GLENMEDE
THE GLENMEDE FUND, INC.
THE GLENMEDE PORTFOLIOS
ANNUAL REPORT
OCTOBER 31, 2000
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The performance for each of the portfolios shown on pages 4 to 15
represents past performance and is not a guarantee of future results. A
portfolio's share price and investment return will vary with market conditions,
and the principal value of shares, when redeemed, may be more or less than their
original cost. An investment in a portfolio is neither insured nor guaranteed by
the US Government, the Federal Deposit Insurance Corporation, the Federal
Reserve Board or any other governmental agency or bank. The yields of money
market funds will fluctuate as market conditions change. Although the money
market funds seek to preserve the value of your investment at $1.00 per share,
it is possible to lose money by investing in these funds. Unlike actual fund
performance, performance of an index does not reflect any expenses or
transaction costs. A direct investment in an unmanaged index is not possible.
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THE GLENMEDE FUND, INC. AND THE GLENMEDE PORTFOLIOS
PRESIDENT'S LETTER
Dear Shareholders:
We are pleased to present the investment results of the 12th year of The
Glenmede family of funds. In 1988, four portfolios were created to more
efficiently manage Glenmede's International Equity, Fixed Income and cash
products for Glenmede's clients. Since the inception of the Glenmede Funds,
additional Domestic Equity, International Equity and two municipal portfolios
have been added. This past year we have introduced two additional portfolios:
The Small Capitalization Growth Portfolio which is sub-advised by Winslow
Capital Management, Inc. ("Winslow Capital") and The TCW Group, and the Core
Value Portfolio. The Core Value Portfolio invests in stocks with market
capitalizations similar to the Standard & Poor's 500 Composite Stock Index.
At the fiscal year end on October 31, 2000, The Glenmede Fund, Inc. and The
Glenmede Portfolios (collectively the "Glenmede Funds") consisted of thirteen
portfolios with total assets of $3.4 billion. Since the Emerging Markets
Portfolio is in the final stages of liquidation, it is not included in this
report. There has been substantial growth in our EAFE International Portfolios,
which account for almost 50% of the Glenmede Funds total assets as of October
31, 2000.
All of the Glenmede Funds other than the money market funds are managed to
seek long-term total returns consistent with reasonable risk to principal for
the asset category. Efforts are made to keep expenses at competitive levels and
to minimize tax consequences for our clients. All of the portfolios managed by
Glenmede use a quantitative style of investing. We feel that the investment
styles of the two sub-advisors for the Small Capitalization Growth Portfolio
strike a balance, with Winslow Capital seeking to mitigate risk with well
diversified small-cap stocks and The TCW Group seeking to add value with
small-cap growth stocks which potentially become mid-cap before being sold. As a
result of TCW's style, the Small Capitalization Growth Portfolio is included in
Lipper's Mid-Cap universe.
The year 2000 has been difficult for both the domestic and international
equity markets. The positive returns on the funds were achieved between the end
of October 1999 and mid March of this year. During the second half of the fiscal
year, growth sectors, especially technology, had very poor performance. The
NASDAQ Composite Index returned 13.66% for the fiscal year ended October 31,
2000 and -17.16% for the period January 1, 2000 to October 31, 2000. The S&P 500
Index was less volatile returning 6.08% for the fiscal year and -1.81% for the
period January 1, 2000 to October 31, 2000. Although the recent performance of
the Strategic Equity Portfolio was hurt by an overweighted position in
technology stocks, it returned 8.49% for the fiscal year versus 6.09% for the
S&P 500. As of October 31, 2000, The Glenmede Strategic Equity Fund achieved a
four star (****) Morningstar Overall Rating(TRADEMARK) among 3,948 domestic
equity funds.1 Value stocks have performed much better during this period,
resulting in very good performance for the Small Capitalization Value
--1--
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Portfolio which returned 21.43% for the fiscal year versus 17.41% for the
Russell 2000 Index. I hope that you will find the following highlight of the
Small Capitalization Value Portfolio interesting.
The poor performance of the euro relative to the dollar contributed to the
negative performance for international stocks; however, the outperformance of
value stocks versus growth stocks during the second half of the year improved
the relative performance of the Glenmede International Portfolios. As of October
31, 2000, the Glenmede International Portfolio achieved a four star (****)
Morningstar Overall Rating(TRADEMARK) among 1,208 international equity funds.1
The Federal Reserve continued to raise short-term interest rates this year
implementing four increases in the Fed Funds Target rate, from 5.25% to 6.50%.
Also, the concern over corporate earnings spilled over to the bond market. This
combined with US Government buybacks of long Treasuries resulted in the Lehman
US Government Index returning 8.04% versus the return on the Lehman MBS Fixed
Rate Index of 7.57% and the return on the Lehman US Credit Index of 5.48% for
the fiscal year ended October 31, 2000. Despite this turmoil, the fixed income
funds had positive returns for the fiscal year. The Glenmede Muni Intermediate
Portfolio achieved a five star (*****) Morningstar Overall Rating(TRADEMARK)
among 1,719 municipal funds.1 The Glenmede Core Fixed Income Portfolio achieved
a four star (****) Morningstar Overall Rating(TRADEMARK) among 1,751 fixed
income funds.1 The Glenmede New Jersey Muni Portfolio achieved a four star
(****) Morningstar Overall Rating(TRADEMARK) among 1,719 municipal funds.1
We welcome any questions about the Glenmede Funds and thank our clients for
their continued support.
Sincerely,
/S/ SIGNATURE MARY ANN WIRTS
Mary Ann B. Wirts
PRESIDENT
November 15, 2000
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1 PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. Morningstar proprietary
ratings reflect historical risk-adjusted performance as of October 31, 2000.
The ratings are subject to change every month. Morningstar ratings are
calculated from the fund's 3-, 5-, and 10-year average annual returns (if
applicable) in excess of 90-day Treasury bill returns with appropriate fee
adjustments, and a risk factor that reflects fund performance below 90-day
T-bill returns. The Overall Rating is a weighted average of the Fund's 3-, 5-
and 10-year (if applicable) risk adjusted performance. The top 10% of funds
in a broad asset class receive 5 stars, the next 22.5% receive 4 stars, the
next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10%
receive 1 star. As of 10/31/00, the Strategic Equity Portfolio received 4
stars for the 5- and 10-year periods among 2,458 and 801 domestic equity
funds, respectively and 3 stars for the 3-year period among 3,948 domestic
equity funds. The International Portfolio received 4 stars for the 5- and
10-year periods among 750 and 153 international equity funds, respectively
and 3 stars for the 3-year period among 1,208 international equity funds. The
Muni Intermediate Portfolio received 5 stars for the 3-, 5- and 10-year
periods among 1,719, 1,473 and 435 municipal funds, respectively. The Core
Fixed Income Portfolio received four stars for the 3-, 5-, and 10-year
periods among 1,751, 1,313 and 388 fixed income funds, respectively. The New
Jersey Muni Portfolio received five stars for the 5-year period among 1,473
municipal funds and four stars for the 3-year period among 1,719 municipal
funds.
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THE GLENMEDE FUND, INC.
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INSIDE THE
SMALL CAP VALUE FUND
Introduced at Glenmede in 1991, small-cap value investing is led by Robert
J. Mancuso, CFA, who joined Glenmede in 1992 and became the head of the small
cap team the next year. Scott R. Abernethy, CFA, joined Glenmede in 1991 and
became small-cap value portfolio manager in 1998. Two senior portfolio managers,
a team of equity analysts and three senior equity traders make up the small-cap
value team. The senior members of the team have an average of 20 years
investment industry experience.
Glenmede's approach to small-cap investing is long term with reasonable risk
to principal. We believe a portfolio of companies with traditional value
characteristics and positive company-specific catalysts will provide competitive
long-term performance. In following this philosophy, Glenmede stresses the
following three principles:
o DISCIPLINE. Successful investing is achieved through a systematic and
disciplined application of our investment process.
o ATTRACTIVE RISK CHARACTERISTICS. Diversification across sectors,
industries and individual securities combined with an emphasis on quality,
give this Portfolio attractive risk characteristics.
o CATALYSTS. Company-specific catalysts signaling improvement in a company's
prospects and positive change in investor expectations potentially lead to
enhanced returns.
The Small Cap Value team's success is the result of a number of factors. The
primary one is buying what once was considered to be expensive stocks that have
strong earnings growth and cash flow. In addition, the Portfolio is fully
invested at all times and there is no attempt to time the market. Market timing
has been shown quantitatively to be impossible over the long term. Furthermore,
fundamental analysis of the individual stocks in the Portfolio is an important
component when making buy/sell decisions. The goal is to improve returns while
reducing risk.
[graphic omitted]
SMALL CAP VALUE PORTFOLIO MANAGERS
SCOTT R. ABERNETHY AND ROBERT J. MANCUSO
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THE GLENMEDE FUND, INC.
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GOVERNMENT CASH PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 2000
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AVERAGE ANNUAL TOTAL RETURN
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iMoneyNet's
Government
Government Cash Portfolio All Average1
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Year ended 10/31/00 6.15% 5.60%
Five Years ended 10/31/00 5.55% 5.03%
Ten Years ended 10/31/00 5.14% 4.63%
Inception (11/7/88) through 10/31/00 5.75% 5.20%
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7-Day2 7-Day2
Government Cash Portfolio Current Yield Effective Yield
---------------------------- ------------- ---------------
As of 10/31/00 6.55% 6.76%
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During the past fiscal year, the Government Cash Portfolio outperformed the
iMoneyNet's Government All Average1 due to its use of overnight and term
mortgage-backed securities repurchase agreements. This strategy enhanced the
yield while maintaining a high quality diversified portfolio of money market
instruments.
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
GOVERNMENT CASH PORTFOLIO VS.
IMONEYNET'S GOVERNMENT ALL AVERAGE1
11/7/88 THROUGH 10/31/00
[line graph omitted]
plot points as follows:
Government Cash iMoneyNet's Government All Average
11/7/88 10,000 10,000
10/31/89 10,927 10,809
10/31/90 11,846 11,667
10/31/91 12,627 12,382
10/31/92 13,156 12,842
10/31/93 13,575 13,196
10/31/94 14,091 13,640
10/31/95 14,918 14,373
10/31/96 15,733 15,092
10/31/97 16,602 15,852
10/31/98 17.537 16,656
10/31/99 18,413 17,405
10/31/00 19,546 18,384
* Assumes the reinvestment of all dividends.
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THE PERFORMANCE FOR THE PORTFOLIO REPRESENTS PAST PERFORMANCE AND IS
NOT A GUARANTEE OF FUTURE RESULTS.
1 iMoneyNet's Government All Average (formerly IBC's U.S. Government and
Agencies Money Fund Average) is comprised of money market funds investing in
US treasury securities and government agency obligations. Funds included in
this average must have at least $100,000 in total net assets. It is not
possible to invest in an index.
Benchmark return is for the period beginning November 30, 1988.
2 "Current yield" refers to the income generated by an investment in the Fund
over a 7-day period. This income is then "annualized". The "effective yield"
is calculated similarly but, when annualized, the income earned by an
investment in the Fund is assumed to be reinvested. The "effective yield"
will be slightly higher than the "current yield" because of the compounding
effect of this assumed reinvestment. The yield quotation more closely
reflects the current earnings of the Fund than the total return quotation.
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THE GLENMEDE FUND, INC.
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TAX-EXEMPT CASH PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 2000
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AVERAGE ANNUAL TOTAL RETURN
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iMoneyNet's Tax-Free
Tax-Exempt Cash Portfolio National Retail Average(TRADEMARK)1
---------------------------- ----------------------------------
Year ended 10/31/00 3.88% 3.46%
Five Years ended 10/31/00 3.44% 3.14%
Ten Years ended 10/31/00 3.39% 3.06%
Inception (11/10/88) through 10/31/00 3.84% 3.51%
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7-Day2 7-Day2
Tax-Exempt Cash Portfolio Current Yield Effective Yield
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As of 10/31/00 4.15% 4.23%
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The Tax-Exempt Cash Portfolio has outperformed iMoneyNet's Tax-Free National
Retail Average(TRADEMARK)1 in all of the periods shown above. During the past
fiscal year, the strategy of maintaining a shorter average maturity, which
increases yield when rates rise or when there is a greater supply of short-term
securities, combined with a low expense ratio has resulted in good relative
performance.
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
TAX-EXEMPT CASH PORTFOLIO VS.
IMONEYNET'S TAX-FREE NATIONALRETAIL AVERAGE(TM)1
11/10/88 THROUGH 10/31/00
[line graph omitted]
plot points as follows:
Tax Exempt Cash MFR's Tax-Free National Current
11/10/88 10,000 10,000
10/31/89 10,627 10,510
10/31/90 11,249 11,103
10/31/91 11,792 11,623
10/31/92 12,183 11,980
10/31/93 12,469 12,235
10/31/94 12,776 12,503
10/31/95 13,257 12,925
10/31/96 13,710 13,331
10/31/97 14,184 13,755
10/31/98 14,667 14,190
10/31/99 15,111 14,579
10/31/00 15,697 15,088
* Assumes the reinvestment of all dividends and distributions.
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THE PERFORMANCE FOR THE PORTFOLIO REPRESENTS PAST PERFORMANCE AND IS
NOT A GUARANTEE OF FUTURE RESULTS.
1 iMoneyNet's Tax-Free National Retail Average(TM) (formerly IBC's Stock
Broker and General Purpose Tax-Free Average) is comprised of money market
funds investing in fixed-income securities issued by state and local
governments. Generally, interest payments on securities qualify for
exemption from Federal income taxes. Funds may also own municipal securities
subject to alternative minimum tax. Funds included in this average must have
at least $100,000 in total net assets. It is not possible to invest in an
index. Benchmark return is for the period beginning November 30, 1988.
2 "Current yield" refers to the income generated by an investment in the Fund
over a 7-day period. This income is then "annualized". The "effective yield"
is calculated similarly but, when annualized, the income earned by an
investment in the Fund is assumed to be reinvested. The "effective yield"
will be slightly higher than the "current yield" because of the compounding
effect of this assumed reinvestment. The yield quotation more closely
reflects the current earnings of the Fund than the total return quotation.
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THE GLENMEDE FUND, INC.
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CORE FIXED INCOME PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 2000
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AVERAGE ANNUAL TOTAL RETURN
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Lehman Brothers Lipper
Aggregate Intermediate
Bond US Government
Core Fixed Income Portfolio Index1 Fund Index*1
---------------------------- -------------- -------------
Year ended 10/31/00 6.19% 7.30% 6.77%
Five Years ended 10/31/00 6.14% 6.33% 5.57%
Ten Years ended 10/31/00 7.32% 7.98% 6.80%
Inception (11/17/88) through 10/31/00 7.76% 8.33% --%
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The Core Fixed Income Portfolio returned 6.19% for the year ended October
31, 2000, underperforming the Lipper Intermediate US Government Fund Index and
the Lehman Brothers Aggregate Bond Index. The Portfolio's underperformance can
be attributed to an overweight in mortgages and corporates which came out of
favor in the last half of the year due to uncertainty in earnings forecasts, a
volatile stock market and liquidity fears. The Portfolio seeks to add value
utilizing sector and security selection while maintaining market neutral
interest rate risk.
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
CORE FIXED INCOME PORTFOLIO VS.
LEHMAN BROTHERS AGGREGATE BOND INDEX AND
LIPPER INTERMEDIATE US GOVERNMENT FUND INDEX*
11/17/88 THROUGH 10/31/00
Glenmede Core Fixed Lehman Aggregate Lipper Intermediate US
Income Portfolio Bond Index Government Fund Index
11/17/88 10,000 10,000 10,000
10/31/89 11,121 11,190 10,090
10/31/90 12,046 11,896 10,516
10/31/91 13,823 13,777 11,938
10/31/92 15,114 15,132 13,008
10/31/93 16,683 16,928 14,309
10/31/94 16,178 16,307 13,747
10/31/95 18,130 18,859 15,484
10/31/96 19,196 19,961 16,240
10/31/97 20,852 21,735 17,529
10/31/98 22,795 23,762 19,094
10/31/99 23,001 23,887 19,019
10/31/00 24,426 25,630 20,310
* Index commenced 12/31/89. Thus comparison to the Fund's inception is not
provided.
** Assumes the reinvestment of all dividends and distributions.
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THE PERFORMANCE FOR THE PORTFOLIO REPRESENTS PAST PERFORMANCE AND IS
NOT A GUARANTEE OF FUTURE RESULTS.
1 The Lehman Brothers Aggregate Bond Index is an unmanaged index comprised of
securities from the Lehman Brothers Government Corporate Bond,
Mortgage-Backed Securities and Asset-Backed Securities Indexes. The Lipper
Intermediate US Government Fund Index is comprised of the 30 largest funds
in the Lipper Intermediate US Government Fund Average. The Average consists
of funds that invest at least 65% of their assets in securities issued or
guaranteed by the US government, its agencies or instrumentalities with
dollar-weighted average maturities of 5 to 10 years. Total return consists
of price appreciation/depreciation and income as a percentage of the
original investment. Indexes are rebalanced by market capitalization each
month. It is not possible to invest in an index. Benchmark returns are for
the periods beginning November 30, 1988 for Lehman Brothers Aggregate Index
and December 31, 1989 for Lipper Intermediate USGovernment Fund Index.
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THE GLENMEDE FUND, INC.
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STRATEGIC EQUITY PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 2000
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AVERAGE ANNUAL TOTAL RETURN
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Dow Jones Ind. S&P 500 Lipper Large Cap
Monthly Stock Core Fund
Strategic Equity Portfolio1 Reinvested2 Index2 Index2
------------------------------ ----------- ------- ---------------
Year ended 10/31/00 8.49% 3.83% 6.09% 9.64%
Five Years ended 10/31/00 20.34% 20.39% 21.67% 19.95%
Ten Years ended 10/31/00 18.36% 19.02% 19.42% 18.04%
Inception (7/20/89)
through 10/31/00 15.01% 16.35% 16.21% 14.99%
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During the past fiscal year, the Strategic Equity Portfolio outperformed the
S&P 500 Stock Index and the Dow Jones Industrial Average, but modestly trailed
its peer group. An overweighted position in technology stocks aided the relative
performance of the portfolio in the early months of the fiscal year, but exerted
a drag from March onward. Our investment discipline continues to focus on stocks
we believe exhibit strong earnings growth potential and whose valuation does not
fully reflect this positive outlook.
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
STRATEGIC EQUITY PORTFOLIO VS. S&P 500 STOCK INDEX,
DOW JONES INDUSTRIAL AVERAGE AND LIPPER LARGE CAP CORE FUND INDEX
7/20/89 THROUGH 10/31/00
[line graph omitted]
plot points as follows:
Strategic S&P 500 Dow Jones Lipper Large Cap
Equity Sock Index Industrial Average Core Fund Index
7/20/89 10,000 10,000 10,000 10,000
10/31/89 10,127 9,918 10,042 9,984
10/31/90 8,978 9,177 9,633 9,163
10/31/91 12,103 12,250 12,519 12,274
10/31/92 13,146 13,470 13,566 13,348
10/31/93 15,329 15,483 15,930 15,574
10/31/94 15,514 16,081 17,387 15,930
10/31/95 19,203 20,333 21,729 19,376
10/31/96 24,705 25,233 28,194 23,433
10/31/97 33,696 33,336 35,464 30,101
10/31/98 36,054 40,667 41,677 35,558
10/31/99 44,664 51,105 52,923 43,880
10/31/00 48,456 54,218 54,950 48,108
* Assumes the reinvestment of all dividends and distributions, excluding
withholding tax.
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THE PERFORMANCE FOR THE PORTFOLIO REPRESENTS PAST PERFORMANCE AND IS
NOT A GUARANTEE OF FUTURE RESULTS.
1 On February 28, 2000, Tax Managed Equity Portfolio changed its name to
Strategic Equity Portfolio.
2 The S&P 500 Stock Index is an unmanaged index comprised of 500 widely held
common stocks. The Dow Jones Industrial Average is an unmanaged price
weighted average based on the "price only" performance of 30 blue chip
stocks. The Lipper Large Cap Core Fund Index is comprised of the 30 largest
funds in the Lipper Large CapCore Fund Average. The Average consists of
funds that invest at least 75% of their equity assets in companies with
market capitalization of greater than 300% of the dollar weighted median
market capitalization of the S&P Mid Cap 400 Index.Lipper recently changed
the way that they classify mutual funds. As a result of this
reclassification, the Strategic Equity Portfolio is now part of the Lipper
Large Cap Core Fund Index, previously, the Portfolio was part of the Lipper
Multi Cap Value Index. It is not possible to invest in an index. Benchmark
returns are for the period beginning July 31, 1999.
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THE GLENMEDE FUND, INC.
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SMALL CAPITALIZATION VALUE PORTFOLIO1
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 2000
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AVERAGE ANNUAL TOTAL RETURN
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Russell S&P 500 Lipper Small
Small Capitalization Value Portfolio 2000 Stock Capitalization
Advisor Class Stock Index2 Index2 Value Index2
---------------------------------- ------------ ------- -------------
Year ended 10/31/00 21.43% 17.41% 6.09% 19.04%
Five Years ended 10/31/00 10.63% 12.39% 21.67% 11.29%
Inception (3/1/91) through 10/31/00 12.64% 14.12% 17.69% 12.85%
Small Capitalization Value Portfolio
Institutional Class
----------------------------------
Year ended 10/31/00 21.65% 17.41% 6.09% 19.04%
Inception (1/1/98) through 10/31/00 (0.86)% 5.89% 16.15% 1.96%
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Fiscal year 2000 turned out to be a very good year for the Small
Capitalization Value Portfolio. The Portfolio outperformed the Russell 2000
Stock Index due to outstanding stock selection and being strategically
overweight in those sectors that have performed well and tactically underweight
in the technology sector, which has had a difficult year.
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
SMALL CAPITALIZATION VALUE PORTFOLIO ADVISOR CLASS VS. S&P 500 STOCK INDEX,
RUSSELL 2000 STOCK INDEX AND LIPPER SMALL CAPITALIZATION VALUE INDEX
3/1/91 THROUGH 10/31/00
[line graph omitted]
plot points as follows:
S&P 500 Russell 2000 Lipper Small
Small Cap Value Sock Index Stock Index Cap Value
3/1/91 10,000 10,000 10,000 10,000
10/31/91 11,184 10,828 11,610 11,451
10/31/92 11,443 11,906 12,712 12,796
10/31/93 15,318 13,679 16,832 16,199
10/31/94 15,754 14,203 16,772 16,744
10/31/95 19,086 17,951 19,850 18,842
10/31/96 22,563 22,274 23,146 22,050
10/31/97 31,993 29,402 29,935 30,076
10/31/98 26,124 35,872 26,390 26,431
10/31/99 26,040 45,079 30,314 27,022
10/31/00 31,621 47,822 35,590 32,165
-
* Assumes the reinvestment of all dividends and distributions.
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THE PERFORMANCE FOR THE PORTFOLIO REPRESENTS PAST PERFORMANCE AND IS
NOT A GUARANTEE OF FUTURE RESULTS.
1 On February 28, 2000, Small Capitalization Equity Portfolio changed its name
to Small Capitalization Value Portfolio.
2 The S&P 500 Stock Index is an unmanaged index comprised of 500 widely held
common stocks. The Russell 2000 Stock Index is an unmanaged capitalization
weighted total return index which is comprised of 2000 of the smallest
capitalized US domiciled companies which are traded in the United States on
the New York Stock Exchange, American Stock Exchange and NASDAQ. The Lipper
Small Capitalization Value Index is comprised of the 30 largest funds in the
Lipper Small Capitalization Value Average. The Average consists of funds
that invest primarily in companies with market capitalizations of less than
$1 billion at the time of purchase. Lipper recently changed the way that
they classify mutual funds. As a result of this reclassification, the Small
Capitalization Value Portfolio is now part of the Lipper Small
Capitalization Value Index. Previously, the Portfolio was part of the Lipper
Small Capitalization Fund Index. It is not possible to invest in an index.
Benchmark returns are for the period beginning February 28, 1991.
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THE GLENMEDE FUND, INC.
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LARGE CAP VALUE PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 2000
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AVERAGE ANNUAL TOTAL RETURN
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Russell S&P 500 Lipper
1000 Stock Large Cap
Large Cap Value Portfolio Value Index1 Index1 Value Index1
---------------------------- ------------ ------ ------------
Year ended 10/31/00 0.30% 5.52% 6.09% 5.92%
Five Years ended 10/31/00 14.98% 18.40% 21.67% 17.21%
Inception (1/4/93)
through 10/31/00 14.29% 17.17% 18.76% 15.79%
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The Large Cap Value Portfolio is driven by a proprietary ranking process
that seeks value with positive catalysts to signal improvement in a company's
prospects and changes in investor expectations. The Portfolio's price/earnings
and price/book ratios are in line with the Russell 1000 Value Index but
represent a significant discount to the S&P 500. During the past fiscal year,
the Large Cap Value Portfolio lagged the indexes largely due to underperformance
from technology holdings. Late in the year, performance picked up meaningfully
with an apparent market rotation towards value stocks. Prior to March 1999, the
Portfolio was managed using a purely quantitative methodology.
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
LARGE CAP VALUE PORTFOLIO VS. S&P 500 STOCK INDEX,
RUSSELL 1000 VALUE INDEX AND LIPPER LARGE CAP VALUE INDEX
1/4/93 THROUGH 10/31/00
[line graph omitted]
plot points as follows:
S&P 500 Russell 1000 Lipper Large
Large Cap Value Sock Index Value Index Cap Value
1/4/93 10,000 10,000 10,000 10,000
10/31/93 12,305 11,023 11,836 11,269
10/31/94 12,194 11,445 11,927 11,624
10/31/95 14,145 14,465 14,871 14,259
10/31/96 16,569 17,948 18,401 17,372
10/31/97 22,625 23,693 24,507 22,508
10/31/98 23,705 28,906 28,141 25,468
10/31/99 31,730 36,325 32,791 29,773
10/31/00 28,431 38,535 34,600 31,536
* Assumes the reinvestment of all dividends and distributions.
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THE PERFORMANCE FOR THE PORTFOLIO REPRESENTS PAST PERFORMANCE AND IS
NOT A GUARANTEE OF FUTURE RESULTS.
1 The S&P 500 Stock Index is an unmanaged index comprised of 500 widely held
common stocks. The Russell 1000 Value Index contains those securities in the
Russell 1000 Index with a less-than-average growth orientation. Companies in
this Index generally have low price-to-book and price-to-earnings ratios,
higher dividend yields, and lower forecasted growth values. The Lipper Large
Cap Value Index is comprised of the 30 largest funds in the Lipper Large Cap
Value Average. The Average consists of funds that normally invest in
companies whose long-term earnings are expected to grow significantly faster
than the earnings of the stocks represented in the major unmanaged stock
indexes. Lipper recently changed the way that they classify mutual funds. As
a result of this reclassification, the Large Cap Value Portfolio is now part
of the Lipper Large Cap Value Index. Previously, the Portfolio was part of
the Lipper Multi Cap Value Index. It is not possible to invest in an index.
Benchmark returns are for the period beginning December 31, 1993.
--9--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
INTERNATIONAL PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 2000
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
--------------------------------------------------------------------------------
Morgan Stanley Lipper
EAFE International
International Portfolio Index1 Fund Index1
---------------------------- ------------ ------------
Year ended 10/31/00 (3.70)% (2.90)% 3.45%
Five Years ended 10/31/00 11.23% 8.65% 11.21%
Ten Years ended 10/31/00 11.43% 7.80% 10.04%
Inception (11/17/88) through 10/31/00 10.91% 5.47% 9.32%
--------------------------------------------------------------------------------
Over the past twelve months, the International Portfolio has modestly
underperformed EAFE due to stock selection. During the past eleven years, the
Portfolio's relative outperformance versus EAFE has been due equally to
favorable country and stock selection.
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
INTERNATIONAL PORTFOLIO VS. MORGAN STANLEY EAFE INDEX
AND LIPPER INTERNATIONAL FUND INDEX
11/17/88 THROUGH 10/31/00
[line graph omitted]
plot points as follows:
Morgan Stanley Lipper International
International Portfolio EAFE Index Fund Index
11/17/88 10,000 10,000 10,000
10/31/89 11,207 10,481 11,143
10/31/90 11,685 9,137 11,100
10/31/91 13,101 9,772 12,029
10/31/92 12,742 8,481 11,420
10/31/93 17,007 11,657 15,310
10/31/94 19,432 12,834 17,072
10/31/95 20,254 12,787 16,991
10/31/96 22,981 14,125 19,136
10/31/97 26,739 14,779 21,695
10/31/98 28,729 16,205 22,702
10/31/99 35,812 19,937 27,933
10/31/00 34,486 19,360 28,897
* Assumes the reinvestment of all dividends and distributions excluding
withholding taxes.
--------------------------------------------------------------------------------
THE PERFORMANCE FOR THE PORTFOLIO REPRESENTS PAST PERFORMANCE AND IS
NOT A GUARANTEE OF FUTURE RESULTS.
1 The Morgan Stanley EAFE Index is an unmanaged capitalization weighted
composite portfolio consisting of equity total returns for the countries of
Australia and New Zealand and countries in Europe and the Far East. The
Lipper International Fund Index is comprised of the 30 largest funds in the
Lipper International Fund Average. The Average consists of funds that invest
in securities whose primary trading markets are outside of the United
States. Morgan Stanley recently changed the way that it classifies mutual
funds. As a result of this reclassification, the International Portfolio is
now part of the Morgan Stanley EAFE Index. Previously, the Portfolio was
part of the Morgan Stanley EAFE-IXND Weighted Index. It is not possible
to invest in an index. Benchmark returns are for the period beginning
November 30, 1988.
--10--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
INSTITUTIONAL INTERNATIONAL PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 2000
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
--------------------------------------------------------------------------------
Morgan Stanley Lipper
EAFE International
Institutional International Portfolio Index1 Fund Index1
------------------------------------- ------------ -------------
Year ended 10/31/00 (5.87)% (2.90)% 3.45%
Five Years ended 10/31/00 10.43% 8.65% 11.21%
Inception (8/1/92) through 10/31/00 10.90% 10.35% 11.28%
--------------------------------------------------------------------------------
During the past fiscal year, the Institutional International Portfolio has
underperformed EAFE due to stock selection. Since inception, the Portfolio's
relative outperformance versus EAFE has been due equally to favorable country
and stock selection.
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
INSTITUTIONAL INTERNATIONAL PORTFOLIO VS. MORGAN STANLEY EAFE INDEX AND
LIPPER INTERNATIONAL FUND INDEX
8/1/92 THROUGH 10/31/00
[line graph omitted]
plot points as follows:
Institutional Morgan Stanley Lipper International
International Portfolio EAFE Index Fund Index
8/1/92 10,000 10,000 10,000
10/31/92 9,440 9,871 9,544
10/31/93 12,493 13,569 12,794
10/31/94 14,240 14,937 14,266
10/31/95 14,294 14,883 14,200
10/31/96 16,361 16,442 15,991
10/31/97 18,903 17,202 18,130
10/31/98 20,276 18,858 18,972
10/31/99 24,934 23,200 23,343
10/31/00 23,470 22,532 24,149
* Assumes the reinvestment of all dividends and distributions excluding
withholding taxes.
--------------------------------------------------------------------------------
THE PERFORMANCE FOR THE PORTFOLIO REPRESENTS PAST PERFORMANCE AND IS
NOT A GUARANTEE OF FUTURE RESULTS.
1 The Morgan Stanley EAFE Index is an unmanaged capitalization weighted
composite portfolio consisting of equity total returns for the countries of
Australia and New Zealand and countries in Europe and the Far East. The
Lipper International Fund Index is comprised of the 30 largest funds in the
Lipper International Fund Average. The Average consists of funds that invest
in securities whose primary trading markets are outside of the United
States. Morgan Stanley recently changed the way that it classifies mutual
funds. As a result of this reclassification, the Institutional International
Portfolio is now part of the Morgan Stanley EAFE Index. Previously, the
Portfolio was part of the Morgan Stanley EAFE-IXND Weighted Index. It is
not possible to invest in an index.
Benchmark returns are for the period beginning July 31, 1992.
