Glenmede Fund NCSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number:
811-05577

The Glenmede Fund, Inc.

(Exact Name of Registrant as Specified in Charter)

100 Huntington Avenue
CPH-0326
Boston, MA 02116
(Address of Principal Executive Offices)(Zip Code)

Michael P. Malloy, Esq.
Secretary
Drinker Biddle & Reath LLP
One Logan Square
Suite 2000
Philadelphia, PA 19103-6996
(Name and Address of Agent for Service)

Registrant’s Telephone Number, including Area Code:
1-800-442-8299

Date of Fiscal Year End: October 31, 2014

Date of Reporting Period: October 31, 2014

Item 1. Reports to Stockholders.

GLENMEDE

The Glenmede Fund, Inc.

The Glenmede Portfolios

Annual Report

October 31, 2014

The performance for the portfolios shown on pages 2, 3 and 6 to 24 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 yield of money market portfolios will fluctuate as market conditions change. Although the money market portfolios seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these portfolios.

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.

The reports concerning the portfolios included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the portfolios in the future. These statements are based on the adviser’s or sub-adviser’s predictions and expectations concerning certain future events and their expected impact on the portfolios, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events and other factors that may influence the future performance of the portfolios. The adviser or sub-adviser, as applicable, believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

THE GLENMEDE FUND, INC.

THE GLENMEDE PORTFOLIOS

TABLE OF CONTENTS


President’s Letter (Unaudited)			2
Management Discussion and Analysis (Unaudited)			5
Glossary of Indices & Terms (Unaudited)			25
Shareholder Expenses			28
Glenmede Fund, Inc.			33
Statements of Assets and Liabilities			33
Statements of Operations			39
Statements of Changes in Net Assets			45
Statements of Cash Flows			51
Financial Highlights			53
Schedules of Portfolio Investments			74
Notes to Financial Statements			223
Report of Independent Registered Public Accounting Firm			254
Glenmede Portfolios			255
Statements of Assets and Liabilities			255
Statements of Operations			256
Statements of Changes in Net Assets			257
Financial Highlights			258
Schedules of Portfolio Investments			259
Notes to Financial Statements			268
Report of Independent Registered Public Accounting Firm			274
Tax Information (Unaudited)			275
Board Members And Officers Table (Unaudited)			278
Additional Information (Unaudited)			283

THE GLENMEDE FUND, INC. AND THE GLENMEDE PORTFOLIOS

PRESIDENT’S LETTER

Dear Shareholder:

We are pleased to present the annual report of the Glenmede family of funds for the fiscal year ended October 31, 2014. Continued growth in the U.S. economy resulted in good returns for the domestic equity markets, despite high volatility. Global equity markets did not fare as well due to slower economic growth and geopolitical concerns. The U.S. Government yield curve flattened in anticipation of a rise in short term interest rates in 2015. Money market funds suffered very low yields as the Federal Reserve maintained short term rates at near zero.

At the fiscal year end on October 31, 2014, The Glenmede Fund, Inc. and The Glenmede Portfolios (collectively the “Glenmede Funds”) consisted of nineteen portfolios with total assets of $6.3 billion, an increase of $2.0 billion over the year ended October 31, 2013. The fund family includes five international portfolios: the International Portfolio is advised by Glenmede Investment Management LP and is sub-advised by Philadelphia International Advisors LP (“PIA”); Philadelphia International Fund, Philadelphia International Small Cap Fund, and Philadelphia International Emerging Markets Fund are advised by PIA, and the International Secured Options Portfolio is advised by Glenmede Investment Management LP.

All of the Glenmede Funds, other than the money market funds, are managed to seek long-term total returns consistent with reasonable risk to principal for their asset category. Efforts are made to keep expenses at competitive levels. All of the portfolios managed by Glenmede Investment Management LP use a quantitative style of investing.

This fiscal year ended October 31, 2014 showed positive returns across domestic equity asset classes in response to moderate growth in the U.S. economy. The S&P 500 Index¹ gained 17.26%. Small cap stocks did not do nearly as well as large cap stocks with the Russell 2000 Index¹ returning 8.06% versus a return of 16.78% on the Russell 1000 Index¹ for the fiscal year ended October 31, 2014. Interest rates were stable despite tapering of Federal Reserve stimulus. The Barclays Capital U.S. Aggregate Bond Index¹ and the Barclays Capital Municipal 1-10 Year Blend Index¹ both gained 4.14% for the fiscal year ended October 31, 2014. The MSCI EAFE Index¹ did not perform as well as domestic stocks for the fiscal year, losing -0.60%. The MSCI Emerging Markets Index returned 0.64% for the fiscal year.

The Glenmede Large Cap Core Portfolio achieved a five star (*****) Overall Morningstar Rating^tm2 among 1,341 Large Blend Equity Funds for the period ended October 31, 2014 (based on risk adjusted returns). The Glenmede Total Market Portfolio achieved a five star (*****) Overall Morningstar Rating^tm2 among 149 Long/Short Equity Funds for the period ended October 31, 2014 (based on risk adjusted returns). The Glenmede Large Cap Growth Portfolio achieved a five star (*****) Overall Morningstar Rating^tm2 among 1,509 Large Growth Equity Funds for the period ended October 31, 2014 (based on risk adjusted returns). The Glenmede Small Cap Equity Advisor Portfolio and Institutional Portfolio achieved four star (****) Overall

Morningstar Rating^tm² among 614 Small Blend Equity Funds for the period ended October 31, 2014 (based on risk adjusted returns). The Glenmede Large Cap Value Portfolio achieved a four star (****) Overall Morningstar Rating^tm² among 1,101 Large Value Equity Funds for the period ended October 31, 2014.

Despite declining unemployment, improving housing markets and moderate growth in the economy, the Federal Reserve has maintained short term rates at 0.0%-0.25% since December 16, 2008. However in anticipation of rising short term rates in 2015 and continued geopolitical concerns, the yield curve flattened during the current fiscal year. One year maturity treasuries maintained their yield and 30 year treasury yields decreased 57 basis points³. Money Market fund yields remain at all-time lows.

The Glenmede bond portfolios all have a high quality bias. The Muni Intermediate Portfolio achieved a four star (****) Overall Morningstar Rating^tm2 among 164 Muni National Short Funds for the period ended October 31, 2014 (based on risk-adjusted returns). The Overall Morningstar Rating^tm for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metric.

We have featured the Mid Cap Equity Portfolio which was launched on September 30, 2014 and included Portfolio Highlights for each individual fund in this report. We welcome any questions about the Glenmede Funds and thank our shareholders for their continued support.

Sincerely,

Mary Ann B. Wirts

President

December 23, 2014


		Past performance is no guarantee of future results.
		Mutual fund investing involves risks. Principal loss is possible. The Portfolios may invest in foreign securities which, especially in emerging markets, will involve greater volatility and political, economic and currency risks and differences in accounting methods. The Small Cap Equity Portfolio, U.S. Emerging Growth Portfolio, Mid Cap Equity Portfolio, Philadelphia International Small Cap Fund and Philadelphia International Emerging Markets Fund invest in smaller companies, which will involve additional risks such as limited liquidity and greater volatility than larger companies. Short sales by the Long/Short Portfolio and Total Market Portfolio involve leverage risk, credit exposure to brokers that execute the short sales and have potentially unlimited losses. Use of derivatives by the Secured Options Portfolio and the International Secured Options Portfolio may involve greater liquidity, counterparty, credit and pricing risks. The Muni Intermediate Portfolio invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by political and economic factors in the Issuer’s region. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the federal alternative minimum tax for certain investors. Federal income tax rules will apply to any capital gains distributions. Investments in asset backed and mortgage backed securities include additional risks that investors should be aware of such as


		credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. The Secured Options Portfolio and the International Secured Options Portfolio invest in options which have risks of unlimited losses of the underlying holdings due to unanticipated market movements and failure to correctly predict the direction of the securities prices, interest rates and currency exchange rates. Covered call writing may limit the upside of an underlying security. This investment may not be suitable for all investors.
		Diversification does not assure a profit or protect against a loss in a declining market.


		An investment in a Portfolio is neither insured nor guaranteed by the Federal Deposit Insurance Corporation, any other government agency or bank. Although the money market Portfolios seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these Portfolios.
¹		The indices are defined on pages 25 to 27.
²		^©2014 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
		For each fund with at least a three-year history, Morningstar calculates a Overall Morningstar Rating^tm, (based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance, (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). The Large Cap Core Portfolio was rated against the following numbers of U.S.-domiciled Large Blend Equity funds over the following time periods: 1,341 funds overall, 1,341 funds in the last three years, and 1,198 funds in the last five years. With respect to these Large Blend Equity funds, the Large Cap Core Portfolio received an Overall Morningstar Rating^tmof *** stars and a Morningstar Rating^tmof * stars and * stars for the three- and five-year periods, respectively. The Total Market Portfolio was rated against the following numbers of U.S.-domiciled Long/Short Equity funds over the following time periods: 149 funds overall, 149 funds in the last three years and 78 funds in the last five years. With respect to these Long/Short Equity funds, the Total Market Portfolio received an Overall Morningstar Rating^tmof * stars and a Morningstar Rating^tmof * stars and «* stars for the three and five year periods, respectively. The Large Cap Growth Portfolio was rated against the following numbers of U.S.-domiciled Large Growth Equity funds over the following time periods: 1,509 funds overall, 1,509 funds in the last three years and 1,332 funds in the last five years. With respect to these Large Growth Equity funds, the Large Cap Growth Portfolio received an Overall Morningstar Rating^tmof * stars and a Morningstar Rating^tmof * stars and * stars for the three and five year periods, respectively. The Small Cap Equity Portfolio Advisor and Institutional Classes were rated against the following numbers of U.S.-domiciled Small Blend Equity funds over the following time periods: 614 funds overall, 614 funds in the last three years, 563 funds in the last five years, and 353 funds in the last ten years. With respect to these Small Blend Equity funds, the Small Cap Equity Portfolio Advisor and Institutional Classes received an Overall Morningstar Rating^tmof stars and a Morningstar Rating^tmof stars, stars, and stars for the three-, five- and ten-year periods, respectively. The Large Cap Value Portfolio was rated against the following numbers of U.S.- domiciled Large Value Equity funds over the following time periods: 1,101 funds overall, 1,101 funds in the last three years, 970 funds in the last five years, and 650 funds in the last ten years. With respect to these Large Value Equity funds, the Large Cap Value Portfolio received an Overall Morningstar Rating^tmof stars and a Morningstar Rating^tmof * stars, * stars, and stars for the three- five, and ten-year periods, respectively. The Muni Intermediate Portfolio was rated against the following numbers of U.S.-domiciled Muni National Short funds over the following time periods: 164 funds overall, 164 funds in the last three years, 137 funds in the last five years, and 103 funds in the last ten years. With respect to these Muni Short funds, the Muni Intermediate Portfolio received an Overall Morningstar Rating^tmof stars and a Morningstar Rating^tmof stars, stars, and ** stars for the three-, five- and ten-year periods, respectively. Past performance is no guarantee of future results.
³		A basis point equals .01%.

		This material must be preceded or accompanied by a current prospectus.
		The Glenmede Fund, Inc. and the Glenmede Portfolios are distributed by Quasar Distributors, LLC. 12/14.

THE GLENMEDE FUND, INC.

Mid Cap Equity Portfolio

The Mid Cap Equity Portfolio was officially launched on September 30, 2014.

The investment process utilizes a disciplined approach to identify inexpensive, high quality stocks that are experiencing positive business trends. We accomplish this through blending a quantitative model with fundamental overlays incorporating a top down and a bottoms up analysis. Furthermore, we attempt to identify industries that are exhibiting longer term secular trends that are experiencing better earnings momentum than the S&P Mid Cap 400 Index. By continuously evaluating economic and market information we shape our market outlook and select stocks that fit within this view. We select stocks by implementing our point/counterpoint technique that allows us to exploit inefficiencies.

Risk controls are prevalent throughout the investment process:


	•	holding approximately 45-65 names in the Portfolio in an effort to minimize stock-specific risk;

	•	limiting individual position size to normally no more than 5% of the Portfolio;

	•	all sectors will normally have representation with constraints of +/- 50% relative to the benchmark’s weight;

	•	fully invested, cash will not normally exceed 3%.

The Mid Cap Equity Portfolio has been managed by Bob Mancuso, CFA and Chris Colarik since its inception. Chris and Bob also co-manage the Glenmede Small Cap Equity Portfolio and have been working side-by-side for over 13 years.

We believe that our commitment to adhering to the investment process is attributable to the positive performance of the product. Please refer to the Portfolio Highlights on page 11 for detailed performance figures of the Mid Cap Equity Portfolio.

THE GLENMEDE FUND, INC.

Government Cash Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 2014


Average Annual Total Return
			iMoneyNet’s
			Government
Government Cash Portfolio			All Average^tm
Year ended 10/31/14	0.00	%		0.01	%
Five Years ended 10/31/14	0.02	%		0.01	%
Ten Years ended 10/31/14	1.62	%		1.35	%
Inception (11/7/88) through 10/31/14¹	3.60	%		3.18	%


	7-Day			7-Day
Government Cash Portfolio	Current Yield			Effective Yield
As of 10/31/14		0.00	%		0.00	%

The Government Cash Portfolio returned 0.00% for the year ended October 31, 2014. The benchmark, the iMoneyNet’s Government All Average™, returned 0.01% for the year. The performance was in line with its benchmark as the short term securities that the Portfolio holds are hovering near zero percent. The Portfolio seeks yield through purchases of U.S Government agency coupon and discount notes in conjunction with U.S. treasury — collateralized repurchase agreements. The Portfolio seeks to enhance the yield while holding high quality securities and maintaining diversification.

Hypothetical Illustration of $10,000 Invested in
Government Cash Portfolio vs.
iMoneyNet’s Government All Average^tm10/31/04 through 10/31/14


*		Assumes the reinvestment of all dividends and distributions.

Performance data quoted represents past performance; past performance does not guarantee future results. The performance quoted reflects fee waivers in effect and would have been lower in their absence. Current performance may be higher or lower than the total return shown. Please call the Fund at 1-800-442-8299 to obtain the most recent month-end returns. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Portfolio. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares.


¹		Benchmark return is for the period beginning November 30, 1988.

		The indices and certain terms are defined on pages 25 to 27.

THE GLENMEDE FUND, INC.

Tax-Exempt Cash Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 2014


Average Annual Total Return
			iMoneyNet’s
			National Retail
Tax-Exempt Cash Portfolio			Tax-Free Average^tm
Year ended 10/31/14	0.00	%		0.01	%
Five Years ended 10/31/14	0.01	%		0.02	%
Ten Years ended 10/31/14	1.07	%		0.95	%
Inception (11/10/88) through 10/31/14¹	2.40	%		2.09	%


	7-Day			7-Day
Tax-Exempt Cash Portfolio	Current Yield			Effective Yield
As of 10/31/14		0.00	%		0.00	%

The Tax Exempt Cash Portfolio has slightly underperformed iMoneyNet’s National Retail Tax-Free Average over the past 5 years because of its defensive position which included a short average maturity. During longer periods, the Portfolio has outperformed the Index. Money Market instruments have experienced record low yields during the past five fiscal years as the Federal Reserve has kept short term interest rates low. This has resulted in Portfolio yields as low as 0%.

Hypothetical Illustration of $10,000 Invested in
Tax-Exempt Cash Portfolio vs.
iMoneyNet’s National Retail Tax-Free Average^tm10/31/04 through 10/31/14


*		Assumes the reinvestment of all dividends and distributions.

Performance data quoted represents past performance; past performance does not guarantee future results. The performance quoted reflects fee waivers and/or expense reimbursements in effect and would have been lower in their absence. Current performance may be higher or lower than the total return shown. Please call the Fund at 1-800-442-8299 to obtain the most recent month-end returns. Returns shown do not reflect taxes that a shareholder may pay on fund distributions or redemption of fund shares. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Portfolio.


¹		Benchmark return is for the period beginning November 30, 1988.
		The indices and certain terms are defined on pages 25 to 27.

THE GLENMEDE FUND, INC.

Core Fixed Income Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 2014


Average Annual Total Return
			Barclays Capital			Morningstar
			U.S. Aggregate			Intermediate-Term
Core Fixed Income Portfolio			Bond Index			Bond Average
Year ended 10/31/14	2.52	%		4.14	%		4.09	%
Five Years ended 10/31/14	3.34	%		4.22	%		4.76	%
Ten Years ended 10/31/14	4.26	%		4.64	%		4.18	%
Inception (11/17/88) through 10/31/14¹	6.33	%		6.68	%		6.10	%

The Core Fixed Income Portfolio returned 2.52% for the year ended October 31, 2014. The benchmark, the Barclays Capital U. S. Aggregate Bond Index, returned 4.14% for the year and the Portfolio’s peer group, the Morningstar Intermediate — Term Bond Average, returned 4.09% for the year. The Portfolio’s underperformance versus the Barclays Capital U.S. Aggregate Bond Index can be attributed to its overweight in the intermediate part of the curve relative to the Index, lower overall duration than the Index, and the Portfolio’s underweighting within the long end of the US Treasury sector. The Portfolio’s overweight in the corporate sector contributed positively to its performance. The Portfolio’s underperformance versus its peer group can be attributed to the Portfolio’s high credit quality bias and low risk themes.

The Portfolio seeks to add value by monitoring yield curve exposure while utilizing sector and security selection. The Portfolio seeks to maintain a duration target which is similar to its benchmark. Diversification, liquidity, and low risk themes dominate the Portfolio’s investment discipline. The Portfolio’s gross annual operating expense ratio, as stated in the February 28, 2014 Prospectus, is 0.56%. This ratio can fluctuate and may differ from the expense ratio disclosed in the Financial Highlights section of this report.

Hypothetical Illustration of $10,000 Invested in
Core Fixed Income Portfolio vs.
Barclays Capital U.S. Aggregate Bond Index and
Morningstar Intermediate-Term Bond Average
10/31/04 through 10/31/14


*		Assumes the reinvestment of all dividends and distributions.


¹		Benchmark returns are for the periods beginning November 30, 1988 for Barclays Capital U.S. Aggregate Bond Index and December 1, 1988 for Morningstar Intermediate-Term Bond Average.
		The indices and certain terms are defined on pages 25 to 27.

THE GLENMEDE FUND, INC.

Strategic Equity Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 2014


Average Annual Total Return
				Return After Taxes on									Morningstar
	Return						Distributions and						Large
	Before						Sales			S&P 500			Growth
Strategic Equity Portfolio	Taxes			Distributions			of Fund Shares			Index			Average
Year ended 10/31/14		16.48	%		13.11	%		11.19	%		17.26	%		14.57	%
Five Years ended 10/31/14		14.45	%		13.61	%		11.49	%		16.65	%		15.40	%
Ten Years ended 10/31/14		7.72	%		7.04	%		6.21	%		8.19	%		7.67	%
Inception (07/20/89) through 10/31/14¹		8.58	%		7.31	%		6.91	%		9.66	%		8.29	%

For the fiscal year ended October 31, 2014, the Strategic Equity Portfolio returned 16.48%. The S&P 500 Index returned 17.26% for the same period. Sector allocation positively impacted returns while stock selection was a modest drag. Overweight positions and strong stock selection in the Health Care and Technology sectors were additive to performance. The Portfolio’s commitment towards stocks with persistently high earnings detracted from performance. The Portfolio remains committed to purchasing high earnings companies at attractive valuations with the belief that those stocks should be rewarded with outperformance over time. The Portfolio’s gross annual operating expense ratio, as stated in the February 28, 2014 Prospectus, is 0.86%. This ratio can fluctuate and may differ from the expense ratio disclosed in the Financial Highlights section of this report.

Hypothetical Illustration of $10,000 Invested in
Strategic Equity Portfolio vs. S&P 500 Index
and Morningstar Large Growth Average
10/31/04 through 10/31/14


*		Assumes the reinvestment of all dividends and distributions.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the total return shown. Please call the Fund at 1-800-442-8299 to obtain the most recent month-end returns. Returns, other than after-tax returns, do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, do not reflect the impact of state and local taxes and are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or IRAs. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown.


¹		Benchmark returns are for the period beginning July 31, 1989.
		The indices and certain terms are defined on pages 25 to 27.

THE GLENMEDE FUND, INC.

Small Cap Equity Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 2014


Average Annual Total Return
									Morningstar
Small Cap Equity Portfolio -			Russell 2000			S&P 500			Small
Advisor Class			Index			Index			Blend Average
Year ended 10/31/14	5.86	%		8.06	%		17.26	%		7.66	%
Five Years ended 10/31/14	19.31	%		17.39	%		16.65	%		16.56	%
Ten Years ended 10/31/14	9.88	%		8.67	%		8.19	%		8.16	%
Inception (03/01/91) through 10/31/14¹	11.14	%		10.27	%		9.63	%		10.77	%
Small Cap Equity Portfolio -
Institutional Class
Year ended 10/31/14	6.10	%		8.06	%		17.26	%		7.66	%
Five Years ended 10/31/14	19.57	%		17.39	%		16.65	%		16.56	%
Ten Years ended 10/31/14	10.15	%		8.67	%		8.19	%		8.16	%
Inception (01/02/98) through 10/31/14²	11.33	%		10.27	%		9.63	%		10.77	%

For the fiscal year ended October 31, 2014, the Small Cap Equity Portfolio Advisor Class returned 5.86% and the Small Cap Equity Portfolio Institutional Class returned 6.10%, compared to the Russell 2000 Index return of 8.06% and the Morningstar Small Blend Average return of 7.66%. Stock selection in the healthcare sector accounted for the majority of the underperformance, followed by the technology and energy sectors that were also hurt by stock selection. The real estate sector was the best performing sector on a relative basis. The Portfolio’s gross annual operating expense ratio, as stated in the February 28, 2014 Prospectus, is 0.91% and 0.75% for the Adviser and Institutional Class shares, respectively. These ratios can fluctuate and may differ from the expense ratios disclosed in the Financial Highlights section of this report.

Hypothetical Illustration of $10,000 Invested in
Small Cap Equity Portfolio Advisor Class vs. Russell 2000 Index,
S&P 500 Index and Morningstar Small Blend Average
10/31/04 through 10/31/14


*		Assumes the reinvestment of all dividends and distributions.


¹		Benchmark returns are for the Advisor Class inception period beginning February 28, 1991 for the Russell 2000 Index and the S&P 500 Index and April 1, 1991 for the Morningstar Small Blend Average.
²		Average annual total return for the Institutional Class includes the period from 03/01/91 through 10/31/14. Prior to the inception of the Institutional Class on 01/02/98, performance for the Institutional Class is based on the average annual total return of the Advisor Class.
		The indices and certain terms are defined on pages 25 to 27.

THE GLENMEDE FUND, INC.

Mid Cap Equity Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 2014


Average Annual Total Return**
			S&P Mid
			Cap 400
Mid Cap Equity Portfolio - Advisor Class			Index
Since Inception (9/30/14) through 10/31/14	2.30	%		3.48	%

For the period September 30, 2014 to October 31, 2014, the Mid Cap Equity Portfolio Advisor Class returned 2.30%, compared to the S&P Mid Cap 400 Index return of 3.48%. Stock selection in the basic industry sector accounted for the majority of the underperformance, followed by the energy and financial services sectors that were also hurt by stock selection. The consumer sector was the best performing sector on a relative basis. The Portfolio’s gross annual operating expense ratio, as stated in the September 30, 2014 Prospectus, is 0.92% for the Advisor Class shares. This ratio can fluctuate and may differ from the expense ratio disclosed in the Financial Highlights section of this report.

Hypothetical Illustration of $10,000 Invested in
Mid Cap Equity Portfolio vs. S&P Mid Cap 400 Index
9/30/14 through 10/31/14


*		Assumes the reinvestment of all dividends and distributions.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The performance quoted reflects fee waivers and/or expense reimbursements in effect and would have been lower in their absence. Current performance may be higher or lower than the total return shown. Please call the Fund at 1-800-442-8299 to obtain the most recent month-end returns. Returns shown do not reflect taxes that a shareholder may pay on fund distributions or redemption of fund shares.


**		Return is based on Portfolio’s inception date.
		The indices and certain terms are defined on pages 25 to 27.

THE GLENMEDE FUND, INC.

Large Cap Value Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 2014


Average Annual Total Return
									Morningstar
			Russell 1000			S&P 500			Large Value
Large Cap Value Portfolio			Value Index			Index			Average
Year ended 10/31/14	15.48	%		16.46	%		17.26	%		13.60	%
Five Years ended 10/31/14	15.55	%		16.49	%		16.65	%		14.39	%
Ten Years ended 10/31/14	8.57	%		7.90	%		8.19	%		6.89	%
Inception (01/04/93) through 10/31/14¹	9.47	%		10.20	%		9.40	%		8.39	%

For the fiscal year ended October 31, 2014, the Large Cap Value Portfolio returned 15.48% versus 16.46% for its benchmark, the Russell 1000 Value Index. Performance was helped by strong stock selection in Health Care, Consumer Discretionary, and Consumer Staples sectors; this was offset by negative contributions in Energy, Technology, and Financials sectors. Regarding sector allocation, positives were positioning in Technology, Telecomm, and Energy, while negative positioning in Consumer Cyclicals, Utilities, and Industrials detracted from overall performance. The Large Cap Value Portfolio invests with a focus on valuation and fundamentals. The Portfolio attempts to purchase stocks of companies that have a combination of improving, or superior, fundamentals with attractive valuations, especially in relation to their respective economic sectors. While diversified, the Portfolio does not aim for sector neutrality; rather its sector positioning is determined by the number of attractive stock candidates within each sector. The Portfolio’s gross annual operating expense ratio, as stated in the February 28, 2014 Prospectus, is 0.90%. This ratio can fluctuate and may differ from the expense ratio disclosed in the Financial Highlights section of this report.

Hypothetical Illustration of $10,000 Invested in
Large Cap Value Portfolio vs.
Russell 1000 Value Index, S&P 500 Index and
Morningstar Large Value Average
10/31/04 through 10/31/14


*		Assumes the reinvestment of all dividends and distributions.


¹		Benchmark returns are for the period beginning December 31, 1992.
		The indices and certain terms are defined on pages 25 to 27.

THE GLENMEDE FUND, INC.

U.S. Emerging Growth Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 2014


Average Annual Total Return
				Return After Taxes on												Morningstar
	Return						Distributions			S&P Small Cap						Small
	Before						and Sale of			600 Growth			Russell 2000			Growth
U.S. Emerging Growth Portfolio	Taxes			Distributions			Fund Shares			Index			Growth Index			Average
Year ended 10/31/14		6.69	%		6.46	%		3.96	%		8.01	%		8.26	%		5.86	%
Five Years ended 10/31/14		17.53	%		17.42	%		14.25	%		19.72	%		18.61	%		16.82	%
Ten Years ended 10/31/14		7.83	%		7.68	%		6.41	%		10.12	%		9.42	%		8.00	%
Inception (12/29/99) through 10/31/14¹		0.83	%		0.74	%		0.65	%		9.45	%		4.27	%		4.72	%

For the fiscal year ended October 31, 2014, the Portfolio underperformed the S&P SmallCap 600 Growth Index by 1.32% and the Russell 2000 Growth Index by 1.57%, but outperformed the Morningstar Small Growth Average by 0.83%. The performance was mixed from the multifactor ranking models and downside risk screens (including sell rankings, earnings surprise indicators, liquidity and earnings quality measures) which biased the Portfolio toward stocks with lower valuations and more positive earnings/revenue trends relative to the S&P SmallCap 600 Growth Index. The Portfolio benefitted from leading industry group indicators with a relative overweighting in technology and underweighting of consumer discretionary stocks, respectively. The Portfolio had positive relative stock performance in four of ten sectors. The most favorable contributions from stock selection came in the financials and consumer staples sectors. The most negative relative performances from stock selection were in the industrials and technology sectors. The Portfolio’s gross annual operating expense ratio, as stated in the February 28, 2014 Prospectus, is 0.96%. This ratio can fluctuate and may differ from the expense ratio disclosed in the Financial Highlights section of this report.

Hypothetical Illustration of $10,000
Invested in U.S. Emerging Growth Portfolio vs.
S&P SmallCap 600 Growth Index, Russell 2000 Growth Index and Morningstar Small
Growth Average 10/31/04 through 10/31/14


*		Assumes the reinvestment of all dividends and distributions.


¹		Benchmark returns are for the period beginning December 31, 1999. The indices and certain terms are defined on pages 25 to 27.

THE GLENMEDE FUND, INC.

Large Cap Core Portfolio
(formerly known as Large Cap 100 Portfolio)
PORTFOLIO HIGHLIGHTS
October 31, 2014


Average Annual Total Return
				Return After Taxes on
	Return						Distributions						Morningstar
	Before						and Sale of			Russell 1000			Large Blend
Large Cap Core Portfolio	Taxes			Distributions			Fund Shares			Index			Average
Year ended 10/31/14		20.46	%		19.53	%		11.94	%		16.78	%		14.33	%
Five Years ended 10/31/14		18.98	%		18.64	%		15.42	%		16.98	%		14.70	%
Ten Years ended 10/31/14		9.79	%		9.47	%		8.04	%		8.54	%		7.30	%
Inception (2/27/04) through 10/31/14¹		9.25	%		8.95	%		7.60	%		7.96	%		6.72	%

For the fiscal year ended October 31, 2014, the Portfolio outperformed the Russell 1000 Index by 3.68% and outperformed the Morningstar Large Blend Average by 6.13%. In the past year, the Portfolio’s performance benefited from multifactor ranking models and downside risk screens (including sell rankings, earnings surprise indicators, liquidity and earnings quality measures) which biased the Portfolio toward stocks with lower valuations relative to the Russell 1000 Index. In addition, the performance benefitted from leading industry group indicators that biased the Portfolio towards a relative overweighting in technology and underweighting of consumer discretionary stocks, respectively. The Portfolio had positive relative stock performance in seven of ten sectors. The most favorable contributions from stock selection came in the health care and industrials sectors. The most negative relative performance from stock selection came in the financials and telecommunications sectors. The Portfolio’s gross annual operating expense ratio, as stated in the February 28, 2014 Prospectus, is 0.86%. This ratio can fluctuate and may differ from the expense ratio disclosed in the Financial Highlights section of this report.

Hypothetical Illustration of $10,000 Invested in
Large Cap Core Portfolio vs. Russell 1000 Index and
Morningstar Large Blend Average
10/31/04 through 10/31/14


*		Assumes the reinvestment of all dividends and distributions.


¹		Benchmark returns are for the period beginning February 28, 2004. The indices and certain terms are defined on pages 25 to 27.

THE GLENMEDE FUND, INC.

Large Cap Growth Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 2014


Average Annual Total Return
				Return After Taxes on						Russell
	Return						Distributions			1000			Morningstar
	Before						and Sale of			Growth			Large
Large Cap Growth Portfolio	Taxes			Distributions			Fund Shares			Index			Growth Average
Year ended 10/31/14		23.36	%		21.81	%		13.99	%		17.11	%		14.57	%
Five Years ended 10/31/14		20.38	%		19.99	%		16.60	%		17.43	%		15.40	%
Ten Years ended 10/31/14		10.14	%		9.85	%		8.34	%		9.05	%		7.67	%
Inception (2/27/04) through 10/31/14¹		9.51	%		9.24	%		7.83	%		8.08	%		6.88	%

For the fiscal year ended October 31, 2014, the Portfolio outperformed the Russell 1000 Growth Index by 6.25% and outperformed the Morningstar Large Growth Average by 9.03%. In the past year, the Portfolio’s performance benefited from multifactor ranking models and downside risk screens (including sell rankings, earnings surprise indicators, liquidity and earnings quality measures) which biased the Portfolio toward stocks with lower valuations relative to the Russell 1000 Growth Index. In addition, the performance benefitted from leading industry group indicators that biased the Portfolio towards a relative overweighting in technology and underweighting of consumer discretionary stocks, respectively. The Portfolio had positive relative stock performance in seven of nine sectors. The most favorable contributions from stock selection came in the information technology and health care sectors. The Portfolio had negative relative performance from stock selection in the materials and financials sectors. The Portfolio’s gross annual operating expense ratio, as stated in the February 28, 2014 Prospectus, is 0.87%. This ratio can fluctuate and may differ from the expense ratio disclosed in the Financial Highlights section of this report.

Hypothetical Illustration of $10,000 Invested in
Large Cap Growth Portfolio vs. Russell 1000 Growth Index
and Morningstar Large Growth Average
10/31/04 through 10/31/14


*		Assumes the reinvestment of all dividends and distributions.


¹		Benchmark returns are for the period beginning February 28, 2004.
		The indices and certain terms are defined on pages 25 to 27.

THE GLENMEDE FUND, INC.

Long/Short Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 2014


Average Annual Total Return
			Barclays Capital
			3-Month
			U.S. Treasury						Morningstar
			Bellwether			Russell 3000			Long/Short
Long/Short Portfolio			Index			Index			Average
Year ended 10/31/14	2.95	%		0.07	%		16.07	%		4.80	%
Five Years ended 10/31/14	5.81	%		0.29	%		17.01	%		4.60	%
Inception (09/29/06) through 10/31/14¹	1.51	%		1.31	%		7.75	%		2.04	%

For the fiscal year ended October 31, 2014, the Portfolio outperformed the Barclays Capital 3-Month U.S. Treasury Bellwether Index by 2.88% but underperformed the Morningstar Long/Short Average by 1.85%. Over the past year, the average net equity exposure for the Portfolio was about 31%. The Portfolio’s performance was mixed from the multifactor ranking models and downside risk screens (including sell rankings, earnings surprise indicators, liquidity and earnings quality measures) which biased the Portfolio towards companies with lower valuations and more positive earnings/revenue trends. The Portfolio’s long stock positions (+15%) outperformed the short positions (+14%) by 1%. Overall, the Portfolio had positive relative stock performance in three of nine sectors. The most favorable contributions from stock selection came in the consumer staples and health care sectors. The most negative relative performance from stock selection came in the industrials and materials sectors. The Portfolio’s gross annual operating expense ratio, as stated in the February 28, 2014 Prospectus, is 2.62%. This ratio can fluctuate and may differ from the expense ratio disclosed in the Financial Highlights section of this report.

Hypothetical Illustration of $10,000 Invested in
Long/Short Portfolio vs. Barclays Capital
3-Month U.S. Treasury Bellwether Index, Russell 3000 Index¹ and
Morningstar Long/Short Average¹9/29/06 through 10/31/14


*		Assumes the reinvestment of all dividends and distributions.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The performance quoted reflects fee waivers and/or expense reimbursements in effect and would have been lower in their absence. Current performance may be higher or lower than the total return shown. Please call the Fund at 1-800-442-8299 to obtain the most recent month-end returns. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares.


¹		Benchmark returns are for the periods beginning September 30, 2006 for the Russell 3000 Index and October 1, 2006 for Morningstar Long/Short Average.
		The indices and certain terms are defined on pages 25 to 27.

THE GLENMEDE FUND, INC.

Total Market Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 2014


Average Annual Total Return
						Morningstar
			Russell 3000			Large
Total Market Portfolio			Index			Blend Average
Year ended 10/31/14	18.43	%		16.07	%		14.33	%
Five Years ended 10/31/14	16.93	%		17.01	%		14.70	%
Inception (12/21/06) through 10/31/14¹	5.75	%		7.06	%		5.78	%

The goal of the Total Market Portfolio is to provide additional return relative to a long only equity strategy by investing in additional long positions of attractive stocks (approximately 100% to 150% of net portfolio value) and shorting unattractive stocks (about 0% to 50% of net portfolio value). For the fiscal year ended October 31, 2014, the Portfolio outperformed the Russell 3000 Index by 2.36% and outperformed the Morningstar Large Blend Average by 4.10%. In the past year, contribution to performance was favorable from the multifactor ranking models and downside risk screens (including sell rankings, earnings surprise indicators, liquidity and earnings quality measures) which biased the Portfolio towards companies with lower valuations, stronger fundamentals and more positive earnings/revenue trends. In addition, the performance benefitted from leading industry group indicators that biased the Portfolio towards a relative overweighting in technology and underweightings of consumer discretionary and telecommunication services stocks, respectively. The gross return for the long equity positions was about 19% versus the short positions of 15%. Over the past year, the Portfolio reflected positive relative stock performance in six of ten sectors. The most favorable contributions from stock selection came in the health care, and consumer staples sectors. The most negative relative performances from stock selection were in the financials and materials sectors. The Portfolio’s gross annual operating expense ratio, as stated in the February 28, 2014 Prospectus, is 2.29%. This ratio can fluctuate and may differ from the expense ratio disclosed in the Financial Highlights section of this report.

Hypothetical Illustration of $10,000 Invested in
Total Market Portfolio vs. Russell 3000 Index¹ and
Morningstar Large Blend Average¹12/21/06 through 10/31/14


*		Assumes the reinvestment of all dividends and distributions.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The performance quoted reflects fee waivers and/or expense reimbursements in effect and would have been lower in their absence. Current performance may be higher or lower than the total return shown. Please call the Fund at 1-800-442-8299 to obtain the most recent month-end returns. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares.


¹		Benchmark returns are for the periods beginning December 31, 2006 for the Russell 3000 Index and January 1, 2007 for Morningstar Large Blend Average.
		The indices and certain terms are defined on pages 25 to 27.

THE GLENMEDE FUND, INC.

Secured Options Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 2014


Average Annual Total Return
						CBOE S&P 500
			S&P 500			Buy-Write
Secured Options Portfolio			Index			Index
Year ended 10/31/14	6.22	%		17.26	%		8.27	%
Inception (6/30/10) through 10/31/14	12.87	%		19.23	%		10.45	%

For the fiscal year ended October 31, 2014, the Secured Options Portfolio purchased and wrote put and call options in an effort to reduce share price volatility, obtain option premiums and provide more stable returns. For this period, the Portfolio had a total return of 6.22% while its benchmark, the CBOE S&P 500 Buy-Write Index, returned 8.27% and the S&P 500 Index returned 17.26%. The Portfolio’s underperformance relative to the CBOE S&P 500 Buy-Write Index was caused primarily by the Portfolio’s more defensive positioning throughout the year. For the period, the written put options with lower strike prices than the CBOE S&P 500 Buy-Write Index provided a larger downside cushion and offered better risk-adjusted returns, while the written call and purchased put options generally helped to reduce share price volatility by approximately one-third as compared to the S&P 500 Index. Generally speaking, equity securities, equity options or cash positions are pledged to secure the written option positions. The Portfolio’s upside underperformance relative to the S&P 500 Index was better than expected given the risk reduction. The Portfolio’s gross annual operating expense ratio, as stated in the February 28, 2014 Prospectus, is 0.86%. This ratio can fluctuate and may differ from the expense ratio disclosed in the Financial Highlights section of this report.

Hypothetical Illustration of $10,000 Invested in
Secured Options Portfolio vs. S&P 500 Index and
CBOE S&P 500 Buy-Write Index
6/30/10 through 10/31/14


*		Assumes the reinvestment of all dividends and distributions.


		The indices and certain terms are defined on pages 25 to 27.

THE GLENMEDE FUND, INC.

International Secured Options Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 2014


Average Annual Total Return
			Morgan Stanley
			EAFE
International Secured Options Portfolio			Index
Year ended 10/31/14	0.30	%		−0.60	%
Since Inception 9/28/12 through 10/31/14	7.27	%		12.22	%

For the fiscal year ended October 31, 2014, the International Secured Options Portfolio wrote put and call options in an effort to reduce share price volatility, obtain option premiums and provide more stable returns. Risk reduction reduced our price swings relative to the MSCI EAFE benchmark. For this period, the Portfolio had a total return of 0.30% while its benchmark, the MSCI EAFE Index, returned −0.60%. Covered call and cash-secured put strategies utilized by the Portfolio are expected to underperform the underlying index in strong up markets. For the period, the put options helped to increase the Portfolio’s performance, while the call options generally helped to reduce share price volatility by approximately one-quarter as compared to the MSCI EAFE Index. Generally speaking, equity securities, equity options or cash positions are pledged to secure the written option positions. The Portfolio’s gross annual operating expense ratio, as stated in the February 28, 2014 Prospectus, is 0.97%. This ratio can fluctuate and may differ from the expense ratio disclosed in the Financial Highlights section of this report.

Hypothetical Illustration of $10,000 Invested in
International Secured Options Portfolio vs. MSCI EAFE Index
9/28/12 through 10/31/14


*		Assumes the reinvestment of all dividends and distributions.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The since inception performance quoted above reflects expense reimbursements in effect that would have been lower in their absence. Current performance may be higher or lower than the total return shown. Please call the Fund at 1-800-442-8299 to obtain the most recent month-end returns. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares.


		The indices and certain terms are defined on pages 25 to 27.

THE GLENMEDE FUND, INC.

International Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 2014


Average Annual Total Return
			Morgan Stanley			Morningstar
			EAFE			Foreign Large
International Portfolio			Index			Value Average
Year ended 10/31/14	−2.94	%		−0.60	%		−0.45	%
Five Years ended 10/31/14	4.59	%		6.52	%		6.02	%
Ten Years ended 10/31/14	4.20	%		5.81	%		5.09	%
Inception (11/17/88) through 10/31/14¹	7.21	%		4.77	%		6.92	%

The International Portfolio underperformed the Morgan Stanley EAFE Index over the past twelve months. Stock selection was positive in Switzerland, the Netherlands, and Sweden but was offset by particularly weak stock picking in Germany and the UK. On a sector basis, selection was weak in energy, consumer staples, and industrials. Positive contributions from health care and utilities stocks aided net returns but were not enough to offset the performance detractors elsewhere. Recent underperformance has also proven to be a drag on the longer term five- and ten-year returns. Since the inception of the Portfolio, favorable security selection and portfolio positioning have been the primary drivers for the enhanced comparative results versus the Index. The Portfolio’s gross annual operating expense ratio, as stated in the February 28, 2014 Prospectus, is 1.16%. This ratio can fluctuate and may differ from the expense ratio disclosed in the Financial Highlights section of this report.

Hypothetical Illustration of $10,000 Invested in
International Portfolio vs. MSCI EAFE Index
and Morningstar Foreign Large Value Average
10/31/04 through 10/31/14


*		Assumes the reinvestment of all dividends and distributions excluding withholding taxes.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The performance quoted above reflects fee waivers in effect during the fiscal year ended October 31, 2014 that would have been lower in their absence. Current performance may be higher or lower than the total return shown. Please call the Fund at 1-800-442-8299 to obtain the most recent month-end returns. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares.


¹		Benchmark returns are for the period beginning November 30, 1988.
		The indices and certain terms are defined on pages 25 to 27.

THE GLENMEDE FUND, INC.

Philadelphia International Fund
PORTFOLIO HIGHLIGHTS
October 31, 2014


Average Annual Total Return
			Morgan Stanley			Morningstar
			EAFE			Foreign Large
Philadelphia International Fund			Index			Value Average
Year ended 10/31/14	−3.42	%		−0.60	%		−0.45	%
Five Years ended 10/31/14	4.61	%		6.52	%		6.02	%
Ten Years ended 10/31/14	3.80	%		5.81	%		5.09	%
Inception (08/01/92) through 10/31/14¹	6.16	%		6.30	%		6.74	%

The Philadelphia International Fund lagged the Morgan Stanley EAFE Index for the fiscal year. While stock selection was positive in Switzerland, the Netherlands, and Sweden, it was offset by particularly weak stock picking in Germany and the UK. On a sector basis, selection was weak in energy, consumer staples, and industrials. Positive contributions from health care and utilities stocks aided net returns but were not enough to offset the performance detractors elsewhere. Recent underperformance has also proven to be a drag on the longer term five-year, ten-year and since inception returns. The Portfolio’s gross annual operating expense ratio, as stated in the February 28, 2014 Prospectus, is 1.07%. This ratio can fluctuate and may differ from the expense ratio disclosed in the Financial Highlights section of this report.

Hypothetical Illustration of $1,000,000 Invested in
Philadelphia International Fund vs. MSCI EAFE Index and
Morningstar Foreign Large Value Average
10/31/04 through 10/31/14


*		Assumes the reinvestment of all dividends and distributions excluding withholding taxes.


¹		Benchmark returns are for the period beginning July 31, 1992.
		The indices and certain terms are defined on pages 25 to 27.

THE GLENMEDE FUND, INC.

Philadelphia International Small Cap Fund
PORTFOLIO HIGHLIGHTS
October 31, 2014


Average Annual Total Return**
			MSCI EAFE
			Small Cap
Philadelphia International Small Cap Fund Class I			Index
Since Inception (6/30/14) through 10/31/14	−8.10	%		−9.64	%

Philadelphia International Small Cap Fund Class IV
Year ended 10/31/14	3.96	%		−2.02	%
Inception (5/31/11) through 10/31/14	8.18	%		4.89	%

The Philadelphia International Small Cap Fund, launched May 31, 2011, outperformed the MSCI EAFE Small Cap Index for the fiscal year. Stock selection was particularly strong in Japan, the United Kingdom, and the Netherlands. On a sector basis, the Fund’s outperformance was driven by strong security selection in industrials, consumer discretionary, and information technology. The valuation and momentum components of our multifactor stock selection model performed well over the period. The Portfolio’s gross annual operating expense ratio, as stated in the supplement dated March 24, 2014 to the February 28, 2014 Prospectus, is 1.35% and 1.58% for Class IV and Class I, respectively. These ratios can fluctuate and may differ from the expense ratios disclosed in the Financial Highlights section of this report.

Hypothetical Illustration of $10,000,000 Invested in
Philadelphia International Small Cap Fund Class IV vs.
MSCI EAFE Small Cap Index
5/31/11 through 10/31/14


*		Assumes the reinvestment of all dividends and distributions.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The performance shown reflects fee waivers and expense reimbursements in effect and would have been lower in their absence. Current performance may be higher or lower than the total return shown. Please call the Fund at 1-800-442-8299 to obtain the most recent month-end returns. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. Performance of Class I will vary from Class IV due to differences in fees.


**		Return is based on Portfolio’s inception date.
		The indices and certain terms are defined on pages 25 to 27.

THE GLENMEDE FUND, INC.

Philadelphia International Emerging Markets Fund
PORTFOLIO HIGHLIGHTS
October 31, 2014


Average Annual Total Return**
			MSCI
			Emerging Markets
Philadelphia International Emerging Markets Fund Class I			Index
Since Inception (6/30/14) through 10/31/14	−4.49	%		−2.36	%

Philadelphia International Emerging Markets Fund
Class IV
Year ended 10/31/14	−1.55	%		0.64	%
Inception (6/30/11) through 10/31/14	−0.63	%		−1.06	%

The Philadelphia International Emerging Markets Fund, launched June 30, 2011, lagged the MSCI Emerging Markets Index for the fiscal year. The Fund’s underperformance was mainly a result of our overweight to Russia and underweight to India. Stock selection added to relative performance and was particularly strong in Korea, Malaysia and Taiwan. At a sector level, stock selection was positive in consumer staples, materials, and technology but was offset by negative allocation driven by our overweight to energy and underweight to health care. The valuation, profitability, and momentum components of our multifactor stock selection model all performed well. The Portfolio’s gross annual operating expense ratio, as stated in the supplement dated March 24, 2014 to the February 28, 2014 Prospectus, is 1.11% and 1.34% for Class IV and Class I, respectively. These ratios can fluctuate and may differ from the expense ratios disclosed in the Financial Highlights section of this report.

Hypothetical Illustration of $10,000,000 Invested in
Philadelphia International Emerging Markets Fund Class IV vs.
MSCI Emerging Markets Index
6/30/11 through 10/31/14


*		Assumes the reinvestment of all dividends and distributions.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The performance shown reflects fee waivers and expense reimbursements in effect and would have been lower in their absence. Current performance may be higher or lower than the total return shown. Please call the Fund at 1-800-442-8299 to obtain the most recent month-end returns. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. Performance of Class I will vary from Class IV due to differences in fees.


**		Return is based on Portfolio’s inception date.
		The indices and certain terms are defined on pages 25 to 27.

THE GLENMEDE PORTFOLIOS

Muni Intermediate Portfolio
PORTFOLIO HIGHLIGHTS
October 31, 2014


Average Annual Total Return
			Barclays Capital			Morningstar
			Municipal 1-10			Muni National
Muni Intermediate Portfolio			Year Blend Index			Short Average
Year ended 10/31/14	3.09	%		4.14	%		1.59	%
Five Years ended 10/31/14	2.87	%		3.41	%		1.85	%
Ten Years ended 10/31/14	3.18	%		3.74	%		2.19	%
Inception (06/05/92) through 10/31/14	4.34	%		N/A	*		3.27	%

The Muni Intermediate Portfolio underperformed the Barclays Capital Municipal 1-10 Year Bond Index for the fiscal year ended October 31, 2014. The Portfolio was defensively positioned for an expected rise in interest rates which never materialized during 2014. A shorter duration, relative to the benchmark, resulted in a significant contribution to the underperformance. The Portfolio continues to maintain a defensive structure to meet the goals of principal preservation and high current tax exempt interest income generation. The Portfolio’s gross annual operating expense ratio, as stated in the February 28, 2014 Prospectus, is 0.25%. This ratio can fluctuate and may differ from the expense ratio disclosed in the Financial Highlights section of this report.

Hypothetical Illustration of $10,000 Invested in
Muni Intermediate Portfolio vs.
Barclays Capital Municipal 1-10 Year Blend Index and
Morningstar Muni National Short Average
10/31/04 through 10/31/14


*		Index commenced 6/30/93. Thus Portfolio inception comparisons are not provided.
**		Assumes the reinvestment of all dividends and distributions.


		The indices and certain terms are defined on pages 25 to 27.

THE GLENMEDE FUND, INC.
THE GLENMEDE PORTFOLIOS

Glossary of Indices & Terms

Indices — It is not possible to invest directly in an index.

Barclays Capital Municipal 1-10 Year Blend Index is a composite index made up of several different broad sub-indices: the Barclays Capital Municipal 1-Year Index; Barclays Capital Municipal 3-Year Index; Barclays Capital Municipal 5-Year Index; Barclays Capital Municipal 7-Year Index and the Barclays Capital Municipal 10-Year Index. The total of all these indices represents all maturities between 1-10 Years.

Barclays Capital 3-Month U.S. Treasury Bellwether Index is a market value-weighted index of investment-grade fixed-rate public obligations of the U.S. Treasury with maturities of 3 months, excluding zero coupon strips.

Barclays Capital U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. Indexes are rebalanced by market capitalization each month.

CBOE S&P 500 Buy-Write Index is an index designed to track the performance of a hypothetical covered call strategy on the S&P 500 Index.

iMoneyNet’s Government All Average™ is comprised of money market funds investing in U.S. treasury securities and government agency obligations.

iMoneyNet’s National Retail Tax-Free Average™ is comprised of money market funds investing in fixed-income securities issued by state and local governments. Generally, interest payments on securities qualify for exemption from Federal income taxes. Funds may also own municipal securities subject to the alternative minimum tax.

MSCI EAFE Index is an unmanaged capitalization weighted composite portfolio consisting of equity total returns of countries in Australia, New Zealand, Europe and the Far East.

MSCI EAFE Small Cap Index represents the small cap size segment of the Morgan Stanley EAFE Index, and consists of the securities of those companies whose securities are not included in the large cap or mid cap segments of a particular market, which together comprise approximately 85% of each market’s free float-adjusted market capitalization.

MSCI Emerging Markets Index is a float-adjusted market capitalization index that consists of indices in 26 emerging economies: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Jordan, Korea, Malaysia, Mexico, Morocco, Pakistan, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, Turkey and Venezuela.

Russell 1000 Index is an unmanaged market capitalization weighted total return index which is comprised of the 1,000 largest companies in the Russell 3000 Index.

Russell 1000 Growth Index is an unmanaged capitalization weighted total return index which is comprised of securities in the Russell 1000 Index with greater than average growth orientation.

THE GLENMEDE FUND, INC.
THE GLENMEDE PORTFOLIOS

Glossary of Indices & Terms — (Continued)

Russell 1000 Value Index is an unmanaged capitalization weighted total return index which is comprised of those securities in the Russell 1000 Index with a less than average growth orientation.

Russell 2000 Growth Index is an unmanaged capitalization weighted total return index which is comprised of those securities in the Russell 2000 Index with greater than average growth orientation.

Russell 2000 Index is an unmanaged market capitalization weighted total return index which measures the performance of the 2,000 smallest companies in the Russell 3000 Index.

Russell 3000 Index is an unmanaged capitalization weighted total return index which is comprised of the 3,000 largest U.S. companies based on total market capitalization. The Index re-balances annually.

S&P 500 Index is a market capitalization weighted index comprised of 500 widely held common stocks.

S&P SmallCap 600 Growth Index is comprised of the S&P 600 Index, a market capitalization weighted index of U.S. small cap stocks with capitalizations ranging from about $300 million to $2 billion, that exhibit the strongest growth characteristics.

The S&P MidCap 400 Index is a capitalization weighted index of mid cap stocks with capitalizations ranging from about $750 million to $3 billion.

Morningstar Foreign Large Value Average funds invest mainly in big international stocks that are less expensive than the market as a whole. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. They tend to invest the rest in emerging markets such as Hong Kong, Brazil, Mexico and Thailand. These funds typically will have less than 20% of assets invested in U.S. stocks.

Morningstar Intermediate-Term Bond Average contains bond funds that have average durations of greater than 3.5 years and less than 6 years. Most of the funds rotate among a variety of sectors in the bond market, based upon that which appears to offer better values.

Morningstar Large Blend Average funds are fairly representative of the overall U.S. Stock market in size, growth rates, and price. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds returns are often similar to those of the S&P 500 Index.

Morningstar Large Growth Average funds invest in big U.S. companies that are projected to grow faster than other large-cap stocks. This classification consists of stocks in the top 70% of the capitalization of the U.S. equity market defined as large-cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields). Most of these funds focus on companies in rapidly expanding industries.

Morningstar Large Value Average funds focus on big companies that are less expensive or growing more slowly than other large-cap stocks. These funds often feature investments in energy, financial, or manufacturing sectors.

THE GLENMEDE FUND, INC.
THE GLENMEDE PORTFOLIOS

Morningstar Long/Short Average funds aim to deliberately exploit market movements through the use of a variety of derivative instruments. These can include (but are not limited to) futures, options, swaps, short sells along with physical positions.

Morningstar Muni National Short Average invests in bonds with an average duration of less than 4.5 years issued by state and local governments to fund projects. Such bonds are free from federal taxes and from state taxes in the issuing state.

Morningstar Small Blend Average funds favor firms at the smaller end of the market-capitalization range, and are flexible in the types of small caps they buy. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages.

Morningstar Small Growth Average funds invest in faster-growing companies whose shares are at the lower end of the market capitalization range. This classification consists of favored companies in up-and-coming industries or young firms in their early growth stages. Because these businesses are fast growing and often richly valued, their stocks tend to be volatile. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small-cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields).

Terms

Current Yield: also referred to as the “SEC Yield,” refers to the income generated by an investment in the Portfolio 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 Portfolio 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 Portfolio than the total return quotation.

Cash flow: measures the cash generating capability of a company by adding non-cash charges (e.g. depreciation) and interest expense to pretax income.

Duration: is a commonly used measure of the potential volatility of the price of a debt security, or the aggregate market value of a portfolio of debt securities, prior to maturity. Securities with a longer duration generally have more volatile prices than securities of comparable quality with a shorter duration.

Market Capitalization: is the market price of an entire company, calculated by multiplying the number of shares outstanding by the price per share.

Total return: consists of price appreciation/depreciation and income as a percentage of the original investment.

THE GLENMEDE FUND, INC.

Shareholder Expenses (Unaudited)

As a shareholder of a Glenmede Portfolio, you incur ongoing costs, including management fees and/or shareholder servicing fees and other portfolio expenses. In addition to these ongoing costs, until March 12, 2014, shareholders of Philadelphia International Small Cap Fund and Philadelphia International Emerging Markets Fund may have incurred transaction costs in the form of purchase premiums and/or redemption fees. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Glenmede Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2014 to October 31, 2014.

Actual Expenses

The first line under each Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Portfolio under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line under each Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on each Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as the purchase premiums and redemption fees, you may have incurred as a shareholder of either the Philadelphia International Small Cap Fund or the Philadelphia International Emerging Markets Fund until March 12, 2014. If these transactional costs were included, your costs would have been higher. Therefore, the second line under each Portfolio in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of

THE GLENMEDE FUND, INC.

Shareholder Expenses (Unaudited) — (Continued)

owning different funds whose shareholders may incur transaction costs such as sales charges (loads), redemption fees or exchange fees.


								Expenses
	Beginning		Ending					Paid During
	Account		Account		Annualized			Period*
	Value		Value		Expense			(May 1 to
	(May 1, 2014)		(October 31, 2014)		Ratio			October 31, 2014)

Government Cash Portfolio
Actual	$	1,000.00	$	1,000.00		0.10	%	$	0.50
Hypothetical (5% return less expenses)		1,000.00		1,024.70		0.10			0.51
Tax-Exempt Cash Portfolio
Actual		1,000.00		1,000.00		0.05			0.25
Hypothetical (5% return less expenses)		1,000.00		1,025.00		0.05			0.26
Core Fixed Income Portfolio
Actual		1,000.00		1,014.60		0.56			2.84
Hypothetical (5% return less expenses)		1,000.00		1,022.40		0.56			2.85
Strategic Equity Portfolio
Actual		1,000.00		1,076.10		0.86			4.50
Hypothetical (5% return less expenses)		1,000.00		1,020.90		0.86			4.38
Small Cap Equity Portfolio - Advisor
Actual		1,000.00		1,023.30		0.95			4.84
Hypothetical (5% return less expenses)		1,000.00		1,020.40		0.95			4.84
Small Cap Equity Portfolio - Institutional
Actual		1,000.00		1,024.40		0.75			3.83
Hypothetical (5% return less expenses)		1,000.00		1,021.40		0.75			3.82
Mid Cap Equity Portfolio - Advisor**
Actual		1,000.00		1,023.00		1.00			0.86
Hypothetical (5% return less expenses)		1,000.00		1,020.16		1.00			5.09
Large Cap Value Portfolio
Actual		1,000.00		1,067.30		0.95			4.95
Hypothetical (5% return less expenses)		1,000.00		1,020.40		0.95			4.84
U.S. Emerging Growth Portfolio
Actual		1,000.00		1,044.50		0.98			5.05
Hypothetical (5% return less expenses)		1,000.00		1,020.30		0.98			4.99
Large Cap Core Portfolio (formerly known as Large Cap 100 Portfolio)
Actual		1,000.00		1,076.60		0.89			4.66
Hypothetical (5% return less expenses)		1,000.00		1,020.70		0.89			4.53
Large Cap Growth Portfolio
Actual		1,000.00		1,101.60		0.89			4.71
Hypothetical (5% return less expenses)		1,000.00		1,020.70		0.89			4.53

THE GLENMEDE FUND, INC.

Shareholder Expenses (Unaudited) — (Continued)


								Expenses
	Beginning		Ending					Paid During
	Account		Account		Annualized			Period*
	Value		Value		Expense			(May 1 to
	(May 1, 2014)		(October 31, 2014)		Ratio			October 31, 2014)

Long/Short Portfolio
Actual	$	1,000.00	$	996.30		2.20	%	$	11.07
Hypothetical (5% return less expenses)		1,000.00		1,014.10		2.20			11.17
Total Market Portfolio
Actual		1,000.00		1,043.60		1.91			9.84
Hypothetical (5% return less expenses)		1,000.00		1,015.60		1.91			9.70
Secured Options Portfolio
Actual		1,000.00		1,008.90		0.87			4.41
Hypothetical (5% return less expenses)		1,000.00		1,020.80		0.87			4.43
International Secured Options Portfolio
Actual		1,000.00		956.60		0.87			4.29
Hypothetical (5% return less expenses)		1,000.00		1,020.80		0.87			4.43
International Portfolio
Actual		1,000.00		947.80		1.24			6.09
Hypothetical (5% return less expenses)		1,000.00		1,019.00		1.24			6.31
Philadelphia International Fund
Actual		1,000.00		946.80		1.00			4.91
Hypothetical (5% return less expenses)		1,000.00		1,020.20		1.00			5.09
Philadelphia International Small Cap Fund - Class I
Actual***		1,000.00		919.00		1.16			3.75
Hypothetical (5% return less expenses)		1,000.00		1,019.40		1.16			5.90
Philadelphia International Small Cap Fund - Class IV
Actual		1,000.00		942.20		1.16			5.68
Hypothetical (5% return less expenses)		1,000.00		1,019.40		1.16			5.90

THE GLENMEDE FUND, INC.

Shareholder Expenses (Unaudited) — (Concluded)


								Expenses
	Beginning		Ending					Paid During
	Account		Account		Annualized			Period*
	Value		Value		Expense			(May 1 to
	(May 1, 2014)		(October 31, 2014)		Ratio			October 31, 2014)

Philadelphia International Emerging Markets Fund - Class I
Actual***	$	1,000.00	$	955.10		1.48	%	$	4.84
Hypothetical (5% return less expenses)		1,000.00		1,017.70		1.48			7.48
Philadelphia International Emerging Markets Fund - Class IV
Actual		1,000.00		1,014.90		1.06			5.38
Hypothetical (5% return less expenses)		1,000.00		1,019.90		1.06			5.40


*		Expenses are calculated using the Portfolio’s annualized expense ratio (as disclosed in the table), which is net of fee waivers and expense reimbursements, if any, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the calendar year (365 days).
**		The Portfolio’s Advisor Class commenced operations on September 30, 2014. Expenses are calculated using the Portfolio’s annualized expense ratio (as disclosed in the table), which is net of fee waivers and expense reimbursements, if any, multiplied by the average account value for the period, multiplied by the number of days in the period (31 days) (the Portfolio began accruing expenses on October 1, 2014), and divided by the number of days in the calendar year (365 days).
***		Class I commenced operations on June 30, 2014. Expenses are calculated using the Portfolio’s annualized expense ratio (as disclosed in the table), which is net of fee waivers and expense reimbursements, if any, multiplied by the average account value for the period, multiplied by the number of days in the period (123 days) (the Portfolio began accruing expenses on June 30, 2014), and divided by the number of days in the calendar year (365 days).

THE GLENMEDE PORTFOLIOS

Shareholder Expenses (Unaudited)

As a shareholder of the Glenmede Portfolio, you incur ongoing costs, including shareholder servicing fees and other portfolio expenses. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Glenmede Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2014 to October 31, 2014.

Actual Expenses

The first line under the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for the Portfolio under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line under the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Glenmede Portfolio, you do not incur any transaction costs, such as sales charges (loads), redemption fees or exchange fees, but shareholders of other funds may incur such costs. Therefore, the second line under the Portfolio in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.

Expenses

Beginning

Ending

Paid During

Account

Annualized

Period*

Value

Expense

(May 1 to

(May 1, 2014)

(October 31, 2014)

Ratio

October 31, 2014)

Muni Intermediate Portfolio

Actual

1,000.00

1,016.40

0.25

1.27

Hypothetical (5% return less expenses)

1,000.00

1,023.90

0.25

1.28


*		Expenses are calculated using the Portfolio’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the calendar year (365 days).

THE GLENMEDE FUND, INC.

