THE GLENMEDE FUND, INC.
SEMI-ANNUAL REPORT
FOR THE SIX MONTHS ENDED APRIL 30, 1997
THE GLENMEDE TRUST COMPANY
INVESTMENT ADVISOR
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
GOVERNMENT TAX-EXEMPT INTERMEDIATE
CASH CASH GOVERNMENT
PORTFOLIO PORTFOLIO PORTFOLIO
---------- ---------- ------------
<S><C>
Investment income:
Dividends (net of foreign withholding taxes).................................... $ -- $ -- $ --
Interest (net of foreign withholding taxes)..................................... 12,375,239 4,471,045 8,747,015
Other Income(1)................................................................. -- -- 18,207
----------- ---------- -----------
Total investment income.................................................... 12,375,239 4,471,045 8,765,222
----------- ---------- -----------
Expenses:
Investment advisory fee......................................................... -- -- --
Administration fee.............................................................. 88,489 50,717 50,649
Shareholder servicing fee....................................................... 113,934 65,336 65,202
Custodian fee................................................................... 27,654 21,764 14,500
Legal and audit fees............................................................ 37,500 28,008 22,750
Directors' fees and expenses.................................................... 12,893 2,685 10,000
State franchise taxes........................................................... 25,135 11,858 10,750
Registration and filing fees.................................................... 2,641 1,213 1,812
Printing and postage............................................................ 9,454 3,497 6,424
Other expenses.................................................................. 16,560 9,727 9,561
----------- ---------- -----------
Total expenses............................................................. 334,260 194,805 191,648
----------- ---------- -----------
Net investment income............................................................. 12,040,979 4,276,240 8,573,574
----------- ---------- -----------
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on:
Securities transactions....................................................... (5,333) -- (501,812)
Foreign currency translation.................................................. -- -- --
----------- ---------- -----------
Net realized gain/(loss) on investments....................................... (5,333) -- (501,812)
----------- ---------- -----------
Net change in unrealized appreciation/(depreciation) of:
Securities.................................................................... -- -- (4,375,344)
Foreign currency translation.................................................. -- -- --
----------- ---------- -----------
Net unrealized appreciation/(depreciation) on investments..................... -- -- (4,375,344)
----------- ---------- -----------
Net realized and unrealized gain/(loss) on investments............................ (5,333) -- (4,877,156)
----------- ---------- -----------
Net increase/(decrease) in net assets resulting from operations................... $12,035,646 $4,276,240 $ 3,696,418
=========== ========== ===========
</TABLE>
- -----------------
(1) Income from security lending.
See Notes to Financial Statements.
================ 1 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE SIX MONTHS ENDED APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
SMALL
CAPITALIZATION LARGE CAP
EQUITY EQUITY VALUE
PORTFOLIO PORTFOLIO PORTFOLIO
--------- -------------- ---------
<S><C>
Investment income:
Dividends (net of foreign withholding taxes)(1)................................ $ 1,121,029 $ 3,613,364 $ 648,520
Interest....................................................................... 63,958 242,794 51,755
Other Income(2)................................................................ 309 4,011 649
------------ ------------ -----------
Total investment income................................................... 1,185,296 3,860,169 700,924
------------ ------------ -----------
Expenses:
Investment advisory fee........................................................ -- -- --
Administration fee............................................................. 20,316 66,106 11,219
Shareholder servicing fee...................................................... 26,164 85,132 14,450
Custodian fee.................................................................. 3,682 20,020 2,937
Legal and audit fees........................................................... 15,277 39,709 8,574
Directors' fees and expenses................................................... 1,067 3,450 724
State franchise taxes.......................................................... 6,147 18,860 2,272
Registration and filing fees................................................... 4,638 1,346 --
Printing and postage........................................................... 1,169 4,950 613
Other expenses................................................................. 4,103 12,420 2,076
------------ ------------ -----------
Total expenses............................................................ 82,563 251,993 42,865
------------ ------------ -----------
Net investment income............................................................ 1,102,733 3,608,176 658,059
------------ ------------ -----------
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on:
Securities transactions...................................................... 1,808,223 20,283,120 5,558,888
Foreign currency translation................................................. -- -- --
------------ ------------ -----------
Net realized gain/(loss) on investments...................................... 1,808,223 20,283,120 5,558,888
------------ ------------ -----------
Net change in unrealized appreciation/(depreciation) of:
Securities................................................................... 8,769,342 15,363,108 1,940,101
Foreign currency translation................................................. -- -- --
------------ ------------ -----------
Net unrealized appreciation/(depreciation) on investments.................... 8,769,342 15,363,108 1,940,101
------------ ------------ -----------
Net realized and unrealized gain/(loss) on investments........................... 10,577,565 35,646,228 7,498,989
------------ ------------ -----------
Net increase/(decrease) in net assets resulting from operations.................. $ 11,680,298 $ 39,254,404 $ 8,157,048
============ ============ ===========
</TABLE>
- -----------------
(1) The Equity Portfolio had foreign dividend withholding taxes of $11,903.
(2) Income from security lending.
See Notes to Financial Statements.
================ 2 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
STATEMENTS OF OPERATIONS -- (CONCLUDED)
FOR THE SIX MONTHS ENDED APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
INSTITUTIONAL EMERGING
INTERNATIONAL INTERNATIONAL MARKETS
PORTFOLIO PORTFOLIO PORTFOLIO
------------- ------------- ---------
<S><C>
Investment income:
Dividends (net of foreign withholding taxes)(1)............................... $ 7,766,393 $ 692,057 $ 1,079,926
Interest...................................................................... 1,157,621 97,767 27,661
Other Income(2)............................................................... 186,371 6,167 --
----------- ----------- -----------
Total investment income.................................................. 9,110,385 795,991 1,107,587
----------- ----------- -----------
Expenses:
Investment advisory fee....................................................... -- 255,296 615,100
Administration fee............................................................ 142,594 13,212 19,094
Shareholder servicing fee..................................................... 183,741 -- --
Custodian fee................................................................. 98,900 9,844 204,998
Legal and audit fees.......................................................... 96,860 10,103 10,047
Directors' fees and expenses.................................................. 7,672 738 7,370
State franchise taxes......................................................... 32,395 2,200 3,406
Registration and filing fees.................................................. 42,821 8,116 --
Printing and postage.......................................................... 6,094 6,637 6,439
Other expenses................................................................ 32,104 16,005 45,186
----------- ----------- -----------
Total expenses........................................................... 643,181 322,151 911,640
----------- ----------- -----------
Net investment income........................................................... 8,467,204 473,840 195,947
----------- ----------- -----------
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on:
Securities transactions..................................................... 8,182,374 506,483 (258,203)
Foreign currency translation................................................ (520,411) (51,492) (133,317)
----------- ----------- -----------
Net realized gain/(loss) on investments..................................... 7,661,963 454,991 (391,520)
----------- ----------- -----------
Net change in unrealized appreciation/(depreciation) of:
Securities.................................................................. 42,154,404 3,356,012 15,930,101
Foreign currency translation................................................ (85,187) (2,671) (5,883)
----------- ----------- -----------
Net unrealized appreciation/(depreciation) on investments................... 42,069,217 3,353,341 15,924,218
----------- ----------- -----------
Net realized and unrealized gain/(loss) on investments.......................... 49,731,180 3,808,332 15,532,698
----------- ----------- -----------
Net increase/(decrease) in net assets resulting from operations................. $58,198,384 $ 4,282,172 $15,728,645
=========== =========== ===========
</TABLE>
- -----------------
(1) The International Portfolio, Institutional International Portfolio and
Emerging Markets Portfolio had foreign dividend withholding taxes of
$1,121,439, $102,187 and $50,381, respectively.
(2) Income from security lending.
See Notes to Financial Statements.
================ 3 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIOD ENDED APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
GOVERNMENT TAX-EXEMPT INTERMEDIATE
CASH CASH GOVERNMENT
PORTFOLIO PORTFOLIO PORTFOLIO
---------- ---------- ------------
<S><C>
Net investment income........................................................ $ 12,040,979 $ 4,276,240 $ 8,573,574
Net realized gain/(loss) on investments...................................... (5,333) -- (501,812)
Net unrealized appreciation/(depreciation) on investments and net assets..... -- -- (4,375,344)
------------ ------------ ------------
Net increase/(decrease) in net assets resulting from operations.............. 12,035,646 4,276,240 3,696,418
Distributions to shareholders:
From net investment income................................................. (12,040,979) (4,276,240) (8,464,764)
From net realized gain on investments...................................... -- -- --
Net increase/(decrease) in net assets from capital share
transactions............................................................... 29,092,558 47,461,047 1,988,139
------------ ------------ ------------
Net increase/(decrease) in net assets........................................ 29,087,225 47,461,047 (2,780,207)
NET ASSETS:
Beginning of period.......................................................... 452,394,537 224,999,102 259,502,722
------------ ------------ ------------
End of period................................................................ $481,481,762 $272,460,149 $256,722,515
============ ============ ============
</TABLE>
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED OCTOBER 31, 1996
<TABLE>
<CAPTION>
GOVERNMENT TAX-EXEMPT INTERMEDIATE
CASH CASH GOVERNMENT
PORTFOLIO PORTFOLIO PORTFOLIO
--------- ---------- ------------
<S><C>
Net investment income........................................................ $ 24,317,481 $ 7,762,314 $ 17,645,403
Net realized gain/(loss) on investments...................................... 781 (13) 214,030
Net unrealized appreciation/(depreciation) on investments and net assets..... -- -- (1,992,578)
------------ ------------ ------------
Net increase/(decrease) in net assets resulting from operations.............. 24,318,262 7,762,301 15,866,855
Distributions to shareholders:
From net investment income................................................. (24,317,481) (7,762,314) (17,973,595)
From net realized gain on investments...................................... -- -- --
Net increase/(decrease) in net assets from capital share
transactions............................................................... 43,788,531 (808,888) (81,264,828)
------------ ------------ ------------
Net increase/(decrease) in net assets........................................ 43,789,312 (808,901) (83,371,568)
NET ASSETS:
Beginning of year............................................................ 408,605,225 225,808,003 342,874,290
------------ ------------ ------------
End of year.................................................................. $452,394,537 $224,999,102 $259,502,722
============ ============ ============
</TABLE>
See Notes to Financial Statements.
================ 4 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE PERIOD ENDED APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
SMALL
CAPITALIZATION LARGE CAP
EQUITY EQUITY VALUE
PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- ---------
<S><C>
Net investment income......................................................... $ 1,102,733 $ 3,608,176 $ 658,059
Net realized gain/(loss) on investments....................................... 1,808,223 20,283,120 5,558,888
Net unrealized appreciation/(depreciation) on investments and net assets...... 8,769,342 15,363,108 1,940,101
------------ ------------- -----------
Net increase/(decrease) in net assets resulting from operations............... 11,680,298 39,254,404 8,157,048
Distributions to shareholders:
From net investment income.................................................. (1,081,590) (3,299,510) (659,604)
From net realized gain on investments....................................... -- -- --
Net increase/(decrease) in net assets from capital share
transactions................................................................ 7,038,686 8,013,079 5,687,745
------------ ------------- -----------
Net increase/(decrease) in net assets......................................... 17,637,394 43,967,973 13,185,189
NET ASSETS:
Beginning of period........................................................... 94,184,874 308,415,410 50,130,952
------------ ------------- -----------
End of period................................................................. $111,822,268 $ 352,383,383 $63,316,141
============ ============= ===========
</TABLE>
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED OCTOBER 31, 1996
<TABLE>
<CAPTION>
SMALL
CAPITALIZATION LARGE CAP
EQUITY EQUITY VALUE
PORTFOLIO PORTFOLIO PORTFOLIO
--------- -------------- ---------
<S><C>
Net investment income......................................................... $ 1,942,546 $ 5,401,153 $ 824,717
Net realized gain/(loss) on investments....................................... 8,245,044 22,099,067 605,642
Net unrealized appreciation/(depreciation) on investments and net assets...... 11,633,992 14,741,219 3,541,791
------------ ------------- -----------
Net increase/(decrease) in net assets resulting from operations............... 21,821,582 42,241,439 4,972,150
Distributions to shareholders:
From net investment income.................................................. (1,890,653) (5,193,834) (765,438)
From net realized gain on investments....................................... (8,439,400) (22,099,067) (594,750)
Net increase/(decrease) in net assets from capital share
transactions................................................................ 2,536,458 122,498,366 30,538,451
------------ ------------- -----------
Net increase/(decrease) in net assets......................................... 14,027,987 137,446,904 34,150,413
NET ASSETS:
Beginning of year............................................................. 80,156,887 170,968,506 15,980,539
------------ ------------- -----------
End of year................................................................... $ 94,184,874 $ 308,415,410 $50,130,952
============ ============= ===========
</TABLE>
See Notes to Financial Statements.
================ 5 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE PERIOD ENDED APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
INSTITUTIONAL EMERGING
INTERNATIONAL INTERNATIONAL MARKETS
PORTFOLIO PORTFOLIO PORTFOLIO
------------- ------------- ---------
<S><C>
Net investment income......................................................... $ 8,467,204 $ 473,840 $ 195,947
Net realized gain/(loss) on investments....................................... 7,661,963 454,991 (391,520)
Net unrealized appreciation/(depreciation) on investments and net assets...... 42,069,217 3,353,341 15,924,218
------------- ----------- ------------
Net increase/(decrease) in net assets resulting from operations............... 58,198,384 4,282,172 15,728,645
Distributions to shareholders:
From net investment income.................................................. (7,614,489) (441,739) --
From net realized gain on investments....................................... -- -- --
In excess of net investment income.......................................... -- -- --
Net increase/(decrease) in net assets from capital share
transactions................................................................ 235,648,963 11,599,329 6,767,594
------------- ----------- ------------
Net increase/(decrease) in net assets......................................... 286,232,858 15,439,762 22,496,239
NET ASSETS:
Beginning of period........................................................... 643,458,648 58,390,149 86,384,514
------------- ----------- ------------
End of period................................................................. $ 929,691,506 $73,829,911 $108,880,753
============= =========== ============
</TABLE>
FOR THE YEAR ENDED OCTOBER 31, 1996
<TABLE>
<CAPTION>
INSTITUTIONAL EMERGING
INTERNATIONAL INTERNATIONAL MARKETS
PORTFOLIO PORTFOLIO PORTFOLIO
------------- ------------- ---------
<S><C>
Net investment income......................................................... $ 16,169,540 $ 1,031,790 $ 531,228
Net realized gain/(loss) on investments....................................... 1,371,647 553,491 445,602
Net unrealized appreciation/(depreciation) on investments and net assets...... 41,850,169 5,023,293 (3,309,338)
------------- ----------- ------------
Net increase/(decrease) in net assets resulting from operations............... 59,391,356 6,608,574 (2,332,508)
Distributions to shareholders:
From net investment income.................................................. (17,200,867) (933,405) (791,631)
From net realized gain on investments....................................... (1,700,763) (587,999) (79,207)
In excess of net investment income.......................................... (2,182,510) (235,506) --
Net increase/(decrease) in net assets from capital share
transactions................................................................ 261,942,539 9,332,942 62,291,262
------------- ----------- ------------
Net increase/(decrease) in net assets......................................... 300,249,755 14,184,606 59,087,916
NET ASSETS:
Beginning of year............................................................. 343,208,893 44,205,543 27,296,598
------------- ----------- ------------
End of year................................................................... $ 643,458,648 $58,390,149 $ 86,384,514
============= =========== ============
</TABLE>
See Notes to Financial Statements.
================ 6 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
GOVERNMENT CASH PORTFOLIO
--------------------------------------------------------------------------
SIX MONTHS YEAR ENDED OCTOBER 31,
ENDED --------------------------------------------------------
APRIL 30, 1997 1996 1995 1994 1993 1992
-------------- -------- -------- -------- -------- --------
(UNAUDITED)
<S><C>
Net asset value, beginning of period............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- --------
Net investment income............................ 0.026 0.053 0.059 0.038 0.031 0.041
Distributions from net investment income......... (0.026) (0.053) (0.059) (0.038) (0.031) (0.041)
-------- -------- -------- -------- -------- --------
Net asset value, end of period................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
Total Return(+).................................. 2.65% 5.46% 5.87% 3.78% 3.18% 4.19%
======== ======== ======== ======== ======== ========
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's)............. $481,482 $452,395 $408,605 $353,405 $247,816 $203,882
Ratio of operating expenses to average net
assets......................................... 0.15%* 0.16% 0.15% 0.11% 0.11% 0.13%
Ratio of net investment income to average net
assets......................................... 5.28%* 5.32% 5.71% 3.82% 3.14% 4.18%
</TABLE>
- -----------------
+ Total return represents aggregate total return for the period indicated.
* Annualized.
See Notes to Financial Statements.
================ 7 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
TAX-EXEMPT CASH PORTFOLIO
--------------------------------------------------------------------------
SIX MONTHS YEAR ENDED OCTOBER 31,
ENDED --------------------------------------------------------
APRIL 30, 1997 1996 1995 1994 1993 1992
-------------- -------- -------- -------- -------- --------
(UNAUDITED)
<S><C>
Net asset value, beginning of period............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- --------
Net investment income............................ 0.016 0.034 0.038 0.025 0.023 0.033
Distributions from net investment income......... (0.016) (0.034) (0.038) (0.025) (0.023) (0.033)
-------- -------- -------- -------- -------- --------
Net asset value, end of period................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
Total Return(+).................................. 1.64% 3.42% 3.76% 2.48% 2.34% 3.30%
======== ======== ======== ======== ======== ========
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's)............. $272,460 $224,999 $222,808 $222,985 $106,590 $125,826
Ratio of operating expenses to average net
assets......................................... 0.15%* 0.15% 0.15% 0.13% 0.13% 0.15%
Ratio of net investment income to average net
assets......................................... 3.27%* 3.36% 3.69% 2.52% 2.33% 3.21%
</TABLE>
- -----------------
+ Total return represents aggregate total return for the period indicated.
* Annualized.
See Notes to Financial Statements.
================ 8 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
INTERMEDIATE GOVERNMENT PORTFOLIO
------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED OCTOBER 31,
ENDED ------------------------------------------------------------
APRIL 30, 1997 1996 1995 1994 1993 1992
-------------- -------- -------- -------- -------- --------
(UNAUDITED)
<S><C>
Net asset value, beginning of period........ $ 10.29 $ 10.36 $ 9.89 $ 10.84 $ 10.76 $ 10.61
-------- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income....................... 0.33 0.66 0.69 0.64 0.66 0.74
Net realized and unrealized gain/(loss) on
investments............................... (0.18) (0.08) 0.46 (0.96) 0.41 0.22
-------- -------- -------- -------- -------- --------
Total from investment operations............ 0.15 0.58 1.15 (0.32) 1.07 0.96
-------- -------- -------- -------- -------- --------
Less Distributions:
Distributions from net investment income.... (0.33) (0.65) (0.68) (0.63) (0.67) (0.70)
Distributions from net realized capital
gains..................................... -- -- -- -- (0.32) (0.11)
-------- -------- -------- -------- -------- --------
Total distributions......................... (0.33) (0.65) (0.68) (0.63) (0.99) (0.81)
-------- -------- -------- -------- -------- --------
Net asset value, end of period.............. $ 10.11 $ 10.29 $ 10.36 $ 9.89 $ 10.84 $ 10.76
======== ======== ======== ======== ======== ========
Total Return(+)............................. 1.47% 5.88% 12.06% (3.03)% 10.38% 9.34%
======== ======== ======== ======== ======== ========
Ratios to average net assets/Supplemental
data:
Net assets, end of period (in 000's)........ $256,723 $259,503 $342,874 $333,797 $581,823 $445,816
Ratio of operating expenses to average net
assets.................................... 0.15%* 0.16% 0.11% 0.12%** 0.14%** 0.16%
Ratio of net investment income to average
net assets................................ 6.57%* 6.37% 6.67% 6.06% 6.03% 7.03%
Portfolio turnover rate..................... 245%* 47% 228% 165% 83% 39%
</TABLE>
- -----------------
+ Total return represents aggregate total return for the period indicated.
* Annualized.
** The annualized operating expense ratios exclude interest expense. The ratios
including interest expense for the years ended October 31, 1994 and October
31, 1993 were 0.14% and 0.16%, respectively.
See Notes to Financial Statements.
================ 9 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION> EQUITY PORTFOLIO
---------------------------------------------------------------------
SIX MONTHS YEAR ENDED OCTOBER 31,
ENDED ---------------------------------------------------
APRIL 30, 1997 1996 1995 1994 1993 1992
-------------- ------- ------- ------- ------- -------
(UNAUDITED)
<S><C>
Net asset value, beginning of period................... $ 16.79 $ 14.67 $ 12.56 $ 13.23 $ 11.84 $ 11.21
--------- ------- ------- ------- ------- -------
Income from investment operations:
Net investment income.................................. 0.19 0.41 0.32 0.31 0.32 0.31
Net realized and unrealized gain/(loss) on
investments.......................................... 1.89 3.73 2.64 (0.17) 1.63 0.65
--------- ------- ------- ------- ------- -------
Total from investment operations....................... 2.08 4.14 2.96 0.14 1.95 0.96
--------- ------- ------- ------- ------- -------
Less Distributions:
Distributions from net investment income............... (0.19) (0.40) (0.33) (0.29) (0.32) (0.33)
Distributions from net realized capital gains.......... -- (1.62) (0.52) (0.52) (0.24) --
--------- ------- ------- ------- ------- -------
Total distributions.................................... (0.19) (2.02) (0.85) (0.81) (0.56) (0.33)
--------- ------- ------- ------- ------- -------
Net asset value, end of period......................... $ 18.68 $ 16.79 $ 14.67 $ 12.56 $ 13.23 $ 11.84
========= ======= ======= ======= ======= =======
Total Return(+)........................................ 12.41% 28.65% 23.78% 1.21% 16.60% 8.62%
========= ======= ======= ======= ======= =======
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's)................... $ 111,822 $94,185 $80,157 $64,046 $43,611 $18,049
Ratio of operating expenses to average net assets...... 0.16%* 0.17% 0.14% 0.16% 0.20% 0.24%
Ratio of net investment income to average net assets... 2.11%* 2.26% 2.32% 2.40% 2.61% 2.91%
Portfolio turnover rate................................ 4%* 36% 70% 109% 61% 30%
Average commissions per share**........................ $ 0.07 $ 0.07 NA NA NA NA
</TABLE>
- -----------------
+ Total return represents aggregate total return for the period indicated.
* Annualized.
** Disclosure is required for fiscal years beginning on or after September 1,
1995. Represents average commission rate per share charged to the Fund on
purchases and sales of investments during the period.
See Notes to Financial Statements.
=============== 10 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION> SMALL CAPITALIZATION EQUITY PORTFOLIO
------------------------------------------------------------------------
SIX MONTHS YEAR ENDED OCTOBER 31,
ENDED ------------------------------------------------------
APRIL 30, 1997 1996 1995 1994 1993 1992
-------------- -------- -------- -------- ------- -------
(UNAUDITED)
<S><C>
Net asset value, beginning of period............... $ 16.12 $ 14.98 $ 13.95 $ 13.97 $ 11.12 $ 11.02
--------- -------- -------- -------- ------- -------
Income from investment operations:
Net investment income.............................. 0.18 0.33 0.28 0.16 0.14 0.16
Net realized and unrealized gain/(loss) on
investments...................................... 1.88 2.38 2.69 0.23 3.60 0.09
--------- -------- -------- -------- ------- -------
Total from investment operations................... 2.06 2.71 2.97 0.39 3.74 0.25
--------- -------- -------- -------- ------- -------
Less Distributions:
Distributions from net investment income........... (0.17) (0.33) (0.26) (0.15) (0.15) (0.15)
Distributions from net realized capital gains...... -- (1.24) (1.68) (0.26) (0.74) --
--------- -------- -------- -------- ------- -------
Total distributions................................ (0.17) (1.57) (1.94) (0.41) (0.89) (0.15)
--------- -------- -------- -------- ------- -------
Net asset value, end of period..................... $ 18.01 $ 16.12 $ 14.98 $ 13.95 $ 13.97 $ 11.12
========= ======== ======== ======== ======= =======
Total Return(+).................................... 12.80% 18.22% 21.15% 2.85% 33.86% 2.32%
========= ======== ======== ======== ======= =======
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's)............... $ 352,383 $308,415 $170,969 $109,872 $68,418 $39,728
Ratio of operating expenses to average net
assets........................................... 0.15%* 0.17% 0.14% 0.14% 0.14% 0.19%*
Ratio of net investment income to average net
assets........................................... 2.09%* 2.15% 1.92% 1.18% 1.08% 1.44%*
Portfolio turnover rate............................ 25%* 37% 57% 31% 63% 56%
Average commissions per share**.................... $ 0.07 $ 0.07 NA NA NA NA
</TABLE>
- -----------------
+ Total return represents aggregate total return for the period indicated.
* Annualized.
** Disclosure is required for fiscal years beginning on or after September 1,
1995. Represents average commission rate per share charged to the Fund on
purchases and sales of investments during the period.
See Notes to Financial Statements.
=============== 11 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
LARGE CAP VALUE PORTFOLIO
-----------------------------------------------------------------
SIX MONTHS YEAR ENDED OCTOBER 31, PERIOD ENDED
ENDED ----------------------------- OCTOBER 31,
APRIL 30, 1997 1996 1995 1994 1993(+)
-------------- ------- ------- ------- ------------
(UNAUDITED)
<S><C>
Net asset value, beginning of period...................... $ 11.68 $ 10.34 $ 10.62 $ 10.92 $ 10.00
--------- ------- ------- ------- --------
Income from investment operations:
Net investment income..................................... 0.14 0.26 0.32 0.21 0.21
Net realized and unrealized gain/(loss)
on investments.......................................... 1.71 1.49 1.38 (0.31) 2.06
--------- ------- ------- ------- --------
Total from investment operations.......................... 1.85 1.75 1.70 (0.10) 2.27
--------- ------- ------- ------- --------
Less Distributions:
Distributions from net investment income.................. (0.14) (0.27) (0.31) (0.20) (0.20)
Distributions from net realized capital gains............. -- (0.14) (1.67) -- (1.15)
--------- ------- ------- ------- --------
Total distributions....................................... (0.14) (0.41) (1.98) (0.20) (1.35)
--------- ------- ------- ------- --------
Net asset value, end of period............................ $ 13.39 $ 11.68 $ 10.34 $ 10.62 $ 10.92
========= ======= ======= ======= ========
Total Return(++).......................................... 15.96% 17.13% 16.01% (0.91)% 23.05%
========= ======= ======= ======= ========
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's)...................... $ 63,316 $50,131 $15,981 $20,654 $ 13,969
Ratio of operating expenses to average net assets......... 0.15%* 0.15% 0.20% 0.24 % 0.24%*
Ratio of net investment income to average
net assets.............................................. 2.28%* 2.62% 2.80% 2.04 % 2.47%*
Portfolio turnover rate................................... 71%* 104% 227% 287 % 230%
Average commissions per share**........................... $ 0.07 $ 0.07 NA NA NA
</TABLE>
- -----------------
+ The Portfolio commenced operations on December 31, 1992.
