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 Summer Street, Floor 7

SUM0703

Boston, MA 02110

(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, 2018

Date of Reporting Period: October 31, 2018

Item 1. Reports to Stockholders.

LOGO

The Glenmede Fund, Inc.

The Glenmede Portfolios

Annual Report

October 31, 2018

The performance for the portfolios shown on pages 2 to 4 and 6 to 25 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.

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 forwardlooking statements about the factors that may affect the performance of the portfolios in the future. These statements are based on the 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 believes these forwardlooking 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)			26
Shareholder Expenses			28
The Glenmede Fund, Inc.			31
Statements of Assets and Liabilities			31
Statements of Operations			38
Statements of Changes in Net Assets			45
Statements of Cash Flows			52
Financial Highlights			54
Schedules of Portfolio Investments			73
Notes to Financial Statements			180
Report of Independent Registered Public Accounting Firm			200
The Glenmede Portfolios			202
Statement of Assets and Liabilities			202
Statement of Operations			203
Statement of Changes in Net Assets			204
Financial Highlights			205
Schedule of Portfolio Investments			206
Notes to Financial Statements			213
Report of Independent Registered Public Accounting Firm			217
Tax Information (Unaudited)			218
Board Members And Officers Table (Unaudited)			220
Additional Information (Unaudited)			224


				1
				1

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, 2018. Domestic equity markets were volatile during the fiscal year ended October 31, 2018, but realized positive returns fueled by strengthening employment numbers, rising corporate profits and subdued inflation. Global equity returns were negative as global growth slowed in developed and emerging market countries and trade concerns impacted the markets. The U.S. Government yield curve continued to flatten as the Federal Reserve raised the Fed Funds target interest rate four times. Money market fund yields also rose because of the increase in the Fed Funds target interest rate.

At the fiscal year end on October 31, 2018, The Glenmede Fund, Inc. and The Glenmede Portfolios (collectively, the “Glenmede Funds”) consisted of twenty portfolios with total assets of $12.8 billion. During the fiscal year, two new portfolios were launched: The Glenmede Quantitative U.S. Large Cap Value Equity Portfolio and the Glenmede Quantitative U.S. Small Cap Equity Portfolio.

This fiscal year ended October 31, 2018 showed positive returns across domestic equity asset classes in response to improving growth in the U.S. economy. The S&P 500 Index¹ gained 7.35%. Small cap stocks did not do as well as large cap stocks with the Russell 2000^® Index¹ returning 1.85% versus a return of 6.98% on the Russell 1000^® Index¹ for the fiscal year ended October 31, 2018. The MSCI EAFE Index¹ underperformed domestic stocks for the fiscal year, losing -6.85% due partially to U.S. dollar strength. Short term interest rates increased more than longer rates flattening the curve as the Fed Funds Target range rose to 2.00% – 2.25%. One year maturity treasuries rose 123 basis points³ and 30 year treasury yields rose only 51 basis points³. The Bloomberg Barclays U.S. Aggregate Bond Index¹ lost -2.05% and the Bloomberg Barclays Municipal 1-10 Year Blend Index¹ lost -0.52% for the fiscal year ended October 31, 2018.

The Glenmede Quantitative U.S. Large Cap Core Equity Portfolio achieved a five star («««««) Overall Morningstar Rating^™² among 1,218 Large Blend Equity Funds for the period ended October 31, 2018 (based on risk adjusted returns). The Glenmede Secured Options Portfolio achieved a four star (««««) Overall Morningstar Rating^™² among 87 Option Writing Funds for the period ended October 31, 2018 (based on risk adjusted returns). The Glenmede Quantitative U.S. Large Cap Growth Equity Portfolio achieved a four star (««««) Overall Morningstar Rating^™² among 1,253 Large Growth Equity Funds for the period ended October 31, 2018 (based on risk adjusted returns). The Glenmede Strategic Equity Portfolio achieved a four star (««««) Overall Morningstar Rating^™² among 1,218 Large Blend Equity Funds for the period ended October 31, 2018 (based on risk adjusted returns). The Glenmede Quantitative U.S. Total Market Equity Portfolio achieved a four star (««««) Overall Morningstar Rating^™² among 363 Mid-Cap Value Funds for the period ended October 31, 2018 (based on risk adjusted returns).

We have featured the Strategic Equity Portfolio 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,

LOGO

Mary Ann B. Wirts

President

November 20, 2018


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				2

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, Quantitative U.S. Small Cap Equity Portfolio and Mid Cap Equity Portfolio invest in smaller companies, which will involve additional risks such as limited liquidity and greater volatility than larger companies. The Quantitative U.S. Large Cap Value Equity Portfolio may invest in IPOs and the market value of IPO shares could fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading, and limited information about the issuer. Short sales by the Quantitative U.S. Long/Short Equity Portfolio and Quantitative U.S. Total Market Equity 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 Global Secured Options Portfolio may involve greater liquidity, counterparty, credit and pricing risks. The Muni Intermediate Portfolio, High Yield Municipal Portfolio and Short Term Tax Aware Fixed Income Portfolio invest 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 High Yield Municipal Portfolio invests in “Junk Bonds” which are securities rated below investment grade and are high risk investments that have greater credit risk, are less liquid and have more volatile prices than investment grade bonds. The Secured Options Portfolio and the Global 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. The application of the social, governance and/or environmental standards of the Responsible ESG U.S. Equity Portfolio and the women in leadership criteria of the Women in Leadership U.S. Equity Portfolio will affect each Portfolio’s exposure to certain Issuers, industries, sectors, regions and countries and may impact the relative performance of these Portfolios, either positively or negatively, depending on whether such investments are in or out of favor. The Equity Income Portfolio invests in dividend paying stocks. Issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. Dividend paying securities can fall out of favor with the market, causing the Portfolio during such periods to underperform funds that do not focus on dividends.

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.

¹	The indices are defined on pages 26 to 27.

©2018 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.

The Morningstar Rating^™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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. The Overall Morningstar Rating™ for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating™ metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. The Quantitative U.S. Large Cap Core Equity Portfolio (Advisor Class and Institutional Class) was rated against the following numbers of U.S.-domiciled Large Blend Equity funds over the following time periods: 1,218 funds overall, 1,218 funds in the last three years, 1,084 funds in the last five years, and 817 funds in the last ten years. With respect to these Large Blend Equity funds, the Quantitative U.S. Large Cap Core Equity Portfolio (Advisor Class and Institutional Class) received an Overall Morningstar Rating™ of ««««« stars and a Morningstar Rating™ of ««« stars, «« ««« stars, and «« ««« stars for the three-, five- and ten-year periods, respectively. The Quantitative U.S. Large Cap Growth Equity Portfolio (Advisor Class and Institutional Class) was rated against the following numbers of U.S.-domiciled Large Growth Equity funds over the following time periods: 1,253 funds overall, 1,253 funds in the last three years, 1,120 funds in the last five years and 811 funds in the last ten years. With respect to these Large Growth Equity funds, the Quantitative U.S. Large Cap Growth Equity Portfolio (Advisor Class and


				3
				3

Institutional Class) received an Overall Morningstar Rating^™ of «« «« stars and a Morningstar Rating^™ of ««« stars, «« «« stars, and «« «« stars for the three-, five- and ten-year periods, respectively. The Secured Options Portfolio (Advisor Class and Institutional Class) was rated against the following numbers of Option Writing funds over the following time periods: 87 funds overall, 87 funds in the last three years, and 53 funds in the last five years. With respect to these Option Writing funds, the Secured Options Portfolio (Advisor Class and Institutional Class) received an Overall Morningstar Rating^™ of «« «« stars and a Morningstar Rating^™ of ««« stars and «« «« stars for the three- and five- year periods, respectively. The Strategic Equity Portfolio was rated against the following numbers of U.S.- domiciled Large Blend Equity funds over the following time periods: 1,218 funds overall, 1,218 funds in the last three years, 1,084 funds in the last five years and 817 funds in the last ten years. With respect to these Large Blend Equity funds, the Strategic Equity Portfolio received an Overall Morningstar Rating^™ of «« «« stars and a Morningstar Rating^™ of «« «« « stars, ««««« stars and «« « stars for the three-, five- and ten- year periods, respectively. The Quantitative U.S. Total Market Equity Portfolio was rated against the following numbers of U.S.- domiciled Mid-Cap Value funds over the following time periods: 363 funds overall, 363 funds in the last three years, 306 funds in the last five years and 220 funds in the last ten years. With respect to these Mid-Cap Value funds, the Quantitative U.S. Total Market Equity Portfolio received an Overall Morningstar Rating^™ of «««« stars and a Morningstar Rating^™ of «««« 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. 12/18.

Bond ratings are grades given to bonds that indicate their credit quality as determined by a private independent rating service such as Standard & Poor’s. The firm evaluates a bond issuer’s financial strength, or its ability to pay a bond’s principal and interest in a timely fashion. Ratings are expressed as letters ranging from ’AAA’, which is the highest grade, to ’D’, which is the lowest grade. In limited situations when the rating agency has not issued a formal rating, the rating agency will classify the security as nonrated.


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THE GLENMEDE FUND, INC.

LOGO

Strategic Equity Portfolio

The Portfolio, managed by John Kichula, CFA and Mark Livingston, CFA, is intended to provide a core large-capitalization equity exposure for its investors and is benchmarked against the S&P 500 Index. The aim of the Portfolio is to achieve maximum long-term total return consistent with reasonable risk to principal. The majority of the possible return is expected to come through capital appreciation of the Portfolio’s holdings and the managers also attempt to minimize the impact of Federal and state income taxes by, for example, avoiding realizing short-term gains or taking advantage of offsetting losses. The Portfolio focuses on companies that have demonstrated strong levels of profitability relative to their peers and seeks to identify those whose competitive position appears likely to allow them to continue to do so in the future. Historically, on average, such companies have been able to deliver attractive long-term returns while generally seeing less downside risk versus the Portfolio’s benchmark in periods of economic stress. The portfolio managers and analysts on the Strategic Equity team attempt to maintain a diversified portfolio of such companies where they believe the valuation of the shares creates an attractive reward potential relative to the risk inherent in each business. In general, the team expects to hold an investment for a multi-year period as long as it continues to meet the Portfolio’s investment criteria.