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2014


							Core
	Government			Tax-Exempt			Fixed
	Cash			Cash			Income
	Portfolio			Portfolio			Portfolio
Assets:
Investments¹:
Investments at value²	$	422,591,934		$	696,522,920		$	441,981,077
Repurchase agreements at value		341,486,722			—			6,045,301

Total investments		764,078,656			696,522,920			448,026,378

Cash		—			97,121			—
Receivable from Advisor		8,086			38,165			—
Receivable for fund shares sold		—			—			36,341
Interest receivable		550,183			81,867			4,334,062
Securities lending receivable		—			—			1,965
Prepaid expenses		6,352			1,514			—

Total assets		764,643,277			696,741,587			452,398,746


Liabilities:
Obligation to return securities lending collateral		—			—			20,903,443
Payable for fund shares redeemed		—			—			4,687,820
Dividend payable		31			31			—
Payable for Management fees		—			—			129,786
Payable for Directors’ fees		13,488			12,675			7,846
Payable to Affiliate		7,430			—			37,083
Accrued expenses		186,444			162,605			105,009

Total liabilities		207,393			175,311			25,870,987


Net Assets	$	764,435,884		$	696,566,276		$	426,527,759

Net Assets consist of:
Par value ($0.001 of shares outstanding)	$	764,440		$	696,776		$	38,043
Paid-in capital in excess of par value		763,675,596			695,870,332			415,062,672
Undistributed (distributions in excess of) net investment income		38			(32	)		807,845
Accumulated net realized loss from investment transactions		(4,190	)		(800	)		(1,834,103	)
Net unrealized appreciation on investments		—			—			12,453,302

Total Net Assets	$	764,435,884		$	696,566,276		$	426,527,759


Shares Outstanding³		764,440,135			696,775,920			38,042,551


Net Asset Value Per Share	$	1.00		$	1.00		$	11.21



¹ Investment at cost	$	764,078,656		$	696,522,920		$	435,573,076
² Market value of securities on loan	$	—		$	—		$	20,444,278
³ Authorized shares		1,490,000,000			1,490,000,000			160,000,000

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

October 31, 2014


			Small			Mid
	Strategic		Cap			Cap
	Equity		Equity			Equity
	Portfolio		Portfolio			Portfolio⁴
Assets:
Investments¹:
Investments at value²	$	184,358,814	$	1,735,264,338		$	9,003,384
Repurchase agreements at value		225,481		50,855,376			522,091

Total investments		184,584,295		1,786,119,714			9,525,475

Receivable from Advisor		—		—			2,776
Receivable for securities sold		—		3,538,600			—
Receivable for fund shares sold		—		1,881,783			—
Dividends receivable		115,369		179,080			3,155
Interest receivable		—		14			—
Securities lending receivable		107		98,872			—
Prepaid expenses		129		23,589			—

Total assets		184,699,900		1,791,841,652			9,531,406


Liabilities:
Payable for securities purchased		—		22,375,576			259,437
Obligation to return securities lending collateral		—		95,306,769			—
Payable for fund shares redeemed		172,292		1,591,950			—
Payable for Management fees		82,534		715,367			2,646
Payable for Directors’ fees		3,201		27,355			89
Payable to Affiliate		30,012		242,543			1,203
Accrued expenses		44,316		456,117			3,103

Total liabilities		332,355		120,715,677			266,478


Net Assets	$	184,367,545	$	1,671,125,975		$	9,264,928

Net Assets consist of:
Par value ($0.001 of shares outstanding)	$	7,718	$	62,823		$	905
Paid-in capital in excess of par value		101,840,764		1,427,923,203			8,806,048
Undistributed (distributions in excess of) net investment income		221,084		(1,024,857	)		(31	)
Accumulated net realized gain (loss) from investment transactions		21,298,352		64,161,137			(8,599	)
Net unrealized appreciation on investments		60,999,627		180,003,669			466,605

Total Net Assets	$	184,367,545	$	1,671,125,975		$	9,264,928


Shares Outstanding³		7,718,059		62,823,275			905,287


Net Asset Value Per Share	$	23.89	$	—		$	—

Advisor Class — based on net assets of $1,139,272,885 and $9,264,928, respectively, and shares outstanding of 43,323,942 and 905,287, respectively		—		26.30			10.23

Institutional Class — based on net assets of $531,853,090 and shares outstanding of 19,499,333		—		27.28			—



¹ Investment at cost	$	123,584,668	$	1,606,116,045		$	9,058,870
² Market value of securities on loan	$	—	$	95,848,350		$	—
³ Authorized shares		150,000,000		—			—
Authorized Shares - Advisor Class		—		180,000,000			120,000,000
Authorized shares - Institutional Class		—		135,000,000			120,000,000
⁴ The Mid Cap Equity Portfolio commenced operations on September 30, 2014.

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

October 31, 2014


						Large
						Cap
						Core
						Portfolio
						(formerly
						known
						as
	Large		U.S.			Large
	Cap		Emerging			Cap
	Value		Growth			100
	Portfolio		Portfolio			Portfolio)
Assets:
Investments¹:
Investments at value²	$	102,990,347	$	41,291,260		$	744,629,792
Repurchase agreements at value		334,191		170,155			6,063,198

Total investments		103,324,538		41,461,415			750,692,990

Receivable for fund shares sold		821		—			1,795,287
Dividends receivable		31,769		11,931			493,594
Interest receivable		—		—			2
Securities lending receivable		238		1,032			1,031
Prepaid expenses		1,602		258			7,736

Total assets		103,358,968		41,474,636			752,990,640


Liabilities:
Payable for securities purchased		—		—			4,850,739
Obligation to return securities lending collateral		4,619,309		2,951,075			23,193,281
Payable for fund shares redeemed		1,500		218			254,199
Payable for Management fees		44,142		16,647			309,749
Payable for Directors’ fees		1,731		634			11,810
Payable to Affiliate		16,056		7,567			112,629
Accrued expenses		34,379		13,023			169,454

Total liabilities		4,717,117		2,989,164			28,901,861


Net Assets	$	98,641,851	$	38,485,472		$	724,088,779

Net Assets consist of:
Par value ($0.001 of shares outstanding)	$	7,678	$	3,725		$	33,273
Paid-in capital in excess of par value		69,808,731		28,491,898			585,257,591
Undistributed (distributions in excess of) net investment income		—		(27,564	)		462,614
Accumulated net realized gain from investment transactions		13,061,841		3,597,836			23,012,478
Net unrealized appreciation on investments		15,763,601		6,419,577			115,322,823

Total Net Assets	$	98,641,851	$	38,485,472		$	724,088,779


Shares Outstanding³		7,678,284		3,725,162			33,272,619


Net Asset Value Per Share	$	12.85	$	10.33		$	21.76



¹ Investment at cost	$	87,560,937	$	35,041,838		$	635,370,167
² Market value of securities on loan	$	4,590,795	$	2,974,321		$	23,059,159
³ Authorized shares		175,000,000		140,000,000			155,000,000

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

October 31, 2014


	Large
	Cap					Total
	Growth		Long/Short			Market
	Portfolio		Portfolio			Portfolio
Assets:
Investments¹:
Investments at value²	$	626,356,249	$	116,052,126		$	79,089,398
Repurchase agreements at value		7,985,390		470,238			1,151,435

Total investments		634,341,639		116,522,364			80,240,833

Receivable from Advisor		—		—			13,187
Receivable for securities sold		—		764,239			458,168
Receivable for fund shares sold		2,762,100		18,200			54,979
Dividends receivable		451,056		50,538			39,983
Interest receivable		2		—			—
Securities lending receivable		—		1,645			391
Cash collateral on deposit at broker (Note 1)		—		75,659,892			16,873,466
Prepaid expenses		5,072		2,381			475

Total assets		637,559,869		193,019,259			97,681,482


Liabilities:
Payable for securities purchased		6,387,032		87,960			203,826
Obligation to return securities lending collateral		—		7,755,488			19,226,828
Payable for fund shares redeemed		326,985		10,037			—
Dividend payable on securities sold short		—		52,861			5,412
Payable for securities sold short, at value³		—		75,015,174			16,695,310
Payable for Management fees		256,871		78,609			42,225
Payable for Directors’ fees		9,602		1,943			1,060
Payable to Affiliate		93,414		18,499			9,936
Accrued expenses		123,620		33,724			30,154

Total liabilities		7,197,524		83,054,295			36,214,751


Net Assets	$	630,362,345	$	109,964,964		$	61,466,731

Net Assets consist of:
Par value ($0.001 of shares outstanding)	$	27,351	$	10,179		$	4,078
Paid-in capital in excess of par value		528,096,071		113,045,028			44,282,735
Undistributed (distributions in excess of) net investment income		251,605		(524,054	)		16,149
Accumulated net realized gain (loss) from investment transactions		19,096,256		(12,511,706	)		3,606,633
Net unrealized appreciation on investments		82,891,062		10,977,724			13,744,914
Net unrealized appreciation (depreciation) on securities sold short		—		(1,032,207	)		(187,778	)

Total Net Assets	$	630,362,345	$	109,964,964		$	61,466,731


Shares Outstanding⁴		27,351,476		10,179,151			4,077,577


Net Asset Value Per Share	$	23.05	$	10.80		$	15.07



¹ Investment at cost	$	551,450,577	$	105,544,640		$	66,495,919
² Market value of securities on loan	$	—	$	7,629,210		$	19,032,689
³ Proceeds from securities sold short	$	—	$	73,982,967		$	16,507,532
⁴ Authorized shares		140,000,000		120,000,000			120,000,000

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

October 31, 2014


				International
	Secured			Secured
	Options			Options			International
	Portfolio			Portfolio			Portfolio
Assets:
Investments¹:
Investments at value²	$	10,690,230		$	83,956,960		$	37,303,184
Investments in affiliates at value (Note 6)³		—			—			939,715
Repurchase agreements at value		1,090,753			2,925,201			425,693

Total investments		11,780,983			86,882,161			38,668,592

Foreign currency, at value (Note 1)⁴		—			—			33
Receivable from Advisor		—			—			505
Receivable for securities sold		—			15,446,210			358,138
Receivable for fund shares sold		16,421			—			—
Dividends receivable		—			12,312			99,326
Securities lending receivable		—			—			1,666
Cash collateral on deposit at broker (Note 1)		355,240,905			15,583,373			—
Foreign tax reclaims receivable		—			617			108,144
Initial offering fee		—			1,584			—
Prepaid expenses		—			612			319

Total assets		367,038,309			117,926,869			39,236,723


Liabilities:
Payable for securities purchased		—			15,362,718			485,836
Obligation to return securities lending collateral		—			—			1,123,026
Payable for fund shares redeemed		190,673			—			51,852
Options written, at value⁵		844,075			1,906,217			—
Payable for Management fees		169,650			45,690			25,012
Payable for Directors’ fees		6,630			1,773			737
Payable to Affiliate		61,690			16,614			8,313
Accrued expenses		90,382			41,608			22,115

Total liabilities		1,363,100			17,374,620			1,716,891


Net Assets	$	365,675,209		$	100,552,249		$	37,519,832

Net Assets consist of:
Par value ($0.001 of shares outstanding)	$	29,324		$	9,502		$	2,713
Paid-in capital in excess of par value		343,039,110			99,831,626			88,165,701
Undistributed (distributions in excess of) net investment income		(29,069	)		199,157			119,324
Accumulated net realized gain (loss) from investment transactions		8,516,084			1,095,772			(55,279,287	)
Net unrealized appreciation on investments		3,824,387			72,761			4,520,073
Net unrealized appreciation (depreciation) on options written		10,295,373			(656,569	)		—
Net unrealized appreciation (depreciation) on foreign currencies		—			—			(8,692	)

Total Net Assets	$	365,675,209		$	100,552,249		$	37,519,832


Shares Outstanding⁶		29,323,723			9,502,294			2,713,205


Net Asset Value Per Share	$	12.47		$	10.58		$	13.83



¹ Investment at cost	$	7,956,596		$	86,809,400		$	33,094,231
² Market value of securities on loan	$	—		$	—		$	1,025,816
³ Investments in affiliates at cost	$	—		$	—		$	1,054,288
⁴ Foreign currency cost	$	—		$	—		$	33
⁵ Premiums received from options written	$	11,139,448		$	1,249,648		$	—
⁶ Authorized shares		160,000,000			120,000,000			120,000,000

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

STATEMENTS OF ASSETS AND LIABILITIES — (Concluded)
October 31, 2014


							Philadelphia
	Philadelphia			Philadelphia			International
	International			International			Emerging
	Fund			Small Cap Fund			Markets Fund
Assets:
Investments¹:
Investments at value²	$	19,195,709		$	44,930,766		$	7,887,646
Repurchase agreements at value		558,679			41,348			82,485

Total investments		19,754,388			44,972,114			7,970,131

Foreign currency, at value (Note 1)³		29			1,603			12,412
Receivable from Advisor		2,749			—			—
Receivable for securities sold		178,129			—			—
Receivable for fund shares sold		11,423			—			—
Dividends receivable		45,886			139,086			48,644
Securities lending receivable		812			—			—
Foreign tax reclaims receivable		37,266			19,713			10,902
Prepaid expenses		456			548			299

Total assets		20,031,138			45,133,064			8,042,388


Liabilities:
Payable for securities purchased		253,980			—			—
Obligation to return securities lending collateral		1,090,936			—			—
Payable for fund shares redeemed		15,299			—			—
Payable for Management fees		11,611			22,380			11,865
Payable for Directors’ fees		335			804			904
Payable to Affiliate		—			748			386
Accrued expenses		16,399			25,642			40,852

Total liabilities		1,388,560			49,574			54,007


Net Assets	$	18,642,578		$	45,083,490		$	7,988,381

Net Assets consist of:
Par value ($0.001 of shares outstanding)	$	1,498		$	3,898		$	947
Paid-in capital in excess of par value		96,172,268			43,752,254			8,168,002
Undistributed (distributions in excess of) net investment income		52,183			191,760			(6,447	)
Accumulated net realized gain (loss) from investment transactions		(79,475,486	)		1,798,658			(137,980	)
Net unrealized appreciation (depreciation) on investments		1,895,555			(658,238	)		(28,717	)
Net unrealized depreciation on foreign currencies		(3,440	)		(4,842	)		(7,424	)

Total Net Assets	$	18,642,578		$	45,083,490		$	7,988,381


Shares Outstanding⁴		1,498,136			3,897,845			946,961


Net Asset Value Per Share	$	12.44		$	—		$	—

Class I — based on net assets of $9,188 and $106,515, respectively and shares outstanding of 794 and 12,638, respectively		—			11.57			8.43

Class IV — based on net assets of $45,074,302 and $7,881,866, respectively and shares outstanding of 3,897,051 and 934,323, respectively		—			11.57			8.44



¹ Investment at cost	$	17,858,833		$	45,630,352		$	7,998,848
² Market value of securities on loan	$	1,006,683		$	—		$	—
³ Foreign currency cost	$	29		$	1,614		$	12,417
⁴ Authorized shares		130,000,000			—			—
Authorized shares - Class I		—			110,000,000			110,000,000
Authorized shares - Class IV		—			120,000,000			120,000,000

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

STATEMENTS OF OPERATIONS

For the Year Ended October 31, 2014


							Core
	Government			Tax-Exempt			Fixed
	Cash			Cash			Income
	Portfolio			Portfolio			Portfolio
Investment income:
Interest	$	745,084		$	319,258		$	11,307,435
Income from security lending		515			—			35,029

Total investment income		745,599			319,258			11,342,464

Expenses:
Management fees		—			—			1,425,212
Administration, transfer agent and custody fees		443,344			390,691			251,582
Professional fees		150,147			131,134			77,607
Shareholder report expenses		35,124			30,588			17,851
Shareholder servicing fees		772,085			674,112			407,204
Directors’ fees and expenses		70,178			59,501			36,063
Registration and filing fees		2,096			2,696			6,381
Other expenses		103,870			93,406			56,219


Total expenses		1,576,844			1,382,128			2,278,119

Less expenses waived/reimbursed		(831,665	)		(1,063,239	)		—


Net expenses		745,179			318,889			2,278,119

Net investment income		420			369			9,064,345

Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		3,232			—			(1,285,327	)

Net change in unrealized gain of:
Investments		—			—			2,279,137

Net realized and unrealized gain (loss)		3,232			—			993,810

Net increase in net assets resulting from operations	$	3,652		$	369		$	10,058,155

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

STATEMENTS OF OPERATIONS — (Continued)

For the Year Ended October 31, 2014


			Small			Mid
	Strategic		Cap			Cap
	Equity		Equity			Equity
	Portfolio		Portfolio			Portfolio¹
Investment income:
Dividends²	$	3,402,655	$	10,026,138		$	3,353
Interest		43		3,446			—
Income from security lending		2,973		667,385			—

Total investment income		3,405,671		10,696,969			3,353

Expenses:
Management fees		986,879		7,013,262			2,646
Administration, transfer agent and custody fees		107,799		1,135,991			362
Professional fees		30,727		233,139			526
Shareholder report expenses		10,757		74,988			243
Shareholder servicing fees (Advisor Class)		358,865		2,341,909			1,203
Shareholder servicing fees (Institutional Class)		—		169,188			—
Directors’ fees and expenses		16,101		114,474			89
Prepaid offering expenses		—		—			2,448
Registration and filing fees		6,153		56,766			—
Other expenses		24,411		157,558			69


Total expenses		1,541,692		11,297,275			7,586

Less expenses waived/reimbursed		—		—			(2,776	)


Net expenses		1,541,692		11,297,275			4,810

Net investment income (loss)		1,863,979		(600,306	)		(1,457	)

Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		21,339,950		67,207,796			(8,599	)

Net change in unrealized gain (loss) of:
Investments		4,323,455		(5,789,737	)		466,605

Net realized and unrealized gain		25,663,405		61,418,059			458,006

Net increase in net assets resulting from operations	$	27,527,384	$	60,817,753		$	456,549


¹		The Mid Cap Equity Portfolio commenced operations on September 30, 2014.
²		The Strategic Equity Portfolio had foreign dividend withholding taxes of $12,809.

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

STATEMENTS OF OPERATIONS — (Continued)

For the Year Ended October 31, 2014


						Large
						Cap
						Core
						Portfolio
						(formerly
						known
						as
	Large		U.S.			Large
	Cap		Emerging			Cap
	Value		Growth			100
	Portfolio		Portfolio			Portfolio)
Investment income:
Dividends¹	$	1,162,769	$	346,243		$	9,302,974
Interest		38		16			522
Income from security lending		3,782		25,214			16,227

Total investment income		1,166,589		371,473			9,319,723

Expenses:
Management fees		535,150		210,509			2,740,102
Administration, transfer agent and custody fees		99,490		36,351			351,222
Professional fees		18,043		7,193			87,424
Shareholder report expenses		6,700		3,472			23,621
Shareholder servicing fees		194,600		95,686			996,401
Directors’ fees and expenses		8,839		3,463			44,798
Registration and filing fees		23,007		6,301			51,350
Other expenses		11,955		5,912			61,162


Total expenses		897,784		368,887			4,356,080


Net investment income		268,805		2,586			4,963,643

Realized and unrealized gain (loss):
Net realized gain on:
Investment transactions		13,162,939		3,598,262			23,100,621

Net change in unrealized gain (loss) of:
Investments		558,598		(1,126,126	)		59,748,588

Net realized and unrealized gain		13,721,537		2,472,136			82,849,209

Net increase in net assets resulting from operations	$	13,990,342	$	2,474,722		$	87,812,852


¹		The U.S. Emerging Growth Portfolio had foreign dividend withholding taxes of $352.

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

STATEMENTS OF OPERATIONS — (Continued)

For the Year Ended October 31, 2014


	Large
	Cap					Total
	Growth		Long/Short			Market
	Portfolio		Portfolio			Portfolio
Investment income:
Dividends¹	$	5,263,521	$	1,205,306		$	1,081,607
Interest		501		444			74
Income from security lending		—		41,174			21,568

Total investment income		5,264,022		1,246,924			1,103,249

Expenses:
Management fees		1,838,137		999,748			585,310
Administration, transfer agent and custody fees		236,259		74,469			65,179
Professional fees		58,044		14,787			8,644
Shareholder report expenses		15,967		4,904			3,858
Shareholder servicing fees		668,413		166,625			97,552
Dividends on securities sold short		—		761,404			211,286
Directors’ fees and expenses		30,355		7,346			4,261
Short position flex fees		—		—			81,348
Registration and filing fees		39,408		26,466			22,965
Other expenses		41,228		11,626			7,650


Total expenses		2,927,811		2,067,375			1,088,053

Less expenses waived/reimbursed		—		(291,593	)		(185,723	)


Net expenses		2,927,811		1,775,782			902,330

Net investment income (loss)		2,336,211		(528,858	)		200,919

Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		19,074,106		2,155,122			6,049,965
Securities sold short		—		(7,520,575	)		(2,253,275	)

Net realized gain (loss)		19,074,106		(5,365,453	)		3,796,690

Net change in unrealized gain of:
Investments		47,990,975		6,285,090			2,572,180
Securities sold short		—		940,089			545,715

Net change in unrealized gain		47,990,975		7,225,179			3,117,895

Net realized and unrealized gain		67,065,081		1,859,726			6,914,585

Net increase in net assets resulting from operations	$	69,401,292	$	1,330,868		$	7,115,504


¹		The Long/Short Portfolio and Total Market Portfolio had foreign dividend withholding taxes of $184 and $109, respectively.

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

STATEMENTS OF OPERATIONS — (Continued)

For the Year Ended October 31, 2014


				International
	Secured			Secured
	Options			Options			International
	Portfolio			Portfolio			Portfolio
Investment income:
Dividends¹	$	195,199		$	2,084,603		$	1,372,315
Interest		2,904			452			1
Income from security lending		—			—			21,281
Income distributions from affiliates (Note 6)		—			—			9,444

Total investment income		198,103			2,085,055			1,403,041

Expenses:
Management fees		1,870,185			553,915			366,002
Administration, transfer agent and custody fees		211,239			63,887			81,373
Professional fees		64,063			19,223			8,145
Shareholder report expenses		19,848			5,507			5,564
Shareholder servicing fees		680,067			201,424			122,001
Directors’ fees and expenses		31,450			9,559			3,722
Registration and filing fees		22,704			864			7,813
Other expenses		53,034			24,226			9,852


Total expenses		2,952,590			878,605			604,472

Less: Management fee waiver (Note 3 )		—			—			(1,954	)


Net expenses		2,952,590			878,605			602,518

Net investment income (loss)		(2,754,487	)		1,206,450			800,523

Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		151,937			(951,957	)		8,721,532
Options written		12,259,721			2,366,487			—
Foreign currency transactions		—			—			(59,987	)
Realized gain distributions from investment company shares		—			—			44,844

Net realized gain		12,411,658			1,414,530			8,706,389

Net change in unrealized gain (loss) of:
Investments		1,382,715			(1,586,185	)		(10,610,274	)
Investments in affiliates		—			—			(114,573	)
Options written		9,166,400			(798,437	)		—
Foreign currency translation		—			—			(6,239	)

Net change in unrealized gain (loss)		10,549,115			(2,384,622	)		(10,731,086	)

Net realized and unrealized gain (loss)		22,960,773			(970,092	)		(2,024,697	)

Net increase (decrease) in net assets resulting from operations	$	20,206,286		$	236,358		$	(1,224,174	)


¹		The International Secured Options Portfolio and International Portfolio had foreign dividend withholding taxes of $1,453 and $131,050, respectively.

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

STATEMENTS OF OPERATIONS — (Concluded)
For the Year Ended October 31, 2014


				Philadelphia			Philadelphia
				International			International
	Philadelphia			Small			Emerging
	International			Cap			Markets
	Fund			Fund			Fund
Investment income:
Dividends¹	$	646,250		$	1,172,062		$	1,640,311
Interest		9			26			8,200
Income from security lending		12,344			—			—

Total investment income		658,603			1,172,088			1,648,511

Expenses:
Management fees		172,487			206,396			318,893
Administration, transfer agent and custody fees		72,228			82,791			203,180
Professional fees		4,214			—			4,031
Shareholder report expenses		5,045			4,540			5,230
Shareholder servicing fees (Class I)		—			8			94
Shareholder servicing fees (Class IV)		—			6,879			9,805
Directors’ fees and expenses		1,883			3,201			4,648
Registration and filing fees		19,254			23,928			2,906
Other expenses		2,477			4,705			6,690


Total expenses		277,588			332,448			555,477

Less expenses waived/reimbursed		(47,605	)		—			—


Net expenses		229,983			332,448			555,477

Net investment income		428,620			839,640			1,093,034

Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		3,321,114			2,029,153			1,922,922
In-kind redemptions		—			—			479,661
Foreign currency transactions		(26,083	)		(47,382	)		(56,609	)

Net realized gain		3,295,031			1,981,771			2,345,974

Net change in unrealized gain (loss) of:
Investments		(4,344,740	)		(3,467,228	)		(5,270,588	)
Foreign currency translation		(2,702	)		(5,484	)		8,318

Net change in unrealized loss		(4,347,442	)		(3,472,712	)		(5,262,270	)

Net realized and unrealized loss		(1,052,411	)		(1,490,941	)		(2,916,296	)

Net decrease in net assets resulting from operations	$	(623,791	)	$	(651,301	)	$	(1,823,262	)


¹		The Philadelphia International Fund, Philadelphia International Small Cap Fund and Philadelphia International Emerging Markets Fund had foreign dividend withholding taxes of $62,186, $105,074 and $220,371, respectively.

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

STATEMENTS OF CHANGES IN NET ASSETS

For the Year Ended October 31, 2014


							Core
	Government			Tax-Exempt			Fixed
	Cash			Cash			Income
	Portfolio			Portfolio			Portfolio
Increase (decrease) in net assets
Operations:
Net investment income	$	420		$	369		$	9,064,345
Net realized gain (loss) on:
Investment transactions		3,232			—			(1,285,327	)
Net change in unrealized gain of:
Investments		—			—			2,279,137

Net increase in net assets resulting from operations		3,652			369			10,058,155
Distributions to shareholders from:
Net investment income		(420	)		(369	)		(9,538,998	)
Net realized gain on investments		—			—			(837,700	)
Net increase in net assets from capital share transactions (See note 5)		6,376,602			62,654,307			27,916,265

Net increase in net assets		6,379,834			62,654,307			27,597,722


NET ASSETS:
Beginning of year		758,056,050			633,911,969			398,930,037

End of year	$	764,435,884		$	696,566,276		$	426,527,759

Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	38		$	(32	)	$	807,845


For the Year Ended October 31, 2013
							Core
	Government			Tax-Exempt			Fixed
	Cash			Cash			Income
	Portfolio			Portfolio			Portfolio
Increase (decrease) in net assets
Operations:
Net investment income	$	864		$	365		$	9,844,460
Net realized gain on:
Investment transactions		2			—			2,416,119
Net change in unrealized gain (loss) of:
Investments		—			—			(19,455,212	)

Net increase (decrease) in net assets resulting from operations		866			365			(7,194,633	)
Distributions to shareholders from:
Net investment income		(864	)		(365	)		(11,783,028	)
Net realized gain on investments		—			—			(1,165,411	)
Net increase (decrease) in net assets from capital share transactions (See note 5)		17,977,669			(45,514,277	)		(61,425,996	)

Net increase (decrease) in net assets		17,977,671			(45,514,277	)		(81,569,068	)


NET ASSETS:
Beginning of year		740,078,379			679,426,246			480,499,105

End of year	$	758,056,050		$	633,911,969		$	398,930,037

Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	38		$	(32	)	$	747,679

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the Year Ended October 31, 2014


	Strategic			Small Cap			Mid Cap
	Equity			Equity			Equity
	Portfolio			Portfolio			Portfolio¹
Increase (decrease) in net assets
Operations:
Net investment income (loss)	$	1,863,979		$	(600,306	)	$	(1,457	)
Net realized gain (loss) on:
Investment transactions		21,339,950			67,207,796			(8,599	)
Net change in unrealized gain of:
Investments		4,323,455			(5,789,737	)		466,605

Net increase in net assets resulting from operations		27,527,384			60,817,753			456,549
Distributions to shareholders from:
Net investment income:
Advisor Class		(1,830,278	)		(2,614,338	)		—
Institutional Class		—			(730,775	)		—
Net realized gain on investments:
Advisor Class		(18,467,168	)		(31,991,947	)		—
Institutional Class		—			(7,885,721	)		—
Net increase (decrease) in net assets from capital share transactions (See note 5)		(2,546,194	)		859,516,733			8,808,379

Net increase in net assets		4,683,744			877,111,705			9,264,928


NET ASSETS:
Beginning of year		179,683,801			794,014,270			—

End of year	$	184,367,545		$	1,671,125,975		$	9,264,928

Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	221,084		$	(1,024,857	)	$	(31	)


For the Year Ended October 31, 2013
	Strategic			Small Cap
	Equity			Equity
	Portfolio			Portfolio
Increase (decrease) in net assets
Operations:
Net investment income	$	2,142,600		$	3,124,867
Net realized gain on:
Investment transactions		18,249,333			41,255,148
Net change in unrealized gain of:
Investments		16,662,468			145,406,749

Net increase in net assets resulting from operations		37,054,401			189,786,764
Distributions to shareholders from:
Net investment income:
Advisor Class		(1,986,561	)		(2,365,767	)
Institutional Class		—			(148,829	)
Net realized gain on investments:
Advisor Class		(1,637,772	)		(3,767,523	)
Institutional Class		—			(147,862	)
Net increase (decrease) in net assets from capital share transactions (See note 5)		(24,326,451	)		232,791,341

Net increase in net assets		9,103,617			416,148,124


NET ASSETS:
Beginning of year		170,580,184			377,866,146

End of year	$	179,683,801		$	794,014,270

Undistributed net investment income included in net assets at end of year	$	187,383		$	1,123,022

¹ The Mid Cap Equity Portfolio commenced operations on September 30, 2014.

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the Year Ended October 31, 2014


							Large Cap
							Core Portfolio
	Large Cap						(formerly known
	Value			U.S. Emerging			as Large Cap
	Portfolio			Growth Portfolio			100 Portfolio)
Increase (decrease) in net assets
Operations:
Net investment income	$	268,805		$	2,586		$	4,963,643
Net realized gain on:
Investment transactions		13,162,939			3,598,262			23,100,621
Net change in unrealized gain of:
Investments		558,598			(1,126,126	)		59,748,588

Net increase in net assets resulting from operations		13,990,342			2,474,722			87,812,852
Distributions to shareholders from:
Net investment income		(338,130	)		(26,571	)		(4,744,466	)
Net realized gain on investments		(12,749,678	)		(311,258	)		(5,698,660	)
Net increase (decrease) in net assets from capital share transactions (See note 5)		1,990,914			(1,132,321	)		359,176,642

Net increase in net assets		2,893,448			1,004,572			436,546,368


NET ASSETS:
Beginning of year		95,748,403			37,480,900			287,542,411

End of year	$	98,641,851		$	38,485,472		$	724,088,779

Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	—		$	(27,564	)	$	462,614


For the Year Ended October 31, 2013
							Large��Cap
							Core Portfolio
	Large Cap						(formerly known
	Value			U.S. Emerging			as Large Cap
	Portfolio			Growth Portfolio			100 Portfolio)
Increase (decrease) in net assets
Operations:
Net investment income	$	630,336		$	277,510		$	2,031,777
Net realized gain on:
Investment transactions		13,281,686			4,451,237			15,564,487
Net change in unrealized gain of:
Investments		8,730,505			4,758,885			35,492,720

Net increase in net assets resulting from operations		22,642,527			9,487,632			53,088,984
Distributions to shareholders from:
Net investment income		(762,660	)		(276,264	)		(1,839,612	)
Net realized gain on investments		(3,588,644	)		—			—
Net increase in net assets from capital share transactions (See note 5)		350,373			884,357			121,088,545

Net increase in net assets		18,641,596			10,095,725			172,337,917


NET ASSETS:
Beginning of year		77,106,807			27,385,175			115,204,494

End of year	$	95,748,403		$	37,480,900		$	287,542,411

Undistributed net investment income included in net assets at end of year	$	46,855		$	—		$	243,437

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the Year Ended October 31, 2014


							Total
	Large Cap			Long/Short			Market
	Growth Portfolio			Portfolio			Portfolio
Increase (decrease) in net assets
Operations:
Net investment income (loss)	$	2,336,211		$	(528,858	)	$	200,919
Net realized gain (loss) on:
Investment transactions		19,074,106			2,155,122			6,049,965
Securities sold short		—			(7,520,575	)		(2,253,275	)
Net change in unrealized gain of:
Investments		47,990,975			6,285,090			2,572,180
Securities sold short		—			940,089			545,715

Net increase in net assets resulting from operations		69,401,292			1,330,868			7,115,504
Distributions to shareholders from:
Net investment income		(2,169,187	)		—			(190,914	)
Net realized gain on investments		(8,637,769	)		—			(4,877	)
Net increase in net assets from capital share transactions (See note 5)		387,215,678			79,526,161			16,120,524

Net increase in net assets		445,810,014			80,857,029			23,040,237


NET ASSETS:
Beginning of year		184,552,331			29,107,935			38,426,494

End of year	$	630,362,345		$	109,964,964		$	61,466,731

Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	251,605		$	(524,054	)	$	16,149


For the Year Ended October 31, 2013
							Total
	Large Cap			Long/Short			Market
	Growth Portfolio			Portfolio			Portfolio
Increase (decrease) in net assets
Operations:
Net investment income (loss)	$	1,091,170		$	(105,999	)	$	376,423
Net realized gain (loss) on:
Investment transactions		11,552,760			2,570,029			11,579,336
Securities sold short		—			(844,769	)		(1,839,038	)
Net change in unrealized gain (loss) of:
Investments		24,052,979			3,320,637			4,421,371
Securities sold short		—			(2,567,988	)		(1,589,984	)

Net increase in net assets resulting from operations		36,696,909			2,371,910			12,948,108
Distributions to shareholders from:
Net investment income		(968,053	)		—			(335,793	)
Net increase (decrease) in net assets from capital share transactions (See note 5)		55,296,957			12,984,461			(18,805,091	)

Net increase (decrease) in net assets		91,025,813			15,356,371			(6,192,776	)


NET ASSETS:
Beginning of year		93,526,518			13,751,564			44,619,270

End of year	$	184,552,331		$	29,107,935		$	38,426,494

Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	117,420		$	(129,666	)	$	(3,636	)

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the Year Ended October 31, 2014


				International
	Secured			Secured
	Options			Options			International
	Portfolio			Portfolio			Portfolio
Increase (decrease) in net assets
Operations:
Net investment income (loss)	$	(2,754,487	)	$	1,206,450		$	800,523
Net realized gain (loss) on:
Investment transactions		151,937			(951,957	)		8,721,532
Options written		12,259,721			2,366,487			—
Foreign currency transactions		—			—			(59,987	)
Investment company shares		—			—			44,844
Net change in unrealized gain (loss) of:
Investments		1,382,715			(1,586,185	)		(10,610,274	)
Investments in affiliates		—			—			(114,573	)
Options Written		9,166,400			(798,437	)		—
Foreign currency translation		—			—			(6,239	)

Net increase (decrease) in net assets resulting from operations		20,206,286			236,358			(1,224,174	)
Distributions to shareholders from:
Net investment income		—			(1,007,293	)		(930,399	)
Net realized gain on investments		(40,956,740	)		(7,242,267	)		—
Net increase (decrease) in net assets from capital share transactions (See note 5)		4,879,809			10,383,161			(23,669,945	)

Net increase (decrease) in net assets		(15,870,645	)		2,369,959			(25,824,518	)


NET ASSETS:
Beginning of year		381,545,854			98,182,290			63,344,350

End of year	$	365,675,209		$	100,552,249		$	37,519,832

Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	(29,069	)	$	199,157		$	119,324


For the Year Ended October 31, 2013
				International
	Secured			Secured
	Options			Options			International
	Portfolio			Portfolio			Portfolio
Increase (decrease) in net assets
Operations:
Net investment income (loss)	$	(3,105,121	)	$	(546,117	)	$	2,219,179
Net realized gain (loss) on:
Investment transactions		4,000,703			6,111			17,223,570
Options written		32,778,288			7,804,851			—
Foreign currency transactions		—			—			(170,209	)
Net change in unrealized gain of:
Investments		2,244,771			1,649,503			4,154,953
Options Written		6,916,741			114,469			—
Foreign currency translation		—			—			13,535

Net increase in net assets resulting from operations		42,835,382			9,028,817			23,441,028
Distributions to shareholders from:
Net investment income		—			—			(1,728,257	)
Net realized gain on investments		(40,882,539	)		(89,168	)		—
Net increase (decrease) in net assets from capital share transactions (See note 5)		4,418,404			68,128,048			(114,414,827	)

Net increase (decrease) in net assets		6,371,247			77,067,697			(92,702,056	)


NET ASSETS:
Beginning of year		375,174,607			21,114,593			156,046,406

End of year	$	381,545,854		$	98,182,290		$	63,344,350

Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	(31,740	)	$	—		$	312,403

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

STATEMENTS OF CHANGES IN NET ASSETS — (Concluded)

For the Year Ended October 31, 2014


							Philadelphia
	Philadelphia			Philadelphia			International
	International			International			Emerging
	Fund			Small Cap Fund			Markets Fund
Increase (decrease) in net assets
Operations:
Net investment income	$	428,620		$	839,640		$	1,093,034
Net realized gain (loss) on:
Investment transactions		3,321,114			2,029,153			1,922,922
In-kind transactions		—			—			479,661
Foreign currency transactions		(26,083	)		(47,382	)		(56,609	)
Net change in unrealized gain (loss) of:
Investments		(4,344,740	)		(3,467,228	)		(5,270,588	)
Foreign currency translation		(2,702	)		(5,484	)		8,318

Net decrease in net assets resulting from operations		(623,791	)		(651,301	)		(1,823,262	)
Distributions to shareholders from:
Net investment income:
Class I		(507,268	)		(133	)		(1,487	)
Class IV		—			(873,150	)		(1,171,641	)
Net realized gain on investments:
Class I		—			—			(4,170	)
Class IV		—			(611,069	)		(2,586,343	)
Tax Return of capital:
Class I		—			—			(920	)
Class IV		—			—			(570,599	)
Net increase (decrease) in net assets from capital share transactions (See note 5)		(6,591,116	)		25,169,766			(38,098,571	)

Net increase (decrease) in net assets		(7,722,175	)		23,034,113			(44,256,993	)


NET ASSETS:
Beginning of year		26,364,753			22,049,377			52,245,374

End of year	$	18,642,578		$	45,083,490		$	7,988,381

Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	52,183		$	191,760		$	(6,447	)


For the Year Ended October 31, 2013
							Philadelphia
	Philadelphia			Philadelphia			International
	International			International			Emerging
	Fund			Small Cap Fund			Markets Fund
Increase (decrease) in net assets
Operations:
Net investment income	$	728,995		$	338,883		$	1,241,911
Net realized gain (loss) on:
Investment transactions		5,022,290			871,219			560,016
Foreign currency transactions		(114,469	)		18,878			(89,295	)
Net change in unrealized gain (loss) of:
Investments		1,845,361			2,655,195			3,152,209
Foreign currency translation		2,329			1,163			(8,541	)

Net increase in net assets resulting from operations		7,484,506			3,885,338			4,856,300
Distributions to shareholders from:
Net investment income:
Class I		(453,869	)		—			—
Class IV		—			(283,789	)		(1,059,716	)
Net realized gain on investments:
Class IV		—			—			(435,660	)
Net increase (decrease) in net assets from capital share transactions (See note 5)		(26,090,932	)		11,648,323			7,612,473

Net increase (decrease) in net assets		(19,060,295	)		15,249,872			10,973,397


NET ASSETS:
Beginning of year		45,425,048			6,799,505			41,271,977

End of year	$	26,364,753		$	22,049,377		$	52,245,374

Undistributed net investment income included in net assets at end of year	$	157,965		$	203,823		$	107,684

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

STATEMENT OF CASH FLOWS

For the Year Ended October 31, 2014


	Long/Short
	Portfolio
Cash Flows from operating activities
Net increase in net assets resulting from operations	$	1,330,868

Investments purchased		(124,786,252	)
Investments sold		51,427,767
Purchases to cover securities sold short		(94,122,725	)
Securities sold short		144,568,236
(Purchase)/Sale of short term investments, net		604,279
Decrease in Interest receivable		825
Decrease in Cash collateral on deposit at broker		(57,162,644	)
Increase in Securities lending receivable		(1,645	)
(Increase) in Dividends receivable		(39,953	)
(Increase) in Prepaid expenses		(1,228	)
Increase in Obligation to return securities lending collateral		320,170
Increase in Dividends payable for securities sold short		49,265
Increase in Investment Advisory fees		58,382
Increase in Directors fees		1,560
Increase in Payable to Affiliate		13,737
Increase in Accrued expenses		24,893
Decrease in Payable to Advisor		(1,807	)
Net change in unrealized gain (loss) on investments		(6,285,090	)
Net realized gain from investments		(2,155,122	)
Net change in unrealized gain (loss) on securities sold short		(940,089	)
Net realized loss from securities sold short		7,520,575

Net cash provided by (used in) operating activities		(79,575,998	)

Cash flows from financing activities
Proceeds from shares sold		90,419,314
Payments on shares redeemed		(10,843,316	)

Net cash provided by (used in) financing activities		79,575,998

Net increase (decrease) in cash		—
Cash at beginning of period		—

Cash at end of period		—

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

STATEMENT OF CASH FLOWS — (Concluded)
For the Year Ended October 31, 2014


	Total
	Market
	Portfolio
Cash Flows from operating activities
Net increase in net assets resulting from operations	$	7,115,504

Investments purchased		(70,774,300	)
Investments sold		55,364,477
Purchases to cover securities sold short		(33,706,241	)
Securities sold short		36,551,408
(Purchase)/Sale of short term investments, net		(3,504,797	)
(Increase) in Receivable from Investment Advisor		(13,187	)
Decrease in Interest receivable		182
Decrease in Cash collateral on deposit at broker		(6,699,778	)
Increase in Securities lending receivable		(391	)
(Increase) in Dividends receivable		(2,932	)
Decrease in Prepaid expenses		1,848
Increase in Obligation to return securities lending collateral		9,053,140
(Decrease) in Dividends payable for securities sold short		(1,476	)
Increase in Investment Advisory fees		12,038
Increase in Directors fees		162
Increase in Payable to Affiliate		2,833
Increase in Accrued expenses		10,409
Net change in unrealized gain (loss) on investments		(2,572,180	)
Net realized gain from investments		(6,049,965	)
Net change in unrealized gain (loss) on securities sold short		(545,715	)
Net realized loss from securities sold short		2,253,275

Net cash provided by (used in) operating activities		(13,505,686	)

Cash flows from financing activities
Proceeds from shares sold		34,296,725
Payments on shares redeemed		(18,661,650	)
Cash distributions paid		(138,866	)

Net cash provided by (used in) financing activities		15,496,209

Net increase (decrease) in cash		1,990,523
Cash at beginning of period		(1,990,523	)

Cash at end of period		—


Non-cash financing activities not included herein consist of a reinvestment of dividends of $56,925

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year


	Government Cash Portfolio
	For the Years Ended October 31,
	2014			2013			2012			2011¹			2010¹

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Income from investment operations:
Net investment income		0.000	²		0.000	²		0.000	²		0.000	²		0.001
Net realized gain on investments²		0.000			0.000			0.000			0.000			0.000

Total from investment operations		0.000	²		0.000	²		0.000	²		0.000	²		0.001

Distributions to shareholders from:
Net investment income		(0.000	)²		(0.000	)²		(0.000	)²		(0.000	)²		(0.001	)

Net realized capital gains		—			—			(0.000	)²		—			—

Total distributions	$	(0.000	)²	$	(0.000	)²	$	(0.000	)²	$	(0.000	)²	$	(0.001	)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return		0.00	%³		0.00	%³		0.00	%³		0.02	%		0.06	%

Ratios to average net assets/ Supplemental data:
Net assets, end of year (in 000s)	$	764,436		$	758,056		$	740,078		$	730,284		$	666,488
Ratio of operating expenses to average net assets		0.20	%		0.20	%		0.21	%		0.21	%		0.22	%
Ratio of operating expenses after waiver/reimbursement to average net assets		0.10	%		0.14	%		0.17	%		0.17	%		0.22	%
Ratio of net investment income to average net assets		0.00	%³		0.00	%³		0.00	%³		0.01	%		0.06	%


¹		Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
²		Amount rounds to less than $0.001 per share.
³		Amount rounds to less than 0.01%.

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year


	Tax-Exempt Cash Portfolio
	For the Years Ended October 31,
	2014			2013			2012			2011			2010

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Income from investment operations:
Net investment income¹		0.000			0.000			0.000			0.000			0.000
Net realized gain on investments¹		0.000			0.000			0.000			0.000			0.000

Total from investment operations¹		0.000			0.000			0.000			0.000			0.000

Distributions to shareholders from:
Net investment income¹		0.000			(0.000	)		(0.000	)		(0.000	)		(0.000	)

Net realized capital gains¹		0.000			0.000			0.000			0.000			0.000
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return		0.00	%²		0.00	%²		0.00	%²		0.01	%		0.02	%

Ratios to average net assets/ Supplemental data:
Net assets, end of year (in 000s)	$	696,566		$	633,912		$	679,426		$	585,561		$	550,883
Ratio of operating expenses to average net assets		0.21	%		0.20	%		0.22	%		0.21	%		0.22	%
Ratio of operating expenses after waiver/reimbursement to average net assets		0.05	%		0.10	%		0.14	%		0.17	%		0.21	%
Ratio of net investment income to average net assets		0.00	%²		0.00	%²		0.00	%²		0.01	%		0.02	%


¹		Amount rounds to less than $0.001 per share.
²		Amount rounds to less than 0.01%.

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year


	Core Fixed Income Portfolio
	For the Year Ended October 31,
	2014			2013			2012			2011			2010¹

Net asset value, beginning of year	$	11.22		$	11.75		$	11.67		$	11.67		$	11.37

Income from investment operations:
Net investment income		0.25			0.26			0.30			0.38			0.39
Net realized and unrealized gain (loss) on investments		0.02			(0.45	)		0.32			0.02	²		0.38

Total from investment operations		0.27			(0.19	)		0.62			0.40			0.77

Distributions to shareholders from:
Net investment income		(0.26	)		(0.31	)		(0.34	)		(0.40	)		(0.40	)
Net realized capital gains		(0.02	)		(0.03	)		(0.20	)		—			(0.07	)

Total distributions		(0.28	)		(0.34	)		(0.54	)		(0.40	)		(0.47	)

Net asset value, end of year	$	11.21		$	11.22		$	11.75		$	11.67		$	11.67

Total return		2.52	%		(1.64	)%		5.51	%		3.52	%		7.01	%

Ratios to average net assets/ Supplemental data:
Net assets, end of year (in 000s)	$	426,528		$	398,930		$	480,499		$	361,341		$	396,884
Ratio of operating expenses to average net assets		0.56	%		0.56	%		0.57	%		0.57	%		0.57	%
Ratio of net investment income to average net assets		2.23	%		2.29	%		2.61	%		3.26	%		3.40	%
Portfolio turnover rate		18	%		19	%		22	%		68	%		31	%


¹		Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
²		The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized loss for the period due to the timing of purchases and redemptions of Portfolio shares in relation to the fluctuating net asset value per share of the Portfolio.

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year


	Strategic Equity Portfolio
	For the Year Ended October 31,
	2014			2013			2012			2011			2010

Net asset value, beginning of year	$	23.14		$	19.20		$	17.19		$	16.40		$	14.33

Income from investment operations:
Net investment income		0.23			0.25			0.18			0.13			0.10
Net realized and unrealized gain on investments		3.20			4.10			2.00			0.79			2.07

Total from investment operations		3.43			4.35			2.18			0.92			2.17

Distributions to shareholders from:
Net investment income		(0.24	)		(0.23	)		(0.17	)		(0.13	)		(0.10	)
Net realized capital gains		(2.44	)		(0.18	)		—			—			—

Total distributions		(2.68	)		(0.41	)		(0.17	)		(0.13	)		(0.10	)

Net asset value, end of year	$	23.89		$	23.14		$	19.20		$	17.19		$	16.40

Total return		16.48	%		23.08	%		12.68	%		5.58	%		15.15	%

Ratios to average net assets/ Supplemental data:
Net assets, end of year (in 000s)	$	184,368		$	179,684		$	170,580		$	153,893		$	157,227
Ratio of operating expenses to average net assets		0.86	%		0.86	%		0.87	%		0.88	%		0.88	%
Ratio of net investment income to average net assets		1.04	%		1.21	%		0.99	%		0.72	%		0.63	%
Portfolio turnover rate		22	%		46	%		37	%		51	%		44	%

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year


	Small Cap Equity Portfolio Advisor Shares
	For the Year Ended October 31,
	2014¹			2013¹			2012			2011¹			2010¹

Net asset value, beginning of year	$	26.12		$	18.24		$	16.64		$	14.70		$	11.70

Income from investment operations:
Net investment income (loss)		(0.02	)		0.14			0.08			—			0.01
Net realized and unrealized gain on investments		1.49			8.05			1.60			1.95			3.01

Total from investment operations		1.47			8.19			1.68			1.95			3.02

Distributions to shareholders from:
Net investment income		(0.10	)		(0.12	)		(0.08	)		(0.01	)		(0.02	)
Net realized capital gains		(1.19	)		(0.19	)		—			—			—

Total distributions		(1.29	)		(0.31	)		(0.08	)		(0.01	)		(0.02	)

Net asset value, end of year	$	26.30		$	26.12		$	18.24		$	16.64		$	14.70

Total return		5.86	%		45.63	%		10.10	%²		13.24	%		25.78	%

Ratios to average net assets/ Supplemental data:
Net assets, end of year (in 000s)	$	1,139,273		$	639,021		$	363,561		$	216,958		$	128,828
Ratio of operating expenses to average net assets		0.94	%		0.91	%		0.93	%		0.94	%		0.96	%
Ratio of net investment income (loss) (expenses in excess of income) to average net assets		(0.07	)%		0.63	%		0.47	%		0.01	%		0.04	%
Portfolio turnover rate³		45	%		55	%		49	%		78	%		81	%


¹		Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
²		Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions as shown in the management discussion and analysis and as otherwise reported to shareholders.
³		Portfolio turnover is calculated at the fund level.

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year


	Small Cap Equity Portfolio Institutional Shares
	For the Years Ended October 31,
	2014¹			2013¹			2012¹			2011			2010¹

Net asset value, beginning of year	$	27.00		$	18.86		$	17.16		$	15.12		$	12.01

Income from investment operations:
Net investment income		0.01			0.11			0.13			0.05			0.03
Net realized and unrealized gain on investments		1.57			8.39			1.65			2.00			3.10

Total from investment operations		1.58			8.50			1.78			2.05			3.13

Distributions to shareholders from:
Net investment income		(0.11	)		(0.17	)		(0.08	)		(0.01	)		(0.02	)
Net realized capital gains		(1.19	)		(0.19	)		—			—			—

Total distributions		(1.30	)		(0.36	)		(0.08	)		(0.01	)		(0.02	)

Net asset value, end of year	$	27.28		$	27.00		$	18.86		$	17.16		$	15.12

Total return		6.10	%		45.82	%		10.38	%		13.53	%		26.12	%

Ratios to average net assets/ Supplemental data:
Net assets, end of year (in 000s)	$	531,853		$	154,993		$	14,305		$	249		$	1
Ratio of operating expenses to average net assets		0.74	%		0.75	%		0.73	%		0.74	%		0.76	%
Ratio of net investment income to average net assets		0.03	%		0.48	%		0.71	%		0.30	%		0.31	%
Portfolio turnover rate²		45	%		55	%		49	%		78	%		81	%


¹		Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
²		Portfolio turnover is calculated at the fund level.

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period


	Mid Cap
	Equity
	Portfolio
	Advisor
	Shares
	For the
	Period
	September 30,
	2014¹
	through
	October 31,
	2014²

Net asset value, beginning of year	$	10.00

Income from investment operations:
Net investment loss		(0.01	)
Net realized and unrealized gain on investments		0.24

Total from investment operations		0.23

Net asset value, end of year	$	10.23

Total return		2.30	%³

Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000s)	$	9,262
Ratio of operating expenses before waiver to net assets		1.58	%⁴
Ratio of operating expenses after waiver/reimbursement to average net assets		1.00	%⁴
Ratio of net expenses in excess of income to average net assets		(0.30	)%⁴
Portfolio turnover rate		3	%⁵


¹		Commencement of operations.
²		Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
³		Total return calculation is not annualized.
⁴		Annualized.
⁵		Calculation represents portfolio turnover for the Fund for the period of September 30, 2014 through October 31, 2014.

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year


	Large Cap Value Portfolio
	For the Year Ended October 31,
	2014			2013¹			2012			2011			2010

Net asset value, beginning of year	$	12.96		$	10.56		$	9.46		$	9.33		$	7.88

Income from investment operations:
Net investment income		0.03			0.08			0.13			0.07			0.06
Net realized and unrealized gain on investments		1.72			2.92			1.08			0.13	²		1.45

Total from investment operations		1.75			3.00			1.21			0.20			1.51

Distributions to shareholders from:
Net investment income		(0.05	)		(0.10	)		(0.11	)		(0.07	)		(0.06	)
Net realized capital gains		(1.81	)		(0.50	)		—			—			—

Total distributions		(1.86	)		(0.60	)		(0.11	)		(0.07	)		(0.06	)

Net asset value, end of year	$	12.85		$	12.96		$	10.56		$	9.46		$	9.33

Total return		15.48	%		29.90	%		12.86	%		2.10	%		19.14	%

Ratios to average net assets/ Supplemental data:
Net assets, end of year (in 000s)	$	98,642		$	95,748		$	77,107		$	86,873		$	47,484
Ratio of operating expenses to average net assets		0.92	%		0.90	%		0.91	%		0.92	%		0.95	%
Ratio of net investment income to average net assets		0.28	%		0.73	%		1.26	%		0.70	%		0.64	%
Portfolio turnover rate		106	%		147	%		157	%		164	%		118	%


¹		Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
²		The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized loss for the period due to the timing of purchases and redemptions of Portfolio shares in relation to the fluctuating net asset value per share of the Portfolio.

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year


	U.S. Emerging Growth Portfolio
	For the Year Ended October 31,
	2014			2013			2012¹			2011¹			2010¹

Net asset value, beginning of year	$	9.77		$	7.36		$	6.78		$	6.04		$	4.71

Income from investment operations:
Net investment income (loss)		0.00	²		0.07			0.01			(0.02	)		0.00	²
Net realized and unrealized gain on investments		0.65			2.41			0.58			0.76			1.34

Total from investment operations		0.65			2.48			0.59			0.74			1.34

Distributions to shareholders from:
Net investment income		(0.01	)		(0.07	)		(0.01	)		—			(0.01	)
Net realized capital gains		(0.08	)		—			—			—			—

Total distributions		(0.09	)		(0.07	)		(0.01	)		—			(0.01	)

Net asset value, end of year	$	10.33		$	9.77		$	7.36		$	6.78		$	6.04

Total return		6.69	%		33.94	%		8.77	%		12.25	%		28.54	%

Ratios to average net assets/ Supplemental data:
Net assets, end of year (in 000s)	$	38,485		$	37,481		$	27,385		$	18,671		$	17,643
Ratio of operating expenses to average net assets		0.96	%		0.96	%		1.00	%		0.98	%		1.00	%
Ratio of net investment income to average net assets		0.01	%		0.84	%		0.17	%		(0.22	)%		(0.06	)%
Portfolio turnover rate		127	%		134	%		120	%		157	%		109	%


¹		Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
²		Amount rounds to less than $0.01 per share.

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year


	Large Cap Core Portfolio (formerly known as Large Cap 100 Portfolio)
	For the Year Ended October 31,
	2014			2013			2012			2011¹			2010¹

Net asset value, beginning of year	$	18.57		$	14.10		$	12.62		$	11.49		$	9.75

Income from investment operations:
Net investment income		0.18			0.17			0.17			0.11			0.09
Net realized and unrealized gain on investments		3.54			4.46			1.48			1.12			1.74

Total from investment operations		3.72			4.63			1.65			1.23			1.83

Distributions to shareholders from:
Net investment income		(0.19	)		(0.16	)		(0.17	)		(0.10	)		(0.09	)
Net realized capital gains		(0.34	)		—			—			—			—

Total distributions		(0.53	)		(0.16	)		(0.17	)		(0.10	)		(0.09	)

Net asset value, end of year	$	21.76		$	18.57		$	14.10		$	12.62		$	11.49

Total return		20.46	%		33.02	%		13.14	%		10.69	%		18.81	%

Ratios to average net assets/ Supplemental data:
Net assets, end of year (in 000s)	$	724,089		$	287,542		$	115,204		$	91,070		$	86,428
Ratio of operating expenses to average net assets		0.87	%		0.86	%		0.88	%		0.88	%		0.89	%
Ratio of net investment income to average net assets		1.00	%		1.07	%		1.23	%		0.84	%		0.83	%
Portfolio turnover rate		73	%		90	%		104	%		103	%		103	%


¹		Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year


	Large Cap Growth Portfolio
	For the Year Ended October 31,
	2014			2013			2012			2011			2010¹

Net asset value, beginning of year	$	19.65		$	14.81		$	13.73		$	12.31		$	9.80

Income from investment operations:
Net investment income		0.14			0.14			0.07			0.07			0.04
Net realized and unrealized gain on investments		4.26			4.83			1.08			1.42			2.51

Total from investment operations		4.40			4.97			1.15			1.49			2.55

Distributions to shareholders from:
Net investment income		(0.14	)		(0.13	)		(0.07	)		(0.07	)		(0.04	)
Net realized capital gains		(0.86	)		—			—			—			—

Total distributions		(1.00	)		(0.13	)		(0.07	)		(0.07	)		(0.04	)

Net asset value, end of year	$	23.05		$	19.65		$	14.81		$	13.73		$	12.31

Total return		23.36	%		33.65	%		8.44	%		12.13	%		26.11	%

Ratios to average net assets/ Supplemental data:
Net assets, end of year (in 000s)	$	630,362		$	184,552		$	93,527		$	64,981		$	50,040
Ratio of operating expenses to average net assets		0.88	%		0.87	%		0.89	%		0.88	%		0.90	%
Ratio of net investment income to average net assets		0.70	%		0.85	%		0.52	%		0.56	%		0.38	%
Portfolio turnover rate		76	%		99	%		111	%		117	%		125	%


¹		Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year


	Long/Short Portfolio
	For the Year Ended October 31,
	2014¹			2013¹			2012¹			2011¹			2010¹

Net asset value, beginning of year	$	10.50		$	9.29		$	8.90		$	8.45		$	8.15

Income from investment operations:
Net investment loss		(0.07	)		(0.05	)		(0.08	)		(0.05	)		(0.04	)
Net realized and unrealized gain on investments		0.37			1.26			0.47			0.50			0.34

Total from investment operations		0.30			1.21			0.39			0.45			0.30

Net asset value, end of year	$	10.80		$	10.50		$	9.29		$	8.90		$	8.45

Total return		2.86	%²		13.02	%		4.38	%		5.33	%		3.68	%

Ratios to average net assets/ Supplemental data:
Net assets, end of year (in 000s)	$	109,965		$	29,108		$	13,752		$	14,367		$	11,344
Ratio of operating expenses before waiver/reimbursement to average net assets		2.48	%		2.62	%		3.20	%		2.81	%		2.72	%
Ratio of operating expenses after waiver/reimbursement to average net assets		2.13	%		2.27	%		2.80	%		2.36	%		2.33	%
Ratio of operating expenses after waiver/reimbursement excluding dividends on securities sold short		1.22	%		1.25	%		1.25	%		1.25	%		1.25	%
Ratio of net expenses in excess of income to average net assets		(0.63	)%		(0.53	)%		(0.83	)%		(0.74	)%		(0.47	)%
Portfolio turnover rate		150	%³		154	%³		128	%³		137	%³		636	%


¹		Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
²		Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions as shown in the management discussion and analysis and as otherwise reported to shareholders.
³		The calculation of the portfolio turnover rate for the fiscal years ended October 31, 2011, 2012, 2013 and 2014 reflects the absolute value of the long and short positions.

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year


	Total Market Portfolio
	For the Year Ended October 31,
	2014			2013			2012			2011¹			2010¹

Net asset value, beginning of year	$	12.78		$	9.68		$	9.01		$	8.36		$	7.02

Income from investment operations:
Net investment income		0.06			0.09			0.03			0.01			0.00	²
Net realized and unrealized gain on investments		2.29			3.09			0.68			0.65			1.35

Total from investment operations		2.35			3.18			0.71			0.66			1.35

Distributions to shareholders from:
Net investment income		(0.06	)		(0.08	)		(0.04	)		(0.01	)		(0.01	)
Net realized capital gains		(0.00	)²		—			—			—			—

Total distributions		(0.06	)		(0.08	)		(0.04	)		(0.01	)		(0.01	)

Net asset value, end of year	$	15.07		$	12.78		$	9.68		$	9.01		$	8.36

Total return		18.43	%		33.01	%		7.93	%		7.86	%		19.20	%

Ratios to average net assets/ Supplemental data:
Net assets, end of year (in 000s)	$	61,467		$	38,426		$	44,619		$	41,069		$	34,451
Ratio of operating expenses before waiver/reimbursement to average net assets		2.23	%		2.29	%		2.48	%		2.19	%		2.12	%
Ratio of operating expenses after waiver/reimbursement to average net assets		1.85	%		1.94	%		2.09	%		1.84	%		1.77	%
Ratio of operating expenses after waiver/reimbursement excluding dividends on securities sold short and flex fees		1.25	%		1.20	%		1.25	%		1.21	%		1.23	%
Ratio of net investment income to average net assets		0.41	%		0.83	%		0.29	%		0.14	%		0.05	%
Portfolio turnover rate		117	%³		138	%³		135	%³		123	%³		200	%


¹		Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
²		Amount rounds to less than $0.01 per share.
³		The calculation of the portfolio turnover rate for the fiscal years ended October 31, 2011, 2012, 2013 and 2014 reflects the absolute value of the long and short positions.

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year


	Secured Options Portfolio
														For the
														Period
														June 30,
														2010¹
														through
	For the Year Ended October 31,													October 31,
	2014				2013			2012			2011²			2010²

Net asset value, beginning of year	$	13.24			$	13.28		$	12.03		$	11.55		$	10.00

Income from investment operations:
Net investment loss		(0.11	)			(0.11	)		(0.10	)		(0.10	)		(0.03	)
Net realized and unrealized gain on investments		0.85				1.51			1.78			0.98			1.58

Total from investment operations		0.74				1.40			1.68			0.88			1.55

Net realized capital gains		(1.51	)			(1.44	)		(0.43	)		(0.40	)		—
				��
Total distributions		(1.51	)			(1.44	)		(0.43	)		(0.40	)		—

Net asset value, end of year	$	12.47			$	13.24		$	13.28		$	12.03		$	11.55

Total return		6.22	%			11.90	%		14.34	%		7.74	%		15.50	%³

Ratios to average net assets/ Supplemental data:
Net assets, end of year (in 000s)	$	365,675			$	381,546		$	375,175		$	257,619		$	112,876
Ratio of operating expenses to average net assets		0.87	%			0.86	%		0.88	%		0.90	%		1.02	%⁴
Ratio of net expenses in excess of income to average net assets		(0.81	)%			(0.81	)%		(0.85	)%		(0.85	)%		(0.91	)%⁴
Portfolio turnover rate		1,108	%			1,120	%		1,130	%		1,010	%		247	%


¹		Commencement of operations.
²		Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
³		Total return calculation is not annualized.
⁴		Annualized.

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period


	International Secured Options Portfolio
							For the
							Period
							September 28,
							2012¹
							through
	For the Year Ended October 31,						October 31,
	2014			2013²			2012²

Net asset value, beginning of year	$	11.52		$	10.15		$	10.00

Income from investment operations:
Net investment income (loss)		0.13			(0.08	)		(0.01	)
Net realized and unrealized gain (loss) on investments		(0.11	)		1.48			0.16

Total from investment operations		0.02			1.40			0.15

Distributions to shareholders from:
Net investment income		(0.11	)		—			—
Net realized capital gains		(0.85	)		(0.03	)		—

Total distributions		(0.96	)		(0.03	)		—

Net asset value, end of year	$	10.58		$	11.52		$	10.15

Total return		0.30	%		13.78	%		1.50	%³

Ratios to average net assets/Supplemental data:
Net assets, end of period (in 000s)	$	100,552		$	98,182		$	21,115
Ratio of operating expenses before waiver/reimbursement to average net assets		0.87	%		0.95	%		3.68	%⁴
Ratio of operating expenses after waiver/reimbursement to average net assets		0.87	%		0.95	%		1.00	%⁴
Ratio of net investment income to average net assets		1.20	%		(0.74	)%		(1.00	)%⁴
Portfolio turnover rate		81	%		7	%		0.00	%^5,6


¹		Commencement of operations.
²		Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
³		Total return calculation is not annualized.
⁴		Annualized.
⁵		Calculation represents portfolio turnover for the Fund for the period of September 28, 2012 through October 31, 2012.
⁶		Amount rounds to less than 0.01% per share.

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year


	International Portfolio
	For the Year Ended October 31,
	2014¹			2013¹			2012¹			2011¹			2010¹

Net asset value, beginning of year	$	14.52		$	11.88		$	12.06		$	13.36		$	12.34

Income from investment operations:
Net investment income		0.24			0.25			0.29			0.32			0.30
Net realized and unrealized gain (loss) on investments		(0.65	)		2.59			(0.15	)		(1.30	)		1.01

Total from investment operations		(0.41	)		2.84			0.14			(0.98	)		1.31

Distributions to shareholders from:
Net investment income		(0.28	)		(0.20	)		(0.31	)		(0.32	)		(0.29	)
Tax return of capital		—			—			(0.01	)		—			—

Total distributions		(0.28	)		(0.20	)		(0.32	)		(0.32	)		(0.29	)

Net asset value, end of year	$	13.83		$	14.52		$	11.88		$	12.06		$	13.36

Total return		(2.94	)%		24.21	%		1.28	%		(7.56	)%		10.88	%

Ratios to average net assets/ Supplemental data:
Net assets, end of year (in 000s)	$	37,520		$	63,344		$	156,046		$	271,428		$	388,843
Ratio of operating expenses to average net assets		—	%		1.15	%		1.14	%		1.13	%		1.13	%
Ratio of operating expenses before waiver/reimbursement to average net assets		1.24	%		—	%		—	%		—	%		—	%
Ratio of operating expenses after waiver/reimbursement to average net assets		1.23	%		—	%		—	%		—	%		—	%
Ratio of net investment income to average net assets		1.64	%		1.91	%		2.47	%		2.35	%		2.43	%
Portfolio turnover rate		47	%		43	%		45	%		40	%		36	%


¹		Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year


	Philadelphia International Fund
	For the Year Ended October 31,
	2014¹			2013¹			2012¹			2011¹			2010¹

Net asset value, beginning of year	$	13.17		$	10.75		$	10.86		$	12.04		$	11.18

Income from investment operations:
Net investment income		0.25			0.23			0.25			0.31			0.29
Net realized and unrealized gain (loss) on investments		(0.68	)		2.37			(0.04	)²		(1.18	)		0.84

Total from investment operations		(0.43	)		2.60			0.21			(0.87	)		1.13

Distributions to shareholders from:
Net investment income		(0.30	)		(0.18	)		(0.32	)		(0.31	)		(0.27	)
Tax return of capital		—			—			(0.00	)³		—			—

Total distributions		(0.30	)		(0.18	)		(0.32	)		(0.31	)		(0.27	)

Net asset value, end of year	$	12.44		$	13.17		$	10.75		$	10.86		$	12.04

Total return		(3.42	)%		24.42	%		2.03	%		(7.50	)%		10.48	%

Ratios to average net assets/ Supplemental data:
Net assets, end of year (in 000s)	$	18,643		$	26,365		$	45,425		$	83,633		$	106,189
Ratio of operating expenses before waiver/reimbursement to average net assets		1.21	%		1.07	%		1.00	%		0.94	%		0.93	%
Ratio of operating expenses after waiver/reimbursement to average net assets		1.00	%		1.00	%		1.00	%		0.94	%		0.93	%
Ratio of net investment income to average net assets		1.86	%		1.98	%		2.34	%		2.53	%		2.59	%
Portfolio turnover rate		57	%		63	%		53	%		51	%		40	%


¹		Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
²		The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized loss for the period due to the timing of purchases and redemptions of Portfolio shares in relation to the fluctuating net asset value per share of the Portfolio.
³		Amount rounds to less than $0.01 per share.

