
TOTAL INVESTMENTS.............................. 100.2% $72,179,813
===== ===========
See Notes to Financial Statements.
69
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-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Global Equity Portfolio
STATEMENT OF NET ASSETS
April 30, 1999 -- (Unaudited)
Shares Value
- ---------- -----------
COMMON STOCKS -- 98.0%
U.S.A. -- 26.5%
3,300 Alltel Corp. ......................................... $ 222,544
2,500 American General Corp. ............................... 185,000
3,100 American Home Products Corp. ......................... 189,100
2,600 Amgen, Inc.(1)........................................ 159,737
2,600 Anheuser-Busch Companies, Inc. ....................... 190,125
4,086 Associates First Capital Corp. ....................... 181,061
3,100 Bank of America ...................................... 223,200
2,700 Bell Atlantic Corp. .................................. 155,587
3,500 Bristol-Myers Squibb Co. ............................. 222,469
4,350 Ceridian Corp.(1)..................................... 159,319
2,200 Chase Manhattan Corp. ................................ 182,050
2,550 Chevron Corp. ........................................ 254,362
2,700 Cigna Corp. .......................................... 235,406
2,500 Consolidated Natural Gas Co. ......................... 148,750
2,400 Dayton Hudson Corp. .................................. 161,550
300 Dow Chemical ......................................... 39,356
2,900 Exxon Corp. .......................................... 240,881
3,400 Fleet Financial Group, Inc. .......................... 146,412
1,850 Ford Motor ........................................... 118,284
25 FPL Group, Inc. ...................................... 1,409
2,600 Freddie Mac .......................................... 163,150
3,300 Gannett Company, Inc. ................................ 233,681
2,225 General Dynamics Corp. ............................... 156,306
6,500 Healthsouth Corp.(1).................................. 87,344
1,600 Household International, Inc. ........................ 80,500
600 Ingersoll-Rand ....................................... 41,513
2,700 Intel Corp. .......................................... 165,206
800 International Business Machines Corp. ................ 167,350
2,700 Kimberly Clark Corp. ................................. 165,544
1,300 Lexmark International Group, Inc. -- Class A(1)....... 160,550
1,600 Lincoln National Corp. ............................... 153,700
2,300 Maytag Corp. ......................................... 157,262
4,050 McGraw-Hill, Inc. .................................... 223,762
See Notes to Financial Statements.
70
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-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Global Equity Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
Shares Value
- ---------- -----------
COMMON STOCKS -- (Continued)
U.S.A. -- (Continued)
1,600 Mobil Corp. .......................................... $ 167,600
1,100 Morgan, (J.P.) & Co., Inc. ........................... 148,225
1,900 Morgan Stanley Dean Witter Discover & Co. ............ 188,456
8,812 Office Depot, Inc.(1)................................. 193,864
1,600 Procter & Gamble Co. ................................. 150,100
650 Providian Financial Corp. ............................ 83,891
3,725 Southwest Airlines Co. ............................... 121,295
2,200 Sprint Corp. ......................................... 225,638
7,175 TJX Companies, Inc. .................................. 239,017
3,100 Tyco International, Ltd. ............................. 251,875
1,600 United Technologies Corp. ............................ 231,800
4,000 Waste Management, Inc. ............................... 226,000
3,000 Xerox Corp. .......................................... 176,250
-----------
7,776,481
-----------
Japan -- 14.5%
3,500 Acom Co., Ltd. ....................................... 262,438
7,800 Aoyama Trading Co., Ltd. ............................. 216,955
11,000 Canon, Inc. .......................................... 269,099
27,000 Chugai Pharmaceutical Co. ............................ 321,210
17,000 Dai Nippon Printing Co., Ltd. ........................ 269,467
6,000 Eisai Co., Ltd. ...................................... 112,348
25,000 Fuji Heavy Industry .................................. 167,558
6,000 Fuji Photo Film, Ltd. ................................ 226,707
27,000 Hitachi, Ltd. ........................................ 197,250
5,000 Honda Motor Co. ...................................... 220,339
13,000 Kao Corp. ............................................ 330,006
2,000 Nintendo Corp., Ltd. ................................. 186,493
2,000 Rohm Co. ............................................. 241,284
3,000 Sony Corp. ........................................... 280,241
5,000 Takefuji Corp. ....................................... 414,707
40,000 Toshiba Corp. ........................................ 268,093
24,000 Wacoal Corp. ......................................... 259,380
-----------
4,243,575
-----------
See Notes to Financial Statements.
71
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Global Equity Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
Shares Value
- ---------- -----------
COMMON STOCKS -- (Continued)
United Kingdom -- 13.4%
29,000 Allied Domecq PLC .................................... $ 227,628
15,000 Allied Zurich PLC(1).................................. 205,771
26,000 Associated British Foods PLC ......................... 189,428
11,500 BOC Group PLC ........................................ 182,199
15,000 British American Tobacco ............................. 125,829
80,000 British Steel PLC .................................... 189,670
29,000 Cadbury Schweppes PLC ................................ 389,419
50,000 Caradon PLC .......................................... 128,003
33,000 Gallaher Group PLC ................................... 189,287
13,000 Hyder Ord Gbp 1.20 ................................... 161,171
20,000 Johnson Matthey PLC .................................. 187,738
70,000 Mirror Group Newspapers PLC .......................... 255,845
18,000 Rio Tinto PLC ........................................ 315,612
45,000 Scottish Power PLC ................................... 369,156
65,918 Siebe PLC. ........................................... 339,100
26,000 Tate & Lyle PLC ...................................... 178,858
68,000 Tomkins PLC .......................................... 287,403
-----------
3,922,117
-----------
France -- 9.3%
1,700 Alcatel Alsthom ...................................... 208,988
1,600 Compagnie de Saint-Gobain ............................ 275,068
1,600 Groupe Danone ........................................ 428,260
3,700 Lafarge-Coppee ....................................... 360,128
5,500 Lagardere Groupe ..................................... 218,087
4,500 Pernod-Ricard ........................................ 303,977
6,000 SCOR SA .............................................. 299,613
2,500 Societe Nationale ELF ................................ 388,798
3,000 Valeo SA ............................................. 253,909
-----------
2,736,828
-----------
Spain -- 6.5%
12,000 Dragados & Construcciones SA ......................... 401,176
10,784 Endesa SA ............................................ 240,045
28,000 Iberdrola SA ......................................... 392,501
See Notes to Financial Statements.
72
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THE GLENMEDE FUND, INC.
-----------------------
Global Equity Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
Shares Value
- ---------- -----------
COMMON STOCKS -- (Continued)
Spain -- (Continued)
21,000 Repsol SA ............................................ $ 342,142
11,220 Telefonica de Espana ................................. 526,445
11,220 Telefonica de Espana Rights(1)........................ 10,446
-----------
1,912,755
-----------
Germany -- 5.9%
6,000 Bayer AG ............................................. 253,909
12,500 Continental AG ....................................... 312,758
3,000 Daimler-Chrysler AG .................................. 293,741
6,700 Hoechst AG ........................................... 306,923
4,100 Siemens AG ........................................... 302,332
5,000 Veba AG .............................................. 273,746
-----------
1,743,409
-----------
Australia -- 4.5%
20,000 Commonwealth Bank of Australia ....................... 364,715
126,000 Foster's Brewing Group ............................... 368,100
24,000 Lend Lease Corp., Ltd. ............................... 324,056
35,000 Westpac Banking Corp., Ltd. .......................... 267,594
-----------
1,324,465
-----------
Italy -- 3.9%
220,000 Bennetton Group S.p.A. ............................... 395,675
48,000 Eni S.p.A ............................................ 316,371
41,300 Telecom Italia S.p.A. ................................ 439,994
-----------
1,152,040
-----------
Sweden -- 3.7%
7,063 Astrazeneca PLC ...................................... 276,280
20,000 Electrolux AB -- Series B ............................ 406,621
9,000 SKF AB -- Series B ................................... 155,158
9,000 Volvo AB -- Series B ................................. 238,087
-----------
1,076,146
-----------
See Notes to Financial Statements.
73
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-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Global Equity Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
Shares Value
- ---------- -----------
COMMON STOCKS -- (Continued)
Netherlands -- 2.2%
16,000 Algemene Bank Nederland .............................. $ 381,710
8,000 Hagemeyer NV ......................................... 270,836
-----------
652,546
-----------
Norway -- 1.8%
85,000 Christiania Bank OG Kreditkasse ...................... 327,499
4,500 Norsk Hydro ASA ...................................... 201,990
-----------
529,489
-----------
Belgium -- 1.0%
900 Electrabel SA ........................................ 297,169
-----------
Austria -- 1.0%
4,500 Bank Austria ......................................... 279,506
-----------
Finland -- 0.9%
3,600 Nokia Ab -- A Shares ................................. 277,840
-----------
Denmark -- 0.9%
3,850 Uni-Danmark .......................................... 264,945
-----------
Canada -- 0.8%
4,000 Magna International, Inc. -- Class A ................. 239,000
-----------
Singapore -- 0.6%
19,000 Singapore Airlines, Ltd. ............................. 175,022
-----------
New Zealand -- 0.5%
29,000 Telecom Corp., New Zealand ........................... 150,915
-----------
TOTAL COMMON STOCKS
(Cost $24,657,319) ................................. 28,754,248
-----------
Face
Amount
- ----------
REPURCHASE AGREEMENT -- 1.3%
$ 389,000 Agreement with Goldman Sachs & Co., 4.65%, dated
04/30/99, to be repurchased at $389,151 on 05/03/99,
collateralized by $402,822 U.S. Treasury Bonds,
12.375% due 05/15/04 (Cost $389,000) ............... 389,000
-----------
See Notes to Financial Statements.
74
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-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Global Equity Portfolio
STATEMENT OF NET ASSETS -- (Concluded)
April 30, 1999 -- (Unaudited)
Shares Value
- ---------- -----------
TOTAL INVESTMENTS (Cost $25,046,319)(2)................ 99.4% $29,143,248
OTHER ASSETS IN EXCESS OF LIABILITIES.................. 0.6% 183,286
----- -----------
NET ASSETS............................................. 100.0% $29,326,534
===== ===========
NET ASSET VALUE ($29,326,534 divided by 2,517,766
shares outstanding)....................................... $ 11.65
===========
- ----------
(1) Non-income producing security.