++ Total return represents aggregate total return for the period indicated.
* Annualized.
** Disclosure is required for fiscal years beginning on or after September 1,
1995. Represents average commission rate per share charged to the Fund on
purchases and sales of investments during the period.
See Notes to Financial Statements.
=============== 12 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
INTERNATIONAL PORTFOLIO
--------------------------------------------------------------------------
SIX MONTHS YEAR ENDED OCTOBER 31,
ENDED --------------------------------------------------------
APRIL 30, 1997 1996 1995 1994 1993 1992
-------------- -------- -------- -------- -------- --------
(UNAUDITED)
<S><C>
Net asset value, beginning of period.......... $ 13.87 $ 12.70 $ 13.04 $ 12.69 $ 9.84 $ 10.89
--------- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income......................... 0.17 0.40 0.32 0.27 0.27 0.26
Net realized and unrealized gain/(loss) on
investments................................. 0.96 1.29 0.23 1.50 2.98 (0.51)
--------- -------- -------- -------- -------- --------
Total from investment operations.............. 1.13 1.69 0.55 1.77 3.25 (0.25)
--------- -------- -------- -------- -------- --------
Less Distributions:
Distributions from net investment income...... (0.14) (0.43) (0.32) (0.25) (0.26) (0.26)
Distributions from net realized gains......... -- (0.04) (0.57) (1.16) (0.14) (0.54)
Distributions in excess of net
realized gains.............................. -- (0.05) -- (0.01) -- --
--------- -------- -------- -------- -------- --------
Total distributions........................... (0.14) (0.52) (0.89) (1.42) (0.40) (0.80)
--------- -------- -------- -------- -------- --------
Net asset value, end of period................ $ 14.86 $ 13.87 $ 12.70 $ 13.04 $ 12.69 $ 9.84
========= ======== ======== ======== ======== ========
Total Return(+)............................... 8.20% 13.47% 4.23% 14.26% 33.47% (2.73)%
========= ======== ======== ======== ======== ========
Ratios to average net assets/Supplemental
data:
Net assets, end of period (in 000's).......... $ 929,692 $643,459 $343,209 $292,513 $221,515 $167,191
Ratio of operating expenses to average net
assets...................................... 0.18%* 0.18% 0.18% 0.16% 0.17% 0.23%
Ratio of net investment income to average net
assets...................................... 2.30%* 3.05% 2.61% 2.11% 2.31% 2.47%
Portfolio turnover rate....................... 7%* 6% 24% 39% 34% 40%
Average commissions per share**............... $ 0.03 $ 0.02 NA NA NA NA
</TABLE>
- -----------------
+ Total return represents aggregate total return for the period indicated.
* Annualized.
** Disclosure is required for fiscal years beginning on or after September 1,
1995. Represents average commission rate per share charged to the Fund on
purchases and sales of investments during the period.
See Notes to Financial Statements.
=============== 13 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
INSTITUTIONAL INTERNATIONAL PORTFOLIO
-------------------------------------------------------------------------
SIX MONTHS YEAR ENDED OCTOBER 31, PERIOD ENDED
ENDED ---------------------------------------- OCTOBER 31,
APRIL 30, 1997 1996 1995 1994 1993 1992(+)
-------------- ------- ------- ------- ------- -----------
(UNAUDITED)
<S><C>
Net asset value, beginning of period.............. $ 13.67 $ 12.34 $ 12.63 $ 12.00 $ 9.42 $ 10.00
--------- ------- ------- ------- ------- --------
Income from investment operations:
Net investment income............................. 0.11 0.28 0.19 0.16 0.15 0.03
Net realized and unrealized gain/(loss) on
investments..................................... 0.87 1.50 (0.13) 1.49 2.88 (0.60)
--------- ------- ------- ------- ------- --------
Total from investment operations.................. 0.98 1.78 0.06 1.65 3.03 (0.57)
--------- ------- ------- ------- ------- --------
Less Distributions:
Distributions from net investment income.......... (0.09) (0.25) (0.18) (0.13) (0.14) (0.01)
Distributions from net realized
capital gains................................... -- (0.14) (0.17) (0.87) (0.31) --
Distributions in excess of net realized capital
gains........................................... -- (0.06) -- (0.02) -- --
--------- ------- ------- ------- ------- --------
Total distributions............................... (0.09) (0.45) (0.35) (1.02) (0.45) (0.01)
--------- ------- ------- ------- ------- --------
Net asset value, end of period.................... $ 14.56 $ 13.67 $ 12.34 $ 12.63 $ 12.00 $ 9.42
========= ======= ======= ======= ======= ========
Total Return(++).................................. 7.19% 14.46% 0.38% 13.85% 32.34% (5.60)%
========= ======= ======= ======= ======= ========
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's).............. $ 73,830 $58,390 $44,206 $17,076 $12,979 $ 9,416
Ratio of operating expenses to average net
assets**........................................ 0.95%* 0.95% 0.93% 1.00% 1.00% 1.00%
Ratio of net investment income to average net
assets(+++)..................................... 1.39%* 2.06% 1.78% 1.29% 1.41% 1.28%
Portfolio turnover rate........................... 6%* 10% 25% 39% 34% 10%
Average commissions per share***.................. $ 0.03 $ 0.02 NA NA NA NA
</TABLE>
- -----------------
+ The Portfolio commenced operations on August 1, 1992.
++ Total return represents aggregate total return for the period indicated.
+++ Net investment income before waiver of fees and/or expenses reimbursed by
the investment advisor for the years ended October 31, 1994 and 1993 and the
period ended October 31, 1992 was $0.16, $0.14 and $0.03, respectively.
* Annualized.
** Annualized expense ratios before waiver of fees and/or expenses reimbursed
by investment advisor for the year ended October 31, 1994 and 1993 and the
period ended October 31, 1992 were 1.01%, 1.08% and 1.08%, respectively.
*** Disclosure is required for fiscal years beginning on or after September 1,
1995. Represents average commission rate per share charged to the Fund on
purchases and sales of investments during the period.
See Notes to Financial Statements.
=============== 14 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
EMERGING MARKETS PORTFOLIO
---------------------------------------------
SIX MONTHS YEAR ENDED PERIOD ENDED
ENDED OCTOBER 31, OCTOBER 31,
APRIL 30, 1997 1996 1995(+)
-------------- ----------- ------------
(UNAUDITED)
<S><C>
Net asset value, beginning of period............................................ $ 9.52 $ 9.73 $ 10.00
--------- --------- ----------
Income from investment operations:
Net investment income........................................................... 0.02 0.06 0.16
Net realized and unrealized gain/(loss) on investments.......................... 1.72 (0.16) (0.31)
--------- --------- ----------
Total from investment operations................................................ 1.74 (0.10) (0.15)
--------- --------- ----------
Less Distributions:
Distributions from net investment income........................................ -- (0.08) (0.12)
Distributions from net realized capital gains................................... -- (0.03) --
--------- --------- ----------
Total distributions............................................................. -- (0.11) (0.12)
--------- --------- ----------
Net asset value, end of period.................................................. $ 11.26 $ 9.52 $ 9.73
========= ========= ==========
Total Return(++)................................................................ 18.28% (0.96)% (1.96)%
========= ========= ==========
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's)............................................ $ 108,881 $ 86,385 $ 27,297
Ratio of operating expenses to average net assets............................... 1.85%* 1.76% 1.81%*
Ratio of net investment income to average net assets............................ 0.40%* 0.80% 1.87%*
Portfolio turnover rate......................................................... 74%* 44% 50%
Average commissions per share**................................................. $ 0.004 $ 0.001 NA
</TABLE>
- -----------------
+ The Portfolio commenced operations on December 14, 1994.
++ Total return represents aggregate total return for the period indicated.
* Annualized.
** Disclosure is required for fiscal years beginning on or after September 1,
1995. Represents average commission rate per share charged to the Fund on
purchases and sales of investments during the period.
See Notes to Financial Statements.
=============== 15 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
GOVERNMENT CASH PORTFOLIO
STATEMENT OF NET ASSETS
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT VALUE
------ ------
<S><C>
AGENCY DISCOUNT NOTES(+) -- 32.6%
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 11.3%
$10,000,000 8.91% due 06/20/97..................................................................... $ 9,926,806
15,000,000 5.72% due 07/18/97..................................................................... 14,828,075
15,000,000 6.01% due 08/14/97..................................................................... 14,768,562
15,000,000 6.39% due 09/11/97..................................................................... 14,706,292
------------
54,229,735
------------
FEDERAL HOME LOAN MORTGAGE CORPORATION -- 17.2%
63,000,000 8.61% due 05/01/97..................................................................... 63,000,000
15,000,000 8.61% due 05/02/97..................................................................... 14,997,775
5,000,000 9.25% due 06/16/97..................................................................... 4,966,331
------------
82,964,106
------------
FEDERAL FARM CREDIT BANK -- 2.0%
10,000,000 6.75% due 10/01/97..................................................................... 9,762,850
------------
9,762,850
------------
FEDERAL HOME LOAN BANK -- 2.1%
10,000,000 5.25% due 06/18/97..................................................................... 9,993,412
------------
9,993,412
------------
TOTAL AGENCY DISCOUNT NOTES
(Cost $156,950,103).................................................................... 156,950,103
------------
AGENCY NOTES -- 7.9%
5,000,000 Federal National Mortgage Association
5.430% due 06/19/97.................................................................... 5,000,000
3,000,000 Federal National Mortgage Association
5.390% due 07/17/97.................................................................... 3,000,000
5,000,000 Federal National Mortgage Association
5.350% due 08/14/97.................................................................... 5,000,000
5,000,000 Federal National Mortgage Association
5.790% due 10/16/97.................................................................... 5,000,000
5,000,000 Federal Home Loan Bank Floater
5.150% due 12/10/97.................................................................... 4,998,822
5,000,000 Federal National Mortgage Association MTN
5.350% due 02/24/98.................................................................... 4,998,080
10,000,000 Federal Home Loan Bank
5.700% due 02/25/98.................................................................... 10,000,000
------------
TOTAL AGENCY NOTES
(Cost $37,996,902)..................................................................... 37,996,902
------------
REPURCHASE AGREEMENTS(++) -- 59.5%
20,000,000 Agreement with Bear Stearns & Co., 5.31% dated 02/21/97 to be
repurchased at $20,265,500 on 05/22/97, collateralized by:
$20,195,845 Federal National Mortgage Association #X-97C FC
6.360% due 03/25/24.................................................................... 20,000,000
</TABLE>
See Notes to Financial Statements.
=============== 16 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
GOVERNMENT CASH PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT VALUE
------ ------
<S><C>
REPURCHASE AGREEMENTS -- (CONTINUED)
$20,000,000 Agreement with Bear Stearns & Co., 5.50% dated 04/22/97 to be
repurchased at $20,113,056 on 05/29/97, collateralized by:
$20,195,845 Federal National Mortgage Association #X-97C FC
6.360% due 03/25/24.................................................................... $ 20,000,000
15,000,000 Agreement with Bear Stearns & Co., 5.53% dated 04/30/97 to be
repurchased at $15,069,125 on 05/30/97, collateralized by:
$15,390,000 Federal National Mortgage Association #96-62 FA
6.310% due 12/25/26.................................................................... 15,000,000
20,000,000 Agreement with Greenwich Capital Markets, 5.34% dated 02/20/97 to be
repurchased at $20,267,000 on 05/21/97, collateralized by:
$18,938,481 Federal Home Loan Mortgage Corporation Gold #G00594
9.500% due 06/01/25.................................................................... 20,000,000
15,000,000 Agreement with Merrill Lynch, 5.49% dated 04/08/97 to be
repurchased at $15,068,625 on 05/08/97, collateralized by:
$12,741,867 Federal National Mortgage Association #93-1559
6.150% due 05/15/17,
$2,727,086 Federal National Mortgage Association #93-189 F
5.960% due 08/25/23.................................................................... 15,000,000
15,000,000 Agreement with Merrill Lynch, 5.53% dated 04/28/97 to be
repurchased at $15,069,125 on 05/28/97, collateralized by:
$15,483,994 Federal National Mortgage Association #93-227 F
6.320% due 12/25/00.................................................................... 15,000,000
15,000,000 Agreement with Merrill Lynch, 5.43% dated 03/20/97 to be
repurchased at $15,201,363 on 06/17/97, collateralized by:
$15,124,100 Federal National Mortgage Association #345863
6.690% due 06/01/36,
$1,153,867 Federal National Mortgage Association #94-58 A
5.000% due 01/25/07.................................................................... 15,000,000
15,000,000 Agreement with Merrill Lynch, 5.63% dated 04/18/97 to be
repurchased at $15,211,125 on 07/17/97, collateralized by:
$15,672,812 Federal National Mortgage Association #93-227 F
6.320% due 12/25/00.................................................................... 15,000,000
15,000,000 Agreement with Merrill Lynch, 5.69% dated 04/28/97 to be
repurchased at $15,215,746 on 07/28/97, collateralized by:
$15,829,514 Federal National Mortgage Association #368889
6.800% due 08/01/25.................................................................... 15,000,000
36,469,504 Agreement with Nomura Securities International, 5.33% dated 04/30/97 to
be repurchased at $36,469,504 on 05/01/97, collateralized by:
$15,273,229 Federal National Mortgage Association #92-G6 4F
6.090% due 04/01/18,
$11,085,000 Federal National Mortgage Association #94-58 B
5.000% due 01/25/00,
$12,025,208 Federal Home Loan Mortgage Corporation #1519
6.420% due 05/15/08.................................................................... 36,469,504
20,000,000 Agreement with Nomura Securities International, 5.33% dated 02/19/97 to
be repurchased at $20,266,500 on 05/20/97, collateralized by:
$11,000,000 Federal Home Loan Mortgage Corporation #1367 G
7.000% due 09/15/18,
$10,000,000 Federal Home Loan Mortgage Corporation #1511 D
6.000% due 10/15/04.................................................................... 20,000,000
</TABLE>
See Notes to Financial Statements.
=============== 17 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
GOVERNMENT CASH PORTFOLIO
STATEMENT OF NET ASSETS -- (CONCLUDED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT VALUE
------ ------
<S><C>
REPURCHASE AGREEMENTS -- (CONTINUED)
$20,000,000 Agreement with Prudential Securities, Inc., 5.350% dated 02/06/97 to
be repurchased at $20,267,500 on 05/07/97, collateralized by:
$20,433,290 Federal National Mortgage Association #333918
6.090% due 04/01/35.................................................................... $ 20,000,000
15,000,000 Agreement with Prudential Securities, Inc., 5.480% dated 04/23/97 to be
repurchased at $15,045,667 on 05/13/97, collateralized by:
$15,344,473 Federal Home Loan Mortgage Corporation #1659 TF
6.150% due 01/15/09.................................................................... 15,000,000
15,000,000 Agreement with Prudential Securities, Inc., 5.600% dated 04/09/97 to be
repurchased at $15,212,333 on 07/09/97, collateralized by:
$7,870,854 Federal Home Loan Mortgage Corporation #1671 J
5.900% due 12/15/22,
$8,297,699 Federal National Mortgage Association #93-127
5.880% due 07/25/23.................................................................... 15,000,000
15,000,000 Agreement with Prudential Securities, Inc., 5.600% dated 04/18/97
to be repurchased at $15,220,313 on 07/21/97, collateralized by:
$16,276,801 Federal National Mortgage Association #250515
7.000% due 04/01/26.................................................................... 15,000,000
15,000,000 Agreement with Smith Barney, Inc., 5.520% dated 04/09/97 to be
repurchased at $15,075,900 on 05/12/97, collateralized by:
$15,336,327 Federal National Mortgage Association #316520
6.090% due 04/01/34.................................................................... 15,000,000
------------
TOTAL REPURCHASE AGREEMENTS
(Cost $286,469,504).................................................................... 286,469,504
------------
TOTAL INVESTMENTS (COST $481,416,509*)................................................................. 100.0% $481,416,509
OTHER ASSETS IN EXCESS OF LIABILITIES.................................................................. 0.0% 65,253
---------------------
NET ASSETS............................................................................................. 100.0% $481,481,762
=====================
NET ASSET VALUE ($481,481,762 DIVIDED BY 481,443,639 SHARES OUTSTANDING)............................... $ 1.00
============
</TABLE>
- -----------------
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized discount yield at date of purchase.
++ Market value disclosed for collateral on repurchase agreements is at April
30, 1997. The term repurchase agreements are subject to a seven-day demand
feature.
See Notes to Financial Statements.
=============== 18 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
TAX-EXEMPT PORTFOLIO
STATEMENT OF NET ASSETS
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT VALUE
------ ------
<S><C>
VARIABLE/FLOATING RATE NOTES** -- 81.3%
DAILY VARIABLE/FLOATING RATE NOTES -- 14.9%
$ 1,100,000 Beltrami County, Minneapolis, Environmental Control Revenue
Northwood Panelboard, (LOC Union Bank of Switzerland),
4.05% due 05/01/97.......................................................................... $ 1,100,000
1,100,000 Delta County, MI, Economic Development Corporation, Environmental
Improvement Revenue Bonds, Mead Escanaba Paper Project, Series C,
(LOC Bank of Nova Scotia),
4.05% due 05/01/97.......................................................................... 1,100,000
3,200,000 East Baton Rouge Parish, LA, Pollution Control Revenue, Exxon Project,
4.05% due 05/01/97.......................................................................... 3,200,000
2,000,000 Grapevine, TX, Industrial Development Corporation Multiple Mode
Demand Revenue Bonds, American Airlines, Inc. Project, Series B4,
(LOC Morgan Guaranty Trust),
3.95% due 05/01/97.......................................................................... 2,000,000
600,000 Lincoln County, WY, Pollution Control Revenue,
Exxon Project, Series B,
4.05% due 05/01/97.......................................................................... 600,000
2,300,000 Lincoln County, WY, Pollution Control Revenue,
Exxon Project, Series C,
4.05% due 05/01/97.......................................................................... 2,300,000
1,300,000 Lone Star, TX, Airport Improvement Authority, Multiple Mode
Demand Revenue Bonds, American Airlines Project, Series A-4,
(LOC Royal Bank of Canada),
3.95% due 05/01/97.......................................................................... 1,300,000
1,000,000 Lone Star, TX, Airport Improvement Authority, Multiple Mode
Demand Revenue Bonds, American Airlines Project, Series B-2,
(LOC Royal Bank of Canada),
3.95% due 05/01/97.......................................................................... 1,000,000
3,600,000 Los Angeles, CA, Regional Airports Improvement Corporation, Lax Two
Corporation Project, Series A, (LOC Societe Generale),
3.95% due 05/01/97.......................................................................... 3,600,000
6,000,000 Massachusetts State, General Obligation Unlimited, Series B
(LOC National Westminster),
3.85% due 05/01/97.......................................................................... 6,000,000
2,300,000 New Jersey, Economic Development Authority, Water Facilities Revenue,
United Water NJ Incorporated, Project B, (AMBAC Insured),
3.50% due 05/01/97.......................................................................... 2,300,000
2,700,000 New York, NY, General Obligation Unlimited, Series A-5
(LOC Kredietbank N.V.),
4.05% due 05/01/97.......................................................................... 2,700,000
600,000 New York, NY, General Obligation Unlimited, Series B, Subseries B7
(AMBAC Insured),
4.05% due 05/01/97.......................................................................... 600,000
2,500,000 New York, NY, Energy Research and Development Authority, Pollution Control Revenue, NY
Electric-Gas D, (LOC Union Bank of Switzerland),
3.75% due 05/01/97.......................................................................... 2,500,000
</TABLE>
See Notes to Financial Statements.
=============== 19 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
TAX-EXEMPT PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT VALUE
------ ------
<S><C>
VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$ 500,000 North Carolina Medical Care Community Hospital Revenue, Pooled Financing Project Series B (LOC
First Union National Bank of North Carolina),
4.10% due 05/01/97.......................................................................... $ 500,000
3,300,000 Orange County, CA, Water District CTFS Partners, Project B,
(LOC National Westminster),
3.70% due 05/01/97.......................................................................... 3,300,000
1,400,000 Peninsula Ports Authority, VA, Coal Term Revenue, Dominion Term, Project C,
(LOC National Westminster),
3.85% due 05/01/97.......................................................................... 1,400,000
1,200,000 Platte County, WY, Pollution Control Revenue, Tri-State General &
Transportation, Series A, (LOC Societe Generale),
4.15% due 05/01/97.......................................................................... 1,200,000
500,000 Saint Mary's Hospital Authority, Langhorne PA, Hospital Revenue,
Franciscan Health System B, (LOC Toronto Dominion BK),
3.85% due 05/01/97.......................................................................... 500,000
2,100,000 Saint Mary's Hospital Authority, Langhorne PA, Hospital Revenue,
Franciscan Health System C, (LOC Toronto Dominion BK),
3.85% due 05/01/97.......................................................................... 2,100,000
1,300,000 South Carolina Jobs, Economic Development Authority, Economic Development,
Saint Francis Hospital, Revenue Bonds, (LOC Chase Manhattan),
3.95% due 05/01/97.......................................................................... 1,300,000
-------------
TOTAL DAILY VARIABLE/FLOATING RATE NOTES
(Cost $40,600,000).......................................................................... 40,600,000
-------------
WEEKLY VARIABLE/FLOATING RATE NOTES -- 66.4%
1,300,000 Alabama Special Care Facilities, Finance Authority,
Montgomery Hospital Revenue, (FGIC Insured),
4.50% due 05/07/97.......................................................................... 1,300,000
1,700,000 Ascension Parish, LA, Pollution Control Revenue, Borden Inc. Project,
(LOC Credit Suisse),
4.50% due 05/07/97.......................................................................... 1,700,000
8,200,000 Burke County, GA, Development Authority Pollution Control Revenue,
Oglethorpe Power Corp. Project, Series A, (FGIC Insured),
4.40% due 05/07/97.......................................................................... 8,200,000
800,000 California Health Facilities, Financing Authority Revenue,
Children's Hospital Project, (MBIA Insured),
4.50% due 05/01/97.......................................................................... 800,000
3,500,000 California State Revenue Anticipation Notes, Series C-2,
4.35% due 05/07/97.......................................................................... 3,500,000
1,180,000 Chicago, Illinois, O'Hare International Airport, Revenue Bonds, General Airport 2nd
Lien-A
4.50% due 05/07/97.......................................................................... 1,180,000
1,100,000 Clayton County, GA, Housing Authority, Multi-Family Housing Revenue,
(LOC Barclays Bank PLC),
4.00% due 05/01/97.......................................................................... 1,100,000
7,400,000 Colorado Health Facilities, Authority Revenue, Sisters of Charity Health, Series A,
4.60% due 05/07/97.......................................................................... 7,400,000
</TABLE>
See Notes to Financial Statements.
=============== 20 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
TAX-EXEMPT PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT VALUE
------ ------
<S><C>
VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$ 650,000 Colorado Student Obligation Board Authority, Student Loan Revenue, Series C-1,
(LOC Student Loan Marketing Association),
4.40% due 05/07/97.......................................................................... $ 650,000
900,000 Colorado Student Obligation Board Authority, Student Loan Revenue, Series C-2,
(LOC Student Loan Marketing Association),
4.40% due 05/07/97.......................................................................... 900,000
1,700,000 Colton, CA, Redevelopment Agency, Multi-family Revenue, Issue A,
(LOC Federal Home Loan Corp.),
3.65% due 05/01/97.......................................................................... 1,700,000
5,000,000 Emmaus, PA, General Authority Revenue,
(FSA Insured),
4.65% due 05/07/97.......................................................................... 5,000,000
8,200,000 Fairfax County, VA, Industrial Development Authority Revenue,
Fairfax Hospital Association A, (LOC Credit Suisse),
3.50% due 05/02/97.......................................................................... 8,200,000
700,000 Fairfax County, VA, Industrial Development Authority Revenue,
Fairfax Hospital Association C, (LOC Credit Suisse),
4.50% due 05/02/97.......................................................................... 700,000
2,800,000 Florida Housing Finance Agency, Hampton Lake, (LOC Connecticut GenLife),
4.55% due 05/07/97.......................................................................... 2,800,000
2,000,000 Gloucester County, NJ, Industrial Pollution Control, Financing Authority Revenue,
Mobil Oil Refining Company Project,
4.20% due 05/07/97.......................................................................... 2,000,000
1,400,000 Hampton Roads Regional Jail Authority, Regional Jail Facility Revenue,
Series B, (LOC Wachovia BK, NC),
4.50% due 05/01/97.......................................................................... 1,400,000
6,600,000 Hawaii Housing Authority, Multi-Family Housing Revenue,
Tropicana West Project, Series A, (LOC Federal Home Loan Corp.),
4.40% due 05/01/97.......................................................................... 6,600,000
3,600,000 Illinois Health Facilities Authority Revenue,
Hospital Sisters Service Project, Series E, (MBIA Insured),
4.50% due 05/07/97.......................................................................... 3,600,000
2,800,000 Illinois Health Facilities Authority Revenue,
Decatur Memorial Hospital Project A,
4.50% due 05/07/97.......................................................................... 2,800,000
700,000 Illinois Health Facilities Authority Revenue,
Swedish Covenant Hospital Project, (AMBAC Insured),
4.50% due 05/07/97.......................................................................... 700,000
1,100,000 Indianapolis Industrial Multi-Family Revenue, Canal Square Project,
(LOC Societe Generale),
4.50% due 05/07/97.......................................................................... 1,100,000
2,100,000 Iowa Higher Education Loan Authority, Private College Facilities Revenue,
(MBIA Insured),
4.50% due 05/07/97.......................................................................... 2,100,000
</TABLE>
See Notes to Financial Statements.