Mr. Kichula is a Portfolio Manager/Research Analyst- Equities for Glenmede Investment Management LP. He has worked in the investment management and financial services business for over 27 years, in various roles as an analyst and portfolio manager. He has been with Glenmede for 16 years working as an analyst for the Strategic Equity strategy and has been a portfolio manager of the Portfolio since 2015.

Mark Livingston is a Portfolio Manager/Research Analyst- Equities for Glenmede Investment Management LP. He has worked in the investment management and financial services business for almost 15 years, as an analyst and portfolio manager. He has been with Glenmede for 8 years working as an analyst for the Strategic Equity strategy and has been a portfolio manager of the Portfolio since 2016.


				5
				5

THE GLENMEDE FUND, INC.

Quantitative U.S. Large Cap Core Equity Portfolio

PORTFOLIO HIGHLIGHTS

October 31, 2018


Average Annual Total Return
	Return Before Taxes		Return After Taxes on				Russell 1000^® Index		Morningstar Large Blend Average
Quantitative U.S. Large Cap Core Equity Portfolio – Advisor Class	Return Before Taxes		Distributions		Distributions and Sales of Fund Shares		Russell 1000^® Index		Morningstar Large Blend Average
Year ended 10/31/18		4.42%		3.07%		3.37%		6.98%		5.28%
Five Years ended 10/31/18		11.75%		10.94%		9.23%		11.05%		9.00%
Ten Years ended 10/31/18		14.75%		14.24%		12.40%		13.42%		11.59%
Inception (02/27/04) through 10/31/18¹		9.36%		8.93%		7.83%		8.42%		7.00%

Quantitative U.S. Large Cap Core Equity Portfolio – Institutional Class
Year ended 10/31/18		4.61%		3.19%		3.49%		6.98%		5.28%
Inception (12/30/15) through 10/31/18^1,2		9.56%		9.11%		8.00%		8.42%		7.00%

For the fiscal year ended October 31, 2018, the Portfolio’s Advisor Class underperformed the Russell 1000^® Index by 2.56% and the Morningstar Large Blend Average by 0.86%, respectively. In the past year, the Portfolio’s performance was negatively impacted from its relatively lower average market capitalization and underexposures to large technology/internet companies such as Apple (AAPL, +31.4%), Amazon (AMZN, +44.6%), and Microsoft (MSFT, +30.7%) versus the benchmark index. The Portfolio’s performance had mixed contributions from multifactor ranking models with unfavorable effects from biases towards stocks with lower valuations. Avoiding stocks based on downside risk screens (including sell rankings and earnings surprise indicators) had favorable impacts. Leading industry group indicators were positive to performance, including relative overweightings of information technology and underweightings of industrial stocks. The Portfolio had positive relative stock performance in six of eleven sectors. The most favorable contributions from stock selection came in energy and consumer staples sectors. The most negative contributions from stock selection were in information technology and consumer discretionary sectors. The Portfolio’s gross annual operating expense ratio, as stated in the February 28, 2018 Prospectuses, are 0.86% (Advisor Class) and 0.66% (Institutional Class), respectively. These ratios can fluctuate and may differ from the expense ratios disclosed in the Financial Highlights section of this report.

LOGO

*	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 return. Returns, other than 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. Performance of the Institutional Class will vary from the Advisor Class due to differences in fees.

¹	Benchmark returns are for the period beginning February 28, 2004.

²	Average annual total return for the Institutional Class includes the period from 02/27/04 through 10/31/18. Prior to the inception of the Institutional Class on 12/30/15, 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 26 to 27.


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THE GLENMEDE FUND, INC.

Quantitative U.S. Large Cap Growth Equity Portfolio

PORTFOLIO HIGHLIGHTS

October 31, 2018


Average Annual Total Return
	Return Before Taxes		Return After Taxes on				Russell 1000^® Growth Index		Morningstar Large Growth Average
Quantitative U.S. Large Cap Growth Equity Portfolio – Advisor Class	Return Before Taxes		Distributions		Distributions and Sales of Fund Shares		Russell 1000^® Growth Index		Morningstar Large Growth Average
Year ended 10/31/18		5.53%		4.89%		3.62%		10.71%		8.70%
Five Years ended 10/31/18		13.21%		12.58%		10.43%		13.43%		10.91%
Ten Years ended 10/31/18		15.92%		15.54%		13.48%		15.45%		13.18%
Inception (02/27/04) through 10/31/18¹		9.86%		9.55%		8.30%		9.26%		7.72%

Quantitative U.S. Large Cap Growth Equity Portfolio – Institutional Class
Year ended 10/31/18		5.74%		5.02%		3.75%		10.71%		8.70%
Inception (11/05/15) through 10/31/18^1,2		10.07%		9.74%		8.49%		9.26%		7.72%

For the fiscal year ended October 31, 2018, the Portfolio’s Advisor Class underperformed the Russell 1000^® Growth Index by 5.18% and the Morningstar Large Growth Average by 3.17%, respectively. In the past year, the Portfolio’s performance was negatively impacted from its relatively lower average market capitalization and underexposures to large technology/internet companies such as Apple (AAPL, +31.4%), Amazon (AMZN, +44.6%), and Microsoft (MSFT, +30.7%) versus the benchmark index. The Portfolio’s performance had mixed contributions from multifactor ranking models with unfavorable effects from biases towards stocks with lower valuations. Leading industry group indicators were positive to performance, including relative overweightings of information technology and underweightings of industrial stocks. The Portfolio had positive relative stock performance in two of ten sectors. The positive contributions from stock selection came in health care and industrial sectors. The most negative contributions from stock selection were in information technology and consumer discretionary sectors. The Portfolio’s gross annual operating expense ratios, as stated in the February 28, 2018 Prospectuses, are 0.86% (Advisor Class) and 0.66% (Institutional Class), respectively. These ratios can fluctuate and may differ from the expense ratios disclosed in the Financial Highlights section of this report.

LOGO

*	Assumes the reinvestment of all dividends and distributions.

¹	Benchmark returns are for the period beginning February 28, 2004.

²	Average annual total return for the Institutional Class includes the period from 02/27/04 through 10/31/18. Prior to the inception of the Institutional Class on 11/05/15, 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 26 to 27.


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THE GLENMEDE FUND, INC.

Quantitative U.S. Large Cap Value Equity Portfolio

PORTFOLIO HIGHLIGHTS

October 31, 2018

Average Annual Total Return

Return
Before
Taxes

Return After Taxes on

Russell 1000^®
Value Index

Quantitative U.S. Large Cap Value Equity Portfolio

Distributions

Distributions
and Sales of
Fund Shares

Since Inception (11/13/17) through 10/31/18

-0.69%

-1.11%

-0.36%

3.01%

Since inception on November 13, 2017, the Portfolio underperformed the Russell 1000^® Value Index by 3.70%. The Portfolio’s performance had mixed contributions from multifactor ranking models, including biases towards stocks with lower valuations. The Portfolio’s performance was negatively impacted from its relatively lower average market capitalization and underexposures to large technology/internet companies such as Cisco (CSCO, +38.8%) and Verizon (VZ, +33.6%) versus the benchmark index. The Portfolio had positive relative stock performance in six of eleven sectors. The most favorable contributions from stock selection came in energy and utilities sectors. The most negative contributions from stock selection were in information technology and consumer staples sectors. The Portfolio’s gross annual operating expense ratio, as stated in the February 28, 2018 Prospectus, is 3.90%. This ratio can fluctuate and may differ from the expense ratio disclosed in the Financial Highlights section of this report.

LOGO

*	Assumes the reinvestment of all dividends and distributions.

The indices and certain terms are defined on pages 26 to 27.


				8
				8

THE GLENMEDE FUND, INC.

Quantitative U.S. Small Cap Equity Portfolio

PORTFOLIO HIGHLIGHTS

October 31, 2018

Average Annual Total Return

Return
Before
Taxes

Return After Taxes on

Russell 2000^®
Index

Quantitative U.S. Small Cap Equity Portfolio

Distributions

Distributions
and Sales of
Fund Shares

Since inception (11/13/17) through 10/31/18

2.85%

2.73%

1.72%

3.73%

Since inception on November 13, 2017, the Portfolio underperformed the Russell 2000^® Index by 0.88%. The Portfolio was negatively impacted from no exposure to some outperforming biotechnology/internet companies in the benchmark index, including Sarepta Therapeutics (SRPT, +76.3%) and Grubhub (GRUB, +71.1%). The Portfolio’s performance had mixed contributions from multifactor ranking models with unfavorable effects from biases towards stocks with lower valuations. The Portfolio had positive relative stock performance in six of eleven sectors. The most favorable contributions from stock selection came in energy and consumer discretionary sectors. The most negative contributions from stock selection were in consumer staples and materials sectors. The Portfolio’s gross annual operating expense ratio, as stated in the February 28, 2018 Prospectus, is 3.87%. This ratio can fluctuate and may differ from the expense ratio disclosed in the Financial Highlights section of this report.

LOGO

*	Assumes the reinvestment of all dividends and distributions.

The indices and certain terms are defined on pages 26 to 27.


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				9

THE GLENMEDE FUND, INC.