(2) Aggregate cost for federal tax purposes.
See Notes to Financial Statements.
75
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Global Equity Portfolio
SECTOR DIVERSIFICATION
On April 30, 1999, sector diversification of the Portfolio was as follows
(Unaudited):
% of
Net Assets Value
---------- -----------
INDUSTRIES:
Consumer Durables/Non-Durables............ 10.7% $ 3,109,474
Financial Services........................ 8.4 2,457,966
Banking................................... 8.0 2,356,443
Food & Beverage........................... 7.1 2,085,668
Automotive................................ 4.8 1,412,633
Consumer Services......................... 4.2 1,244,051
Utilities................................. 4.1 1,197,982
Health Care & Pharmaceuticals............. 4.0 1,179,386
Housing & Home Furnishings................ 4.0 1,174,635
Engineering & Construction................ 3.7 1,085,360
Oil & Gas................................. 3.7 1,078,735
Telecommunications........................ 3.6 1,043,760
Chemicals................................. 3.4 1,009,093
Apparel & Textiles........................ 3.0 872,010
Miscellaneous Industries.................. 2.9 859,987
Industrial................................ 2.8 814,771
Energy.................................... 2.7 780,170
Printing & Publishing..................... 2.5 743,399
Electronics............................... 2.4 697,116
Technology................................ 2.3 660,081
Manufacturing............................. 2.0 583,283
Electrical................................ 1.8 542,377
Aerospace & Defense....................... 1.3 388,107
Insurance................................. 1.0 299,613
Transportation............................ 1.0 296,317
Basic Industry............................ 0.9 275,069
Retail.................................... 0.8 239,017
Waste Management.......................... 0.8 226,000
Computers................................. 0.1 41,745
----- -----------
TOTAL COMMON STOCK............................. 98.0% $28,754,248
REPURCHASE AGREEMENT........................... 1.3% 389,000
----- -----------
TOTAL INVESTMENTS.............................. 99.4% $29,143,248
===== ===========
See Notes to Financial Statements.
76
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-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements
1. Significant Accounting Policies
The Glenmede Fund, Inc. (the "Fund") consists of ten portfolios: the
Government Cash Portfolio, the Tax-Exempt Cash Portfolio, the Core Fixed Income
Portfolio, the Tax Managed Equity Portfolio (formerly the Equity Portfolio), the
Small Capitalization Equity Portfolio, the Large Cap Value Portfolio, the
International Portfolio, the Institutional International Portfolio, the Emerging
Markets Portfolio and the Global Equity 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.
Effective January 1, 1998 the Small Capitalization Equity Portfolio consists of
two classes of shares, the Advisor Shares and Institutional Shares.
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 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.
77
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements -- (Continued)
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. Furthermore, 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 April 30,
1999, 3% of the net assets of the Emerging Markets Portfolio, totalling
$1,954,334, were considered illiquid by Pictet International Management Limited,
the Portfolio's Subadvisor. On February 9, 1999, the Malaysian government
implemented an exit tax system whereby funds brought into Malaysia prior to
February 15, 1999 may be subject to an exit tax depending on the holding period
of such funds. Accordingly, management has fair valued its Malaysian Securities
and cash positions based upon the period such assets were held and the
applicable rate of tax that applies. At April 30, 1999, the total value of fair
valued securities was $2,838,725 representing 4% of total investments.
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 101% 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, Emerging Markets and Global Equity Portfolios may enter into
forward foreign exchange contracts. Forward foreign exchange contracts are
valued at the forward rate and marked-to-market daily. The change in market
value is recorded by the Portfolio as an unrealized gain or loss. When the
contract is closed, the Portfolio records a realized gain or loss equal to the
difference between the value of the contract at the time it was opened and the
value at the time it was closed.
The use of forward foreign exchange contracts does not eliminate
fluctuations in the underlying prices of the Portfolio's securities, but it does
establish a rate of exchange that can be achieved in the future. Although
forward foreign exchange contracts limit the risk of loss due to a decline in
the value of the hedged currency, they also limit any potential gain that might
result should the value of the currency increase. In addition, the Portfolio
could be exposed to risks if the counterparties to the contracts are unable to
meet the terms of their contracts. There were no contracts open at 4/30/99.
78
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements -- (Continued)
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) on 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 Government Cash Portfolio, the Core
Fixed Income 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 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 six months ended April 30, 1999 was
approximately $28,341,034 at a weighted average interest rate of approximately
3.97%. The maximum amount of reverse repurchase agreements outstanding at a
month-end during the six months ended April 30, 1999 was $41,308,625 as of
December 31, 1998, which was 13.5% of total assets. The amount of reverse
repurchase agreements outstanding on April 30, 1999 was $19,242,290, which was
6.0% 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.
79
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements -- (Continued)
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.
Option Transactions: A call option gives the option holder the right to
purchase the underlying security at a specified price until a specified date. A
put option gives the option holder the right to sell the underlying security at
a specified price until a specified date. The risk in writing a covered call
option is that a fund may forgo the opportunity of profit if the market price of
the underlying security increases and the option is exercised. The risk in
writing a put option is that a fund may incur a loss if the market price of the
underlying security decreases and the option is exercised. In addition, there is
a risk a fund may not be able to enter into a closing transaction because of an
illiquid secondary market or, for over-the-counter options, because of the
counterparty's inability to perform.
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
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 earned
or 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. When issued purchase
commitments involve a risk of loss if the value of the security to be purchased
declines prior to settlement date.
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 Tax Managed Equity, Small
Capitalization Equity, Large Cap Value, International, Institutional
International, Emerging Markets, and Global Equity Portfolios are declared and
paid quarterly. Dividends from net investment income, if any, of the Core 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
80
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements -- (Continued)
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.
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. The portfolios may periodically make
reclassifications among certain of its capital accounts as a result of
differences in the characterization and allocation of certain income and capital
gains determined annually in accordance with federal tax regulations which may
differ from generally accepted accounting principles.
2. Investment Advisory Fee, Administration Fee and Other Related Party
Transactions
The Institutional International Portfolio, the Global Equity Portfolio, and
the Small Capitalization Equity Portfolio pay The Glenmede Trust Company (the
"Advisor") for their investment advisory services a monthly fee at the annual
rate of 0.75%, 0.70% and 0.55%, respectively, of the value of their average
daily net assets. From November 1, 1997 through December 31, 1997, the
Small-Capitalization Equity portfolio did not pay advisory fees. The Emerging
Markets 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 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, Global Equity, Emerging Markets, and
Small Capitalization Equity Portfolios) pays the Advisor a shareholder servicing
fee at the annual rate of 0.05% of the value of its average daily net assets. In
addition, the Institutional Shares of the Small Capitalization Equity Portfolio
pays the Advisor a shareholder servicing fee at the annual rate of 0.05% of the
value of its average daily net assets and the Advisor Shares of the Small
Capitalization Equity Portfolio pays the Advisor a shareholder servicing fee at
the annual rate of 0.25% 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 six months
ended April 30, 1999.
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").
81
<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 portfolio based on its relative net assets.
On June 4, 1999, Bankers Trust Corporation merged with Deutsche Bank AG.
