GLENMEDE
THE GLENMEDE FUND, INC.
THE GLENMEDE PORTFOLIOS
ANNUAL REPORT
OCTOBER 31, 1999
<PAGE>
The performance for each of the portfolios shown on pages 4 to 15
represents past performance and is not a guarantee of future results. A
portfolio's share price and investment return will vary with market conditions,
and the principal value of shares, when redeemed, may be more or less than their
original cost. An investment in a portfolio is neither insured nor guaranteed by
the U.S. Government, the Federal Deposit Insurance Corporation, the Federal
Reserve Board or any other governmental agency or bank. The yields of money
market funds will fluctuate as market conditions change. Although the Fund seeks
to preserve the value of your investment at $1.00 per share, it is possible to
lose money by investing in the Fund. Unlike actual Fund performance, performance
of an index does not reflect any expenses or transaction costs. A direct
investment in an unmanaged index is not possible.
<PAGE>
THE GLENMEDE FUND, INC. AND THE GLENMEDE PORTFOLIOS
PRESIDENT'S LETTER
Dear Shareholders,
We're pleased to present the investment results of The Glenmede family
of funds as we enter our second decade, looking forward to the new millennium.
In 1988, four portfolios were created to more efficiently manage Glenmede's
International Equity, Fixed Income and Cash products for Glenmede's clients.
Since then, Domestic Equity, Small Capitalization Equity, Emerging Markets,
Global Equity and two Municipal portfolios have been added. Different portfolios
and separate classes also have been created to meet the different objectives of
tax-exempt and taxable clients.
At the fiscal year end on October 31, 1999, The Glenmede Fund, Inc. and
The Glenmede Portfolios consisted of twelve portfolios with total assets of
$3.3 billion. In December of 1999, we plan to introduce a Small Cap Growth
Portfolio, which will have multiple sub-advisors. This will complement our
existing Small Cap Portfolio, which has a value style of management.
All of the Glenmede Funds are managed to provide maximum long-term total
returns consistent with reasonable risk to principal for the asset category.
Every effort is made to keep expenses at competitive levels. Glenmede uses a
quantitative value style of investing for all of its products. An effort is made
to minimize tax consequences for our clients.
1999 was an exceptional year for the emerging and international equity
markets. Strengthening foreign economies and continued low inflation contributed
to this strong performance and provided a positive result in Glenmede's
international portfolios. As of the year ended October 31, 1999, The Glenmede
International Portfolio achieved a four star (,,,,) Morningstar Overall
Rating.(TM)(1) It was rated among 1,053, 597 and 121 international equity funds
for the 3-, 5- and 10-year periods ended October 31, 1999, respectively. I hope
that you find the following highlight of the International Portfolio
interesting.
Strong GDP coupled with moderate inflation fueled rises in domestic
equity indices. However, positive returns were dominated by a small group of
large capitalization technology stocks. The technology and telecommunications
sectors of the S&P 500 contributed over 50% of the total return. The Glenmede
Tax Managed Equity Portfolio achieved a four star (,,,,) Morningstar Overall
Rating.(TM)(1) It was rated among 3,272, 2,047 and 757 large value funds for the
3-, 5- and 10-year periods ended October 31, 1999, respectively.
1
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Fixed Income markets did not fare as well, barely realizing positive
returns as interest rates rose over 100 basis points during the fiscal year. The
Federal Reserve raised short term interest rates twice, in an effort to maintain
moderate economic growth with low inflation. All three of the Glenmede Fixed
Income Funds have been given either Morningstar's highest or second highest
rating. The Glenmede Muni Intermediate Portfolio achieved a five star (,,,,,)
Morningstar Overall Rating. (TM)(1) It was rated among 1,611 and 1,300 Muni
single state intermediate funds for the 3- and 5- year periods ended October 31,
1999, respectively. The Glenmede Core Fixed Income Portfolio achieved a four
star (,,,,) Morningstar Overall Rating.(TM)(1) It was rated among 1,598, 1,176
and 378 intermediate term bond funds for the 3-, 5- and 10-year periods ended
October 31, 1999, respectively. The Glenmede New Jersey Muni Portfolio achieved
a four star (,,,,) Morningstar Overall Rating.(TM)(1) It was rated among 1,611
and 1,300 Muni single state intermediate funds for the 3- and 5- year periods
ended October 31, 1999, respectively.
We welcome any questions about our funds and thank our clients for their
continued support.
Sincerely,
/s/ MARY ANN B. WIRTS
Mary Ann B. Wirts
President
November 15, 1999
(1) Morningstar proprietary ratings reflect historical risk-adjusted
performance as of October 31, 1999. The ratings are subject to change every
month. Past performance is no guarantee of future results. Morningstar
ratings are calculated from the fund's three-, five-, and 10-year average
annual returns (if applicable) in excess of 90-day Treasury bill returns
with appropriate fee adjustments, and a risk factor that reflects fund
performance below 90-day T-bill returns. The top 10% of the funds in a broad
asset class receive 5 stars, the next 22.5% receive 4 stars, and the next
35% receive 3 stars.
2
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THE GLENMEDE FUND, INC.
Inside the
International portfolio
International investing was introduced at The Glenmede Trust Company in
1982. Andrew B. Williams, CFA, joined Glenmede in 1985 and became head of the
international team in 1987. He subsequently introduced Glenmede's first
international equity mutual fund in 1988.
(PHOTO-GRAPHIC APPEARS HERE)
International portfolio managers Robert Benthem de Grave, Andy Williams, and
Rick Herman, from left to right.
The international team is made up of three senior portfolio managers, a
team of global equity analysts, three senior equity traders, and a portfolio
administration manager. The senior members of the team have been on board since
the inception of the product and have an average of 18 years investment
experience.
The Glenmede Fund's International Portfolio has built a distinguished
track record with a philosophy based on the three following tenets:
o Buy value. Equity research on international markets has
demonstrated that stocks with low valuation ratios produce superior
returns over growth stocks. Our value discipline determines both
country allocation and stock selection.
o Attractive risk characteristics. Strict adherence to our value
philosophy, broad geographic and sector diversification, and an
emphasis on quality give the portfolio attractive risk
characteristics. The International Portfolio has outperformed in both
up and down markets.
o No market timing. Portfolio is fully invested. The International
Portfolio will not utilize futures, other derivatives, or hedge
currencies.
Andy attributes the team's success to this disciplined approach and
their constant search for ways to improve the investment process. For example,
last year, The Glenmede Trust Company created a separate quantitative research
group that we believe will provide the international managers with additional
tools to improve performance and reduce risk.
Andy is also quick to point out good portfolio management is only a
part of the equation--client service is equally important. The Glenmede Trust
Company is extremely proud of its client service professionals' commitment to
meeting client information needs. From standard reports to ad hoc requests,
client service adds value that complements our returns.
(GRAPHIC APPEARS HERE)
Assets Under Management ($ billions)
1989 $0.1
1990 $0.1
1991 $0.2
1992 $0.2
1993 $0.2
1994 $0.3
1995 $0.4
1996 $0.8
1997 $1.2
1998 $1.3
1999 $1.6
3
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THE GLENMEDE FUND, INC.
Government Cash Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1999
Average Annual Total Return
IBC's U.S. Government
and Agencies
Government Cash Portfolio Money Fund AverageTM(1)
- ---------------------------- ---------------------
Year ended 10/31/99 5.00% 4.45%
Five Years ended 10/31/99 5.50% 4.91%
Ten Years ended 10/31/99 5.36% 4.80%
Inception (11/7/88) through 10/31/99 5.72% 5.16%
7-Day(2) 7-Day(2)
Government Cash Portfolio Yield Effective Yield
As of 10/31/99 5.13% 5.26%
During the past fiscal year, the Government Cash Portfolio outperformed
IBC's U.S. Government and Agencies Money Fund Average(TM) due to its use of
overnight and term mortgage-backed security repurchase agreements. This strategy
enhanced the yield while maintaining a high quality diversified portfolio of
money market instruments.
Hypothetical Illustration of $10,000 Invested in
Government Cash Portfolio vs.
IBC's U.S. Government and Agencies Money Fund Average(TM)
11/7/88 through 10/31/99
(GRAPHIC APPEARS HERE)
Glenmede Government Cash Portfolio* -- $18,413
IBC's U.S. Government and Agencies
Money Fund Average(TM)* -- $17,319
Nov. 1988 10,000 10,000
Oct. 1989 10,927 10,874
Oct. 1990 11,846 11,720
Oct. 1991 12,627 12,423
Oct. 1992 13,156 12,871
Oct. 1993 13,575 13,208
Oct. 1994 14,091 13,637
Oct. 1995 14,918 14,353
Oct. 1996 15,733 15,055
Oct. 1997 16,603 15,790
Oct. 1998 17,537 16,558
Oct. 1999 18,413 17,319
* Assumes the reinvestment of all dividends.
(1) IBC's U.S. Government and Agencies Money Fund Average(TM) is comprised of
money market funds investing in U.S. treasury securities and government
agency obligations. Funds included in this average must have at least
$100,000 in total net assets.
(2) "Current yield" refers to the income generated by an investment in the Fund
over a 7-day period. This income is then "annualized". The "effective yield"
is calculated similarly but, when annualized, the income earned by an
investment in the Fund is assumed to be reinvested. The "effective yield"
will be slightly higher than the "current yield" because of the compounding
effect of this assumed reinvestment. The yield quotation more closely
reflects the current earnings of the Fund than the total return quotation.
4
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THE GLENMEDE FUND, INC.
Tax-Exempt Cash Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1999
Average Annual Total Return
IBC's Stock Broker
and General Purpose
Tax-Exempt Cash Portfolio Tax-Free AverageTM(1)
- ------------------------- -----------------------
Year ended 10/31/99 3.02% 2.64%
Five Years ended 10/31/99 3.41% 3.03%
Ten Years ended 10/31/99 3.58% 3.22%
Inception (11/10/88) through 10/31/99 3.83% 3.47%
7-Day(2) 7-Day(2)
Tax-Exempt Cash Portfolio Yield Effective Yield
As of 10/31/99 3.17% 3.22%
The Tax-Exempt Cash Portfolio has outperformed IBC's Stock Broker and
General Purpose Tax-Free Average(TM) in all of the periods shown above. During
the past fiscal year, the strategy of maintaining a shorter average maturity,
which increases yield when rates rise or when there is a greater supply of
short-term securities, combined with a low expense ratio has resulted in good
relative performance.
Hypothetical Illustration of $10,000 Invested in
Tax-Exempt Cash Portfolio vs.
IBC's Stock Broker and General Purpose Tax-Free Average(TM)
11/10/88 through 10/31/99
(GRAPHIC APPEARS HERE)
Glenmede Tax-Exempt Cash Portfolio* -- $15,111
IBC's Stock Broker and General Purpose Tax-Free Average(TM)* -- $14,441
Nov. 1988 10,000 10,000
Oct. 1989 10,627 10,546
Oct. 1990 11,249 11,127
Oct. 1991 11,792 11,623
Oct. 1992 12,183 11,953
Oct. 1993 12,469 12,191
Oct. 1994 12,776 12,452
Oct. 1995 13,257 12,864
Oct. 1996 13,710 13,254
Oct. 1997 14,184 13,657
Oct. 1998 14,667 14,154
Oct. 1999 15,111 14,441
* Assumes the reinvestment of all dividends and distributions.
(1) IBC's Stock Broker and General Purpose Tax-Free Average(TM) is comprised of
money market funds investing in fixed-income securities issued by state and
local governments. Generally, interest payments on securities qualify for
exemption from Federal income taxes. Funds may also own municipal securities
subject to alternative minimum tax. Funds included in this average must have
at least $100,000 in total net assets.
(2) "Current yield" refers to the income generated by an investment in the Fund
over a 7-day period. This income is then "annualized". The "effective yield"
is calculated similarly but, when annualized, the income earned by an
investment in the Fund is assumed to be reinvested. The "effective yield"
will be slightly higher than the "current yield" because of the compounding
effect of this assumed reinvestment. The yield quotation more closely
reflects the current earnings of the Fund than the total return quotation.
5
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THE GLENMEDE FUND, INC.
Core Fixed Income Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1999
Average Annual Total Return
Lehman Lipper
Aggregate Intermediate
Bond U.S. Government
Core Fixed Income Portfolio Index Fund Index*
- ---------------------------- -------- -----------------
Year ended 10/31/99 0.91% 0.53% (0.37)%
Five Years ended 10/31/99 7.29% 7.93% 6.71%
Ten Years ended 10/31/99 7.54% 7.88% 6.05%
Inception (11/17/88) through 10/31/99 7.90% 8.27% 6.05%
The Core Fixed Income Portfolio outperformed the Lipper Intermediate
U.S. Government Fund Index and the Lehman Brothers Aggregate Bond Index during
fiscal year 1999. The Portfolio's outperformance can be attributed to the
investment manager's disciplined investment style. The Portfolio is invested to
seek total return consistent with reasonable risk and close-to-market interest
rate risk.
Hypothetical Illustration of $10,000 Invested in
Core Fixed Income Portfolio vs.
Lehman Brothers Aggregate Bond Index and
Lipper Intermediate U.S. Government Fund Index*
11/17/88 through 10/31/99
(GRAPHIC APPEARS HERE)
Glenmede Core Fixed Income Portfolio**-- $23,001
Index: Lehman Brothers Aggregate Bond Index**-- $23,887
Index: Lipper Intermediate U.S. Government Fund**-- $19,021
Nov. 1988 10,000 10,000 10,000
Oct. 1989 11,120 11,190 10,000
Oct. 1990 12,045 11,896 10,515
Oct. 1991 13,821 13,777 11,937
Oct. 1992 15,112 15,132 13,006
Oct. 1993 16,682 16,928 14,306
Oct. 1994 16,177 16,307 13,746
Oct. 1995 18,128 18,859 15,485
Oct. 1996 19,194 19,961 16,236
Oct. 1997 20,850 21,736 17,472
Oct. 1998 22,793 23,762 19,092
Oct. 1999 23,001 23,887 19,021
* Index commenced 12/31/89.
** Assumes the reinvestment of all dividends and distributions.
Since 1997 we have compared the Portfolio's performance to the Lehman Brothers
Aggregate Bond Index and the Lipper Intermediate U.S. Government Fund Index. The
Lehman Brothers Aggregate Bond Index is an unmanaged index comprised of
securities from the Lehman Brothers Government Corporate Bond, Mortgage-Backed
Securities and Asset-Backed Securities Indexes. Total return consists of price
appreciation/depreciation and income as a percentage of the original investment.
Indexes are rebalanced by market capitalization each month. The Lipper
Intermediate U.S. Government Fund Index is comprised of the 30 largest funds in
the Lipper Intermediate U.S. Government Fund Average. The Average consists of
funds that invest at least 65% of their assets in securities issued or
guaranteed by the U.S. government, its agencies or instrumentalities with
dollar-weighted average maturities of 5 to 10 years.
6
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THE GLENMEDE FUND, INC.
Tax Managed Equity Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1999
Average Annual Total Return
<TABLE>
<CAPTION>
Dow Jones Ind. S&P 500 Lipper
Monthly Stock Multi Cap
Tax Managed Equity Portfolio Reinvested Index Value Index
- ------------------------------ ---------------- -------- --------------
<S><C>
Year ended 10/31/99 23.88% 27.04% 25.91% 9.89%
Five Years ended 10/31/99 23.55% 24.93% 26.03% 16.60%
Ten Years ended 10/31/99 16.00% 18.04% 17.84% 12.93%
Inception (7/20/89) through 10/31/99 15.67% 17.98% 17.54% 12.65%
</TABLE>
The Tax Managed Equity Portfolio returned 23.88% for the year ended
October 31, 1999, handily outperforming our peer group and modestly trailing the
S&P 500 Stock Index. Relative to its peer group, the Portfolio benefited from an
overweighting in technology stocks, which was the strongest performing sector of
the market by far. Our investment discipline continues to lead us to stocks
which exhibit strong and/or accelerating earnings, earnings growth, and whose
valuation does not fully reflect this positive outlook.
Hypothetical Illustration of $10,000 Invested in
Tax Managed Equity Portfolio vs. S&P 500 Stock Index,
Dow Jones Industrial Average and Lipper Multi Cap Value Index
7/20/89 through 10/31/99
(GRAPHIC APPEARS HERE)
Glenmede Tax Managed Equity Portfolio* -- $44,664
Index: S&P 500 Stock* -- $52,674
Dow Jones Industrial Average* -- $54,736
Index: Lipper Multi Cap Value Index* -- $34,040
July 1989 10,000 10,000 10,000 10,000
Oct. 1989 10,127 10,200 10,424 10,167
Oct. 1990 8,978 9,459 9,962 8,863
Oct. 1991 12,103 12,629 12,952 12,536
Oct. 1992 13,146 13,885 14,036 13,515
Oct. 1993 15,329 15,953 16,482 16,080
Oct. 1994 15,514 16,564 17,987 16,409
Oct. 1995 19,203 20,936 22,479 20,343
Oct. 1996 24,705 25,977 29,167 23,788
Oct. 1997 33,696 34,332 36,687 30,549
Oct. 1998 36,054 41,835 43,084 34,792
Oct. 1999 44,664 52,674 54,736 34,040
* Assumes the reinvestment of all dividends and distributions.
The S&P 500 Stock Index is an unmanaged index comprised of 500 widely held
common stocks listed on the New York Stock Exchange, American Stock Exchange and
the Over-The-Counter market. The Dow Jones Industrial Average is an unmanaged
price weighted average based on the "price only" performance of 30 blue chip
stocks (the average is computed by adding the prices of the 30 stocks and
dividing by a denominator which has been adjusted over the years for stock
splits, stock dividends, and substitution of stock). The Lipper Multi Cap Value
Index is comprised of the 30 largest funds in the Lipper Multi Cap Value
Average. The Average consists of funds that normally invest in companies whose
long-term earnings are expected to grow significantly faster than the earnings
of the stocks represented in the major unmanaged stock indexes. During the year
ended October 31, 1999, Lipper changed the way that they classified mutual
funds. As a result of this reclassification, the Tax Managed Equity Portfolio is
now part of the Lipper Multi Cap Value Index. Previously, the Portfolio was part
of the Lipper Growth Fund Index.
7
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THE GLENMEDE FUND, INC.
Small Capitalization Equity Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1999
Average Annual Total Return
<TABLE>
<CAPTION>
Russell S&P 500 Lipper Small
2000 Stock Capitalization
Small Capitalization Equity Portfolio Stock Index Index Fund Index
- ------------------------------------ ----------- -------- --------------
<S><C>
Year ended 10/31/99 (0.32)% 14.87% 25.91% 2.23%
Five Years ended 10/31/99 10.57% 12.57% 26.03% 10.04%
Inception (3/1/91) through 10/31/99 11.67% 13.65% 19.00% 12.15%
</TABLE>
During fiscal year 1999, small capitalization stocks continued to
significantly underperform large capitalization stocks. In addition, value
investing remained out of favor and underperformed growth investing by a wide
margin for the second year in a row. As a result, the Small Capitalization
Equity Portfolio underperformed the Russell 2000 Index.
Hypothetical Illustration of $10,000 Invested in
Small Capitalization Equity Portfolio vs. S&P 500 Stock Index,
Russell 2000 Stock Index and Lipper Small Capitalization Fund Index
3/1/91 through 10/31/99
(GRAPHIC APPEARS HERE)
Glenmede Small Capitalization Equity Portfolio* -- $26,040
Index: S&P 500 Stock Index* -- $45,165
Index: Russell 2000 Stock Index* -- $30,314
Index: Lipper Small Capitalization Fund Index* -- $27,025
March 1991 10,000 10,000 10,000 10,000
Oct. 1991 11,184 10,828 11,696 11,887
Oct. 1992 11,443 11,906 12,805 12,679
Oct. 1993 15,318 13,679 16,954 16,438
Oct. 1994 15,754 14,203 16,902 16,766
Oct. 1995 19,086 17,952 19,999 20,718
Oct. 1996 22,563 22,275 23,320 24,259
Oct. 1997 31,993 29,438 30,161 28,766
Oct. 1998 26,124 35,872 26,390 24,829
Oct. 1999 26,040 45,165 30,314 27,025
* Assumes the reinvestment of all dividends and distributions.
The S&P 500 Stock Index is an unmanaged index comprised of 500 widely held
common stocks listed on the New York Stock Exchange, American Stock Exchange and
the Over-The-Counter market. The Russell 2000 Stock Index is an unmanaged
capitalization weighted total return index which is comprised of 2000 of the
smallest capitalized U.S. domiciled companies which are traded in the United
States on the New York Stock Exchange, American Stock Exchange and NASDAQ. The
Lipper Small Capitalization Fund Index is comprised of the 30 largest funds in
the Lipper Small Capitalization Fund Average. The Average consists of funds that
invest primarily in companies with market capitalizations of less than $1
billion at the time of purchase.
8
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THE GLENMEDE FUND, INC.
Large Cap Value Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1999
Average Annual Total Return
<TABLE>
<CAPTION>
Russell S&P 500 Lipper
1000 Stock Multi Cap
Large Cap Value Portfolio Stock Index Index Value Index
- ---------------------------- --------------- -------- --------------
<S><C>
Year ended 10/31/99 19.59% 25.47% 25.91% 9.89%
Five Years ended 10/31/99 18.38% 25.35% 26.03% 16.60%
Inception (12/31/92) through 10/31/99 16.50% 20.20% 20.85% 14.58%
</TABLE>
The Large Cap Value Portfolio is driven by a proprietary ranking
process that seeks value with positive catalysts to signal improvement in a
company's prospects and change in investor's expectations. The portfolio's
price/earnings and price/book ratios trade at a significant discount to the S&P
500. During the past fiscal year, the Large Cap Value Portfolio has outperformed
the Lipper Multi Cap Value Index. The Portfolio has underperformed the S&P 500
as the market participation continues to be narrow and driven by the technology
sector. Prior to March 1996, the Portfolio was managed using a purely
quantitative methodology.
Hypothetical Illustration of $10,000 Invested in
Large Cap Value Portfolio vs. S&P 500 Stock Index,
Russell 1000 Stock Index and Lipper Multi Cap Value Index
12/31/92 through 10/31/99
(GRAPHIC APPEARS HERE)
Glenmede Large Cap Value Portfolio* -- $28,348
Index: S&P 500 Stock* -- $36,395
Index: Russell 1000 Stock* -- $35,085
Index: Lipper Multi Cap Value Index* -- $25,302
Jan. 1993 10,000 10,000 10,000 10,000
Oct. 1993 12,305 11,023 10,996 11,173
Oct. 1994 12,194 11,445 11,338 11,401
Oct. 1995 14,145 14,466 14,001 14,134
Oct. 1996 16,569 17,949 17,702 16,528
Oct. 1997 22,625 23,722 23,337 21,225
Oct. 1998 23,705 28,906 27,964 24,174
Oct. 1999 28,348 36,395 35,085 25,302
* Assumes the reinvestment of all dividends and distributions.
The S&P 500 Stock Index is an unmanaged index comprised of 500 widely held
common stocks listed on the New York Stock Exchange, American Stock Exchange and
the Over-The-Counter market. The Russell 1000 Stock Index is an unmanaged
capitalization weighted total return index which is comprised of 1000 of the
largest capitalized U.S. domiciled companies which are traded in the United
States on the New York Stock Exchange, American Stock Exchange and NASDAQ. The
Lipper Multi Cap Value Index is comprised of the 30 largest funds in the Lipper
Multi Cap Value Average. The Average consists of funds that normally invest in
companies whose long-term earnings are expected to grow significantly faster
than the earnings of the stocks represented in the major unmanaged stock
indexes. During the year ended October 31, 1999, Lipper changed the way that
they classified mutual funds. As a result of this reclassification, the Large
Cap Value Portfolio is now part of the Lipper Multi Cap Value Index. Previously,
the Portfolio was part of the Lipper Growth Fund Index.
9
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THE GLENMEDE FUND, INC.
International Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1999
Average Annual Total Return
Morgan Stanley Lipper
EAFE-IX(R) ND International
International Portfolio Weighted Index Fund Index
- ---------------------------- --------------- -------------
Year ended 10/31/99 24.65% 23.03% 23.05%
Five Years ended 10/31/99 13.01% 9.21% 10.35%
Ten Years ended 10/31/99 12.32% 6.64% 9.63%
Inception (11/17/88) through 10/31/99 12.35% 6.50% 9.96%
Over the past twelve months, the Fund has modestly outperformed EAFE
due to stock selection. During the past ten years, Glenmede's relative
performance versus EAFE has been due equally to favorable country and stock
selection.
Hypothetical Illustration of $10,000 Invested in
International Portfolio vs. Morgan Stanley EAFE-IX(R) ND Weighted Index
and Lipper International Fund Index
11/17/88 through 10/31/99
(GRAPHIC APPEARS HERE)
Glenmede International Portfolio* -- $35,811
Index: Morgan Stanley EAFE IX(R) ND Weighted* -- $19,937
Index: Lipper International Fund* -- $28,286
Nov. 1988 10,000 10,000 10,000
Oct. 1989 11,207 10,481 11,281
Oct. 1990 11,685 9,138 11,239
Oct. 1991 13,101 9,774 12,180
Oct. 1992 12,743 8,482 11,563
Oct. 1993 17,007 11,659 15,502
Oct. 1994 19,433 12,836 17,286
Oct. 1995 20,254 12,789 17,205
Oct. 1996 22,982 14,129 19,381
Oct. 1997 26,739 14,779 21,968
Oct. 1998 28,729 16,205 22,987
Oct. 1999 35,811 19,937 28,286
* Assumes the reinvestment of all dividends and distributions excluding
withholding taxes.
The Morgan Stanley EAFE-IX(R) ND Weighted Index is an unmanaged capitalization
weighted composite portfolio consisting of equity total returns for the
countries of Australia and New Zealand and countries in Europe and the Far East.
The Lipper International Fund Index is comprised of the 30 largest funds in the
Lipper International Fund Average. The Average consists of funds that invest in
securities whose primary trading markets are outside of the United States.
10
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THE GLENMEDE FUND, INC.
Institutional International Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1999
Average Annual Total Return
<TABLE>
<CAPTION>
Morgan Stanley Lipper
EAFE-IX(R) ND International
Institutional International Portfolio Weighted Index Fund Index
- --------------------------------------- -------------- --------------
<S>
<C>
Year ended 10/31/99 22.98% 23.03% 23.05%
Five Years ended 10/31/99 11.86% 9.21% 10.35%
Inception (8/1/92) through 10/31/99 13.44% 12.32% 12.41%
</TABLE>
Over the past twelve months, the Institutional International Portfolio
has performed in line with EAFE. Positive stock selection was offset by negative
country selection. Since inception, Glenmede's relative performance versus EAFE
has been due equally to favorable country and stock selection.
Hypothetical Illustration of $10,000 Invested in
Institutional International Portfolio vs. Morgan Stanley EAFE-IX(R) ND
Weighted Index and Lipper International Fund Index
8/1/92 through 10/31/99
(GRAPHIC APPEARS HERE)
Glenmede Institutional International Portfolio* -- $24,934
Index: Morgan Stanley EAFE-IX(R) ND Weighted* -- $23,205
Index: Lipper International Fund* -- $23,343
Aug. 1992 10,000 10,000 10,000
Oct. 1992 9,440 9,871 9,543
Oct. 1993 12,493 13,568 12,793
Oct. 1994 14,240 14,937 14,265
Oct. 1995 14,294 14,882 14,198
Oct. 1996 16,361 16,440 15,994
Oct. 1997 18,903 17,202 18,129
Oct. 1998 20,276 18,861 18,971
Oct. 1999 24,934 23,205 23,343
* Assumes the reinvestment of all dividends and distributions excluding
withholding taxes.
The Morgan Stanley EAFE-IX(R) ND Weighted Index is an unmanaged capitalization
weighted composite portfolio consisting of equity total returns for the
countries of Australia and New Zealand and countries in Europe and the Far East.
The Lipper International Fund Index is comprised of the 30 largest funds in the
Lipper International Fund Average. The Average consists of funds that invest in
securities whose primary trading markets are outside of the United States.
11
<PAGE>
THE GLENMEDE FUND, INC.
Emerging Markets Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1999
Average Annual Total Return
<TABLE>
<CAPTION>
IFC Index Morgan Stanley Lipper Emerging
Composite Emerging Markets Markets Fund
Emerging Markets Portfolio (Global) Free Index Index
- ---------------------------- ---------- ---------------- ----------------
<S>
<C>
Year ended 10/31/99 41.23% 42.80% 44.62% 36.40%
Inception (12/14/94) through 10/31/99 (2.10)% (3.59)% (3.36)% (3.33)%
</TABLE>
The portfolio strategy to overweight Asia and underweight Latin
America versus the index was a positive contributor to performance over the
period. A small position in Brazil meant that much of the affect of the real's
devaluation was missed, while strong market recoveries were captured in Korea,
Indonesia and Malaysia. However, China shares failed to respond to government
efforts to stimulate the economy. Moreover, returns in the Philippines and
Thailand were disappointing, reflecting weaker corporate results and
difficulties in debt restructuring. In Europe, the continued strong performance
of Greece was largely missed by the portfolio, as expensive valuations had
prompted a reduction in weighting at the end of 1998.
Hypothetical Illustration of $10,000 Invested in
Emerging Markets Portfolio vs. Morgan Stanley Emerging Markets
Free Index, IFC Index Composite and Lipper Emerging Markets Fund Index
12/14/94 through 10/31/99
(GRAPHIC APPEARS HERE)
Glenmede Emerging Markets Portfolio* -- $9,018
Index: Morgan Stanley Emerging Markets Free Index* -- $8,463
Index: IFC Index Composite* -- $8,367
Index: Lipper Emerging Markets Fund Index* -- $8,478
Dec.1994 10,000 10,000 10,000 10,000
Apr. 1995 10,300 8,624 8,592 8,730
Oct. 1995 9,829 8,700 8,511 8,823
Oct. 1996 9,735 9,265 9,123 9,667
Oct. 1997 9,833 8,479 8,296 9,295
Oct. 1998 6,385 5,852 5,859 6,216
Oct. 1999 9,018 8,463 8,367 8,478
* Assumes the reinvestment of all dividends and distributions excluding
withholding taxes.
The Morgan Stanley Emerging Markets Free Index is an unmanaged measure of the
performance of the major emerging economies with sizable and active equity
markets in Asia, Latin America, the Middle East, Africa and Europe. Only those
countries open to non-local investors are included. The IFC Index Composite is
an unmanaged measure of the performance of stock markets in countries with
developing economies, especially those meeting World Bank classifications of
low-income and middle-income, but may include high-income economies where the
stock market is likely to be developing for some time. Markets are included in
Latin America, East Asia and Europe/MidEast/Africa. The Lipper Emerging Markets
Fund Index is comprised of the 30 largest funds in the Lipper Emerging Markets
Fund Average. The Average consists of funds that seek long-term capital
appreciation by investing at least 65% of their assets in emerging market equity
securities. An emerging market is defined by a country's Gross National Product
per capita or other economic measures.
12
<PAGE>
THE GLENMEDE FUND, INC.
Global Equity Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1999
Average Annual Total Return
MSCI MSCI
EAFE World IX
IX ND(R) UK IX ND
Global Equity Portfolio Index Index
- ---------------------- --------- --------
Year ended 10/31/99 21.18% 23.03% 26.29%
Inception (11/4/97) through 10/31/99 11.45% 16.84% 16.73%
Over the past twelve months, the Global Equity Portfolio has lagged the
indices. Being underweight in the U.S. , U.K. and France, as well as weak stock
selection within those markets, was not completely offset by positive effects in
other portfolio components.
Hypothetical Illustration of $10,000 Invested in GlobalEquity Portfolio
vs. Morgan Stanley EAFE-IXND(R) Weighted Index and
Morgan Stanley World-IXND(R) Weighted Index
Inception through 10/31/99
(GRAPHIC APPEARS HERE)
Glenmede Global Equity Portfolio* -- $12,407
Index: Morgan Stanley EAFE-IX ND(R) Weighted Index* -- $13,629
Index: Morgan Stanley World-IX ND(R) Weighted Index* -- $13,602
Nov. 1997 10,000 10,000 10,000
Apr. 1998 11,178 11,663 11,681
Oct. 1998 10,229 11,077 10,770
Oct. 1999 12,407 13,629 13,602
* Assumes the reinvestment of all dividends and distributions excluding
withholding taxes.
The Morgan Stanley EAFE-IX(R) ND Weighted Index is an unmanaged capitalization
weighted composite portfolio consisting of equity total returns for the
countries of Australia and New Zealand and countries in Europe and the Far East.
The Morgan StanleyCapital International (MSCI)World Index is an unmanaged
capitalization weighted portfolio consisting of equity total returns for the
countries of Australia and New Zealand and countries in Europe, the Far East,
and North America.
13
<PAGE>
THE GLENMEDE PORTFOLIOS
Muni Intermediate Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1999
Average Annual Total Return
<TABLE>
<CAPTION>
Lehman Brothers Lipper Intermediate
Muni 5-Year Municipal Debt
Muni Intermediate Portfolio Bond Index Fund Index
- ---------------------------- -------------- ----------------
<S><C>
Year ended 10/31/99 0.91% 1.02% (1.20)%
Five Years ended 10/31/99 6.08% 5.70% 5.51%
Inception (6/5/92) through 10/31/99 5.13% 5.56% 5.28%
</TABLE>
The Municipal Intermediate Portfolio has outperformed the Lipper
Intermediate Municipal Debt Fund Index primarily because Muni Intermediate is a
defensive portfolio which performed well in a rising interest rate environment
such as we have had this year. The Portfolio slightly underperformed the Lehman
5-Year Index due to our higher quality bonds and our Pennsylvania exemption.
Hypothetical Illustration of $10,000 Invested
in Muni Intermediate Portfolio vs. Lehman Brothers
Municipal 5-Year Bond Index and Lipper Intermediate
Municipal Debt Fund Index
6/5/92 through 10/31/99
(GRAPHIC APPEARS HERE)
Glenmede Muni Intermediate Portfolio* -- $14,488
Index: Lipper Intermediate Municipal Debt Fund Index* -- $14,636
Index: Lehman Brothers Municipal 5-Year Bond Index* -- $14,929
June 1992 10,000 10,000 10,000
Oct. 1992 10,074 10,287 10,360
Oct. 1993 11,137 11,484 11,375
Oct. 1994 10,788 11,194 11,314
Oct. 1995 12,057 12,419 12,479
Oct. 1996 12,621 12,951 13,049
Oct. 1997 13,465 13,801 13,872
Oct. 1998 14,241 14,814 14,779
Oct. 1999 14,488 14,636 14,929
* Assumes the reinvestment of all dividends and distributions.