--11--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
SMALL CAPITALIZATION GROWTH PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 2000
--------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
--------------------------------------------------------------------------------
Russell 2000 Lipper Mid Cap
Small Capitalization Growth Portfolio Growth Index1 Growth Average1
------------------------------------- ------------- ---------------
Inception (12/29/99) through 10/31/00 (7.80)% (10.69)% (1.09)%
--------------------------------------------------------------------------------
Although the Small Capitalization Growth Portfolio is in negative territory
for the period ended October 31, 2000, the Portfolio outperformed the Russell
2000 Growth Index due to security selection and attention to valuations. This
dual sub-advised portfolio seeks to strike a balance, with one manager providing
risk mitigation by furnishing the portfolio with a foundation of true small-cap
stocks and the other manager seeking to add value with its own arena of small
cap growth names that may potentially reach mid-cap status before being sold.
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
SMALL CAPITALIZATION GROWTH PORTFOLIO VS. RUSSELL 2000 GROWTH INDEX
AND LIPPER MID CAP GROWTH AVERAGE INDEX
12/29/99 THROUGH 10/31/00
[line graph omitted]
plot points as follows:
Lipper Mid
Small Cap Growth Russell 2000 Growth Index Cap Growth Index
12/29/00 10,000 10,000 10,000
1/31/00 9,760 9,907 9,828
02/29/00 10,880 12,212 12,291
03/31/00 10,430 10,928 11,426
4/30/00 8,650 9,825 9,919
05/31/00 7,950 8,965 9,027
06/30/00 9,890 10,123 10,430
7/31/00 9,350 9,255 9,997
08/31/00 10,790 10,229 11,305
09/30/00 10,330 9,720 10,762
10/31/00 9,220 8,931 9,891
* Assumes the reinvestment of all dividends and distributions.
--------------------------------------------------------------------------------
THE PERFORMANCE FOR THE PORTFOLIO REPRESENTS PAST PERFORMANCE AND IS
NOT A GUARANTEE OF FUTURE RESULTS.
1 The Russell 2000 Growth Index is an unmanaged capitalization weighted total
return index which is comprised of 2000 of the smallest capitalized US
domiciled companies which are traded in the United States on the New York
Stock Exchange, American Stock Exchange and NASDAQ with higher price-to-book
ratios and higher forecasted growth values. The Lipper Mid Cap Growth Index
is comprised of the 30 largest funds in the Lipper Mid Cap Growth Average.
The Average consists of funds that invest primarily in companies with market
capitalizations of less than $1 billion at the time of purchase. It is not
possible to invest in an index. Benchmark returns are for the period
beginning December 31, 1999.
--12--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
CORE VALUE PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 2000
--------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
--------------------------------------------------------------------------------
S&P500 Lipper Large
Stock Cap Value
Core Value Portfolio Index1 Index1
-------------------- ------- ------------
Inception (2/28/00) through 10/31/00 5.10% 5.38% 11.61%
--------------------------------------------------------------------------------
The Core Value Portfolio is driven by a proprietary ranking process that
seeks value with positive catalysts to signal improvement in a company's
prospects and changes in investor expectations. The Portfolio's price/earnings
and price/book ratios trade at a level similar to that of the S&P 500 Index. The
Portfolio seeks to quantitatively mitigate other risk factors relative to the
S&P 500 Index. During the past fiscal year, the Core Value Portfolio performed
substantially in line with the S&P 500 Index.
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
CORE VALUE PORTFOLIO VS. S&P 500 STOCK INDEX AND
LIPPER LARGE CAP VALUE INDEX
2/28/00 THROUGH 10/31/00
[line graph omitted]
plot points as follows:
Lipper Large
Core Value Portfolio S&P500 Stock index Cap Value Index
2/28/00 10,000 10,000 10,000
4/30/00 10,790 10,648 10,795
7/31/00 10,499 10,519 10,635
10/31/00 10,510 10,538 11,161
* Assumes the reinvestment of all dividends and distributions.
--------------------------------------------------------------------------------
THE PERFORMANCE FOR THE PORTFOLIO REPRESENTS PAST PERFORMANCE AND IS
NOT A GUARANTEE OF FUTURE RESULTS.
1 The S&P 500 Stock Index is an unmanaged index comprised of 500 widely held
common stocks. The Lipper Large Cap Value Index is comprised of the 30
largest funds in the Lipper Large Cap Value Average. The Average consists of
funds that normally invest in companies whose long-term earnings are
expected to grow significantly faster than the earnings of the stocks
represented in the major unmanaged stock indexes. It is not possible to
invest in an index.
Benchmark returns are for the period beginning February 29, 2000.
--13--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE PORTFOLIOS
--------------------------------------------------------------------------------
MUNI INTERMEDIATE PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 2000
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
--------------------------------------------------------------------------------
Lehman Brothers Lipper Intermediate
Muni 5-Year Municipal Debt
Muni Intermediate Portfolio Bond Index1 Fund Index1
----------------------------------- ------------- --------------
Year ended 10/31/00 5.77% 5.77% 6.44%
Five Years ended 10/31/00 4.91% 4.92% 4.64%
Inception (6/5/92) through 10/31/00 5.21% 5.60% 5.41%
--------------------------------------------------------------------------------
The Muni Intermediate Portfolio is structured as a defensive portfolio
seeking high income and moderated market volatility in a rising interest rate
environment. The Portfolio's performance equaled that of the Lehman Five Year
Index over the past year. Underperformance versus the Lipper Index was the
result of the Portfolio's shorter duration in a falling interest rate
environment.
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
MUNI INTERMEDIATE PORTFOLIO VS. LEHMAN BROTHERS
MUNICIPAL 5-YEAR BOND INDEX AND LIPPER INTERMEDIATE
MUNICIPAL DEBT FUND INDEX
6/5/92 THROUGH 10/31/00
[line graph omitted]
plot points as follows:
Lipper Intermediate
Lehman Brothers Municipal Municipal Debt
Muni Intermediate 5-Year Bond Index Fund Index
6/5/92 10,000 10,000 10,000
10/31/92 10,074 10,363 10,288
10/31/93 11,136 11,341 11,484
10/31/94 10,788 11,278 11,196
10/31/95 12,057 12,446 12,421
10/31/96 12,621 13,044 12,978
10/31/97 13,465 13,894 13,875
10/31/98 14,358 14,799 14,818
10/31/99 14,488 14,961 14,640
10/31/00 15,324 15,824 15,584
* Assumes the reinvestment of all dividends and distributions.
--------------------------------------------------------------------------------
THE PERFORMANCE FOR THE PORTFOLIO REPRESENTS PAST PERFORMANCE AND IS
NOT A GUARANTEE OF FUTURE RESULTS.
1 The Lehman Brothers Municipal 5-Year Bond Index is an unmanaged total return
performance benchmark for the intermediate-term and short-intermediate,
investment-grade tax-exempt bond markets. The Lipper Intermediate Municipal
Debt Fund Index is comprised of the 30 largest funds in the Lipper
Intermediate Municipal Debt Fund Average. The Average consists of funds that
invest in municipal debt issues with dollar-weighted average maturities of 5
to 10 years. It is not possible to invest in an index. Benchmark returns are
for the period beginning May 31, 1992.
--14--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE PORTFOLIOS
--------------------------------------------------------------------------------
NEW JERSEY MUNI PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 2000
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
--------------------------------------------------------------------------------
Lehman Brothers Lipper New Jersey
Muni 5-Year Municipal Debt
New Jersey Muni Portfolio Bond Index1 Fund Index1
------------------------------------ ----------- --------------
Year ended 10/31/00 5.77% 5.77% 7.44%
Five Years ended 10/31/00 4.71% 4.92% 4.63%
Inception (11/1/93) through 10/31/00 4.41% 4.87% 4.32%
--------------------------------------------------------------------------------
The New Jersey Muni Portfolio is a high quality, state specific fund seeking
tax-exempt income to New Jersey residents. The Portfolio's performance equaled
that of the Lehman Five Year Index over the past year. Underperformance versus
the Lipper Index was the result of the Portfolio's shorter duration in a falling
interest rate environment.
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
NEW JERSEY MUNI PORTFOLIO VS. LEHMAN BROTHERS
MUNICIPAL 5-YEAR BOND INDEX AND LIPPER NEW JERSEY
MUNICIPAL DEBT FUND INDEX
11/1/93 THROUGH 10/31/00
[line graph omitted]
plot points as follows:
Lehman Brothers Lipper NJ Municipal
NJ Muni Municipal 5-Year Bond Index Debt Fund Index
11/1/93 10,000 10,000 10,000
10/31/94 9,488 9,945 9,459
10/31/95 10,744 10,974 10,716
10/31/96 11,200 11,502 11,241
10/31/97 11,973 12,251 12,111
10/31/98 12,776 13,049 13,014
10/31/99 12,787 13,192 12,507
10/31/00 13,524 13,953 13,437
* Assumes the reinvestment of all dividends and distributions.
--------------------------------------------------------------------------------
THE PERFORMANCE FOR THE PORTFOLIO REPRESENTS PAST PERFORMANCE AND IS
NOT A GUARANTEE OF FUTURE RESULTS.
1 The Lehman Brothers Municipal 5-Year Bond Index is an unmanaged total return
performance benchmark for the intermediate-term and short-intermediate,
investment-grade tax-exempt bond markets. The Lipper New Jersey Municipal
Debt Fund Index consists of the 10 largest funds in the Lipper New Jersey
Municipal Debt Fund Average. The Average consists of funds that invest only
in securities that are exempt from taxation in New Jersey or cities in New
Jersey. It is not possible to invest in an index.
Benchmark returns are for the period beginning October 31, 1993.
--15--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2000
<TABLE>
<CAPTION>
TAX- CORE
GOVERNMENT EXEMPT FIXED
CASH CASH INCOME
PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ ------------
<S> <C> <C> <C>
ASSETS:
Investments:
Investments at value..................... $260,431,638 $436,161,829 $171,221,827
Repurchase agreements.................... 154,875,365 -- 54,517,000
------------ ------------ ------------
Total investments...................... 415,307,003 436,161,829 225,738,827
------------ ------------ ------------
Cash .................................... -- 95,145 1,662
Receivable for collateral on securities loaned -- -- 14,765,040
Interest receivable...................... 716,071 2,431,662 2,366,097
Other receivables........................ -- 6,182 --
Prepaid expenses......................... 1,758 5,943 694
------------ ------------ ------------
Total assets........................... 416,024,832 438,700,761 242,872,320
------------ ------------ ------------
LIABILITIES:
Dividends payable........................ 2,232,475 1,528,707 --
Payable for securities purchased......... -- -- 26,918,812
Reverse repurchase agreements............ -- -- 26,712,500
Payable for securities on loan........... -- -- 14,765,040
Payable for fund shares redeemed......... -- -- 10,000
Accrued expenses......................... 50,589 37,890 373,925
------------ ------------ ------------
Total liabilities...................... 2,283,064 1,566,597 68,780,277
------------ ------------ ------------
NET ASSETS.................................. $413,741,768 $437,134,164 $174,092,043
============ ============ ============
SHARES OUTSTANDING ........................ 413,706,127 437,216,065 17,263,231
============ ============ ============
NET ASSET VALUE PER SHARE................... $ 1.00 $ 1.00 $ 10.08
============ ============ ============
</TABLE>
See Notes to Financial Statements.
--16--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES -- (CONTINUED)
OCTOBER 31, 2000
<TABLE>
<CAPTION>
SMALL
STRATEGIC CAPITALIZATION LARGE CAP
EQUITY VALUE VALUE
PORTFOLIO1 PORTFOLIO2 PORTFOLIO
------------- ------------ -----------
<S> <C> <C> <C>
ASSETS:
Investments:
Investments at value..................... $165,511,504 $256,301,000 $20,932,792
Repurchase agreements.................... 5,297,000 7,367,000 --
------------ ------------ -----------
Total investments...................... 170,808,504 263,668,000 20,932,792
------------ ------------ -----------
Cash .................................... 837 19,223 309,915
Receivable for securities sold........... 109,658 8,630,146 --
Receivable for fund shares sold.......... 166,100 260,002 --
Receivable for collateral on securities loaned 1,933,100 10,997,000 975,000
Dividends receivable..................... 27,738 67,288 21,992
Interest receivable...................... 949 1,320 --
Prepaid expenses......................... 1,645 2,699 307
------------ ------------ -----------
Total assets........................... 173,048,531 283,645,678 22,240,006
------------ ------------ -----------
LIABILITIES:
Payable for fund shares redeemed......... 75,000 11,000 --
Payable for securities purchased......... 2,445,361 2,671,030 --
Payable for securities on loan........... 1,933,100 10,997,000 975,000
Accrued expenses......................... 30,708 218,385 14,324
------------ ------------ -----------
Total liabilities...................... 4,484,169 13,897,415 989,324
------------ ------------ -----------
NET ASSETS.................................. $168,564,362 $269,748,263 $21,250,682
============ ============ ===========
SHARES OUTSTANDING ........................ 7,954,192 14,224,4983 1,926,653
============ ============ ===========
NET ASSET VALUE PER SHARE................... $ 21.19 $ 17.043 $ 11.03
============ ============ ===========
</TABLE>
--------------------------------------------------------------------------------
1 On February 28, 2000, Tax Managed Equity Portfolio changed its name to
Strategic Equity Portfolio.
2 On February 28, 2000, Small Capitalization Equity Portfolio changed its name
to Small Capitalization Value Portfolio.
3 These Shares Outstanding and Net Asset Value Per Share are for the Advisor
Class. The Net Assets for the Advisor Class are $242,395,254. For the
Institutional Class the Shares Outstanding are 1,607,702 and the Net Asset
Value Per Share is $17.01. The Net Assets for the Institutional Class are
$27,353,009.
See Notes to Financial Statements.
--17--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES -- (CONTINUED)
OCTOBER 31, 2000
<TABLE>
<CAPTION>
INSTITUTIONAL
INTERNATIONAL INTERNATIONAL
PORTFOLIO PORTFOLIO
-------------- --------------
<S> <C> <C>
ASSETS:
Investments:
Investments at value.............................. $1,460,436,206 $167,515,756
Repurchase agreements............................. 36,752,000 6,038,000
-------------- ------------
Total investments............................... 1,497,188,206 173,553,756
-------------- ------------
Cash ............................................. 224,879 911
Receivable for fund shares sold................... 3,071,812 1,446,201
Receivable for collateral on securities loaned.... 119,141,619 12,590,314
Dividends receivable.............................. 2,275,342 325,547
Interest receivable............................... 6,585 1,082
Foreign tax reclaims receivable................... 640,827 106,588
Other receivable.................................. 27,000 --
Prepaid expenses.................................. 9,792 8,604
-------------- ------------
Total assets.................................... 1,622,586,062 188,033,003
-------------- ------------
LIABILITIES:
Payable for fund shares redeemed.................. 156,500 2,068,373
Payable for securities purchased.................. 16,997,430 1,888,603
Payable for securities on loan.................... 119,141,619 12,590,314
Accrued expenses.................................. 202,667 142,516
-------------- ------------
Total liabilities............................... 136,498,216 16,689,806
-------------- ------------
NET ASSETS........................................... $1,486,087,846 $171,343,197
============== ============
SHARES OUTSTANDING ................................. 94,131,571 11,344,108
============== ============
NET ASSET VALUE PER SHARE............................ $ 15.79 $ 15.10
============== ============
</TABLE>
See Notes to Financial Statements.
--18--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES -- (CONCLUDED)
OCTOBER 31, 2000
<TABLE>
<CAPTION>
SMALL
CAPITALIZATION CORE
GROWTH VALUE
PORTFOLIO1 PORTFOLIO2
------------ ------------
<S> <C> <C>
ASSETS:
Investments:
Investments at value.............................. $164,880,852 $22,321,806
Repurchase agreements............................. 17,346,000 158,000
------------ -----------
Total investments............................... 182,226,852 22,479,806
------------ -----------
Cash ............................................. 1,458 792
Receivable for fund shares sold................... 384,500 --
Receivable for securities sold.................... 2,162,848 --
Receivable for collateral on securities loaned.... 15,998,959 1,201,700
Dividends receivable.............................. -- 15,591
Interest receivable............................... 3,108 28
Prepaid expenses.................................. 2,203 1,208
------------ -----------
Total assets.................................... 200,779,928 23,699,125
------------ -----------
LIABILITIES:
Payable for fund shares redeemed.................. 1,844 --
Payable for securities purchased.................. 1,725,484 --
Payable for securities on loan.................... 15,998,959 1,201,700
Accrued expenses.................................. 206,304 25,446
------------ -----------
Total liabilities............................... 17,932,591 1,227,146
------------ -----------
NET ASSETS........................................... $182,847,337 $22,471,979
============ ===========
SHARES OUTSTANDING ................................. 19,838,199 2,144,454
============ ===========
NET ASSET VALUE PER SHARE............................ $ 9.22 $ 10.48
============ ===========
</TABLE>
--------------------------------------------------------------------------------
1 Small Capitalization Growth Portfolio began operations on December 29, 1999.
2 Core Value Portfolio began operations on February 28, 2000.
See Notes to Financial Statements.
--19--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2000
<TABLE>
<CAPTION>
TAX- CORE
GOVERNMENT EXEMPT FIXED
CASH CASH INCOME
PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- -----------
<S> <C> <C> <C>
Investment income:
Interest................................. $23,857,604 $16,312,764 $14,331,362
Income from security lending............. -- -- 28,295
----------- ----------- -----------
Total investment income................ 23,857,604 16,312,764 14,359,657
----------- ----------- -----------
Expenses:
Administration fee....................... 142,356 147,993 68,384
Professional fees........................ 46,173 45,421 32,740
Interest expense......................... -- -- 1,319,839
Pricing fees............................. 3,095 29,956 1,581
Shareholder report expense............... 11,054 9,459 3,814
Shareholder servicing fees .............. 198,652 207,305 92,948
Custodian fee............................ 26,802 23,510 1,743
Directors' fees and expenses............. 7,905 10,075 3,038
Registration, filing fees and other expenses 13,424 14,601 1,524
----------- ----------- -----------
Total expenses......................... 449,461 488,320 1,525,611
----------- ----------- -----------
Net investment income ................... 23,408,143 15,824,444 12,834,046
----------- ----------- -----------
Realized and unrealized loss:
Net realized loss on:
Securities transactions................ -- -- (3,633,391)
----------- ----------- -----------
Net realized loss...................... -- -- (3,633,391)
----------- ----------- -----------
Net change in unrealized appreciation/depreciation of:
Securities............................. -- -- 1,332,627
----------- ----------- -----------
Net unrealized appreciation/depreciation -- -- 1,332,627
----------- ----------- -----------
Net realized and unrealized loss............ -- -- (2,300,764)
----------- ----------- -----------
Net increase in net assets
resulting from operations................ $23,408,143 $15,824,444 $10,533,282
=========== =========== ===========
</TABLE>
See Notes to Financial Statements.
--20--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEAR ENDED OCTOBER 31, 2000
<TABLE>
<CAPTION>
SMALL
STRATEGIC CAPITALIZATION LARGE CAP
EQUITY VALUE VALUE
PORTFOLIO3 PORTFOLIO4 PORTFOLIO
----------- ----------- -----------
<S> <C> <C> <C>
Investment income:
Dividends (net of foreign withholding taxes)1 $ 1,532,428 $ 3,711,434 $ 522,528
Interest................................. 323,849 553,847 5,759
Income from security lending............. 4,490 -- 845
------------ ----------- -----------
Total investment income................ 1,860,767 4,265,281 529,132
------------ ----------- -----------
Expenses:
Investment advisory fee ................. -- 1,552,952 --
Administration fee....................... 59,734 102,084 11,176
Professional fees........................ 38,030 19,952 29,736
Pricing fees............................. 2,528 2,762 1,899
Shareholder report expense............... 9,901 19,978 1,726
Shareholder servicing fees (Advisor Class2) 83,259 636,198 15,461
Shareholder servicing fees (Institutional Class2) -- 13,938 --
Custodian fee............................ 9,965 17,170 1,411
Directors' fees and expenses............. 4,063 5,948 --
Registration, filing fees and other expenses 12,082 97,856 8,733
------------ ----------- -----------
Total expenses......................... 219,562 2,468,838 70,142
------------ ----------- -----------
Net investment income.................... 1,641,205 1,796,443 458,990
------------ ----------- -----------
Realized and unrealized gain (loss): Net realized gain (loss) on:
Securities transactions including options 20,742,547 36,726,329 (82,259)
------------ ----------- -----------
Net realized gain (loss)............... 20,742,547 36,726,329 (82,259)
------------ ----------- -----------
Net change in unrealized appreciation/ depreciation of:
Securities including options........... (10,155,922) 15,619,176 (1,865,394)
------------ ----------- -----------
Net unrealized appreciation/depreciation (10,155,922) 15,619,176 (1,865,394)
------------ ----------- -----------
Net realized and unrealized gain (loss)..... 10,586,625 52,345,505 (1,947,653)
------------ ----------- -----------
Net increase (decrease) in net assets
resulting from operations................ $ 12,227,830 $54,141,948 $(1,488,663)
============ =========== ===========
</TABLE>
--------------------------------------------------------------------------------
1 The Strategic Equity Portfolio had foreign dividend withholding taxes of
$8,485.
2 For Small Capitalization Value Portfolio only.
3 On February 28, 2000, Tax Managed Equity Portfolio changed its name to
Strategic Equity Portfolio.
4 On February 28, 2000, Small Capitalization Equity Portfolio changed its name
to Small Capitalization Value Portfolio.
See Notes to Financial Statements.
--21--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEAR ENDED OCTOBER 31, 2000
<TABLE>
<CAPTION>
INSTITUTIONAL
INTERNATIONAL INTERNATIONAL
PORTFOLIO PORTFOLIO
-------------- -------------
<S> <C> <C>
Investment income:
Dividends (net of foreign withholding taxes)1..... $ 34,485,400 $ 4,879,539
Interest.......................................... 2,460,351 492,164
Income from security lending...................... 696,356 83,111
------------- ------------
Total investment income......................... 37,642,107 5,454,814
------------- ------------
Expenses:
Investment advisory fee .......................... -- 1,643,555
Administration fee................................ 579,912 77,403
Professional fees................................. 163,573 48,882
Pricing fees...................................... 14,153 14,304
Shareholder report expense........................ 6,361 18,242
Shareholder servicing fees ....................... 780,280 --
Custodian fee..................................... 137,330 26,263
Directors' fees and expenses...................... 42,783 4,874
Registration, filing fees and other expenses...... 19,793 7,531
------------- ------------
Total expenses.................................. 1,744,185 1,841,054
------------- ------------
Net investment income............................. 35,897,922 3,613,760
------------- ------------
Realized and unrealized gain (loss): Net realized gain (loss) on:
Securities transactions......................... 132,207,211 18,438,456
Foreign currency transactions................... (5,323,364) (1,050,281)
------------- ------------
Net realized gain............................... 126,883,847 17,388,175
------------- ------------
Net change in unrealized appreciation/ depreciation of:
Securities...................................... (221,615,725) (34,123,669)
Foreign currency translation.................... (135,265) (19,725)
------------- ------------
Net unrealized appreciation/depreciation........ (221,750,990) (34,143,394)
------------- ------------
Net realized and unrealized loss..................... (94,867,143) (16,755,219)
------------- ------------
Net decrease in net assets
resulting from operations......................... $ (58,969,221) $(13,141,459)
============= ============
</TABLE>
--------------------------------------------------------------------------------
1 The International Portfolio and Institutional International Portfolio had
foreign dividend withholding taxes of $4,649,825 and $667,331, respectively.
See Notes to Financial Statements.
--22--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS -- (CONCLUDED)
FOR THE PERIOD ENDED OCTOBER 31, 2000
<TABLE>
<CAPTION>
SMALL
CAPITALIZATION CORE
GROWTH VALUE
PORTFOLIO1 PORTFOLIO2
------------- ----------
<S> <C> <C>
Investment income:
Dividends.......................................... $ 75,644 $ 141,064
Interest........................................... 487,047 25,616
Income from security lending....................... 68,435 1,792
----------- ---------
Total investment income.......................... 631,126 168,472
----------- ---------
Expenses:
Investment advisory fee ........................... 845,536 59,659
Administration fee................................. 33,958 4,793
Professional fees.................................. 67,946 16,730
Pricing fees....................................... 1,184 --
Shareholder report expense......................... 5,190 4,848
Shareholder servicing fees......................... 248,615 6,633
Custodian fee...................................... 3,957 796
Directors' fees and expenses....................... 2,469 326
Registration, filing fees and other expenses....... 26,159 4,396
----------- ---------
Total expenses................................... 1,235,014 98,181
----------- ---------
Net investment income (expenses in excess of
investment income)............................... (603,888) 70,291
----------- ---------
Realized and unrealized loss:
Net realized loss on:
Securities transactions.......................... (9,029,597) (390,071)
----------- ---------
Net realized loss................................ (9,029,597) (390,071)
----------- ---------
Net change in unrealized appreciation/ depreciation of:
Securities....................................... 12,316,319 805,482
----------- ---------
Net unrealized appreciation...................... 12,316,319 805,482
----------- ---------
Net realized and unrealized gain...................... 3,286,722 415,411
----------- ---------
Net increase in net assets
resulting from operations.......................... $ 2,682,834 $ 485,702
=========== =========
</TABLE>
--------------------------------------------------------------------------------
1 Small Capitalization Growth Portfolio began operations on December 29, 1999.
2 Core Value Portfolio began operations on February 28, 2000.
See Notes to Financial Statements.
--23--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED OCTOBER 31, 2000
<TABLE>
<CAPTION>
TAX- CORE
GOVERNMENT EXEMPT FIXED
CASH CASH INCOME
PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ ------------
<S> <C> <C> <C>
Net investment income....................... $ 23,408,143 $ 15,824,444 $ 12,834,046
Net realized loss on:
Securities transactions.................. -- -- (3,633,391)
Net change in unrealized appreciation/
depreciation of:
Securities............................... -- -- 1,332,627
------------ ------------ ------------
Net increase in net assets resulting
from operations.......................... 23,408,143 15,824,444 10,533,282
Distributions to shareholders from:
Net investment income.................... (23,408,143) (15,824,444 )(12,979,062)
Net increase (decrease) in net assets from
capital share transactions............... 7,834,320 87,101,682 (54,146,365)
------------ ------------ ------------
Net increase (decrease) in net assets....... 7,834,320 87,101,682 (56,592,145)
NET ASSETS:
Beginning of year........................... 405,907,448 350,032,482 230,684,188
------------ ------------ ------------
End of year................................. $413,741,768 $437,134,164 $174,092,043
============ ============ ============
</TABLE>
--------------------------------------------------------------------------------
FOR THE YEAR ENDED OCTOBER 31, 1999
<TABLE>
<CAPTION>
TAX- CORE
GOVERNMENT EXEMPT FIXED
CASH CASH INCOME
PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ ------------
<S> <C> <C> <C>
Net investment income....................... $ 23,644,029 $ 11,041,964 $ 15,832,383
Net realized loss on:
Securities transactions.................. -- -- (1,959,380)
Net change in unrealized appreciation/
depreciation of:
Securities............................... -- -- (12,047,888)
------------ ------------ ------------
Net increase in net assets resulting
from operations.......................... 23,644,029 11,041,964 1,825,115
Distributions to shareholders from:
Net investment income.................... (23,644,029) (11,041,964) (15,879,969)
Net decrease in net assets from
capital share transactions............... (24,257,637) (25,891,941) (14,247,142)
------------ ------------ ------------
Net decrease in net assets.................. (24,257,637) (25,891,941) (28,301,996)
NET ASSETS:
Beginning of year........................... 430,165,085 375,924,423 258,986,184
------------ ------------ ------------
End of year................................. $405,907,448 $350,032,482 $230,684,188
============ ============ ============
</TABLE>
See Notes to Financial Statements.
--24--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEAR ENDED OCTOBER 31, 2000
<TABLE>
<CAPTION>
SMALL
STRATEGIC CAPITALIZATION LARGE CAP
EQUITY VALUE VALUE
PORTFOLIO2 PORTFOLIO3 PORTFOLIO
------------ ------------ -----------
<S> <C> <C> <C>
Net investment income....................... $ 1,641,205 $ 1,796,443 $ 458,990
Net realized gain (loss) on:
Securities transactions including options 20,742,547 36,726,329 (82,259)
Net change in unrealized appreciation/
depreciation of:
Securities including options............. (10,155,922) 15,619,176 (1,865,394)
------------ ------------ -----------
Net increase (decrease) in net assets resulting
from operations.......................... 12,227,830 54,141,948 (1,488,663)
Distributions to shareholders from:
Net investment income:
Advisor Class1......................... (1,666,526) (1,535,621) (435,627)
Institutional Class1................... -- (209,096) --
Net realized gain on investments:
Advisor Class1......................... (21,329,302) (14,940,713) (385,068)
Institutional Class1................... -- (1,612,216) --
Net increase (decrease) in net assets from
capital share transactions............... 30,548,682 (47,908,497) (35,617,964)
------------ ------------ -----------
Net increase (decrease) in net assets....... 19,780,684 (12,064,195) (37,927,322)
NET ASSETS:
Beginning of year........................... 148,783,678 281,812,458 59,178,004
------------ ------------ -----------
End of year................................. $168,564,362 $269,748,263 $21,250,682
============ ============ ===========
</TABLE>
--------------------------------------------------------------------------------
FOR THE YEAR ENDED OCTOBER 31, 1999
<TABLE>
<CAPTION>
SMALL
STRATEGIC CAPITALIZATION LARGE CAP
EQUITY VALUE VALUE
PORTFOLIO2 PORTFOLIO3 PORTFOLIO
------------ ------------ -----------
<S> <C> <C> <C>
Net investment income....................... $ 1,803,001 $ 4,097,753 $ 928,494
Net realized gain (loss) on:
Securities transactions including options 14,604,117 (21,112,207) 11,038,346
Net change in unrealized appreciation/depreciation of:
Securities............................... 16,672,595 15,487,511 1,102,108
------------ ------------ -----------
Net increase (decrease) in net assets resulting
from operations.......................... 33,079,713 (1,526,943) 13,068,948
Distributions to shareholders from:
Net investment income:
Advisor Class1......................... (1,837,172) (3,515,853) (1,001,562)
Institutional Class1................... -- (518,163) --
Net realized gain on investments......... (14,731,224) -- (11,060,260)
Net decrease in net assets from
capital share transactions............... (20,328,277) (52,016,589) (8,449,461)
------------ ------------ -----------
Net decrease in net assets.................. (3,816,960) (57,577,548) (7,442,335)
NET ASSETS:
Beginning of year........................... 152,600,638 339,390,006 66,620,339
------------ ------------ -----------
End of year................................. $148,783,678 $281,812,458 $ 59,178,004
============ ============ ===========
</TABLE>
--------------------------------------------------------------------------------
1 For Small Capitalization Value Portfolio only.
2 On February 28, 2000, Tax Managed Equity Portfolio changed its name to
Strategic Equity Portfolio.
3 On February 28, 2000, Small Capitalization Equity Portfolio changed its name
to Small Capitalization Value Portfolio.
See Notes to Financial Statements.
--25--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEAR ENDED OCTOBER 31, 2000
<TABLE>
<CAPTION>
INSTITUTIONAL
INTERNATIONAL INTERNATIONAL
PORTFOLIO PORTFOLIO
-------------- ------------
<S> <C> <C>
Net investment income............................... $ 35,897,922 $3,613,760
Net realized gain (loss) on:
Securities transactions.......................... 132,207,211 18,438,456
Foreign currency transactions.................... (5,323,364) (1,050,281)
Net change in unrealized appreciation/ depreciation of:
Securities....................................... (221,615,725) (34,123,669)
Foreign currency translation..................... (135,265) (19,725)
-------------- ------------
Net decrease in net assets resulting
from operations.................................. (58,969,221) (13,141,459)
Distributions to shareholders from:
Net investment income ........................... (28,767,736) (3,109,428)
Net realized gain on investments................. (97,856,943) (14,960,903)
Net increase in net assets from
capital share transactions....................... 171,122,860 26,603,897
-------------- ------------
Net decrease in net assets.......................... (14,471,040) (4,607,893)
NET ASSETS:
Beginning of year................................... 1,500,558,886 175,951,090
-------------- ------------
End of year ........................................ $1,486,087,846 $171,343,197
============== ============
</TABLE>
--------------------------------------------------------------------------------
FOR THE YEAR ENDED OCTOBER 31, 1999
<TABLE>
<CAPTION>
INSTITUTIONAL
INTERNATIONAL INTERNATIONAL
PORTFOLIO PORTFOLIO
-------------- ------------
<S> <C> <C>
Net investment income............................... $ 33,380,577 $ 2,471,023
Net realized gain (loss) on:
Securities transactions.......................... 84,936,877 7,631,695
Foreign currency transactions.................... (449,376) (165,993)
Net change in unrealized appreciation/ depreciation of:
Securities....................................... 167,629,466 17,099,963
Foreign currency translation..................... (74,442) (5,972)
-------------- ------------
Net increase in net assets resulting
from operations.................................. 285,423,102 27,030,716
Distributions to shareholders from:
Net investment income ........................... (43,332,727) (3,353,836)
Net realized gain on investments................. (81,571,581) (7,782,284)
Net increase in net assets from
capital share transactions....................... 204,848,287 61,329,386
-------------- ------------
Net increase in net assets.......................... 365,367,081 77,223,982
NET ASSETS:
Beginning of year................................... 1,135,191,805 98,727,108
-------------- ------------
End of year......................................... $1,500,558,886 $175,951,090
============== ============
</TABLE>
See Notes to Financial Statements.