Quantitative International Equity Portfolio

PORTFOLIO HIGHLIGHTS

October 31, 2018


Average Annual Total Return
	Return Before Taxes		Return After Taxes on				MSCI EAFE Index		Morningstar Foreign Large Blend Average
Quantitative International Equity Portfolio	Return Before Taxes		Distributions		Distributions and Sales of Fund Shares		MSCI EAFE Index		Morningstar Foreign Large Blend Average
Year ended 10/31/18		-10.80%		-11.47%		-6.31%		-6.85%		-8.26%
Five Years ended 10/31/18		-0.15%		-0.52%		-0.08%		2.02%		1.65%
Ten Years ended 10/31/18		5.94%		5.61%		4.91%		6.89%		6.42%
Inception (11/17/88) through 10/31/18¹		6.30%		5.06%		5.10%		4.40%		5.19%

For the fiscal year ended October 31, 2018, the Portfolio underperformed the MSCI EAFE Index by 3.95% and Morningstar Foreign Large Blend Average by 2.54%, respectively. The Portfolio’s performance had mixed contributions from multifactor ranking models with unfavorable effects from biases towards stocks with lower valuations (e.g. Price/ Earnings Ratios of less than 15). The Portfolio’s performance was positively impacted by leading country/region indicators with relative overweighting in Japanese stocks and underweightings of German/Belgian stocks, respectively. Leading industry group indicators were negative to performance, including relative overweightings of financial and underweightings of energy stocks. The Portfolio had positive relative stock performance in four of eleven sectors. The most favorable contributions from stock selection came in the consumer staples and health care sectors. The most negative contributions from stock selection were in financials and industrials sectors. The Portfolio’s gross annual operating expense ratio, as stated in the February 28, 2018 Prospectus, is 1.06%. This ratio can fluctuate and may differ from the expense ratio disclosed in the Financial Highlights section of this report.

LOGO

*	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 above reflects fee waivers in effect during certain periods 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 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 November 30, 1988.

The indices and certain terms are defined on pages 26 to 27.


				10
				10

THE GLENMEDE FUND, INC.

Responsible ESG U.S. Equity Portfolio

PORTFOLIO HIGHLIGHTS

October 31, 2018


Average Annual Total Return
Responsible ESG U.S. Equity Portfolio		Russell 1000^® Index		Morningstar Large Blend Average
Year ended 10/31/18	5.01%		6.98%		5.28%
Inception (12/22/15) through 10/31/18¹	13.73%		12.61%		10.84%

For the fiscal year ended October 31, 2018, the Portfolio underperformed the Russell 1000^® Index by 1.97% and Morningstar Large Blend Average by 0.27%, respectively. The Portfolio selects stocks based on a combination of multi-factor models and ESG ratings (environmental, socially responsible and governance). In the past year, the Portfolio’s performance was negatively impacted from its relatively lower average market capitalization and underexposures to large technology/internet companies such as Apple (AAPL, +31.4%), Amazon (AMZN, +44.6%), and Microsoft (MSFT, +30.7%) versus the benchmark index. The Portfolio’s performance had mixed contributions from multifactor ranking models with unfavorable effects from biases towards stocks with lower valuations. Avoiding stocks based on downside risk screens (including sell rankings and earnings surprise indicators) had favorable impacts. Leading industry group indicators were positive to performance, including relative overweightings of information technology and underweightings of industrial stocks. The Portfolio had positive relative stock performance in four of eleven sectors. The most favorable contributions from stock selection came in energy and utilities sectors. The most negative contributions from stock selection were in industrials and technology sectors. The Portfolio’s gross annual operating expense ratio, as stated in February 28, 2018 Prospectus, is 1.23%. This ratio can fluctuate and may differ from expense ratio disclosed in Financial Highlights section of this report.

LOGO

*	Assumes the reinvestment of all dividends and distributions.

¹	Benchmark returns are for the periods beginning December 22, 2015 for the Russell 1000^® Index and January 1, 2016 for Morningstar Large Blend Average.

The indices and certain terms are defined on pages 26 to 27.


				11
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THE GLENMEDE FUND, INC.

Women in Leadership U.S. Equity Portfolio

PORTFOLIO HIGHLIGHTS

October 31, 2018


Average Annual Total Return
Women in Leadership U.S. Equity Portfolio		Russell 1000^® Index		Morningstar Large Value Average
Year ended 10/31/18	3.36%		6.98%		3.34%
Inception (12/22/15) through 10/31/18¹	11.96%		12.61%		9.98%

For the fiscal year ended October 31, 2018, the Portfolio underperformed the Russell 1000^® Index by 3.62% and outperformed the Morningstar Large Value Average by 0.02%, respectively. The Portfolio selects stocks based on companies that meet specific women in leadership criteria (including, but not limited to, a chairwoman, female chief executive officer, female board members or women in management positions). In the past year, the Portfolio’s performance was negatively impacted from its relatively lower average market capitalization and underexposures to large technology/internet companies such as Apple (AAPL, +31.4%), Amazon (AMZN, +44.6%), and Microsoft (MSFT, +30.7%) versus the benchmark index. The Portfolio’s performance had mixed contributions from multifactor ranking models with unfavorable effects from biases towards stocks with lower valuations. Leading industry group indicators were positive to performance, including relative overweightings of information technology and underweightings of industrial stocks. The Portfolio had positive relative stock performance in one of eleven sectors. The positive contribution from stock selection came in the energy sector. The most negative contributions from stock selection were in the industrials and financials sectors. The Portfolio’s gross annual operating expense ratio, as stated in February 28, 2018 Prospectus, is 1.28%. This ratio can fluctuate and may differ from expense ratio disclosed in Financial Highlights section of this report.

LOGO

*	Assumes the reinvestment of all dividends and distributions.

¹	Benchmark returns are for the periods beginning December 22, 2015 for the Russell 1000^® Index and January 1, 2016 for Morningstar Large Value Average.

The indices and certain terms are defined on pages 26 to 27.


				12
				12

THE GLENMEDE FUND, INC.

Quantitative U.S. Long/Short Equity Portfolio

PORTFOLIO HIGHLIGHTS

October 31, 2018


Average Annual Total Return
Quantitative U.S. Long/Short Equity Portfolio		Bloomberg Barclays U.S. Treasury Bellwether 3-Month Index		Russell 3000^® Index		Morningstar Long/Short Average
Year ended 10/31/18	-2.41%		1.69%		6.60%		0.15%
Five Years ended 10/31/18	3.63%		0.57%		10.81%		2.57%
Ten Years ended 10/31/2018	4.28%		0.36%		13.35%		3.54%
Inception (09/29/06) through 10/31/18¹	2.26%		1.00%		8.31%		2.03%

For the fiscal year ended October 31, 2018, the Portfolio underperformed the Bloomberg Barclays U.S. Treasury Bellwether 3-Month Index by 4.10% and Morningstar Long/Short Average by 2.56%, respectively. Over the past year, the average net equity exposure for the Portfolio was about 30%. The Portfolio’s performance had mixed contributions from multifactor ranking models with unfavorable effects from biases towards stocks with lower valuations. The Russell 3000^® Value Index (+2.8%) underperformed the Russell 3000^® Growth Index by (+10.2%) by about 7.4%. The Portfolio’s long stock positions (+3.0%) underperformed short positions (+7.8%) by about 4.8%. Overall, the Portfolio had positive relative stock performance in four of eleven sectors. The most favorable contributions from stock selection came in health care and consumer staples sectors. The most negative contributions from stock selection were in information technology and financial sectors. The Portfolio’s gross annual operating expense ratio, as stated in the February 28, 2018 Prospectus, is 2.77%. This ratio can fluctuate and may differ from the expense ratio disclosed in the Financial Highlights section of this report.

LOGO

*	Assumes the reinvestment of all dividends and distributions.

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 26 to 27.


				13
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THE GLENMEDE FUND, INC.

Quantitative U.S. Total Market Equity Portfolio

PORTFOLIO HIGHLIGHTS

October 31, 2018


Average Annual Total Return
Quantitative U.S. Total Market Equity Portfolio		Russell 3000^® Index		Morningstar Mid-Cap Value Average
Year ended 10/31/18	3.01%		6.60%		-0.20%
Five Years ended 10/31/18	10.46%		10.81%		6.74%
Ten Years ended 10/31/2018	12.57%		13.35%		12.06%
Inception (12/21/06) through 10/31/18¹	6.69%		7.85%		6.36%

For the fiscal year ended October 31, 2018, the Portfolio underperformed the Russell 3000^® Index by 3.59% and outperformed the Morningstar Mid-Cap Value Average by 3.21%, respectively. In the past year, the Portfolio’s performance was negatively impacted from its relatively lower average market capitalization and underexposures to large technology/internet companies such as Apple (AAPL, +31.4%), Amazon (AMZN, +44.6%), and Microsoft (MSFT, +30.7%) versus the benchmark index. The Portfolio’s performance had mixed contributions from multifactor ranking models with unfavorable effects from biases towards stocks with lower valuations. The Russell 3000^® Value Index (+2.8%) underperformed the Russell 3000^® Growth Index by (+10.2%) by about 7.4%. The Portfolio’s long stock positions (+5.1%) underperformed short positions (+6.1%) by about 1%. Leading industry group indicators were positive to performance, including relative overweightings of information technology and underweightings of industrial stocks. Overall, the Portfolio had positive relative stock performance in five of eleven sectors. The most favorable contributions from stock selection came in health care and energy sectors. The most negative contributions from stock selection were in information technology and industrials sectors. The Portfolio’s gross annual operating expense ratio, as stated in the February 28, 2018 Prospectus, is 2.40%. This ratio can fluctuate and may differ from the expense ratio disclosed in the Financial Highlights section of this report.

LOGO

*	Assumes the reinvestment of all dividends and distributions.

¹	Benchmark returns are for the periods beginning December 31, 2006 for the Russell 3000^® Index and January 1, 2007 for Morningstar Mid-Cap Value Average.

The indices and certain terms are defined on pages 26 to 27.


				14
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THE GLENMEDE FUND, INC.

Strategic Equity Portfolio

PORTFOLIO HIGHLIGHTS

October 31, 2018


Average Annual Total Return
			Return After Taxes on
Strategic Equity Portfolio	Return Before Taxes		Distributions		Distributions and Sales of Fund Shares		S&P 500 Index		Morningstar Large Blend Average
Year ended 10/31/18		5.14%		3.24%		4.22%		7.35%		5.28%
Five Years ended 10/31/18		11.47%		8.91%		8.55%		11.34%		9.00%
Ten Years ended 10/31/18		12.26%		10.87%		9.92%		13.24%		11.59%
Inception (07/20/89) through 10/31/18¹		8.81%		7.39%		7.11%		9.72%		8.17%

For the fiscal year ended October 31, 2018, the Strategic Equity Portfolio returned 5.14%, while its benchmark, the S&P 500 Index, returned 7.35% for the same period. Relative performance of the Portfolio versus the Index was weaker in the Health Care, Financials and Consumer Discretionary sectors, largely due to stock selection. This was partially offset by better performance from Portfolio holdings within the Industrial and Consumer Staples sectors. The Portfolio’s relative sector allocations were also generally helpful, notably within the Technology, Material and Utilities sectors. The Portfolio’s focus on owning companies that demonstrate consistently strong profitability also aided relative performance during this period, when the average stock in the Index underperformed the capitalization-weighted aggregate by almost 200 basis points. The Portfolio seeks to generate outperformance over time by investing in those companies with strong profitability whose shares are trading at attractive valuations. The Portfolio’s gross annual operating expense ratio, as stated in the February 28, 2018 Prospectus, is 0.82%. This ratio can fluctuate and may differ from the expense ratio disclosed in the Financial Highlights section of this report.