The Lehman Brothers Municipal 5-Year Bond Index is an unmanaged total return
performance benchmark for the intermediate-term and short-intermediate,
investment-grade tax-exempt bond markets. The Lipper Intermediate Municipal Debt
Fund Index is comprised of the 30 largest funds in the Lipper Intermediate
Municipal Debt Fund Average. The Average consists of funds that invest in
municipal debt issues with dollar-weighted average maturities of 5 to 10 years.
14
<PAGE>
THE GLENMEDE PORTFOLIOS
New Jersey Muni Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 1999
Average Annual Total Return
<TABLE>
<CAPTION>
Lehman Brothers Lipper New Jersey
Muni 5-Year Municipal Debt
New Jersey Portfolio Bond Index Fund Index
- ---------------------- -------------- ---------------
<S><C>
Year ended 10/31/99 0.08% 1.02% (3.89)%
Five Years ended 10/31/99 6.15% 5.70% 5.75%
Inception (11/1/93) through 10/31/99 4.19% 4.68% 3.85%
</TABLE>
The New Jersey Municipal Portfolio has outperformed versus the Lipper
New Jersey Municipal Debt Fund Index. This is due to the shorter duration of the
Portfolio. The Portfolio underperformed the Lehman 5-Year Index because New
Jersey municipal securities are trading at a premium to national names.
Hypothetical Illustration of $10,000 Invested
in New Jersey Muni Portfolio vs. Lehman Brothers
Municipal 5-Year Bond Index and Lipper New Jersey Municipal
Debt Fund Index
11/1/93 through 10/31/99
(GRAPHIC APPEARS HERE)
Glenmede New Jersey Muni Portfolio* -- $12,787
Index: Lehman Brothers Municipal 5-Year Bond Index* -- $13,157
Index: Lipper New Jersey Municipal Debt Fund Index* -- $12,542
Nov. 1993 10,000 10,000 10,000
Apr. 1994 9,660 9,872 9,581
Oct. 1994 9,488 9,946 9,484
Oct. 1995 10,744 10,971 10,745
Oct. 1996 11,200 11,471 11,245
Oct. 1997 11,973 12,195 12,080
Oct. 1998 12,777 13,024 13,050
Oct. 1999 12,787 13,157 12,542
* Assumes the reinvestment of all dividends and distributions.
The Lehman Brothers Municipal 5-Year Bond Index is an unmanaged total return
performance benchmark for the intermediate-term and short-intermediate,
investment-grade tax-exempt bond markets. The Lipper New Jersey Municipal Debt
Fund Index consists of the 10 largest funds in the Lipper New Jersey Municipal
Debt Fund Average. The Average consists of funds that invest only in securities
that are exempt from taxation in New Jersey or cities in New Jersey.
15
<PAGE>
THE GLENMEDE FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 1999
<TABLE>
<CAPTION>
Tax- Core
Government Exempt Fixed
Cash Cash Income
Portfolio Portfolio Portfolio
-------------- ------------ ----------
<S><C>
Assets:
Investments:
Investments at value........................ $203,269,102 $349,301,933 $238,327,045
Repurchase agreements....................... 203,606,064 -- 45,654,000
------------ ------------ ------------
Total investments....................... 406,875,166 349,301,933 283,981,045
------------ ------------ ------------
Cash ....................................... -- 100,887 643
Receivable for fund shares sold............. -- -- 5,300
Collateral for securities loaned............ -- -- 5,979,947
Interest receivable......................... 1,018,847 1,672,536 2,295,620
Other receivables........................... -- -- 42,979
Prepaid expenses............................ 1,276 10,504 1,897
------------ ------------ ------------
Total assets............................ 407,895,289 351,085,860 292,307,431
------------ ------------ ------------
Liabilities:
Dividend payable............................ 1,922,484 996,230 7,314
Payable for securities purchased............ -- -- 28,173,983
Reverse repurchase agreements............... -- -- 27,337,625
Payable under security loan agreements...... -- -- 5,979,947
Accrued expenses............................ 65,357 57,148 124,374
------------ ------------ ------------
Total liabilities....................... 1,987,841 1,053,378 61,623,243
------------ ------------ ------------
Net Assets....................................... $405,907,448 $350,032,482 $230,684,188
============ ============ ============
Shares Outstanding ............................. 405,871,807 350,114,383 22,704,175
============ ============ ============
Net Asset Value Per Share........................ $1.00 $1.00 $10.16
============ ============ ============
</TABLE>
See Notes to Financial Statements.
16
<PAGE>
THE GLENMEDE FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Tax- Small
Managed Capitalization Large Cap
Equity Equity Value
Portfolio Portfolio Portfolio
-------------- ------------ --------------
<S><C>
Assets:
Investments:
Investments at value....................... $146,002,202 $279,947,473 $56,816,875
Repurchase agreements...................... 2,796,000 2,650,000 2,292,000
------------ ------------ -----------
Total investments...................... 148,798,202 282,597,473 59,108,875
------------ ------------ -----------
Cash ...................................... 972 294 528
Receivable for fund shares sold............ -- 6,084 --
Receivable for securities sold............. -- 2,341,089 943,749
Collateral for securities loaned........... 204,000 11,387,200 1,391,700
Dividends receivable....................... 120,924 73,336 59,770
Interest receivable........................ 1,153 1,083 945
Prepaid expenses........................... 3,841 38,033 3,509
------------ ------------ -----------
Total assets........................... 149,129,092 296,444,592 61,509,076
------------ ------------ -----------
Liabilities:
Dividend payable........................... -- 16,127 --
Payable for fund shares redeemed........... 117,886 177,654 39,695
Payable for securities purchased........... -- 2,795,249 884,331
Payable under security loan agreements..... 204,000 11,387,200 1,391,700
Accrued expenses........................... 23,528 255,904 15,346
------------ ------------ -----------
Total liabilities...................... 345,414 14,632,134 2,331,072
------------ ------------ -----------
Net Assets...................................... $148,783,678 $281,812,458(1) $59,178,004
============ ============ ===========
Shares Outstanding ............................ 6,554,527 16,848,660(1) 5,264,364
============ ============ ===========
Net Asset Value Per Share....................... $22.70 $15.04(1) $11.24
============ ============ ===========
</TABLE>
(1) These Shares Outstanding and Net Asset Value per share are for the Advisor
Class. The Net Assets for the Advisor Class are $253,357,165. For the
Institutional Class the Shares Outstanding were 1,896,077 and the Net Asset
Value per share is $15.01. The Net Assets for the Institutional Class are
$28,455,293.
See Notes to Financial Statements.
17
<PAGE>
THE GLENMEDE FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Institutional Emerging
International International Markets
Portfolio Portfolio Portfolio
-------------- ------------ --------------
<S><C>
Assets:
Investments:
Investments at value....................... $1,472,508,802 $164,964,005 $72,246,098
Repurchase agreements...................... 12,648,000 8,585,000 --
-------------- ------------ -----------
Total investments...................... 1,485,156,802 173,549,005 72,246,098
-------------- ------------ -----------
Cash ...................................... 790 527 975,350
Receivable for fund shares sold............ 13,265,000 2,305,135 --
Receivable for securities sold............. -- -- 586,256
Collateral for securities loaned........... 243,691,463 21,871,145 4,379,400
Dividends receivable....................... 1,424,966 161,419 9,961
Interest receivable........................ 5,217 3,541 --
Foreign tax reclaims receivable............ 971,092 113,426 --
Prepaid expenses........................... 4,332 -- --
-------------- ------------ -----------
Total assets........................... 1,744,519,662 198,004,198 78,197,065
-------------- ------------ -----------
Liabilities:
Dividend payable........................... -- 8,879 --
Payable for fund shares redeemed........... 10,222 29,987 --
Payable for securities purchased........... -- -- 334,073
Payable under security loan agreements..... 243,691,463 21,871,145 4,379,400
Accrued expenses........................... 259,091 143,097 309,294
-------------- ------------ -----------
Total liabilities...................... 243,960,776 22,053,108 5,022,767
-------------- ------------ -----------
Net Assets...................................... $1,500,558,886 $175,951,090 $73,174,298
============== ============ ===========
Shares Outstanding ............................ 83,978,373 9,875,744 8,823,513
============== ============ ===========
Net Asset Value Per Share....................... $17.87 $17.82 $8.29
============== ============ ===========
</TABLE>
See Notes to Financial Statements.
18
<PAGE>
THE GLENMEDE FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES -- (Concluded)
October 31, 1999
Global
Equity
Portfolio
--------------
Assets:
Investments:
Investments at value....................... $ 29,450,822
Repurchase agreements...................... 439,000
-------------
Total investments...................... 29,889.822
-------------
Cash....................................... 651
Receivable for securities sold ............ 114,308
Collateral for securities loaned........... 2,012,125
Dividends receivable....................... 25,504
Interest receivable........................ 181
Foreign tax reclaims receivable ........... 23,332
Other receivables.......................... 125,621
Prepaid expenses........................... 6,890
-------------
Total assets........................... 32,198,434
-------------
Liabilities:
Payable for securities purchased........... 118,604
Payable under security loan agreements..... 2,012,125
Accrued expenses........................... 28,184
-------------
Total liabilities...................... 2,158,913
-------------
Net Assets...................................... $ 30,039,521
-------------
Shares Outstanding.............................. 2,627,088
=============
Net Asset Value Per Share....................... $11.43
=============
See Notes to Financial Statements.
19
<PAGE>
THE GLENMEDE FUND, INC.
STATEMENTS OF OPERATIONS
For the year ended October 31, 1999
<TABLE>
<CAPTION>
Tax- Core
Government Exempt Fixed
Cash Cash Income
Portfolio Portfolio Portfolio
-------------- ------------ ----------
<S><C>
Investment income:
Interest........................................................ $24,157,732 $11,499,173 $17,253,958
----------- ----------- -----------
Total investment income..................................... 24,157,732 11,499,173 17,253,958
----------- ----------- -----------
Expenses:
Administration fee.............................................. 177,284 136,105 94,966
Professional fees............................................... 44,957 44,995 27,338
Interest expense................................................ -- -- 1,115,966
Pricing fees.................................................... 3,132 21,537 10,117
Shareholder report expense...................................... 2,205 6,198 6,501
Shareholder servicing fees ..................................... 240,169 185,886 130,098
Custodian fee................................................... 25,420 20,234 18,692
Directors' fees and expenses.................................... 8,113 8,582 6,249
Registration and filing fees.................................... 2,294 21,992 2,411
Other expenses.................................................. 10,129 11,680 9,237
----------- ----------- -----------
Total expenses.............................................. 513,703 457,209 1,421,575
----------- ----------- -----------
Net investment income .......................................... 23,644,029 11,041,964 15,832,383
----------- ----------- -----------
Realized and unrealized loss:
Net realized loss on:
Securities transactions..................................... -- -- (1,959,380)
----------- ----------- -----------
Net realized loss........................................... -- -- (1,959,380)
----------- ----------- -----------
Net change in unrealized appreciation/ depreciation of:
Securities.................................................. -- -- (12,047,888)
----------- ----------- -----------
Net unrealized appreciation/depreciation.................... -- -- (12,047,888)
----------- ----------- -----------
Net realized and unrealized loss..................................... -- -- (14,007,268)
----------- ----------- -----------
Net increase in net assets
resulting from operations....................................... $23,644,029 $11,041,964 $ 1,825,115
=========== =========== ===========
</TABLE>
See Notes to Financial Statements.
20
<PAGE>
THE GLENMEDE FUND, INC.
STATEMENTS OF OPERATIONS -- (Continued)
For the year ended October 31, 1999
<TABLE>
<CAPTION>
Tax Small
Managed Capitalization Large Cap
Equity Equity Value
Portfolio Portfolio Portfolio
-------------- ------------ ----------
<S><C>
Investment income:
Dividends (net of foreign withholding taxes)(1).......... $ 1,833,471 $ 6,537,099 $ 961,721
Interest................................................. 146,317 267,097 57,352
Other income(2).......................................... 5,886 37,034 2,137
----------- ----------- -----------
Total investment income.............................. 1,985,674 6,841,230 1,021,210
----------- ----------- -----------
Expenses:
Investment advisory fee ................................. -- 1,755,859 --
Administration fee....................................... 56,347 113,673 27,038
Professional fees........................................ 21,164 48,495 12,655
Shareholder report expense............................... 5,600 12,737 5,106
Shareholder servicing fees (Advisor Class(3))............ 76,980 722,155 36,258
Shareholder servicing fees (Institutional Class(3))...... -- 15,192 --
Custodian fee............................................ 10,439 21,010 4,683
Directors' fees and expenses............................. 4,152 10,393 2,420
Registration and filing fees............................. 2,916 43,963 1,521
Other expenses........................................... 5,075 -- 3,035
----------- ----------- -----------
Total expenses....................................... 182,673 2,743,477 92,716
----------- ----------- -----------
Net investment income.................................... 1,803,001 4,097,753 928,494
----------- ----------- -----------
Realized and unrealized gain/(loss):
Net realized gain/(loss) on:
Securities transactions.............................. 14,604,117 (21,112,207) 11,038,346
----------- ----------- -----------
Net realized gain/(loss)............................. 14,604,117 (21,112,207) 11,038,346
----------- ----------- -----------
Net change in unrealized appreciation/ depreciation of:
Securities including options......................... 16,672,595 15,487,511 1,102,108
----------- ----------- -----------
Net unrealized appreciation.......................... 16,672,595 15,487,511 1,102,108
----------- ----------- -----------
Net realized and unrealized gain/(loss)....................... 31,276,712 (5,624,696) 12,140,454
----------- ----------- -----------
Net increase/(decrease) in net assets
resulting from operations................................ $33,079,713 $(1,526,943) $13,068,948
=========== =========== ===========
</TABLE>
- ----------
(1) The Tax Managed Equity Portfolio had foreign dividend withholding taxes of
$2,948.
(2) Income from security lending.
(3) For Small Capitalization Equity Portfolio.
See Notes to Financial Statements.
21
<PAGE>
THE GLENMEDE FUND, INC.
STATEMENTS OF OPERATIONS -- (Continued)
For the year ended October 31, 1999
<TABLE>
<CAPTION>
Institutional Emerging
International International Markets
Portfolio Portfolio Portfolio
-------------- ------------ ----------
<S><C>
Investment income:
Dividends (net of foreign withholding taxes)(1).......... $ 32,510,634 $ 3,215,758 $ 1,051,315
Interest................................................. 1,692,125 342,322 28,204
Other income(2).......................................... 702,532 66,663 28,904
------------ ----------- -----------
Total investment income.............................. 34,905,291 3,624,743 1,108,423
------------ ----------- -----------
Expenses:
Investment advisory fee ................................. -- 1,011,323 872,016
Administration fee....................................... 472,896 52,101 25,405
Professional fees........................................ 95,925 14,031 19,552
Pricing fees............................................. 8,647 8,636 6,639
Shareholder report expense............................... 20,633 9,318 14,552
Shareholder servicing fees .............................. 665,111 -- --
Custodian fee............................................ 170,905 16,322 267,647
Directors' fees and expenses............................. 31,722 3,864 6,611
Registration and filing fees............................. 39,689 32,108 3,016
Other expenses........................................... 19,186 6,017 2,574
------------ ----------- -----------
Total expenses....................................... 1,524,714 1,153,720 1,218,012
------------ ----------- -----------
Net investment income/(expenses in excess
of income)........................................... 33,380,577 2,471,023 (109,589)
------------ ----------- -----------
Realized and unrealized gain/(loss):
Net realized gain/(loss) on:
Securities transactions.............................. 84,936,877 7,631,695 7,297,717
Foreign currency transactions........................ (449,376) (165,993) (810,395)
------------ ----------- -----------
Net realized gain.................................... 84,487,501 7,465,702 6,487,322
------------ ----------- -----------
Net change in unrealized appreciation/ depreciation of:
Securities including options......................... 167,629,466 17,099,963 16,533,844
Foreign currency translation......................... (74,442) (5,972) 51,350
------------ ----------- -----------
Net unrealized appreciation/depreciation............. 167,555,024 17,093,991 16,585,194
------------ ----------- -----------
Net realized and unrealized gain.............................. 252,042,525 24,559,693 23,072,516
------------ ----------- -----------
Net increase in net assets
resulting from operations................................ $285,423,102 $27,030,716 $22,962,927
============ =========== ===========
</TABLE>
- ----------
(1) The International Portfolio, Institutional International Portfolio and
Emerging Markets Portfolio had foreign dividend withholding taxes of
$3,494,217, $354,100 and $189,072, respectively.
(2) Income from security lending.
See Notes to Financial Statements.
22
<PAGE>
THE GLENMEDE FUND, INC.
STATEMENTS OF OPERATIONS -- (Continued)
For the year ended October 31, 1999
Global
Equity
Portfolio
-----------
Investment income:
Dividends (net of foreign withholding taxes)(1)............ $ 632,716
Interest................................................... 36,927
Other income(2)............................................ 6,031
----------
Total investment income................................ 675,674
----------
Expenses:
Investment advisory fee ................................... 201,240
Administration fee......................................... 10,505
Professional fees.......................................... 5,044
Pricing fees............................................... 5,911
Shareholder report expense................................. 5,594
Custodian fee.............................................. 34,516
Directors' fees and expenses............................... 566
Other expenses............................................. 84
----------
Total expenses......................................... 263,460
----------
Net investment income...................................... 412,214
----------
Realized and unrealized gain:
Net realized gain on:
Securities transactions................................ 1,377,113
Foreign currency transactions.......................... 2,384
----------
Net realized gain...................................... 1,379,497
----------
Net change in unrealized appreciation/depreciation of:
Securities including options........................... 3,450,215
Foreign currency translation........................... (1,723)
----------
Net unrealized appreciation/depreciation............... 3,448,492
----------
Net realized and unrealized gain................................ 4,827,989
----------
Net increase in net assets
resulting from operations.................................. $5,240,203
==========
- ----------
(1) The Global Equity Portfolio had foreign dividend withholding taxes of
$73,860.
(2) Income from security lending.
See Notes to Financial Statements.
23
<PAGE>
THE GLENMEDE FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
For the year ended October 31, 1999
<TABLE>
<CAPTION>
Tax- Core
Government Exempt Fixed
Cash Cash Income
Portfolio Portfolio Portfolio
------------ ------------ ------------
<S><C>
Net investment income........................ $ 23,644,029 $ 11,041,964 $ 15,832,383
Net realized loss on:
Security transactions................... -- -- (1,959,380)
Net change in unrealized appreciation/
depreciation of:
Securities.............................. -- -- (12,047,888)
------------ ------------ ------------
Net increase in net assets resulting
from operations........................... 23,644,029 11,041,964 1,825,115
Distributions to shareholders from:
Net investment income................... (23,644,029) (11,041,964) (15,879,969)
Net decrease in net assets from
capital share transactions.............. (24,257,637) (25,891,941) (14,247,142)
------------ ------------ ------------
Net decrease in net assets................... (24,257,637) (25,891,941) (28,301,996)
NET ASSETS:
Beginning of year............................ 430,165,085 375,924,423 258,986,184
------------ ------------ ------------
End of year.................................. $405,907,448 $350,032,482 $230,684,188
============ ============ ============
</TABLE>
For the year ended October 31, 1998
<TABLE>
<CAPTION>
Tax- Core
Government Exempt Fixed
Cash Cash Income
Portfolio Portfolio Portfolio
------------ ------------ ------------
<S><C>
Net investment income........................ $ 25,539,088 $ 9,876,757 $ 17,192,716
Net realized gain/(loss) on:
Securities transactions................. -- (7,168) 2,139,605
Net change in unrealized appreciation/
depreciation of:
Securities.............................. -- -- 3,989,062
------------ ------------ ------------
Net increase in net assets resulting
from operations......................... 25,539,088 9,869,589 23,321,383
Distributions to shareholders from:
Net investment income................... (25,539,088) (9,876,757) (17,307,852)
Net increase/(decrease) in net assets from
capital share transactions.............. (20,872,453) 94,981,854 (13,760,110)
------------ ------------ ------------
Net increase/(decrease) in net assets........ (20,872,453) 94,974,686 (7,746,579)
NET ASSETS:
Beginning of year............................ 451,037,538 280,949,737 266,732,763
------------ ------------ ------------
End of year.................................. $430,165,085 $375,924,423 $258,986,184
============ ============ ============
</TABLE>
See Notes to Financial Statements.
24
<PAGE>
THE GLENMEDE FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS -- (Continued)
For the year ended October 31, 1999
<TABLE>
<CAPTION>
Tax Small
Managed Capitalization Large Cap
Equity Equity Value
Portfolio Portfolio Portfolio
-------------- -------------- --------------
<S><C>
Net investment income.................................. $ 1,803,001 $ 4,097,753 $ 928,494
Net realized gain/(loss) on:
Security transactions including options........... 14,604,117 (21,112,207) 11,038,346
Net change in unrealized appreciation/
depreciation of:
Securities........................................ 16,672,595 15,487,511 1,102,108
------------ ------------ -----------
Net increase/(decrease) in net assets resulting
from operations..................................... 33,079,713 (1,526,943) 13,068,948
Distributions to shareholders from:
Net investment income (Advisor Class(1)).......... (1,837,172) (3,515,853) (1,001,562)
Net investment income (Institutional Class(1)).... -- (518,163) --
Net realized gain on investments.................. (14,731,224) -- (11,060,260)
Net decrease in net assets from
capital share transactions........................... (20,328,277) (52,016,589) (8,449,461)
------------ ------------ -----------
Net decrease in net assets............................. (3,816,960) (57,577,548) (7,442,335)
NET ASSETS:
Beginning of year...................................... 152,600,638 339,390,006 66,620,339
------------ ------------ -----------
End of year............................................ $148,783,678 $281,812,458 $59,178,004
============ ============ ===========
</TABLE>
For the year ended October 31, 1998
<TABLE>
<CAPTION>
Tax Small
Managed Capitalization Large Cap
Equity Equity Value
Portfolio Portfolio Portfolio
-------------- -------------- --------------
<S><C>
Net investment income.................................. $ 2,709,260 $ 4,578,357 $ 1,297,070
Net realized gain on:
Securities transactions........................... 3,253,783 2,460,188 8,925,375
Net change in unrealized appreciation/
depreciation of:
Securities........................................ 3,805,619 (88,260,179) (6,891,265)
------------ ------------ -----------
Net increase/(decrease) in net assets resulting
from operations................................... 9,768,662 (81,221,634) 3,331,180
Distributions to shareholders from:
Net investment income............................. (2,647,424) (4,508,564) (1,322,089)
Net realized gain on investments.................. (3,246,929) (2,643,414) (9,224,403)
Net increase/(decrease) in net assets from
capital share transactions........................ 8,231,775 (6,892,431) 2,658,292
------------ ------------ -----------
Net increase/(decrease) in net assets.................. 12,106,084 (95,266,043) (4,557,020)
NET ASSETS:
Beginning of year...................................... 140,494,554 434,656,049 71,177,359
------------ ------------ -----------
End of year............................................ $152,600,638 $339,390,006 $66,620,339
============ ============ ===========
</TABLE>
- ----------
(1) For Small Capitalization Equity Portfolio.
See Notes to Financial Statements.
25
<PAGE>
THE GLENMEDE FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS -- (Continued)
For the year ended October 31, 1999
<TABLE>
<CAPTION>
Institutional Emerging
International International Markets
Portfolio Portfolio Portfolio
-------------- -------------- -------------
<S><C>
Net investment income /(expenses in
excess of income)...................................... $ 33,380,577 $ 2,471,023 $ (109,589)
Net realized gain/(loss) on:
Security transactions including options................ 84,936,877 7,631,695 7,297,717
Foreign currency transactions.......................... (449,376) (165,993) (810,395)
Net change in unrealized appreciation/ depreciation of:
Securities............................................. 167,629,466 17,099,963 16,533,844
Foreign currency translation........................... (74,442) (5,972) 51,350
-------------- ------------ -----------
Net increase in net assets resulting
from operations.......................................... 285,423,102 27,030,716 22,962,927
Distributions to shareholders from:
Net investment income ................................. (43,332,727) (3,353,836) --
Net realized gain on investments....................... (81,571,581) (7,782,284) --
Net increase/(decrease) in net assets from
capital share transactions................................ 204,848,287 61,329,386 (5,577,232)
-------------- ------------ -----------
Net increase/(decrease) in net assets....................... 365,367,081 77,223,982 17,385,695
NET ASSETS:
Beginning of year........................................... 1,135,191,805 98,727,108 55,788,603
-------------- ------------ -----------
End of year................................................. $1,500,558,886 $175,951,090 $73,174,298
============== ============ ===========
</TABLE>
For the year ended October 31, 1998
<TABLE>
<CAPTION>
Institutional Emerging
International International Markets
Portfolio Portfolio Portfolio
-------------- -------------- -------------
<S><C>
Net investment income....................................... $ 27,207,128 $ 1,518,179 $ 200,978
Net realized gain/(loss) on:
Securities transactions................................ (21,332,558) (1,822,717) (32,861,279)
Foreign currency transactions.......................... 987,491 58,237 (549,596)
Net change in unrealized appreciation/ depreciation of:
Securities............................................. 71,680,523 5,361,413 940,185
Foreign currency translation........................... 32,072 3,986 (113,826)
-------------- ------------ -----------
Net increase/(decrease) in net assets resulting
from operations........................................ 78,574,656 5,119,098 (32,383,538)
Distributions to shareholders from:
Net investment income.................................. (29,290,284) (1,718,496) --
Net realized gain on investments....................... (11,518,026) (943,135) --
Net increase/(decrease) in net assets from
capital share transactions............................. 46,323,409 14,611,047 (6,839,917)
-------------- ------------ -----------
Net increase/(decrease) in net assets....................... 84,089,755 17,068,514 (39,223,455)
NET ASSETS:
Beginning of year........................................... 1,051,102,050 81,658,594 95,012,058
-------------- ------------ -----------
End of year................................................. $1,135,191,805 $ 98,727,108 $55,788,603
============== ============ ===========
</TABLE>
See Notes to Financial Statements.
26
<PAGE>
THE GLENMEDE FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS -- (Concluded)
For the year ended October 31, 1999
Global
Equity
Portfolio
------------
Net investment income............................................. $ 412,214
Net realized gain on:
Security transactions including options...................... 1,377,113
Foreign currency transactions................................ 2,384
Net change in unrealized appreciation/ depreciation of:
Securities................................................... 3,450,215
Foreign currency translation................................. (1,723)
-----------
Net increase in net assets resulting
from operations................................................ 5,240,203
Distributions to shareholders from:
Net investment income........................................ (616,853)
Net realized gain on investments............................. (1,221,117)
Net increase in net assets from
capital share transactions and other transactions............... 1,326,639
-----------
Net increase in net assets........................................ 4,728,872
NET ASSETS:
Beginning of year................................................. 25,310,649
-----------
End of year....................................................... $30,039,521
===========
For the period November 4, 1997(1) through October 31, 1998
Global
Equity
Portfolio
------------
Net investment income............................................. $ 367,612
Net realized loss on:
Securities transactions...................................... (407,213)
Foreign currency transactions................................ (21,800)
Net change in unrealized appreciation/ depreciation of:
Securities................................................... 657,936
Foreign currency translation................................. 1,614
-----------
Net increase in net assets resulting
from operations.............................................. 598,149
Distributions to shareholders from:
Net investment income........................................ (287,500)
Net realized gain on investments............................. (175,000)
Net increase in net assets from
capital share transactions................................... 25,175,000
-----------
Net increase in net assets........................................ 25,310,649
NET ASSETS:
Beginning of period............................................... --
-----------
End of period..................................................... $25,310,649
===========
- ----------
(1) Commencement of operations.
See Notes to Financial Statements.
27
<PAGE>
THE GLENMEDE FUND, INC.
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year
<TABLE>
<CAPTION>
Government Cash Portfolio
Year Ended October 31,
1999 1998 1997 1996 1995
---------- ---------- ---------- ---------- ----------
<S><C>
Net asset value, beginning of year................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- ----------
Net investment income.............................. 0.049 0.051 0.054 0.053 0.059
Distributions from net investment
income........................................ (0.049) (0.051) (0.054) (0.053) (0.059)
---------- ---------- ---------- ---------- ----------
Net asset value, end of year....................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== =========== ========== ========== ==========
Total Return(1).................................... 5.00% 5.63% 5.53% 5.46% 5.87%
========== =========== ========== ========== ==========
Ratios to average net assets/ Supplemental data:
Net assets, end of year (in 000's)................. $405,907 $430,165 $451,038 $452,395 $408,605
Ratio of operating expenses to
average net assets............................ 0.11% 0.11% 0.13% 0.16% 0.15%
Ratio of net investment income
to average net assets......................... 4.87% 5.41% 5.39% 5.32% 5.71%
</TABLE>
- ----------
(1) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
28
<PAGE>
THE GLENMEDE FUND, INC.
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year
<TABLE>
<CAPTION>
Tax-Exempt Cash Portfolio
Year Ended October 31,
1999 1998 1997 1996 1995
---------- --------- --------- ---------- ----------
<S><C>
Net asset value, beginning of year....................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- --------- ---------- --------- --------
Net investment income.................................... 0.030 0.034 0.034 0.034 0.038
Distributions from net investment
income.............................................. (0.030) (0.034) (0.034) (0.034) (0.038)
---------- --------- ---------- --------- --------
Net asset value, end of year............................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========= ========== ========= ========
Total Return(1).......................................... 3.02% 3.41% 3.46% 3.42% 3.76%
========== ========= ========== ========= ========
Ratios to average net assets/ Supplemental data:
Net assets, end of year (in 000's)....................... $350,032 $375,924 $280,950 $224,999 $222,808
Ratio of operating expenses to
average net assets.................................. 0.12% 0.13% 0.14% 0.15% 0.15%
Ratio of net investment income
to average net assets............................... 2.97% 3.37% 3.40% 3.36% 3.69%
</TABLE>
- ----------
(1) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
29
<PAGE>
THE GLENMEDE FUND, INC.
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year
<TABLE>
<CAPTION>
Core Fixed Income Portfolio
Year Ended October 31,
1999 1998 1997 1996 1995
---------- ---------- ---------- ---------- ----------
<S><C>
Net asset value, beginning of year............... $ 10.70 $ 10.46 $ 10.29 $ 10.36 $ 9.89
-------- -------- -------- -------- --------
Income from investment operations:
Net investment income............................ 0.63 0.64 0.68 0.66 0.69
Net realized and unrealized gain/(loss)
on investments.............................. (0.54) 0.24 0.17 (0.08) 0.46
-------- -------- -------- -------- --------
Total from investment operations................. 0.09 0.88 0.85 0.58 1.15
-------- -------- -------- -------- --------
Less Distributions from:
Net investment income............................ (0.63) (0.64) (0.68) (0.65) (0.68)
Net realized capital gains....................... -- -- -- -- --
-------- -------- -------- -------- --------
Total distributions.............................. (0.63) (0.64) (0.68) (0.65) (0.68)
-------- -------- -------- -------- --------
Net asset value, end of year..................... $ 10.16 $ 10.70 $ 10.46 $ 10.29 $ 10.36
======== ======== ======== ======== ========
Total Return(1).................................. 0.91% 9.32% 8.63% 5.88% 12.06%
======== ======== ======== ======== ========
Ratios to average net assets/ Supplemental data:
Net assets, end of year (in 000's)............... $230,684 $258,986 $266,733 $259,503 $342,874
Ratio of operating expenses to average
net assets.................................. 0.12% 0.11% 0.13% 0.16% 0.11%
Ratio of gross expenses to average
net assets.................................. 0.55%(2) 0.99%(2) 0.43%(2) 0.16% 0.11%
Ratio of net investment income to
average net assets.......................... 6.08% 6.58% 6.67% 6.37% 6.67%
Portfolio turnover rate.......................... 191% 93% 307% 47% 228%
</TABLE>
- ----------
(1) Total return represents aggregate total return for the period indicated.
(2) The annualized gross expense ratio includes interest expense. The ratios
excluding interest expense for the years ended October 31, 1999, October 31,
1998, and October 31, 1997 were 0.12%, 0.11%, and 0.13%, respectively.
See Notes to Financial Statements.
30
<PAGE>
THE GLENMEDE FUND, INC.
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year
<TABLE>
<CAPTION>
Tax Managed Equity Portfolio
Year Ended October 31,
1999 1998 1997 1996 1995
---------- --------- ---------- ---------- ----------
<S><C>
Net asset value, beginning of year.................... $ 20.69 $ 20.11 $ 16.79 $ 14.67 $ 12.56
-------- -------- -------- -------- --------
Income from investment operations:
Net investment income................................. 0.28 0.37 0.28 0.41 0.32
Net realized and unrealized gain
on investments................................... 4.51 1.02 5.69 3.73 2.64
-------- -------- -------- -------- --------
Total from investment operations...................... 4.79 1.39 5.97 4.14 2.96
-------- -------- -------- -------- --------
Less Distributions from:
Net investment income................................. (0.28) (0.36) (0.28) (0.40) (0.33)
Net realized capital gains............................ (2.50) (0.45) (2.37) (1.62) (0.52)
-------- -------- -------- -------- --------
Total distributions................................... (2.78) (0.81) (2.65) (2.02) (0.85)
-------- -------- -------- -------- --------
Net asset value, end of year.......................... $ 22.70 $ 20.69 $ 20.11 $ 16.79 $ 14.67
======== ======== ======== ======== ========
Total Return(1)....................................... 23.88% 7.00% 36.39% 28.65% 23.78%
======== ======== ======== ======== ========
Ratios to average net assets/ Supplemental data:
Net assets, end of year (in 000's).................... $148,784 $152,601 $140,495 $ 94,185 $ 80,157
Ratio of operating expenses to average
net assets....................................... 0.12% 0.12% 0.13% 0.17% 0.14%
Ratio of net investment income to
average net assets............................... 1.17% 1.71% 1.91% 2.26% 2.32%
Portfolio turnover rate............................... 40% 52% 26% 36% 70%
</TABLE>
- ----------
(1) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
31
<PAGE>
THE GLENMEDE FUND, INC.