--26--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS -- (CONCLUDED)
FOR THE PERIOD ENDED OCTOBER 31, 2000
SMALL
CAPITALIZATION CORE
GROWTH VALUE
PORTFOLIO1 PORTFOLIO2
------------ -----------
Net investment income (expenses in
excess of investment income)................... $ (603,888) $ 70,291
Net realized loss on:
Securities transactions........................ (9,029,597) (390,071)
Net change in unrealized appreciation/
depreciation of:
Securities..................................... 12,316,319 805,482
------------ -----------
Net increase in net assets resulting
from operations................................ 2,682,834 485,702
Distributions to shareholders from:
Net investment income ......................... -- (55,830)
Net increase in net assets from capital
share transactions............................. 180,164,503 22,042,107
------------ -----------
Net increase in net assets........................ 182,847,337 22,471,979
NET ASSETS:
Beginning of period............................... -- --
------------ -----------
End of period..................................... $182,847,337 $22,471,979
============ ===========
--------------------------------------------------------------------------------
1 Small Capitalization Growth Portfolio began operations on December 29, 1999.
2 Core Value Portfolio began operations on February 28, 2000.
See Notes to Financial Statements.
--27--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
STATEMENT OF CASH FLOWS
CORE FIXED INCOME PORTFOLIO
FOR THE YEAR ENDED OCTOBER 31, 2000
OCTOBER 31, 2000
----------------
Cash provided (used) by financing actitivies:
Sales of capital shares................................... $ 7,750,883
Repurchase of capital shares.............................. (62,740,282)
---------------
Cash used in capital share transactions .................. (54,989,399)
Cash provided by borrowing, net of borrowings
repaid ($26,712,500).................................... (625,125)
Dividends and distributions paid.......................... (12,986,374)
---------------
(68,600,898)
Cash provided (used) by operations:
Purchase of portfolio securities.......................... (10,523,051,927)
Proceeds from sales of portfolio securities............... 10,577,358,252
---------------
54,306,325
---------------
Net investment income..................................... 12,834,046
Net change in receivables/payables
related to operations................................... 1,461,546
---------------
14,295,592
68,601,917
---------------
Net increase in cash...................................... 1,019
Cash, beginning of year................................... 643
---------------
Cash, end of year......................................... $ 1,662
===============
See Notes to Financial Statements.
--28--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR
<TABLE>
<CAPTION>
GOVERNMENT CASH PORTFOLIO
----------------------------------------------------
YEAR ENDED OCTOBER 31,
----------------------------------------------------
2000 1999 1998 1997 1996
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of year......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
Net investment income.............. 0.060 0.049 0.051 0.054 0.053
Distributions from net
investment income............... (0.060) (0.049) (0.051) (0.054) (0.053)
-------- -------- -------- -------- --------
Net asset value, end
of year......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total Return1...................... 6.15% 5.00% 5.63% 5.53% 5.46%
======== ======== ======== ======== ========
Ratios to average net assets/ Supplemental data:
Net assets, end of year
(in 000's)...................... $413,742 $405,907 $430,165 $451,038 $452,395
Ratio of operating expenses to
average net assets.............. 0.11% 0.11% 0.11% 0.13% 0.16%
Ratio of net investment income
to average net assets........... 5.96% 4.87% 5.41% 5.39% 5.32%
</TABLE>
--------------------------------------------------------------------------------
1 Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
--29--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR
<TABLE>
<CAPTION>
TAX-EXEMPT CASH PORTFOLIO
----------------------------------------------------
YEAR ENDED OCTOBER 31,
----------------------------------------------------
2000 1999 1998 1997 1996
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of year......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
Net investment income.............. 0.038 0.030 0.034 0.034 0.034
Distributions from net
investment income............... (0.038) (0.030) (0.034) (0.034) (0.034)
-------- -------- -------- -------- --------
Net asset value, end
of year......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total Return1...................... 3.88% 3.02% 3.41% 3.46% 3.42%
======== ======== ======== ======== ========
Ratios to average net assets/ Supplemental data:
Net assets, end of year
(in 000's)...................... $437,134 $350,032 $375,924 $280,950 $224,999
Ratio of operating expenses to
average net assets.............. 0.12% 0.12% 0.13% 0.14% 0.15%
Ratio of net investment income
to average net assets........... 3.82% 2.97% 3.37% 3.40% 3.36%
</TABLE>
--------------------------------------------------------------------------------
1 Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
--30--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR
<TABLE>
<CAPTION>
CORE FIXED INCOME PORTFOLIO
---------------------------------------------------
YEAR ENDED OCTOBER 31,
---------------------------------------------------
2000 1999 1998 1997 1996
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of year......................... $ 10.16 $ 10.70 $ 10.46 $ 10.29 $ 10.36
-------- -------- -------- -------- --------
Income from investment
operations:
Net investment income.............. 0.69 0.63 0.64 0.68 0.66
Net realized and unrealized
gain (loss) on investments...... (0.09) (0.54) 0.24 0.17 (0.08)
-------- -------- -------- -------- --------
Total from investment
operations...................... 0.60 0.09 0.88 0.85 0.58
-------- -------- -------- -------- --------
Less Distributions from:
Net investment income.............. (0.68) (0.63) (0.64) (0.68) (0.65)
-------- -------- -------- -------- --------
Total distributions................ (0.68) (0.63) (0.64) (0.68) (0.65)
-------- -------- -------- -------- --------
Net asset value, end
of year......................... $ 10.08 $ 10.16 $ 10.70 $ 10.46 $ 10.29
======== ======== ======== ======== ========
Total Return1...................... 6.19% 0.91% 9.32% 8.63% 5.88%
======== ======== ======== ======== ========
Ratios to average net assets/ Supplemental data:
Net assets, end of year
(in 000's)...................... $174,092 $230,684 $258,986 $266,733 $259,503
Ratio of operating expenses to
average net assets.............. 0.14% 0.12% 0.11% 0.13% 0.16%
Ratio of gross expenses to
average net assets.............. 1.02%2 0.55%2 0.99%2 0.43%2 0.16%
Ratio of net investment income
to average net assets........... 8.56% 6.08% 6.58% 6.67% 6.37%
Portfolio turnover rate............ 234% 191% 93% 307% 47%
</TABLE>
--------------------------------------------------------------------------------
1 Total return represents aggregate total return for the period indicated.
2 The gross expense ratio includes interest expense. The ratios excluding
interest expense for the years ended October 31, 2000, 1999, 1998 and 1997
were 0.14%, 0.12%, 0.11% and 0.13%, respectively.
See Notes to Financial Statements.
--31--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR
<TABLE>
<CAPTION>
STRATEGIC EQUITY PORTFOLIO2
---------------------------------------------------
YEAR ENDED OCTOBER 31,
---------------------------------------------------
2000 1999 1998 1997 1996
-------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of year......................... $ 22.70 $ 20.69 $ 20.11 $ 16.79 $ 14.67
-------- -------- -------- -------- -------
Income from investment
operations:
Net investment income.............. 0.25 0.28 0.37 0.28 0.41
Net realized and unrealized
gain on investments............. 1.57 4.51 1.02 5.69 3.73
-------- -------- -------- -------- -------
Total from investment
operations...................... 1.82 4.79 1.39 5.97 4.14
-------- -------- -------- -------- -------
Less Distributions from:
Net investment income.............. (0.25) (0.28) (0.36) (0.28) (0.40)
Net realized capital gains......... (3.08) (2.50) (0.45) (2.37) (1.62)
-------- -------- -------- -------- -------
Total distributions................ (3.33) (2.78) (0.81) (2.65) (2.02)
-------- -------- -------- -------- -------
Net asset value, end of year....... $ 21.19 $ 22.70 $ 20.69 $ 20.11 $ 16.79
======== ======== ======== ======== =======
Total Return1...................... 8.49% 23.88% 7.00% 36.39% 28.65%
======== ======== ======== ======== =======
Ratios to average net assets/ Supplemental data:
Net assets, end of year
(in 000's)...................... $168,564 $148,784 $152,601 $140,495 $94,185
Ratio of operating expenses
to average net assets........... 0.14% 0.12% 0.12% 0.13% 0.17%
Ratio of net investment income
to average net assets........... 1.00% 1.17% 1.71% 1.91% 2.26%
Portfolio turnover rate............ 47% 40% 52% 26% 36%
</TABLE>
--------------------------------------------------------------------------------
1 Total return represents aggregate total return for the period indicated.
2 On February 28, 2000, Tax Managed Equity Portfolio changed its name to
Strategic Equity Portfolio.
See Notes to Financial Statements.
--32--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR
<TABLE>
<CAPTION>
SMALL CAPITALIZATION VALUE PORTFOLIO ADVISOR SHARES2
----------------------------------------------------
YEAR ENDED OCTOBER 31,
----------------------------------------------------
2000 1999 1998 1997 1996
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of year......................... $ 15.04 $ 15.28 $ 19.06 $ 16.12 $ 14.98
-------- -------- -------- -------- --------
Income from investment
operations:
Net investment income.............. 0.11 0.20 0.19 0.38 0.33
Net realized and unrealized
gain (loss) on investments...... 3.07 (0.25) (3.66) 6.32 2.38
-------- -------- -------- -------- --------
Total from investment
operations...................... 3.18 (0.05) (3.47) 6.70 2.71
-------- -------- -------- -------- --------
Less Distributions from:
Net investment income.............. (0.11) (0.19) (0.19) (0.37) (0.33)
Net realized capital gains......... (1.07) -- (0.12) (3.39) (1.24)
-------- -------- -------- -------- --------
Total distributions................ (1.18) (0.19) (0.31) (3.76) (1.57)
-------- -------- -------- -------- --------
Net asset value, end
of year......................... $ 17.04 $ 15.04 $ 15.28 $ 19.06 $ 16.12
======== ======== ======== ======== ========
Total Return1...................... 21.43% (0.32)% (18.35)% 41.80% 18.22%
======== ======== ======== ======== ========
Ratios to average net assets/ Supplemental data:
Net assets, end of year
(in 000's)...................... $242,395 $253,357 $307,596 $434,656 $308,415
Ratio of operating expenses
to average net assets........... 0.90% 0.88% 0.76% 0.12% 0.17%
Ratio of net investment income
to average net assets........... 0.62% 1.27% 1.07% 2.00% 2.15%
Portfolio turnover rate............ 67% 77% 42% 59% 37%
</TABLE>
--------------------------------------------------------------------------------
1 Total return represents aggregate total return for the period indicated.
2 On February 28, 2000, Small Capitalization Equity Portfolio changed its name
to Small Capitalization ValuePortfolio.
See Notes to Financial Statements.
--33--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
SMALL CAPITALIZATION VALUE PORTFOLIO INSTITUTIONAL SHARES4
----------------------------------------------------------
FOR THE PERIOD
YEAR ENDED OCTOBER 31, JANUARY 2, 19981
---------------------- THROUGH
2000 1999 OCTOBER 31, 1998
------- ------- ------------------
<S> <C> <C> <C>
Net asset value, beginning
of period.................. $ 15.01 $ 15.29 $ 19.33
------- ------- -------
Income from investment
operations:
Net investment income......... 0.14 0.23 0.15
Net realized and unrealized
gain (loss) on investments. 3.06 (0.24) (3.94)
------- ------- -------
Total from investment
operations................. 3.20 (0.01) (3.79)
------- ------- -------
Less Distributions from:
Net investment income......... (0.13) (0.27) (0.13)
Net realized capital gains.... (1.07) -- (0.12)
------- ------- -------
Total distributions........... (1.20) (0.27) (0.25)
------- ------- -------
Net asset value, end
of period.................. $ 17.01 $ 15.01 $ 15.29
======= ======= =======
Total Return2................. 21.65% (0.10)% (19.69)%
======= ======= =======
Ratios to average net assets/ Supplemental data:
Net assets, end of period
(in 000's)................. $27,353 $28,455 $31,794
Ratio of operating expenses
to average net assets...... 0.70% 0.68% 0.69%3
Ratio of net investment income
to average net assets...... 0.82% 1.47% 1.07%3
Portfolio turnover rate....... 67% 77% 42%
</TABLE>
--------------------------------------------------------------------------------
1 Commencement of operations.
2 Total return represents aggregate total return for the period indicated.
3 Annualized.
4 On February 28, 2000, Small Capitalization Equity Portfolio changed its name
to Small Capitalization Value Portfolio.
See Notes to Financial Statements.
--34--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR
<TABLE>
<CAPTION>
LARGE CAP VALUE PORTFOLIO
-------------------------------------------
YEAR ENDED OCTOBER 31,
-------------------------------------------
2000 1999 1998 1997 1996
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of year......................... $ 11.24 $ 11.77 $ 13.29 $ 11.68 $ 10.34
------- ------- ------- ------- -------
Income from investment
operations:
Net investment income.............. 0.18 0.18 0.24 0.29 0.26
Net realized and unrealized
gain on investments............. (0.15) 2.00 0.35 3.95 1.49
------- ------- ------- ------- -------
Total from investment
operations...................... 0.03 2.18 0.59 4.24 1.75
------- ------- ------- ------- -------
Less Distributions from:
Net investment income.............. (0.16) (0.19) (0.25) (0.29) (0.27)
Net realized capital gains......... (0.08) (2.52) (1.86) (2.34) (0.14)
------- ------- ------- ------- -------
Total distributions................ (0.24) (2.71) (2.11) (2.63) (0.41)
------- ------- ------- ------- -------
Net asset value, end
of year......................... $ 11.03 $ 11.24 $ 11.77 $ 13.29 $ 11.68
======= ======= ======= ======= =======
Total Return1...................... 0.30% 19.59% 4.77% 36.55% 17.13%
======= ======= ======= ======= =======
Ratios to average net assets/ Supplemental data:
Net assets, end of year
(in 000's)...................... $21,251 $59,178 $66,620 $71,177 $50,131
Ratio of operating expenses
to average net assets........... 0.23% 0.13% 0.12% 0.13% 0.15%
Ratio of net investment income
to average net assets........... 1.50% 1.28% 1.74% 2.10% 2.62%
Portfolio turnover rate............ 108% 105% 132% 109% 104%
</TABLE>
--------------------------------------------------------------------------------
1 Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
--35--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR
<TABLE>
<CAPTION>
INTERNATIONAL PORTFOLIO
---------------------------------------------------------
YEAR ENDED OCTOBER 31,
---------------------------------------------------------
2000 1999 1998 1997 1996
---------- ---------- ---------- ---------- --------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of year........................ $ 17.87 $ 15.66 $ 15.11 $ 13.87 $ 12.70
---------- ---------- ---------- ---------- ---------
Income from investment
operations:
Net investment income............. 0.45 0.48 0.37 0.39 0.40
Net realized and unrealized
gain (loss) on investments..... (1.09) 3.33 0.74 1.89 1.29
---------- ---------- ---------- ---------- ---------
Total from investment
operations..................... (0.64) 3.81 1.11 2.28 1.69
---------- ---------- ---------- ---------- ---------
Less Distributions from:
Net investment income............. (0.33) (0.57) (0.40) (0.35) (0.43)
Net realized capital gains........ (1.11) (1.03) (0.16) (0.62) (0.04)
In excess of net realized gains... -- -- -- -- (0.05)
In excess of net investment
income......................... -- -- -- (0.07) --
---------- ---------- ---------- ---------- ---------
Total distributions............... (1.44) (1.60) (0.56) (1.04) (0.52)
---------- ---------- ---------- ---------- ---------
Net asset value, end
of year........................ $ 15.79 $ 17.87 $ 15.66 $ 15.11 $ 13.87
========== ========== ========== ========== =========
Total Return1..................... (3.70)% 24.65% 7.44% 16.35% 13.47%
========== ========== ========== ========== =========
Ratios to average net assets/ Supplemental data:
Net assets, end of year
(in 000's)..................... $1,486,088 $1,500,559 $1,135,192 $1,051,102 $ 643,459
Ratio of operating expenses
to average net assets.......... 0.11% 0.11% 0.13% 0.14% 0.18%
Ratio of net investment income
to average net assets.......... 2.30% 2.52% 2.32% 2.77% 3.05%
Portfolio turnover rate........... 36% 20% 19% 15% 6%
</TABLE>
--------------------------------------------------------------------------------
1 Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
--36--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR
<TABLE>
<CAPTION>
INSTITUTIONAL INTERNATIONAL PORTFOLIO
-------------------------------------------
YEAR ENDED OCTOBER 31,
-------------------------------------------
2000 1999 1998 1997 1996
-------- -------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of year......................... $ 17.82 $ 15.53 $ 14.89 $ 13.67 $ 12.34
-------- -------- ------- ------- -------
Income from investment
operations:
Net investment income.............. 0.33 0.39 0.26 0.27 0.28
Net realized and unrealized
gain (loss) on investments...... (1.37) 3.15 0.81 1.86 1.50
-------- -------- ------- ------- -------
Total from investment
operations...................... (1.04) 3.54 1.07 2.13 1.78
-------- -------- ------- ------- -------
Less Distributions from:
Net investment income.............. (0.24) (0.40) (0.28) (0.22) (0.25)
Net realized capital gains......... (1.44) (0.85) (0.15) (0.61) (0.14)
In excess of net realized
capital gains................... -- -- -- -- (0.06)
In excess of net investment
income.......................... -- -- -- (0.08) --
-------- -------- ------- ------- -------
Total distributions................ (1.68) (1.25) (0.43) (0.91) (0.45)
-------- -------- ------- ------- -------
Net asset value, end
of year......................... $ 15.10 $ 17.82 $ 15.53 $ 14.89 $ 13.67
======== ======== ======= ======= =======
Total Return1...................... (5.87)% 22.98% 7.26% 15.54% 14.46%
======== ======== ======= ======= =======
Ratios to average net assets/ Supplemental data:
Net assets, end of year
(in 000's)...................... $171,343 $175,951 $98,727 $81,659 $58,390
Ratio of operating expenses
to average net assets........... 0.84% 0.86% 0.87% 0.87% 0.95%
Ratio of net investment income
to average net assets........... 1.65% 1.83% 1.58% 1.94% 2.06%
Portfolio turnover rate............ 74% 20% 19% 15% 10%
</TABLE>
--------------------------------------------------------------------------------
1 Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
--37--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
SMALL CAPITALIZATION
GROWTH PORTFOLIO
--------------------
FOR THE PERIOD
DECEMBER 29, 19991
THROUGH
OCTOBER 31, 2000
--------------------
Net asset value, beginning of period............................. $ 10.00
-------
Income from investment operations:
Expenses in excess of investment income.......................... (0.03)
Net realized and unrealized loss on investments.................. (0.75)
-------
Total from investment operations................................. (0.78)
-------
Net asset value, end of period................................... $ 9.22
=======
Total Return2.................................................... (7.80)%
=======
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's)............................. $182,847
Ratio of operating expenses to average net assets................ 1.23%3
Ratio of expenses in excess of income to average net assets...... (0.60)%3
Portfolio turnover rate.......................................... 78%
--------------------------------------------------------------------------------
1 Commencement of operations.
2 Total return represents aggregate total return for the period indicated.
3 Annualized.
See Notes to Financial Statements.
--38--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
CORE VALUE PORTFOLIO
--------------------
FOR THE PERIOD
FEBRUARY 28, 20001
THROUGH
OCTOBER 31, 2000
-----------------
Net asset value, beginning of period........................... $ 10.00
-------
Income from investment operations:
Net investment income.......................................... 0.04
Net realized and unrealized gain on investments................ 0.47
-------
Total from investment operations............................... 0.51
-------
Less Distributions from:
Net investment income.......................................... (0.03)
-------
Total distributions............................................ (0.03)
-------
Net asset value, end of period................................. $ 10.48
=======
Total Return2.................................................. 5.10%
=======
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's)........................... $22,472
Ratio of operating expenses to average net assets.............. 0.74%3
Ratio of net investment income to average net assets........... 0.53%3
Portfolio turnover rate........................................ 62%
--------------------------------------------------------------------------------
1 Commencement of operations.
2 Total return represents aggregate total return for the period indicated.
3 Annualized.
See Notes to Financial Statements.
--39--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
GOVERNMENT CASH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS
OCTOBER 31, 2000
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
-------- --------------
<S> <C> <C>
AGENCY DISCOUNT NOTES1 -- 58.6%
FARMER MAC DISCOUNT NOTE -- 4.8%
$20,000,000 6.43% due 1/5/01 ..................................... $ 19,767,806
-------------
FEDERAL HOME LOAN MORTGAGE CORPORATION -- 20.3%
10,000,000 6.44% due 1/4/01 ..................................... 9,885,511
35,000,000 6.44% due 1/11/01..................................... 34,555,756
20,000,000 6.44% due 1/18/01..................................... 19,720,933
20,000,000 6.42% due 1/25/01..................................... 19,696,833
-------------
83,859,033
-------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 33.5%
80,000,000 6.41% due 11/2/00 .................................... 79,985,756
40,000,000 6.48% due 12/14/00.................................... 39,690,400
9,387,000 6.44% due 1/11/01..................................... 9,267,960
10,000,000 6.43% due 1/18/01..................................... 9,860,683
-------------
138,804,799
-------------
TOTAL AGENCY DISCOUNT NOTES
(Cost $242,431,638)................................. 242,431,638
-------------
AGENCY NOTES -- 4.4%
US GOVERNMENT AGENCIES & OBLIGATIONS -- 4.4%
3,000,000 Federal Home Loan Bank,
6.75% due 10/23/01 ................................. 3,000,000
Student Loan Market Association:
3,000,000 6.895% due 12/21/00 ................................ 3,000,000
6,000,000 6.715% due 2/15/01.................................. 6,000,000
6,000,000 6.765% due 4/19/01.................................. 6,000,000
-------------
TOTAL AGENCY NOTES
(Cost $18,000,000).................................. 18,000,000
-------------
REPURCHASE AGREEMENTS2 -- 37.4%
40,000,000 Bear Stearns, Inc., 6.60% 11/1/00 (dated 10/31/00,
collateralized by $43,652,771 Collateralized Mortgage
Obligation FHR #2132 A, 6.00% due 9/15/26, market value
$40,951,756)........................................ 40,000,000
15,000,000 Bear Stearns, Inc., 6.54% 11/6/00 (dated 9/6/00,
collateralized by $15,537,827 Collateralized Mortgage
Obligation FHR #2156 FQ, 6.97% due 5/15/29, market
value $15,386,881).................................. 15,000,000
</TABLE>
See Notes to Financial Statements.
--40--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
GOVERNMENT CASH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONCLUDED)
OCTOBER 31, 2000
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
------------ ----------------
REPURCHASE AGREEMENTS -- (CONTINUED)
<S> <C> <C>
$12,000,000 Merrill Lynch, Inc., 6.60% 11/1/00 (dated 10/31/00,
collateralized by $12,396,130 Collateralized Mortgage
Obligation FHR #2141 FH, 6.97% due 4/15/29, market
value $12,070,394).................................. $ 12,000,000
10,875,365 Prudential Securities, Inc., 6.63% 11/1/00 (dated 10/31/00,
collateralized by $11,448,387 Collateralized Mortgage
Obligation FHR #2151 JL, 6.00% due 3/15/23, market
value $11,176,487).................................. 10,875,365
15,000,000 Prudential Securities, Inc., 6.52% 12/18/00 (dated 9/19/00,
collateralized by $15,575,326 Collateralized Mortgage
Obligation FNR #1999-19 F, 6.97% due 8/25/23, market
value $15,413,329).................................. 15,000,000
15,000,000 Prudential Securities, Inc., 6.57% 1/2/01 (dated 10/2/00,
collateralized by $15,492,631 Collateralized Mortgage
Obligation FHR #2134 PE, 6.00% due 8/15/8, market
value $15,390,960).................................. 15,000,000
20,000,000 Prudential Securities, Inc., 6.57% 1/3/01 (dated 10/4/00,
collateralized by $21,089,589 Collateralized Mortgage
Obligation FNR #1999-- 19 F, 6.97% due 8/25/23, market
value $20,870,239).................................. 20,000,000
15,000,000 Prudential Securities, Inc., 6.57% 1/4/01 (dated 10/6/00,
collateralized by $15,645,901 Collateralized Mortgage
Obligation FNR #1999-27 FB, 7.02% due 6/25/29, market
value $15,331,731).................................. 15,000,000
12,000,000 Societe Generale Cowen, Inc., 6.59% 11/1/00 (dated
10/31/00, collateralized by $12,131,904 GNMA II #G280169,
7.375% due 2/20/28, market value $12,206,465) ...... 12,000,000
------------
TOTAL REPURCHASE AGREEMENTS
(Cost $154,875,365)................................. 154,875,365
------------
TOTAL INVESTMENTS (Cost $415,307,003)3.................... 100.4% $415,307,003
LIABILITIES IN EXCESS OF OTHER ASSETS..................... (0.4) (1,565,235)
----- ------------
NET ASSETS................................................ 100.0% $413,741,768
===== ============
</TABLE>
--------------------------------------------------------------------------------
1 Rate represents annualized discount yield at date of purchase.
2 Market value disclosed for collateral on repurchase agreements is as of
October 31, 2000. The term repurchase agreements are subject to a seven day
demand feature.
3 Aggregate cost for federal tax purposes.
See Notes to Financial Statements.
--41--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
TAX-EXEMPT CASH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS
OCTOBER 31, 2000
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
----------- -----------
<S> <C> <C>
VARIABLE/FLOATING RATE NOTES1 -- 88.5%
DAILY VARIABLE/FLOATING RATE NOTES -- 39.55%
$1,700,000 California State, Statewide Community Development Authority
Revenue, Certificate Participation, John Muir/ Mt Diablo
Health, (AMBAC Insured), (SPA: Chase Manhattan Bank),
4.45% due 8/15/27................................... $ 1,700,000
5,600,000 Collier County, Florida Health Facilities, Authority Hospital Revenue,
Cleveland Clinic Health System, (SPA: Bank One N.A.),
4.60% due 1/1/33.................................... 5,600,000
7,300,000 Delaware County, Pennsylvania, Industrial Development Authority,
Airport Facilities Revenue, United Parcel Service Project,
4.55% due 12/1/15................................... 7,300,000
3,100,000 District of Columbia, Series B-3, (LOC: Bank of America NT & SA),
4.85% due 6/1/03.................................... 3,100,000
1,900,000 East Baton Rouge Parish, Louisiana, Pollution Control Revenue,
Exxon Project,
4.55% due 11/1/19................................... 1,900,000
3,400,000 Farmington, New Mexico, Pollution Control Revenue, Arizona
Public Service, Series A, (LOC: Barclays Bank PLC),
4.65% due 5/1/29.................................... 3,400,000
2,550,000 Farmington, New Mexico, Pollution Control Revenue, Arizona
Public Service Co, Series B, (LOC: Barclays Bank PLC),
4.65% due 9/1/24.................................... 2,550,000
2,700,000 Forsyth, Montana, Pollution Control Revenue, Pacificorp Project,
(LOC: Rabobank Nederland N.V.),
4.75% due 1/1/18.................................... 2,700,000
1,000,000 Hapeville, Georgia, Development Authority, Industrial Development
Revenue, Hapeville Hotel Limited, (LOC: Deutsche Bank AG),
4.55% due 11/1/15................................... 1,000,000
9,700,000 Harris County, Texas, Health Facilities Development Corporation,
St. Lukes Episcopal Hospital, Series A, (SPA: Morgan
Guaranty Trust),
4.65% due 2/15/27................................... 9,700,000
1,000,000 Hillsborough County, Florida, Industrial Development Authority
Pollution Control Revenue, Tampa Electric Co. Gannon,
4.55% due 5/15/18................................... 1,000,000
4,300,000 Idaho, Health Facilities Authority Revenue, Magic VY Regional
Medical Center Project, (AMBAC Insured),
4.60% due 7/1/30.................................... 4,300,000
</TABLE>
See Notes to Financial Statements.
--42--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
TAX-EXEMPT CASH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
OCTOBER 31, 2000
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
--------- -----------
<S> <C> <C>
VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$2,100,000 Irvine Ranch, California, Water District, (LOC: Toronto--
Dominion Bank),
4.45% due 6/1/15.................................... $ 2,100,000
3,690,000 Irvine, California, Adjustment Assessment, District 87-8,
(LOC: Canadian Imperial Bank),
4.50% due 9/2/22.................................... 3,690,000
4,000,000 Jackson County, Mississippi, Port Facility Revenue, Chevron
USA Inc. Project,
4.60% due 6/1/23.................................... 4,000,000
5,600,000 Kansas City, Kansas, Industrial Development Authority, Hospital
Revenue, Research Health Service System, (MBIA Insured),
(SPA: Bank of America),
4.75% due 4/15/15................................... 5,600,000
1,200,000 La Crosse, Wisconsin, Pollution Control Revenue, Dairyland Power
Cooperative B, (AMBAC Insured),
4.55% due 9/1/14.................................... 1,200,000
2,400,000 Lehigh County, Pennsylvania, General Purpose Authority Revenues,
Lehigh Valley Hospital, Series A, (AMBAC Insured), (SPA: Chase
Manhattan Bank),
4.60% due 7/1/28.................................... 2,400,000
2,000,000 Lehigh County, Pennsylvania, General Purpose Authority Revenues,
Lehigh Valley Hospital, Series B, (MBIA Insured), (SPA: First
Union National Bank),
4.60% due 7/1/29.................................... 2,000,000
12,100,000 Lincoln County, Wyoming, Pollution Control Revenue, Exxon
Project, Series B:
4.55% due 11/1/14................................... 12,100,000
8,800,000 Long Island Power Authority, New York, Electrical Systems Revenue,
Sub Series 5, (LOC: ABN Amro Bank 50%, Morgan Guaranty
Trust 50%),
4.60% due 5/1/33.................................... 8,800,000
4,200,000 Long Island Power Authority, New York, Electrical Systems Revenue,
Series 6, (LOC: ABN Amro Bank 50%, Morgan Guaranty Trust 50%),
4.55% due 5/1/33.................................... 4,200,000
7,400,000 Los Angeles, California, Regional Airports Improvement Corp. Lease
Revenue, Sublease -- L A International -- LAX 2, (LOC: Societe
Generale),
4.65% due 12/1/25................................... 7,400,000
</TABLE>
See Notes to Financial Statements.
--43--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
TAX-EXEMPT CASH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
OCTOBER 31, 2000
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
---------- ------------
<S> <C> <C>
VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$ 800,000 Louisiana, Public Facilities Authority Revenue, Kenner Hotel,
(LOC: Deutsche Bank AG),
4.55% due 12/1/15................................... $ 800,000
2,100,000 Marshall County, West Virginia, Bayer Corp Project,
4.65% due 3/1/09.................................... 2,100,000
2,320,000 Massachusetts State, Health & Educational Facilities Authority
Revenue, Capital Asset Project, Series G-1, (MBIA Insured),
(SPA: Credit Suisse First Boston),
4.10% due 7/1/05.................................... 2,320,000
2,960,000 Metropolitan Nashville Airport American Airlines
(LOC: Credit Suisse 1st Boston),
4.55% due 10/1/12................................... 2,960,000
1,200,000 New Jersey, Economic Development Authority Revenue, Dorado
Terminal, Series B, (LOC: Bank One Chicago N.A.),
4.40% due 12/1/21................................... 1,200,000
New York City, New York, Municipal Water Finance Authority, Water
and Sewer Systems Revenue, Series C, (FGIC Insured):
3,100,000 4.55% due 6/15/22................................... 3,100,000
5,300,000 4.55% due 6/15/23................................... 5,300,000
2,300,000 New York State, Energy Research and Development Authority,
Pollution Control Revenue, New York State Electric & Gas -- C,
(LOC: Morgan Guaranty Trust),
4.55% due 6/1/29.................................... 2,300,000
2,400,000 New York State, Energy Research and Development Authority,
Pollution Control Revenue, New York State Electric & Gas -- D,
(LOC: Bank One Chicago N.A.),
4.55% due 10/1/29................................... 2,400,000
1,300,000 New York, New York, G.O., Subseries A-5, (LOC: KBC Bank N.V.),
4.55% due 8/1/15.................................... 1,300,000
2,800,000 New York, New York, G.O., Subseries B-7, (AMBAC Insured),
(SPA: Morgan Guaranty Trust),
4.55% due 8/1/17.................................... 2,800,000
1,200,000 New York, New York, Series B, (SPA: Bank of Austria),
4.55% due 8/15/03................................... 1,200,000
900,000 New York, New York, Sub Series A-5, (LOC: KBC Bank N.V.),
4.55% due 8/1/16.................................... 900,000
1,400,000 North Carolina State, Medical Care Community Revenue, Carol
Woods Project, (LOC: Bank of America N.A.),
4.60% due 4/1/21.................................... 1,400,000
</TABLE>
See Notes to Financial Statements.