The Fund pays each Board member 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 six months ended April 30, 1999 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 six months ended April 30, 1999, cost of purchases and proceeds
from sales of investment securities other than U.S. Government securities and
short-term securities were:
Portfolio Purchases Sales
- --------- ------------ ------------
Tax Managed Equity Portfolio................ $ 28,946,483 $ 50,930,966
Small Capitalization Equity Portfolio....... 118,075,597 150,558,116
Large Cap Value Portfolio................... 42,987,894 46,064,712
International Portfolio..................... 212,075,826 179,922,767
Institutional International Portfolio....... 40,051,622 14,076,998
Emerging Markets Portfolio.................. 44,425,514 46,121,216
Global Equity Portfolio..................... 7,951,833 7,176,805
For the six months ended April 30, 1999, cost of purchases and proceeds
from sales of long-term U.S. Government securities were:
Portfolio Purchases Sales
- --------- ------------ ------------
Core Fixed Income Portfolio................. $ 73,867,867 $ 83,987,863
On April 30, 1999 aggregate gross unrealized appreciation for all
securities in which there was an excess of value over tax cost and aggregate
gross unrealized depreciation for all securities in which there was an excess of
tax cost over value were as follows:
Portfolio Appreciation Depreciation
- --------- ------------ ------------
Core Fixed Income Portfolio................. $ 2,490,083 $ 2,128,672
Tax Managed Equity Portfolio................ 54,972,629 1,165,731
Small Capitalization Equity Portfolio....... 42,958,627 28,119,825
Large Cap Value Portfolio................... 15,871,529 402,107
International Portfolio..................... 349,845,904 25,121,765
Institutional International Portfolio....... 30,816,544 2,176,961
Emerging Markets Portfolio.................. 14,578,928 6,303,366
Global Equity Portfolio..................... 4,713,025 616,096
82
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements -- (Continued)
For the six months ended April 30, 1999, the payables for securities
purchased were:
Portfolio
- ---------
Core Fixed Income Portfolio........................................ $ 47,762,436
Small Capitalization Equity Portfolio.............................. 3,291,665
Large Cap Value Portfolio.......................................... 1,385,609
International Portfolio............................................ 3,170,353
Institutional International Portfolio.............................. 336,850
Emerging Markets Portfolio......................................... 2,841,756
GlobalEquity Portfolio............................................. 366,741
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>
Six Months Ended Period Ended
4/30/99 10/31/98
------------------------------- -------------------------------
Shares Amount Shares Amount
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Government Cash Portfolio:
Sold..................... 2,341,860,523 $2,341,860,523 4,934,846,426 $4,934,846,426
Issued as reinvestment
of dividends........... 7,056 7,056 10,445 10,445
Redeemed................. (2,173,891,864) (2,173,891,864) (4,955,729,324) (4,955,729,324)
-------------- -------------- ---------- --------------
Net increase/(decrease) 167,975,715 $ 167,975,715 (20,872,453) $ (20,872,453)
============== ============== =============== ==============
Tax-Exempt Cash Portfolio:
Sold..................... 888,587,313 $ 888,587,313 1,181,491,843 $1,181,491,843
Issued as reinvestment
of dividends........... 2,112 2,112 4,882 4,882
Redeemed................. (928,890,965) (928,890,965) (1,086,514,871) (1,086,514,871)
-------------- -------------- -------------- --------------
Net increase/(decrease) (40,301,540) $ (40,301,540) 94,981,854 $ 94,981,854
============== ============== ============== ==============
</TABLE>
83
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements -- (Continued)
<TABLE>
<CAPTION>
Six Months Ended Period Ended
4/30/99 10/31/98
--------------------------- ----------------------------
Shares Amount Shares Amount
---------- ------------ ----------- ------------
<S> <C> <C> <C> <C>
Core Fixed Income Portfolio:
Sold ................................. 5,118,277 $ 54,560,475 12,129,104 $127,826,843
Issued as reinvestment of dividends... 11,113 117,732 15,980 168,612
Redeemed ............................. (3,668,191) (38,966,048) (13,454,160) (141,755,565)
---------- ------------ ----------- ------------
Net increase/(decrease) .............. 1,461,199 $ 15,712,159 (1,309,076) $(13,760,110)
========== ============ =========== ============
Tax Managed Equity Portfolio:
Sold.................................. 146,587 $ 3,328,623 1,338,491 $ 28,323,587
Issued as reinvestment of dividends... 158 3,631 162,302 3,256,261
Redeemed.............................. (1,073,027) (24,567,379) (1,111,608) (23,348,073)
---------- ------------ ----------- ------------
Net increase/(decrease)............... (926,282) $(21,235,125) 389,185 $ 8,231,775
========== ============ =========== ============
Small Capitalization Equity
Portfolio (Advisor Shares)
Sold.................................. 1,470,996 $ 22,481,819 3,276,263 $ 63,183,585
Issued as reinvestment of dividends... 5,368 78,426 168,225 2,539,862
Redeemed.............................. (3,804,930) ($56,768,673) (6,111,628 (110,998,305)
---------- ------------ ----------- ------------
Net decrease.......................... (2,328,566) $(34,208,428) (2,667,140) $(45,274,858)
========== ============ =========== ============
Small Capitalization Equity
Portfolio (Institutional Shares):
Sold.................................. 181,067 $ 2,741,937 2,525,066 $ 46,591,954
Issued as reinvestment of dividends... 16,090 236,219 32,287 539,447
Redeemed.............................. (399,742) (6,059,045) (483,254) (8,748,975)
---------- ------------ ----------- ------------
Net increase/(decrease)............... (202,585) $ (3,080,889) 2,074,099 $ 38,382,426
========== ============ =========== ============
Large Cap Value Portfolio:
Sold.................................. 315,465 $ 4,267,029 1,024,056 $ 14,327,914
Issued as reinvestment of dividends... 44,980 578,575 803,373 9,313,621
Redeemed.............................. (506,829) (6,785,205) (1,522,969) (20,983,243)
---------- ------------ ----------- ------------
Net increase/(decrease)............... (146,384) $ (1,939,601) 304,460 $ 2,658,292
========== ============ =========== ============
International Portfolio:
Sold.................................. 5,789,713 $ 97,528,498 7,458,914 $116,341,225
Issued as reinvestment of dividends... 94,928 1,597,135 386,308 5,935,778
Redeemed.............................. (4,129,414) (71,771,808) (4,917,999) (75,953,594)
---------- ------------ ----------- ------------
Net increase.......................... 1,755,227 $ 27,353,825 2,927,223 $ 46,323,409
========== ============ =========== ============
</TABLE>
84
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements -- (Continued)
<TABLE>
<CAPTION>
Six Months Ended Year Ended
4/30/99 10/31/98
--------------------------- ----------------------------
Shares Amount Shares Amount
---------- ------------ ----------- ------------
<S> <C> <C> <C> <C>
Institutional International Portfolio:
Sold.................................. 2,571,930 $ 43,011,708 1,955,404 $ 31,584,734
Issued as reinvestment of dividends... 23,477 392,616 97,949 1,486,097
Redeemed.............................. (1,003,126) (17,107,604) (1,179,331) (18,459,784)
---------- ------------ ----------- ------------
Net increase.......................... 1,592,281 $ 26,296,720 874,022 $ 14,611,047
========== ============ =========== ============
Emerging Markets Portfolio:
Sold.................................. 100,674 $ 622,169 1,481,370 $ 11,768,648
Issued as reinvestment of dividends... -- -- -- --
Redeemed.............................. (236,658) (1,460,987) (2,474,198) (18,608,565)
---------- ------------ ----------- ------------
Net decrease.......................... (135,984) $ (838,818) (992,828) $ (6,839,917)
========== ============ =========== ============
Global Equity Portfolio:
Sold.................................. -- $ -- 2,500,000 $ 25,000,000
Issued as reinvestment of dividends... -- -- 17,766 175,000
Redeemed.............................. -- -- -- --
---------- ------------ ----------- ------------
Net increase.......................... -- $ -- 2,517,766 $ 25,175,000
========== ============ =========== ============
</TABLE>
85
<PAGE>
------------------------
THE GLENMEDE FUND, INC.
------------------------
Notes to Financial Statements -- (Continued)
5. Lending of Portfolio Securities
The Government Cash, Tax-Exempt Cash, Core Fixed Income, Tax Managed
Equity, Large Cap Value, Small Capitalization Equity, International,
Institutional International, Global Equity 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 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 April 30, 1999, the following Portfolios had outstanding
loans of securities to certain approved brokers for which the Portfolios
received collateral:
Six Months Ended 4/30/99
-----------------------------------------------
% of Net
Market Value of Market Value Assets
Portfolio Loaned Securities of Collateral on Loan
--------- ----------------- ------------- ---------
Core Fixed Income Portfolio..... $ 19,140,851 $ 19,992,406 14.25%(1)
Institutional International
Portfolio.................... 23,890,164 25,290,764 17.17%
International Portfolio......... 309,376,572 329,382,337 23.40%
Small Capitalization Equity
Portfolio..................... 14,143,483 15,463,850 4.72%
Large Cap Value Portfolio....... 8,830,278 8,959,600 10.95%
Tax Managed Equity Portfolio.... 5,911,963 6,094,100 3.82%
Emerging Markets Portfolio...... 942,645 1,018,010 1.31%
Global Equity Portfolio......... 1,819,171 2,036,293 6.20%
- ----------
(1) The Core Fixed Income Portfolio includes reverse repurchase agreements
valued at $19,242,290 at April 30, 1999.
6. Capital Loss Carryforward
On April 30, 1999, the following Portfolios had available capital loss
carryforwards to be utilized in the current period to offset future net capital
gains through the indicated expiration dates as follows:
<TABLE>
<CAPTION>
Expiring Expiring Expiring Expiring Expiring Expiring Expiring
Portfolio in 1999 in 2001 in 2002 in 2003 in 2004 in 2005 in 2006
- --------------- -------- -------- ---------- -------- -------- -------- -----------
<S> <C> <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 -- $ 7,168
Core Fixed Income Portfolio.. -- -- 7,273,798 -- -- -- --
International Portfolio...... -- -- -- -- -- -- 21,514,083
Institutional International
Portfolio................... -- -- -- -- -- -- 1,919,500
Emerging Markets Portfolio... -- -- -- -- -- -- 32,230,980
Global Equity Portfolio...... -- -- -- -- -- -- 403,871
</TABLE>
86
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements -- (Continued)
7. Foreign Securities
The International, Tax Managed Equity, Small Capitalization Equity,
Institutional International, Global Equity 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.
8. Net Assets
On April 30, 1999, net assets consisted of:
<TABLE>
<CAPTION>
Government Tax-Exempt Core Fixed
Cash Cash Income
Portfolio Portfolio Portfolio
------------- ------------- -------------
<S> <C> <C> <C>
Par Value ............................. $ 598,105 $ 335,705 $ 25,659
Paid in Capital in excess of par value.. 597,507,054 335,369,080 272,336,593
Undistributed net investment income .... 71,402 1,363,197
Accumulated net realized loss on
investments sold, and foreign
currency transactions ............... (35,761) (81,902) (4,979,086)
Net unrealized appreciation
of investments and foreign
currency transactions ............... -- -- 361,411
------------- ------------- -------------
Total Net Assets .................... $ 598,140,800 $ 335,622,883 $ 269,107,774
============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
Tax Small Large
Managed Capitalization Cap
Equity Equity Value
Portfolio Portfolio Portfolio
------------- ------------- -------------
<S> <C> <C> <C>
Par Value ............................. $ 6,450 $ 19,679 $ 5,513
Paid in Capital in excess of par ......