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year


	Philadelphia
	International
	Small Cap
	Fund
	Class I
	For the
	Period
	June 30,
	2014¹
	through
	October 31,
	2014²

Net asset value, beginning of year	$	12.76

Income from investment operations:
Net investment income		0.07
Net realized and unrealized loss on investments		(1.09	)

Total from investment operations		(1.02	)

Distributions to shareholders from:
Net investment income		(0.17	)

Total distributions		(0.17	)

Net asset value, end of year	$	11.57

Total return		(8.10	)%³

Ratios to average net assets/ Supplemental data:
Net assets, end of period (in 000s)	$	9
Ratio of operating expenses to average net assets		1.16	%⁴
Ratio of net investment income to average net assets		1.65	%⁴
Portfolio turnover rate		101	%⁵


¹		Commencement of operations.
²		Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
³		Total return calculation is not annualized.
⁴		Annualized.
⁵		Portfolio turnover is calculated at the fund level.

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year


	Philadelphia International Small Cap Fund Class IV
										For the
										Period
										May 31,
										2011¹
										through
	For the Years Ended October 31,									October 31,
	2014²			2013²			2012²			2011²

Net asset value, beginning of year	$	11.77		$	8.88		$	8.32		$	10.00

Income from investment operations:
Net investment income		0.30			0.26			0.27			0.11
Net realized and unrealized gain (loss) on investments		0.16	³		2.85			0.47			(1.65	)

Total from investment operations		0.46			3.11			0.74			(1.54	)

Distributions to shareholders from:
Net investment income		(0.33	)		(0.25	)		(0.21	)		(0.14	)
Net realized capital gains		(0.33	)		—			—			—

Total distributions		(0.66	)		(0.25	)		(0.21	)		(0.14	)

Purchase Premium		—			0.03			0.03			—
Redemption Fees		0.00	⁴		0.00	⁴		—			—
Net asset value, end of year	$	11.57		$	11.77		$	8.88		$	8.32

Total return⁶		3.96	%		35.97	%		9.41	%		(15.37	)%⁵

Ratios to average net assets/ Supplemental data:
Net assets, end of year (in 000s)	$	45,074		$	22,049		$	6,800		$	2,924
Ratio of operating expenses before waiver/reimbursement to average net assets		0.97	%		1.35	%		2.75	%		4.65	%⁷
Ratio of operating expenses after waiver/reimbursement to average net assets		0.97	%		1.10	%		1.10	%		1.10	%⁷
Ratio of net investment income to average net assets		2.44	%		2.55	%		3.21	%		2.90	%⁷
Portfolio turnover rate		101	%⁸		103	%		85	%		28	%


¹		Commencement of operations.
²		Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
³		The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain for the period due to the timing of purchases and redemptions of Portfolio shares in relation to the fluctuating net asset value per share of the Portfolio.
⁴		Amount rounds to less than $0.01 per share.
⁵		Total return calculation is not annualized.
⁶		Calculation excludes purchase premiums and redemption fees which were borne by the shareholders until March 12, 2014.
⁷		Annualized.
⁸		Portfolio turnover is calculated at the fund level.

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year


	Philadelphia
	International
	Emerging
	Markets
	Fund
	Class I
	For the
	Period
	June 30,
	2014¹
	through
	October 31,
	2014²

Net asset value, beginning of year	$	9.40

Income from investment operations:
Net investment income		0.08
Net realized and unrealized loss on investments		(0.50	)

Total from investment operations		(0.42	)

Distributions to shareholders from:
Net investment income		(0.13	)
Net realized capital gains		(0.34	)
Tax return of capital		(0.08	)

Total distributions		(0.55	)

Net asset value, end of year	$	8.43

Total return		(4.49	)%³

Ratios to average net assets/ Supplemental data:
Net assets, end of period (in 000s)	$	107
Ratio of operating expenses to average net assets		1.48	%⁴
Ratio of net investment income to average net assets		2.34	%⁴
Portfolio turnover rate		131	%⁵


¹		Commencement of operations.
²		Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
³		Total return calculation is not annualized.
⁴		Annualized.
⁵		Portfolio turnover is calculated at the fund level.

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year


	Philadelphia International Emerging Markets Fund Class IV
										For the
										Period
										June 30,
										2011¹
										through
	For the Years Ended October 31,									October 31,
	2014²			2013			2012²			2011²

Net asset value, beginning of year	$	9.35		$	8.74		$	8.45		$	10.00

Income from investment operations:
Net investment income		0.20			0.22			0.15			0.09
Net realized and unrealized gain (loss) on investments		(0.34	)		0.65			0.20			(1.72	)

Total from investment operations		(0.14	)		0.87			0.35			(1.63	)

Distributions to shareholders from:
Net investment income		(0.21	)		(0.19	)		(0.24	)		—
Net realized capital gains		(0.46	)		(0.08	)		—			—
Tax Return of capital		(0.10	)		—			—			—

Total distributions		(0.77	)		(0.27	)		(0.24	)		—

Purchase Premium		—			0.01			0.18			0.08
Redemption Fees		0.00	³		0.00	³		—			—
Net asset value, end of year	$	8.44		$	9.35		$	8.74		$	8.45

Total return⁶		(1.44	)%⁴		10.49	%		6.41	%⁴		(15.50	)%⁵

Ratios to average net assets/ Supplemental data:
Net assets, end of year (in 000s)	$	7,882		$	52,245		$	41,272		$	2,151
Ratio of operating expenses before waiver/reimbursement to average net assets		1.12	%		1.11	%		1.92	%		8.12	%⁷
Ratio of operating expenses after waiver/reimbursement to average net assets		1.12	%		1.11	%		1.25	%		1.25	%⁷
Ratio of net investment income to average net assets		2.21	%		2.50	%		1.71	%		2.98	%⁷
Portfolio turnover rate		131	%⁸		97	%		86	%		19	%


¹		Commencement of operations.
²		Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
³		Amount rounds to less than $0.01 per share.
⁴		Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions as shown in the management discussion and analysis and as otherwise reported to shareholders.
⁵		Total return calculation is not annualized.
⁶		Calculation excludes purchase premiums and redemption fees which were borne by the shareholders until March 12, 2014.
⁷		Annualized.
⁸		Portfolio turnover is calculated at the fund level.

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

Government Cash Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2014


Face
Amount			Value


*AGENCY NOTES — 55.3%**

		Federal Farm Credit Bank — 24.5%
$	18,300,000	1.625% due 11/19/14	$	18,313,077
	5,000,000	0.100% due 11/24/14¹		4,999,984
	15,000,000	0.160% due 2/5/15		14,999,709
	10,000,000	0.110% due 2/18/15¹		10,000,000
	19,000,000	0.270% due 2/24/15		19,006,949
	20,000,000	0.080% due 3/9/15¹		20,000,000
	10,000,000	0.230% due 3/16/15¹		10,004,130
	15,000,000	0.100% due 3/23/15¹		15,000,000
	10,000,000	0.100% due 3/30/15¹		9,999,793
	10,000,000	0.350% due 5/1/15¹		10,013,070
	10,000,000	0.100% due 5/18/15¹		10,000,000
	10,000,000	0.150% due 7/9/15		9,998,493
	10,000,000	0.120% due 7/17/15¹		9,999,647
	10,000,000	0.160% due 8/25/15¹		10,003,307
	15,000,000	0.180% due 9/18/15¹		15,010,583

				187,348,742


		Federal Home Loan Bank — 23.6%
	16,060,000	0.125% due 11/18/14		16,059,646
	10,000,000	0.125% due 2/3/15		9,998,783
	15,000,000	0.140% due 2/18/15		15,000,758
	20,000,000	0.125% due 5/1/15		19,999,793
	15,000,000	0.125% due 6/19/15		14,996,030
	10,000,000	0.125% due 8/13/15		9,994,519
	13,000,000	0.220% due 8/19/15¹		13,009,456
	10,000,000	0.440% due 8/28/15		10,020,335
	15,000,000	0.125% due 9/2/15		14,990,296
	20,860,000	1.750% due 9/11/15		21,142,044
	15,000,000	0.200% due 10/1/15		14,998,902
	20,000,000	0.220% due 10/7/15¹		20,018,927

				180,229,489


		Federal National Mortgage Association — 7.2%
	15,000,000	2.625% due 11/20/14		15,019,089
	15,000,000	0.480% due 11/21/14¹		15,003,089
	13,723,000	0.750% due 12/19/14		13,733,261
	11,079,000	2.000% due 9/21/15		11,258,264

				55,013,703


		TOTAL AGENCY NOTES (Amortized Cost $422,591,934)		422,591,934

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

Government Cash Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Face
Amount					Value

*REPURCHASE AGREEMENTS — 44.7%**
$	30,000,000	With RBS Greenwich, Inc., dated 10/31/14, 0.080%, principal and interest in the amount of $30,000,200, due 11/3/14, (collateralized by a U.S. Treasury Note with a par value of $30,086,000, coupon rate of 2.250%, due 4/30/21, market value of $30,612,505)			$	30,000,000
	156,486,722	With Societe Generale, dated 10/31/14, 0.080%, principal and interest in the amount of $156,487,765, due 11/3/14, (collateralized by a U.S. Treasury Bond with a par value of $165,260,000, coupon rate of 1.625%, due 11/15/22, market value of $159,616,371)				156,486,722
	155,000,000	With UBS AG, dated 10/31/14, 0.090%, principal and interest in the amount of $155,001,163, due 11/3/14, (collateralized by U.S. Treasury Notes with a par value of $157,952,700, coupon rates of 1.250% — 1.375%, due 9/30/18 — 1/31/19, total market value of $158,100,437)				155,000,000


		TOTAL REPURCHASE AGREEMENTS (Amortized Cost $341,486,722)				341,486,722

TOTAL INVESTMENTS (Amortized Cost $764,078,656)²			100.0	%	$	764,078,656
OTHER ASSETS IN EXCESS OF LIABILITIES			0.0			357,228

NET ASSETS			100.0	%	$	764,435,884


*		Percentages indicated are based on net assets.
¹		Floating Rate Bond. Rate shown is as of October 31, 2014.
²		Aggregate cost for federal tax purposes was $764,078,656.

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

Government Cash Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2014

AGENCY DIVERSIFICATION

On October 31, 2014, agency diversification of the Portfolio was as follows (Unaudited):


	% of
	Net Assets			Value

AGENCIES:
Federal Farm Credit Bank		24.5	%	$	187,348,742
Federal Home Loan Bank		23.6			180,229,489
Federal National Mortgage Association		7.2			55,013,703

TOTAL		55.3	%	$	422,591,934
REPURCHASE AGREEMENTS		44.7			341,486,722

TOTAL INVESTMENTS		100.0	%	$	764,078,656

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

Tax-Exempt Cash Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2014


Face
Amount			Value


*VARIABLE/FLOATING RATE NOTES^,1 — 97.1%**

		Daily Variable/Floating Rate Notes — 48.1%
$	700,000	California Pollution Control Financing Authority, Pollution Control Revenue, Refunding, ExxonMobil Corp. Project,
		0.03% due 4/1/17	$	700,000
	7,395,000	California State Communities Development Authority Revenue, Chevron USA Inc. Project,
		0.04% due 5/15/24		7,395,000
	6,750,000	California State Municipal Finance Authority Revenue, Chevron USA Inc., Series A,
		0.04% due 11/1/35		6,750,000
	7,390,000	Charlotte Mecklenburg Hospital Authority, Health Care System Revenue, Carolinas Healthcare, Series B, (SPA: J.P. Morgan Chase),
		0.06% due 1/15/38		7,390,000
	7,030,000	Charlotte Mecklenburg Hospital Authority, Health Care System Revenue, Carolinas Healthcare, Series C, (LOC: U.S. Bank N.A.),
		0.06% due 1/15/26		7,030,000
	11,355,000	Charlotte Mecklenburg Hospital Authority, Health Care System Revenue, Carolinas Healthcare, Series D (LOC: U.S. Bank N.A.),
		0.05% due 1/15/26		11,355,000
	4,000,000	Connecticut State Health & Educational Facilities Authority Revenue, Yale University, Series V-2,
		0.05% due 7/1/36		4,000,000
	4,150,000	Connecticut State Health & Educational Facilities Authority Revenue, Yale University, Series Y-3,
		0.05% due 7/1/35		4,150,000
	130,000	Delaware County, Pennsylvania, Industrial Development Authority, Airport Facilities Revenue, United Parcel Service Project, DATES,
		0.06% due 12/1/15		130,000
	100,000	East Baton Rouge Parish Industrial Development Board Inc, Revenue Bonds, ExxonMobil Corp. Project,
		0.06% due 8/1/35		100,000
	4,550,000	East Baton Rouge Parish, Louisiana, Industrial Development Board Revenue, ExxonMobil Corp. Project,
		0.06% due 12/1/51		4,550,000
	3,700,000	East Baton Rouge Parish, Louisiana, Industrial Development Board Revenue, ExxonMobil Corp. Project, Series B,
		0.06% due 12/1/40		3,700,000

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

Tax-Exempt Cash Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Face
Amount			Value

*VARIABLE/FLOATING RATE NOTES^,1 — (Continued)**
		Daily Variable/Floating Rate Notes — (Continued)

$	2,800,000	East Baton Rouge Parish, Louisiana, Pollution Control Revenue, ExxonMobil Corp. Project,
		0.07% due 11/1/19	$	2,800,000
	7,500,000	Geisinger Authority, Pennsylvania, Health System Revenue, Geisinger Health System, Series A, (SPA: Wells Fargo Bank N.A.),
		0.05% due 5/15/35		7,500,000
		Gulf Coast Waste Disposal Authority, Texas, Pollution Control Revenue, Refunding, ExxonMobil Corp. Project:
	1,900,000	0.060% due 6/1/20		1,900,000
	3,100,000	0.060% due 10/1/24		3,100,000
	1,000,000	Harris County, Texas, Industrial Development Corp., Pollution Control Revenue, ExxonMobil Corp. Project,
		0.06% due 3/1/24		1,000,000
	4,400,000	Jackson County, Mississippi, Pollution Control Revenue, Refunding, Chevron USA Inc. Project,
		0.06% due 12/1/16		4,400,000
	8,735,000	Jackson County, Mississippi, Port Facilities Revenue, Chevron USA Inc. Project,
		0.07% due 6/1/23		8,735,000
	7,450,000	Joliet, Illinois, Regional Port District, Marine Terminal Revenue, ExxonMobil Corp. Project,
		0.06% due 10/1/24		7,450,000
	6,600,000	Lincoln County, Wyoming, Pollution Control Revenue, ExxonMobil Corp. Project,
		0.07% due 8/1/15		6,600,000
	300,000	Lincoln County, Wyoming, Pollution Control Revenue, ExxonMobil Corp. Project, Series A, DATES,
		0.06% due 11/1/14		300,000
	1,400,000	Lincoln County, Wyoming, Pollution Control Revenue, ExxonMobil Corp. Project, Series C, DATES,
		0.06% due 11/1/14		1,400,000
	7,000,000	Lincoln County, Wyoming, Pollution Control Revenue, ExxonMobil Corp. Project, Series D, DATES,
		0.06% due 11/1/14		7,000,000
	2,025,000	Massachusetts Health and Educational Facilities Authority Revenue, Wellesley College, Series G,
		0.05% due 7/1/39		2,025,000
	1,700,000	Massachusetts Health and Educational Facilities Authority Revenue, Wellesley College, Series I,
		0.05% due 7/1/39		1,700,000

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

Tax-Exempt Cash Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Face
Amount			Value

*VARIABLE/FLOATING RATE NOTES^,1 — (Continued)**
		Daily Variable/Floating Rate Notes — (Continued)

$	4,900,000	Massachusetts State Health & Educational Facilities Authority Revenue, Amherst College Project, Series J-2,
		0.05% due 11/1/35	$	4,900,000
	5,050,000	Massachusetts State Health & Educational Facilities Authority Revenue, Harvard University, Series R,
		0.05% due 11/1/49		5,050,000
	4,500,000	Massachusetts State Health & Educational Facilities Authority Revenue, Tufts University, Series N-1, (SPA: U.S. Bank N.A.),
		0.05% due 8/15/40		4,500,000
	14,600,000	Metropolitan Transportation Authority, NY, Dedicated Tax Funds Revenue, Series A-1, (SPA: Royal Bank of Canada),
		0.07% due 11/1/31		14,600,000
	7,095,000	Metropolitan Washington Airports Authority, Airport System, Revenue Bonds, Series D-2, (LOC: TD Bank N.A.),
		0.07% due 10/1/39		7,095,000
	8,000,000	Mississippi Business Finance Commission, Mississippi Gulf Opportunity Zone, Chevron USA Inc. Project, Series A,
		0.06% due 12/1/30		8,000,000
	6,650,000	Mississippi Business Finance Commission, Mississippi Gulf Opportunity Zone, Chevron USA Inc. Project, Series F,
		0.06% due 11/1/35		6,650,000
	1,165,000	Mississippi Business Finance Corp, Mississippi Gulf Opportunity Zone, Chevron USA Inc. Project, Series C,
		0.07% due 12/1/30		1,165,000
	9,285,000	Mississippi Business Finance Corp, Mississippi Gulf Opportunity Zone, Chevron USA Inc. Project, Series G,
		0.07% due 11/1/35		9,285,000
	1,400,000	Missouri State Health & Educational Facilities Authority, Educational Facilities Revenue, St. Louis University, Series A-1, (LOC: Wells Fargo Bank N.A.),
		0.07% due 10/1/35		1,400,000
	10,500,000	Missouri State Health & Educational Facilities Authority, Educational Facilities Revenue, Washington University, Series B, (SPA: U.S. Bank N.A.),
		0.07% due 2/15/33		10,500,000
	4,100,000	Missouri State Health & Educational Facilities Authority, Educational Facilities Revenue, Washington University, Series C, (SPA: U.S. Bank N.A.),
		0.07% due 3/1/40		4,100,000

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

Tax-Exempt Cash Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Face
Amount			Value

*VARIABLE/FLOATING RATE NOTES^,1 — (Continued)**
		Daily Variable/Floating Rate Notes — (Continued)

$	2,150,000	Mobile County, Alabama, Industrial Development Authority, Pollution Control Revenue, ExxonMobil Project,
		0.08% due 7/15/32	$	2,150,000
	10,010,000	New Hampshire Health & Education Facilities Authority Revenue, Dartmouth College, Series A, (SPA: J.P. Morgan Chase),
		0.07% due 6/1/31		10,010,000
	14,300,000	New Hampshire Health & Education Facilities Authority Revenue, Dartmouth College, Series B, (SPA: Bank of New York Mellon),
		0.06% due 6/1/41		14,300,000
	7,100,000	New York City, New York, City Transitional Finance Authority Revenue, Future Tax, Series A-4, (SPA: TD Bank N.A.),
		0.06% due 11/1/29		7,100,000
	4,300,000	New York City, New York, City Transitional Finance Authority Revenue, NYC Recovery, Series 1, Subseries 1D, (SPA: Landesbank Hessen-Thuerigen),
		0.08% due 11/1/22		4,300,000
	730,000	New York City, New York, City Transitional Finance Authority Revenue, NYC Recovery, Series 3, Subseries 3-E, (SPA: Landesbank Baden-Wurttemberg),
		0.08% due 11/1/22		730,000
	5,510,000	New York City, New York, City Transitional Finance Authority Revenue, NYC Recovery, Series 3, Subseries 3-F, (SPA: Royal Bank of Canada),
		0.07% due 11/1/22		5,510,000
	12,500,000	New York City, New York, General Obligation Unlimited, Subseries I-5, (LOC: Bank of New York Mellon),
		0.07% due 4/1/36		12,500,000
	22,100,000	New York City, New York, Municipal Water Finance Authority, Water & Sewer System Revenue, Second General Resolution, CC-1, (SPA: Bank of Nova Scotia),
		0.06% due 6/15/38		22,100,000
	6,590,000	Ohio State Higher Educational Facility Commission, Cleveland Clinic Health System Obligated Group, Revenue Bonds, Series B-1 (SPA: Wells Fargo Bank N.A.),
		0.06% due 1/1/39		6,590,000
	6,465,000	Philadelphia, Pennsylvania, Hospitals & Higher Education Facilities Authority Revenue, Childrens Hospital Project, Series A, (SPA: Wells Fargo Bank N.A.),
		0.07% due 2/15/21		6,465,000

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

Tax-Exempt Cash Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Face
Amount			Value

*VARIABLE/FLOATING RATE NOTES^,1 — (Continued)**
		Daily Variable/Floating Rate Notes — (Continued)

$	5,925,000	Philadelphia, Pennsylvania, Hospitals & Higher Education Facilities Authority Revenue, Childrens Hospital Project, Series B, (SPA: J.P. Morgan Chase),
		0.07% due 7/1/25	$	5,925,000
	2,000,000	Port Arthur, Texas, Navigation District Revenue, Refunding, Texaco Inc. Project,
		0.06% due 10/1/24		2,000,000
	1,488,000	Texas Water Development Board Revenue, Series A, (SPA: J.P. Morgan Chase),
		0.07% due 7/15/19		1,488,000
	1,600,000	Uinta County, Wyoming, Pollution Control Revenue, Chevron USA Inc. Project,
		0.07% due 8/15/20		1,600,000
	6,575,000	University of California Regents Medical Center, Pooled Revenue, Series B-2, (SPA: Wells Fargo Bank N.A.),
		0.04% due 5/15/32		6,575,000
	7,400,000	University of Michigan, University Revenue, Series A, (SPA: Wells Fargo Bank N.A.),
		0.05% due 4/1/38		7,400,000
	13,910,000	University of North Carolina Hospital, Chapel Hill Revenue, Series A, (SPA: Landesbank Hessen-Thuerigen),
		0.07% due 2/15/31		13,910,000
	3,000,000	Valdez City, Alaska, Marine Terminal Revenue Bonds, ExxonMobil Pipeline Co. Project, Series B,
		0.08% due 12/1/33		3,000,000
	7,900,000	Valdez, Alaska, Marine Terminal Revenue, ExxonMobil Corp. Project,
		0.06% due 12/1/29		7,900,000
	600,000	Valdez, Alaska, Marine Terminal Revenue, ExxonMobil Pipeline Co. Project,
		0.06% due 10/1/25		600,000
	1,530,000	Virginia College Building Authority, Virginia, Educational Facilities Revenue, 21st Century College, Series C, (SPA: Wells Fargo Bank N.A.),
		0.08% due 2/1/26		1,530,000
	800,000	Wisconsin State Health & Educational Facilities Authority Revenue, Goodwill Industries of North Central Wisconsin, (LOC: Wells Fargo Bank N.A.),
		0.06% due 11/1/25		800,000

		Total Daily Variable/Floating Rate Notes (Amortized Cost $334,888,000)		334,888,000

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

Tax-Exempt Cash Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Face
Amount			Value

*VARIABLE/FLOATING RATE NOTES^,1 — (Continued)**

		Weekly Variable/Floating Rate Notes — 49.0%
$	14,000,000	Alaska State International Airports Revenue, Series A, (LOC: State Street Bank & Trust Co.),
		0.05% due 10/1/30	$	14,000,000
	1,225,000	Baltimore, Maryland, Industrial Development Authority, Baltimore Capital Acquisition, (LOC: Bayerische Landesbank),
		0.08% due 8/1/16		1,225,000
	2,100,000	California State Educational Facilities Authority, Revenue Bonds, Stanford University, Series L,
		0.04% due 10/1/22		2,100,000
	9,000,000	California State General Obligation Unlimited Series A-1, (LOC: Royal Bank of Canada),
		0.04% due 5/1/40		9,000,000
	15,000,000	California State General Obligation Unlimited, Series B, (LOC: Barclays Bank PLC),
		0.04% due 5/1/40		15,000,000
	800,000	Colorado Educational & Cultural Facility Authority Revenue, Boulder Country Day School, (LOC: Wells Fargo Bank N.A.),
		0.16% due 9/1/26		800,000
	2,977,000	Colorado Educational and Cultural Facilities Authority Revenue, Nature Conservancy Project A,
		0.05% due 7/1/27		2,977,000
	6,320,000	Colorado Housing and Finance Authority, Revenue Bonds, Class I, (SPA: FHLB),
		0.06% due 4/1/20		6,320,000
	12,000,000	Connecticut State Health & Educational Facility Authority Revenue, Yale University, Series U2,
		0.03% due 7/1/33		12,000,000
	750,000	Englewood, Colorado, Multi-Family Housing Revenue, Refunding, Marks East Apartments, (FHLMC Insured),
		0.07% due 12/1/34		750,000
	10,650,000	Englewood, Colorado, Multi-Family Housing Revenue, Refunding, Marks West Apartments, (FHLMC Insured),
		0.05% due 12/1/26		10,650,000
	945,000	Franklin County, Ohio, Hospital Revenue, US Health Corp. Project, Series B, (LOC: U.S. Bank N.A.),
		0.05% due 12/1/20		945,000
	8,915,000	Guilford County, North Carolina, General Obligations Unlimited, Series B, (SPA: Branch Banking & Trust),
		0.05% due 4/1/27		8,915,000

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

Tax-Exempt Cash Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Face
Amount			Value

*VARIABLE/FLOATING RATE NOTES^,1 — (Continued)**
		Weekly Variable/Floating Rate Notes — (Continued)

$	5,170,000	JEA, Florida, Electric System Revenue, Series 3-A, (SPA: Royal Bank of Canada),
		0.04% due 10/1/36	$	5,170,000
	601,000	Kern Water Bank Authority California Revenue, Series A, (LOC: Wells Fargo Bank N.A.),
		0.04% due 7/1/28		601,000
	10,000,000	King County, Washington, General Obligation Limited, Multi-Modal, Series A, (LOC: State Street Bank & Trust Co.),
		0.05% due 1/1/40		10,000,000
	6,160,000	Los Angeles, California, Community Redevelopment Agency, Multi-Family Housing Revenue, Forest City South Park II Apts, (FNMA Insured),
		0.04% due 12/15/24		6,160,000
	3,000,000	Loudoun County Industrial Development Authority Revenue, Howard Hughes Medical Institute, Series A,
		0.06% due 2/15/38		3,000,000
		Loudoun County Industrial Development Authority Revenue, Howard Hughes Medical Institute, Series B:
	2,000,000	0.060% due 2/15/38		2,000,000
	12,000,000	0.040% due 10/1/39		12,000,000
	6,000,000	Loudoun County Industrial Development Authority Revenue, Howard Hughes Medical Institute, Series C,
		0.04% due 2/15/38		6,000,000
	6,800,000	Massachusetts State Health & Educational Facilities Authority Revenue, Amherst College Project, Series F,
		0.04% due 11/1/26		6,800,000
	3,795,000	Massachusetts State Health & Educational Facilities Authority Revenue, Amherst College Project, Series I,
		0.04% due 11/1/28		3,795,000
	2,610,000	Massachusetts State Health & Educational Facilities Authority Revenue, Boston University Project, Series H, (LOC: State Street Bank & Trust Co.),
		0.03% due 12/1/29		2,610,000
	6,200,000	Massachusetts State Water Resource Authority, General Obligations, Series B, (LOC: Landesbank Hessen-Thuerigen),
		0.06% due 8/1/28		6,200,000
	2,200,000	Minneapolis, Minnesota, Multi-Family Housing Revenue, Catholic Eldercare Community, (LOC: Wells Fargo Bank N.A.),
		0.16% due 12/1/27		2,200,000

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

Tax-Exempt Cash Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Face
Amount			Value

*VARIABLE/FLOATING RATE NOTES^,1 — (Continued)**
		Weekly Variable/Floating Rate Notes — (Continued)

$	5,000,000	New Hampshire Health & Education Facilities Authority Revenue, Dartmouth College, (SPA: J.P. Morgan Chase),
		0.05% due 6/1/32	$	5,000,000
	2,600,000	New Jersey State Educational Facilities Authority Revenue, Refunding, Institute For Advanced Study, Series B, (SPA: Wells Fargo Bank N.A.),
		0.03% due 7/1/31		2,600,000
	6,200,000	New York City, New York, City Housing Development Corp., Multi-Family Rental Housing Revenue, 90 Washington Street, Series A, (FNMA Insured),
		0.05% due 2/15/35		6,200,000
	4,900,000	New York City, New York, City Transitional Finance Authority Revenue, Future Tax, Series A-1, (SPA: TD Bank N.A.),
		0.05% due 11/15/28		4,900,000
	4,000,000	New York State Dormitory Authority Revenue, Columbia, Series B,
		0.05% due 7/1/28		4,000,000
	6,300,000	New York State Housing Finance Agency Revenue, North End, Series A, (FNMA Insured),
		0.05% due 11/15/36		6,300,000
		North Carolina Educational Facilities Finance Agency Revenue, Duke University Project, Series A:
	3,000,000	0.030% due 12/1/17		3,000,000
	10,300,000	0.030% due 6/1/27		10,300,000
	11,115,000	North Carolina Educational Facilities Finance Agency Revenue, Duke University Project, Series B,
		0.04% due 12/1/21		11,115,000
	6,500,000	Ohio State University General Receipts,
		0.03% due 12/1/21		6,500,000
	8,765,000	Ohio State University, Series B,
		0.03% due 12/1/29		8,765,000
	7,000,000	Ohio State University, Series E,
		0.03% due 6/1/35		7,000,000
	8,725,000	Ohio State, General Obligation Unlimited, Series C,
		0.03% due 6/15/26		8,725,000
	6,500,000	Private Colleges & Universities Authority Georgia Revenue, Emory University, Series B-3,
		0.04% due 9/1/35		6,500,000
	5,555,000	Private Colleges & Universities Authority Georgia Revenue, Emory University, Series C-1,
		0.05% due 9/1/36		5,555,000

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

Tax-Exempt Cash Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Face
Amount			Value

*VARIABLE/FLOATING RATE NOTES^,1 — (Continued)**
		Weekly Variable/Floating Rate Notes — (Continued)

$	1,900,000	Private Colleges & Universities Authority Georgia Revenue, Emory University, Series C-5,
		0.05% due 9/1/36	$	1,900,000
	11,750,000	Purdue University, Indiana, Certificate of Participation, Series A,
		0.03% due 7/1/35		11,750,000
	6,275,000	Purdue University, Indiana, University Revenues, Student Facilities System, Series A,
		0.05% due 7/1/33		6,275,000
	5,185,000	Purdue University, Indiana, University Revenues, Student Facilities System, Series C,
		0.03% due 7/1/32		5,185,000
	10,950,000	Rhode Island Health & Educational Building Corp. Revenue, Higher Education Facilities, Brown, Series A,
		0.06% due 5/1/35		10,950,000
	219,000	Roseville, Minnesota, Commercial Development Revenue, Berger Transfers & Storage, Series F, (LOC: Wells Fargo Bank N.A.),
		0.16% due 12/1/15		219,000
	12,760,000	South Dakota Housing Development Authority Revenue, Home Ownership Meeting, Series C-2, (SPA: Landesbank Hessen-Thuerigen),
		0.10% due 5/1/32		12,760,000
	6,925,000	South Dakota Housing Development Authority, Revenue Bonds, Homeownership, Series D, (SPA: Bank of New York Mellon),
		0.06% due 11/1/31		6,925,000
	2,860,000	University of North Carolina, Revenue Bonds, Series B,
		0.03% due 12/1/25		2,860,000
	8,140,000	University of North Carolina, Revenue Bonds, Series C,
		0.03% due 12/1/25		8,140,000
		University of Texas, University Revenue, Financing System, Series B:
	3,005,000	0.030% due 8/1/16		3,005,000
	3,470,000	0.050% due 8/1/33		3,470,000

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

Tax-Exempt Cash Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Face
Amount					Value

*VARIABLE/FLOATING RATE NOTES^,1 — (Continued)**
		Weekly Variable/Floating Rate Notes — (Continued)

$	3,985,000	0.030% due 8/1/34			$	3,985,000
	9,800,000	0.030% due 8/1/39				9,800,000
	6,505,000	Washington State, Housing Finance Commission, Single Family Program, (SPA: State Street Bank & Trust Co.),
		0.04% due 6/1/48				6,505,000

		Total Weekly Variable/Floating Rate Notes (Amortized Cost $341,407,000)				341,407,000


		TOTAL VARIABLE/FLOATING RATE NOTES (Amortized Cost $676,295,000)				676,295,000


*FIXED RATE NOTES — 2.9%**
	20,000,000	Texas State, General Obligation Unlimited, TRANS,
		1.50% due 8/31/15				20,227,920


		TOTAL FIXED RATE NOTES (Amortized Cost $20,227,920)				20,227,920

TOTAL INVESTMENTS (Amortized Cost $696,522,920)²			100.0	%	$	696,522,920
OTHER ASSETS IN EXCESS OF LIABILITIES			0.0			43,356

NET ASSETS			100.0	%	$	696,566,276


*		Percentages indicated are based on net assets.
¹		Demand Security; payable upon demand by the Fund with usually no more than thirty (30) calendar day’s notice. The coupon rate shown on floating or adjustable rate securities represents the rate at period end. The due dates on these types of securities reflect the final maturity date.
²		Aggregate cost for federal tax purposes was $696,522,920.
Abbreviations:
DATES — Daily Adjustable Tax-Exempt Securities
FHLB — Federal Home Loan Bank
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
LOC — Letter of Credit
SPA — Stand-By Purchase Agreement
TRANS — Tax and Revenue Anticipation Notes

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

Tax-Exempt Cash Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2014

COUPON TYPE

On October 31, 2014, coupon type of the Portfolio was as follows (Unaudited):


	% of
	Net Assets			Value

COUPON TYPE:
Variable/Floating Rate Notes		97.1	%	$	676,295,000
Fixed Rate Notes		2.9			20,227,920

TOTAL INVESTMENTS		100.0	%	$	696,522,920

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

Core Fixed Income Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2014


Face
Amount			Value


*AGENCY NOTES — 12.1%**

		Federal Home Loan Bank — 6.2%
$	4,500,000	4.125% due 12/13/19	$	4,988,758
	19,000,000	5.000% due 11/17/17		21,191,935

				26,180,693


		Federal Home Loan Mortgage Corporation — 4.6%
	8,135,000	5.125% due 10/18/16		8,847,358
	10,000,000	3.750% due 3/27/19¹		10,897,470

				19,744,828


		Federal National Mortgage Association — 1.3%
	5,000,000	5.000% due 5/11/17		5,517,685

				5,517,685


		TOTAL AGENCY NOTES (Cost $51,182,598)		51,443,206


*MORTGAGE-BACKED SECURITIES^,2 — 21.9%**

		Federal Home Loan Mortgage Corporation — 4.8%
	544	# G00807, 9.500% due 3/1/21		550
	463,752	# G12342, 5.500% due 8/1/21		502,385
	64,203	# J03604, 5.500% due 10/1/21		67,989
	62,924	# J03649, 5.500% due 10/1/21		68,528
	241,946	# J03536, 5.500% due 11/1/21		256,033
	178,021	# G12442, 6.000% due 11/1/21		195,631
	134,444	# G18163, 5.500% due 1/1/22		146,419
	497,555	# G13396, 5.500% due 12/1/23		543,289
	62,835	# D78677, 8.000% due 3/1/27		65,968
	309,380	# C00742, 6.500% due 4/1/29		356,477
	90,518	# A57845, 7.000% due 2/1/37		98,196
	198,417	# A68937, 6.000% due 11/1/37		223,908
	99,010	# A68332, 5.500% due 11/1/37		110,248
	541,715	# A70446, 5.000% due 12/1/37		598,520
	972,677	# A69653, 5.500% due 12/1/37		1,083,075
	843,942	# A73370, 5.000% due 2/1/38		932,438
	1,072,087	# A90421, 4.500% due 12/1/39		1,161,582
	1,045,195	# A92890, 4.500% due 7/1/40		1,133,396
	4,150,635	# A97620, 4.500% due 3/1/41		4,498,406
	4,888,221	# C03770, 3.500% due 2/1/42		5,056,836
	3,427,335	# Q07651, 3.500% due 4/1/42		3,546,501

				20,646,375

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

Core Fixed Income Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Face
Amount			Value

*MORTGAGE-BACKED SECURITIES^,2 — (Continued)**

		Federal National Mortgage Association — 15.8%
$	2,618	# 535729, 6.500% due 2/1/16	$	2,670
	5,604	# 535962, 6.500% due 5/1/16		5,739
	2,281	# 595134, 6.500% due 7/1/16		2,328
	12,199	# 596498, 6.000% due 7/1/16		12,524
	2,791	# 608777, 6.500% due 10/1/16		2,883
	52,345	# 625990, 5.500% due 12/1/16		55,293
	5,121	# 643340, 6.500% due 3/1/17		5,240
	15,386	# 555016, 6.500% due 10/1/17		16,173
	100,912	# 686230, 5.500% due 2/1/18		106,632
	153,125	# 254685, 5.000% due 4/1/18		161,640
	142,634	# 740449, 5.500% due 9/1/18		150,757
	61,798	# 768557, 5.500% due 2/1/19		65,346
	76,196	# 255159, 5.500% due 3/1/19		81,826
	1,323	# 313796, 9.500% due 2/1/21		1,341
	1,979	# 125275, 7.000% due 3/1/24		2,204
	14,440	# 313795, 9.500% due 1/1/25		15,659
	2,174,202	# AH6827, 4.000% due 3/1/26		2,333,531
	1,678,501	# AI1657, 4.000% due 4/1/26		1,801,168
	2,539,523	# AB3900, 3.000% due 11/1/26		2,641,387
	26,261	# 373328, 8.000% due 3/1/27		26,361
	2,851,050	# AK4751, 3.000% due 4/1/27		2,965,818
	49,733	# 390895, 8.000% due 6/1/27		56,248
	7,006,814	# AO0533, 3.000% due 6/1/27		7,288,881
	124,056	# 397602, 8.000% due 8/1/27		140,281
	2,349	# 499335, 6.500% due 8/1/29		2,666
	11,136	# 252806, 7.500% due 10/1/29		13,622
	426	# 523497, 7.500% due 11/1/29		489
	2,660	# 588945, 7.000% due 6/1/31		2,994
	149,933	# 607862, 7.000% due 9/1/31		172,343
	14,712	# 656872, 6.500% due 8/1/32		16,824
	19,991	# 687575, 7.000% due 2/1/33		20,401
	640,702	# 789856, 6.000% due 8/1/34		724,953
	224,784	# 820811, 6.000% due 4/1/35		256,150
	137,332	# 829202, 5.000% due 7/1/35		152,111
	342,703	# 826586, 5.000% due 8/1/35		380,271
	58,177	# 867021, 7.000% due 3/1/36		60,258
	77,308	# 256216, 7.000% due 4/1/36		85,585
	329,276	# 898412, 5.000% due 10/1/36		364,540
	96,248	# 910894, 5.000% due 2/1/37		106,556
	87,337	# 912456, 6.500% due 3/1/37		99,121
	80,137	# 939512, 5.000% due 6/1/37		88,719
	195,263	# 959877, 5.000% due 11/1/37		216,175
	1,284,850	#973241, 5.000% due 3/1/38		1,422,451

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

Core Fixed Income Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Face
Amount			Value

*MORTGAGE-BACKED SECURITIES^,2 — (Continued)**
		Federal National Mortgage Association — (Continued)

$	315,946	# 975593, 5.000% due 6/1/38	$	349,782
	462,416	# 257573, 5.500% due 2/1/39		515,833
	1,420,516	# AD7128, 4.500% due 7/1/40		1,543,186
	8,890,073	# AH1568, 4.500% due 12/1/40		9,709,895
	5,114,189	# AH6991, 4.000% due 1/1/41		5,438,306
	3,768,378	# AH4004, 4.500% due 3/1/41		4,093,149
	3,049,843	# AH8351, 4.000% due 3/1/41		3,242,644
	1,957,530	# AJ1315, 4.000% due 9/1/41		2,080,748
	2,684,371	# AI8779, 4.000% due 11/1/41		2,853,339
	5,352,000	# AJ5958, 4.000% due 12/1/41		5,688,883
	2,220,607	# AK5070, 3.500% due 3/1/42		2,304,002
	7,168,681	# AK5426, 3.500% due 3/1/42		7,431,251

				67,379,177


		Government National Mortgage Association — 1.3%
	14,398	# 460389, 7.000% due 5/15/28		14,576
	10,832	# 464049, 7.000% due 7/15/28		12,024
	40,247	# 476259, 7.000% due 8/15/28		41,939
	12,301	# 485264, 7.500% due 2/15/31		12,707
	24,783	# 559304, 7.000% due 9/15/31		28,029
	38,044	# 570289, 7.000% due 1/15/32		39,273
	498,309	# 652486, 5.500% due 4/15/36		557,435
	613,690	# 651859, 5.000% due 6/15/36		679,311
	482,548	# 782150, 5.500% due 4/15/37		539,729
	107,708	# 608508, 6.000% due 8/15/37		121,483
	103,696	# 662521, 6.000% due 8/15/37		116,957
	276,131	# 677545, 6.000% due 11/15/37		311,444
	246,055	# 676291, 6.000% due 12/15/37		277,522
	57,942	# 678831, 5.000% due 1/15/38		63,943
	386,842	# 685836, 5.500% due 4/15/38		430,782
	1,157,121	# 698235, 5.000% due 6/15/39		1,281,849
	866,079	# 716655, 5.000% due 8/15/39		959,744

				5,488,747


		TOTAL MORTGAGE-BACKED SECURITIES (Cost $90,725,442)		93,514,299


*CORPORATE NOTES — 48.4%**
	2,000,000	American Express Credit Corp.,
		2.250% due 8/15/19		1,999,646
	9,050,000	Apple, Inc.,
		1.000% due 5/3/18		8,875,688

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

Core Fixed Income Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Face
Amount			Value

*CORPORATE NOTES — (Continued)**

$	10,000,000	Berkshire Hathaway Finance Corp.,
		4.250% due 1/15/21¹	$	10,998,240
	10,000,000	Caterpillar Financial Services Corp.,
		7.050% due 10/1/18		11,847,110
	10,650,000	Coca-Cola Co. (The),
		3.300% due 9/1/21		11,170,114
	6,556,000	Comcast Corp.,
		6.300% due 11/15/17		7,485,431
	11,225,000	EMC Corp.,
		2.650% due 6/1/20		11,065,156
	5,000,000	General Electric Capital Corp.,
		6.000% due 8/7/19		5,863,465
	13,000,000	General Electric Capital Corp.,
		5.300% due 2/11/21		14,763,593
	11,000,000	IBM Corp.,
		8.375% due 11/1/19		14,211,659
	8,000,000	Intel Corp.,
		3.300% due 10/1/21		8,347,960
	10,000,000	John Deere Capital Corp.,
		3.900% due 7/12/21		10,742,020
	12,372,000	Oracle Corp.,
		5.750% due 4/15/18		14,044,162
	11,850,000	PepsiCo, Inc.,
		7.900% due 11/1/18		14,569,267
	8,114,000	Procter & Gamble Co. (The),
		5.550% due 3/5/37		10,124,820
	5,000,000	Toyota Motor Credit Corp.,
		2.050% due 1/12/17		5,112,840
	9,344,000	Toyota Motor Credit Corp.,
		2.000% due 10/24/18		9,430,096
	8,379,000	Wachovia Corp.,
		5.750% due 2/1/18		9,455,467
	7,000,000	Wal-Mart Stores, Inc.,
		5.800% due 2/15/18		7,949,760
	5,000,000	Wal-Mart Stores, Inc.,
		7.550% due 2/15/30		7,179,105
	11,000,000	Wells Fargo & Co.,
		4.100% due 6/3/26		11,157,036


		TOTAL CORPORATE NOTES (Cost $199,200,604)		206,392,635

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

Core Fixed Income Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Face
Amount			Value

*US TREASURY NOTES/BONDS — 14.3%**
$	10,000,000	U.S. Treasury Bonds,
		7.500% due 11/15/16	$	11,403,910
	12,100,000	U.S. Treasury Bonds,
		6.125% due 8/15/29		17,234,937
	5,000,000	U.S. Treasury Bonds,
		3.125% due 11/15/41		5,092,190
	12,000,000	U.S. Treasury Notes,
		3.750% due 11/15/18		13,117,500
	7,000,000	U.S. Treasury Notes,
		1.375% due 11/30/18		6,996,171
	7,500,000	U.S. Treasury Notes,
		1.250% due 10/31/19¹		7,364,063


		TOTAL US TREASURY NOTES/BONDS (Cost $59,280,688)		61,208,771


*MUNICIPAL BONDS — 2.0%**
	6,035,000	Mississippi, General Obligation Unlimited, Series C,
		2.227% due 10/1/17		6,242,845
	2,200,000	Houston, TX, General Obligation Limited, Refunding, Series B,
		3.393% due 3/1/23		2,275,878


		TOTAL MUNICIPAL BONDS (Cost $8,235,000)		8,518,723


*REPURCHASE AGREEMENTS — 1.4%**
	6,000,000	With Societe Generale, dated 10/31/14, 0.080%, principal and interest in the amount of $6,000,040, due 11/3/14, (collateralized by a U.S. Treasury Bond with a par value of $6,340,000, coupon rate of 1.625%, due 11/15/22, market value of $6,120,002)		6,000,000
	45,301	With State Street Bank and Trust Co., dated 10/31/14, 0.01%, principal and interest in the amount of $45,301, due 11/3/14, (collateralized by a FNMA security with a par value of $47,465, coupon rate of 3.500%, due 2/25/42, market value of $49,359)		45,301


		TOTAL REPURCHASE AGREEMENTS (Cost $6,045,301)		6,045,301

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

Core Fixed Income Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares					Value


*INVESTMENT OF SECURITY LENDING COLLATERAL — 4.9%**
	20,903,443	State Street Navigator Securities Lending Prime Portfolio			$	20,903,443


		TOTAL INVESTMENT OF SECURITY LENDING COLLATERAL (Cost $20,903,443)				20,903,443

TOTAL INVESTMENTS (Cost $435,573,076)³			105.0	%	$	448,026,378
LIABILITIES IN EXCESS OF OTHER ASSETS			(5.0	)		(21,498,619	)

NET ASSETS			100.0	%	$	426,527,759


*		Percentages indicated are based on net assets.
¹		Securities or partial securities on loan. See Note 1.
²		Represents current face amount at October 31, 2014.
³		Aggregate cost for federal tax purposes was $435,573,076.
Abbreviations:
FNMA — Federal National Mortgage Association

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

Core Fixed Income Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2014

SECTOR DIVERSIFICATION

On October 31, 2014, sector diversification of the Portfolio was as follows (Unaudited):


	% of
	Net Assets			Value

SECTOR:
Corporate		48.4	%	$	206,392,635
Federal National Mortgage Association		17.1			72,896,862
US Treasury Notes/Bonds		14.3			61,208,771
Federal Home Loan Mortgage Corporation		9.4			40,391,203
Federal Home Loan Bank		6.2			26,180,693
Municipal Bonds		2.0			8,518,723
Government National Mortgage Association		1.3			5,488,747

TOTAL		98.7	%	$	421,077,634
REPURCHASE AGREEMENTS		1.4			6,045,301
INVESTMENTS OF SECURITY LENDING COLLATERAL		4.9			20,903,443

TOTAL INVESTMENTS		105.0	%	$	448,026,378

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

Strategic Equity Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2014


Shares			Value


*COMMON STOCKS — 100.0%**

		Aerospace & Defense — 5.2%
	42,500	Boeing Co. (The)	$	5,308,675
	41,200	Raytheon Co.		4,279,856

				9,588,531


		Banks — 8.9%
	100,100	JPMorgan Chase & Co.		6,054,048
	52,400	PNC Financial Services Group, Inc.		4,526,836
	111,175	Wells Fargo & Co.		5,902,281

				16,483,165


		Beverages — 2.2%
	42,000	PepsiCo, Inc.		4,039,140


		Capital Markets — 4.9%
	73,560	Franklin Resources, Inc.		4,090,672
	33,000	Northern Trust Corp.		2,187,900
	34,000	T Rowe Price Group, Inc.		2,791,060

				9,069,632


		Chemicals — 1.0%
	16,110	Monsanto Co.		1,853,294


		Communications Equipment — 1.1%
	85,000	Cisco Systems, Inc.		2,079,950


		Consumer Finance — 3.7%
	26,620	American Express Co.		2,394,469
	69,700	Discover Financial Services		4,445,466

				6,839,935


		Electrical Equipment — 1.6%
	26,280	Hubbell, Inc. — Class B		2,980,415


		Electronic Equipment, Instruments & Components — 1.5%
	56,530	Amphenol Corp. — Class A		2,859,287


		Energy Equipment & Services — 4.8%
	40,385	National Oilwell Varco, Inc.		2,933,567
	60,770	Schlumberger, Ltd.		5,995,568

				8,929,135

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

Strategic Equity Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Food & Staples Retailing — 2.8%
	67,775	Wal-Mart Stores, Inc.	$	5,169,199


		Health Care Equipment & Supplies — 4.2%
	43,895	Baxter International, Inc.		3,078,795
	68,500	Medtronic, Inc.		4,668,960

				7,747,755


		Health Care Providers & Services — 4.1%
	36,000	Laboratory Corp. of America Holdings¹		3,934,440
	85,000	Patterson Cos., Inc.		3,664,350

				7,598,790


		Hotels, Restaurants & Leisure — 1.0%
	25,160	Yum! Brands, Inc.		1,807,243


		Insurance — 1.9%
	31,250	ACE, Ltd.		3,415,625


		Internet & Catalog Retail — 2.1%
	3,270	Priceline Group, Inc. (The)¹		3,944,307


		IT Services — 8.5%
	49,290	Accenture PLC — Class A		3,998,405
	28,060	Cognizant Technology Solutions Corp. — Class A¹		1,370,731
	61,000	Gartner, Inc.¹		4,923,310
	43,000	Global Payments, Inc.		3,461,500
	22,500	Mastercard, Inc. — Class A		1,884,375

				15,638,321


		Machinery — 4.3%
	47,500	Danaher Corp.		3,819,000
	32,425	Parker-Hannifin Corp.		4,118,948

				7,937,948


		Media — 1.5%
	35,900	Scripps Networks Interactive, Inc. — Class A		2,772,916


		Multi-line Retail — 2.7%
	80,740	Dollar Tree, Inc.¹		4,890,422


		Oil, Gas & Consumable Fuels — 3.8%
	57,790	Chevron Corp.		6,931,910

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

Strategic Equity Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Pharmaceuticals — 8.0%
	91,950	Abbott Laboratories	$	4,008,100
	67,000	Eli Lilly & Co.		4,444,110
	32,610	Johnson & Johnson		3,514,706
	77,000	Roche Holding AG, Sponsored ADR		2,834,370

				14,801,286


		Software — 3.2%
	149,755	Oracle Corp.		5,847,933


		Specialty Retail — 6.1%
	13,985	Advance Auto Parts, Inc.		2,055,236
	48,415	Home Depot, Inc.		4,721,431
	54,330	Ross Stores, Inc.		4,385,517

				11,162,184


		Technology Hardware, Storage & Peripherals — 7.9%
	99,070	Apple, Inc.		10,699,560
	89,000	NetApp, Inc.		3,809,200

				14,508,760


		Tobacco — 2.1%
	42,645	Philip Morris International, Inc.		3,795,831


		Trading Companies & Distributors — 0.9%
	6,750	WW Grainger, Inc.		1,665,900


		TOTAL COMMON STOCKS (Cost $123,359,187)		184,358,814

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

Strategic Equity Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Face
Amount					Value


*REPURCHASE AGREEMENT — 0.1%**
$	225,481	With State Street Bank and Trust Co., dated 10/31/14, 0.01%, principal and interest in the amount of $225,481, due 11/3/14, (collateralized by a FNMA security with a par value of $222,720, coupon rate of 3.500%, due 2/25/42, market value of $231,609)			$	225,481


		TOTAL REPURCHASE AGREEMENT (Cost $225,481)				225,481

TOTAL INVESTMENTS (Cost $123,584,668)²			100.1	%	$	184,584,295
LIABILITIES IN EXCESS OF OTHER ASSETS			(0.1	)		(216,750	)

NET ASSETS			100.0	%	$	184,367,545


*		Percentages indicated are based on net assets.
¹		Non income-producing security.
²		Aggregate cost for federal tax purposes was $123,614,404.
Abbreviations:
ADR — American Depositary Receipt
FNMA — Federal National Mortgage Association

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

Strategic Equity Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2014

INDUSTRY DIVERSIFICATION

On October 31, 2014, industry diversification of the Portfolio was as follows (Unaudited):


	% of
	Net Assets			Value

INDUSTRIES:
Banks		8.9	%	$	16,483,165
IT Services		8.5			15,638,321
Pharmaceuticals		8.0			14,801,286
Technology Hardware, Storage & Peripherals		7.9			14,508,760
Specialty Retail		6.1			11,162,184
Aerospace & Defense		5.2			9,588,531
Capital Markets		4.9			9,069,632
Energy Equipment & Services		4.8			8,929,135
Machinery		4.3			7,937,948
Health Care Equipment & Supplies		4.2			7,747,755
Health Care Providers & Services		4.1			7,598,790
Oil, Gas & Consumable Fuels		3.8			6,931,910
Consumer Finance		3.7			6,839,935
Software		3.2			5,847,933
Food & Staples Retailing		2.8			5,169,199
Multi-line Retail		2.7			4,890,422
Beverages		2.2			4,039,140
Internet & Catalog Retail		2.1			3,944,307
Tobacco		2.1			3,795,831
Insurance		1.9			3,415,625
Electrical Equipment		1.6			2,980,415
Electronic Equipment, Instruments & Components		1.5			2,859,287
Media		1.5			2,772,916
Communications Equipment		1.1			2,079,950
Chemicals		1.0			1,853,294
Hotels, Restaurants & Leisure		1.0			1,807,243
Trading Companies & Distributors		0.9			1,665,900

TOTAL COMMON STOCKS		100.0	%	$	184,358,814
REPURCHASE AGREEMENTS		0.1			225,481

TOTAL INVESTMENTS		100.1	%	$	184,584,295

See Notes to Financial Statements.

THE GLENMEDE FUND, INC.

Small Cap Equity Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2014


Shares			Value


*COMMON STOCKS — 98.1%**

		Aerospace & Defense — 2.6%
	608,237	Orbital Sciences Corp.¹	$	15,996,632
	384,643	Triumph Group, Inc.		26,782,692

				42,779,324


		Apparel Retailers — 0.3%
	218,903	Finish Line, Inc. (The) — Class A		5,794,362


		Automotive — 5.4%
	1,099,987	American Axle & Manufacturing Holdings, Inc.¹		21,262,749
	225,157	Lithia Motors, Inc. — Class A		17,476,686
	325,227	Tenneco Automotive, Inc.¹		17,028,886
	397,153	Thor Industries, Inc.		21,005,422
	1,340,782	Wabash National Corp.^1,2		13,810,055

				90,583,798


		Banking — 9.4%
	1,056,206	BBCN Bancorp, Inc.		14,934,753
	341,645	Chemical Financial Corp.		10,174,188
	210,303	Community Trust Bancorp, Inc.		7,560,393
	290,828	Euronet Worldwide, Inc.¹		15,608,739
	920,174	FirstMerit Corp.		16,885,193
	356,499	Lakeland Financial Corp.		14,773,319
	372,136	WesBanco, Inc.		12,823,807
	1,034,317	Western Alliance Bancorp¹		27,533,518
	1,601,119	Wilshire Bancorp, Inc.		15,851,078
	458,914	Wintrust Financial Corp.		21,256,896

				157,401,884


		Commercial Services — 9.1%
	798,996	AMN Healthcare Services, Inc.¹		13,702,781
	553,512	Cardtronics, Inc.¹		21,249,326
	505,040	Grand Canyon Education, Inc.¹		24,191,416
	755,997	Korn/Ferry International¹		21,114,996
	665,309	MAXIMUS, Inc.		32,240,874
	354,154	Myriad Genetics, Inc.^1,2		13,985,542
	375,263	TAL International Group, Inc.¹		16,185,093
	376,044	TrueBlue, Inc.¹		9,295,808

				151,965,836

See Notes to Financial Statements.

100

THE GLENMEDE FUND, INC.

Small Cap Equity Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Communications — 2.9%
	622,310	ARRIS Group, Inc.¹	$	18,681,746
	292,391	Plantronics, Inc.		15,166,321
	391,680	Ubiquiti Networks, Inc.		14,010,394

				47,858,461


		Computer Software & Processing — 4.3%
	553,512	iGATE Corp.¹		20,507,620
	934,246	MedAssets, Inc.¹		20,235,768
	748,180	Mentor Graphics Corp.		15,853,934
	924,865	Sapient Corp.¹		16,018,662

				72,615,984


		Computers & Information — 1.3%
	493,314	Electronics for Imaging, Inc.¹		22,554,316


		Electric Utilities — 1.6%
	233,757	IDACORP, Inc.		14,780,455
	345,554	Portland General Electric Co.		12,581,621

				27,362,076


		Electrical Equipment — 3.1%
	240,792	AZZ, Inc.		11,259,434
	274,410	EnerSys		17,232,948
	235,321	Littelfuse, Inc.		22,953,210

				51,445,592


		Electronics — 4.8%
	704,399	Finisar Corp.^1,2		11,777,551
	494,877	Integrated Device Technology, Inc.¹		8,120,932
	675,472	Integrated Silicon Solution, Inc.		9,172,910
	664,527	Microsemi Corp.¹		17,324,219
	1,294,655	RF Micro Devices, Inc.^1,2		16,843,461
	250,956	Synaptics, Inc.¹		17,172,919

				80,411,992


		Entertainment & Leisure — 1.9%
	371,353	Carmike Cinemas, Inc.¹		11,901,863
	543,349	Cinemark Holdings, Inc.		19,191,087

				31,092,950

See Notes to Financial Statements.

101

THE GLENMEDE FUND, INC.

Small Cap Equity Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Financial Services — 2.6%
	518,331	Kite Realty Group Trust	$	13,419,589
	619,183	PennyMac Mortgage Investment Trust		13,368,161
	1,372,053	Summit Hotel Properties, Inc.		15,970,697

				42,758,447


		Forest Products & Paper — 3.0%
	647,328	Boise Cascade Co.¹		23,342,648
	1,140,640	Graphic Packaging Holding Co.¹		13,835,963
	395,589	KapStone Paper and Packaging Corp.¹		12,168,317

				49,346,928


		Health Care Providers — 4.1%
	353,371	Acadia Healthcare Co., Inc.¹		21,926,671
	417,480	Amsurg Corp.¹		22,548,095
	533,967	VCA, Inc.¹		24,332,876

				68,807,642


		Heavy Construction — 1.3%
	740,361	Primoris Services Corp.		21,263,168


		Heavy Machinery — 3.2%
	595,729	Brunswick Corp.		27,880,117
	1,239,928	Entegris, Inc.¹		16,838,223
	354,935	Matrix Service Co.¹		8,894,671

				53,613,011


		Home Construction, Furnishings & Appliances — 2.4%
	189,195	Helen of Troy, Ltd.¹		11,701,711
	772,234	La-Z-Boy, Inc.		17,653,269
	306,465	Movado Group, Inc.		10,818,214

				40,173,194


		Industrial — 0.6%
	152,450	Crane Co.		9,505,257


		Insurance — 7.4%
	750,524	American Equity Investment Life Holding Co.		19,371,025
	381,517	Amtrust Financial Services, Inc.²		17,118,668
	265,029	Centene Corp.¹		24,560,237
	1,355,634	CNO Financial Group, Inc.		24,577,644

See Notes to Financial Statements.

102

THE GLENMEDE FUND, INC.

Small Cap Equity Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**
		Insurance — (Continued)

	291,610	Horace Mann Educators Corp.	$	8,867,860
	1,137,514	Radian Group, Inc.		19,167,111
	727,071	RPX Corp.¹		10,215,348

				123,877,893


		Lodging — 1.2%
	605,893	Chesapeake Lodging Trust		20,018,705


		Media — Broadcasting & Publishing — 2.2%
	371,353	Ryman Hospitality Properties		18,326,270
	609,019	Sinclair Broadcast Group, Inc. — Class A		17,692,002

				36,018,272


		Medical Supplies — 3.3%
	298,647	Cyberonics, Inc.¹		15,678,967
	833,394	Depomed, Inc.¹		12,834,268
	437,806	STERIS Corp.		27,056,411

				55,569,646


		Metals & Mining — 1.0%
	523,804	Trimas Corp.¹		16,583,635


		Oil & Gas — 2.2%
	441,715	Rosetta Resources, Inc.¹		16,798,421
	410,443	Sanchez Energy Corp.^1,2		7,006,262
	508,949	Stone Energy Corp.¹		12,469,251

				36,273,934


		Pharmaceuticals — 2.4%
	362,753	Akorn, Inc.^1,2		16,160,646
	537,875	Emergent Biosolutions, Inc.¹		12,166,733
	271,283	Enanta Pharmaceuticals, Inc.¹		11,665,169

				39,992,548


		Real Estate — 1.5%
	1,151,586	Hilltop Holdings, Inc.¹		25,369,440


		Real Estate Investment Trusts — 3.2%
	1,343,907	Ashford Hospitality Trust, Inc.		15,186,149
	1,171,131	Brandywine Realty Trust		18,070,552
	630,127	DuPont Fabros Technology, Inc.		19,515,033

				52,771,734

See Notes to Financial Statements.

103

THE GLENMEDE FUND, INC.

Small Cap Equity Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Restaurants — 2.3%
	136,033	Buffalo Wild Wings, Inc.^1,2	$	20,307,006
	609,019	Texas Roadhouse, Inc.		17,582,379

				37,889,385


		Retailers — 0.6%
	314,282	Zumiez, Inc.¹		10,490,733


		Telecommunications — 2.4%
	384,643	j2 Global, Inc.		20,805,340
	687,981	MasTec, Inc.^1,2		19,703,776

				40,509,116


		Textiles, Clothing & Fabrics — 0.9%
	500,350	Steven Madden, Ltd.¹		15,685,972


		Transportation — 2.8%
	339,300	ArcBest Corp.		13,130,910
	171,995	Greenbrier Cos., Inc.		10,756,567
	953,792	Swift Transportation Co.¹		23,558,663

				47,446,140


		Water Companies — 0.8%
	394,807	American States Water Co.		14,126,194


		TOTAL COMMON STOCKS (Cost $1,459,953,900)		1,639,957,569



Face
Amount


*REPURCHASE AGREEMENT — 3.1%**
$	50,855,376	With State Street Bank and Trust Co., dated 10/31/14, 0.01%, principal and interest in the amount of $50,855,418, due 11/3/14, (collateralized by a FHLMC security with a par value of $22,529,534, coupon rate of 3.500%, due 2/15/41, market value of $23,648,959 and by a FNMA security with a par value of $26,577,330, coupon rate of 3.246%, due 5/1/41, market value of $28,224,141)		50,855,376


		TOTAL REPURCHASE AGREEMENT (Cost $50,855,376)		50,855,376

See Notes to Financial Statements.

104

THE GLENMEDE FUND, INC.

Small Cap Equity Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares					Value


*INVESTMENT OF SECURITY LENDING COLLATERAL — 5.7%**
	95,306,769	State Street Navigator Securities Lending Prime Portfolio			$	95,306,769


		TOTAL INVESTMENT OF SECURITY LENDING COLLATERAL (Cost $95,306,769)				95,306,769

TOTAL INVESTMENTS (Cost $1,606,116,045)³			106.9	%	$	1,786,119,714
LIABILITIES IN EXCESS OF OTHER ASSETS			(6.9	)		(114,993,739	)

NET ASSETS			100.0	%	$	1,671,125,975


*		Percentages indicated are based on net assets.
¹		Non income-producing security.
²		Securities or partial securities on loan. See Note 1.
³		Aggregate cost for federal tax purposes was $1,608,242,481.
Abbreviations:
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association

See Notes to Financial Statements.