LOGO

*	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 26 to 27.


				15
				15

THE GLENMEDE FUND, INC.

Small Cap Equity Portfolio

PORTFOLIO HIGHLIGHTS

October 31, 2018


Average Annual Total Return
Small Cap Equity Portfolio – Advisor Class		Russell 2000^® Index		Russell 2000^® Value Index		S&P 500 Index		Morningstar Small Blend Average
Year ended 10/31/18	-0.58%		1.85%		-0.59%		7.35%		-0.07%
Five Years ended 10/31/18	6.66%		8.01%		7.18%		11.34%		6.56%
Ten Years ended 10/31/2018	13.32%		12.44%		10.95%		13.24%		11.82%
Inception (03/01/91) through 10/31/18¹	10.51%		9.96%		11.22%		9.73%		10.10%

Small Cap Equity Portfolio – Institutional Class
Year ended 10/31/18	-0.36%		1.85%		-0.59%		7.35%		-0.07%
Five Years ended 10/31/18	6.88%		8.01%		7.18%		11.34%		6.56%
Ten Years ended 10/31/18	13.55%		12.44%		10.95%		13.24%		11.82%
Inception (01/02/98) through 10/31/18^1,2	8.15%		7.54%		8.13%		7.05%		8.01%

For the fiscal year ended October 31, 2018, the Small Cap Equity Portfolio Advisor Class returned -0.58% and the Small Cap Equity Portfolio Institutional Class returned -0.36%, compared to the Russell 2000^® Index return of 1.85% and the Morningstar Small Blend Average return of -0.07%. The financials sector accounted for the majority of the underperformance, followed by the materials and information technology sectors. The health care sector was the best performing sector on a relative basis. The Portfolio’s gross annual operating expense ratio, as stated in the February 28, 2018 Prospectuses is 0.90% and 0.70% for the Advisor 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.

LOGO

*	Assumes the reinvestment of all dividends and distributions.

¹	Benchmark returns are for the inception period beginning February 28, 1991 for both Russell 2000^® Indices 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 10/31/18. 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 26 to 27.


				16
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THE GLENMEDE FUND, INC.

Mid Cap Equity Portfolio

PORTFOLIO HIGHLIGHTS

October 31, 2018


Average Annual Total Return
Mid Cap Equity Portfolio – Advisor Class¹		S&P MidCap 400 Index
Year ended 10/31/18	-1.51%		1.02%
Inception (09/30/14) through 10/31/18	3.94%		8.96%

For the fiscal year ended October 31, 2018, the Mid Cap Equity Portfolio Advisor Class returned -1.51% compared to the S&P MidCap 400 Index return of 1.02%. The materials sector accounted for the majority of the underperformance, followed by the real estate and financials sectors. The utilities sector was the best performing sector on a relative basis. The Portfolio’s gross annual operating expense ratio, as stated in the February 28, 2018 Prospectus is 1.16% 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.

LOGO

*	Assumes the reinvestment of all dividends and distributions.

¹	The Mid Cap Equity Portfolio Institutional Class has not commenced operations.

The indices and certain terms are defined on pages 26 to 27.


				17
				17

THE GLENMEDE FUND, INC.

Large Cap Value Portfolio

PORTFOLIO HIGHLIGHTS

October 31, 2018


Average Annual Total Return
Large Cap Value Portfolio		Russell 1000^® Value Index		S&P 500 Index		Morningstar Large Value Average
Year ended 10/31/18	0.04%		3.03%		7.35%		3.34%
Five Years ended 10/31/18	8.58%		8.61%		11.34%		7.78%
Ten Years ended 10/31/2018	11.93%		11.30%		13.24%		10.66%
Inception (01/04/93) through 10/31/18¹	9.07%		9.65%		9.50%		8.11%

For the fiscal year ended October 31, 2018, the Large Cap Value Portfolio returned 0.04% versus 3.03% for its benchmark, the Russell 1000^® Value Index. Stock selection in Financials was the biggest detractor, followed by the Communication and Energy sectors. Offsetting this was positive relative contributions from Consumer Staples, Industrials, and Real Estate sectors. The Portfolio’s gross annual operating expense ratio, as stated in the February 28, 2018 Prospectus, is 0.91%. This ratio can fluctuate and may differ from the expense ratio disclosed in the Financial Highlights section of this report.

LOGO

*	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 26 to 27.


				18
				18

THE GLENMEDE FUND, INC.

Equity Income Portfolio

PORTFOLIO HIGHLIGHTS

October 31, 2018


Average Annual Total Return
Equity Income Portfolio		S&P 500 Index		Morningstar Large Value Average
Year ended 10/31/18	2.79%		7.35%		3.34%
Inception (12/21/16) through 10/31/18	7.73%		12.31%		7.55%

For the fiscal year ended October 31, 2018, the Equity Income Portfolio returned 2.79% versus 7.35% for its benchmark, the S&P 500 Index. Most of this performance gap can be attributed to the underperformance of the dividend yield universe, which we define as stocks with a dividend yield greater than that of the S&P 500 Index. Looking at relative performance across sectors, Technology, Consumer Discretionary, and Financials were the most significant detractors. Positive relative performance came from the Materials, Consumer Staples, and Communication sectors. The Portfolio’s gross annual operating expense ratio, as stated in the February 28, 2018 Prospectus, is 2.08%. This ratio can fluctuate and may differ from the expense ratio disclosed in the Financial Highlights section of this report.

LOGO

*	Assumes the reinvestment of all dividends and distributions.

The indices and certain terms are defined on pages 26 to 27.


				19
				19

THE GLENMEDE FUND, INC.

Secured Options Portfolio

PORTFOLIO HIGHLIGHTS

October 31, 2018


Average Annual Total Return
Secured Options Portfolio – Advisor Class		S&P 500 Index		CBOE S&P 500 Buy-Write Index
Year ended 10/31/18	2.81%		7.35%		3.16%
Five Years ended 10/31/18	5.59%		11.34%		7.03%
Inception (06/30/10) through 10/31/18	9.24%		14.67%		8.64%

Secured Options Portfolio – Institutional Class
Year ended 10/31/18	2.97%		7.35%		3.16%
Inception (11/09/16) through 10/31/18¹	9.49%		14.67%		8.64%

For the fiscal year ended October 31, 2018, 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’s Advisor Class achieved a total return of 2.81% while its benchmark, the CBOE S&P 500 Buy-Write Index, returned 3.16% and the S&P 500 Index returned 7.35%. The Portfolio’s underperformance relative to the CBOE S&P 500 Buy-Write Index was caused primarily by the Portfolio’s strike selection process and by the Portfolio’s use of cash-secured puts, which underperformed covered calls, the strategy utilized by the benchmark. Generally speaking, equity securities or cash positions are pledged to secure the written option positions. The Portfolio’s gross annual operating expense ratios, as stated in the February 28, 2018 Prospectuses, are 0.85% (Advisor Class) and 0.65% (Institutional Class), respectively. These ratios can fluctuate and may differ from the expense ratios disclosed in the Financial Highlights sections of this report.

LOGO

*	Assumes the reinvestment of all dividends and distributions.

¹	Average annual total return for the Institutional Class includes the period from 06/30/10 through 10/31/18. Prior to the inception of the Institutional Class on 11/09/16, 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 26 to 27.


				20
				20

THE GLENMEDE FUND, INC.

Global Secured Options Portfolio

PORTFOLIO HIGHLIGHTS

October 31, 2018


Average Annual Total Return
Global Secured Options Portfolio		MSCI All Country World Index
Year ended 10/31/18	-0.76%		-0.52%
Five Years ended 10/31/18	1.13%		6.15%
Inception (09/28/12) through 10/31/18	3.34%		8.48%

For the fiscal year ended October 31, 2018, the Global 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 returned -0.76% while its benchmark, the MSCI All Country World (ACWI) Index, returned -0.52%. For the fiscal year, the Portfolio experienced less volatility than the benchmark, as measured by standard deviation of monthly returns¹, but did not capture enough upside participation during some particularly strong periods for the benchmark, resulting in a -0.24% underperformance for the full 12 month period. Generally speaking, equity securities 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, 2018 Prospectus, is 1.14%. This ratio can fluctuate and may differ from the expense ratio disclosed in the Financial Highlights section of this report.

LOGO

*	Assumes the reinvestment of all dividends and distributions.

¹	For the fiscal year ended October 31, 2018, the standard deviation of the Global Secured Options Portfolio was 8.87% vs. 12.03% for the MSCI All Country World Index.

The indices and certain terms are defined on pages 26 to 27.


				21
				21

THE GLENMEDE FUND, INC.

Core Fixed Income Portfolio

PORTFOLIO HIGHLIGHTS

October 31, 2018


Average Annual Total Return
Core Fixed Income Portfolio		Bloomberg Barclays U.S. Aggregate Bond Index		Morningstar Intermediate-Term Bond Average
Year ended 10/31/18	-2.32%		-2.05%		-1.87%
Five Years ended 10/31/18	1.24%		1.83%		1.77%
Ten Years ended 10/31/2018	3.37%		3.94%		4.52%
Inception (11/17/88) through 10/31/18¹	5.59%		6.03%		5.43%

The Core Fixed Income Portfolio returned -2.32% for the fiscal year ended October 31, 2018. The benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, returned -2.05% for the year and the Portfolio’s peer group, the Morningstar Intermediate — Term Bond Average, returned -1.87% for the year. The Portfolio’s underperformance versus the Bloomberg Barclays U.S. Aggregate Bond Index can be attributed to the higher overall percentage of corporates relative to the Index, and the Portfolio’s bias towards higher credit quality. The single A corporate credits, sold off throughout the year returning -3.22% versus the lower tier BBB component returning -2.96%. Our higher quality bias, contributed negatively to the Portfolio’s performance. The Portfolio’s underperformance versus its peer group can also 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. 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, 2018 Prospectus, is 0.52%. This ratio can fluctuate and may differ from the expense ratio disclosed in the Financial Highlights section of this report.