value .............................. 85,420,664 297,610,510 60,678,853
Undistributed net investment income 128,776 15,182 54,480
Accumulated net realized gain/(loss)
on investments sold, and foreign
currency transactions .............. 15,503,992 (12,818,779) 4,388,153
Net unrealized appreciation
of investments and foreign
currency transactions ............. 53,900,086 14,838,802 15,469,422
------------ ------------- -------------
Total Net Assets .................. $154,959,968 $ 299,665,394 $ 80,596,421
============ ============= =============
</TABLE>
87
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
Notes to Financial Statements -- (Concluded)
<TABLE>
<CAPTION>
Institutional Emerging Global
International International Markets Equity
Portfolio Portfolio Portfolio Portfolio
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
Par Value ..................... $ 74,226 $ 7,950 $ 9,369 $ 2,518
Paid in Capital in excess of
par value .................. 991,590,270 111,262,323 97,765,263 25,172,482
Net investment loss ........... (18,237,816) (1,483,716) (147,435) (150,438)
Accumulated net realized
loss on investments
sold, and foreign
currency transactions ...... 24,091,280 1,214,827 (33,892,317) 204,123
Net unrealized appreciation
of investments and foreign
currency transactions ...... 324,752,343 28,642,234 8,273,534 4,097,849
--------------- --------------- --------------- ---------------
Total Net Assets ......... $ 1,322,270,303 $ 139,643,618 $ 72,008,414 $ 29,326,534
=============== =============== =============== ===============
</TABLE>
88
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
STATEMENTS OF OPERATIONS
For the six months ended April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Muni New Jersey
Intermediate Muni
Portfolio Portfolio
--------- ---------
<S> <C> <C>
Investment Income:
Interest ............................................. $ 462,655 $ 415,684
--------- ---------
Total investment income ........................... 462,655 415,684
--------- ---------
Expenses:
Administration fee .................................. 3,386 3,293
Shareholder servicing fee ............................ 2,991 4,585
Custodian fee ....................................... 400 453
Legal and audit fees ................................. 3,569 5,186
Directors' fees and expenses ........................ 1,230 1,123
Pricing fees ......................................... 1,944 4,358
Registration and filing fees ......................... 1,486 821
Other expenses ....................................... 506 2,346
--------- ---------
Total expenses ........................................... 15,512 22,165
--------- ---------
Net investment income .................................... 447,143 393,519
--------- ---------
Realized and unrealized gain/(loss) on investments:
Net realized gain on investments .................... 65,480 8,153
Net change in unrealized appreciation/depreciation
on investments .................................... (214,346) (125,438)
--------- ---------
Net realized and unrealized (loss)
on investments ........................................ (148,866) (117,285)
--------- ---------
Net increase in net assets
resulting from operations ............................. $ 298,277 $ 276,234
========= =========
</TABLE>
See Notes to Financial Statements.
89
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
STATEMENTS OF CHANGES IN NET ASSETS
For the six months ended April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Muni New Jersey
Intermediate Muni
Portfolio Portfolio
------------ ------------
<S> <C> <C>
Net investment income .................................... $ 447,143 $ 393,519
Net realized gain on investments ......................... 65,480 8,153
Net change in unrealized appreciation/depreciation
on investments ........................................ (214,346) (125,438)
------------ ------------
Net increase in net assets resulting from operations ..... 298,277 276,234
Distributions to shareholders:
From net investment income ........................... (454,488) (386,506)
Net increase/(decrease) in net assets from capital share
transactions .......................................... (1,601,236) 1,149,974
------------ ------------
Net increase/(decrease) in net assets .................... (1,757,447) 1,039,702
NET ASSETS:
Beginning of period ...................................... 19,975,009 17,491,516
------------ ------------
End of period ............................................ $ 18,217,562 $ 18,531,218
============ ============
</TABLE>
- --------------------------------------------------------------------------------
For the year ended October 31, 1998
<TABLE>
<CAPTION>
Muni New Jersey
Intermediate Muni
Portfolio Portfolio
------------ ------------
<S> <C> <C>
Net investment income ................................... $ 930,557 $ 610,543
Net realized gain/(loss) on investments ................ 32,683 (1,722)
Net change in unrealized appreciation/depreciation
on investments ...................................... 264,218 318,091
------------ ------------
Net increase in net assets resulting from operations .... 1,227,458 926,912
Distributions to shareholders:
From net investment income .......................... (929,525) (594,107)
Net increase in net assets from capital share
transactions ......................................... 457,887 5,042,027
------------ ------------
Net increase in net assets .............................. 755,820 5,374,832
NET ASSETS:
Beginning of year ....................................... 19,219,189 12,116,684
------------ ------------
End of year ............................................. $ 19,975,009 $ 17,491,516
============ ============
</TABLE>
See Notes to Financial Statements.
90
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
FINANCIAL HIGHLIGHTS
For a Share outstanding throughout each period
<TABLE>
<CAPTION>
Muni Intermediate Portfolio
Six Months ------------------------------------------
ended Year Ended October 31,
April 30, ------------------------------------------
1999(3) 1998 1997 1996 1995 1994
---------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period ................................... $ 10.56 $ 10.40 $ 10.26 $ 10.32 $ 9.74 $ 10.59
--------- --------- --------- --------- --------- ---------
Income from investment
operations:
Net investment income .......................... 0.26 0.51 0.52 0.53 0.53 0.53
gain/(loss) on investments ................... (0.08) 0.16 0.14 (0.06) 0.58 (0.85)
--------- --------- --------- --------- --------- ---------
Total from investment
operations .................................. 0.18 0.67 0.66 0.47 1.11 (0.32)
--------- --------- --------- --------- --------- ---------
Distributions to shareholders
from net investment income ................... (0.26) (0.51) (0.52) (0.53) (0.53) (0.53)
--------- --------- --------- --------- --------- ---------
Net asset value, end
of period ................................... $ 10.48 $ 10.56 $ 10.40 $ 10.26 $ 10.32 $ 9.75
========= ========= ========= ========= ========= =========
Total Return(1) ................................. 1.72% 6.63% 6.69% 4.67% 11.76% (3.13)%
========= ========= ========= ========= ========= =========
Ratios to average net assets/
Supplemental data:
Net assets, end of period
(in 000's).................................... $18,218 $ 19,975 $ 19,219 $ 18,471 $ 18,096 $ 22,097
Ratio of operating expenses to
average net assets............................ 0.17%(2) 0.30% 0.34% 0.32% 0.28% 0.25%
Ratio of net investment income to
average net assets............................ 4.84%(2) 4.88% 5.09% 5.16% 5.23% 4.78%
Portfolio turnover rate.......................... 2% 11% 21% 44% 28% 11%
</TABLE>
- -------------
(1) Total return represents aggregate total return for the period indicated.
(2) Annualized.
(3) Unaudited.
See Notes to Financial Statements.
91
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
FINANCIAL HIGHLIGHTS
For a Share outstanding throughout each period
<TABLE>
<CAPTION>
New Jersey Muni Portfolio
Six Months -----------------------------------------------------
ended Year Ended October 31,
April 30, -----------------------------------------------------
1999(3) 1998 1997 1996 1995 1994
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period .......................... $ 10.43 $ 10.20 $ 9.97 $ 10.00 $ 9.22 $ 10.00
--------- --------- --------- --------- --------- ---------
Income from investment
operations:
Net investment income ................. 0.22 0.44 0.44 0.44 0.41 0.32
Net realized and unrealized
gain/(loss) on investments ......... (0.07) 0.23 0.23 (0.03) 0.78 (0.82)
--------- --------- --------- --------- --------- ---------
Total from investment
operations ......................... 0.15 0.67 0.67 0.41 1.19 (0.50)
--------- --------- --------- --------- --------- ---------
Distributions to shareholders
from net investment income ......... (0.22) (0.44) (0.44) (0.44) (0.41) (0.28)
--------- --------- --------- --------- --------- ---------
Net asset value, end
of period .......................... $ 10.36 $ 10.43 $ 10.20 $ 9.97 $ 10.00 $ 9.22
========= ========= ========= ========= ========= =========
Total Return(1) ....................... 1.40% 6.71% 6.90% 4.24% 13.25% (5.13%)
========= ========= ========= ========= ========= =========
Ratios to average net assets/
Supplemental data:
Net assets, end of period
(in 000's).......................... $ 18,531 $ 17,492 $ 12,117 $ 7,545 $ 5,932 $ 4,564
Ratio of operating expenses to
average net assets.................. 0.24%(2) 0.30% 0.31% 0.24% 0.53% 0.60%
Ratio of net investment income
to average net assets............... 4.29%(2) 4.33% 4.42% 4.56% 4.30% 3.60%
Portfolio turnover rate................ 4% 7% 19% 33% 12% 65%
</TABLE>
- ---------------
(1) Total return represents aggregate total return for the period indicated.
(2) Annualized.
(3) Unaudited.
See Notes to Financial Statements.
92
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
Muni Intermediate Portfolio
STATEMENT OF NET ASSETS
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
MUNICIPAL BONDS -- 97.0%
Pennsylvania -- 97.0%
$ 150,000 Abington, PA, School District, Series A, General Obligation
Unlimited, (FGIC Insured), Prerefunded 11/15/05 @ 100,
5.250% due 5/15/08 ................................. $ 160,428
200,000 Allegheny County, PA, Hospital Development Authority
Revenue, University of Pittsburgh, Health Center,
Series A, (MBIA Insured),
5.300% due 4/1/08 .................................. 213,002
50,000 Allegheny County, PA, Redevelopment Authority Revenue,
(FHA Insured),
5.200% due 8/1/03 .................................. 51,314
500,000 Allegheny County, PA, Series C, General Obligation
Unlimited, (FGIC Insured),
5.000% due 10/1/05 ................................. 525,735
175,000 Allegheny County, PA, Series C, General Obligation
Unlimited, (MBIA Insured),
Prerefunded 09/15/04 @ 100,
5.875% due 9/15/12 ................................. 188,963
350,000 Ambridge PA, School District, Series A, General
Obligation, Unlimited, (FGIC Insured),
4.500% due 11/1/06 ................................. 357,150
120,000 Beaver County, PA, Industrial Development Authority
Pollution Control Revenue, Saint Joe Minerals
Corporation Project,
6.000% due 5/1/07 .................................. 122,988
190,000 Beaver County, PA, Industrial Development Authority
Pollution Control Revenue, Ohio Edison County
Mansfield, (FGIC Insured),
7.100% due 6/1/18 .................................. 200,503
500,000 Beaver Falls, PA, Municipal Authority Water and
Hydroelectric Revenue, (FGIC Insured),
5.700% due 12/1/08 ................................. 531,845
100,000 Bethel Park, PA, School District, General Obligation
Unlimited, (FGIC Insured),
5.400% due 8/1/00 .................................. 100,488
</TABLE>
See Notes to Financial Statements.