=============== 21 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
TAX-EXEMPT PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT VALUE
------ ------
<S><C>
VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$ 1,000,000 Knox County, TN, Industrial Development Board, Industrial Revenue,
Professional Plaza LTD Project, (LOC Credit Suisse),
3.50% due 05/02/97.......................................................................... $ 1,000,000
5,000,000 Los Angeles County, CA, Pension Obligation, Series C,
(AMBAC Insured),
4.30% due 05/07/97.......................................................................... 5,000,000
4,300,000 Louisiana Public Facilities Authority Revenue, Multi-Family Mortgage,
(GE Capital Guaranty Insured),
4.50% due 05/07/97.......................................................................... 4,300,000
3,265,000 Maine Health & Higher Educational Facilities Authority Revenue,
VHA New England Project, Series G, (AMBAC Insured),
4.60% due 05/07/97.......................................................................... 3,265,000
1,100,000 Massachusetts Health & Educational Facilities Authority Revenue,
Capital Asset Project, Series G-1, (MBIA Insured),
4.20% due 05/07/97.......................................................................... 1,100,000
7,000,000 Massachusetts Health & Educational Facilities Authority Revenue,
Newton Wellesley Hospital, Series F, (LOC Credit Suisse),
4.20% due 05/07/97.......................................................................... 7,000,000
5,900,000 Massachusetts Health & Educational Facilities Authority Revenue,
Amherst College, Series F,
4.25% due 05/07/97.......................................................................... 5,900,000
10,500,000 Massachusetts State Industrial Finance Agency,
Ogden Haverhill Project, Series A, (LOC Union Bank of Switzerland),
4.20% due 05/07/97.......................................................................... 10,500,000
1,000,000 Metropolitan Government Nashville & Davidson County, TN, Health & Education
Board Revenue, Series A, (LOC Barclays Bank),
4.50% due 05/07/97.......................................................................... 1,000,000
1,300,000 Michigan State Strategic Fund Industrial Development Revenue,
Allen Group Project, (LOC Dresdner Bank, A.G.),
4.35% due 05/07/97.......................................................................... 1,300,000
2,000,000 Missouri State Health & Educational Facilities Authority Revenue,
SSM Health Care Project, Series C, (MBIA Insured),
4.50% due 05/07/97.......................................................................... 2,000,000
5,500,000 Montgomery County, MD, Housing Opportunity Commission, Multi-Family,
(CG Life Insured),
4.55% due 05/07/97.......................................................................... 5,500,000
1,500,000 Mountain View, CA, Multi-Family Housing Revenue, Mariposa, A, (FGIC Insured),
4.50% due 05/01/97.......................................................................... 1,500,000
600,000 New Hampshire Higher Educational & Health Facilities Authority Revenue,
VHA New England Inc. Project, Series C, (AMBAC Insured),
4.60% due 05/07/97.......................................................................... 600,000
500,000 New Hampshire Higher Educational & Health Facilities Authority Revenue,
VHA New England Inc. Project, Series E, (AMBAC Insured),
4.60% due 05/07/97.......................................................................... 500,000
4,200,000 New Jersey State Turnpike Authority, Series D, (FGIC Insured),
4.35% due 05/07/97.......................................................................... 4,200,000
</TABLE>
See Notes to Financial Statements.
=============== 22 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
TAX-EXEMPT PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT VALUE
------ ------
<S><C>
VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$ 5,000,000 New York State Energy Research & Development Authority Gas Facilities Revenue,
Brooklyn Union Gas Project A-2, (MBIA Insured),
3.25% due 05/07/97.......................................................................... $ 5,000,000
5,300,000 New York State Energy Research & Development Authority Pollution Control Revenue, Orange &
Rockland Project, Series A, (FGIC Insured),
4.35% due 05/07/97.......................................................................... 5,300,000
5,000,000 Port Kalama Washington Public Corporation Port, Conagra Incorporated Project,
(LOC Morgan Guaranty Trust),
3.90% due 05/07/97.......................................................................... 5,000,000
500,000 Puerto Rico Commonwealth Highway & Transportation Authority Revenue,
Series X, (LOC Union Bank of Switzerland),
4.20% due 05/07/97.......................................................................... 500,000
400,000 Rapides Parish, LA, Industrial Development Board, Pollution Control Revenue,
Central LA Electric Company Project, (LOC Swiss Bank),
4.40% due 05/07/97.......................................................................... 400,000
1,100,000 Saint Charles Illinois Industrial Development Revenue,
Pier 1 Imports, Midwest PJ, (LOC National Westminster),
4.55% due 05/07/97.......................................................................... 1,100,000
1,200,000 Savannah, GA, Port Authority, Pier 1 Imports, Southeast,
(LOC National Westminster),
4.55% due 05/07/97.......................................................................... 1,200,000
3,300,000 Simi Valley, CA, Community Development Agency, Multi-Family,
Series 1985, Issue A, (Coast Savings & Loan),
3.75% due 05/01/97.......................................................................... 3,300,000
5,000,000 Utah State Board of Regents, Student Loan Revenue, Series B,
(AMBAC Insured),
4.50% due 05/07/97.......................................................................... 5,000,000
6,000,000 Valdez, AK, Marine Terminal Revenue, Mobile Alaska Pipeline Project, Series A,
4.50% due 05/07/97.......................................................................... 6,000,000
2,700,000 Vermont Educational & Health Buildings Financing Agency,
VHA New England Project, Series E, (AMBAC Insured),
4.65% due 05/07/97.......................................................................... 2,700,000
2,600,000 Vermont Educational & Health Buildings Financing Agency,
VHA New England Project, Series F, (AMBAC Insured),
4.65% due 05/07/97.......................................................................... 2,600,000
300,000 Vermont Educational & Health Buildings Financing Agency,
VHA New England Project, Series G, (AMBAC Insured),
4.65% due 05/07/97.......................................................................... 300,000
7,200,000 Wake County, NC, Industrial Facilities & Pollution Control Financing Authority,
Carolina Power & Light Co. Project, Series A, (LOC Credit Suisse),
4.50% due 05/07/97.......................................................................... 7,200,000
6,150,000 Washington State Housing Finance Commission, Multi-Family Mortgage Revenue,
Pacific First Federal Project, Series A, (LOC First Federal Savings),
4.60% due 05/07/97.......................................................................... 6,150,000
</TABLE>
See Notes to Financial Statements.
=============== 23 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
TAX-EXEMPT PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT VALUE
------ ------
<S><C>
VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$ 1,500,000 Washington State General Obligation Revenue,
Series VR 96A
4.35% due 05/07/97.......................................................................... $ 1,500,000
4,200,000 Wisconsin State Health Facilities Authority Revenue,
Hospital Sisters Obligation Project, Series G, (MBIA Insured),
4.50% due 05/07/97.......................................................................... 4,200,000
3,400,000 York County, PA, Industrial Development Authority Pollution Control Revenue,
Public Service Electric & Gas Project, Series A, (MBIA Insured),
4.25% due 05/07/97.......................................................................... 3,400,000
-------------
TOTAL WEEKLY VARIABLE/FLOATING RATE NOTES
(Cost $180,945,000)......................................................................... 180,945,000
-------------
TOTAL VARIABLE/FLOATING RATE NOTES
(Cost $221,545,000)......................................................................... 221,545,000
-------------
PUT OPTION BONDS(+) -- 0.7%
2,000,000 Massachusetts Bay Transportation Authority, General Transportation System,
Series 1984, Issue A, (LOC State Street Bank & Trust),
3.45% due 09/01/97.......................................................................... 2,000,000
-------------
TOTAL PUT OPTION BONDS
(Cost $2,000,000)........................................................................... 2,000,000
-------------
FIXED RATE NOTES -- 17.5%
1,000,000 Alleghany County, PA, Series C-36, General Obligation,
6.375% due 12/01/97......................................................................... 1,015,777
2,000,000 California State Notes,
4.50% due 06/30/97.......................................................................... 2,001,676
4,700,000 Cleveland, OH, Revenue Bonds,
4.50% due 10/15/97.......................................................................... 4,718,584
1,000,000 Cleveland, OH, Public Power Supply, First Mortgage,
Pre-refunded 8/01/97 @ $102,
8.375% due 08/01/17......................................................................... 1,031,037
5,000,000 Colorado State, General Fund Revenue, Tax & Revenue Anticipation Notes, Series A,
4.50% due 06/27/97.......................................................................... 5,004,958
500,000 Cornwall Lebanon, PA, School District, General Obligation (FGIC Insured),
4.85% due 02/15/98.......................................................................... 501,054
1,000,000 Fulton County, GA, School District, General Obligation,
Pre-refunded 5/01/97 @ $103,
7.45% due 05/01/05.......................................................................... 1,030,000
1,000,000 Grand River Dam Authority, OK, Revenue Bonds, Pre-refunded 6/01/97 @ $102,
7.75% due 06/01/00.......................................................................... 1,022,709
1,000,000 Grand River Dam Authority, OK, Revenue Bonds, Pre-refunded 6/01/97 @ $102,
7.75% due 06/01/13.......................................................................... 1,022,021
1,000,000 Houston Texas Hotel Occupancy, Revenue Bonds, (FSA Insured),
7.75% due 07/01/97.......................................................................... 1,002,481
2,000,000 Idaho State Notes, Anticipation Notes,
7.75% due 06/30/97.......................................................................... 2,003,326
</TABLE>
See Notes to Financial Statements.
=============== 24 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
TAX-EXEMPT PORTFOLIO
STATEMENT OF NET ASSETS -- (CONCLUDED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT VALUE
------ ------
<S><C>
FIXED RATE NOTES -- (CONTINUED)
$ 1,365,000 Kentucky Local Correctional Facilities Construction Authority Revenue, Pre-refunded 11/01/97 @
$102,
7.00% due 11/01/14.......................................................................... $ 1,414,496
2,000,000 Kentucky State Turnpike Authority Economic Development Road Revenue, Series A, Pre-refunded
7/01/97 @ $102,
8.25% due 07/01/07.......................................................................... 2,054,274
3,400,000 Louisiana State Recovery District Sales Tax Revenue, (FGIC Insured),
3.90% due 07/01/97.......................................................................... 3,400,000
1,450,000 Northumberland County, PA, Authority Commonwealth Lease Revenue, Revenue Bonds, (MBIA
Insured),
6.00% due 10/15/97.......................................................................... 1,464,584
1,300,000 Pittsburgh, PA, Water & Sewer Authority, Water & Sewer Systems Revenue, Series A, Revenue
Bonds,
3.75% due 09/01/97.......................................................................... 1,300,000
3,000,000 South Carolina State, Capital Improvement Revenue, Series S,
4.75% due 08/29/97.......................................................................... 3,023,956
6,000,000 Texas State Tax & Revenue Anticipation Notes,
4.75% due 08/29/97.......................................................................... 6,019,431
5,000,000 Virginia State Housing Development Authority Commonwealth Mortgage, Revenue Bonds,
3.40% due 07/22/97.......................................................................... 5,002,183
3,500,000 Wisconsin State Operating Notes,
4.50% due 06/16/97.......................................................................... 3,502,677
-------------
TOTAL FIXED RATE NOTES
(Cost $47,535,224).......................................................................... 47,535,224
-------------
TOTAL INVESTMENTS (COST $271,080,224*)............................................................. 99.5% $ 271,080,224
OTHER ASSETS IN EXCESS OF LIABILITIES.............................................................. 0.5% 1,379,925
----------------------
NET ASSETS......................................................................................... 100.0% $ 272,460,149
======================
NET ASSET VALUE ($272,460,149 DIVIDED BY 272,534,883 SHARES OUTSTANDING)........................... $1.00
=============
</TABLE>
- ----------
* Aggregate cost for federal tax purposes.
** Dates shown are coupon reset dates.
+ Dates shown are put dates.
ABBREVIATIONS:
FGIC -- Financial Guaranty Insurance Corporation
FSA -- Financial Security Assurance, Inc.
GNMA -- Government National Mortgage Association
GO -- General Obligation
LOC -- Letter of Credit
MBIA -- Municipal Bond Investors Assurance
VHA -- Veterans Housing Administration
See Notes to Financial Statements.
=============== 25 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
INTERMEDIATE GOVERNMENT PORTFOLIO
STATEMENT OF NET ASSETS
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT VALUE
------ ------
<S><C>
MORTGAGE-BACKED SECURITIES(+) -- 77.0%
FEDERAL HOME LOAN MORTGAGE CORPORATION -- 16.0%
$ 250,216 #284173 10.00% due 11/01/16.................................................................... $ 274,259
645,577 #297970 10.00% due 03/01/16.................................................................... 700,845
495,846 #884028 10.00% due 12/01/20.................................................................... 543,571
1,968,934 #884009 10.50% due 05/01/20.................................................................... 2,162,125
3,388,996 #186429 6.75% due 06/01/03..................................................................... 3,363,171
540,393 #292264 6.50% due 12/01/02..................................................................... 555,686
3,300,020 #E51430 6.50% due 09/01/08..................................................................... 3,232,765
481,805 #E00113 8.50% due 07/01/07..................................................................... 501,525
214,503 #B00448 8.50% due 09/01/03..................................................................... 219,141
479,835 #180738 7.00% due 09/01/11..................................................................... 475,949
3,605,053 #D06776 7.00% due 10/01/14..................................................................... 3,617,418
624,225 #D10210 7.50% due 11/01/10..................................................................... 634,563
237,553 #295919 7.25% due 01/01/06..................................................................... 237,278
114,873 #E38829 8.50% due 08/01/07..................................................................... 119,575
237,352 #E39538 8.50% due 08/01/07..................................................................... 247,067
241,343 #181063 7.50% due 12/01/10..................................................................... 243,624
3,473,568 #M90329 5.50% due 04/01/99..................................................................... 3,428,411
1,369,113 #555004 8.00% due 07/01/11..................................................................... 1,402,492
1,563,884 #181889 8.00% due 01/01/11..................................................................... 1,602,011
261,234 #160053 8.00% due 07/01/08..................................................................... 268,170
2,423,063 #44174 6.50% due 11/01/03...................................................................... 2,385,675
2,519,200 #49826 8.00% due 06/01/07...................................................................... 2,584,775
1,123,890 #20229 8.00% due 12/01/14...................................................................... 1,157,595
1,852,452 #124672 8.00% due 12/01/09..................................................................... 1,904,043
1,074,208 #186359 8.25% due 12/01/09..................................................................... 1,101,739
736,359 #186361 8.50% due 12/01/08..................................................................... 761,940
792,165 #230025 8.50% due 03/01/07..................................................................... 819,685
290,608 #251738 8.50% due 07/01/09..................................................................... 300,705
1,041,395 #297954 8.50% due 05/01/05..................................................................... 1,068,398
154,474 #183614 8.75% due 11/01/09..................................................................... 160,382
1,057,075 #282089 8.25% due 04/01/07..................................................................... 1,084,167
569,526 #258424 9.50% due 11/01/09..................................................................... 611,392
642,558 #730154 9.50% due 09/01/05..................................................................... 672,874
2,516,275 #D78677 8.00% due 03/01/27..................................................................... 2,554,020
-------------
40,997,036
-------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 29.0%
104,604 #81607 10.00% due 04/01/19..................................................................... 114,051
2,231,590 #335387 6.50% due 03/01/11..................................................................... 2,168,815
1,874,553 #21352 8.25% due 01/01/07...................................................................... 1,919,523
555,816 #291581 7.00% due 08/01/09..................................................................... 546,437
2,917,959 #80290 7.25% due 06/01/98...................................................................... 2,917,959
5,642,647 #44045 8.00 due 06/01/08....................................................................... 5,811,869
</TABLE>
See Notes to Financial Statements.
=============== 26 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
INTERMEDIATE GOVERNMENT PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT VALUE
------ ------
<S><C>
MORTGAGE-BACKED SECURITIES -- (CONTINUED)
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- (CONTINUED)
$ 752,913 #76243 8.00% due 08/01/17...................................................................... $ 775,026
748,486 #26492 9.00% due 11/01/11...................................................................... 785,821
975,499 #297508 9.00% due 04/01/10..................................................................... 1,026,382
134,535 #312180 8.00% due 05/01/03..................................................................... 136,215
447,055 #312182 6.50% due 06/01/09..................................................................... 436,670
195,875 #312183 8.00% due 06/01/21..................................................................... 201,016
748,059 #312184 7.00% due 06/01/24..................................................................... 734,033
511,487 #289958 9.50% due 08/01/20..................................................................... 551,127
814,751 #273030 9.50% due 03/01/20..................................................................... 877,894
634,593 #49 9.50% due 01/01/11......................................................................... 682,765
973,479 #104959 8.50% due 04/01/19..................................................................... 1,013,761
4,096,419 #303529 6.000% due 09/01/10.................................................................... 3,912,080
3,492,712 #73905 6.910% due 01/01/07..................................................................... 3,443,595
4,440,110 #73917 6.950% due 01/01/07..................................................................... 4,440,110
5,700,000 #73924 6.585% due 02/01/07..................................................................... 5,557,500
6,594,924 #73927 6.620% due 01/01/04..................................................................... 6,528,974
3,495,217 #73954 6.851% due 02/01/07..................................................................... 3,425,312
4,572,965 #73828 6.810% due 12/01/06..................................................................... 4,531,522
7,552,392 #73829 6.565% due 12/01/03..................................................................... 7,443,826
2,512,620 #373328 8.000% due 03/01/27.................................................................... 2,545,585
12,000,000 FNCL (TBA) 8.000% due 03/01/27................................................................. 12,161,250
------------
74,689,118
------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION -- 0.3%
475,735 #348359 7.50% due 04/15/08..................................................................... 482,872
36,384 #358733 7.50% due 09/15/08..................................................................... 36,917
109,242 #368433 7.50% due 02/15/09..................................................................... 110,845
40,910 #403077 7.50% due 07/15/09..................................................................... 41,510
12,991 #323102 7.50% due 05/15/07..................................................................... 13,169
42,977 #172413 8.50% due 09/15/01..................................................................... 43,940
------------
729,253
------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 22.4%
6,157,932 FHR#1566C 5.60% due 09/15/00................................................................... 5,944,312
6,000,000 FHR#1609 Multi Mtg P/C 5.75% due 12/15/16...................................................... 5,870,580
9,000,000 FHR#1666D 5.850% due 04/15/17.................................................................. 8,820,000
3,406,500 FHR#1543 PF 6.40% due 01/15/19................................................................. 3,357,515
1,357,620 FNR#1993-29 PD 5.50% due 05/25/16.............................................................. 1,348,700
945,908 FNR#1993-190 B 5.25% due 06/25/04.............................................................. 939,106
9,597,608 FHR#1585 K 6.500% due 09/15/23................................................................. 8,712,805
7,500,000 FHR#1590 H 6.500% due 11/15/22................................................................. 7,056,975
16,505,000 FNR#1994-36 J 6.500% due 06/25/23.............................................................. 15,473,438
------------
57,523,431
------------
</TABLE>
See Notes to Financial Statements.
=============== 27 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
INTERMEDIATE GOVERNMENT PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT VALUE
------ ------
<S><C>
MORTGAGE-BACKED SECURITIES -- (CONCLUDED)
ASSET-BACKED SECURITIES -- 9.3%
$ 5,000,000 FNR#1994-42 E 5.75% due 09/25/18............................................................. $ 4,845,300
10,000,000 #1997-1 A5 Delta HEL 7.74% due 04/25/29...................................................... 10,004,688
5,000,000 #1997-1 A7 EQCC NAS 7.12% due 05/15/28....................................................... 5,001,563
4,000,000 #1997-2 A7 Green Tree Financial 7.62% due 04/15/28........................................... 3,991,240
------------
23,842,791
------------
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $197,690,314).......................................................................... 197,781,629
------------
U.S. GOVERNMENT & AGENCY OBLIGATIONS -- 7.1%
GOVERNMENT AGENCY DEBENTURES -- 6.7%
4,800,000 Federal Home Loan Mortgage Corporation 7.125% due 11/18/02................................... 4,875,744
5,000,000 Federal National Mortgage Association 7.55% due 04/22/02..................................... 5,160,950
5,000,000 Federal National Mortgage Association 7.40% due 07/01/04..................................... 5,138,300
2,000,000 Federal National Mortgage Association 6.610% due 03/24/99.................................... 2,008,750
------------
17,183,744
------------
AGENCY SECURITIES -- 0.4%
1,000,000 Tennessee Valley Authority 6.375% due 06/15/05............................................... 965,470
------------
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(Cost $18,434,923)........................................................................... 18,149,214
------------
U.S. TREASURY OBLIGATIONS -- 17.8%
U.S. TREASURY NOTES
9,000,000 6.50% due 11/15/26........................................................................... 8,452,980
3,650,000 6.25% due 08/15/23........................................................................... 3,306,097
8,500,000 5.875% due 11/30/01.......................................................................... 8,270,245
26,500,000 6.25% due 02/15/07........................................................................... 25,638,750
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $47,038,034)........................................................................... 45,668,072
------------
</TABLE>
See Notes to Financial Statements.
=============== 28 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
INTERMEDIATE GOVERNMENT PORTFOLIO
STATEMENT OF NET ASSETS -- (CONCLUDED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT VALUE
------ ------
<S><C>
REPURCHASE AGREEMENTS -- 11.7%
$ 30,000,000 Agreement with Nomura Securities Inc., 5.60%, dated 04/30/97, to be
repuchased at $30,004,667 on 05/01/97, collateralized by:
$18,480,663 Federal Home Loan Mortgage Corporation #1919 FB
6.550% due 01/15/24,
$12,448,208 Federal National Mortgage Association #93-12 A
6.500% due 02/25/23.......................................................................... $ 30,000,000
120,000 Agreement with Goldman Sachs & Co., 5.10%, dated 04/30/97, to be
repuchased at $120,017 on 05/01/97, collateralized by:
$110,000 U.S. Treasury Bond, 8.125% due 05/15/21............................................. 120,000
------------
TOTAL REPURCHASE AGREEMENTS
(Cost $30,120,000)........................................................................... 30,120,000
------------
TOTAL INVESTMENTS (COST $293,283,271*)............................................................. 113.6% $291,718,915
LIABILITIES TO BROKERS WITH REVERSE REPURCHASE AGREEMENTS**........................................ (9.9)% (25,572,500)
LIABILITIES IN EXCESS OF OTHER ASSETS.............................................................. (3.7)% (9,423,900)
---------------------
NET ASSETS......................................................................................... 100.0% $256,722,515
=====================
NET ASSET VALUE ($256,722,515 DIVIDED BY 25,389,412 SHARES OUTSTANDING)............................ $10.11
============
</TABLE>
- ----------
* Aggregate cost for Federal tax purposes.
** See Note 1.
+ Face Amount disclosed represents current face amount at April 30, 1997.
See Notes to Financial Statements.
=============== 29 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
EQUITY PORTFOLIO
STATEMENT OF NET ASSETS
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------ ------
<S><C>
COMMON STOCKS -- 98.5%
CONSUMER SERVICES -- 29.5%
60,000 American Home Products Corp. .................................................................. $ 3,975,000
50,000 Armstrong World................................................................................ 3,287,500
80,000 First Brands Corp. ............................................................................ 2,030,000
100,000 Ford Motor Co. ................................................................................ 3,475,000
80,000 Johnson & Johnson.............................................................................. 4,900,000
38,900 Loews Corp. ................................................................................... 3,573,938
40,000 Nike Inc., Class B............................................................................. 2,250,000
40,000 Philips Electronics NV-NY Shares............................................................... 2,140,000
90,000 Service Corp. International.................................................................... 3,082,500
60,000 V.F. Corp. .................................................................................... 4,327,500
-------------
33,041,438
-------------
BASIC INDUSTRY -- 20.0%
40,000 Burlington Northern Santa Fe Corp. ............................................................ 3,150,000
100,000 Johnson Controls, Inc. ........................................................................ 3,837,500
125,000 Leggett & Platt, Inc. ......................................................................... 4,343,750
55,000 Magna International, Inc. ..................................................................... 2,866,875
45,000 Rohm & Haas Co. ............................................................................... 3,746,250
40,000 Schlumberger Ltd. ............................................................................. 4,430,000
-------------
22,374,375
-------------
FINANCIAL SERVICES -- 16.6%
25,000 Cigna Corp. ................................................................................... 3,759,375
25,000 Citicorp....................................................................................... 2,815,625
28,000 Duke Realty Investments........................................................................ 1,029,000
45,000 First Union Corp. ............................................................................. 3,780,000
32,000 Merry Land & Investment........................................................................ 656,000
60,000 NationsBank Corp. ............................................................................. 3,622,500
50,000 SAFECO Corp. .................................................................................. 2,000,000
10,000 TransAmerica Corp. ............................................................................ 847,500
-------------
18,510,000
-------------
TECHNOLOGY -- 16.4%
20,000 Cisco Systems, Inc. ........................................................................... 1,035,000
30,000 Compaq Computer Corp.**........................................................................ 2,561,250
55,000 Computer Associates International, Inc. ....................................................... 2,860,000
125,000 EMC Corp.**.................................................................................... 4,546,875
50,000 Harris Corp. .................................................................................. 4,275,000
20,000 Intel Corp. ................................................................................... 3,062,500
-------------
18,340,625
-------------
</TABLE>
See Notes to Financial Statements.
=============== 30 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
EQUITY PORTFOLIO
STATEMENT OF NET ASSETS -- (CONCLUDED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------ ------
<S><C>
COMMON STOCKS -- (CONTINUED)
ENERGY -- 8.5%
34,200 Amoco Corp. ................................................................................... $ 2,859,975
40,000 Chevron Corp. ................................................................................. 2,740,000
100,000 Phillips Petroleum Co. ........................................................................ 3,937,500
-------------
9,537,475
-------------
UTILITIES -- 7.5%
100,000 Baltimore Gas & Electric....................................................................... 2,550,000
40,000 FPL Group, Inc. ............................................................................... 1,785,000
45,000 Sprint Corp. .................................................................................. 1,974,375
60,000 Texas Utilities Co. ........................................................................... 2,025,000
-------------
8,334,375
-------------
TOTAL COMMON STOCKS
(Cost $78,387,503)............................................................................. $ 110,138,288
-------------
<CAPTION>
FACE
AMOUNT
------
<S><C>
REPURCHASE AGREEMENT -- 1.3%
$ 1,499,000 Agreement with Goldman Sachs & Co., 5.10%, dated 04/30/97 to be
repurchased at $1,499,212 on 05/01/97, collateralized by $1,530,460
U.S. Treasury Bonds, 10.375% due 11/15/12 (Cost $1,499,000)................................... $ 1,499,000
-------------
TOTAL INVESTMENTS (COST $79,886,503*).............................................................. 99.8% $111,637,288
OTHER ASSETS IN EXCESS OF LIABILITIES.............................................................. 0.2% 184,980
---------------------
NET ASSETS......................................................................................... 100.0% $111,822,268
=====================
NET ASSET VALUE ($111,822,268 DIVIDED BY 5,987,046 SHARES OUTSTANDING)............................. $18.68
============
</TABLE>
- -----------------
* Aggregate cost for Federal tax purposes.
** Non-income producing security.
See Notes to Financial Statements.