105

THE GLENMEDE FUND, INC.

Small Cap Equity Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014

INDUSTRY DIVERSIFICATION

On October 31, 2014, industry diversification of the Portfolio was as follows (Unaudited):


	% of
	Net Assets			Value

INDUSTRIES:
Banking		9.4	%	$	157,401,884
Commercial Services		9.1			151,965,836
Insurance		7.4			123,877,893
Automotive		5.4			90,583,798
Electronics		4.8			80,411,992
Computer Software & Processing		4.3			72,615,984
Health Care Providers		4.1			68,807,642
Medical Supplies		3.3			55,569,646
Heavy Machinery		3.2			53,613,011
Real Estate Investment Trusts		3.2			52,771,734
Electrical Equipment		3.1			51,445,592
Forest Products & Paper		3.0			49,346,928
Communications		2.9			47,858,461
Transportation		2.8			47,446,140
Aerospace & Defense		2.6			42,779,324
Financial Services		2.6			42,758,447
Telecommunications		2.4			40,509,116
Home Construction, Furnishings & Appliances		2.4			40,173,194
Pharmaceuticals		2.4			39,992,548
Restaurants		2.3			37,889,385
Oil & Gas		2.2			36,273,934
Media — Broadcasting & Publishing		2.2			36,018,272
Entertainment & Leisure		1.9			31,092,950
Electric Utilities		1.6			27,362,076
Real Estate		1.5			25,369,440
Computers & Information		1.3			22,554,316
Heavy Construction		1.3			21,263,168
Lodging		1.2			20,018,705
Metals & Mining		1.0			16,583,635
Textiles, Clothing & Fabrics		0.9			15,685,972
Water Companies		0.8			14,126,194

See Notes to Financial Statements.

106

THE GLENMEDE FUND, INC.

Small Cap Equity Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2014

On October 31, 2014, industry diversification of the Portfolio was as follows (Unaudited):


	% of
	Net Assets			Value

Retailers		0.6	%	$	10,490,733
Industrial		0.6			9,505,257
Apparel Retailers		0.3			5,794,362

TOTAL COMMON STOCKS		98.1	%	$	1,639,957,569
REPURCHASE AGREEMENTS		3.1			50,855,376
INVESTMENTS OF SECURITY LENDING COLLATERAL		5.7			95,306,769

TOTAL INVESTMENTS		106.9	%	$	1,786,119,714

See Notes to Financial Statements.

107

THE GLENMEDE FUND, INC.

Mid Cap Equity Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2014


Shares			Value


*COMMON STOCKS — 97.2%**

		Advertising — 2.3%
	10,805	Interpublic Group of Cos., Inc. (The)	$	209,509


		Aerospace & Defense — 3.7%
	2,648	BE Aerospace, Inc.¹		197,144
	3,680	Spirit AeroSystems Holdings, Inc. — Class A¹		144,771

				341,915


		Automotive — 6.5%
	5,123	Dana Holding Corp.		104,817
	1,690	Lear Corp.		156,325
	3,585	Penske Auto Group, Inc.		162,185
	1,809	WABCO Holdings, Inc.¹		176,160

				599,487


		Banking — 8.3%
	4,617	East West Bancorp, Inc.		169,721
	16,216	First Niagara Financial Group, Inc.		121,458
	20,130	Huntington Bancshares, Inc.		199,488
	2,249	Prosperity Bancshares, Inc.		135,817
	4,979	Zions BanCorp.		144,242

				770,726


		Building Materials — 2.1%
	5,793	Quanta Services, Inc.¹		197,425


		Chemicals — 1.2%
	2,862	Axiall Corp.		115,339


		Commercial Services — 2.2%
	2,590	Global Payments, Inc.		208,495


		Communications — 1.9%
	2,492	Harris Corp.		173,443


		Computer Software & Processing — 2.0%
	1,484	F5 Networks, Inc.¹		182,502


		Computers & Information — 3.0%
	16,319	Brocade Communications Systems, Inc.		175,103
	4,210	Pitney Bowes, Inc.		104,155

				279,258

See Notes to Financial Statements.

108

THE GLENMEDE FUND, INC.

Mid Cap Equity Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Containers & Packaging — 2.3%
	3,265	Ball Corp.	$	210,364


		Electric Utilities — 2.4%
	6,714	CMS Energy Corp.		219,346


		Electrical Equipment — 1.4%
	1,817	Lincoln Electric Holdings, Inc.		131,696


		Electronics — 7.3%
	2,360	Arrow Electronics, Inc.¹		134,190
	3,729	Avnet, Inc.		161,279
	11,755	ON Semiconductor Corp.¹		97,449
	4,827	Skyworks Solutions, Inc.		281,124

				674,042


		Financial Services — 4.6%
	5,440	LaSalle Hotel Properties		213,303
	6,587	RLJ Lodging Trust		212,233

				425,536


		Forest Products & Paper — 1.4%
	2,590	Rock-Tenn Co. — Class A		132,479


		Health Care Providers — 4.3%
	3,178	Community Health Systems, Inc.¹		174,695
	3,524	Mednax, Inc.¹		220,003

				394,698


		Heavy Machinery — 4.0%
	4,272	Brunswick Corp.		199,929
	1,998	Varian Medical Systems, Inc.¹		168,072

				368,001


		Home Construction, Furnishings & Appliances — 1.2%
	1,131	Fossil Group, Inc.¹		114,977


		Household Products — 1.8%
	1,332	Energizer Holdings, Inc.		163,370

See Notes to Financial Statements.

109

THE GLENMEDE FUND, INC.

Mid Cap Equity Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Insurance — 6.4%
	6,196	Assured Guaranty, Ltd.	$	143,004
	5,551	Lincoln National Corp.		303,973
	2,220	WellCare Health Plans, Inc.¹		150,671

				597,648


		Miscellaneous — 4.9%
	6,163	Corrections Corp. of America		226,675
	3,520	Jarden Corp.¹		229,117

				455,792


		Oil & Gas — 3.6%
	1,575	Oil States International, Inc.¹		94,091
	4,247	QEP Resources, Inc.		106,472
	2,228	Whiting Petroleum Corp.¹		136,443

				337,006


		Pharmaceuticals — 3.4%
	1,032	Salix Pharmaceuticals, Ltd.¹		148,453
	1,283	United Therapeutics Corp.¹		168,035

				316,488


		Real Estate — 1.8%
	1,233	Jones Lang Lasalle, Inc.		166,714


		Real Estate Investment Trusts — 3.2%
	6,817	BioMed Realty Trust, Inc.		148,065
	3,816	Omega Healthcare Investors, Inc.		145,619

				293,684


		Restaurants — 1.9%
	3,273	Brinker International, Inc.		175,564


		Retailers — 3.0%
	983	Advance Auto Parts, Inc.		144,462
	25,434	Rite Aid Corp.¹		133,528

				277,990


		Textiles, Clothing & Fabrics — 1.4%
	1,229	Hanesbrands, Inc.		129,795

See Notes to Financial Statements.

110

THE GLENMEDE FUND, INC.

Mid Cap Equity Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares					Value

*COMMON STOCKS — (Continued)**

		Transportation — 3.7%
	2,150	Expedia, Inc.			$	182,685
	4,408	Trinity Industries, Inc.				157,410

						340,095


		TOTAL COMMON STOCKS (Cost $8,536,779)				9,003,384



Face
Amount


*REPURCHASE AGREEMENT — 5.6%**
$	522,091	With State Street Bank and Trust Co., dated 10/31/14, 0.01%, principal and interest in the amount of $522,091, due 11/3/14, (collateralized by a FNMA security with a par value of $514,812, coupon rate of 3.500%, due 2/25/42, market value of $535,358)				522,091


		TOTAL REPURCHASE AGREEMENT (Cost $522,091)				522,091

TOTAL INVESTMENTS (Cost $9,058,870)²			102.8	%	$	9,525,475
LIABILITIES IN EXCESS OF OTHER ASSETS			(2.8	)		(260,547	)

NET ASSETS			100.0	%	$	9,264,928


*		Percentages indicated are based on net assets.
¹		Non income-producing security.
²		Aggregate cost for federal tax purposes was $9,063,726.
Abbreviations:
FNMA — Federal National Mortgage Association

See Notes to Financial Statements.

111

THE GLENMEDE FUND, INC.

Mid Cap Equity Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2014

INDUSTRY DIVERSIFICATION

On October 31, 2014, industry diversification of the Portfolio was as follows (Unaudited):


	% of
	Net Assets			Value

INDUSTRIES:
Banking		8.3	%	$	770,726
Electronics		7.3			674,042
Automotive		6.5			599,487
Insurance		6.4			597,648
Miscellaneous		4.9			455,792
Financial Services		4.6			425,536
Health Care Providers		4.3			394,698
Heavy Machinery		4.0			368,001
Aerospace & Defense		3.7			341,915
Transportation		3.7			340,095
Oil & Gas		3.6			337,006
Pharmaceuticals		3.4			316,488
Real Estate Investment Trusts		3.2			293,684
Computers & Information		3.0			279,258
Retailers		3.0			277,990
Electric Utilities		2.4			219,346
Containers & Packaging		2.3			210,364
Advertising		2.3			209,509
Commercial Services		2.2			208,495
Building Materials		2.1			197,425
Computer Software & Processing		2.0			182,502
Restaurants		1.9			175,564
Communications		1.9			173,443
Real Estate		1.8			166,714
Household Products		1.8			163,370
Forest Products & Paper		1.4			132,479
Electrical Equipment		1.4			131,696
Textiles, Clothing & Fabrics		1.4			129,795
Chemicals		1.2			115,339
Home Construction, Furnishings & Appliances		1.2			114,977

TOTAL COMMON STOCKS		97.2	%	$	9,003,384
REPURCHASE AGREEMENTS		5.6			522,091

TOTAL INVESTMENTS		102.8	%	$	9,525,475

See Notes to Financial Statements.

112

THE GLENMEDE FUND, INC.

Large Cap Value Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2014


Shares			Value


*COMMON STOCKS — 99.7%**

		Airlines — 3.1%
	30,005	Alaska Air Group, Inc.	$	1,597,166
	8,635	FedEx Corp.		1,445,499

				3,042,665


		Automotive — 1.3%
	22,990	BorgWarner, Inc.		1,310,890


		Banking — 5.3%
	24,010	Capital One Financial Corp.		1,987,308
	28,745	Discover Financial Services		1,833,356
	139,655	Huntington Bancshares, Inc.		1,383,981

				5,204,645


		Beverages, Food & Tobacco — 3.0%
	16,290	Constellation Brands, Inc.¹		1,491,187
	36,880	Tyson Foods, Inc. — Class A		1,488,108

				2,979,295


		Building Materials — 3.2%
	62,035	Ingram Micro, Inc. — Class A¹		1,665,019
	45,010	Quanta Services, Inc.¹		1,533,941

				3,198,960


		Chemicals — 1.4%
	14,865	LyondellBasell Industries N.V. — Class A		1,362,080


		Commercial Services — 3.3%
	20,460	Manpowergroup, Inc.		1,365,705
	16,915	United Rentals, Inc.^1,2		1,861,665

				3,227,370


		Computer Software & Processing — 1.9%
	32,285	Fidelity National Information Services, Inc.		1,885,121


		Computers & Information — 3.9%
	62,380	Hewlett-Packard Co.		2,238,195
	75,455	Jabil Circuit, Inc.		1,580,782

				3,818,977


		Containers & Packaging — 1.4%
	21,165	Ball Corp.		1,363,661

See Notes to Financial Statements.

113

THE GLENMEDE FUND, INC.

Large Cap Value Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Electronics — 3.3%
	28,940	Arrow Electronics, Inc.¹	$	1,645,528
	26,980	TE Connectivity, Ltd.		1,649,288

				3,294,816


		Entertainment & Leisure — 2.4%
	29,890	Time Warner, Inc.		2,375,358


		Financial Services — 5.1%
	14,935	Ameriprise Financial, Inc.		1,884,349
	80,625	Navient Corp.		1,594,762
	34,135	Realty Income Corp.		1,571,234

				5,050,345


		Food Retailers — 1.7%
	30,065	Kroger Co. (The)		1,674,921


		Health Care Providers — 3.2%
	28,090	Community Health Systems, Inc.¹		1,544,107
	22,935	HCA Holdings, Inc.¹		1,606,597

				3,150,704


		Heavy Machinery — 2.9%
	22,650	Cameron International Corp.^1,2		1,348,807
	10,215	Cummins, Inc.		1,493,229

				2,842,036


		Household Products — 1.8%
	13,280	Snap-On, Inc.		1,754,819


		Insurance — 18.6%
	41,150	American International Group, Inc.		2,204,405
	20,185	CIGNA Corp.		2,009,820
	33,110	Lincoln National Corp.		1,813,104
	33,315	Principal Financial Group, Inc.		1,744,707
	20,660	Prudential Financial, Inc.		1,829,236
	18,910	Reinsurance Group of America, Inc.		1,593,168
	26,095	UnitedHealth Group, Inc.		2,479,286
	44,950	Unum Group		1,504,027
	39,290	Voya Financial, Inc.		1,542,133
	31,275	WR Berkley Corp.		1,611,913

				18,331,799

See Notes to Financial Statements.

114

THE GLENMEDE FUND, INC.

Large Cap Value Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Medical Supplies — 1.7%
	27,400	Ingersoll-Rand PLC	$	1,715,788


		Miscellaneous — 1.5%
	50,735	LKQ Corp.¹		1,449,499


		Oil & Gas — 5.6%
	26,880	Baker Hughes, Inc.		1,423,565
	25,830	Halliburton Co.		1,424,266
	15,455	Helmerich & Payne, Inc.		1,341,803
	72,505	Nabors Industries, Ltd.		1,294,214

				5,483,848


		Pharmaceuticals — 7.9%
	6,080	Actavis PLC¹		1,475,859
	22,350	Cardinal Health, Inc.		1,754,028
	23,290	Endo International PLC¹		1,558,567
	7,735	McKesson Corp.		1,573,376
	26,600	Mylan, Inc.¹		1,424,430

				7,786,260


		Producer Manufacturing — 1.8%
	37,725	Johnson Controls, Inc.		1,782,506


		Real Estate — 1.6%
	11,755	Jones Lang Lasalle, Inc.		1,589,394


		Real Estate Investment Trusts — 1.7%
	23,520	Health Care REIT, Inc.		1,672,507


		Retailers — 5.8%
	29,690	CVS Health Corp.		2,547,699
	20,045	Express Scripts Holding Co.^1,2		1,539,857
	28,480	Foot Locker, Inc.		1,595,165

				5,682,721


		Technology — 2.0%
	70,060	EMC Corp.		2,012,824


		Textiles, Clothing & Fabrics — 1.6%
	11,270	Mohawk Industries, Inc.¹		1,600,791

See Notes to Financial Statements.

115

THE GLENMEDE FUND, INC.

Large Cap Value Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares					Value

*COMMON STOCKS — (Continued)**

		Transportation — 1.7%
	25,400	Royal Caribbean Cruises, Ltd.			$	1,726,438


		TOTAL COMMON STOCKS (Cost $82,607,437)				98,371,038



Face
Amount


*REPURCHASE AGREEMENT — 0.3%**
$	334,191	With State Street Bank and Trust Co., dated 10/31/14, 0.01%, principal and interest in the amount of $334,191, due 11/3/14, (collateralized by a FNMA security with a par value of $327,742, coupon rate of 3.036%, due 1/1/42, market value of $341,809)				334,191


		TOTAL REPURCHASE AGREEMENT (Cost $334,191)				334,191



Shares


*INVESTMENT OF SECURITY LENDING COLLATERAL — 4.7%**
	4,619,309	State Street Navigator Securities Lending Prime Portfolio				4,619,309


		TOTAL INVESTMENT OF SECURITY LENDING COLLATERAL (Cost $4,619,309)				4,619,309

TOTAL INVESTMENTS (Cost $87,560,937)³			104.7	%	$	103,324,538
LIABILITIES IN EXCESS OF OTHER ASSETS			(4.7	)		(4,682,687	)

NET ASSETS			100.0	%	$	98,641,851


*		Percentages indicated are based on net assets.
¹		Non income-producing security.
²		Securities or partial securities on loan. See Note 1.
³		Aggregate cost for federal tax purposes was $87,630,103.
Abbreviations:
FNMA — Federal National Mortgage Association
REIT — Real Estate Investment Trust

See Notes to Financial Statements.

116

THE GLENMEDE FUND, INC.

Large Cap Value Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2014

INDUSTRY DIVERSIFICATION

On October 31, 2014, industry diversification of the Portfolio was as follows (Unaudited):


	% of
	Net Assets			Value

INDUSTRIES:
Insurance		18.6	%	$	18,331,799
Pharmaceuticals		7.9			7,786,260
Retailers		5.8			5,682,721
Oil & Gas		5.6			5,483,848
Banking		5.3			5,204,645
Financial Services		5.1			5,050,345
Computers & Information		3.9			3,818,977
Electronics		3.3			3,294,816
Commercial Services		3.3			3,227,370
Building Materials		3.2			3,198,960
Health Care Providers		3.2			3,150,704
Airlines		3.1			3,042,665
Beverages, Food & Tobacco		3.0			2,979,295
Heavy Machinery		2.9			2,842,036
Entertainment & Leisure		2.4			2,375,358
Technology		2.0			2,012,824
Computer Software & Processing		1.9			1,885,121
Producer Manufacturing		1.8			1,782,506
Household Products		1.8			1,754,819
Transportation		1.7			1,726,438
Medical Supplies		1.7			1,715,788
Food Retailers		1.7			1,674,921
Real Estate Investment Trusts		1.7			1,672,507
Textiles, Clothing & Fabrics		1.6			1,600,791
Real Estate		1.6			1,589,394
Miscellaneous		1.5			1,449,499
Containers & Packaging		1.4			1,363,661
Chemicals		1.4			1,362,080
Automotive		1.3			1,310,890

TOTAL COMMON STOCKS		99.7	%	$	98,371,038
REPURCHASE AGREEMENTS		0.3			334,191
INVESTMENTS OF SECURITY LENDING COLLATERAL		4.7			4,619,309

TOTAL INVESTMENTS		104.7	%	$	103,324,538

See Notes to Financial Statements.

117

THE GLENMEDE FUND, INC.

U.S. Emerging Growth Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2014


Shares			Value


*COMMON STOCKS — 99.6%**

		Auto Components — 1.1%
	3,380	Tenneco Automotive, Inc.¹	$	176,977
	10,834	Tower International, Inc.¹		263,266

				440,243


		Banks — 8.9%
	30,398	Boston Private Financial Holdings, Inc.		399,734
	25,824	CVB Financial Corp.		407,503
	28,930	First Midwest Bancorp, Inc.		485,735
	6,492	MB Financial, Inc.		204,822
	36,907	National Penn Bancshares, Inc.		379,773
	18,559	PrivateBancorp, Inc.		599,827
	23,630	United Community Banks, Inc.		426,049
	52,508	Wilshire Bancorp, Inc.		519,829

				3,423,272


		Biotechnology — 2.0%
	17,804	Emergent Biosolutions, Inc.¹		402,726
	28,986	Sangamo Biosciences, Inc.^1,2		351,890

				754,616


		Capital Markets — 2.1%
	7,563	Evercore Partners, Inc. — Class A		391,536
	23,005	Investment Technology Group, Inc.¹		412,480

				804,016


		Chemicals — 0.6%
	11,717	Calgon Carbon Corp.¹		246,408


		Commercial Services & Supplies — 1.6%
	6,540	Deluxe Corp.		397,632
	4,521	HNI Corp.		210,905

				608,537


		Communications Equipment — 5.0%
	11,847	Dycom Industries, Inc.¹		371,877
	59,082	Harmonic, Inc.¹		394,077
	11,758	MasTec, Inc.^1,2		336,749
	12,770	NETGEAR, Inc.¹		434,691
	28,687	Polycom, Inc.¹		375,226

				1,912,620

See Notes to Financial Statements.

118

THE GLENMEDE FUND, INC.

U.S. Emerging Growth Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Consumer Finance — 3.4%
	3,238	Credit Acceptance Corp.¹	$	477,800
	19,600	Green Dot Corp. — Class A¹		468,440
	5,158	World Acceptance Corp.^1,2		369,622

				1,315,862


		Diversified Consumer Services — 2.9%
	7,160	Capella Education Co.		506,499
	7,066	Grand Canyon Education, Inc.¹		338,461
	23,417	K12, Inc.¹		290,371

				1,135,331


		Diversified Telecommunication Services — 0.6%
	13,895	Inteliquent, Inc.		233,853


		Electrical Equipment — 0.9%
	5,291	EnerSys		332,275


		Electronic Equipment, Instruments & Components — 1.0%
	20,771	Newport Corp.¹		371,593


		Energy Equipment & Services — 2.4%
	11,532	Forum Energy Technologies, Inc.¹		314,824
	12,800	Newpark Resources, Inc.^1,2		146,304
	23,478	Tesco Corp.		447,021

				908,149


		Food & Staples Retailing — 1.7%
	7,210	Andersons (The), Inc.		459,493
	5,301	Fresh Market, Inc. (The)^1,2		194,600

				654,093


		Food Products — 1.1%
	5,105	Sanderson Farms, Inc.		428,718


		Health Care Equipment & Supplies — 4.7%
	20,161	Natus Medical, Inc.¹		685,474
	10,210	NuVasive, Inc.¹		417,589
	8,375	STERIS Corp.		517,575
	9,706	SurModics, Inc.¹		210,135

				1,830,773

See Notes to Financial Statements.

119

THE GLENMEDE FUND, INC.

U.S. Emerging Growth Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Health Care Providers & Services — 4.3%
	8,595	Molina Healthcare, Inc.¹	$	418,061
	2,691	MWI Veterinary Supply, Inc.¹		456,542
	8,289	Providence Service Corp. (The)¹		366,208
	29,213	Select Medical Holdings Corp.		421,251

				1,662,062


		Health Care Technology — 1.4%
	16,568	Omnicell, Inc.¹		535,312


		Hotels, Restaurants & Leisure — 3.0%
	2,533	Buffalo Wild Wings, Inc.^1,2		378,126
	4,379	Cheesecake Factory, Inc. (The)		201,171
	14,205	Krispy Kreme Doughnuts, Inc.^1,2		268,759
	26,257	Ruth’s Hospitality Group, Inc.		319,548

				1,167,604


		Household Durables — 1.8%
	6,518	Helen of Troy, Ltd.¹		403,138
	13,015	La-Z-Boy, Inc.		297,523

				700,661


		Insurance — 0.5%
	4,593	AMERISAFE, Inc.		191,528


		Internet Software & Services — 5.0%
	14,403	Blucora, Inc.¹		244,131
	16,100	Conversant, Inc.¹		567,525
	53,984	Dice Holdings, Inc.¹		538,221
	8,893	Perficient, Inc.¹		147,446
	9,677	WebMD Health Corp.¹		413,014

				1,910,337


		IT Services — 5.5%
	13,486	ExlService Holdings, Inc.¹		377,473
	11,027	Heartland Payment Systems, Inc.		569,545
	7,611	MAXIMUS, Inc.		368,829
	13,500	NeuStar, Inc. — Class A^1,2		356,535
	17,413	TeleTech Holdings, Inc.¹		449,429

				2,121,811


		Leisure Equipment & Products — 0.8%
	32,026	Smith & Wesson Holding Corp.¹		325,384

See Notes to Financial Statements.

120

THE GLENMEDE FUND, INC.

U.S. Emerging Growth Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Life Sciences Tools & Services — 2.5%
	9,385	Cambrex Corp.¹	$	197,836
	16,527	Luminex Corp.¹		314,013
	8,341	Parexel International Corp.¹		452,999

				964,848


		Machinery — 6.7%
	12,684	Altra Industrial Motion Corp.		399,800
	24,419	Blount International, Inc.¹		373,855
	3,440	CIRCOR International, Inc.		258,516
	25,840	Federal Signal Corp.		366,928
	5,344	Greenbrier Cos., Inc.		334,214
	12,633	Hillenbrand, Inc.		420,552
	14,071	Rexnord Corp.¹		415,798

				2,569,663


		Metals & Mining — 1.5%
	6,845	US Silica Holdings, Inc.		307,340
	7,144	Worthington Industries, Inc.		276,116

				583,456


		Oil, Gas & Consumable Fuels — 2.0%
	16,879	Delek US Holdings, Inc.		572,029
	16,950	Northern Oil and Gas, Inc.^1,2		191,535

				763,564


		Paper & Forest Products — 2.1%
	6,547	Clearwater Paper Corp.¹		421,299
	13,285	KapStone Paper and Packaging Corp.¹		408,647

				829,946


		Pharmaceuticals — 1.1%
	7,462	Lannett Co., Inc.^1,2		423,245


		Professional Services — 2.0%
	13,014	Korn/Ferry International¹		363,481
	15,983	TrueBlue, Inc.¹		395,100

				758,581


		Real Estate Investment Trusts — 6.8%
	23,988	Associated Estates Realty Corp.		468,486
	13,300	Coresite Realty Corp.		492,366
	33,076	DiamondRock Hospitality Co.		474,641

See Notes to Financial Statements.

121

THE GLENMEDE FUND, INC.

U.S. Emerging Growth Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**
		Real Estate Investment Trusts — (Continued)

	13,390	DuPont Fabros Technology, Inc.	$	414,688
	4,851	Potlatch Corp.		213,395
	42,093	Strategic Hotels & Resorts, Inc.¹		540,895

				2,604,471


		Road & Rail — 1.2%
	12,019	ArcBest Corp.		465,135


		Semiconductors & Semiconductor Equipment — 2.5%
	12,187	Ceva, Inc.¹		198,648
	11,717	Cirrus Logic, Inc.¹		226,138
	40,430	RF Micro Devices, Inc.^1,2		525,994

				950,780


		Software — 3.4%
	59,422	Kofax, Ltd.¹		377,330
	15,835	Take-Two Interactive Software, Inc.¹		418,836
	19,788	VASCO Data Security International, Inc.¹		501,032

				1,297,198


		Specialty Retail — 3.3%
	11,044	Brown Shoe Co., Inc.		293,660
	8,508	Finish Line, Inc. (The) — Class A		225,207
	8,797	Vitamin Shoppe, Inc.¹		412,843
	10,758	Zumiez, Inc.¹		359,102

				1,290,812


		Technology Hardware, Storage & Peripherals — 1.5%
	8,271	Synaptics, Inc.¹		565,985


		Textiles, Apparel & Luxury Goods — 0.7%
	7,293	Movado Group, Inc.		257,443


		TOTAL COMMON STOCKS (Cost $31,920,608)		38,340,185

See Notes to Financial Statements.

122

THE GLENMEDE FUND, INC.

U.S. Emerging Growth Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Face
Amount					Value


*REPURCHASE AGREEMENT — 0.4%**
$	170,155	With State Street Bank and Trust Co., dated 10/31/14, 0.01%, principal and interest in the amount of $170,155, due 11/3/14, (collateralized by a FNMA security with a par value of $165,146, coupon rate of 3.246%, due 5/1/41, market value of $175,379)			$	170,155
		��

		TOTAL REPURCHASE AGREEMENT (Cost $170,155)				170,155



Shares


*INVESTMENT OF SECURITY LENDING COLLATERAL — 7.7%**
	2,951,075	State Street Navigator Securities Lending Prime Portfolio				2,951,075


		TOTAL INVESTMENT OF SECURITY LENDING COLLATERAL (Cost $2,951,075)				2,951,075

TOTAL INVESTMENTS (Cost $35,041,838)³			107.7	%	$	41,461,415
LIABILITIES IN EXCESS OF OTHER ASSETS			(7.7	)		(2,975,943	)

NET ASSETS			100.0	%	$	38,485,472


*		Percentages indicated are based on net assets.
¹		Non income-producing security.
²		Securities or partial securities on loan. See Note 1.
³		Aggregate cost for federal tax purposes was $35,071,930.
Abbreviations:
FNMA — Federal National Mortgage Association

See Notes to Financial Statements.

123

THE GLENMEDE FUND, INC.

U.S. Emerging Growth Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014

INDUSTRY DIVERSIFICATION

On October 31, 2014, industry diversification of the Portfolio was as follows (Unaudited):


	% of
	Net Assets			Value

INDUSTRIES:
Banks		8.9	%	$	3,423,272
Real Estate Investment Trusts		6.8			2,604,471
Machinery		6.7			2,569,663
IT Services		5.5			2,121,811
Communications Equipment		5.0			1,912,620
Internet Software & Services		5.0			1,910,337
Health Care Equipment & Supplies		4.7			1,830,773
Health Care Providers & Services		4.3			1,662,062
Consumer Finance		3.4			1,315,862
Software		3.4			1,297,198
Specialty Retail		3.3			1,290,812
Hotels, Restaurants & Leisure		3.0			1,167,604
Diversified Consumer Services		2.9			1,135,331
Life Sciences Tools & Services		2.5			964,848
Semiconductors & Semiconductor Equipment		2.5			950,780
Energy Equipment & Services		2.4			908,149
Paper & Forest Products		2.1			829,946
Capital Markets		2.1			804,016
Oil, Gas & Consumable Fuels		2.0			763,564
Professional Services		2.0			758,581
Biotechnology		2.0			754,616
Household Durables		1.8			700,661
Food & Staples Retailing		1.7			654,093
Commercial Services & Supplies		1.6			608,537
Metals & Mining		1.5			583,456
Technology Hardware, Storage & Peripherals		1.5			565,985
Health Care Technology		1.4			535,312
Road & Rail		1.2			465,135
Auto Components		1.1			440,243
Food Products		1.1			428,718
Pharmaceuticals		1.1			423,245
Electronic Equipment, Instruments & Components		1.0			371,593
Electrical Equipment		0.9			332,275
Leisure Equipment & Products		0.8			325,384
Textiles, Apparel & Luxury Goods		0.7			257,443

See Notes to Financial Statements.

124

THE GLENMEDE FUND, INC.

U.S. Emerging Growth Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2014

On October 31, 2014, industry diversification of the Portfolio was as follows (Unaudited):


	% of
	Net Assets			Value

Chemicals		0.6	%	$	246,408
Diversified Telecommunication Services		0.6			233,853
Insurance		0.5			191,528

TOTAL COMMON STOCKS		99.6	%	$	38,340,185
REPURCHASE AGREEMENTS		0.4			170,155
INVESTMENTS OF SECURITY LENDING COLLATERAL		7.7			2,951,075

TOTAL INVESTMENTS		107.7	%	$	41,461,415

See Notes to Financial Statements.

125

THE GLENMEDE FUND, INC.

Large Cap Core Portfolio (formerly known as Large Cap 100 Portfolio)
SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2014


Shares			Value


*COMMON STOCKS — 99.6%**

		Aerospace & Defense — 5.3%
	39,457	Boeing Co. (The)	$	4,928,574
	49,947	General Dynamics Corp.		6,980,593
	62,662	Honeywell International, Inc.		6,023,071
	32,565	Lockheed Martin Corp.		6,205,912
	51,008	Northrop Grumman Corp.		7,037,064
	69,747	Raytheon Co.		7,245,318

				38,420,532


		Airlines — 1.8%
	108,960	Alaska Air Group, Inc.		5,799,941
	210,390	Southwest Airlines Co.		7,254,247

				13,054,188


		Auto Components — 1.6%
	224,404	Gentex Corp.		7,346,987
	50,161	Lear Corp.		4,639,893

				11,986,880


		Banks — 5.3%
	145,076	Comerica, Inc.		6,925,928
	197,698	East West Bancorp, Inc.		7,267,379
	297,657	Fifth Third Bancorp		5,950,163
	108,625	JPMorgan Chase & Co.		6,569,640
	125,644	SunTrust Banks, Inc.		4,917,706
	124,064	Wells Fargo & Co.		6,586,558

				38,217,374


		Beverages — 1.9%
	147,057	Coca-Cola Enterprises, Inc.		6,374,921
	104,043	Dr Pepper Snapple Group, Inc.		7,204,978

				13,579,899


		Biotechnology — 3.7%
	47,146	Amgen, Inc.		7,646,138
	30,184	Celgene Corp.¹		3,232,405
	65,475	Gilead Sciences, Inc.¹		7,333,200
	66,804	United Therapeutics Corp.^1,2		8,749,320

				26,961,063


		Capital Markets — 4.1%
	48,878	Ameriprise Financial, Inc.		6,166,937
	231,734	Charles Schwab Corp. (The)		6,643,814

See Notes to Financial Statements.

126

THE GLENMEDE FUND, INC.

Large Cap Core Portfolio (formerly known as Large Cap 100 Portfolio)
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**
		Capital Markets — (Continued)

	98,394	Invesco, Ltd.	$	3,982,005
	117,137	Lazard, Ltd. — Class A		5,764,312
	133,015	Legg Mason, Inc.		6,916,780

				29,473,848


		Chemicals — 2.1%
	79,431	LyondellBasell Industries N.V. — Class A		7,278,262
	110,487	PolyOne Corp.		4,089,124
	20,753	PPG Industries, Inc.		4,227,179

				15,594,565


		Communications Equipment — 2.8%
	679,675	Brocade Communications Systems, Inc.		7,292,913
	258,981	Cisco Systems, Inc.		6,337,265
	88,993	Qualcomm, Inc.		6,986,840

				20,617,018


		Consumer Finance — 1.0%
	40,472	Capital One Financial Corp.		3,349,867
	56,374	Discover Financial Services		3,595,534

				6,945,401


		Containers & Packaging — 0.9%
	105,043	Ball Corp.		6,767,921


		Diversified Consumer Services — 0.8%
	271,558	Service Corp. International		5,938,973


		Diversified Telecommunication Services — 1.9%
	204,943	AT&T, Inc.		7,140,214
	130,685	Verizon Communications, Inc.		6,566,921

				13,707,135


		Electric Utilities — 2.0%
	121,174	American Electric Power Co., Inc.		7,069,291
	269,852	Great Plains Energy, Inc.		7,267,115

				14,336,406


		Electronic Equipment, Instruments & Components — 0.5%
	57,177	TE Connectivity, Ltd.		3,495,230

See Notes to Financial Statements.

127

THE GLENMEDE FUND, INC.

Large Cap Core Portfolio (formerly known as Large Cap 100 Portfolio)
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Energy Equipment & Services — 4.9%
	107,693	Baker Hughes, Inc.	$	5,703,421
	130,778	Halliburton Co.		7,211,099
	31,156	Helmerich & Payne, Inc.		2,704,964
	251,147	Nabors Industries, Ltd.		4,482,974
	90,439	National Oilwell Varco, Inc.		6,569,489
	47,881	Schlumberger, Ltd.		4,723,940
	152,501	Superior Energy Services, Inc.		3,835,400

				35,231,287


		Food & Staples Retailing — 2.9%
	80,489	CVS Health Corp.		6,906,761
	125,950	Kroger Co. (The)		7,016,674
	106,081	Walgreen Co.		6,812,522

				20,735,957


		Food Products — 0.5%
	58,872	Kraft Foods Group, Inc.		3,317,437


		Gas Utilities — 1.0%
	191,283	UGI Corp.		7,209,456


		Health Care Equipment & Supplies — 2.2%
	142,457	CareFusion Corp.¹		8,172,758
	64,983	Edwards Lifesciences Corp.¹		7,857,744

				16,030,502


		Health Care Providers & Services — 2.5%
	86,930	Aetna, Inc.		7,172,594
	24,954	Humana, Inc.		3,464,863
	59,311	WellPoint, Inc.		7,514,111

				18,151,568


		Hotels, Restaurants & Leisure — 0.9%
	81,062	Wyndham Worldwide Corp.		6,296,086


		Household Durables — 1.0%
	66,911	Harman International Industries, Inc.		7,182,227


		Household Products — 0.9%
	24,795	Energizer Holdings, Inc.		3,041,107
	33,969	Kimberly-Clark Corp.		3,881,637

				6,922,744

See Notes to Financial Statements.

128

THE GLENMEDE FUND, INC.

Large Cap Core Portfolio (formerly known as Large Cap 100 Portfolio)
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Insurance — 3.2%
	184,940	Genworth Financial, Inc. — Class A¹	$	2,587,311
	77,206	Marsh & McLennan Cos., Inc.		4,197,690
	60,448	PartnerRe, Ltd.		6,993,229
	116,736	Principal Financial Group, Inc.		6,113,464
	97,933	Unum Group		3,276,838

				23,168,532


		Internet Software & Services — 1.3%
	81,758	eBay, Inc.¹		4,292,295
	64,413	Facebook, Inc. — Class A¹		4,830,331

				9,122,626


		IT Services — 5.2%
	80,297	Accenture PLC — Class A		6,513,692
	138,167	Amdocs, Ltd.		6,568,459
	73,683	Automatic Data Processing, Inc.		6,025,796
	116,120	Cognizant Technology Solutions Corp. — Class A¹		5,672,462
	108,917	Computer Sciences Corp.		6,578,587
	138,053	Paychex, Inc.		6,480,208

				37,839,204


		Life Sciences Tools & Services — 0.6%
	36,040	Thermo Fisher Scientific, Inc.		4,237,223


		Machinery — 2.6%
	37,293	Cummins, Inc.		5,451,491
	64,380	Danaher Corp.		5,176,152
	80,373	Oshkosh Corp.		3,597,495
	137,876	Trinity Industries, Inc.		4,923,552

				19,148,690


		Media — 3.1%
	122,389	Comcast Corp. — Class A		6,774,231
	74,654	Disney (Walt) Co.		6,821,883
	71,452	Gannett Co., Inc.		2,250,738
	85,488	Time Warner, Inc.		6,793,731

				22,640,583


		Multi-line Retail — 0.9%
	111,675	Macy’s, Inc.		6,457,049

See Notes to Financial Statements.

129

THE GLENMEDE FUND, INC.

Large Cap Core Portfolio (formerly known as Large Cap 100 Portfolio)
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Multi-Utilities — 1.5%
	115,578	CMS Energy Corp.	$	3,775,933
	112,321	Consolidated Edison, Inc.		7,116,659

				10,892,592


		Office Electronics — 0.9%
	510,905	Xerox Corp.		6,784,818


		Oil, Gas & Consumable Fuels — 4.2%
	27,250	Exxon Mobil Corp.		2,635,348
	71,226	Marathon Petroleum Corp.		6,474,443
	90,624	Phillips 66		7,113,984
	94,199	Tesoro Corp.		6,726,751
	144,957	Valero Energy Corp.		7,260,896

				30,211,422


		Pharmaceuticals — 5.0%
	115,365	AbbVie, Inc.		7,321,063
	28,217	Actavis PLC¹		6,849,394
	38,595	Allergan, Inc.		7,335,366
	142,012	Mylan, Inc.^1,2		7,604,743
	234,829	Pfizer, Inc.		7,033,128

				36,143,694


		Professional Services — 0.9%
	120,108	Robert Half International, Inc.		6,579,516


		Real Estate Investment Trusts — 2.5%
	144,799	Kimco Realty Corp.		3,612,735
	231,326	RLJ Lodging Trust		7,453,324
	195,385	Weingarten Realty Investors		7,082,706

				18,148,765


		Semiconductors & Semiconductor Equipment — 3.1%
	527,572	Marvell Technology Group, Ltd.		7,090,568
	376,254	NVIDIA Corp.		7,352,003
	132,082	Skyworks Solutions, Inc.		7,692,456

				22,135,027


		Software — 4.0%
	366,001	Activision Blizzard, Inc.		7,301,720
	46,719	Jack Henry & Associates, Inc.		2,794,731

See Notes to Financial Statements.

130

THE GLENMEDE FUND, INC.

Large Cap Core Portfolio (formerly known as Large Cap 100 Portfolio)
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**
		Software — (Continued)

	132,960	Microsoft Corp.	$	6,242,472
	159,987	Oracle Corp.		6,247,492
	268,289	Symantec Corp.		6,658,933

				29,245,348


		Specialty Retail — 2.8%
	97,564	Bed Bath & Beyond, Inc.¹		6,569,960
	116,573	Foot Locker, Inc.		6,529,253
	71,642	Home Depot, Inc.		6,986,528

				20,085,741


		Technology Hardware, Storage & Peripherals — 3.3%
	202,043	Hewlett-Packard Co.		7,249,303
	104,438	NetApp, Inc.		4,469,947
	158,438	Teradata Corp.^1,2		6,705,096
	57,317	Western Digital Corp.		5,638,273

				24,062,619


		Tobacco — 2.0%
	149,544	Altria Industrial Motion Corp.		7,228,957
	113,343	Reynolds American, Inc.		7,130,408

				14,359,365


		TOTAL COMMON STOCKS (Cost $606,113,688)		721,436,511



Face
Amount


*REPURCHASE AGREEMENT — 0.9%**
$	6,063,198	With State Street Bank and Trust Co., dated 10/31/14, 0.01%, principal and interest in the amount of $6,063,203, due 11/3/14, (collateralized by a FNMA security with a par value of $5,931,170, coupon rate of 3.036%, due 1/1/42, market value of $6,185,742)		6,063,198


		TOTAL REPURCHASE AGREEMENT (Cost $6,063,198)		6,063,198

See Notes to Financial Statements.

131

THE GLENMEDE FUND, INC.

Large Cap Core Portfolio (formerly known as Large Cap 100 Portfolio)
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares					Value


*INVESTMENT OF SECURITY LENDING COLLATERAL — 3.2%**
	23,193,281	State Street Navigator Securities Lending Prime Portfolio			$	23,193,281


		TOTAL INVESTMENT OF SECURITY LENDING COLLATERAL (Cost $23,193,281)				23,193,281

TOTAL INVESTMENTS (Cost $635,370,167)³			103.7	%	$	750,692,990
LIABILITIES IN EXCESS OF OTHER ASSETS			(3.7	)		(26,604,211	)

NET ASSETS			100.0	%	$	724,088,779


*		Percentages indicated are based on net assets.
¹		Non income-producing security.
²		Securities or partial securities on loan. See Note 1.
³		Aggregate cost for federal tax purposes was $635,479,482.
Abbreviations:
FNMA — Federal National Mortgage Association

See Notes to Financial Statements.

132

THE GLENMEDE FUND, INC.

Large Cap Core Portfolio (formerly known as Large Cap 100 Portfolio)
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014

INDUSTRY DIVERSIFICATION

On October 31, 2014, industry diversification of the Portfolio was as follows (Unaudited):


	% of
	Net Assets			Value

INDUSTRIES:
Aerospace & Defense		5.3	%	$	38,420,532
Banks		5.3			38,217,374
IT Services		5.2			37,839,204
Pharmaceuticals		5.0			36,143,694
Energy Equipment & Services		4.9			35,231,287
Oil, Gas & Consumable Fuels		4.2			30,211,422
Capital Markets		4.1			29,473,848
Software		4.0			29,245,348
Biotechnology		3.7			26,961,063
Technology Hardware, Storage & Peripherals		3.3			24,062,619
Insurance		3.2			23,168,532
Media		3.1			22,640,583
Semiconductors & Semiconductor Equipment		3.1			22,135,027
Food & Staples Retailing		2.9			20,735,957
Communications Equipment		2.8			20,617,018
Specialty Retail		2.8			20,085,741
Machinery		2.6			19,148,690
Health Care Providers & Services		2.5			18,151,568
Real Estate Investment Trusts		2.5			18,148,765
Health Care Equipment & Supplies		2.2			16,030,502
Chemicals		2.1			15,594,565
Tobacco		2.0			14,359,365
Electric Utilities		2.0			14,336,406
Diversified Telecommunication Services		1.9			13,707,135
Beverages		1.9			13,579,899
Airlines		1.8			13,054,188
Auto Components		1.6			11,986,880
Multi-Utilities		1.5			10,892,592
Internet Software & Services		1.3			9,122,626
Gas Utilities		1.0			7,209,456
Household Durables		1.0			7,182,227
Consumer Finance		1.0			6,945,401
Household Products		0.9			6,922,744
Office Electronics		0.9			6,784,818
Containers & Packaging		0.9			6,767,921
Professional Services		0.9			6,579,516
Multi-line Retail		0.9			6,457,049
Hotels, Restaurants & Leisure		0.9			6,296,086
Diversified Consumer Services		0.8			5,938,973

See Notes to Financial Statements.

133

THE GLENMEDE FUND, INC.

Large Cap Core Portfolio (formerly known as Large Cap 100 Portfolio)
SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2014

On October 31, 2014, industry diversification of the Portfolio was as follows (Unaudited):


	% of
	Net Assets			Value

Life Sciences Tools & Services		0.6	%	$	4,237,223
Electronic Equipment, Instruments & Components		0.5			3,495,230
Food Products		0.5			3,317,437

TOTAL COMMON STOCKS		99.6	%	$	721,436,511
REPURCHASE AGREEMENTS		0.9			6,063,198
INVESTMENTS OF SECURITY LENDING COLLATERAL		3.2			23,193,281

TOTAL INVESTMENTS		103.7	%	$	750,692,990

See Notes to Financial Statements.

134

THE GLENMEDE FUND, INC.

Large Cap Growth Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2014


Shares			Value


*COMMON STOCKS — 99.3%**

		Aerospace & Defense — 4.0%
	38,896	Boeing Co. (The)	$	4,858,499
	75,336	Honeywell International, Inc.		7,241,296
	103,202	Huntington Ingalls Industries, Inc.		10,920,836
	18,036	United Technologies Corp.		1,929,852

				24,950,483


		Airlines — 2.3%
	119,342	Alaska Air Group, Inc.		6,352,575
	242,556	Southwest Airlines Co.		8,363,331

				14,715,906


		Auto Components — 1.2%
	238,644	Gentex Corp.		7,813,205


		Beverages — 2.9%
	134,637	Coca-Cola Enterprises, Inc.		5,836,514
	179,838	Dr Pepper Snapple Group, Inc.		12,453,781

				18,290,295


		Biotechnology — 6.7%
	78,616	Amgen, Inc.		12,749,943
	46,598	Celgene Corp.¹		4,990,180
	108,331	Gilead Sciences, Inc.¹		12,133,072
	95,688	United Therapeutics Corp.¹		12,532,257

				42,405,452


		Capital Markets — 2.6%
	76,864	Ameriprise Financial, Inc.		9,697,931
	109,810	SEI Investments Co.		4,245,254
	53,881	Waddell & Reed Financial, Inc. — Class A		2,572,279

				16,515,464


		Chemicals — 2.4%
	207,209	Albemarle Corp.		12,096,862
	49,269	Celanese Corp. — Class A		2,893,568

				14,990,430


		Communications Equipment — 2.5%
	23,537	F5 Networks, Inc.¹		2,894,580
	159,629	Qualcomm, Inc.		12,532,473

				15,427,053

See Notes to Financial Statements.

135

THE GLENMEDE FUND, INC.

Large Cap Growth Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Containers & Packaging — 1.2%
	116,705	Ball Corp.	$	7,519,303


		Diversified Consumer Services — 1.4%
	137,350	H&R Block, Inc.		4,437,778
	208,778	Service Corp. International		4,565,975

				9,003,753


		Diversified Telecommunication Services — 1.9%
	240,244	Verizon Communications, Inc.		12,072,261


		Energy Equipment & Services — 5.2%
	122,915	Cameron International Corp.¹		7,319,588
	118,675	FMC Technologies, Inc.¹		6,650,547
	114,785	Halliburton Co.		6,329,245
	104,678	Oceaneering International, Inc.		7,355,723
	54,663	Schlumberger, Ltd.		5,393,052

				33,048,155


		Food & Staples Retailing — 2.7%
	187,166	Kroger Co. (The)		10,427,018
	101,998	Walgreen Co.		6,550,311

				16,977,329


		Food Products — 1.1%
	128,083	Kraft Foods Group, Inc.		7,217,477
			��

		Health Care Equipment & Supplies — 1.9%
	55,516	CR Bard, Inc.		9,102,959
	25,958	Edwards Lifesciences Corp.¹		3,138,841

				12,241,800


		Health Care Providers & Services — 2.0%
	49,746	Centene Corp.¹		4,609,962
	27,085	Laboratory Corp. of America Holdings¹		2,960,120
	25,706	McKesson Corp.		5,228,857

				12,798,939


		Hotels, Restaurants & Leisure — 1.8%
	54,252	Brinker International, Inc.		2,910,077
	105,687	Wyndham Worldwide Corp.		8,208,710

				11,118,787

See Notes to Financial Statements.

136

THE GLENMEDE FUND, INC.

Large Cap Growth Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Household Durables — 0.9%
	171,910	Newell Rubbermaid, Inc.	$	5,729,760


		Insurance — 1.0%
	116,192	Marsh & McLennan Cos., Inc.		6,317,359


		Internet Software & Services — 3.3%
	45,892	Akamai Technologies, Inc.¹		2,767,288
	151,654	eBay, Inc.¹		7,961,835
	138,099	Facebook, Inc. — Class A¹		10,356,044

				21,085,167


		IT Services — 7.4%
	90,831	Accenture PLC — Class A		7,368,211
	125,628	Automatic Data Processing, Inc.		10,273,858
	261,301	Cognizant Technology Solutions Corp. — Class A¹		12,764,554
	60,538	Global Payments, Inc.		4,873,309
	120,722	Paychex, Inc.		5,666,690
	23,158	Visa, Inc. — Class A		5,591,036

				46,537,658


		Life Sciences Tools & Services — 2.3%
	110,404	Covance, Inc.¹		8,821,280
	51,199	Waters Corp.¹		5,672,849

				14,494,129


		Machinery — 3.8%
	30,148	Cummins, Inc.		4,407,035
	124,173	IDEX Corp.		9,301,799
	81,509	Parker-Hannifin Corp.		10,354,088

				24,062,922


		Media — 5.1%
	228,581	Comcast Corp. — Class A		12,651,958
	83,912	DIRECTV¹		7,282,723
	643,510	Interpublic Group of Cos., Inc. (The)		12,477,659

				32,412,340


		Multi-line Retail — 2.0%
	30,930	Dollar General Corp.¹		1,938,383
	179,567	Macy’s, Inc.		10,382,564

				12,320,947

See Notes to Financial Statements.

137

THE GLENMEDE FUND, INC.

Large Cap Growth Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Oil, Gas & Consumable Fuels — 0.5%
	73,454	World Fuel Services Corp.	$	3,029,243


		Pharmaceuticals — 1.8%
	59,510	Allergan, Inc.		11,310,471


		Professional Services — 0.9%
	105,119	Robert Half International, Inc.		5,758,419


		Real Estate Investment Trusts — 1.1%
	177,804	Omega Healthcare Investors, Inc.		6,785,001


		Road & Rail — 0.6%
	30,254	Union Pacific Corp.		3,523,078


		Semiconductors & Semiconductor Equipment — 3.0%
	62,697	Broadcom Corp. — Class A		2,625,750
	446,828	ON Semiconductor Corp.¹		3,704,204
	214,845	Skyworks Solutions, Inc.		12,512,573

				18,842,527


		Software — 7.3%
	633,035	Activision Blizzard, Inc.		12,629,048
	79,756	Citrix Systems, Inc.¹		5,122,728
	128,616	Electronic Arts, Inc.¹		5,269,398
	257,915	Microsoft Corp.		12,109,109
	272,164	Oracle Corp.		10,628,004

				45,758,287


		Specialty Retail — 3.9%
	74,988	Bed Bath & Beyond, Inc.¹		5,049,692
	141,196	Gap, Inc. (The)		5,349,916
	88,882	Home Depot, Inc.		8,667,773
	8,330	O’Reilly Automotive, Inc.¹		1,465,080
	62,862	TJX Cos., Inc. (The)		3,980,422

				24,512,883


		Technology Hardware, Storage & Peripherals — 6.9%
	116,951	Apple, Inc.		12,630,708
	102,555	EMC Corp.		2,946,405
	217,592	NetApp, Inc.		9,312,938
	99,141	SanDisk Corp.		9,333,134
	217,700	Teradata Corp.¹		9,213,064

				43,436,249

See Notes to Financial Statements.

138

THE GLENMEDE FUND, INC.

Large Cap Growth Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares					Value

*COMMON STOCKS — (Continued)**
		Technology Hardware, Storage & Peripherals — (Continued)


		Textiles, Apparel & Luxury Goods — 0.4%
	35,561	VF Corp.			$	2,406,769


		Tobacco — 3.3%
	175,971	Altria Industrial Motion Corp.				8,506,438
	197,433	Reynolds American, Inc.				12,420,510

						20,926,948


		TOTAL COMMON STOCKS (Cost $543,465,187)				626,356,249



Face
Amount


*REPURCHASE AGREEMENT — 1.3%**
$	7,985,390	With State Street Bank and Trust Co., dated 10/31/14, 0.01%, principal and interest in the amount of $7,985,397, due 11/3/14, (collateralized by FNMA securities with a par value of $7,816,212, coupon rates of 3.036% — 3.500% due 1/1/2042 — 2/25/42, total market value of $8,148,304)				7,985,390


		TOTAL REPURCHASE AGREEMENT (Cost $7,985,390)				7,985,390

TOTAL INVESTMENTS (Cost $551,450,577)²			100.6	%	$	634,341,639
LIABILITIES IN EXCESS OF OTHER ASSETS			(0.6	)		(3,979,294	)

NET ASSETS			100.0	%	$	630,362,345


*		Percentages indicated are based on net assets.
¹		Non income-producing security.
²		Aggregate cost for federal tax purposes was $551,705,405.
Abbreviations:
FNMA — Federal National Mortgage Association

See Notes to Financial Statements.

139

THE GLENMEDE FUND, INC.

Large Cap Growth Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014

INDUSTRY DIVERSIFICATION

On October 31, 2014, industry diversification of the Portfolio was as follows (Unaudited):


	% of
	Net Assets			Value

INDUSTRIES:
IT Services		7.4	%	$	46,537,658
Software		7.3			45,758,287
Technology Hardware, Storage & Peripherals		6.9			43,436,249
Biotechnology		6.7			42,405,452
Energy Equipment & Services		5.2			33,048,155
Media		5.1			32,412,340
Aerospace & Defense		4.0			24,950,483
Specialty Retail		3.9			24,512,883
Machinery		3.8			24,062,922
Internet Software & Services		3.3			21,085,167
Tobacco		3.3			20,926,948
Semiconductors & Semiconductor Equipment		3.0			18,842,527
Beverages		2.9			18,290,295
Food & Staples Retailing		2.7			16,977,329
Capital Markets		2.6			16,515,464
Communications Equipment		2.5			15,427,053
Chemicals		2.4			14,990,430
Airlines		2.3			14,715,906
Life Sciences Tools & Services		2.3			14,494,129
Health Care Providers & Services		2.0			12,798,939
Multi-line Retail		2.0			12,320,947
Health Care Equipment & Supplies		1.9			12,241,800
Diversified Telecommunication Services		1.9			12,072,261
Pharmaceuticals		1.8			11,310,471
Hotels, Restaurants & Leisure		1.8			11,118,787
Diversified Consumer Services		1.4			9,003,753
Auto Components		1.2			7,813,205
Containers & Packaging		1.2			7,519,303
Food Products		1.1			7,217,477
Real Estate Investment Trusts		1.1			6,785,001
Insurance		1.0			6,317,359
Professional Services		0.9			5,758,419
Household Durables		0.9			5,729,760

See Notes to Financial Statements.

140

THE GLENMEDE FUND, INC.

Large Cap Growth Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2014

On October 31, 2014, industry diversification of the Portfolio was as follows (Unaudited):


	% of
	Net Assets			Value

Road & Rail		0.6	%	$	3,523,078
Oil, Gas & Consumable Fuels		0.5			3,029,243
Textiles, Apparel & Luxury Goods		0.4			2,406,769

TOTAL COMMON STOCKS		99.3	%	$	626,356,249
REPURCHASE AGREEMENTS		1.3			7,985,390

TOTAL INVESTMENTS		100.6	%	$	634,341,639

See Notes to Financial Statements.

141

THE GLENMEDE FUND, INC.

Long/Short Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2014


Shares			Value


*COMMON STOCKS — 98.5%**

		Aerospace & Defense — 2.8%
	45,968	Exelis, Inc.	$	820,529
	5,860	General Dynamics Corp.		818,993
	6,560	L-3 Communications Holdings, Inc.		796,778
	4,520	Northrop Grumman Corp.		623,579
	2,553	Vectrus, Inc.¹		62,395

				3,122,274


		Airlines — 1.2%
	38,780	Southwest Airlines Co.		1,337,134


		Auto Components — 1.0%
	4,540	Delphi Automotive PLC		313,169
	24,200	Gentex Corp.		792,308

				1,105,477


		Banks — 7.3%
	15,810	East West Bancorp, Inc.		581,176
	33,660	Fifth Third Bancorp		672,863
	51,203	First Midwest Bancorp, Inc.²		859,698
	35,967	Hanmi Financial Corp.		771,492
	71,620	Huntington Bancshares, Inc.		709,754
	77,800	KeyCorp		1,026,960
	36,220	PrivateBancorp, Inc.		1,170,631
	31,107	SunTrust Banks, Inc.		1,217,528
	99,420	Wilshire Bancorp, Inc.²		984,258

				7,994,360


		Beverages — 0.7%
	19,000	Coca-Cola Enterprises, Inc.		823,650


		Biotechnology — 0.6%
	18,700	Acorda Therapeutics, Inc.^1,2		651,134


		Capital Markets — 0.7%
	20,520	SEI Investments Co.		793,303


		Chemicals — 2.6%
	26,820	A Schulman, Inc.		949,696
	20,680	Dow Chemical Co. (The)		1,021,592
	11,620	Minerals Technologies, Inc.		891,370

				2,862,658

See Notes to Financial Statements.

142

THE GLENMEDE FUND, INC.

Long/Short Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Commercial Services & Supplies — 1.7%
	7,740	Cintas Corp.	$	566,878
	5,500	Deluxe Corp.		334,400
	36,900	Pitney Bowes, Inc.		912,906

				1,814,184


		Communications Equipment — 0.5%
	24,000	Cisco Systems, Inc.		587,280


		Construction & Engineering — 2.1%
	2,098	Aecom Technology Corp.¹		68,279
	25,800	EMCOR Group, Inc.		1,138,554
	33,860	Quanta Services, Inc.¹		1,153,949

				2,360,782


		Consumer Finance — 0.9%
	15,100	Discover Financial Services		963,078


		Containers & Packaging — 0.7%
	10,720	Packaging Corp. of America		772,698


		Diversified Consumer Services — 1.9%
	19,780	Apollo Education Group, Inc.¹		566,895
	5,558	Capella Education Co.²		393,173
	50,300	Service Corp. International		1,100,061

				2,060,129


		Electric Utilities — 2.6%
	19,900	American Electric Power Co., Inc.		1,160,966
	15,760	Exelon Corp.		576,658
	40,220	Great Plains Energy, Inc.²		1,083,125

				2,820,749


		Electrical Equipment — 1.9%
	13,440	A. O. Smith Corp.		717,024
	20,160	AMETEK, Inc.		1,051,344
	4,589	EnerSys		288,189

				2,056,557


		Energy Equipment & Services — 5.7%
	14,480	Baker Hughes, Inc.		766,861
	9,120	Cameron International Corp.¹		543,096
	19,680	Halliburton Co.		1,085,155
	57,900	Nabors Industries, Ltd.		1,033,515

See Notes to Financial Statements.

143

THE GLENMEDE FUND, INC.

Long/Short Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**
		Energy Equipment & Services — (Continued)

	10,160	National Oilwell Varco, Inc.	$	738,022
	12,780	Patterson-UTI Energy, Inc.		294,323
	7,840	Schlumberger, Ltd.		773,495
	42,780	Superior Energy Services, Inc.		1,075,917

				6,310,384


		Food & Staples Retailing — 3.2%
	12,676	CVS Health Corp.		1,087,728
	20,757	Kroger Co. (The)		1,156,372
	16,500	SpartanNash Co.²		369,765
	13,809	Walgreen Co.		886,814

				3,500,679


		Food Products — 2.6%
	21,593	Archer-Daniels-Midland Co.		1,014,871
	8,100	J & J Snack Foods Corp.		834,543
	24,280	Tyson Foods, Inc. — Class A		979,698

				2,829,112


		Gas Utilities — 1.0%
	20,491	AGL Resources, Inc.		1,104,670


		Health Care Equipment & Supplies — 2.3%
	18,860	Align Technology, Inc.^1,2		992,413
	9,420	CareFusion Corp.¹		540,426
	7,195	Conmed Corp.		302,118
	7,580	Hill-Rom Holdings, Inc.		337,158
	4,853	St Jude Medical, Inc.		311,417

				2,483,532


		Health Care Providers & Services — 1.0%
	16,120	Omnicare, Inc.		1,073,431


		Health Care Technology — 0.5%
	18,280	Omnicell, Inc.¹		590,627


		Hotels, Restaurants & Leisure — 2.4%
	14,480	Brinker International, Inc.		776,707
	14,340	Jack In The Box, Inc.		1,018,713
	65,940	Ruth’s Hospitality Group, Inc.		802,490

				2,597,910

See Notes to Financial Statements.

144

THE GLENMEDE FUND, INC.

Long/Short Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Household Durables — 1.0%
	31,320	Newell Rubbermaid, Inc.	$	1,043,896


		Household Products — 0.7%
	6,600	Energizer Holdings, Inc.		809,490


		Insurance — 3.2%
	18,652	Lincoln National Corp.		1,021,384
	33,325	Old Republic International Corp.		492,210
	19,420	Principal Financial Group, Inc.		1,017,025
	28,620	Unum Group		957,625

				3,488,244


		IT Services — 5.7%
	8,540	Accenture PLC — Class A		692,765
	22,325	Amdocs, Ltd.		1,061,330
	12,400	Automatic Data Processing, Inc.		1,014,072
	20,740	Cognizant Technology Solutions Corp. — Class A¹		1,013,149
	61,260	Genpact, Ltd.¹		1,075,113
	19,220	Paychex, Inc.		902,187
	33,160	Western Union Co. (The)²		562,394

				6,321,010


		Life Sciences Tools & Services — 1.2%
	20,020	Charles River Laboratories International, Inc.¹		1,264,463


		Machinery — 4.6%
	77,780	Federal Signal Corp.		1,104,476
	10,750	Illinois Tool Works, Inc.		978,787
	18,780	Ingersoll-Rand PLC		1,176,004
	16,160	Lincoln Electric Holdings, Inc.		1,171,277
	14,490	Oshkosh Corp.		648,572

				5,079,116


		Media — 1.7%
	19,100	Comcast Corp. — Class A		1,057,185
	17,180	Gannett Co., Inc.		541,170
	16,240	Interpublic Group of Cos., Inc. (The)		314,894

				1,913,249


		Metals & Mining — 0.8%
	22,840	Worthington Industries, Inc.		882,766

See Notes to Financial Statements.

145

THE GLENMEDE FUND, INC.

Long/Short Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Multi-line Retail — 0.7%
	13,440	Macy’s, Inc.	$	777,101


		Multi-Utilities — 4.1%
	23,500	Ameren Corp.		994,990
	25,920	CMS Energy Corp.		846,806
	8,860	Consolidated Edison, Inc.		561,370
	32,440	MDU Resources Group, Inc.		914,159
	28,925	Public Service Enterprise Group, Inc.		1,194,892

				4,512,217


		Office Electronics — 0.8%
	64,100	Xerox Corp.		851,248


		Oil, Gas & Consumable Fuels — 2.8%
	7,060	Anadarko Petroleum Corp.		647,967
	9,140	Phillips 66		717,490
	9,020	Tesoro Corp.		644,118
	21,020	Valero Energy Corp.		1,052,892

				3,062,467


		Pharmaceuticals — 1.6%
	11,620	Lannett Co., Inc.^1,2		659,086
	18,820	Pfizer, Inc.		563,659
	17,120	Sagent Pharmaceuticals, Inc.^1,2		541,677

				1,764,422


		Professional Services — 1.3%
	3,738	Manpowergroup, Inc.		249,512
	20,880	Robert Half International, Inc.		1,143,806

				1,393,318


		Real Estate Investment Trusts — 9.6%
	21,460	Apartment Investment & Management Co. — Class A		768,053
	67,280	Capstead Mortgage Corp.²		855,129
	53,900	CBL & Associates Properties, Inc.²		1,031,107
	22,060	Coresite Realty Corp.²		816,661
	30,220	Corporate Office Properties Trust		826,215
	66,757	Cousins Properties, Inc.²		868,508
	18,800	Equity Commonwealth		502,148
	15,100	Equity Lifestyle Properties, Inc.		741,410
	48,380	Government Properties Income Trust²		1,104,032
	9,840	Home Properties, Inc.		632,810

See Notes to Financial Statements.

146

THE GLENMEDE FUND, INC.