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year
<TABLE>
<CAPTION>
Small Capitalization Equity Portfolio Advisor Shares
Year Ended October 31,
1999 1998 1997 1996 1995
---------- ---------- ---------- --------- ----------
<S><C>
Net asset value, beginning of year.................. $ 15.28 $ 19.06 $ 16.12 $ 14.98 $ 13.95
-------- -------- -------- -------- --------
Income from investment operations:
Net investment income............................... 0.20 0.19 0.38 0.33 0.28
Net realized and unrealized gain/(loss)
on investments................................. (0.25) (3.66) 6.32 2.38 2.69
-------- -------- -------- -------- --------
Total from investment operations.................... (0.05) (3.47) 6.70 2.71 2.97
-------- -------- -------- -------- --------
Less Distributions from:
Net investment income............................... (0.19) (0.19) (0.37) (0.33) (0.26)
Net realized capital gains.......................... -- (0.12) (3.39) (1.24) (1.68)
-------- -------- -------- -------- --------
Total distributions................................. (0.19) (0.31) (3.76) (1.57) (1.94)
-------- -------- -------- -------- --------
Net asset value, end of year........................ $ 15.04 $ 15.28 $ 19.06 $ 16.12 $ 14.98
======== ======== ======== ======== ========
Total Return(1)..................................... (0.32)% (18.35)% 41.80% 18.22% 21.15%
======== ======== ======== ======== ========
Ratios to average net assets/ Supplemental data:
Net assets, end of year (in 000's).................. $253,357 $307,596 $434,656 $308,415 $170,969
Ratio of operating expenses to average
net assets..................................... 0.88% 0.76% 0.12% 0.17% 0.14%
Ratio of net investment income to
average net assets............................. 1.27% 1.07% 2.00% 2.15% 1.92%
Portfolio turnover rate............................. 77% 42% 59% 37% 57%
</TABLE>
- ----------
(1) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
32
<PAGE>
THE GLENMEDE FUND, INC.
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Small Capitalization Equity Portfolio Institutional Shares
----------------------------------------------------------
For the For the Period
Year Ended January 2, 1998(1)
October 31, 1999 through October 31, 1998
------------------------ -------------------------
<S><C>
Net asset value, beginning of period................. $ 15.29 $ 19.33
------- --------
Income from investment operations:
Net investment income................................ 0.23 0.15
Net realized and unrealized loss
on investments.................................. (0.24) (3.94)
------- --------
Total from investment operations..................... (0.01) (3.79)
------- --------
Less Distributions from:
Net investment income................................ (0.27) (0.13)
Net realized capital gains........................... -- (0.12)
------- --------
Total distributions.................................. (0.27) (0.25)
------- --------
Net asset value, end of period....................... $ 15.01 $ 15.29
======= ========
Total Return(2)...................................... (0.10)% (19.69)%
======= ========
Ratios to average net assets/ Supplemental data:
Net assets, end of period (in 000's)................. $28,455 $ 31,794
Ratio of operating expenses to average
net assets...................................... 0.68% 0.69%(3)
Ratio of net investment income to
average net assets.............................. 1.47% 1.07%(3)
Portfolio turnover rate.............................. 77% 42%
</TABLE>
- ----------
(1) Commencement of operations.
(2) Total return represents aggregate total return for the period indicated.
(3) Annualized.
See Notes to Financial Statements.
33
<PAGE>
THE GLENMEDE FUND, INC.
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year
<TABLE>
<CAPTION>
Large Cap Value Portfolio
Year Ended October 31,
1999 1998 1997 1996 1995
---------- ---------- ---------- ---------- ----------
<S><C>
Net asset value, beginning of year.................. $ 11.77 $ 13.29 $ 11.68 $ 10.34 $ 10.62
-------- -------- -------- -------- --------
Income from investment operations:
Net investment income............................... 0.18 0.24 0.29 0.26 0.32
Net realized and unrealized gain
on investments................................. 2.00 0.35 3.95 1.49 1.38
-------- -------- -------- -------- --------
Total from investment operations.................... 2.18 0.59 4.24 1.75 1.70
-------- -------- -------- -------- --------
Less Distributions from:
Net investment income............................... (0.19) (0.25) (0.29) (0.27) (0.31)
Net realized capital gains.......................... (2.52) (1.86) (2.34) (0.14) (1.67)
-------- -------- -------- -------- --------
Total distributions................................. (2.71) (2.11) (2.63) (0.41) (1.98)
-------- -------- -------- -------- --------
Net asset value, end of year........................ $ 11.24 $ 11.77 $ 13.29 $ 11.68 $ 10.34
======== ======== ======== ======== ========
Total Return(1)..................................... 19.59% 4.77% 36.55% 17.13% 16.01%
======== ======== ======== ======== ========
Ratios to average net assets/ Supplemental data:
Net assets, end of year (in 000's).................. $ 59,178 $ 66,620 $ 71,177 $ 50,131 $ 15,981
Ratio of operating expenses to average
net assets..................................... 0.13% 0.12% 0.13% 0.15% 0.20%
Ratio of net investment income to
average net assets............................. 1.28% 1.74% 2.10% 2.62% 2.80%
Portfolio turnover rate............................. 105% 132% 109% 104% 227%
</TABLE>
- ----------
(1) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
34
<PAGE>
THE GLENMEDE FUND, INC.
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year
<TABLE>
<CAPTION>
International Portfolio
Year Ended October 31,
1999 1998 1997 1996 1995
---------- ---------- ---------- --------- --------
<S><C>
Net asset value, beginning of year................. $ 15.66 $ 15.11 $ 13.87 $ 12.70 $ 13.04
---------- ---------- ---------- -------- --------
Income from investment operations:
Net investment income.............................. 0.48 0.37 0.39 0.40 0.32
Net realized and unrealized gain
on investments................................ 3.33 0.74 1.89 1.29 0.23
---------- ---------- ---------- -------- --------
Total from investment operations................... 3.81 1.11 2.28 1.69 0.55
---------- ---------- ---------- -------- --------
Less Distributions from:
Net investment income.............................. (0.57) (0.40) (0.35) (0.43) (0.32)
Net realized capital gains......................... (1.03) (0.16) (0.62) (0.04) (0.57)
In excess of net realized gains.................... -- -- -- (0.05) --
In excess of net investment income................. -- -- (0.07) -- --
---------- ---------- ---------- -------- --------
Total distributions................................ (1.60) (0.56) (1.04) (0.52) (0.89)
---------- ---------- ---------- -------- --------
Net asset value, end of year....................... $ 17.87 $ 15.66 $ 15.11 $ 13.87 $ 12.70
========== ========== ========== ======== ========
Total Return(1).................................... 24.65% 7.44% 16.35% 13.47% 4.23%
========== ========== ========== ======== ========
Ratios to average net assets/ Supplemental data:
Net assets, end of year (in 000's)................. $1,500,559 $1,135,192 $1,051,102 $643,459 $343,209
Ratio of operating expenses to average
net assets.................................... 0.11% 0.13% 0.14% 0.18% 0.18%
Ratio of net investment income to
average net assets............................ 2.52% 2.32% 2.77% 3.05% 2.61%
Portfolio turnover rate............................ 20% 19% 15% 6% 24%
</TABLE>
- ----------
(1) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
35
<PAGE>
THE GLENMEDE FUND, INC.
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year
<TABLE>
<CAPTION>
Institutional International Portfolio
Year Ended October 31,
1999 1998 1997 1996 1995
---------- --------- --------- ---------- ----------
<S><C>
Net asset value, beginning of year....................... $ 15.53 $ 14.89 $ 13.67 $ 12.34 $ 12.63
-------- -------- -------- -------- --------
Income from investment operations:
Net investment income.................................... 0.39 0.26 0.27 0.28 0.19
Net realized and unrealized gain/(loss)
on investments...................................... 3.15 0.81 1.86 1.50 (0.13)
-------- -------- -------- -------- --------
Total from investment operations......................... 3.54 1.07 2.13 1.78 0.06
-------- -------- -------- -------- --------
Less Distributions from:
Net investment income.................................... (0.40) (0.28) (0.22) (0.25) (0.18)
Net realized capital gains............................... (0.85) (0.15) (0.61) (0.14) (0.17)
In excess of net realized capital gains.................. -- -- -- (0.06) --
In excess of net investment income....................... -- -- (0.08) -- --
-------- -------- -------- -------- --------
Total distributions...................................... (1.25) (0.43) (0.91) (0.45) (0.35)
-------- -------- -------- -------- --------
Net asset value, end of year............................. $ 17.82 $ 15.53 $ 14.89 $ 13.67 $ 12.34
======== ======== ======== ======== ========
Total Return(1).......................................... 22.98% 7.26% 15.54% 14.46% 0.38%
======== ======== ======== ======== ========
Ratios to average net assets/ Supplemental data:
Net assets, end of year (in 000's)....................... $175,951 $ 98,727 $ 81,659 $ 58,390 $ 44,206
Ratio of operating expenses to average
net assets.......................................... 0.86% 0.87% 0.87% 0.95% 0.93%
Ratio of net investment income to
average net assets.................................. 1.83% 1.58% 1.94% 2.06% 1.78%
Portfolio turnover rate.................................. 20% 19% 15% 10% 25%
</TABLE>
- ----------
(1) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
36
<PAGE>
THE GLENMEDE FUND, INC.
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
<TABLE>
<CAPTION>
For the Period
December 14, 1994(1)
Emerging Markets Portfolio through
Year Ended October 31, October 31,
1999 1998 1997 1996 1995
---------- ---------- ---------- ---------- ----------
<S><C>
Net asset value, beginning of period................. $ 5.87 $ 9.05 $ 9.52 $ 9.73 $ 10.00
-------- -------- -------- -------- --------
Income from investment operations:
Net investment income (loss)......................... (0.01) 0.02 0.03 0.06 0.16
Net realized and unrealized
gain/(loss) on investments...................... 2.43 (3.20) 0.09 (0.16) (0.31)
-------- -------- -------- -------- --------
Total from investment operations..................... 2.42 (3.18) 0.12 (0.10) (0.15)
-------- -------- -------- -------- --------
Less Distributions from:
Net investment income................................ -- -- (0.02) (0.08) (0.12)
Net realized capital gains........................... -- -- (0.57) (0.03) --
-------- -------- -------- -------- --------
Total distributions.................................. -- -- (0.59) (0.11) (0.12)
-------- -------- -------- -------- --------
Net asset value, end of period....................... $ 8.29 $ 5.87 $ 9.05 $ 9.52 $ 9.73
======== ======== ======== ======== ========
Total Return(2)...................................... 41.23% (35.14)% 1.01% (0.96)% (1.96)%
======== ======== ======== ======== ========
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's)................. $ 73,174 $ 55,789 $ 95,012 $ 86,385 $ 27,297
Ratio of operating expenses to
average net assets.............................. 1.75% 1.85% 1.73% 1.76% 1.81%(3)
Ratio of net investment income
(loss) to average net assets.................... (0.16)% 0.26% 0.29% 0.80% 1.87%(3)
Portfolio turnover rate.............................. 134% 113% 94% 44% 50%
</TABLE>
- ----------
(1) Commencement of operations.
(2) Total return represents aggregate total return for the period indicated.
(3) Annualized.
See Notes to Financial Statements.
37
<PAGE>
THE GLENMEDE FUND, INC.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
For a share outstanding throughout each period
Global Equity Portfolio
----------------------------------------------------------
For the For the Period
Year Ended November 3, 1997(1)
October 31, 1999 through October 31, 1998
-------------------- ---------------------------
<S><C>
Net asset value, beginning of period................ $ 10.05 $ 10.00
Income from investment operations:
Net investment income............................... 0.18 0.15
Net realized and unrealized
gain on investments............................ 1.94 0.09
-------- --------
Total from investment operations.................... 2.12 0.24
-------- --------
Less Distributions from:
Net investment income............................... (0.25) (0.12)
Net realized capital gains.......................... (0.49) (0.07)
-------- --------
Total distributions................................. (0.74) (0.19)
-------- --------
Net asset value, end of period...................... $ 11.43 $ 10.05
======== ========
Total Return(2)..................................... 21.18% 2.29%
======== ========
Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000's)................ $ 30,040 $ 25,311
Ratio of operating expenses to
average net assets............................. 0.93% 0.88%(3)
Ratio of net investment income to
average net assets............................. 1.43% 1.43%(3)
Portfolio turnover rate............................. 43% 48%
</TABLE>
- ----------
(1) Commencement of operations.
(2) Total return represents aggregate total return for the period indicated.
(3) Annualized.
See Notes to Financial Statements.
38
<PAGE>
THE GLENMEDE FUND, INC.
Government Cash Portfolio
STATEMENT OF NET ASSETS
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ----------------
<S><C>
Agency Discount Notes(1) -- 31.4%
Farmer Mac Discount Note -- 1.2%
$ 5,000,000 5.661% due 1/18/00................................... $ 4,939,658
----------------
Federal Home Loan Mortgage Corporation -- 15.5%
25,000,000 5.160% due 11/1/99................................... 25,000,000
3,000,000 5.202% due 11/9/99................................... 2,996,580
10,000,000 5.326% due 11/24/99.................................. 9,966,395
5,000,000 5.288% due 12/1/99................................... 4,978,125
10,000,000 5.100% due 12/15/99.................................. 9,936,322
5,000,000 5.623% due 1/10/00................................... 4,946,042
5,000,000 5.560% due 2/3/00.................................... 4,928,847
----------------
62,752,311
----------------
Federal National Mortgage Association -- 11.1%
25,000,000 5.160% due 11/1/99................................... 25,000,000
10,000,000 4.943% due 11/5/99................................... 9,994,633
5,000,000 5.310% due 12/7/99................................... 4,973,750
5,000,000 5.291% due 12/17/99.................................. 4,966,586
----------------
44,934,969
----------------
World Bank Discount Notes -- 3.6%
5,000,000 5.625% due 1/20/00................................... 4,938,333
5,000,000 5.627% due 1/26/00................................... 4,933,708
5,000,000 5.660% due 1/31/00................................... 4,929,601
----------------
14,801,642
----------------
Total Agency Discount Notes
(Cost $127,428,580) ............................. 127,428,580
----------------
Agency Notes -- 18.7%
U.S. Government Agencies & Obligations -- 18.7%
Federal Home Loan Bank --
5,000,000 4.930% due 1/13/00............................... 5,000,190
5,000,000 4.823% due 1/27/00............................... 5,000,227
5,000,000 4.895% due 2/4/00................................ 4,999,741
2,850,000 4.950% due 2/17/00............................... 2,849,470
10,000,000 5.160% due 3/8/00................................ 10,000,000
</TABLE>
See Notes to Financial Statements.
39
<PAGE>
THE GLENMEDE FUND, INC.
Government Cash Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ----------------
<S><C>
Agency Notes -- (Continued)
$ 3,000,000 5.605% due 3/23/00............................................ $ 3,006,646
15,000,000 5.670% due 3/30/00............................................ 15,038,026
3,000,000 5.000% due 4/5/00............................................. 2,999,384
10,000,000 5.010% due 4/28/00............................................ 9,996,234
4,000,000 5.500% due 7/14/00............................................ 3,990,491
5,000,000 6.042% due 9/21/00............................................ 4,954,845
Federal National Mortgage Association -- Medium Term Notes --
3,000,000 5.560% due 7/24/00............................................ 2,996,914
2,000,000 6.360% due 8/16/00............................................ 2,008,419
Student Loan Market Association
3,000,000 5.415% due 12/16/99 .......................................... 2,999,935
--------------
Total Agency Notes
(Cost $75,840,522)............................................ 75,840,522
--------------
Repurchase Agreements(2)-- 50.1%
65,000,000 Agreement with ABN AMRO, Inc., 5.32% dated 10/29/99
to be repurchased at $65,028,817 on 11/1/99,
collateralized by: $33,098,728 Federal Home
Loan Mortgage Corporation, 6.87% due 12/1/26,
$22,981,267 Federal National
Mortgage Association, 5.81% due 11/1/35, $10,221,551
Federal National Mortgage Association, 6.23% due 1/1/17 ...... 65,000,000
5,000,000 Agreement with Bear Stearns, Inc., 5.25% dated 10/25/99
to be repurchased at $5,005,833 on 11/2/99,
collateralized by: $5,156,519 Federal National
Mortgage Association, #1999-17 A
6.35% due 7/25/26 ............................................ 5,000,000
15,000,000 Agreement with Bear Stearns, Inc., 5.32% dated 9/22/99
to be repurchased at $15,201,717 on 12/22/99,
collateralized by: $15,465,328 Federal National
Mortgage Association, #1999-17 A 6.35% due 7/25/26 ........... 15,000,000
20,000,000 Agreement with Greenwich Capital, Inc., 5.20% dated
10/25/99 to be repurchased at $20,040,444 on 11/8/99,
collateralized by: $20,408,204 Federal Home Loan Mortgage
Corporation, 7.00% due 9/1/29 ................................ 20,000,000
</TABLE>
See Notes to Financial Statements.
40
<PAGE>
THE GLENMEDE FUND, INC.
Government Cash Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ---------------
<S><C>
$ 10,000,000 Agreement with Merrill Lynch, Inc., 5.29%
dated 8/17/99 to be repurchased at $10,132,250 on 11/15/99,
collateralized by: $10,414,222 Federal Home Loan Mortgage
Corporation, #2116 A 5.75% due 4/15/23 ...................... $ 10,000,000
10,000,000 Agreement with Merrill Lynch, Inc., 5.23% dated 10/25/99
to be repurchased at $10,042,131 on 11/23/99,
collateralized by: $10,309,150 Federal Home Loan Mortgage
Corporation, #1599 F 7.03% due 10/15/23....................... 10,000,000
43,606,064 Agreement with Prudential Securities, Inc., 5.32% dated 10/29/99
to be repurchased at $43,625,396 on 11/1/99,
collateralized by: $2,731,839 Federal Home Loan Mortgage
Corporation, #1918 F 6.09% due 12/15/26, $22,083,254 Federal
Home Loan Mortgage Corporation #1968 FA 6.44% due
10/15/26, $19,699,042 Federal Home Loan Mortgage
Corporation, #2140 E 6.50% due 1/15/14 ....................... 43,606,064
5,000,000 Agreement with Salomon Smith Barney, Inc., 5.05% dated 10/26/99
to be repurchased at $5,004,910 on 11/2/99,
collateralized by: $5,102,460 Federal National Mortgage
Association,#1998-18 PA 5.80% due 12/18/11 .................. 5,000,000
15,000,000 Agreement with Salomon Smith Barney, Inc., 5.06% dated 9/22/99
to be repurchased at $15,134,708 on 11/22/99,
collateralized by: $15,463,966 Federal Home Loan
Mortgage Corporation, #2081 CA 6.77% due 12/15/26 ........... 15,000,000
15,000,000 Agreement with Societe Generale Cowen, Inc., 5.30% dated 10/29/99
to be repurchased at $15,006,625 on 11/1/99,
collateralized by: $15,299,278 Federal Home Loan
Mortgage Corporation, 7.10% due 12/1/28 ..................... 15,000,000
------------
Total Repurchase Agreements
(Cost $203,606,064) .......................................... $203,606,064
</TABLE>
See Notes to Financial Statements.
41
<PAGE>
THE GLENMEDE FUND, INC.
Government Cash Portfolio
STATEMENT OF NET ASSETS -- (Concluded)
October 31, 1999
Total Investments (Cost $406,875,166)(3)..... 100.2% $406,875,166
Liabilities in Excess of other Assets........ (0.2) (967,718)
------ ------------
Net Assets .................................. 100.0% $405,907,448
===== ============
- ----------
(1) Rate represents annualized discount yield at date of purchase.
(2) Market value disclosed for collateral on repurchase agreements is as of
October 31, 1999. The term repurchase agreements are subject to a seven day
demand feature.
(3) Aggregate cost for federal tax purposes.
See Notes to Financial Statements.
42
<PAGE>
THE GLENMEDE FUND, INC.
Tax-Exempt Cash Portfolio
STATEMENT OF NET ASSETS
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ----------------
<S><C>
Variable/Floating Rate Notes(1) -- 87.0%
Daily Variable/Floating Rate Notes -- 20.6%
$ 2,100,000 Cuyahoga County, Ohio Hospital Revenue,
(University Hospital Cleveland),
(LOC: Chase Manhattan Bank),
3.60% due 1/1/16 .......................................... $ 2,100,000
900,000 East Baton Rouge Parish, Louisiana,
Pollution Control Revenue, Exxon Project,
3.55% due 11/1/19 ......................................... 900,000
2,700,000 Forsyth, Montana, Pollution Control Revenue,
(Pacificorp Project), (LOC: Rabobank Nederland N.V.),
3.60% due 1/1/18 .......................................... 2,700,000
1,300,000 Hapeville, Georgia, Development Authority, Industrial
Development Revenue, Hapeville Hotel Limited,
(LOC: Deutsche Bank A.G.),
3.55% due 11/1/15 ......................................... 1,300,000
1,500,000 Harris County, Texas, Health Facilities Development
Corporation, Special Facilities Revenue, (Texas
Medical Center Project), (MBIA Insured), (SPA:
Chase Manhattan Bank),
3.75% due 2/15/22 ......................................... 1,500,000
Harris County, Texas, Health Facilities Development
Corporation, (St. Lukes Episcopal Hospital), Series A,
(SPA: Morgan Guaranty Trust),
3,100,000 3.65% due 2/15/27.......................................... 3,100,000
200,000 3.65% due 2/15/27.......................................... 200,000
8,000,000 Irvine, California, Adjustment Assessment, District 87-8,
(LOC: KBC Bank),
3.50% due 9/2/24 .......................................... 8,000,000
900,000 La Crosse, Wisconsin, Pollution Control Revenue,
(Dairyland Power Cooperative B), (AMBAC Insured),
(SPA: Rabobank Nederland N.V.),
3.55% due 2/1/15 .......................................... 900,000
9,530,000 Long Island Power Authority, New York, Electrical
Systems Revenue, Series 6, (LOC: ABN Amro
Bank 50%, Morgan Guaranty Trust 50%),
3.65% due 5/1/33 .......................................... 9,530,000
</TABLE>
See Notes to Financial Statements.
43
<PAGE>
THE GLENMEDE FUND, INC.
Tax-Exempt Cash Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ----------------
<S><C>
Variable/Floating Rate Notes -- (Continued)
$ 1,400,000 Louisiana Public Facilities Authority Revenue,
College and University Equipment and Capital, Series A,
(LOC: Deutsche Bank AG),
3.55% due 12/1/15 ......................................... $ 1,400,000
2,200,000 New York, New York, G.O., Subseries A-8, (LOC: Morgan
Guaranty Trust),
3.55% due 8/1/18 .......................................... 2,200,000
2,800,000 New York, New York, G.O., Subseries B-7, (AMBAC Insured),
(SPA: Morgan Guaranty Trust),
3.55% due 8/15/18 ......................................... 2,800,000
1,200,000 New York, New York, G.O., Subseries B-4, (MBIA Insured),
3.55% due 8/15/23 ......................................... 1,200,000
6,500,000 New York City, New York, Municipal Water Finance
Authority, Water and Sewer Systems Revenue, Series C,
(FGIC Insured),
3.55% due 6/15/23 ......................................... 6,500,000
1,615,000 New York State Energy Research and Development Authority,
Pollution Control Revenue, New York State Electric &
Gas-C, (LOC: Morgan Guaranty Trust),
3.25% due 6/1/29 .......................................... 1,615,000
800,000 New York State Energy Research and Development Authority,
Pollution Control Revenue, New York State Electric &
Gas-D, (LOC: First National Bank of Chicago),
3.60% due 10/1/29 ......................................... 800,000
900,000 North Carolina Medical Care, Community Health Care
Facilities Revenue, (The Givens Estates
Incorporated Project),
(LOC: First Union Bank),
3.65% due 12/1/26 ......................................... 900,000
6,700,000 North Carolina Medical Care, Community Hospital Revenue,
(Lexington Memorial Hospital Project),
(LOC: First Union Bank),
3.60% due 4/1/10 .......................................... 6,700,000
2,000,000 North Carolina Medical Care, Community Hospital Revenue,
(Pooled Project), Series A, (LOC: Bank of America),
3.60% due 10/1/16 ......................................... 2,000,000
</TABLE>
See Notes to Financial Statements.
44
<PAGE>
THE GLENMEDE FUND, INC.
Tax-Exempt Cash Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ----------------
<S><C>
Variable/Floating Rate Notes -- (Continued)
$ 8,500,000 Orange County, California, Sanitation Districts,
Certificate of Participation, (LOC:
National Westminster Bank),
3.50% due 8/1/15 .......................................... $ 8,500,000
1,405,000 Peninsula Port Authority, Virginia Coal Terminal
Revenue, (Dominion Terminal Associates Project C),
(LOC: Barclays Bank),
3.65% due 7/1/16 .......................................... 1,405,000
1,000,000 Roanoke, Virginia, Industrial Development Authority,
Hospital Revenue, (Carilion Health Systems), Series B,
(SPA: Bank of America),
3.60% due 7/1/27 .......................................... 1,000,000
1,360,000 South Carolina Jobs, Economic Development Authority,
Economic Development Revenue, (St. Francis Hospital),
(LOC: Chase Manhattan Bank),
3.65% due 7/1/22 .......................................... 1,360,000
3,400,000 Wake County, North Carolina, Industrial Facilities &
Pollution Control Financing Authority, (Carolina
Power & Light Company Project), Series A, (LOC:
First National Bank of Chicago),
3.65% due 5/15/23 ......................................... 3,400,000
------------
Total Daily Variable/Floating Rate Notes
(Cost $72,010,000) 72,010,000
------------
Monthly Variable/Floating Rate Notes -- 0.4%
1,400,000 New Hampshire State, Industrial Development Authority
Revenue, (Oerlikon-Burlhe USA), (LOC: UBS AG),
3.40% due 7/1/13 .......................................... 1,400,000
------------
Total Monthly Variable/Floating Rate Notes
(Cost $1,400,000) 1,400,000
------------
Weekly Variable/Floating Rate Notes -- 66.0%
1,100,000 Alabama Special Care Facilities, Finance Authority,
Montgomery Hospital Revenue, (FGIC Insured),
(SPA: Barclays Bank),
3.50% due 4/1/15 .......................................... 1,100,000
8,200,000 Burke County, Georgia, Development Authority,
Pollution Control Revenue, (Oglethorpe Power
Corporation), Series A,
(FGIC Insured), (SPA: Credit Local de France),
3.40% due 1/1/19 .......................................... 8,200,000
</TABLE>
See Notes to Financial Statements.
45
<PAGE>
THE GLENMEDE FUND, INC.
Tax-Exempt Cash Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ----------------
<S><C>
Variable/Floating Rate Notes -- (Continued)
$ 800,000 California State, Health Facilities,
Financing Authority Revenue,
(Childrens Hospital Project), (MBIA Insured),
(SPA: Rabobank Nederland N.V.),
3.00% due 11/1/21 ......................................... $ 800,000
3,905,000 Charlotte, North Carolina, Airport Revenue, Series A,
(MBIA Insured), (SPA: Commerzbank),
3.45% due 7/1/16 .......................................... 3,905,000
2,080,000 Chicago, Illinois, O'Hare International Airport Revenue,
General Airport 2nd Lien -- B, (LOC: Societe Generale)
3.50% due 1/1/15........................................... 2,080,000
1,355,000 Clayton County, Georgia, Housing Authority, Multi-Family
Housing Revenue, (Huntington Woods), Series A,
(FSA Insured), (SPA: Societe Generale),
3.55% due 1/1/21 .......................................... 1,355,000
1,000,000 Clayton County, Georgia, Housing Authority, Multi-Family
Housing Revenue, (Kimberly Forest), Series B,
(FSA Insured), (SPA: Societe Generale),
3.55% due 1/1/21 .......................................... 1,000,000
1,100,000 Clayton County, Georgia, Housing Authority, Multi-Family
Housing Revenue, (Kings Arms Apartments), Series D,
(FSA Insured), (SPA: Societe Generale),
3.55% due 1/1/21 .......................................... 1,100,000
2,335,000 Clayton County, Georgia, Housing Authority, Multi-Family
Housing Revenue, (Ten Oaks Apartments), Series F,
(FSA Insured), (SPA: Societe Generale),
3.55% due 1/1/21 .......................................... 2,335,000
1,700,000 Colton, California, Redevelopment Agency, Multi-Family
Revenue, Issue A, (Guaranteed by Federal Home
Loan Bank),
2.55% due 5/1/10 .......................................... 1,700,000
10,100,000 Connecticut State, Health and Education Facilities
Authority Revenue, (Yale University), Series T-2,
3.40% due 7/1/27 .......................................... 10,100,000
1,105,000 Dade County, Florida, Aviation Revenue, Series A,
(LOC: Morgan Guaranty Trust),
3.35% due 10/1/09 ......................................... 1,105,000
</TABLE>
See Notes to Financial Statements.
46
<PAGE>
THE GLENMEDE FUND, INC.
Tax-Exempt Cash Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ----------------
<S><C>
Variable/Floating Rate Notes -- (Continued)
$ 2,600,000 Dauphin County, Pennsylvania, General Authority
Revenue, (School District Pooled Financing Program II),
(AMBAC Insured), (LOC: Bank of Nova Scotia),
3.25% due 9/1/32 .......................................... $ 2,600,000
1,900,000 Durham, North Carolina, GO, Public Improvement,
(SPA: Wachovia Bank),
3.45% due 2/1/13 .......................................... 1,900,000
5,000,000 Emmaus, Pennsylvania, General Authority Revenue,
(FSA Insured), (SPA: Credit Suisse First Boston),
3.45% due 12/1/28 ......................................... 5,000,000
600,000 Fairfax County, Virginia, Industrial Development
Authority Revenue, (Fairfax Hospital System-- C),
Liquidity Facility, Inova Health System
3.45% due 10/1/16 ......................................... 600,000
2,000,000 Gloucester County, New Jersey, Industrial Pollution
Control Financing Authority Revenue, (Mobil Oil
Refining Company Project),
3.15% due 12/1/13 ......................................... 2,000,000
5,000,000 Golden Empire, California, School Financing Authority,
(Kern High School District Projects), (LOC:
Canadian Imperial Bank),
3.45% due 8/1/26 .......................................... 5,000,000
2,900,000 Hamilton County, Ohio, Hospital Facilities Revenue,
(Health Alliance of Greater Cincinnati), Series E,
(MBIA Insured), (SPA: Credit Suisse First Boston),
3.45% due 1/1/18 .......................................... 2,900,000
5,900,000 Illinois Housing Development Authority, Housing Revenue,
(Illinois Center Apartments), (Met Life
Guaranty Insured), (SPA: KBC Bank),
3.57% due 1/1/08 .......................................... 5,900,000
2,600,000 Illinois Health Facilities Authority Revenue, (Decatur
Memorial Hospital), (Project A), (MBIA Insured),
(SPA: First National Bank of Chicago),
3.57% due 11/15/24 ........................................ 2,600,000
</TABLE>
See Notes to Financial Statements.
47
<PAGE>
THE GLENMEDE FUND, INC.
Tax-Exempt Cash Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ----------------
<S><C>
Variable/Floating Rate Notes -- (Continued)
$ 600,000 Illinois Health Facilities Authority Revenue,
(Swedish Covenant Hospital Project),
(AMBAC Insured), (SPA: First National
Bank of Chicago),
3.55% due 8/1/25 .......................................... $ 600,000
2,100,000 Iowa Higher Education Loan Authority, Private College
Facilities Revenue, (MBIA Insured), (SPA:
Chase Manhattan Bank),
3.55% due 12/1/15 ......................................... 2,100,000
1,000,000 Knox County, Tennessee, Industrial Development Board,
Industrial Revenue, (Professional Plaza LTD Project),
(FGIC Insured), (SPA: Bank of Boston),
3.70% due 12/1/14 ......................................... 1,000,000
2,700,000 Los Angeles County, California, Pension Obligation,
Series C, (AMBAC Insured), (SPA: Bank of Nova Scotia),
3.15% due 6/30/07 ......................................... 2,700,000
3,215,000 Los Angeles, California, Multifamily Revenue, Series K,
(Guaranteed by Federal Home Loan Bank),
3.05% due 7/1/10 .......................................... 3,215,000
3,195,000 Louisiana Public Facilities Authority Revenue, College
and University Equipment and Capital, Series A,
(FGIC Insured), (SPA: Societe Generale),
3.55% due 9/1/10 .......................................... 3,195,000
4,100,000 Louisiana Public Facilities Authority Revenue,
(Multi-Family Mortgage-- Emberwood), (General
Electric Capital Guaranty Insured),
3.45% due 10/1/22 ......................................... 4,100,000
7,800,000 Massachusetts State, Health & Educational Facilities
Authority Revenue, (Amherst College), Series F,
3.15% due 11/1/26 ......................................... 7,800,000
1,100,000 Massachusetts State, Health & Educational Facilities
Authority Revenue, (Capital Asset Project), Series G-1,
(MBIA Insured), (SPA: Credit Suisse First Boston),
3.25% due 1/1/19 .......................................... 1,100,000
1,200,000 Massachusetts State, Housing Finance, Multi-Family
Housing Project, Series A, (Guaranteed by FNMA),
3.35% due 1/15/10 ......................................... 1,200,000
</TABLE>
See Notes to Financial Statements.
48
<PAGE>
THE GLENMEDE FUND, INC.
Tax-Exempt Cash Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ----------------
<S><C>
Variable/Floating Rate Notes -- (Continued)
$ 9,800,000 Massachusetts State, Water Resource Authority, Series B,
(LOC: Landesbank Hessen-Thurigen),
3.30% due 8/1/28 .......................................... $ 9,800,000
5,400,000 Mecklenburg County, North Carolina, GO, Public
Improvement, Series B, (SPA: First Union),
3.40% due 2/1/18 .......................................... 5,400,000
1,300,000 Michigan State, Strategic Fund, Industrial Development
Revenue, (Allen Group Incorporation Project),
(LOC: Dresdner Bank, A.G.),
3.50% due 11/1/25 ......................................... 1,300,000
7,200,000 Missouri State, Health and Education Facilities
Authority, Christian Health Services, Series B,
(LOC: Morgan Guaranty Trust),
3.45% due 12/1/19 ......................................... 7,200,000
5,000,000 Moffat County, Colorado, Pollution Control Revenue,
Fixed Colorado United Electric, (AMBAC Insured),
(SPA: Societe Generale),
3.60% due 7/1/10 .......................................... 5,000,000
5,500,000 Montgomery County, Maryland, Housing Opportunity
Commission, (Multi-Family Mortgage-- Falklands),
Series B, (Connecticut General Life Insured),
3.52% due 8/1/15 .......................................... 5,500,000
1,500,000 Mountain View, California, Multi-Family Housing Revenue,
(FGIC Insured),
3.00% due 3/1/17 .......................................... 1,500,000
1,300,000 Municipal Electric Authority of Georgia, Project One,
(LOC: ABN AMRO Bank N.V.),
3.60% due 1/1/26 .......................................... 1,300,000
1,200,000 New Jersey Economic Development Authority, Pollution
Control Revenue, Public Services Electric and Gas
Company, Series A, (MBIA Insured), (SPA: UBS A.G.),
3.15% due 9/1/12 .......................................... 1,200,000
4,200,000 New Jersey State, Turnpike Authority Revenue, Series D,
(FGIC Insured), (SPA: Societe Generale),
3.40% due 1/1/18 .......................................... 4,200,000
</TABLE>
See Notes to Financial Statements.
49
<PAGE>
THE GLENMEDE FUND, INC.