93
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
Muni Intermediate Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
MUNICIPAL BONDS -- (Continued)
Pennsylvania -- (Continued)
$ 100,000 Bucks County, PA, Community College Authority College
Building Revenue, Prerefunded
6/15/02 @ 100,
6.050% due 6/15/06 ................................. $ 106,870
20,000 Butler County, PA, Airport Authority Revenue,
7.250% due 11/1/99 ................................. 20,379
100,000 Chambersburg, PA, Area School District, Series B,
General Obligation, Unlimited, (AMBAC Insured),
6.625% due 4/1/09 .................................. 101,328
325,000 Chester County, PA, General Obligation Unlimited,
5.400% due 12/15/06 ................................ 341,474
125,000 Dauphin County, PA, General Authority Revenue,
Mandatory Put 06/01/2001 @ 100, (AMBAC Insured),
5.000% due 6/1/26 .................................. 128,027
130,000 Dauphin County, PA, General Authority Revenue,
Mandatory Put 06/01/2006 @ 100,
6.800% due 6/1/26 .................................. 139,192
100,000 Dauphin County, PA, General Authority Revenue,
Mandatory Put 06/01/2011 @ 100,
6.850% due 6/1/26 .................................. 107,304
390,000 Dauphin County, PA, General Authority Revenue,
Mandatory Put 09/01/2001 @ 100, (AMBAC Insured),
4.450% due 9/1/32 .................................. 396,911
200,000 Dauphin County, PA, General Obligation Unlimited,
(MBIA Insured), Prerefunded 08/01/03 @ 100,
5.400% due 8/1/06 .................................. 209,388
125,000 Dauphin County, PA, Series B, General Obligation
Unlimited, (MBIA Insured),
5.200% due 3/15/04 ................................. 127,814
600,000 Delaware River Joint Toll Bridge, Refunding,
(FGIC Insured), 6.150% due 7/1/04 .................. 640,212
Delaware River Port Authority, PA and NJ Delaware
River Bridges
Revenue Escrowed to Maturity --
235,000 6.000% due 1/15/10.................................. 256,079
185,000 6.500% due 1/15/11.................................. 207,455
</TABLE>
See Notes to Financial Statements.
94
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
Muni Intermediate Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
MUNICIPAL BONDS -- (Continued)
Pennsylvania -- (Continued)
$ 300,000 Downington, PA, Area School District, General Obligation
Unlimited,
5.500% due 2/1/10 .................................. $ 323,472
5,000 Gettysburg, PA, Municipal Authority College Revenue,
Gettysburg College Project, Escrowed to Maturity,
5.950% due 2/15/00 ................................. 5,101
95,000 Gettysburg, PA, Municipal Authority College Revenue,
Gettysburg College Project, Unrefunded,
5.950% due 2/15/00 ................................. 96,816
100,000 Gettysburg, PA, Municipal Authority County, Guaranteed
Hospital Revenue, Gettysburg
Hospital Project, (MBIA County Guaranteed),
6.200% due 7/1/12 .................................. 106,267
40,000 Lancaster, PA, Area Sewer Authority, Escrowed to
Maturity,
6.000% due 4/1/12 .................................. 43,648
170,000 Lancaster, PA, Higher Education Authority College
Revenue, Franklin & Marshall,
College Project, (MBIA Insured),
6.550% due 4/15/07 ................................. 182,813
100,000 Lewistown, PA, Municipal Water Authority,
(MBIA Insured),
4.500% due 1/1/05 .................................. 101,394
125,000 Lycoming County, PA, College Revenue, PA College of
Technology, (AMBAC Insured),
5.200% due 11/1/04 ................................. 130,591
100,000 Montgomery County, PA, Higher Education & Health
Authority Hospital Revenue, Abington
Memorial Hospital, Series A, (AMBAC Insured),
5.800% due 6/1/04 .................................. 107,682
110,000 Montgomery County, PA, Industrial Development
Authority Revenue,
7.500% due 1/1/12 .................................. 115,885
195,000 Montgomery County, PA, Private School Revenue,
Friends' Central School Project,
4.000% due 3/1/04 .................................. 193,469
</TABLE>
See Notes to Financial Statements.
95
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
Muni Intermediate Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
MUNICIPAL BONDS -- (Continued)
Pennsylvania -- (Continued)
$ 100,000 New Kensington, PA, General Obligation Unlimited,
(FGIC Insured),
5.625% due 10/1/04 ................................. $ 100,895
200,000 North East, PA, School District, Refunding,
(AMBAC Insured),
6.000% due 9/15/10 ................................. 212,630
150,000 North Pocono, PA, School District, General Obligation
Unlimited, (FGIC Insured),
5.250% due 7/15/06 ................................. 153,342
425,000 Northampton County, PA, Higher Education Authority
Revenue -- Lehigh University,
5.250% due 11/15/09 ................................ 454,091
410,000 Northampton County, PA, Industrial Development
Authority, Revenue, Optional Put 8/1/2007 @ 100,
4.750% due 8/1/15 .................................. 413,034
100,000 Penn Trafford, PA, School District, General Obligation
Unlimited, Prerefunded 4/1/2000 @ 100, (MBIA Insured),
6.500% due 4/1/06 .................................. 102,908
200,000 Pennridge, PA, School District, Series A, General
Obligation Unlimited, (AMBAC Insured),
6.250% due 2/15/04 ................................. 212,386
Pennsylvania Housing Finance Agency, Refunding, Rental
Housing
350,000 5.250% due 7/1/04................................... 362,128
500,000 5.450% due 7/1/06................................... 520,880
330,000 Pennsylvania Housing Finance Agency, Single Family
Mortgage, Series 38,
5.500% due 4/1/05 .................................. 342,801
Pennsylvania Housing Finance Agency, Single Family
Mortgage, Series S, (FHA Insured)
100,000 7.150% due 10/1/01.................................. 102,637
125,000 7.600% due 4/1/16................................... 128,725
300,000 Pennsylvania Intergovernmental Coop Authority, Special
Tax Revenue, City of Philadelphia Funding Program,
Escrowed to Maturity, (FGIC Insured),
6.000% due 6/15/02 ................................. 316,794
</TABLE>
See Notes to Financial Statements.
96
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
Muni Intermediate Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
MUNICIPAL BONDS -- (Continued)
Pennsylvania -- (Continued)
$ 200,000 Pennsylvania Intergovernmental Coop Authority, Special Tax
Revenue, City of Philadelphia Funding Program,
(FGIC Insured),
5.250% due 6/15/06 ................................. $ 211,202
1,000,000 Pennsylvania State Finance Authority Revenue, Refunding,
Municipal Capital Improvements Program,
6.600% due 11/1/09 ................................. 1,105,850
220,000 Pennsylvania State Higher Educational Facilities
Authority College and University Revenues, College
of Pharmacy, (MBIA Insured),
5.250% due 11/1/09 ................................. 230,221
205,000 Pennsylvania State Higher Educational Facilities
Authority College and University Revenues, Drexel
University Project, (MBIA Insured),
4.550% due 5/1/07 .................................. 208,301
140,000 Pennsylvania State Higher Educational Facilities
Authority College and University Revenues, Drexel
University Project, Prerefunded 8/1/2001 @ 100,
5.650% due 2/1/09 .................................. 145,932
250,000 Pennsylvania State Higher Educational Facilities
Authority College and University Revenues,
University of Pennsylvania,
5.600% due 9/1/10 .................................. 267,700
250,000 Pennsylvania State, First Series, General Obligation
Unlimited,
6.375% due 9/15/12 ................................. 269,520
150,000 Pennsylvania State, First Series, General Obligation
Unlimited, (AMBAC Insured),
5.000% due 4/15/09 ................................. 155,018
375,000 Pennsylvania State, Third Series, General Obligation
Unlimited,
5.000% due 9/1/08 .................................. 389,486
15,000 Perkiomen Valley School Authority, PA, School Revenue,
Escrowed to Maturity, (MBIA Insured),
6.400% due 12/1/02 ................................. 15,361
225,000 Philadelphia, PA, Municipal Authority Revenue,
Refunding-- Lease-- Series C, (FGIC Insured),
5.000% due 4/1/07 .................................. 234,396
</TABLE>
See Notes to Financial Statements.
97
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
Muni Intermediate Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
MUNICIPAL BONDS -- (Continued)
Pennsylvania -- (Continued)
$ 100,000 Philadelphia, PA, Gas Works Revenue, (FSA Insured),
5.500% due 7/1/04 .................................. $ 106,648
320,000 Philadelphia, PA, Hospital Revenue, Escrowed to
Maturity, (FGIC Insured),
5.875% due 7/1/08 .................................. 321,130
100,000 Philadelphia, PA, Hospitals and Higher Educational
Facilities Authority, Hospital
Revenue, Children's Hospital Philadelphia, Series A,
5.000% due 2/15/02 ................................. 103,158
Pittsburgh, PA, Urban Redevelopment Authority Mortgage
Revenue, Series D
255,000 5.750% due 10/1/07.................................. 270,157
150,000 6.200% due 4/1/11................................... 160,038
155,000 6.200% due 10/1/11.................................. 165,373
235,000 Ringgold, PA, School District, Escrowed to Maturity,
6.200% due 1/15/13 ................................. 265,912
250,000 Sayre, PA, Health Care Facilities Authority Revenue,
(AMBAC Insured),
6.100% due 7/1/02 .................................. 266,510
Seneca Valley, PA, School District, Series B, General
Obligation Unlimited, (FGIC Insured)
100,000 5.700% due 7/1/06................................... 105,373
225,000 5.800% due 7/1/10................................... 237,753
40,000 Southeastern Pennsylvania Transportation Authority, PA,
Lease Revenue,
5.750% due 12/1/04 ................................. 40,072
125,000 Southeastern Pennsylvania Transportation Authority, PA,
Special Revenue, (FGIC Insured),
5.050% due 3/1/05 .................................. 131,101
Southeastern Pennsylvania Transportation Authority, Revenue
110,000 6.000% due 6/1/00................................... 113,001
285,000 6.000% due 6/1/01................................... 298,384
250,000 State Public School Building Authority, PA, School Revenue,
Hazleton Area School District, (FGIC Insured),
6.500% due 3/1/08 .................................. 261,893
</TABLE>
See Notes to Financial Statements.