--44--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
TAX-EXEMPT CASH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
OCTOBER 31, 2000
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
--------- ------------
<S> <C> <C>
VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$ 700,000 North Central Texas, Health Facilities Development Corp. Revenue,
Presbyterian Medical Center, Series D, (MBIA Insured),
(SPA: Chase Manhattan Bank),
4.65% due 12/1/15................................... $ 700,000
4,500,000 Orange County, California, Sanitation Districts, Certificate of
Participation, (LOC: Dexia/Credit Local de France),
4.50% due 8/1/30.................................... 4,500,000
1,800,000 Perry County, Mississippi, Pollution Control Revenue, Leaf
River Forest Project, (LOC: Wachovia Bank),
4.65% due 3/1/02.................................... 1,800,000
2,000,000 Port of Portland, Oregon, Pollution Control Revenue, Reynold
Metals, (LOC: Bank of Nova Scotia),
4.70% due 12/1/09................................... 2,000,000
2,200,000 Princeton, Indiana, Pollution Control Revenue, PSI Energy Project,
(LOC: Morgan Guaranty Trust),
4.55% due 4/1/22.................................... 2,200,000
11,800,000 Roanoke, Virginia, Industrial Development Authority, Hospital
Revenue, Carilion Health Systems, Series B,
(SPA: Bank of America),
4.65% due 7/1/27.................................... 11,800,000
1,000,000 Salt Lake County, Utah, Pollution Control Revenue, Service Station
Holdings Project, (British Petroleum),
4.60% due 2/1/08.................................... 1,000,000
9,500,000 St. Lucie County, Florida, Pollution Control Revenue, Florida
Power & Light Company Project,
4.70% due 9/1/28.................................... 9,500,000
3,221,000 Tustin, California, Improvement Bond Act 1915, (LOC: KBC Bank N.V.),
4.50% due 9/2/13.................................... 3,221,000
5,700,000 Unita County, Wyoming, Pollution Control Revenue, Chevron
USA Inc. Project,
4.60% due 8/15/20................................... 5,700,000
1,200,000 Washington State, Health Care Facility Authority Revenue, Fred
Hutchinson Cancer Center, Series A, (LOC: Morgan Guaranty Trust),
4.75% due 1/1/18.................................... 1,200,000
1,500,000 Washington State, Health Care Facility Authority Revenue, Sisters
Providence, Series E, (SPA: Rabobank Nederland),
4.65% due 10/1/05................................... 1,500,000
------------
TOTAL DAILY VARIABLE/FLOATING RATE NOTES
(Cost $172,941,000)................................. 172,941,000
------------
</TABLE>
See Notes to Financial Statements.
--45--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
TAX-EXEMPT CASH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
OCTOBER 31, 2000
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
---------- -------------
<S> <C> <C>
VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
WEEKLY VARIABLE/FLOATING RATE NOTES -- 48.7%
$1,000,000 Alabama State, Special Care Facilities, Finance Authority,
Montgomery Hospital Revenue, (FGIC Insured),
(SPA: Barclays Bank),
4.40% due 4/1/15.................................... $ 1,000,000
8,100,000 Burke County, Georgia, Development Authority, Pollution Control
Revenue, Oglethorpe Power Corporation, Series A, (FGIC Insured),
(SPA: Credit Local de France),
4.30% due 1/1/19.................................... 8,100,000
800,000 California State, Health Facilities, Financing Authority Revenue,
Childrens Hospital Project, (MBIA Insured), (SPA:Rabobank
Nederland N.V.),
4.00% due 11/1/21................................... 800,000
3,820,000 Charlotte, North Carolina, Airport Revenue, Series A,
(MBIA Insured), (SPA: Commerzbank),
4.25% due 7/1/16.................................... 3,820,000
1,980,000 Chicago, Illinois, O'Hare International Airport Revenue, General
Airport 2nd Lien -- A, (LOC: Societe Generale),
4.40% due 1/1/15.................................... 1,980,000
5,790,000 Clayton County, Georgia, Housing Authority, Multi-Family Housing
Revenue, Ten Oaks Apartments, Series F, (FSA Insured),
(SPA: Societe Generale),
4.40% due 1/1/21.................................... 5,790,000
1,700,000 Colton, California, Redevelopment Agency, Multi-Family Revenue,
Issue A, (Guaranteed by Federal Home Loan Bank),
3.40% due 5/1/10.................................... 1,700,000
10,100,000 Connecticut State, Health and Education Facilities Authority
Revenue, Yale University, Series T-2,
4.20% due 7/1/27.................................... 10,100,000
1,045,000 Dade County, Florida, Aviation Revenue, Series A,
(LOC: Morgan Guaranty),
4.35% due 10/1/09................................... 1,045,000
2,600,000 Dauphin County, Pennsylvania, General Authority Revenue, School
District Pooled Financing Program II, (AMBAC Insured),
(LOC:Bank of Nova Scotia)
4.00% due 9/1/32.................................... 2,600,000
1,000,000 Delaware State, River & Bay Authority, Series B, (AMBAC Insured),
(SPA: Dexia Public Finance Bank),
3.80% due 1/1/30.................................... 1,000,000
</TABLE>
See Notes to Financial Statements.
--46--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
TAX-EXEMPT CASH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
OCTOBER 31, 2000
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
---------- -------------
<S> <C> <C>
VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$1,900,000 Durham, North Carolina, G.O., Public Improvement,
(LOC:Wachovia Bank)
4.30% due 2/1/13.................................... $ 1,900,000
1,085,000 Ewing, Kentucky, (SPA: First Union National Bank),
4.45% due 6/1/33.................................... 1,085,000
600,000 Fairfax County, Virginia, Industrial Development Authority Revenue,
Fairfax Hospital System, Series C,
4.35% due 10/1/16................................... 600,000
1,675,000 Gettysburg, Pennsylvania, Area Industrial Development, Brethren
Home County, Project A, (LOC: First Union National Bank),
4.35% due 6/1/24.................................... 1,675,000
2,000,000 Gloucester County, New Jersey, Industrial Pollution Control Financing
Authority Revenue, Mobil Oil Refining Company Project,
4.15% due 12/1/13................................... 2,000,000
5,000,000 Golden Empire, California, School Financing Authority, Kern
High School District Projects, (LOC: Canadian Imperial Bank),
3.70% due 8/1/26.................................... 5,000,000
2,800,000 Hamilton County, Ohio, Hospital Facilities Revenue, Health Alliance
of Greater Cincinnati, Series E, (MBIA Insured), (SPA: Credit Suisse
First Boston),
4.35% due 1/1/18.................................... 2,800,000
Illinois State, Health Facilities Authority Revenue, Swedish Covenant
Hospital Project, (AMBAC Insured), (SPA: First National
Bank of Chicago):
2,600,000 4.40% due 11/15/24.................................. 2,600,000
600,000 4.40% due 8/1/25.................................... 600,000
5,900,000 Illinois State, Housing Development Authority, Housing Revenue,
Illinois Center Apartments, (Met Life Guaranty Insured),
(SPA: KBC Bank),
4.35% due 1/1/08.................................... 5,900,000
2,100,000 Iowa State, Higher Education Loan Authority, Private College
Facilities Revenue, (MBIA Insured), (SPA: Chase Manhattan Bank),
4.40%due 12/1/15.................................... 2,100,000
1,000,000 Knox County, Tennessee, Industrial Development Board, Industrial
Revenue, Professional Plaza LTD Project, (FGIC Insured),
(SPA: Bank of Boston),
4.35%due 12/1/14.................................... 1,000,000
</TABLE>
See Notes to Financial Statements.
--47--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
TAX-EXEMPT CASH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
OCTOBER 31, 2000
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
---------- ------------
<S> <C> <C>
VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$8,000,000 Lisle, Illinois, Multi-Family Revenue, Four Lakes Phase V,
(Guaranteed by FNMA)
4.30%due 9/15/26.................................... $ 8,000,000
2,700,000 Los Angeles County, California, Pension Obligation, Series C,
(AMBAC Insured), (SPA: Bank of Nova Scotia),
3.75% due 6/30/07................................... 2,700,000
3,215,000 Los Angeles, California, Multifamily Revenue, Series K,
(Guaranteed by Federal Home Loan Bank),
3.85% due 7/1/10.................................... 3,215,000
3,040,000 Louisiana State, Public Facilities Authority Revenue, College and
University Equipment and Capital, Series A, (FGIC Insured),
(SPA: Societe Generale),
4.40% due 9/1/10.................................... 3,040,000
4,100,000 Louisiana State, Public Facilities Authority Revenue, Multi-Family
Mortgage -- Emberwood, (General Electric Capital
Guaranty Insured),
4.30% due 10/1/22................................... 4,100,000
7,700,000 Massachusetts State, Health & Educational Facilities Authority
Revenue, Amherst College, Series F,
4.25% due 11/1/26................................... 7,700,000
700,000 Massachusetts State, Health & Educational Facilities Authority
Revenue, Capital Asset Project, Series G-1, (MBIA Insured),
(SPA: Credit Suisse First Boston),
4.15% due 1/1/19.................................... 700,000
1,000,000 Massachusetts State, Housing Finance, Multi-Family Housing Project,
Series A, (Guaranteed by FNMA),
4.20% due 1/15/10................................... 1,000,000
9,700,000 Massachusetts State, Water Resource Authority, Series B,
(LOC: Landesbank Hessen-Thuringen),
4.20% due 8/1/28.................................... 9,700,000
5,400,000 Mecklenburg County, North Carolina, G.O., Public Improvement,
Series C, (SPA: First Union National Bank),
4.35% due 2/1/18.................................... 5,400,000
1,300,000 Michigan State, Strategic Fund, Industrial Development Revenue,
Allen Group Incorporation Project, (LOC: Dresdner Bank, AG),
4.30% due 11/1/25................................... 1,300,000
6,700,000 Missouri State, Health and Education Facilities Authority, Christian
Health Services, Series B, (LOC: Morgan Guaranty Trust),
4.30% due 12/1/19................................... 6,700,000
</TABLE>
See Notes to Financial Statements.
--48--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
TAX-EXEMPT CASH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
OCTOBER 31, 2000
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
---------- -------------
<S> <C> <C>
VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$5,000,000 Moffat County, Colorado, Pollution Control Revenue, Fixed Colorado
United Electric, (AMBAC Insured), (SPA: Societe Generale),
4.45% due 7/1/10.................................... $ 5,000,000
5,400,000 Montgomery County, Maryland, Housing Opportunity Commission,
Multi-Family Mortgage -- Falklands, Series B, (Connecticut
General Life Insured),
4.50% due 8/1/15.................................... 5,400,000
1,500,000 Mountain View, California, Multi-Family Housing Revenue,
(FGIC Insured),
3.95% due 3/1/17.................................... 1,500,000
1,300,000 Municipal Electric Authority, Georgia Project Sub E,
(LOC: ABN AMRO Bank N.V.),
4.45% due 1/1/26.................................... 1,300,000
1,200,000 New Jersey State, Economic Development Authority, Pollution
Control Revenue, Public Services Electric and Gas Company,
Series A, (MBIA Insured), (SPA: UBS AG),
4.15% due 9/1/12.................................... 1,200,000
4,200,000 New Jersey State, Turnpike Authority Revenue, Series D,
(FGIC Insured), (SPA: Societe Generale),
4.15% due 1/1/18.................................... 4,200,000
7,600,000 New York City, New York, Transitional Financial Authority Revenue,
Future Tax Secured, Series A-1, (SPA: Commerzbank AG),
4.20% due 11/15/28.................................. 7,600,000
4,300,000 New York State, Housing Finance Agency Revenue, Liberty View,
Series A, (Guaranteed by FNMA),
4.20% due 11/15/19.................................. 4,300,000
12,000,000 New York State, Local Government Assistance Corporation,
Series B, (LOC: Bayerische Landesbank 50%, Westdeutsche
Landesbank 50%),
4.10% due 4/1/23.................................... 12,000,000
900,000 New York State, Medical Care Facilities, Finance Agency Revenue,
Lenox Hill Hospital, Series A, (LOC: Chase Manhattan Bank),
4.25% due 11/1/08................................... 900,000
1,000,000 Ohio State University, Ohio, General Receipts,
4.25% due 12/1/07................................... 1,000,000
8,955,000 Ohio State, Water Development Authority Pollution Control
Facilities Revenue, Duqesne LT Co., Series C,
(LOC: Bank of New York),
4.35% due 11/1/29................................... 8,955,000
</TABLE>
See Notes to Financial Statements.
--49--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
TAX-EXEMPT CASH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
OCTOBER 31, 2000
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
---------- -------------
<S> <C> <C>
VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$4,600,000 Port Kalama, Washington, Public Corporation Port, Conagra
Incorporated Project, (LOC: Morgan Guaranty Trust),
4.45% due 1/1/04.................................... $ 4,600,000
2,200,000 Scottsdale, Arizona, Industrial Development Authority, Hospital
Revenue, Scottsdale Memorial Health Systems, Series B,
(AMBAC Insured), (SPA: Credit Local de France),
4.25% due 9/1/22.................................... 2,200,000
1,000,000 Seattle, Washington, Municipal Light and Power Revenue,
(SPA: Morgan Guaranty Trust),
4.40% due 11/1/18................................... 1,000,000
2,095,000 Texas, Texas Higher Education Authority Incorporated, Series B,
(FGIC Insured),
4.40% due 12/1/25................................... 2,095,000
4,200,000 Tulsa, Oklahoma, Industrial Authority Revenue, University of Tulsa,
Series B, (MBIA Insured), (SPA: Credit Local de France),
4.40% due 10/1/26................................... 4,200,000
2,420,000 University of Utah, Utah, University Revenue, Auxiliary and Campus
Facilities, Series A, (SPA: Bank of Nova Scotia),
4.40% due 4/1/27.................................... 2,420,000
5,000,000 Utah State, Board of Regents, Student Loan Revenue, Series B,
(AMBAC Insured), (SPA: Dresdner Bank AG),
4.30% due 11/1/00................................... 5,000,000
6,000,000 Valdez, Alaska, Marine Terminal Revenue, Mobil Oil Pipeline-- A,
Marine Term Revenue,
4.30% due 11/1/03................................... 6,000,000
3,900,000 Washington State, G.O., Series 1996A,
(LOC: Landesbank Hessen-Thuer)
4.30% due 6/1/20.................................... 3,900,000
5,775,000 Washington State, Housing Finance Commission, Multi-Family
Mortgage Revenue, Pacific First Federal Project, Series A,
(Guaranteed by FHLB),
4.35% due 7/1/20.................................... 5,775,000
3,400,000 York County, Pennsylvania, Industrial Development Authority,
Pollution Control Revenue, Public Service Electric & Gas Project,
Series A, (MBIA Insured), (SPA: UBS AG),
4.35% due 9/1/20.................................... 3,400,000
-------------
TOTAL WEEKLY VARIABLE/FLOATING RATE NOTES
(Cost $212,695,000)................................. 212,695,000
-------------
</TABLE>
See Notes to Financial Statements.
--50--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
TAX-EXEMPT CASH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
OCTOBER 31, 2000
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
---------- -------------
<S> <C> <C>
VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
MONTHLY VARIABLE/FLOATING RATE NOTES -- 0.3%
$1,400,000 New Hampshire State, Industrial Development Authority Revenue,
Oerlikon-Buhrle USA, (LOC: UBS AG),
4.45% due 7/1/13.................................... $ 1,400,000
-------------
TOTAL MONTHLY VARIABLE/FLOATING RATE NOTES
(Cost $1,400,000)................................... 1,400,000
-------------
TOTAL VARIABLE/FLOATINGRATENOTES
(Cost $387,036,000)................................. 387,036,000
-------------
PUT OPTION BONDS2 -- 0.7%
3,000,000 Utah, Utah County Environmental Revenue, USX Corporation
Project, (LOC: Wachovia Bank),
3.85% due 11/2/00................................... 3,000,000
-------------
TOTAL PUTOPTIONBONDS
(Cost $3,000,000)................................... 3,000,000
------------------
FIXED RATE BONDS -- 10.6%
1,500,000 Alleghany County, Pennsylvania, Series C-- 38, (AMBAC Insured),
Prerefunded-- 9/1/01 @ $100,
6.50% due 9/1/10.................................... 1,530,362
2,000,000 Brownsville, Texas, Public Improvement, Prerefunded--
2/15/01 @ $100,
6.75% due 2/15/12................................... 2,014,313
1,830,000 Clark County, Kentucky, Pollution Control Revenue, East Kentucky
Power National Rural, Series J-1, (CFC Insured),
4.15% due 10/15/14.................................. 1,830,000
1,000,000 Delaware State, G.O.,
6.125% due 4/1/01................................... 1,007,667
1,000,000 El Paso, Texas, G.O., (Escrowed to Maturity)
7.00% due 8/15/01................................... 1,020,025
4,595,000 Harrisburg, Pennsylvania, Authority Lease Revenue, (FSA Insured),
Prerefunded -- 6/1/01 @ $101
6.25% due 6/1/10.................................... 4,698,961
1,500,000 Hawaii State, Series BT, Prerefunded-- 2/1/01 @ $101,
6.125% due 2/1/07................................... 1,521,830
</TABLE>
See Notes to Financial Statements.
--51--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
TAX-EXEMPT CASH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
OCTOBER 31, 2000
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
---------- -------------
<S> <C> <C>
FIXED RATE BONDS -- (CONTINUED)
$1,730,000 Illinois, Health Facilities Authority Revenue, Beverly Farm
Foundation, Prerefunded-- 12/15/00 @ $103,
9.125% due 12/15/15................................. $ 1,788,402
2,175,000 Indianapolis, Indiana, Public Improvement, Series B,
Prerefunded-- 2/1/01 @ $102,
6.125% due 2/1/08................................... 2,228,243
1,000,000 Kentucky State, Property and Buildings Community Revenue,
Project 50, Prerefunded-- 2/1/01 @ $100,
6.00% due 2/1/10.................................... 1,004,352
1,500,000 Monmouth County, New Jersey, G.O.,
5.00% due 7/1/01.................................... 1,505,732
2,000,000 Nevada State, Series A, G.O., Prerefunded-- 5/1/01 @ $101
6.00% due 5/1/11.................................... 2,033,453
1,000,000 Northumberland County, Pennsylvania, Authority Commonwealth
Lease Revenue, Prerefunded -- 10/15/01 @ $100,
6.25% due 10/15/09.................................. 1,017,664
1,500,000 Pennsylvania, Pennsylvania State Higher Educational Facility
Authority, Thomas Jefferson University, Prerefunded--
11/1/00 @ $102,
7.55% due 11/1/10................................... 1,530,000
3,000,000 Philadelphia, Pennsylvania, Tax and Revenue Anticipation Notes,
Series A,
5.00% due 6/29/01................................... 3,012,102
2,000,000 Pittsburgh, Pennsylvania, School District, Series D, (AMBAC Insured),
Prerefunded-- 8/1/01 @ $100,
6.75% due 8/1/16.................................... 2,041,021
3,000,000 Ridley Park, Pennsylvania, Hospital Authority Revenue, Taylor
Hospital, Series A, Prerefunded-- 12/1/00 @ $102,
8.625% due 12/1/20.................................. 3,068,739
8,000,000 Texas State, Tax & Revenue Anticipation Notes,
5.25% due 8/31/01................................... 8,063,688
1,135,000 Upper Moreland Turnpike, Pennsylvania, School District, Series A,
Prerefunded -- 2/15/01 @ $100,
5.85% due 8/15/16................................... 1,140,416
</TABLE>
See Notes to Financial Statements.
--52--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
TAX-EXEMPT CASH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONCLUDED)
OCTOBER 31, 2000
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
---------- ------------
<S> <C> <C>
FIXED RATE BONDS -- (CONTINUED)
$3,000,000 Westmoreland County, Pennsylvania,
Prerefunded -- 8/1/01 @ $100,
6.70% due 8/1/09.................................... $ 3,060,265
1,000,000 West York, Pennsylvania, Area School District, (FGIC State Aid
Withholding), Prerefunded -- 3/1/01 @ $100,
6.90% due 3/1/06.................................... 1,008,594
------------
TOTAL FIXED RATE BONDS
(Cost $46,125,829).................................. 46,125,829
------------
TOTAL INVESTMENTS (Cost $436,161,829)3.................... 99.8% $436,161,829
OTHER ASSETS IN EXCESS OF LIABILITIES .................... 0.2 972,335
----- ------------
NET ASSETS................................................ 100.0% $437,134,164
===== ============
</TABLE>
--------------------------------------------------------------------------------
1 Demand security; payable upon demand by the Fund with usually no more than
thirty (30) calendar days' notice. Interest rates are redetermined
periodically. Rates shown are those in effect as of October 31, 2000.
2 Dates shown are put dates.
3 Aggregate cost for federal tax purposes.
Abbreviations:
AMBAC -- AMBAC Assurance Corporation
CFC -- Cooperative Finance Corporation
FGIC -- Financial Guaranty Insurance Corporation
FHLB -- Federal Home Loan Board
FNMA -- Federal National Mortgage Association
FSA -- Financial Security Assurance
GO -- General Obligation
LOC -- Letter of Credit
MBIA -- Municipal Bond Investors Assurance
SPA -- Stand-By Purchase Agreement
UBS -- UnitedBank of Switzerland
See Notes to Financial Statements.
--53--
<PAGE>
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THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
CORE FIXED INCOME PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS
OCTOBER 31, 2000
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
------------- -------------
<S> <C> <C>
MORTGAGE-BACKED SECURITIES1 -- 37.2%
COUNTRYWIDE SECURITIES CORP. -- 1.0%
$ 1,924,910 Countrywide 1998-6 A, 6.50% due 6/25/13 .............. $ 1,859,213
-------------
FEDERAL HOME LOAN MORTGAGE CORPORATION -- 2.0%
90,759 #555359, 6.50% due 4/1/08 ............................ 89,175
831,188 #D78677, 8.00% due 3/1/27 ............................ 843,722
803,756 #D84894, 8.00% due 12/1/27 ........................... 815,251
179,545 #G00807, 9.50% due 3/1/21 ............................ 188,002
1,518,367 #G10753, 6.50% due 9/1/09 ............................ 1,502,101
-------------
3,438,251
-------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 34.2%
11,600,000 #252806, 6.50% due 8/15/04 ........................... 11,587,333
1,370,842 #252806, 7.50% due 10/1/29............................ 1,369,642
443,025 #313795, 9.50% due 11/25/27 .......................... 464,619
242,249 #313796, 9.50% due 11/25/27 .......................... 254,119
1,254,062 #313815, 6.50% due 11/25/27 .......................... 1,240,227
955,360 #373328, 8.00% due 3/1/27 ............................ 967,763
2,324,804 #390895, 8.00% due 6/1/27 ............................ 2,354,985
4,494,269 #393877, 7.50% due 7/1/27 ............................ 4,494,829
1,049,679 #395680, 7.50% due 8/1/27 ............................ 1,049,810
910,183 #395715, 8.00% due 8/1/27 ............................ 921,999
4,849,478 #397602, 8.00% due 8/1/27 ............................ 4,912,434
1,104,870 #398674, 7.50% due 9/1/27 ............................ 1,105,008
1,054,718 #405845, 8.00% due 11/1/27 ........................... 1,068,410
700,306 #44174, 6.50% due 11/1/03 ............................ 688,406
143,750 #523497, 7.50% due 11/1/29 ........................... 143,625
2,016,000 TBA, 8.00% due 9/1/21 ................................ 2,039,940
25,879,000 TBA, 6.50% due 11/1/27................................ 24,868,114
-------------
59,531,263
-------------
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $64,916,939).................................. 64,828,727
-------------
COLLATERALIZED MORTGAGE OBLIGATIONS1 -- 2.2%
3,947,649 Credit-Based Asset Servicing, 6.50% due 9/25/26 ...... 3,865,182
-------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $3,687,105)................................... 3,865,182
-------------
</TABLE>
See Notes to Financial Statements.
--54--
<PAGE>
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THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
CORE FIXED INCOME PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
OCTOBER 31, 2000
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
-------------- ------------
<S> <C> <C>
INTEREST-ONLY SECURITIES3 -- 2.9%
$ 1,240,249 FHG #16 PQ, 7.00% due 4/25/21 ........................ $ 152,770
830,892 FHR #1529 JB, 7.00% due 3/15/06 ...................... 134,922
212,349 FHR #1544 H, 6.50% due 6/15/08 ....................... 2,461
12,900,000 FHR #1611 L, 7.00% due 11/15/23 ...................... 3,672,166
261,037 FHR #1697 PV, 6.00% due 4/15/06 ...................... 3,583
1,048,863 FNR #1997-40 PK, 7.00% due 7/18/19 ................... 54,067
3,846,153 FNR #93-135 PI, 6.50% due 7/25/08 .................... 745,523
686,059 FNR #93-167 L, 7.00% due 8/25/19 ..................... 44,465
621,962 FNR #93-147 K, 7.00% due 6/25/20 ..................... 37,688
2,629,766 UAC #97-B I, 1.85% due 6/8/27 ........................ 7,784
22,762,758 UAC #99-AI, 0.80% due 9/8/06 ......................... 147,594
------------
TOTAL INTEREST-ONLY SECURITIES
(Cost $5,066,004)................................... 5,003,023
------------
CORPORATE NOTES -- 29.8%
Associates Corp. of North America:
1,125,000 6.00% due 4/15/03 .................................. 1,104,446
4,000,000 5.75% due 11/1/03................................... 3,880,036
5,000,000 AT&T Corp., 6.00% due 3/15/09 ........................ 4,388,195
3,500,000 DaimlerChrysler National Holding, 7.20% due 9/1/09 ... 3,395,105
3,000,000 Electronic Data Systems, 7.45% due 10/15/29 .......... 2,893,200
4,000,000 General Electric Capital Corp.,2 6.70% due 10/1/02 ... 4,003,748
4,000,000 Goldman Sachs Group, 6.65% due 5/15/09 ............... 3,753,880
5,000,000 IBM Corp.,2 5.375% due 2/1/09 ........................ 4,429,200
5,700,000 Lucent Technologies, 6.45% due 3/15/29 ............... 4,449,192
5,000,000 Merrill Lynch and Co., 6.00% due 2/17/09 ............. 4,550,875
4,000,000 Morgan Stanley Dean Witter, 7.125% due 1/15/03 ....... 4,023,504
3,280,000 Rohm and Haas Co., 7.85% due 7/15/29 ................. 3,209,939
4,000,000 Vodafone Airtouch 144a, 7.625% due 2/15/05 ........... 4,067,884
3,700,000 Wal-Mart Stores, 6.875% due 8/10/09 .................. 3,674,729
------------
TOTAL CORPORATE NOTES
(Cost $55,051,266).................................. 51,823,933
------------
</TABLE>
See Notes to Financial Statements.
--55--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
CORE FIXED INCOME PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
OCTOBER 31, 2000
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
----------- ------------
<S> <C> <C>
US TREASURY NOTES/BONDS -- 26.2%
US Treasury Notes:
$ 6,000,000 6.125% due 8/31/022 ................................ $ 6,014,256
20,000,000 6.75% due 5/15/054 ................................. 20,734,380
6,000,000 5.75% due 8/15/104.................................. 5,994,378
1,000,000 7.25% due 8/15/22 .................................. 1,150,221
11,550,000 6.125% due 11/15/27................................. 11,807,727
------------
TOTAL US TREASURY NOTES/BONDS
(Cost $44,934,735).................................. 45,700,962
------------
REPURCHASE AGREEMENTS -- 31.3%
13,500,000 Bear Stearns, Inc., 6.60% 11/1/00 (dated 10/31/00, collateralized
by $14,711,071 FHR #2132 A, 6.00%
due 9/15/26, market value $13,897,548).............. 13,500,000
317,000 Goldman Sachs & Co., 6.475% 11/1/00 (dated 10/31/00
collateralized by $280,000 US Treasury Bonds, 10.75%
due 5/15/03, market value $324,780)................. 317,000
13,500,000 Merrill Lynch, Inc., 6.60% 11/1/00 (dated 10/31/00,
collateralized by $13,945,983 FHR #2141 FH, 6.97%
due 04/15/29, market value $13,775,842)............. 13,500,000
13,700,000 Prudential Securities, 6.63% 11/1/00 (dated 10/31/00
collateralized by $13,988,248 FNARM # 489786, 6.43%
due 10/1/28, market value $13,978,456).............. 13,700,000
13,500,000 Salomon Smith Barney, Inc., 6.49% 11/1/00 (dated 10/31/00,
collateralized by $10,400,000 US Treasury Notes, 8.88%
due 08/15/17, market value $13,780,000) ............ 13,500,000
------------
TOTAL REPURCHASE AGREEMENTS
(Cost $54,517,000).................................. 54,517,000
------------
TOTAL INVESTMENTS (Cost $228,173,049)5.................... 129.6% $225,738,827
</TABLE>
See Notes to Financial Statements.
--56--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
CORE FIXED INCOME PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONCLUDED)
OCTOBER 31, 2000
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
----------- -------------
<S> <C> <C>
REVERSE REPURCHASE AGREEMENTS ............................. (15.3)%
$ 6,000,000 Merrill Lynch, Inc., 2.50% 11/1/00 (dated 10/31/00,
collateralized by $6,000,000 US Treasury Notes, 5.75%
due 08/15/10, market value $5,994,378).............. $ (5,962,500)
20,000,000 Merrill Lynch, Inc., 6.40% 11/1/00 (dated 10/31/00,
collateralized by $20,000,000 US Treasury Notes, 6.75%
due 5/15/05, market value $20,734,380) ............. (20,750,000)
------------
TOTAL REVERSE REPURCHASE AGREEMENTS
(Cost $(26,712,500))................................ (26,712,500)
------------
LIABILITIES IN EXCESS OF OTHER ASSETS..................... (14.3) (24,934,284)
----- ------------
NET ASSETS................................................ 100.0% $174,092,043
===== ============
</TABLE>
--------------------------------------------------------------------------------
1 Represents current face amount at October 31, 2000.
2 Securities or partial securities on loan.
3 Face amount represents notional amount.
4 Collateral for reverse repurchase agreements.
5 Aggregate cost for federal tax purposes was $228,184,462.
Abbreviations:
TBA -- To be announced.
144A -- Security exempt from registration under Rule 144A of the Securities
Act of 1933. This security may be resold in transactions exempt from
registrations, normally to qualified institutional buyers. These
securities comprise 2.33% of net assets of the Fund.
See Notes to Financial Statements.
--57--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
STRATEGIC EQUITY PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS
OCTOBER 31, 2000
<TABLE>
<CAPTION>
SHARES VALUE
------- -------------
<S> <C> <C> <C>
COMMON STOCKS -- 98.1%
AEROSPACE & DEFENSE -- 1.7%
40,500 United Technologies Corp. ............................ $ 2,827,406
-------------
BANKING -- 1.9%
61,666 Citigroup, Inc. ...................................... 3,245,173
-------------
CAPITAL GOODS -- 1.7%
40,000 Emerson Electric Co. ................................. 2,937,500
-------------
COMMERCIAL SERVICES -- 2.7%
70,000 McGraw-Hill Companies, Inc. .......................... 4,493,125
-------------
CONSUMER DURABLES -- 2.3%
80,000 Harley-Davidson, Inc. ................................ 3,855,000
-------------
CONSUMER NON - DURABLES -- 3.2%
32,000 Colgate-Palmolive Co. ................................ 1,880,320
53,500 Kimberly Clark Corp. ................................. 3,531,000
-------------
5,411,320
-------------
CONSUMER PRODUCTS -- 1.7%
57,500 Pepsico, Inc. ........................................ 2,785,156
-------------
DRUGS & HEALTH CARE -- 1.1%
27,900 Medimmune, Inc.1 ..................................... 1,823,962
-------------
ELECTRIC UTILITIES -- 1.9%
56,000 AES Corp.1,3 ......................................... 3,164,000
-------------
ELECTRICAL & ELECTRONICS -- 3.8%
72,768 Koninklijke Phillips Electronic ...................... 2,906,172
80,000 Nokia Corp., ADR .................................... 3,420,000
-------------
6,326,172
-------------
ELECTRONIC TECHNOLOGY -- 10.2%
53,600 Agilent Technologies, Inc.1,3 ........................ 2,482,350
80,000 Cisco Systems, Inc.1.................................. 4,310,000
51,000 EMC Corp.1 ........................................... 4,542,187
56,000 Intel Corp. .......................................... 2,520,000
21,000 International Business Machines Corp. ................ 2,068,500
31,600 Lexmark International, Inc.1 ......................... 1,295,600
-------------
17,218,637
-------------
</TABLE>
See Notes to Financial Statements.