=============== 31 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
SMALL CAPITALIZATION EQUITY PORTFOLIO
STATEMENT OF NET ASSETS
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------ ------
<S><C>
COMMON STOCKS -- 98.8%
CONSUMER SERVICES -- 27.0%
191,800 Alberto-Culver Co., Class A..................................................................... $ 4,747,050
150,000 Banta Corp. .................................................................................... 3,787,500
100,000 Carmike Cinemas, Inc.**......................................................................... 3,100,000
106,800 Consolidated Cigar Holdings Inc.**.............................................................. 2,456,400
200,000 Coors (Adolph), Class B......................................................................... 4,575,000
190,200 Family Dollar Stores............................................................................ 4,968,975
131,200 Fingerhut Companies, Inc. ...................................................................... 1,951,600
172,700 First Brands Corp. ............................................................................. 4,382,262
50,200 General Cigar Holdings Inc.**................................................................... 1,185,975
120,750 Harman International Industries, Inc. .......................................................... 4,618,687
113,400 Haverty Furniture Company, Inc. ................................................................ 1,247,400
165,000 Hudson Foods, Inc. ............................................................................. 2,557,500
175,000 K2, Inc. ....................................................................................... 4,571,875
162,900 Kellwood Co. ................................................................................... 3,868,875
62,000 Kimball International, Class B.................................................................. 2,185,500
40,000 La-Z Boy, Inc. ................................................................................. 1,305,000
146,000 Libbey, Inc. ................................................................................... 4,526,000
53,900 Mail Boxes Etc.**............................................................................... 997,150
40,000 Media General, Inc., Class A.................................................................... 1,180,000
106,800 Meyer (Fred), Inc.**............................................................................ 4,392,150
133,000 Morningstar Group, Inc. ........................................................................ 3,225,250
100,000 Polaris Industries, Inc. ....................................................................... 2,750,000
86,667 Pulitzer Publishing Co. ........................................................................ 3,889,182
185,000 Sbarro, Inc. ................................................................................... 5,226,250
200,000 Shopko Stores, Inc. ............................................................................ 4,000,000
75,900 Tarrant Apparel Group, Inc. .................................................................... 1,214,400
60,000 TCA Cable TV, Inc. ............................................................................. 1,920,000
75,000 Universal Corp. ................................................................................ 2,100,000
100,000 Waban, Inc. .................................................................................... 2,675,000
130,000 Warnaco Group, Class A.......................................................................... 3,705,000
100,000 York Group, Inc. ............................................................................... 1,925,000
-------------
95,234,981
-------------
FINANCIAL SERVICES -- 18.9%
85,000 American Bankers Insurance Group................................................................ 4,494,375
50,000 AmerUs Life Holdings, Inc.**.................................................................... 1,150,000
45,351 Bank Atlantic Bancorp, Inc., Class A............................................................ 541,378
80,625 Bank Atlantic Bancorp, Inc., Class B............................................................ 987,656
50,000 Bank United Corp., Class A...................................................................... 1,525,000
60,000 Banknorth Group, Inc. .......................................................................... 2,550,000
60,000 Charter One Financial, Inc. .................................................................... 2,670,000
100,000 City National Corp. ............................................................................ 2,287,500
75,000 Collective Bancorp, Inc. ....................................................................... 3,065,625
</TABLE>
See Notes to Financial Statements.
=============== 32 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
SMALL CAPITALIZATION EQUITY PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------ ------
<S><C>
COMMON STOCKS -- (CONTINUED)
FINANCIAL SERVICES -- (CONTINUED)
56,200 Equitable of Iowa Companies..................................................................... $ 2,746,775
50,000 First Commerce Corp. ........................................................................... 2,043,750
112,500 First Financial Corp. .......................................................................... 2,967,188
63,000 First Hawaiian, Inc. ........................................................................... 1,937,250
100,000 First Republic Bancorp, Inc. ................................................................... 2,087,500
180,000 GCR Holdings Limited............................................................................ 3,892,500
27,300 Harleysville Group, Inc. ....................................................................... 871,894
103,900 HUBCO, Inc. .................................................................................... 2,558,538
130,000 Liberty Corp. .................................................................................. 5,037,500
72,400 Orion Capital Corp. ............................................................................ 4,534,050
135,000 Protective Life Corp. .......................................................................... 5,973,750
241,800 Reliance Group Holdings......................................................................... 2,690,025
29,800 Selective Insurance Group....................................................................... 1,199,450
76,800 Southwest Bancorporation of Texas, Inc.**....................................................... 1,593,600
142,500 UST Corporation................................................................................. 2,671,875
186,400 Washington Federal, Inc. ....................................................................... 4,473,600
-------------
66,550,779
-------------
BASIC INDUSTRY -- 18.6%
60,100 Aeroquip-Vickers Inc. .......................................................................... 2,426,537
130,600 Amcast Industrial Corp. ........................................................................ 2,971,150
120,000 American Building Co.**......................................................................... 3,120,000
119,400 AptarGroup, Inc. ............................................................................... 4,776,000
80,000 Atchison Casting Corp.**........................................................................ 1,420,000
50,000 Borg-Warner Automotive, Inc. ................................................................... 2,100,000
85,000 Breed Technologies, Inc. ....................................................................... 1,540,625
153,000 Caraustar Industries, Inc. ..................................................................... 3,863,250
76,100 Carlisle Companies., Inc. ...................................................................... 2,140,313
90,000 Carpenter Technology Corp. ..................................................................... 3,656,250
119,600 ChemFirst Inc. ................................................................................. 2,765,750
127,200 Cincinnati Milacron, Inc. ...................................................................... 2,575,800
72,000 Cleveland-Cliffs, Inc. ......................................................................... 3,051,000
87,900 Dexter Corp. ................................................................................... 2,626,013
117,900 Excel Industries................................................................................ 2,092,725
224,400 Granite Construction, Inc. ..................................................................... 4,459,950
88,700 Kaydon Corp. ................................................................................... 3,924,975
207,500 Mississippi Chemical Corp. ..................................................................... 4,565,000
55,000 Moog, Inc. Class A.............................................................................. 1,210,000
67,600 Regal Beloit Corp. ............................................................................. 1,605,500
34,700 Silgan Holdings, Inc. .......................................................................... 919,550
70,000 Standex International Corp. .................................................................... 1,750,000
42,600 Texas Industries, Inc. ......................................................................... 979,800
</TABLE>
See Notes to Financial Statements.
=============== 33 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
SMALL CAPITALIZATION EQUITY PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------ ------
<S><C>
COMMON STOCKS -- (CONTINUED)
BASIC INDUSTRY -- (CONTINUED)
150,000 Watts Industries, Inc., Class A................................................................. $ 3,825,000
47,900 Zurn Industries, Inc. .......................................................................... 1,185,525
-------------
65,550,713
-------------
REAL ESTATE -- 12.9%
100,000 Amli Residential Properties..................................................................... 2,212,500
66,500 Apartment Investment & Management Co. .......................................................... 1,845,375
40,000 Arden Realty Group, Inc. ....................................................................... 995,000
156,900 Bedford Property Investors...................................................................... 2,765,362
112,120 Bradley Real Estate, Inc. ...................................................................... 2,144,295
106,300 Cali Realty Corp. .............................................................................. 3,135,850
100,000 CBL & Associates Properties, Inc. .............................................................. 2,362,500
65,300 Chelsea GCA Realty, Inc. ....................................................................... 2,293,662
56,600 Commercial Net Lease Realty..................................................................... 827,775
90,000 Duke Realty Investments......................................................................... 3,307,500
50,000 Essex Property Trust, Inc. ..................................................................... 1,462,500
35,000 FelCor Suites Hotels, Inc. ..................................................................... 1,255,625
125,000 Glenborough Realty Trust........................................................................ 2,468,750
70,500 Kilroy Realty Corp.**........................................................................... 1,656,750
110,000 Liberty Property Trust.......................................................................... 2,653,750
54,700 MGI Properties, Inc. ........................................................................... 1,135,025
83,500 Pacific Gulf Properties......................................................................... 1,763,937
100,000 RFS Hotel Investors............................................................................. 1,800,000
169,100 TriNet Corporate Realty......................................................................... 5,643,713
162,495 United Dominion Realty Trust.................................................................... 2,234,306
65,000 Walden Residential Properties, Inc. ............................................................ 1,430,000
-------------
45,394,175
-------------
TECHNOLOGY -- 9.2%
160,000 BancTec, Inc.**................................................................................. 3,660,000
140,900 Berg Electronics Corp.**........................................................................ 4,227,000
241,800 Chips & Technologies, Inc.**.................................................................... 1,979,737
54,700 Fluke Corp. .................................................................................... 2,468,337
49,850 Novellus Systems, Inc.**........................................................................ 2,878,838
100,300 Sequent Computer Systems, Inc.**................................................................ 1,592,262
128,000 Silicon Valley Group, Inc. ..................................................................... 2,632,000
81,500 Sterling Software, Inc. ........................................................................ 2,485,750
151,900 StorMedia, Inc. ................................................................................ 1,917,737
135,000 Stratus Computer, Inc.**........................................................................ 5,248,125
180,000 Symantec Corp. ................................................................................. 2,587,500
170,000 Xicor, Inc. .................................................................................... 913,750
-------------
32,591,036
-------------
</TABLE>
See Notes to Financial Statements.
=============== 34 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
SMALL CAPITALIZATION EQUITY PORTFOLIO
STATEMENT OF NET ASSETS -- (CONCLUDED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------ ------
<S><C>
COMMON STOCKS -- (CONTINUED)
HEALTH CARE -- 5.3%
122,000 Bergen Brunswig Corp. .......................................................................... $ 4,163,250
160,000 Collagen Corp. ................................................................................. 2,720,000
96,100 Conmed Corporation**............................................................................ 1,429,488
51,300 DENTSPLY International, Inc. ................................................................... 2,539,350
154,300 Horizon/CMS Healthcare Corp.**.................................................................. 2,449,513
181,100 NovaCare Inc. .................................................................................. 2,060,013
128,100 Sierra Health Services**........................................................................ 3,298,575
-------------
18,660,189
-------------
UTILITIES -- 3.5%
30,900 Eastern Enterprises............................................................................. 1,046,737
90,000 New Jersey Resources............................................................................ 2,598,750
44,300 Northwest Natural Gas Co. ...................................................................... 1,074,275
30,000 People's Energy Corp. .......................................................................... 1,012,500
43,200 Philadelphia Suburban Corp. .................................................................... 864,000
37,300 Piedmont Natural Gas Co., Inc. ................................................................. 876,550
125,600 Public Service Co. of New Mexico................................................................ 2,088,100
46,500 Washington Gas Light Co. ....................................................................... 1,069,500
50,000 WICOR, Inc. .................................................................................... 1,756,250
-------------
12,386,662
-------------
ENERGY -- 3.4%
113,300 Mitchell Energy & Development Corp. ............................................................ 2,166,863
70,700 Parker & Parsley Petroleum Co. ................................................................. 2,333,100
100,000 Teekay Shipping Corp. .......................................................................... 2,825,000
180,000 Zeigler Coal Holding Co. ....................................................................... 4,522,500
-------------
11,847,463
-------------
TOTAL COMMON STOCKS
(Cost $296,398,865)............................................................................. 334,125,048
-------------
<CAPTION>
FACE
AMOUNT
------
<S><C>
REPURCHASE AGREEMENT -- 0.7%
$ 2,396,000 Agreement with Goldman Sachs & Co., 5.10%, dated 4/30/97 to be
repurchased at $2,396,339 on 5/1/97, collateralized by $2,447,505
U.S. Treasury Bonds, 10.000% due 5/15/10 (Cost $2,396,000)...................................... $ 2,396,000
------------
TOTAL INVESTMENTS (COST $298,794,865*)............................................................... 99.5% $350,611,998
OTHER ASSETS IN EXCESS OF LIABILITIES................................................................ 0.5% 1,771,385
---------------------
NET ASSETS........................................................................................... 100.0% $352,383,383
=====================
NET ASSET VALUE ($352,383,383 DIVIDED BY 19,562,541 SHARES OUTSTANDING).............................. $18.01
============
</TABLE>
- -----------------
* Aggregate cost for Federal tax purposes.
** Non-income producing security.
See Notes to Financial Statements.
=============== 35 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
LARGE CAP VALUE PORTFOLIO
STATEMENT OF NET ASSETS
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------ ------
<S><C>
COMMON STOCKS -- 92.3%
ELECTRONIC TECHNOLOGY -- 16.3%
15,600 Compaq Computer Corp.**.......................................................................... $ 1,331,850
16,700 Harris Corp. .................................................................................... 1,427,850
23,000 Hewlett Packard Co. ............................................................................. 1,207,500
9,600 Intel Corp. ..................................................................................... 1,470,000
8,800 International Business Machines Corp. ........................................................... 1,414,600
27,000 Seagate Technology, Inc. ........................................................................ 1,238,625
38,200 Sun Microsystems, Inc. .......................................................................... 1,100,637
17,900 Western Digital Corp.**.......................................................................... 1,103,088
------------
10,294,150
------------
FINANCIAL SERVICES -- 15.8%
10,600 BankAmerica Corp. ............................................................................... 1,238,875
8,000 Cigna Corp. ..................................................................................... 1,203,000
23,000 Lincoln National Corp. .......................................................................... 1,288,000
12,700 MBIA, Inc. ...................................................................................... 1,236,663
12,550 Merrill Lynch & Co. ............................................................................. 1,195,387
20,700 Providian Corp. ................................................................................. 1,195,425
11,700 Student Loan Marketing Association............................................................... 1,383,525
23,000 Travelers Group, Inc. ........................................................................... 1,273,625
------------
10,014,500
------------
PRODUCER MANUFACTURING -- 12.5%
15,700 Caterpillar, Inc. ............................................................................... 1,397,300
26,000 Cooper Industries, Inc. ......................................................................... 1,196,000
29,500 Deere & Co. ..................................................................................... 1,357,000
25,700 Ingersoll-Rand Corp. ............................................................................ 1,262,512
28,200 Parker-Hannifin Corp. ........................................................................... 1,402,950
21,700 Xerox Corp. ..................................................................................... 1,334,550
------------
7,950,312
------------
UTILITIES -- 9.1%
23,400 Consolidated Natural Gas Co. .................................................................... 1,178,775
25,500 FPL Group, Inc. ................................................................................. 1,137,938
52,700 New York State Electric & Gas.................................................................... 1,106,700
34,700 Texas Utilities Co. ............................................................................. 1,171,125
33,900 US WEST Communications Group..................................................................... 1,190,738
------------
5,785,276
------------
CONSUMER NON-DURABLES -- 8.1%
14,600 Gannett Company, Inc. ........................................................................... 1,273,850
24,300 McGraw-Hill Companies, Inc. ..................................................................... 1,236,262
33,000 Philip Morris Companies, Inc. ................................................................... 1,299,375
18,200 V.F. Corp. ...................................................................................... 1,312,675
------------
5,122,162
------------
</TABLE>
See Notes to Financial Statements.
=============== 36 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
LARGE CAP VALUE PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------ ------
<S><C>
COMMON STOCKS -- (CONTINUED)
ENERGY MINERALS -- 7.8%
2,800 Burlington Resources, Inc. ...................................................................... $ 118,650
24,000 Exxon Corp. ..................................................................................... 1,359,000
19,300 Kerr-McGee Corp. ................................................................................ 1,165,237
28,600 Phillips Petroleum Co. .......................................................................... 1,126,125
30,800 Unocal Corp. .................................................................................... 1,174,250
------------
4,943,262
------------
CONSUMER DURABLES -- 6.0%
40,800 Chrysler Corp. .................................................................................. 1,224,000
39,700 Dana Corp. ...................................................................................... 1,265,437
37,200 Ford Motor Co. .................................................................................. 1,292,700
------------
3,782,137
------------
HEALTH TECHNOLOGY -- 5.5%
40,500 Columbia/HCA Healthcare Corp. ................................................................... 1,417,500
63,000 HEALTHSOUTH Corp. ............................................................................... 1,244,250
22,200 Mallinckrodt, Inc. .............................................................................. 807,525
------------
3,469,275
------------
TRANSPORTATION -- 4.1%
14,800 Delta Air Lines, Inc. ........................................................................... 1,363,450
13,900 Norfolk Southern Corp. .......................................................................... 1,249,263
------------
2,612,713
------------
PROCESS INDUSTRIES -- 3.6%
11,300 duPont (E.I.) de Nemours......................................................................... 1,199,212
12,100 Loews Corp. ..................................................................................... 1,111,688
------------
2,310,900
------------
RETAIL TRADE -- 3.5%
29,000 Dayton Hudson Corp. ............................................................................. 1,305,000
32,000 Ross Stores, Inc. ............................................................................... 900,000
------------
2,205,000
------------
TOTAL COMMON STOCKS
(Cost $52,677,147)............................................................................... 58,489,687
------------
</TABLE>
See Notes to Financial Statements.
=============== 37 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
LARGE CAP VALUE PORTFOLIO
STATEMENT OF NET ASSETS -- (CONCLUDED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FACE
AMOUNT
------
<S><C>
REPURCHASE AGREEMENT -- 4.0%
$ 2,504,000 Agreement with Goldman Sachs & Co., 5.10%, dated 04/30/97 to be
repurchased at $2,504,355 on 05/01/97, collateralized by $2,558,340
U.S. Treasury Bonds, 8.375% due 08/15/08 (Cost $2,504,000)....................................... $ 2,504,000
-----------
TOTAL INVESTMENTS (COST $55,181,147*)................................................................. 96.3% $60,993,687
OTHER ASSETS IN EXCESS OF LIABILITIES................................................................. 3.7% 2,322,454
--------------------
NET ASSETS............................................................................................ 100.0% $63,316,141
====================
NET ASSET VALUE ($63,316,141 DIVIDED BY 4,729,636 SHARES OUTSTANDING)................................. $13.39
===========
</TABLE>
- -----------------
* Aggregate cost for Federal tax purposes.
** Non-income producing security.
See Notes to Financial Statements.
=============== 38 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
INTERNATIONAL PORTFOLIO
STATEMENT OF NET ASSETS
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------ ------
<S><C>
FOREIGN SECURITIES -- 94.8%
JAPAN -- 25.6%
158,600 Acom Co., Ltd. ................................................................................ $ 6,473,469
169,000 Amway Japan Ltd. .............................................................................. 5,153,494
191,000 Aoyama Trading Co. Ltd. ....................................................................... 5,387,912
412,000 Canon Inc. .................................................................................... 9,771,649
465,000 Dai Nippon Printing Co. Ltd. .................................................................. 8,390,591
825,000 Daiwa House Industry Co. Ltd. ................................................................. 9,230,951
596,000 Denso Corp. ................................................................................... 13,572,137
2,580 East Japan Railway Co. ........................................................................ 11,160,822
12,588 Fuji Photo Film Ltd. -- ADR.................................................................... 483,064
277,000 Fuji Photo Film Ltd. .......................................................................... 10,585,848
1,323,000 Hitachi Ltd. .................................................................................. 11,988,416
430,000 Honda Motor Co. ............................................................................... 13,349,617
170,000 Ito-Yokado Co. Ltd. ........................................................................... 8,157,749
684,000 Kao Corp. ..................................................................................... 7,976,676
647,000 Kirin Brewery Co., Ltd. ....................................................................... 5,607,911
24,458 Kyocera Ltd. -- ADR............................................................................ 2,947,189
1,372,000 Mitsubishi Heavy Industries Ltd. .............................................................. 9,059,459
178,000 Nintendo Corp. Ltd. ........................................................................... 13,015,838
1,590,000 Nishimatsu Construction Co. ................................................................... 8,957,922
205,000 Rohm Co. ...................................................................................... 15,894,728
713,000 Sankyo Co. Ltd. ............................................................................... 19,101,725
825,000 Sharp Corp. ................................................................................... 10,726,105
1,379,000 Toda Construction Co. ......................................................................... 7,388,858
620,000 Wacoal Corp. .................................................................................. 7,181,467
688,000 Yamanouchi Pharmaceutical Co. ................................................................. 14,691,356
205,000 Yurtec Corp. .................................................................................. 1,970,698
------------
238,225,651
------------
UNITED KINGDOM -- 21.0%
1,353,312 Associated British Foods PLC................................................................... 11,688,193
1,513,000 B.A.T. Industries PLC.......................................................................... 12,773,175
163,000 BOC Group PLC.................................................................................. 2,497,303
2,825,000 BTR PLC........................................................................................ 11,558,515
1,535,000 Cadbury Schweppes PLC.......................................................................... 12,772,357
1,565,000 Dalgety PLC.................................................................................... 7,962,807
1,100,000 De La Rue PLC.................................................................................. 9,847,981
635,333 Hyder PLC...................................................................................... 8,838,202
225,000 Hyder PLC 7.875% Cv Pfd. ...................................................................... 385,553
4,090,000 Iceland Group PLC.............................................................................. 6,030,966
3,850,000 Mirror Group Newspapers PLC.................................................................... 13,069,741
1,292,000 National Power PLC............................................................................. 11,169,125
890,000 RTZ Corporation PLC............................................................................ 14,111,496
1,910,000 Safeway PLC.................................................................................... 10,538,352
</TABLE>
See Notes to Financial Statements.
=============== 39 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
INTERNATIONAL PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------ ------
<S><C>
FOREIGN SECURITIES -- (CONTINUED)
UNITED KINGDOM -- (CONTINUED)
2,413,200 Scottish Power PLC............................................................................. $ 14,585,602
1,370,000 Tate & Lyle PLC................................................................................ 10,200,661
3,565,000 Tomkins PLC.................................................................................... 15,394,974
1,245,000 Smith (W.H.) Group PLC......................................................................... 9,239,682
411,000 Zeneca Group PLC............................................................................... 12,383,989
-------------
195,048,674
-------------
SPAIN -- 8.9%
410,000 Banco Central Hispanoamericano SA.............................................................. 12,484,603
39,587 Banco Popular Espanol SA....................................................................... 8,397,406
551,000 Dragados & Construcciones SA................................................................... 8,898,042
1,513,000 Iberdrola SA................................................................................... 17,082,592
385,000 Repsol SA -- ADR............................................................................... 16,121,877
253,000 Telefonica de Espana -- ADR.................................................................... 19,481,000
-------------
82,465,520
-------------
ITALY -- 6.0%
1,100,000 Benetton Group S.p.A. ......................................................................... 14,297,815
247,000 ENI S.p.A. -- ADR.............................................................................. 12,597,000
442,000 Instituto Mobiliare Italiano S.p.A. -- ADR..................................................... 11,271,000
6,909,000 Telecom Italia S.p.A. ......................................................................... 18,182,641
-------------
56,348,456
-------------
FRANCE -- 5.1%
54,030 Compagnie de Saint-Gobain...................................................................... 7,241,038
126,858 Elf Aquitaine SA............................................................................... 12,305,334
54,200 Groupe Danone.................................................................................. 7,895,458
109,745 Lafarge SA..................................................................................... 7,199,723
276,000 Lagardere Groupe............................................................................... 8,542,519
80,000 Technip -- ADR................................................................................. 4,228,650
-------------
47,412,722
-------------
GERMANY -- 4.8%
254,000 Deutsche Bank AG............................................................................... 13,407,796
180,000 Deutsche Telekom AG............................................................................ 3,900,433
265,000 Hoechst AG..................................................................................... 10,399,509
99,000 Siemens AG..................................................................................... 5,365,954
47,290 Siemens AG -- ADR.............................................................................. 2,541,837
165,200 Veba AG........................................................................................ 8,572,465
-------------
44,187,994
-------------
</TABLE>
See Notes to Financial Statements.
=============== 40 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
INTERNATIONAL PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------ ------
<S><C>
FOREIGN SECURITIES -- (CONTINUED)
AUSTRALIA -- 4.7%
4,185,000 Boral Ltd. .................................................................................... $ 12,332,726
3,170,000 Email Ltd. .................................................................................... 10,602,014
637,758 Lend Lease Corp., Ltd. ........................................................................ 12,201,193
1,570,789 Westpac Banking Corp., Ltd. ................................................................... 8,461,897
-------------
43,597,830
-------------
NETHERLANDS -- 3.7%
170,000 ABN-AMRO Holding N.V. ......................................................................... 11,685,318
171,323 Koninklijke PTT Nederland -- ADR............................................................... 6,146,212
306,200 Philips Electronics N.V. -- NY shares.......................................................... 16,381,700
-------------
34,213,230
-------------
NORWAY -- 3.2%
4,580,000 Christiania Bank OG Kreditkasse................................................................ 14,219,006
317,000 Kvaerner AS.................................................................................... 15,764,276
-------------
29,983,282
-------------
SWEDEN -- 2.7%
269,000 Astra AB....................................................................................... 10,684,948
247,000 Electrolux AB -- Series B...................................................................... 14,173,318
-------------
24,858,266
-------------
FINLAND -- 1.9%
291,000 Oy Nokia AB -- Series A ADR.................................................................... 18,805,875
-------------
CANADA -- 1.5%
260,000 Magna International, Inc. -- Class A........................................................... 13,552,500
-------------
MEXICO -- 1.2%
716,250 Cemex, S.A. de C.V. -- Series "B"**............................................................ 2,650,774
217,000 Telefonos de Mexico -- Class L ADR............................................................. 8,951,250
-------------
11,602,024
-------------
SINGAPORE -- 1.0%
1,080,000 Singapore Airlines, Ltd., Foreign.............................................................. 9,556,861
-------------
SWITZERLAND -- 0.9%
6,248 Novartis Ltd................................................................................... 8,234,554
-------------
MALAYSIA -- 0.7%
857,666 Malaysia International Shipping Berhad......................................................... 1,930,602
1,411,000 Sime Darby Berhad.............................................................................. 4,356,674
-------------
6,287,276
-------------
HONG KONG -- 0.6%
2,765,000 Hong Kong Land Holdings, Ltd. ................................................................. 5,751,200
-------------
DENMARK -- 0.6%
221,500 Tele Danmark A/S -- ADR........................................................................ 5,509,812
-------------
</TABLE>
See Notes to Financial Statements.
=============== 41 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
INTERNATIONAL PORTFOLIO
STATEMENT OF NET ASSETS -- (CONCLUDED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------ ------
<S><C>
FOREIGN SECURITIES -- (CONTINUED)
THAILAND -- 0.5%
303,273 Thailand Fund, Inc. ........................................................................... $ 4,624,921
-------------
NEW ZEALAND -- 0.2%
95,000 Tranz Rail Holdings -- ADR..................................................................... 1,686,250
-------------
TOTAL FOREIGN SECURITIES
(Cost $764,810,109)............................................................................ 881,952,898
-------------
<CAPTION>
FACE
AMOUNT
<S><C>
REPURCHASE AGREEMENT -- 4.4%
$ 40,568,000 Agreement with Goldman, Sachs & Co., 5.10%, dated 04/30/97, to be
repurchased at $40,573,747 on 05/01/97 collateralized by $41,415,760
U.S. Treasury Bonds, 8.125% due 05/15/21 (Cost $40,568,000).................................... $ 40,568,000
------------
TOTAL INVESTMENTS (COST $805,378,109*)............................................................... 99.2% $922,520,898
OTHER ASSETS IN EXCESS OF LIABILITIES................................................................ 0.8% 7,170,608
---------------------
NET ASSETS........................................................................................... 100.0% $929,691,506
=====================
NET ASSET VALUE ($929,691,506 DIVIDED BY 62,564,747 SHARES OUTSTANDING).............................. $14.86
============
</TABLE>
- -----------------
* Aggregate cost for Federal tax purposes.
** Non-income producing security.
ABBREVIATION:
ADR -- American Depositary Receipts
See Notes to Financial Statements.