LOGO

*	Assumes the reinvestment of all dividends and distributions.

¹	Benchmark returns are for the periods beginning November 30, 1988 for Bloomberg Barclays U.S. Aggregate Bond Index and December 1, 1988 for Morningstar Intermediate-Term Bond Average.

The indices and certain terms are defined on pages 26 to 27.


				22
				22

THE GLENMEDE FUND, INC.

Short Term Tax Aware Fixed Income Portfolio

PORTFOLIO HIGHLIGHTS

October 31, 2018


Average Annual Total Return
			Return After Taxes on
Short Term Tax Aware Fixed Income Portfolio	Return Before Taxes		Distributions		Distributions and Sales of Fund Shares		BofA Merrill Lynch 1-3 Year US Municipal Securities Index
Year ended 10/31/18		0.10%		-0.20%		0.12%		0.37%
Inception (06/29/16) through 10/31/18¹		0.28%		0.10%		0.20%		0.51%

For the fiscal year ended October 31, 2018, the Short Term Tax Aware Fixed Income Portfolio underperformed its primary benchmark, the BofA Merrill Lynch 1-3 Year US Municipal Securities Index. The Portfolio’s duration was kept marginally shorter than the benchmark duration consistently over the period as rates were expected to rise with the Federal Reserve’s increases to the Fed Funds rate. This was detrimental to the relative return of the Portfolio as the yield foregone with that shorter duration positioning outweighed the market value depreciation of security holdings resulting from rising interest rates. The Portfolio’s tactical exposure to taxable securities was a positive contributor to relative performance. This tactical exposure to taxable securities was increased throughout the latter half of the fiscal year as relative value metrics reflected opportunity for better relative performance. The Portfolio’s gross annual operating expense ratio, as stated in the February 28, 2018 prospectus, is 0.70%. This rate can fluctuate and may differ from the expense ratio disclosed in the Financial Highlights in this report.

LOGO

*	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, 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 periods beginning June 29, 2016 for the BofA Merrill Lynch 1-3 Year US Municipal Securities Index. The indices and certain terms are defined on pages 26 to 27.


				23
				23

THE GLENMEDE FUND, INC.

High Yield Municipal Portfolio

PORTFOLIO HIGHLIGHTS

October 31, 2018


Average Annual Total Return
High Yield Municipal Portfolio		Bloomberg Barclays Municipal Bond Index		Bloomberg Barclays Muni BBB Index		Bloomberg Barclays Muni High Yield 5% Tobacco Cap 2% Issuer Cap Index		Morningstar High Yield Muni Average
Year ended 10/31/18	1.04%		-0.51%		0.82%		4.23%		2.06%
Inception (12/22/15) through 10/31/18¹	3.30%		1.64%		3.07%		4.90%		3.16%

The High Yield Municipal Portfolio (the “Portfolio”) trailed the Bloomberg Barclays Muni High Yield 5% Tobacco Cap, 2% Issuer Cap Index for the 12 months ended October 31, 2018. The Portfolio returned 1.04% while the Index returned 4.23%. The Portfolio trailed by 1.02% relative to the Morningstar High Yield Muni Average peer group, which returned 2.06% over the same time period. The Portfolio’s longer duration position detracted 0.28% of relative return. The largest detractor from returns was not owning as much as the benchmark in riskier securities issued in Puerto Rico and U.S. Virgin Islands. Market expectations of recovery values for these distressed securities improved. The Portfolio continued to maintain exposure to higher credit quality in anticipation of increased market volatility, so as to be consistent with the Portfolio’s goal of a high level of current income exempt from regular federal income tax. The Portfolio’s gross annual operating expense ratio, as stated in the February 28, 2018 Prospectus, is 1.00%. This ratio can fluctuate and may differ from the expense ratio disclosed in the Financial Highlights section of this report.

LOGO

*	Assumes the reinvestment of all dividends and distributions.

¹	Benchmark return is for the period beginning January 1, 2016 for the Morningstar High Yield Muni Average.

The indices and certain terms are defined on pages 26 to 27.


				24
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THE GLENMEDE PORTFOLIOS

Muni Intermediate Portfolio

PORTFOLIO HIGHLIGHTS

October 31, 2018


Average Annual Total Return
Muni Intermediate Portfolio		Bloomberg Barclays Municipal 1-10 Year Blend Index			Morningstar Muni National Short Average
Year ended 10/31/18	-0.73%		-0.52%			0.05%
Five Years ended 10/31/18	1.52%		1.96%			0.79%
Ten Years ended 10/31/2018	2.80%		3.43%			1.66%
Inception (06/05/92) through 10/31/18	3.85%		N/A	*		2.85%

For the fiscal year ended October 31, 2018, the Muni Intermediate Portfolio underperformed its primary benchmark, the Bloomberg Barclays Municipal 1-10 Year Blend Index. The Portfolio’s duration was kept marginally below the benchmark duration consistently throughout the year in anticipation of the Federal Reserve continuing to hike short-term rates. Tax-exempt yields rose consistently throughout the year with a pause in the summer months as investor demand outpaced supply, keeping rates from moving higher during this period. The Portfolio’s shorter relative duration was a positive contributor to relative performance, but this was outweighed by other factors throughout the year. Lower credit quality securities continued their recent outperformance with spreads to triple-A securities moving lower. This contributed to the Portfolio’s underperformance as the Portfolio continued to maintain exposure to higher credit quality securities, so as to be consistent with the Portfolio’s 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, 2018 prospectus, is 0.23%. This rate can fluctuate and may differ from the expense ratio disclosed in the Financial Highlights in this report.

LOGO

*	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 26 to 27.


				25
				25

THE GLENMEDE FUND, INC.

THE GLENMEDE PORTFOLIOS

Glossary of Indices & Terms

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

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

The Bloomberg Barclays U.S. Treasury Bellwether 3-Month 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.

The Bloomberg Barclays 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.

The Bloomberg Barclays Muni BBB Index is a sub-index of the Bloomberg Barclays U.S. Municipal Index that includes only bonds rated BBB on the day the Index resets. The rating is established using the middle rating of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) and Fitch Ratings, Inc.

The Bloomberg Barclays Muni High Yield 5% Tobacco 2% Issuer Cap Index is an issuer constrained sub-index of the Bloomberg Barclays US Municipal High Yield Index that caps issuer exposure to 2% and tobacco stocks to 5%.

The Bloomberg Barclays Municipal Bond Index is an unmanaged index of municipal bonds with maturities greater than two years.

The BofA Merrill Lynch 1-3 Year US Municipal Securities Index is a subset of The BofA Merrill Lynch US Municipal Securities Index including all securities with a remaining term to final maturity less than 3 years.

The 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.

The MSCI All Country World Index is a market capitalization weighted index designed to provide a broad measure of equity-market performance throughout the world. The MSCI All Country World Index is comprised of stocks from both developed and emerging markets.

The 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.

The 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.

The 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 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.

The 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.

The Russell 2000^® Value Index is an index measuring the performance of approximately 2,000 small-cap companies in the Russell 3000^® Index, which is made up of 3,000 of the biggest U.S. stocks. The Russell 2000^® Value Index serves as a benchmark for small-cap stocks in the United States.

The 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.

The Russell 3000^® Value Index is a market-capitalization weighted equity index based on the Russell 3000 Index, which measures how U.S. stocks in the equity value segment perform. Included in the Russell 3000 Value Index are stocks from the Russell 3000 Index with lower price-to-book ratios and lower expected growth rates.

The Russell 3000^® Growth Index is a market capitalization weighted index based on the Russell 3000 index. The Russell 3000 Growth Index includes companies that display signs of above average growth. The index is used to provide a gauge of the performance of growth stocks in the United States.

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

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 Blend Average funds invest mainly in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. The blend style is assigned to funds where neither growth nor value characteristics predominate.


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THE GLENMEDE FUND, INC.

THE GLENMEDE PORTFOLIOS

Glossary of Indices & Terms — (Concluded)

Morningstar High Yield Muni Average funds invest at least 50% of assets in high-income municipal securities that are not rated or that are rated by a major agency such as S&P or Moody’s at the level of BBB (considered speculative in the municipal industry) and below.

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.

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 Mid-Cap Value Average funds invest primarily in mid-cap U.S. stocks that are value-oriented. Midcap stocks collectively represent 20% of the total capitalization of the U.S. equity market (large-cap stocks represent the top 70%). The mid-cap range for market capitalization typically falls between $1-$8 billion. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).

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.

Terms

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.

Price/Earnings Ratio: The current market price of a company share divided by the earnings per share of the company.

Dividend Yield: The dividend yield or dividend-price ratio of a share is the dividend per share, divided by the price per share. It is also a company’s total annual dividend payments divided by its market capitalization, assuming the number of shares is constant.

Standard Deviation: A measure that is used to quantify the amount of variation or dispersion of a set of data values.


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THE GLENMEDE FUND, INC.

Shareholder Expenses (Unaudited)

As a shareholder of a Glenmede Portfolio, you incur ongoing costs, including management fees and, for certain classes, 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 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, 2018 to October 31, 2018.

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.