--58--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
STRATEGIC EQUITY PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
OCTOBER 31, 2000
<TABLE>
<CAPTION>
SHARES VALUE
------- -------------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
ENERGY MINERALS -- 6.8%
40,000 Chevron Corp. ........................................ $ 3,285,000
53,748 Exxon Mobil Corp. .................................... 4,793,650
45,000 Schlumberger Ltd. .................................... 3,425,625
-------------
11,504,275
-------------
FINANCIAL SERVICES -- 14.0%
65,625 American International Group, Inc. ................... 6,431,250
79,208 Associates First Capital Corp.-- Class A ............. 2,940,597
40,000 Bank of America Corp. ................................ 1,922,500
56,000 Duke-Weeks Realty Corp. .............................. 1,326,500
76,000 FleetBoston Financial Corp. .......................... 2,888,000
60,000 Freddie Mac .......................................... 3,600,000
29,200 Paine Webber Group, Inc. ............................. 2,080,500
53,000 Wells Fargo & Company ................................ 2,454,562
-------------
23,643,909
-------------
HEALTH CARE -- 4.0%
156,000 Pfizer, Inc. ......................................... 6,737,250
-------------
HEALTH CARE FACILITY & SUPPLIES -- 1.4%
42,600 Medtronic, Inc. ...................................... 2,313,713
-------------
HEALTH CARE SERVICES -- 1.2%
28,900 Genzyme Corp.1 ....................................... 2,051,900
-------------
HEALTH TECHNOLOGY -- 3.9%
40,000 Johnson & Johnson .................................... 3,685,000
31,500 Merck & Co., Inc. .................................... 2,833,031
-------------
6,518,031
-------------
OIL & GAS DRILLING -- 1.6%
52,212 Transocean Sedco Forex, Inc. ......................... 2,767,236
-------------
PROCESS INDUSTRIES -- 3.4%
105,000 General Electric Co. ................................. 5,755,313
-------------
</TABLE>
See Notes to Financial Statements.
--59--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
STRATEGIC EQUITY PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
OCTOBER 31, 2000
<TABLE>
<CAPTION>
SHARES VALUE
------- -------------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
PRODUCER MANUFACTURING -- 4.1%
40,000 Johnson Controls, Inc. ............................... $ 2,385,000
80,000 Tyco International Ltd. .............................. 4,535,000
-------------
6,920,000
-------------
RETAIL -- 0.8%
31,800 Home Depot, Inc. ..................................... 1,367,400
-------------
RETAIL TRADE -- 0.5%
33,200 Target Corp .......................................... 917,150
-------------
TECHNOLOGY -- 9.7%
14,000 Adobe Systems, Inc. .................................. 1,064,875
80,000 Applied Materials, Inc.1 ............................. 4,250,000
35,000 Microsoft Corp.1 ..................................... 2,410,625
27,500 Oracle Corp.1 ........................................ 907,500
42,000 Sun Microsystems, Inc.1 .............................. 4,656,750
60,900 Texas Instruments, Inc. .............................. 2,987,906
-------------
16,277,656
-------------
TECHNOLOGY SYSTEMS/SEMI CONDUCTORS -- 1.5%
40,000 Qualcomm, Inc.1 ...................................... 2,604,375
-------------
TELECOMMUNICATION -- LONG DISTANCE -- 2.3%
51,000 Nortel Networks Corp. ................................ 2,320,500
66,300 Worldcom, Inc.1 ...................................... 1,574,625
-------------
3,895,125
-------------
TELECOMMUNICATION EQUIPMENT -- 1.5%
102,000 Motorola, Inc. ....................................... 2,543,625
-------------
TRANSPORTATION -- SHIPPING -- 1.1%
29,400 United Parcel Service-- Class B ...................... 1,786,050
-------------
</TABLE>
See Notes to Financial Statements.
--60--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
STRATEGIC EQUITY PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONCLUDED)
OCTOBER 31, 2000
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
UTILITIES -- 8.1%
45,000 American Power Conversion Corp.1 ..................... $ 582,188
80,000 BellSouth Corp. ...................................... 3,865,000
30,000 Columbia Energy Group ................................ 2,158,125
28,500 Duke Energy Corp. .................................... 2,463,469
50,900 Sprint Corp. (FON Group) ............................. 1,297,950
45,000 Sprint Corp. (PCS Group)1 ............................ 1,715,625
43,000 TXU Corp. ............................................ 1,593,688
-------------
13,676,045
-------------
TOTAL COMMON STOCKS
(Cost $113,206,994)............................... 165,366,504
-------------
CALL OPTIONS -- 0.0%
200 Qualcomm, Inc., November 00 @ $80 .................... (27,600)
-------------
TOTAL CALL OPTIONS
(Cost $(126,696))................................. (27,600)
-------------
PUT OPTIONS -- 0.1%
200 Qualcomm, Inc., November 00 @ $70 .................... 172,600
-------------
TOTAL PUT OPTIONS
(Cost $118,300)................................... 172,600
-------------
FACE
AMOUNT
-----------
REPURCHASE AGREEMENT -- 3.1%
$5,297,000 Goldman Sachs & Co., 6.45% 11/1/00 (dated 10/31/00,
collateralized by $4,665,000 US Treasury Bonds,
10.75% due 5/15/03,
market value $5,411,392)............................ 5,297,000
------------
TOTAL REPURCHASE AGREEMENT
(Cost $5,297,000)................................. 5,297,000
------------
TOTAL INVESTMENTS (Cost $118,495,598)2.................... 101.3% $170,808,504
LIABILITIES IN EXCESS OF OTHER ASSETS..................... (1.3) (2,244,142)
----- ------------
NET ASSETS................................................ 100.0% $168,564,362
===== ============
</TABLE>
--------------------------------------------------------------------------------
1 Non-income producing security.
2 Aggregate cost for federal tax purposes was $119,517,175.
3 Securities or partial securities on loan.
See Notes to Financial Statements.
--61--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
Small Capitalization Value Portfolio
schedule of portfolio investments
October 31, 2000
<TABLE>
<CAPTION>
Shares Value
------------ -----------
<S> <C>
Common Stocks -- 95.0%
Basic Industry -- 11.0%
146,100 Aptargroup, Inc. ..................................... $ 3,022,444
56,900 Borg-Warner Automotive, Inc. ......................... 2,147,975
292,250 Cable Design Technologies1............................ 6,740,016
115,100 Granite Construction, Inc. ........................... 2,625,719
76,200 Hercules, Inc. ....................................... 1,395,412
70,900 Newport News Shipbuilding, Inc. ...................... 3,487,394
249,800 Pactiv Corp.1......................................... 2,622,900
106,900 Pittston Brink's Group ............................... 1,697,037
214,200 Stewart & Stevenson Services ......................... 5,140,800
39,200 Texas Industries, Inc. ............................... 913,850
-----------
29,793,547
-----------
Consumer Services -- 20.4%
261,500 Aztar Corp.1.......................................... 3,955,187
103,800 BJ's Wholesale Club, Inc.1............................ 3,418,912
42,975 Brunswick Corp. ...................................... 835,327
56,200 Championship Auto Racing1............................. 1,397,975
205,900 Children's Place1,2 .................................. 5,340,531
128,750 Constellation Brands Inc. ............................ 6,276,562
194,500 Copart, Inc.1......................................... 2,929,656
44,600 Dover Downs Entertainment ............................ 524,050
84,200 F.Y. I., Inc.1........................................ 3,378,525
181,000 Harman International Industries, Inc. ................ 8,688,000
105,700 Haverty Furniture .................................... 1,189,125
239,100 Jack In The Box Inc.1................................. 5,857,950
105,700 La-Z-Boy Inc. ........................................ 1,664,775
42,550 Midwest Express Holdings1............................. 808,450
53,500 Outback Steakhouse Inc.1.............................. 1,524,750
309,900 Ruby Tuesday, Inc. ................................... 4,203,019
66,700 Suiza Foods Corp.1.................................... 3,089,044
-----------
55,081,838
-----------
</TABLE>
See Notes to Financial Statements.
--62--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
Small Capitalization Value Portfolio
schedule of portfolio investments-- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
Shares Value
------------ -----------
<S> <C>
Common Stocks -- (Continued)
Energy -- 8.9%
153,800 Helmerich and Payne, Inc. ............................ $ 4,835,087
403,000 Ocean Energy, Inc.1................................... 5,591,625
100,200 Seitel, Inc.1......................................... 1,503,000
233,140 Swift Energy Co.1..................................... 7,577,050
206,800 Vintage Petroleum, Inc. .............................. 4,368,650
-----------
23,875,412
-----------
Financial Services -- 16.7%
88,500 Affiliated Managers Group1............................ 5,321,062
199,000 Amerus Group Co.2 .................................... 5,248,625
207,100 Bancwest Corp. ....................................... 4,232,606
80,600 Boston Private Financial Holding ..................... 1,440,725
115,100 Cullen/Frost Bankers, Inc. ........................... 3,834,269
68,200 Hamilton Bancorp, Inc.1............................... 1,023,000
59,600 Jefferies Group, Inc. ................................ 1,624,100
140,660 Metris Companies Inc. ................................ 4,553,867
139,700 MONY Group, Inc. ..................................... 5,745,162
80,400 Presidential Life Corp.1.............................. 1,170,825
70,394 Radian Group, Inc. ................................... 4,989,175
137,905 Republic Bancorp ..................................... 1,310,097
111,500 Southwest Securities Group2 .......................... 3,149,875
77,100 Sterling Bancshares, Inc./TX ......................... 1,325,156
-----------
44,968,544
-----------
Healthcare -- 9.4%
136,500 Datascope Corp. ...................................... 4,726,313
209,700 IDEXX Laboratories, Inc.1............................. 5,032,800
25,400 Medicis Pharmaceutical -- Class A1.................... 1,870,075
223,400 Orthodontic Centers of America1....................... 7,455,975
57,300 Triad Hospitals, Inc.1................................ 1,590,075
57,000 Universal Health Services-- Class B1.................. 4,780,875
-----------
25,456,113
-----------
</TABLE>
See Notes to Financial Statements.
--63--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
Small Capitalization Value Portfolio
schedule of portfolio investments-- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
Shares Value
------------ -----------
<S> <C>
Common Stocks -- (Continued)
Real Estate -- 6.5%
70,800 Amli Residential Properties .......................... $ 1,637,250
44,300 Arden Realty Inc. .................................... 1,063,200
101,800 Bedford Property Investors, Inc. ..................... 2,004,188
57,600 Brandywine Realty Trust .............................. 1,101,600
62,000 CBL & Associates Properties .......................... 1,433,750
207,900 Glimcher Realty Trust ................................ 2,702,700
91,640 Istar Financial Inc. ................................. 1,832,800
44,000 Kilroy Realty Corp. .................................. 1,146,750
57,500 Liberty Property Trust ............................... 1,520,156
57,600 Pacific Gulf Properties, Inc. ........................ 1,530,000
75,300 Regency Realty Corp. ................................. 1,694,250
-----------
17,666,644
-----------
Technology -- 14.9%
44,300 ACT Manufacturing, Inc.1,2 ........................... 1,456,362
110,300 Andrew Corp.1......................................... 2,902,269
46,000 Brooks Automation, Inc.1.............................. 1,219,000
53,000 CTS Corp. ............................................ 2,275,687
97,350 Dallas Semiconductor Corp. ........................... 3,857,500
95,400 Davox Corp. 1......................................... 930,150
88,200 Electro Scientific Industries, Inc.1.................. 3,081,488
141,700 Electronics For Imaging1.............................. 2,196,350
127,100 Henry (Jack) & Associates ............................ 6,990,500
120,700 Kent Electronics Corp.1............................... 2,248,038
97,300 Methode Electronics-- Class A ........................ 3,660,913
39,200 Moog, Inc.-- Class A1................................. 1,141,700
211,700 Reynolds & Reynolds-- Class A ........................ 3,784,138
61,300 Symantec Corp.1....................................... 2,394,531
148,800 Xircom, Inc.1......................................... 2,101,800
-----------
40,240,426
-----------
</TABLE>
See Notes to Financial Statements.
--64--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
Small Capitalization Value Portfolio
schedule of portfolio investments-- (Concluded)
October 31, 2000
<TABLE>
<CAPTION>
Shares Value
------------ -----------
<S> <C>
Common Stocks -- (Continued)
Utilities -- 7.2%
93,000 Alliant Energy Corp. ................................. $ 2,819,063
220,200 Energen Corp. ........................................ 6,303,225
51,800 Equitable Resources, Inc. ............................ 3,004,400
194,900 MDU Resources Group, Inc. ............................ 5,700,825
44,600 NUI Corp. ............................................ 1,390,963
-----------
19,218,476
-----------
Total Common Stocks
(Cost $221,005,297)............................... 256,301,000
-----------
Face
Amount
-------------
Repurchase Agreement -- 2.7%
$7,367,000 Goldman Sachs & Company, 6.45% 11/1/00 (dated 10/31/00,
collateralized by $5,635,000 US Treasury Bonds, 8.875%
due 2/15/19, market value $7,548,139)................. 7,367,000
-----------
Total REPURCHASE AGREEMENT
(Cost $7,367,000)................................... 7,367,000
-----------
Total Investments (Cost $228,372,297)3.................. 97.7% $263,668,000
Other Assets in Excess of Liabilities................... 2.3 6,080,263
----------- ------------
Net Assets.............................................. 100.0% $269,748,263
=========== ============
<FN>
--------------------------------------------------------------------------------
1 Non-income producing security.
2 Securities or partial securities on loan.
3 Aggregate cost for federal tax purposes was $228,831,783.
</FN>
</TABLE>
See Notes to Financial Statements.
--65--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
Large Cap Value Portfolio
schedule of portfolio investments
October 31, 2000
<TABLE>
<CAPTION>
Shares Value
------------ -----------
<S> <C>
Common Stocks -- 98.5%
Aerospace & Defense --1.2%
7,000 Lockheed Martin Corp. ................................ $ 250,950
-----------
Banking -- 5.0%
9,100 Mellon Financial Corp. ............................... 439,075
4,800 Northern Trust Corp. ................................. 409,800
3,300 PNC Financial Service Group .......................... 220,687
-----------
1,069,562
-----------
Capital Goods -- 4.4%
2,400 Emerson Electric Co. ................................. 176,250
9,000 Tyco International Ltd. .............................. 510,187
3,500 United Technologies Corp. ............................ 244,344
-----------
930,781
-----------
Commercial Services -- 1.5%
5,000 McGraw-Hill Companies, Inc. .......................... 320,937
-----------
Consumer Non - Durables -- 7.2%
11,700 Anheuser-Busch Companies, Inc. ....................... 535,275
5,500 Kimberly-Clark Corp. ................................. 363,000
2,400 Procter & Gamble Co. ................................. 171,450
5,700 Quaker Oats Co. ...................................... 464,906
-----------
1,534,631
-----------
Consumer Products -- 1.7%
7,500 Pepsico, Inc. ........................................ 363,281
-----------
Consumer Services -- 0.9%
5,200 The Disney (Walt) Co.1 ............................... 186,225
-----------
Electric Utilities -- 2.9%
3,200 AES Corp.2 ........................................... 180,800
5,100 Duke Energy Corp. .................................... 440,831
-----------
621,631
-----------
Energy -- 11.8%
6,450 Coastal Corp. ........................................ 486,572
11,837 Exxon Mobil Corp. .................................... 1,055,712
5,000 Kerr-McGee Corp. ..................................... 326,562
13,600 Occidental Petroleum Corp. ........................... 270,300
4,825 Schlumberger, Ltd. ................................... 367,303
-----------
2,506,449
-----------
</TABLE>
See Notes to Financial Statements.
--66--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
Large Cap Value Portfolio
schedule of portfolio investments-- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
Shares Value
------------ -----------
<S> <C>
Common Stocks -- (Continued)
Finance -- 19.6%
2,800 American General Corp. ............................... $ 225,400
6,550 American International Group ......................... 641,900
6,700 Axa Financial, Inc. .................................. 362,219
5,450 Bank of America Corp. ................................ 261,941
3,800 Bank of New York Co., Inc. ........................... 218,737
19,233 Citigroup, Inc. ...................................... 1,012,137
7,600 Equity Residential Properties Trust .................. 357,675
10,700 FleetBoston Financial Corp. .......................... 406,600
4,800 Household International, Inc. ........................ 241,500
8,000 Metlife, Inc.1,2 ..................................... 221,000
5,200 Washington Mutual, Inc. .............................. 228,800
-----------
4,177,909
-----------
Financial Services -- 3.7%
10,200 Allstate Corp. ....................................... 410,550
11,900 John Hancock Financial Services1 ..................... 376,338
-----------
786,888
-----------
Food Wholesalers -- 1.9%
7,600 Sysco Corp. .......................................... 396,625
-----------
Health Care Services -- 3.3%
2,900 Genzyme Corp.-- Genl Division1 ....................... 205,900
12,600 HCA The Healthcare Co.2 .............................. 503,212
-----------
709,112
-----------
Health Technology -- 4.3%
7,500 American Home Products Corp. ......................... 476,250
9,950 Pfizer, Inc. ......................................... 429,716
-----------
905,966
-----------
Industrial Services -- 1.1%
11,600 Waste Management, Inc. ............................... 232,000
-----------
Insurance -- 1.0%
2,900 Hartford Financial Services Group, Inc. .............. 215,869
-----------
Manufacturing -- Diversified Industries -- 2.8%
5,000 Dover Corp. .......................................... 212,188
2,900 General Electric Co. ................................. 158,956
2,400 Minnesota Mining & Manufacturing Co. ................. 231,900
-----------
603,044
-----------
</TABLE>
See Notes to Financial Statements.
--67--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
Large Cap Value Portfolio
schedule of portfolio investments-- (Concluded)
October 31, 2000
<TABLE>
<CAPTION>
Shares Value
------------ -----------
<S> <C>
Common Stocks -- (Continued)
Oil & Gas Products -- 0.8%
4,600 Burlington Resources, Inc. ........................... $ 165,600
-----------
Pharmaceutical -- 2.5%
6,000 Eli Lilly & Co. ...................................... 536,250
-----------
Regional Bell Operating Companies -- 1.0%
4,154 Qwest Communications International1 .................. 201,988
-----------
Reit -- Hotels -- 0.9%
6,500 Starwood Hotels & Resorts Worldwide Inc. ............. 192,563
-----------
Retail Trade -- 2.7%
4,500 Safeway, Inc.1 ....................................... 246,094
11,700 Target Corp. ......................................... 323,213
-----------
569,307
-----------
Technology -- 2.5%
6,400 Computer Associates International, Inc. .............. 204,000
3,300 International Business Machines Corp. ................ 325,050
-----------
529,050
-----------
Telecommunication -- Long Distance -- 0.4%
3,700 Worldcom, Inc.1 ...................................... 87,875
-----------
Telecommunication Equipment -- 0.7%
6,200 Motorola, Inc. ....................................... 154,613
-----------
Telephone -- 3.3%
12,030 Verizon Communications2 .............................. 695,484
-----------
Utilities -- 9.4%
10,375 Alltel Corp. ......................................... 668,539
19,500 GPU, Inc. ............................................ 644,719
11,700 SBC Communications, Inc. ............................. 674,944
-----------
1,988,202
-----------
Total Common Stocks
(Cost $18,115,522)................................ 20,932,792
-----------
Total Investments (Cost $18,115,522)3................... 98.5% $20,932,792
Other Assets in Excess of Liabilities .................. 1.5 317,890
---------- -----------
Net Assets.............................................. 100.0% $21,250,682
========== ===========
<FN>
--------------------------------------------------------------------------------
1 Non-income producing security.
2 Securities or partial securities on loan.
3 Aggregate cost for federal tax purposes was $18,173,821.
</FN>
</TABLE>
See Notes to Financial Statements.
--68--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
International Portfolio
schedule of portfolio investments
October 31, 2000
<TABLE>
<CAPTION>
Shares Value
------------ -----------
<S> <C>
Common Stocks -- 98.2%
Japan -- 23.0%
673,000 Canon, Inc. .......................................... $ 26,689,159
896,600 Chugai Pharmaceutical Co.2 ........................... 15,207,984
1,065,000 Dai Nippon Printing Co., Ltd. ........................ 16,679,293
630,000 Daiichi Pharmaceutical ............................... 17,886,863
2,580 East Japan Railway Co. ............................... 14,815,598
237,300 Familymart Co., Ltd. ................................. 6,280,981
2,000,000 Fuji Heavy Industries, Ltd.2 ......................... 13,921,163
410,000 Fuji Photo Film Co., Ltd. ............................ 15,207,955
684,000 Kao Corp. ............................................ 20,484,991
6,152,000 Kubota Corp. ......................................... 20,678,275
150,800 Nintendo Corp., Ltd. ................................. 24,929,322
2,958 Nippon Telegraph & Telephone Corp. ................... 26,901,676
48,100 Nippon Television Network ............................ 27,092,689
736,000 Nomura Securities Co., Ltd. .......................... 15,604,891
60,000 Rohm Co. ............................................. 15,117,284
1,185,000 Shiseido Co., Ltd. ................................... 15,302,747
2,032,000 Tokio Marine & Fire Insurance Co. .................... 22,444,138
1,500,000 Toshiba Corp. ........................................ 10,715,632
413,000 Toyota Motor Corp. ................................... 16,491,815
------------
342,452,456
------------
United Kingdom -- 16.0%
3,035,000 Allied Domecq. ....................................... 15,711,406
1,474,500 BOC Group PLC ........................................ 20,608,308
4,401,100 British Aerospace PLC ................................ 25,116,008
3,070,000 Cadbury Schweppes PLC ................................ 19,002,012
2,000,000 Gallaher Group PLC ................................... 11,682,153
6,270,226 Invensys PLC ......................................... 14,954,965
1,710,000 Johnson Matthey PLC .................................. 26,643,585
1,310,000 Rio Tinto Zinc PLC Ord ............................... 21,267,181
2,000,000 Royal & Sun Alliance Insurance Group PLC ............. 14,237,850
</TABLE>
See Notes to Financial Statements.
--68--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
International Portfolio
schedule of portfolio investments-- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
Shares Value
------------ -----------
<S> <C>
Common Stocks -- (Continued)
United Kingdom -- (Continued)
2,413,200 Scottish Power PLC ................................... $ 18,134,287
1,860,000 Smithkline Beecham PLC ............................... 24,065,089
1,639,237 Trinity Mirror PLC ................................... 10,687,716
2,303,200 Unilever PLC ......................................... 15,618,717
------------
237,729,277
------------
France -- 10.6%
296,300 Alcatel2 ............................................. 18,058,204
300,000 Assurance Generales de France2 ....................... 16,401,931
110,030 Compagnie de Saint-Gobain 2........................... 14,540,229
168,400 Groupe Danone2 ....................................... 23,524,115
224,745 Lafarge SA ........................................... 16,573,846
276,000 Lagardere Groupe SCA ................................. 15,651,256
240,000 Schneider SA2 ........................................ 15,613,621
258,476 Total Fina SA ........................................ 36,939,567
------------
157,302,769
------------
Netherlands -- 9.5%
830,000 ABN-Amro Holdings N.V. ............................... 19,206,788
468,900 Akzo Nobel2 .......................................... 21,323,769
730,900 Hagemeyer N.V. ....................................... 17,254,293
708,000 Koninklijke Ahold N.V. ............................... 20,542,541
582,000 Koninklijke Phillips Electronic ...................... 23,243,625
481,100 Royal Dutch Petroleum Co. ............................ 28,501,282
345,042 Royal PTT Nederland N.V.-- Sponsored ADR ............. 7,138,059
171,323 TNT Post Group N.V.- Sponsored ADR ................... 3,597,783
------------
140,808,140
------------
</TABLE>
See Notes to Financial Statements.
--69--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
International Portfolio
schedule of portfolio investments-- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
Shares Value
------------ -----------
<S> <C>
Common Stocks -- (Continued)
Germany -- 7.5%
195,100 Aventis SA ........................................... $ 13,891,545
650,900 Bayer AG ............................................. 28,193,512
392,400 Schering AG .......................................... 21,852,864
219,000 Siemens AG ........................................... 27,845,138
47,290 Siemens AG-- ADR ..................................... 6,012,767
275,200 Veba AG .............................................. 13,917,002
------------
111,712,828
------------
Spain -- 5.3%
400,000 Banco Popular de Espanol ............................. 11,951,794
1,106,844 Centros Comerciales Carrefou, SA2 .................... 14,007,484
1,953,000 Dragados Construcciones SA ........................... 18,954,910
962,976 Endesa SA ............................................ 15,672,226
1,155,000 Repsol SA Sponsored ADR .............................. 18,407,813
1 Telefonica de Espana Sponsored ADR1 .................. 58
------------
78,994,285
------------
Australia -- 5.1%
3,113,900 Australia Gas Light Company .......................... 18,758,641
1,200,000 Commonwealth Bank of Australia2 ...................... 17,851,130
6,600,000 Foster's Brewing Group2 .............................. 14,944,857
3,570,789 Westpac Banking Corp., Ltd. 2......................... 24,375,203
------------
75,929,831
------------
Switzerland -- 4.5%
90,000 Credit Suisse Group Reg. ............................. 16,867,946
15,100 Nestle AG Reg. ....................................... 31,281,892
71,500 Swisscom AG .......................................... 18,152,507
------------
66,302,345
------------
Sweden -- 3.4%
440,091 AstraZeneca Plc ...................................... 20,731,465
1,235,000 Electrolux AB-- Series B ............................. 15,530,413
450,000 SKF AB-- B Shares2 ................................... 6,669,365
480,000 Volvo AB-- B Shares .................................. 7,377,470
------------
50,308,713
------------
</TABLE>
See Notes to Financial Statements.
--70--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
International Portfolio
schedule of portfolio investments-- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
Shares Value
------------ -----------
<S> <C>
Common Stocks -- (Continued)
Denmark -- 2.8%
2,985,440 Nordic Baltic Holding AB ............................. $ 22,439,936
413,800 Tele Danmark AS ...................................... 19,557,256
-------------
41,997,192
-------------
Italy -- 2.6%
7,420,742 Bennetton Group S.P. A.2 ............................. 13,460,931
454,400 ENI SPA Sponsored ADR ................................ 24,594,400
-------------
38,055,331
-------------
Belgium -- 2.6%
59,000 Electrabel SA ........................................ 12,797,829
823,000 Fortis-- B ........................................... 25,183,787
-------------
37,981,616
-------------
Ireland -- 1.6%
2,400,000 Allied Irish Banks ................................... 24,422,348
-------------
Norway -- 1.1%
3,234,000 Christiania Bank OG Kreditkasse ASA2 ................. 16,830,375
-------------
Mexico -- 1.0%
284,000 Telefonos de Mexico SA ADR ........................... 15,318,250
-------------
Canada -- 0.9%
300,000 Magna International, Inc.-- Class A .................. 13,462,500
-------------
Singapore -- 0.7%
1,080,000 Singapore Air Ltd. Foreign ........................... 10,827,950
-------------
Total Common Stocks
(Cost $1,304,032,650)............................. 1,460,436,206
-------------
</TABLE>
See Notes to Financial Statements.
--71--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
International Portfolio
schedule of portfolio investments-- (Concluded)
October 31, 2000
<TABLE>
<CAPTION>
Face
Amount Value
------------- -------------
<S> <C>
Repurchase Agreement-- 2.5%
$36,752,000 Goldman Sachs & Co., 6.45% 11/1/00
(dated 10/31/00, collateralized by $30,605,000
US Treasury Bonds, 7.50% due 11/15/24, market
value $37,674,845)...............................................$ 36,752,000
---------------
Total Repurchase Agreement
(Cost $36,752,000)................................ 36,752,000
---------------
Total Investments (Cost $1,340,784,650)................... 100.7% $ 1,497,188,206
Liabilities in Excess of Other Assets..................... (0.7) (11,100,360)
------ ---------------
Net Assets................................................ 100.0% $ 1,486,087,846
====== ===============
<FN>
--------------------------------------------------------------------------------
1 Non-income producing security.
2 Securities or partial securities on loan.
3 Aggregate cost for federal tax purposes was $1,340,784,650.
Abbreviation:
ADR-- American Depository Receipts
</FN>
</TABLE>
See Notes to Financial Statements.
--72--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
International Portfolio
SECTOR DIVERSIFICATION
On October 31, 2000, sector diversification of the
Portfolio was as follows (Unaudited):
<TABLE>
<CAPTION>
% of
Net Assets Value
------------ --------------
<S> <C> <C>
INDUSTRIES:
Electronics............................... 12.7% $ 189,666,568
Oil & Gas................................. 9.5 141,118,705
Food & Beverage........................... 9.4 140,625,540
Financial Services........................ 8.0 119,052,174
Healthcare & Pharmaceuticals.............. 6.7 99,744,265
Chemicals................................. 6.7 99,225,089
Telecommunications........................ 6.6 97,987,950
Banking................................... 5.1 75,682,024
Industrial................................ 3.9 57,559,077
Insurance................................. 3.6 53,083,919
Automotive................................ 3.4 51,252,948
Transportation............................ 3.4 50,759,555
Engineering & Construction................ 3.4 50,068,985
Miscellaneous Industries.................. 2.9 42,743,946
Manufacturing............................. 2.5 37,154,742
Consumer Products......................... 2.2 32,557,040
Printing & Publishing..................... 1.8 27,367,009
Consumer Durables/Non-Durables............ 1.4 20,484,991
Retail.................................... 1.4 20,288,465
Utilities................................. 1.2 18,134,287
Apparel & Textiles........................ 0.9 13,460,931
Tobacco................................... 0.8 11,682,153
Commercial Services....................... 0.7 10,735,843
-------- --------------
TOTAL COMMONSTOCKS........................ 98.2% $1,460,436,206
REPURCHASE AGREEMENT...................... 2.5 36,752,000
-------- --------------
TOTAL INVESTMENTS......................... 100.7% $1,497,188,206
-------- --------------
-------- --------------
</TABLE>
See Notes to Financial Statements.
73
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
Institutional International Portfolio
schedule of portfolio investments
October 31, 2000
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<S> <C>
Common Stocks -- 97.8%
Japan -- 21.3%
65,000 Canon Inc. ........................................... $ 2,577,705
122,900 Chugai Pharmaceutical Co. ............................ 2,084,610
147,000 Dai Nippon Printing Co., Ltd. ........................ 2,302,212
90,000 Daiichi Pharmaceutical ............................... 2,555,266
280 East Japan Railway Co. ............................... 1,607,894
308,000 Fuji Heavy Industries Ltd. 1.......................... 2,143,859
57,000 Fuji Photo Film Ltd. ................................. 2,114,277
94,000 Kao Corp. ............................................ 2,815,189
618,000 Kubota Corp. ......................................... 2,077,239
18,400 Nintendo Corp., Ltd. ................................. 3,041,774
290 Nippon Telegraph & Telephone Corp. ................... 2,637,419
9,100 Rohm Co. ............................................. 2,292,788
139,000 Shiseido Co. Ltd. .................................... 1,795,006
250,000 Tokio Marine & Fire Insurance Co. .................... 2,761,336
225,000 Toshiba Corp. ........................................ 1,607,345
54,000 Toyota Motor Corp. ................................... 2,156,315
------------
36,570,234
------------
United Kingdom -- 16.0%
332,700 Allied Domecq ........................................ 1,722,301
133,200 BOC Group PLC ........................................ 1,861,666
409,800 British Aerospace PLC ................................ 2,338,629
373,100 Cadbury Schweppes PLC ................................ 2,309,332
308,200 Gallaher Group PLC ................................... 1,800,220
376,523 Invensys PLC ......................................... 898,036
245,500 Johnson Matthey PLC .................................. 3,825,146
160,000 Rio Tinto PLC ord .................................... 2,597,518
308,200 Royal & Sun Alliance Insurance Group PLC ............. 2,194,053
228,862 Scottish Power PLC ................................... 1,719,812
194,200 Smithkline Beecham PLC ............................... 2,512,602
252,580 Trinity Mirror PLC ................................... 1,646,805
299,600 Unilever PLC ......................................... 2,031,681
------------
27,457,801
------------
</TABLE>
See Notes to Financial Statements.