Tax-Exempt Cash Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ----------------
<S><C>
Variable/Floating Rate Notes -- (Continued)
$ 7,600,000 New York City, New York, Transitional Financial Authority
Revenue, Future Tax Secured, Series A-1,
(SPA: Commerzbank AG),
3.50% due 11/15/28 ........................................ $ 7,600,000
12,300,000 New York State, Local Government Assistance Corporation,
Series B, (LOC: Bayerische Landesbank 50%, Westdeutsche
Landesbank 50%),
3.30% due 4/1/23 .......................................... 12,300,000
1,100,000 New York State, Medical Care Facilities, Finance Agency
Revenue, (Lenox Hill Hospital), Series A, (LOC:
Chase Manhattan Bank),
3.40% due 11/1/08 ......................................... 1,100,000
10,000,000 Niagara County, New York, Industrial Development Agency,
Solid Waste Disposal Revenue, (American Ref.--
Fuel Company), Series A, (LOC: Wachovia Bank),
3.55% due 11/15/24 ........................................ 10,000,000
1,200,000 Ohio State University, Ohio, General Receipts,
3.50% due 12/1/07 ......................................... 1,200,000
5,900,000 Port Kalama, Washington, Public Corporation Port,
Conagra Incorporated Project, (LOC: Morgan
Guaranty Trust),
3.55% due 1/1/04 .......................................... 5,900,000
1,100,000 Saint Charles, Illinois, Industrial Development Revenue,
(Pier 1 Imports, Midwest Project), (LOC: First
National Bank of Chicago),
3.57% due 12/15/26 ........................................ 1,100,000
2,300,000 Scottsdale, Arizona, Industrial Development Authority,
Hospital Revenue, (Scottsdale Memorial Health Systems),
Series B, (AMBAC Insured), (SPA: Credit Local de France),
3.45% due 9/1/22 .......................................... 2,300,000
1,100,000 Seattle, Washington, Municipal Light and Power Revenue,
(SPA: Morgan Guaranty Trust),
3.50% due 11/1/18 ......................................... 1,100,000
2,550,000 Texas Higher Education Authority Incorporated, Series B,
(FGIC Insured),
3.55% due 12/1/25 ......................................... 2,550,000
</TABLE>
See Notes to Financial Statements.
50
<PAGE>
THE GLENMEDE FUND, INC.
Tax-Exempt Cash Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ----------------
<S><C>
Variable/Floating Rate Notes -- (Continued)
$ 4,200,000 Tulsa, Oklahoma, Industrial Authority Revenue,
(University of Tulsa), Series B, (MBIA Insured),
(SPA: Credit Local de France),
3.55% due 10/1/26 ......................................... $ 4,200,000
14,730,000 University of Alabama, University Revenue,
(University of Alabama in Birmingham), Series A,
(SPA: Bank of America),
3.55% due 10/1/07 ......................................... 14,730,000
3,020,000 University of Utah, University Revenue, Auxiliary and
Campus Facilities, Series A, (SPA: Bank of Nova Scotia),
3.55% due 4/1/27 .......................................... 3,020,000
5,000,000 Utah State, Board of Regents, Student Loan Revenue, Series B,
(AMBAC Insured), (SPA: Dresdner Bank AG),
3.45% due 11/1/00 ......................................... 5,000,000
6,000,000 Valdez, Alaska, Marine Terminal Revenue, (Mobil Oil
Pipeline-- A),
3.50% due 11/1/03 ......................................... 6,000,000
7,200,000 Wake County, North Carolina, Industrial Facilities &
Pollution Control Financing Authority, (Carolina
Power & Light Company Project), Series A, (LOC:
Wachovia Bank),
3.45% due 5/1/15 .......................................... 7,200,000
3,900,000 Washington State, G.O., Series 1996A, (SPA: Landesbank
Hessen-Thigne),
3.45% due 6/1/20 .......................................... 3,900,000
5,975,000 Washington State, Housing Finance Commission,
Multi-Family Mortgage Revenue, (Pacific First
Federal Project), Series A, (Guaranteed by
Federal Home Loan Bank),
3.45% due 7/1/20 .......................................... 5,975,000
3,400,000 York County, Pennsylvania, Industrial Development
Authority, Pollution Control Revenue, (Public
Service Electric & Gas Project), Series A,
(MBIA Insured), (SPA: UBS AG),
3.45% due 9/1/20 .......................................... 3,400,000
------------
Total Weekly Variable/Floating Rate Notes
(Cost $231,265,000).......................................... 231,265,000
------------
Total Variable/Floating Rate Notes
(Cost $304,675,000) ....................................... 304,675,000
------------
</TABLE>
See Notes to Financial Statements.
51
<PAGE>
THE GLENMEDE FUND, INC.
Tax-Exempt Cash Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ----------------
<S><C>
Put Option Bonds(2) -- 2.4%
$ 1,920,000 Clark County, Kentucky, Pollution Control Revenue,
East Kentucky Power, National Rural, Series J-1,
(CFC Insured),
3.10% due 10/15/14 ........................................ $ 1,920,000
York County, South Carolina, Pollution Control Revenue,
(CFC Insured)
4,255,000 3.00% due 9/15/14......................................... 4,255,000
2,260,000 3.50% due 9/15/14......................................... 2,258,472
------------
Total Put Option Bonds
(Cost $8,433,472) ......................................... 8,433,472
------------
Fixed Rate Bonds -- 10.4%
1,210,000 Arlington County, Virginia, GO,
5.00% due 12/1/99 ......................................... 1,211,844
1,000,000 Colorado, Post-Secondary Educational Facilities Authority,
(Regis University Project), Revenue Bond,
Prerefunded U.S. Govt.,--6/1/00 @ $102,
6.625% due 6/1/00 ......................................... 1,036,178
2,350,000 Dallas, Texas, G.O.,
5.50% due 2/15/00 ......................................... 2,365,900
3,060,000 Delaware County, Pennsylvania, Authority Health Care
Revenue, (Mercy Health Corporation Southeastern),
Series B,
5.375% due 11/15/99 ....................................... 3,062,187
1,500,000 Delaware Transportation Authority, Transportation
System Revenue, (AMBAC Insured),
4.50% due 7/1/00 .......................................... 1,510,186
1,000,000 Denver, Colorado, City & County, GO, Series C,
(Escrowed in U.S. Government Securities), Prerefunded --
08/01/00 @ $101,
5.75% due 8/1/07 .......................................... 1,025,046
5,000,000 Essex County, New Jersey, Revenue Anticipation Note,
Improvement Authority,
3.50% due 3/31/00 ......................................... 5,006,993
1,000,000 Mecklenburg County, North Carolina, G.O., Public
Improvement, Series B,
4.25% due 2/1/00 .......................................... 1,002,807
</TABLE>
See Notes to Financial Statements.
52
<PAGE>
THE GLENMEDE FUND, INC.
Tax-Exempt Cash Portfolio
STATEMENT OF NET ASSETS -- (Concluded)
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ----------------
<S><C>
Fixed Rate Bonds -- (Continued)
$ 6,000,000 Missouri, Rural Water Finance Corporation,
Public Projects Construction Notes,
4.50% due 11/15/99 ........................................ $ 6,001,693
2,830,000 Montgomery County, Pennsylvania, GO, Series A,
5.00% due 7/15/00 ......................................... 2,856,132
1,000,000 Philadelphia, Pennsylvania, Tax and Revenue
Anticipation Note, Series A, (LOC: First Union),
4.00% due 6/30/00 ......................................... 1,003,510
8,000,000 Texas State, Tax and Revenue Anticipation Note, Series A,
4.50% due 8/31/00 ......................................... 8,051,372
1,000,000 University Medicine & Dentistry, New Jersey, Revenue Bond,
Series C, Prerefunded U.S. Govt. due 12/01/99 @ $102,
7.20% due 12/1/99 ......................................... 1,022,737
1,000,000 Wilmington, Delaware, GO, (Escrowed in U.S. Government
Securities), Prerefunded-- 05/15/00 @ $102,
6.75% due 5/15/10 ......................................... 1,036,876
------------
Total Fixed Rate Bonds
(Cost $36,193,461) ........................................ 36,193,461
------------
Total Investments (Cost $349,301,933)(3)............................. 99.8% $349,301,933
Other Assets in excess of liabilities................................ 0.2 730,549
----- ------------
Net Assets .......................................................... 100.0% $350,032,482
===== ============
</TABLE>
- --------------------
(1) Demand security; payable upon demand by the Fund with usually no more than
thirty (30) calendar days' notice. Interest rates are redetermined
periodically. Rates shown are those in effect on October 31, 1999.
(2) Dates shown are put dates.
(3) Aggregate cost for federal tax purposes was $349,301,933.
Abbreviations:
AMBAC -- American Municipal Bond Assurance Corporation
CFC -- Cooperative Finance Corporation
FGIC -- Financial Guaranty Insurance Corporation
FNMA -- Federal National Mortgage Association
FSA -- Financial Security Assurance
GO -- General Obligation
LOC -- Letter of Credit
MBIA -- Municipal Bond Investors Assurance
SPA -- Stand-By Purchase Agreement
UBS -- United Bank of Switzerland
See Notes to Financial Statements.
53
<PAGE>
THE GLENMEDE FUND, INC.
Core Fixed Income Portfolio
STATEMENT OF NET ASSETS
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ----------------
<S><C>
Mortgage-Backed Securities(1) -- 44.1%
Countrywide Securities Corp. -- 0.9%
$ 2,147,846 Countrywide 1998-6 A 6.500% due 6/25/13 ....................... $ 2,099,584
------------
Federal Home Loan Mortgage Corporation -- 14.0%
155,104 #555359 6.500% due 4/1/08 ..................................... 148,879
1,921,616 #G10753 6.500% due 9/1/09 ..................................... 1,898,538
218,236 #555360 7.000% due 7/1/12 ..................................... 216,401
25,000,000 FGLMC TBA 7.500% due 11/1/29................................... 25,093,750
1,500,000 FGLMC TBA 7.500% due 11/1/29................................... 1,505,625
997,849 #D78677 8.000% due 3/1/27 ..................................... 1,018,425
1,006,351 #D84894 8.000% due 12/1/27 .................................... 1,027,102
980,677 #555354 8.500% due 10/1/18 .................................... 1,009,519
220,735 #G00807 9.500% due 3/1/21 ..................................... 233,787
------------
32,152,026
------------
Federal National Mortgage Association -- 29.2%
1,153,569 #44174 6.500% due 11/1/03 ..................................... 1,145,944
1,595,000 FNCL TBA 7.500% due 11/01/29 ................................. 1,598,490
4,463,716 #73828 6.810% due 12/1/06 ..................................... 4,414,714
7,363,557 #73829 6.565% due 12/1/03 ..................................... 7,255,556
3,411,406 #73905 6.910% due 1/1/07 ...................................... 3,389,968
4,330,276 #73917 6.950% due 1/1/07 ...................................... 4,312,661
5,700,000 #73924 6.585% due 2/1/07 ...................................... 5,576,230
6,427,803 #73927 6.620% due 1/1/04 ...................................... 6,343,136
3,415,363 #73954 6.851% due 2/1/07 ...................................... 3,380,386
1,194,033 #313672 7.024% due 6/1/07 ..................................... 1,196,196
598,780 #313795 9.500% due 11/25/27 ................................... 636,759
301,267 #313796 9.500% due 11/25/27 ................................... 319,542
395,197 #313798 9.000% due 11/25/27 ................................... 414,028
286,197 #313804 8.000% due 11/25/27 ................................... 293,646
1,548,551 #313815 6.500% due 11/25/27 ................................... 1,528,312
2,629,500 #313816 6.000% due 11/25/27 ................................... 2,545,671
1,030,363 #373328 8.000% due 3/1/27 ..................................... 1,049,683
3,741,364 #380159 6.210% due 5/1/08 ..................................... 3,545,706
2,812,820 #390895 8.000% due 6/1/27 ..................................... 2,865,560
5,027,703 #393877 7.500% due 7/1/27 ..................................... 5,041,007
</TABLE>
See Notes to Financial Statements.
54
<PAGE>
THE GLENMEDE FUND, INC.
Core Fixed Income Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ----------------
<S><C>
Mortgage-Backed Securities -- (Continued)
Federal National Mortgage Association -- (Continued)
$ 1,184,101 #395680 7.500% due 8/1/27 ..................................... $ 1,187,234
1,031,485 #395715 8.000% due 8/1/27 ..................................... 1,050,825
5,624,779 #397602 8.000% due 8/1/27 ..................................... 5,730,244
1,238,769 #398674 7.500% due 9/1/27 ..................................... 1,242,047
1,320,081 #405845 8.000% due 11/1/27 .................................... 1,344,832
------------
67,408,377
------------
Total Mortgage-Backed Securities
(Cost $102,423,146) ....................................... 101,659,987
------------
Collateralized Mortgage Obligations(1) -- 0.0%
878,760 FHR #1544 H 6.500% due 7/15/08 ................................ 33,427
------------
Total Collateralized Mortgage Obligations
(Cost $37,394) ............................................ 33,427
------------
Asset-Backed Securities(1) -- 5.6%
4,000,000 # 1997-1 A4 California Infrastructure SCE Funding Corp. 6.220%
due 3/25/04 ............................................... 3,978,960
4,000,000 # 1997-1 California Infrastructure Pacific Gas & Electric
6.320%
due 9/25/05 ............................................... 3,962,320
5,000,000 # 1999-A A2 Peco Energy Transition Trust 5.630% due 3/1/05 .... 4,879,050
------------
Total Asset-Backed Securities
(Cost $12,994,745) ........................................ 12,820,330
------------
Interest-Only Securities(3) -- 3.6%
1,839,125 FHG #16 PQ 7.000% due 4/25/21 ................................. 234,223
1,226,074 FHR #1529 JB 7.000% due 3/15/06 ............................... 179,072
12,900,000 FHR #1611 L 7.000% due 11/15/23 ............................... 4,223,447
780,010 FHR #1697 PV 6.000% due 4/15/06 ............................... 31,999
1,880,857 FNR #1997-40 PK 7.000% due 7/18/19 ............................ 150,640
3,846,153 FNR #93-135 PI 6.500% due 7/25/08 ............................. 970,934
1,482,505 FNR #93-167 L 7.000% due 8/25/19 .............................. 111,207
1,077,956 FNR 93-147 K 7.000% due 2/25/20 ............................... 93,859
72,754,364 Onyx 99-C 2.250% due 3/15/06 .................................. 1,932,538
</TABLE>
See Notes to Financial Statements.
55
<PAGE>
THE GLENMEDE FUND, INC.
Core Fixed Income Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ----------------
<S><C>
Interest-Only Securities -- (Continued)
$ 12,474,573 UAC #97-B I 1.850% due 4/10/01 ................................ $ 128,644
37,929,230 UAC #99-AI 0.800% due 9/8/06 .................................. 355,586
------------
Total Interest-Only Securities
(Cost $8,283,499) ......................................... 8,412,149
------------
Corporate Notes -- 24.4%
Associates Corp. of North America --
1,125,000 6.000% due 4/15/03............................................. 1,093,657
4,000,000 5.750% due 11/1/03............................................. 3,839,040
5,000,000 AT&T Corp. 6.000% due 3/15/09 ................................. 4,627,850
5,000,000 CIT Group Inc. 5.500% due 2/15/04 ............................. 4,727,700
3,500,000 Daimler-Chrysler National Holding 7.200% due 9/1/09 ........... 3,506,720
3,000,000 Electronic Data Systems 7.450% due 10/15/29 ................... 3,006,930
5,000,000 Ford Motor Credit Co. 5.750% due 2/23/04 ...................... 4,786,550
5,685,000 General Electric Cap Corp. 5.770% due 8/27/01 ................. 5,625,137
4,000,000 Goldman Sachs Group 6.650% due 5/15/092 ....................... 3,805,080
5,000,000 IBM Corp. 5.375% due 2/1/09 ................................... 4,500,450
5,700,000 Lucent Technologies 6.450% due 3/15/29 ........................ 5,167,221
5,000,000 Merrill Lynch and Co. 6.000% due 2/17/09 ...................... 4,572,700
3,280,000 Rohm and Haas Co. 7.850% due 7/15/29 .......................... 3,363,673
3,700,000 Wal-Mart Stores 6.875% due 8/10/09 ............................ 3,711,211
------------
Total Corporate Notes
(Cost $58,714,080) ........................................ 56,333,919
------------
U.S. Treasury Notes -- 25.6%
U.S. Treasury Notes --
11,300,000 6.000% due 8/15/095............................................ 11,284,067
5,000,000 7.250% due 8/15/222 ........................................... 5,456,250
16,000,000 5.500% due 8/31/015............................................ 15,912,480
21,000,000 6.000% due 8/15/04............................................. 21,049,140
5,550,000 6.125% due 11/15/27............................................ 5,365,296
------------
Total U.S. Treasury Notes
(Cost $59,641,030) ........................................ 59,067,233
------------
</TABLE>
See Notes to Financial Statements.
56
<PAGE>
THE GLENMEDE FUND, INC.
Core Fixed Income Portfolio
STATEMENT OF NET ASSETS -- (Concluded)
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ----------------
<S><C>
Repurchase Agreements -- 19.8%
$ 154,000 Agreement with Goldman Sachs & Co., 4.95%, dated 10/29/99,
to be repurchased at $154,063 on 11/01/99,
collateralized by:
$161,825 U.S. Treasury Notes, 12.375% due 05/15/04 ........ $ 154,000
45,500,000 Agreement with ABN AMBRO, 5.32%, dated 10/29/99, to be
repurchased at $45,520,171 on 11/01/99, collateralized by:
$46,650,923 Federal National Mortgage Association Pool
#372390.................................................... 45,500,000
------------
Total Repurchase Agreements
(Cost $45,654,000)......................................... 45,654,000
------------
Total Investments (Cost $287,747,894)(4)............................. 123.1% $283,981,045
Reverse Repurchase Agreements........................................ (11.8)
$ 16,080,000 Agreement with Merrill Lynch and Co.,
dated 10/31/99 bearing 4.65% to be
repurchased at $16,086,231 on
11/2/98, collateralized by: 15,912,480
U.S. Treasury Notes, 5.50% due 8/31/01 .................... (16,080,000)
11,257,625 Agreement with Merrill Lynch and Co.,
dated 10/31/99 bearing 6.35% to be
repurchased at $11,258,891 on
11/2/98, collateralized by: 11,284,067
U.S. Treasury Notes, 6.00% due 8/15/09 .................... (11,257,625)
------------
Total reverse Repurchase Agreements
(Cost $27,337,625)....................................................................... (27,337,625)
Liabilities in Excess of other Assets................................ (11.3) (25,959,232)
----- ------------
Net Assets .......................................................... 100.0% $230,684,188
===== ============
</TABLE>
- -----------
(1) Represents current face amount at October 31, 1999.
(2) Security on loan.
(3) Face amount represents notional amount.
(4) Aggregate cost for federal tax purposes was $287,837,949.
(5) Collateral for reverse repurchase agreements.
Abbreviation:
FGLMC--Federal Government Loan Mortgage Company.
FNCL--Federal National Mortgage Association Class Loan.
TBA--To be announced.
See Notes to Financial Statements.
57
<PAGE>
Tax Managed Equity Portfolio
STATEMENT OF NET ASSETS
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
Common Stocks -- 98.3%
Aerospace & Defense -- 0.4%
10,600 AlliedSignal, Inc. ............................................ $ 603,537
------------
Banking -- 1.3%
35,000 Citigroup, Inc. ............................................... 1,894,375
1 Fleet Boston Corporation ...................................... 44
------------
1,894,419
------------
Commercial Services -- 2.8%
70,000 McGraw-Hill, Inc. ............................................. 4,173,750
------------
Consumer Durables -- 4.2%
50,000 Ford Motor .................................................... 2,743,750
60,000 Harley-Davidson, Inc.(2) ...................................... 3,558,750
------------
6,302,500
------------
Consumer Non -- Durables -- 2.6%
37,000 Procter & Gamble Co. .......................................... 3,880,375
------------
Consumer Services -- 1.8%
60,000 Carnival Corp.-- Class A ...................................... 2,670,000
------------
Electrical and Electronics -- 3.1%
40,000 Nokia, ADR .................................................... 4,622,500
------------
Electronic Technology -- 18.8%
50,000 Cisco Systems, Inc. ........................................... 3,700,000
200,000 EMC Corp. ..................................................... 14,600,000
28,000 Intel Corp. ................................................... 2,168,250
26,000 International Business Machines Corp. ......................... 2,557,750
64,000 Lexmark International Group, Inc.-- Class A .................. 4,996,000
200 Siebel Systems, Inc............................................ 21,962
------------
28,043,962
------------
Energy Minerals -- 7.7%
40,000 Chevron Corp. ................................................. 3,652,500
21,400 Mobil Corp. ................................................... 2,065,100
65,000 Phillips Petroleum Co. ........................................ 3,022,500
45,000 Schlumberger, Inc. ............................................ 2,725,312
------------
11,465,412
------------
</TABLE>
See Notes to Financial Statements.
58
<PAGE>
Tax Managed Equity Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
Financial Services -- 11.1%
43,750 American International Group, Inc. ............................ $ 4,503,516
46,208 Associates First Capital Corp. ................................ 1,686,592
40,000 Bank of America ............................................... 2,575,000
56,000 Duke Realty Investments, Inc. ................................. 1,099,000
47,000 Fannie Mae .................................................... 3,325,250
14,300 Hartford Life, Inc. Class-- A ................................. 747,175
53,000 Wells Fargo & Company ......................................... 2,537,375
------------
16,473,908
------------
Health & Personal Care -- 2.4%
90,000 Pfizer, Inc. .................................................. 3,555,000
------------
Health Technology -- 7.6%
56,000 Bristol-Myers Squibb Co. ...................................... 4,301,500
40,000 Johnson & Johnson ............................................. 4,190,000
11,000 Merck & Co, Inc. .............................................. 875,187
24,000 Warner Lambert Co. ............................................ 1,915,500
------------
11,282,187
------------
Process Industries -- 3.2%
35,000 General Electric Co. .......................................... 4,744,687
------------
Producer Manufacturing -- 4.6%
40,000 Johnson Controls, Inc. ........................................ 2,430,000
125,000 Leggett & Platt, Inc. ......................................... 2,773,438
40,000 Tyco International Ltd. ....................................... 1,597,500
------------
6,800,938
------------
Retail Trade -- 1.2%
27,000 Dayton Hudson Corp. ........................................... 1,744,875
------------
Technology -- 8.1%
40,000 Applied Materials, Inc.(1) .................................... 3,592,500
30,001 Computer Associates International, Inc. ....................... 1,695,057
35,000 Microsoft Corporation(1) ...................................... 3,239,688
60,000 Sterling Software, Inc.(1) .................................... 1,316,250
21,000 Sun Microsystems, Inc.(1) ..................................... 2,222,063
------------
12,065,558
------------
</TABLE>
See Notes to Financial Statements.
59
<PAGE>
Tax Managed Equity Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
Technology Systems/Semi Conductors -- 1.5%
10,000 Qualcomm, Inc.(1) ............................................. $ 2,227,500
------------
Transportation -- 1.1%
50,000 Burlington Northern Sante Fe Corp. ............................ 1,593,750
------------
Utilities -- 14.8%
80,000 BellSouth Corp. ............................................... 3,600,000
30,000 Columbia Energy Group ......................................... 1,950,000
28,000 FPL Group, Inc. ............................................... 1,408,750
60,000 MCI Worldcom, Inc.(1) ......................................... 5,148,750
39,000 Pinnacle West Capital Corporation ............................. 1,438,125
90,000 Sprint Corp. (FON Group) ...................................... 6,688,125
22,500 Sprint Corp. (PCS Group)(1) ................................... 1,866,094
------------
22,099,844
------------
Total Common Stocks
(Cost $83,558,398) ........................................ 146,244,702
------------
Call Options -- (0.3)%
100 Lexmark Corp. Nov 99 @ $95 ................................... (1,875)
250 EMC Corp. Jan 00 @ $75 ....................................... (162,500)
500 EMC Corp. Jan 00 @ $80 ....................................... (225,000)
------------
Total Call Options
(Cost $(375,337)) ......................................... (389,375)
------------
Put Options -- 0.1%
500 EMC Corp. Nov 99 @ $60 ....................................... 21,875
250 EMC Corp. Jan 00 @ $50 ....................................... 18,750
500 EMC Corp. Jan 00 @ $60 ....................................... 106,250
------------
Total Put Options
(Cost $350,313) ........................................... 146,875
------------
</TABLE>
See Notes to Financial Statements.
60
<PAGE>
Tax Managed Equity Portfolio
STATEMENT OF NET ASSETS -- (Concluded)
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ----------------
<S><C>
Repurchase Agreement -- 1.9%
2,796,000 Agreement with Goldman Sachs & Co., 4.95%,
dated 10/29/99, to be repurchased at
$2,797,153 on 11/1/99, collateralized by
$2,843,220 U.S. Treasury Bonds, 8.375%
due 8/15/08
(Cost $2,796,000).......................................... $ 2,796,000
------------
Total Investments (Cost $86,329,374)(3).............................. 100.0% $148,798,202
Liabilities in Excess of other Assets................................ (0.0) (14,524)
----- ------------
Net Assets........................................................... 100.0% $148,783,678
===== ============
</TABLE>
- --------
(1) Non-income producing security.
(2) Security on loan.
(3) Aggregate cost for federal tax purposes was $86,585,301.
See Notes to Financial Statements.
61
<PAGE>
THE GLENMEDE FUND, INC.
Small Capitalization Equity Portfolio
STATEMENT OF NET ASSETS
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
Common Stocks -- 99.3%
Basic Industry -- 7.4%
173,500 Aptargroup, Inc. .............................................. $ 4,662,812
73,400 Borg-Warner Automotive, Inc. .................................. 2,899,300
218,200 Cable Design Technologies(1) .................................. 4,227,625
129,500 Granite Construction, Inc. .................................... 2,679,031
121,900 Pittston Services Group ....................................... 2,338,956
54,000 Texas Industries, Inc.(2)2 .................................... 1,933,875
135,800 Tower Automotive, Inc.(1) ..................................... 2,215,237
------------
20,956,836
------------
Consumer Services -- 26.5%
41,300 Alaska Air Group, Inc.(1) ..................................... 1,641,675
90,200 Applebee's International, Inc. ................................ 2,598,887
90,100 BJ's Wholesale Club, Inc.(1) .................................. 2,776,206
177,700 Bob Evans Farms, Inc. ......................................... 2,443,375
63,550 Canandaigua Wine Company, Inc. Class A(1) ..................... 3,844,775
73,300 Carlisle Companies, Inc. ...................................... 2,437,225
145,700 Children's Place(1,2) ......................................... 3,797,306
149,700 Copart, Inc.(1,2) ............................................. 3,443,100
226,700 Fred's, Inc. .................................................. 2,720,400
95,650 Harman International Industries, Inc. ......................... 3,909,694
153,300 Haverty Furniture Company, Inc. ............................... 2,107,875
210,300 Jack In The Box(1) ............................................ 5,060,344
111,400 Kellwood Co. .................................................. 1,970,387
142,800 La-Z-Boy Chair Co. ............................................ 2,606,100
68,050 Midwest Express Holdings, Inc.(1) ............................. 1,994,715
104,500 Movado Group, Inc. ............................................ 2,299,000
88,600 NCO Group, Inc.(1) ............................................ 3,754,425
37,000 Payless Shoesource, Inc.(1) ................................... 1,695,062
170,700 Ralcorp Holdings, Inc.(1) ..................................... 3,328,650
153,500 Ruby Tuesday, Inc. ............................................ 2,926,094
148,400 Shopko Stores, Inc. ........................................... 3,719,275
91,800 Suiza Foods Corp(1,2) ......................................... 3,310,537
61,800 Toro Co. ...................................................... 2,217,075
</TABLE>
See Notes to Financial Statements.
62
<PAGE>
THE GLENMEDE FUND, INC.
Small Capitalization Equity Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
Common Stocks -- (Continued)
Consumer Services -- (Continued)
97,200 Universal Corp. ............................................... $ 2,284,200
153,300 Wallace Computer Services, Inc. ............................... 3,391,762
201,979 Zany Brainy, Inc.(2)2 ......................................... 2,499,490
------------
74,777,634
------------
Energy -- 5.7%
101,600 Barrett Resources Corp.(1) .................................... 3,409,950
118,300 Energen Corp. ................................................. 2,188,550
116,100 Helmerich and Payne, Inc. ..................................... 2,764,631
136,200 Oceaneering International, Inc.(1) ............................ 1,847,212
334,400 Swift Energy Co.(1,2) ......................................... 3,469,400
125,400 Valero Energy New ............................................. 2,304,225
------------
15,983,968
------------
Financial Services -- 17.9%
61,800 Bancwest Corp. ................................................ 2,584,013
122,000 Cullen/Frost Bankers, Inc. .................................... 3,522,750
55,700 Dime Community Bancorp, Inc.(2) ............................... 1,124,444
136,200 Enhance Financial Services Group, Inc. ........................ 2,485,650
59,800 Greater Bay Bancorp ........................................... 2,197,650
72,600 Hamilton Bancorp, Inc.(1) ..................................... 1,152,525
104,300 Harleysville Group, Inc. ...................................... 1,779,619
133,838 Hudson United Bancorp ......................................... 4,207,532
120,340 Metris Companies, Inc.(2) ..................................... 4,144,209
121,800 Miix Group .................................................... 1,948,800
144,000 Navigant Consulting Co.(1,2) .................................. 4,113,000
125,400 PFF Bancorp, Inc. ............................................. 2,555,025
97,200 Presidential Life Corp. ....................................... 1,786,050
74,400 Protective Life Corp. ......................................... 2,692,350
88,494 Radian Group, Inc. ............................................ 4,673,589
157,550 Republic Bancorp, Inc. ........................................ 2,067,844
86,300 Sterling Bancshares, Inc. ..................................... 1,078,750
149,800 The MONY Group, Inc. .......................................... 4,718,700
80,100 Triad Guaranty, Inc.(1) ....................................... 1,647,056
------------
50,479,556
------------
</TABLE>
See Notes to Financial Statements.
63
<PAGE>
THE GLENMEDE FUND, INC.
Small Capitalization Equity Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
Common Stocks -- (Continued)
Healthcare -- 5.9%
131,400 Conmed Corp.(1) ............................................... $ 3,276,788
77,100 Datascope Corp.(1) ............................................ 2,775,600
105,700 King Pharmaceuticals(1,2) ..................................... 3,197,425
223,700 Orthodontic Centers of America, Inc.(1,2) ..................... 3,075,875
127,200 Provantage Health Services(1) ................................. 1,486,650
108,000 Wesley Jessen VisionCare, Inc.(1) ............................. 2,902,500
------------
16,714,838
------------
Real Estate -- 6.9%
97,200 Amli Residential Properties ................................... 2,016,900
61,800 Arden Realty Group ............................................ 1,243,725
125,600 Bedford Property Investors, Inc. .............................. 2,198,000
72,400 Brandywine Realty Trust ....................................... 1,217,225
83,000 CBL & Associates Properties ................................... 1,846,750
198,900 Glimcher Realty Trust ......................................... 2,946,206
61,700 Kilroy Realty Corp. ........................................... 1,183,869
61,800 Liberty Property Trust ........................................ 1,444,575
65,300 Pacific Gulf Properties, Inc. ................................. 1,322,325
93,000 Regency Realty Corp. .......................................... 1,842,563
95,600 TriNet Corporate Realty Trust, Inc. ........................... 2,204,775
------------
19,466,913
------------
Technology -- 24.8%
53,300 Dallas Semiconductor Corp. .................................... 3,138,038
157,800 DSP Communications, Inc.(1,2) ................................. 5,552,588
81,000 DSP Group, Inc.(1,2) .......................................... 3,867,750
100,900 Electronics For Imaging(1) .................................... 4,067,531
93,300 F.Y. I., Inc.(1) .............................................. 3,078,900
80,900 Henry (Jack) & Associates, Inc. ............................... 2,942,738
144,300 Lattice Semiconductor Corp.(1) ................................ 5,104,613
198,300 Methode Electronics, Inc.-- Class A ........................... 3,172,800
125,400 Metro One Telecommunications(1) ............................... 1,943,700
51,200 Moog, Inc. Class A(1) ......................................... 1,228,800
84,100 Pinnacle Systems, Inc.(1) ..................................... 2,333,775
99,500 Plexus Corp.(1) ............................................... 2,636,750
</TABLE>
See Notes to Financial Statements.
64
<PAGE>
THE GLENMEDE FUND, INC.
Small Capitalization Equity Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
Common Stocks -- (Continued)
Technology -- (Continued)
136,200 Progress Software Corp.(1) .................................... $ 4,562,700
156,700 Remedy Corp.(1) ............................................... 6,738,100
188,100 Reynolds & Reynolds ........................................... 3,421,069
167,200 Sterling Software, Inc. ....................................... 3,667,950
119,400 Symantec Corp.(1) ............................................. 5,701,350
61,300 Tektronix, Inc. ............................................... 2,068,875
90,600 Xircom, Inc.(1) ............................................... 4,569,638
------------
69,797,665
------------
Utilities -- 4.2%
92,100 Equitable Resources, Inc. ..................................... 3,361,650
66,000 MDU Resources Group, Inc. ..................................... 1,542,750
34,200 New Jersey Resources Corp. .................................... 1,391,513
108,000 NUI Corp. ..................................................... 2,679,750
39,600 People's Energy Corp. ......................................... 1,504,800
49,600 Sigcorp, Inc. ................................................. 1,289,600
------------
11,770,063
------------
Total Common Stocks
(Cost $260,270,946) ....................................... 279,947,473
------------
<CAPTION>
Face
Amount
----------------
Repurchase Agreement -- 1.0%
2,650,000 Agreement with Goldman Sachs & Co., 4.95%, dated 10/29/99
to be repurchased 11/01/99, collateralized by
$2,772,706 U.S. Treasury Bonds, 6.50% due
11/15/26 (Cost $2,650,000) ................................ 2,650,000
------------
</TABLE>
See Notes to Financial Statements.
65
<PAGE>
THE GLENMEDE FUND, INC.
Small Capitalization Equity Portfolio
STATEMENT OF NET ASSETS -- (Concluded)
October 31, 1999
<TABLE>
<CAPTION>
<S><C>
Total Investments (Cost $262,920,946)(3)................................ 100.3% $282,597,473
Liabilities in Excess of Other Assets................................... (0.3) (785,015)
----- ------------
Net Assets ............................................................. 100.0% $281,812,458
===== ============
</TABLE>
- --------------------
(1) Non-income producing security.
(2) Security on loan.
(3) Aggregate cost for federal tax purposes was $263,319,580.
See Notes to Financial Statements.