	Beginning Account Value (May 1, 2018)		Ending Account Value (October 31, 2018)		Annualized Expense Ratio			Expenses Paid During Period* (May 1, 2018 to October 31, 2018)
Quantitative U.S. Large Cap Core Equity Portfolio – Advisor
Actual	$	1,000.00	$	1,001.80		0.84	%	$	4.24
Hypothetical (5% return less expenses)		1,000.00		1,021.00		0.84			4.28
Quantitative U.S. Large Cap Core Equity Portfolio – Institutional
Actual		1,000.00		1,002.80		0.64	��		3.23
Hypothetical (5% return less expenses)		1,000.00		1,022.00		0.64			3.26
Quantitative U.S. Large Cap Growth Equity Portfolio – Advisor
Actual		1,000.00		1,005.40		0.84			4.25
Hypothetical (5% return less expenses)		1,000.00		1,021.00		0.84			4.28
Quantitative U.S. Large Cap Growth Equity Portfolio – Institutional
Actual		1,000.00		1,006.40		0.65			3.29
Hypothetical (5% return less expenses)		1,000.00		1,021.90		0.65			3.31
Quantitative U.S. Large Cap Value Equity Portfolio
Actual		1,000.00		963.00		1.00			4.95
Hypothetical (5% return less expenses)		1,000.00		1,020.20		1.00			5.09
Quantitative U.S. Small Cap Equity Portfolio
Actual		1,000.00		987.50		1.00			5.01
Hypothetical (5% return less expenses)		1,000.00		1,020.20		1.00			5.09
Quantitative International Equity Portfolio
Actual		1,000.00		865.60		1.00			4.70
Hypothetical (5% return less expenses)		1,000.00		1,020.20		1.00			5.09
Responsible ESG U.S. Equity Portfolio
Actual		1,000.00		1,003.20		1.00			5.05
Hypothetical (5% return less expenses)		1,000.00		1,020.20		1.00			5.09
Women in Leadership U.S. Equity Portfolio
Actual		1,000.00		992.50		1.00			5.02
Hypothetical (5% return less expenses)		1,000.00		1,020.20		1.00			5.09
Quantitative U.S. Long/Short Equity Portfolio
Actual		1,000.00		960.20		1.15			5.68
Hypothetical (5% return less expenses)		1,000.00		1,019.40		1.15			5.85
Quantitative U.S. Total Market Equity Portfolio
Actual		1,000.00		978.30		1.25			6.23
Hypothetical (5% return less expenses)		1,000.00		1,018.90		1.25			6.36


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THE GLENMEDE FUND, INC.

Shareholder Expenses (Unaudited) — (Concluded)


	Beginning Account Value (May 1, 2018)		Ending Account Value (October 31, 2018)		Annualized Expense Ratio			Expenses Paid During Period* (May 1, 2018 to October 31, 2018)
Strategic Equity Portfolio
Actual	$	1,000.00	$	998.80		0.83	%	$	4.18
Hypothetical (5% return less expenses)		1,000.00		1,021.00		0.83			4.23
Small Cap Equity Portfolio – Advisor
Actual		1,000.00		975.10		0.88			4.38
Hypothetical (5% return less expenses)		1,000.00		1,020.80		0.88			4.48
Small Cap Equity Portfolio – Institutional
Actual		1,000.00		975.80		0.68			3.39
Hypothetical (5% return less expenses)		1,000.00		1,021.80		0.68			3.47
Mid Cap Equity Portfolio – Advisor
Actual		1,000.00		973.30		1.00			4.97
Hypothetical (5% return less expenses)		1,000.00		1,020.20		1.00			5.09
Large Cap Value Portfolio
Actual		1,000.00		987.70		0.91			4.56
Hypothetical (5% return less expenses)		1,000.00		1,020.60		0.91			4.63
Equity Income Portfolio
Actual		1,000.00		1,002.80		0.85			4.29
Hypothetical (5% return less expenses)		1,000.00		1,020.90		0.85			4.33
Secured Options Portfolio – Advisor
Actual		1,000.00		1,014.00		0.84			4.26
Hypothetical (5% return less expenses)		1,000.00		1,021.00		0.84			4.28
Secured Options Portfolio – Institutional
Actual		1,000.00		1,014.80		0.64			3.25
Hypothetical (5% return less expenses)		1,000.00		1,022.00		0.64			3.26
Global Secured Options Portfolio
Actual		1,000.00		972.30		1.26			6.26
Hypothetical (5% return less expenses)		1,000.00		1,018.90		1.26			6.41
Core Fixed Income Portfolio
Actual		1,000.00		998.80		0.52			2.62
Hypothetical (5% return less expenses)		1,000.00		1,022.60		0.52			2.65
Short Term Tax Aware Fixed Income Portfolio
Actual		1,000.00		1,005.90		0.55			2.78
Hypothetical (5% return less expenses)		1,000.00		1,022.40		0.55			2.80
High Yield Municipal Portfolio
Actual		1,000.00		1,008.00		0.99			5.01
Hypothetical (5% return less expenses)		1,000.00		1,020.20		0.99			5.04

Expenses are calculated using the Portfolio’s annualized expense ratio (as disclosed in the table), which is net of fee waivers, dividends on securities sold short 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).


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THE GLENMEDE PORTFOLIOS

Shareholder Expenses (Unaudited)

As a shareholder of the Glenmede Muni Intermediate 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 Muni Intermediate 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, 2018 to October 31, 2018.

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 Muni Intermediate 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.


	Beginning Account Value (May 1, 2018)		Ending Account Value (October 31, 2018)		Annualized Expense Ratio			Expenses Paid During Period* (May 1, 2018 to October 31, 2018)
Muni Intermediate Portfolio
Actual	$	1,000.00	$	1,005.50		0.23	%	$	1.16
Hypothetical (5% return less expenses)		1,000.00		1,024.00		0.23			1.17

*	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).


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STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2018


	Quantitative U.S. Large Cap Core Equity Portfolio		Quantitative U.S. Large Cap Growth Equity Portfolio		Quantitative U.S. Large Cap Value Equity Portfolio
Assets:
Investments at value^1,2	$	2,841,637,381	$	3,406,623,308	$	1,077,404
Repurchase agreements at value¹		2,944,141		12,538,685		—
Cash		—		—		7,359
Receivable from Advisor		—		—		10,294
Receivable for fund shares sold		3,624,744		893,366		—
Dividends receivable		3,440,646		1,354,689		1,707
Interest receivable		34		146		—
Securities lending receivable		632		273		—
Prepaid Expenses		32,518		44,724		800

Total assets		2,851,680,096		3,421,455,191		1,097,564

Liabilities:
Obligation to return securities lending collateral		5,112,366		7,850,227		—
Payable for fund shares redeemed		1,898,428		3,906,348		—
Payable for Management fees		1,361,691		1,659,830		527
Payable for Directors’ fees		31,868		44,170		12
Payable for Shareholder Servicing fees		362,524		473,410		192
Accrued expenses		531,622		633,318		5,059

Total liabilities		9,298,499		14,567,303		5,790

Net Assets	$	2,842,381,597	$	3,406,887,888	$	1,091,774

Net Assets consist of:
Par value ($0.001 of shares outstanding)	$	101,947	$	104,748	$	111
Paid-in capital in excess of par value		2,128,811,978		2,216,950,559		1,114,002
Total distributable earnings		713,467,672		1,189,832,581		(22,339	)

Total Net Assets**	$	2,842,381,597	$	3,406,887,888	$	1,091,774

Shares Outstanding³		101,946,855		104,748,193		111,182

Net Asset Value Per Share	$	—	$	—	$	9.82

Advisor Class — based on net assets of $2,075,264,206 and $2,660,858,127, respectively and shares outstanding of 74,443,127 and 81,816,756, respectively		27.88		32.52		—

Institutional Class — based on net assets of $767,117,391 and $746,029,761, respectively and shares outstanding of 27,503,728 and 22,931,437, respectively		27.89		32.53		—


** The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions.
¹ Investments at cost	$	2,349,155,519	$	2,667,034,161	$	1,081,994
²Market value of securities on loan	$	4,921,884	$	7,242,817	$	—
³Authorized shares		—		—		80,000,000
Authorized shares - Advisor Class		155,000,000		240,000,000		—
Authorized shares - Institutional Class		155,000,000		140,000,000		—

See Notes to Financial Statements.


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THE GLENMEDE FUND, INC.

STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

October 31, 2018


	Quantitative U.S. Small Cap Equity Portfolio		Quantitative International Equity Portfolio		Responsible ESG U.S. Equity Portfolio
Assets:
Investments at value^1,2	$	1,081,351	$	419,826,923	$	21,696,034
Repurchase agreements at value¹		—		584,454		130,291
Cash		9,293		46,842		—
Receivable from Advisor		10,011		21,097		—
Receivable for securities sold		—		2,253,691		—
Receivable for fund shares sold		—		1,088,431		6,156
Dividends receivable		391		402,819		30,652
Interest receivable		—		7		2
Securities lending receivable		10		91,011		14
Foreign tax reclaims receivable		—		744,005		—
Prepaid expenses		801		1,900		204

Total assets		1,101,857		425,061,180		21,863,353

Liabilities:
Obligation to return securities lending collateral		22,309		33,915,385		92,367
Payable to Advisor		—		—		3,476
Payable for fund shares redeemed		—		3,531,274		—
Payable for Management fees		514		259,453		10,283
Payable for Directors’ fees		12		5,074		190
Payable for Shareholder Servicing fees		187		86,485		3,739
Accrued expenses		5,281		75,130		6,970

Total liabilities		28,303		37,872,801		117,025

Net Assets	$	1,073,554	$	387,188,379	$	21,746,328

Net Assets consist of:
Par value ($0.001 of shares outstanding)	$	105	$	29,190	$	1,540
Paid-in capital in excess of par value		1,044,281		382,273,998		19,011,327
Total distributable earnings		29,168		4,885,191		2,733,461

Total Net Assets**	$	1,073,554	$	387,188,379	$	21,746,328

Shares Outstanding³		104,750		29,190,058		1,540,049

Net Asset Value Per Share	$	10.25	$	13.26	$	14.12


** The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions.
¹ Investments at cost	$	1,054,246	$	413,472,719	$	19,893,150
²Market value of securities on loan	$	80,352	$	39,056,697	$	103,843
³Authorized shares		80,000,000		120,000,000		80,000,000

See Notes to Financial Statements.