--75--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
Institutional International Portfolio
schedule of portfolio investments-- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<S> <C>
Common Stocks -- (Continued)
France -- 11.5%
32,900 Alcatel .............................................. $ 2,005,113
50,000 Assurance Generale de France1 ........................ 2,733,655
12,325 Compagnie de Saint-Gobain ............................ 1,628,722
16,500 Groupe Danone1 ....................................... 2,304,916
29,544 Lafarge SA-- ADR ..................................... 2,178,726
38,000 Lagardere Groupe SCA ................................. 2,154,883
9,000 Rhone-Poulenc-- A .................................... 648,448
32,500 Schneider SA1 ........................................ 2,114,344
28,079 Total Fina SA ........................................ 4,012,853
------------
19,781,660
------------
Netherlands -- 10.1%
117,900 ABN-Amro Hldgs N.V. .................................. 2,728,290
46,000 Akzo Nobel ........................................... 2,091,903
69,600 Hagemeyer N.V. ....................................... 1,643,041
102,100 Koninklijke Ahold N.V. ............................... 2,962,420
45,717 Koninklijke KPN NV ................................... 925,012
82,450 Koninklijke Phillips Electronic ...................... 3,292,847
48,100 Royal Dutch Petroleum Co. ............................ 2,849,536
37,000 TNT Post Group N.V. .................................. 782,817
------------
17,275,866
------------
Germany -- 6.9%
17,336 Aventis SA ........................................... 1,234,361
49,500 Bayer AG ............................................. 2,144,076
52,300 Schering AG .......................................... 2,912,601
26,600 Siemens AG ........................................... 3,382,104
42,400 Veba AG .............................................. 2,152,815
------------
11,825,957
------------
Spain -- 5.8%
56,000 Banco Popular de Espanol ............................. 1,673,251
143,775 Centros Comerciales Carrefou SA ...................... 1,819,521
190,900 Dragados Construcciones SA ........................... 1,852,787
132,337 Endesa SA ............................................ 2,153,756
156,800 Repsol SA Sponsored ADR .............................. 2,499,000
------------
9,998,315
------------
</TABLE>
See Notes to Financial Statements.
--76--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
Institutional International Portfolio
schedule of portfolio investments-- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<S> <C>
Common Stocks -- (Continued)
Switzerland -- 4.8%
10,000 Credit Suisse Group Reg .............................. $ 1,874,216
2,100 Nestle AG Reg ........................................ 4,350,462
7,600 Swisscom AG .......................................... 1,929,497
------------
8,154,175
------------
Australia -- 4.4%
353,500 Australia Gas Light Company .......................... 2,129,542
94,900 Commonwealth Bank of Australia1 ...................... 1,411,727
1,017,000 Foster's Brewing Group ............................... 2,302,867
250,225 Westpac Banking Corp., Ltd. 1......................... 1,708,106
------------
7,552,242
------------
Sweden -- 3.4%
40,324 AstraZeneca PLC ...................................... 1,899,552
140,300 Electrolux AB-- Series B ............................. 1,764,305
69,300 SKF AB-- B Shares .................................... 1,027,082
74,000 Volvo AB-- B Shares .................................. 1,137,360
------------
5,828,299
------------
Denmark -- 2.9%
362,483 Nordic Baltic Holding AB ............................. 2,724,588
47,900 Tele Danmark AS ...................................... 2,263,878
------------
4,988,466
------------
Belgium -- 2.6%
9,100 Electrabel SA ........................................ 1,973,902
78,800 Fortis-- B ........................................... 2,411,279
------------
4,385,181
------------
Italy -- 2.3%
918,449 Bennetton Group S.P. A.1 ............................. 1,666,030
43,500 ENI S.P.A.- Sponsored ADR ............................ 2,354,437
------------
4,020,467
------------
Ireland -- 2.0%
330,700 Allied Irish Banks ................................... 3,365,196
------------
Norway -- 1.4%
445,300 Christiania Bank OG Kreditkasse ASA1 ................. 2,317,429
------------
</TABLE>
See Notes to Financial Statements.
--77--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
Institutional International Portfolio
schedule of portfolio investments-- (Concluded)
October 31, 2000
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<S> <C>
Common Stocks -- (Continued)
Singapore -- 1.0%
166,300 Singapore Air Ltd. Foreign ........................... $ 1,667,304
------------
Mexico -- 0.8%
24,500 Telefonos de Mexico SA ADR ........................... 1,321,469
------------
Canada -- 0.6%
0 Magna Entertainment .................................. 1
22,411 Magna International Inc.-- Class A ................... 1,005,694
------------
1,005,695
------------
Total Common Stocks
(Cost $167,384,929)............................... 167,515,756
------------
Face
Amount
-----------
Repurchase Agreement-- 3.5%
$6,038,000 Goldman Sachs & Co. 6.45% 11/1/00
(dated 10/31/00, collateralized by $5,320,000
US Treasury Bonds, 7.25% due 5/15/16, market
value $6,190,374)................................................ 6,038,000
------------
Total Repurchase Agreement
(Cost $6,038,000)................................. 6,038,000
------------
Total Investments (Cost $173,422,929)2.................... 101.3% $173,553,756
Liabilities in excess of Other ASsets .................... (1.3) (2,210,559)
------- ------------
Net Assets................................................ 100.0% $171,343,197
======= ============
<FN>
--------------------------------------------------------------------------------
1 Securities or partial securities on loan.
2 Aggregate cost for federal tax purposes was $173,758,636.
Abbreviation:
ADR -- American Depositary Receipts
</FN>
</TABLE>
See Notes to Financial Statements.
--78--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
Institutional International Portfolio
SECTOR DIVERSIFICATION
On October 31, 2000, sector diversification of the
Portfolio was as follows (Unaudited):
<TABLE>
<CAPTION>
% of
Net Assets Value
------------ ------------
<S> <C> <C>
INDUSTRIES:
Electronics............................... 12.8% 21,993,611
Food & Beverage........................... 10.5 17,983,980
Oil & Gas................................. 9.8 16,757,969
Telecommunications........................ 6.9 11,865,205
Financial Services........................ 6.2 10,576,830
Chemicals................................. 5.9 10,094,731
Banking................................... 5.6 9,637,252
Healthcare & Pharmaceuticals.............. 5.3 9,052,030
Insurance................................. 4.5 7,689,044
Industrial................................ 4.0 6,789,102
Automotive................................ 3.8 6,443,228
Consumer Durables/Non-Durables............ 3.6 6,253,236
Utilities................................. 3.5 6,026,383
Engineering & Construction................ 3.3 5,660,235
Transportation............................ 3.3 5,613,827
Printing & Publishing..................... 2.3 3,949,017
Miscellaneous Industries.................. 1.8 3,052,919
Manufacturing............................. 1.6 2,791,387
Retail.................................... 1.1 1,819,521
Tobacco................................... 1.0 1,800,220
Apparel & Textiles........................ 1.0 1,666,029
----- ------------
TOTAL COMMONSTOCKS........................ 97.8% $167,515,756
REPURCHASE AGREEMENT...................... 3.5 6,038,000
----- ------------
TOTAL INVESTMENTS......................... 101.3% $173,553,756
----- ------------
----- ------------
</TABLE>
See Notes to Financial Statements.
--79--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
Small Capitalization Growth Portfolio
schedule of portfolio investments
October 31, 2000
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<S> <C>
Common Stocks -- 90.2%
Basic Industry -- 1.2%
37,700 Read-Rite Corp.1 ..................................... $ 280,394
49,800 Trex Company, Inc.2 .................................. 1,861,275
-----------
2,141,669
-----------
Capital Goods -- 4.0%
13,600 Capstone Turbine 1,2.................................. 754,800
32,100 Gasonics International, Inc.1,2 ...................... 656,044
79,800 O'Reilly Automotive, Inc.1 ........................... 1,436,400
101,000 Quanta Services, Inc.1 ............................... 3,137,312
45,350 Remec, Inc.1 ......................................... 1,351,997
-----------
7,336,553
-----------
Consumer Services -- 14.4%
20,900 Career Education Corp.1 .............................. 808,569
59,850 Chico's FAS, Inc.1 ................................... 1,937,644
6,800 Citadel Communications Corp. 1........................ 82,450
109,300 Cost Plus, Inc.1 ..................................... 3,060,400
21,600 Cox Radio, Inc.-- Class A1 ........................... 491,400
9,400 Ebay1 ................................................ 484,100
120,200 Education Management Corp.1 .......................... 3,726,200
17,600 Emmis Broadcasting Corp.-- Class A1 .................. 470,800
5,300 Entercom Communications Corp. 1....................... 207,694
20,600 Goto.com1,2 .......................................... 292,262
60,700 Hot Topic, Inc. 1..................................... 2,078,975
37,900 Hotjobs.com Ltd.1 .................................... 592,187
107,100 Linens 'N Things, Inc.1 .............................. 3,293,325
29,600 Macrovision Corp.1 ................................... 2,157,100
104,600 NCO Group, Inc. 1,2 .................................. 2,288,125
3,900 Oakley, Inc.1 ........................................ 81,900
8,600 Pegasus Communications Corp. 1........................ 305,837
17,700 Radio One, Inc.1 ..................................... 140,494
296,650 Radio One, Inc.-- Class D1,2 ......................... 2,377,835
17,900 Smartforce PLC1 ...................................... 900,873
36,900 Spanish Broadcast1 ................................... 332,100
13,700 Westwood One, Inc.1 .................................. 259,444
-----------
26,369,714
-----------
</TABLE>
See Notes to Financial Statements.
--80--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
Small Capitalization Growth Portfolio
schedule of portfolio investments-- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<S> <C>
Common Stocks -- (Continued)
Electronic Technology -- 2.4%
55,550 Ixys Corp. 1 ......................................... $ 1,406,109
18,000 Keithley Instruments, Inc. ........................... 963,000
20,100 Lifeminders, Inc. 1 .................................. 233,662
57,600 Matrixone, Inc.1 ..................................... 1,710,000
7,200 Virata Corp.1 ........................................ 139,500
-----------
4,452,271
-----------
Health Care Services -- 3.6%
44,300 Accredo Health, Inc.1 ................................ 1,915,975
52,400 Impath, Inc.1 ........................................ 3,962,750
5,700 Protein Design Labs, Inc.1,2 ......................... 769,945
-----------
6,648,670
-----------
Healthcare -- 8.5%
31,000 Alkermes, Inc.1,2 .................................... 1,148,937
15,500 Andrx Group1 ......................................... 1,116,000
15,300 Arena Pharmaceuticals1 ............................... 534,544
75,600 ATS Medical, Inc.1 ................................... 1,384,425
7,500 Aurora Bioscience 1................................... 457,031
33,200 Imclone Systems1 ..................................... 1,815,625
10,600 Lexicon Genetics, Inc. 1,2 ........................... 214,650
22,400 Medarex, Inc. 1....................................... 1,369,200
900 Myriad Genetics, Inc.1 ............................... 108,000
122,350 Orthodontic Centers of America, Inc.1 ................ 4,083,431
42,100 Polymedica Industries, Inc.1 ......................... 2,420,750
12,500 Titan Pharmaceuticals1 ............................... 526,000
6,600 United Therapeutics Corp. 1,2 ........................ 353,100
-----------
15,531,693
-----------
Media/Communications -- 3.1%
127,300 Getty Images, Inc.1 .................................. 4,041,775
27,300 Mediacom Communications1 ............................. 464,100
24,400 Webex Communications1,2 .............................. 1,099,525
-----------
5,605,400
-----------
</TABLE>
See Notes to Financial Statements.
--81--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
Small Capitalization Growth Portfolio
schedule of portfolio investments-- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<S> <C>
Common Stocks -- (Continued)
Specialty Telecommunication Services -- 2.7%
8,800 Active Power, Inc.1,2 ................................ $ 335,500
79,950 Actrade Financial Tech1,2 ............................ 1,868,831
21,500 Docent Inc.1,2 ....................................... 553,625
96,400 Innerdyne, Inc.1 ..................................... 674,800
8,400 Niku Corp.1,2 ........................................ 132,300
52,950 Vastera, Inc. 2....................................... 939,862
27,100 WJ Communications, Inc.1 ............................. 406,500
-----------
4,911,418
-----------
Technology -- 41.9%
16,600 About.com1,2 ......................................... 398,400
56,200 Actuate Corp.1 ....................................... 1,584,137
45,100 Advent Software, Inc.1,2 ............................. 2,697,544
11,600 Agile Software1 ...................................... 874,350
24,600 Alpha Industries, Inc.1 .............................. 980,925
22,600 Anaren Microwave, Inc. 1.............................. 2,350,400
17,300 Applied Molecular1,2 ................................. 376,275
44,000 Caminus Corp.1 ....................................... 1,386,000
6,400 Checkfree Corp. 1..................................... 318,400
41,200 Corporate Executive Board Co.1 ....................... 1,900,350
115,000 Creo Products1,2 ..................................... 3,529,062
7,200 Critical Path, Inc.1 ................................. 349,650
45,600 CSG Systems International, Inc.1 ..................... 2,117,550
8,900 Cymer, Inc. 1......................................... 222,500
6,000 Dendrite International, Inc.1 ........................ 130,500
40,300 Diamond Technology Partners, Inc.-- Class A1 ......... 1,798,387
13,100 Digex, Inc.1 ......................................... 514,175
11,100 Digitalthink, Inc.1,2 ................................ 391,102
9,100 E.piphany, Inc. 1,2................................... 820,137
43,000 Eloyalty Corp. 1,2.................................... 413,875
12,400 Exar Corp.1 .......................................... 554,125
90,000 Exodus Communications, Inc.1,2 ....................... 3,020,625
</TABLE>
See Notes to Financial Statements.
82
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
Small Capitalization Growth Portfolio
schedule of portfolio investments-- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<S> <C> <C>
Common Stocks -- (Continued)
Technology -- (Continued)
102,000 Extensity, Inc.1 ..................................... $ 1,300,500
82,900 F.Y. I., Inc.1 ....................................... 3,326,362
60,000 Gemstar-TV Guide1 .................................... 4,113,750
33,300 Hall Kinion & Associates, Inc.1 ...................... 880,369
41,500 HNC Software, Inc. 1.................................. 842,969
14,400 Informatica Corp.1 ................................... 1,360,800
52,800 Infospace.com, Inc.1 ................................. 1,062,600
23,600 Interwoven, Inc.1,2 .................................. 2,377,700
14,600 Kana Communications1 ................................. 343,100
21,300 Maxim Integrated Products, Inc.1 ..................... 1,412,456
22,900 Mcafee Com Corp. 1.................................... 157,438
12,600 Mercury Interactive Corp.1,2 ......................... 1,398,600
23,000 Micrel, Inc.1 ........................................ 1,040,750
14,400 Micromuse, Inc.1 ..................................... 2,443,500
19,100 Netiq Corp. 1......................................... 1,644,989
40,500 Peregrine Systems, Inc.1 ............................. 972,000
92,950 Pericom Semiconductor1 ............................... 2,463,175
69,150 PLX Technology, Inc.1 ................................ 1,659,600
17,500 Predictive System 1................................... 242,813
16,900 Proxicom, Inc.1 ...................................... 228,150
13,700 Quest Software, Inc.1 ................................ 598,519
122,834 Retek, Inc.1,2 ....................................... 4,844,266
10,000 Scient Corp. 1,2...................................... 180,000
36,800 Semtech Corp.1 ....................................... 1,186,800
57,700 Serena Software, Inc. 1............................... 2,935,488
31,000 Siebl Systems, Inc.1 ................................. 3,253,063
23,600 Silicon Image, Inc. 1................................. 277,300
6,800 Software.com 1........................................ 1,013,200
13,050 The Intercept Group, Inc. 1 .......................... 353,166
34,600 Tibco Software, Inc.1 ................................ 2,179,800
10,000 Transwitch Corp.1 .................................... 577,500
9,300 Varian Semiconductor Equip Associates, Inc.1 ......... 213,900
14,400 Verisign, Inc. 1...................................... 1,900,800
21,900 Watchguard Technology1 ............................... 1,095,000
-----------
76,608,892
-----------
</TABLE>
See Notes to Financial Statements.
--83--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
Small Capitalization Growth Portfolio
schedule of portfolio investments-- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<S> <C>
Common Stocks -- (Continued)
Technology Software/Services -- 3.7%
5,700 Cacheflow, Inc.1,2 ................................... $ 615,600
34,600 Click Commerce, Inc. 1................................ 990,425
47,300 Forrester Research, Inc. 1............................ 1,942,256
108,000 Jacada Ltd. 1......................................... 769,500
4,800 Manugistics Group, Inc.1 ............................. 546,900
22,500 OTG Software1 ........................................ 708,750
22,700 Selectica1 ........................................... 598,713
12,500 Support.com, Inc. 1................................... 178,125
33,800 Ventiv Health1 ....................................... 363,350
-----------
6,713,619
-----------
Telecommunication -- Long Distance -- 1.7%
9,000 Celgene Corp.1,2 ..................................... 579,375
30,150 Lexent, Inc.1 ........................................ 872,466
19,500 Spectrasite Holdings1 ................................ 385,125
33,900 Versata, Inc. 1....................................... 559,350
7,165 Webmethods, Inc. 1,2.................................. 636,789
-----------
3,033,105
-----------
Telecommunications -- 3.0%
6,300 Cobalt Networks, Inc.1 ............................... 347,288
21,000 Netro Corp. 1 ........................................ 458,063
30,300 Network Plus Corp.1,2 ................................ 238,613
7,509 Nortel Networks Corp. ................................ 341,659
20,800 Polycom Corp.1 ...................................... 1,352,000
14,700 Sonus Networks 1,2 ................................... 507,150
65,700 Tetra Tech, Inc.1 .................................... 2,283,075
-----------
5,527,848
-----------
Total Common Stocks
(Cost $152,564,532)............................... 164,880,852
-----------
</TABLE>
See Notes to Financial Statements.
--84--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
Small Capitalization Growth Portfolio
schedule of portfolio investments-- (Concluded)
October 31, 2000
<TABLE>
<CAPTION>
Face
Amount Value
------------ ------------
<S> <C>
Repurchase Agreement-- 9.5%
$17,346,000 Goldman Sachs & Co. 6.45% 11/1/00
(dated 10/31/00, collateralized by $11,830,000 US Treasury Bonds,
7.625% due 11/15/22, market value $14,643,493 and $2,490,000
US Treasury Bonds, 12.375% due 5/15/04, market value $3,136,506). $ 17,346,000
-------------
Total Repurchase Agreement
(Cost $17,346,000)................................ 17,346,000
-------------
Total Investments (Cost $169,910,533)3.................... 99.7% $ 182,226,852
Other Assets in Excess of Liabilities .................... 0.3 620,485
------- -------------
Net Assets................................................ 100.0% $ 182,847,337
======= =============
<FN>
--------------------------------------------------------------------------------
1 Non-income producing security.
2 Securities or partial securities on loan.
3 Aggregate cost for federal tax purposes was $170,650,804.
</FN>
</TABLE>
See Notes to Financial Statements.
--85--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
Core Value Portfolio
schedule of portfolio investments
October 31, 2000
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<S> <C>
Common Stocks -- 99.3%
Aerospace & Defense -- 0.8%
4,875 Lockheed Martin Corp. ................................ $ 174,769
----------
Capital Goods -- 1.7%
1,725 Emerson Electric Co. ................................. 126,680
3,625 United Technologies Corp. 2........................... 253,070
----------
379,750
----------
Consumer Non - Durables -- 1.5%
4,150 Quaker Oats Co........................................ 338,484
----------
Consumer Products -- 4.9%
6,350 Anheuser-Busch Companies, Inc. ....................... 290,512
2,225 Coca-Cola Co. ........................................ 134,334
2,925 Kimberly-Clark Corp. ................................. 193,050
6,900 PepsiCo, Inc. ........................................ 334,219
2,150 Procter & Gamble Co. ................................. 153,591
----------
1,105,706
----------
Consumer Services -- 1.7%
2,450 Disney (Walt) Co. .................................... 87,741
2,775 McGraw-Hill, Inc. .................................... 178,120
4,475 VF Corp. ............................................. 122,223
----------
388,084
----------
Energy -- 2.4%
1,300 Chevron Corp. ........................................ 106,762
3,350 Coastal Corp. ........................................ 252,716
2,225 Schlumberger Ltd. .................................... 169,378
----------
528,856
----------
Energy Minerals -- 3.6%
7,225 Exxon Mobil Corp. .................................... 644,380
2,475 Kerr-McGee Corp. ..................................... 161,648
----------
806,028
----------
Finance -- 16.8%
4,200 Allstate Corp. ....................................... 169,050
4,087 American International Group, Inc. ................... 400,526
4,050 Axa Financial, Inc. .................................. 218,953
3,900 Bank of New York Co., Inc. ........................... 224,494
2,400 Chase Manhattan Corp. ................................ 109,200
9,900 Citigroup, Inc. ...................................... 520,987
</TABLE>
See Notes to Financial Statements.
--86--
<PAGE>
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THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
Core Value Portfolio
schedule of portfolio investments-- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<S> <C>
Common Stocks -- (Continued)
Finance -- (Continued)
3,250 Fannie Mae ........................................... $ 250,250
5,750 Fleet Boston Financial Corp. ......................... 218,500
2,975 Hartford Financial Services Group, Inc. .............. 221,452
3,175 Household International, Inc. ........................ 159,742
8,050 John Hancock Financial1 .............................. 254,581
4,600 Mellon Financial Corp. ............................... 221,950
8,775 Metlife, Inc. 1,2..................................... 242,409
2,550 Northern Trust Corp. ................................. 217,706
3,325 PNC Bank Corp. ....................................... 222,359
2,800 Washington Mutual, Inc. .............................. 123,200
----------
3,775,359
----------
Food Wholesalers -- 2.0%
8,650 Sysco Corp. 2......................................... 451,422
----------
Health Care -- 8.8%
5,350 American Home Products Corp. ......................... 339,725
3,575 Bristol-Myers Squibb Co. ............................. 217,852
10,850 HCA Healthcare Co.2 .................................. 433,322
2,375 Johnson & Johnson .................................... 218,797
4,175 Merck & Co., Inc. .................................... 375,489
9,356 Pfizer, Inc. ......................................... 404,073
----------
1,989,258
----------
Health Care Services -- 1.6%
2,600 Amgen, Inc.1 ......................................... 150,637
3,100 Genzyme Corp.1 ....................................... 220,100
----------
370,737
----------
Manufacturing -- 7.4%
4,950 Dover Corp.2 ......................................... 210,066
15,925 General Electric Co. ................................. 872,889
2,475 Minnesota Mining & Manufacturing Co. ................. 239,147
6,125 Tyco International Ltd. .............................. 347,211
----------
1,669,313
----------
Oil & Gas Products -- 1.0%
3,375 Burlington Resources, Inc. ........................... 121,500
4,825 Occidental Petroleum Corp. ........................... 95,897
----------
217,397
----------
</TABLE>
See Notes to Financial Statements.
--87--
<PAGE>
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THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
Core Value Portfolio
schedule of portfolio investments-- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<S> <C>
Common Stocks -- (Continued)
Pharmaceutical -- 1.4%
3,625 Eli Lilly & Co. ...................................... $ 323,984
----------
Reit -- Hotels -- 0.9%
6,750 Starwood Lodging Trust ............................... 199,969
----------
Retail -- 4.2%
2,925 Safeway, Inc.1 ....................................... 159,961
3,925 Target Corp. ......................................... 108,428
4,950 TJX Companies, Inc. .................................. 134,887
8,250 Wal-Mart Stores, Inc. ................................ 374,344
3,625 Walgreen Co. ......................................... 165,391
----------
943,011
----------
Specialty Telecommunication Services -- 1.6%
6,925 America Online, Inc.1 ................................ 349,228
406 Avaya, Inc.1 ......................................... 5,456
----------
354,684
----------
Technology -- 25.2%
2,425 Agilent Technologies1 ................................ 112,308
3,425 Applied Materials, Inc.1 ............................. 181,953
6,850 Computer Associates International, Inc. .............. 218,344
14,300 Cisco Systems, Inc.1 ................................. 770,413
4,800 Dell Computer Corp.1 ................................. 141,600
3,825 EMC Corp.1 ........................................... 340,664
2,500 Hewlett-Packard Co. .................................. 116,094
12,050 Intel Corp. .......................................... 542,250
5,600 International Business Machines Corp. ................ 551,600
1,625 JDS Uniphase Corp.1 .................................. 132,234
1,925 Lexmark International Group, Inc.-- Class A 1 ........ 78,925
6,325 Lucent Technologies, Inc. ............................ 147,452
9,150 Microsoft Corp.1 ..................................... 630,206
1,000 Millipore Corp. ...................................... 52,500
14,375 Motorola, Inc. ....................................... 358,477
5,450 Nortel Networks Corp. ................................ 247,975
10,075 Oracle Systems Corp.1 ................................ 332,475
1,300 Qualcomm, Inc.1 ...................................... 84,642
2,915 Sun Microsystems, Inc.1 .............................. 323,201
3,300 Texas Instruments, Inc. .............................. 161,906
4,525 Vishay Intertechnology, Inc.1 ........................ 135,750
----------
5,660,969
----------
</TABLE>
See Notes to Financial Statements.
--88--
<PAGE>
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THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
Core Value Portfolio
schedule of portfolio investments-- (Concluded)
October 31, 2000
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<S> <C>
Common Stocks -- (Continued)
Telecommunications -- 6.8%
4,625 Alltel Corp. ......................................... $ 298,023
4,885 AT&T Corp.2 .......................................... 113,271
920 AT&T Wireless Group .................................. 22,943
7,400 Qwest Communications International, Inc.1 ............ 359,825
6,350 SBC Communications, Inc. ............................. 366,316
4,250 Verizon Communications2 .............................. 245,703
5,275 Worldcom, Inc. 1...................................... 125,281
----------
1,531,362
----------
Transportation -- 0.8%
6,000 Southwest Airlines Co. ............................... 171,000
----------
Utilities -- 3.3%
3,100 AES Corp. 1........................................... 175,150
2,725 Duke Energy Co. ...................................... 235,542
9,950 GPU, Inc. ............................................ 328,972
----------
739,664
----------
Waste Management -- 0.9%
10,100 Waste Management, Inc. ............................... 202,000
----------
Total Common Stocks
(Cost $21,516,324)................................ 22,321,806
----------
Face
Amount
------------
Repurchase Agreement -- 0.7%
$158,000 Goldman Sachs & Co. 6.45% 11/1/00 (dated 10/31/00,
collateralized by $130,000 US Treasury Bonds, 12.375%
due 5/15/04, market value $163,753).............................. 158,000
-----------
Total Repurchase Agreement
(Cost $158,000)................................... 158,000
-----------
Total Investments (Cost $21,674,324)3..................... 100.0% $22,479,806
Liabilities in Excess of Other Assets..................... (0.0) (7,827)
------- -----------
Net Assets................................................ 100.0% $22,471,979
======= ===========
<FN>
--------------------------------------------------------------------------------
1 Non-income producing security.
2 Securities or partial securities on loan.
3 Aggregate cost for federal tax purposes was $21,872,767.
</FN>
</TABLE>
See Notes to Financial Statements.
--89--
<PAGE>
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THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The Glenmede Fund, Inc. (the "Fund") consists of eleven portfolios: the
Government Cash Portfolio, the Tax-Exempt Cash Portfolio, the Core Fixed Income
Portfolio, the Strategic Equity Portfolio (formerly the TaxManaged Equity
Portfolio), the Small Capitalization Value Portfolio (formerly the Small
Capitalization Equity Portfolio), the Large Cap Value Portfolio, the
International Portfolio, the Institutional International Portfolio, the Emerging
Markets Portfolio, the Small Capitalization Growth Portfolio and the Core Value
Portfolio (collectively the "Portfolios"). The Emerging Markets Portfolio is in
the process of liquidating and its financial statements are contained in a
separate report. 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.
Since January 2, 1998 the Small Capitalization Value Portfolio has consisted of
two classes of shares, the Advisor Shares and the Institutional Shares.
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States 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.
Valuation of Securities: 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 US 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 securities are 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 is used. Bond and other fixed-income
securities may be valued on the basis of prices provided by a pricing service or
by using a matrix or formula, 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.
--90--
<PAGE>
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THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS-- (CONTINUED)
The value of other assets and securities for which no market quotations are
readily available are valued at fair value as determined in good faith by or
under the direction of the Board of Directors.
Repurchase Agreements: Each Portfolio may engage in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, the Portfolio
takes possession of an underlying debt obligation subject to an obligation of
the seller to repurchase, and the Portfolio to resell, the obligation at an
agreed-upon price and time, thereby determining the yield during the Portfolio's
holding period. This arrangement results in a fixed rate of return that is not
subject to market fluctuations during the Portfolio's holding period. The value
of the collateral at the time of execution must be at least equal to 102% of the
total amount of the repurchase obligations, including interest. In the event of
counterparty default, the Portfolio has the right to collect 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 and Institutional
International 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 Portfolios' 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 Portfolios 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 October 31, 2000.
Foreign currency: The books and records of each Portfolio are maintained in
United States (US) dollars. Foreign currencies, investments and other assets and
liabilities are translated into US 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.
--91--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS-- (CONTINUED)
Reverse Repurchase Agreements: The Government Cash Portfolio and the Core
Fixed Income 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. In entering into reverse repurchase agreements, the Portfolio
will maintain cash, US 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 Government Cash Portfolio
and the Core Fixed Income 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.
TheCore Fixed IncomePortfolio's average daily balance of reverse repurchase
agreements outstanding during the year ended October 31, 2000 was approximately
$25,220,328 at a weighted average interest rate of approximately 5.13%. The
maximum amount of reverse repurchase agreements outstanding at a month-end
during the year ended October 31, 2000 was $37,633,750 as of June 30, 2000,
which was 15.56% of total assets.The amount of reverse repurchase agreements
outstanding on October 31, 2000 was $26,712,500, which was 11.00% of total
assets. As of, and for the year ended, October 31, 2000, Government Cash
Portfolio did not enter into any reverse repurchase agreements.
Interest-Only Securities: The Core Fixed Income Portfolio may invest in
interest-only securities, which are the interest portions of "stripped"
securities. The holders of interest-only securities receive the interest on the
underlying security, but no principal payments. While the timing of the interest
receipts is known, the amount of interest to be received is not known.
Collateralized Mortgage Obligations: The Core Fixed Income Portfolio may
invest in collateralized mortgage obligations, which are backed by a pool of
mortgages or mortgage-backed securities. The bonds that form collateralized
mortgage obligations are grouped into classes, which have different coupon rates
or maturities. The principal cash flows of the underlying pool of mortgages are
channeled sequentially into each class.
Tba Purchase Commitments: The Core Fixed Income Portfolio may enter into TBA
(to be announced) purchase commitments to purchase securities for a fixed price
at a future date, typically not exceeding 45 days. TBA purchase commitments may
be considered securities in themselves, and involve a risk of loss if the value
of the security to be purchased declines prior to settlement date. This risk is
in addition to the risk of decline in the value of the Portfolio's other assets.
Options 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 speci
--92--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS-- (CONTINUED)
fied 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
the Portfolio may incur a loss if the market price of the underlying security
decreases and the option is exercised. In addition, there is a risk the
Portfolio 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. Each Portfolio segregates assets with a
current value at least equal to the amount of its when-issued purchase
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 Core Fixed Income Portfolio
are declared and paid monthly. Dividends from net investment income, if any, of
the Strategic Equity, Small Capitalization Value, Large Cap Value,
International, Institutional International, Small Capitalization Growth and Core
Value Portfolios are declared and paid quarterly. The Portfolios distribute any
net realized capital gains on an annual basis. Additional distributions of net
investment income and capital gains for each Portfolio may be made at the
discretion of the Board of Directors in order to avoid a 4% nondeductible
Federal excise tax. Income and capital gains distributions are determined in
accordance with income tax regulations which may differ from accounting
principles generally accepted in the United States. 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 their 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 accounting principles generally accepted in the United States.