Long/Short Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**
		Real Estate Investment Trusts — (Continued)

	29,180	Hospitality Properties Trust	$	864,020
	43,480	Host Hotels & Resorts, Inc.		1,013,519
	29,140	Piedmont Office Realty Trust, Inc. — Class A		566,773

				10,590,385


		Road & Rail — 0.8%
	14,960	ArcBest Corp.		578,952
	3,100	Norfolk Southern Corp.		342,984

				921,936


		Semiconductors & Semiconductor Equipment — 2.3%
	14,740	Altera Corp.		506,614
	27,160	Intel Corp.		923,712
	79,780	Marvell Technology Group, Ltd.		1,072,243

				2,502,569


		Software — 1.0%
	4,133	CDK Global, Inc.¹		138,869
	25,213	Oracle Corp.		984,567

				1,123,436


		Specialty Retail — 3.5%
	18,027	Foot Locker, Inc.		1,009,692
	10,560	GameStop Corp. — Class A²		451,546
	23,540	Gap, Inc. (The)²		891,931
	3,680	Home Depot, Inc.		358,874
	18,680	TJX Cos., Inc. (The)		1,182,817

				3,894,860


		Technology Hardware, Storage & Peripherals — 1.8%
	30,683	EMC Corp.		881,522
	30,120	Hewlett-Packard Co.		1,080,706

				1,962,228


		Textiles, Apparel & Luxury Goods — 0.9%
	4,620	Hanesbrands, Inc.		487,918
	7,280	VF Corp.		492,711

				980,629

See Notes to Financial Statements.

147

THE GLENMEDE FUND, INC.

Long/Short Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares						Value

*COMMON STOCKS — (Continued)**

			Thrifts & Mortgage Finance — 0.5%
	29,720		Provident Financial Services, Inc.²			$	541,796


			TOTAL COMMON STOCKS (Cost $97,318,914)				108,296,638



Face
Amount


*REPURCHASE AGREEMENT — 0.4%**
$	470,238		With State Street Bank and Trust Co., dated 10/31/14, 0.01%, principal and interest in the amount of $470,238, due 11/3/14, (collateralized by a FNMA security with a par value of $453,035, coupon rate of 3.246%, due 5/1/41, market value of $481,107)				470,238


			TOTAL REPURCHASE AGREEMENTS (Cost $470,238)				470,238



Shares


*INVESTMENT OF SECURITY LENDING COLLATERAL — 7.0%**
	7,755,488		State Street Navigator Securities Lending Prime Portfolio				7,755,488


			TOTAL INVESTMENT OF SECURITY LENDING COLLATERAL (Cost $7,755,488)				7,755,488

TOTAL LONG INVESTMENTS (Cost $105,544,640)				105.9	%	$	116,522,364


*COMMON STOCKS SOLD SHORT — (68.2)%**

			Aerospace & Defense — (1.9)%
	(23,900	)	Cubic Corp.				(1,152,936	)
	(5,040	)	TransDigm Group, Inc.				(942,631	)

							(2,095,567	)


			Banks — (2.8)%
	(125,960	)	Bancorp, Inc.¹				(1,191,582	)
	(18,440	)	Texas Capital Bancshares, Inc.¹				(1,127,606	)
	(28,060	)	Zions BanCorp.				(812,898	)

							(3,132,086	)


			Beverages — (0.8)%
	(8,980	)	Brown-Forman Corp. — Class B				(832,177	)

See Notes to Financial Statements.

148

THE GLENMEDE FUND, INC.

Long/Short Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares				Value

*COMMON STOCKS SOLD SHORT — (Continued)**

			Building Products — (2.7)%
	(49,780	)	Advanced Drainage Systems, Inc.¹	$	(1,087,195	)
	(49,960	)	NCI Building Systems, Inc.¹		(992,705	)
	(31,540	)	USG Corp.¹		(847,165	)

					(2,927,065	)


			Capital Markets — (0.7)%
	(4,040	)	Affiliated Managers Group, Inc.¹		(807,151	)


			Chemicals — (0.5)%
	(7,640	)	EI du Pont de Nemours & Co.		(528,306	)


			Commercial Services & Supplies — (0.6)%
	(14,280	)	Clean Harbors, Inc.¹		(708,716	)


			Construction Materials — (0.6)%
	(8,140	)	Eagle Materials, Inc.		(711,680	)


			Consumer Finance — (1.0)%
	(19,460	)	First Cash Financial Services, Inc.¹		(1,149,697	)


			Diversified Financial Services — (0.3)%
	(1,620	)	Intercontinental Exchange, Inc.		(337,430	)


			Electrical Equipment — (2.0)%
	(4,780	)	Acuity Brands, Inc.		(666,476	)
	(8,400	)	Eaton Corp. PLC		(574,476	)
	(24,180	)	Franklin Electric Co., Inc.		(902,881	)

					(2,143,833	)


			Food & Staples Retailing — (1.0)%
	(12,160	)	Pricesmart, Inc.		(1,082,605	)


			Food Products — (2.4)%
	(44,120	)	Darling Ingredients, Inc.¹		(776,512	)
	(27,180	)	Diamond Foods, Inc.¹		(819,477	)
	(11,180	)	Hershey Co. (The)		(1,072,274	)

					(2,668,263	)


			Gas Utilities — (2.6)%
	(15,800	)	Oneok, Inc.		(931,252	)
	(41,340	)	Questar Corp.		(996,707	)
	(15,234	)	South Jersey Industries, Inc.		(893,322	)

					(2,821,281	)

See Notes to Financial Statements.

149

THE GLENMEDE FUND, INC.

Long/Short Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares				Value

*COMMON STOCKS SOLD SHORT — (Continued)**
			Gas Utilities — (Continued)


			Health Care Equipment & Supplies — (1.0)%
	(29,427	)	Haemonetics Corp.¹	$	(1,109,986	)


			Hotels, Restaurants & Leisure — (4.7)%
	(22,733	)	Bob Evans Farms, Inc.		(1,110,507	)
	(12,080	)	McDonald’s Corp.		(1,132,258	)
	(7,108	)	Panera Bread Co. — Class A¹		(1,148,937	)
	(48,809	)	Pinnacle Entertainment, Inc.¹		(1,250,975	)
	(2,640	)	Wynn Resorts, Ltd.		(501,627	)

					(5,144,304	)


			Household Durables — (0.8)%
	(23,600	)	Meritage Homes Corp.¹		(868,244	)


			Household Products — (0.8)%
	(12,340	)	Colgate-Palmolive Co.		(825,299	)


			Insurance — (2.3)%
	(11,200	)	Cincinnati Financial Corp.		(565,264	)
	(19,060	)	Loews Corp.		(831,016	)
	(1,600	)	Markel Corp.¹		(1,105,424	)

					(2,501,704	)


			Internet & Catalog Retail — (1.0)%
	(3,520	)	Amazon.Com, Inc.¹		(1,075,219	)


			Internet Software & Services — (1.9)%
	(21,800	)	DealerTrack Holdings, Inc.¹		(1,025,690	)
	(5,020	)	Equinix, Inc.		(1,048,678	)

					(2,074,368	)


			IT Services — (0.9)%
	(9,180	)	WEX, Inc.¹		(1,042,481	)


			Leisure Equipment & Products — (0.8)%
	(29,100	)	Mattel, Inc.		(904,137	)


			Machinery — (0.6)%
	(11,640	)	RBC Bearings, Inc.		(707,130	)

See Notes to Financial Statements.

150

THE GLENMEDE FUND, INC.

Long/Short Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares				Value

*COMMON STOCKS SOLD SHORT — (Continued)**

			Media — (1.7)%
	(37,060	)	DreamWorks Animation SKG, Inc. — Class A¹	$	(825,697	)
	(15,922	)	Morningstar, Inc.		(1,086,676	)

					(1,912,373	)


			Metals & Mining — (1.9)%
	(22,000	)	Carpenter Technology Corp.		(1,101,100	)
	(49,980	)	Newmont Mining Corp.		(937,625	)

					(2,038,725	)


			Multi-Utilities — (2.8)%
	(41,597	)	Centerpoint Energy, Inc.		(1,021,206	)
	(13,960	)	Dominion Resources, Inc.		(995,348	)
	(9,840	)	Sempra Energy		(1,082,400	)

					(3,098,954	)


			Oil, Gas & Consumable Fuels — (5.2)%
	(14,820	)	Cheniere Energy, Inc.¹		(1,111,500	)
	(15,200	)	Clayton Williams Energy, Inc.¹		(1,263,728	)
	(22,320	)	Gulfport Energy Corp.¹		(1,120,017	)
	(5,980	)	Pioneer Natural Resources Co.		(1,130,579	)
	(16,020	)	Range Resources Corp.		(1,095,768	)

					(5,721,592	)


			Pharmaceuticals — (1.1)%
	(7,310	)	Perrigo Co. PLC		(1,180,199	)


			Professional Services — (1.9)%
	(19,320	)	Advisory Board Co. (The)¹		(1,036,905	)
	(8,440	)	IHS, Inc. — Class A¹		(1,105,893	)

					(2,142,798	)


			Real Estate Investment Trusts — (8.2)%
	(28,340	)	American Campus Communities, Inc.		(1,112,912	)
	(29,960	)	American Homes 4 Rent — Class A		(525,199	)
	(7,320	)	AvalonBay Communities, Inc.		(1,140,749	)
	(9,300	)	Boston Properties, Inc.		(1,178,775	)
	(16,300	)	Equity Residential		(1,133,828	)
	(8,260	)	Federal Realty Investment Trust		(1,088,668	)
	(27,540	)	Plum Creek Timber Co., Inc.		(1,129,415	)
	(6,240	)	Simon Property Group, Inc.		(1,118,270	)
	(9,780	)	Sun Communities, Inc.		(566,947	)

					(8,994,763	)

See Notes to Financial Statements.

151

THE GLENMEDE FUND, INC.

Long/Short Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares						Value

*COMMON STOCKS SOLD SHORT — (Continued)**

			Real Estate Management & Development — (1.0)%
	(28,020	)	Alexander & Baldwin, Inc.			$	(1,121,641	)


			Road & Rail — (1.7)%
	(37,860	)	Celadon Group, Inc.				(736,756	)
	(11,860	)	Genesee & Wyoming, Inc. — Class A¹				(1,140,932	)

							(1,877,688	)


			Software — (1.1)%
	(7,780	)	Ultimate Software Group, Inc.¹				(1,170,968	)


			Specialty Retail — (1.2)%
	(17,460	)	Tractor Supply Co.				(1,278,421	)


			Technology Hardware, Storage & Peripherals — (1.2)%
	(10,820	)	Stratasys, Ltd.¹				(1,302,295	)


			Textiles, Apparel & Luxury Goods — (0.6)%
	(11,020	)	Oxford Industries, Inc.				(674,975	)


			Thrifts & Mortgage Finance — (0.9)%
	(39,640	)	Ocwen Financial Corp.¹				(933,918	)


			Trading Companies & Distributors — (2.0)%
	(27,220	)	TAL International Group, Inc.¹				(1,173,999	)
	(9,800	)	United Rentals, Inc.¹				(1,078,588	)

							(2,252,587	)


			Water and Sewer — (1.0)%
	(42,540	)	Aqua America, Inc.				(1,114,548	)


			TOTAL COMMON STOCKS SOLD SHORT (Proceeds $(73,982,967))				(75,015,174	)

TOTAL SHORT INVESTMENTS (Proceeds $(73,982,967))				(68.2	)%	$	(75,015,174	)

TOTAL INVESTMENTS (Cost $31,561,673)³				37.7	%	$	41,507,190
OTHER ASSETS IN EXCESS OF LIABILITIES				62.3			68,457,774

NET ASSETS				100.0	%	$	109,964,964

See Notes to Financial Statements.

152

THE GLENMEDE FUND, INC.

Long/Short Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


*		Percentages indicated are based on net assets.
¹		Non income-producing security.
²		Securities or partial securities on loan. See Note 1.
³		Aggregate cost for federal tax purposes was $31,933,315.
Abbreviations:
FNMA — Federal National Mortgage Association

See Notes to Financial Statements.

153

THE GLENMEDE FUND, INC.

Long/Short Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014

INDUSTRY DIVERSIFICATION

On October 31, 2014, industry diversification of the Portfolio was as follows (Unaudited):


	% of
	Net Assets			Value

INDUSTRIES:
Long Positions:
Real Estate Investment Trusts		9.6	%	$	10,590,385
Banks		7.3			7,994,360
IT Services		5.7			6,321,010
Energy Equipment & Services		5.7			6,310,384
Machinery		4.6			5,079,116
Multi-Utilities		4.1			4,512,217
Specialty Retail		3.5			3,894,860
Food & Staples Retailing		3.2			3,500,679
Insurance		3.2			3,488,244
Aerospace & Defense		2.8			3,122,274
Oil, Gas & Consumable Fuels		2.8			3,062,467
Chemicals		2.6			2,862,658
Food Products		2.6			2,829,112
Electric Utilities		2.6			2,820,749
Hotels, Restaurants & Leisure		2.4			2,597,910
Semiconductors & Semiconductor Equipment		2.3			2,502,569
Health Care Equipment & Supplies		2.3			2,483,532
Construction & Engineering		2.1			2,360,782
Diversified Consumer Services		1.9			2,060,129
Electrical Equipment		1.9			2,056,557
Technology Hardware, Storage & Peripherals		1.8			1,962,228
Media		1.7			1,913,249
Commercial Services & Supplies		1.7			1,814,184
Pharmaceuticals		1.6			1,764,422
Professional Services		1.3			1,393,318
Airlines		1.2			1,337,134
Life Sciences Tools & Services		1.2			1,264,463
Software		1.0			1,123,436
Auto Components		1.0			1,105,477
Gas Utilities		1.0			1,104,670
Health Care Providers & Services		1.0			1,073,431
Household Durables		1.0			1,043,896
Textiles, Apparel & Luxury Goods		0.9			980,629
Consumer Finance		0.9			963,078
Road & Rail		0.8			921,936
Metals & Mining		0.8			882,766
Office Electronics		0.8			851,248
Beverages		0.7			823,650

See Notes to Financial Statements.

154

THE GLENMEDE FUND, INC.

Long/Short Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014

On October 31, 2014, industry diversification of the Portfolio was as follows (Unaudited):


	% of
	Net Assets			Value

Household Products		0.7	%	$	809,490
Capital Markets		0.7			793,303
Multi-line Retail		0.7			777,101
Containers & Packaging		0.7			772,698
Biotechnology		0.6			651,134
Health Care Technology		0.5			590,627
Communications Equipment		0.5			587,280
Thrifts & Mortgage Finance		0.5			541,796
Short Positions:
Diversified Financial Services		(0.3	)		(337,430	)
Chemicals		(0.5	)		(528,306	)
Textiles, Apparel & Luxury Goods		(0.6	)		(674,975	)
Machinery		(0.6	)		(707,130	)
Commercial Services & Supplies		(0.6	)		(708,716	)
Construction Materials		(0.6	)		(711,680	)
Capital Markets		(0.7	)		(807,151	)
Household Products		(0.8	)		(825,299	)
Beverages		(0.8	)		(832,177	)
Household Durables		(0.8	)		(868,244	)
Leisure Equipment & Products		(0.8	)		(904,137	)
Thrifts & Mortgage Finance		(0.9	)		(933,918	)
IT Services		(0.9	)		(1,042,481	)
Internet & Catalog Retail		(1.0	)		(1,075,219	)
Food & Staples Retailing		(1.0	)		(1,082,605	)
Health Care Equipment & Supplies		(1.0	)		(1,109,986	)
Water and Sewer		(1.0	)		(1,114,548	)
Real Estate Management & Development		(1.0	)		(1,121,641	)
Consumer Finance		(1.0	)		(1,149,697	)
Software		(1.1	)		(1,170,968	)
Pharmaceuticals		(1.1	)		(1,180,199	)
Specialty Retail		(1.2	)		(1,278,421	)
Technology Hardware, Storage & Peripherals		(1.2	)		(1,302,295	)
Road & Rail		(1.7	)		(1,877,688	)
Media		(1.7	)		(1,912,373	)
Metals & Mining		(1.9	)		(2,038,725	)
Internet Software & Services		(1.9	)		(2,074,368	)
Aerospace & Defense		(1.9	)		(2,095,567	)
Professional Services		(1.9	)		(2,142,798	)
Electrical Equipment		(2.0	)		(2,143,833	)
Trading Companies & Distributors		(2.0	)		(2,252,587	)
Insurance		(2.3	)		(2,501,704	)
Food Products		(2.4	)		(2,668,263	)

See Notes to Financial Statements.

155

THE GLENMEDE FUND, INC.

Long/Short Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2014

On October 31, 2014, industry diversification of the Portfolio was as follows (Unaudited):


	% of
	Net Assets			Value

Gas Utilities		(2.6	)%	$	(2,821,281	)
Building Products		(2.7	)		(2,927,065	)
Multi-Utilities		(2.8	)		(3,098,954	)
Banks		(2.8	)		(3,132,086	)
Hotels, Restaurants & Leisure		(4.7	)		(5,144,304	)
Oil, Gas & Consumable Fuels		(5.2	)		(5,721,592	)
Real Estate Investment Trusts		(8.2	)		(8,994,763	)

TOTAL COMMON STOCKS		30.3	%	$	33,281,464
REPURCHASE AGREEMENT		0.4			470,238
INVESTMENT OF SECURITY LENDING COLLATERAL		7.0			7,755,488

TOTAL INVESTMENTS		37.7	%	$	41,507,190

See Notes to Financial Statements.

156

THE GLENMEDE FUND, INC.

Total Market Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2014


Shares			Value


*COMMON STOCKS — 124.9%**

		Aerospace & Defense — 4.3%
	29,600	Exelis, Inc.	$	528,360
	4,860	General Dynamics Corp.		679,234
	3,970	L-3 Communications Holdings, Inc.		482,196
	6,659	Northrop Grumman Corp.^1,2		918,676
	1,644	Vectrus, Inc.^1,3		40,179

				2,648,645


		Airlines — 1.8%
	31,940	Southwest Airlines Co.²		1,101,291


		Auto Components — 1.5%
	27,540	Gentex Corp.¹		901,660


		Banks — 6.8%
	24,435	Fifth Third Bancorp		488,456
	25,500	Hanmi Financial Corp.¹		546,975
	13,280	JPMorgan Chase & Co.		803,174
	55,200	KeyCorp²		728,640
	31,360	Regions Financial Corp.		311,405
	15,340	SunTrust Banks, Inc.¹		600,407
	73,240	Wilshire Bancorp, Inc.¹		725,076

				4,204,133


		Beverages — 1.8%
	16,100	Coca-Cola Enterprises, Inc.		697,935
	4,372	Constellation Brands, Inc.³		400,213

				1,098,148


		Biotechnology — 0.9%
	15,080	Acorda Therapeutics, Inc.^1,3		525,086


		Capital Markets — 2.6%
	9,000	Invesco, Ltd.		364,230
	20,380	Janus Capital Group, Inc.¹		305,496
	24,620	SEI Investments Co.²		951,809

				1,621,535


		Chemicals — 2.8%
	7,260	A Schulman, Inc.¹		257,077
	6,285	LyondellBasell Industries N.V. — Class A¹		575,895
	11,840	Minerals Technologies, Inc.¹		908,246

				1,741,218

See Notes to Financial Statements.

157

THE GLENMEDE FUND, INC.

Total Market Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Commercial Services & Supplies — 1.7%
	7,280	Avery Dennison Corp.¹	$	341,068
	27,440	Pitney Bowes, Inc.²		678,866

				1,019,934


		Communications Equipment — 2.3%
	30,000	Cisco Systems, Inc.¹		734,100
	33,234	Corning, Inc.¹		678,971

				1,413,071


		Construction & Engineering — 1.6%
	2,283	Aecom Technology Corp.³		74,304
	12,500	EMCOR Group, Inc.¹		551,625
	10,040	Quanta Services, Inc.³		342,163

				968,092


		Consumer Finance — 1.3%
	12,740	Discover Financial Services		812,557


		Containers & Packaging — 0.7%
	17,560	Owens-Illinois, Inc.^1,3		452,521


		Diversified Consumer Services — 1.7%
	7,060	Apollo Education Group, Inc.³		202,339
	37,540	Service Corp. International¹		821,000

				1,023,339


		Diversified Telecommunication Services — 0.6%
	7,080	Verizon Communications, Inc.		355,770


		Electric Utilities — 2.1%
	9,120	American Electric Power Co., Inc.		532,061
	8,760	Entergy Corp.¹		736,015

				1,268,076


		Electrical Equipment — 1.7%
	11,680	AMETEK, Inc.		609,112
	7,295	EnerSys		458,126

				1,067,238


		Energy Equipment & Services — 5.8%
	9,110	Baker Hughes, Inc.		482,466
	10,560	Halliburton Co.		582,278
	31,080	Nabors Industries, Ltd.		554,778

See Notes to Financial Statements.

158

THE GLENMEDE FUND, INC.

Total Market Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**
		Energy Equipment & Services — (Continued)

	5,280	National Oilwell Varco, Inc.	$	383,539
	5,799	Oceaneering International, Inc.¹		407,496
	12,880	Patterson-UTI Energy, Inc.		296,626
	5,813	Schlumberger, Ltd.		573,511
	14,500	Tesco Corp.¹		276,080

				3,556,774


		Food & Staples Retailing — 3.6%
	9,650	CVS Health Corp.		828,067
	15,395	Kroger Co. (The)¹		857,655
	7,800	Walgreen Co.		500,916

				2,186,638


		Food Products — 3.0%
	12,800	Archer-Daniels-Midland Co.		601,600
	3,660	J & J Snack Foods Corp.		377,090
	21,542	Tyson Foods, Inc. — Class A		869,220

				1,847,910


		Gas Utilities — 1.2%
	18,960	UGI Corp.¹		714,602


		Health Care Equipment & Supplies — 2.8%
	18,300	CareFusion Corp.^2,3		1,049,871
	15,140	Hill-Rom Holdings, Inc.¹		673,427

				1,723,298


		Health Care Providers & Services — 2.9%
	7,806	Aetna, Inc.		644,073
	7,340	Omnicare, Inc.		488,771
	5,340	WellPoint, Inc.		676,524

				1,809,368


		Health Care Technology — 0.8%
	14,780	Omnicell, Inc.^1,3		477,542


		Hotels, Restaurants & Leisure — 0.9%
	6,787	Wyndham Worldwide Corp.		527,146


		Household Durables — 1.2%
	22,500	Newell Rubbermaid, Inc.		749,925

See Notes to Financial Statements.

159

THE GLENMEDE FUND, INC.

Total Market Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Household Products — 0.8%
	4,018	Energizer Holdings, Inc.	$	492,808


		Insurance — 5.7%
	43,360	Genworth Financial, Inc. — Class A³		606,606
	12,720	Hartford Financial Services Group, Inc. (The)		503,458
	3,700	HCI Group, Inc.¹		188,108
	12,294	Lincoln National Corp.		673,219
	15,400	Principal Financial Group, Inc.¹		806,498
	21,580	Unum Group¹		722,067

				3,499,956


		IT Services — 7.7%
	6,640	Accenture PLC — Class A¹		538,637
	15,460	Amdocs, Ltd.		734,968
	7,020	Automatic Data Processing, Inc.¹		574,096
	31,680	Booz Allen Hamilton Holding Corp.		834,768
	13,778	Cognizant Technology Solutions Corp. — Class A³		673,055
	42,040	Genpact, Ltd.³		737,802
	14,220	Paychex, Inc.¹		667,487

				4,760,813


		Life Sciences Tools & Services — 3.2%
	14,620	Charles River Laboratories International, Inc.^1,3		923,399
	9,240	Parexel International Corp.^1,3		501,824
	12,620	PerkinElmer, Inc.		547,961

				1,973,184


		Machinery — 5.4%
	42,980	Federal Signal Corp.²		610,316
	5,800	IDEX Corp.		434,478
	7,000	Illinois Tool Works, Inc.		637,350
	9,195	Ingersoll-Rand PLC		575,791
	24,760	Mueller Industries, Inc.¹		803,710
	6,240	Oshkosh Corp.		279,302

				3,340,947


		Media — 3.7%
	14,300	Comcast Corp. — Class A²		791,505
	23,740	Gannett Co., Inc.²		747,810
	10,640	Omnicom Group, Inc.¹		764,590

				2,303,905

See Notes to Financial Statements.

160

THE GLENMEDE FUND, INC.

Total Market Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Multi-line Retail — 1.2%
	13,060	Macy’s, Inc.¹	$	755,129


		Multi-Utilities — 2.3%
	15,301	Ameren Corp.¹		647,844
	18,560	Public Service Enterprise Group, Inc.²		766,714

				1,414,558


		Office Electronics — 1.0%
	44,280	Xerox Corp.		588,038


		Oil, Gas & Consumable Fuels — 3.8%
	15,000	Cloud Peak Energy, Inc.^1,3		179,550
	25,260	PBF Energy, Inc. — Class A¹		658,528
	9,837	Tesoro Corp.¹		702,460
	15,840	Valero Energy Corp.²		793,426

				2,333,964


		Pharmaceuticals — 4.6%
	2,079	Allergan, Inc.		395,135
	19,360	Lannett Co., Inc.^1,3		1,098,099
	24,600	Pfizer, Inc.		736,770
	18,560	Sagent Pharmaceuticals, Inc.^1,3	��	587,238

				2,817,242


		Professional Services — 1.4%
	3,200	Exponent, Inc.¹		255,424
	6,098	Manpowergroup, Inc.		407,042
	6,720	On Assignment, Inc.³		195,552

				858,018


		Real Estate Investment Trusts — 8.2%
	17,900	Apartment Investment & Management Co. — Class A		640,641
	43,420	Capstead Mortgage Corp.¹		551,868
	26,500	Corporate Office Properties Trust¹		724,510
	42,847	Cousins Properties, Inc.		557,440
	19,820	Equity Commonwealth		529,392
	20,660	Government Properties Income Trust		471,461
	17,351	Hospitality Properties Trust		513,763
	13,080	Host Marriott Corp.		304,895
	66,300	Lexington Realty Trust		726,648

				5,020,618

See Notes to Financial Statements.

161

THE GLENMEDE FUND, INC.

Total Market Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Road & Rail — 1.3%
	7,300	Norfolk Southern Corp.	$	807,672


		Semiconductors & Semiconductor Equipment — 4.2%
	20,485	Intel Corp.¹		696,695
	51,188	Marvell Technology Group, Ltd.		687,967
	37,980	NVIDIA Corp.¹		742,129
	52,710	ON Semiconductor Corp.^1,3		436,966

				2,563,757


		Software — 3.4%
	2,339	CDK Global, Inc.³		78,590
	10,120	Jack Henry & Associates, Inc.¹		605,378
	19,780	Oracle Corp.		772,409
	24,920	Symantec Corp.		618,515

				2,074,892


		Specialty Retail — 5.5%
	12,640	Foot Locker, Inc.¹		707,967
	15,440	GameStop Corp. — Class A¹		660,214
	17,900	Gap, Inc. (The)¹		678,231
	6,300	Home Depot, Inc.		614,376
	11,400	TJX Cos., Inc. (The)¹		721,848

				3,382,636


		Technology Hardware, Storage & Peripherals — 3.1%
	21,045	EMC Corp.		604,623
	19,542	Hewlett-Packard Co.		701,167
	14,640	NetApp, Inc.¹		626,592

				1,932,382


		TOTAL COMMON STOCKS (Cost $62,991,122)		76,736,036

See Notes to Financial Statements.

162

THE GLENMEDE FUND, INC.

Total Market Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Face
Amount						Value


*REPURCHASE AGREEMENT — 1.9%**
$	1,151,435		With State Street Bank and Trust Co., dated 10/31/14, 0.01%, principal and interest in the amount of $1,151,436, due 11/3/14, (collateralized by a FNMA security with a par value of $1,106,924, coupon rate of 3.246%, due 5/1/41, market value of $1,175,512)			$	1,151,435


			TOTAL REPURCHASE AGREEMENT (Cost $1,151,435)				1,151,435



Shares


*INVESTMENT OF SECURITY LENDING COLLATERAL — 3.8%**
	2,353,362		State Street Navigator Securities Lending Prime Portfolio				2,353,362


			TOTAL INVESTMENT OF SECURITY LENDING COLLATERAL (Cost $2,353,362)				2,353,362

TOTAL LONG INVESTMENTS (Cost $66,495,919)				130.6	%	$	80,240,833


*COMMON STOCKS SOLD SHORT — (27.2)%**

			Aerospace & Defense — (0.7)%
	(3,920	)	Cubic Corp.				(189,101	)
	(1,200	)	TransDigm Group, Inc.				(224,436	)

							(413,537	)


			Banks — (1.1)%
	(20,760	)	Bancorp, Inc.³				(196,390	)
	(23,360	)	Investors Bancorp, Inc.				(251,120	)
	(4,060	)	Texas Capital Bancshares, Inc.³				(248,269	)

							(695,779	)


			Beverages — (0.4)%
	(2,440	)	Brown-Forman Corp. — Class B				(226,115	)


			Building Products — (1.1)%
	(10,680	)	Advanced Drainage Systems, Inc.³				(233,251	)
	(12,380	)	NCI Building Systems, Inc.³				(245,991	)
	(7,460	)	USG Corp.³				(200,375	)

							(679,617	)


			Chemicals — (0.3)%
	(2,540	)	EI du Pont de Nemours & Co.				(175,641	)

See Notes to Financial Statements.

163

THE GLENMEDE FUND, INC.

Total Market Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares				Value

*COMMON STOCKS SOLD SHORT — (Continued)**

			Commercial Services & Supplies — (1.1)%
	(3,980	)	G&K Services, Inc. — Class A	$	(251,019	)
	(4,300	)	Mobile Mini, Inc.		(188,469	)
	(5,900	)	Team, Inc.³		(248,626	)

					(688,114	)


			Diversified Consumer Services — (0.4)%
	(5,620	)	Bright Horizons Family Solutions, Inc.³		(250,427	)


			Electric Utilities — (0.3)%
	(3,200	)	Cleco Corp.		(172,032	)


			Electrical Equipment — (0.3)%
	(5,720	)	Franklin Electric Co., Inc.		(213,585	)


			Food & Staples Retailing — (0.4)%
	(2,640	)	Pricesmart, Inc.		(235,039	)


			Food Products — (1.0)%
	(9,200	)	Darling Ingredients, Inc.³		(161,920	)
	(8,340	)	Diamond Foods, Inc.³		(251,451	)
	(2,400	)	Hershey Co. (The)		(230,184	)

					(643,555	)


			Gas Utilities — (0.5)%
	(472	)	ONE Gas, Inc.		(17,913	)
	(7,340	)	Questar Corp.		(176,967	)
	(2,127	)	South Jersey Industries, Inc.		(124,727	)

					(319,607	)


			Health Care Equipment & Supplies — (0.2)%
	(3,685	)	Haemonetics Corp.³		(138,998	)


			Health Care Providers & Services — (0.3)%
	(6,900	)	Capital Senior Living Corp.³		(155,250	)


			Hotels, Restaurants & Leisure — (0.8)%
	(2,600	)	McDonald’s Corp.		(243,698	)
	(9,840	)	Pinnacle Entertainment, Inc.³		(252,199	)

					(495,897	)

See Notes to Financial Statements.

164

THE GLENMEDE FUND, INC.

Total Market Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares				Value

*COMMON STOCKS SOLD SHORT — (Continued)**

			Household Durables — (0.8)%
	(7,900	)	MDC Holdings, Inc.	$	(192,918	)
	(3,280	)	Meritage Homes Corp.³		(120,671	)
	(4,360	)	Ryland Group, Inc. (The)		(156,132	)

					(469,721	)


			Household Products — (0.4)%
	(3,360	)	Colgate-Palmolive Co.		(224,717	)


			Insurance — (1.7)%
	(2,843	)	Arthur J Gallagher & Co.		(135,611	)
	(6,040	)	Brown & Brown, Inc.		(192,435	)
	(4,640	)	Cincinnati Financial Corp.		(234,181	)
	(4,760	)	Loews Corp.		(207,536	)
	(360	)	Markel Corp.³		(248,720	)

					(1,018,483	)


			Internet & Catalog Retail — (0.4)%
	(760	)	Amazon.Com, Inc.³		(232,150	)


			Internet Software & Services — (0.2)%
	(3,180	)	DealerTrack Holdings, Inc.³		(149,619	)


			Leisure Equipment & Products — (0.3)%
	(2,880	)	Pool Corp.		(171,936	)


			Machinery — (1.1)%
	(2,780	)	Deere & Co.		(237,801	)
	(2,640	)	RBC Bearings, Inc.		(160,380	)
	(3,480	)	Tennant Co.		(256,581	)

					(654,762	)


			Media — (0.6)%
	(9,940	)	DreamWorks Animation SKG, Inc. — Class A³		(221,463	)
	(2,100	)	Morningstar, Inc.		(143,325	)

					(364,788	)


			Metals & Mining — (0.6)%
	(3,460	)	Carpenter Technology Corp.		(173,173	)
	(10,720	)	Newmont Mining Corp.		(201,107	)

					(374,280	)


			Multi-line Retail — (0.3)%
	(2,860	)	Target Corp.		(176,805	)

See Notes to Financial Statements.

165

THE GLENMEDE FUND, INC.

Total Market Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares				Value

*COMMON STOCKS SOLD SHORT — (Continued)**
			Multi-line Retail — (Continued)


			Multi-Utilities — (0.3)%
	(7,440	)	Centerpoint Energy, Inc.	$	(182,652	)


			Oil, Gas & Consumable Fuels — (1.2)%
	(3,280	)	Cheniere Energy, Inc.³		(246,000	)
	(3,320	)	Gulfport Energy Corp.³		(166,597	)
	(920	)	Pioneer Natural Resources Co.		(173,935	)
	(3,260	)	Williams Cos., Inc.		(180,963	)

					(767,495	)


			Professional Services — (1.2)%
	(4,580	)	Advisory Board Co. (The)³		(245,809	)
	(3,860	)	Corporate Executive Board Co. (The)		(284,482	)
	(1,820	)	IHS, Inc. — Class A³		(238,474	)

					(768,765	)


			Real Estate Investment Trusts — (4.2)%
	(5,320	)	American Campus Communities, Inc.		(208,916	)
	(1,700	)	AvalonBay Communities, Inc.		(264,928	)
	(1,920	)	Boston Properties, Inc.		(243,360	)
	(3,400	)	Camden Property Trust		(260,678	)
	(21,000	)	Education Realty Trust, Inc.		(236,460	)
	(3,900	)	Equity Residential		(271,284	)
	(1,960	)	Federal Realty Investment Trust		(258,328	)
	(7,130	)	NorthStar Realty Finance Corp.		(132,476	)
	(4,560	)	Plum Creek Timber Co., Inc.		(187,006	)
	(5,840	)	ProLogis, Inc.		(243,236	)
	(1,420	)	Simon Property Group, Inc.		(254,478	)

					(2,561,150	)


			Real Estate Management & Development — (0.4)%
	(5,720	)	Alexander & Baldwin, Inc.		(228,971	)


			Road & Rail — (0.9)%
	(800	)	Amerco, Inc.		(216,896	)
	(7,120	)	Celadon Group, Inc.		(138,555	)
	(1,820	)	Genesee & Wyoming, Inc. — Class A³		(175,084	)

					(530,535	)


			Software — (0.3)%
	(1,100	)	Ultimate Software Group, Inc. (The)³		(165,561	)

See Notes to Financial Statements.

166

THE GLENMEDE FUND, INC.

Total Market Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares						Value

*COMMON STOCKS SOLD SHORT — (Continued)**

			Specialty Retail — (1.2)%
	(3,280	)	Lithia Motors, Inc. — Class A			$	(254,594	)
	(7,980	)	Rent-A-Center, Inc.				(247,140	)
	(14,540	)	Stage Stores, Inc.				(245,290	)

							(747,024	)


			Technology Hardware, Storage & Peripherals — (0.2)%
	(1,000	)	Stratasys, Ltd.³				(120,360	)


			Textiles, Apparel & Luxury Goods — (0.2)%
	(2,440	)	Oxford Industries, Inc.				(149,450	)


			Tobacco — (0.3)%
	(3,440	)	Lorillard, Inc.				(211,560	)


			Trading Companies & Distributors — (1.1)%
	(4,420	)	H&E Equipment Services, Inc.				(165,264	)
	(2,280	)	United Rentals, Inc.³				(250,937	)
	(1,000	)	WW Grainger, Inc.				(246,800	)

							(663,001	)


			Water and Sewer — (0.4)%
	(9,860	)	Aqua America, Inc.				(258,332	)


			TOTAL COMMON STOCKS SOLD SHORT (Proceeds $(16,507,532))				(16,695,310	)

TOTAL SHORT INVESTMENTS (Proceeds $(16,507,532))				(27.2	)%	$	(16,695,310	)

TOTAL INVESTMENTS (Cost $49,988,387)⁴				103.4	%	$	63,545,523
LIABILITIES IN EXCESS OF OTHER ASSETS				(3.4	)		(2,078,792	)

NET ASSETS				100.0	%	$	61,466,731


*		Percentages indicated are based on net assets.
¹		Securities or partial securities on loan. See Note 1.
²		All or a portion of security pledged as collateral for securities sold short. The total market value of collateral is $2,093,310.
³		Non income-producing security.
⁴		Aggregate cost for federal tax purposes was $50,110,875.
Abbreviations:
FNMA — Federal National Mortgage Association

See Notes to Financial Statements.

167

THE GLENMEDE FUND, INC.

Total Market Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014

INDUSTRY DIVERSIFICATION

On October 31, 2014, industry diversification of the Portfolio was as follows (Unaudited):


	% of
	Net Assets			Value

INDUSTRIES:
Long Positions:
Real Estate Investment Trusts		8.2	%	$	5,020,618
IT Services		7.7			4,760,813
Banks		6.8			4,204,133
Energy Equipment & Services		5.8			3,556,774
Insurance		5.7			3,499,956
Specialty Retail		5.5			3,382,636
Machinery		5.4			3,340,947
Pharmaceuticals		4.6			2,817,242
Aerospace & Defense		4.3			2,648,645
Semiconductors & Semiconductor Equipment		4.2			2,563,757
Oil, Gas & Consumable Fuels		3.8			2,333,964
Media		3.7			2,303,905
Food & Staples Retailing		3.6			2,186,638
Software		3.4			2,074,892
Life Sciences Tools & Services		3.2			1,973,184
Technology Hardware, Storage & Peripherals		3.1			1,932,382
Food Products		3.0			1,847,910
Health Care Providers & Services		2.9			1,809,368
Chemicals		2.8			1,741,218
Health Care Equipment & Supplies		2.8			1,723,298
Capital Markets		2.6			1,621,535
Multi-Utilities		2.3			1,414,558
Communications Equipment		2.3			1,413,071
Electric Utilities		2.1			1,268,076
Airlines		1.8			1,101,291
Beverages		1.8			1,098,148
Electrical Equipment		1.7			1,067,238
Diversified Consumer Services		1.7			1,023,339
Commercial Services & Supplies		1.7			1,019,934
Construction & Engineering		1.6			968,092
Auto Components		1.5			901,660
Professional Services		1.4			858,018
Consumer Finance		1.3			812,557
Road & Rail		1.3			807,672
Multi-line Retail		1.2			755,129
Household Durables		1.2			749,925
Gas Utilities		1.2			714,602
Office Electronics		1.0			588,038

See Notes to Financial Statements.

168

THE GLENMEDE FUND, INC.

Total Market Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014

On October 31, 2014, industry diversification of the Portfolio was as follows (Unaudited):


	% of
	Net Assets			Value

Hotels, Restaurants & Leisure		0.9	%	$	527,146
Biotechnology		0.9			525,086
Household Products		0.8			492,808
Health Care Technology		0.8			477,542
Containers & Packaging		0.7			452,521
Diversified Telecommunication Services		0.6			355,770
Short Positions:
Technology Hardware, Storage & Peripherals		(0.2	)		(120,360	)
Health Care Equipment & Supplies		(0.2	)		(138,998	)
Textiles, Apparel & Luxury Goods		(0.2	)		(149,450	)
Internet Software & Services		(0.2	)		(149,619	)
Health Care Providers & Services		(0.3	)		(155,250	)
Software		(0.3	)		(165,561	)
Leisure Equipment & Products		(0.3	)		(171,936	)
Electric Utilities		(0.3	)		(172,032	)
Chemicals		(0.3	)		(175,641	)
Multi-line Retail		(0.3	)		(176,805	)
Multi-Utilities		(0.3	)		(182,652	)
Tobacco		(0.3	)		(211,560	)
Electrical Equipment		(0.3	)		(213,585	)
Household Products		(0.4	)		(224,717	)
Beverages		(0.4	)		(226,115	)
Real Estate Management & Development		(0.4	)		(228,971	)
Internet & Catalog Retail		(0.4	)		(232,150	)
Food & Staples Retailing		(0.4	)		(235,039	)
Diversified Consumer Services		(0.4	)		(250,427	)
Water and Sewer		(0.4	)		(258,332	)
Gas Utilities		(0.5	)		(319,607	)
Media		(0.6	)		(364,788	)
Metals & Mining		(0.6	)		(374,280	)
Aerospace & Defense		(0.7	)		(413,537	)
Household Durables		(0.8	)		(469,721	)
Hotels, Restaurants & Leisure		(0.8	)		(495,897	)
Road & Rail		(0.9	)		(530,535	)
Food Products		(1.0	)		(643,555	)
Machinery		(1.1	)		(654,762	)
Trading Companies & Distributors		(1.1	)		(663,001	)
Building Products		(1.1	)		(679,617	)
Commercial Services & Supplies		(1.1	)		(688,114	)
Banks		(1.1	)		(695,779	)
Specialty Retail		(1.2	)		(747,024	)
Oil, Gas & Consumable Fuels		(1.2	)		(767,495	)

See Notes to Financial Statements.

169

THE GLENMEDE FUND, INC.

Total Market Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2014

On October 31, 2014, industry diversification of the Portfolio was as follows (Unaudited):


	% of
	Net Assets			Value

Professional Services		(1.2	)%	$	(768,765	)
Insurance		(1.7	)		(1,018,483	)
Real Estate Investment Trusts		(4.2	)		(2,561,150	)

TOTAL COMMON STOCKS		97.7	%	$	60,040,726
REPURCHASE AGREEMENT		1.9			1,151,435
INVESTMENT OF SECURITY LENDING COLLATERAL		3.8			2,353,362

TOTAL INVESTMENTS		103.4	%	$	63,545,523

See Notes to Financial Statements.

170

THE GLENMEDE FUND, INC.

Secured Options Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2014


Shares					Value


*EXCHANGE-TRADED FUNDS — 2.9%**
	25,500	SPDR S&P 500 ETF Trust			$	5,142,330
	30,000	Vanguard S&P 500 ETF				5,547,900


		TOTAL EXCHANGE-TRADED FUNDS (Cost $6,865,843)				10,690,230



Face
Amount


*REPURCHASE AGREEMENT — 0.3%**
$	1,090,753	With State Street Bank and Trust Co., dated 10/31/14, 0.01%, principal and interest in the amount of $1,090,753, due 11/3/14, (collateralized by a FNMA security with a par value of $1,069,138, coupon rate of 3.036%, due 1/1/42, market value of $1,115,026)				1,090,753


		TOTAL REPURCHASE AGREEMENT (Cost $1,090,753)				1,090,753

TOTAL INVESTMENTS (Cost $7,956,596)¹			3.2	%	$	11,780,983
OTHER ASSETS IN EXCESS OF LIABILITIES			96.8			353,894,226

NET ASSETS²			100.0	%	$	365,675,209


*		Percentages indicated are based on net assets.
¹		Aggregate cost for federal tax purposes was $7,956,596.
²		Cash in the amount of $355,240,905 is held as collateral to secure the open written put options contracts.
FNMA — Federal National Mortgage Association

See Notes to Financial Statements.

171

THE GLENMEDE FUND, INC.

Secured Options Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Name of Issuer,
Title of Issue and	Number of
Counterparty	Contracts		Value

WRITTEN OPTIONS
PUTS:
S&P 500 Index
expires November 2014 exercise price $1,925 Barclays Capital PLC		1,720	$	(817,000	)
S&P 500 Index
expires November 2014 exercise price $2,000 Goldman Sachs		15		(27,075	)

TOTAL WRITTEN PUT OPTIONS (Premiums Received $(11,139,448))			$	(844,075	)

TOTAL WRITTEN OPTIONS (Premiums Received $(11,139,448))			$	(844,075	)

See Notes to Financial Statements.

172

THE GLENMEDE FUND, INC.

Secured Options Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2014

SECTOR DIVERSIFICATION

On October 31, 2014, sector diversification of the Portfolio was as follows (Unaudited):


	% of
	Net Assets			Value

SECTOR:
Exchange-Traded Funds		2.9	%	$	10,690,230

TOTAL		2.9	%	$	10,690,230
REPURCHASE AGREEMENTS		0.3			1,090,753

TOTAL INVESTMENTS		3.2	%	$	11,780,983

See Notes to Financial Statements.

173

THE GLENMEDE FUND, INC.

International Secured Options Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2014


Shares			Value


*COMMON STOCKS — 52.7%**

		Air Freight & Logistics — 1.1%
	16,907	Deutsche Post AG, Sponsored ADR	$	535,614
	36,377	Royal Mail PLC, Sponsored ADR		517,281

				1,052,895


		Auto Components — 1.1%
	13,522	Continental AG, Sponsored ADR		532,902
	22,892	Denso Corp., ADR		533,384

				1,066,286


		Automobiles — 2.7%
	14,896	Bayerische Motoren Werke AG, Sponsored ADR		531,936
	6,737	Daimler AG, Sponsored ADR		524,206
	17,005	Honda Motor Co., Ltd., Sponsored ADR		546,201
	4,500	Toyota Motor Corp., Sponsored ADR		546,075
	12,573	Volkswagen AG, Sponsored ADR		535,484

				2,683,902


		Banks — 7.5%
	17,819	Australia & New Zealand Banking Group, Ltd., Sponsored ADR		526,017
	46,550	Banco Bilbao Vizcaya Argentaria SA, Sponsored ADR		519,498
	59,887	Banco Santander SA, Sponsored ADR		525,209
	36,319	Barclays PLC, Sponsored ADR		559,313
	16,802	BNP Paribas SA, ADR		529,263
	9,067	DBS Group Holdings, Ltd., Sponsored ADR		525,251
	10,345	HSBC Holdings PLC, Sponsored ADR		527,802
	36,910	ING Groep N.V., Sponsored ADR¹		528,551
	94,217	Mitsubishi UFJ Financial Group, Inc., ADR		553,996
	34,279	National Australia Bank, Ltd., Sponsored ADR		529,610
	41,308	Nordea Bank AB, Sponsored ADR		526,264
	68,275	Sumitomo Mitsui Financial Group, Inc., Sponsored ADR		571,462
	14,940	United Overseas Bank, Ltd., Sponsored ADR		542,322
	17,209	Westpac Banking Corp., Sponsored ADR		526,940

				7,491,498


		Beverages — 1.1%
	4,741	Anheuser-Busch InBev N.V., Sponsored ADR		526,156
	67,998	Coca-Cola Amatil, Ltd., Sponsored ADR		549,424

				1,075,580


		Building Products — 0.6%
	4,452	Daikin Industries, Ltd., ADR		562,510

See Notes to Financial Statements.

174

THE GLENMEDE FUND, INC.

International Secured Options Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Capital Markets — 0.6%
	70,926	Daiwa Securities Group, Inc., Sponsored ADR	$	571,664


		Chemicals — 2.1%
	21,693	Air Liquide SA, Sponsored ADR		522,584
	32,889	Asahi Kasei Corp., ADR		543,655
	5,988	BASF SE, Sponsored ADR		528,261
	15,846	Givaudan SA, ADR		527,197

				2,121,697


		Communications Equipment — 1.1%
	62,996	Nokia OYJ, Sponsored ADR		520,977
	45,285	Telefonaktiebolaget LM Ericsson, Sponsored ADR		536,174

				1,057,151


		Construction & Engineering — 0.5%
	37,614	Vinci SA, Sponsored ADR		534,871


		Diversified Financial Services — 1.1%
	23,955	Hong Kong Exchanges and Clearing, Ltd., Sponsored ADR		529,884
	8,386	ORIX Corp., Sponsored ADR		597,251

				1,127,135


		Diversified Telecommunication Services — 2.1%
	33,605	Orange SA, Sponsored ADR		533,984
	8,978	Swisscom AG, Sponsored ADR		529,612
	35,181	Telefonica SA, Sponsored ADR		527,011
	38,566	TeliaSonera AB, ADR		529,897

				2,120,504


		Electric Utilities — 0.5%
	106,207	Enel SPA, ADR		533,159


		Electrical Equipment — 0.6%
	21,353	Mitsubishi Electric Corp., Sponsored ADR		553,043


		Energy Equipment & Services — 1.0%
	45,223	Subsea 7 SA, Sponsored ADR		489,765
	13,278	Tenaris SA, ADR		526,340

				1,016,105


		Food & Staples Retailing — 0.5%
	6,965	Seven & I Holdings Co., Ltd., ADR		548,215

See Notes to Financial Statements.

175

THE GLENMEDE FUND, INC.

International Secured Options Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**
		Food & Staples Retailing — (Continued)


		Food Products — 2.6%
	12,342	Aryzta AG, ADR¹	$	526,016
	11,875	Associated British Foods PLC, Sponsored ADR		524,162
	7,185	Nestle SA, Sponsored ADR		526,876
	13,682	Unilever N.V.		529,904
	13,087	Unilever PLC, Sponsored ADR		526,490

				2,633,448


		Health Care Equipment & Supplies — 0.8%
	22,801	Smith & Nephew PLC, Sponsored ADR		776,374


		Household Durables — 0.5%
	43,454	Sekisui House, Ltd., Sponsored ADR		544,044


		Industrial Conglomerates — 1.6%
	20,676	Hutchison Whampoa, Ltd., Sponsored ADR		522,896
	35,225	Keppel Corp., Ltd., Sponsored ADR		521,330
	4,675	Siemens AG, Sponsored ADR		527,060

				1,571,286


		Insurance — 2.6%
	33,243	Allianz SE, ADR		529,229
	22,880	AXA SA, Sponsored ADR		531,045
	27,029	Muenchener Rueckversicherungs-Gesellschaft AG, ADR		530,309
	21,885	Sampo OYJ, Sponsored ADR		523,708
	17,289	Zurich Insurance Group AG, ADR¹		522,819

				2,637,110


		IT Services — 0.5%
	16,034	Cap Gemini SA, ADR		525,595


		Machinery — 1.0%
	25,788	SKF AB, Sponsored ADR		517,823
	45,592	Volvo AB, Sponsored ADR		524,764

				1,042,587


		Media — 0.5%
	9,327	British Sky Broadcasting Group PLC, Sponsored ADR		530,426

See Notes to Financial Statements.

176

THE GLENMEDE FUND, INC.

International Secured Options Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Metals & Mining — 2.1%
	47,867	Anglo American PLC, ADR	$	507,390
	9,882	BHP Billiton PLC, ADR		514,259
	8,779	BHP Billiton, Ltd., Sponsored ADR		521,824
	10,720	Rio Tinto PLC, Sponsored ADR		514,239

				2,057,712


		Multi-line Retail — 0.5%
	40,173	Marks & Spencer Group PLC, ADR		523,454


		Multi-Utilities — 1.1%
	30,873	E.ON SE, Sponsored ADR		529,472
	7,163	National Grid PLC, Sponsored ADR		532,856

				1,062,328


		Oil, Gas & Consumable Fuels — 3.1%
	30,702	BG Group PLC, Sponsored ADR		516,715
	12,124	BP PLC, Sponsored ADR		526,909
	12,432	Eni SPA, Sponsored ADR		528,360
	7,003	Royal Dutch Shell PLC, ADR		522,914
	21,947	Statoil ASA, Sponsored ADR		503,684
	8,813	Total SA, Sponsored ADR		527,810

				3,126,392


		Personal Products — 1.1%
	13,818	Kao Corp., Sponsored ADR		544,429
	16,804	L’Oreal SA, Sponsored ADR		527,310

				1,071,739


		Pharmaceuticals — 5.9%
	34,603	Astellas Pharma, Inc., Sponsored ADR		541,191
	7,325	AstraZeneca PLC, Sponsored ADR		534,285
	3,819	Bayer AG, Sponsored ADR		542,413
	35,031	Daiichi Sankyo Co., Ltd., Sponsored ADR		531,070
	11,631	GlaxoSmithKline PLC, Sponsored ADR		529,094
	5,718	Novartis AG, ADR		530,001
	14,213	Roche Holding AG, Sponsored ADR		523,181
	11,634	Sanofi, ADR		537,956
	2,644	Shire PLC, ADR		528,271
	24,463	Takeda Pharmaceutical Co., Ltd., Sponsored ADR		539,409
	9,631	Teva Pharmaceutical Industries, Ltd., Sponsored ADR		543,863

				5,880,734

See Notes to Financial Statements.

177

THE GLENMEDE FUND, INC.

International Secured Options Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Professional Services — 0.5%
	15,754	Adecco SA, ADR¹	$	533,430


		Real Estate Investment Trusts — 0.5%
	20,665	Unibail-Rodamco SE, Sponsored ADR		530,884


		Real Estate Management & Development — 1.1%
	29,810	Cheung Kong Holdings, Ltd., ADR		527,339
	29,178	Daiwa House Industry Co., Ltd., Sponsored ADR		562,844

				1,090,183


		Road & Rail — 0.5%
	40,540	East Japan Railway Co., Sponsored ADR		534,317


		Specialty Retail — 0.5%
	67,008	Hennes & Mauritz AB, Sponsored ADR		528,693


		Technology Hardware, Storage & Peripherals — 0.5%
	17,520	Canon, Inc., Sponsored ADR		543,470


		Tobacco — 0.5%
	4,709	British American Tobacco PLC, Sponsored ADR		534,754


		Wireless Telecommunication Services — 0.5%
	15,007	SoftBank Corp., ADR		547,155


		TOTAL COMMON STOCKS (Cost $52,467,146)		52,942,330


EXCHANGE-TRADED FUND — 30.8%
	783,000	Vanguard MSCI EAFE ETF		31,014,630


		TOTAL EXCHANGE-TRADED FUNDS (Cost $31,417,053)		31,014,630

See Notes to Financial Statements.

178

THE GLENMEDE FUND, INC.

International Secured Options Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014

Face

Amount

Value

REPURCHASE AGREEMENT* — 2.9%

2,925,201

With State Street Bank and Trust Co., dated 10/31/14, 0.01%, principal and interest in the amount of $2,925,203, due 11/3/14, (collateralized by a FNMA security with a par value of $2,863,762, coupon rate of 3.036%, due 1/1/42, market value of $2,986,678)

2,925,201

TOTAL REPURCHASE AGREEMENT
(Cost $2,925,201)

2,925,201

TOTAL INVESTMENTS
(Cost $86,809,400)²

86.4

86,882,161

OTHER ASSETS IN EXCESS OF LIABILITIES

13.6

13,670,088

NET ASSETS³

100.0

100,552,249


*		Percentages indicated are based on net assets.
¹		Non income-producing security.
²		Aggregate cost for federal tax purposes was $86,871,807.
³		Cash in the amount of $15,583,373 is held as collateral to secure the open written put options contracts.
Abbreviations:
ADR — American Depositary Receipt
FNMA — Federal National Mortgage Association
SPA — Stand-By Purchase Agreement

See Notes to Financial Statements.

179

THE GLENMEDE FUND, INC.

International Secured Options Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Name of Issuer,
Title of Issue and	Number of
Counterparty	Contracts		Value

WRITTEN OPTIONS
CALLS:
iShares MSCI EAFE Index Fund
expires November 2014 exercise price $62 Goldman Sachs		400	$	(89,800	)
iShares MSCI EAFE Index Fund
expires November 2014 exercise price $63 Goldman Sachs		10,669		(1,525,667	)

TOTAL WRITTEN CALL OPTIONS (Premiums Received $(334,493))			$	(1,615,467	)


PUTS:
iShares MSCI EAFE Index Fund
expires November 2014 exercise price $63 Barclays Capital PLC		200		(10,200	)
iShares MSCI EAFE Index Fund
expires November 2014 exercise price $65 Barclays Capital PLC		1,568		(215,600	)
iShares MSCI EAFE Index Fund
expires November 2014 exercise price $66 Barclays Capital PLC		300		(64,950	)

TOTAL WRITTEN PUT OPTIONS (Premiums Received $(915,155))			$	(290,750	)

TOTAL WRITTEN OPTIONS (Premiums Received $(1,249,648))			$	(1,906,217	)

See Notes to Financial Statements.

180

THE GLENMEDE FUND, INC.

International Secured Options Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2014

SECTOR DIVERSIFICATION

On October 31, 2014, sector diversification of the Portfolio was as follows (Unaudited):


	% of
	Net Assets			Value

SECTOR:
Common Stocks		52.7	%	$	52,942,330
Exchange-Traded Funds		30.8			31,014,630

TOTAL		83.5	%	$	83,956,960
REPURCHASE AGREEMENTS		2.9			2,925,201

TOTAL INVESTMENTS		86.4	%	$	86,882,161

See Notes to Financial Statements.

181

THE GLENMEDE FUND, INC.

International Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2014


Shares			Value


*COMMON STOCKS — 95.7%**

		Japan — 17.7%
	62,000	Asahi Kasei Corp.	$	508,785
	8,200	Brother Industries, Ltd.		145,997
	18,100	Daiwa House Industry Co., Ltd.		342,445
	10,100	Electric Power Development Co, Ltd.¹		353,208
	79,000	Hitachi, Ltd.		620,740
	14,000	Honda Motor Co., Ltd.		447,569
	10,000	Japan Airlines Co., Ltd.		268,521
	3,100	KDDI Corp.		203,575
	64,400	Marubeni Corp.		414,056
	16,200	Mitsubishi Corp.		317,655
	71,100	Mitsubishi UFJ Financial Group, Inc.		414,457
	7,000	MS&AD Insurance Group Holdings		151,317
	9,800	Nissin Kogyo Co, Ltd.		151,463
	11,000	Nomura Real Estate Holdings, Inc.		194,413
	10,800	Sompo Japan Nipponkoa Holdings, Inc.		271,951
	4,200	Sumisho Computer Systems Corp.		112,910
	6,300	Sumitomo Mitsui Financial Group, Inc.		256,932
	127,000	Toshiba Corp.		560,847
	8,200	Toyo Tire & Rubber Co, Ltd.		135,269
	12,500	Toyota Motor Corp.		752,215

				6,624,325


		Germany — 15.7%
	4,353	Allianz AG		692,223
	5,959	BASF SE		526,538
	4,012	Bayer AG		573,803
	5,534	Daimler AG		431,480
	25,392	Deutsche Telekom AG Reg.		382,742
	11,841	DMG MORI SEIKI AG		303,185
	3,986	Hannover Rueckversicherung AG		332,701
	15,488	Metro AG²		493,733
	7,088	Rheinmetall AG		305,398
	4,885	Siemens AG Reg.		550,996
	10,516	Stada Arzneimittel AG		405,191
	2,575	Volkswagen AG		549,166
	7,511	Wincor Nixdorf AG		345,433

				5,892,589


		United Kingdom — 15.6%
	91,067	Barclays PLC		350,236
	34,521	BG Group PLC		575,328
	28,450	BHP Billiton PLC		735,051
	87,740	BP Amoco PLC		631,281
	34,434	Britvic PLC		375,434

See Notes to Financial Statements.

182

THE GLENMEDE FUND, INC.

International Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**
		United Kingdom — (Continued)

	91,317	HSBC Holdings PLC	$	931,010
	82,353	ITV PLC		267,539
	119,246	Premier Oil PLC		492,401
	15,332	Rio Tinto PLC		729,519
	7,910	Scottish & Southern Energy PLC		202,741
	32,764	Smith & Nephew PLC		556,179

				5,846,719


		France — 10.6%
	23,136	AXA SA		534,408
	6,148	BNP Paribas		386,353
	4,442	Casino Guichard Perrachon		455,453
	10,884	Compagnie de Saint-Gobain		467,847
	23,865	GDF Suez		579,440
	37,070	Orange SA		590,168
	7,538	Societe Generale		363,264
	10,278	Total SA		613,630

				3,990,563


		Switzerland — 6.2%
	1,372	Lonza Group AG²		151,176
	8,341	Novartis AG		774,068
	3,504	Roche Holding AG		1,034,035
	1,204	Zurich Financial Services AG²		364,365

				2,323,644


		Netherlands — 4.9%
	19,319	Delta Lloyd N.V.		440,342
	34,095	ING Groep N.V., ADR²		488,253
	3,918	Koninklijke DSM N.V.		245,494
	27,908	Reed Elsevier N.V.		642,868

				1,816,957


		South Korea — 3.6%
	4,194	Hankook Tire Co, Ltd.		216,091
	8,496	KB Financial Group, Inc.		333,041
	1,148	Kia Motors Corp.		55,761
	3,146	POSCO, ADR		225,128
	460	Samsung Electronics Co., Ltd		536,425

				1,366,446

See Notes to Financial Statements.

183

THE GLENMEDE FUND, INC.

International Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Hong Kong — 3.6%
	93,000	Kerry Properties, Ltd.	$	319,629
	88,000	Luk Fook Holdings International, Ltd.		261,822
	126,000	SJM Holdings, Ltd.		265,662
	32,950	Standard Chartered PLC¹		509,980

				1,357,093


		China — 3.1%
	868,000	Agricultural Bank of China, Ltd.		403,354
	394,500	China Railway Construction Corp, Ltd. — Class H¹		417,005
	215,500	CNOOC, Ltd.		336,895

				1,157,254


		Australia — 2.3%
	44,801	Downer EDI, Ltd.		189,187
	11,834	National Australia Bank, Ltd.		366,094
	60,575	Toll Holdings, Ltd.		303,494

				858,775


		Singapore — 2.0%
	33,000	DBS Group Holdings, Ltd.		474,719
	75,000	SembCorp Industries, Ltd.		283,731

				758,450


		Norway — 1.6%
	35,563	Petroleum Geo-Services ASA¹		176,635
	19,472	Telenor ASA		437,860

				614,495


		Sweden — 1.1%
	59,624	TeliaSonera AB		412,882


		Belgium — 1.1%
	5,743	Delhaize Group SA		392,677


		Denmark — 1.0%
	13,753	Danske Bank AS		377,661


		Canada — 1.0%
	10,400	Suncor Energy, Inc.		369,290


		Italy — 0.8%
	60,529	Enel SPA		309,298

See Notes to Financial Statements.

184

THE GLENMEDE FUND, INC.

International Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Thailand — 0.8%
	160,400	PTT Global Chemical PCL — Class F	$	305,336


		Israel — 0.8%
	5,394	Teva Pharmaceutical Industries, Ltd., Sponsored ADR		304,599


		Spain — 0.6%
	15,163	Telefonica SA		228,168


		Ireland — 0.6%
	48,080	C&C Group PLC		214,134


		Indonesia — 0.4%
	232,000	Indofood Sukses Makmur Tbk PT		131,022


		India — 0.3%
	1,874	Infosys Technologies, Ltd., Sponsored ADR		125,296


		Finland — 0.3%
	2,944	Kesko OYJ		111,653


		TOTAL COMMON STOCKS (Cost $31,140,142)		35,889,326


PREFERRED STOCKS — 0.8%

		Brazil — 0.8%
	33,200	Vale SA, ADR, 11.75%		290,832


		TOTAL PREFERRED STOCKS (Cost $405,370)		290,832


MUTUAL FUND — 2.5%

		United States — 2.5%
	111,341	Glenmede Philadelphia International Emerging Markets Fund — Class IV³		939,715


		TOTAL MUTUAL FUNDS (Cost $1,054,288)		939,715

See Notes to Financial Statements.

185

THE GLENMEDE FUND, INC.

International Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Face
Amount					Value


*REPURCHASE AGREEMENTS — 1.1%**
$	425,693	With State Street Bank and Trust Co., dated 10/31/14, 0.01%, principal and interest in the amount of $425,693, due 11/3/14, (collateralized by a FNMA security with a par value of $410,633, coupon rate of 3.246%, due 5/1/41, market value of $436,077)			$	425,693


		TOTAL REPURCHASE AGREEMENTS (Cost $425,693)				425,693



Shares


*INVESTMENT OF SECURITY LENDING COLLATERAL — 3.0%**
	1,123,026	State Street Navigator Securities Lending Prime Portfolio				1,123,026


		TOTAL INVESTMENT OF SECURITY LENDING COLLATERAL (Cost $1,123,026)				1,123,026

TOTAL INVESTMENTS (Cost $34,148,519)⁴			103.1	%	$	38,668,592
LIABILITIES IN EXCESS OF OTHER ASSETS			(3.1	)		(1,148,760	)

NET ASSETS			100.0	%	$	37,519,832


*		Percentages indicated are based on net assets.
¹		Securities or partial securities on loan. See Note 1.
²		Non income-producing security.
³		Affiliated issuer. See Notes to Financial Statements
⁴		Aggregate cost for federal tax purposes was $34,257,609.
Abbreviations:
ADR — American Depositary Receipt
FNMA — Federal National Mortgage Association

See Notes to Financial Statements.

186

THE GLENMEDE FUND, INC.

International Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014

INDUSTRY DIVERSIFICATION

On October 31, 2014, industry diversification of the Portfolio was as follows (Unaudited):


	% of
	Net Assets			Value

INDUSTRIES:
Banks		13.8	%	$	5,167,101
Pharmaceuticals		8.2			3,091,696
Oil, Gas & Consumable Fuels		8.1			3,018,825
Insurance		7.4			2,787,307
Automobiles		6.0			2,236,191
Diversified Telecommunication Services		5.5			2,051,820
Metals & Mining		5.3			1,980,530
Chemicals		4.2			1,586,153
Food & Staples Retailing		3.9			1,453,516
Diversified Financial Services		3.8			1,427,968
Industrial Conglomerates		3.0			1,140,125
Technology Hardware, Storage & Peripherals		2.8			1,052,277
Media		2.4			910,407
Real Estate Management & Development		2.3			856,487
Trading Companies & Distributors		2.0			731,711
Electronic Equipment, Instruments & Components		1.7			620,740
Beverages		1.6			589,568
Multi-Utilities		1.5			579,440
Health Care Equipment & Supplies		1.5			556,179
Electrical Equipment		1.4			536,425
Electric Utilities		1.4			512,039
Auto Components		1.3			502,823
Building Products		1.3			467,847
Construction & Engineering		1.1			417,005
Independent Power Producers & Energy Traders		0.9			353,208
Air Freight & Logistics		0.8			303,494
Machinery		0.8			303,185
Airlines		0.7			268,521
Hotels, Restaurants & Leisure		0.7			265,662
Specialty Retail		0.7			261,822
Wireless Telecommunication Services		0.5			203,575
Commercial Services & Supplies		0.5			189,187
Energy Equipment & Services		0.5			176,635
Life Sciences Tools & Services		0.4			151,176

See Notes to Financial Statements.

187

THE GLENMEDE FUND, INC.

International Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2014

On October 31, 2014, industry diversification of the Portfolio was as follows (Unaudited):


	% of
	Net Assets			Value

Food Products		0.4	%	$	131,022
IT Services		0.3			125,296
Software		0.3			112,910

TOTAL COMMON STOCKS, PREFERRED STOCKS AND MUTUAL FUNDS		99.0	%	$	37,119,873
REPURCHASE AGREEMENTS		1.1			425,693
INVESTMENTS OF SECURITY LENDING COLLATERAL		3.0			1,123,026

TOTAL INVESTMENTS		103.1	%	$	38,668,592

See Notes to Financial Statements.

188

THE GLENMEDE FUND, INC.

Philadelphia International Fund
SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2014


Shares			Value


*COMMON STOCKS — 96.4%**

		Japan — 18.0%
	30,000	Asahi Kasei Corp.	$	246,186
	4,400	Brother Industries, Ltd.		78,340
	9,000	Daiwa House Industry Co., Ltd.		170,277
	4,700	Electric Power Development Co, Ltd.¹		164,364
	41,000	Hitachi, Ltd.		322,156
	7,400	Honda Motor Co., Ltd.		236,572
	4,000	Japan Airlines Co., Ltd.		107,408
	1,600	KDDI Corp.		105,071
	27,600	Marubeni Corp.		177,453
	9,200	Mitsubishi Corp.		180,397
	35,800	Mitsubishi UFJ Financial Group, Inc.		208,686
	3,700	MS&AD Insurance Group Holdings		79,982
	6,000	Nissin Kogyo Co, Ltd.¹		92,732
	8,400	Nomura Real Estate Holdings, Inc.		148,461
	5,500	Sompo Japan Nipponkoa Holdings, Inc.		138,493
	2,200	Sumisho Computer Systems Corp.		59,143
	2,400	Sumitomo Mitsui Financial Group, Inc.		97,879
	66,000	Toshiba Corp.¹		291,464
	4,000	Toyo Tire & Rubber Co, Ltd.		65,985
	6,400	Toyota Motor Corp.		385,134

				3,356,183


		Germany — 16.0%
	2,120	Allianz AG		337,127
	2,891	BASF SE		255,449
	2,099	Bayer AG		300,202
	2,737	Daimler AG		213,401
	12,771	Deutsche Telekom AG Reg.		192,501
	6,631	DMG MORI SEIKI AG		169,785
	1,797	Hannover Rueckversicherung AG		149,991
	6,798	Metro AG²		216,710
	4,430	Rheinmetall AG		190,873
	2,541	Siemens AG Reg.		286,608
	5,302	Stada Arzneimittel AG		204,291
	1,323	Volkswagen AG		282,154
	3,826	Wincor Nixdorf AG		175,959

				2,975,051


		United Kingdom — 15.5%
	40,720	Barclays PLC		156,606
	18,020	BG Group PLC		300,322
	13,659	BHP Billiton PLC		352,902
	39,683	BP Amoco PLC		285,515
	20,599	Britvic PLC		224,591

See Notes to Financial Statements.

189

THE GLENMEDE FUND, INC.

Philadelphia International Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**
		United Kingdom — (Continued)

	45,952	HSBC Holdings PLC	$	468,497
	41,215	ITV PLC		133,894
	55,044	Premier Oil PLC		227,292
	7,078	Rio Tinto PLC		336,782
	3,651	Scottish & Southern Energy PLC		93,579
	18,078	Smith & Nephew PLC		306,880

				2,886,860


		France — 10.3%
	10,840	AXA SA		250,388
	3,124	BNP Paribas		196,318
	2,170	Casino Guichard Perrachon		222,497
	5,140	Compagnie de Saint-Gobain		220,942
	10,656	GDF Suez		258,727
	20,494	Orange SA		326,272
	3,370	Societe Generale		162,404
	4,796	Total SA		286,337

				1,923,885


		Switzerland — 6.2%
	698	Lonza Group AG²		76,910
	4,023	Novartis AG		373,346
	1,762	Roche Holding AG		519,969
	611	Zurich Financial Services AG²		184,906

				1,155,131


		Netherlands — 4.7%
	8,550	Delta Lloyd N.V.		194,882
	17,835	ING Groep N.V., ADR²		255,404
	1,760	Koninklijke DSM N.V.		110,278
	13,627	Reed Elsevier N.V.		313,901

				874,465


		South Korea — 4.1%
	2,205	Hankook Tire Co, Ltd.		113,610
	4,252	KB Financial Group, Inc.		166,677
	862	Kia Motors Corp.		41,870
	2,030	POSCO, ADR		145,267
	262	Samsung Electronics Co., Ltd		305,529

				772,953

See Notes to Financial Statements.

190

THE GLENMEDE FUND, INC.

Philadelphia International Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Hong Kong — 3.6%
	46,000	Kerry Properties, Ltd.	$	158,096
	41,000	Luk Fook Holdings International, Ltd.		121,985
	63,000	SJM Holdings, Ltd.		132,831
	16,500	Standard Chartered PLC¹		255,377

				668,289


		China — 3.1%
	400,000	Agricultural Bank of China, Ltd.		185,877
	186,500	China Railway Construction Corp, Ltd. — Class H¹		197,139
	119,000	CNOOC, Ltd.		186,035

				569,051


		Australia — 2.5%
	31,128	Downer EDI, Ltd.		131,449
	6,026	National Australia Bank, Ltd.		186,419
	27,961	Toll Holdings, Ltd.		140,090

				457,958


		Singapore — 2.0%
	16,000	DBS Group Holdings, Ltd.		230,167
	36,990	SembCorp Industries, Ltd.		139,936

				370,103


		Norway — 1.6%
	19,749	Petroleum Geo-Services ASA¹		98,090
	8,808	Telenor ASA		198,062

				296,152


		Sweden — 1.0%
	28,304	TeliaSonera AB		195,999


		Denmark — 1.0%
	7,136	Danske Bank AS		195,957


		Canada — 1.0%
	5,400	Suncor Energy, Inc.		191,747


		Belgium — 1.0%
	2,688	Delhaize Group SA¹		183,792


		Thailand — 0.9%
	92,800	PTT Global Chemical PCL — Class F		176,653

See Notes to Financial Statements.

191

THE GLENMEDE FUND, INC.

Philadelphia International Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Israel — 0.8%
	2,665	Teva Pharmaceutical Industries, Ltd., Sponsored ADR	$	150,492


		Italy — 0.8%
	28,818	Enel SPA		147,258


		Ireland — 0.8%
	32,452	C&C Group PLC		144,531


		Spain — 0.5%
	6,727	Telefonica SA		101,226


		Indonesia — 0.4%
	117,900	Indofood Sukses Makmur Tbk PT		66,584


		India — 0.3%
	865	Infosys Technologies, Ltd., Sponsored ADR		57,834


		Finland — 0.3%
	1,389	Kesko OYJ		52,679


		TOTAL COMMON STOCKS (Cost $16,022,299)		17,970,833


PREFERRED STOCKS — 0.7%

		Brazil — 0.7%
	15,290	Vale SA, ADR, 11.71%		133,940


		TOTAL PREFERRED STOCKS (Cost $186,919)		133,940



Face
Amount


*REPURCHASE AGREEMENTS — 3.0%**
$	558,679	With State Street Bank and Trust Co., dated 10/31/14, 0.01%, principal and interest in the amount of $558,679, due 11/3/14, (collateralized by a FNMA security with a par value of $537,840, coupon rate of 3.246%, due 5/1/41, market value of $571,166)		558,679


		TOTAL REPURCHASE AGREEMENTS (Cost $558,679)		558,679

See Notes to Financial Statements.

192

THE GLENMEDE FUND, INC.

Philadelphia International Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares					Value


*INVESTMENT OF SECURITY LENDING COLLATERAL — 5.9%**
	1,090,936	State Street Navigator Securities Lending Prime Portfolio			$	1,090,936


		TOTAL INVESTMENT OF SECURITY LENDING COLLATERAL (Cost $1,090,936)				1,090,936

TOTAL INVESTMENTS (Cost $17,858,833)³			106.0	%	$	19,754,388
LIABILITIES IN EXCESS OF OTHER ASSETS			(6.0	)		(1,111,810	)

NET ASSETS			100.0	%	$	18,642,578


*		Percentages indicated are based on net assets.
¹		Securities or partial securities on loan. See Note 1.
²		Non income-producing security.
³		Aggregate cost for federal tax purposes was $17,917,118.
Abbreviations:
ADR — American Depositary Receipt
FNMA — Federal National Mortgage Association

See Notes to Financial Statements.

193

THE GLENMEDE FUND, INC.

Philadelphia International Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014

INDUSTRY DIVERSIFICATION

On October 31, 2014, industry diversification of the Portfolio was as follows (Unaudited):


	% of
	Net Assets			Value

INDUSTRIES:
Banks		13.5	%	$	2,510,864
Pharmaceuticals		8.3			1,548,300
Oil, Gas & Consumable Fuels		7.9			1,477,248
Insurance		7.2			1,335,769
Automobiles		6.2			1,159,131
Diversified Telecommunication Services		5.4			1,014,060
Metals & Mining		5.2			968,891
Chemicals		4.2			788,566
Food & Staples Retailing		3.6			675,678
Industrial Conglomerates		3.3			617,417
Technology Hardware, Storage & Peripherals		2.9			545,763
Real Estate Management & Development		2.6			476,834
Media		2.4			447,795
Beverages		2.0			369,122
Trading Companies & Distributors		1.9			357,850
Electronic Equipment, Instruments & Components		1.7			322,156
Health Care Equipment & Supplies		1.6			306,880
Electrical Equipment		1.6			305,529
Auto Components		1.5			272,327
Multi-Utilities		1.4			258,727
Diversified Financial Services		1.4			255,404
Electric Utilities		1.3			240,837
Building Products		1.2			220,942
Construction & Engineering		1.1			197,139
Machinery		0.9			169,785
Independent Power Producers & Energy Traders		0.9			164,364
Air Freight & Logistics		0.7			140,090
Hotels, Restaurants & Leisure		0.7			132,831
Commercial Services & Supplies		0.7			131,449
Specialty Retail		0.7			121,985
Airlines		0.6			107,408
Wireless Telecommunication Services		0.6			105,071
Energy Equipment & Services		0.5			98,090
Life Sciences Tools & Services		0.4			76,910

See Notes to Financial Statements.

194

THE GLENMEDE FUND, INC.

Philadelphia International Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2014

On October 31, 2014, industry diversification of the Portfolio was as follows (Unaudited):


	% of
	Net Assets			Value

Food Products		0.4	%	$	66,584
Software		0.3			59,143
IT Services		0.3			57,834

TOTAL COMMON AND PREFERRED STOCKS		97.1	%	$	18,104,773
REPURCHASE AGREEMENTS		3.0			558,679
INVESTMENTS OF SECURITY LENDING COLLATERAL		5.9			1,090,936

TOTAL INVESTMENTS		106.0	%	$	19,754,388

See Notes to Financial Statements.

195

THE GLENMEDE FUND, INC.

Philadelphia International Small Cap Fund
SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2014


Shares			Value


*COMMON STOCKS — 99.2%**

		Japan — 28.7%
	100	Accordia Golf Co, Ltd.	$	1,054
	152,000	Achilles Corp.		208,811
	3,300	Airport Facilities Co, Ltd.		22,570
	13,700	ASKA Pharmaceutical Co, Ltd.		151,180
	92,000	Bank of Saga, Ltd. (The)		212,757
	75,000	Central Glass Co, Ltd.		245,186
	17,700	Cleanup Corp.		155,462
	11,500	Corona Corp.		119,706
	44,000	Daiichi Jitsugyo Co, Ltd.		226,228
	7,000	Dainichiseika Color & Chemicals Manufacturing Co, Ltd.		37,968
	26,000	Daiwabo Holdings Co, Ltd.		47,426
	31,700	DCM Holdings Co, Ltd.		212,369
	300	Dunlop Sports Co, Ltd.		3,513
	29,800	EDION Corp.		212,615
	97,000	Eighteenth Bank, Ltd. (The)		274,791
	400	Fukuda Denshi Co, Ltd.		20,472
	2,600	Funai Electric Co., Ltd.		23,317
	67,000	Fuso Pharmaceutical Industries, Ltd.		197,139
	300	Geo Corp.		2,649
	69	Global One Real Estate Investment Corp. REIT		213,795
	12,700	Hakuto Co, Ltd.		124,827
	15,800	Heiwa Real Estate Co, Ltd.		259,607
	308	Heiwa Real Estate, Inc. REIT		253,350
	97,000	Higashi-Nippon Bank, Ltd. (The)		245,755
	23,000	Inabata & Co, Ltd.		222,319
	2,700	Itochu-Shokuhin Co, Ltd.		89,166
	42,400	Itoki Corp.		238,323
	57,000	J-Oil Mills, Inc.		185,174
	2,800	Japan Digital Laboratory Co, Ltd.		49,871
	60,000	Japan Pulp & Paper Co, Ltd.		177,609
	26,000	Japan Vilene Co, Ltd.		144,382
	20,100	Kaga Electronics Co, Ltd.		231,533
	122,000	Kanematsu Corp.		194,115
	19,000	Kawasaki Kisen Kaisha, Ltd.		43,289
	45	Kenedix Residential Investment Corp. REIT		117,908
	18,300	Kiyo Bank, Ltd. (The)		263,116
	7,000	Koatsu Gas Kogyo Co, Ltd.		37,240
	18,500	Kohnan Shoji Co, Ltd.		212,281
	10,800	Konoike Transport Co, Ltd.		211,407
	126,000	Kurabo Industries, Ltd.		209,505
	30,000	Kyodo Printing Co, Ltd.		106,450
	200	Mars Engineering Corp.		3,633
	8,200	Megmilk Snow Brand Co, Ltd.		108,798
	4,500	Melco Holdings, Inc.		64,485

See Notes to Financial Statements.

196

THE GLENMEDE FUND, INC.

Philadelphia International Small Cap Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**
		Japan — (Continued)

	106	MID, Inc. REIT	$	265,215
	95,000	Mie Bank, Ltd. (The)		221,565
	7,000	Mitsui Home Co, Ltd.		30,668
	40,000	Mitsui Sugar Co, Ltd.		138,748
	14,000	Miyazaki Bank, Ltd. (The)		42,203
	62,000	Morinaga Milk Industry Co, Ltd.		207,303
	2,100	Nagase & Co, Ltd.		27,201
	135,000	Nippon Beet Sugar Manufacturing Co, Ltd.		227,083
	150,900	Nippon Light Metal Holdings Co, Ltd.		222,864
	17,600	Nippon Paper Industries Co, Ltd.		259,021
	67,000	Nippon Steel & Sumikin Bussan Corp.		243,808
	21,000	Nisshin Oillio Group, Ltd. (The)		75,260
	63,000	Nissin Corp.		157,949
	51	Nomura Real Estate Office Fund, Inc. REIT		226,016
	45,000	Noritake Co, Ltd.		103,468
	22,100	Onoken Co, Ltd.		227,348
	12,900	Otsuka Kagu, Ltd.		133,662
	14,900	Paltac Corp.		181,562
	20,200	Paris Miki Holdings, Inc.		89,790
	11,900	Ryosan Co, Ltd.		251,532
	22,500	Ryoyo Electro Corp.		221,818
	73,000	Sakai Chemical Industry Co, Ltd.		219,922
	20,400	Sanoh Industrial Co, Ltd.		132,724
	18,600	Sanshin Electronics Co, Ltd.		131,720
	48,000	Sanyo Shokai, Ltd.		116,611
	3,600	Seiko Epson Corp.		167,057
	83,000	Sekisui Plastics Co, Ltd.		225,037
	19,000	Senko Co, Ltd.		80,814
	10,800	Shinko Shoji Co, Ltd.		102,399
	69,000	Showa Sangyo Co, Ltd.		268,051
	180,900	Sojitz Corp.		269,654
	17,000	Sumitomo Riko Co, Ltd.		146,106
	10,000	Takiron Co, Ltd.		49,593
	6,000	Tochigi Bank, Ltd. (The)		24,389
	22,000	Tokyo Energy & Systems, Inc.		154,822
	13,600	TOMONY Holdings, Inc.		60,672
	12,000	Toyo Kohan Co, Ltd.		69,273
	16,400	Toyo Tire & Rubber Co, Ltd.		270,538
	12,000	Uchida Yoko Co, Ltd.		38,421
	29,500	Vital KSK Holdings, Inc.		251,589
	44,000	Yurtec Corp.		244,680

				12,961,307

See Notes to Financial Statements.

197

THE GLENMEDE FUND, INC.

Philadelphia International Small Cap Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		United Kingdom — 21.6%
	50,937	African Barrick Gold PLC	$	167,857
	46,126	Amlin PLC		336,652
	463	Anglo Pacific Group PLC		976
	21,987	Avocet Mining PLC¹		1,734
	1,934	Bank of Georgia Holdings PLC		79,318
	40,375	Barratt Developments PLC		271,416
	378	Beazley PLC		1,588
	12,358	Bellway PLC		346,656
	9,416	Berkeley Group Holdings PLC		344,355
	1,643	Bovis Homes Group PLC		22,189
	169,285	Cable & Wireless Communications PLC		130,818
	54,597	Cape PLC		236,188
	55,014	Carillion PLC		293,094
	38,919	Catlin Group, Ltd.		334,345
	42,358	Chesnara PLC		233,434
	8,194	Close Brothers Group PLC		192,289
	26,321	Computacenter PLC		260,308
	48,649	Costain Group PLC		226,467
	246,901	Debenhams PLC		256,347
	2,479	Drax Group PLC		23,588
	126,840	Evraz PLC		262,939
	61,237	Ferrexpo PLC		82,434
	96,768	FirstGroup PLC¹		174,387
	6,447	Galliford Try PLC		126,178
	262	Grafton Group PLC		2,660
	8,646	Greene King PLC		111,157
	29,805	Greggs PLC		289,102
	1,997	Halfords Group PLC		15,853
	166,718	Hansteen Holdings PLC REIT		282,701
	25,931	Helical Bar PLC		145,370
	223,905	Highland Gold Mining, Ltd.		136,109
	10,179	Hikma Pharmaceuticals PLC		308,734
	86,034	Home Retail Group PLC		252,470
	2,071	Hunting PLC		24,394
	3,439	Inchcape PLC		38,312
	27,103	Interserve PLC		275,169
	1,963	John Wood Group PLC		20,828
	6,292	Kier Group PLC		150,055
	36,239	Laird PLC		182,916
	25,727	Lookers PLC		57,103
	161,334	Man Group PLC		319,889
	8,884	Marston’s PLC		21,431
	13,773	Morgan Sindall Group PLC		151,604
	69,833	National Express Group PLC		278,823

See Notes to Financial Statements.

198

THE GLENMEDE FUND, INC.

Philadelphia International Small Cap Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**
		United Kingdom — (Continued)

	9,568	Pennon Group PLC	$	127,678
	4,723	Persimmon PLC¹		110,921
	6,476	Phoenix Group Holdings		78,194
	12,749	Playtech, Ltd.		144,402
	3,469	Plus500, Ltd.		28,405
	64,191	Premier Oil PLC		265,063
	43,631	Quindell PLC		93,527
	74,090	Safestore Holdings PLC REIT		246,525
	4,309	Savills PLC		44,392
	25,596	Soco International PLC¹		134,806
	215,399	Spirit Pub Co. PLC		366,110
	1,948	St Ives PLC		6,014
	37	Synergy Health PLC		1,107
	42,005	TT electronics PLC		112,629
	8,754	Vedanta Resources PLC		115,519
	16,188	Vesuvius PLC		110,522
	87,763	Xchanging PLC		266,099

				9,722,150


		Australia — 6.4%
	98,572	Abacus Property Group REIT		234,715
	305,023	Arrium, Ltd.		90,558
	97,429	Atlas Iron, Ltd.		29,164
	15,511	Bank of Queensland, Ltd.		172,432
	224,840	Beach Energy, Ltd.		232,574
	131,188	Bentham IMF, Ltd.		237,157
	374	Boart Longyear, Ltd.¹		80
	36,919	CSR, Ltd.		112,995
	4,657	Decmil Group, Ltd.		7,316
	39,593	Downer EDI, Ltd.		167,195
	16,411	Echo Entertainment Group, Ltd.		55,103
	29,384	Evolution Mining, Ltd.		15,515
	347,645	Fairfax Media, Ltd.		249,877
	702,974	Grange Resources, Ltd.		84,834
	19,605	GUD Holdings, Ltd.		124,095
	7,290	Investa Office Fund		23,001
	1,443	IOOF Holdings, Ltd.		11,510
	1,456	Matrix Composites & Engineering, Ltd.¹		1,141
	200,921	Mount Gibson Iron, Ltd.		79,836
	242,052	NRW Holdings, Ltd.		162,021
	26,166	Primary Health Care, Ltd.		107,229
	100,832	Programmed Maintenance Services, Ltd.		230,833
	110,570	Seven West Media, Ltd.		167,184

See Notes to Financial Statements.

199

THE GLENMEDE FUND, INC.

Philadelphia International Small Cap Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**
		Australia — (Continued)

	2,285	Sigma Pharmaceuticals, Ltd.	$	1,557
	39,135	Spark Infrastructure Group		65,785
	212,555	STW Communications Group, Ltd.		212,440

				2,876,147


		Germany — 5.5%
	6,728	Aareal Bank AG		289,070
	863	Aurubis AG		45,051
	558	Bilfinger Berger SE		36,086
	878	Cewe Stiftung & Co. KGAA		57,731
	8,011	Deutsche Beteiligungs AG		219,599
	8,895	DMG MORI SEIKI AG		227,754
	292	DO Deutsche Office AG¹		1,065
	8,814	Freenet AG		231,259
	67	Gerresheimer AG		3,728
	73	Kloeckner & Co. SE¹		857
	615	Leoni AG		35,328
	241	MLP AG		1,226
	2,299	Rhoen Klinikum AG		68,452
	15,135	SAF-Holland SA		189,646
	5,481	Sixt AG		177,312
	3,595	Stada Arzneimittel AG		138,518
	16,833	TUI AG		257,780
	13,172	VTG AG		266,345
	12,886	Wacker Neuson SE		250,745

				2,497,552


		Sweden — 4.6%
	12,277	B&B Tools AB		230,159
	9,451	Bilia AB		268,282
	16,685	Billerud AB		243,364
	33,637	Byggmax Group AB		208,747
	3,238	Dios Fastigheter AB		21,938
	3,962	Holmen AB		131,132
	50,428	Klovern AB		256,734
	6,979	Kungsleden AB		43,536
	23,967	Meda AB		313,874
	1,445	Nolato AB		33,414
	36,871	Peab AB		250,320
	2,443	SSAB AB¹		15,646
	1,986	SSAB AB — A Shares¹		14,136
	5,071	SSAB AB — B Shares¹		32,727

				2,064,009

See Notes to Financial Statements.

200

THE GLENMEDE FUND, INC.

Philadelphia International Small Cap Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		France — 4.4%
	5,774	Acanthe Developpement SA REIT	$	2,605
	8,997	APERAM¹		258,861
	4,727	Cegid Group		173,977
	1,228	Credit Agricole Nord de France		24,607
	11,159	GL Events		223,027
	5,489	Guerbet		255,331
	5,230	Ipsen SA		257,078
	10,139	Jacquet Metal Service		173,031
	6,689	Korian-Medica		241,998
	27,932	MPI		116,377
	32	Nexans SA¹		975
	3,168	Rallye SA		122,781
	1,990	Saft Groupe SA		59,194
	708	Valeo SA		79,388

				1,989,230


		Switzerland — 3.7%
	7,162	BKW SA		215,496
	386	Galenica AG		330,312
	545	Helvetia Holding AG		259,156
	476	Huber & Suhner AG		23,475
	6,662	Kudelski SA		84,965
	21,912	Logitech International SA		310,225
	564	Siegfried Holding AG¹		86,690
	92	St Galler Kantonalbank AG		33,276
	492	Straumann Holding AG		121,133
	839	Valora Holding AG¹		173,781
	15	Vetropack Holding AG		25,610

				1,664,119


		Italy — 3.0%
	125,867	A2A SPA		126,210
	5,393	ACEA SPA		65,960
	41,755	Ascopiave SPA		97,848
	9,895	ASTM SPA		119,025
	34,486	Cairo Communication SPA		231,811
	2,167	Credito Emiliano SPA		16,698
	1,186	Danieli & C Officine Meccaniche SPA		21,402
	216	Delclima¹		400
	18,955	ERG SPA		217,225
	3,442	GTECH SPA		80,223
	7,578	Italmobiliare SPA		121,554

See Notes to Financial Statements.

201

THE GLENMEDE FUND, INC.

Philadelphia International Small Cap Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**
		Italy — (Continued)

	1,108	Societa Cattolica di Assicurazioni SCRL	$	17,161
	8,572	Societa Iniziative Autostradali e Servizi SPA		85,889
	27,158	Unipol Gruppo Finanziario SPA		131,378

				1,332,784


		Hong Kong — 2.9%
	884,000	Century City International Holdings, Ltd.		64,974
	27,000	Champion REIT		11,943
	2,260	Dah Sing Financial Holdings, Ltd.		14,072
	120,500	Dickson Concepts International, Ltd.		63,156
	700,000	Emperor International Holdings		152,630
	11,000	Great Eagle Holdings, Ltd.		37,027
	6,000	Haitong International Securities Group, Ltd.		3,573
	1,028,000	Hsin Chong Construction Group, Ltd.		127,253
	304,000	IT, Ltd.		91,335
	21,000	Luk Fook Holdings International, Ltd.		62,480
	607,000	Pacific Andes International Holdings, Ltd.		25,444
	92,000	Paliburg Holdings, Ltd.		30,136
	22,000	Regal Hotels International Holdings, Ltd.		13,417
	576,000	Regal Real Estate Investment Trust REIT		147,157
	370,000	SITC International Holdings Co, Ltd.		197,098
	71,000	Sitoy Group Holdings, Ltd.		58,566
	573,600	VST Holdings, Ltd.		198,223
	44,000	Win Hanverky Holdings, Ltd.		5,619

				1,304,103


		Singapore — 2.9%
	425	AIMS AMP Capital Industrial REIT		493
	129,000	Ascott Residence Trust REIT		124,566
	143,000	Asian Pay Television Trust		95,170
	138,000	Frasers Commercial Trust REIT		152,544
	2,000	Ho Bee Land, Ltd.		3,103
	284,000	Hong Fok Corp, Ltd.		196,773
	60,000	Hong Leong Asia, Ltd.		64,403
	616,000	K1 Ventures, Ltd.		98,295
	202,000	Mapletree Industrial Trust REIT		232,003
	2,000	Metro Holdings, Ltd.		1,364
	135,000	QAF, Ltd.		106,779
	72,000	Religare Health Trust		55,204
	89,000	Soilbuild Business Space REIT		54,083

See Notes to Financial Statements.

202

THE GLENMEDE FUND, INC.

Philadelphia International Small Cap Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**
		Singapore — (Continued)

	32,000	United Engineers, Ltd.	$	71,522
	6,000	Venture Corp, Ltd.		36,140
	2,000	Wheelock Properties Singapore, Ltd.		2,807

				1,295,249


		Norway — 2.5%
	542	Aker ASA		13,221
	20,167	Atea ASA		220,508
	4,303	Austevoll Seafood ASA		27,982
	164,378	BW Offshore, Ltd.		201,812
	50,490	Kvaerner ASA		66,560
	11,641	Salmar ASA		209,730
	13,664	Selvaag Bolig ASA		39,706
	31,541	Sparebank 1 Nord Norge		184,711
	19,563	SpareBank 1 SMN		173,959

				1,138,189


		Spain — 2.3%
	18,621	Abengoa SA — B Shares		78,704
	316	Acciona SA¹		22,085
	6,222	Bolsas y Mercados Espanoles SA		236,725
	6,880	CaixaBank		37,601
	17,663	Cie Automotive SA		239,629
	450	Corp. Financiera Alba		24,785
	9,063	Ebro Foods SA		162,221
	113	Indra Sistemas SA		1,248
	24,874	Liberbank SA¹		21,249
	42,640	Papeles y Cartones de Europa SA		222,714

				1,046,961


		Finland — 1.8%
	10,953	Atria OYJ		96,629
	310	Caverion Corp.		2,490
	22,437	Citycon OYJ		72,694
	7,879	Cramo OYJ		114,909
	7,894	Kesko OYJ		299,384
	19,610	Metsa Board OYJ		87,595
	26,791	Sanoma OYJ		154,034
	310	YIT OYJ		2,074

				829,809

See Notes to Financial Statements.

203

THE GLENMEDE FUND, INC.

Philadelphia International Small Cap Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Austria — 1.5%
	2,933	ams AG	$	105,174
	22,059	Austria Technologie & Systemtechnik AG		255,659
	7,404	EVN AG		93,803
	31,455	S IMMO AG¹		242,223
	35	Strabag SE		758

				697,617


		Denmark — 1.4%
	2,769	Dfds AS		234,679
	3,004	NKT Holding AS		155,822
	1,451	PER Aarsleff AS — Class B		241,501

				632,002


		Netherlands — 1.2%
	11,334	Accell Group		180,807
	647	ASM International N.V.		25,927
	14,394	BE Semiconductor Industries N.V.		274,166
	928	Nieuwe Steen Investments N.V. REIT		4,610
	2	Royal Imtech N.V.¹		13
	7,230	USG People N.V.		72,530

				558,053


		New Zealand — 1.2%
	76,324	Air New Zealand, Ltd.		120,827
	75,218	Chorus, Ltd.		123,714
	219	Mighty River Power, Ltd.		482
	219,622	New Zealand Oil & Gas, Ltd.		126,608
	4,546	Nuplex Industries, Ltd.		11,216
	27,360	Sky Network Television, Ltd.		135,851

				518,698


		Israel — 1.1%
	7,787	Africa Israel Properties, Ltd.		112,162
	2,707	AL-ROV Israel, Ltd.¹		79,324
	5,673	Clal Insurance Enterprises Holdings, Ltd.¹		90,129
	24,585	Discount Investment Corp., Ltd.¹		171,171
	8,104	Harel Insurance Investments & Financial Services, Ltd.		40,933

				493,719


		Belgium — 1.0%
	7,115	bpost SA		176,139
	590	Cofinimmo SA REIT		68,529
	333	Elia System Operator SA		16,518

See Notes to Financial Statements.

204

THE GLENMEDE FUND, INC.

Philadelphia International Small Cap Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**
		Belgium — (Continued)

	2,064	N.V. Bekaert SA	$	64,888
	14,084	Recticel SA		107,458
	16	Tessenderlo Chemie N.V.¹		415

				433,947


		Ireland — 0.8%
	61,499	Aer Lingus Group PLC		110,592
	184	C&C Group PLC		819
	361	DCC PLC		20,231
	359	Paddy Power PLC		26,202
	4,608	Smurfit Kappa Group PLC		95,209
	87,706	Total Produce PLC		107,711

				360,764


		Portugal — 0.7%
	13,210	Mota-Engil SGPS SA		69,318
	5,310	Portugal Telecom SGPS SA		8,697
	25,447	REN — Redes Energeticas Nacionais SGPS SA		78,878
	6,034	Semapa-Sociedade de Investimento e Gestao		72,961
	52,029	Sonae SGPS SA		69,783

				299,637


		TOTAL COMMON STOCKS (Cost $45,389,323)		44,716,046


PREFERRED STOCKS — 0.5%

		Germany — 0.1%
	37	Jungheinrich AG, 1.84%		2,092
	1,057	Villeroy & Boch AG, 3.64%		16,106

				18,198


		Italy — 0.4%
	42,803	Unipol Gruppo Finanziario SPA, 5.39%		190,722


		TOTAL PREFERRED STOCKS (Cost $199,681)		208,920


RIGHTS — 0.0%

		Germany — 0.0%
	2,299	Rhoen Klinikum AG (Expires 11/18/14)¹		1,936

See Notes to Financial Statements.

205

THE GLENMEDE FUND, INC.

Philadelphia International Small Cap Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014

Shares

Value

RIGHTS — (Continued)

Portugal — 0.0%

9,494

Mota-Engil SGPS SA (Expires 12/31/49)^1,2

3,864

TOTAL RIGHTS
(Cost $—)

5,800

Face

Amount

REPURCHASE AGREEMENT* — 0.1%

41,348

With State Street Bank and Trust Co., dated 10/31/14, 0.01%, principal and interest in the amount of $41,348, due 11/3/14, (collateralized by a FNMA security with a par value of $41,365, coupon rate of 3.036%, due 1/1/42, market value of $43,141)

41,348

TOTAL REPURCHASE AGREEMENT
(Cost $41,348)

41,348

TOTAL INVESTMENTS
(Cost $45,630,352)³

99.8

44,972,114

OTHER ASSETS IN EXCESS OF LIABILITIES

0.2

111,376

NET ASSETS

100.0

45,083,490


*		Percentages indicated are based on net assets.
¹		Non income-producing security.
²		Security is fair valued by management.
³		Aggregate cost for federal tax purposes was $45,690,303.
Abbreviations:
FNMA — Federal National Mortgage Association
REIT — Real Estate Investment Trust

See Notes to Financial Statements.

206

THE GLENMEDE FUND, INC.

Philadelphia International Small Cap Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014

INDUSTRY DIVERSIFICATION

On October 31, 2014, industry diversification of the Portfolio was as follows (Unaudited):


	% of
	Net Assets			Value

INDUSTRIES:
Construction & Engineering		5.9	%	$	2,669,035
Real Estate Investment Trusts		5.9			2,661,759
Trading Companies & Distributors		4.7			2,109,898
Banks		4.7			2,103,171
Electronic Equipment, Instruments & Components		4.4			1,981,787
Food Products		4.1			1,839,202
Specialty Retail		4.0			1,804,103
Real Estate Management & Development		3.8			1,733,661
Metals & Mining		3.8			1,725,057
Insurance		3.8			1,713,692
Pharmaceuticals		3.8			1,696,835
Household Durables		3.4			1,549,185
Commercial Services & Supplies		2.9			1,300,658
Media		2.8			1,252,381
Oil, Gas & Consumable Fuels		2.4			1,093,629
Auto Components		2.4			1,093,359
Hotels, Restaurants & Leisure		2.3			1,027,587
Food & Staples Retailing		2.2			977,927
Road & Rail		2.2			977,681
Chemicals		2.0			897,660
Machinery		1.9			871,805
IT Services		1.9			841,690
Paper & Forest Products		1.8			794,073
Capital Markets		1.6			748,086
Health Care Providers & Services		1.6			727,136
Diversified Financial Services		1.4			638,588
Technology Hardware, Storage & Peripherals		1.3			591,638
Textiles, Apparel & Luxury Goods		1.2			534,683
Marine		1.0			475,066
Electric Utilities		0.9			414,169
Semiconductors & Semiconductor Equipment		0.9			405,267
Health Care Equipment & Supplies		0.9			396,936
Air Freight & Logistics		0.8			387,546
Industrial Conglomerates		0.8			368,800
Transportation Infrastructure		0.8			362,863
Containers & Packaging		0.8			343,533
Software		0.7			318,379
Energy Equipment & Services		0.7			314,735
Thrifts & Mortgage Finance		0.6			289,070
Multi-Utilities		0.6			271,048

See Notes to Financial Statements.

207

THE GLENMEDE FUND, INC.

Philadelphia International Small Cap Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2014

On October 31, 2014, industry diversification of the Portfolio was as follows (Unaudited):


	% of
	Net Assets			Value

Diversified Telecommunication Services		0.6	%	$	263,229
Building Products		0.6			261,292
Multi-line Retail		0.6			257,711
Internet & Catalog Retail		0.6			252,470
Airlines		0.5			231,419
Wireless Telecommunication Services		0.5			231,259
Distributors		0.5			219,874
Leisure Equipment & Products		0.4			187,953
Electrical Equipment		0.3			148,532
Water and Sewer		0.3			127,678
Construction Materials		0.3			121,554
Gas Utilities		0.2			97,848
Life Sciences Tools & Services		0.2			90,418
Professional Services		0.2			72,530
Communications Equipment		0.1			33,414
Independent Power Producers & Energy Traders		0.1			23,588
Beverages		0.0			819

TOTAL COMMON AND PREFERRED STOCKS		99.7	%	$	44,924,966
REPURCHASE AGREEMENTS		0.1			41,348
RIGHTS		0.0			5,800

TOTAL INVESTMENTS		99.8	%	$	44,972,114

See Notes to Financial Statements.

208

THE GLENMEDE FUND, INC.

Philadelphia International Emerging Markets Fund
SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2014


Shares			Value


*COMMON STOCKS — 92.6%**

		South Korea — 16.6%
	736	Aju Capital Co., Ltd.	$	4,642
	41	Asia Cement Co., Ltd.		4,179
	554	Bluecom Co., Ltd.		6,161
	4,052	BS Financial Group, Inc.		63,052
	42	Chosun Refractories Co., Ltd.		5,227
	42	Dae Han Flour Mills Co., Ltd.		7,783
	695	Daekyo Co, Ltd.		4,845
	594	Daishin Securities Co, Ltd.		5,701
	939	DGB Financial Group, Inc.		13,390
	840	Dongbu Insurance Co, Ltd.		46,961
	1,027	Dongyang Mechatronics Corp.		7,553
	64	E1 Corp.		4,294
	387	Eugene Technology Co, Ltd.		6,257
	175	Golfzon Co., Ltd.		4,392
	16	Halla Holdings Corp.		1,058
	407	Hana Financial Group, Inc.		14,094
	104	Hanil Cement Co, Ltd.		13,379
	3,472	Hitejinro Holdings Co., Ltd.		40,719
	472	Huvis Corp.		5,440
	2,082	Hynix Semiconductor, Inc.¹		92,845
	58	Hyundai Hysco Co, Ltd.		3,766
	200	Hyundai Mobis Co., Ltd.		46,793
	526	Hyundai Motor Co.		83,466
	1,006	Iljin Electric Co., Ltd.		7,505
	38	Ilshin Spinning Co., Ltd.		6,933
	3,101	Industrial Bank of Korea		45,347
	1,386	Kia Motors Corp.		67,321
	262	KISWIRE, Ltd.		12,765
	185	Kolon Corp.		4,453
	671	Korea Electric Power Corp.		29,454
	50	Korea Petrochemical Ind Co, Ltd.		3,663
	760	Korean Reinsurance Co.		8,118
	301	KT&G Corp.		26,651
	90	Kukdo Chemical Co., Ltd.		3,485
	118	Kunsul Chemical Industrial Co., Ltd.		4,922
	63	KyungDong City Gas Co, Ltd.		6,897
	321	LF Corp.		10,125
	364	LIG Insurance Co, Ltd.		9,504
	18	Mando Corp.¹		3,394
	555	Meritz Finance Group, Inc.		4,901
	5,460	Meritz Securities Co, Ltd.		22,196
	333	Nong Shim Holdings Co, Ltd.		39,107
	868	Partron Co, Ltd.		7,147
	145	Poongsan Corp.		3,588

See Notes to Financial Statements.

209

THE GLENMEDE FUND, INC.

Philadelphia International Emerging Markets Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**
		South Korea — (Continued)

	34	POSCO Chemtech Co, Ltd.	$	4,712
	462	Pyeong Hwa Automotive Co, Ltd.		7,499
	301	S&T Motiv Co, Ltd.		10,896
	257	Samsung Electronics Co., Ltd		299,699
	61	Samyang Corp.		3,968
	54	Samyang Holdings Corp.		4,497
	157	SeAH Besteel Corp.		4,695
	53	SeAH Holdings Corp.		8,927
	58	SeAH Steel Corp.		4,494
	114	Shinyoung Securities Co., Ltd.		6,454
	207	Silicon Works Co., Ltd.		4,533
	83	SK Gas, Ltd.		10,845
	277	SK Holdings Co., Ltd.		43,419
	1,600	SK Telecom Co., Ltd., ADR		44,464
	170	SKC Co., Ltd.		4,368
	273	SL Corp.		5,027
	766	Sungwoo Hitech Co, Ltd.		11,042
	404	Tongyang Life Insurance		4,388
	166	Unid Co, Ltd.		9,241
	1,990	Woori Finance Holdings Co., Ltd., ADR^1,2		22,196

				1,328,837


		China — 15.4%
	18,000	Agile Property Holdings, Ltd.		10,215
	93,000	Agricultural Bank of China, Ltd.		43,216
	26,000	Anhui Expressway Co.		15,827
	18,500	Asia Cement China Holdings Corp.		10,512
	218,000	Bank of China, Ltd.		104,346
	22,000	Beijing Capital Land, Ltd.		7,603
	34,000	Beijing North Star Co, Ltd. — Class H		10,259
	25,000	Central China Real Estate, Ltd.		5,746
	2,000	Chaoda Modern Agriculture Holdings, Ltd.^1,2,3		—
	134,000	China Citic Bank Corp, Ltd.		87,294
	18,000	China Communications Services Corp, Ltd.		8,429
	181,000	China Construction Bank Corp.		135,044
	69,500	China Hongqiao Group, Ltd.		53,480
	68,000	China Lumena New Materials Corp.^2,3		12,108
	24,000	China Machinery Engineering Corp. — Class H		13,598
	21,500	China Merchants Bank Co, Ltd.		39,900
	27,200	China Minsheng Banking Corp, Ltd.		27,325
	8,000	China Mobile, Ltd.		99,746
	26,000	China National Materials Co., Ltd.		5,905
	2,000	China Oriental Group Co., Ltd.^1,2,3		324
	38,000	China Petroleum & Chemical Corp.		32,954

See Notes to Financial Statements.

210

THE GLENMEDE FUND, INC.

Philadelphia International Emerging Markets Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**
		China — (Continued)

	2,500	China Shenhua Energy Co., Ltd. — Class H	$	7,030
	10,000	China Telecom Corp., Ltd. — Class H		6,375
	112,000	Chongqing Machinery & Electric Co, Ltd.		20,209
	33,000	Chongqing Rural Commercial Bank Co., Ltd.		15,882
	18,000	CNOOC, Ltd.		28,140
	59,000	Evergrande Real Estate Group, Ltd.		22,672
	6,800	Guangzhou R&F Properties Co, Ltd.		7,417
	18,000	Huadian Power International Corp, Ltd. — Class H		13,796
	22,000	Huaneng Power International, Inc.		27,019
	176,000	Industrial & Commercial Bank of China		116,629
	19,000	Kaisa Group Holdings, Ltd.		7,036
	2,000	Kingboard Chemical Holdings, Ltd.		3,914
	60,000	PetroChina Co., Ltd. — Class H		75,194
	46,000	Qingling Motors Co, Ltd.		14,651
	28,000	Shenzhen Expressway Co, Ltd.		17,914
	4,000	Shimao Property Holdings, Ltd.		8,619
	52,000	Sichuan Expressway Co, Ltd.		20,055
	17,000	Sunac China Holdings, Ltd.		14,763
	16,000	TCL Communication Technology Holdings, Ltd. — Class C		15,715
	16,000	Weiqiao Textile Co.		7,986
	58,000	Xiamen International Port Co, Ltd.		15,266
	24,000	Xinhua Winshare Publishing and Media Co, Ltd.		22,433
	146,000	Yuanda China Holdings, Ltd.		9,056
	34,000	Yuzhou Properties Co.		7,897

				1,229,499


		Taiwan — 12.6%
	14,000	Ability Enterprise Co, Ltd.		6,950
	56,000	Advanced Semiconductor Engineering, Inc.		67,556
	5,000	Alpha Networks, Inc.		2,520
	15,000	AmTRAN Technology Co, Ltd.		8,630
	5,405	Ardentec Corp.		4,253
	32,000	AU Optronics Corp.		15,250
	18,000	Capital Securities Corp.		5,820
	3,000	Career Technology MFG. Co., Ltd.		3,441
	2,000	Catcher Technology Co, Ltd.		16,883
	18,000	Central Reinsurance Co., Ltd.		9,469
	27,200	Cheng Loong Corp.		11,915
	13,000	Chia Hsin Cement Corp.		6,139
	355	Chimei Materials Technology Corp.		389
	44,000	China Bills Finance Corp.		16,202
	42,490	China Development Financial Holding Corp.		13,658
	9,000	China Motor Corp.		8,203
	13,000	Chung Hsin Electric & Machinery Manufacturing Corp.¹		8,172

See Notes to Financial Statements.

211

THE GLENMEDE FUND, INC.

Philadelphia International Emerging Markets Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**
		Taiwan — (Continued)

	3,000	Clevo Co.	$	5,327
	24,350	Continental Holdings Corp.		9,015
	8,500	Coretronic Corp.¹		12,793
	60,799	CTBC Financial Holding Company, Ltd.		42,637
	5,740	D-Link Corp.		3,216
	24,000	Eastern Media International Corp.		8,072
	4,000	Elite Material Co., Ltd.		4,713
	40,779	Elitegroup Computer Systems Co, Ltd.		34,393
	7,000	Eternal Materials Co., Ltd.		6,934
	5,000	Everlight Electronics Co, Ltd.		9,487
	7,000	Gigabyte Technology Co, Ltd.		8,058
	33,600	Great Wall Enterprise Co., Ltd.		30,473
	5,600	Holy Stone Enterprise Co, Ltd.		7,433
	27,209	Hon Hai Precision Industry Co, Ltd.		86,116
	6,000	Ichia Technologies, Inc.		6,559
	30,000	Innolux Corp.		13,710
	58,000	Inotera Memories, Inc.¹		89,638
	15,000	King Yuan Electronics Co, Ltd.		11,884
	6,000	King’s Town Bank Co., Ltd.		6,562
	2,000	Kinsus Interconnect Technology Corp.		7,527
	27,266	Lealea Enterprise Co., Ltd.¹		7,713
	61,000	Lien Hwa Industrial Corp.		39,614
	4,000	Long Chen Paper Co, Ltd.		2,002
	3,000	Micro-Star International Co, Ltd.		3,674
	5,000	Mitac Holdings Corp.		3,871
	8,000	Nien Hsing Textile Co, Ltd.		6,615
	16,000	Pegatron Corp.		29,160
	3,000	Quanta Storage, Inc.		3,306
	3,000	Shin Zu Shing Co, Ltd.		6,598
	25,000	Shinkong Synthetic Fibers Corp.		8,884
	4,000	Sigurd Microelectronics Corp.		3,829
	11,000	Siliconware Precision Industries Co.		15,692
	34	SinoPac Financial Holdings Co, Ltd.		15
	1,700	TA Chen Stainless Pipe¹		1,047
	4,000	Taiflex Scientific Co, Ltd.		5,936
	508	Taishin Financial Holding Co., Ltd.		242
	10,600	Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR		233,412
	115	TSRC Corp.		129
	9,000	Tung Ho Steel Enterprise Corp.		7,097
	461	Wistron Corp.		484
	240	Wistron NeWeb Corp.		541

See Notes to Financial Statements.

212

THE GLENMEDE FUND, INC.

Philadelphia International Emerging Markets Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**
		Taiwan — (Continued)

	11,000	YC INOX Co., Ltd.	$	8,408
	75	Yuen Foong Yu Paper Manufacturing Co., Ltd.		31
	2,000	Zhen Ding Technology Holding, Ltd.		5,495

				1,003,792


		Brazil — 7.8%
	4,900	Banco Bradesco SA, ADR		73,402
	8,900	Banco do Brasil SA		99,599
	4,200	Centrais Eletricas Brasileiras SA		10,543
	4,085	Cia Energetica de Minas Gerais, Sponsored ADR		23,611
	3,400	Cosan, Ltd. — Class A		36,006
	3,800	EDP — Energias do Brasil SA		14,830
	600	Eternit SA		838
	21,700	JBS SA		96,770
	900	Light SA		7,391
	9,500	Magazine Luiza SA		31,630
	5,000	MRV Engenharia e Participacoes SA		16,538
	787	Ocean Wilsons Holdings, Ltd.		13,345
	4,000	Petroleo Brasileiro SA, ADR		48,920
	3,400	Petroleo Brasileiro SA, Sponsored ADR		39,780
	5,700	Rodobens Negocios Imobiliarios SA		22,934
	100	Santos Brasil Participacoes SA		635
	2,300	Sao Martinho SA		36,200
	700	Telefonica Brasil, ADR		14,308
	200	TPI — Triunfo Participacoes e Investimentos SA		471
	3,500	Vale SA, Sponsored ADR		35,315

				623,066


		Russia — 7.7%
	330	Acron JSC¹		10,151
	22,000	Aeroflot — Russian Airlines OJSC¹		19,519
	7,520	Bank St Petersburg OJSC¹		5,647
	1,571	Bashneft OAO¹		48,507
	10,410	Gazprom Neft JSC¹		36,717
	22,718	Gazprom OAO, ADR		150,525
	1,225,000	Interregional Distribution Grid Co. Centre JSC¹		7,762
	2,493	Lukoil OAO, ADR		122,205
	109	Magnit PJSC, GDR		7,316
	338	MMC Norilsk Nickel OJSC¹		62,892
	1,487,000	Mosenergo OAO¹		26,760
	5,172	Protek¹		4,329
	6,540	Rosneft Oil Co.¹		36,421
	15,360	Sberbank of Russia¹		27,124

See Notes to Financial Statements.

213

THE GLENMEDE FUND, INC.

Philadelphia International Emerging Markets Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**
		Russia — (Continued)

	1,275	Sistema JSFC, Sponsored GDR	$	10,329
	20	Slavneft-Megionneftegaz¹		367
	62,100	Surgutneftegas OJSC¹		40,680

				617,251


		South Africa — 5.7%
	1,300	AngloGold Ashanti, Ltd., ADR¹		10,751
	2,901	Astral Foods, Ltd.		39,865
	1,583	Barclays Africa Group, Ltd.		25,018
	246	Capitec Bank Holdings, Ltd.		6,495
	15,283	Eqstra Holdings, Ltd.¹		7,177
	3,715	Investec Property Fund, Ltd. REIT		5,288
	1,345	Investec, Ltd.		12,273
	4,049	Lewis Group, Ltd.		24,394
	36,044	Merafe Resources, Ltd.		3,333
	3,276	MTN Group, Ltd.		72,541
	102	Naspers, Ltd.		12,722
	958	Nedbank Group, Ltd.		20,892
	3,583	Peregrine Holdings, Ltd.		7,473
	5,435	RMB Holdings, Ltd.		30,199
	11,413	SA Corporate Real Estate Fund Nominees Pty, Ltd. REIT		4,791
	331	Sasol, Ltd.		16,529
	2,200	Sasol, Ltd., Sponsored ADR		110,418
	3,434	Sibanye Gold, Ltd.		6,470
	475	Sibanye Gold, Ltd., ADR		3,491
	6,071	Telkom SA SOC, Ltd.¹		32,262

				452,382


		Hong Kong — 5.3%
	72,000	China Aoyuan Property Group, Ltd.		11,340
	66,000	China Fiber Optic Network System Group, Ltd.		20,022
	18,000	China Lilang, Ltd.		12,976
	6,000	China Metal Recycling Holdings, Ltd.^1,2,3		—
	10,000	China Power International Development, Ltd.		4,517
	32,000	China Resources Cement Holdings, Ltd.		21,677
	6,000	China Resources Power Holdings Co, Ltd.		17,464
	300	China Unicom Hong Kong, Ltd., ADR		4,494
	28,800	China Zhongwang Holdings, Ltd.		15,168
	48,000	CIFI Holdings Group Co, Ltd.		8,910
	11,000	CITIC, Ltd.		19,274
	76,000	Future Land Development Holdings, Ltd.		6,569
	231,000	GOME Electrical Appliances Holding, Ltd.		36,393
	21,000	Huabao International Holdings, Ltd.		15,016
	18,000	Ju Teng International Holdings, Ltd.		10,065

See Notes to Financial Statements.

214

THE GLENMEDE FUND, INC.

Philadelphia International Emerging Markets Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**
		Hong Kong — (Continued)

	12,500	Kingboard Laminates Holdings, Ltd.	$	5,098
	15,500	KWG Property Holding, Ltd.		10,763
	9,000	Road King Infrastructure, Ltd.		7,803
	16,000	Shenzhen Investment, Ltd.		4,621
	29,000	SinoMedia Holding, Ltd.		17,993
	22,000	TCC International Holdings, Ltd.		8,936
	10,200	Tencent Holdings, Ltd.		163,937
	600	Tonly Electronics Holdings, Ltd.		514

				423,550


		Poland — 4.0%
	1,403	Asseco Poland SA		20,827
	106	BRE Bank SA		15,691
	1,846	Enea SA		8,777
	1,502	Energa SA		11,171
	181	Firma Oponiarska Debica SA		5,826
	1,106	Kernel Holding SA¹		8,735
	253	Lubelski Wegiel Bogdanka SA		8,398
	3,575	Orange Polska SA		10,712
	2,569	PGE SA		16,855
	481	PKP Cargo SA		11,375
	716	Powszechny Zaklad Ubezpieczen SA		107,429
	56,352	Tauron Polska Energia SA		88,012
	40	Warsaw Stock Exchange		523
	649	Zespol Elektrowni Patnow Adamow Konin SA		6,073

				320,404


		Turkey — 3.5%
	1,781	Akcansa Cimento AS		11,456
	1,494	Aksa Akrilik Kimya Sanayii AS		4,913
	8,986	Aksigorta AS		10,875
	10,107	Albaraka Turk Katilim Bankasi AS		7,137
	3,209	Brisa Bridgestone Sabanci Sanayi ve Ticaret AS		13,106
	8,191	EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		8,660
	6,678	Eregli Demir ve Celik Fabrikalari TAS		13,919
	272	Goodyear Lastikleri TAS		11,585
	19,439	Is Yatirim Menkul Degerler AS		9,970
	12,043	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS — Class D¹		13,433
	6,386	Kordsa Global Endustriyel Iplik ve Kord Bezi Sanayi ve Ticaret AS¹		11,378
	4,695	Park Elektrik Uretim Madencilik Sanayi ve Ticaret AS		8,442
	278	Selcuk Ecza Deposu Ticaret ve Sanayi AS		264

See Notes to Financial Statements.

215

THE GLENMEDE FUND, INC.

Philadelphia International Emerging Markets Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**
		Turkey — (Continued)

	6,505	Soda Sanayii AS	$	12,029
	4,393	Tekfen Holding AS¹		11,046
	7,971	Torunlar Gayrimenkul Yatirim Ortakligi AS		11,215
	1,532	Turk Telekomunikasyon AS		4,401
	1,020	Turkcell Iletisim Hizmetleri AS¹		5,929
	5,389	Turkiye Halk Bankasi AS		35,985
	14,285	Turkiye Is Bankasi		35,718
	10,640	Turkiye Sinai Kalkinma Bankasi AS		9,335
	8,728	Turkiye Vakiflar Bankasi Tao		18,758
	1,226	Yeni Gimat Gayrimenkul Ortakligi AS¹		8,495

				278,049


		Malaysia — 3.1%
	5,300	APM Automotive Holdings BHD		9,023
	5,300	Berjaya Auto Bhd		5,661
	3,800	Berjaya Sports Toto Bhd		4,171
	13,780	HAP Seng Consolidated BHD		18,433
	8,900	Hock Seng LEE BHD		5,298
	1,500	Hong Leong Financial Group BHD		8,254
	20,300	JCY International BHD		3,550
	34,000	KrisAssets Holdings Bhd^1,2,3		—
	5,700	Mah Sing Group BHD		4,124
	6,500	Malayan Flour Mills Bhd		3,698
	14,850	Malaysia Building Society		11,687
	2,400	Malaysian Pacific Industries Bhd		3,853
	13,350	Matrix Concepts Holdings Bhd		12,184
	2,900	MNRB Holdings Bhd		3,890
	19,300	OSK Holdings BHD		13,162
	7,600	Padini Holdings BHD		4,251
	4,600	Puncak Niaga Holdings Bhd¹		4,630
	3,200	RHB Capital BHD		8,560
	2,400	Scientex BHD		5,218
	2,400	Selangor Properties Bhd		4,279
	8,600	Star Publications Malaysia Bhd		6,746
	1,200	Syarikat Takaful Malaysia Bhd		4,341
	3,600	Ta Ann Holdings Bhd		4,214
	45,200	TA Enterprise Bhd		11,961
	16,000	Tenaga Nasional BHD		65,004
	9,700	UOA Development Bhd		6,252
	10,600	YTL Corp. Bhd		5,350
	29,600	YTL Hospitality REIT		9,269

				247,063

See Notes to Financial Statements.

216

THE GLENMEDE FUND, INC.

Philadelphia International Emerging Markets Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		India — 3.0%
	2,587	Apollo Tyres, Ltd.	$	9,199
	2,822	Bank of India		13,022
	3,449	Cairn India, Ltd.		15,947
	2,038	Canara Bank		13,303
	2,352	Dewan Housing Finance Corp., Ltd.		14,131
	4,468	Hindustan Zinc, Ltd.		12,371
	3,247	JSW Energy, Ltd.		4,222
	465	JSW Steel, Ltd.		9,514
	2,736	KRBL, Ltd.		4,048
	4,390	NMDC, Ltd.		12,231
	2,900	Oriental Bank of Commerce		13,464
	3,919	Power Finance Corp., Ltd.		17,885
	1,989	Rural Electrification Corp., Ltd.		9,760
	600	Tata Motors, Ltd., ADR		28,260
	7,684	Tata Steel, Ltd., GDR		61,472

				238,829


		Thailand — 2.4%
	14,630	AP Thailand PCL — Class F		2,987
	4,300	Bangkok Expressway PCL		5,017
	160	Bangkok Insurance PCL — Class F		1,803
	3,900	Delta Electronics Thailand PCL		7,723
	3,500	Dhipaya Insurance PCL — Class F		4,298
	12,200	GFPT PCL		7,229
	6,500	Hana Microelectronics PCL — Class F		8,681
	3,600	KCE Electronics PCL — Class F		4,421
	32,875	Krung Thai Bank PCL		23,518
	4,500	Pruksa Real Estate PCL — Class F		4,629
	6,243	PTT Exploration & Production PCL		28,081
	2,000	PTT PCL / Foreign		22,598
	39,700	Quality Houses PCL — Class F		5,241
	4,100	Saha-Union PCL — Class F		5,256
	5,800	Siamgas & Petrochemicals PCL		2,244
	3,600	Sri Ayudhya Capital PCL — Class F		4,753
	9,300	Supalai PCL		7,353
	56,500	SVI PCL — Class F		9,194
	15,600	Thai Central Chemical PCL		13,890
	14,100	Thai Vegetable Oil PCL — Class F		9,654
	5,000	Thanachart Capital PCL		5,373
	3,800	Tisco Financial Group PCL		5,192

				189,135

See Notes to Financial Statements.

217

THE GLENMEDE FUND, INC.

Philadelphia International Emerging Markets Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Greece — 1.4%
	3,419	Aegean Airlines SA¹	$	29,777
	898	Bank of Greece		11,592
	3,810	Hellenic Telecommunications Organization SA¹		43,032
	559	Metka SA		5,467
	2,664	Mytilineos Holdings SA¹		17,155
	717	Public Power Corp.¹		5,447
	952	Terna Energy SA¹		2,733

				115,203


		United Arab Emirates — 0.9%
	4,662	Abu Dhabi Commercial Bank PJSC		9,980
	24,000	Bank of Sharjah		11,239
	4,690	Eshraq Properties Co. PJSC¹		1,398
	55,453	RAK Properties PJSC		12,727
	16,821	Ras Al Khaimah Ceramics		15,433
	11,705	Union National Bank PJSC		22,570

				73,347


		Mexico — 0.7%
	600	America Movil SAB de CV Series L, Sponsored ADR		14,646
	2,300	Grupo Mexico SAB de CV Series B		7,917
	600	Industrias Bachoco SAB de CV, ADR		36,690

				59,253


		Hungary — 0.7%
	3,260	OTP Bank PLC		53,991


		Czech Republic — 0.6%
	598	CEZ AS		16,542
	128	Komercni Banka AS		27,423
	8	Philip Morris CR AS		3,550

				47,515


		Colombia — 0.5%
	6,893	Constructora Conconcreto SA		4,941
	900	Ecopetrol SA, Sponsored ADR		24,120
	17,712	Empresa de Telecomunicaciones de Bogota		4,649
	8,977	Grupo Aval Acciones y Valores		6,021

				39,731

See Notes to Financial Statements.

218

THE GLENMEDE FUND, INC.

Philadelphia International Emerging Markets Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares			Value

*COMMON STOCKS — (Continued)**

		Chile — 0.3%
	177	Banco de Credito e Inversiones	$	9,905
	900	Enersis SA, Sponsored ADR		14,211

				24,116


		Peru — 0.3%
	7,731	Corp. Aceros Arequipa SA		1,613
	30,282	Minsur SA		18,855

				20,468


		Indonesia — 0.1%
	21,900	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		3,526
	4,700	United Tractors Tbk PT		7,139

				10,665


		TOTAL COMMON STOCKS (Cost $7,341,498)		7,396,146


PREFERRED STOCKS — 6.2%

		Brazil — 5.5%
	1,300	AES Tiete SA, 16.95%		9,816
	4,007	Banco ABC Brasil SA, 4.66%		22,267
	3,200	Banco Daycoval SA, 5.18%		11,642
	4,300	Banco Industrial e Comercial SA, 0.00%		10,869
	1,700	Banco Pine SA, 10.98%		4,720
	2,100	Bradespar SA, 11.32%		14,187
	1,400	Centrais Eletricas Brasileiras SA — Class B, 18.76%		5,300
	1,700	Cia Energetica de Sao Paulo, 12.72%		16,761
	2,300	Cia Paranaense de Energia, 6.28%		32,125
	2,300	Contax Participacoes SA, 3.74%		1,819
	6,277	Itau Unibanco Holding SA, ADR, 3.41%		92,648
	29,737	Itausa — Investimentos Itau SA, 3.79%		118,689
	49	Parana Banco SA, 5.78%		215
	11,100	Vale SA, ADR, 11.45%		97,236

				438,294


		Colombia — 0.1%
	9,064	Grupo Aval Acciones y Valores, 3.86%		6,145

See Notes to Financial Statements.

219

THE GLENMEDE FUND, INC.

Philadelphia International Emerging Markets Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Shares					Value

PREFERRED STOCKS — (Continued)

		Russia — 0.6%
	68,400	Surgutneftegas OJSC, 0.00%			$	46,819


		TOTAL PREFERRED STOCKS (Cost $574,865)				491,258


RIGHTS — 0.0%

		Hong Kong — 0.0%
	2,250	Agile Property Holdings, Ltd., (Expires 11/11/14)¹				151
	300	Tonly Electronics Holdings, Ltd., (Expires 10/30/14)^1,2				60

						211


		United Arab Emirates — 0.0%
	1,631	Eshraq Properties Co. PJSC, (Expires 11/20/14)^1,2				31


		TOTAL RIGHTS (Cost $—)				242



Face
Amount


*REPURCHASE AGREEMENT — 1.0%**
$	82,485	With State Street Bank and Trust Co., dated 10/31/14, 0.01%, principal and interest in the amount of $82,485, due 11/3/14, (collateralized by a FNMA security with a par value of $83,976, coupon rate of 3.500%, due 2/25/42, market value of $87,328)				82,485


		TOTAL REPURCHASE AGREEMENT (Cost $82,485)				82,485

TOTAL INVESTMENTS (Cost $7,998,848)⁴			99.8	%	$	7,970,131
OTHER ASSETS IN EXCESS OF LIABILITIES			0.2			18,250

NET ASSETS			100.0	%	$	7,988,381


*		Percentages indicated are based on net assets.
¹		Non income-producing security.
²		Security is fair valued by management.
³		Illiquid security.
⁴		Aggregate cost for federal tax purposes was $8,069,241.
Abbreviations:
ADR — American Depositary Receipt
FNMA — Federal National Mortgage Association
GDR — Global Depositary Receipt
REIT — Real Estate Investment Trust

See Notes to Financial Statements.