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STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

October 31, 2018


	Women in Leadership U.S. Equity Portfolio		Quantitative U.S. Long/ Short Equity Portfolio		Quantitative U.S. Total Market Equity Portfolio
Assets:
Investments at value^1,2	$	18,886,638	$	325,544,058	$	112,817,552
Repurchase agreements at value¹		—		11,456,016		822,770
Cash		36,172		—		—
Receivable from Advisor		—		—		2,616
Receivable for fund shares sold		56,126		504,237		19,664
Dividends receivable		16,897		331,586		110,331
Interest receivable		—		306,665		10
Securities lending receivable		—		222		—
Cash collateral on deposit at broker (Note 1)		—		220,301,691		—
Prepaid expenses		192		1,296		337

Total assets		18,996,025		558,445,771		113,773,280

Liabilities:
Payable for securities purchased		—		1,538,026		—
Obligation to return securities lending collateral		—		5,392,036		—
Payable to Advisor		3,192		—		—
Payable for fund shares redeemed		—		594,293		23,257
Dividend payable on securities sold short		—		118,538		10,772
Payable for securities sold short, at value³		—		216,634,909		23,002,381
Payable for Management fees		8,997		244,522		67,196
Payable for Directors’ fees		179		3,597		954
Payable for Shareholder Servicing fees		3,272		57,535		15,813
Accrued expenses		6,808		56,579		42,795

Total liabilities		22,448		224,640,035		23,163,168

Net Assets	$	18,973,577	$	333,805,736	$	90,610,112

Net Assets consist of:
Par value ($0.001 of shares outstanding)	$	1,422	$	26,594	$	4,807
Paid-in capital in excess of par value		16,979,021		295,906,585		61,850,320
Total distributable earnings		1,993,134		37,872,557		28,754,985

Total Net Assets**	$	18,973,577	$	333,805,736	$	90,610,112

Shares Outstanding⁴		1,422,022		26,593,883		4,807,456

Net Asset Value Per Share	$	13.34	$	12.55	$	18.85


**TheSEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions.
¹ Investments at cost	$	17,520,507	$	292,519,346	$	94,411,188
²Market value of securities on loan	$	—	$	5,463,111	$	—
³Proceeds from securities sold short	$	—	$	230,524,116	$	25,995,799
⁴Authorized shares		80,000,000		120,000,000		120,000,000

See Notes to Financial Statements.


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STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

October 31, 2018


	Strategic Equity Portfolio		Small Cap Equity Portfolio		Mid Cap Equity Portfolio
Assets:
Investments at value^1,2	$	224,851,522	$	3,567,341,974	$	—
Repurchase agreements at value¹		1,250,284		112,572,385		571,610
Cash		—		—		2,598,913
Receivable from Advisor		—		—		3,223
Receivable for securities sold		—		20,781,573		—
Receivable for fund shares sold		38,445		1,839,655		—
Dividends receivable		186,227		543,127		1,780
Interest receivable		15		1,313		7
Securities lending receivable		908		444,501		11
Prepaid Expenses		898		42,610		125

Total assets		226,328,299		3,703,567,138		3,175,669

Liabilities:
Payable for securities purchased		—		17,843,742		—
Obligation to return securities lending collateral		—		155,361,882		—
Payable for fund shares redeemed		111,455		6,018,123		—
Payable for Management fees		108,491		1,730,340		2,277
Payable for Directors’ fees		2,490		41,062		136
Payable for Shareholder Servicing fees		39,451		406,654		1,025
Accrued expenses		34,350		567,770		6,274

Total liabilities		296,237		181,969,573		9,712

Net Assets	$	226,032,062	$	3,521,597,565	$	3,165,957

Net Assets consist of:
Par value ($0.001 of shares outstanding)	$	9,302	$	118,707	$	278
Paid-in capital in excess of par value		136,942,503		3,020,465,479		3,165,679
Total distributable earnings		89,080,257		501,013,379		—

Total Net Assets**	$	226,032,062	$	3,521,597,565	$	3,165,957

Shares Outstanding³		9,302,033		118,707,153		277,713

Net Asset Value Per Share	$	24.30	$	—	$	—

Advisor Class — based on net assets of $1,390,136,478 and $3,165,957, respectively and shares outstanding of 48,240,295 and 277,713, respectively		—		28.82		11.40

Institutional Class — based on net assets of $2,131,461,087 and shares outstanding of 70,466,858		—		30.25		—


**TheSEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions.
¹ Investments at cost	$	139,912,037	$	3,608,280,764	$	571,610
²Market value of securities on loan	$	—	$	150,653,243	$	—
³Authorized shares		150,000,000		—		—
Authorizedshares - Advisor Class		—		180,000,000		120,000,000
Authorizedshares - Institutional Class		—		135,000,000		120,000,000

See Notes to Financial Statements.


				34
				34

THE GLENMEDE FUND, INC.

STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

October 31, 2018


	Large Cap Value Portfolio		Equity Income Portfolio		Secured Options Portfolio
Assets:
Investments at value^1,2	$	72,220,803	$	18,842,258	$	1,361,880,415
Repurchase agreements at value¹		283,684		—		1,171,219
Cash		—		74,443		—
Receivable from Advisor		—		2,879		—
Receivable for fund shares sold		8,491		10,775		1,406,154
Dividends receivable		51,761		30,612		—
Interest receivable		3		—		14
Securities lending receivable		39		37		—
Cash collateral on deposit at broker (Note 1)		—		—		45,093
Prepaid Expenses		317		203		8,735

Total assets		72,565,098		18,961,207		1,364,511,630

Liabilities:
Obligation to return securities lending collateral		900,112		404,003		—
Payable for fund shares redeemed		2,549		—		234,365
Options written, at value³		—		—		521,202,675
Payable for Management fees		34,558		8,902		397,979
Payable for Directors’ fees		854		190		8,721
Payable for Shareholder Servicing fees		12,566		3,237		77,021
Accrued expenses		17,948		9,259		121,844

Total liabilities		968,587		425,591		522,042,605

Net Assets	$	71,596,511	$	18,535,616	$	842,469,025

Net Assets consist of:
Par value ($0.001 of shares outstanding)	$	6,813	$	1,662	$	68,389
Paid-in capital in excess of par value		59,305,680		17,738,691		816,554,220
Total distributable earnings		12,284,018		795,263		25,846,416

Total Net Assets**	$	71,596,511	$	18,535,616	$	842,469,025

Shares Outstanding⁴		6,812,808		1,662,076		68,389,119

Net Asset Value Per Share	$	10.51	$	11.15	$	—

Advisor Class — based on net assets of $445,945,539 and shares outstanding of 36,266,555		—		—		12.30

Institutional Class — based on net assets of $396,523,486 and shares outstanding of 32,122,564		—		—		12.34


**TheSEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions.
¹Investments at cost	$	66,507,941	$	18,405,810	$	1,496,201,519
²Market value of securities on loan	$	864,675	$	398,433	$	—
³Premiums received from options written	$	—	$	—	$	646,465,516
⁴Authorized shares		175,000,000		80,000,000		—
Authorizedshares - Advisor Class		—		—		160,000,000
Authorizedshares - Institutional Class		—		—		160,000,000

See Notes to Financial Statements.


				35
				35

THE GLENMEDE FUND, INC.

STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

October 31, 2018


	Global Secured Options Portfolio			Core Fixed Income Portfolio			Short Term Tax Aware Fixed Income Portfolio
Assets:
Investments at value^1,2	$	3,301,685		$	487,885,500		$	26,040,647
Repurchase agreements at value¹		—			12,939,399			—
Cash		24,357			—			38,588
Receivable from Advisor		—			—			3,229
Receivable for fund shares sold		—			994,692			800,000
Dividends receivable		—			—			1,096
Interest receivable		—			3,550,275			293,848
Securities lending receivable		—			989			82
Cash collateral on deposit at broker (Note 1)		18,409			—			—
Foreign tax reclaims receivable		39,662			—			—
Prepaid expenses		39			2,028			312

Total assets		3,384,152			505,372,883			27,177,802

Liabilities:
Payable for securities purchased		—			—			407,847
Obligation to return securities lending collateral		—			19,105,863			191,425
Payable for when-issued securities purchased		—			—			266,485
Payable for fund shares redeemed		—			799,207			—
Options written, at value³		863,580			—			—
Payable for Management fees		1,206			144,487			7,810
Payable for Directors’ fees		89			5,249			334
Payable for Shareholder Servicing fees		438			41,282			2,231
Accrued expenses		8,920			75,726			7,779

Total liabilities		874,233			20,171,814			883,911

Net Assets	$	2,509,919		$	485,201,069		$	26,293,891

Net Assets consist of:
Par value ($0.001 of shares outstanding)	$	241		$	46,259		$	2,656
Paid-in capital in excess of par value		7,837,923			505,879,332			26,658,906
Total distributable earnings		(5,328,245	)		(20,724,522	)		(367,671	)

Total Net Assets**	$	2,509,919		$	485,201,069		$	26,293,891

Shares Outstanding⁴		241,073			46,259,011			2,656,356
						��
Net Asset Value Per Share	$	10.41		$	10.49		$	9.90


**TheSEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions.
¹Investments at cost	$	3,590,640		$	520,483,811		$	26,298,943
²Market value of securities on loan	$	—		$	18,708,371		$	187,587
³Premiums received from options written	$	1,013,082		$	—		$	—
⁴Authorized shares		120,000,000			160,000,000			80,000,000

See Notes to Financial Statements.


				36
				36

THE GLENMEDE FUND, INC.

STATEMENTS OF ASSETS AND LIABILITIES — (Concluded)

October 31, 2018


	High Yield Municipal Portfolio
Assets:
Investments at value^1,	$	189,981,293
Cash		1,726,296
Receivable for securities sold		1,396,557
Receivable for fund shares sold		222,000
Interest receivable		2,546,266
Prepaid expenses		2,116

Total assets		195,874,528

Liabilities:
Payable for securities purchased		268,611
Payable for when-issued securities purchased		3,027,632
Payable for fund shares redeemed		69,233
Payable for Management fees		108,009
Payable for Directors’ fees		2,048
Payable for Shareholder Servicing fees		41,542
Accrued expenses		38,325

Total liabilities		3,555,400

Net Assets	$	192,319,128

Net Assets consist of:
Par value ($0.001 of shares outstanding)	$	18,926
Paid-in capital in excess of par value		194,203,607
Total distributable earnings		(1,903,405	)

Total Net Assets**	$	192,319,128

Shares Outstanding²		18,925,588

Net Asset Value Per Share	$	10.16


**TheSEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions.
¹ Investments at cost	$	191,637,946
²Authorized shares		80,000,000

See Notes to Financial Statements.