=============== 42 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
INTERNATIONAL PORTFOLIO
SECTOR DIVERSIFICATION
APRIL 30, 1997
(UNAUDITED)
At April 30, 1997, sector diversification of the Portfolio was as follows:
<TABLE>
<CAPTION>
PERCENT OF MARKET
NET ASSETS VALUE
---------- ------
<S><C>
INDUSTRIES:
Electronics........................................................................... 10.7% $ 99,531,502
Financial Services.................................................................... 10.6 98,601,692
Engineering & Construction............................................................ 9.2 85,863,650
Health Care & Pharmaceuticals......................................................... 7.0 65,096,564
Food & Beverage....................................................................... 6.0 56,127,389
Telecommunications.................................................................... 6.0 56,025,137
Utilities............................................................................. 5.6 52,061,077
Oil & Gas............................................................................. 5.3 49,596,673
Automotive............................................................................ 4.4 40,474,256
Industrial............................................................................ 4.1 38,565,931
Other................................................................................. 4.0 37,499,124
Printing & Publishing................................................................. 3.4 31,308,314
Retail................................................................................ 3.3 31,196,915
Manufacturing......................................................................... 2.7 24,775,333
Transportation........................................................................ 2.6 24,334,537
Chemicals............................................................................. 2.6 23,965,726
Apparel & Textiles.................................................................... 2.3 21,479,282
Consumer Durables/Non-Durables........................................................ 2.3 21,287,921
Real Estate........................................................................... 1.1 10,107,873
Electrical............................................................................ 0.9 7,907,792
Commercial Services................................................................... 0.7 6,146,210
----- ------------
TOTAL FOREIGN SECURITIES.................................................................. 94.8% $881,952,898
----- ------------
REPURCHASE AGREEMENT...................................................................... 4.4% $ 40,568,000
----- ------------
TOTAL INVESTMENTS......................................................................... 99.2% $922,520,898
===== ============
</TABLE>
See Notes to Financial Statements.
=============== 43 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
INSTITUTIONAL INTERNATIONAL PORTFOLIO
STATEMENT OF NET ASSETS
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------ ------
<S> <C>
FOREIGN SECURITIES -- 95.9%
JAPAN -- 23.9%
15,800 Acom Co., Ltd. .................................................................................. $ 644,897
13,600 Amway Japan Ltd. ................................................................................ 414,719
14,300 Aoyama Trading Co. Ltd. ......................................................................... 403,388
30,000 Canon Inc. ...................................................................................... 711,527
36,000 Dai Nippon Printing Co. Ltd. .................................................................... 649,594
60,000 Daiwa House Industry Co. Ltd. ................................................................... 671,341
43,000 Denso Corp. ..................................................................................... 979,197
190 East Japan Railway Co. .......................................................................... 821,921
722 Fuji Photo Film Ltd. -- ADR...................................................................... 27,706
21,000 Fuji Photo Film Ltd. ............................................................................ 802,537
96,000 Hitachi Ltd. .................................................................................... 869,907
30,000 Honda Motor Co. ................................................................................. 931,368
12,000 Ito-Yokado Co. Ltd. ............................................................................. 575,841
49,000 Kao Corp. ....................................................................................... 571,428
47,000 Kirin Brewery Co., Ltd. ......................................................................... 407,375
1,242 Kyocera Ltd. -- ADR.............................................................................. 149,661
100,000 Mitsubishi Heavy Industries Ltd. ................................................................ 660,310
13,000 Nintendo Corp. Ltd. ............................................................................. 950,594
130,000 Nishimatsu Construction Co. ..................................................................... 732,408
15,000 Rohm Co. ........................................................................................ 1,163,028
52,000 Sankyo Co. Ltd. ................................................................................. 1,393,113
60,000 Sharp Corp. ..................................................................................... 780,080
100,000 Toda Construction Co. ........................................................................... 535,812
50,000 Wacoal Corp. .................................................................................... 579,150
50,000 Yamanouchi Pharmaceutical Co. ................................................................... 1,067,685
16,000 Yurtec Corp. .................................................................................... 153,823
-----------
17,648,410
-----------
UNITED KINGDOM -- 20.6%
96,688 Associated British Foods PLC..................................................................... 835,068
110,000 B.A.T. Industries PLC............................................................................ 928,651
14,000 BOC Group PLC.................................................................................... 214,492
203,000 BTR PLC.......................................................................................... 830,576
110,000 Cadbury Schweppes PLC............................................................................ 915,282
155,000 Dalgety PLC...................................................................................... 788,648
80,000 De La Rue PLC.................................................................................... 716,216
15,300 Hyder PLC........................................................................................ 26,217
48,866 Hyder PLC 7.875% Cv Pfd. ........................................................................ 679,781
288,000 Iceland Group PLC................................................................................ 424,674
279,000 Mirror Group Newspapers PLC...................................................................... 947,131
95,000 National Power PLC............................................................................... 821,259
65,000 RTZ Corporation PLC.............................................................................. 1,030,614
185,000 Safeway PLC...................................................................................... 1,020,730
</TABLE>
See Notes to Financial Statements.
=============== 44 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
INSTITUTIONAL INTERNATIONAL PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------ ------
<S> <C>
FOREIGN SECURITIES -- (CONTINUED)
UNITED KINGDOM -- (CONTINUED)
176,262 Scottish Power PLC............................................................................... $ 1,065,343
98,000 Tate & Lyle PLC.................................................................................. 729,682
257,000 Tomkins PLC...................................................................................... 1,109,820
122,000 Smith (W.H.) Group PLC........................................................................... 905,414
40,000 Zeneca Group PLC................................................................................. 1,205,263
-----------
15,194,861
-----------
SPAIN -- 8.4%
30,000 Banco Central Hispanoamericano SA................................................................ 913,507
2,863 Banco Popular Espanol SA......................................................................... 607,314
51,000 Dragados & Construcciones SA..................................................................... 823,593
114,000 Iberdrola SA..................................................................................... 1,287,121
28,200 Repsol SA -- ADR................................................................................. 1,180,878
18,000 Telefonica de Espana -- ADR...................................................................... 1,386,000
-----------
6,198,413
-----------
FRANCE -- 6.5%
6,925 Compagnie de Saint-Gobain........................................................................ 928,080
11,642 Elf Aquitaine SA................................................................................. 1,129,283
5,000 Groupe Danone.................................................................................... 728,363
9,944 Lafarge SA....................................................................................... 652,367
25,000 Lagardere Groupe................................................................................. 773,778
11,000 Technip -- ADR................................................................................... 581,442
-----------
4,793,313
-----------
GERMANY -- 6.2%
26,000 Deutsche Bank AG................................................................................. 1,372,451
15,600 Deutsche Telekom AG.............................................................................. 338,037
27,000 Hoechst AG....................................................................................... 1,059,572
13,110 Siemens AG -- ADR................................................................................ 704,662
20,800 Veba AG.......................................................................................... 1,079,343
-----------
4,554,065
-----------
ITALY -- 5.6%
80,000 Benetton Group S.p.A. ........................................................................... 1,039,841
20,000 ENI S.p.A. -- ADR................................................................................ 1,020,000
32,000 Instituto Mobiliare Italiano S.p.A. -- ADR....................................................... 816,000
490,000 Telecom Italia S.p.A. ........................................................................... 1,289,549
-----------
4,165,390
-----------
AUSTRALIA -- 4.7%
350,000 Boral Ltd. ...................................................................................... 1,031,410
230,000 Email Ltd. ...................................................................................... 769,231
46,527 Lend Lease Corp., Ltd. .......................................................................... 890,125
140,825 Westpac Banking Corp., Ltd. ..................................................................... 758,631
-----------
3,449,397
-----------
</TABLE>
See Notes to Financial Statements.
=============== 45 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
INSTITUTIONAL INTERNATIONAL PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------ ------
<S> <C>
FOREIGN SECURITIES -- (CONTINUED)
NETHERLANDS -- 4.3%
15,800 ABN-AMRO Holding N.V. ........................................................................... $ 1,086,047
11,000 Koninklijke PTT Nederland........................................................................ 390,759
4,168 Koninklijke PTT Nederland -- ADR................................................................. 149,527
28,600 Philips Electronics N.V. -- NY shares............................................................ 1,530,100
-----------
3,156,433
-----------
SWEDEN -- 2.9%
27,000 Astra AB......................................................................................... 1,072,466
18,000 Electrolux AB -- Series B........................................................................ 1,032,874
-----------
2,105,340
-----------
NORWAY -- 2.8%
315,000 Christiania Bank OG Kreditkasse.................................................................. 977,944
22,400 Kvaerner AS...................................................................................... 1,113,943
-----------
2,091,887
-----------
FINLAND -- 1.9%
21,500 Oy Nokia AB -- Series A ADR...................................................................... 1,389,437
-----------
CANADA -- 1.7%
24,211 Magna International, Inc. -- Class A............................................................. 1,261,998
-----------
SWITZERLAND -- 1.4%
812 Novartis Ltd. ................................................................................... 1,070,175
-----------
MEXICO -- 1.3%
7,000 Cemex, S.A. de C.V. -- Series "A"**.............................................................. 23,262
61,000 Cemex, S.A. de C.V. -- Series "B"**.............................................................. 225,755
16,700 Telefonos de Mexico -- Class L ADR............................................................... 688,876
-----------
937,893
-----------
SINGAPORE -- 1.0%
85,000 Singapore Airlines Ltd., Foreign................................................................. 752,160
-----------
HONG KONG -- 0.7%
260,000 Hong Kong Land Holdings, Ltd. ................................................................... 540,800
-----------
MALAYSIA -- 0.7%
85,000 Malaysia International Shipping Berhad........................................................... 191,334
107,000 Sime Darby Berhad................................................................................ 330,379
-----------
521,713
-----------
THAILAND -- 0.6%
29,880 Thailand Fund, Inc. ............................................................................. 455,670
-----------
DENMARK -- 0.5%
14,200 Tele Danmark A/S -- ADR.......................................................................... 353,231
-----------
NEW ZEALAND -- 0.2%
10,000 Tranz Rail Holdings -- ADR....................................................................... 177,500
-----------
TOTAL FOREIGN SECURITIES
(COST $60,998,249)............................................................................... 70,818,086
-----------
</TABLE>
See Notes to Financial Statements.
=============== 46 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
INSTITUTIONAL INTERNATIONAL PORTFOLIO
STATEMENT OF NET ASSETS -- (CONCLUDED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT VALUE
------ ------
<S> <C>
REPURCHASE AGREEMENT -- 3.7%
$2,693,000 Agreement with Goldman, Sachs & Co., 5.10%, dated 04/30/97, to be
repurchased at $2,693,382 on 05/01/97 collateralized by $2,749,905
U.S. Treasury Bonds, 8.125% due 05/15/21 (Cost $2,693,000)..................................... $ 2,693,000
-----------
TOTAL INVESTMENTS (COST $63,691,249*)............................................................... 99.6% $73,511,086
OTHER ASSETS IN EXCESS OF LIABILITIES............................................................... 0.4% 318,825
--------------------
NET ASSETS.......................................................................................... 100.0% $73,829,911
====================
NET ASSET VALUE ($73,829,911 DIVIDED BY 5,070,612 SHARES OUTSTANDING)............................... $14.56
===========
</TABLE>
- ---------------
* Aggregate cost for Federal tax purposes.
** Non-income producing security.
ABBREVIATION:
ADR -- American Depositary Receipts
See Notes to Financial Statements.
=============== 47 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
INSTITUTIONAL INTERNATIONAL PORTFOLIO
SECTOR DIVERSIFICATION
APRIL 30, 1997
(UNAUDITED)
At April 30, 1997, sector diversification of the Portfolio was as follows:
<TABLE>
<CAPTION>
PERCENT OF MARKET
NET ASSETS VALUE
---------- -----------
<S> <C>
INDUSTRIES:
Financial Services........................................................................ 10.9% $ 8,066,919
Electronics............................................................................... 10.2 7,544,338
Engineering & Construction................................................................ 10.1 7,473,225
Health Care & Pharmaceuticals............................................................. 7.9 5,808,695
Utilities................................................................................. 6.7 4,959,066
Telecommunications........................................................................ 6.0 4,446,446
Food & Beverage........................................................................... 6.0 4,404,421
Oil & Gas................................................................................. 4.5 3,330,159
Automotive................................................................................ 4.3 3,172,565
Other..................................................................................... 4.0 2,988,677
Industrial................................................................................ 3.8 2,800,745
Retail.................................................................................... 3.7 2,754,208
Printing & Publishing..................................................................... 3.1 2,312,943
Chemicals................................................................................. 2.9 2,104,309
Transportation............................................................................ 2.6 1,942,916
Manufacturing............................................................................. 2.5 1,802,105
Apparel & Textiles........................................................................ 2.2 1,618,992
Consumer Durables/Non-Durables............................................................ 2.1 1,561,989
Real Estate............................................................................... 1.2 871,178
Electrical................................................................................ 1.0 704,663
Commercial Services....................................................................... 0.2 149,527
---------- -----------
TOTAL FOREIGN SECURITIES......................................................................... 95.9% $70,818,086
---------- -----------
REPURCHASE AGREEMENT............................................................................. 3.7% 2,693,000
---------- -----------
TOTAL INVESTMENTS................................................................................ 99.6% $73,511,086
========== ===========
</TABLE>
See Notes to Financial Statements.
=============== 48 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
EMERGING MARKETS PORTFOLIO
STATEMENT OF NET ASSETS
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
----------- ------------
<S> <C>
FOREIGN SECURITIES -- 100.3%
BRAZIL -- 9.6%
51,615,000 Banco Bradesco SA...................................................................... $ 419,851
1,110,000 Banco Itau SA.......................................................................... 600,197
1,400,000 Brasmotor SA........................................................................... 350,197
2,995,200 Caemi Mineracao E Metal................................................................ 197,163
479,000 Cia Bras De Frigorificos............................................................... 288,282
3,000 Companhia Antarctica Paulista.......................................................... 352,642
25,000,000 Companhia Brasileira de Petroleo Ipiranga.............................................. 376,151
8,250,000 Companhia Energetica de Minas.......................................................... 375,493
45,500,000 Companhia Paranaense de Energia-Copel PFB.............................................. 697,432
6,670,000 Companhia Petroquimica de Sul.......................................................... 288,527
100,000 Companhia Telefonica da Borda do Campo................................................. 58,303
33,340 Companhia Vale Do Rio Doce............................................................. 846,511
65,000 Confeccoes Guararapes SA............................................................... 323,960
800,000 Copene-Petroquimica Do Nordeste SA..................................................... 278,352
173,000,000 Electrolux do Brasil SA................................................................ 338,386
285,000 Empresa Brasileira De Compressores SA.................................................. 134,004
280,000 Klabin Fabricadora De Papel Celulsa SA................................................. 281,737
7,500,000 Lorenz................................................................................. 232,744
19,000 Makro Atacadista GDR**................................................................. 249,375
50,000,000 OSA SA Organizacao Sistemas Aplica**................................................... 251,081
45,750 Oxiteno SA(+).......................................................................... 107,555
51,100,000 Paranapanema SA Mineracao, Industria E Construcao**.................................... 422,389
26,000 Petroleo Brasileiro ADR................................................................ 545,593
3,000,000 Petroleo Brasileiro SA................................................................. 636,167
506,000 Sadia Concordia........................................................................ 428,249
60,430 Souza Cruz SA.......................................................................... 489,281
5,000,000 Telecomunicacoes Brasileiras SA........................................................ 573,161
21,000 Votorantim Celulose E Papel SA......................................................... 286,321
------------
10,429,104
------------
INDIA -- 9.2%
331,500 Arvind Mills GDR**..................................................................... 1,572,967
38,755 Hindalco Industries GDR................................................................ 1,254,500
156,000 India Access Fund...................................................................... 1,638,000
281,000 Kesoram GDR**.......................................................................... 295,050
51,966 Mahindra Mahindra GDR**................................................................ 645,677
68,000 State Bank of India GDR**.............................................................. 1,654,100
2,544 Tata Electric Companies**.............................................................. 890,400
58,300 Tata Engineering & Locomotive Co....................................................... 713,009
51,000 Videsh Sanchar Nigam Ltd. GDR**........................................................ 1,006,995
40,000 Wockhardt GDR**........................................................................ 335,000
------------
10,005,698
------------
</TABLE>
See Notes to Financial Statements.
=============== 49 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
EMERGING MARKETS PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
----------- ------------
<S> <C>
FOREIGN SECURITIES -- (CONTINUED)
SOUTH AFRICA -- 8.7%
144,622 Avgold Ltd.**.......................................................................... $ 232,306
23,000 De Beers Centenary AG.................................................................. 827,896
255,000 Deelkraal Gold Mining Co.**............................................................ 203,655
97,000 Dimension Data Holdings Ltd.**......................................................... 327,334
86,100 East Rand Gold & Uranium Co. .......................................................... 136,559
650,000 East Rand Proprietary Mines............................................................ 248,593
13,900 Edgars Stores Ltd. .................................................................... 358,835
34,000 Evander Gold Mines..................................................................... 172,103
63,000 Free State Consolidated Gold Mines..................................................... 425,196
140,000 Gencor Ltd. ........................................................................... 588,976
49,000 Harmony Gold Mining Co. ............................................................... 333,464
192,000 Illovo Sugar........................................................................... 399,550
420,000 Metro Cash & Carry..................................................................... 406,299
55,000 Nedcor Ltd. ........................................................................... 1,119,797
190,000 New Clicks Holding Ltd. ............................................................... 217,997
154,000 Polifin Ltd. .......................................................................... 277,165
20,000 Pretoria Portland Cement Co. Ltd. ..................................................... 312,710
72,100 Randfontein Estates Gold Mining Co. Witwatersrand Ltd. ................................ 264,393
40,000 Randgold & Exploration Company Ltd.**.................................................. 251,968
62,000 Rembrandt Group Ltd. .................................................................. 652,778
55,000 Rustenburg Platinum Holdings........................................................... 887,795
30,000 Tiger Wheels Ltd.**.................................................................... 105,286
26,300 Tongaat-Hulett Group Ltd. ............................................................. 430,444
38,200 Trans-Natal Coal Corp. ................................................................ 247,086
------------
9,428,185
------------
RUSSIA -- 7.3%
15,000 Gazprom ADR**.......................................................................... 236,250
19,000 Lukoil Holdings Sponsored ADR.......................................................... 1,092,500
30,000 Norilsk Nickel CSFB Certificates**..................................................... 172,500
30,000 Purneftegaz CSFB Certificates(+)....................................................... 146,850
70 Rostelecom RDC**....................................................................... 2,730,000
17,000 Surgutneftegaz ADR..................................................................... 654,500
10,000,000 Unified Energy Systems CSFB Cerificates**.............................................. 2,600,000
20,000 Yuganskneftegaz CSFB Certificates**.................................................... 282,000
------------
7,914,600
------------
TURKEY -- 6.2%
2,215,000 Akansa Cimento......................................................................... 290,135
16,916,193 Akbank T.A.S. ......................................................................... 1,086,051
1,700,000 Alcatel Teletas Telekomunikasyon Endustri ve Ticaret AS**.............................. 197,586
1,300,000 Ardem Pisirici......................................................................... 223,046
</TABLE>
See Notes to Financial Statements.
=============== 50 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
EMERGING MARKETS PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
----------- ------------
<S> <C>
FOREIGN SECURITIES -- (CONTINUED)
TURKEY -- (CONTINUED)
9,971,000 Bolu Cimento Sanay AG.................................................................. $ 360,548
342,000 Cukurova Elektrik...................................................................... 441,664
490,250 Good-Year.............................................................................. 249,629
810,000 Otosan Otomobil Sanayii................................................................ 376,577
1,127,000 Petrol Ofisi........................................................................... 245,343
1,109,110 Petrol Ofisi Rights.................................................................... 233,264
1,800,000 T Sise Cam............................................................................. 195,926
5,425,000 Tofas (Turk Otomobil Fab).............................................................. 260,220
570,000 Tupras Turkiye Petrol**................................................................ 239,760
110,000 Usas Ucak Servisi AS................................................................... 247,583
4,616,000 Turkiye IS Bankasi..................................................................... 1,498,811
13,442,000 Yapi Kredi Bankasi..................................................................... 565,423
------------
6,711,566
------------
TAIWAN -- 5.4%
70,000 Accton Technology**.................................................................... 595,000
46,000 Acer Inc. GDR.......................................................................... 560,050
30,000 China Steel Corp. GDR.................................................................. 690,000
100 Formosa Fund........................................................................... 1,198,900
20,690 Macronix International**............................................................... 400,880
84,000 ROC Taiwan Fund........................................................................ 1,081,500
55,000 Taiwan Fund Inc. ...................................................................... 1,381,875
------------
5,908,205
------------
CHINA -- 5.2%
232,200 China International Marine Containers (Group)**........................................ 368,714
20,625 China Yuchai International**........................................................... 61,875
494,000 Chiwan Wharf Holdings 'B'.............................................................. 365,429
830,000 Founder Hong Kong LTD. ................................................................ 530,402
360,000 Guangdong Kelon Electric............................................................... 348,567
672,000 Inner Mongolia Erdos Cashmere Products................................................. 637,056
900,000 Luoyang Glass Co.**.................................................................... 168,474
630,000 Qingling Motors........................................................................ 345,662
255,000 Shanghai Dazhong Taxi Shareholding**................................................... 436,050
760,000 Shanghai Diesel Engine................................................................. 370,880
569,000 Shanghai New Asia (Group) Co.**........................................................ 333,434
1,250,000 Shanghai Petrochemical Co. ............................................................ 309,837
712,000 Shanghai Refrigerator Compressor Co.**................................................. 504,096
603,600 Shanghai Shanglin Electric Appliance Co.**............................................. 193,152
72,500 Shanghai Yaohua Pilkington Glass Co.**................................................. 36,395
353,000 Weifu Fuel Injection**................................................................. 234,070
230,000 Wuxi Little Swan....................................................................... 386,008
------------
5,630,101
------------
</TABLE>
See Notes to Financial Statements.
=============== 51 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
EMERGING MARKETS PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
----------- ------------
<S> <C>
FOREIGN SECURITIES -- (CONTINUED)
SOUTH KOREA -- 4.8%
8,911 Asia Paper............................................................................. $ 250,308
10,000 Daiyang Metal**........................................................................ 275,280
4,400 Dongah Tire Industry**................................................................. 301,573
11,400 Hyundai Motor Co. ..................................................................... 301,011
2,660 Ilshin Spinning Co.**.................................................................. 241,492
6,500 Keumkang Ltd. ......................................................................... 289,213
16,000 Kia Motors Corp.**..................................................................... 302,022
19,100 Kookmin Bank GDR....................................................................... 348,575
10,288 Korea Export Packaging Industry........................................................ 235,814
2,472 Korea Green Cross...................................................................... 213,036
290 Korea Mobile Telecommunications Corp. ................................................. 148,584
15,900 Korea Mobile Telecommunications Corp. GDR.............................................. 150,255
29,400 Kum Kyung Co. ......................................................................... 350,157
20,700 Kyungnam Bank.......................................................................... 179,322
14,500 LG Construction Ltd. .................................................................. 215,056
7,600 Rocket Electric Co. ................................................................... 224,584
5,650 Samsung Display Devices**.............................................................. 264,089
8,900 Ssangyong Cement Co. .................................................................. 95,000
14,000 Ssangyong Oil Refining Co. ............................................................ 281,573
12,683 Tai Lim Packaging...................................................................... 290,711
8,000 Yoosung Enterprise Co. ................................................................ 269,670
------------
5,227,325
------------
INDONESIA -- 4.6%
580,000 Apac Centertex Corporation**........................................................... 179,086
91,000 Astra International**.................................................................. 333,429
123,000 Bank Bali**............................................................................ 296,233
1,291,579 Bank International Indonesia........................................................... 930,532
148,585 Bank International Indonesia, Warrants**............................................... 47,407
730,000 Bank Negara Indonesia.................................................................. 405,722
280,000 Barito Pacific Timber**................................................................ 265,129
350,000 Citra Marga Nusaphala**................................................................ 306,195
64,000 Hanjaya Mandala Sampoerna**............................................................ 257,554
6,750 Indosat ADR............................................................................ 185,625
110,000 Kawasan Industri Jababeka.............................................................. 133,594
405,000 Lippo Bank**........................................................................... 387,659
330,000 Lippo Life Insurance................................................................... 400,782
165,000 Ramayana Lestari Sentosa**............................................................. 400,782
276,000 Sierad Produce**....................................................................... 88,060
87,500 Surabaya Agung Industri Pulp & Kertas
Warrants Expiring 3/13/2001**........................................................ 7,031
286,000 Telekomunikasi Indonesia............................................................... 415,047
------------
5,039,867
------------
</TABLE>
See Notes to Financial Statements.
=============== 52 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
EMERGING MARKETS PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
----------- ------------
<S> <C>
FOREIGN SECURITIES -- (CONTINUED)
MEXICO -- 4.6%
324,000 Controladora Comercial SA De Cv........................................................ $ 247,160
293,000 Embotelladores Del Valle............................................................... 195,480
109,700 Anahuacfomento Economico Mexicano...................................................... 516,462
63,000 Grupo Financiero Banamex B**........................................................... 134,501
68,500 Grupo Financiero Banamex L**........................................................... 136,241
1,100,000 Grupo Herdez SA Series A............................................................... 434,793
309,555 Grupo Herdez SA Series B............................................................... 128,591
30,100 Grupo Minsa, SA de CV**................................................................ 375,046
94,000 Nacional De Drogas SA de CV............................................................ 327,769
44,000 Tablex SA de CV........................................................................ 153,150
48,800 Telefonos de Mexico, ADR............................................................... 2,013,000
19,360 Tubos de Acero de Mexico, SA ADR....................................................... 317,020
------------
4,979,213
------------
GREECE -- 4.1%
12,253 Alpha Credit Bank...................................................................... 870,685
9,803 Alpha Credit Bank Rights**............................................................. 72,167
5,700 Aluminum Co. of Greece**............................................................... 325,335
35,000 Bank of Piraeus........................................................................ 762,169
17,900 Epilektos Textile...................................................................... 35,595
11,000 Fourlis**.............................................................................. 115,570
13,400 Hellas Can SA**........................................................................ 213,858
25,590 Hellenic Telecommunications Organization SA............................................ 580,977
15,480 Heracles General Cement................................................................ 248,742
6,300 Intracom SA**.......................................................................... 271,518
4,810 Intracom SA, pfd.**.................................................................... 142,339
7,850 National Investment Bank for Industrial Development SA**............................... 367,001
5,700 Titan Cement Co.**..................................................................... 456,920
1,830 Xiosbank SA**.......................................................................... 17,636
------------
4,480,512
------------
MALAYSIA -- 4.0%
55,000 Arab Malasian Merchant................................................................. 365,936
46,000 Boustead Holdings Berhad............................................................... 100,796
73,000 Commerce Asset-Holdings Berhad......................................................... 436,254
155,000 Kuala Lumpur Kepg MYR 1................................................................ 401,394
271,000 Lion Land Berhad**..................................................................... 267,760
93,000 Malaysian Assurance Alliance Berhad.................................................... 500,199
80,000 Malaysian Pacific Industries........................................................... 318,725
40,000 O'Connor's Engineering................................................................. 125,896
103,000 Perusahaan Otomobil NAS................................................................ 615,537
67,000 Road Builder (M) Holding Berhad........................................................ 325,657
</TABLE>
See Notes to Financial Statements.