220

THE GLENMEDE FUND, INC.

Philadelphia International Emerging Markets Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014

INDUSTRY DIVERSIFICATION

On October 31, 2014, industry diversification of the Portfolio was as follows (Unaudited):


	% of
	Net Assets			Value

INDUSTRIES:
Banks		21.1	%	$	1,682,232
Oil, Gas & Consumable Fuels		11.9			953,439
Semiconductors & Semiconductor Equipment		6.9			550,766
Metals & Mining		6.0			477,596
Food Products		5.1			407,863
Electric Utilities		4.9			389,868
Electrical Equipment		3.8			307,204
Wireless Telecommunication Services		3.1			247,655
Electronic Equipment, Instruments & Components		2.7			218,078
Insurance		2.7			215,829
Real Estate Management & Development		2.6			210,892
Automobiles		2.2			173,641
Internet Software & Services		2.1			163,937
Auto Components		1.8			142,001
Diversified Telecommunication Services		1.6			128,662
Chemicals		1.6			125,869
Technology Hardware, Storage & Peripherals		1.5			123,497
Machinery		1.4			114,841
Capital Markets		1.2			99,251
Transportation Infrastructure		1.2			96,333
Independent Power Producers & Energy Traders		1.2			96,328
Industrial Conglomerates		1.0			82,902
Construction Materials		1.0			77,116
Specialty Retail		0.9			70,699
Textiles, Apparel & Luxury Goods		0.9			67,957
Diversified Financial Services		0.8			63,268
Construction & Engineering		0.7			52,070
Airlines		0.6			49,296
Media		0.5			42,306
Communications Equipment		0.5			42,014
Beverages		0.5			40,719
Household Durables		0.5			39,986
Real Estate Investment Trusts		0.4			33,770
Multi-line Retail		0.4			31,630
Tobacco		0.4			30,201
Building Products		0.4			29,716
Thrifts & Mortgage Finance		0.3			25,818
Trading Companies & Distributors		0.3			25,610
Software		0.3			25,219
Distributors		0.3			22,433

See Notes to Financial Statements.

221

THE GLENMEDE FUND, INC.

Philadelphia International Emerging Markets Fund
SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2014

On October 31, 2014, industry diversification of the Portfolio was as follows (Unaudited):


	% of
	Net Assets			Value

Hotels, Restaurants & Leisure		0.2	%	$	16,132
Containers & Packaging		0.2			11,915
Road & Rail		0.1			11,375
Gas Utilities		0.1			11,191
Commercial Services & Supplies		0.1			9,891
Pharmaceuticals		0.1			8,660
Food & Staples Retailing		0.1			7,316
Office Electronics		0.1			6,950
Paper & Forest Products		0.1			6,247
Multi-Utilities		0.1			5,350
Consumer Finance		0.1			4,642
Water and Sewer		0.1			4,630
Health Care Providers & Services		0.1			4,593

TOTAL COMMON AND PREFERRED STOCKS		98.8	%	$	7,887,404
REPURCHASE AGREEMENTS		1.0			82,485
RIGHTS		0.0			242

TOTAL INVESTMENTS		99.8	%	$	7,970,131

See Notes to Financial Statements.

222

THE GLENMEDE FUND, INC.

Notes to Financial Statements


1.	Organization and Significant Accounting Policies

The Glenmede Fund, Inc. (the “Fund”) consists of eighteen portfolios: the Government Cash Portfolio, the Tax-Exempt Cash Portfolio, the Core Fixed Income Portfolio, the Strategic Equity Portfolio, the Small Cap Equity Portfolio, the Mid Cap Equity Portfolio the Large Cap Value Portfolio, the U.S. Emerging Growth Portfolio, the Large Cap Core Portfolio (as of February 28, 2014 formerly known as Large Cap 100 Portfolio), the Large Cap Growth Portfolio, the Long/Short Portfolio, the Total Market Portfolio, the Secured Options Portfolio, the International Secured Options Portfolio, the International Portfolio, the Philadelphia International Fund, the Philadelphia International Small Cap Fund, and the Philadelphia International Emerging Markets Fund (each, a “Portfolio” and 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 (the “SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Since January 2, 1998, the Small Cap Equity Portfolio has consisted of two classes of shares: the Advisor Class and the Institutional Class. The Mid Cap Equity Portfolio commenced operations on September 30, 2014. The Mid Cap Equity Portfolio consists of two classes of shares: the Advisor Class and the Institutional Class. As of October 31, 2014, Institutional Class shares of The Mid Cap Equity Portfolio have not been issued.

Currently, the Philadelphia International Small Cap Fund and the Philadelphia International Emerging Markets Fund each have registered two classes of shares: Class I and Class IV. On June 30, 2014 Class I shares were issued and commenced operations.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S.”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures 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 the Portfolios in the preparation of their financial statements.

Valuation of Securities: As permitted under Rule 2a-7 of the 1940 Act, securities held by the Government Cash Portfolio and Tax-Exempt Cash Portfolio are valued by the “amortized cost” method of valuation, which approximates current 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. These valuations are typically categorized as Level 2 in the fair value hierarchy described below.

Equity securities and options listed on a U.S. securities exchange, including exchange traded funds, 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. These securities are typically categorized as Level 1 in the fair value hierarchy. Price information on listed securities is taken from the exchange where the securities are primarily traded.

223

THE GLENMEDE FUND, INC.

Notes to Financial Statements — (Continued)

Securities traded on the NASDAQ System are valued at the NASDAQ Official Closing Price (“NOCP”) and are typically categorized as Level 1 in the fair value hierarchy. 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 and are typically categorized as Level 2. If no sales are reported, exchange traded options are valued at the last bid price for purchased options and the last ask price for written options and are typically categorized as Level 2. Options traded over-the-counter are valued using prices supplied by dealers and are typically categorized as Level 2. Securities and options listed on a foreign exchange and unlisted foreign securities that are traded on the valuation date are valued at the last quoted sales price available before the time when assets are valued and are typically categorized as Level 1. Investments in open-end registered investment companies are valued at their respective net asset values as reported by such companies. These valuations are typically categorized as Level 1 in the fair value hierarchy.

Bonds and other fixed-income securities are valued at the most recent quoted bid price or, when exchange valuations are used, at the latest quoted sale price on the day of valuation. Such securities are typically categorized as Level 2 in the fair value hierarchy. In addition, bond and other fixed-income securities may be valued on the basis of prices provided by a pricing service or by using a matrix or formula. In such instances, when the Portfolio’s investment advisor believes such prices reflect the fair market value of such securities and are based on observable inputs, these securities are typically categorized as Level 2. Debt securities purchased by non-money market Portfolios with maturities of 60 days or less at the time of purchase are valued at amortized cost and are typically categorized as Level 2.

When market quotations are not readily available or events occur that make established valuation methods unreliable, securities and other assets are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board of Directors of the Fund (the “Board”) and are typically categorized as Level 3 in the fair value hierarchy. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the fund’s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The fair value of securities is generally determined as the amount that a Portfolio could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security at a given point in time and does not reflect an actual market price, which may be different by a material amount. For the International Portfolio, Philadelphia International Fund, Philadelphia International Small Cap Fund and Philadelphia International Emerging Markets Fund, the Board has authorized the use of an independent fair valuation service to provide the fair value for foreign equity securities on days when a change has occurred in the closing level of the S&P 500^® Index by an amount approved by the Board from the previous trading day’s closing level and other criteria have been met. Philadelphia International Advisors LP (“PIA”) reviews the

224

THE GLENMEDE FUND, INC.

Notes to Financial Statements — (Continued)

fair values provided, periodically reviews the methodology and procedures used in providing values to the Portfolio and evaluates the accuracy of the prices provided by the fair valuation service. Securities using these valuation adjustments are generally categorized as Level 2.

Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements” defines fair value, establishes a three-level hierarchy for measuring fair value and expands disclosure about fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of each Portfolio’s investments. Inputs refer broadly to the assumptions that market participants would use in pricing a security. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. These inputs are summarized in the three levels listed below:

Level 1 — quoted prices in active markets for identical investments;

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, adjusted quoted prices on foreign equity securities and others) or valuations based on quoted prices in markets that are not active; and

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

Changes in valuation techniques may result in changing an investment’s assigned level within the hierarchy.

The Strategic Equity Portfolio, Small Cap Equity Portfolio, Mid Cap Equity Portfolio, Large Cap Value Portfolio, U.S. Emerging Growth Portfolio, Large Cap Core Portfolio (formerly known as Large Cap 100 Portfolio), Large Cap Growth Portfolio, Long/Short Portfolio, Total Market Portfolio, Secured Options Portfolio and International Secured Options Portfolio had all investments with corresponding industries at Level 1 except repurchase agreements which were at Level 2, at October 31, 2014. The Government Cash Portfolio and Tax-Exempt Cash Portfolio had all long-term and short-term investments with corresponding industries at Level 2 at October 31, 2014.

Securities in the International Portfolio, Philadelphia International Fund, Philadelphia International Small Cap Fund and Philadelphia International Emerging Markets Fund with a value of $46,885,301, $19,558,391, $11,405,752 and $23,456,928, respectively, transferred from Level 1 to Level 2 due to substantially all foreign equity securities being fair valued using valuations provided by an independent valuation service. In addition, a security in the Philadelphia International Emerging Markets Fund with a value of $93,590, transferred from Level 1 to Level 3 due to this security being fair valued. There was also a security in the Philadelphia International Emerging Markets Fund with a value of $33,404,

225

THE GLENMEDE FUND, INC.

Notes to Financial Statements — (Continued)

transferred from Level 3 to Level 2 due to being fair valued using valuations provided by an independent valuation service. Transfers into and out of a level are recognized at the end of the reporting period.

The following is a summary of the inputs used as of October 31, 2014 in valuing the assets and liabilities of the Core Fixed Income Portfolio, International Portfolio, Philadelphia International Fund, Philadelphia International Small Cap Fund and Philadelphia International Emerging Markets Fund:

Core Fixed Income Portfolio

ASSETS VALUATION INPUT


	Quoted
	Prices in
	Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Agency Notes
Federal Home Loan Bank	$	—	$	26,180,693	$	—	$	26,180,693
Federal Home Loan Mortgage Corporation		—		19,744,828		—		19,744,828
Federal National Mortgage Association		—		5,517,685		—		5,517,685

Total Agency Notes		—		51,443,206		—		51,443,206

Mortgage-Backed Securities
Federal Home Loan Mortgage Corporation		—		20,646,375		—		20,646,375
Federal National Mortgage Association		—		67,379,177		—		67,379,177
Government National Mortgage Association		—		5,488,747		—		5,488,747

Total Mortgage-Backed Securities		—		93,514,299		—		93,514,299

Corporate Notes		—		206,392,635		—		206,392,635
US Treasury Notes/Bonds		—		61,208,771		—		61,208,771
Municipal Bonds		—		8,518,723		—		8,518,723
Repurchase Agreements		—		6,045,301		—		6,045,301
Investment of Security Lending Collateral		20,903,443		—		—		20,903,443

Total Investments		20,903,443		427,122,935		—		448,026,378

Total	$	20,903,443	$	427,122,935	$	—	$	448,026,378

226

THE GLENMEDE FUND, INC.

Notes to Financial Statements — (Continued)

International Portfolio

ASSETS VALUATION INPUT


	Quoted
	Prices in
	Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Common Stocks
Japan	$	—	$	6,624,325	$	—	$	6,624,325
Germany		—		5,892,589		—		5,892,589
United Kingdom		—		5,846,719		—		5,846,719
France		—		3,990,563		—		3,990,563
Switzerland		—		2,323,644		—		2,323,644
Netherlands		—		1,816,957		—		1,816,957
South Korea		225,128		1,141,318		—		1,366,446
Hong Kong		—		1,357,093		—		1,357,093
China		—		1,157,254		—		1,157,254
Australia		—		858,775		—		858,775
Singapore		—		758,450		—		758,450
Norway		—		614,495		—		614,495
Sweden		—		412,882		—		412,882
Belgium		—		392,677		—		392,677
Denmark		—		377,661		—		377,661
Canada		369,290		—		—		369,290
Italy		—		309,298		—		309,298
Thailand		305,336		—		—		305,336
Israel		304,599		—		—		304,599
Spain		—		228,168		—		228,168
Ireland		214,134		—		—		214,134
Indonesia		131,022		—		—		131,022
India		125,296		—		—		125,296
Finland		—		111,653		—		111,653

Total Common Stocks		1,674,805		34,214,521		—		35,889,326

Preferred Stocks
Brazil		290,832		—		—		290,832

Total Preferred Stocks		290,832		—		—		290,832

Mutual Fund
United States		939,715		—		—		939,715

Total Mutual Funds		939,715		—		—		939,715

Repurchase Agreements		—		425,693		—		425,693
Investment of Security Lending Collateral		1,123,026		—		—		1,123,026

Total Investments		4,028,378		34,640,214		—		38,668,592

Total	$	4,028,378	$	34,640,214	$	—	$	38,668,592

227

THE GLENMEDE FUND, INC.

Notes to Financial Statements — (Continued)

Philadelphia International Fund

ASSETS VALUATION INPUT


	Quoted
	Prices in
	Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Common Stocks
Japan	$	—	$	3,356,183	$	—	$	3,356,183
Germany		—		2,975,051		—		2,975,051
United Kingdom		—		2,886,860		—		2,886,860
France		—		1,923,885		—		1,923,885
Switzerland		—		1,155,131		—		1,155,131
Netherlands		—		874,465		—		874,465
South Korea		145,267		627,686		—		772,953
Hong Kong		—		668,289		—		668,289
China		—		569,051		—		569,051
Australia		—		457,958		—		457,958
Singapore		—		370,103		—		370,103
Norway		—		296,152		—		296,152
Sweden		—		195,999		—		195,999
Denmark		—		195,957		—		195,957
Canada		191,747		—		—		191,747
Belgium		—		183,792		—		183,792
Thailand		176,653		—		—		176,653
Israel		150,492		—		—		150,492
Italy		—		147,258		—		147,258
Ireland		144,531		—		—		144,531
Spain		—		101,226		—		101,226
Indonesia		66,584		—		—		66,584
India		57,834		—		—		57,834
Finland		—		52,679		—		52,679

Total Common Stocks		933,108		17,037,725		—		17,970,833

Preferred Stocks
Brazil		133,940		—		—		133,940

Total Preferred Stocks		133,940		—		—		133,940

Repurchase Agreements		—		558,679		—		558,679
Investment of Security Lending Collateral		1,090,936		—		—		1,090,936

Total Investments		2,157,984		17,596,404		—		19,754,388

Total	$	2,157,984	$	17,596,404	$	—	$	19,754,388

228

THE GLENMEDE FUND, INC.

Notes to Financial Statements — (Continued)

Philadelphia International Small Cap Fund

ASSETS VALUATION INPUT


	Quoted
	Prices in
	Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Common Stocks
Japan	$	263,116	$	12,698,191	$	—	$	12,961,307
United Kingdom		1,966,814		7,755,336		—		9,722,150
Australia		15,515		2,860,632		—		2,876,147
Germany		58,796		2,438,756		—		2,497,552
Sweden		46,863		2,017,146		—		2,064,009
France		698,518		1,290,712		—		1,989,230
Switzerland		272,247		1,391,872		—		1,664,119
Italy		524,389		808,395		—		1,332,784
Hong Kong		354,532		949,571		—		1,304,103
Singapore		249,162		1,046,087		—		1,295,249
Norway		444,925		693,264		—		1,138,189
Spain		—		1,046,961		—		1,046,961
Finland		253,153		576,656		—		829,809
Austria		242,981		454,636		—		697,617
Denmark		—		632,002		—		632,002
Netherlands		180,807		377,246		—		558,053
New Zealand		124,196		394,502		—		518,698
Israel		—		493,719		—		493,719
Belgium		176,139		257,808		—		433,947
Ireland		219,122		141,642		—		360,764
Portugal		72,961		226,676		—		299,637

Total Common Stocks		6,164,236		38,551,810		—		44,716,046

Preferred Stocks
Germany		—		18,198		—		18,198
Italy		—		190,722		—		190,722

Total Preferred Stocks		—		208,920		—		208,920

Rights
Germany		1,936		—		—		1,936
Portugal		—		—		3,864		3,864

Total Rights		1,936		—		3,864		5,800

Repurchase Agreements		—		41,348		—		41,348

Total Investments		6,166,172		38,802,078		3,864		44,972,114

Total	$	6,166,172	$	38,802,078	$	3,864	$	44,972,114

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Philadelphia International Emerging Markets Fund

ASSETS VALUATION INPUT


	Quoted
	Prices in
	Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Common Stocks
South Korea	$	85,393	$	1,221,248	$	22,196	$	1,328,837
China		32,513		1,184,554		12,432		1,229,499
Taiwan		265,194		738,598		—		1,003,792
Brazil		604,584		18,482		—		623,066
Russia		—		617,251		—		617,251
South Africa		206,175		246,207		—		452,382
Hong Kong		13,944		409,606		0		423,550
Poland		6,073		314,331		—		320,404
Turkey		18,465		259,584		—		278,049
Malaysia		67,836		179,227		0		247,063
India		89,732		149,097		—		238,829
Thailand		189,135		—		—		189,135
Greece		29,777		85,426		—		115,203
United Arab Emirates		26,672		46,675		—		73,347
Mexico		59,253		—		—		59,253
Hungary		—		53,991		—		53,991
Czech Republic		3,550		43,965		—		47,515
Colombia		39,731		—		—		39,731
Chile		24,116		—		—		24,116
Peru		20,468		—		—		20,468
Indonesia		—		10,665		—		10,665

Total Common Stocks		1,782,611		5,578,907		34,628		7,396,146

Preferred Stocks
Brazil		415,568		22,726		—		438,294
Colombia		6,145		—		—		6,145
Russia		—		46,819		—		46,819

Total Preferred Stocks		421,713		69,545		—		491,258

Rights
Hong Kong		151		—		60		211
United Arab Emirates		—		—		31		31

Total Rights		151		—		91		242

Repurchase Agreements		—		82,485		—		82,485

Total Investments		2,204,475		5,730,937		34,719		7,970,131

Total	$	2,204,475	$	5,730,937	$	34,719	$	7,970,131

The following tables include roll-forwards of the amounts for the year ended October 31, 2014 for long-term investments classified within Level 3.

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Philadelphia International Small Cap Fund


																				Net
																				Change in
																				Unrealized
																				Gain
																				(Loss) from
					Change in															Investments
	Balance as of		Realized		Unrealized								Transfers					Balance as of		Held at
Investments in	October 31,		Gain		Gain								into		Transfers out of			October 31,		October 31,
Securities	2013		(Loss)		(Loss)			Purchases		Sales			Level 3		Level 3			2014		2014
COMMON STOCK
Hong Kong	$	10,045	$	0	$	0		$	0	$	0		$	0	$	(10,045	)	$	0	$	0
Japan	$	57,564	$	0	$	(16,751	)	$	0	$	(40,813	)	$	0	$	0		$	0	$	0
RIGHTS
Portugal	$	0	$	0	$	3,864		$	0	$	0		$	0	$	0		$	3,864	$	3,864

Total	$	67,609	$	0	$	(12,887	)	$	0	$	(40,813	)	$	0	$	(10,045	)	$	3,864	$	3,864

Philadelphia International Emerging Markets Fund


																					Net
																					Change in
																					Unrealized
																					Gain
																					(Loss) from
						Change in															Investments
	Balance as of		Realized			Unrealized													Balance as of		Held at
Investments in	October 31,		Gain			Gain								Transfers		Transfers out of			October 31,		October 31,
Securities	2013		(Loss)			(Loss)			Purchases		Sales			into Level 3		Level 3			2014		2014
COMMON STOCK
China	$	0	$	(17,937	)	$	(22	)	$	0	$	(63,198	)	$	93,589	$	0		$	12,432	$	(5,227	)
Hong Kong	$	0	$	(32,731	)	$	32,731		$	0	$	0		$	0	$	0		$	0	$	0
Malaysia	$	0	$	0		$	0		$	0	$	0		$	0	$	0		$	0	$	0
Taiwan	$	33,404	$	0		$	0		$	0	$	0		$	0	$	(33,404	)	$	0	$	0
South Korea	$	0	$	930		$	(1,023	)	$	148,112	$	(125,823	)	$	0	$	0		$	22,196	$	(1,023	)
RIGHTS
Hong Kong	$	0	$	0		$	60		$	0	$	0		$	0	$	0		$	60	$	60
United Arab Emirates	$	0	$	0		$	31		$	0	$	0		$	0	$	0		$	31	$	31

Total	$	33,404	$	(49,738	)	$	31,777		$	148,112	$	(189,021	)	$	93,589	$	(33,404	)	$	34,719	$	(6,159	)

Repurchase Agreements: Each Portfolio may engage in repurchase agreement transactions. Under the terms of a typical repurchase agreement, the applicable Portfolio takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the applicable 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 seller’s obligation is secured by collateral (underlying securities) segregated on behalf of the Portfolio. The value of the collateral at the time of execution must be at least equal to 102% of the total amount of the repurchase obligations, including interest. In the event of counterparty default, the Portfolio has the right to sell the collateral to offset losses incurred. There is a potential for loss to the Portfolio in the event a Portfolio is delayed or prevented from exercising its rights to dispose of the collateral securities, including the risk of

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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, reviews the value of the collateral and the creditworthiness of those banks and dealers with which each Portfolio enters into repurchase agreements to evaluate potential risks.

Master Repurchase Agreements (“MRA”) permit the Portfolio, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Portfolio. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, the applicable Portfolio receives or posts securities as collateral with a market value in excess of the repurchase price to be paid or received by the Portfolio upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, the Portfolio would recognize a liability with respect to such excess collateral to reflect the Portfolio’s obligation under bankruptcy law to return the excess to the counterparty. The gross value and related collateral received for each Portfolio’s investments in repurchase agreements as of October 31, 2014 are presented in each Portfolio’s Schedule of Portfolio Investments and the value of these investments are also presented in the Statements of Assets and Liabilities.

Foreign Currency Translation: The books and records of each Portfolio are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the exchange rates prevailing at the end of the period, and purchases and sales of investment securities, income and expenses are translated at exchange rates prevailing on the dates of such transactions. Unrealized gains and losses that result from changes in foreign currency exchange rates have been included in the unrealized gains and losses 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 each 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 transactions. The Portfolios do not isolate that portion of the results of operations resulting from changes in the foreign exchange rates on investments from the fluctuations in the market prices of securities held at the end of the period. Similarly, the Portfolios do not isolate the effect of changes in foreign exchange rates from the fluctuations in the market prices of portfolio securities sold during the period.

Foreign Securities: The Strategic Equity Portfolio, Small Cap Equity Portfolio, Mid Cap Equity Portfolio, Large Cap Value Portfolio, U.S. Emerging Growth Portfolio, Large Cap Core Portfolio (formerly known as Large Cap 100 Portfolio), Large Cap Growth Portfolio, Long/Short Portfolio, Total Market Portfolio, Secured Options Portfolio, International Secured Options Portfolio, International Portfolio, Philadelphia International Fund, Philadelphia International Small Cap Fund and

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Philadelphia International Emerging Markets Fund may invest in foreign securities. Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in securities of U.S. companies and the U.S. government. These risks include valuation of currencies and future adverse political and economic developments. Moreover, securities of some 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.

Options Transactions: The Strategic Equity Portfolio, Large Cap Value Portfolio, Long/Short Portfolio, Secured Options Portfolio, International Secured Options Portfolio, Philadelphia International Small Cap Fund and Philadelphia International Emerging Markets Fund are subject to equity price risk and may purchase or write covered call options or secured put options to hedge against changes in the value of securities each Portfolio owns or expects to own. The Secured Options Portfolio and International Secured Options Portfolio use option strategies also in an effort to earn options premiums and to provide more stable returns. These options may relate to particular securities or securities indices and may or may not be listed on a domestic securities exchange or issued by the Options Clearing Corporation. 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 call option is that the Portfolio may forgo the opportunity of profit if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that the Portfolio may incur a loss if the market price of the underlying security decreases and the option is exercised. In addition, there is a risk the Portfolio may not be able to enter into a closing transaction because of an illiquid secondary market or, for over-the-counter options, because of the counterparty’s inability to perform. Portfolio assets covering written options cannot be sold while the option is outstanding, unless replaced by similar assets. A Portfolio also risks losing all or part of the cash paid for purchasing call and put options. The Portfolios may also write over-the-counter options where completing the obligation depends upon the credit standing of the other party. The Strategic Equity Portfolio, Large Cap Value Portfolio, Long/Short Portfolio, Philadelphia International Small Cap Fund and Philadelphia International Emerging Markets Fund did not enter into any options transactions during the year ended October 31, 2014. During the year ended October 31, 2014, the Secured Options Portfolio wrote and purchased put and call options and the International Secured Options Portfolio wrote put and call options in an attempt to achieve their respective investment objective and strategies.

Written options are recorded in each Portfolio’s Statement of Assets and Liabilities as a liability to the extent of premiums received. Gains or losses are realized when the option transaction expires or closes. Cash collateral held by the Fund’s custodian and pledged to secure open written put option contracts are included in “Cash collateral on deposit at broker” in the Statement of Assets and Liabilities. If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds. If a written put option is exercised, the premium originally received is recorded as a reduction of cost. Realized gains and losses on purchased options, if any, are included with net realized

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gains and losses on investment transactions in each Portfolio’s Statement of Operations.

Information regarding transactions in written and purchased option contracts for the Secured Options Portfolio and the International Secured Options Portfolio for the year ended October 31, 2014 are included in Note 2.

Lending of Portfolio Securities: Each Portfolio, using State Street Bank and Trust Company (“State Street”) as its lending agent, may loan securities to qualified brokers and dealers in exchange for negotiated lenders’ fees. These fees are disclosed as “Income from security lending” in the Statement of Operations, net of expenses retained by State Street as compensation for its services as lending agent. Each applicable Portfolio receives cash collateral, which may be invested by the lending agent in short-term instruments, in an amount at least equal to 102% (for loans of U.S. securities) or 105% (for loans of non-U.S. securities) of the market value of the loaned securities at the inception of each loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the applicable Portfolio on the next business day. On behalf of the Long/Short Portfolio and Total Market Portfolio, some or all of the cash collateral may be used to finance short sales. As of October 31, 2014, 87.76% of the cash collateral received by the Total Market Portfolio was used to finance short sales. As of October 31, 2014, the cash collateral received by the Core Fixed Income Portfolio, Small Cap Equity Portfolio, Large Cap Value Portfolio, International Portfolio, Philadelphia International Fund, U.S. Emerging Growth Portfolio, Large Cap Core Portfolio (formerly known as Large Cap 100 Portfolio), Long/Short Portfolio and the remaining cash collateral received by the Total Market Portfolio was invested in the State Street Navigator Securities Lending Prime Portfolio, which is a 1940 Act money market fund. To the extent that advisory or other fees paid by the State Street Navigator Securities Lending Prime Portfolio are for the same or similar services as fees paid by the applicable Portfolio, there will be a layering of fees, which would increase expenses and decrease returns. Information regarding the value of the securities loaned and the value of the collateral at period end is included at the end of each applicable Portfolio’s Statement of Assets and Liabilities, Schedule of Portfolio Investments and Note 7. A Portfolio could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities when due. A Portfolio may also record realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. Such loans would involve risks of delay in receiving additional collateral in the event that the collateral decreased below the value of the securities loaned or risks of the loss of rights in the collateral should the borrower of the securities fail financially.

Securities Sold Short: The Long/Short Portfolio and Total Market Portfolio may engage in short sales, which are sales by the applicable Portfolio of securities which have been borrowed from a third party on the expectation that the market price will decline. If the price of the securities declines, the Portfolio will make a profit by purchasing the securities in the open market at a lower price than the one at which it sold the securities. If the price of the securities increases, the Portfolio may have to cover its short positions at a higher price than the short sale price, resulting in a loss. Gains are limited to the price at which the Portfolios sold the security short, while losses are potentially unlimited in size. Each Portfolio

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pledges securities and/or other assets, which may include cash collateral from securities lending activities, to the lender as collateral. Proceeds received from short sales may be maintained by the lender as collateral or may be released to the Portfolio and used to purchase additional securities or for any other purpose. The “Short position flex fees” on the Statement of Operations are fees charged by the lender for releasing the cash proceeds to the Total Market Portfolio. Each Portfolio is required to segregate an amount of cash, cash equivalents or other appropriate liquid marketable securities with the custodian in at least an amount equal to the current market value of the securities sold short (less any additional collateral held by the lender) and the amount of any securities lending cash collateral used to finance short sales until the Portfolio replaces a borrowed security. Depending on arrangements made with the lender or custodian, the Portfolio may not receive any payments (including interest) on the deposits made with the lender or custodian. The Portfolio is liable to the buyer for any dividends payable on securities while those securities are in a short position. These dividends are recorded as an expense of the Portfolio. As of October 31, 2014, the Long/Short Portfolio and the Total Market Portfolio had pledged cash in the amount of $75,659,892 and $16,873,466 respectively to State Street, as collateral for short sales. These amounts are included in the “Cash collateral on deposit at broker” on the Statement of Assets and Liabilities. The Total Market Portfolio also pledged securities in the amount of $2,093,310 to State Street, as collateral for short sales. In addition, State Street has a perfected security interest in each such Portfolio’s assets.

Investment Company Securities and Exchange-Traded Funds: Subject to applicable regulatory requirements, all Portfolios may invest in shares of other registered investment companies, including exchange-traded funds (“ETFs”) and the International Portfolio may also invest in other registered investment companies advised by PIA (“Affiliated Funds”). Pursuant to orders issued by the SEC to certain ETFs, each Portfolio may seek to invest in ETFs beyond the statutory limitations, provided the Portfolio complies with certain conditions of the SEC orders. Some ETFs seek to track the performance of a particular market index. These indices include both broad-market indices and more narrowly-based indices, including those relating to particular sectors, markets, regions, or industries. However, some ETFs have an actively managed investment objective. ETF shares and closed-end fund shares are traded like traditional equity securities on a national securities exchange or NASDAQ. Each Portfolio will indirectly bear its proportionate share of any management fees and other expenses paid by such other investment companies, which will affect the return of the applicable Portfolio. To the extent that the International Portfolio invests in any Affiliated Funds, the investment management fees will be reduced to the extent of such investment.

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 “net of withholding tax” as soon thereafter as a Portfolio is informed of the ex-dividend date. Interest income is recorded on the accrual basis and includes, when appropriate, amortization of premiums and accretion of discounts.

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Securities purchased or sold on a when-issued or delayed-delivery basis may be settled after a period longer than the regular settlement time of trade date plus three business days. Interest income is accrued based on the terms of the security on settlement date. Each Portfolio segregates assets with a current value at least equal to the amount of its when-issued purchase commitments. When-issued purchase commitments involve a risk of loss if the value of the security to be purchased declines prior to settlement date, or if the counterparty does not perform under the contract.

Dividends and Distributions to Shareholders: Dividends from net investment income, if any, of the Government Cash Portfolio and Tax-Exempt Cash Portfolio are declared each day the Portfolios are open for business and are paid monthly. Dividends from net investment income, if any, of the Core Fixed Income Portfolio are declared and paid monthly. Dividends from net investment income, if any, of the Strategic Equity Portfolio, Small Cap Equity Portfolio, Mid Cap Equity Portfolio, Large Cap Value Portfolio, U.S. Emerging Growth Portfolio, Large Cap Core Portfolio (formerly known as Large Cap 100 Portfolio), Large Cap Growth Portfolio, Long/Short Portfolio, Total Market Portfolio, Secured Options Portfolio, International Secured Options Portfolio, International Portfolio, Philadelphia International Fund, Philadelphia International Small Cap Fund and Philadelphia International Emerging Markets Fund are declared and paid quarterly. Each Portfolio distributes 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 in order to avoid a nondeductible excise tax under Section 4982 of the Internal Revenue Code of 1986, as amended (the “Code”).

Income and capital gains distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the U.S. 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.

Income and Expense Allocation: Expenses which are not readily identifiable to a specific Portfolio are allocated among Portfolios taking into consideration, among other things, the nature and type of expenses and the relative size of each Portfolio. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class such as shareholder servicing fees, and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class.

Purchase Premiums and Redemption Fees: Effective March 12, 2014, The Philadelphia International Small Cap Fund and the Philadelphia International Emerging Markets Fund have eliminated purchase premiums and redemption fees on subscriptions or redemptions, respectively. The purchase premium and redemption fee were paid by the purchasing or redeeming shareholder and retained by the Portfolio to help offset estimated portfolio transaction costs and other related costs incurred by the Portfolio as a result of a purchase or redemption by allocating estimated transaction costs to the purchasing or redeeming

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Notes to Financial Statements — (Continued)

shareholder. Such fees were retained by the Portfolio and included in proceeds from shares sold or deducted from cost of shares redeemed.

Federal Income Taxes: Each Portfolio intends to qualify as a regulated investment company by complying with the requirements of the 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. Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the U.S.

“Accounting for Uncertainty in Income Taxes — an interpretation of FASB ASC 740” (“ASC 740”) clarifies the accounting for uncertainty in income taxes recognized in accordance with FASB ASC 740, “Accounting for Income Taxes.” This interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. It also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Each Portfolio’s federal tax returns filed in the 3-year period ended October 31, 2014 remains subject to examination by the Internal Revenue Service.

On October 31, 2014, the tax year end of the Fund, the following Portfolios had available capital loss carryforwards to be utilized in future periods to offset future capital gains through the indicated expiration dates as follows:


	Expiring October 31,
									Unlimited		Unlimited
Portfolio	2015		2016		2017		2018		(Short Term)		(Long Term)
Government Cash Portfolio	$	—	$	—	$	—	$	—	$	4,192	$	—
Tax-Exempt Cash Portfolio		—		—		—		800		—		—
Core Fixed Income Portfolio		—		—		—		—		—		1,834,104
Mid Cap Equity Portfolio		—		—		—		—		3,743		—
Long/Short Portfolio		1,396,108		404,939		5,227,189		—		5,111,827		—
International Portfolio		—		—		55,170,197		—		—		—
Philadelphia International Fund		—		—		79,417,204		—		—		—
Philadelphia International Small Cap Fund		—		—		—		—		8,576		2,474

During the year ended October 31, 2014, as permitted under federal income tax regulations, Small Cap Equity Portfolio, U.S. Emerging Growth Portfolio and Long/Short Portfolio elected to defer $1,024,857, $28,887 and $502,684, respectively, of late year ordinary losses.

During the year ended October 31, 2014, the following Portfolios utilized capital loss carryforwards:


Government Cash Portfolio	$	3,232
International Portfolio	$	7,351,792
Philadelphia International Fund	$	2,857,438
Philadelphia International Small Cap Fund	$	142,665

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THE GLENMEDE FUND, INC.

Notes to Financial Statements — (Continued)

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted. The Act modernizes several of the federal income and excise tax provisions related to regulated investment companies, and, with certain exceptions, was effective for taxable years beginning after December 22, 2010. However, the Act was effective with respect to the Philadelphia International Small Cap Fund and the Philadelphia International Emerging Markets Fund upon each Portfolio’s commencement of investment operations in 2011. Among the changes made are changes to the capital loss carryforward rules allowing for capital losses to be carried forward indefinitely. Rules in effect prior to the effective date of the Act limit the carryforward period to eight years. Capital loss carryforwards generated in taxable years beginning after effective date of the Act must be fully used before capital loss carryforwards generated in taxable years prior to effective date of the Act; therefore, under certain circumstances, capital loss carryforwards available as of the report date, if any, may expire unused.

As of October 31, 2014, the tax year end of the Fund, the components of distributable earnings on a tax basis were as follows:


	Undistributed		Undistributed		Undistributed		Total*
	Tax-exempt		Ordinary		Long-Term		Distributable
Portfolio	Income		Income		Gain		Earnings
Government Cash Portfolio	$	—	$	71	$	—	$	(4,121	)
Tax-Exempt Cash Portfolio		—		—		—		(800	)
Core Fixed Income Portfolio		—		807,845		—		11,427,043
Strategic Equity Portfolio		—		810,030		20,739,144		82,519,065
Small Cap Equity Portfolio		—		—		66,287,570		243,139,946
Mid Cap Equity Portfolio		—		—		—		458,006
Large Cap Value Portfolio		—		4,983,869		8,147,140		28,825,444
U.S. Emerging Growth Portfolio		—		1,323		3,627,926		9,989,847
Large Cap Core Portfolio (formerly known as Large Cap 100 Portfolio)		—		462,614		23,121,792		138,797,914
Large Cap Growth Portfolio		—		251,605		19,351,081		102,238,920
Long/Short Portfolio		—		—		—		(3,068,872	)
Total Market Portfolio		—		36,933		3,729,121		17,200,702
Secured Options Portfolio		—		5,867,462		12,943,996		22,635,845
International Secured Options Portfolio		—		1,357,336		—		711,121
International Portfolio		—		118,925		—		(50,648,582	)

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	Undistributed		Undistributed		Undistributed		Total*
	Tax-exempt		Ordinary		Long-Term		Distributable
Portfolio	Income		Income		Gain		Earnings
Philadelphia International Fund	$	—	$	51,986	$	—	$	(77,531,190	)
Philadelphia International Small Cap Fund		—		624,140		1,437,278		1,327,337
Philadelphia International Emerging Markets Fund		—		—		—		(180,570	)

* Total Distributable Earnings are additionally comprised of Net Unrealized Appreciation/(Depreciation), late year ordinary loss deferral, and Capital Loss Carryforwards, which are shown elsewhere in the Notes to Financial Statements.

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales, nontaxable dividends received from investments, and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

For the year ended October 31, 2014, Government Cash Portfolio’s, Tax-Exempt Cash Portfolio’s and Core Fixed Income Portfolio’s components of distributable earnings on a tax basis were equal to the components of distributable earnings on a book basis.

The tax character of distributions paid during the year ended October 31, 2014, was as follows:


							Return
	Tax		Ordinary		Long-Term		of
Portfolio	Exempt		Income		Gains		Capital
Government Cash Portfolio	$	—	$	420	$	—	$	—
Tax Exempt Cash Portfolio		369		—		—		—
Core Fixed Income Portfolio		—		9,552,956		823,742		—
Strategic Equity Portfolio		—		3,796,479		16,500,967		—
Small Cap Equity Portfolio		—		10,832,797		32,389,984		—
Large Cap Value Portfolio		—		5,633,501		7,454,307		—
U.S. Emerging Growth Portfolio		—		26,571		311,258		—
Large Cap Core Portfolio (formerly known as Large Cap 100 Portfolio)		—		4,744,466		5,698,660		—
Large Cap Growth Portfolio		—		2,531,611		8,275,345		—
Total Market Portfolio		—		190,914		4,877		—
Secured Options Portfolio		—		14,504,945		26,451,795		—
International Secured Options Portfolio		—		8,249,560		—		—
International Portfolio		—		930,399		—		—
Philadelphia International Fund		—		507,268		—		—

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Notes to Financial Statements — (Continued)


							Return
	Tax		Ordinary		Long-Term		of
Portfolio	Exempt		Income		Gains		Capital
Philadelphia International Small Cap Fund	$	—	$	1,478,814	$	5,538	$	—
Philadelphia International Emerging Markets Fund		—		1,952,970		1,810,671		571,519

For the year ended October 31, 2014, permanent differences between financial and tax reporting, related primarily to paydowns, REITs, redemption in-kind, foreign currency gain/(loss), distribution reallocations, net operating losses, nontaxable dividends received from investments, capital gains tax, and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies were identified and reclassified among the components of the Portfolio’s net assets as identified below. These reclassifications had no effect on net assets.


	Accumulated Net			Net Realized			Paid-In
Portfolio	Investment Income			Gain (Loss)			Capital
Core Fixed Income Portfolio	$	534,819		$	(534,819	)	$	—
Small Cap Equity Portfolio		1,797,540			(1,766,103	)		(31,437	)
Mid Cap Equity Portfolio		1,426			—			(1,426	)
Large Cap Value Portfolio		22,470			(22,470	)		—
U.S. Emerging Growth Portfolio		(3,579	)		3,579			—
Large Cap Growth Portfolio		(32,839	)		32,839			—
Long/Short Portfolio		134,470			(25,360	)		(109,110	)
Total Market Portfolio		9,780			(9,780	)		—
Secured Options Portfolio		2,757,158			(2,757,158	)		—
International Secured Options Portfolio		—			(310,456	)		310,456
International Portfolio		(63,203	)		63,203			—
Philadelphia International Fund		(27,134	)		27,134			—
Philadelphia International Small Cap Fund		21,580			(21,580	)		—
Philadelphia International Emerging Markets Fund		(34,037	)		142,547			(108,510	)

As of October 31, 2014, 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)		Net
Core Fixed Income Portfolio	$	13,814,882	$	1,361,580	$	12,453,302
Strategic Equity Portfolio		61,232,830		262,939		60,969,891
Small Cap Equity Portfolio		214,752,093		36,874,860		177,877,233
Mid Cap Equity Portfolio		533,101		71,352		461,749
Large Cap Value Portfolio		16,879,874		1,185,439		15,694,435
U.S. Emerging Growth Portfolio		6,997,534		608,049		6,389,485

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Notes to Financial Statements — (Continued)


Portfolio	Appreciation		(Depreciation)		Net
Large Cap Core Portfolio (formerly known as Large Cap 100 Portfolio)	$	120,399,272	$	5,185,764	$	115,213,508
Large Cap Growth Portfolio		85,879,028		3,242,794		82,636,234
Long/Short Portfolio		10,606,082		1,032,207		9,573,875
Total Market Portfolio		15,087,091		1,652,443		13,434,648
Secured Options Portfolio		14,119,760		10,295,373		3,824,387
International Secured Options Portfolio		1,605,838		1,595,484		10,354
International Portfolio		6,572,015		2,161,032		4,410,983
Philadelphia International Fund		2,883,062		1,045,792		1,837,270
Philadelphia International Small Cap Fund		2,573,375		3,291,564		(718,189	)
Philadelphia International Emerging Markets Fund		809,077		908,187		(99,110	)

Other: In the normal course of business, the Fund enters into contracts that may include agreements to indemnify another party under given circumstances. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not yet been, made against the Fund. However, based on experience, the risk of material loss from such claims is considered to be remote.


2.	Financial Instruments and Hedging Activities

Transactions in written and purchased option contracts for the Secured Options Portfolio and the International Secured Options Portfolio for the year ended October 31, 2014, are as follows:

Secured Options Portfolio


	Number of			Premiums
	Contracts			Received
Options outstanding at October 31, 2013		1,931		$	1,959,678
Options written		34,661			41,702,391
Options terminated in closing purchase transactions		(2,997	)		(5,719,384	)
Options expired		(31,860	)		(26,803,237	)

Options outstanding at October 31, 2014		1,735		$	11,139,448

International Secured Options Portfolio


	Number of			Premiums
	Contracts			Received
Options outstanding at October 31, 2013		12,425		$	583,936
Options written		163,394			8,246,765
Options terminated in closing purchase transactions		(47,275	)		(2,937,499	)
Options exercised		(4,238	)		(642,158	)
Options expired		(111,169	)		(4,001,396	)

Options outstanding at October 31, 2014		13,137		$	1,249,648

241

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Notes to Financial Statements — (Continued)

Disclosures about Derivative Instruments and Hedging Activities: Each Portfolio follows FASB ASC Topic 815 “Disclosures about Derivative Instruments and Hedging Activities” (“ASC 815”). ASC 815 requires enhanced disclosures about each Portfolio use of, and accounting for, derivative instruments and the effect on the results of each Portfolio’s operations and financial position. At October 31, 2014 and during the period then ended, the Secured Options Portfolio and the International Secured Options Portfolio had the following derivatives and transactions in derivatives, grouped into appropriate risk categories, none of which have been designated as hedging instruments:

Secured Options Portfolio

Liability Derivatives


	Equity
	Contracts
	Risk			Total
Options Written¹	$	(844,075	)	$	(844,075	)

Total Value	$	(844,075	)	$	(844,075	)

Realized Gain (Loss)


	Equity
	Contracts
	Risk		Total
Options Purchased²	$	151,937	$	151,937
Options Written³		12,259,721		12,259,721

Total Realized Gain (Loss)	$	12,411,658	$	12,411,658

Change In Appreciation (Depreciation)


	Equity
	Contracts
	Risk		Total
Options Written⁵	$	9,166,400	$	9,166,400

Total Change in Appreciation (Depreciation)	$	9,166,400	$	9,166,400

Number of Contracts, Notional Amounts or Shares/Units⁶


	Equity
	Contracts
	Risk			Total
Options Purchased (Notional)		125,000			125,000
Options Written (Notional)		(228,483	)		(228,483	)

242

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Notes to Financial Statements — (Continued)

International Secured Options Portfolio

Liability Derivatives


	Equity
	Contracts
	Risk			Total
Options Written¹	$	(1,906,217	)	$	(1,906,217	)

Total Value	$	(1,906,217	)	$	(1,906,217	)

Realized Gain (Loss)


	Equity
	Contracts
	Risk		Total
Options Written³	$	2,366,487	$	2,366,487

Total Realized Gain (Loss)	$	2,366,487	$	2,366,487

Change In Appreciation (Depreciation)


	Equity
	Contracts
	Risk			Total
Options Written⁴	$	(798,437	)	$	(798,437	)

Total Change in Appreciation (Depreciation)	$	(798,437	)	$	(798,437	)

Number of Contracts, Notional Amounts or Shares/Units⁶


	Equity
	Contracts
	Risk			Total
Options Written (Notional)		(1,320,150	)		(1,320,150	)


		Additional disclosure about the Secured Options Portfolio’s and International Secured Options Portfolio’s use of options is provided in Note 1 under the heading ‘Options Transactions‘.
¹		Statement of Assets and Liabilities location: Options written, at value.
²		Statement of Operations location: Amount is included in Net realized gain (loss) on Investment transactions.
³		Statement of Operations location: Amount is included in Net realized gain (loss) on Options written.
⁴		Statement of Operations location: Amount is included in Net change in unrealized gain (loss) of Investments.
⁵		Statement of Operations location: Amount is included in Net change in unrealized gain (loss) of Options written.
⁶		Amounts disclosed represents average number of contracts, notional amounts, or shares/units outstanding during the period ended October 31, 2014.

243

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Notes to Financial Statements — (Continued)


3.	Investment Advisory Fee, Administration Fee and Other Related Party Transactions

Glenmede Investment Management LP (the “Advisor”), a wholly-owned subsidiary of The Glenmede Trust Company, N.A. (“Glenmede Trust”), serves as investment advisor to the Strategic Equity Portfolio, Large Cap Value Portfolio, International Portfolio, Government Cash Portfolio, Tax-Exempt Cash Portfolio, Core Fixed Income Portfolio, Small Cap Equity Portfolio, Mid Cap Equity Portfolio, U.S. Emerging Growth Portfolio, Large Cap Core Portfolio (formerly known as Large Cap 100 Portfolio), Large Cap Growth Portfolio, Long/Short Portfolio, Total Market Portfolio, Secured Options Portfolio and International Secured Options Portfolio pursuant to investment management agreements with the Fund. Under these agreements, the Advisor manages the Portfolios, subject to the general supervision of the Board. Prior to January 1, 2007, investment advisory services were provided by Glenmede Trust’s wholly-owned subsidiary, Glenmede Advisers, Inc.

The Government Cash Portfolio and Tax-Exempt Cash Portfolio do not pay a management fee for advisory services. The investors in the Portfolios are clients of Glenmede Trust or its affiliated companies (“Affiliates”). Glenmede Trust or its Affiliates charge a fee directly to their clients for fiduciary, trust and/or advisory services. The actual annual fees (“Client Fees”) charged vary dependent on a number of factors, including the particular services provided to the client and are generally 1.25% or less of the client’s assets under management. Glenmede Trust and its Affiliates currently exclude the portion of their clients’ assets invested in those Portfolios that pay a management fee to the Advisor when calculating Client Fees. The Small Cap Equity Portfolio, Mid Cap Equity Portfolio, Strategic Equity Portfolio, Large Cap Value Portfolio, U.S. Emerging Growth Portfolio, Large Cap Core Portfolio (formerly known as Large Cap 100 Portfolio), Large Cap Growth Portfolio, Secured Options Portfolio and International Secured Options Portfolio each pay the Advisor management fees at the annual rate of 0.55% of such Portfolio’s average daily net assets. The Advisor has contractually agreed to waive a portion of its management fees and/or reimburse expenses to the extent that the International Secured Options Portfolio’s annual total operating expenses exceed 1.00% of such Portfolio’s average daily net assets (excluding Acquired Fund fees and expenses, brokerage commissions, extraordinary items, interest and taxes). The Advisor has contractually agreed to these waivers and/or reimbursements until February 28, 2015 which are included under the caption “Less expenses waived/reimbursed” in the Statement of Operations. These waivers/reimbursements will be discontinued after that date because the International Secured Options Portfolio’s expenses have been consistently below the expense cap for over one year. The Advisor has contractually agreed to waive a portion of its management fees and/or reimburse expenses to the extent that the Mid Cap Equity Portfolio’s annual total operating expenses exceed 1.00% of such Portfolio’s Advisor Class average daily net assets (excluding Acquired Fund fees and expenses, brokerage commissions, extraordinary items, interest and taxes). The Advisor has contractually agreed to these waivers and/or reimbursements until at least February 28, 2016 which are included under the caption “Less expenses waived/reimbursed” in the Statement of Operations. Shareholders of the Mid Cap Equity Portfolio will be notified if these waivers/reimbursements are discontinued after that date. The Core Fixed Income Portfolio and International Portfolio pay the Advisor management fees at the annual rate of 0.35% and

244

THE GLENMEDE FUND, INC.

Notes to Financial Statements — (Continued)

0.75%, respectively, of such Portfolio’s average daily net assets. The Advisor has contractually agreed that during any time that the International Portfolio invests in a registered investment company or series thereof advised by PIA, its management fees will be waived to the extent of such investment. The Advisor has contractually agreed to this waiver until at least February 28, 2015, which are included under the caption “Less: Management fee waiver” in the Statement of Operations.

The Long/Short Portfolio and Total Market Portfolio pay the Advisor a management fee at the annual rate of 1.20% of each Portfolio’s average daily net assets. Since February 29, 2008, the Advisor has contractually agreed to waive a portion of its management fees so that after giving effect to such contractual waiver, the management fees for each of these Portfolios are 0.85%. The Advisor has also contractually agreed to waive an additional portion of its management fees and/or reimburse the Portfolios to the extent that total annual Portfolio operating expenses, as a percentage of the Portfolio’s daily average net assets, exceed 1.25% (excluding Acquired Fund fees and expenses, short-sale dividends, prime broker interest, brokerage commissions, taxes, interest and extraordinary expenses). The Advisor has contractually agreed to these waivers and/or reimbursements until at least February 28, 2016, which are included under the caption “Less expenses waived/reimbursed” in the Statement of Operations. Shareholders of the Portfolios will be notified if the waivers/reimbursements are discontinued after that date.

PIA, a limited partnership in which Glenmede Trust is a limited partner, serves as investment advisor to the Philadelphia International Fund, Philadelphia International Small Cap Fund and Philadelphia International Emerging Markets Fund. The Philadelphia International Fund pays a management fee to PIA at the annual rate of 0.75% of the Portfolio’s average daily net assets. PIA has contractually agreed to waive a portion of its management fees and/or reimburse expenses to the extent that the Philadelphia International Fund’s annual total operating expenses exceed 1.00% of such Portfolio’s average daily net assets (excluding Acquired Fund fees and expenses, brokerage commissions, extraordinary items, interest and taxes). PIA has contractually agreed to these waivers and/or reimbursements until at least February 28, 2016, which are included under the caption “Less expenses waived/reimbursed” in the Statement of Operations. Shareholders of the Philadelphia International Fund will be notified if these waivers/reimbursements are discontinued after that date. The Philadelphia International Small Cap Fund and the Philadelphia International Emerging Markets Fund each pay PIA management fees at the annual rate of 0.60% and 0.65% respectively, of such Portfolio’s average daily net assets. PIA has contractually agreed to waive a portion of its management fees and/or reimburse expenses (other than Acquired Fund fees and expenses, brokerage commissions, extraordinary items, interest, taxes and any other items as agreed by the Fund and PIA from time to time) to the extent the total annual operating expenses, as a percentage of average daily net assets, exceed 1.33% and 1.10% of the Philadelphia International Small Cap Fund-Class I and IV average daily net assets, respectively, and 1.48% and 1.25% of the Philadelphia International Emerging Markets Fund-Class I and IV average daily net assets, respectively. PIA has agreed to these waivers and/or reimbursements until at least February 28, 2016, which are included, if any, under the caption “Less expenses waived/reimbursed” in the Statements of Operation. Shareholders of these

245

THE GLENMEDE FUND, INC.

Notes to Financial Statements — (Continued)

Portfolios will be notified if the waivers/reimbursements are discontinued after that date.

PIA also serves as investment sub-advisor to the International Portfolio. The Advisor has agreed to pay PIA a fee for its sub-investment services to the International Portfolio, calculated daily and payable monthly, at the annual rate of 0.26% of the Portfolio’s average daily net assets. PIA has contractually agreed with the Advisor that during any time that the International Portfolio invests in a registered investment company or series thereof advised by PIA, it’s sub-investment advisory fees will be waived to the extent of such investment. PIA has contractually agreed to this waiver until at least February 28, 2015.

The Institutional Class of Small Cap Equity Portfolio pays Glenmede Trust a shareholder servicing fee at the annual rate of 0.05% of such Portfolio’s average daily net assets. The Government Cash Portfolio, Tax-Exempt Cash Portfolio and Core Fixed Income Portfolio each pay Glenmede Trust a shareholder servicing fee at the annual rate of 0.10% of such Portfolio’s average daily net assets. Strategic Equity Portfolio, Large Cap Value Portfolio, Large Cap Core Portfolio (formerly known as Large Cap 100 Portfolio), Large Cap Growth Portfolio, Long/Short Portfolio, Total Market Portfolio, Secured Options Portfolio and International Secured Options Portfolio each pay Glenmede Trust a shareholder servicing fee at the annual rate of 0.20% of such Portfolio’s average daily net assets. The International Portfolio, U.S. Emerging Growth Portfolio, the Advisor Class of Mid Cap Equity Portfolio and the Advisor Class of Small Cap Equity Portfolio each pay Glenmede Trust a shareholder servicing fee at the annual rate of 0.25% of such Portfolio’s average daily net assets. The Philadelphia International Fund is not subject to a shareholder servicing plan and, accordingly, pays no shareholder servicing fee. The Class IV shares of the Philadelphia International Small Cap Fund and the Class IV shares of the Philadelphia International Emerging Markets Fund each pay PIA a shareholder servicing fee at the annual rate of 0.02% of such Portfolio’s average daily net assets. The Class I shares of the Philadelphia International Small Cap Fund and Class I shares of Philadelphia International Emerging Markets Fund each pays PIA a shareholder servicing fee at the annual rate of 0.25% of such Portfolio’s average daily net assets. The Advisor, Glenmede Trust and/or PIA may pay additional compensation out of their assets to selected institutions and other persons in connection with selling of shares and/or the servicing of Portfolio shareholders and other accounts managed by the Advisor, Glenmede Trust, or PIA.

Glenmede Trust has voluntarily agreed, on a temporary basis, to waive its shareholder servicing fee payable by the Government Cash Portfolio and Tax-Exempt Cash Portfolio and/or reimburse expenses to the extent necessary to prevent a negative yield. Glenmede Trust can terminate or modify this arrangement at any time. For the year ended October 31, 2014, Glenmede Trust waived $751,062 shareholder servicing fees it earned from the Government Cash Portfolio and $674,117 shareholder servicing fees it earned from the Tax-Exempt Cash Portfolio, and Glenmede Trust reimbursed $80,603 and $389,122 of expenses to the Government Cash Portfolio and Tax-Exempt Cash Portfolio respectively. The Fund will not pay Glenmede Trust at a later time for any amounts waived or reimbursed.

State Street serves as administrator, transfer agent, dividend-paying agent and custodian with respect to the Fund. The Fund pays State Street a fee based

246

THE GLENMEDE FUND, INC.

Notes to Financial Statements — (Continued)

on the combined aggregate average daily net assets of the Portfolios and The Glenmede Portfolios, a registered investment company, plus transaction charges for certain transactions and out-of-pocket expenses. The fee is computed daily and paid monthly.

Foreside Compliance Services, LLC is paid an annual fee plus out-of-pocket expenses for the provision of personnel and services related to the Fund’s compliance program. The Fund’s Chief Compliance Officer is Managing Director of Foreside Compliance Services, LLC.

Quasar Distributors, LLC (“Quasar”) serves as distributor of each Portfolio’s shares. The distributor receives no fees from the Fund in connection with distribution services provided to the Fund. The Advisor and PIA, with respect to the Philadelphia International Fund, Philadelphia International Emerging Markets Fund and Philadelphia International Small Cap Fund, pay Quasar’s fees and out-of-pocket expenses for the distribution services it provides to the Fund.

Effective January 1, 2015, the Fund pays each Board member an annual fee of $49,000 plus $3,000 for each Board meeting attended and out-of-pocket expenses incurred in attending Board meetings, and the Audit Committee Chairman receives an annual fee of $5,000 for his services as Chairman of the Audit Committee. Prior to January 1, 2015, the annual fee was $45,000.

Expenses for the year ended October 31, 2014 include legal fees paid to Drinker Biddle & Reath LLP as legal counsel to the Fund and the independent directors. A partner of the law firm is Secretary of the Fund.


4.	Purchases and Sales of Securities

For the year ended October 31, 2014, cost of purchases and proceeds from sales of investment securities other than U.S. government securities, short-term securities and in-kind transactions were:


Portfolio	Purchases		Sales
Core Fixed Income Portfolio	$	91,750,708	$	9,319,480
Strategic Equity Portfolio		40,350,830		61,138,547
Small Cap Equity Portfolio		1,366,930,808		566,119,951
Mid Cap Equity Portfolio		8,714,895		169,518
Large Cap Value Portfolio		102,685,453		113,526,539
U.S. Emerging Growth Portfolio		48,489,247		49,943,104
Large Cap Core Portfolio (formerly known as Large Cap 100 Portfolio)		720,205,933		367,772,525
Large Cap Growth Portfolio		635,929,022		260,491,372
Long/Short Portfolio		218,372,128		195,876,546
Total Market Portfolio		103,564,387		88,368,173
Secured Options Portfolio		749,848,063		750,000,000
International Secured Options Portfolio		97,626,646		51,644,896
International Portfolio		22,714,663		46,090,587
Philadelphia International Fund		12,820,584		19,418,798
Philadelphia International Small Cap Fund		60,168,049		35,585,434
Philadelphia International Emerging Markets Fund		62,697,222		81,375,579

247

THE GLENMEDE FUND, INC.

Notes to Financial Statements — (Continued)

For the year ended October 31, 2014, cost of purchases and proceeds from sales of long-term U.S. government securities were:


Portfolio	Purchases		Sales
Core Fixed Income Portfolio	$	15,187,582	$	63,854,761


5.	Common Stock

Since the Government Cash Portfolio and the Tax-Exempt Cash Portfolio have sold shares, issued shares as reinvestments of dividends, and redeemed shares only at a constant net asset value of $1.00 per share, the number of shares represented by such sales, reinvestments and redemptions is the same as the amounts shown below for such transactions. Changes in the capital shares outstanding were as follows:


	Year Ended			Year Ended
	10/31/14			10/31/13
Government Cash Portfolio:
Sold	$	4,431,266,345		$	4,627,833,966
Issued as reinvestment of dividends		3			5
Redeemed		(4,424,889,746	)		(4,609,856,302	)

Net increase	$	6,376,602		$	17,977,669

Tax-Exempt Cash Portfolio:
Sold	$	2,653,464,951		$	3,161,751,954
Redeemed		(2,590,810,644	)		(3,207,266,231	)

Net increase (decrease)	$	62,654,307		$	(45,514,277	)


	Year Ended						Year Ended
	10/31/14						10/31/13
	Shares			Amount			Shares			Amount
Core Fixed Income Portfolio:
Sold		8,030,559		$	89,704,470			4,902,578		$	56,253,474
Issued as reinvestment of dividends		132,241			1,463,356			160,470			1,854,835
Redeemed		(5,665,211	)		(63,251,561	)		(10,424,499	)		(119,534,305	)

Net increase (decrease)		2,497,589		$	27,916,265			(5,361,451	)	$	(61,425,996	)

Strategic Equity Portfolio:
Sold		495,267		$	10,984,452			961,127		$	19,509,709
Issued as reinvestment of dividends		884,654			18,502,402			91,149			1,733,467
Redeemed		(1,428,564	)		(32,033,048	)		(2,171,274	)		(45,569,627	)

Net decrease		(48,643	)	$	(2,546,194	)		(1,118,998	)	$	(24,326,451	)

248

THE GLENMEDE FUND, INC.

Notes to Financial Statements — (Continued)


	Year Ended						Year Ended
	10/31/14						10/31/13
	Shares			Amount			Shares			Amount
Small Cap Equity Portfolio (Advisor Class):
Sold		25,449,263		$	658,792,406			12,105,102		$	281,618,481
Issued as reinvestment of dividends		1,277,361			31,908,546			253,337			4,611,558
Redeemed		(7,869,325	)		(202,499,625	)		(7,820,224	)		(186,724,758	)

Net increase		18,857,299		$	488,201,327			4,538,215		$	99,505,281

Small Cap Equity Portfolio (Institutional Class):
Sold		17,307,887		$	464,811,836			5,114,221		$	136,470,082
Issued as reinvestment of dividends		86,544			2,238,030			13,377			258,176
Redeemed		(3,634,673	)		(95,734,460	)		(146,662	)		(3,442,198	)

Net increase		13,759,758		$	371,315,406			4,980,936		$	133,286,060

Mid Cap Equity Portfolio (Advisor Class)¹:
Sold		905,287		$	8,808,379			—		$	—

Net increase		905,287		$	8,808,379			—		$	—

Large Cap Value Portfolio:
Sold		1,060,884		$	12,876,737			1,602,587		$	18,247,641
Issued as reinvestment of dividends		1,128,502			12,744,060			361,675			3,722,185
Redeemed		(1,899,267	)		(23,629,883	)		(1,878,660	)		(21,619,453	)

Net increase		290,119		$	1,990,914			85,602		$	350,373

U.S. Emerging Growth Portfolio:
Sold		212,627		$	2,159,042			590,927		$	4,932,449
Issued as reinvestment of dividends		31,794			311,897			1,144			9,224
Redeemed		(357,434	)		(3,603,260	)		(473,188	)		(4,057,316	)

Net increase (decrease)		(113,013	)	$	(1,132,321	)		118,883		$	884,357

Large Cap Core Portfolio (formerly known as Large Cap 100 Portfolio):
Sold		19,844,835		$	401,894,954			8,229,056		$	136,287,381
Issued as reinvestment of dividends		376,106			7,118,030			10,020			169,432
Redeemed		(2,430,733	)		(49,836,342	)		(926,597	)		(15,368,268	)

Net increase		17,790,208		$	359,176,642			7,312,479		$	121,088,545

Large Cap Growth Portfolio:
Sold		19,802,029		$	427,606,479			4,120,093		$	72,991,112
Issued as reinvestment of dividends		508,961			9,900,981			14,064			249,955
Redeemed		(2,352,847	)		(50,291,782	)		(1,054,857	)		(17,944,110	)

Net increase		17,958,143		$	387,215,678			3,079,300		$	55,296,957

249

THE GLENMEDE FUND, INC.

Notes to Financial Statements — (Continued)


	Year Ended						Year Ended
	10/31/14						10/31/13
	Shares			Amount			Shares			Amount
Long/Short Portfolio:
Sold		8,413,955		$	90,379,514			1,667,345		$	16,760,631
Redeemed		(1,007,184	)		(10,853,353	)		(374,761	)		(3,776,170	)

Net increase		7,406,771		$	79,526,161			1,292,584		$	12,984,461

Total Market Portfolio:
Sold		2,394,282		$	34,344,931			325,176		$	3,579,536
Issued as reinvestment of dividends		4,003			56,925			6,840			72,073
Redeemed		(1,328,072	)		(18,281,332	)		(1,935,002	)		(22,456,700	)

Net increase (decrease)		1,070,213		$	16,120,524			(1,602,986	)	$	(18,805,091	)

Secured Options Portfolio:
Sold		7,217,551		$	89,178,069			6,500,691		$	81,032,521
Issued as reinvestment of dividends		2,963,921			34,914,997			2,886,790			34,064,115
Redeemed		(9,682,457	)		(119,213,257	)		(8,821,866	)		(110,678,232	)

Net increase		499,015		$	4,879,809			565,615		$	4,418,404

International Secured Options Portfolio:
Sold		1,878,567		$	20,676,483			7,205,411		$	76,656,565
Issued as reinvestment of dividends		722,451			7,577,372			8,566			89,168
Redeemed		(1,619,674	)		(17,870,694	)		(773,211	)		(8,617,685	)

Net increase		981,344		$	10,383,161			6,440,766		$	68,128,048

International Portfolio:
Sold		53,051		$	769,923			215,364		$	2,717,299
Issued as reinvestment of dividends		9,441			138,917			8,549			106,389
Redeemed		(1,711,146	)		(24,578,785	)		(9,002,716	)		(117,238,515	)

Net decrease		(1,648,654	)	$	(23,669,945	)		(8,778,803	)	$	(114,414,827	)

Philadelphia International Fund:
Sold		494,087		$	6,531,200			1,248,747		$	14,443,962
Issued as reinvestment of dividends		37,794			501,369			38,013			427,453
Redeemed		(1,036,184	)		(13,623,685	)		(3,509,318	)		(40,962,347	)

Net decrease		(504,303	)	$	(6,591,116	)		(2,222,558	)	$	(26,090,932	)

Philadelphia International Small Cap Fund (Class I)²:
Sold		783		$	10,000			—		$	—
Issued as reinvestment of dividends		11			133			—			—

Net increase		794		$	10,133			—		$	—

250

THE GLENMEDE FUND, INC.