66
<PAGE>
Large Cap Value Portfolio
STATEMENT OF NET ASSETS
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
Common Stocks -- 96.0%
Basic Industry -- 6.7%
4,600 Dow Chemical Co. .............................................. $ 543,950
15,300 Georgia-Pacific Corp. ......................................... 607,219
22,000 International Paper Co. ....................................... 1,157,750
14,300 Mead Corp. .................................................... 514,800
14,300 Rohm & Haas Co. ............................................... 546,975
10,000 Weyerhaeuser Co. .............................................. 596,875
------------
3,967,569
------------
Capital Goods -- 12.8%
11,200 Cooper Industries, Inc. ....................................... 482,300
13,900 Dana Corp.(2) ................................................. 410,919
18,200 General Dynamics Corp. ........................................ 1,008,962
8,000 Illinois Tool Works, Inc. ..................................... 586,000
19,700 Ingersoll-Rand Co. ............................................ 1,029,325
13,500 Parker-Hannifin Corp. ......................................... 618,469
25,500 United Technologies Corp. ..................................... 1,542,750
10,600 TRW, Inc. ..................................................... 454,475
35,800 Tyco International Ltd. ....................................... 1,429,763
------------
7,562,963
------------
Commercial Services -- 2.3%
22,800 McGraw-Hill, Inc. ............................................. 1,359,450
------------
Consumer Non - Durables -- 5.8%
20,800 Anheuser-Busch Companies, Inc. ................................ 1,493,700
21,200 Kimberly Clark Corp. .......................................... 1,338,250
6,000 Procter & Gamble Co. .......................................... 629,250
------------
3,461,200
------------
Technology -- 12.4%
17,100 BMC Software, Inc.(1,2) ....................................... 1,097,606
17,800 Computer Associates International, Inc. ....................... 1,005,700
37,800 Compuware Corp.(1) ............................................ 1,051,313
8,500 Corning, Inc. ................................................. 668,313
</TABLE>
See Notes to Financial Statements.
67
<PAGE>
THE GLENMEDE FUND, INC.
Large Cap Value Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
Common Stocks -- (Continued)
Technology -- (Continued)
38,100 First Data Corp. .............................................. $ 1,740,694
12,000 Hewlett-Packard Co. ........................................... 888,750
9,300 International Business Machines Corp. ......................... 914,887
------------
7,367,263
------------
Energy -- 12.3%
19,300 Chevron Corp. ................................................. 1,762,331
28,100 Coastal Corp. ................................................. 1,183,712
11,700 Exxon Corp. ................................................... 866,531
20,200 Kerr-McGee Corp. .............................................. 1,085,750
12,700 Mobil Corp. ................................................... 1,225,550
18,600 Schlumberger, Inc. ............................................ 1,126,462
------------
7,250,336
------------
Finance -- 17.1%
18,900 American General Corp. ........................................ 1,402,144
18,200 Bank Of America ............................................... 1,171,625
17,000 Chase Manhattan Corp. ......................................... 1,485,375
16,200 Cigna Corp. ................................................... 1,210,950
29,400 Equity Residential Properties Trust ........................... 1,229,288
26,700 Fleet Boston Corp. ............................................ 1,164,787
12,700 Household International, Inc. ................................. 566,737
24,700 Lincoln National Corp. ........................................ 1,139,287
6,600 Morgan Stanley Dean Witter .................................... 728,062
------------
10,098,255
------------
Health Technology -- 3.1%
15,000 Bristol-Myers Squibb Co. ...................................... 1,152,188
8,600 Warner Lambert Co. ............................................ 686,388
------------
1,838,576
------------
Retail Trade -- 4.7%
15,600 Dayton Hudson Corp. ........................................... 1,008,150
11,600 Lowe's Companies, Inc. ........................................ 638,000
41,400 TJX Companies, Inc. ........................................... 1,122,975
------------
2,769,125
------------
</TABLE>
See Notes to Financial Statements.
68
<PAGE>
THE GLENMEDE FUND, INC.
Large Cap Value Portfolio
STATEMENT OF NET ASSETS -- (Concluded)
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
Common Stocks -- (Continued)
Utilities -- 18.8%
26,275 Alltel Corp. .................................................. $ 2,187,394
21,200 Bell Atlantic Corp. ........................................... 1,376,675
26,400 Columbia Energy Group ......................................... 1,716,000
27,800 Consolidated Natural Gas ...................................... 1,779,200
3,700 GTE Corp. ..................................................... 277,500
11,733 SBC Communications, Inc. ...................................... 597,650
35,500 Sprint Corp. .................................................. 2,638,094
14,700 Texas Utilities Co. ........................................... 569,625
------------
11,142,138
------------
Total Common Stocks
(Cost $52,134,211) ........................................ 56,816,875
------------
<CAPTION>
Face
Amount
----------------
Repurchase Agreement -- 3.9%
$ 2,292,000 Agreement with Goldman Sachs & Co.,4.95%,
dated 10/29/99, to be repurchased at
$2,292,945 on 11/01/99, collateralized by
$2,397,848 U.S. Treasury Bonds,
7.50% due 11/15/24 (Cost $2,292,000 ........................ 2,292,000
------------
Total Investments (Cost $54,426,211)(3)................................. 99.9% $ 59,108,875
Other Assets in Excess of Liabilities................................... 0.1 69,129
----- ------------
Net Assets ............................................................. 100.0% $ 59,178,004
===== ============
</TABLE>
- --------------------
(1) Non-income producing security.
(2) Security on loan.
(3) Aggregate cost for federal tax purposes was $54,494,678.
See Notes to Financial Statements.
69
<PAGE>
THE GLENMEDE FUND, INC.
International Portfolio
STATEMENT OF NET ASSETS
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
FOREIGN SECURITIES -- 98.1%
Japan -- 24.3%
218,600 Acom Co., Ltd.(2) ............................................. $ 23,879,254
673,000 Canon, Inc. ................................................... 19,024,043
1,690,000 Chugai Pharmaceutical Co.(2)................................... 20,080,482
1,065,000 Dai Nippon Printing Co., Ltd. ................................. 19,399,809
2,580 East Japan Railway Co. ........................................ 15,797,425
354,000 Eisai Co., Ltd. ............................................... 9,718,374
393,000 Familymart Co., Ltd. .......................................... 27,302,115
2,000,000 Fuji Heavy Industries Ltd. (2)................................. 16,979,678
410,000 Fuji Photo Film Co., Ltd. ..................................... 13,161,167
430,000 Honda Motor Co. ............................................... 18,129,544
980,000 Jusco Co. ..................................................... 22,819,078
684,000 Kao Corp.(2) .................................................. 20,842,459
6,152,000 Kubota Corp. .................................................. 24,464,152
178,000 Nintendo Corp., Ltd. .......................................... 28,228,236
98,000 Rohm Co. ...................................................... 21,973,927
180,000 Sony Corp.(2) ................................................. 28,045,216
179,000 Takefuji Corp. ................................................ 23,155,413
1,120,000 Wacoal Corp. .................................................. 11,590,643
------------
364,591,015
------------
United Kingdom -- 17.1%
3,035,000 Allied Domecq. ................................................ 17,007,149
756,500 Allied Zurich PLC(1) .......................................... 9,167,302
1,190,914 Associated British Foods PLC .................................. 7,406,307
504,242 Bass PLC ...................................................... 5,502,281
864,300 BOC Group PLC ................................................. 18,507,900
1,583,200 British American Tobacco ...................................... 10,560,353
3,070,000 Cadbury Schweppes PLC ......................................... 19,999,125
2,000,000 Caradon PLC ................................................... 4,725,792
5,500,000 Corus Group PLC ............................................... 10,423,817
2,000,000 Gallaher Group PLC ............................................ 11,953,957
2,396,250 Iceland Group PLC ............................................. 11,383,159
4,065,926 Invensys PLC .................................................. 19,981,975
2,925,000 Johnson Matthey PLC ........................................... 26,925,938
1,310,000 Rio Tinto Zinc PLC ORD......................................... 22,377,117
2,413,200 Scottish Power PLC ............................................ 22,333,384
</TABLE>
See Notes to Financial Statements.
70
<PAGE>
THE GLENMEDE FUND, INC.
International Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
FOREIGN SECURITIES -- (Continued)
United Kingdom -- (Continued)
1,370,000 Tate & Lyle PLC ............................................... $ 8,958,412
4,435,900 Tomkins PLC ................................................... 14,903,483
1,639,237 Trinity Mirror PLC ............................................ 15,103,362
------------
257,220,813
------------
France -- 11.5%
148,300 Alcatel ....................................................... 23,146,801
80,030 Compagnie de Saint-Gobain(2) .................................. 13,879,063
84,200 Groupe Danone ................................................. 21,460,864
224,745 Lafarge SA .................................................... 21,613,968
276,000 Lagardere Groupe SCA .......................................... 11,168,457
279,000 Pernod-Ricard ................................................. 18,826,197
310,000 SCOR SA ....................................................... 15,476,711
258,485 Total Fina SA ................................................. 34,910,933
162,000 Valeo SA ...................................................... 11,629,448
------------
172,112,442
------------
Spain -- 7.9%
200,000 Banco Popular de Espanol ...................................... 13,453,440
962,976 Endesa SA ..................................................... 18,724,515
1,953,000 Dragados Construcciones SA(2) ................................. 20,670,696
1,513,000 Iberdrola SA .................................................. 22,040,708
1,155,000 Repsol SA Sponsored ADR ....................................... 23,677,500
383,595 Telefonica de Espana Sponsored ADR(1) ......................... 19,155,775
------------
117,722,634
------------
Germany -- 7.3%
360,000 Bayer AG(2) ................................................... 14,718,904
53,800 Celanese AG(1) ................................................ 839,715
786,500 Continental AG(2) ............................................. 16,987,674
194,000 Daimler-Chrysler AG ........................................... 15,109,264
538,000 Hoechst AG(2) ................................................. 23,551,613
219,000 Siemens AG .................................................... 19,565,296
47,290 Siemens AG - ADR .............................................. 4,224,851
275,200 Veba AG(2) .................................................... 15,026,483
------------
110,023,800
------------
</TABLE>
See Notes to Financial Statements.
71
<PAGE>
THE GLENMEDE FUND, INC.
International Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
FOREIGN SECURITIES -- (Continued)
Australia -- 6.1%
3,113,900 Australia Gas Light Co. ....................................... $ 17,164,290
1,200,000 Commonwealth Bank of Australia(2) ............................. 19,652,574
6,600,000 Foster's Brewing Group ........................................ 17,529,790
1,275,516 Lend Lease Corp. Ltd. ......................................... 14,665,597
3,570,789 Westpac Banking Corp. Ltd.(2) ................................. 22,895,681
------------
91,907,932
------------
Netherlands -- 4.6%
468,900 Akzo Nobel (2)................................................. 20,176,761
830,000 ABN-Amro Hldgs N.V. ........................................... 20,055,821
730,900 Hagemeyer N.V. ................................................ 14,972,461
171,323 Royal PTT Nederland N.V. Sponsored ADR ....................... 8,737,473
171,323 TNT Post Group N.V- Sponsored ADR ............................ 4,390,152
------------
68,332,668
------------
Sweden -- 4.4%
440,091 AstraZeneca PLC ............................................... 19,845,761
1,235,000 Electrolux AB - Series B ...................................... 24,585,399
450,000 SKF AB - Series B (2).......................................... 9,122,113
480,000 Volvo AB - Series B ........................................... 12,381,311
------------
65,934,584
------------
Italy -- 4.1%
11,439,990 Bennetton Group S.p.A.(2) ..................................... 25,250,403
229,000 ENI SPA-Sponsored ADR ......................................... 13,453,750
2,601,330 Telecom Italia S.p.A.(2) ...................................... 22,447,190
------------
61,151,343
------------
Norway -- 2.4%
4,580,000 Christiania Bank OG Kreditkasse ASA ........................... 22,302,739
355,000 Norsk Hydro ASA ............................................... 14,164,526
------------
36,467,265
------------
Finland -- 1.8%
239,800 Nokia Corp. Sponsored ADR ..................................... 27,711,888
------------
Belgium -- 1.3%
59,000 Electrabel SA ................................................. 19,446,948
------------
</TABLE>
See Notes to Financial Statements.
72
<PAGE>
THE GLENMEDE FUND, INC.
International Portfolio
STATEMENT OF NET ASSETS -- (Concluded)
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
FOREIGN SECURITIES -- (Continued)
Denmark -- 1.2%
235,000 Uni-Danmark ................................................... $ 18,276,371
--------------
Switzerland -- 0.9%
7,200 Nestle AG Reg. ................................................ 13,892,161
--------------
Canada -- 0.9%
300,000 Magna International, Inc. - Class A ........................... 13,593,750
--------------
Austria -- 0.9%
269,200 Bank Austria .................................................. 13,374,700
--------------
Singapore -- 0.8%
1,080,000 Singapore Air Ltd. Foreign .................................... 11,424,155
--------------
New Zealand -- 0.6%
2,320,000 Telecom Corp. New Zealand(2) .................................. 9,324,333
--------------
Total FOREIGN SECURITIES
(Cost $1,094,489,521) ..................................... 1,472,508,802
--------------
<CAPTION>
Face
Amount
----------------
Repurchase Agreement -- 0.9%
$ 12,648,000 Agreement with Goldman Sachs & Co., 4.95 %, dated 10/29/99,
to be repurchased at $12,653,217 on 11/01/99,
collateralized by $12,816,152 U.S. Treasury Bonds,
6.875% due 08/15/25,
(Cost $12,648,000)......................................... 12,648,000
--------------
Total Investments (Cost $1,107,137,521)(3)............................... 99.0% $1,485,156,802
Other Assets in Excess of Liabilities................................... 1.0 15,402,084
------ --------------
Net Assets .............................................................. 100.0% $1,500,558,886
====== ==============
</TABLE>
- --------------------
(1) Non-income producing security.
(2) Security on loan.
(3) Aggregate cost for federal tax purposes was $1,142,268,063.
Abbreviation:
ADR -- American Depository Receipts
See Notes to Financial Statements.
73
<PAGE>
THE GLENMEDE FUND, INC.
International Portfolio
SECTOR DIVERSIFICATION
On October 31, 1999, sector diversification of the Portfolio was as follows
(Unaudited):
<TABLE>
<CAPTION>
% of Net
Assets Value
----------- -------------
<S><C>
INDUSTRIES:
Financial Services...................... 11.6% $173,435,218
Foods and Beverages..................... 8.7 130,582,287
Electronics............................. 8.3 123,864,031
Chemicals............................... 6.1 90,956,060
Automotive.............................. 5.9 87,822,995
Oil Related............................. 5.8 87,068,667
Consumer Services....................... 4.9 73,783,607
Utilities............................... 4.3 63,821,040
Engineering and Construction............ 3.7 56,163,727
Manufacturing........................... 3.6 53,689,487
Industrials............................. 3.4 51,445,126
Pharmaceuticals......................... 3.3 49,644,617
Banking................................. 3.1 46,321,586
Electrical Equipment.................... 2.8 42,514,661
Telecommunications...................... 2.8 41,602,965
Apparel................................. 2.5 36,841,046
Publishing.............................. 2.3 34,503,171
Housing and Home Furnishings............ 2.2 32,471,134
Convenience Stores...................... 1.8 27,302,115
Transportation.......................... 1.8 27,221,580
Insurance............................... 1.6 24,644,013
Computers............................... 1.6 24,464,152
Tobacco................................. 1.5 22,514,310
Natural Gas............................. 1.1 17,164,290
Tire and Rubber Goods................... 1.1 16,987,674
Commercial Services..................... 0.9 13,127,625
Retail.................................. 0.8 11,383,159
Miscellaneous Industries................ 0.6 11,168,459
------ --------------
TOTAL FOREIGN SECURITIES................ 98.1% $1,472,508,802
REPURCHASE AGREEMENT.................... 0.9 12,648,000
------ --------------
TOTAL INVESTMENTS....................... 99.0% $1,485,156,802
====== ==============
</TABLE>
See Notes to Financial Statements.
74
<PAGE>
THE GLENMEDE FUND, INC.
Institutional International Portfolio
STATEMENT OF NET ASSETS
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
FOREIGN SECURITIES -- 93.7%
Japan -- 23.4%
22,300 Acom Co., Ltd.(2) ............................................. $ 2,435,990
71,000 Canon, Inc. ................................................... 2,006,994
170,000 Chugai Pharmaceutical Co.(2) .................................. 2,019,930
113,000 Dai Nippon Printing Co.,Ltd. .................................. 2,058,383
225 East Japan Railway Co. ........................................ 1,377,682
87,000 Eisai Co., Ltd. ............................................... 2,388,414
42,000 Familymart Co., Ltd. .......................................... 2,917,783
300,000 Fuji Heavy Industries Ltd.(2) ................................. 2,546,952
37,000 Fuji Photo Film Ltd. .......................................... 1,187,715
42,000 Honda Motor Co. ............................................... 1,770,793
115,000 Jusco Co. ..................................................... 2,677,749
94,000 Kao Corp. ..................................................... 2,864,315
687,000 Kubota Corp. .................................................. 2,731,936
15,000 Nintendo Corp.,Ltd. ........................................... 2,378,784
10,900 Rohm Co. ...................................................... 2,444,039
20,000 Sony Corp. .................................................... 3,116,135
20,000 Takefuji Corp. ................................................ 2,587,197
155,000 Wacoal Corp. .................................................. 1,604,062
--------------
41,114,853
--------------
United Kingdom -- 15.5%
344,600 Allied Domecq ................................................. 1,931,026
55,000 Allied Zurich PLC ............................................. 666,493
248,205 Associated British Foods PLC .................................. 1,543,590
47,051 Bass PLC ...................................................... 513,420
89,100 BOC Group PLC ................................................. 1,907,965
163,600 British American Tobacco ...................................... 1,091,254
324,200 Cadbury Schweppes PLC ......................................... 2,111,960
207,000 Caradon PLC ................................................... 489,119
585,000 Corus Group PLC ............................................... 1,108,715
217,000 Gallaher Group PLC ............................................ 1,297,004
189,000 Iceland Group PLC ............................................. 897,827
426,723 Invensys PLC .................................................. 2,097,128
303,500 Johnson Matthey PLC ........................................... 2,793,854
140,000 Rio Tinto Zinc PLC ORD ........................................ 2,391,448
208,262 Scottish Power PLC ............................................ 1,927,397
258,000 Tate & Lyle PLC ............................................... 1,687,058
</TABLE>
See Notes to Financial Statements.
75
<PAGE>
THE GLENMEDE FUND, INC.
Institutional International Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
FOREIGN SECURITIES -- (Continued)
United Kingdom -- (Continued)
460,500 Tomkins PLC ................................................... $ 1,547,161
140,080 Trinity Mirror PLC ............................................ 1,290,649
--------------
27,293,068
--------------
France -- 10.8%
16,400 Alcatel ....................................................... 2,559,727
11,725 Compagnie de Saint-Gobain ..................................... 2,033,388
7,700 Groupe Danone ................................................. 1,962,573
21,244 Lafarge SA - ADR .............................................. 2,043,058
38,000 Lagardere Groupe SCA .......................................... 1,537,686
27,200 Pernod-Ricard ................................................. 1,835,385
28,500 SCOR SA ....................................................... 1,422,859
23,592 Total Fina SA ................................................. 3,186,354
34,600 Valeo SA ...................................................... 2,483,820
--------------
19,064,850
--------------
Germany -- 7.6%
53,000 Bayer AG ...................................................... 2,166,950
6,110 Celanese AG(1) ................................................ 95,365
76,300 Continental AG ................................................ 1,648,010
18,700 Daimlerchrysler AG ............................................ 1,456,408
61,100 Hoechst AG (2)................................................. 2,674,728
24,000 Siemens AG .................................................... 2,144,142
13,110 Siemens AG - ADR .............................................. 1,171,237
37,000 Veba AG ....................................................... 2,020,276
--------------
13,377,116
--------------
Spain -- 7.0%
21,000 Banco Popular de Espanol ...................................... 1,412,611
104,837 Endesa SA(1) .................................................. 2,038,495
189,900 Dragados Construcciones SA(2) ................................. 2,009,915
167,000 Iberdrola SA .................................................. 2,432,781
118,200 Repsol SA Sponsored ADR ....................................... 2,423,100
40,453 Telefonica de Espana Sponsored ADR(1) ......................... 2,020,132
--------------
12,337,034
--------------
</TABLE>
See Notes to Financial Statements.
76
<PAGE>
THE GLENMEDE FUND, INC.
Institutional International Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
FOREIGN SECURITIES-- (Continued)
Australia -- 5.7%
353,500 Australian Gas Light Co. ...................................... $ 1,948,546
135,000 Commonwealth Bank of Australia(2) ............................. 2,210,915
795,000 Foster's Brewing Group ........................................ 2,111,543
103,054 Lend Lease Corp., Ltd. ........................................ 1,184,892
397,825 Westpac Banking Corp., Ltd.(2)................................. 2,550,830
--------------
10,006,726
--------------
Netherlands -- 5.2%
59,200 Akzo Nobel(2).................................................. 2,547,375
87,000 ABN-Amro Hldgs N.V. ........................................... 2,102,237
84,200 Hagemeyer N.V. ................................................ 1,724,834
12,000 Koninklijke KPN ............................................... 615,369
5,168 Royal PTT Nederland N.V. Sponsored ADR ....................... 263,568
5,168 TNT Post Group N.V. -Sponsored ADR ........................... 132,430
70,000 TNT Post Group NV ............................................. 1,780,479
--------------
9,166,292
--------------
Sweden -- 4.1%
36,324 AstraZeneca PLC ............................................... 1,638,019
138,000 Electrolux AB - Series B ...................................... 2,747,194
80,000 SKF AB - Series B(2)........................................... 1,621,709
50,000 Volvo AB - Series B ........................................... 1,289,720
--------------
7,296,642
--------------
Italy -- 3.5%
1,052,000 Bennetton Group S.p.A.(2) ..................................... 2,321,980
40,000 ENI S.p.A. - Sponsored ADR .................................... 2,350,000
172,215 Telecom Italia S.p.A .......................................... 1,486,064
--------------
6,158,044
--------------
Norway -- 2.1%
465,000 Christiania Bank OG Kreditkasse ASA ........................... 2,264,361
38,000 Norsk Hydro ASA ............................................... 1,516,203
--------------
3,780,564
--------------
Finland -- 1.7%
25,200 Nokia Corp. - Sponsored ADR ................................... 2,912,175
--------------
</TABLE>
See Notes to Financial Statements.
77
<PAGE>
THE GLENMEDE FUND, INC.
Institutional International Portfolio
STATEMENT OF NET ASSETS -- (Concluded)
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
FOREIGN SECURITIES-- (Continued)
Denmark -- 1.6%
37,050 Uni-Danmark ................................................... $ 2,881,445
--------------
Austria -- 1.3%
44,500 Bank Austria .................................................. 2,210,899
--------------
Switzerland -- 1.2%
1,100 Nestle AG Reg. ................................................ 2,122,413
--------------
Belgium -- 1.1%
5,800 Electrabel SA ................................................. 1,911,734
--------------
New Zealand -- 1.0%
439,000 Telecom Corp. New Zealand(2) .................................. 1,764,389
--------------
Singapore -- 0.6%
94,000 Singapore Air Ltd. Foreign .................................... 994,325
--------------
Canada -- 0.3%
12,611 Magna International, Inc. - Class A ........................... 571,436
--------------
Total FOREIGN SECURITIES
(Cost $130,709,509) ....................................... 164,964,005
--------------
<CAPTION>
Face Amount
----------------
Repurchase Agreement -- 4.9%
$ 8,585,000 Agreement with Goldman Sachs & Co.,4.95%, dated 10/29/99,
to be repurchased at $8,588,541 on 11/01/99,
collateralized by $8,751,484 U.S. Treasury Bonds,
12.375% due 05/15/04,
(Cost $8,585,000).......................................... 8,585,000
--------------
Total Investments (Cost $139,294,509)(3)................................. 98.6% $ 173,549,005
Other Assets in Excess of Liabilities.................................... 1.4 2,402,085
----- --------------
Net Assets .............................................................. 100.0% $ 175,951,090
===== ==============
</TABLE>
- --------------------
(1) Non-income producing security.
(2) Security on loan.
(3) Aggregate cost for federal tax purposes was $142,774,872.
Abbreviation:
ADR -- American Depository Receipts
See Notes to Financial Statements.
78
<PAGE>
THE GLENMEDE FUND, INC.
Institutional International Portfolio
SECTOR DIVERSIFICATION
On October 31, 1999, sector diversification of the Portfolio was as follows
(Unaudited):
<TABLE>
<CAPTION>
% of Net
Assets Value
----------- -------------
<S><C>
INDUSTRIES:
Financial Services...................... 10.8% $ 18,959,931
Electronics............................. 10.2% 17,889,720
Foods and Beverages..................... 9.0% 15,818,969
Chemicals............................... 6.0% 10,580,098
Automotive.............................. 5.7% 10,119,129
Utilities............................... 5.7% 9,940,198
Oil Related............................. 4.5% 7,959,454
Consumer Products....................... 4.1% 7,266,897
Manufacturing........................... 3.7% 6,466,032
Engineering and Construction............ 3.5% 6,086,361
Pharmaceuticals......................... 3.4% 6,046,363
Banking................................. 3.4% 5,997,580
Telecommunications...................... 3.3% 5,902,043
Industrials............................. 3.1% 5,454,812
Housing and Home Furnishings............ 2.5% 4,324,116
Apparel................................. 2.2% 3,926,042
Publishing.............................. 1.9% 3,349,032
Convenience Stores...................... 1.7% 2,917,783
Computers............................... 1.5% 2,731,936
Tobacco................................. 1.4% 2,388,259
Transportation.......................... 1.3% 2,372,007
Insurance............................... 1.2% 2,089,351
Natural Gas............................. 1.1% 1,948,546
Consumer Services....................... 0.9% 1,597,835
Miscellaneous Industries................ 0.9% 1,537,686
Retail.................................. 0.5% 897,827
Commercial Services..................... 0.2% 395,998
----- ------------
TOTAL FOREIGN SECURITIES......................... 93.7% $164,964,005
REPURCHASE AGREEMENT............................. 4.9 8,585,000
----- ------------
TOTAL INVESTMENTS................................ 98.6% $173,549,005
===== ============
</TABLE>
See Notes to Financial Statements.
79
<PAGE>
THE GLENMEDE FUND, INC.
Emerging Markets Portfolio
STATEMENT OF NET ASSETS
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
FOREIGN SECURITIES -- 98.7%
South Africa -- 11.5%
22,700 Anglo American PLC ............................................ $ 1,207,949
7,500 Anglogold Ltd.(5).............................................. 423,512
40,900 Anglovaal Mining Ltd. ......................................... 309,493
108,300 Barlow Ltd. ................................................... 527,838
60,000 De Beers(5) ................................................... 1,638,394
2,200,000 Iscor Ltd. .................................................... 852,069
420,000 Metro Cash & Carry Ltd. ....................................... 348,574
162,500 Sappi Ltd. .................................................... 1,346,004
95,000 Sasol Ltd. .................................................... 653,942
25,000 South African Breweries ....................................... 218,876
109,000 Standard Bank Investment Corp. ................................ 372,495
60,000 Tiger Oats Ltd.(5) ............................................ 535,066
--------------
8,434,212
--------------
India -- 11.3%
188,647 India Access Fund(1) .......................................... 2,145,859
158,700 India Fund(1).................................................. 1,963,912
30,400 Larsen and Toubro GDR ......................................... 659,680
22,000 Mahanagar Telephone Nigam Ltd. ADR ............................ 183,150
125,000 Reliance Industries GDR ....................................... 1,539,063
41,000 State Bank of India GDR ....................................... 544,275
80,000 Tata Engineering & Locomotive Company GDR ..................... 512,000
50,000 Videsh Sanchar Nigam Ltd. GDR ................................. 798,750
--------------
8,346,689
--------------
Malaysia -- 9.6%
252,000 AMMB Holdings Berhad(2)........................................ 540,321
191,000 Berjaya Sports Toto Berhad (2) ................................ 410,982
127,000 Genting Berhad ............................................... 454,526
138,000 Kian Joo Can Factory ......................................... 212,447
1,097,000 Land & General Berhad (1) ..................................... 531,179
282,000 Malayan Banking Berhad(2) ..................................... 940,737
792,000 Malayan Cement Berhad ........................................ 229,263
222,000 Malaysia International Shipping(2)............................. 333,000
131,000 Malaysian Pacific Industries ................................. 568,816
54,000 Nestle Malaysia Berhad ........................................ 198,947
</TABLE>
See Notes to Financial Statements.
80
<PAGE>
THE GLENMEDE FUND, INC.
Emerging Markets Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
FOREIGN SECURITIES -- (Continued)
Malaysia -- (Continued)
1,200,000 Pan Malaysian Industries Berhad (1,2) ......................... $ 274,737
462,000 RHB Capital Berhad (1,2) ...................................... 415,800
331,000 Tenaga Nasional Berhad(2)...................................... 762,171
144,000 Star Publications ............................................ 331,579
493,000 United Engineers (Malaysia) Berhad(1,2) ....................... 808,520
98,600 United Engineers (Malaysia) Berhad Warrants(1,2) .............. 25,947
--------------
7,038,972
--------------
Taiwan -- 9.4%
179,076 Accton Technology(1) .......................................... 640,197
101,945 Acer Incorporated GDR(1) ...................................... 978,672
255,000 Advanced Semiconductor(1) ..................................... 783,317
70,000 Asustek Computer Inc. ......................................... 734,404
98 Asustek Computer Inc. GDR(4) .................................. 1,382
51,135 China Steel Corp. GDR ......................................... 873,130
5,152 Evergreen Marine Corp. GDR(1) ................................. 55,513
35,600 Mosel Vitelic Inc. GDR(1) ..................................... 385,370
449,000 Nan Ya Plastic ................................................ 785,113
40,300 Synnex Technology Intl. GDR ................................... 795,925
14,760 Taiwan Semiconductor ADR(1) ................................... 501,840
44,600 Yang Ming Marine Transport .................................... 345,650
--------------
6,880,513
--------------
Indonesia -- 9.1%
3,930,000 PT Asuransi Lippo Life Tbk .................................... 187,143
510,500 PT Astra Agro Lestari ......................................... 164,557
2,105,000 PT Astra International, Inc.(1) ............................... 1,040,932
39,700,000 PT Bank International Indonesia(1) ............................ 872,526
315,000 PT Gudang Garam Tbk ........................................... 812,306
409,500 PT Indofood Sukses Makmur Tbk(1) .............................. 485,999
9,376,000 PT Lippo Bank Tbk(1) .......................................... 309,098
1,996,000 PT Matahari Putra Prima Tbk(1) ................................ 248,586
1,103,000 PT Pabrik Kertas Tjiwi Kimia(1) ............................... 367,666
66,060 PT Telekomunikas Indonesia ADR ................................ 606,926
1,255,000 Ramayana Lestari Sentosa(3).................................... 882,636
368,212 Semen Gresik (Pers) Tbk ....................................... 658,195
--------------
6,636,570
--------------
</TABLE>
See Notes to Financial Statements.
81
<PAGE>
THE GLENMEDE FUND, INC.
Emerging Markets Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
FOREIGN SECURITIES -- (Continued)
South Korea -- 8.9%
63,000 Dongkuk Steel Mill Compnay .................................... $ 275,740
71,600 Hanjin Heavy Industries ....................................... 383,817
39,170 Kia Motors Corporation ........................................ 391,863
6,690 Kia Motors Corporation Rights(1) .............................. 15,059
18,500 Korea Electric Power Corp. .................................... 541,350
13,830 Korea Telecom Corp. ........................................... 930,455
37,312 LG Chemical Limited ........................................... 1,129,158
9,200 LG Electronics ................................................ 301,426
15,920 Oriental Chemical Industries Company .......................... 204,392
60,600 Samsung Display Devices(1) .................................... 795,375
3,352 Samsung Electronics ........................................... 558,899
12,500 Shinsegae Department Store .................................... 686,744
2,185 Shinsegae Department Store Rights(1) .......................... 38,618
14,800 SK Corporation ................................................ 283,785
--------------
6,536,681
--------------
China -- 8.8%
1,150,000 China Everbright Ltd. 5........................................ 821,480
532,000 China Merchants Holdings International ........................ 421,107
2,932,000 China Shipping Development Company Ltd.(1) .................... 547,190
349,000 China Telecommunications (1,5) ................................ 1,194,849
836,000 Cosco Pacific Ltd. ............................................ 618,700
718,000 Guangdong Kelon Electric ...................................... 637,646
890,000 Legend Holdings Ltd.(5) ....................................... 950,767
2,310,000 Shanghai Petrochemical Company Ltd.(5)......................... 472,732
1,296,000 Yanzhou Coal Mining Co. ....................................... 429,525
1,184,000 Yizheng Chemical Fibre Co.(1) ................................. 323,830
--------------
6,417,826
--------------
Brazil -- 6.4%
178 Banco Bradesco SA Pfd ......................................... 1
6,145,200 Caemi Mineracao E Metal ....................................... 288,208
46,000 Centrais Electricas Brasileiras ADR ........................... 408,250
19,000 Cia Vale Do Rio Doce .......................................... 277,402
8,045,000 Eletropaulo Metropolitana Pfd(1) .............................. 366,799
</TABLE>
See Notes to Financial Statements.
82
<PAGE>
THE GLENMEDE FUND, INC.
Emerging Markets Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
FOREIGN SECURITIES -- (Continued)
Brazil -- (Continued)
32,800 Embratel Participacoes-ADR .................................... $ 422,300
4,249,000 Light Servicos de Electricidade SA(1) ......................... 352,625
79,583,116 Lojas Americanas SA Pfd ....................................... 101,923
2,935,000 Petroleo Brasileiro SA Pfd .................................... 469,109
79,583,116 Sao Carlos Empreendimentos Pfd(1) ............................. 132,908
7,400 Tele Centro Sul Participacoes SA ADR .......................... 442,150
16,839,000 Telesp Celular SA - Pfd B ..................................... 879,889
139,000 Usinas Siderurgicas de Minas Gerais SA Pfd .................... 506,286
33,340 Vale do Rio Doce Pfd A Npv(1) ................................. 0
--------------
4,647,850
--------------
Mexico -- 4.8%
360,000 Consorcio Ara SA(1) ........................................... 404,380
363,000 Controladora Comercial ........................................ 299,218
70,000 Grupo Carso SA de CV- Series A1(1) ............................ 292,135
338,000 Grupo Cementos de Chihuahua SA - B ............................ 214,046
35,000 Grupo Iusacell ADR(1) ......................................... 370,781
178,000 Grupo Mexico SA ............................................... 645,844
10,500 Grupo Televisa SA GDR ......................................... 446,250
130,000 Hylsamex SA(1) ................................................ 337,399
131,000 Industrias Penoles SA(3)....................................... 412,073
27,800 TV Azteca SA ADR .............................................. 112,938
--------------
3,535,064
--------------
Thailand -- 3.4%
34,500 Advanced Info Service(1) ...................................... 402,202
77,175 Delta Electronics (F) ......................................... 631,795
823,000 Industrial Finance (F)(1) ..................................... 357,130
263,000 Kiatnakin Finance PLC(1,5) .................................... 316,826
40,000 Ptt Exploration & Production(1) ............................... 292,228
596,000 Telecomasia Corp (F)(1) ....................................... 459,352
--------------
2,459,533
--------------
</TABLE>
See Notes to Financial Statements.