=============== 53 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
EMERGING MARKETS PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
----------- ------------
<S> <C>
FOREIGN SECURITIES -- (CONTINUED)
MALAYSIA -- (CONTINUED)
63,000 Star Publications...................................................................... $ 256,015
149,000 TA Enterprise Berhad**................................................................. 173,932
33,000 United Engineers Malaysia.............................................................. 234,023
72,600 YTL Corp............................................................................... 295,035
------------
4,417,159
------------
CZECH REPUBLIC -- 3.6%
23,000 Ceska Sporitelna....................................................................... 235,664
17,315 CEZ**.................................................................................. 539,519
12,850 Chemopetrol............................................................................ 568,194
1,500 Cokoladovny Praha AS**................................................................. 184,239
2,440 Deza AS................................................................................ 167,593
875 Galena**............................................................................... 45,874
2,050 Jihoceske Mlerkarny AS**............................................................... 24,715
9,960 Kaucuk................................................................................. 468,414
5,450 Komercni Banka......................................................................... 385,083
680 Leciva**(+)............................................................................ 53,981
663 Milo Olomouc**......................................................................... 21,301
1,240 Rakovnick Keramicke Zavody**(+)........................................................ 59,318
10,900 Skoda Koncern Plzen**.................................................................. 348,442
5,000 SPT Telecom**.......................................................................... 528,476
970 Tabak AS............................................................................... 251,801
------------
3,882,614
------------
PHILIPPINES -- 2.9%
2,155,000 Cosmos Bottling Co.**.................................................................. 678,804
11,900 Equitable Banking Corp. ............................................................... 46,516
490,000 Hi Cement Corporation**................................................................ 163,643
85,000 Manila Electric Co. ................................................................... 529,032
21,163 Metropolitan Bank & Trust.............................................................. 433,700
590,000 PCI Leasing & Finance**................................................................ 147,783
33,000 Philippine National Bank............................................................... 216,660
1,437,500 Republic Glass Holding................................................................. 188,211
810,000 RFM Corporation........................................................................ 193,662
2,100,000 SM Prime Holdings Inc. ................................................................ 549,905
------------
3,147,916
------------
ARGENTINA -- 2.8%
25,000 Bansud SA**............................................................................ 346,301
102,860 Central Puerto SA...................................................................... 333,316
315,000 Dalmine Siderca SA**................................................................... 666,324
222,263 Ledesma ARP 1.......................................................................... 240,080
38,218 Massalin Particulares.................................................................. 223,608
</TABLE>
See Notes to Financial Statements.
=============== 54 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
EMERGING MARKETS PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
----------- ------------
<S> <C>
FOREIGN SECURITIES -- (CONTINUED)
ARGENTINA -- (CONTINUED)
99,166 Molinos Rio de la Plata................................................................ $ 366,969
101,000 Nobleza Piccardo SA.................................................................... 520,228
168,500 Sevel SA**............................................................................. 362,332
------------
3,059,158
------------
EGYPT -- 2.5%
10,000 Commercial International Bank**........................................................ 230,155
15,000 Commercial International Bank GDR...................................................... 337,500
5,350 Eastern Tobacco........................................................................ 135,744
7,731 Egyptian International Pharmaceuticals................................................. 488,112
10,000 Financial & Industrial**............................................................... 652,760
17,300 Starch Glucose**....................................................................... 214,371
25,300 Uni Arab Spinning & Weaving............................................................ 244,457
17,500 Upper Egypt Flour Mills................................................................ 433,753
------------
2,736,852
------------
ISRAEL -- 2.1%
13,000 Blue Square-Israel Ltd. ADR**.......................................................... 237,250
5,000 Comverse Technology, Inc.**............................................................ 196,250
7,000 Gilat Satellite Networks**............................................................. 220,500
39,200 Lanoptics.............................................................................. 215,600
39,500 Magic Software Enterprises............................................................. 251,812
28,000 New Dimension Software................................................................. 322,000
19,000 Orbotech Ltd.**........................................................................ 382,375
9,000 Teva Pharmaceutical Industries Ltd. ................................................... 447,750
------------
2,273,537
------------
THAILAND -- 1.9%
47,000 Advanced Information Service........................................................... 319,391
70,000 Bangkok Bank........................................................................... 460,949
149,000 Electricity Generating................................................................. 353,675
22,300 Grammy Entertainment PLC............................................................... 293,690
50,000 Hana Microelectronics Co. ............................................................. 260,336
20,000 KR Precision Public Co. ............................................................... 133,231
300,000 Sahaviriya Steel Industries............................................................ 93,032
13,000 Thai Engine Manufacturing**............................................................ 91,577
80,300 Thai-German Ceramic Industry Co. ...................................................... 59,183
------------
2,065,064
------------
PAKISTAN -- 1.8%
150,000 Fauji Fertilizer....................................................................... 312,501
344,100 Indus Motors........................................................................... 130,536
504,000 Karachi Electric Supply**.............................................................. 197,463
2,040 Maple Leaf Cement**.................................................................... 507
</TABLE>
See Notes to Financial Statements.
=============== 55 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
EMERGING MARKETS PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
----------- ------------
<S> <C>
FOREIGN SECURITIES -- (CONTINUED)
PAKISTAN -- (CONTINUED)
69,500 Nishat Textile Mills**................................................................. $ 40,196
71,500 Pak State Oil.......................................................................... 538,920
425,000 Pakistan Telecom, A**.................................................................. 262,190
690,000 Sui Northern Gas Pipeline**............................................................ 506,348
------------
1,988,661
------------
HUNGARY -- 1.7%
17,850 Borsodchem Rt. GDR**................................................................... 647,062
7,000 Danubius Hotel & Spa**................................................................. 222,404
38,700 Fotex**................................................................................ 29,679
800 Gedeon Richter GDR**................................................................... 60,400
20,000 Magyar Olaj-Es Gazipare Reszventytar**................................................. 365,379
11,500 Mol Magyar Olaj GDR**.................................................................. 205,850
8,800 OTP Bank**............................................................................. 208,490
7,700 Tisza Vegyi Kombinat GDR**............................................................. 125,513
------------
1,864,777
------------
PORTUGAL -- 1.5%
27,330 Banco Espir Santo E Com De Lisboa...................................................... 538,580
10,150 Comp. De Cellulose Do Caima............................................................ 210,241
8,150 Portugal Telecom SA.................................................................... 300,349
32,850 Sonae Industria SGPS SA................................................................ 274,065
15,000 Tranquil Idade......................................................................... 319,161
------------
1,642,396
------------
VENEZUELA -- 1.3%
234,666 Ceramicas Carabobo C.A.(+)............................................................. 164,266
33,130 Cia Anonima Nacional de Telefonos ADR.................................................. 993,900
23,000 Venezolana De Prerreducidos Caroni..................................................... 93,495
108,000 Venezuela Pulpa Y Papel**.............................................................. 194,400
------------
1,446,061
------------
ZIMBABWE -- 1.0%
179,000 Bindura Nickel......................................................................... 126,613
198,500 Meikles Africa**(+).................................................................... 461,512
595,000 Trans Zambezi Industries............................................................... 505,751
------------
1,093,876
------------
SLOVAKIA -- 1.0%
2,000 Chirana Prema**........................................................................ 33,203
4,040 Nafta AS**............................................................................. 177,610
7,300 SKB Bank GDR**......................................................................... 242,725
350 Slovakfarma**.......................................................................... 43,813
5,700 Slovnaft**............................................................................. 172,438
</TABLE>
See Notes to Financial Statements.
=============== 56 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
EMERGING MARKETS PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
----------- ------------
<S> <C>
FOREIGN SECURITIES -- (CONTINUED)
SLOVAKIA -- (CONTINUED)
19,000 VSZ AS**............................................................................... $ 419,065
------------
1,088,854
------------
PERU -- 0.5%
31,000 Southern Peru Copper Corp. ............................................................ 546,375
------------
LEBANON -- 0.4%
22,000 Banque Audi Sal........................................................................ 495,000
------------
UNITED STATES -- 0.4%
15,000 Bio-Technology General**............................................................... 215,625
15,200 Solidere GDR**......................................................................... 247,000
------------
462,625
------------
SRI LANKA -- 0.4%
57,142 John Keells Holdings Ltd.**............................................................ 219,293
300,000 Lanka Lubricant(+)..................................................................... 204,142
------------
423,435
------------
POLAND -- 0.4%
27,100 Elektrim SA**.......................................................................... 243,402
952 Mostostal Export**..................................................................... 3,944
3,250 Relpol SA**............................................................................ 125,395
3,900 Stalexport SA**........................................................................ 46,005
------------
418,746
------------
MOROCCO -- 0.2%
4,125 Sonasid**.............................................................................. 251,222
------------
BANGLADESH -- 0.2%
17,600 Beximco Pharmaceutical................................................................. 43,161
3,400 Chittagong Cement(+)................................................................... 92,076
1,500 Chittagong Cement Rights**............................................................. --
4,800 Prime Textile Spinning Mills**......................................................... 20,142
------------
155,379
------------
</TABLE>
See Notes to Financial Statements.
=============== 57 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
EMERGING MARKETS PORTFOLIO
STATEMENT OF NET ASSETS -- (CONCLUDED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
VALUE
------------
<S> <C>
TOTAL INVESTMENTS (COST $97,666,154*).................................................................. 100.3% $109,214,083
LIABILITIES IN EXCESS OF OTHER ASSETS.................................................................. (0.3)% (333,330)
----------------------
NET ASSETS............................................................................................. 100.0% $108,880,753
======================
NET ASSET VALUE ($108,880,753 DIVIDED BY 9,671,278 SHARES OUTSTANDING)................................. $11.26
============
</TABLE>
- ---------------
* Aggregate cost for Federal tax purposes.
** Non-income producing security.
+ Illiquid security.
ABBREVIATIONS:
ADR -- American Depositary Receipt
ADS -- American Depositary Share
CSFB -- Credit Suisse Financial Brokers
GDR -- Global Depositary Receipt
GDS -- Global Depositary Share
RDC -- Russian Depository Certificate
See Notes to Financial Statements.
=============== 58 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
EMERGING MARKETS PORTFOLIO
SECTOR DIVERSIFICATION
APRIL 30, 1997
(UNAUDITED)
At April 30, 1997, sector diversification of the Portfolio was as follows:
<TABLE>
<CAPTION>
PERCENT OF MARKET
NET ASSETS VALUE
---------- ------------
<S> <C>
INDUSTRIES:
Banking............................................................................... 18.0% $ 19,634,309
Telecommunications.................................................................... 11.1 12,112,988
Energy................................................................................ 7.4 8,014,291
Utilities -- Electrical & Gas......................................................... 7.3 7,986,121
Financial Services.................................................................... 5.7 6,225,513
Automobiles........................................................................... 5.0 5,479,014
Misc. Materials & Commodities......................................................... 4.1 4,436,734
Textiles.............................................................................. 3.6 3,887,424
Electronics........................................................................... 3.5 3,788,830
Metals................................................................................ 2.9 3,183,181
Other................................................................................. 2.7 2,957,823
Mining................................................................................ 2.7 2,943,738
Building Materials & Components....................................................... 2.6 2,873,313
Beverages & Tobacco................................................................... 2.6 2,845,144
Food & Household Products............................................................. 2.6 2,803,782
Health & Personal Care................................................................ 2.6 2,801,996
Chemicals............................................................................. 2.5 2,690,210
Machinery & Engineering............................................................... 2.1 2,324,004
Information Systems & Technology...................................................... 2.0 2,211,325
Leisure & Tourism..................................................................... 1.9 2,056,391
Appliances & Household Durables....................................................... 1.6 1,704,269
Retail................................................................................ 1.1 1,169,044
Broadcasting & Publishing............................................................. 0.9 957,771
Real Estate........................................................................... 0.8 887,347
Transportation........................................................................ 0.8 873,824
Construction & Housing................................................................ 0.8 872,700
Insurance............................................................................. 0.6 647,904
Wholesale & International Trade....................................................... 0.5 521,140
Industrial Components................................................................. 0.3 323,953
-------- ------------
TOTAL FOREIGN SECURITIES.................................................................. 100.3% $109,214,083
======== ============
TOTAL INVESTMENTS......................................................................... 100.3% $109,214,083
======== ============
</TABLE>
See Notes to Financial Statements.
=============== 59 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
The Glenmede Fund, Inc. (the "Fund") consists of nine portfolios: Government
Cash Portfolio, Tax-Exempt Cash Portfolio, Intermediate Government Portfolio,
International Portfolio, Equity Portfolio, Small Capitalization Equity
Portfolio, Institutional International Portfolio, Large Cap Value Portfolio and
Emerging Markets Portfolio (collectively the "Portfolios"). The Fund was
incorporated in the State of Maryland on June 30, 1988 and is registered with
the Securities and Exchange Commision under the Investment Company Act of 1940
as an open-end management Investment company.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates. The following is a summary of
significant accounting policies consistently followed by each Portfolio in the
preparation of its financial statements.
PORTFOLIO VALUATION: Securities held by the Government Cash and Tax-Exempt
Cash Portfolios are valued by the "amortized cost" method of valuation, which
approximates market value. Amortized cost valuation involves valuing an
instrument at its cost initially and thereafter assuming a constant amortization
to maturity of any discount or premium, regardless of the effect of fluctuating
interest rates on the market value of the instrument.
Equity securities listed on a U.S. securities exchange for which market
quotations are readily available are valued at the last quoted sale price as of
the close of the exchange's regular trading hours on the day the valuation is
made. Securities listed on a foreign exchange and unlisted foreign securities
are valued at the last quoted sales price available before the time when assets
are valued. Price information on listed securities is taken from the exchange
where the security is primarily traded. Unlisted equity securities and listed
securities not traded on the valuation date for which market quotations are
readily available are valued at an amount that does not exceed the asked price
and is not less than the bid price.
Bonds and other fixed-income securities are valued according to the broadest
and most representative market, which is ordinarily the over-the-counter market,
at the most recent quoted bid price or when exchange valuations are used, at the
latest quoted sale price on the day of valuation. If there is no such reported
sale, the latest quoted bid price will be used. Bond and other fixed-income
securities may be valued on the basis of prices provided by a pricing service
when the Advisor believes such prices reflect the fair market value of such
securities. Debt securities purchased by non-money market portfolios with
remaining maturities of 60 days or less are valued at amortized cost. Securities
with remaining maturities exceeding 60 days are valued at their market or fair
value until the 61st day prior to maturity and are valued at amortized cost,
thereafter.
The value of other assets and securities for which no market quotations are
readily available (including restricted securities) is determined in good faith
at fair value by the Board of Directors.
REPURCHASE AGREEMENTS: Each Portfolio may engage in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, the Portfolio
takes possession of an underlying debt obligation subject to an obligation of
the seller to repurchase, and the Portfolio to resell, the obligation at an
agreed-upon price and time, thereby determining the yield during the Portfolio's
holding period. This arrangement results in a fixed rate of return that is not
subject to market fluctuations during the Portfolio's holding period. The value
of the collateral is at least equal at all times to 102% of the total amount of
the repurchase obligations, including interest. In the event of counterparty
default, the Portfolio has the right to use the collateral to offset losses
incurred. There is potential loss to the Portfolio in the event the Portfolio is
delayed or prevented from exercising its rights to dispose of the collateral
securities, including the risk of a possible decline in the value of the
underlying securities during the period while the Portfolio seeks to assert its
rights. The Portfolio's investment advisor, acting under the supervision of the
Board of Directors, reviews the value of the collateral and the creditworthiness
of those banks and dealers with which the Portfolio enters into repurchase
agreements to evaluate potential risks.
FORWARD FOREIGN EXCHANGE CONTRACTS: The International, Institutional
International and Emerging Markets Portfolios may enter into forward foreign
exchange contracts. Forward foreign exchange contracts are valued at the forward
rate and marked-to-market daily. The change in market value is recorded by the
Portfolio as an unrealized gain or loss. When the contract is closed, the
Portfolio records a realized gain or loss equal to the difference between the
value of the contract at the time it was opened and the value at the time it was
closed.
=============== 60 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
(UNAUDITED)
The use of forward foreign exchange contracts does not eliminate fluctuations
in the underlying prices of the Portfolio's securities, but it does establish a
rate of exchange that can be achieved in the future. Although forward foreign
exchange contracts limit the risk of loss due to a decline in the value of the
hedged currency, they also limit any potential gain that might result should the
value of the currency increase. In addition, the Portfolio could be exposed to
risks if the counterparties to the contracts are unable to meet the terms of
their contracts.
FOREIGN CURRENCY: The books and records of each Portfolio are maintained in
United States (U.S.) dollars. Foreign currencies, investments and other assets
and liabilities are translated into U.S. dollars at the exchange rates
prevailing at the end of the period, and purchases and sales of investment
securities, income and expenses are translated on the respective dates of such
transactions. Unrealized gains and losses that result from changes in foreign
currency exchange rates have been included in the unrealized
appreciation/(depreciation) of foreign currency translations. Net realized
foreign currency gains and losses resulting from changes in exchange rates
include foreign currency gains and losses between trade date and settlement date
on investment securities transactions, foreign currency transactions and the
difference between the amounts of interest and dividends recorded on the books
of the Portfolio and the amount actually received. The portion of foreign
currency gains and losses related to fluctuation in exchange rates between the
purchase settlement date and subsequent sale trade date is included in realized
gains and losses on investment securities sold.
REVERSE REPURCHASE AGREEMENTS: The Intermediate Government Portfolio, the
Government Cash Portfolio and the Emerging Markets Portfolio may enter into
reverse repurchase agreements. A reverse repurchase agreement involves a sale by
the Portfolio of securities at an agreed upon price and date. A reverse
repurchase agreement involves the risk that the market value of the collateral
retained by the Portfolio may decline below the price of the securities the
Portfolio has sold but is obligated to repurchase under the agreement. In the
event the buyer of securities under a repurchase agreement files for bankruptcy
or becomes insolvent, the Portfolio's use of the proceeds of the agreement may
be restricted pending a determination by the party, or its trustee or receiver,
whether to enforce the Portfolio's obligation to repurchase the securities. If
entering into reverse repurchase agreements, the Portfolio will establish a
segregated account with its custodian in which the Portfolio will maintain cash,
U.S. Government securities or other liquid high grade debt obligations at least
equal in value to its obligations with respect to reverse repurchase agreements.
Under normal circumstances the Intermediate Government Portfolio, the Government
Cash Portfolio and the Emerging Markets Portfolio will not enter into reverse
repurchase agreements if entering into such agreements would cause, at the time
of entering into such agreements, more than 10% of the value of its total assets
to be subject to such agreements.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded as of the trade date. Realized gains and losses on investments sold are
computed on the basis of identified cost. Dividend income and distributions to
shareholders are recorded on the ex-dividend date. Dividend income for foreign
securities is recorded on the ex-dividend date except that certain dividends
from foreign securities are recorded as soon as the Portfolio is informed of the
ex-dividend date. Interest income is recorded on the accrual basis and includes
the pro rata scientific method for amortization of premiums and accretion of
discounts when appropriate.
Securities purchased or sold on a when-issued or delayed-delivery basis may be
settled a month or more after the trade date. Interest income is not accrued
until settlement date. The Portfolio instructs the custodian to segregate assets
in a separate account with a current value at least equal to the amount of its
when-issued purchased commitments.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: Dividends from net investment
income, if any, of the Government Cash and Tax-Exempt Cash Portfolios are
declared each day the Portfolio is open for business and paid monthly. Dividends
from net investment income, if any, of the International, Equity, Small
Capitalization Equity, Institutional International, Large Cap Value and Emerging
Markets Portfolios are declared and paid quarterly. Dividends from net
investment income, if any, of the Intermediate Government Portfolio are declared
and paid monthly. The Portfolios distribute any net realized capital gains on an
annual basis. Additional distributions of net investment income and capital
gains for each Portfolio may be made at the discretion of the Board of Directors
in order to avoid the 4% nondeductible Federal excise tax. Income distributions
and capital gains distributions are determined in accordance with income tax
regulations which may differ from generally accepted accounting principles.
These differences are primarily due to differing treatments of income and gains
on various investment securities held by each Portfolio, timing differences and
differing characterization of distributions made by each Portfolio.
ORGANIZATION COSTS: Organization costs are being amortized on the
straight-line basis over periods of five years from the dates on which each
Portfolio commenced operations.
=============== 61 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
(UNAUDITED)
FEDERAL INCOME TAXES: Each Portfolio intends to qualify as a regulated
investment company by complying with the requirements of the Internal Revenue
Code applicable to regulated investment companies and by distributing
substantially all of its taxable income to its shareholders. Therefore, no
Federal income tax provision is required.
2. INVESTMENT ADVISORY FEE, ADMINISTRATION FEE AND OTHER PARTY TRANSACTIONS
For the Institutional International Portfolio, the Portfolio pays The Glenmede
Trust Company (the "Advisor") for its investment advisory services a monthly fee
at the annual rate of 0.75% of the value of its average daily net assets. For
the Emerging Markets Portfolio, the Portfolio pays Pictet International
Management Limited (the "Subadvisor") for its investment advisory services a
monthly fee at the annual rate of 0.50% of the value of its average daily net
assets. In addition, the Emerging Markets Portfolio also pays the Advisor for
its investment advisory services a monthly fee at the annual rate of 0.75% of
the value of its average daily net assets. The Advisor does not receive a fee
from any remaining Portfolios for its investment advisory services. However, as
of January 1, 1995, each Portfolio (except the Institutional International and
Emerging Markets Portfolios) pays the Advisor a shareholder servicing fee at the
annual rate of 0.05% of the value of its average daily net assets.
For the Institutional International Portfolio, the Advisor has agreed to waive
its fees and/or reimburse expenses to the extent necessary to ensure that the
Portfolio's total operating expenses do not exceed 1.00% of the Portfolio's
average daily net assets. There were no waivers necessary for the period ended
April 30, 1997.
Investment Company Capital Corp. ("ICC"), a subsidiary of Alex. Brown
Financial Corp., provides administrative, accounting and transfer agent services
to the Fund. The Fund pays ICC a fee computed daily and payable monthly at the
annual rate of 0.12% of the first $100 million of the combined aggregate average
daily net assets of the Fund and the Glenmede Portfolios, an investment company
with the same officers, Board and service providers as the Fund (collectively,
the "Companies"), 0.08% of the next $150 million of the combined aggregate
average daily net assets of the Companies, 0.04% of the next $500 million of the
combined aggregate average daily net assets of the Companies and 0.03% of the
combined aggregate average daily net assets of the Companies in excess of $750
million. This fee is allocated to each fund based on its relative net assets.
The Fund pays each Board member, other than Mr. Church, an annual fee of
$8,000 plus $1,250 for each Board meeting attended and each Valuation Committee
meeting attended and not held in conjunction with a board meeting and out-of-
pocket expenses incurred in attending Board meetings.
Expenses for the period ended April 30, 1997 include legal fees paid to
Drinker Biddle and Reath LLP. A partner of the firm is Secretary of the Fund.
3. PURCHASES AND SALES OF SECURITIES
For the period ended April 30, 1997, cost of purchases and proceeds from sales
of investment securities other than U.S. Government securities and short-term
securities were:
<TABLE>
<CAPTION>
PORTFOLIO PURCHASES SALES
- --------- ------------ -----------
<S> <C>
Equity Portfolio......................................................................... $ 11,051,303 $ 3,624,579
Small Capitalization Equity Portfolio.................................................... 92,880,267 85,152,331
Large Cap Value Portfolio................................................................ 42,138,042 40,129,942
International Portfolio.................................................................. 242,549,154 25,666,054
Institutional International Portfolio.................................................... 14,749,829 1,956,593
Emerging Markets Portfolio............................................................... 44,940,552 35,703,945
</TABLE>
For the period ended April 30, 1997 cost of purchases and proceeds from sales
of long-term U.S. Government securities were:
<TABLE>
<CAPTION>
PORTFOLIO PURCHASES SALES
- --------- ------------ -----------
<S> <C>
Intermediate Government Portfolio........................................................ $337,468,899 $326,966,356
</TABLE>
=============== 62 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
(UNAUDITED)
At April 30, 1997 aggregate gross unrealized appreciation for all securities
in which there was an excess of value over tax cost and aggregate gross
unrealized depreciation for all securities in which there was an excess of tax
cost over value were as follows:
<TABLE>
<CAPTION>
PORTFOLIO APPRECIATION DEPRECIATION
- --------- ------------ ------------
<S> <C>
Intermediate Government Portfolio........................................................ $ 1,756,309 $ 3,320,663
Equity Portfolio......................................................................... 32,896,684 1,145,899
Small Capitalization Equity Portfolio.................................................... 60,343,288 8,526,155
Large Cap Value Portfolio................................................................ 6,630,677 818,137
International Portfolio.................................................................. 145,130,087 27,987,298
Institutional International Portfolio.................................................... 12,174,242 2,354,405
Emerging Markets Portfolio............................................................... 21,791,487 10,243,558
</TABLE>
4. COMMON STOCK
The Fund is authorized to issue and has classified 2,500,000,000 shares of
common stock with a $.001 par value. Since the Government Cash Portfolio and the
Tax-Exempt Cash Portfolio have sold shares as reinvestments of dividends and
redeemed shares only at a constant net value of $1.00 per share, the number of
shares represented by such sales, reinvestments and redemptions is the same as
the amounts shown below for such transactions. Changes in the capital shares
outstanding were as follows:
<TABLE>
<CAPTION>
PERIOD ENDED 4/30/97 YEAR ENDED 10/31/96
-------------------- -------------------
<S> <C>
GOVERNMENT CASH PORTFOLIO:
Sold........................................................................ $ 1,996,797,694 $ 3,113,471,425
Issued as reinvestment of dividends......................................... 4,695 9,257
Redeemed.................................................................... (1,967,709,830) (3,069,692,151)
---------------- ---------------
Net increase................................................................ $ 29,092,559 $ 44,788,531
================ ===============
TAX-EXEMPT CASH PORTFOLIO:
Sold........................................................................ $ 628,054,095 $ 992,259,979
Issued as reinvestment of dividends......................................... 2,133 4,576
Redeemed.................................................................... (580,595,181) (993,073,443)
---------------- ---------------
Net increase/(decrease)..................................................... $ 47,461,047 $ (808,888)
================ ===============
</TABLE>
=============== 63 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
PERIOD ENDED YEAR ENDED
4/30/97 10/31/96
-------------------------- --------------------------
SHARES AMOUNT SHARES AMOUNT
---------- ------------ ---------- ------------
<S> <C>
INTERMEDIATE GOVERNMENT PORTFOLIO:
Sold......................................................... 2,519,385 $ 25,853,961 1,282,964 $ 13,259,787
Issued as reinvestment of dividends.......................... 3,080 31,371 6,066 61,966
Redeemed..................................................... (2,348,830) (23,897,193) (9,172,298) (94,586,581)
---------- ------------ ---------- ------------
Net increase/(decrease)...................................... 173,635 $ 1,988,139 (7,883,268) $(81,264,828)
========== ============ ========== ============
EQUITY PORTFOLIO:
Sold......................................................... 574,040 $ 10,593,031 1,111,114 $ 17,969,935
Issued as reinvestment of dividends.......................... 185 3,287 499,778 8,315,878
Redeemed..................................................... (197,379) (3,557,632) (1,465,388) (23,749,355)
---------- ------------ ---------- ------------
Net increase................................................. 376,846 $ 7,038,686 145,504 $ 2,536,458
========== ============ ========== ============
SMALL CAPITALIZATION EQUITY PORTFOLIO:
Sold......................................................... 1,066,616 $ 19,194,865 6,818,126 $108,124,038
Issued as reinvestment of dividends.......................... 4,253 75,165 1,404,372 22,598,004
Redeemed..................................................... (640,237) (11,256,951) (507,134) (8,223,676)
---------- ------------ ---------- ------------
Net increase................................................. 430,632 $ 8,013,079 7,715,364 $122,498,366
========== ============ ========== ============
LARGE CAP VALUE PORTFOLIO:
Sold......................................................... 987,252 $ 12,747,358 2,782,747 $ 30,928,807
Issued as reinvestment of dividends.......................... 9,349 118,343 62,080 717,367
Redeemed..................................................... (558,126) (7,177,956) (99,140) (1,107,723)
---------- ------------ ---------- ------------
Net increase................................................. 438,475 $ 5,687,745 2,745,687 $ 30,538,451
========== ============ ========== ============
INTERNATIONAL PORTFOLIO:
Sold......................................................... 16,690,866 $243,103,924 19,987,270 $270,728,669
Issued as reinvestment of dividends.......................... 50,515 739,590 340,814 4,711,978
Redeemed..................................................... (558,197) (8,194,551) (980,648) (13,498,108)
---------- ------------ ---------- ------------
Net increase................................................. 16,183,184 $235,648,963 19,347,436 $261,942,539
========== ============ ========== ============
INSTITUTIONAL INTERNATIONAL PORTFOLIO:
Sold......................................................... 1,415,989 $ 20,471,822 763,908 $ 10,331,280
Issued as reinvestment of dividends.......................... 8,187 117,533 69,500 952,085
Redeemed..................................................... (626,115) (8,990,026) (143,815) (1,950,423)
---------- ------------ ---------- ------------
Net increase................................................. 798,061 $ 11,599,329 689,593 $ 9,332,942
========== ============ ========== ============
EMERGING MARKETS PORTFOLIO:
Sold......................................................... 781,909 $ 8,786,689 6,375,538 $ 63,260,731
Issued as reinvestment of dividends.......................... -- -- 28,632 272,340
Redeemed..................................................... (184,081) (2,019,095) (135,587) (1,241,809)
---------- ------------ ---------- ------------
Net increase................................................. 597,828 $ 6,767,594 6,268,583 $ 62,291,262
========== ============ ========== ============
</TABLE>
5. LENDING OF PORTFOLIO SECURITIES
The Government Cash, Tax-Exempt Cash, Intermediate Government, Equity, Large
Cap Value, Small Capitalization Equity, International, Institutional
International and Emerging Markets Portfolios have the ability to lend their
securities to brokers, dealers and other financial organizations. Loans of
portfolio securities by the Portfolios are collateralized by cash and/or
government securities that are maintained at all times in an amount at least
equal to the current market value of the loaned securities.