Notes to Financial Statements — (Continued)


	Year Ended						Year Ended
	10/31/14						10/31/13
	Shares			Amount			Shares			Amount
Philadelphia International Small Cap Fund (Class IV):
Sold		2,073,598		$	25,761,246			1,281,557		$	13,252,880
Issued as reinvestment of dividends		114,483			1,341,245			22,931			223,314
Redeemed		(164,375	)		(1,942,858	)		(196,694	)		(1,827,871	)

Net increase		2,023,706		$	25,159,633			1,107,794		$	11,648,323

Philadelphia International Emerging Markets Fund (Class I)²:
Sold		11,867		$	111,548			—		$	—
Issued as reinvestment of dividends		771			6,578			—			—

Net increase		12,638		$	118,126			—		$	—

Philadelphia International Emerging Markets Fund (Class IV):
Sold		104,938		$	1,000,048			793,034		$	7,128,657
Issued as reinvestment of dividends		502,872			4,318,020			177,146			1,485,815
Redeemed		(231,061	)		(2,103,601	)		(108,905	)		(1,001,999	)
Redeemed In-kind		(5,028,330	)		(41,431,164	)		—			—

Net increase (decrease)		(4,651,581	)	$	(38,216,697	)		861,275		$	7,612,473


	¹	The Mid Cap Equity Portfolio commenced operations on September 30, 2014.

² Class I commenced operations on June 30, 2014.

For the year ended October 31, 2014, the Philadelphia International Small Cap Fund and the Philadelphia International Emerging Markets Fund each received redemption fees of $2,332 and $2,280, respectively. If a Fund receives purchase premiums and/or redemption fees, they are included in the sold amount and/or the redeemed amount, respectively, in the tables above. Effective March 12, 2014, the Philadelphia International Small Cap Fund and the Philadelphia International Emerging Markets Fund have eliminated purchase premiums and redemption fees on subscriptions or redemptions, respectively.

As of October 31, 2014, with the exception of the Small Cap Equity Portfolio, Large Cap Value Portfolio, Large Cap Core Portfolio, Large Cap Growth Portfolio, Long/Short Portfolio, Total Market Portfolio, Secured Options Portfolio, International Portfolio, Philadelphia International Fund, Philadelphia International Small Cap Fund and Philadelphia International Emerging Markets Fund, Glenmede Trust, on behalf of its clients, holds of record and has voting and/or investment authority over a significant portion of each Portfolio’s outstanding shares. The following Portfolios have shareholders which, to the Fund’s knowledge, own beneficially 5% or more of the shares outstanding of a Portfolio as of

251

THE GLENMEDE FUND, INC.

Notes to Financial Statements — (Continued)

October 31, 2014. The total percentage of the shares of a Portfolio held by such shareholders is as follows:


	5% or Greater Shareholders
	# of		% of
Portfolio	Shareholders		Shares Held
Government Cash Portfolio		3		28
Tax-Exempt Cash Portfolio		1		5
Core Fixed Income Portfolio		1		14
Small Cap Equity Portfolio (Advisor Class)		2		66
Small Cap Equity Portfolio (Institutional Class)		3		87
Mid Cap Equity Portfolio (Advisor Class)		2		23
Large Cap Value Portfolio		1		8
Large Cap Core Portfolio (formerly known as Large Cap 100 Portfolio)		2		38
Large Cap Growth Portfolio		2		72
Long/Short Portfolio		1		5
Total Market Portfolio		2		31
Secured Options Portfolio		2		20
International Secured Options Portfolio		1		44
International Portfolio		1		7
Philadelphia International Fund		3		98
Philadelphia International Small Cap Fund (Class IV)		4		87
Philadelphia International Emerging Markets Fund (Class IV)		4		89


6.	INVESTMENT IN AFFILIATED ISSUERS

An affiliated issuer is one in which a Fund has ownership of at least 5% of the outstanding voting securities of the underlying issuer at any point during the fiscal year or any company which is under common ownership or control. International Portfolio had the following transactions with affiliated issuers (i.e. the Underlying Funds) during the year ended October 31, 2014.


	Shares								Net			Shares
	Held								Realized			Held
	at		Purchases		Sales		Dividend		Gain			at		Value
Affiliates	10/31/13		(Cost)		(Proceeds)		Income		(loss)			10/31/14		10/31/14
Glenmede Philadelphia International Emerging Markets Fund		0	$	1,054,288	$	0	$	9,444	$	44,844	^(a)		111,341	$	939,715

TOTALS			$	1,054,288	$	0	$	9,444	$	44,844			111,341	$	939,715


(a)		Includes $44,844 of distributed capital gains.

252

THE GLENMEDE FUND, INC.

Notes to Financial Statements (Unaudited) — (Concluded)


7.	Lending of Portfolio Securities

As of October 31, 2014, the following Portfolios had outstanding loans of securities to certain approved brokers for which such Portfolios received collateral:


							% of Total
	Market Value of			Market Value of			Assets
Portfolio	Loaned Securities			Collateral			on Loan
Core Fixed Income Portfolio	$	20,444,278		$	20,903,443			4.52
Small Cap Equity Portfolio		95,848,350			95,306,769			5.35
Large Cap Value Portfolio		4,590,795			4,619,309			4.44
U.S. Emerging Growth Portfolio		2,974,321			2,951,075			7.17
Large Cap Core Portfolio (formerly known as Large Cap 100 Portfolio)		23,059,159			23,193,281			3.06
Long/Short Portfolio		7,629,210			7,755,488			3.95
Total Market Portfolio		19,032,689	*		19,226,828	**		19.48
International Portfolio		1,025,816			1,123,026			2.61
Philadelphia International Fund		1,006,683			1,090,936			5.03

* The market value of loaned securities for the financing of short sales was $16,749,295.

** The market value of collateral used for the financing of short sales was $16,873,466.


8.	Recently Issued Accounting Pronouncements

In June 2014, The Financial Accounting Standards Board (FASB) issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosuresto improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Fund’s financial statement disclosures.


9.	Subsequent Event

Management has evaluated events and transactions subsequent to October 31, 2014 through the date the financial statements were available to be issued, for disclosure in the Fund’s financial statements. Effective December 29, 2014, PIA will be terminated as sub-advisor to the International Portfolio and the Advisor will directly manage the International Portfolio.

253

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of The Glenmede Fund, Inc.:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations, of changes in net assets and of cash flows, as applicable, and the financial highlights present fairly, in all material respects, the financial position of Government Cash Portfolio, Tax-Exempt Cash Portfolio, Core Fixed Income Portfolio, Strategic Equity Portfolio, Small Cap Equity Portfolio, Large Cap Value Portfolio, International Portfolio, Philadelphia International Fund, U.S. Emerging Growth Portfolio, Large Cap Core Portfolio (formerly known as Large Cap 100 Portfolio), Large Cap Growth Portfolio, Long/Short Portfolio, Total Market Portfolio, Secured Options Portfolio, International Secured Options Portfolio, Philadelphia International Emerging Markets Fund, Philadelphia International Small Cap Fund, and Mid Cap Equity Portfolio (constituting The Glenmede Fund, Inc., hereafter referred to as the “Fund”) at October 31, 2014, the results of each of their operations and their cash flows, as applicable, for the year or period then ended, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s 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 the standards of the Public Company Accounting Oversight Board (United States). Those standards 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, 2014 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for our opinion.

December 23, 2014

254

THE GLENMEDE PORTFOLIOS

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2014


	Muni
	Intermediate
	Portfolio
Assets:
Investments¹:
Investments at value	$	228,956,078
Cash		51,359,749
Receivable for fund shares sold		1,785
Interest receivable		2,909,506
Prepaid expenses		374

Total assets		283,227,492


Liabilities:
Payable for securities purchased		6,857,037
Payable for when-issued securities		12,032,302
Payable for fund shares redeemed		384,384
Payable for Trustees’ fees		1,511
Payable to Affiliate		29,793
Accrued expenses		55,854

Total liabilities		19,360,881


Net Assets	$	263,866,611

Net Assets consist of:
Par value ($0.001 of shares outstanding)	$	23,902
Paid-in capital in excess of par value		258,273,246
Undistributed net investment income		313,527
Accumulated net realized gain from investment transactions		1,416,582
Net unrealized appreciation on investments		3,839,354

Total Net Assets	$	263,866,611


Shares Outstanding		23,901,683


Net Asset Value Per Share	$	11.04



¹ Investment at cost	$	225,116,724

See Notes to Financial Statements.

255

THE GLENMEDE PORTFOLIOS

STATEMENTS OF OPERATIONS

For the Year Ended October 31, 2014


	Muni
	Intermediate
	Portfolio
Investment income:
Interest	$	4,073,362

Total investment income		4,073,362

Expenses:
Administration, transfer agent and custody fees		128,957
Professional fees		38,183
Shareholder report expenses		12,949
Shareholder servicing fees		316,936
Trustees’ fees and expenses		7,266
Registration and filing fees		2,633
Other expenses		27,620


Total expenses		534,544


Net investment income		3,538,818

Realized and unrealized gain (loss):
Net realized gain on:
Investment transactions		1,421,152

Net change in unrealized gain of:
Investments		1,294,520

Net realized and unrealized gain		2,715,672

Net increase in net assets resulting from operations	$	6,254,490

See Notes to Financial Statements.

256

THE GLENMEDE PORTFOLIOS

STATEMENTS OF CHANGES IN NET ASSETS

For the Year Ended October 31, 2014


	Muni
	Intermediate
	Portfolio
Increase (decrease) in net assets
Operations:
Net investment income	$	3,538,818
Net realized gain on:
Investment transactions		1,421,152
Net change in unrealized gain of:
Investments		1,294,520

Net increase in net assets resulting from operations		6,254,490
Distributions to shareholders from:
Net investment income		(3,515,443	)
Net realized gain on investments		(945,079	)
Net increase in net assets from capital share transactions (See note 4)		49,341,239

Net increase in net assets		51,135,207


NET ASSETS:
Beginning of year		212,731,404

End of year	$	263,866,611

Undistributed net investment income included in net assets at end of year	$	313,527


For the Year Ended October 31, 2013
	Muni
	Intermediate
	Portfolio
Increase (decrease) in net assets
Operations:
Net investment income	$	4,135,798
Net realized gain on:
Investment transactions		941,440
Net change in unrealized loss of:
Investments		(6,130,392	)

Net decrease in net assets resulting from operations		(1,053,154	)
Distributions to shareholders from:
Net investment income		(4,222,178	)
Net realized gain on investments		(22,928	)
Net decrease in net assets from capital share transactions (See note 4)		(13,461,712	)

Net decrease in net assets		(18,759,972	)


NET ASSETS:
Beginning of year		231,491,376

End of year	$	212,731,404

Undistributed net investment income included in net assets at end of year	$	290,152

See Notes to Financial Statements.

257

THE GLENMEDE PORTFOLIOS

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year


	Muni Intermediate Portfolio
	For the Year Ended October 31,
	2014			2013			2012			2011			2010

Net asset value, beginning of year	$	10.94		$	11.20		$	10.95		$	10.96		$	10.69

Income from investment operations:
Net investment income		0.18			0.20			0.24			0.26			0.25
Net realized and unrealized gain (loss) on investments		0.15			(0.25	)		0.26			(0.01	)		0.26

Total from investment operations		0.33			(0.05	)		0.50			0.25			0.51

Distributions to shareholders from:
Net investment income		(0.18	)		(0.21	)		(0.24	)		(0.26	)		(0.24	)
Net realized capital gains		(0.05	)		(0.00	)¹		(0.01	)		(0.00	)¹		—

Total distributions		(0.23	)		(0.21	)		(0.25	)		(0.26	)		(0.24	)

Net asset value, end of year	$	11.04		$	10.94		$	11.20		$	10.95		$	10.96

Total return		3.09	%		(0.46	)%		4.60	%		2.37	%		4.85	%

Ratios to average net assets/ Supplemental data:
Net assets, end of year (in 000s)	$	263,867		$	212,731		$	231,491		$	147,865		$	145,109
Ratio of operating expenses to average net assets		0.25	%		0.25	%		0.26	%		0.27	%		0.28	%
Ratio of net investment income to average net assets		1.67	%		1.85	%		2.19	%		2.42	%		2.27	%
Portfolio turnover rate		46	%		68	%		10	%		10	%		20	%


¹		Amount rounds to less than $0.01 per share.

See Notes to Financial Statements.

258

THE GLENMEDE PORTFOLIOS

Muni Intermediate Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2014


Face
Amount			Value


*MUNICIPAL BONDS — 86.8%**

		Alabama — 2.1%
$	4,500,000	Alabama State Public School & College Authority, Revenue Bonds, Refunding, Series B,
		5.000% due 1/1/26	$	5,482,215


		Alaska — 1.2%
	2,745,000	Anchorage, AK, Electric Utility, Revenue Bonds, Refunding, Series A,
		4.000% due 12/1/21¹		3,102,948


		California — 5.1%
		California State General Obligation Unlimited:
	2,000,000	5.000% due 2/1/18		2,269,000
	2,000,000	5.000% due 9/1/19		2,355,420
	5,000,000	California State General Obligation Unlimited, Refunding,
		5.000% due 11/1/25		6,007,000
	2,350,000	San Bernardino, CA, Unified School District, General Obligation Unlimited,
		5.000% due 8/1/18		2,684,170

				13,315,590


		Florida — 7.4%
	5,125,000	Florida State, Board of Education, Lottery Revenue Bonds, Series B,
		5.000% due 7/1/22		5,867,356
	2,000,000	Florida State, General Obligation Unlimited,
		4.000% due 7/1/18		2,132,180
	3,925,000	Hillsborough County, FL, Community Investment Tax, Revenue Bonds, (AMBAC Insured),
		5.000% due 11/1/19		4,401,573
	2,630,000	Hillsborough County, FL, Industrial Development Authority, Revenue Bonds,
		8.000% due 8/15/32		3,471,311
	3,000,000	Lee County, FL, School Board, Certificate of Participation, Refunding, Series A,
		5.000% due 8/1/27		3,544,650

				19,417,070


		Georgia — 0.4%
	1,000,000	Albany-Dougherty County, GA, Hospital Authority, Revenue Bonds,
		5.000% due 12/1/18		1,152,760

See Notes to Financial Statements.

259

THE GLENMEDE PORTFOLIOS

Muni Intermediate Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Face
Amount			Value

*MUNICIPAL BONDS — (Continued)**

		Illinois — 1.1%
$	1,500,000	Cook County, IL, Sales Tax Revenue Bonds,
		5.000% due 11/15/28	$	1,719,780
	1,075,000	Kane County, IL, Community Unit School District No. 101 Batavia, General Obligation Unlimited,
		5.000% due 1/1/19		1,238,626

				2,958,406


		Indiana — 0.8%
	2,000,000	Elkhart, Community Schools Building Corp. Revenue Bonds, (Indiana State Aid Intercept Program),
		2.000% due 2/10/15		2,009,080


		Maryland — 2.8%
	2,000,000	Maryland State, Street & Local Facilities Loan 2nd, General Obligation Unlimited,
		5.000% due 7/15/18		2,305,340
	4,410,000	Washington, MD, Suburban Sanitary Commission, General Obligation Unlimited, Public Improvement,
		5.000% due 6/1/18		5,066,032

				7,371,372


		Massachusetts — 3.6%
	2,900,000	Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Refunding, Series A-1,
		5.250% due 7/1/32		3,724,760
		Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Series A:
	1,000,000	5.250% due 7/1/29		1,272,190
	1,750,000	5.250% due 7/1/31		2,234,137
	2,000,000	Massachusetts State, General Obligation Limited, Refunding, Series B, (AGMC Insured),
		5.250% due 8/1/16		2,169,340

				9,400,427

See Notes to Financial Statements.

260

THE GLENMEDE PORTFOLIOS

Muni Intermediate Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Face
Amount			Value

*MUNICIPAL BONDS — (Continued)**

		Michigan — 4.1%
$	3,000,000	Detroit, MI, City School District, General Obligation Unlimited, Series A (QSBLF Insured),
		5.000% due 5/1/26	$	3,326,640
	5,000,000	Michigan Finance Authority, Revenue Bonds, Refunding, Series B,
		5.000% due 1/1/21		5,843,200
	1,500,000	Warren, MI, Consolidated School Districts, General Obligation Unlimited (QSBLF Insured),
		5.000% due 5/1/19		1,731,435

				10,901,275


		Nebraska — 1.1%
	2,660,000	Omaha, NE, Public Power District, Revenue Bonds, Series C,
		5.000% due 2/1/18		3,019,738


		Nevada — 2.3%
	5,000,000	Nevada State, General Obligation Limited, Series D-1,
		5.000% due 3/1/20		5,922,900


		New York — 9.0%
	3,785,000	New York City, New York, City Transitional Finance Authority Revenue, Future Tax Secured Bond, Series D,
		5.000% due 11/1/22		4,446,240
	1,705,000	New York State, Environmental Facilities Corporation, Special Obligation Revenue, Riverbank State Park, Refunding, (CIFG Assurance N.A. Insured),
		5.000% due 4/1/15		1,739,168
	1,200,000	New York State, Dormitory Authority Revenue, State Supported Debt, Construction Service, Contract A,
		5.000% due 7/1/18		1,370,508
		New York State, Thruway Authority Personal Income Tax, Revenue Bonds, Series A:
	1,150,000	5.000% due 3/15/23		1,370,915
	4,000,000	5.000% due 3/15/24		4,753,600
	3,000,000	New York, Metropolitan Transportation Authority Revenue, Dedicated Tax Fund, Series B,
		5.250% due 11/15/27		3,514,980
	5,470,000	New York, Metropolitan Transportation Authority Revenue, Dedicated Tax Fund, Series B-1,
		5.000% due 11/15/21		6,619,411

				23,814,822

See Notes to Financial Statements.

261

THE GLENMEDE PORTFOLIOS

Muni Intermediate Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Face
Amount			Value

*MUNICIPAL BONDS — (Continued)**

		North Carolina — 2.6%
$	2,750,000	New Hanover County, NC, General Obligation Unlimited, Series A,
		4.000% due 6/1/16	$	2,909,913
	2,000,000	New Hanover County, NC, Hospital Revenue Bonds,
		5.000% due 10/1/19		2,326,400
	1,500,000	Wake County, NC, General Obligation Unlimited, Prerefunded 3/1/19 @ 100,
		5.000% due 3/1/23		1,740,075

				6,976,388


		Ohio — 2.9%
	2,060,000	Ohio State, Adult Correctional Capital Facilities, Lease Revenue, Series A,
		5.000% due 4/1/21		2,463,348
	2,000,000	Ohio State, Higher Education, General Obligation Unlimited, Refunding, Series A,
		5.000% due 8/1/15		2,073,020
	2,670,000	Ohio State, Hospital Revenue Bonds, Series A,
		5.000% due 1/15/24		3,118,613

				7,654,981


		Oklahoma — 2.3%
	6,250,000	Oklahoma City, OK, Industrial & Cultural Facilities Trust, Revenue Bonds, (NPFG Insured),
		0.088% due 6/1/19		6,062,500


		Pennsylvania — 11.8%
	2,500,000	Allegheny County, PA, General Obligation Unlimited, Refunding, Series C-73,
		5.000% due 12/1/20		2,964,500
	195,000	Boyertown, PA, Area School District, General Obligation Unlimited, (AGMC Insured State Aid Withholding),
		5.000% due 10/1/17		198,937
	305,000	Boyertown, PA, Area School District, General Obligation Unlimited, Prerefunded 4/1/15 @ 100, (AGMC Insured State Aid Withholding),
		5.000% due 10/1/17		311,158
	255,000	Bucks County, PA, Community College Authority, College Building Revenue, (County Guaranteed),
		4.750% due 6/15/18		289,071
	500,000	Conneaut, PA, School District, Refunding, Series B, (AGMC Insured State Aid Withholding),
		5.000% due 11/1/20		594,775

See Notes to Financial Statements.

262

THE GLENMEDE PORTFOLIOS

Muni Intermediate Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Face
Amount			Value

*MUNICIPAL BONDS — (Continued)**
		Pennsylvania — (Continued)

$	305,000	Dauphin County, PA, Prerefunded 5/15/15 @ 100, Series B, (AMBAC Insured),
		5.000% due 11/15/17	$	312,957
	1,000,000	East Stroudsburg, PA, Area School District, General Obligation Limited, (AGMC Insured State Aid Withholding),
		5.000% due 9/1/20		1,108,110
	325,000	Easton, PA, Area School District, General Obligation Limited, (AGMC Insured State Aid Withholding),
		5.000% due 4/1/17		358,761
	955,000	Erie County, PA, General Obligation Unlimited,
		5.000% due 9/1/16		1,033,749
	350,000	Hazleton, PA, Area School District, General Obligation Unlimited, (AGMC Insured State Aid Withholding),
		5.000% due 3/1/20		393,267
	600,000	Lehigh County, PA, General Obligation Unlimited, Series A,
		5.000% due 11/15/18		671,418
	500,000	Lehigh County, PA, General Purpose Hospital Revenue, Lehigh Valley Health Network, Series A, (AGMC Insured),
		5.000% due 7/1/16		534,260
	1,210,000	Manheim Township, PA, Area School District, General Obligation Limited, (AGC Insured State Aid Withholding),
		5.000% due 6/1/16		1,242,513
	250,000	Montgomery County, PA, Higher Education and Health Authority Revenue, Dickinson College Project, Series FF1, (CIFG Assurance N.A. Insured),
		5.000% due 5/1/17		266,988
	1,490,000	Montgomery County, PA, Industrial Development Authority Revenue, New Regional Medical Control Project, (FHA Insured),
		5.000% due 2/1/18		1,681,256
	250,000	Moon Area School District, PA, General Obligation Unlimited, (AGMC Insured State Aid Withholding),
		5.000% due 11/15/17		262,123
	500,000	Pennsylvania State Higher Educational Facilities Authority Revenue, University of Pennsylvania Health System, Series A, (AMBAC Insured),
		5.000% due 8/15/20		518,245
	750,000	Pennsylvania State Higher Educational Facilities Authority Revenue, University of Pennsylvania Health System, Series B,
		5.500% due 8/15/18		873,278

See Notes to Financial Statements.

263

THE GLENMEDE PORTFOLIOS

Muni Intermediate Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Face
Amount			Value

*MUNICIPAL BONDS — (Continued)**
		Pennsylvania — (Continued)

$	2,000,000	Pennsylvania State Higher Educational Facilities Authority Revenue, University of Pennsylvania Health System, Series B, (NPFG Insured),
		5.000% due 8/15/16	$	2,073,780
	700,000	Pennsylvania State Public School Building Authority, Lease Revenue, Philadelphia School District Project, Series A (AGMC Insured State Aid Withholding),
		5.000% due 6/1/18		755,615
	905,000	Pennsylvania State Public School Building Authority, Lease Revenue, Western Centertech School, (AGMC Insured State Aid Withholding),
		5.000% due 2/15/15		917,317
	95,000	Pennsylvania State Public School Building Authority, Lease Revenue, Western Centertech School, Escrowed to Maturity, (AGMC State Aid Withholding),
		5.000% due 2/15/15		96,329
	1,815,000	Pennsylvania State Turnpike Commission, Revenue Bonds, Series A (AMBAC Insured),
		5.000% due 12/1/22		1,939,672
	4,000,000	Pennsylvania State, General Obligation Unlimited,
		5.000% due 6/15/21		4,803,720
	1,500,000	Philadelphia, PA, School District, General Obligation Limited, Series F (BHAC Insured State Aid Withholding),
		5.000% due 9/1/17		1,662,120
	4,725,000	Red Lion, PA, Area School District, General Obligation Limited, (AGMC Insured State Aid Withholding),
		5.000% due 5/1/22		5,326,445

				31,190,364


		Rhode Island — 2.1%
	4,660,000	Rhode Island, State & Providence Plantations, General Obligation Unlimited, Refunding, Series D,
		5.000% due 8/1/27¹		5,631,330


		South Carolina — 2.8%
	4,200,000	Richland County, SC, School District No. 2, General Obligation Unlimited, Series B (SCSDE Insured),
		5.000% due 5/1/26		4,939,368
	2,500,000	Scago, Educational Facilities Corp. Revenue, Spartanburg School District No. 5 (AGMC Insured),
		5.000% due 4/1/15		2,550,375

				7,489,743

See Notes to Financial Statements.

264

THE GLENMEDE PORTFOLIOS

Muni Intermediate Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Face
Amount			Value

*MUNICIPAL BONDS — (Continued)**

		Tennessee — 0.5%
$	1,050,000	Metropolitan Government of Nashville and Davidson County, TN, General Obligation Unlimited, Refunding, Series D,
		5.000% due 7/1/17	$	1,174,709


		Texas — 8.8%
	5,045,000	Dallas, TX, General Obligation Limited,
		5.000% due 2/15/17		5,554,595
	5,000,000	El Paso County, TX, Hospital District, General Obligation Limited, Refunding,
		5.000% due 8/15/32		5,659,950
	3,685,000	Houston, TX, Higher Education Finance Corp., Education Revenue Bonds, Refunding, Series A, (PSF Guaranteed),
		5.000% due 2/15/30		4,320,847
	5,000,000	Houston, TX, Independent School District, General Obligation Limited, (PSF Guaranteed),
		2.500% due 6/1/30		5,063,550
	715,000	San Antonio, TX, General Obligation Limited,
		5.000% due 2/1/15		723,766
	1,750,000	University of Texas, Revenue Bond, Financing System, Series A,
		5.000% due 8/15/16		1,896,388

				23,219,096


		Virginia — 3.0%
	2,800,000	Richmond, VA, Convention Center Authority, Hotel Tax Revenue Bonds, Refunding,
		5.000% due 6/15/27¹		3,197,656
	4,000,000	Richmond, VA, General Obligation Unlimited, Series A, (State Aid Withholding),
		5.000% due 3/1/23		4,820,840

				8,018,496


		Washington — 5.5%
	4,000,000	King County, WA, General Obligation Limited,
		5.000% due 7/1/20		4,781,840
	1,000,000	King County, WA, General Obligation Limited, (FGIC and NPFG), Prerefunded 1/1/15 @ 100,
		5.000% due 1/1/21		1,008,110
	2,000,000	NJB Properties, Lease Revenue, King County Washington Project, Series A, (County Guaranteed),
		5.000% due 12/1/18		2,180,600

See Notes to Financial Statements.

265

THE GLENMEDE PORTFOLIOS

Muni Intermediate Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2014


Face
Amount					Value

*MUNICIPAL BONDS — (Continued)**
		Washington — (Continued)

$	3,290,000	Washington State, Various Purposes, General Obligation Unlimited, Series E,
		5.000% due 2/1/20			$	3,816,301
	2,500,000	Whatcom County, WA, School District No. 501, Refunding, (AGMC Insured),
		5.000% due 12/1/15				2,603,225

						14,390,076


		Wisconsin — 3.5%
	2,000,000	Wisconsin State, General Obligation Unlimited,
		5.000% due 11/1/21				2,421,060
	3,500,000	Wisconsin State, General Obligation Unlimited, Series B,
		5.000% due 5/1/26				4,063,500
	2,400,000	Wisconsin State, Transportation Revenue, Refunding, Series 1,
		5.000% due 7/1/23				2,795,232

						9,279,792


		TOTAL MUNICIPAL BONDS (Cost $225,116,724)				228,956,078

TOTAL INVESTMENTS (Cost $225,116,724)²			86.8	%	$	228,956,078
OTHER ASSETS IN EXCESS OF LIABILITIES			13.2			34,910,533

NET ASSETS			100.0	%	$	263,866,611


*		Percentages indicated are based on net assets.
¹		When-issued security.
²		Aggregate cost for federal tax purposes was $225,116,724.
Abbreviations:
AGC — Assurance Guaranty Corporation
AGMC — Assured Guaranty Municipal Corporation
AMBAC — American Municipal Bond Assurance Corporation
BHAC — Berkshire Hathaway Assurance Corporation
FGIC — Financial Guaranty Insurance Corporation
FHA — Federal Housing Administration
NPFG — National Public Finance Guarantee Corporation
PSF — Permanent School Fund
QSBLF — Michigan Qualified School Bond Loan Fund
SCSDE — South Carolina State Department of Education

See Notes to Financial Statements.

266

THE GLENMEDE PORTFOLIOS

Muni Intermediate Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2014

STATE DIVERSIFICATION

On October 31, 2014, State Diversification of the Porfolio was as follows (Unaudited):


	% of
	Net Assets			Value

STATE:
Pennsylvania		11.8	%	$	31,190,364
New York		9.0			23,814,822
Texas		8.8			23,219,096
Florida		7.4			19,417,070
Washington		5.5			14,390,076
California		5.1			13,315,590
Michigan		4.1			10,901,275
Massachusetts		3.6			9,400,427
Wisconsin		3.5			9,279,792
Virginia		3.0			8,018,496
Ohio		2.9			7,654,981
South Carolina		2.8			7,489,743
Maryland		2.8			7,371,372
North Carolina		2.6			6,976,388
Oklahoma		2.3			6,062,500
Nevada		2.3			5,922,900
Rhode Island		2.1			5,631,330
Alabama		2.1			5,482,215
Alaska		1.2			3,102,948
Nebraska		1.1			3,019,738
Illinois		1.1			2,958,406
Indiana		0.8			2,009,080
Tennessee		0.5			1,174,709
Georgia		0.4			1,152,760

TOTAL MUNICIPAL BONDS		86.8		$	228,956,078

TOTAL INVESTMENTS		86.8	%	$	228,956,078

See Notes to Financial Statements.

267

THE GLENMEDE PORTFOLIOS

Notes to Financial Statements


1.	Organization and Significant Accounting Policies

The Glenmede Portfolios (the “Fund”) is an investment company that was organized as a Massachusetts business trust on March 3, 1992, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. As of October 31, 2014, the Fund offered shares of one sub-trust, the Muni Intermediate Portfolio (the “Portfolio”). The Portfolio is classified as diversified. The New Jersey Muni Portfolio was liquidated on October 22, 2014.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S.”) 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 the Portfolio in the preparation of its financial statements.

Valuation of Securities: Municipal obligations for which market quotations are readily available are valued at the most recent quoted bid price provided by investment dealers, provided that 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. These valuations are typically categorized as Level 2 in the fair value hierarchy described below. When market quotations are not readily available or events occur that make established valuation methods unreliable, municipal obligations are valued in a manner which is intended to reflect their fair value as determined in accordance with procedures approved by the Board of Trustees of the Fund (the “Board”) and are typically categorized as Level 3 in the fair value hierarchy. The fair value of securities is generally determined as the amount that a Portfolio could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security at a given point in time and does not reflect an actual market price, which may be different by a material amount. Debt obligations with maturities of 60 days or less at the time of purchase are valued on the basis of amortized cost and are typically categorized as Level 2 in the fair value hierarchy.

Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements” defines fair value, establishes a three-level hierarchy for measuring fair value and expands disclosure about fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the Portfolio’s investments. Inputs refer broadly to the assumptions that market participants would use in pricing a security. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing

268

THE GLENMEDE PORTFOLIOS

Notes to Financial Statements — (Continued)

the asset or liability based on the best information available in the circumstances. These inputs are summarized in the three levels listed below:

Level 1 — quoted prices in active markets for identical investments;

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk and others) or valuations based on quoted prices in markets that are not active; and

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

Changes in valuation techniques may result in changing an investment’s assigned level within the hierarchy.

The Portfolio had all long-term investments, with corresponding sectors at Level 2 at October 31, 2014. For the year ended October 31, 2014, there were no transfers between Level 1 and 2.

Municipal Securities: The value of, payment of interest on, repayment of principal for, and the ability to sell a municipal security may be affected by constitutional amendments, legislation, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and a Portfolio’s investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

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, when appropriate, amortization of premiums and accretion of discounts.

Securities purchased or sold on a when-issued or delayed-delivery basis may be settled after a period longer than the regular settlement time of trade date plus three business days. Interest income is accrued based on the terms of the security on settlement date. The Portfolio segregates assets with a current value at least equal to the amount of its when-issued purchase commitments. When-issued purchase commitments involve a risk of loss if the value of the security to be purchased declines prior to settlement date, or if the counterparty does not perform under the contract.

Dividends and Distributions to Shareholders: Dividends from net investment income, if any, are declared and paid monthly. The Portfolio distributes any net realized capital gains on an annual basis. Additional distributions of net investment income and capital gains for the Portfolio may be made at the discretion of

269

THE GLENMEDE PORTFOLIOS

Notes to Financial Statements — (Continued)

the Board in order to avoid a nondeductible excise tax under Section 4982 of the Internal Revenue Code of 1986, as amended (the “Code”).

Income and capital gains distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the U.S. These differences are primarily due to differing treatments of income and gains on various investment securities held by the Portfolio, timing differences and differing characterization of distributions made by the Portfolio.

Federal Income Taxes: The Portfolio intends to qualify as a regulated investment company by complying with the requirements of the 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. Income distributions and capital gains distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the U.S.

“Accounting for Uncertainty in Income Taxes — an interpretation of FASB ASC 740” (“ASC 740”) clarifies the accounting for uncertainty in income taxes recognized in accordance with FASB ASC 740, “Accounting for Income Taxes.” This interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. It also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Portfolio’s federal tax returns filed in the 3-year period ended October 31, 2014 remains subject to examination by the Internal Reserve Service.

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted. The Act modernizes several of the federal income and excise tax provisions related to regulated investment companies and, with certain exceptions, was effective for taxable years beginning after December 22, 2010. Among the changes made are changes to the capital loss carryforward rules allowing for capital losses to be carried forward indefinitely. Rules in effect prior to the effective date of the Act limit the carryforward period to eight years. Capital loss carryforwards generated in taxable years beginning after effective date of the Act must be fully used before capital loss carryforwards generated in taxable years prior to effective date of the Act; therefore, under certain circumstances, capital loss carryforwards available as of the report date, if any, may expire unused.

As of October 31, 2014, the tax year end of the Fund, the components of distributable earnings on a tax basis were as follows:

Undistributed

Total*

Tax-exempt

Ordinary

Long-Term

Distributable

Portfolio

Income

Gain

Earnings

Muni Intermediate Portfolio

313,527

31,643

1,384,939

5,569,463

* Total Distributable Earnings are additionally comprised of Net Unrealized Appreciation/(Depreciation) and Capital Loss Carryforwards, which are shown elsewhere in the Notes to Financial Statements.

270

THE GLENMEDE PORTFOLIOS

Notes to Financial Statements — (Continued)

For the year ended October 31, 2014, the Portfolio’s components of distributable earnings on a tax basis were equal to the components of distributable earnings on a book basis. Such reclasses had no effect on net assets.

As of October 31, 2014, the tax characterization of distributions paid during the year was equal to the book characterization of distributions paid for the Portfolio and was as follows:


							Return
	Tax		Ordinary		Long-Term		of
Portfolio	Exempt		Income		Gains		Capital
Muni Intermediate Portfolio	$	3,513,296	$	2,147	$	945,079	$	—


Portfolio	Appreciation		(Depreciation)		Net
Muni Intermediate Portfolio	$	4,309,811	$	470,457	$	3,839,354

Other: In the normal course of business, the Portfolio enters into contracts that may include agreements to indemnify another party under given circumstances. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not yet been, made against the Portfolio. However, based on experience, the risk of material loss from such claims is considered to be remote.


2.	Investment Advisory Fee, Administration Fee and Other Related Party Transactions

Glenmede Investment Management LP (the “Advisor”), a wholly-owned subsidiary of The Glenmede Trust Company, N.A. (“Glenmede Trust”), serves as investment advisor to the Portfolio, pursuant to an investment management agreement with the Portfolio. Under this agreement, the Advisor manages the Portfolio, subject to the general supervision of the Board. Prior to January 1, 2007, investment advisory services were provided by Glenmede Trust’s wholly-owned subsidiary, Glenmede Advisers, Inc.

The Portfolio does not pay a management fee for advisory services. The investors in the Portfolio are the clients of Glenmede Trust or its affiliated companies (“Affiliates”). Glenmede Trust or its Affiliates charge a fee directly to their clients for fiduciary, trust and/or advisory services. The actual annual fees charged vary dependent on a number of factors, including the particular services provided to the client, and are generally 1.25% or less of the clients’ assets under management.

The Portfolio pays Glenmede Trust shareholder servicing fees at the annual rate of 0.15% of the Portfolio’s average daily net assets.

State Street Bank and Trust Company (“State Street”) serves as administrator, transfer agent, dividend-paying agent and custodian with respect to the Portfolio. The Portfolio pays State Street a fee based on the combined aggregate

271

THE GLENMEDE PORTFOLIOS

Notes to Financial Statements — (Continued)

average daily net assets of the Portfolio and The Glenmede Fund, Inc., a registered investment company, plus transaction charges for certain transactions and out-of-pocket expenses. The fee is computed daily and paid monthly.

Foreside Compliance Services, LLC is paid an annual fee plus out-of-pocket expenses for the provision of personnel and services related to the Fund’s compliance program. The Fund’s Chief Compliance Officer is a Managing Director of Foreside Compliance Services, LLC.

Quasar Distributors, LLC (“Quasar”) serves as distributor of the Portfolio’s shares. The distributor receives no fees from the Fund in connection with distribution services provided to the Fund. The Advisor pays Quasar’s fees and out-of-pocket expenses for the distribution services it provides to the Portfolio.

The Portfolio pays each Board member an annual fee of $1,000 and out-of-pocket expenses incurred in attending Board meetings.

Expenses for the year ended October 31, 2014 include legal fees paid to Drinker Biddle & Reath LLP as legal counsel to the Fund and the independent trustees. A partner of the law firm is Secretary of the Fund.


3.	Purchases and Sales of Securities

For the year ended October 31, 2014, 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	$	117,370,674	$	92,997,856


4.	Shares of Beneficial Interest

The Portfolio 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:


	Year Ended						Year Ended
	10/31/14						10/31/13
	Shares			Amount			Shares			Amount
Muni Intermediate Portfolio:
Sold		8,948,427		$	98,385,455			4,896,485		$	54,352,495
Issued as reinvestment of dividends		87,389			944,675			2,051			22,927
Redeemed		(4,579,127	)		(49,988,891	)		(6,124,718	)		(67,837,134	)

Net increase (decrease)		4,456,689		$	49,341,239			(1,226,182	)	$	(13,461,712	)

As of October 31, 2014, Glenmede Trust, on behalf of its clients, holds of record and has voting and/or investment authority over substantially all of the Portfolio’s outstanding shares. The Portfolio had no shareholders that beneficially owned 5% of the shares outstanding of the Portfolio as of October 31, 2014.

272

THE GLENMEDE PORTFOLIOS

Notes to Financial Statements (Unaudited) — (Concluded)


5.	Recently Issued Accounting Pronouncements


6.	Subsequent Event

273

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of The Glenmede Portfolios and Shareholders of the Muni Intermediate Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Muni Intermediate Portfolio (the sole portfolio constituting The Glenmede Portfolios, hereafter referred to as the “Fund”) at October 31, 2014, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s 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 the standards of the Public Company Accounting Oversight Board (United States). Those standards 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, 2014 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for our opinion.

December 23, 2014

274

THE GLENMEDE FUND, INC.

Tax Information (Unaudited)

For the year ended October 31, 2014

Of the ordinary distributions made during the fiscal year ended October 31, 2014, the following percentages have been derived from investments in US Government and Agency Obligations. All or a portion of the distributions from this income may be exempt from taxation at the state level. Consult your tax advisor for state specific information.


Government Cash Portfolio	78.63	%
Core Fixed Income Portfolio	53.54	%

Of the ordinary distributions made during the fiscal year ended October 31, 2014, 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, 2014, the following percentages qualify for the dividends received deduction available to corporate shareholders:


Strategic Equity Portfolio	86.76	%
Small Cap Equity Portfolio	53.22	%
Large Cap Value Portfolio	21.16	%
U.S. Emerging Growth Portfolio	100.00	%
Large Cap Core Portfolio (formerly known as Large Cap 100 Portfolio)	100.00	%
Total Market Portfolio	100.00	%

The above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains for Securities and Exchange Commission (book) purposes and Internal Revenue Service (tax) purposes.

Foreign Taxes Paid or Withheld


Portfolio	Total
International Portfolio	$	123,239
Philadelphia International Fund		58,661
Philadelphia International Small Cap Fund		98,411
Philadelphia International Emerging Markets Fund		202,188

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.

The Fund is required by the Code to advise shareholders within 60 days of the Fund’s fiscal year end (October 31, 2014) as to the federal tax status of dividends paid by the Fund during such fiscal year. Accordingly, the Fund paid long-term capital gain distributions of:

275

THE GLENMEDE FUND, INC.

Tax Information (Unaudited) — (Continued)

For the year ended October 31, 2014


Core Fixed Income Portfolio	$	823,742
Strategic Equity Portfolio	$	16,500,967
Small Cap Equity Portfolio	$	32,389,984
Large Cap Value Portfolio	$	7,454,307
U.S. Emerging Growth Portfolio	$	311,258
Large Cap Core Portfolio (formerly known as Large Cap 100 Portfolio)	$	5,698,660
Large Cap Growth Portfolio	$	8,275,345
Total Market Portfolio	$	4,877
Secured Options Portfolio	$	26,451,795
Philadelphia International Small Cap Portfolio	$	5,538
Philadelphia International Emerging Markets Portfolio	$	1,810,671

Qualified dividend income (“QDI”) received through October 31, 2014, that qualified for a reduced tax rate pursuant to the Code Section 1 (h)(11) are as follows:


Strategic Equity Portfolio	$	1,830,278
Small Cap Equity Portfolio		3,345,113
Large Cap Value Portfolio		1,129,212
U.S. Emerging Growth Portfolio		26,571
Large Cap Core Portfolio (formerly known as Large Cap 100 Portfolio)		4,744,466
Large Cap Growth Portfolio		2,171,809
Total Market Portfolio		190,914
International Secured Options Portfolio		1,007,293
International Portfolio		930,399
Philadelphia International Fund		507,268
Philadelphia International Small Cap Fund		873,283
Philadelphia International Emerging Markets Fund		1,173,128

Qualified interest income (“QII”) received through October 31, 2014, that qualified for a reduced tax rate pursuant to the Code Section 871 (k) are as follows:


Core Fixed Income Portfolio			11.16	%

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THE GLENMEDE PORTFOLIOS

Tax Information (Unaudited)

For the year ended October 31, 2014

Of the dividends paid by the Muni Intermediate Portfolio from net investment income for the fiscal year ended October 31, 2014, 99.94% is tax-exempt for regular Federal income taxes.

The Portfolio is required by the Code to advise shareholders within 60 days of the Portfolio’s fiscal year end (October 31, 2014) as to the federal tax status of dividends paid by the Fund during such fiscal year. Accordingly, the Portfolio paid long-term capital gain distributions of:


Muni Intermediate Portfolio		$	945,079

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THE GLENMEDE PORTFOLIOS

BOARD MEMBERS AND OFFICERS TABLE (Unaudited)

The information pertaining to the Board of Directors of The Glenmede Fund, Inc. and the Board of Trustees of The Glenmede Portfolios (collectively, the “Funds”) and their respective officers is set forth below. The Statement of Additional Information includes additional information about the Funds’ Directors/Trustees and is available without charge, upon request, by calling 1-800-442-8299. Each Director/Trustee holds office until the earliest of (i) the next meeting of shareholders, if any, called for the purpose of considering the election or re-election of such Director/Trustee and until the election and qualification of his/her successor, if any, elected at such meeting, or (ii) the date he or she dies, resigns or retires, or is removed by the applicable Board or shareholders. Each officer is elected by the applicable Board and holds office for the term of one year and until his or her successor is duly elected and qualified, or until he or she dies, resigns, is removed, or becomes disqualified. The address of each Board member is c/o State Street Bank and Trust Company, 4 Copley Place, 5th floor, CPH0326, Boston, MA 02116, Attention: Fund Administration Legal Department.

Independent Directors/Trustees⁽¹⁾


			Number of
	Positions Held	Principal	Portfolios in	Other
	with the Funds/	Occupations(s) During	Fund Complex	Directorships
Name and Age	Time Served	Past 5 Years	Overseen	Held


H. Franklin Allen, Ph.D Age: 58	Director of Glenmede Fund (since March 1991) and Trustee of Glenmede Portfolios (since May 1992)	Nippon Life Professor of Finance, and Professor of Economics, The Wharton School of The University of Pennsylvania; Professor of Finance and Economics (1990-1994); Vice Dean and Director of Wharton Doctoral Programs (1990-1993). Employed by The University of Pennsylvania (since 1980).	19	None

William L. Cobb, Jr. Age: 67	Director of Glenmede Fund and Trustee of Glenmede Portfolios (since February 2007)	Executive Vice President and Chief Investment Officer, The Church Pension Fund (defined benefit plan for retired clergy of the Episcopal Church) (1999 — 2014); Vice Chairman, J.P. Morgan Investment Management (1994-1999), Chair and Member, Investment Committee, The Minister and Missionaries Benefit Board of the American Baptist Church (2000 — 2014) and the Wenner-Gren Foundation (2003 — 2012).	19	None

⁽¹⁾ Independent Directors/Trustees are those Directors/Trustees who are not “interested persons” of the Funds as defined in the 1940 Act.

278

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BOARD MEMBERS AND OFFICERS TABLE (Unaudited) — (Continued)

Independent Directors/Trustees⁽¹⁾ — (Continued)


			Number of
	Positions Held	Principal	Portfolios in	Other
	with the Funds/	Occupations(s) During	Fund Complex	Directorships
Name and Age	Time Served	Past 5 Years	Overseen	Held


Gail E. Keppler Age: 68	Director of Glenmede Fund and Trustee of Glenmede Portfolios (since February 2007)	Co-CEO/COO TVG, Inc. (pharmaceutical marketing consulting) (1992-2002); Former Board Member, Laurel House; Former Division President and Board Member, Burke Marketing Services, Inc; Board of Trustees Cape May County Habitat for Humanity (since 2014).	19	None

Francis J. Palamara Age: 89	Director of Glenmede Fund (since October 1988) and Trustee of Glenmede Portfolios (since May 1992)	Former Chief Operating Officer, The New York Stock Exchange; Former Trustee, Gintel Fund; Former Director, XTRA Corporation; Former Director, Executive Vice President-Finance and Chief Financial Officer, ARAMARK, Inc.; Former Director, The Pittston Company; Former Director, Brinks Corp.; Former Director, Constar Corporation; Former President, Meinhard Commercial Corporation; Former Executive Vice President and Chief Financial Officer, James Talcott, Inc.	19	None

Harry Wong Age: 66	Director of Glenmede Fund and Trustee of Glenmede Portfolios (since February 2007)	Former Managing Director, Knight Capital Americas, LP, an operating subsidiary of Knight Capital Group Inc. (investment banking) (2009-2011); Managing Director, Long Point Advisors, LLC (business consulting) (2003-2012); Managing Director, BIO-IB, LLC (healthcare investment banking) (2004-2009); Senior Managing Director, ABN AMRO (investment banking) (1990-2002); Adjunct faculty member, Sacred Heart University (2003-2007).	19	None

⁽¹⁾ Independent Directors/Trustees are those Directors/Trustees who are not “interested persons” of the Funds as defined in the 1940 Act.

279

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BOARD MEMBERS AND OFFICERS TABLE (Unaudited) — (Continued)

Interested Directors/Trustees⁽²⁾


			Number of	Other
			Portfolios in Fund	Directorships
		Principal	Complex Overseen	Held by
	Positions Held	Occupations(s) During	by Director/	Director/
Name and Age	with the Funds	Past 5 Years	Trustee	Trustee


Susan W. Catherwood⁽²⁾Age: 71	Director of Glenmede Fund and Trustee of Glenmede Portfolios (since February 2007)	Director (since 1988) and Member of the Investment Review/Relationship Oversight Committee (since 2001) and Compensation Committee (since 1993), Glenmede Trust; Director, The Glenmede Corporation (since 1988); Board Member, The Pew Charitable Trusts; Charter Trustee, The University of Pennsylvania; Chairman Emeritus, The University Museum of The University of Pennsylvania; Member, The Women’s Committee and Penn Museum Board of Overseers of The University of Pennsylvania; Chairman of the Board of Managers, The Christopher Ludwick Foundation; Board Member, Monell Chemical Senses Center; Director: Thomas Skelton Harrison Foundation and The Catherwood Foundation; Fellow, Board member (until 2012) and serves on Finance and Investment Committees, Chairperson (until 2012), College of Physicians of Philadelphia.	19	None

⁽²⁾ Interested Directors/Trustees are those Directors/Trustees who are “interested persons” of the Funds as defined in the 1940 Act. Susan W. Catherwood and G. Thompson Pew, Jr., are considered to be “interested” Director/Trustees of the Funds because of their affiliations with Glenmede Trust, the parent company of the Funds’ investment advisor, GIM, and their stock ownership in The Glenmede Corporation, of which GIM is an affiliate.

280

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BOARD MEMBERS AND OFFICERS TABLE (Unaudited) — (Continued)

Interested Directors/Trustees⁽²⁾ — (Continued)


			Number of	Other
			Portfolios in Fund	Directorships
		Principal	Complex Overseen	Held by
	Positions Held	Occupations(s) During	by Director/	Director/
Name and Age	with the Funds	Past 5 Years	Trustee	Trustee


G. Thompson Pew, Jr. ⁽²⁾Age: 72	Director of Glenmede Fund (since October 1988) and Trustee of Glenmede Portfolios (since May 1992) Chairman of the Funds (since June 2006)	Director (since 2013) of the Glenmede Corporation, Director, Member of the Relationship Oversight Committee, Private Equity/Real Estate Advisory Committee (until 2013), and the Compensation Committee, Glenmede Trust; Former Director, Brown & Glenmede Holdings, Inc.; Former Co-Director, Principal and Officer, Philadelphia Investment Banking Co.; Former Director and Officer, Valley Forge Administrative Services Company.	19	None

281

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BOARD MEMBERS AND OFFICERS TABLE (Unaudited) — (Concluded)

Officers


	Positions Held with	Principal Occupation(s)
Name, Address and Age	the Fund/Time Served	During Past 5 Years

Mary Ann B. Wirts 1650 Market Street, Suite 1200 Philadelphia, PA 19103 Age: 63	President of the Funds since December 1997. Treasurer of the Funds since December 2002.	Managing Director and Chief Administrative Officer of Glenmede Trust. Managing Director and Chief Administrative Officer of Glenmede Investment Management LP (since 2006). First Vice President and Managing Director of Fixed Income of Glenmede Advisers (2000-2006). Employed by Glenmede Trust since 1982.

Kimberly C. Osborne 1650 Market Street, Suite 1200 Philadelphia, PA 19103 Age: 48	Executive Vice President of the Funds since December 1997.	Client Service Manager of Glenmede Investment Management LP (since 2006). Vice President of Glenmede Trust and Glenmede Advisers until 2008. Employed by Glenmede Trust 1993-2008 and Glenmede Advisers 2000-2008.

Michael P. Malloy One Logan Square Suite 2000 Philadelphia, PA 19103-6996 Age: 55	Secretary of the Funds since January 1995.	Partner in the law firm of Drinker Biddle & Reath LLP.

Christopher E. McGuire 1 Iron Street Boston, MA 02210 Age: 41	Assistant Treasurer of the Funds since December 2014.	Vice President, State Street Bank and Trust Company (since 2007).

Donna M. Rogers 10 High Street Boston, MA 02110 Age: 48	Chief Compliance Officer of the Funds since September 2004.	Managing Director, Foreside Compliance Services, LLC (since 2010); Senior Vice President, State Street Bank and Trust Company (2007-2010); Senior Director, Investors Bank & Trust Company (prior to merger with State Street) (2002-2007).

Bernard Brick 4 Copley Place Boston, MA 02116 Age: 40	Assistant Secretary of the Funds since December 2013.	Assistant Vice President and Associate Counsel, State Street Bank and Trust Company (2012-present); student, Northeastern University School of Law (2008-2011).

282

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(Unaudited)

Proxy Voting

A description of the policies and procedures that the Funds’ investment advisors and sub-advisor use to vote proxies relating to the Funds’ portfolio securities is available, without charge, upon request, by calling 1-800-442-8299, and on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available, without charge, upon request, by calling 1-800-442-8299, and on the SEC’s website at http://www.sec.gov.

Quarterly Portfolio Holdings

The Funds file their complete schedule of portfolio holdings of each Portfolio with the SEC for the first and third quarter of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330.

Boards of Directors/Trustees — Considerations Regarding Investment Advisory and Sub-Investment Advisory Agreements

At meetings held on September 17, 2014, the Board of Directors of Glenmede Fund and the Board of Trustees of Glenmede Portfolios (collectively, the “Boards”) renewed the current Investment Advisory Agreements for each Portfolio of the Funds and the Sub-Investment Advisory Agreement for the International Portfolio and approved the Investment Advisory Agreement for the new Mid Cap Equity Portfolio (the “New Portfolio”).

In determining whether to renew the Investment Advisory Agreements and the Sub-Investment Advisory Agreement for the existing Portfolios and to approve the Investment Advisory Agreement for the New Portfolio (collectively, the “Agreements”), the Boards, including all of the Directors/Trustees who are not interested persons under the Investment Company Act of 1940 (the “Independent Directors”), reviewed and considered, among other items: (1) a memorandum from independent counsel setting forth the Boards’ fiduciary duties, responsibilities and the factors the Boards should consider in their evaluation of the Agreements; (2) reports prepared by an independent rating and ranking organization and charts prepared by the Advisor and PIA comparing the performance of each existing Portfolio to the performance of its applicable benchmark index and relevant peer group; (3) a Lipper Inc. (“Lipper”) report comparing each Portfolio’s advisory fees, if any, and expenses to those of its relevant peer group; and (4) reports of and presentations by representatives of the Advisor and PIA that described: (i) the nature, extent and quality of the Advisor’s and PIA’s services provided to their respective Portfolios; (ii) the experience and qualifications of the personnel providing those services; (iii) their organizational structures, financial information, insurance coverage and Forms ADV; (iv) their investment philosophies and

283

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THE GLENMEDE PORTFOLIOS

(Unaudited) — (Continued)

processes; (v) their assets under management and client descriptions; (vi) brokerage, soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vii) their advisory fee arrangements with those Portfolios that charge advisory fees; (viii) the proposed advisory fee arrangement for the New Portfolio; (ix) the proposed contractual fee waiver arrangement for the Philadelphia International Fund and the New Portfolio, the contractual fee and expense waivers in effect for the Long/Short Portfolio, Total Market Portfolio, Philadelphia International Emerging Markets Fund and Philadelphia International Small Cap Fund, the contractual fee waivers in effect with respect to the International Portfolio to reduce its management fees to the extent it invests in the Philadelphia International Emerging Markets Fund or the Philadelphia International Small Cap Fund, the proposed amendments to the contractual fee waivers for the Long/Short Portfolio, Total Market Portfolio, Philadelphia International Emerging Markets Fund and Philadelphia International Small Cap Fund to also exclude Acquired Fund fees and expenses from the waiver, and the proposed non-renewal of the contractual fee waiver agreement for the International Secured Options Portfolio because its expenses have been consistently below the expense cap for over one year; (x) the advisory fee arrangements with their other similarly managed clients; (xi) their compliance processes and conflicts of interest assessments; (xii) their profitability analyses related to providing services to the Portfolios; (xiii)the extent to which economies of scale are relevant to the Portfolios; and (xiv) the benefits of adding the New Portfolio to the Glenmede Fund complex. The Directors/Trustees discussed the written materials, the Advisor’s and PIA’s presentations, the Funds’ Chief Compliance Officer’s quarterly reports on the Advisor’s and PIA’s compliance programs and their responsiveness in addressing her recommendations, and deliberated on the Agreements in light of this information together with information provided to the Directors/Trustees over the course of the year. In their deliberations, the Directors/Trustees did not identify any single piece of information that was all-important or controlling.

The Boards, including all of the Independent Directors/Trustees, reached the following conclusions, among others, regarding the Advisor and PIA and their respective Agreements: the Advisor and PIA each have the capabilities, resources and personnel necessary to manage their respective Portfolios, including the New Portfolio, the Advisor has the capabilities, resources and personnel necessary to oversee the management of PIA as sub-adviser to the International Portfolio; the Boards are satisfied with the quality of services provided by the Advisor and PIA in advising their respective Portfolios; the actual advisory fee for each Portfolio that pays an advisory fee, with the exception of the Core Fixed Income Portfolio, International Portfolio, Long/Short Portfolio and Strategic Equity Portfolio, is equal to or below the median and average actual advisory fees paid by comparable funds in their respective Lipper peer group; the actual advisory fees for the Core Fixed Income Portfolio, International Portfolio, Long/Short Portfolio and Strategic Equity Portfolio are above the average or median peer group actual advisory fees, but below the highest peer group actual advisory fees; and each advisory and sub-advisory fee is reasonable as compared to PIA’s other similarly-managed sub-advised mutual fund client and the Advisor’s and PIA’s similarly-managed

284

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THE GLENMEDE PORTFOLIOS

(Unaudited) — (Continued)

separate account clients. The Glenmede Fund Board also concluded that the advisory fees charged by the Advisor are based on services that are in addition to, rather than duplicative of, the services provided under the advisory contracts of exchange traded funds in which the Portfolios may invest. In addition, the Glenmede Fund Board concluded that there is no potential duplication of advisory fees to the extent that the International Portfolio invests in the Philadelphia International Emerging Markets Fund or the Philadelphia International Small Cap Fund because the advisory fees payable by the International Portfolio are reduced to the extent of such investment.

The Boards also concluded that based on the information provided, the total annual portfolio operating expenses paid by each Portfolio, with the exception of the Government Cash Portfolio, International Portfolio, Strategic Equity and Total Market Portfolio are equal to or below the average and median expenses paid by comparable funds in their respective Lipper peer group; the expense ratios for the Government Cash Portfolio, International Portfolio, Strategic Equity and Total Market Portfolio are above the average and/or median peer group expense ratios, but are below the highest peer group expense ratios; the performance of the existing Portfolios are generally mixed as compared with their benchmark indices and other mutual funds in their peer groups as ranked by an independent rating and ranking organization and as demonstrated by charts provided by the Advisor and PIA comparing the performance of each existing Portfolio to its respective benchmark index and peer group.

In considering the proposed advisory fee and estimated expenses for the New Portfolio, the Glenmede Fund Board reviewed and discussed the Lipper report comparing the advisory fee and the estimated total annual operating expenses of the New Portfolio to other comparable funds. The Board discussed the proposed contractual fee and expense waiver that the Advisor is assuming in launching the New Portfolio. The Glenmede Fund Board concluded, that based on the Lipper report, the proposed advisory fee and estimated expense ratio of the New Portfolio, are below the median and average advisory fees and operating expenses of comparable funds.

The Boards also concluded that the profit to Advisor for advisory services seems reasonable; the profit to PIA for advisory and sub-advisory services seems reasonable; and the benefits derived by the Advisor and PIA from managing their respective Portfolios, including how each uses soft dollars, the ways in which they conduct portfolio transactions and select brokers, seem reasonable. The Glenmede Fund Board noted that PIA and Glenmede Trust each receive fees for shareholder servicing to certain Portfolios and Glenmede Trust, from time to time, voluntarily waives a portion of its shareholder servicing fees and/or reimburses expenses with respect to the Government Cash Portfolio and Tax-Exempt Cash Portfolio to the extent necessary to prevent each such Portfolio from experiencing a negative yield. The Boards noted that since the investment advisory fees do not have breakpoints, there would be no economies of scale for those fees as the Portfolios’ assets increase. With respect to the Glenmede Fund Board’s evaluation of the Sub-Investment Advisory Agreement, economies of scale were not considered relevant because the sub-advisory fee is paid by the Advisor, not the International

285

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THE GLENMEDE PORTFOLIOS

(Unaudited) — (Continued)

Portfolio or its shareholders, and therefore has no impact on the International Portfolio’s expense ratio.

Based upon each Board’s deliberations and evaluation of the information described above, the Directors/Trustees, including all of the Independent Directors/Trustees, determined that the terms of each Investment Advisory Agreement and Sub-Advisory Agreement were reasonable and fair to the respective Portfolios and their shareholders.

286

The Glenmede Fund, Inc. and The Glenmede Portfolios


Investment Advisor		Independent Auditors
Glenmede Investment Management LP		PricewaterhouseCoopers LLP
One Liberty Place		125 High Street
1650 Market Street, Suite 1200		Boston, Massachusetts 02110
Philadelphia, Pennsylvania 19103
		Investment Advisor
Administrator		(for Philadelphia International Fund,
State Street Bank and Trust Company		Philadelphia International Small
2 Avenue de Lafayette		Cap Fund, and
Boston, Massachusetts 02206		Philadelphia International Emerging
		Markets Fund)
Custodian
State Street Bank and Trust Company		Investment Sub-Advisor
2 Avenue de Lafayette		(for International Portfolio)
Boston, Massachusetts 02206		Philadelphia International Advisors LP
		1650 Arch Street, Suite 2501
Legal Counsel		Philadelphia, Pennsylvania 19103
Drinker Biddle & Reath LLP
One Logan Square
Suite 2000
Philadelphia, Pennsylvania 19103-6996

Distributor
Quasar Distributors, LLC.
615 East Michigan Street
Milwaukee, Wisconsin 53202

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 contain information concerning the Fund’s investment policies and expenses as well as other pertinent information.

Item 2. Code of Ethics.

As of October 31, 2014, the Registrant has adopted a code of ethics that applies to the Registrant’s President and Treasurer (Principal Executive Officer and Principal Financial Officer). For the year ended October 31, 2014, there were no amendments to a provision of its code of ethics, nor were there any waivers, including implicit waivers granted from a provision of the code of ethics. A copy of the Registrant’s code of ethics is filed with the Form N-CSR under Item 12(a)(1).

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Directors has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The audit committee financial expert serving on the Registrant’s audit committee is Francis J. Palamara, who is “independent” as defined in Item 3(a)(2) of this Form.

Item 4. Principal Accountant Fees and Services.

	(a)		Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $398,161 and $401,218 for the fiscal years ended October 31, 2013 and October 31, 2014, respectively.

	(b)		Audit-Related Fees – There were no fees billed for the fiscal years ended October 31, 2013 and October 31, 2014 for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under (a) of this Item.

	(c)		Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for the review of the Registrant’s tax returns, other tax-related filings and excise tax calculations were $69,214 and $76,514 for the fiscal years ended October 31, 2013 and October 31, 2014, respectively.

	(d)		All Other Fees – There were no other fees billed for the fiscal years ended October 31, 2013 and October 31, 2014 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

	(e)		(1) The Registrant’s audit committee pre-approves all audit and non-audit services to be performed by the Registrant’s accountant before the accountant is engaged by the Registrant to perform such services.

(2) There were no services described in (b) through (d) above (including services required to be approved by the audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X) that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

	(f)		None of the hours expended on the principal accountant’s engagement to audit the Registrant’s financial statements for the fiscal year ended October 31, 2014 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees.

	(g)		The aggregate non-audit fees and services billed by the Registrant’s accountant for each of the last two fiscal years were $69,214 and $76,514 for the fiscal years ended October 31, 2013 and October 31, 2014, respectively, as described above.

	(h)		Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

(a) Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period are included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Investment Management Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s Board of Directors.

Item 11. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))), are effective based on the evaluation of Registrant’s disclosure controls and procedures as of a date within 90 days prior to the filing date of this report.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))), that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of Ethics for the Registrant’s President and Treasurer (Principal Executive Officer and Principal Financial Officer) described in Item 2 is attached hereto.

(a)(2) Certification of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) is attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant) THE GLENMEDE FUND, INC.

By (Signature and Title)		/s/ Mary Ann B. Wirts Mary Ann B. Wirts President and Treasurer (Principal Executive Officer and Principal Financial Officer)

Date January 5, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following person on behalf of the Registrant and in the capacities and on the date indicated.


By (Signature and Title)		/s/ Mary Ann B. Wirts Mary Ann B. Wirts President and Treasurer (Principal Executive Officer and Principal Financial Officer)

Date January 5, 2015

Glenmede Fund N-CSRCertified annual shareholder report (management investment company)