98
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
Muni Intermediate Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
MUNICIPAL BONDS -- (Continued)
Pennsylvania -- (Continued)
$ 15,000 Swarthmore Borough, PA, College Revenue, Prerefunded
9/15/2002 @ 102,
6.100% due 9/15/07 ................................. $ 16,417
85,000 Swarthmore Borough, PA, College Revenue, Unrefunded,
6.100% due 9/15/07 ................................. 92,404
120,000 Swatara Township Authority, PA, Sewer Revenue, Escrowed
to Maturity, (MBIA Insured),
6.150% due 5/1/07 .................................. 135,678
125,000 Unionville-Chadds Ford, PA, School District, General
Obligation Unlimited, Prerefunded 6/1/2003 @ 100,
(State Aid Withholding),
5.500% due 6/1/08 .................................. 132,920
125,000 Wallingford-Swarthmore, PA, School District, Series C,
(FSA State Aid Withholding),
5.000% due 5/15/09 ................................. 129,774
160,000 Warminster Township, PA, Municipal Authority Sewer
and Water Revenue, (AMBAC Insured),
4.125% due 3/1/07 .................................. 158,987
325,000 Wayne County, PA, Hospital and Health Facilities
Authority, County Guaranteed, Hospital Revenue,
Wayne Memorial Hospital Project, (MBIA Insured),
5.050% due 7/1/03 .................................. 338,601
200,000 Wilkes Barre, PA, School District, General Obligation
Unlimited, (FGIC Insured),
4.750% due 4/1/08 .................................. 205,440
100,000 Wilkinsburg, PA, Joint Water Authority, Water Revenue,
Series A, Prerefunded 8/15/2002 @ 100, (AMBAC Insured),
6.100% due 8/15/04 ................................. 107,496
20,000 William Penn, PA, School District, General Obligation
Unlimited, Escrowed to Maturity, (State Aid Withholding),
8.000% due 8/1/00 .................................. 20,657
</TABLE>
See Notes to Financial Statements.
99
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
Muni Intermediate Portfolio
STATEMENT OF NET ASSETS -- (Continued)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
MUNICIPAL BONDS -- (Continued)
Pennsylvania -- (Continued)
$ 170,000 York County, PA, Industrial Development Authority,
Industrial Development Revenue,
Refunding, Stanley Works Project,
6.250% due 7/1/02 .................................. $ 181,426
-----------
17,664,528
-----------
TOTAL MUNICIPAL BONDS
(Cost $17,094,407) ................................. 17,664,528
-----------
TOTAL INVESTMENTS (Cost $17,094,407)(1)................ 97.0% $17,664,528
OTHER ASSETS IN EXCESS LIABILITIES ................... 3.0% 553,034
------ -----------
NET ASSETS ............................................ 100.0% 18,217,562
====== ===========
NET ASSET VALUE ($18,217,562 divided by 1,738,907
shares outstanding)................................. $ 10.48
===========
</TABLE>
- -------------
(1) Aggregate cost for federal tax purposes.
INSURANCE ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
FGIC -- Federal Guaranty Insurance Corporation
FHA -- Federal Housing Administration
FSA -- Financial Security Assurance Inc.
MBIA -- Municipal Bond Investors Assurance
See Notes to Financial Statements.
100
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
New Jersey Muni Portfolio
PORTFOLIO OF INVESTMENTS
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
MUNICIPAL BONDS -- 98.5%
$ 100,000 Asbury Park, NJ, Board of Education, General Obligation
Unlimited, (MBIA Insured),
5.550% due 2/1/07 .................................. $ 108,641
100,000 Beach Haven, NJ, General Obligation Unlimited, (MBIA
Insured),
5.700% due 8/15/03 ................................. 107,690
70,000 Belvidere, NJ, General Obligation Unlimited,
(AMBAC Insured),
4.500% due 12/1/00 ................................. 71,273
100,000 Bergen County, NJ, Utilites Authority, Water Pollution
Control Revenue, Series B, (FGIC Insured),
5.200% due 12/15/00 ................................ 102,791
250,000 Bergen County, NJ General Improvement, General Obligation
Unlimited,
4.000% due 11/15/05 ................................ 250,855
500,000 Black Horse Pike, NJ, Regional School District, General
Obligation Unlimited, (FGIC Insured),
4.750% due 12/1/04 ................................. 520,625
100,000 Burlington County, NJ General Improvement, General
Obligation Unlimited,
5.200% due 9/15/02 ................................. 104,843
100,000 Burlington County, NJ, General Obligation Unlimited,
5.200% due 10/1/04 ................................. 104,997
500,000 Burlington County, NJ General Improvement, General
Obligation Unlimited,
4.850% due 7/15/06 ................................. 520,490
50,000 Burlington County, NJ, General Obligation Unlimited,
4.850% due 7/15/09 ................................. 51,467
150,000 Cape May County, NJ, General Improvements, General
Obligation Unlimited, (AMBAC Insured),
5.350% due 8/1/04 .................................. 160,378
200,000 Cape May County, NJ, Municipal Utilities Authority,
Sewer Revenue, Refunding, (AMBAC Insured),
5.600% due 1/1/05 .................................. 213,984
100,000 Casino Reinvestment Development Authority, NJ,
Parking Fee Revenue, Series A, (FSA Insured),
5.000% due 10/1/04 ................................. 105,224
</TABLE>
See Notes to Financial Statements.
101
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
New Jersey Muni Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
MUNICIPAL BONDS -- (Continued)
$ 200,000 Delaware River Joint Toll Bridge, Commonwealth of
Pennsylvania Bridge Revenue, Refunding, (FGIC Insured),
6.250% due 7/1/12 .................................. $ 213,442
100,000 Delaware River Joint Toll Bridge, Commonwealth of
Pennsylvania Bridge Revenue, Refunding, (FGIC Insured),
6.150% due 7/1/04 .................................. 106,702
Delaware River Port Authority, PA, NJ, and DE River
Bridges Revenue,
Escrowed to Maturity --
295,000 5.625% due 1/15/09.................................. 313,175
260,000 6.000% due 1/15/10.................................. 283,322
95,000 6.500% due 1/15/11.................................. 106,531
250,000 Evesham Township, NJ, Board of Education, General
Obligation Unlimited, (FGIC Insured),
4.600% due 3/1/07 .................................. 256,942
150,000 Glassboro, NJ, School District, General Obligation
Unlimited, (FSA Insured),
4.550% due 2/1/03 .................................. 154,564
100,000 Gloucester County, NJ, Improvement Authority Revenue,
County Library Lease Project,
5.200% due 12/15/05 ................................ 105,743
250,000 Hamilton Township, Atlantic City, NJ, General
Obligation Unlimited, (FGIC Insured),
4.250% due 10/1/06 ................................. 252,370
200,000 Hasbrouck Heights, NJ, General Improvements, General
Obligation Unlimited,
5.250% due 9/1/04 .................................. 213,082
110,000 High Bridge, NJ, Regional Board of Education, General
Obligation Unlimited, (FSA Insured),
5.400% due 2/15/09 ................................. 115,965
250,000 Hudson County, NJ, Certificates of Participation,
Refunding-Correctional Facilities, (MBIA Insured),
6.200% due 6/1/03 .................................. 269,520
100,000 Hunterdon County, NJ, General Obligation Unlimited,
4.200% due 12/15/04 ................................ 101,691
</TABLE>
See Notes to Financial Statements.
102
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
New Jersey Muni Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
MUNICIPAL BONDS -- (Continued)
$ 200,000 Hunterdon, NJ, Central Regional High School District,
General Obligation Unlimited, (FSA Insured),
5.250% due 5/1/06 .................................. $ 213,626
130,000 Jefferson Township, NJ, General Obligation Unlimited,
Sewer Improvements, (AMBAC Insured),
5.450% due 10/1/09 ................................. 136,822
200,000 Jersey City, NJ, Municipal Utilities Authority Water
Revenue, (FSA Insured),
4.750% due 4/1/04 .................................. 207,266
250,000 Jersey City, NJ, Municipal Utility Authority Sewer
Revenue, (FSA Insured),
4.000% due 12/1/06 ................................. 247,412
250,000 Jersey City, NJ, School Improvements, General Obligation
Unlimited, (MBIA Insured),
5.500% due 3/15/06 ................................. 269,530
100,000 Lyndhurst Township, NJ, General Improvements, General
Obligation Unlimited, (FGIC Insured),
5.500% due 10/1/05 ................................. 107,528
105,000 Manalapan-Englishtown, NJ, Regional Board of Education,
General Obligation Unlimited, (School Board Residual
Fund Insured),
5.000% due 5/1/07 .................................. 110,586
125,000 Manchester Township, NJ, Board of Education Certificates
of Participation, Refunding, (MBIA Insured),
4.700% due 12/15/02 ................................ 129,327
150,000 Mercer County, NJ, Improvement Authority Revenue,
Refunding -- Government Leasing, (County
Guaranteed -- A),
5.400% due 12/1/05 ................................. 160,017
100,000 Mercer County, NJ, Improvement Authority Revenue,
Refunding -- Solid Waste, (County Guaranteed --
Series 97),
5.200% due 9/15/08 ................................. 106,799
100,000 Middletown Township, NJ, General Obligation Unlimited,
5.000% due 8/1/05 .................................. 105,308
100,000 Middletown Township, NJ, Sewer Authority, Sewer Revenue,
Refunding -- Series A, (FGIC Insured),
4.650% due 1/1/02 .................................. 102,543
</TABLE>
See Notes to Financial Statements.