=============== 64 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
(UNAUDITED)
The Portfolios generated additional income by lending its securities to
approved brokers. At April 30, 1997 the following Portfolios had outstanding
loans of securities to certain approved brokers for which the Portfolios
received collateral:
<TABLE>
<CAPTION>
PERIOD ENDED 4/30/97
-------------------------------------------------------
MARKET VALUE OF MARKET VALUE OF % OF FUND
PORTFOLIO LOANED SECURITIES COLLATERAL ON LOAN
- --------- ----------------- --------------- ---------
<S> <C>
Intermediate Government Portfolio.................................. $ 18,170,795 $ 18,335,781 7.08%
Institutional International Portfolio.............................. 7,111,411 7,547,856 9.63%
International Portfolio............................................ 176,860,082 187,592,232 19.08%
Small Capitalization Equity Portfolio.............................. 16,116,636 16,466,243 4.58%
Large Cap Value Portfolio.......................................... 1,103,088 1,109,800 1.75%
Equity Portfolio................................................... 656,000 672,000 0.59%
</TABLE>
6. CAPITAL LOSS CARRYFORWARD
At April 30, 1997, the following Portfolios had available capital loss
carryforwards to offset future net capital gains through the indicated
expiration dates as follows:
<TABLE>
<CAPTION>
EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING
PORTFOLIO IN 1999 IN 2001 IN 2002 IN 2003 IN 2004
- --------- -------- -------- ----------- -------- --------
<S> <C>
Government Cash Portfolio.......................................... -- $ 127 $ 1,000 $ 26,819 --
Tax-Exempt Cash Portfolio.......................................... $ 18,922 19,079 8,905 27,815 $ 13
Intermediate Government Portfolio.................................. -- -- 11,697,302 -- --
Emerging Markets Portfolio......................................... -- -- -- 19,308 --
</TABLE>
7. FOREIGN SECURITIES
The International, Equity, Small Capitalization Equity, Institutional
International and Emerging Markets Portfolios may invest in foreign securities.
Investing in foreign companies and foreign governments involves special risks
and considerations not typically associated with investing in U.S. companies and
the U.S. government. These risks include evaluation of currencies and future
adverse political and economic developments. Moreover, securities of many
foreign companies and foreign governments and their markets may be less liquid
and their prices more volatile than those of securities of comparable U.S.
companies and the U.S. government. This is particularly true with respect to
emerging markets in developing countries.
8. SHAREHOLDER VOTE
On December 19, 1996, a shareholder vote was conducted for several Portfolios.
New ex-dividend, record and reinvestment dates for dividends were adopted
because of this vote. The vote was made by consent of the sole shareholder of
the Model Equity Portfolio (which has since been renamed the Large Cap Value
Portfolio), and unanimous consent of the shareholders of the International
Portfolio, Intermediate Government Portfolio, Small Cap Equity Portfolio and
Emerging Markets Portfolio.
=============== 65 ===============
<PAGE>
-----------------------
THE GLENMEDE FUND, INC.
-----------------------
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
(UNAUDITED)
9. NET ASSETS
At April 30, 1997, net assets consisted of:
<TABLE>
<CAPTION>
GOVERNMENT TAX-EXEMPT INTERMEDIATE
CASH CASH GOVERNMENT EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
-------------- ------------ ------------- -------------
<S> <C>
Par Value................................................... $ 481,444 $ 272,535 $ 25,389 $ 5,987
Paid in Capital in excess of par value...................... 480,962,195 272,262,348 268,988,468 78,137,766
Undistributed net investment income......................... 71,402 -- 1,481,141 119,507
Accumulated net realized gain/(loss) on investments sold,
and foreign currency transactions......................... (33,279) (74,734) (12,208,127) 1,808,223
Net unrealized appreciation/(depreciation) of investments
and foreign currency transactions......................... -- -- (1,564,356) 31,750,785
------------- ------------ ------------- -------------
Total Net Assets........................................ $ 481,481,762 $272,460,149 $ 256,722,515 $ 111,822,268
============= ============ ============= =============
<CAPTION>
SMALL
CAPITALIZATION LARGE CAP INSTITUTIONAL
EQUITY VALUE INTERNATIONAL INTERNATIONAL
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
-------------- ------------ ------------- -------------
<S> <C>
Par Value................................................... $ 19,563 $ 4,729 $ 62,565 $ 5,071
Paid in Capital in excess of par value...................... 279,736,612 51,828,378 806,511,061 63,798,058
Undistributed net investment income......................... 526,956 95,056 (1,599,567) (237,914)
Accumulated net realized gain/(loss) on investments sold,
and foreign currency transactions......................... 20,283,119 5,575,438 7,661,963 452,635
Net unrealized appreciation/(depreciation) of investments
and foreign currency transactions......................... 51,817,133 5,812,540 117,055,484 9,812,061
------------- ------------ ------------- -------------
Total Net Assets........................................ $ 352,383,383 $ 63,316,141 $ 929,691,506 $ 73,829,911
============= ============ ============= =============
<CAPTION>
EMERGING
MARKETS
PORTFOLIO
--------------
<S> <C>
Par Value................................................... $ 9,671
Paid in Capital in excess of par value...................... 97,651,367
Undistributed net investment income......................... 116,740
Accumulated net realized gain/(loss) on investments sold,
and foreign currency transactions......................... (435,937)
Net unrealized appreciation/(depreciation) of investments
and foreign currency transactions......................... 11,538,912
-------------
Total Net Assets........................................ $ 108,880,753
=============
</TABLE>
=============== 66 ===============
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MUNI NEW JERSEY
INTERMEDIATE MUNI
PORTFOLIO PORTFOLIO
------------ ----------
<S> <C>
Investment Income:
Interest............................................................................... $ 508,501 $208,652
---------- --------
Expenses:
Administration fee..................................................................... 3,593 1,686
Shareholder servicing fee.............................................................. 4,626 2,172
Custodian fee.......................................................................... 1,812 315
Legal and audit fees................................................................... 8,322 1,990
Directors' fees and expenses........................................................... 1,106 648
Pricing fees........................................................................... 4,512 1,400
Registration and filing fees........................................................... 3,673 648
Printing and postage................................................................... 5,377 1,500
Other expenses......................................................................... 1,671 267
---------- --------
Total expenses.................................................................... 34,692 10,626
---------- --------
Net investment income...................................................................... 473,809 198,026
---------- --------
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on investments during the period.............................. (37,923) (1,738)
Net unrealized appreciation/(depreciation) on investments
during the period................................................................... (85,056) (79,181)
---------- --------
Net realized and unrealized gain/(loss) on investments..................................... (122,979) (80,919)
---------- --------
Net increase/(decrease) in net assets resulting from operations............................ $ 350,830 $117,107
========== ========
</TABLE>
See Notes to Financial Statements.
=============== 67 ===============
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MUNI NEW JERSEY
INTERMEDIATE MUNI
PORTFOLIO PORTFOLIO
------------ -----------
<S> <C>
Net investment income..................................................................... $ 473,809 $ 198,026
Net realized gain/(loss) on investments................................................... (37,923) (1,738)
Net unrealized appreciation/(depreciation) on investments................................. (85,056) (79,181)
------------ -----------
Net increase/(decrease) in net assets resulting from operations........................... 350,830 117,107
Distributions to shareholders:
From net investment income.............................................................. (476,038) (190,481)
Net increase/(decrease) in net assets from capital share transactions..................... 846,480 2,952,898
------------ -----------
Net increase/(decrease) in net assets..................................................... 721,272 2,879,524
NET ASSETS:
Beginning of period....................................................................... 18,471,060 7,545,140
------------ -----------
End of period............................................................................. $ 19,192,332 $10,424,664
============ ===========
</TABLE>
================================================================================
FOR THE YEAR ENDED OCTOBER 31, 1996
<TABLE>
<CAPTION>
MUNI NEW JERSEY
INTERMEDIATE MUNI
PORTFOLIO PORTFOLIO
------------ -----------
<S> <C>
Net investment income..................................................................... $ 943,921 $ 286,784
Net realized gain/(loss) on investments................................................... (2,404) (11,660)
Net unrealized appreciation/(depreciation) on investments................................. (91,574) (770)
------------ -----------
Net increase/(decrease) in net assets resulting from operations........................... 849,943 274,354
Distributions to shareholders:
From net investment income.............................................................. (942,468) (279,091)
Net increase/(decrease) in net assets from capital share transactions..................... 467,619 1,617,435
------------ -----------
Net increase/(decrease) in net assets..................................................... 375,094 1,612,698
NET ASSETS:
Beginning of period....................................................................... 18,095,966 5,932,442
------------ -----------
End of period............................................................................. $ 18,471,060 $ 7,545,140
============ ===========
</TABLE>
See Notes to Financial Statements.
=============== 68 ===============
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
MUNI INTERMEDIATE PORTFOLIO
------------------------------------------------------------
SIX MONTHS YEAR ENDED OCTOBER 31, PERIOD ENDED
ENDED ------------------------------------------ OCTOBER 31,
APRIL 30, 1997 1996 1995 1994 1993 1992(+)
-------------- ------- ------- --------- ------- ------------
(UNAUDITED)
<S> <C>
Net asset value, beginning of period........... $ 10.26 $ 10.32 $ 9.74 $ 10.59 $ 10.00 $ 10.00
-------- ------- ------- ------- ------- -------
Income from investment operations:
Net investment income.......................... 0.30 0.53 0.53 0.53 0.44 0.11
Net realized and unrealized gain/(loss) on
investments.................................. (0.10) (0.06) 0.58 (0.85) 0.59 (0.03)
-------- ------- ------- ------- ------- -------
Total from investment operations............... 0.20 0.47 1.11 (0.32) 1.03 0.08
-------- ------- ------- ------- ------- -------
Distributions to shareholders from net
investment income............................ (0.26) (0.53) (0.53) (0.53) (0.44) (0.08)
-------- ------- ------- ------- ------- -------
Net asset value, end of period................. $ 10.20 $ 10.26 $ 10.32 $ 9.74 $ 10.59 $ 10.00
======== ======= ======= ======= ======= =======
Total Return(++)............................... 1.99% 4.67% 11.76% (3.13)% 10.54% 0.74%
======== ======= ======= ======= ======= =======
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's)........... $ 19,192 $18,471 $18,096 $22,097 $94,803 $42,533
Ratio of operating expenses to average net
asset........................................ 0.37%* 0.32% 0.28% 0.25% 0.25% 0.25%
Ratio of net investment income to average net
assets....................................... 5.12%* 5.16% 5.23% 4.78% 4.41% 4.22%
Portfolio turnover rate........................ 17%* 44% 28% 11% 10% 3%
</TABLE>
- ---------------
+ The Portfolio commenced operations on June 5, 1992.
++ Total return represents aggregate total return for the period indicated.
* Annualized.
See Notes to Financial Statements.
=============== 69 ===============
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
NEW JERSEY MUNICIPAL PORTFOLIO
--------------------------------------------
SIX MONTHS YEAR ENDED YEAR ENDED PERIOD ENDED
ENDED OCTOBER 31, OCTOBER 31, OCTOBER 31,
APRIL 30, 1997 1996 1995 1994(+)
-------------- ----------- ----------- ------------
(UNAUDITED)
<S> <C>
Net asset value, beginning of period.............................. $ 9.97 $ 10.00 $ 9.22 $ 10.00
--------- ------- ------- --------
Income from investment operations:
Net investment income............................................. 0.26 0.44 0.41 0.32
Net realized and unrealized gain/(loss) on investments............ (0.10) (0.03) 0.78 (0.82)
--------- ------- ------- --------
Total from investment operations.................................. 0.16 0.41 1.19 (0.50)
--------- ------- ------- --------
Distributions to shareholders from net
investment income............................................... (0.22) (0.44) (0.41) (0.28)
--------- ------- ------- --------
Net asset value, end of period.................................... $ 9.91 $ 9.97 $ 10.00 $ 9.22
========= ======= ======= ========
Total Return(++).................................................. 1.64% 4.24% 13.25% (5.13)%
========= ======= ======= ========
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's).............................. $ 10,425 $ 7,545 $ 5,932 $ 4,564
Ratio of operating expenses to average net assets................. 0.24%* 0.24% 0.53% 0.60%
Ratio of net investment income to average net assets.............. 4.56%* 4.56% 4.30% 3.60%
Portfolio turnover rate........................................... 16%* 33% 12% 65%
</TABLE>
- ---------------
+ The Portfolio commenced operations on November 1, 1993.
++ Total return represents aggregate total return for the period indicated.
* Annualized.
See Notes to Financial Statements.
=============== 70 ===============
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
MUNICIPAL INTERMEDIATE PORTFOLIO
STATEMENT OF NET ASSETS
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT VALUE
- ----------- ------------
<S> <C>
MUNICIPAL BONDS & NOTES -- 97.3%
$ 200,000 Allegheny County, PA, Hospital Development Authority Revenue, University of Pittsburgh, Health
Center, Series A
5.30% due 04/01/08............................................................................ $ 199,630
175,000 Allegheny County, PA, Series C, General Obligation Unlimited, (MBIA Insured)
5.875% due 09/15/12........................................................................... 178,285
100,000 Allegheny County, PA, Redevelopment Authority Revenue
5.20% due 08/01/03............................................................................ 100,182
125,000 Beaver County, PA, Industrial Development Authority Pollution Control Revenue,
Saint Joe Minerals Corporation Project
6.00% due 05/01/07............................................................................ 125,012
190,000 Beaver County, PA, Industrial Development Authority Pollution Control Revenue,
Ohio Edison Co. Mansfield
7.10% due 06/01/18............................................................................ 204,022
500,000 Beaver Falls, PA, Municipal Authority Water & Hydroelectric Revenue
(FGIC Insured)
5.70% due 12/01/08............................................................................ 510,260
385,000 Berks County, PA, Municipal Authority Higher Education, PA Pooled Financing Program
6.70% due 09/01/07............................................................................ 388,719
100,000 Bethel Park, PA, School District, General Obligation Unlimited, (FGIC Insured)
5.40% due 08/01/00............................................................................ 101,607
100,000 Bucks County, PA, Community College Authority College Building Revenue
6.05% due 06/15/06............................................................................ 105,242
55,000 Butler County, PA, Airport Authority Revenue
7.25% due 11/01/99............................................................................ 57,601
100,000 Chambersburg, Pennsylvania Area School District, Series B, General Obligation Unlimited, (AMBAC
Insured)
6.625% due 04/01/09........................................................................... 104,605
325,000 Chester County, PA, General Obligation Unlimited
5.40% due 12/15/06............................................................................ 330,587
190,000 College Township, Industrial Development Authority, PA, Corning Glass Works Project
6.60% due 06/01/04............................................................................ 190,257
210,000 Coraopolis-Verona Housing Development Corporation, Multifamily Mortgage Revenue (FHA Insured)
5.35% due 07/01/03............................................................................ 213,623
10,000 Cornwall-Lebanon, PA, School District, General Obligation Unlimited,
(FGIC Insured)
5.30% due 02/15/01............................................................................ 10,045
200,000 Dauphin County, PA, General Obligation Unlimited, (MBIA Insured)
5.40% due 08/01/06............................................................................ 202,520
125,000 Dauphin County, PA, Series B, General Obligation Unlimited, (MBIA Insured)
5.20% due 03/15/04............................................................................ 125,689
100,000 Dauphin County, PA, General Authority Revenue
6.85% due 06/01/26............................................................................ 104,297
130,000 Dauphin County, PA, General Authority Revenue
6.80% due 06/01/26............................................................................ 137,644
</TABLE>
See Notes to Financial Statements.
=============== 71 ===============
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
MUNICIPAL INTERMEDIATE PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT VALUE
- ----------- ------------
<S> <C>
MUNICIPAL BONDS & NOTES -- (CONTINUED)
$ 500,000 Dauphin County, PA, General Authority Revenue
6.00% due 06/01/26............................................................................ $ 509,170
25,000 Dauphin County, PA, General Authority Revenue
5.80% due 06/01/26............................................................................ 25,034
250,000 Delaware County, PA, Unrefunded Balance, General Obligation Unlimited
7.25% due 12/01/00............................................................................ 250,640
25,000 Delaware County, PA, Industrial Development Authority Revenue, RES Recovery Project -- Series A,
(Bank of America, S. F. Insured)
8.10% due 12/01/13............................................................................ 25,962
600,000 Delaware River Joint Toll Bridge, Refunding, (FGIC Insured)
6.15% due 07/01/04............................................................................ 629,928
200,000 Delaware River Port Authority, PA & NJ Delaware River Bridges Revenue
6.50% due 01/15/11............................................................................ 216,986
200,000 Delaware River Port Authority, PA & NJ Delaware River Bridges Revenue
6.00% due 01/15/10............................................................................ 211,782
50,000 Delaware River Port Authority, PA & NJ Delaware River Bridges Revenue
5.625% due 01/15/09........................................................................... 52,073
100,000 Eastern Montgomery County, PA, Refunding
5.90% due 06/15/02............................................................................ 100,106
150,000 Eastern Montgomery County, PA, Refunding
5.75% due 06/15/01............................................................................ 150,150
50,000 Erie County, PA, Hospital Authority Revenue, Saint Vincent Health Center, Series B (MBIA
Insured)
5.00% due 07/01/98............................................................................ 50,519
100,000 Gettysburg, PA, Municipal Authority College Revenue, Gettysburg College Project
5.95% due 02/15/00............................................................................ 102,826
100,000 Gettysburg, PA, Municipal Authority County, Guaranteed Hospital Revenue, Gettysburg Hospital
Project, (MBIA County Guaranteed)
6.20% due 07/01/12............................................................................ 103,194
570,000 Greene County, PA, Industrial Development Authority, Pollution Control Revenue, West
Pennsylvania Power, Hatfield Ferry
6.10% due 02/01/07............................................................................ 570,234
100,000 Greene County, PA, Industrial Development Authority, Pollution Control Revenue, West
Pennsylvania Power, (MBIA Insured)
6.10% due 02/01/07............................................................................ 100,048
275,000 Hazleton, PA, Area School District, Series A, General Obligaton Unlimited
5.875% due 03/01/10........................................................................... 282,263
100,000 Hempfield, PA, School District, Lancaster School, General Obligaton Unlimited,
(FGIC Insured)
6.10% due 08/15/02............................................................................ 105,764
170,000 Lancaster, PA, Higher Education Authority College Revenue, Franklin & Marshall College PJ, (MBIA
Insured)
6.55% due 04/15/07............................................................................ 180,904
375,000 Lycoming County, PA, College Revenue, PA College of Technology, (AMBAC Insured)
5.20% due 11/01/04............................................................................ 377,111
</TABLE>
See Notes to Financial Statements.
=============== 72 ===============
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
MUNICIPAL INTERMEDIATE PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT VALUE
- ----------- ------------
<S> <C>
MUNICIPAL BONDS & NOTES -- (CONTINUED)
$ 100,000 Montgomery County, PA, Higher Education & Health Authority Hospital Revenue, Abington Memorial
Hospital, Series A, (AMBAC Insured)
5.80% due 06/01/04............................................................................ $ 104,006
110,000 Montgomery County, PA, Industrial Development Authority Revenue
7.50% due 01/01/12............................................................................ 117,589
100,000 New Kensington, PA, General Obligation Unlimited, (FGIC Insured)
5.625% due 10/01/04........................................................................... 101,471
200,000 North East, PA, School District, Refunding, (AMBAC Insured)
6.00% due 09/15/10............................................................................ 205,706
200,000 North Penn, PA, School District, Series A, General Obligation Unlimited
6.20% due 09/01/07............................................................................ 207,490
150,000 North Pocono, School District, PA, General Obligation Unlimited, (FGIC Insured)
5.25% due 07/15/06............................................................................ 150,492
75,000 Palisades School District, PA, 1st Series, General Obligation Unlimited
5.70% due 09/01/02............................................................................ 75,047
100,000 Palisades School District, PA, 1st Series, General Obligation Unlimited
5.85% due 09/01/03............................................................................ 100,139
275,000 Penn Trafford, PA, School District, General Obligation Unlimited, (MBIA Insured)
6.50% due 04/01/06............................................................................ 287,276
200,000 Pennridge, PA, School District, Series A, General Obligation Unlimited,
(AMBAC Insured)
6.25% due 02/15/04............................................................................ 210,170
100,000 Pennsylvania Housing Finance Agency, Single Family Mortgage, Series S,
(FHA Insured)
7.15% due 10/01/01............................................................................ 104,380
125,000 Pennsylvania Housing Finance Agency, Single Family Mortgage, Series S
(FHA Insured)
7.60% due 04/01/16............................................................................ 133,022
350,000 Pennsylvania Housing Finance Agency, Refunding, Rental Housing
5.25% due 07/01/04............................................................................ 351,841
500,000 Pennsylvania Housing Finance Agency, Refunding, Rental Housing
5.45% due 07/01/06............................................................................ 505,210
330,000 Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 38
5.50% due 04/01/05............................................................................ 331,878
500,000 Pennsylvania Infrastructure Investment Authority Revenue Pennvest Loan Pool -- Remarket 5/3/93-A
5.90% due 09/01/10............................................................................ 509,770
300,000 Pennsylvania Intergovernmental Coop Authority, Special Tax Revenue, City of Philadelphia Funding
Program, (FGIC Insured)
6.00% due 06/15/02............................................................................ 315,054
300,000 Pennsylvania State, Certificates of Participation, Series A, (AMBAC Insured)
5.00% due 07/01/03............................................................................ 299,349
50,000 Pennsylvania State, General Obligation Unlimited
8.90% due 10/01/98............................................................................ 50,459
250,000 Pennsylvania State, First Series, General Obligation Unlimited
6.375% due 09/15/12........................................................................... 265,740
</TABLE>
See Notes to Financial Statements.
=============== 73 ===============
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
MUNICIPAL INTERMEDIATE PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT VALUE
- ----------- ------------
<S> <C>
MUNICIPAL BONDS & NOTES -- (CONTINUED)
$1,000,000 Pennsylvania State Finance Authority Revenue, Refunding, Municipal Capital Improvements Program
6.60% due 11/01/09............................................................................ $ 1,065,530
695,000 Pennsylvania State Higher Education Assistance Agency Student Loan Revenue, Refunding, Series A,
(FGIC Insured)
6.80% due 12/01/00............................................................................ 736,992
250,000 Pennsylvania State Higher Educational Facilities Authority College & University Revenues,
University of Pennsylvania, Series A
5.60% due 09/01/10............................................................................ 251,632
200,000 Pennsylvania State Higher Educational Facilities Authority College & University Revenues, Drexel
University Project
5.25% due 08/01/05............................................................................ 198,400
140,000 Pennsylvania State Higher Educational Facilities Authority College & University Revenues, Drexel
University Project
5.65% due 02/01/09............................................................................ 139,535
25,000 Pennsylvania State Public School Building Authority Lease Revenue
9.25% due 11/01/97............................................................................ 25,661
50,000 Perkiomen Valley School Authority, PA, School Revenue, (MBIA Insured)
6.40% due 12/01/02............................................................................ 51,704
100,000 Philadelphia, PA, Gas Works Revenue
5.50% due 07/01/04............................................................................ 102,429
100,000 Philadelphia, PA, Hospitals and Higher Educational Facilities, Authority Hospital Revenue,
Children's Hospital Philadelphia, Series A
5.00% due 02/15/02............................................................................ 99,993
320,000 Philadelphia, PA, Hospitals Revenue, Hospital University, PA, (FGIC Insured)
5.875% due 07/01/08........................................................................... 334,784
260,000 Pittsburgh, PA, Urban Redevelopment Authority Mortgage Revenue, Series D
5.75% due 10/01/07............................................................................ 263,442
150,000 Pittsburgh, PA, Urban Redevelopment Authority Mortgage Revenue, Series D
6.20% due 04/01/11............................................................................ 151,531
155,000 Pittsburgh, PA, Urban Redevelopment Authority Mortgage Revenue, Series D
6.20% due 10/01/11............................................................................ 156,583
110,000 Reading, PA, General Obligation Unlimited, (AMBAC Insured)
6.00% due 11/15/03............................................................................ 110,583
100,000 Reading, PA, General Obligation Unlimited, (AMBAC Insured)
6.10% due 11/15/04............................................................................ 100,557
235,000 Ringgold, PA, School District
6.20% due 01/15/13............................................................................ 246,090
250,000 Sayre, PA, Health Care Facilities Authority Revenue, (AMBAC Insured)
6.10% due 07/01/02............................................................................ 262,835
100,000 Seneca Valley, PA, School District, Series B, General Obligation Unlimited,
(FGIC Insured)
5.70% due 07/01/06............................................................................ 102,415
125,000 Seneca Valley, PA, School District, Series B, General Obligation Unlimited,
(FGIC Insured)
5.80% due 07/01/10............................................................................ 127,016
285,000 Southeastern Pennsylvania Transportation Authority, Revenue
6.00% due 06/01/01............................................................................ 297,110
110,000 Southeastern Pennsylvania Transportation Authority, Revenue
6.00% due 06/01/00............................................................................ 114,084
</TABLE>
See Notes to Financial Statements.