83
<PAGE>
THE GLENMEDE FUND, INC.
Emerging Markets Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
FOREIGN SECURITIES -- (Continued)
Russia -- 2.5%
46,000 Gazprom ADR(1) ................................................ $ 346,150
140,000 Mosenergo ADR ................................................. 364,000
195,000 UES Ser3 CSFB ................................................. 1,126,125
--------------
1,836,275
--------------
Turkey -- 2.5%
13,000,000 Alarko Holding AS(1) .......................................... 324,513
7,800,000 Arcelik AS .................................................... 288,005
14,244,000 Beko Elektronik AS ............................................ 174,820
38,000,000 Dogan Sirketler Grubu Holding AS(1) ........................... 426,860
13,000,000 Eregli Demir Ve Celik Fabrikalari TAS ......................... 324,513
24,186,000 Turk Sise Ve Cam Fabrikalari AS ............................... 266,654
--------------
1,805,365
--------------
Philippines -- 2.0%
1,630,000 Benpres Holdings Corp.(1) ..................................... 284,184
4,000,000 Filinvest Land, Inc.(1) ....................................... 338,729
3,835,500 International Container Terminal Services, Inc.(1,3) .......... 367,787
147,000 Philippine National Bank(1) ................................... 505,255
--------------
1,495,955
--------------
Egypt -- 1.6%
62,857 Arabian International Construction(1) ......................... 255,093
29,900 Commercial International Bank ................................. 358,276
25 Egypt Starch & Glucose ........................................ 195
95,000 Ezz Porcelain ................................................. 165,626
74,797 Ezz Steel Rebars SAE(1) ....................................... 239,873
200 Financial & Industrial ........................................ 1,872
10,130 Orascom Construction Industries(1) ............................ 141,761
--------------
1,162,696
--------------
Poland -- 1.2%
28,330 Kghm Polska Miedz ADR ......................................... 356,958
16,000 Netia Holdings SA ADR ......................................... 256,000
49,130 Telekomunikacja Polska GDR .................................... 250,563
--------------
863,521
--------------
</TABLE>
See Notes to Financial Statements.
84
<PAGE>
THE GLENMEDE FUND, INC.
Emerging Markets Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
FOREIGN SECURITIES -- (Continued)
Pakistan -- 1.2%
980,000 Hub Power Co.(1) .............................................. $ 377,722
180,000 Pakistan State Oil Co. Ltd. ................................... 477,143
--------------
854,865
--------------
Greece -- 1.2%
40,000 Hellenic Telecommunication Organization SA .................... 847,606
--------------
Chile -- 0.8%
9,510 Compania Cerveceria Unida ADR ................................. 206,842
23,560 Maderas y Sinteticos SA ADR .................................. 250,325
4,780 Sociead Quimica y Minera de Chile SA ADR ...................... 138,919
--------------
596,086
--------------
Czech Republic -- 0.5%
150,700 Ceske Energeticke Zavody AS(1) ................................ 395,595
--------------
Argentina -- 0.4%
5,000 Nobleza Piccardo ARS .......................................... 9,755
25,040 Quilmes Industrial SA ADR ..................................... 261,355
--------------
271,110
--------------
Lebanon -- 0.3%
10,400 Banque Liban Outre GDR ........................................ 254,800
--------------
Peru -- 0.3%
13,200 Southern Peru Copper Corp. .................................... 214,500
--------------
Hungary -- 0.3%
76,612 Borsodchem GDR ................................................ 193,072
--------------
Venezuela -- 0.2%
6,406 La Electricidad de Caracas ADR ................................ 127,319
38,823 Sudamtex de Venezuela(1) ...................................... 30,624
113,400 Venepal S.A.C.A. ADR 144A (3,4) ............................... 9,639
--------------
167,582
--------------
</TABLE>
See Notes to Financial Statements.
85
<PAGE>
THE GLENMEDE FUND, INC.
Emerging Markets Portfolio
STATEMENT OF NET ASSETS -- (Concluded)
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
FOREIGN SECURITIES -- (Continued)
Slovakia -- 0.2%
2,000 Chirana Prema AS (1,2,3) ...................................... $ 0
5,700 Slovnaft AS(1)................................................. 86,375
19,000 Vychodoslovenske Zelezia(1,3) ................................. 66,267
--------------
152,642
--------------
Ghana -- 0.2%
30,000 Ashanti Goldfields GDR ........................................ 139,500
--------------
Malawi -- 0.1%
7,300 Press Corp.(3) ................................................ 40,150
--------------
Kenya -- 0.0%
46,094 Kenya Commercial Bank(3) ...................................... 20,868
--------------
Total Foreign Securities
(Cost $65,599,936) ........................................ 72,246,098
--------------
TOTAL INVESTMENTS (Cost $65,599,936)(6).................................. 98.7% $ 72,246,098
OTHER ASSETS IN EXCESS OF LIABILITIEs.................................... 1.3 928,200
----- --------------
NET ASSETS .............................................................. 100.0% $ 73,174,298
===== ==============
</TABLE>
- --------------------
(1) Non-income producing security.
(2) Fair Valued Security.
(3) Illiquid Security.
(4) Security exempt from registration under Rule 144A of the Securities Act of
1933. This security may be resold in transactions exempt from
registrations, normally to qualified institutional buyers.
(5) Security on loan.
(6) Aggregate cost for federal tax purposes was $66,562,087.
Abbreviations:
ADR -- American Depository Receipt
CSFB -- Credit Suisse Financial Brokers
F -- Foreign Shares
GDR -- Global Depository Receipt
See Notes to Financial Statements.
86
<PAGE>
THE GLENMEDE FUND, INC.
Emerging Markets Portfolio
SECTOR DIVERSIFICATION
On October 31, 1999, sector diversification of the Portfolio was as follows
(Unaudited):
<TABLE>
<CAPTION>
% of Net
Assets Value
----------- -------------
<S><C>
INDUSTRIES:
Telecommunications...................... 10.6% $ 7,764,719
Metals-- Steel.......................... 7.8 5,682,694
Banking................................. 7.6 5,560,191
Computers............................... 7.6 5,536,892
Mining.................................. 6.9 5,082,425
Utilities-- Electric & Gas.............. 5.5 3,990,944
Electronic Components & Instruments..... 4.7 3,433,876
Building Materials & Components......... 4.4 3,229,595
Textiles & Apparel...................... 4.2 3,040,345
Automobiles............................. 4.1 2,992,258
Retail.................................. 4.0 2,940,177
Diversified Manufacturing............... 4.0 2,896,979
Financial Services...................... 3.6 2,639,741
Chemicals............................... 2.5 1,796,299
Food & Household Products............... 2.3 1,704,119
Consumer Products....................... 1.8 1,346,004
Energy ................................. 1.6 1,190,087
Transportation.......................... 1.5 1,101,950
Forest Products & Paper................. 1.3 986,271
Broadcasting & Publishing............... 1.2 890,767
Leisure & Tourism....................... 1.2 866,599
Oil Related............................. 1.2 847,712
Multi-Industry.......................... 1.1 821,480
Commercial Services..................... 1.1 811,772
Advertising............................. 1.1 785,113
Real Estate............................. 1.0 743,110
Beverages & Tobacco..................... 0.9 696,828
Engineering............................. 0.9 659,680
Misc. Materials & Commodities........... 0.7 549,526
Health & Personal Care.................. 0.7 547,190
Glass................................... 0.6 421,107
Communications Equipment................ 0.4 288,005
Metals-- Copper......................... 0.3 214,500
Insurance............................... 0.3 187,143
----- -----------
TOTAL FOREIGN SECURITIES......................... 98.7 72,246,098
----- -----------
TOTAL INVESTMENTS................................ 98.7% $72,246,098
----- -----------
</TABLE>
See Notes to Financial Statements.
87
<PAGE>
THE GLENMEDE FUND, INC.
Global Equity Portfolio
STATEMENT OF NET ASSETS
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
COMMON STOCKS -- 98.0%
U.S.A. -- 23.9%
3,300 Alltel Corp. .................................................. $ 274,725
2,500 American General Corp. ........................................ 185,469
2,600 Anheuser-Busch Companies, Inc. ................................ 186,712
2,300 Bank of America ............................................... 148,062
2,700 Bell Atlantic Corp. ........................................... 175,331
2,100 BMC Software, Inc.(1) ......................................... 134,794
1,900 Bristol-Myers Squibb Co. ...................................... 145,944
2,200 Chase Manhattan Corp. ......................................... 192,225
2,550 Chevron Corp. ................................................. 232,847
2,000 Cigna Corp. ................................................... 149,500
3,600 Coastal Corp. ................................................. 151,650
3,300 Columbia Energy Group ......................................... 214,500
2,300 Computer Associates International, Inc. ....................... 129,950
5,000 Compuware Corp.(1) ............................................ 139,062
3,500 Consolidated Natural Gas Co. .................................. 224,000
1,400 Cooper Industries, Inc. ....................................... 60,287
1,100 Corning, Inc. ................................................. 86,488
1,800 Dana Corp. .................................................... 53,213
2,000 Dayton Hudson Corp. ........................................... 129,250
600 Dow Chemical Company .......................................... 70,950
3,700 Equity Residential Properties Trust ........................... 154,706
1,450 Exxon Corp. ................................................... 107,391
4,800 First Data Corporation ........................................ 219,300
3,400 Fleet Boston Corporation ...................................... 148,325
25 FPL Group, Inc. ............................................... 1,258
2,225 General Dynamics Corp. ........................................ 123,348
1,900 Georgia-Pacific Group ......................................... 75,406
500 GTE Corp. ..................................................... 37,500
1,500 Hewlett-Packard Co. ........................................... 111,094
1,600 Household International, Inc. ................................. 71,400
1,000 Illinois Tool Works, Inc. ..................................... 73,250
2,500 Ingersoll-Rand Co. ............................................ 130,625
1,200 International Business Machines Corp. ......................... 118,050
2,700 International Paper Company ................................... 142,088
</TABLE>
See Notes to Financial Statements.
88
<PAGE>
THE GLENMEDE FUND, INC.
Global Equity Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
COMMON STOCKS -- (Continued)
U.S.A. -- (Continued)
2,500 Kerr-McGee Corp. .............................................. $ 134,375
2,700 Kimberly-Clark Corp. .......................................... 170,438
3,200 Lincoln National Corp. ........................................ 147,600
1,500 Lowe's Companies, Inc. ........................................ 82,500
2,850 McGraw-Hill, Inc. ............................................. 169,931
1,800 Mead Corp. .................................................... 64,800
1,600 Mobil Corp. ................................................... 154,400
800 Morgan Stanley Dean Witter & Co. .............................. 88,250
1,700 Parker Hannifin Corp. ......................................... 77,881
800 Procter & Gamble Co. .......................................... 83,900
1,800 Rohm & Haas Co. ............................................... 68,850
1,447 SBC Communications, Inc. ...................................... 73,707
2,400 Schlumberger Ltd. ............................................. 145,350
4,400 Sprint Corp. .................................................. 326,975
1,900 Texas Utilities Co. ........................................... 73,625
5,175 TJX Companies, Inc. ........................................... 140,372
1,300 TRW, Inc. ..................................................... 55,738
4,400 Tyco International Ltd. ....................................... 175,725
3,200 United Technologies Corp. ..................................... 193,600
1,100 Warner-Lambert Co. ............................................ 87,794
1,200 Weyerhaeuser Co. .............................................. 71,625
--------------
7,186,136
--------------
Japan -- 17.2%
3,500 Acom Co., Ltd. ................................................ 382,330
11,000 Canon, Inc. ................................................... 310,943
27,000 Chugai Pharmaceutical Co. ..................................... 320,812
17,000 Dai Nippon Printing Co., Ltd. ................................ 309,668
6,000 Eisai Co., Ltd. .............................................. 164,718
4,000 Familymart Co., Ltd. ......................................... 277,884
25,000 Fuji Heavy Industries ......................................... 212,246
6,000 Fuji Photo Co., Ltd. ......................................... 192,602
5,000 Honda Motor Co. ............................................... 210,809
11,000 JUSCO Co. ..................................................... 256,132
</TABLE>
See Notes to Financial Statements.
89
<PAGE>
THE GLENMEDE FUND, INC.
Global Equity Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
COMMON STOCKS -- (Continued)
Japan -- (Continued)
13,000 Kao Corp. ..................................................... $ 396,129
96,000 Kubota Corp. .................................................. 381,755
2,000 Nintendo Corp., Ltd. ......................................... 317,171
1,500 Rohm Co. ...................................................... 336,336
3,000 Sony Corp. .................................................... 467,420
3,000 Takefuji Corp. ................................................ 388,080
24,000 Wacoal Corp. .................................................. 248,371
--------------
5,173,406
--------------
United Kingdom -- 12.5%
47,100 Allied Domecq PLC ............................................. 263,933
15,000 Allied Zurich PLC ............................................. 181,771
22,880 Associated British Foods ...................................... 142,291
7,887 Bass PLC ...................................................... 86,063
11,500 BOC Group PLC ................................................. 246,258
15,000 British American Tobacco ...................................... 100,054
58,000 Cadbury Schweppes PLC ......................................... 377,834
50,000 Caradon PLC ................................................... 118,145
80,000 Corus Group PLC ............................................... 151,619
33,000 Gallaher Group PLC ............................................ 197,240
20,000 Johnson Matthey PLC ........................................... 184,109
18,000 Rio Tinto PLC ................................................. 307,472
45,000 Scottish Power PLC ............................................ 416,460
65,918 Invensys PLC .................................................. 323,954
26,000 Tate & Lyle PLC ............................................... 170,014
68,000 Tomkins PLC ................................................... 228,463
29,804 Trinity Mirror PLC ........................................... 274,604
--------------
3,770,284
--------------
France -- 9.0%
1,700 Alcatel ....................................................... 265,338
1,600 Compagnie de Saint-Gobain ..................................... 277,477
2,500 ELF Aquitaine SA .............................................. 367,867
1,600 Groupe Danone ................................................. 407,807
3,700 Lafarge SA .................................................... 355,833
</TABLE>
See Notes to Financial Statements.
90
<PAGE>
THE GLENMEDE FUND, INC.
Global Equity Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
COMMON STOCKS -- (Continued)
France-- (Continued)
5,500 Lagardere Groupe SCA .......................................... $ 222,560
4,500 Pernod-Ricard ................................................. 303,648
6,000 SCOR SA ....................................................... 299,549
3,000 Valeo SA ...................................................... 215,360
--------------
2,715,439
--------------
Spain -- 6.7%
10,784 Endesa SA ..................................................... 215,696
36,000 Grupo Dragados, SA(2) ......................................... 381,027
28,000 Iberdrola SA .................................................. 407,891
21,000 Repsol SA(2) .................................................. 432,612
34,332 Telefonica de Espana(1) ....................................... 564,364
--------------
2,001,590
--------------
Germany -- 5.9%
6,000 Bayer AG ...................................................... 245,315
830 Celanese AG(1) ................................................ 12,955
12,500 Continental AG ................................................ 269,988
3,000 Daimler-Chrysler AG ........................................... 233,648
8,300 Hoechst AG(2).................................................. 363,343
4,100 Siemens AG .................................................... 366,291
5,000 Veba AG ....................................................... 273,010
--------------
1,764,550
--------------
Australia -- 4.7%
48,300 Australian Gas Light Company .................................. 266,237
20,000 Commonwealth Bank of Australia ................................ 327,543
126,000 Foster's Brewing Group ........................................ 334,660
24,000 Lend Lease Corp., Ltd. ........................................ 275,947
35,000 Westpac Banking Corp., Ltd.(2)................................. 224,418
--------------
1,428,805
--------------
</TABLE>
See Notes to Financial Statements.
91
<PAGE>
THE GLENMEDE FUND, INC.
Global Equity Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
COMMON STOCKS -- (Continued)
Sweden -- 3.8%
7,063 AstraZeneca PLC ............................................... $ 318,504
20,000 Electrolux AB - Series B ...................................... 398,144
9,000 SKF AB - Series B ............................................. 182,442
9,000 Volvo AB - Series B ........................................... 232,150
--------------
1,131,240
--------------
Italy -- 3.7%
220,000 Bennetton Group S.p.A.(2) ..................................... 485,585
48,000 Eni S.p.A ..................................................... 280,504
41,300 Telecom Italia S.p.A .......................................... 356,383
--------------
1,122,472
--------------
Netherlands -- 2.1%
16,000 ABN-Amro Holdings NV .......................................... 386,618
11,500 Hagemeyer NV .................................................. 235,577
--------------
622,195
--------------
Norway -- 2.0%
85,000 Christiania Bank OG Kreditkasse ASA ........................... 413,915
4,500 Norsk Hydro ASA ............................................... 179,550
--------------
593,465
--------------
Finland -- 1.4%
3,600 Nokia Ab-- A Shares ........................................... 411,713
--------------
Denmark -- 1.0%
3,850 Uni-Danmark ................................................... 299,421
--------------
Belgium -- 1.0%
900 Electrabel SA ................................................. 296,648
--------------
Austria -- 0.7%
4,500 Bank Austria AG ............................................... 223,574
--------------
Switzerland -- 0.7%
110 Nestle SA-- Registered ........................................ 212,241
--------------
</TABLE>
See Notes to Financial Statements.
92
<PAGE>
THE GLENMEDE FUND, INC.
Global Equity Portfolio
STATEMENT OF NET ASSETS -- (Concluded)
October 31, 1999
<TABLE>
<CAPTION>
Shares Value
-------------- ----------------
<S><C>
COMMON STOCKS -- (Continued)
Singapore -- 0.7%
19,000 Singapore Airlines Ltd. ....................................... $ 199,839
--------------
Canada -- 0.6%
4,000 Magna International, Inc. - Class A ........................... 181,250
--------------
New Zealand -- 0.4%
29,000 Telecom Corp. New Zealand(2) .................................. 116,554
--------------
Total Common Stocks
(Cost $25,362,768) ........................................ 29,450,822
--------------
<CAPTION>
Face
Amount
----------------
Repurchase Agreement -- 1.5%
$ 439,000 Agreement with Goldman Sachs & Co., 4.95%, dated 10/29/99,
to be repurchased at $439,181 on 11/01/99, collateralized
by $453,109 U.S. Treasury Bonds, 12.375% due 05/15/04,
(Cost $439,000)............................................ 439,000
--------------
Total Investments (Cost $25,801,768)3.................................... 99.5% $ 29,889,822
Other Assets in Excess of Liabilities.................................... 0.5 149,699
----- --------------
Net Assets .............................................................. 100.0% $ 30,039,521
===== ==============
</TABLE>
- --------------------
(1) Non-income producing security.
(2) Security on loan.
(3) Aggregate cost for federal tax purposes was $26,242,885.
See Notes to Financial Statements.
93
<PAGE>
THE GLENMEDE FUND, INC.
Global Equity Portfolio
SECTOR DIVERSIFICATION
On October 31 1999, sector diversification of the Portfolio was as follows
(Unaudited):
<TABLE>
<CAPTION>
% of Net
Assets Value
----------- -------------
<S><C>
INDUSTRIES:
Finance................................. 10.2% $ 3,063,395
Consumer Durables/Non-Durables.......... 8.7 2,622,071
Food & Beverage......................... 7.7 2,298,491
Housing & Home Furnishings.............. 5.0 1,512,675
Electrical.............................. 4.7 1,399,080
Utilities............................... 4.6 1,386,745
Telecommunications...................... 4.6 1,383,683
Oil & Gas............................... 4.5 1,347,220
Automotive.............................. 4.3 1,285,463
Banking................................. 3.9 1,180,757
Chemicals............................... 3.5 1,060,473
Healthcare & Pharmaceuticals............ 3.5 1,037,772
Engineering & Construction.............. 3.4 1,012,806
Energy.................................. 3.3 1,004,663
Consumer Services....................... 3.1 929,329
Manufacturing........................... 2.9 884,633
Printing & Publishing................... 2.7 806,832
Apparel & Textiles...................... 2.4 733,956
Industrial.............................. 2.1 635,853
Basic Industry.......................... 1.9 567,083
Computers............................... 1.7 499,805
Tobacco................................. 1.6 479,065
Insurance............................... 1.4 430,174
Technology.............................. 1.3 375,838
Aerospace & Defense..................... 1.0 316,948
Capital Goods........................... 1.0 301,713
Tire and Rubber Goods................... 0.9 269,988
Business Services....................... 0.7 219,300
Transportation.......................... 0.7 199,839
Retail.................................. 0.5 140,372
Paper and Forest Products............... 0.2 64,800
---- -----------
TOTAL COMMON STOCK............................... 98.0% $29,450,822
REPURCHASE AGREEMENT............................. 1.5 439,000
---- -----------
TOTAL INVESTMENTS................................ 99.5% $29,889,822
==== ===========
</TABLE>
See Notes to Financial Statements.
94
<PAGE>
THE GLENMEDE FUND, INC.
Notes to Financial Statements
1. Significant Accounting Policies
The Glenmede Fund, Inc. (the "Fund") consists of ten portfolios: the
Government Cash Portfolio, the Tax-Exempt Cash Portfolio, the Core Fixed Income
Portfolio, the Tax Managed Equity Portfolio (formerly the Equity Portfolio), the
Small Capitalization Equity Portfolio, the Large Cap Value Portfolio, the
International Portfolio, the Institutional International Portfolio, the Emerging
Markets Portfolio and the Global Equity Portfolio (collectively the
"Portfolios"). The Fund was incorporated in the State of Maryland on June 30,
1988 and is registered with the Securities and Exchange Commission under the
Investment Company Act of 1940 as an open-end management investment company.
Beginning January 1, 1998 the Small Capitalization Equity Portfolio has
consisted of two classes of shares, the Advisor Shares and the Institutional
Shares.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates. The
following is a summary of significant accounting policies consistently followed
by each Portfolio in the preparation of its financial statements.
Portfolio valuation: Securities held by the Government Cash and Tax-Exempt
Cash Portfolios are valued by the "amortized cost" method of valuation, which
approximates market value. Amortized cost valuation involves valuing an
instrument at its cost initially and thereafter assuming a constant amortization
to maturity of any discount or premium, regardless of the effect of fluctuating
interest rates on the market value of the instrument.
Equity securities listed on a U.S. securities exchange for which market
quotations are readily available are valued at the last quoted sale price as of
the close of the exchange's regular trading hours on the day the valuation is
made. Securities listed on a foreign exchange and unlisted foreign securities
are valued at the last quoted sales price available before the time when assets
are valued. Price information on listed securities is taken from the exchange
where the security is primarily traded. Unlisted equity securities and listed
securities not traded on the valuation date for which market quotations are
readily available are valued at an amount that does not exceed the asked price
and is not less than the bid price.
Bonds and other fixed-income securities are valued according to the
broadest and most representative market, which is ordinarily the
over-the-counter market, at the most recent quoted bid price or when exchange
valuations are used, at the latest quoted sale price on the day of valuation. If
there is no such reported sale, the latest quoted bid price will be used. Bond
and other fixed-income securities may be valued on the basis of prices provided
by a pricing service when the portfolio's investment advisor believes such
prices reflect the fair market value of such securities. Debt securities
purchased by non-money market portfolios with remaining maturities of 60 days or
less are valued at amortized cost. Securities with remaining maturities
exceeding 60 days are valued at their market or fair value until the 61st day
prior to maturity and are valued at amortized cost, thereafter.
The value of other assets and securities for which no market quotations
are readily available is determined in good faith at fair value by the Board of
Directors.
95
<PAGE>
THE GLENMEDE FUND, INC.
Notes to Financial Statements -- (Continued)
In determining fair value, management considers all relevant qualitative
and quantitative information available. These factors are subject to change over
time and are reviewed periodically. The values assigned to fair value
investments are based on available information and do not necessarily represent
amounts that might ultimately be realized, since such amounts depend on future
developments inherent in long-term investments. Furthermore, because of the
inherent uncertainty of valuation, those estimated values may differ
significantly from the values that would have been used had a ready market of
the investments existed, and the differences could be material. On October 31,
1999, 2.5% of the net assets of the Emerging Markets Portfolio, totalling
$1,799,420, were considered illiquid. At October 31, 1999, the total value of
fair valued securities of the Emerging Markets Portfolio was $4,512,215
representing 6.2% of total investments.
Repurchase Agreements: Each Portfolio may engage in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, the Portfolio
takes possession of an underlying debt obligation subject to an obligation of
the seller to repurchase, and the Portfolio to resell, the obligation at an
agreed-upon price and time, thereby determining the yield during the Portfolio's
holding period. This arrangement results in a fixed rate of return that is not
subject to market fluctuations during the Portfolio's holding period. The value
of the collateral is at least equal at all times to 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, Emerging Markets and Global Equity Portfolios may enter into
forward foreign exchange contracts. Forward foreign exchange contracts are
valued at the forward rate and marked-to-market daily. The change in market
value is recorded by the Portfolio as an unrealized gain or loss. When the
contract is closed, the Portfolio records a realized gain or loss equal to the
difference between the value of the contract at the time it was opened and the
value at the time it was closed.
The use of forward foreign exchange contracts does not eliminate
fluctuations in the underlying prices of the Portfolio's securities, but it does
establish a rate of exchange that can be achieved in the future. Although
forward foreign exchange contracts limit the risk of loss due to a decline in
the value of the hedged currency, they also limit any potential gain that might
result should the value of the currency increase. In addition, the Portfolio
could be exposed to risks if the counterparties to the contracts are unable to
meet the terms of their contracts. There were no contracts open at October 31,
1999.
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
96
<PAGE>
THE GLENMEDE FUND, INC.
Notes to Financial Statements -- (Continued)
translated on the respective dates of such transactions. Unrealized gains and
losses that result from changes in foreign currency exchange rates have been
included in the unrealized appreciation/(depreciation) on foreign currency
translations. Net realized foreign currency gains and losses resulting from
changes in exchange rates include foreign currency gains and losses between
trade date and settlement date on investment securities transactions, foreign
currency transactions and the difference between the amounts of interest and
dividends recorded on the books of the Portfolio and the amount actually
received. The portion of foreign currency gains and losses related to
fluctuation in exchange rates between the purchase settlement date and
subsequent sale trade date is included in realized gains and losses on
investment securities sold.
Reverse Repurchase Agreements: The Government Cash Portfolio, the Core
Fixed Income Portfolio and the Emerging Markets Portfolio may enter into reverse
repurchase agreements. Under the terms of a reverse repurchase agreement, the
Portfolio sells a security subject to an obligation to repurchase the security
from the buyer at an agreed upon time and price thereby determining the yield
during the buyer's holding period. A reverse repurchase agreement involves the
risk that the market value of the collateral retained by the Portfolio may
decline below the price of the securities the Portfolio has sold but is
obligated to repurchase under the agreement. In the event the buyer of
securities under a repurchase agreement files for bankruptcy or becomes
insolvent, the Portfolio's use of the proceeds of the agreement may be
restricted pending a determination by the party, or its trustee or receiver,
whether to enforce the Portfolio's obligation to repurchase the securities. In
entering into reverse repurchase agreements, the Portfolio will maintain cash,
U.S. Government securities or other liquid high grade debt obligations at least
equal in value to its obligations with respect to reverse repurchase agreements.
Under normal circumstances the Core Fixed Income Portfolio, the Government Cash
Portfolio and the Emerging Markets Portfolio will not enter into reverse
repurchase agreements if entering into such agreements would cause, at the time
of entering into such agreements, more than one-third of the value of its total
assets to be subject to such agreements.
The Core Fixed Income Portfolio's average daily balance of reverse
repurchase agreements outstanding during the year ended October 31, 1999 was
approximately $20,470,402 at a weighted average interest rate of approximately
4.73%. The maximum amount of reverse repurchase agreements outstanding at a
month-end during the year ended October 31, 1999 was $59,984,250 as of September
30, 1999, which was 8.9% of total assets. The amount of reverse repurchase
agreements outstanding on October 31, 1999 was $27,337,625, which was 9.3% of
total assets.
Interest-Only Securities: The Core Fixed Income Portfolio may invest in
interest-only securities, which are the interest portions of "stripped"
securities. The holders of interest-only securities receive the interest on the
underlying security, but no principal payments. While the timing of the interest
receipts is known, the amount of interest to be received is not known.
Collateralized Mortgage Obligations: The Core Fixed Income Portfolio may
invest in collateralized mortgage obligations, which are backed by a pool of
mortgages or mortgage-backed securities. The bonds that form collateralized
mortgage obligations are grouped into classes, which have different coupon rates
or maturities. The principal cash flows of the underlying pool of mortgages are
channeled sequentially into each class.
97
<PAGE>
THE GLENMEDE FUND, INC.
Notes to Financial Statements -- (Continued)
Tba Purchase Commitments: The Core Fixed Income Portfolio may enter into
TBA (to be announced) purchase commitments to purchase securities for a fixed
price at a future date, typically not exceeding 45 days. TBA purchase
commitments may be considered securities in themselves, and involve a risk of
loss if the value of the security to be purchased declines prior to settlement
date. This risk is in addition to the risk of decline in the value of the
Portfolio's other assets.
Option Transactions: A call option gives the option holder the right to
purchase the underlying security at a specified price until a specified date. A
put option gives the option holder the right to sell the underlying security at
a specified price until a specified date. The risk in writing a covered call
option is that a fund may forgo the opportunity of profit if the market price of
the underlying security increases and the option is exercised. The risk in
writing a put option is that a fund may incur a loss if the market price of the
underlying security decreases and the option is exercised. In addition, there is
a risk a fund may not be able to enter into a closing transaction because of an
illiquid secondary market or, for over-the-counter options, because of the
counterparty's inability to perform.
Securities transactions and investment income: Securities transactions are
recorded as of the trade date. Realized gains and losses on investments sold are
computed on the basis of identified cost. Dividend income and distributions to
shareholders are recorded on the ex-dividend date. Dividend income for foreign
securities is recorded on the ex-dividend date except that certain dividends
from foreign securities are recorded as soon as the Portfolio is informed of the
ex-dividend date. Interest income is recorded on the accrual basis and includes
amortization of premiums and accretion of discounts when appropriate.
Securities purchased or sold on a when-issued or delayed-delivery basis
may be settled a month or more after the trade date. Interest income is not
earned or accrued until settlement date. Each Portfolio segregates assets with a
current value at least equal to the amount of its when-issued purchased
commitments. When issued purchase commitments involve a risk of loss if the
value of the security to be purchased declines prior to settlement date.
Dividends and distributions to shareholders: Dividends from net investment
income, if any, of the Government Cash and Tax-Exempt Cash Portfolios are
declared each day the Portfolio is open for business and are paid monthly.
Dividends from net investment income, if any, of the Tax Managed Equity, Small
Capitalization Equity, Large Cap Value, International, Institutional
International, Emerging Markets, and Global Equity Portfolios are declared and
paid quarterly. Dividends from net investment income, if any, of the Core Fixed
Income Portfolio are declared and paid monthly. The Portfolios distribute any
net realized capital gains on an annual basis. Additional distributions of net
investment income and capital gains for each Portfolio may be made at the
discretion of the Board of Directors in order to avoid a 4% nondeductible
Federal excise tax. Income distributions and capital gains distributions are
determined in accordance with income tax regulations which may differ from
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.
98
<PAGE>
THE GLENMEDE FUND, INC.
Notes to Financial Statements -- (Continued)
Federal income taxes: Each Portfolio intends to qualify as a regulated
investment company by complying with the requirements of the Internal Revenue
Code applicable to regulated investment companies and by distributing
substantially all of its taxable income to its shareholders. Therefore, no
Federal income tax provision is required. The portfolios may periodically make
reclassifications among certain of its capital accounts as a result of
differences in the characterization and allocation of certain income and capital
gains determined annually in accordance with federal tax regulations which may
differ from generally accepted accounting principles.
2. Investment Advisory Fee, Administration Fee and Other Related Party
Transactions
The Institutional International Portfolio, the Global Equity Portfolio,
and the Small Capitalization Equity Portfolio pay The Glenmede Trust Company
(the "Advisor") for their investment advisory services a monthly fee at the
annual rate of 0.75%, 0.70% and 0.55%, respectively, of the value of their
average daily net assets. The Emerging Markets Portfolio pays Pictet
International Management Limited (the "Subadvisor") for its investment advisory
services a monthly fee at the annual rate of 0.50% of the value of its average
daily net assets. In addition, the Emerging Markets Portfolio also pays the
Advisor for its investment advisory services a monthly fee at the annual rate of
0.75% of the value of its daily net assets. The Advisor does not receive a fee
from any remaining Portfolios for its investment advisory services. However,
each Portfolio (except the Institutional International, Global Equity, Emerging
Markets, and Small Capitalization Equity Portfolios) pays the Advisor a
shareholder servicing fee at the annual rate of 0.05% of the value of its
average daily net assets. In addition, the Institutional Shares of the Small
Capitalization Equity Portfolio pays the Advisor a shareholder servicing fee at
the annual rate of 0.05% of the value of its average daily net assets and the
Advisor Shares of the Small Capitalization Equity Portfolio pays the Advisor a
shareholder servicing fee at the annual rate of 0.25% of the value of its
average daily net assets.
For the Institutional International Portfolio, the Advisor has agreed
to waive its fees and/or reimburse expenses to the extent necessary to ensure
that the Portfolio's total operating expenses do not exceed 1.00% of the
Portfolio's average daily net assets. There were no waivers necessary for the
year ended October 31, 1999.
Investment Company Capital Corp. ("ICC"), a subsidiary of Deutsche Bank,
AG, provides administrative, accounting and transfer agent services to the Fund.
The Fund pays ICC a fee based on the combined aggregate average daily net assets
of the Fund and the Glenmede Portfolios, an investment company with the same
officers, Board and service providers as the Fund (collectively, the
"Companies").
This fee is computed daily and paid monthly at the following annual rates:
0.12% of the first $100 million, 0.08% of the next $150 million, 0.04% of the
next $500 million and 0.03% of the amount in excess of $750 million. This fee is
allocated to each portfolio based on its relative net assets.
The Fund pays each Board member an annual fee of $11,000 plus $1,250 for
each Board meeting attended and out-of-pocket expenses incurred in attending
Board meetings. Prior to September 1, 1999, the Fund paid each Board member an
annual fee of $8,000.