103
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
New Jersey Muni Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
MUNICIPAL BONDS -- (Continued)
$ 500,000 Monmouth County, NJ, Senior Lien-- Series A, General
Improvements, General Obligation Unlimited,
4.500% due 8/1/04 .................................. $ 515,055
50,000 Monmouth County, NJ, General Improvements Senior Lien --
Series A, General Obligation Unlimited,
4.500% due 8/1/08 .................................. 51,022
100,000 Montclair, NJ, Refunding, General Obligation Unlimited,
4.300% due 1/1/03 .................................. 101,823
Moorestown Township, NJ, General Obligation Unlimited,
(MBIA Insured)
50,000 4.000% due 9/1/00................................... 50,460
50,000 4.000% due 9/1/01................................... 50,554
200,000 Morris Township, NJ, School District, General Obligation
Unlimited, (School Board Residual Fund Insured),
5.620% due 4/1/06 .................................. 216,534
100,000 Mount Holly, NJ, Municpal Utility Authority Sewer
Revenue, (MBIA Insured),
5.000% due 12/1/13 ................................. 102,290
100,000 New Jersey Building Authority Revenue, Refunding,
General Improvement,
4.500% due 6/15/04 ................................. 102,712
250,000 New Jersey Economic Development Authority, Burlington
Coat Factory, Refunding,
5.600% due 9/1/05 .................................. 268,415
125,000 New Jersey Economic Development Authority, Market
Transition Facilities Revenue, Senior Lien -- Series A,
(MBIA Insured),
5.750% due 7/1/06 .................................. 135,989
200,000 New Jersey Economic Development Authority, Market
Transition Facilities Revenue, Senior Lien -- Series A,
(MBIA Insured),
5.700% due 7/1/05 .................................. 217,388
100,000 New Jersey Economic Development Authority, Parking
Facility Improvements, Elizabeth Development Project,
(FGIC Insured),
5.200% due 10/15/08 ................................ 107,173
75,000 New Jersey Economic Development Authority, RWJ Health
Care Corp, Refunding, (FSA Insured),
5.000% due 7/1/99 .................................. 75,205
</TABLE>
See Notes to Financial Statements.
104
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
New Jersey Muni Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
MUNICIPAL BONDS -- (Continued)
$ 200,000 New Jersey Enviromental Infrastructure, Sewer Improvements,
4.250% due 9/1/07 .................................. $ 200,548
100,000 New Jersey Health Care Facilites Finance Authority Revenue,
St Joseph's Hospital, Refunding,
5.000% due 7/1/03 .................................. 104,151
400,000 New Jersey Health Care Facilities Finance Authority Revenue,
Allegany Health, (MBIA Insured), Escrowed to Maturity,
4.800% due 7/1/05 .................................. 416,612
200,000 New Jersey Health Care Facilities Finance Authority Revenue,
Kennedy Health System Series -- A, (MBIA Insured),
5.000% due 7/1/09 .................................. 209,410
75,000 New Jersey Health Care Facilities Finance Authority Revenue,
Refunding, Mountainside Hospital, (MBIA Insured),
4.600% due 7/1/00 .................................. 75,985
125,000 New Jersey State Educational Facilities Authority Revenue,
Higher Education Equipment Leasing Fund -- Series A,
(MBIA Insured),
5.000% due 9/1/00 .................................. 127,475
New Jersey State Educational Facilities Authority Revenue,
Higher Education Facilities Trust Fund -- Series A,
(AMBAC Insured)
100,000 5.125% due 9/1/02................................... 104,557
125,000 5.125% due 9/1/08................................... 132,422
350,000 New Jersey State Educational Facilities Authority Revenue,
Higher Education Facilities Trust Fund -- Series A,
(AMBAC Insured),
5.125% due 9/1/07 .................................. 371,794
175,000 New Jersey State Educational Facilities Authority Revenue,
Kean University -- Series A, (AMBAC Insured),
4.000% due 7/1/02 .................................. 176,915
225,000 New Jersey State Educational Facilties Authority Revenue,
Princeton University -- Series A,
5.500% due 7/1/05 .................................. 240,824
95,000 New Jersey State Educational Facilties Authority Revenue,
Princeton University -- Series F,
4.375% due 7/1/08 .................................. 95,868
</TABLE>
See Notes to Financial Statements.
105
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
New Jersey Muni Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
MUNICIPAL BONDS -- (Continued)
$ 200,000 New Jersey State Educational Faciltiies Authority Revenue,
Higher Education Technology -- Series A,
4.400% due 9/1/06 .................................. $ 203,606
100,000 New Jersey State Educational Faciltiies Authority Revenue,
Refunding -- Ramapo College -- Series E, (MBIA Insued),
4.800% due 7/1/01 .................................. 102,541
250,000 New Jersey State Highway Authority Garden State Parkway
General Revenue, Highway Revenue Tolls, (AMBAC Insured),
6.150% due 1/1/07 .................................. 268,888
150,000 New Jersey State Housing and Mortgage Finance Agency
Revenue, Home Buyer -- Series P, (MBIA Insured),
5.050% due 4/1/07 .................................. 156,221
200,000 New Jersey State Housing and Mortgage Finance Agency
Revenue, Local or Guaranteed Housing -- Series A,
(HUD Section 8),
6.500% due 11/1/03 ................................. 213,394
50,000 New Jersey State Housing Finance Agency Revenue, Refunding,
(HUD Section 236),
5.650% due 11/1/00 ................................. 50,073
165,000 New Jersey State Transportation Trust Fund Authority,
Transportation System -- Series A, (MBIA Insured),
4.750% due 12/15/07 ................................ 171,140
150,000 New Jersey State Transportation Trust Fund Authority,
Transportation System -- Series A, Escrowed to Maturity,
5.300% due 12/15/01 ................................ 156,471
190,000 New Jersey State Transportation Trust Fund Authority,
Transportation System -- Series A, Escrowed to Maturity,
(FSA Insured),
4.750% due 6/15/03 ................................. 197,338
200,000 New Jersey State Transportation Trust Fund Authority,
Transportation System -- Series B, (MBIA Insured),
5.000% due 6/15/04 ................................. 210,312
250,000 New Jersey State Turnpike Authority, Turnpike Revenue
-- Series A, (MBIA Insured),
5.900% due 1/1/04 .................................. 266,778
</TABLE>
See Notes to Financial Statements.
106
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
New Jersey Muni Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
MUNICIPAL BONDS -- (Continued)
$ 250,000 New Jersey State, General Obligation Unlimited, Refunding--
Series C,
6.500% due 1/15/03 ................................. $ 253,105
100,000 New Jersey State, General Obligation Unlimited, Refunding
-- Series D,
5.100% due 2/15/00 ................................. 101,449
125,000 New Jersey Wastewater Treatment Trust -- Refunding --
Series C, (MBIA Insured),
6.250% due 5/15/03 ................................. 136,420
5,000 New Jersey Wastewater Treatment Trust -- Unrefunded --
Series A, 6.000% due 7/1/09 ........................ 5,323
140,000 New Jersey Wastewater Treatment Trust -Series A,
Prerefunded 7/1/01 @ 102,
6.000% due 7/1/09 .................................. 149,474
130,000 North Brunswick Township, NJ, General Obligation Unlimited,
(FGIC Insured),
4.250% due 7/1/09 .................................. 129,145
100,000 Ocean County, NJ, General Improvement, General Obligation
Unlimited, Prerefunded 7/1/04 @ 102,
5.650% due 7/1/06 .................................. 108,711
250,000 Ocean County, NJ, General Obligation Unlimited,
4.875% due 12/15/09 ................................ 261,060
85,000 Ocean County, NJ, Utility Authority, Wastewater Revenue,
Refunding,
5.000% due 1/1/05 .................................. 89,094
250,000 Ocean Township, NJ, Sewer Authority, Revenue Bonds --
Series B, (FGIC Insured),
6.000% due 12/1/07 ................................. 272,195
200,000 Park Ridge, NJ, General Obligation Unlimited,
5.600% due 11/1/03 ................................. 215,370
100,000 Passaic County, NJ, General Obligation Unlimited, Refunding,
(MBIA Insured),
4.625% due 9/1/09 .................................. 101,706
100,000 Passaic Valley, NJ, General Obligation Unlimited,
(FGIC Insured),
5.125% due 9/1/08 .................................. 104,834
</TABLE>
See Notes to Financial Statements.
107
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
New Jersey Muni Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
MUNICIPAL BONDS -- (Continued)
$ 270,000 Passaic Valley, NJ, General Obligation Unlimited,
(FSA Insured),
5.000% due 11/15/04 ................................ $ 283,298
100,000 Passaic Valley, NJ, Sewer Commission, Sewer System
-- Series D, (AMBAC Insured),
5.750% due 12/1/09 ................................. 107,873
200,000 Pemberton Twp, NJ, Refunding, General Obligation Unlimited,
(AMBAC Insured),
4.550% due 9/15/01 ................................. 204,602
130,000 Perth Amboy, NJ, Board of Education, General Obligation
Unlimited, (MBIA Insured), Prerefunded 3/1/04 @ 102,
6.200% due 8/1/06 .................................. 146,324
60,000 Pleasantville, NJ, Sewer Utility, (MBIA Insured),
7.875% due 10/15/00 ................................ 60,214
150,000 Ridgefield Park, NJ Board of Education, General Obligation
Unlimited, (FSA Insured),
4.700% due 7/1/06 .................................. 156,767
125,000 Rutgers State University, NJ, Refunding-- Series S,
5.250% due 5/1/07 .................................. 131,833
South Brunswick Township, NJ, General Obligation Unlimited,
(MBIA Insured)
135,000 5.250% due 10/1/03.................................. 143,228
130,000 5.350% due 4/1/06................................... 135,506
250,000 Southern Regional High School District, NJ, General
Obligation Unlimited, (MBIA Insured),
5.400% due 9/1/04 .................................. 268,118
160,000 Sparta Township, NJ, School District, General Obligation
Unlimited, (MBIA Insured),
5.750% due 9/1/04 .................................. 174,206
100,000 Surf City, NJ, General Obligation Unlimited, (MBIA Insured),
5.150% due 1/15/06 ................................. 105,230
85,000 Tewksbury Township, NJ, Board of Education, General
Obligation Unlimited, (FSA Insured),
5.000% due 1/15/02 ................................. 88,035
150,000 Vineland, NJ, General Improvement, General Obligation
Unlimited, (FGIC Insured),
4.700% due 3/1/01 .................................. 153,042
</TABLE>
See Notes to Financial Statements.