--93--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS-- (CONTINUED)
2. INVESTMENT ADVISORY FEE, ADMINISTRATION FEE AND OTHER RELATED
PARTY TRANSACTIONS
Recently, The Glenmede Trust Company created a wholly-owned subsidiary,
Glenmede Advisors, Inc. (the "Advisors"), to perform the investment advisory
services to the Glenmede Funds. Management personnel of The Glenmede Trust
Company responsible for providing investment advisory services to the Glenmede
Funds, including the portfolio managers and supervisory personnel, are employees
of Glenmede Advisors, where they continue to provide such services to the
Glenmede Funds.
The Small Capitalization Value Portfolio, the Institutional International
Portfolio and the Core Value Portfolio pay Advisors, for its investment advisory
services a monthly fee at the annual rate of 0.55%, 0.75% and 0.45%
respectively, of the value of their average daily net assets. The Small
Capitalization Growth Portfolio pays TCW Investment Management Company and
Winslow Capital Management, Inc. (each a "Sub-advisor") at the annual rate of
0.60% of that portion of its average net assets each subadvisor manages. In
addition, the SmallCapitalization Growth Portfolio pays for its investment
advisory services a monthly fee at the annual rate of 0.25% of the value of its
average daily net assets. The Advisor does not receive a fee from any remaining
Portfolios for its investment advisory services. However, each Portfolio (except
the Small Capitalization Value, SmallCapitalization Growth and Institutional
International Portfolios) pays The Glenmede Trust Company a shareholder
servicing fee at the annual rate of 0.05% of the value of its average daily net
assets. In addition, the Advisor Shares of the Small Capitalization Value
Portfolio and the SmallCapitalization Growth Portfolio each pay The Glenmede
Trust Company a shareholder servicing fee at the annual rate of 0.25% of the
value of its average daily net assets. Institutional Shares of the Small
Capitalization Value Portfolio pays The Glenmede Trust Company a shareholder
servicing fee at the annual rate of 0.05% of the value of its average daily net
assets.
For the Institutional International Portfolio, the Advisor has agreed to
waive its fees and/or reimburse expenses to the extent necessary to ensure that
the Portfolio's total operating expenses do not exceed 1.00% of the Portfolio's
average daily net assets. There were no waivers necessary for the year ended
October 31, 2000.
Investment Company Capital Corp. ("ICCC"), a subsidiary of DeutscheBank AG,
provides administrative, accounting and transfer agent services to the Fund. The
Fund pays ICCC 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").
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.
The Fund pays each Board member an annual fee of $11,000 plus $1,250 for each
Board meeting attended and out-of-pocket expenses incurred in attending Board
meetings.
Expenses for the year ended October 31, 2000 include legal fees paid to
Drinker Biddle & Reath LLP. A partner of the law firm is Secretary of the Fund.
--94--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS-- (CONTINUED)
3. PURCHASES AND SALES OF SECURITIES
For the year ended October 31, 2000, cost of purchases and proceeds from
sales of long-term US Government securities were:
PORTFOLIO PURCHASES SALES
--------- -------------- --------------
Core Fixed Income Portfolio................. $428,648,127 $486,590,264
For the year ended October 31, 2000, cost of purchases and proceeds from
sales of investment securities other than US Government
securities and short-term securities were:
PORTFOLIO PURCHASES SALES
--------- -------------- --------------
Strategic Equity Portfolio1................. $ 85,203,968 $ 75,258,121
Small Capitalization Value Portfolio2....... 183,319,950 259,444,848
Large Cap Value Portfolio................... 33,241,997 67,178,427
International Portfolio..................... 624,851,704 546,811,043
Institutional International Portfolio....... 171,491,234 153,154,432
Small Capitalization Growth Portfolio3...... 239,464,579 77,908,507
Core Value Portfolio4....................... 34,279,164 12,372,769
On October 31, 2000 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 PURCHASES SALES
--------- -------------- --------------
Core Fixed Income Portfolio................. $ 1,426,720 $ 3,872,355
Strategic Equity Portfolio1................. 54,394,094 3,102,765
Small Capitalization Value Portfolio2....... 53,603,326 18,767,109
Large Cap Value Portfolio................... 3,146,534 387,563
International Portfolio..................... 267,821,919 111,418,363
Institutional International Portfolio....... 14,783,062 14,987,942
Small Capitalization Growth Portfolio3...... 32,796,798 21,220,750
Core Value Portfolio4....................... 2,471,337 1,864,298
--------------------------------------------------------------------------------
1 On February 28, 2000, Tax Managed Equity Portfolio changed its name to
Strategic Equity Portfolio.
2 On February 28, 2000, Small Capitalization Equity Portfolio changed its name
to Small Capitalization Value Portfolio.
3 Small Capitalization Growth Portfolio began operations on December 29, 1999.
4 Core Value Portfolio began operations on February 28, 2000.
--95--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS-- (CONTINUED)
4. COMMON STOCK
The Fund is authorized to issue and has classified 2,500,000,000 shares of
common stock with a $.001 par value. Since the Government Cash Portfolio and the
Tax-Exempt Cash Portfolio have sold shares, issued shares as reinvestments of
dividends, and redeemed shares only at a constant net asset 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:
Year Ended Year Ended
10/31/00 10/31/99
--------------- ---------------
Government Cash Portfolio:
Sold................................ $ 3,583,555,238 $ 3,829,650,837
Issued as reinvestment of dividends. 44,850 27,423
Redeemed............................ (3,575,765,768) (3,853,935,897)
--------------- ---------------
Net increase (decrease)............ $ 7,834,320 $ (24,257,637)
--------------- ---------------
--------------- ---------------
Tax-Exempt Cash Portfolio:
Sold................................ $ 1,843,406,730 $ 1,648,162,346
Issued as reinvestment of dividends. 5,797 4,406
Redeemed............................ (1,756,310,845) (1,674,058,693)
--------------- ---------------
Net increase (decrease)............. $ 87,101,682 $ (25,891,941)
--------------- ---------------
--------------- ---------------
--96--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS-- (CONTINUED)
<TABLE>
<CAPTION>
Year Ended Year Ended
10/31/00 10/31/99
-------------------------------- -----------------------------------
Shares Amount Shares Amount
------------ --------------- -------------- ----------------
<S> <C> <C> <C> <C>
Core Fixed Income Portfolio:
Sold......................... 773,920 $ 7,745,584 6,375,969 $ 67,512,430
Issued as reinvestment
of dividends 85,971 858,334 43,563 447,015
Redeemed..................... (6,300,835) (62,750,283) (7,913,468) (82,206,587)
------------ --------------- -------------- ----------------
Net decrease................. (5,440,944) $(54,146,365) (1,493,936) $ (14,247,142)
------------ --------------- -------------- ----------------
------------ --------------- -------------- ----------------
Strategic Equity Portfolio:1
Sold......................... 959,837 $ 24,086,563 196,819 $ 4,518,923
Issued as reinvestment of
dividends 1,031,641 21,149,657 668,748 14,425,675
Redeemed..................... (591,813) (14,687,538) (1,687,116) (39,272,875)
------------ --------------- -------------- -----------------
Net increase (decrease)...... 1,399,665 $ 30,548,682 (821,549) $ (20,328,277)
------------ --------------- -------------- -----------------
------------ --------------- -------------- -----------------
Small Capitalization Value
Portfolio (Advisor Shares):2
Sold......................... 3,741,391 $ 69,446,935 3,451,858 $ 54,037,437
Issued as reinvestment
of dividends 255,020 4,186,156 10,063 152,921
Redeemed..................... (6,620,573) (116,805,528) (6,749,354) (103,504,553)
------------ --------------- -------------- -----------------
Net decrease................. (2,624,162) $ (43,172,437) (3,287,433) $ (49,314,195)
------------ --------------- -------------- -----------------
------------ --------------- -------------- -----------------
Small Capitalization Value
Portfolio (Institutional Shares):2
Sold......................... 223,852 $ 3,800,692 369,846 $ 5,719,285
Issued as reinvestment
of dividends 110,445 1,820,393 33,935 518,163
Redeemed..................... (622,672) (10,357,145) (581,803) (8,939,842)
------------ --------------- -------------- -----------------
Net decrease................. (288,375) $ (4,736,060) (178,022) $ (2,702,394)
------------ --------------- -------------- -----------------
------------ --------------- -------------- -----------------
Large Cap Value Portfolio:
Sold......................... 507,532 $ 5,412,689 519,388 $ 7,166,143
Issued as reinvestment
of dividends 45,928 498,638 1,019,528 11,056,770
Redeemed..................... (3,891,171) (41,529,291) (1,933,918) (26,672,374)
------------ --------------- -------------- -----------------
Net decrease................. (3,337,711) $(35,617,964) (395,002) $ (8,449,461)
------------ --------------- -------------- -----------------
------------ --------------- -------------- -----------------
International Portfolio:
Sold......................... 9,596,661 $173,870,736 12,945,606 $ 227,225,854
Issued as reinvestment of
dividends 5,796,780 91,555,475 4,422,061 81,628,005
Redeemed..................... (5,240,243) (94,303,351) (5,860,128) (104,005,572)
------------ --------------- -------------- -----------------
Net increase................. 10,153,198 $171,122,860 11,507,539 $ 204,848,287
------------ --------------- -------------- -----------------
------------ --------------- -------------- -----------------
<FN>
-----------
1 On February 28, 2000, Tax Managed Equity Portfolio changed its name to Strategic Equity Portfolio.
2 On February 28, 2000, Small Capitalization Equity Portfolio changed its name to Small Capitalization
Value Portfolio.
</FN>
</TABLE>
--97--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
Notes to Financial Statements-- (Continued)
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
10/31/00 10/31/99
-------------------------------- -----------------------------------
SHARES AMOUNT SHARES AMOUNT
------------ --------------- -------------- ----------------
<S> <C> <C> <C> <C>
INSTITUTIONAL INTERNATIONAL PORTFOLIO:
Sold......................... 14,509,531 $ 259,492,685 6,580,973 $116,774,728
Issued as reinvestment of
dividends 1,127,151 17,294,342 543,619 9,599,868
Redeemed..................... (14,168,318) (250,183,130) (3,606,755) (65,045,210)
-------------- --------------- -------------- ----------------
Net increase................. 1,468,364 $ 26,603,897 3,517,837 $ 61,329,386
-------------- --------------- -------------- ----------------
-------------- --------------- -------------- ----------------
SMALL CAPITALIZATION GROWTH PORTFOLIO: 1
Sold......................... 20,328,241 $184,742,939 -- --
Issued as reinvestment of
dividends -- -- -- --
Redeemed..................... (490,042) (4,578,436) -- --
------------ --------------- -------------- ----------------
Net increase................. 19,838,199 $180,164,503 -- --
------------ --------------- -------------- ----------------
------------ --------------- -------------- ----------------
CORE VALUE PORTFOLIO:2
Sold......................... 2,366,150 $ 24,418,695 -- --
Issued as reinvestment of
dividends 1,275 13,600 -- --
Redeemed..................... (222,971) (2,390,188) -- --
------------ --------------- -------------- ----------------
Net increase................. 2,144,454 $ 22,042,107 -- --
------------ --------------- -------------- ----------------
------------ --------------- -------------- ----------------
<FN>
-----------------
1 Small Capitalization Growth Portfolio began operations on December 29, 1999.
2 Core Value Portfolio began operations on February 28, 2000.
</FN>
</TABLE>
5. LENDING OF PORTFOLIO SECURITIES
Each Portfolio has the ability to lend its 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.
Although risk is mitigated by the collateral, a Portfolio could experience a
delay in recovering its securities and a possible loss of income or value if the
borrower fails to return them.
--98--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS-- (CONTINUED)
The Portfolios generated additional income by lending their securities to
approved brokers. On October 31, 2000, the following Portfolios had outstanding
loans of securities to certain approved brokers for which the Portfolios
received collateral:
<TABLE>
<CAPTION>
% OF TOTAL
MARKET VALUE OF MARKET VALUE OF ASSETS
PORTFOLIO LOANED SECURITIES COLLATERAL ON LOAN
--------- ----------------- --------------- ----------
<S> <C> <C> <C>
Core Fixed Income Portfolio... $14,306,952 $14,765,040 5.89
Strategic Equity Portfolio1... 1,906,386 1,933,100 1.10
Small Capitalization Value
Portfolio2................. 10,629,778 10,997,000 3.75
Large Cap Value Portfolio..... 955,820 975,000 4.30
International Portfolio....... 114,910,466 119,141,619 7.66
Institutional International
Portfolio.................. 12,309,763 12,590,314 7.07
Small Capitalization Growth
Portfolio3................. 15,600,981 15,998,959 9.23
Core Value Portfolio.......... 1,184,894 1,201,700 5.27
</TABLE>
6. CAPITAL LOSS CARRYFORWARDS
On October 31, 2000, 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
PORTFOLIO IN 2000 IN 2001 IN 2002 IN 2003
--------- -------- -------- -------- --------
<S> <C> <C> <C> <C>
Government Cash Portfolio........ $-- $ 127 $ 1,000 $26,819
Tax-Exempt Cash Portfolio........ -- 19,079 8,905 27,815
Core Fixed Income Portfolio...... -- -- 7,273,798 --
EXPIRING EXPIRING EXPIRING EXPIRING
PORTFOLIO IN 2004 IN 2005 IN 2006 IN 2007
--------- -------- -------- -------- ----------
Government Cash Portfolio........$ -- $ 7,815 $ -- $ --
Tax-Exempt Cash Portfolio........ 13 -- 7,168 --
Core Fixed Income Portfolio...... -- -- -- 1,869,325
SmallCapitalization Growth Portfolio -- -- -- 5,038,496
EXPIRING
PORTFOLIO IN 2008
--------- --------
Core Fixed IncomePortfolio....... $3,712,033
Small Capitalization Growth Portfolio 3,250,830
Large Cap Value Portfolio........ 92,426
Core Value Portfolio............. 191,628
</TABLE>
The Small Capitalization Value Portfolio utilized capital loss carryforwards in
the amount of $18,910,190, during the year ended October 31, 2000.
--------------------------------------------------------------------------------
1 On February 28, 2000, Tax Managed Equity Portfolio changed its name to
Strategic Equity Portfolio.
2 On February 28, 2000, Small Capitalization Equity
Portfolio changed its name to Small Capitalization ValuePortfolio.
3 Small Capitalization Growth Portfolio commenced operations on
December 29, 1999.
--99--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS-- (CONTINUED)
7. FOREIGN SECURITIES
The Strategic Equity, Small Capitalization Value, Large Cap Value, Small
Capitalization Growth, Core Value, International and Institutional International
Portfolios may invest in foreign securities. Investing in foreign companies and
foreign governments involves special risks and considerations not typically
associated with investing in US companies and the US government. These risks
include valuation 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 US companies and the US government. This
is particularly true with respect to emerging markets in developing countries.
8. Net Assets
On October 31, 2000, net assets consisted of:
GOVERNMENT TAX-EXEMPT CORE FIXED
CASH CASH INCOME
PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ -------------
Par Value........................... $ 413,706 $ 437,216 $ 17,263
Paid in Capital in excess of par value 413,292,421 436,759,928 188,239,322
Undistributed net investment income. 71,402 -- 1,136,249
Accumulated net realized loss on
investments sold................. (35,761) (62,980) (12,866,569)
Net unrealized depreciation
on investments................... -- -- (2,434,222)
------------- ------------ ------------
Total Net Assets................. $413,741,768 $437,134,164 $174,092,043
------------- ------------ ------------
------------- ------------ ------------
SMALL LARGE
STRATEGIC CAPITALIZATION CAP
EQUITY VALUE VALUE
PORTFOLIO1 PORTFOLIO2 PORTFOLIO
------------ ------------ -----------
Par Value........................... $ 7,954 $ 15,832 $ 1,927
Paid in Capital in excess of par value 116,874,689 233,320,929 18,554,617
Undistributed net investment income. 381,994 51,726 27,593
Accumulated net realized loss on
investments sold ................ (1,013,181) 1,064,073 (150,725)
Net unrealized appreciation
on investments .................. 52,312,906 35,295,703 2,817,270
------------ ------------ -----------
Total Net Assets................. $168,564,362 $269,748,263 $21,250,682
------------ ------------ -----------
------------ ------------ -----------
--------------------------------------------------------------------------------
1 On February 28, 2000, Tax Managed Equity Portfolio changed its name to
StrategicEquity Portfolio. 2 On February 28, 2000, Small Capitalization Equity
Portfolio changed its name to Small Capitalization ValuePortfolio.
--100--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS-- (CONTINUED)
INSTITUTIONAL
INTERNATIONAL INTERNATIONAL
PORTFOLIO PORTFOLIO
-------------- --------------
Par Value................................ $ 94,132 $ 11,344
Paid in Capital in excess of
par value............................. 1,328,692,644 171,555,063
Undistributed net investment income...... 1,026,547 --
Accumulated net realized
gain (loss) on investments
sold, and foreign
currency transactions................. -- (335,707)
Net unrealized appreciation
on investments and foreign
currency translations................. 156,274,523 112,497
-------------- ------------
Total Net Assets...................... $1,486,087,846 $171,343,197
-------------- ------------
-------------- ------------
SMALL
CAPITALIZATION CORE
GROWTH VALUE
PORTFOLIO 1 PORTFOLIO 2
-------------- --------------
Par Value................................ $ 19,838 $ 2,144
Paid in Capital in excess of
par value............................. 179,548,945 22,039,963
Undistributed (distributions in excess of)
net investment income................. (8,168) 14,461
Accumulated net realized
loss on investments sold.............. (9,029,597) (390,071)
Net unrealized appreciation/depreciation
on investments........................ 12,316,319 805,482
-------------- ------------
Total Net Assets...................... $182,847,337 $22,471,979
-------------- ------------
-------------- ------------
--------------------------------------------------------------------------------
1 SmallCapitalization Growth Portfolio began operations on December 29, 1999.
2 Core ValuePortfolio began operations on February 28, 2000.
--101--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS-- (CONCLUDED)
10. CALL AND PUT OPTIONS
Call and Put Options written by the Strategic Equity Portfolio (formerly, Tax
Managed Equity Portfolio) and related premiums received during the period were
as follows:
Calls Puts
-------------------------- ------------------------
Actual Actual
-------------------------- ------------------------
Contracts Premiums Contracts Premiums
--------------------------------------------------------------------------------
Options outstanding
October 31, 1999 850 375,337 1,250 350,313
Options written 1,230 1,218,130 790 239,081
Options purchased -- -- 200 118,300
Options closed (750) (315,739) -- --
Options exercised -- -- -- --
Options expired (1,130) (1,151,032) (2,040) (589,394)
--------------------------------------------------------------------------------
Options outstanding
October 31, 2000 200 126,696 200 118,300
--------------------------------------------------------------------------------
--102--
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of the Glenmede Fund, Inc. and Shareholders of
Government Cash Portfolio, Tax-Exempt Cash Portfolio, Core Fixed Income
Portfolio, Strategic Equity Portfolio, Small Capitalization Value Portfolio,
Large Cap Value Portfolio, International Portfolio, Institutional International
Portfolio, Small Capitalization Growth Portfolio and Core Value Portfolio:
In our opinion, the accompanying statements of assets and liabilities, including
the schedules of portfolio investments, and the related statements of
operations, of changes in net assets and of cash flows (Core Fixed Income
Portfolio only) and the financial highlights present fairly, in all material
respects, the financial position of Government Cash Portfolio, Tax-Exempt Cash
Portfolio, Core Fixed Income Portfolio, Strategic Equity Portfolio, Small
Capitalization Value Portfolio, Large Cap Value Portfolio, International
Portfolio, Institutional International Portfolio, Small Capitalization Growth
Portfolio and Core Value Portfolio, (ten of the portfolios comprising The
Glenmede Fund, Inc., hereafter referred to as the "Funds") at October 31, 2000,
and the results of each of their operations, the changes in each of their net
assets, the cash flows (Core Fixed Income Portfolio only) and the financial
highlights for each of the fiscal periods presented, in conformity with
accounting principles generally accepted in the United States of America. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Funds' management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with auditing standards generally accepted in the United States of America,
which require that we plan and perform the audits to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at October 31, 2000 by correspondence with the
custodian and brokers, provide a reasonable basis for our opinion.
PRICEWATERHOUSECOOPERS LLP
Baltimore, Maryland
December 15, 2000
--103--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE FUND, INC.
--------------------------------------------------------------------------------
TAX INFORMATION (UNAUDITED)
FOR THE YEAR ENDED OCTOBER 31, 2000
The amount of long-term capital gains paid for the fiscal year ended October
31, 2000 was as follows:
SmallCap ValuePortfolio............................ $16,552,929
Strategic Equity Portfolio......................... $21,658,394
Large Cap Value Portfolio.......................... $ 384,455
International Portfolio............................ $97,835,682
Institutional International Portfolio.............. $15,429,548
Of the ordinary distributions made during the fiscal year ended October 31,
2000, the following percentages have been derived from investments in US
Government and Agency Obligations. All or a portion of the distributions from
this income may be exempt from taxation at the state level. Consult your tax
advisor for state specific information.
Government Cash Portfolio.......................... 22.25%
Core Fixed Income Portfolio........................ 19.00%
Of the ordinary distributions made during the fiscal year ended October 31,
2000, the following percentages are tax exempt for regular Federal income tax
purposes.
Tax-Exempt Cash Portfolio.......................... 100%
Of the ordinary distributions made during the fiscal year ended October 31,
2000, the following percentages qualify for the dividends received deduction
available to corporate shareholders:
Strategic Equity Portfolio......................... 89.61%
Small Capitalization Value Portfolio............... 100.00%
Large Cap Value Portfolio.......................... 100.00%
Core ValuePortfolio................................ 100.00%
The above figures may differ from those cited elsewhere in this report due to
differences in the calculation of income and gains for Securities and Exchange
Commission (book) purposes and Internal Revenue Service (tax) purposes.
Foreign Taxes Paid or Withheld
TOTAL PER SHARE
---------- ----------
International Portfolio................... $4,649,825 $0.05
Institutional International Portfolio..... $ 667,331 $0.06
The foreign taxes paid or withheld per share represent taxes incurred by the
Fund on interest and dividends received by the Fund from foreign sources.
Foreign taxes paid or withheld should be included in taxable income with an
offsetting deduction from gross income or as a credit for taxes paid to foreign
governments. Consult your tax advisor regarding the appropriate treatment of
foreign taxes paid.
--104--
<PAGE>
--------------------------------------------------------------------------------
THE GLENMEDE PORTFOLIOS
--------------------------------------------------------------------------------
STATEMENTS OF ASSETSANDLIABILITIES
October 31, 2000
<TABLE>
<CAPTION>
MUNI NEW JERSEY
INTERMEDIATE MUNI
PORTFOLIO PORTFOLIO
----------- -----------
<S> <C> <C>
Assets:
Investments:
Investments at value.............................. $14,268,158 $16,982,031
----------- -----------
Cash ............................................. 113,834 7,349
Interest receivable............................... 252,768 253,606
Prepaid expenses.................................. 85 4,162
----------- -----------
Total assets.................................... 14,634,845 17,247,148
----------- -----------
Liabilities:
Accrued expenses.................................. 10,717 14,833
----------- -----------
Total liabilities............................... 10,717 14,833
----------- -----------
Net Assets........................................... $14,624,128 $17,232,315
----------- -----------
----------- -----------
Shares Outstanding ................................. 1,433,381 1,705,018
----------- -----------
----------- -----------
Net Asset Value Per Share............................ $ 10.20 $ 10.11
----------- -----------
----------- -----------
</TABLE>
See Notes to Financial Statements.
--105--
<PAGE>
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THE GLENMEDE PORTFOLIOS
--------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
For the year ended October 31, 2000
<TABLE>
<CAPTION>
Muni New Jersey
Intermediate Muni
Portfolio Portfolio
------------ ----------
<S> <C> <C>
Investment Income:
Interest...................................... $810,061 $808,084
-------- --------
Total investment income..................... 810,061 808,084
-------- --------
Expenses:
Administration fee............................ 5,648 6,278
Shareholder servicing fee..................... 7,800 8,634
Custodian fee................................. 718 339
Directors' fees and expenses.................. 2,097 2,842
Professional fees............................. 31,438 32,890
Other expenses................................ 925 371
-------- --------
Total expenses.................................... 48,626 51,354
-------- --------
Net investment income............................. 761,435 756,730
-------- --------
Realized and unrealized loss:
Net realized loss on:
Securities transactions...................... (39,944) (30,509)
-------- --------
Net realized loss............................ (39,944) (30,509)
-------- --------
Net change in unrealized appreciation/ depreciation of:
Securities................................... 152,364 222,427
-------- --------
Net unrealized appreciation/depreciation..... 152,364 222,427
-------- --------
Net realized and unrealized gain
on investments................................. 112,420 191,918
-------- --------
Net increase in net assets
resulting from operations...................... $873,855 $948,648
-------- --------
-------- --------
</TABLE>
See Notes to Financial Statements.
--106--
<PAGE>
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THE GLENMEDE PORTFOLIOS
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED OCTOBER 31, 2000
MUNI NEW JERSEY
INTERMEDIATE MUNI
PORTFOLIO PORTFOLIO
------------ ----------
Net investment income............................. $761,435 $756,730
Net realized loss on investments.................. (39,944) (30,509)
Net change in unrealized appreciation/depreciation
on investments................................. 152,364 222,427
----------- -----------
Net increase in net assets resulting from operations 873,855 948,648
Distributions to shareholders:
From net investment income.................... (785,570) (776,516)
Net decrease in net assets from capital share
transactions................................... (1,990,521) (892,484)
----------- -----------
Net decrease in net assets........................ (1,902,236) (720,352)
NET ASSETS:
Beginning of year................................. 16,526,364 17,952,667
----------- -----------
End of year....................................... $14,624,128 $17,232,315
----------- -----------
----------- -----------
--------------------------------------------------------------------------------
FOR THE YEAR ENDED OCTOBER 31, 1999
MUNI NEW JERSEY
INTERMEDIATE MUNI
PORTFOLIO PORTFOLIO
----------- ------------
Net investment income............................. $ 866,861 $ 798,624
Net realized gain (loss) on investments........... 44,865 (2,683)
Net change in unrealized appreciation/depreciation
on investments................................. (744,954) (769,009)
----------- ------------
Net increase in net assets resulting from operations 166,772 26,932
Distributions to shareholders:
From net investment income.................... (883,826) (790,076)
Net increase (decrease) in net assets from capital
share transactions............................. (2,731,591) 1,224,295
----------- ------------
Net increase (decrease) in net assets............. (3,448,645) 461,151
NET ASSETS:
Beginning of year................................. 19,975,009 17,491,516
----------- ------------
End of year....................................... $16,526,364 $ 17,952,667
----------- ------------
----------- ------------
See Notes to Financial Statements.
--107--
<PAGE>
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THE GLENMEDE PORTFOLIOS
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR
<TABLE>
<CAPTION>
Muni Intermediate Portfolio
--------------------------------------------
Year Ended October 31,
--------------------------------------------
2000 1999 1998 1997 1996
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of year......................... $ 10.14 $ 10.56 $ 10.40 $ 10.26 $ 10.32
------- ------- ------- ------- -------
Income from investment
operations:
Net investment income.............. 0.50 0.51 0.51 0.52 0.53
Net realized and unrealized
gain (loss) on investments...... 0.07 (0.42) 0.16 0.14 (0.06)
------- ------- ------- ------- -------
Total from investment
operations...................... 0.57 0.09 0.67 0.66 0.47
------- ------- ------- ------- -------
Distributions to shareholders
from net investment income...... (0.51) (0.51) (0.51) (0.52) (0.53)
------- ------- ------- ------- -------
Net asset value, end
of year......................... $ 10.20 $ 10.14 $ 10.56 $ 10.40 $ 10.26
------- ------- ------- ------- -------
------- ------- ------- ------- -------
Total return1...................... 5.77% 0.91% 6.63% 6.69% 4.67%
------- ------- ------- ------- -------
------- ------- ------- ------- -------
Ratios to average net assets/ Supplemental data:
Net assets, end of year
(in 000's)...................... $14,624 $16,526 $19,975 $19,219 $18,471
Ratio of operating expenses to
average net assets.............. 0.31% 0.20% 0.30% 0.34% 0.32%
Ratio of net investment income
to average net assets........... 4.89% 4.90% 4.88% 5.09% 5.16%
Portfolio turnover rate............ 6% 6% 11% 21% 44%
<FN>
------------------------------------------------------------------------------------
1 Total return represents aggregate total return for the period indicated.
</FN>
</TABLE>
See Notes to Financial Statements.
--108--
<PAGE>
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THE GLENMEDE PORTFOLIOS
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR
<TABLE>
<CAPTION>
NEW JERSEY MUNI PORTFOLIO
---------------------------------------------
YEAR ENDED OCTOBER 31,
---------------------------------------------
2000 1999 1998 1997 1996
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of year......................... $ 10.00 $ 10.43 $ 10.20 $ 9.97 $10.00
------- ------- ------- ------- -------
Income from investment
operations:
Net investment income.............. 0.44 0.44 0.44 0.44 0.44
Net realized and unrealized
gain (loss) on investments...... 0.12 (0.43) 0.23 0.23 (0.03)
------- ------- ------- ------- -------
Total from investment
operations...................... 0.56 0.01 0.67 0.67 0.41
------- ------- ------- ------- -------
Distributions to shareholders
from net investment income...... (0.45) (0.44) (0.44) (0.44) (0.44)
------- ------- ------- ------- -------
Net asset value, end
of year......................... $ 10.11 $ 10.00 $ 10.43 $ 10.20 $ 9.97
------- ------- ------- ------- -------
------- ------- ------- ------- -------
Total return1...................... 5.77% 0.08% 6.71% 6.90% 4.24%
------- ------- ------- ------- -------
------- ------- ------- ------- -------
Ratios to average net assets/ Supplemental data:
Net assets, end of year
(in 000's)...................... $17,232 $17,953 $17,492 $12,117 $7,545
Ratio of operating expenses to
average net assets.............. 0.30% 0.24% 0.30% 0.31% 0.24%
Ratio of net investment income
to average net assets........... 4.40% 4.34% 4.33% 4.42% 4.56%
Portfolio turnover rate............ 9% 10% 7% 19% 33%
<FN>
-------------------------------------------------------------------------------------
1 Total return represents aggregate total return for the period indicated.
</FN>
</TABLE>
See Notes to Financial Statements.
--109--
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--------------------------------------------------------------------------------
MUNI INTERMEDIATE PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS
OCTOBER 31, 2000
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
------------- ------------
<S> <C> <C>
Municipal Bonds -- 97.6%
Pennsylvania -- 97.6%
$150,000 Abington, PA, School District, Series A, General
Obligation Unlimited,
(FGIC Insured), Prerefunded 11/15/05 @ $100,
5.25%, 5/15/08...................................... $ 154,609
200,000 Allegheny County, PA, Hospital Development Authority
Revenue, University of Pittsburgh, Health Center,
Series A, (MBIA Insured),
5.30%, 4/1/08....................................... 205,166
50,000 Allegheny County, PA, Re-development Authority Revenue,
(FHA Insured),
5.20%, 8/1/03....................................... 50,177
175,000 Allegheny County, PA, Series C, General Obligation
Unlimited,
(MBIA Insured), Prerefunded 9/15/04 @ $100,
5.875%, 9/15/12..................................... 183,326
300,000 Allegheny County, PA, Port Authority Special Revenue,
(MBIA Insured),
5.30%, 3/1/10....................................... 311,157
120,000 Beaver County, PA, Industrial Development Authority
Pollution Control Revenue, Saint Joe Minerals
Corporation Project,
6.00%, 5/1/07....................................... 120,120
500,000 Beaver Falls, PA, Municipal Authority Water and
Hydroelectric Revenue, (FGIC Insured),
5.70%, 12/1/08...................................... 511,520
100,000 Bucks County, PA, Community College Authority College
Building Revenue, Prerefunded 6/15/02 @ $100,
6.05%, 6/15/06...................................... 102,503
325,000 Chester County, PA, General Obligation Unlimited,
5.40%, 12/15/06..................................... 332,654
375,000 Dauphin County, PA, General Authority Hospital Revenue,
(FGIC Insured),
6.125%, 7/1/10...................................... 412,736
130,000 Dauphin County, PA, General Authority Revenue,
Mandatory Put 6/1/2006 @ $100,
6.80%, 6/1/26....................................... 133,245
100,000 Dauphin County, PA, General Authority Revenue,
Mandatory Put 6/1/2011 @ $100,
6.85%, 6/1/26....................................... 102,571
</TABLE>
See Notes to Financial Statements.