99
<PAGE>
THE GLENMEDE FUND, INC.
Notes to Financial Statements -- (Continued)
Expenses for the year ended October 31, 1999 include legal fees paid to
Drinker Biddle and Reath LLP. A partner of the law firm is Secretary of the
Fund.
3. Purchases and Sales of Securities
For the year ended October 31, 1999, 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>
Tax Managed Equity Portfolio................. $ 60,112,830 $ 91,942,906
Small Capitalization Equity Portfolio........ 243,286,111 292,267,009
Large Cap Value Portfolio.................... 73,315,560 93,810,090
International Portfolio...................... 369,057,861 264,289,465
Institutional International Portfolio........ 70,537,739 25,328,083
Emerging Markets Portfolio................... 89,352,404 95,790,155
Global Equity Portfolio...................... 12,727,120 12,026,125
</TABLE>
For the year ended October 31, 1999, cost of purchases and proceeds from
sales of long-term U.S. Government securities were:
<TABLE>
<CAPTION>
Portfolio Purchases Sales
- -------------- -------------- --------------
<S><C>
Core Fixed Income Portfolio.................. $174,759,271 $102,405,824
</TABLE>
On October 31, 1999 aggregate gross unrealized appreciation for all
securities in which there was an excess of value over tax cost and aggregate
gross unrealized depreciation for all securities in which there was an excess
of tax cost over value were as follows:
<TABLE>
<CAPTION>
Portfolio Appreciation Depreciation
- -------------- -------------- --------------
<S><C>
Core Fixed Income Portfolio.................. $ 502,273 $ 4,359,177
Tax Managed Equity Portfolio................. 62,914,233 701,332
Small Capitalization Equity Portfolio........ 38,625,184 19,347,291
Large Cap Value Portfolio.................... 6,845,210 2,231,013
International Portfolio...................... 394,869,727 51,980,988
Institutional International Portfolio........ 36,473,436 5,699,303
Emerging Markets Portfolio................... 11,505,258 5,821,247
Global Equity Portfolio...................... 4,883,271 1,236,334
</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, issued shares as reinvestments of
dividends, and redeemed shares only at a constant net value of $1.00 per share,
the number of shares
100
<PAGE>
THE GLENMEDE FUND, INC.
Notes to Financial Statements -- (Continued)
represented by such sales, reinvestments and redemptions is the same as the
amounts shown below for such transactions. Changes in the capital shares
outstanding were as follows:
<TABLE>
<CAPTION>
Year Ended 10/31/99 Year Ended 10/31/98
--------------------- -------------------
<S><C>
Government Cash Portfolio:
Sold..................................... $ 3,829,650,837 $4,934,846,426
Issued as reinvestment of dividends...... 27,423 10,445
Redeemed................................. (3,853,935,897) (4,955,729,324)
--------------- --------------
Net (decrease)........................... $ (24,257,637) $ (20,872,453)
=============== ==============
Tax-Exempt Cash Portfolio:
Sold..................................... $ 1,648,162,346 $1,181,491,843
Issued as reinvestment of dividends...... 4,406 4,882
Redeemed................................. (1,674,058,693) (1,086,514,871)
--------------- --------------
Net increase/(decrease).................. $ (25,891,941) $ 94,981,854
=============== ==============
</TABLE>
101
<PAGE>
THE GLENMEDE FUND, INC.
Notes to Financial Statements -- (Continued)
<TABLE>
<CAPTION>
Year Ended Year Ended
10/31/99 10/31/98
-------------------------- ------------------------
Shares Amount Shares Amount
---------- ------------ ---------- ------------
<S><C>
Core Fixed Income Portfolio:
Sold............................................... 6,375,969 $ 67,512,430 12,129,104 $127,826,843
Issued as reinvestment of dividends................ 43,563 447,015 15,980 168,612
Redeemed........................................... (7,913,468) (82,206,587) (13,454,160) (141,755,565)
---------- ------------ ----------- ------------
Net (decrease)..................................... (1,493,936) $(14,247,142) (1,309,076) $(13,760,110)
========== ============ =========== ============
Tax Managed Equity Portfolio:
Sold............................................... 196,819 $ 4,518,923 1,338,491 $ 28,323,587
Issued as reinvestment of dividends................ 668,748 14,425,675 162,302 3,256,261
Redeemed........................................... (1,687,116) (39,272,875) (1,111,608) (23,348,073)
---------- ------------ ----------- ------------
Net increase/(decrease)............................ (821,549) $(20,328,277) 389,185 $ 8,231,775
========== ============ =========== ============
Small Capitalization Equity
Portfolio (Advisor Shares)
Sold............................................... 3,451,858 $ 54,037,437 3,276,263 $ 63,183,585
Issued as reinvestment of dividends................ 10,063 152,921 168,225 2,539,862
Redeemed........................................... (6,749,354)) (103,504,553) (6,111,628) (110,998,305)
---------- ------------ ----------- ------------
Net (decrease)..................................... (3,287,433) $(49,314,195) (2,667,140) $(45,274,858)
========== ============ =========== ============
Small Capitalization Equity
Portfolio (Institutional Shares):
Sold............................................... 369,846 $ 5,719,285 2,525,066 $ 46,591,955
Issued as reinvestment of dividends................ 33,935 518,163 32,287 539,447
Redeemed........................................... (581,803) (8,939,842) (483,254) (8,748,975)
---------- ------------ ----------- ------------
Net increase/(decrease)............................ (178,022) $ (2,702,394) 2,074,099 $ 38,382,427
========== ============ =========== ============
Large Cap Value Portfolio:
Sold............................................... 519,388 $ 7,166,143 1,024,056 $ 14,327,914
Issued as reinvestment of dividends................ 1,019,528 11,056,770 803,373 9,313,621
Redeemed........................................... (1,933,918) (26,672,374) (1,522,969) (20,983,243)
---------- ------------ ----------- ------------
Net increase/(decrease)............................ (395,002) $ (8,449,461) 304,460 $ 2,658,292
========== ============ =========== ============
International Portfolio:
Sold............................................... 12,945,606 $227,225,854 7,458,914 $116,341,225
Issued as reinvestment of dividends................ 4,422,061 81,628,005 386,308 5,935,778
Redeemed........................................... (5,860,128) (104,005,572) (4,917,999) (75,953,594)
---------- ------------ ----------- ------------
Net increase....................................... 11,507,539 $204,848,287 2,927,223 $ 46,323,409
========== ============ =========== ============
</TABLE>
102
<PAGE>
THE GLENMEDE FUND, INC.
Notes to Financial Statements -- (Continued)
<TABLE>
<CAPTION>
Year Ended Year Ended
10/31/99 10/31/98
-------------------------- ------------------------
Shares Amount Shares Amount
-------- -------- -------- ---------
<S><C>
Institutional International Portfolio:
Sold............................................... 6,580,973 $116,774,728 1,955,404 $ 31,584,734
Issued as reinvestment of dividends................ 543,619 9,599,868 97,949 1,486,097
Redeemed........................................... (3,606,755) (65,045,210) (1,179,331) (18,459,784)
---------- ------------ ---------- ------------
Net increase....................................... 3,517,837 $ 61,329,386 874,022 $ 14,611,047
========= ============ ========== ============
Emerging Markets Portfolio:
Sold............................................... 1,006,846 $ 8,439,663 1,481,370 $ 11,768,648
Issued as reinvestment of dividends................ -- -- -- --
Redeemed........................................... (1,687,967) (14,016,895) (2,474,198) (18,608,565)
---------- ------------ ---------- ------------
Net (decrease)..................................... (681,121) $ (5,577,232) (992,828) $ (6,839,917)
========= ============ ========== ============
Global Equity Portfolio:
Sold............................................... -- $ -- 2,500,000 $ 25,000,000
Issued as reinvestment of dividends................ 109,322 1,221,115 17,766 175,000
Redeemed........................................... -- -- -- --
Capital contribution............................... -- 105,524 -- --
---------- ------------ ---------- ------------
Net increase....................................... 109,322 $ 1,326,639 2,517,766 $ 25,175,000
========= ============ ========== ============
</TABLE>
5. Lending of Portfolio Securities
The Government Cash, Tax-Exempt Cash, Core Fixed Income, Tax Managed
Equity, Large Cap Value, Small Capitalization Equity, International,
Institutional International, Global Equity and Emerging Markets Portfolios have
the ability to lend their securities to brokers, dealers and other financial
organizations. Loans of portfolio securities by the Portfolios are
collateralized by cash and/or government securities that are maintained in an
amount at least equal to the current market value of the loaned securities.
Although risk is mitigated by the collateral, the Portfolios could experience a
delay in recovering its securities and a possible loss of income or value if the
borrower fails to return them.
103
<PAGE>
THE GLENMEDE FUND, INC.
Notes to Financial Statements -- (Continued)
The Portfolios generated additional income by lending their securities to
approved brokers. On October 31, 1999, the following Portfolios had outstanding
loans of securities to certain approved brokers for which the Portfolios
received collateral:
<TABLE>
<CAPTION>
Year Ended 10/31/99
------------------------------------------------------
% of Total
Market Value of Market Value of Assets
Portfolio Loaned Securities Collateral on Loan
------------------ ------------------- --------------- ----------
<S><C>
Core Fixed Income Portfolio............. $ 5,777,781 $ 5,979,947 1.98%
Institutional International
Portfolio.......................... 20,727,436 21,871,145 10.47%
International Portfolio................. 232,216,184 243,691,463 13.31%
Small Capitalization Equity
Portfolio............................. 10,998,581 11,387,200 3.71%
Large Cap Value Portfolio(1)............ 1,435,044 1,391,700 2.33%
Tax Managed Equity Portfolio............ 201,663 204,000 0.14%
Emerging Markets Portfolio(2)........... 4,403,873 4,379,400 5.63%
Global Equity Portfolio................. 1,900,294 2,012,125 5.90%
</TABLE>
6. Capital Loss Carryforward
On October 31, 1999, the following Portfolios had available capital loss
carryforwards to be utilized in the current period to offset future net capital
gains through the indicated expiration dates as follows:
<TABLE>
<CAPTION>
Expiring Expiring Expiring Expiring Expiring
Portfolio in 1999 in 2000 in 2001 in 2002 in 2003
------------ -------- -------- -------- --------
<S><C>
Government Cash Portfolio................... $ -- $ -- $ 127 $ 1,000 $26,819
Tax-Exempt Cash Portfolio................... -- 18,922 19,079 8,905 27,815
Core Fixed Income Portfolio................. -- -- -- 7,273,798 --
Small Capitalization Equity Portfolio....... -- -- -- -- --
Emerging Markets Portfolio.................. -- -- -- -- --
<CAPTION>
Expiring Expiring Expiring Expiring
Portfolio in 2004 in 2005 in 2006 in 2007
-------- -------- -------- -------
Government Cash Portfolio................... $ -- $ 7,815 $ -- $ --
Tax-Exempt Cash Portfolio................... 13 -- 7,168 --
Core Fixed Income Portfolio................. -- -- 1,869,325 --
Small Capitalization Equity Portfolio....... -- -- -- 20,153,292
Emerging Markets Portfolio.................. -- -- 25,319,729 --
</TABLE>
- ---------------
(1) The majority of securities on loan were returned on November 1, 1999.
(2) The collateral for the Emerging Markets Portfolio was increased to
$4,466,900 (101.43%) on November 1, 1999.
104
<PAGE>
THE GLENMEDE FUND, INC.
Notes to Financial Statements -- (Continued)
7. Foreign Securities
The Tax Managed Equity, Small Capitalization Equity, International,
Institutional International, Emerging Markets and Global Equity Portfolios may
invest in foreign securities. Investing in foreign companies and foreign
governments involves special risks and considerations not typically associated
with investing in U.S. companies and the U.S. government. These risks include
evaluation of currencies and future adverse political and economic developments.
Moreover, securities of many foreign companies and foreign governments and their
markets may be less liquid and their prices more volatile than those of
securities of comparable U.S. companies and the U.S. government. This is
particularly true with respect to emerging markets in developing countries.
8. Net Assets
On October 31, 1999, net assets consisted of:
<TABLE>
<CAPTION>
Government Tax-Exempt Core Fixed
Cash Cash Income
Portfolio Portfolio Portfolio
-------------- -------------- --------------
<S><C>
Par Value......................................... $ 405,872 $ 350,114 $ 22,704
Paid in Capital in excess of par value............ 405,465,935 349,764,270 242,380,247
Undistributed net investment income............... 71,402 -- 1,281,263
Accumulated net realized loss on
investments sold............................. (35,761) (81,902) (9,233,177)
Net unrealized depreciation
on investments............................... -- -- (3,766,849)
------------ ------------ ------------
Total Net Assets............................. $405,907,448 $350,032,482 $230,684,188
============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Tax Small Large
Managed Capitalization Cap
Equity Equity Value
Portfolio Portfolio Portfolio
-------------- -------------- ------------
<S><C>
Par Value......................................... $ 6,555 $ 18,745 $ 5,264
Paid in Capital in excess of par value............ 86,327,407 282,605,379 54,169,242
Undistributed net investment income............... 82,323 63,737 4,843
Accumulated net realized gain /(loss) on
investments sold ............................ (101,435) (20,551,930) 315,991
Net unrealized appreciation
on investments and foreign
currency translations........................ 62,468,828 19,676,527 4,682,664
------------ ------------ ------------
Total Net Assets.............................. $148,783,678 $281,812,458 $ 59,178,004
============ ============ ============
</TABLE>
105
<PAGE>
THE GLENMEDE FUND, INC.
Notes to Financial Statements -- (Concluded)
<TABLE>
<CAPTION>
Institutional Emerging Global
International International Markets Equity
Portfolio Portfolio Portfolio Portfolio
---------------- -------------- ------------ ------------
<S><C>
Par Value.............................. $ 83,978 $ 9,876 $ 8,824 $ 2,627
Paid in Capital in excess of
par value......................... 1,157,579,940 145,165,685 92,760,924 26,390,066
Distributions in excess of
net investment income............. (35,130,541) (3,480,354) (687,245) (440,509)
Accumulated net realized
loss on investments
sold, and foreign
currency transactions............. (4) (8) (25,581,792) (608)
Net unrealized appreciation
on investments and foreign
currency translations............. 378,025,513 34,255,891 6,673,587 4,087,945
-------------- ------------ ----------- -----------
Total Net Assets................... $1,500,558,886 $175,951,090 $73,174,298 $30,039,521
============== ============ =========== ===========
</TABLE>
9. Call and Put Options
Call and Put Options written by the Tax Managed Equity Fund and related
premiums received during the period were as follows:
<TABLE>
<CAPTION>
Calls Puts
-------------------------- --------------------------
Actual Actual
-------------------------- --------------------------
Contracts Premiums Contracts Premiums
- ----------------------------------------------------------------------------------------------------------
<S><C>
Options outstanding October 31, 1998 -- -- -- --
Options written 3,505 1,603,611 125 68,248
Options purchased 100 19,150 2,700 938,788
Options closed (2,010) (915,054) (1,375) (579,498)
Options exercised (175) (89,582) -- --
Options expired (570) (242,788) (200) (77,225)
- ----------------------------------------------------------------------------------------------------------
Options outstanding October 31, 1999 850 375,337 1,250 350,313
- ----------------------------------------------------------------------------------------------------------
</TABLE>
106
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Directors of
The Glenmede Fund, Inc.
In our opinion, the accompanying statements of assets and liabilities and net
assets, and the related statements of operations and of changes in net assets,
and the financial highlights present fairly, in all material respects, the
financial position of Government Cash Portfolio, Tax-Exempt Cash Portfolio, Core
Fixed Income Portfolio, Tax Managed Equity Portfolio, Small Capitalization
Equity Portfolio, Large Cap Value Portfolio, International Portfolio,
Institutional International Portfolio, Emerging Markets Portfolio and Global
Equity Portfolio (comprising TheGlenmede Fund, Inc., hereafter referred to as
the "Funds") at October 31, 1999, and the results of each of their operations,
the changes in each of their net assets, and the financial highlights for each
of the fiscal periods presented, in conformity with accounting principles
generally accepted in the United States. These financial statements and
financial highlights (hereafter referred to as "financial statements") are the
responsibility of the Funds' management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with auditing standards
generally accepted in the United States which require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation. We
believe that our audits, which included confirmation of securities at October
31, 1999 by correspondence with the custodian and brokers, provide a reasonable
basis for the opinion expressed above.
PRICEWATERHOUSECOOPERS LLP
Baltimore, Maryland
December 13, 1999
107
<PAGE>
THE GLENMEDE FUND, INC.
Tax Information (Unaudited)
For the Year Ended October 31, 1999
The amount of long-term capital gain paid for the fiscal year ended
October 31, 1999 was as follows:
Tax Managed Equity Portfolio................ $14,731,224
Large Cap Value Portfolio................... $ 6,773,386
International Portfolio..................... $34,110,752
Institutional International Portfolio....... $ 3,520,257
Global Equity Portfolio..................... $ 507,057
Of the ordinary distributions made during the fiscal year ended October
31, 1999, the following percentages have been derived from investments in U.S.
Government and Agency Obligations. All or a portion of the distributions from
this income may be exempt from taxation at the state level. Consult your tax
advisor for state specific information.
Government Cash Portfolio................... 17%
Core Fixed Income Portfolio................. 22%
Of the ordinary distributions made during the fiscal year ended October
31, 1999, the following percentages are tax exempt for regular Federal income
tax purposes.
Tax-Exempt Cash Portfolio................... 100%
Of the ordinary distributions made during the fiscal year ended October
31, 1999, the following percentages qualify for the dividends received deduction
available to corporate shareholders:
Tax Managed Equity Portfolio................ 97%
Small Capitalization Equity Portfolio....... 88%
Large Cap Value Portfolio................... 18%
Global Equity Portfolio..................... 7%
The above figures may differ from those cited elsewhere in this report due
to differences in the calculation of income and gains for Securities and
Exchange Commission (book) purposes and Internal Revenue Service (tax) purposes.
Foreign Taxes Paid or Withheld
<TABLE>
<CAPTION>
Total Per Share
---------- ----------
<S><C>
Tax Managed Equity Portfolio................ $ 2,948 $0.00
International Portfolio..................... $3,494,217 $0.04
Institutional International Portfolio....... $ 354,100 $0.04
Emerging Markets Portfolio.................. $ 189,072 $0.02
Global Equity Portfolio..................... $ 73,860 $0.03
</TABLE>
The foreign taxes paid or withheld per share represent taxes incurred by
the Fund on interest and dividends received by the Fund from foreign sources.
Foreign taxes paid or withheld should be included in taxable income with an
offsetting deduction from gross income or as a credit for taxes paid to foreign
governments. Consult your tax advisor regarding the appropriate treatment of
foreign taxes paid.
108
<PAGE>
THE GLENMEDE Portfolios
STATEMENTS OF OPERATIONS
For the year ended October 31, 1999
<TABLE>
<CAPTION>
Muni New Jersey
Intermediate Muni
Portfolio Portfolio
------------ ------------
<S><C>
Investment Income:
Interest.............................................. $ 900,150 $ 843,378
----------- ----------
Total investment income.......................... 900,150 843,378
----------- ----------
Expenses:
Administration fee.................................... 6,477 6,639
Shareholder servicing fee............................. 8,847 9,197
Shareholder reporting expense......................... 2,847 4,064
Custodian fee......................................... -- 913
Directors' fees and expenses.......................... 2,086 2,500
Professional fees..................................... 8,785 11,257
Pricing fees.......................................... 1,894 8,789
Registration and filing fees.......................... 2,076 810
Other expenses........................................ 277 585
----------- ----------
Total expenses................................................ 33,289 44,754
----------- ----------
Net investment income......................................... 866,861 798,624
----------- ----------
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on investments............... 44,865 (2,683)
Net change in unrealized appreciation/depreciation
on investments ................................... (744,954) (769,009)
----------- ----------
Net realized and unrealized loss
on investments.......................................... (700,089) (771,692)
----------- ----------
Net increase in net assets
resulting from operations............................... $ 166,772 $ 26,932
=========== ==========
</TABLE>
See Notes to Financial Statements.
109
<PAGE>
THE GLENMEDE Portfolios
STATEMENTS OF CHANGES IN NET ASSETS
For the year ended October 31, 1999
<TABLE>
<CAPTION>
Muni New Jersey
Intermediate Muni
Portfolio Portfolio
------------ ------------
<S><C>
Net investment income.................................... $ 866,861 $ 798,624
Net realized gain/(loss) on investments.................. 44,865 (2,683)
Net change in unrealized appreciation/depreciation
on investments...................................... (744,954) (769,009)
----------- ------------
Net increase in net assets resulting from operations..... 166,772 26,932
Distributions to shareholders:
From net investment income....................... (883,826) (790,076)
Net increase/(decrease) in net assets from capital share
transactions........................................ (2,731,591) 1,224,295
----------- ------------
Net increase/(decrease) in net assets.................... (3,448,645) 461,151
NET ASSETS:
Beginning of year........................................ 19,975,009 17,491,516
----------- ------------
End of year.............................................. $16,526,364 $ 17,952,667
=========== ============
</TABLE>
- --------------------------------------------------------------------------------
For the year ended October 31, 1998
<TABLE>
<CAPTION>
Muni New Jersey
Intermediate Muni
Portfolio Portfolio
------------ ------------
<S><C>
Net investment income.................................... $ 930,557 $ 610,543
Net realized gain/(loss) on investments.................. 32,683 (1,722)
Net change in unrealized appreciation/depreciation
on investments...................................... 264,218 318,091
----------- ------------
Net increase in net assets resulting from operations..... 1,227,458 926,912
Distributions to shareholders:
From net investment income....................... (929,525) (594,107)
Net increase in net assets from capital share
transactions........................................ 457,887 5,042,027
----------- ------------
Net increase in net assets............................... 755,820 5,374,832
NET ASSETS:
Beginning of year........................................ 19,219,189 12,116,684
----------- ------------
End of year.............................................. $19,975,009 $ 17,491,516
=========== ============
</TABLE>
See Notes to Financial Statements.
110
<PAGE>
THE GLENMEDE Portfolios
FINANCIAL HIGHLIGHTS
For a Share outstanding throughout each year
<TABLE>
<CAPTION>
Muni Intermediate Portfolio
Year Ended October 31,
1999 1998 1997 1996 1995
---------- ---------- ---------- ---------- --------
<S><C>
Net asset value, beginning
of year...................................... $ 10.56 $ 10.40 $ 10.26 $ 10.32 $ 9.74
-------- -------- -------- -------- --------
Income from investment
operations:
Net investment income............................. 0.51 0.51 0.52 0.53 0.53
Net realized and unrealized
gain/(loss) on investments................... (0.42) 0.16 0.14 (0.06) 0.58
-------- -------- -------- -------- --------
Total from investment
operations................................... 0.09 0.67 0.66 0.47 1.11
-------- -------- -------- -------- --------
Distributions to shareholders
from net investment income................... (0.51) (0.51) (0.52) (0.53) (0.53)
-------- -------- -------- -------- --------
Net asset value, end
of year...................................... $ 10.14 $ 10.56 $ 10.40 $ 10.26 $ 10.32
======== ======== ======== ======== ========
Total Return(1)................................... 0.91% 6.63% 6.69% 4.67% 11.76%
======== ======== ======== ======== ========
Ratios to average net assets/ Supplemental data:
Net assets, end of year
(in 000's)................................... $ 16,526 $ 19,975 $ 19,219 $ 18,471 $ 18,096
Ratio of operating expenses to
average net assets........................... 0.20% 0.30% 0.34% 0.32% 0.28%
Ratio of net investment income to
average net assets........................... 4.90% 4.88% 5.09% 5.16% 5.23%
Portfolio turnover rate........................... 6% 11% 21% 44% 28%
</TABLE>
- ----------
(1) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
111
<PAGE>
THE GLENMEDE Portfolios
FINANCIAL HIGHLIGHTS
For a Share outstanding throughout each year
<TABLE>
<CAPTION>
New Jersey Muni Portfolio
Year Ended October 31,
1999 1998 1997 1996 1995
--------- ---------- ---------- ---------- ----------
<S><C>
Net asset value, beginning
of year...................................... $ 10.43 $ 10.20 $ 9.97 $ 10.00 $ 9.22
-------- -------- -------- ------- -------
Income from investment
operations:
Net investment income............................. 0.44 0.44 0.44 0.44 0.41
Net realized and unrealized
gain/(loss) on investments................... (0.43) 0.23 0.23 (0.03) 0.78
-------- -------- -------- ------- -------
Total from investment
operations................................... 0.01 0.67 0.67 0.41 1.19
-------- -------- -------- ------- -------
Distributions to shareholders
from net investment income................... (0.44) (0.44) (0.44) (0.44) (0.41)
-------- -------- -------- ------- -------
Net asset value, end
of year...................................... $ 10.00 $ 10.43 $ 10.20 $ 9.97 $ 10.00
======== ======== ======== ======= =======
Total Return(1)................................... 0.08% 6.71% 6.90% 4.24% 13.25%
======== ======== ======== ======= =======
Ratios to average net assets/ Supplemental data:
Net assets, end of year
(in 000's)................................... $ 17,953 $ 17,492 $ 12,117 $ 7,545 $ 5,932
Ratio of operating expenses to
average net assets........................... 0.24% 0.30% 0.31% 0.24% 0.53%
Ratio of net investment income
to average net assets........................ 4.34% 4.33% 4.42% 4.56% 4.30%
Portfolio turnover rate........................... 10% 7% 19% 33% 12%
</TABLE>
- ----------
(1) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
112
<PAGE>
THE GLENMEDE Portfolios
Muni Intermediate Portfolio
STATEMENT OF NET ASSETS
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ------------
<S><C>
MUNICIPAL BONDS -- 98.2%
Pennsylvania -- 98.2%
$ 150,000 Abington, PA, School District, Series A, General Obligation
Unlimited, (FGIC Insured), Prerefunded 11/15/05 @ $100,
5.250% due 5/15/08 ........................................ $ 153,738
200,000 Allegheny County, PA , Hospital Development Authority
Revenue, University of Pittsburgh, Health Center,
Series A, (MBIA Insured),
5.300% due 4/1/08 ......................................... 200,260
300,000 Allegheny County, PA, Port Authority Special Revenue,
5.300% due 3/1/10 ......................................... 299,505
50,000 Allegheny County, PA , Redevelopment Authority Revenue,
(FHA Insured),
5.200% due 8/1/03 ......................................... 50,009
500,000 Allegheny County, PA , Series C, General Obligation Unlimited,
(FGIC Insured),
5.000% due 10/1/05 ........................................ 504,055
175,000 Allegheny County, PA , Series C, General Obligation Unlimited,
(MBIA Insured), Prerefunded 09/15/04 @ $100,
5.875% due 9/15/12 ........................................ 184,249
190,000 Beaver County, PA, Industrial Development Authority Pollution
Control Revenue, Ohio Edison County Mansfield,
(FGIC Insured),
7.100% due 6/1/18 ......................................... 196,452
120,000 Beaver County, PA, Industrial Development Authority Pollution
Control Revenue, Saint Joe Minerals Corporation Project,
6.000% due 5/1/07 ......................................... 122,940
500,000 Beaver Falls, PA, Municipal Authority Water and Hydroelectric
Revenue, (FGIC Insured),
5.700% due 12/1/08 ........................................ 511,440
100,000 Bucks County, PA, Community College Authority College
Building Revenue, Prerefunded 6/15/02 @ $100,
6.050% due 6/15/06 ........................................ 103,996
20,000 Butler County, PA, Airport Authority Revenue,
7.250% due 11/1/99 ........................................ 20,004
</TABLE>
See Notes to Financial Statements.
113
<PAGE>
THE GLENMEDE Portfolios
Muni Intermediate Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ------------
<S><C>
MUNICIPAL BONDS -- (Continued)
Pennsylvania -- (Continued)
$ 100,000 Chambersburg, PA, Area School District, Series B,
General Obligation, Unlimited, (AMBAC Insured),
6.625% due 4/1/09 ......................................... $ 100,138
325,000 Chester County, PA, General Obligation Unlimited,
5.400% due 12/15/06 ....................................... 330,502
375,000 Dauphin County, PA, General Authority Hospital
Revenue, Mandatory Put 07/01/06 @ $100 (AMBAC Insured),
6.125% due 7/1/10 ......................................... 403,106
125,000 Dauphin County, PA, General Authority Revenue, Mandatory
Put 06/01/01 @ $100, (AMBAC Insured),
5.000% due 6/1/26 ......................................... 126,076
130,000 Dauphin County, PA, General Authority Revenue, Mandatory
Put 06/01/06 @ $100,
6.800% due 6/1/26 ......................................... 134,852
100,000 Dauphin County, PA, General Authority Revenue, Mandatory
Put 06/01/11 @ $100,
6.850% due 6/1/26 ......................................... 103,901
200,000 Dauphin County, PA, General Obligation Unlimited,
(MBIA Insured), Prerefunded 08/01/03 @ $100,
5.400% due 8/1/06 ......................................... 206,142
125,000 Dauphin County, PA, Series B, General Obligation
Unlimited, (MBIA Insured),
5.200% due 3/15/04 ........................................ 125,784
600,000 Delaware River Joint Toll Bridge, Refunding, (FGIC Insured),
6.150% due 7/1/04 ......................................... 622,356
Delaware River Port Authority, PA and NJ Delaware River
Bridges Revenue Escrowed to Maturity
235,000 6.000% due 1/15/10......................................... 244,186
185,000 6.500% due 1/15/11......................................... 185,596
300,000 Downington, PA, Area School District, General Obligation
Unlimited,
5.500% due 2/1/10 ......................................... 303,489
</TABLE>
See Notes to Financial Statements.
114
<PAGE>
THE GLENMEDE Portfolios
Muni Intermediate Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ------------
<S><C>
MUNICIPAL BONDS -- (Continued)
Pennsylvania -- (Continued)
$ 5,000 Gettysburg, PA, Municipal Authority College Revenue,
Gettysburg College Project, Escrowed to Maturity,
5.950% due 2/15/00 ........................................ $ 5,030
95,000 Gettysburg, PA, Municipal Authority College Revenue,
Gettysburg College Project, Unrefunded,
5.950% due 2/15/00 ........................................ 95,529
100,000 Gettysburg, PA, Municipal Authority, County
Guaranteed Hospital Revenue, Gettysburg Hospital
Project, (MBIA County Guaranteed),
6.200% due 7/1/12 ......................................... 102,682
40,000 Lancaster, PA, Area Sewer Authority, Escrowed to Maturity,
6.000% due 4/1/12 ......................................... 41,962
170,000 Lancaster, PA, Higher Education Authority College Revenue,
Franklin & Marshall, College Project, (MBIA Insured),
6.550% due 4/15/07 ........................................ 177,667
125,000 Lycoming County, PA, College Revenue, PA College of
Technology, (AMBAC Insured),
5.200% due 11/1/04 ........................................ 126,836
100,000 Montgomery County, PA, Higher Education & Health
Authority Hospital Revenue, Abington Memorial Hospital,
Series A, (AMBAC Insured),
5.800% due 6/1/04 ......................................... 103,945
110,000 Montgomery County, PA, Industrial Development Authority
Revenue,
7.500% due 1/1/12 ......................................... 114,390
195,000 Montgomery County, PA, Private School Revenue, Friends'
Central School Project,
4.000% due 3/1/04 ......................................... 185,858
100,000 New Kensington, PA, General Obligation Unlimited,
(FGIC Insured),
5.625% due 10/1/04 ........................................ 100,128
200,000 North East, PA, School District, Refunding, (AMBAC
Insured),
6.000% due 9/15/10 ........................................ 206,584
</TABLE>
See Notes to Financial Statements.
115
<PAGE>
THE GLENMEDE Portfolios
Muni Intermediate Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ------------
<S><C>
MUNICIPAL BONDS -- (Continued)
Pennsylvania -- (Continued)
$ 150,000 North Pocono, PA, School District, General Obligation
Unlimited, (FGIC Insured),
5.250% due 7/15/06 ........................................ $ 150,742
425,000 Northampton County, PA, Higher Education Authority
Revenue - Lehigh University,
5.250% due 11/15/09 ....................................... 426,305
210,000 Northampton County, PA, Industrial Development Authority,
Revenue, Optional Put 8/1/07 @ $100,
4.750% due 8/1/15 ......................................... 199,004
100,000 Penn Trafford, PA, School District, General Obligation
Unlimited, Prerefunded 4/1/00 @ $100, (MBIA Insured),
6.500% due 4/1/06 ......................................... 101,110
200,000 Pennridge, PA, School District, Series A, General
Obligation Unlimited, (AMBAC Insured),
6.250% due 2/15/04 ........................................ 206,982
Pennsylvania Housing Finance Agency, Refunding,
Rental Housing --
350,000 5.250% due 7/1/04.......................................... 351,267
500,000 5.450% due 7/1/06.......................................... 503,790
330,000 Pennsylvania Housing Finance Agency, Single Family
Mortgage, Series 38,
5.500% due 4/1/05 ......................................... 332,135
300,000 Pennsylvania Intergovernmental Co-op Authority, City of
Philadelphia Funding Program, Escrowed to Maturity,
(FGIC Insured),
6.000% due 6/15/02 ........................................ 309,690
200,000 Pennsylvania Intergovernmental Co-op Authority, City of
Philadelphia Funding Program, (FGIC Insured),
5.250% due 6/15/06 ........................................ 204,958
1,000,000 Pennsylvania State Finance Authority Revenue, Refunding,
Municipal Capital Improvements Program,
6.600% due 11/1/09 ........................................ 1,067,070
</TABLE>
See Notes to Financial Statements.
116
<PAGE>
THE GLENMEDE Portfolios
Muni Intermediate Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ------------
<S><C>
MUNICIPAL BONDS -- (Continued)
Pennsylvania -- (Continued)
$ 220,000 Pennsylvania State Higher Educational Facilities Authority
College and University Revenues, College of Pharmacy,
(MBIA Insured),
5.250% due 11/1/09 ........................................ $ 220,000
205,000 Pennsylvania State Higher Educational Facilities Authority
College and University Revenues, Drexel University
Project, (MBIA Insured),
4.550% due 5/1/07 ......................................... 196,388
140,000 Pennsylvania State Higher Educational Facilities Authority
College and University Revenues, Drexel University
Project, Prerefunded 8/1/01 @ $100,
5.650% due 2/1/09 ......................................... 143,272
250,000 Pennsylvania State Higher Educational Facilities Authority
College and University Revenues, University of
Pennsylvania,
5.600% due 9/1/10 ......................................... 253,455
250,000 Pennsylvania State, First Series, General Obligation
Unlimited,
6.375% due 9/15/12 ........................................ 260,590
150,000 Pennsylvania State, First Series, General Obligation
Unlimited, (AMBAC Insured),
5.000% due 4/15/09 ........................................ 148,107
375,000 Pennsylvania State, Third Series, General Obligation
Unlimited,
5.000% due 9/1/08 ......................................... 371,809
5,000 Perkiomen Valley School Authority, PA, School Revenue,
Escrowed to Maturity, (MBIA Insured),
6.400% due 12/1/02 ........................................ 5,115
100,000 Philadelphia, PA, Gas Works Revenue, (FSA Insured),
5.500% due 7/1/04 ......................................... 103,102
320,000 Philadelphia, PA, Hospital Revenue, Escrowed to Maturity,
(FGIC Insured),
5.875% due 7/1/08 ......................................... 321,056
100,000 Philadelphia, PA, Hospitals and Higher Educational
Facilities Authority, Hospital Revenue, Children's
Hospital Philadelphia, Series A,
5.000% due 2/15/02 ........................................ 100,692
</TABLE>
See Notes to Financial Statements.