108
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
New Jersey Muni Portfolio
PORTFOLIO OF INVESTMENTS -- (Continued)
April 30, 1999 -- (Unaudited)
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
MUNICIPAL BONDS -- (Concluded)
$ 100,000 West Orange, NJ, General Obligation Unlimited,
5.100% due 1/1/05 .................................. $ 105,266
West Windsor Township, NJ, General Obligation Unlimited,
Refunding
280,000 4.000% due 7/15/06.................................. 277,738
250,000 4.500% due 7/15/07.................................. 254,625
350,000 Western Monmouth Utilities Authority, NJ, Revenue
-- Series A, (AMBAC Insured),
5.250% due 2/1/09 .................................. 370,517
100,000 Woodbridge Township, NJ, General Obligation Unlimited,
Refunding, (FGIC Insured),
4.000% due 8/15/06 ................................. 99,246
----------
TOTAL MUNICIPAL BONDS
(Cost $17,742,303) ................................. 18,254,568
----------
TOTAL INVESTMENTS (Cost $17,742,303)(1)................ 98.5% $ 18,254,568
OTHER ASSETS IN EXCESS OF LIABILITIES.................. 1.5% 276,650
------ ------------
NET ASSETS 100.0% $ 18,531,218
====== ============
NET ASSET VALUE ($18,531,218 divided by 1,787,950
shares outstanding)................................. $ 10.36
==============
</TABLE>
- --------------------
(1) Aggregate cost for federal tax purposes.
INSURANCE ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
FGIC -- Federal Guaranty Insurance Corporation
FSA -- Financial Security Assurance Inc.
MBIA --- Municipal Bond Investors Assurance
See Notes to Financial Statements.
109
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
Notes to Financial Statements
1. Significant Accounting Policies
The Glenmede Portfolios (the "Fund") is an investment company that was
organized as a Massachusetts business trust on March 3, 1992 and is registered
with the Securities and Exchange Commission under the Investment Company Act of
1940 as an open-end management investment company. As of April 30, 1999, the
Fund offered shares of two SubTrusts, the Muni Intermediate Portfolio and the
New Jersey Muni Portfolio (collectively, the "Portfolios"). The following is a
summary of significant accounting policies consistently followed by each
Portfolio in the preparation of its financial statements.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates. The
following is a summary of significant accounting policies consistently followed
by each Portfolio in the preparation of its financial statements.
Portfolio valuation: Municipal obligations for which market quotations are
readily available are valued at the most recent quoted bid price provided by
investment dealers. Municipal obligations may be valued on the basis of prices
provided by a pricing service when such prices are determined by the investment
advisor to reflect the fair market value of such municipal obligations;
securities for which market quotations are not readily available are valued at
fair value as determined in good faith by or under the direction of the Board of
Trustees.
Securities transactions and investment income: Securities transactions are
recorded as of the trade date. Realized gains and losses on investments sold are
computed on the basis of identified cost. Interest income is recorded on the
accrual basis and includes the 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 earned
or 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. When-issued purchase
committments involve a risk of loss if the value of the security to be purchased
declines prior to settlement date.
Dividends and distributions to shareholders: Dividends from net investment
income, if any, are declared and paid monthly. The Portfolios distribute any net
realized capital gains on an annual basis. Additional distributions of net
investment income and capital gains for each Portfolio may be made at the
discretion of the Board of Trustees in order to avoid the 4% nondeductible
Federal excise tax. Income distributions and capital gains distributions are
determined in accordance with income tax regulations which may differ from
generally accepted accounting principles. These differences are primarily due to
differing treatments of income and gains of various investment securities held
by each Portfolio, timing differences and differing characterization of
distributions made by each Portfolio.
110
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
Notes to Financial Statements -- (Continued)
Federal income taxes: Each Portfolio intends to qualify as a regulated
investment company by complying with the requirements of the Internal Revenue
Code applicable to regulated investment companies and by distributing
substantially all of its tax-exempt (and taxable, if any) income to its
shareholders. Therefore, no Federal income tax provision is required. The
portfolios may periodically make reclassifications among certain of its capital
accounts as a result of differences in the characterization and allocation of
certain income and capital gains determined annually in accordance with federal
tax regulations which may differ from generally accepted accounting principles.
2. Investment Advisory Fee, Administration Fee and Other Related Party
Transactions
The Glenmede Trust Company (the "Advisor") provides investment advisory
services to the Fund. The Advisor does not receive a fee from the Portfolios for
its investment advisory services. However, each Portfolio pays The Glenmede
Trust Company a shareholder servicing fee at the annual rate of 0.05% of the
value of its average daily net assets.
Investment Company Capital Corp. ("ICC"), an indirect subsidiary of Bankers
Trust 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 Fund, Inc., an investment
company with the same officers, Board and service providers as the Fund
(collectively, the "Companies"). 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 Portfolio based on its relative
net assets.
On June 4, 1999, Bankers Trust Corporation merged with Deutsche Bank AG.
The Fund pays each Board member an annual fee of $1,000 and out-of-pocket
expenses incurred in attending Board meetings.
3. Purchases and Sales of Securities
For the six months ended April 30, 1999, cost of purchases and proceeds
from sales of investment securities other than U.S. Government securities and
short-term securities were:
Portfolio Purchases Sales
- --------- ---------- -----------
Muni Intermediate Portfolio................. $ 353,827 $ 2,119,813
New Jersey Muni Portfolio................... 2,166,292 792,066
111
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
Notes to Financial Statements -- (Continued)
On April 30, 1999, aggregate gross unrealized appreciation for all
securities in which there was an excess of value over tax cost and aggregate
gross unrealized depreciation for all securities in which there was an excess of
tax cost over value were as follows:
Portfolio Appreciation Depreciation
- --------- ------------ ------------
Muni Intermediate Portfolio................. $592,926 $22,805
New Jersey Muni Portfolio................... 529,493 17,228
4. Shares of beneficial interest
The Fund may issue an unlimited number of shares of beneficial interest
with a $.001 par value. Changes in shares of beneficial interest outstanding
were as follows:
<TABLE>
<CAPTION>
Six Months Ended Period Ended
4/30/99 10/31/98
----------------------------- -----------------------------
Shares Amount Shares Amount
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Muni Intermediate Portfolio:
Sold ....................... 174,603 $ 1,833,200 349,623 $ 3,657,100
Redeemed ................... (326,789) (3,434,436) (306,643) (3,199,213)
----------- ----------- ----------- -----------
Net increase/(decrease) .... (152,186) $(1,601,236) 42,980 $ 457,887
=========== =========== =========== ===========
New Jersey Muni Portfolio:
Sold ....................... 233,142 $ 2,423,500 711,528 $ 7,319,600
Redeemed .................. (122,589) (1,273,526) (221,997) (2,277,573)
----------- ----------- ----------- -----------
Net increase .............. 110,553 $ 1,149,974 489,531 $ 5,042,027
=========== =========== =========== ===========
</TABLE>
5. Capital loss carryforward
On April 30, 1999, the following Portfolios had available capital loss
carryforwards to offset future net capital gains through the indicated
expiration dates as follows:
<TABLE>
<CAPTION>
Expiring Expiring Expiring Expiring Expiring
Portfolio in 2002 in 2003 in 2004 in 2005 in 2006
--------- -------- -------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Muni Intermediate Portfolio...... $188,697 $549,436 $ 2,107 $42,723 --
New Jersey Muni Portfolio........ 56,594 21,708 11,660 -- $1,721
</TABLE>
6. Concentration of credit
The Muni Intermediate Portfolio and New Jersey Muni Portfolio primarily
invest in debt obligations issued by the Commonwealth of Pennsylvania and the
State of New Jersey, respectively, and their political subdivisions, agencies
and public authorities to obtain funds for various purposes. Each Portfolio is
more susceptible to factors adversely affecting issuers of the respective region
that the Portfolio invests in than is a municipal
112
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
Notes to Financial Statements -- (Concluded)
bond fund that is not concentrated in these issuers to the same extent. As of
April 30, 1999, the Muni Intermediate Portfolio maintained all of its
investments in debt obligations issued by the Commonwealth of Pennsylvania and
its political subdivisions and the New Jersey Muni Portfolio maintained a
majority of its investments in debt obligations issued by the State of New
Jersey and its political subdivisions.
7. Net assets
On April 30, 1999, net assets consisted of:
Muni New Jersey
Intermediate Muni
Portfolio Portfolio
----------- -----------
Par Value......................................... $ 1,739 1,788
Paid in Capital in excess of par value............ 18,289,297 18,035,013
Undistributed net investment income............... 74,186 66,244
Accumulated net realized loss on investments sold,
and foreign currency transactions.............. (717,781) (84,092)
Net unrealized appreciation or depreciation of
investments ................................... 570,121 512,265
----------- -----------
Total Net Assets............................. $18,217,562 $18,531,218
=========== ===========
113
<PAGE>
The Glenmede Fund, Inc. and The Glenmede Portfolios
Officers and Directors/Trustees
John W. Church, Jr.
Chairman,
Director/Trustee
H. Franklin Allen, Ph.D.
Director/Trustee
Willard S. Boothby, Jr.
Director/Trustee
Frank J. Palamara
Director/Trustee
G. Thompson Pew, Jr.
Director/Trustee
Mary Ann B. Wirts
President
Kimberly C. Osborne
Executive Vice President
Michael P. Malloy
Secretary
Joseph A. Finelli
Treasurer
Edward J. Veilleux
Assistant Secretary
Investment Advisor
The Glenmede Trust Company
One Liberty Place
1650 Market Street, Suite 1200
Philadelphia, Pennsylvania 19103
Administrator
Investment Company Capital Corp.
P.O. Box 515
Baltimore, Maryland 21203
Custodian
The Chase Manhattan Bank, N.A.
3 Chase Metrotech Center
Brooklyn, NY 11245
Legal Counsel
Drinker Biddle & Reath LLP
One Logan Square
18th & Cherry Streets
Philadelphia, Pennsylvania 19103-6996
Independent Accountants
PricewaterhouseCoopers LLP
250 West Pratt Street
Baltimore, Maryland 21201
Investment Sub-Advisor
(for Emerging Markets Portfolio)
Pictet International Management Limited
Cutlers Garden
5 Devonshire Square
London, United Kingdom EC2M 4LD
Distributor
ICC Distributors, Inc.
Two Portland Square
Portland, Maine 04101
<PAGE>
The report is submitted for the general information of the shareholders of The
Glenmede Fund, Inc. and The Glenmede Portfolios. It is not authorized for
distribution to prospective investors unless accompanied or preceded by an
effective prospectus for the Funds, which contains information concerning the
Fund's investment policies and expenses as well as other pertinent information.