--110--
<PAGE>
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--------------------------------------------------------------------------------
MUNI INTERMEDIATE PORTFOLIO
SCHEDULEOFPORTFOLIOINVESTMENTS-- (CONTINUED)
October 31, 2000
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
---------- -----------
<S> <C> <C>
Municipal Bonds -- (Continued)
$125,000 Dauphin County, PA, Series B, General Obligation
Unlimited, (MBIA Insured),
5.20%, 3/15/04...................................... $ 125,292
600,000 Delaware River Joint Toll Bridge, Refunding, (FGIC Insured),
6.15%, 7/1/04....................................... 614,418
220,000 Delaware River Port Authority, PA and NJ Delaware River Bridges
Revenue Escrowed to Maturity,
6.00%, 1/15/10...................................... 230,688
175,000 Delaware River Port Authority, PA and NJ Delaware River Bridges
Revenue Escrowed to Maturity,
6.50%, 1/15/11...................................... 188,150
300,000 Downington, PA, Area School District, General Obligation Unlimited,
5.50%, 2/1/10....................................... 314,601
100,000 Gettysburg, PA, Municipal Authority County, Guaranteed Hospital
Revenue, Gettysburg Hospital Project, (MBIA County Guaranteed),
6.20%, 7/1/12....................................... 102,120
40,000 Lancaster, PA, Area Sewer Authority, Escrowed to Maturity,
6.00%, 4/1/12....................................... 42,419
170,000 Lancaster, PA, Higher Education Authority College Revenue,
Franklin & Marshall, College Project, (MBIA Insured),
6.55%, 4/15/07...................................... 174,660
125,000 Lycoming County, PA, College Revenue, PA College of Technology,
(AMBAC Insured),
5.20%, 11/1/04...................................... 126,546
100,000 Montgomery County, PA, Higher Education & Health Authority
Hospital Revenue, Abington Memorial Hospital, Series A,
(AMBAC Insured),
5.80%, 6/1/04....................................... 103,751
110,000 Montgomery County, PA, Industrial Development Authority Revenue,
7.50%, 1/1/12....................................... 112,743
100,000 New Kensington, PA, General Obligation Unlimited, (FGIC Insured),
5.625%, 10/1/04..................................... 100,084
200,000 North East, PA, School District, Refunding, (AMBAC Insured),
6.00%, 9/15/10...................................... 204,486
150,000 North Pocono, PA, School District, General Obligation Unlimited,
(FGIC Insured),
5.25%, 7/15/06...................................... 150,617
</TABLE>
See Notes to Financial Statements.
--111--
<PAGE>
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--------------------------------------------------------------------------------
MUNI INTERMEDIATE PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS-- (CONTINUED)
OCTOBER 31, 2000
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
---------- -----------
<S> <C> <C>
Municipal Bonds -- (Continued)
$425,000 Northampton County, PA, Higher Education Authority Revenue--
Lehigh University,
5.25%, 11/15/09..................................... $ 440,776
210,000 Northampton County, PA, Industrial Development Authority,
Revenue, Optional Put 8/1/07 @ $100,
4.75%, 8/1/15....................................... 204,895
315,000 Northampton Bucks, PA, Bucks County Municipal Authority Sewer
Revenue,
6.20%, 11/1/13...................................... 343,797
200,000 Pennridge, PA, School District, Series A, General Obligation
Unlimited, (AMBAC Insured),
6.25%, 2/15/04...................................... 203,992
Pennsylvania Housing Finance Agency, Refunding, Rental Housing:
350,000 5.25%, 7/1/04....................................... 352,233
500,000 5.45%, 7/1/06....................................... 505,185
100,000 6.25%, 7/1/07....................................... 103,456
330,000 Pennsylvania Housing Finance Agency, Single Family Mortgage,
Series 38,
5.50%, 4/1/05....................................... 332,940
300,000 Pennsylvania Intergovernmental Co-op Authority, Special Tax
Revenue, City of Philadelphia Funding Program, Escrowed to
Maturity, (FGIC Insured),
6.00%, 6/15/02...................................... 304,809
200,000 Pennsylvania Intergovernmental Co-op Authority, Special Tax
Revenue, City of Philadelphia Funding Program, (FGIC Insured),
5.25%, 6/15/06...................................... 203,810
1,000,000 Pennsylvania State Finance Authority Revenue, Refunding,
Municipal Capital Improvements Program,
6.60%, 11/1/09...................................... 1,065,640
220,000 Pennsylvania State Higher Educational Facilities Authority College
and University Revenues, College of Pharmacy, (MBIA Insured),
5.25%, 11/1/09...................................... 224,950
250,000 Pennsylvania State Higher Educational Facilities Authority College
and University Revenues, University of Pennsylvania,
5.60%, 9/1/10....................................... 258,083
250,000 Pennsylvania State, First Series, General Obligation Unlimited,
6.375%, 9/15/12..................................... 258,828
</TABLE>
See Notes to Financial Statements.
--112--
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--------------------------------------------------------------------------------
MUNI INTERMEDIATE PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS-- (CONTINUED)
OCTOBER 31, 2000
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
---------- -----------
<S> <C> <C>
Municipal Bonds -- (Continued)
$ 5,000 Perkiomen Valley School Authority, PA, School Revenue, Escrowed
to Maturity, (MBIA Insured),
6.40%, 12/1/02...................................... $ 5,082
100,000 Philadelphia, PA, Gas Works Revenue, (FSA Insured),
5.50%, 7/1/04....................................... 103,100
320,000 Philadelphia, PA, Hospital Revenue, Escrowed to Maturity,
(FGIC Insured),
5.875%, 7/1/08...................................... 320,371
100,000 Philadelphia, PA, Hospitals and Higher Educational Facilities
Authority, Hospital Revenue, Children's Hospital Philadelphia,
Series A,
5.00%, 2/15/02...................................... 100,178
225,000 Philadelphia, PA, Municipal Authority Revenue, Refunding--
Lease-- Series C, (FGIC Insured),
5.00%, 4/1/07....................................... 228,692
Pittsburgh, PA, Urban Redevelopment Authority Mortgage
Revenue, Series D:
255,000 5.75%, 10/1/07...................................... 259,860
150,000 6.20%, 4/1/11....................................... 152,573
155,000 6.20%, 10/1/11...................................... 157,658
235,000 Ringgold, PA, School District, Escrowed to Maturity,
6.20%, 1/15/13...................................... 255,135
250,000 Sayre, PA, Health Care Facilities Authority Revenue, (AMBAC Insured),
6.10%, 7/1/02....................................... 256,215
Seneca Valley, PA, School District, Series B, General Obligation
Unlimited, (FGIC Insured):
100,000 5.70%, 7/1/06....................................... 101,674
225,000 5.80%, 7/1/10....................................... 228,402
30,000 Southeastern Pennsylvania Transportation Authority, PA,
Lease Revenue,
5.75%, 12/1/04...................................... 30,028
285,000 Southeastern Pennsylvania Transportation Authority, Revenue,
6.00%, 6/1/01....................................... 287,645
</TABLE>
See Notes to Financial Statements.
--113--
<PAGE>
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--------------------------------------------------------------------------------
Muni Intermediate Portfolio
SCHEDULEOFPORTFOLIOINVESTMENTS-- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
---------- -----------
<S> <C> <C>
Municipal Bonds -- (Continued)
$250,000 State Public School Building Authority, PA, School Revenue,
Hazleton Area School District, (FGIC Insured),
6.50%, 3/1/08....................................... $ 251,585
15,000 Swarthmore Borough, PA, College Revenue, Prerefunded
9/15/2002 @ $102,
6.10%, 9/15/07...................................... 15,729
85,000 Swarthmore Borough, PA, College Revenue, Unrefunded Balance,
6.10%, 9/15/07...................................... 88,771
120,000 Swatara Township Authority, PA, Sewer Revenue, Escrowed to
Maturity, (MBIA Insured),
6.15%, 5/1/07....................................... 130,068
125,000 Unionville-Chadds Ford, PA, School District, General Obligation
Unlimited, Prerefunded 6/1/03 @ $100, (State Aid Withholding),
5.50%, 6/1/08....................................... 128,011
400,000 University of Pittsburgh, PA, Refunded Series B,
5.50%, 6/1/09....................................... 421,216
125,000 Wallingford-- Swarthmore, PA, School District, Series C,
(FSA State Aid Withholding),
5.00%, 5/15/09...................................... 126,806
325,000 Wayne County, PA, Hospital and Health Facilities Authority, County
Guaranteed, Hospital Revenue, Wayne Memorial Hospital
Project, (MBIA Insured),
5.05%, 7/1/03....................................... 328,611
100,000 Wilkinsburg, PA, Joint Water Authority, Water Revenue, Series A,
Prerefunded 8/15/02 @ $100, (AMBAC Insured),
6.10%, 8/15/04...................................... 102,886
170,000 York County, PA, Industrial Development Authority, Industrial
Development Revenue, Refunding, Stanley Works Project,
6.25%, 7/1/02....................................... 174,109
-------------
Total Municipal Bonds
(Cost $14,076,281) $ 14,268,158
-------------
</TABLE>
See Notes to Financial Statements.
--114--
<PAGE>
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--------------------------------------------------------------------------------
Muni Intermediate Portfolio
SCHEDULEOFPORTFOLIOINVESTMENTS-- (Concluded)
October 31, 2000
<TABLE>
<CAPTION>
Value
-------------
<S> <C> <C>
TOTAL INVESTMENTS (COST $14,076,281)1..................... 97.6% $14,268,158
OTHER ASSETS IN EXCESS OF LIABILITIES..................... 2.4 355,970
------ -----------
NET ASSETS................................................ 100.0% $14,624,128
====== ===========
<FN>
--------------------------------------------------------------------------------
1 Aggregate cost for federal tax purposes was $14,076,578.
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
</FN>
</TABLE>
See Notes to Financial Statements.
--115--
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--------------------------------------------------------------------------------
New Jersey Muni Portfolio
SCHEDULEOFPORTFOLIOINVESTMENTS
October 31, 2000
<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),
5.55%, 2/1/07....................................... $ 105,268
100,000 Beach Haven, NJ, General Obligation Unlimited, (MBIA Insured),
5.70%, 8/15/03...................................... 103,593
250,000 Bergen County, NJ General Improvement, General Obligation
Unlimited,
4.00%, 11/15/05..................................... 240,705
100,000 Bergen County, NJ, Utilites Authority, Water Pollution Control
Revenue, Series B, (FGIC Insured),
5.20%, 12/15/00..................................... 100,102
400,000 Black Horse Pike, NJ, Regional School District, General Obligation
Unlimited, (FGIC Insured),
4.75%, 12/1/04...................................... 404,420
Burlington County, NJ General Improvement, General Obligation
Unlimited:
100,000 5.20%, 9/15/02...................................... 101,435
500,000 4.85%, 7/15/06...................................... 506,175
100,000 Burlington County, NJ, General Obligation Unlimited,
5.20%, 10/1/04...................................... 102,205
150,000 Cape May County, NJ, General Improvements, General Obligation
Unlimited, (AMBAC Insured),
5.35%, 8/1/04....................................... 154,605
200,000 Cape May County, NJ, Municipal Utilities Authority, Sewer Revenue,
Refunding, (AMBAC Insured),
5.60%, 1/1/05....................................... 207,736
100,000 Casino Reinvestment Development Authority, NJ, Parking Fee
Revenue, Series A, (FSA Insured),
5.00%, 10/1/04...................................... 101,702
150,000 Cherry Hill Township, NJ, General Obligation Unlimited,
5.125%, 7/15/10..................................... 154,285
250,000 Delaware River Port Authority PA & NJ Revenue, Refunding,
Series B (AMBAC Insured),
5.25%, 1/1/09....................................... 259,220
100,000 Delaware River & Bay Authority Delaware Revenue, Public
Improvements, Series A,
5.10%, 1/1/08....................................... 101,977
</TABLE>
See Notes to Financial Statements.
--116--
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--------------------------------------------------------------------------------
NEW JERSEY MUNI PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
OCTOBER 31, 2000
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
---------- -----------
<S> <C> <C>
MUNICIPAL BONDS -- (CONTINUED)
Delaware River Joint Toll Bridge, Commonwealth of Pennsylvania
Bridge Revenue, Refunding, (FGIC Insured):
$200,000 6.25%, 7/1/12....................................... $ 204,720
100,000 6.15%, 7/1/04....................................... 102,403
Delaware River Port Authority, PA, NJ, and DE River Bridges
Revenue, Escrowed to Maturity:
380,000 5.625%, 1/15/09..................................... 388,911
305,000 6.00%, 1/15/10...................................... 319,817
170,000 6.50%, 1/15/11...................................... 182,774
250,000 Evesham Township, NJ, Board of Education, General Obligation
Unlimited, (FGIC Insured),
4.60%, 3/1/07....................................... 250,175
100,000 Gloucester County, NJ, Improvement Authority Revenue, County
Library Lease Project,
5.20%, 12/15/05..................................... 102,843
250,000 Hamilton Township, Atlantic City, NJ, General Obligation
Unlimited, (FGIC Insured),
4.25%, 10/1/06...................................... 242,105
200,000 Hasbrouck Heights, NJ, General Improvements, General Obligation
Unlimited,
5.25%, 9/1/04....................................... 205,356
110,000 High Bridge, NJ, Regional Board of Education, General Obligation
Unlimited, (FSA Insured),
5.40%, 2/15/09...................................... 113,771
250,000 Hudson County, NJ, Certificates of Participation, Refunding--
Correctional Facilities, (MBIA Insured),
6.20%, 6/1/03....................................... 259,752
100,000 Hunterdon County, NJ, General Obligation Unlimited,
4.20%, 12/15/04..................................... 98,039
200,000 Hunterdon, NJ, Central Regional High School District, General
Obligation Unlimited, (FSA Insured),
5.25%, 5/1/06....................................... 206,942
130,000 Jefferson Township, NJ, General Obligation Unlimited,
Sewer Improvements, (AMBAC Insured),
5.45%, 10/1/09...................................... 134,432
200,000 Jersey City, NJ, Municipal Utilities Authority Water Revenue,
(FSA Insured),
4.75%, 4/1/04....................................... 201,434
250,000 Jersey City, NJ, Municipal Utilities Authority Sewer Revenue,
(FSA Insured),
4.00%, 12/1/06...................................... 238,152
</TABLE>
See Notes to Financial Statements.
--117--
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New Jersey Muni Portfolio
SCHEDULEOFPORTFOLIOINVESTMENTS-- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
---------- -----------
<S> <C> <C>
MUNICIPAL BONDS -- (CONTINUED)
$250,000 Jersey City, NJ, School Improvements, General Obligation
Unlimited, (MBIA Insured),
5.50%, 3/15/06...................................... $ 260,587
100,000 Lyndhurst Township, NJ, General Improvements, General
Obligation Unlimited, (FGIC Insured),
5.50%, 10/1/05...................................... 104,408
105,000 Manalapan-Englishtown, NJ, Regional Board of Education, General
Obligation Unlimited, (School Board Residual Fund Insured),
5.00%, 5/1/07....................................... 107,336
150,000 Mercer County, NJ, Improvement Authority Revenue, Refunding--
Government Leasing, (County Guaranteed-- A),
5.40%, 12/1/05...................................... 154,639
100,000 Mercer County, NJ, Improvement Authority Revenue, Refunding--
Solid Waste, (County Guaranteed-- Series 97),
5.20%, 9/15/08...................................... 103,452
145,000 Middlesex County, NJ, Improvement Authority Revenue,
5.45%, 9/15/11...................................... 149,682
250,000 Monmouth County, NJ, General Obligation Unlimited,
Public Improvements,
5.00%, 8/1/09....................................... 255,622
50,000 Monmouth County, NJ, General Improvements Senior Lien--
Series A, General Obligation Unlimited,
4.50%, 8/1/08....................................... 49,289
200,000 Morris Township, NJ, School District, General Obligation Unlimited,
(School Board Residual Fund Insured),
5.625%, 4/1/06...................................... 208,914
100,000 Mount Holly, NJ, Municipal Utility Authority Sewer Revenue,
(MBIA Insured),
5.00%, 12/1/13...................................... 99,427
100,000 New Jersey Building Authority Revenue, Refunding, General
Improvement,
4.50%, 6/15/04...................................... 99,929
250,000 New Jersey Economic Development Authority, Burlington
Coat Factory, Refunding,
5.60%, 9/1/05....................................... 257,670
125,000 New Jersey Economic Development Authority, Market Transition
Facilities Revenue, Senior Lien-- Series A, (MBIA Insured),
5.75%, 7/1/06....................................... 131,864
</TABLE>
See Notes to Financial Statements.
--118--
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THE GLENMEDE PORTFOLIOS
--------------------------------------------------------------------------------
New Jersey Muni Portfolio
SCHEDULEOFPORTFOLIOINVESTMENTS-- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
---------- -----------
<S> <C> <C>
MUNICIPAL BONDS -- (CONTINUED)
$200,000 New Jersey Economic Development Authority, Market Transition
Facilities Revenue, Senior Lien-- Series A, (MBIA Insured),
5.70%, 7/1/05....................................... $ 209,388
100,000 New Jersey Economic Development Authority, Parking Facility
Improvements, Elizabeth Development Project, (FGIC Insured),
5.20%, 10/15/08..................................... 103,486
200,000 New Jersey Environmental Infrastructure, Sewer Improvements,
4.25%, 9/1/07....................................... 192,628
100,000 New Jersey Health Care Facilites Finance Authority Revenue,
St Joseph's Hospital, Refunding,
5.00%, 7/1/03....................................... 101,037
400,000 New Jersey Health Care Facilities Finance Authority Revenue,
Allegany Health, (MBIA Insured) Escrowed to Maturity,
4.80%, 7/1/05....................................... 403,636
200,000 New Jersey Health Care Facilities Finance Authority Revenue,
Kennedy Health System Series-- A, (MBIA Insured),
5.00%, 7/1/09....................................... 202,796
New Jersey State Educational Facilities Authority Revenue, Higher
Education Facilities Trust Fund -- Series A, (AMBAC Insured):
100,000 5.125%, 9/1/02...................................... 101,222
350,000 5.125%, 9/1/07...................................... 359,821
100,000 5.125%, 9/1/08...................................... 102,512
225,000 New Jersey State Educational Facilities Authority Revenue,
Princeton University-- Series A,
5.50%, 7/1/05....................................... 232,360
95,000 New Jersey State Educational Facilities Authority Revenue,
Princeton University-- Series F,
4.375%, 7/1/08...................................... 92,015
200,000 New Jersey State Educational Facilities Authority Revenue,
Higher Education Technology-- Series A,
4.40%, 9/1/06....................................... 197,600
100,000 New Jersey State Educational Facilities Authority Revenue,
Refunding-- Ramapo College-- Series E, (MBIA Insued),
4.80%, 7/1/01....................................... 100,293
250,000 New Jersey State Highway Authority Garden State Parkway
General Revenue, Highway Revenue Tolls, (AMBAC Insured),
6.15%, 1/1/07....................................... 259,075
150,000 New Jersey State Housing and Mortgage Finance Agency
Revenue, Home Buyer-- Series P, (MBIA Insured),
5.05%, 4/1/07....................................... 152,193
</TABLE>
See Notes to Financial Statements.
--119--
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THE GLENMEDE PORTFOLIOS
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NEW JERSEY MUNI PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
OCTOBER 31, 2000
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
---------- -----------
<S> <C> <C>
MUNICIPAL BONDS -- (CONTINUED)
$200,000 New Jersey State Housing and Mortgage Finance Agency Revenue,
Local or Guaranteed Housing-- Series A, (HUD Section 8),
6.50%, 11/1/03...................................... $ 206,800
250,000 New Jersey State Housing and Mortgage Finance Agency Revenue,
Multi-Family Series B (FSA Insured),
5.75%, 11/1/11..................................... 256,272
50,000 New Jersey State Housing Finance Agency Revenue, Refunding,
(HUD Section 236),
5.65%, 11/1/00...................................... 50,000
165,000 New Jersey State Transportation Trust Fund Authority,
Transportation System-- Series A, (MBIA Insured),
4.75%, 12/15/07..................................... 166,280
300,000 New Jersey State Transportation Trust Fund Authority,
Transportation System-- Series A,
5.00%, 6/15/12...................................... 300,171
150,000 New Jersey State Transportation Trust Fund Authority,
Transportation System-- Series A, Escrowed to Maturity,
5.30%, 12/15/01..................................... 151,605
200,000 New Jersey State Transportation Trust Fund Authority,
Transportation System-- Series B, (MBIA Insured),
5.00%, 6/15/04...................................... 203,298
250,000 New Jersey State Turnpike Authority, Turnpike Revenue,
Series A, (MBIA Insured),
5.90%, 1/1/04....................................... 258,605
250,000 New Jersey State, General Obligation Unlimited, Refunding--
Series F,
5.00%, 8/1/07....................................... 255,728
125,000 New Jersey Wastewater Treatment Trust-- Refunding-- Series C,
(MBIA Insured),
6.25%, 5/15/03...................................... 130,281
5,000 New Jersey Wastewater Treatment Trust-- Unrefunded-- Series A,
6.00%, 7/1/09....................................... 5,145
140,000 New Jersey Wastewater Treatment Trust-- Series A,
Prerefunded 7/1/01 @ 102,
6.00%, 7/1/09....................................... 144,241
130,000 North Brunswick Township, NJ, General Obligation Unlimited,
(FGIC Insured),
4.25%, 7/1/09....................................... 124,084
</TABLE>
See Notes to Financial Statements.
--120--
<PAGE>
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THE GLENMEDE PORTFOLIOS
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New Jersey Muni Portfolio
SCHEDULEOFPORTFOLIOINVESTMENTS-- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
---------- -----------
<S> <C> <C>
Municipal Bonds -- (Continued)
$100,000 Ocean County, NJ, General Improvement, General Obligation
Unlimited, Prerefunded 7/1/04 @ $102,
5.65%, 7/1/06....................................... $ 105,331
250,000 Ocean County, NJ, General Obligation Unlimited,
4.875%, 12/15/09.................................... 253,388
85,000 Ocean County, NJ, Utility Authority, Wastewater Revenue, Refunding,
5.00%, 1/1/05....................................... 86,367
250,000 Ocean Township, NJ, Sewer Authority, Revenue Bonds-- Series B,
(FGIC Insured),
6.00%, 12/1/07...................................... 261,160
200,000 Park Ridge, NJ, General Obligation Unlimited,
5.60%, 11/1/03...................................... 206,676
100,000 Passaic County, NJ, General Obligation Unlimited, Refunding,
(MBIA Insured),
4.625%, 9/1/09...................................... 99,101
100,000 Passaic Valley, NJ, General Obligation Unlimited, (FGIC Insured),
5.125%, 9/1/08...................................... 102,550
270,000 Passaic Valley, NJ, General Obligation Unlimited, (FSA Insured),
5.00%, 11/15/04..................................... 274,234
100,000 Passaic Valley, NJ, Sewer Commission, Sewer System-- Series D,
(AMBAC Insured),
5.75%, 12/1/09...................................... 103,705
130,000 Perth Amboy, NJ, Board of Education, General Obligation Unlimited,
(MBIA Insured), Prerefunded 3/1/04 @ $102,
6.20%, 8/1/06....................................... 139,690
500,000 Ridgewood, NJ, General Obligation Unlimited,
5.20%, 10/1/08...................................... 518,355
125,000 Rutgers State University, NJ, Refunding-- Series S,
5.25%, 5/1/07....................................... 128,065
South Brunswick Township, NJ, General Obligation Unlimited,
(MBIA Insured):
135,000 5.25%, 10/1/03...................................... 137,993
130,000 5.35%, 4/1/06....................................... 132,661
250,000 Southern Regional High School District, NJ, General Obligation
Unlimited, (MBIA Insured),
5.40%, 9/1/04....................................... 258,270
160,000 Sparta Township, NJ, School District, General Obligation Unlimited,
(MBIA Insured),
5.75%, 9/1/04....................................... 167,245
</TABLE>
See Notes to Financial Statements.
--121--
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THE GLENMEDE PORTFOLIOS
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NEW JERSEY MUNI PORTFOLIO
SCHEDULEOFPORTFOLIOINVESTMENTS-- (CONCLUDED)
October 31, 2000
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
---------- -----------
<S> <C> <C>
Municipal Bonds -- (Continued)
$ 85,000 Tewksbury Township, NJ, Board of Education, General Obligation
Unlimited, (FSA Insured),
5.00%, 1/15/02...................................... $ 85,726
150,000 Warren County, NJ, School District, General Obligation Unlimited,
General Obligation Limited (School Board Residual Fund
Insured),
5.35%, 3/15/10...................................... 157,199
100,000 West Orange, NJ, General Obligation Unlimited,
5.10%, 1/1/05....................................... 102,174
280,000 West Windsor Township, NJ, General Obligation Unlimited,
Refunding,
4.00%, 7/15/06...................................... 266,902
350,000 Western Monmouth Utilities Authority, NJ, Revenue, Series A,
(AMBAC Insured),
5.25%, 2/1/09....................................... 359,531
100,000 Woodbridge Township, NJ, General Obligation Unlimited,
Refunding, (FGIC Insured),
4.00%, 8/15/06...................................... 95,263
-----------
Total Municipal Bonds
(Cost $16,890,910)................................ 16,982,031
-----------
TOTAL INVESTMENTS (COST $16,890,910)1..................... 98.5% $16,982,031
OTHER ASSETS IN EXCESS OF LIABILITIES .................... 1.5 250,284
--------- -----------
NET ASSETS................................................ 100.0% $17,232,315
========= ===========
</TABLE>
----------------------------------------------------------------------------
1 Aggregate cost for federal tax purposes was $16,891,471.
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.
--122--
<PAGE>
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THE GLENMEDE PORTFOLIOS
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION AND 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 October 31, 2000, the
Fund offered shares of two SubTrusts, the Muni Intermediate Portfolio and the
New Jersey Muni Portfolio (collectively, the "Portfolios").
The preparation of financial statements in conformity with accounting
principles generally accepted in the UnitedStates 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.
Valuation of Securities: 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. Each Portfolio segregates assets with a
current value at least equal to the amount of its when-issued purchase
commitments. When-issued purchase commitments involve a risk of loss if the
value of the securities 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 a 4% nondeductible Federal
excise tax. Income distributions and capital gains distributions are determined
in accordance with income tax regulations which may differ from accounting
principles generally accepted in the United States. 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.
--123--
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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 their
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 accounting principles
generally accepted in the United States.
2. INVESTMENT ADVISORY FEE, ADMINISTRATION FEE AND OTHER
RELATED PARTY TRANSACTIONS
Glenmede Advisers, Inc. (the "Advisors") 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. ("ICCC"), a subsidiary of DeutscheBank AG,
provides administrative, accounting and transfer agent services to the Fund. The
Fund pays ICCC 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.
The Fund pays each Board member an annual fee of $1,000 and out-of-pocket
expenses incurred in attending Board meetings.
Expenses for the year ended October 31, 2000 include legal fees paid to
Drinker Biddle &Reath LLP. A partner of the law firm is Secretary of the Fund.
3. Purchases and Sales of Securities
For the year ended October 31, 2000, cost of purchases and proceeds from
sales of investment securities other than US Government securities and
short-term securities were:
Portfolio Purchases Sales
-------------- ----------- ----------
Muni Intermediate Portfolio ................ $ 845,652 $2,901,231
New Jersey Muni Portfolio................... 1,525,738 2,359,919
--124--
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THE GLENMEDE PORTFOLIOS
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NOTES TO FINANCIAL STATEMENTS-- (CONTINUED)
On October 31, 2000, 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................. $231,323 $ 39,743
New Jersey Muni Portfolio................... 204,452 113,892
4. Shares of Beneficial Interest
The Fund may issue an unlimited number of shares of beneficial interest with
a $.001 par value. Changes in shares of beneficial interest outstanding were as
follows:
<TABLE>
<CAPTION>
Year Ended Year Ended
10/31/00 10/31/99
--------------------- ---------------------
Shares Amount Shares Amount
-------- ------------ -------- ------------
<S> <C> <C> <C> <C>
Muni Intermediate Portfolio:
Sold......................... 173,593 $ 1,757,800 215,979 $ 2,255,900
Redeemed..................... (370,347) (3,748,321) (476,937) (4,987,491)
-------- ------------ -------- ------------
Net decrease................. (196,754) $(1,990,521) (260,958)$ (2,731,591)
-------- ------------ -------- ------------
-------- ------------ -------- ------------
New Jersey Muni Portfolio:
Sold......................... 212,440 $ 2,116,000 361,931$ 3,735,500
Redeemed..................... (302,134) (3,008,484) (244,617) (2,511,205)
-------- ------------ -------- ------------
Net increase (decrease)...... (89,694) $ (892,484) 117,314$ 1,224,295
-------- ------------ -------- ------------
-------- ------------ -------- ------------
</TABLE>
5. CAPITAL LOSS CARRYFORWARDS
On October 31, 2000, the 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>
<S> <C> <C> <C> <C> <C> <C>
EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING
PORTFOLIO IN 2002 IN 2003 IN 2004 IN 2005 IN 2006 IN 2007
--------- ------- -------- -------- ------- ------- -------
Muni Intermediate Portfolio.$143,831 $549,436 $ 2,107 $42,723 $ -- $ --
New Jersey Muni Portfolio... 56,593 21,708 11,660 -- 1,722 2,683
EXPIRING
PORTFOLIO IN 2008
--------- --------
Muni Intermediate Portfolio. $39,944
New Jersey Muni Portfolio... 30,509
</TABLE>
--125--
<PAGE>
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THE GLENMEDE PORTFOLIOS
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NOTES TO FINANCIAL STATEMENTS-- (CONCLUDED)
6. CONCENTRATION OF CREDIT
The Muni Intermediate Portfolio and New Jersey Muni Portfolio primarily
invest in debt obligations issued by the Commonwealth of Pennsylvania and the
State of New Jersey, respectively, and their political subdivisions, agencies
and public authorities to obtain funds for various purposes. Each Portfolio is
more susceptible to factors adversely affecting issuers of the respective region
that the Portfolio invests in than is a municipal bond fund that is not
concentrated in these issuers to the same extent.
7. Net Assets
On October 31, 2000, net assets consisted of:
Muni New Jersey
Intermediate Muni
Portfolio Portfolio
------------ ----------
Par Value......................................... $ 1,433 $ 1,705
Paid in capital in excess of par value............ 15,168,726 17,216,933
Undistributed net investment income............... 40,430 47,992
Accumulated net realized loss on investments...... (778,338) (125,436)
Net unrealized appreciation of investments ....... 191,877 91,121
----------- -----------
Total Net Assets............................. $14,624,128 $17,232,315
----------- -----------
----------- -----------
--126--
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of the Glenmede Portfolios and Shareholders of Muni
Intermediate Portfolio and New Jersey Muni Portfolio:
In our opinion, the accompanying statements of assets and liabilities, including
the schedules of portfolio investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Muni Intermediate Portfolio and New
Jersey Muni Portfolio (comprising The Glenmede Portfolios, hereafter referred to
as the "Portfolios") at October 31, 2000, and the results of each of their
operations, the changes in each of their net assets and the financial highlights
for each of the fiscal periods presented, in conformity with accounting
principles generally accepted in the United States of America. These financial
statements and financial highlights (hereafter referred to as "financial
statements") are the responsibility of the Portfolios' management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with auditing standards generally accepted in the United States of America,
which require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at October 31, 2000 by correspondence with the
custodian, provide a reasonable basis for our opinion.
PRICEWATERHOUSECOOPERS LLP
Baltimore, Maryland
December 15, 2000
--127--
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THE GLENMEDE PORTFOLIOS
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TAX INFORMATION (UNAUDITED)
FOR THE YEAR ENDED OCTOBER 31, 2000
Of the dividends paid by the Muni Intermediate Portfolio from net investment
income October 31, 2000, 100% is tax-exempt for regular Federal income taxes and
Pennsylvania taxes.
Of the dividends paid by the New Jersey Muni Portfolio from net investment
income October 31, 2000, 100% is tax-exempt for regular Federal income taxes and
New Jersey taxes.
--128--
<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,
Treasurer
Michael P. Malloy
Secretary
INVESTMENT ADVISOR
Glenmede Advisers, Inc.
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-ADVISORS
(for Small Capitalization Growth Portfolio)
TCW Investment Management Company
865 South Figueroa Street
Los Angeles, California 90017
Winslow Capital Management,Inc.
4720 IDSTower
80 South EighthStreet
Minneapolis, Minnesota 55402
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.