117
<PAGE>
THE GLENMEDE Portfolios
Muni Intermediate Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ------------
<S><C>
MUNICIPAL BONDS -- (Continued)
Pennsylvania -- (Continued)
$ 225,000 Philadelphia, PA, Municipal Authority Revenue, Refunding -
Lease-- Series C, (FGIC Insured),
5.000% due 4/1/07 ......................................... $ 223,751
Pittsburgh, PA, Urban Redevelopment Authority Mortgage
Revenue, Series D--
255,000 5.750% due 10/1/07......................................... 259,037
150,000 6.200% due 4/1/11.......................................... 152,745
155,000 6.200% due 10/1/11......................................... 157,837
235,000 Ringgold, PA, School District, Escrowed to Maturity,
6.200% due 1/15/13 ........................................ 249,880
250,000 Sayre, PA, Health Care Facilities Authority Revenue,
(AMBAC Insured),
6.100% due 7/1/02 ......................................... 259,450
Seneca Valley, PA, School District, Series B, General
Obligation Unlimited, (FGIC Insured)--
100,000 5.700% due 7/1/06.......................................... 102,315
225,000 5.800% due 7/1/10.......................................... 230,972
40,000 Southeastern Pennsylvania Transportation Authority, PA,
Lease Revenue,
5.750% due 12/1/04 ........................................ 40,054
125,000 Southeastern Pennsylvania Transportation Authority, PA,
Special Revenue, (FGIC Insured),
5.050% due 3/1/05 ......................................... 126,155
Southeastern Pennsylvania Transportation Authority, Revenue--
110,000 6.000% due 6/1/00.......................................... 111,362
285,000 6.000% due 6/1/01.......................................... 292,572
250,000 State Public School Building Authority, PA, School Revenue,
Hazleton Area School District, (FGIC Insured),
6.500% due 3/1/08 ......................................... 256,613
15,000 Swarthmore Borough, PA, College Revenue, Prerefunded
9/15/02 @ $102,
6.100% due 9/15/07 ........................................ 15,950
</TABLE>
See Notes to Financial Statements.
118
<PAGE>
THE GLENMEDE Portfolios
Muni Intermediate Portfolio
STATEMENT OF NET ASSETS -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ------------
<S><C>
MUNICIPAL BONDS -- (Continued)
Pennsylvania -- (Continued)
$ 85,000 Swarthmore Borough, PA, College Revenue, Unrefunded Balance,
6.100% due 9/15/07 ........................................ $ 89,763
120,000 Swatara Township Authority, PA, Sewer Revenue,
Escrowed to Maturity, (MBIA Insured),
6.150% due 5/1/07 ......................................... 129,169
125,000 Unionville-Chadds Ford, PA, School District, General
Obligation Unlimited, Prerefunded 6/1/03 @ $100,
(State Aid Withholding),
5.500% due 6/1/08 ......................................... 128,928
125,000 Wallingford-- Swarthmore, PA, School District, Series C,
(FSA State Aid Withholding),
5.000% due 5/15/09 ........................................ 122,950
325,000 Wayne County, PA, Hospital and Health Facilities Authority,
County Guaranteed, Hospital Revenue, Wayne Memorial
Hospital Project, (MBIA Insured),
5.050% due 7/1/03 ......................................... 328,556
200,000 Wilkes Barre, PA, School District, General Obligation
Unlimited, (FGIC Insured),
4.750% due 4/1/08 ......................................... 192,728
100,000 Wilkinsburg, PA, Joint Water Authority, Water Revenue,
Series A, Prerefunded 8/15/02 @ $100, (AMBAC Insured),
6.100% due 8/15/04 ........................................ 104,443
10,000 William Penn, PA, School District, General Obligation
Unlimited, Escrowed to Maturity, (State Aid Withholding),
8.000% due 8/1/00 ......................................... 10,287
170,000 York County, PA, Industrial Development Authority,
Industrial Development Revenue, Refunding, Stanley
Works Project,
6.250% due 7/1/02 ......................................... 176,122
------------
16,231,665
------------
Total Municipal Bonds
(Cost $16,192,152) ........................................ $ 16,231,665
------------
</TABLE>
See Notes to Financial Statements.
119
<PAGE>
THE GLENMEDE Portfolios
Muni Intermediate Portfolio
STATEMENT OF NET ASSETS -- (Concluded)
October 31, 1999
<TABLE>
<CAPTION>
Value
-----------
<S><C>
Total Investments (Cost $16,192,152)(1).................................. 98.2% $16,231,665
other Assets in Excess of Liabilities.................................... 1.8 294,699
----- -----------
Net Assets .............................................................. 100.0% $16,526,364
===== ===========
Net Asset Value ($16,526,364 divided by 1,630,135
shares outstanding)......................................................... $ 10.14
===========
</TABLE>
- --------------------
(1) Aggregate cost for federal tax purposes was $16,192,449.
Insurance Abbreviations:
AMBAC -- American Municipal Bond Assurance Corporation
FGIC -- Federal Guaranty Insurance Corporation
FHA -- Federal Housing Administration
FSA -- Financial Security Assurance Inc.
MBIA -- Municipal Bond Investors Assurance
See Notes to Financial Statements.
120
<PAGE>
THE GLENMEDE Portfolios
New Jersey Muni Portfolio
statement of net assets
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ------------
<S><C>
MUNICIPAL BONDS -- 98.5%
$ 100,000 Asbury Park, NJ, Board of Education, General
Obligation Unlimited, (MBIA Insured),
5.550% due 2/1/07 ......................................... $ 103,859
100,000 Beach Haven, NJ, General Obligation Unlimited,
(MBIA Insured),
5.700% due 8/15/03 ........................................ 104,199
70,000 Belvidere, NJ, General Obligation Unlimited,
(AMBAC Insured),
4.500% due 12/1/00 ........................................ 70,449
250,000 Bergen County, NJ General Improvement, General Obligation
Unlimited,
4.000% due 11/15/05 ....................................... 240,117
100,000 Bergen County, NJ, Utilites Authority, Water Pollution
Control Revenue, Series B, (FGIC Insured),
5.200% due 12/15/00 ....................................... 101,395
500,000 Black Horse Pike, NJ, Regional School District, General
Obligation Unlimited, (FGIC Insured),
4.750% due 12/1/04 ........................................ 500,875
Burlington County, NJ General Improvement, General
Obligation Unlimited--
100,000 5.200% due 9/15/02......................................... 102,189
500,000 4.850% due 7/15/06......................................... 500,530
100,000 Burlington County, NJ, General Obligation Unlimited,
5.200% due 10/1/04 ........................................ 102,467
150,000 Cape May County, NJ, General Improvements, General
Obligation Unlimited, (AMBAC Insured),
5.350% due 8/1/04 ......................................... 155,004
200,000 Cape May County, NJ, Municipal Utilities Authority,
Sewer Revenue, Refunding, (AMBAC Insured),
5.600% due 1/1/05 ......................................... 207,608
100,000 Casino Reinvestment Development Authority, NJ, Parking Fee
Revenue, Series A, (FSA Insured),
5.000% due 10/1/04 ........................................ 101,564
150,000 Cherry Hill Township, NJ, General Obligation Unlimited,
5.125% due 7/15/10 ........................................ 149,316
</TABLE>
See Notes to Financial Statements.
121
<PAGE>
THE GLENMEDE Portfolios
New Jersey Muni Portfolio
statement of net assets -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ------------
<S><C>
MUNICIPAL BONDS-- (Continued)
$ 100,000 Delaware River Joint Toll Bridge, Commonwealth of
Pennsylvania Bridge Revenue, Refunding, (FGIC Insured),
6.150% due 7/1/04 ......................................... $ 103,726
200,000 Delaware River Joint Toll Bridge, Commonwealth of
Pennsylvania Bridge Revenue, Refunding, (FGIC Insured),
6.250% due 7/1/12 ......................................... 205,862
Delaware River Port Authority, PA, NJ, and DE River Bridges
Revenue, Escrowed to Maturity--
295,000 5.625% due 1/15/09......................................... 301,812
260,000 6.000% due 1/15/10......................................... 270,163
95,000 6.500% due 1/15/11......................................... 95,306
250,000 Evesham Township, NJ, Board of Education, General Obligation
Unlimited, (FGIC Insured),
4.600% due 3/1/07 ......................................... 245,740
150,000 Glassboro, NJ, School District, General Obligation Unlimited,
(FSA Insured),
4.550% due 2/1/03 ......................................... 150,486
100,000 Gloucester County, NJ, Improvement Authority Revenue,
County Library Lease Project,
5.200% due 12/15/05 ....................................... 101,777
250,000 Hamilton Township, Atlantic City, NJ, General Obligation
Unlimited, (FGIC Insured),
4.250% due 10/1/06 ........................................ 241,260
200,000 Hasbrouck Heights, NJ, General Improvements, General
Obligation Unlimited,
5.250% due 9/1/04 ......................................... 205,220
110,000 High Bridge, NJ, Regional Board of Education, General
Obligation Unlimited, (FSA Insured),
5.400% due 2/15/09 ........................................ 113,564
250,000 Hudson County, NJ, Certificates of Participation,
Refunding - Correctional Facilities, (MBIA Insured),
6.200% due 6/1/03 ......................................... 262,992
100,000 Hunterdon County, NJ, General Obligation Unlimited,
4.200% due 12/15/04 ....................................... 98,124
</TABLE>
See Notes to Financial Statements.
122
<PAGE>
THE GLENMEDE Portfolios
New Jersey Muni Portfolio
statement of net assets -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ------------
<S><C>
MUNICIPAL BONDS-- (Continued)
$ 200,000 Hunterdon, NJ, Central Regional High School District,
General Obligation Unlimited, (FSA Insured),
5.250% due 5/1/06 ......................................... $ 205,202
130,000 Jefferson Township, NJ, General Obligation Unlimited,
Sewer Improvements, (AMBAC Insured),
5.450% due 10/1/09 ........................................ 132,469
250,000 Jersey City, NJ, Municipal Utility Authority Sewer Revenue,
(FSA Insured),
4.000% due 12/1/06 ........................................ 235,222
200,000 Jersey City, NJ, Municipal Utilities Authority Water Revenue,
(FSA Insured),
4.750% due 4/1/04 ......................................... 200,864
250,000 Jersey City, NJ, School Improvements, General Obligation
Unlimited, (MBIA Insured),
5.500% due 3/15/06 ........................................ 258,670
100,000 Lyndhurst Township, NJ, General Improvements, General
Obligation Unlimited, (FGIC Insured),
5.500% due 10/1/05 ........................................ 104,195
105,000 Manalapan-Englishtown, NJ, Regional Board of Education,
General Obligation Unlimited, (School Board Residual
Fund Insured),
5.000% due 5/1/07 ......................................... 105,587
125,000 Manchester Township, NJ, Board of Education Certificates
of Participation, Refunding, (MBIA Insured),
4.700% due 12/15/02 ....................................... 126,006
150,000 Mercer County, NJ, Improvement Authority Revenue, Refunding--
Government Leasing, (County Guaranteed-- A),
5.400% due 12/1/05 ........................................ 154,354
100,000 Mercer County, NJ, Improvement Authority Revenue, Refunding--
Solid Waste, (County Guaranteed-- Series 97),
5.200% due 9/15/08 ........................................ 101,057
145,000 Middlesex County, New Jersey, Improvement Authority Revenue,
5.450% due 9/15/11 ........................................ 146,190
</TABLE>
See Notes to Financial Statements.
123
<PAGE>
THE GLENMEDE Portfolios
New Jersey Muni Portfolio
statement of net assets -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ------------
<S><C>
MUNICIPAL BONDS -- (Continued)
$ 100,000 Middletown Township, NJ, General Obligation Unlimited,
5.000% due 8/1/05 ......................................... $ 101,189
100,000 Middletown Township, NJ, Sewer Authority, Sewer Revenue,
Refunding-- Series A, (FGIC Insured),
4.650% due 1/1/02 ......................................... 100,610
50,000 Monmouth County, NJ, General Improvements Senior Lien--
Series A, General Obligation Unlimited,
4.500% due 8/1/08 ......................................... 48,207
250,000 Monmouth County, NJ, Senior Lien-- Series A, General
Improvements, General Obligation Unlimited,
4.500% due 8/1/04 ......................................... 249,560
Moorestown Township, NJ, General Obligation Unlimited,
(MBIA Insured)--
50,000 4.000% due 9/1/00.......................................... 50,070
50,000 4.000% due 9/1/01.......................................... 49,831
200,000 Morris Township, NJ, School District, General Obligation
Unlimited, (School Board Residual Fund Insured),
5.625% due 4/1/06 ......................................... 208,270
100,000 Mount Holly, NJ, Municipal Utility Authority Sewer Revenue,
(MBIA Insured),
5.000% due 12/1/13 ........................................ 94,761
100,000 New Jersey Building Authority Revenue, Refunding, General
Improvement,
4.500% due 6/15/04 ........................................ 99,418
250,000 New Jersey Economic Development Authority, Burlington Coat
Factory, Refunding,
5.600% due 9/1/05 ......................................... 256,732
200,000 New Jersey Economic Development Authority, Market Transition
Facilities Revenue, Senior Lien-- Series A, (MBIA
Insured),
5.700% due 7/1/05 ......................................... 208,730
125,000 New Jersey Economic Development Authority, Market Transition
Facilities Revenue, Senior Lien-- Series A, (MBIA
Insured),
5.750% due 7/1/06 ......................................... 130,903
</TABLE>
See Notes to Financial Statements.
124
<PAGE>
THE GLENMEDE Portfolios
New Jersey Muni Portfolio
statement of net assets -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ------------
<S><C>
MUNICIPAL BONDS -- (Continued)
$ 100,000 New Jersey Economic Development Authority, Parking Facility
Improvements, Elizabeth Development Project,
(FGIC Insured),
5.200% due 10/15/08 ....................................... $ 100,996
200,000 New Jersey Enviromental Infrastructure, Sewer Improvements,
4.250% due 9/1/07 ......................................... 190,234
400,000 New Jersey Health Care Facilities Finance Authority Revenue,
Allegany Health, (MBIA Insured), Escrowed to Maturity,
4.800% due 7/1/05 ......................................... 400,368
200,000 New Jersey Health Care Facilities Finance Authority Revenue,
Kennedy Health System Series-- A, (MBIA Insured),
5.000% due 7/1/09 ......................................... 197,274
75,000 New Jersey Health Care Facilities Finance Authority Revenue,
Refunding, Mountainside Hospital, (MBIA Insured),
4.600% due 7/1/00 ......................................... 75,351
100,000 New Jersey Health Care Facilites Finance Authority Revenue,
St. Joseph's Hospital, Refunding,
5.000% due 7/1/03 ......................................... 101,365
125,000 New Jersey State Educational Facilities Authority Revenue,
Higher Education Equipment Leasing Fund-- Series A,
(MBIA Insured),
5.000% due 9/1/00 ......................................... 126,093
New Jersey State Educational Facilities Authority Revenue,
Higher Education Facilities Trust Fund-- Series A,
(AMBAC Insured) --
100,000 5.125% due 9/1/02.......................................... 101,882
125,000 5.125% due 9/1/08.......................................... 125,511
350,000 New Jersey State Educational Facilities Authority Revenue,
Higher Education Facilities Trust Fund-- Series A,
(AMBAC Insured),
5.125% due 9/1/07 ......................................... 353,689
200,000 New Jersey State Educational Facilities Authority Revenue,
Higher Education Technology-- Series A,
4.400% due 9/1/06 ......................................... 194,372
</TABLE>
See Notes to Financial Statements.
125
<PAGE>
THE GLENMEDE Portfolios
New Jersey Muni Portfolio
statement of net assets -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ------------
<S><C>
MUNICIPAL BONDS-- (Continued)
$ 225,000 New Jersey State Educational Facilities Authority Revenue,
Princeton University-- Series A,
5.500% due 7/1/05 ......................................... $ 232,457
95,000 New Jersey State Educational Facilities Authority Revenue,
Princeton University-- Series F,
4.375% due 7/1/08 ......................................... 90,247
100,000 New Jersey State Educational Facilities Authority Revenue,
Refunding-- Ramapo College-- Series E, (MBIA Insued),
4.800% due 7/1/01 ......................................... 100,905
250,000 New Jersey State Highway Authority Garden State Parkway
General Revenue, Highway Revenue Tolls, (AMBAC Insured),
6.150% due 1/1/07 ......................................... 262,445
150,000 New Jersey State Housing and Mortgage Finance Agency Revenue,
Home Buyer-- Series P, (MBIA Insured),
5.050% due 4/1/07 ......................................... 147,962
200,000 New Jersey State Housing and Mortgage Finance Agency Revenue,
Local or Guaranteed Housing-- Series A,
(HUD Section 8),
6.500% due 11/1/03 ........................................ 208,778
50,000 New Jersey State Housing Finance Agency Revenue, Refunding,
(HUD Section 236),
5.650% due 11/1/00 ........................................ 50,049
165,000 New Jersey State Transportation Trust Fund Authority,
Transportation System-- Series A, (MBIA Insured),
4.750% due 12/15/07 ....................................... 162,697
300,000 New Jersey State Transportation Trust Fund Authority,
Transportation System-- Series A,
5.000% due 6/15/12 ........................................ 286,455
150,000 New Jersey State Transportation Trust Fund Authority,
Transportation System-- Series A, Escrowed to Maturity,
5.300% due 12/15/01 ....................................... 153,410
190,000 New Jersey State Transportation Trust Fund Authority,
Transportation System-- Series A, Escrowed to Maturity,
(FSA Insured),
4.750% due 6/15/03 ........................................ 191,691
</TABLE>
See Notes to Financial Statements.
126
<PAGE>
THE GLENMEDE Portfolios
New Jersey Muni Portfolio
statement of net assets -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ------------
<S><C>
MUNICIPAL BONDS-- (Continued)
$ 200,000 New Jersey State Transportation Trust Fund Authority,
Transportation System-- Series B, (MBIA Insured),
5.000% due 6/15/04 ........................................ $ 202,956
250,000 New Jersey State Turnpike Authority, Turnpike Revenue,
Series A, (MBIA Insured),
5.900% due 1/1/04 ......................................... 260,945
125,000 New Jersey Wastewater Treatment Trust-- Refunding--
Series C, (MBIA Insured),
6.250% due 5/15/03 ........................................ 131,923
140,000 New Jersey Wastewater Treatment Trust-- Series A,
Prerefunded 7/1/01 @ $102,
6.000% due 7/1/09 ......................................... 146,654
5,000 New Jersey Wastewater Treatment Trust-- Unrefunded Balance--
Series A,
6.000% due 7/1/09 ......................................... 5,219
130,000 North Brunswick Township, NJ, General Obligation Unlimited,
(FGIC Insured),
4.250% due 7/1/09 ......................................... 120,416
100,000 Ocean County, NJ, General Improvement, General Obligation
Unlimited, Prerefunded 7/1/04 @ $102,
5.650% due 7/1/06 ......................................... 104,797
250,000 Ocean County, NJ, General Obligation Unlimited,
4.875% due 12/15/09 ....................................... 245,968
85,000 Ocean County, NJ, Utility Authority, Wastewater Revenue,
Refunding,
5.000% due 1/1/05 ......................................... 85,959
250,000 Ocean Township, NJ, Sewer Authority, Revenue Bonds--
Series B, (FGIC Insured),
6.000% due 12/1/07 ........................................ 261,555
200,000 Park Ridge, NJ, General Obligation Unlimited,
5.600% due 11/1/03 ........................................ 208,204
100,000 Passaic County, NJ, General Obligation Unlimited, Refunding,
(MBIA Insured),
4.625% due 9/1/09 ......................................... 96,317
</TABLE>
See Notes to Financial Statements.
127
<PAGE>
THE GLENMEDE Portfolios
New Jersey Muni Portfolio
statement of net assets -- (Continued)
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ------------
<S><C>
MUNICIPAL BONDS -- (Continued)
$ 100,000 Passaic Valley, NJ, General Obligation Unlimited,
(FGIC Insured),
5.125% due 9/1/08 ......................................... $ 100,652
270,000 Passaic Valley, NJ, General Obligation Unlimited,
(FSA Insured),
5.000% due 11/15/04 ....................................... 273,715
100,000 Passaic Valley, NJ, Sewer Commission, Sewer System--
Series D, (AMBAC Insured),
5.750% due 12/1/09 ........................................ 102,921
200,000 Pemberton Twp, NJ, Refunding, General Obligation Unlimited,
(AMBAC Insured),
4.550% due 9/15/01 ........................................ 201,170
130,000 Perth Amboy, NJ, Board of Education, General Obligation
Unlimited, (MBIA Insured), Prerefunded 3/1/04 @ $102,
6.200% due 8/1/06 ......................................... 140,703
60,000 Pleasantville, NJ, Sewer Utility, (MBIA Insured),
7.875% due 10/15/00 ....................................... 60,190
150,000 Ridgefield Park, NJ Board of Education, General Obligation
Unlimited, (FSA Insured),
4.700% due 7/1/06 ......................................... 149,991
500,000 Ridgewood, NJ, General Obligation Unlimited,
5.200% due 10/1/08 ........................................ 507,105
125,000 Rutgers State University, NJ, Refunding-- Series S,
5.250% due 5/1/07 ......................................... 127,029
South Brunswick Township, NJ, General Obligation Unlimited,
(MBIA Insured)--
135,000 5.250% due 10/1/03......................................... 138,648
130,000 5.350% due 4/1/06.......................................... 132,770
250,000 Southern Regional High School District, NJ, General
Obligation Unlimited, (MBIA Insured),
5.400% due 9/1/04 ......................................... 259,010
160,000 Sparta Township, NJ, School District, General Obligation
Unlimited, (MBIA Insured),
5.750% due 9/1/04 ......................................... 168,173
100,000 Surf City, NJ, General Obligation Unlimited, (MBIA Insured),
5.150% due 1/15/06 ........................................ 101,405
</TABLE>
See Notes to Financial Statements.
128
<PAGE>
THE GLENMEDE Portfolios
New Jersey Muni Portfolio
statement of net assets -- (Concluded)
October 31, 1999
<TABLE>
<CAPTION>
Face
Amount Value
-------------- ------------
<S><C>
MUNICIPAL BONDS-- (Continued)
$ 85,000 Tewksbury Township, NJ, Board of Education, General
Obligation Unlimited, (FSA Insured),
5.000% due 1/15/02 ........................................ $ 86,143
150,000 Vineland, NJ, General Improvement, General Obligation
Unlimited, (FGIC Insured),
4.700% due 3/1/01 ......................................... 151,089
100,000 West Orange, NJ, General Obligation Unlimited,
5.100% due 1/1/05 ......................................... 101,765
West Windsor Township, NJ, General Obligation Unlimited,
Refunding--
280,000 4.000% due 7/15/06......................................... 264,950
250,000 4.500% due 7/15/07......................................... 243,000
350,000 Western Monmouth Utilities Authority, NJ, Revenue, Series A,
(AMBAC Insured),
5.250% due 2/1/09 ......................................... 353,332
100,000 Woodbridge Township, NJ, General Obligation Unlimited,
Refunding, (FGIC Insured),
4.000% due 8/15/06 ........................................ 94,174
------------
Total Municipal Bonds
(Cost $17,818,370) ........................................ 17,686,780
------------
Total Investments (Cost $17,818,370)(1).................................. 98.5% $ 17,686,780
Other Assets in Excess of Liabilities ................................... 1.5 265,887
----- ------------
Total Net Assets ........................................................ 100.0% $ 17,952,667
===== ============
Net Asset Value ($17,952,667 divided by 1,794,712
shares outstanding) $ 10.00
============
</TABLE>
- --------------------
(1) Aggregate cost for federal tax purposes was $17,818,931.
Insurance Abbreviations:
AMBAC -- American Municipal Bond Assurance Corporation
FGIC -- Federal Guaranty Insurance Corporation
FSA -- Financial Security Assurance Inc.
HUD -- Housing and Urban Development
MBIA -- Municipal Bond Investors Assurance
See Notes to Financial Statements.
129
<PAGE>
THE GLENMEDE Portfolios
Notes to Financial Statements
1. Significant Accounting Policies
The Glenmede Portfolios (the "Fund") is an investment company that was
organized as a Massachusetts business trust on March 3, 1992 and is registered
with the Securities and Exchange Commission under the Investment Company Act of
1940 as an open-end management investment company. As of October 31, 1999, the
Fund offered shares of two SubTrusts, the Muni Intermediate Portfolio and the
New Jersey Muni Portfolio (collectively, the "Portfolios").
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates. The
following is a summary of significant accounting policies consistently followed
by each Portfolio in the preparation of its financial statements.
Portfolio valuation: Municipal obligations for which market quotations are
readily available are valued at the most recent quoted bid price provided by
investment dealers. Municipal obligations may be valued on the basis of prices
provided by a pricing service when such prices are determined by the investment
advisor to reflect the fair market value of such municipal obligations;
securities for which market quotations are not readily available are valued at
fair value as determined in good faith by or under the direction of the Board of
Trustees.
Securities transactions and investment income: Securities transactions are
recorded as of the trade date. Realized gains and losses on investments sold are
computed on the basis of identified cost. Interest income is recorded on the
accrual basis and includes the amortization of premiums and accretion of
discounts when appropriate.
Securities purchased or sold on a when-issued or delayed-delivery basis
may be settled a month or more after the trade date. Interest income is not
earned or accrued until settlement date. Each Portfolio segregates assets with a
current value at least equal to the amount of its when-issued purchased
commitments. When-issued purchase commitments involve a risk of loss if the
value of the security to be purchased declines prior to settlement date.
Dividends and distributions to shareholders: Dividends from net investment
income, if any, are declared and paid monthly. The Portfolios distribute any net
realized capital gains on an annual basis. Additional distributions of net
investment income and capital gains for each Portfolio may be made at the
discretion of the Board of Trustees in order to avoid a 4% nondeductible Federal
excise tax. Income distributions and capital gains distributions are determined
in accordance with income tax regulations which may differ from 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.
130
<PAGE>
THE GLENMEDE Portfolios
Notes to Financial Statements -- (Continued)
Federal income taxes: Each Portfolio intends to qualify as a regulated
investment company by complying with the requirements of the Internal Revenue
Code applicable to regulated investment companies and by distributing
substantially all of its tax-exempt (and taxable, if any) income to its
shareholders. Therefore, no Federal income tax provision is required. The
Portfolios may periodically make reclassifications among certain of their
capital accounts as a result of differences in the characterization and
allocation of certain income and capital gains determined annually in accordance
with federal tax regulations which may differ from generally accepted accounting
principles.
2. Investment Advisory Fee, Administration Fee and Other Related Party
Transactions
The Glenmede Trust Company (the "Advisor") provides investment advisory
services to the Fund. The Advisor does not receive a fee from the Portfolios for
its investment advisory services. However, each Portfolio pays The Glenmede
Trust Company a shareholder servicing fee at the annual rate of 0.05% of the
value of its average daily net assets.
Investment Company Capital Corp. ("ICC"), a subsidiary of Deutsche Bank
AG, provides administrative, accounting and transfer agent services to the Fund.
The Fund pays ICC a fee based on the combined aggregate average daily net assets
of the Fund and The Glenmede Fund, Inc., an investment company with the same
officers, Board and service providers as the Fund (collectively, the
"Companies"). This fee is computed daily and paid monthly at the following
annual rates: 0.12% of the first $100 million, 0.08% of the next $150 million,
0.04% of the next $500 million and 0.03% of the amount in excess of $750
million. This fee is allocated to each Portfolio based on its relative net
assets.
The Fund pays each Board member an annual fee of $1,000 and out-of-pocket
expenses incurred in attending Board meetings.
3. Purchases and Sales of Securities
For the year ended October 31, 1999, cost of purchases and proceeds from
sales of investment securities other than U.S. Government securities and
short-term securities were:
Portfolio Purchases Sales
- -------------- -------------- ------------
Muni Intermediate Portfolio ........... $1,039,576 $3,666,640
New Jersey Muni Portfolio.............. 3,280,772 1,793,326
131
<PAGE>
THE GLENMEDE Portfolios
Notes to Financial Statements -- (Continued)
On October 31, 1999, aggregate gross unrealized appreciation for all
securities in which there was an excess of value over tax cost and aggregate
gross unrealized depreciation for all securities in which there was an excess of
tax cost over value were as follows:
Portfolio Appreciation Depreciation
- -------------- ------------------ ------------
Muni Intermediate Portfolio........... $173,640 $134,424
New Jersey Muni Portfolio............. 126,444 258,595
4. Shares of beneficial interest
The Fund may issue an unlimited number of shares of beneficial interest
with a $.001 par value. Changes in shares of beneficial interest outstanding
were as follows:
<TABLE>
<CAPTION>
Year Ended Year Ended
10/31/99 10/31/98
-------------------------- ------------------------
Shares Amount Shares Amount
---------- ------------ ---------- ------------
<S><C>
Muni Intermediate Portfolio:
Sold........................... 215,979 $ 2,255,900 349,623 $ 3,657,100
Redeemed....................... (476,937) (4,987,491) (306,643) (3,199,213)
-------- ------------ -------- ------------
Net increase/(decrease)........ (260,958) $ (2,731,591) 42,980 $ 457,887
======== ============ ======== ============
New Jersey Muni Portfolio:
Sold........................... 361,931 $ 3,735,500 711,528 $ 7,319,600
Redeemed (244,617) (2,511,205) (221,997) (2,277,573)
-------- ------------ -------- ------------
Net increase................... 117,314 $ 1,224,295 489,531 $ 5,042,027
======== ============ ======== ============
</TABLE>
5. Capital loss carryforward
On October 31, 1999, the following Portfolios had available capital loss
carryforwards to be utilized in the current period to offset future net capital
gains through the indicated expiration dates as follows:
<TABLE>
<CAPTION>
Expiring Expiring Expiring Expiring Expiring Expiring
Portfolio in 2002 in 2003 in 2004 in 2005 in 2006 in 2007
--------------- -------- -------- ------- ------- ------ ------
<S><C>
Muni Intermediate Portfolio....... $143,831 $549,436 $ 2,107 $42,723 -- --
New Jersey Muni Portfolio......... 56,593 21,708 11,660 -- $1,722 2,683
</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
132
<PAGE>
THE GLENMEDE Portfolios
Notes to Financial Statements -- (Concluded)
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 October 31, 1999, the Muni Intermediate Portfolio
maintained all of its investments in debt obligations issued by the Commonwealth
of Pennsylvania and its political subdivisions and the New Jersey Muni Portfolio
maintained a majority of its investments in debt obligations issued by the State
of New Jersey and its political subdivisions.
7. Net assets
On October 31, 1999, net assets consisted of:
<TABLE>
<CAPTION>
Muni New Jersey
Intermediate Muni
Portfolio Portfolio
------------- --------------
<S><C>
Par Value.............................................. $ 1,630 $ 1,795
Paid in Capital in excess of par value................. 17,159,051 18,109,327
Undistributed net investment income.................... 64,566 67,779
Accumulated net realized loss on investments........... (738,396) (94,928)
Net unrealized appreciation/(depreciation) of
investments ...................................... 39,513 (131,306)
----------- -----------
Total Net Assets.............................. $16,526,364 $17,952,667
=========== ===========
</TABLE>
133
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees of
The Glenmede Portfolios:
In our opinion, the accompanying statements of net assets and the related
statements of operations and of changes in net assets and the financial
highlights present fairly, in all material respects, the financial position of
Muni Intermediate Portfolio and New Jersey Muni Portfolio (comprising The
Glenmede Portfolios, hereafter referred to as the "Portfolios") at October 31,
1999, and the results of each of their operations, the changes in each of their
net assets, and the financial highlights for each of the fiscal periods
presented, in conformity with accounting principles generally accepted in the
United States. These financial statements and financial highlights (hereafter
referred to as "financial statements") are the responsibility of the Portfolios'
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with auditing standards generally accepted in the
United States which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at October 31, 1999 by
correspondence with the custodian and brokers, provide a reasonable basis for
the opinion expressed above.
PRICEWATERHOUSECOOPERS LLP
Baltimore, Maryland
December 13, 1999
134
<PAGE>
THE GLENMEDE Portfolios
Tax Information (Unaudited)
for the Year Ended October 31, 1999
Of the dividends paid by the Muni Intermediate Portfolio from net
investment income for the year ended October 31, 1999, 100% is tax-exempt for
regular Federal income taxes and Pennsylvania taxes.
Of the dividends paid by the New Jersey Muni Portfolio from net investment
income for the year ended October 31, 1999, 100% is tax-exempt for regular
Federal income taxes and New Jersey taxes.
135
<PAGE>
The Glenmede Fund, Inc. and The Glenmede Portfolios
Officers and Directors/Trustees
John W. Church, Jr. Mary Ann B. Wirts
Chairman, President
Director/Trustee
Kimberly C. Osborne
H. Franklin Allen, Ph.D. Executive Vice President,
Director/Trustee Treasurer
Willard S. Boothby, Jr. Michael P. Malloy
Director/Trustee Secretary
Frank J. Palamara
Director/Trustee
G. Thompson Pew, Jr.
Director/Trustee
<TABLE>
<S><C>
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 ICC Distributors, Inc.
Baltimore, Maryland 21203 Two Portland Square
Portland, Maine 04101
Custodian
The Chase Manhattan Bank, N.A.
3 Chase Metrotech Center
Brooklyn, NY 11245
Legal Counsel
Drinker Biddle & Reath LLP
One Logan Square
18th & Cherry Streets
Philadelphia, Pennsylvania 19103-6996
Independent Accountants
PricewaterhouseCoopers LLP
250 West Pratt Street
Baltimore, Maryland 21201
</TABLE>
<PAGE>
The report is submitted for the general information of the shareholders
of The Glenmede Fund, Inc. and The Glenmede Portfolios. It is not
authorized for distribution to prospective investors unless accompanied
or preceded by an effective prospectus for the Funds, which contains
information concerning the Fund's investment policies and expenses as
well as other pertinent information.