=============== 74 ===============
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
MUNICIPAL INTERMEDIATE PORTFOLIO
STATEMENT OF NET ASSETS -- (CONCLUDED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT VALUE
- ----------- ------------
<S> <C>
MUNICIPAL BONDS & NOTES -- (CONCLUDED)
$ 40,000 Southeastern Pennsylvania Transportation Authority, Pennsylvania Lease Revenue
5.75% due 12/01/04............................................................................ $ 40,070
250,000 State Public School Building Authority, PA, School, Hazleton Area School District Project, (FGIC
Insured)
6.50% due 03/01/08............................................................................ 263,100
100,000 State Public School Building Authority, PA, School, Erie County Area Vocational Technical School
G, (MBIA Insured)
5.45% due 06/15/98............................................................................ 100,163
100,000 Swarthmore Borough, PA, College Revenue
6.10% due 09/15/07............................................................................ 105,260
120,000 Swatara Township Authority, PA, Sewer, Revenue, (MBIA Insured)
6.15% due 05/01/07............................................................................ 129,679
125,000 Unionville-Chadds Ford, PA, School District, General Obligation Unlimited,
(State Aid Withholding)
5.50% due 06/01/08............................................................................ 125,570
325,000 Wayne County, PA, Hospital & Health Facilities Authority, County Guaranteed Hospital Revenue,
Wayne Memorial Hospital Project, (MBIA Insured)
5.05% due 07/01/03............................................................................ 324,805
240,000 Westmoreland County, PA, Municipal Authority, Municipal Services Revenue,
Series P, (MBIA Insured)
5.80% due 07/01/01............................................................................ 249,413
100,000 Wilkinsburg, PA, Joint Water Authority, Water Revenue, Series A, (AMBAC Insured)
6.10% due 08/15/04............................................................................ 105,764
40,000 William Penn, PA, School District, General Obligation Unlimited
8.00% due 08/01/00............................................................................ 42,000
100,000 Wilson, PA, Area School District, Series A, General Obligation Unlimited,
(AMBAC Insured)
6.20% due 05/15/07............................................................................ 100,100
100,000 Wilson, PA, Area School District, Refunding, Series B, General Obligation Unlimited, (AMBAC
Insured)
6.00% due 05/15/03............................................................................ 100,075
170,000 York County, PA, Industrial Development Authority, Industrial Development Revenue, Refunding,
Stanley Works Project
6.25% due 07/01/02............................................................................ 181,538
------------
TOTAL INVESTMENTS -- (COST $18,526,881*)............................................................ 97.3% $ 18,667,053
OTHER ASSETS IN EXCESS OF LIABILITIES............................................................... 2.7% 525,279
---------------------
NET ASSETS.......................................................................................... 100.0% $ 19,192,332
=====================
NET ASSET VALUE ($19,192,332 DIVIDED BY 1,882,354 SHARES OUTSTANDING)............................... $10.20
============
</TABLE>
- ---------------
* Aggregate cost for Federal tax purposes.
INSURANCE ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
CAPGTY -- Capital Guaranty
FGIC -- Federal Guaranty Insurance Corporation
FSA -- Financial Security Assurance
MBIA -- Municipal Bond Investors Assurance
See Notes to Financial Statements.
=============== 75 ===============
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
NEW JERSEY MUNICIPAL PORTFOLIO
STATEMENT OF NET ASSETS
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT VALUE
- --------- ------------
<S> <C>
MUNICIPAL BONDS & NOTES -- 98.7%
$100,000 Beach Haven, NJ, General Obligation Unlimited, (MBIA Insured)
5.70% due 08/15/03.............................................................................. $ 104,169
100,000 Burlington County, NJ, General Obligation Unlimited
5.20% due 09/15/02.............................................................................. 101,775
100,000 Burlington County, NJ, General Obligation Unlimited
5.20% due 10/01/04.............................................................................. 101,470
100,000 Burlington Township, NJ, General Obligation Unlimited
4.70% due 02/15/02.............................................................................. 99,705
150,000 Cape May County, NJ, General Improvements, General Obligation Unlimited,
(AMBAC Insured)
5.35% due 08/01/04.............................................................................. 153,515
200,000 Cape May County, NJ, Municipal Utilities Authority, Sewer Revenue, Refunding,
(AMBAC Insured)
5.60% due 01/01/05.............................................................................. 206,780
100,000 Delaware River Joint Toll Bridge, Commonwealth of Pennsylvania Bridge Revenue, Refunding, (FGIC
Insured)
6.15% due 07/01/04.............................................................................. 104,988
90,000 Delaware River Port Authority, PA, NJ, & DE River Bridges Revenue
5.625% due 01/15/09............................................................................. 93,732
100,000 Delaware River Port Authority, PA, NJ, & DE River Bridges Revenue
6.50% due 01/15/11.............................................................................. 108,493
245,000 Delaware River Port Authority, PA, NJ, & DE River Bridges Revenue
6.00% due 01/15/10.............................................................................. 259,433
125,000 Egg Harbor Township, NJ, School District, General Obligation Unlimited, (MBIA Insured)
4.75% due 03/01/03.............................................................................. 123,365
100,000 Gloucester County, NJ, General Obligation Unlimited, (AMBAC Insured)
4.50% due 01/01/98.............................................................................. 100,433
100,000 Gloucester County, NJ, Improvement Authority Revenue, County Library Lease Project
5.20% due 12/15/05.............................................................................. 100,477
200,000 Hasbrouck Heights, NJ, General Improvements, General Obligation Unlimited
5.25% due 09/01/04.............................................................................. 203,024
100,000 Hudson County, NJ, General Improvements-Series A, General Obligation Unlimited, (FGIC Insured)
4.90% due 10/01/06.............................................................................. 98,148
250,000 Hudson County, NJ, Certificates of Participation, Refunding -- Correctional Facilities, (MBIA
Insured)
6.20% due 06/01/03.............................................................................. 264,623
200,000 Hunterdon, NJ, Central Regional High School District, General Obligation Unlimited, (FSA Insured)
5.25% due 05/01/06.............................................................................. 202,000
250,000 Jersey City, NJ, School Improvements, General Obligation Unlimited, (MBIA Insured)
5.50% due 03/15/06.............................................................................. 256,873
100,000 Lyndhurst Township, NJ, General Improvements, General Obligation Unlimited,
(FGIC Insured)
5.50% due 10/01/05.............................................................................. 103,328
</TABLE>
See Notes to Financial Statements.
=============== 76 ===============
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
NEW JERSEY MUNICIPAL PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT VALUE
- --------- ------------
<S> <C>
MUNICIPAL BONDS & NOTES -- (CONTINUED)
$105,000 Manalapan-Englishtown, NJ, Regional Board of Education, General Obligation Unlimited, (School
Board Residual Fund Insured)
5.00% due 05/01/07.............................................................................. $ 104,024
125,000 Manchester Township, NJ, Board of Education Certificates of Participation, Refunding, (MBIA
Insured)
4.70% due 12/15/02.............................................................................. 123,825
100,000 Mercer County, NJ, Improvement Authority Revenue, Refunding -- Solid Waste,
(County Guaranteed -- Series 97)
5.20% due 09/15/08.............................................................................. 99,282
150,000 Mercer County, NJ, Improvement Authority Revenue, Refunding -- Goverment Leasing, (County
Guaranteed -- A)
5.40% due 12/01/05.............................................................................. 153,552
285,000 Middlesex County, NJ, Sewer Authority, Refunding
5.625% due 01/01/07............................................................................. 290,939
100,000 Middletown Township, NJ, General Obligation Unlimited
5.00% due 08/01/05.............................................................................. 99,591
150,000 Middletown Township, NJ, Sewer Authority, Sewer Revenue, Refunding -- Series A,
(FGIC Insured)
4.65% due 01/01/02.............................................................................. 148,812
125,000 Monmouth County, NJ, Improvement Authority Revenue, Governmental Loans,
(FSA Insured)
4.75% due 07/15/03.............................................................................. 123,604
200,000 Morris Township, NJ, School District, General Obligation Unlimited
5.625% due 04/01/06............................................................................. 206,630
125,000 New Jersey Building Authority, State Building Revenue
4.70% due 06/15/06.............................................................................. 120,321
75,000 New Jersey Health Care Facilities Finance Authority Revenue, (Mountainside Hospital), (MBIA
Insured)
4.60% due 07/01/00.............................................................................. 74,906
100,000 New Jersey Health Care Facilities Finance Authority Revenue, (St. Joseph's Hospital & Medical
Center -- A)
5.00% due 07/01/03.............................................................................. 99,157
200,000 New Jersey Economic Development Authority, Market Transition Facilities Revenue, Senior
Lien -- Series A, (MBIA Insured)
5.125% due 07/01/00............................................................................. 202,374
200,000 New Jersey Economic Development Authority, Market Transition Facilities Revenue, Senior
Lien -- Series A, (MBIA Insured)
5.70% due 07/01/05.............................................................................. 207,434
125,000 New Jersey Economic Development Authority, Market Transition Facilities Revenue, Senior
Lien -- Series A, (MBIA Insured)
5.75% due 07/01/06.............................................................................. 129,769
250,000 New Jersey State, General Obligation Unlimited, Refunding -- Series C
6.50% due 01/15/03.............................................................................. 260,052
100,000 New Jersey State, General Obligation Unlimited, Refunding -- Series D
5.10% due 02/15/00.............................................................................. 101,443
</TABLE>
See Notes to Financial Statements.
=============== 77 ===============
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
NEW JERSEY MUNICIPAL PORTFOLIO
STATEMENT OF NET ASSETS -- (CONTINUED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT VALUE
- --------- ------------
<S> <C>
MUNICIPAL BONDS & NOTES -- (CONTINUED)
$225,000 New Jersey State Educational Facilities Authority Revenue, Princeton University -- Series A
5.50% due 07/01/05.............................................................................. $ 231,692
125,000 New Jersey State Educational Facilities Authority Revenue, Higher Education Equipment Leasing
Fund -- A, (MBIA Insured)
5.00% due 09/01/00.............................................................................. 126,061
150,000 New Jersey State Educational Facilities Authority Revenue, Princeton University -- Series C
4.75% due 07/01/05.............................................................................. 147,402
100,000 New Jersey State Educational Facilities Authority Revenue, Higher Education Facilities Trust
Fund -- Series A, (AMBAC Insured)
5.125% due 09/01/02............................................................................. 101,226
350,000 New Jersey State Educational Facilities Authority Revenue, Higher Education Facilities Trust
Fund -- Series A, (AMBAC Insured)
5.125% due 09/01/07............................................................................. 349,002
125,000 New Jersey State Educational Facilities Authority Revenue, Higher Education Facilities Trust
Fund -- Series A, (AMBAC Insured)
5.125% due 09/01/08............................................................................. 123,985
250,000 New Jersey State Highway Authority Garden State Parkway General Revenue, Highway Revenue Tolls,
(AMBAC Insured)
6.15% due 01/01/07.............................................................................. 264,518
200,000 New Jersey State Housing and Mortgage Finance Agency Revenue, Local or Guaranteed
Housing -- Series A, (HUD Section 8)
6.50% due 11/01/03.............................................................................. 212,042
125,000 New Jersey State Housing and Mortgage Finance Agency Revenue, Home Buyer --
Series P, (MBIA Insured)
5.05% due 04/01/07.............................................................................. 123,985
100,000 New Jersey State Transportation Trust Fund Authority, Transportation System --
Series A, (FSA Insured)
4.75% due 6/15/03............................................................................... 99,470
150,000 New Jersey State Transportation Trust Fund Authority, Transportation System --
Series A
5.30% due 12/15/01.............................................................................. 153,782
200,000 New Jersey State Transportation Trust Fund Authority, Transportation System --
Series B, (MBIA Insured)
5.00% due 06/15/04.............................................................................. 200,226
250,000 New Jersey State Turnpike Authority, Turnpike Revenue, Series A, (MBIA-IBC Insured)
5.90% due 01/01/04.............................................................................. 261,742
145,000 New Jersey Wastewater Treatment Trust -- Series A
6.00% due 07/01/09.............................................................................. 152,134
125,000 New Jersey Wastewater Treatment Trust, Refunding -- Series C, (MBIA Insured)
6.25% due 05/15/03.............................................................................. 133,662
100,000 Ocean County, NJ, General Improvement, General Obligation Unlimited
5.65% due 07/01/06.............................................................................. 104,204
250,000 Ocean Township, NJ, Sewer Authority
6.00% due 12/01/07.............................................................................. 262,872
</TABLE>
See Notes to Financial Statements.
=============== 78 ===============
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
NEW JERSEY MUNICIPAL PORTFOLIO
STATEMENT OF NET ASSETS -- (CONCLUDED)
APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT VALUE
- --------- ------------
<S> <C>
MUNICIPAL BONDS & NOTES -- (CONCLUDED)
$200,000 Park Ridge, NJ, General Obligation Unlimited
5.60% due 11/01/03.............................................................................. $ 207,152
125,000 Passaic County, NJ, General Obligation Unlimited
4.70% due 09/01/03.............................................................................. 123,176
100,000 Passaic Valley, NJ, Sewer Commissioners, Sewer System -- Series D,
(AMBAC Insured, General Obligation of Commission)
5.75% due 12/01/09.............................................................................. 101,963
130,000 Perth Amboy, NJ, General Obligation Unlimited, (MBIA Insured)
6.20% due 08/01/06.............................................................................. 140,371
40,000 Port Authority of New York & New Jersey, Consolidated -- 91st Series
5.50% due 10/01/08.............................................................................. 40,054
125,000 Port Authority of New York & New Jersey, Consolidated -- 91st Series
4.40% due 11/15/01.............................................................................. 122,709
100,000 Port Authority of New York & New Jersey, Consolidated -- 86th Series
4.60% due 07/01/02.............................................................................. 98,593
125,000 Port Authority of New York, Consolidated
5.80% due 02/01/07.............................................................................. 125,586
25,000 Rutgers State University, NJ, Refunding -- Series S
4.00% due 05/01/97.............................................................................. 25,000
300,000 Rutgers State University, NJ, Refunding -- Series S
5.25% due 05/01/07.............................................................................. 300,777
250,000 Southern Regional High School District, General Obligation Unlimited, (MBIA Insured)
5.40% due 09/01/04.............................................................................. 256,678
160,000 Sparta Township, NJ, School District, General Obligation Unlimited, (MBIA Insured)
5.75% due 09/01/04.............................................................................. 167,682
100,000 Surf City, NJ, General Obligation Unlimited, (MBIA Insured)
5.15% due 01/15/06.............................................................................. 100,878
100,000 West Orange, NJ, General Obligation Unlimited
5.10% due 01/01/05.............................................................................. 100,308
------------
TOTAL INVESTMENTS (COST $10,275,308*)............................................................... 98.7% 10,290,978
OTHER ASSETS IN EXCESS OF LIABILITIES............................................................... 1.3% 133,686
---------------------
NET ASSETS.......................................................................................... 100.0% $10,424,664
=====================
NET ASSET VALUE ($10,424,664 DIVIDED BY 1,052,431 SHARES OUTSTANDING)............................... $9.91
============
</TABLE>
- ---------------
* Aggregate cost for Federal tax purposes.
INSURANCE ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
FGIC -- Federal Guaranty Insurance Corporation
FSA -- Financial Security Assurance, Inc.
MBIA -- Municipal Bond Investors Assurance
See Notes to Financial Statements.
=============== 79 ===============
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
The Glenmede Portfolios (the "Fund") is an investment company that was
organized as a "Massachusetts business trust" on March 3, 1992 and is registered
with the Securities and Exchange Commision under the Investment Company Act of
1940 as an open-end management Investment company. As of April 30, 1997, the
Fund offered shares of two SubTrusts, the Muni Intermediate Portfolio and the
New Jersey Muni Portfolio (collectively, the "Portfolios"). The following is a
summary of significant accounting policies consistently followed by each
Portfolio in the preparation of its financial statements.
PORTFOLIO VALUATION: Municipal obligations for which market quotations are
readily available are valued at the most recent quoted bid price provided by
investment dealers. Municipal obligations may be valued on the basis of prices
provided by a pricing service when such prices are determined by the Advisor to
reflect the fair market value of such municipal obligations; securities for
which market quotations are not readily available are valued at fair value as
determined in good faith by or under the direction of the Board of Trustees.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded as of the trade date. Realized gains and losses on investments sold are
computed on the basis of identified cost. Interest income is recorded on the
accrual basis and includes the pro rata scientific method for amortization of
premiums and accretion of discounts when appropriate.
Securities purchased or sold on a when-issued or delayed-delivery basis may be
settled a month or more after the trade date. Interest income is not accrued
until settlement date. The Portfolio instructs the custodian to segregate assets
in a separate account with a current value at least equal to the amount of its
when-issued purchased commitments.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: Dividends from net investment
income, if any, are declared and paid monthly. The Portfolios distribute any net
realized capital gains on an annual basis. Additional distributions of net
investment income and capital gains for each Portfolio may be made at the
discretion of the Board of Directors in order to avoid the 4% nondeductible
Federal excise tax. Income distributions and capital gains distributions are
determined in accordance with income tax regulations which may differ from
generally accepted accounting principles. These differences are primarily due to
differing treatments of income and gains of various investment securities held
by each Portfolio, timing differences and differing characterization of
distributions made by each Portfolio.
ORGANIZATION COSTS: Organization costs are being amortized on the
straight-line basis over periods of five years from the dates on which each
Portfolio commenced operations. The Portfolios' Advisor has agreed that in the
event any of the initial share in any the Portfolios are redeemed during such
period, the appropriate Portfolio will be reimbursed for any unamortized
organization costs in the same proportion as the number of shares redeemed bears
to the numbers of the initial shares held at the time of redemption.
FEDERAL INCOME TAXES: Each Portfolio intends to qualify as a regulated
investment company by complying with the requirements of the Internal Revenue
Code applicable to regulated investment companies and by distributing
substantially all of its tax-exempt (and taxable, if any) income to its
shareholders. Therefore, no Federal income tax provision is required.
2. INVESTMENT ADVISORY FEE, ADMINISTRATION FEE AND OTHER PARTY TRANSACTIONS
The Glenmede Trust Company (the "Advisor") provides investment advisory
services to the Fund. The Advisor does not receive a fee from the Portfolios for
its investment advisory services. However, each Portfolio pays The Glenmede
Trust Company a shareholder servicing fee at the annual rate of 0.05% of the
value of its average daily net assets.
Investment Company Capital Corp. ("ICC"), a subsidiary of Alex. Brown
Financial Corp., provides administrative, accounting and transfer agent services
to the Fund. The Fund pays ICC a fee computed daily and payable monthly at the
annual rate of 0.12% of the first $100 million of the combined aggregate average
daily net assets of the Fund and The Glenmede Fund, Inc., an investment company
with the same officers, Board and service providers as the Fund (collectively,
the "Companies"), 0.08% of the next $150 million of the combined aggregate
average daily net assets of the Companies, 0.04% of the next $500 million of the
combined aggregate average daily net assets of the Companies and 0.03% of the
combined aggregate average daily net assets of the Companies in excess of $750
million. This fee is allocated to each Fund based on its relative net assets.
The Fund pays each Board member, other than Mr. Church, an annual fee of
$1,000 plus and out-of-pocket expenses incurred in attending Board meetings.
=============== 80 ===============
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
(UNAUDITED)
3. PURCHASES AND SALES OF SECURITIES
For the period ended April 30, 1997, cost of purchases and proceeds from sales
of investment securities other than U.S. Government securities and short-term
securities were:
<TABLE>
<CAPTION>
PORTFOLIO PURCHASES SALES
- --------- ----------- -----------
<S> <C>
Muni Intermediate Portfolio....................................................................... $2,973,985 $1,572,149
New Jersey Muni Portfolio......................................................................... 3,747,076 676,495
</TABLE>
At April 30, 1997, aggregate gross unrealized appreciation for all securities
in which there was an excess of value over tax cost and aggregate gross
unrealized depreciation for all securities in which there was an excess of tax
cost over value were as follows:
<TABLE>
<CAPTION>
PORTFOLIO APPRECIATION DEPRECIATION
- --------- ------------ ------------
<S> <C>
Muni Intermediate Portfolio..................................................................... $211,912 $71,740
New Jersey Muni Portfolio....................................................................... 70,500 54,830
</TABLE>
4. SHARES OF BENEFICIAL INTEREST
The Fund may issue an unlimited number of shares of beneficial interest with a
$.001 par value. Changes in shares of beneficial interest outstanding were as
follows:
<TABLE>
<CAPTION>
PERIOD ENDED 4/30/97 YEAR ENDED 10/31/96
----------------------- -----------------------
SHARES AMOUNT SHARES AMOUNT
-------- ----------- -------- -----------
<S> <C>
MUNI INTERMEDIATE PORTFOLIO:
Sold.................................................................. 207,005 $ 2,118,900 359,842 $ 3,686,100
Redeemed.............................................................. (124,153) (1,272,420) (313,802) (3,218,481)
-------- ----------- -------- -----------
Net increase.......................................................... 82,852 $ 846,480 46,040 $ 467,619
NEW JERSEY MUNI PORTFOLIO:
Sold.................................................................. 344,131 $ 3,432,900 263,097 $ 2,617,250
Redeemed.............................................................. (48,160) (480,002) (100,048) (999,815)
-------- ----------- -------- -----------
Net increase.......................................................... 295,971 $ 2,952,898 163,049 $ 1,617,435
</TABLE>
5. CAPITAL LOSS CARRYFORWARD
At April 30, 1996, the following Portfolios had available capital loss
carryforwards to offset future net capital gains through the indicated
expiration dates as follows:
<TABLE>
<CAPTION>
EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING
PORTFOLIO IN 2000 IN 2001 IN 2002 IN 2003 IN 2004
- --------- -------- -------- -------- -------- --------
<S> <C>
Muni Intermediate Portfolio.......................................... $656 $4,787 $215,936 $549,436 $ 2,107
New Jersey Muni Portfolio............................................ -- -- 74,408 21,708 11,660
</TABLE>
6. CONCENTRATION OF CREDIT
The Muni Intermediate Portfolio and New Jersey Muni Portfolio primarily invest
in debt obligations issued by the Commonwealth of Pennsylvania and the State of
New Jersey, respectively, and their political subdivisions, agencies and public
authorities to obtain funds for various purposes. Each Portfolio is more
susceptible to factors adversely affecting issuers of the respective region that
the Portfolio invests in than is a municipal bond fund that is not concentrated
in these issuers to the same extent. As of April 30, 1997, the Muni Intermediate
Portfolio maintained all of its investments in debt obligations issued by the
Commonwealth of Pennsylvania and its political subdivisions and the New Jersey
Muni Portfolio maintained all of its investments in debt obligations issued by
the State of New Jersey and its political subdivisions.
=============== 81 ===============
<PAGE>
-----------------------
THE GLENMEDE PORTFOLIOS
-----------------------
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
(UNAUDITED)
7. NET ASSETS
At April 30, 1997, net assets consisted of:
<TABLE>
<CAPTION>
MUNI NEW JERSEY
INTERMEDIATE MUNI
PORTFOLIO PORTFOLIO
------------ -----------
<S> <C>
Par value....................................................................................... $ 1,882 $ 1,052
Paid in Capital in excess of par value.......................................................... 19,780,724 10,480,447
Undistributed net investment income............................................................. 80,698 37,010
Accumulated net realized gain/(loss) on investments sold, and foreign currency transactions..... (811,144) (109,515)
Net unrealized appreciation/(depreciation) of investments and foreign currency transactions..... 140,172 15,670
------------ -----------
Total Net Assets............................................................................ $ 19,192,332 $10,424,664
============ ===========
</TABLE>
- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------
=============== 82 ===============
<PAGE>
THE GLENMEDE FUND, INC. AND THE GLENMEDE PORTFOLIOS
OFFICERS AND DIRECTORS/TRUSTEES
<TABLE>
<S> <C>
John W. Church, Jr. Mary Ann B. Wirts
Chairman, President and Executive Vice President
Director/Trustee
Kimberly C. Osborne
H. Franklin Allen, Ph.D. Vice President
Director/Trustee
Michael P. Malloy
Willard S. Boothby, Jr. Secretary
Director/Trustee
Joseph A. Finelli
Francis J. Palamara Treasurer
Director/Trustee
Edward J. Veilleux
G. Thompson Pew, Jr. Assistant Secretary
Director/Trustee
INVESTMENT ADVISOR INVESTMENT SUB-ADVISOR
The Glenmede Trust Company (for Emerging Markets Portfolio)
One Liberty Place Pictet International Management Limited
1650 Market Street, Suite 1200 Cutlers Garden
Philadelphia, Pennsylvania 19103 5 Devonshire Square
London, United Kingdom EC2M 4LD
ADMINISTRATOR
Investment Company Capital Corp. DISTRIBUTOR
P.O. Box 515 Armata Financial Corp.
Baltimore, Maryland 21203 One South Street
Baltimore, Maryland 21202
CUSTODIAN
The Chase Manhattan Bank, N.A.
3 Chase Metrotech Center
Brooklyn, NY 11245
LEGAL COUNSEL
Drinker Biddle & Reath LLP
Philadelphia National Bank Bldg.
1345 Chestnut Street
Philadelphia, Pennsylvania 19107
INDEPENDENT ACCOUNTANTS
Coopers & Lybrand L.L.P.
2400 Eleven Penn Center
Philadelphia, Pennsylvania 19103
</TABLE>