				37
				37

THE GLENMEDE FUND, INC.

STATEMENTS OF OPERATIONS

For the Year Ended October 31, 2018


	Quantitative U.S. Large Cap Core Equity Portfolio			Quantitative U.S. Large Cap Growth Equity Portfolio			Quantitative U.S. Large Cap Value Equity Portfolio¹
Investment income:
Dividends	$	54,372,337		$	51,083,153		$	24,536
Interest		44,769			34,846			1
Income from security lending		71,321			391,982			5

Total investment income		54,488,427			51,509,981			24,542

Expenses:
Management fees		16,019,807			21,987,704			5,708
Administration, transfer agent and custody fees		2,354,935			3,108,368			20,333
Professional fees		181,532			251,903			2,541
Shareholder report expenses		162,444			325,296			1,281
Shareholder servicing fees		—			—			2,076
Shareholder servicing fees (Advisor Class)		4,421,280			6,174,063			—
Directors’ fees and expenses		119,078			167,649			45
Offering expenses		—			—			25,154
Registration and filing fees		70,451			67,421			8,482
Other expenses		98,413			146,395			2,074

Total expenses		23,427,940			32,228,799			67,694

Less expenses waived/reimbursed		—			—			(57,315	)

Net expenses		23,427,940			32,228,799			10,379

Net investment income		31,060,487			19,281,182			14,163

Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		214,504,733			439,898,261			(24,574	)
Net change in unrealized loss of:
Investments		(127,314,232	)		(206,750,443	)		(4,590	)

Net realized and unrealized gain (loss)		87,190,501			233,147,818			(29,164	)

Net increase (decrease) in net assets resulting from operations	$	118,250,988		$	252,429,000		$	(15,001	)

¹	Portfolio commenced operations on November 13, 2017.

See Notes to Financial Statements.


				38
				38

THE GLENMEDE FUND, INC.

STATEMENTS OF OPERATIONS — (Continued)

For the Year Ended October 31, 2018


	Quantitative U.S. Small Cap Equity Portfolio¹			Quantitative International Equity Portfolio			Responsible ESG U.S. Equity Portfolio
Investment income:
Dividends²	$	15,536		$	12,653,216		$	329,810
Interest		—			5,442			422
Income from security lending		54			642,340			631

Total investment income		15,590			13,300,998			330,863

Expenses:
Management fees		5,946			3,444,127			97,368
Administration, transfer agent and custody fees		22,408			251,916			30,696
Professional fees		2,546			28,778			1,061
Shareholder report expenses		1,257			8,602			1,801
Shareholder servicing fees		2,162			1,148,043			35,407
Directors’ fees and expenses		46			19,595			717
Offering expenses		25,154			—			—
Registration and filing fees		8,482			24,021			23,541
Other expenses		2,071			7,713			2,464

Total expenses		70,072			4,932,795			193,055

Less expenses waived/reimbursed		(59,262	)		(340,625	)		(16,022	)

Net expenses		10,810			4,592,170			177,033

Net investment income		4,780			8,708,828			153,830

Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		(3,730	)		12,416,904			787,318
Net change in unrealized gain (loss) of:
Investments		27,104			(69,083,516	)		(480,378	)
Foreign currency translation		—			(24	)		—

Net change in unrealized gain (loss)		27,104			(69,083,540	)		(480,378	)

Net realized and unrealized gain (loss)		23,374			(56,666,636	)		306,940

Net increase (decrease) in net assets resulting from operations	$	28,154		$	(47,957,808	)	$	460,770

¹	Portfolio commenced operations on November 13, 2017.

²	The Quantitative International Equity Portfolio had foreign dividend withholding taxes of $1,460,174.

See Notes to Financial Statements.


				39
				39

THE GLENMEDE FUND, INC.

STATEMENTS OF OPERATIONS — (Continued)

For the Year Ended October 31, 2018


	Women in Leadership U.S. Equity Portfolio			Quantitative U.S. Long/Short Equity Portfolio			Quantitative U.S. Total Market Equity Portfolio
Investment income:
Dividends	$	312,591		$	5,805,237		$	2,038,840
Interest		256			2,452,181			1,921
Income from security lending		77			1,398			—

Total investment income		312,924			8,258,816			2,040,761

Expenses:
Management fees		91,377			3,954,797			1,051,631
Administration, transfer agent and custody fees		30,680			263,606			136,497
Professional fees		1,006			20,362			5,510
Shareholder report expenses		1,781			5,178			4,956
Shareholder servicing fees		33,228			659,133			175,272
Dividends on securities sold short		—			3,658,923			425,129
Directors’ fees and expenses		675			13,732			3,603
Short position flex fees		—			—			196,822
Registration and filing fees		23,541			31,118			23,977
Other expenses		2,200			7,865			3,345

Total expenses		184,488			8,614,714			2,026,742

Less expenses waived/reimbursed		(18,349	)		(1,153,483	)		(309,342	)

Net expenses		166,139			7,461,231			1,717,400

Net investment income		146,785			797,585			323,361

Realized and unrealized gain (loss):
Net realized gain on:
Investment transactions		625,644			28,360,510			9,329,617
Securities sold short		—			(25,562,844	)		(2,752,346	)

Net realized gain		625,644			2,797,666			6,577,271

Net change in unrealized loss of:
Investments		(555,008	)		(24,427,733	)		(6,715,343	)
Securities sold short		—			11,778,484			1,570,230

Net change in unrealized loss		(555,008	)		(12,649,249	)		(5,145,113	)

Net realized and unrealized gain (loss)		70,636			(9,851,583	)		1,432,158

Net increase (decrease) in net assets resulting from operations	$	217,421		$	(9,053,998	)	$	1,755,519

See Notes to Financial Statements.


				40
				40

THE GLENMEDE FUND, INC.

STATEMENTS OF OPERATIONS — (Continued)

For the Year Ended October 31, 2018


	Strategic Equity Portfolio		Small Cap Equity Portfolio			Mid Cap Equity Portfolio
Investment income:
Dividends	$	3,668,835	$	34,952,444		$	181,900
Interest		7,472		214,041			510
Income from security lending		3,153		1,147,067			349

Total investment income		3,679,460		36,313,552			182,759

Expenses:
Management fees		1,253,734		20,614,891			64,882
Administration, transfer agent and custody fees		131,536		2,888,140			28,475
Professional fees		14,123		234,598			1,008
Shareholder report expenses		3,800		328,686			1,976
Shareholder servicing fees		455,903		—			—
Shareholder servicing fees (Advisor Class)		—		3,945,240			29,492
Shareholder servicing fees (Institutional Class)		—		1,085,033			—
Directors’ fees and expenses		9,489		155,075			448
Registration and filing fees		10,108		50,097			37,296
Other expenses		5,542		146,785			2,262

Total expenses		1,884,235		29,448,545			165,839

Less expenses waived/reimbursed		—		—			(47,872	)

Net expenses		1,884,235		29,448,545			117,967

Net investment income		1,795,225		6,865,007			64,792

Realized and unrealized gain (loss):
Net realized gain on:
Investment transactions		2,696,774		438,340,023			2,681,742
Net change in unrealized gain (loss) of:
Investments		6,004,844		(483,441,224	)		(2,536,921	)

Net realized and unrealized gain (loss)		8,701,618		(45,101,201	)		144,821

Net increase (decrease) in net assets resulting from operations	$	10,496,843	$	(38,236,194	)	$	209,613

See Notes to Financial Statements.


				41
				41

THE GLENMEDE FUND, INC.

STATEMENTS OF OPERATIONS — (Continued)

For the Year Ended October 31, 2018


	Large Cap Value Portfolio			Equity Income Portfolio			Secured Options Portfolio
Investment income:
Dividends	$	2,018,905		$	499,538		$	249,808
Interest		822			362			2,493,003
Income from security lending		208			642			—

Total investment income		2,019,935			500,542			2,742,811

Expenses:
Management fees		427,258			96,056			4,408,239
Administration, transfer agent and custody fees		88,505			38,016			547,545
Professional fees		4,862			1,012			51,345
Shareholder report expenses		1,756			1,681			36,528
Shareholder servicing fees		155,367			34,929			—
Shareholder servicing fees (Advisor Class)		—			—			884,796
Directors’ fees and expenses		3,229			751			33,322
Interest expense		—			—			614
Offering expenses		—			13,147			—
Registration and filing fees		21,016			7,013			46,545
Other expenses		2,957			1,573			32,876

Total expenses		704,950			194,178			6,041,810

Less expenses waived/reimbursed		—			(45,728	)		—

Net expenses		704,950			148,450			6,041,810

Net investment income (loss)		1,314,985			352,092			(3,298,999	)

Realized and unrealized gain (loss):
Net realized gain on:
Investment transactions		6,230,383			344,821			7,341
Options written		—			—			(74,422,576	)
Purchased options		—			—			113,477,232

Net realized gain		6,230,383			344,821			39,061,997

Net change in unrealized loss of:
Investments		(7,462,298	)		(442,641	)		677,563
Options written		—			—			124,373,837
Purchased options		—			—			(141,199,630	)

Net change in unrealized loss		(7,462,298	)		(442,641	)		(16,148,230	)

Net realized and unrealized gain (loss)		(1,231,915	)		(97,820	)		22,913,767

Net increase in net assets resulting from operations	$	83,070		$	254,272		$	19,614,768

See Notes to Financial Statements.


				42
				42

THE GLENMEDE FUND, INC.

STATEMENTS OF OPERATIONS — (Continued)

For the Year Ended October 31, 2018


	Global Secured Options Portfolio			Core Fixed Income Portfolio			Short Term Tax Aware Fixed Income Portfolio
Investment income:
Dividends¹	$	81,628		$	—		$	37,227
Interest		15,637			13,232,723			404,912
Income from security lending		—			8,591			1,093

Total investment income		97,265			13,241,314			443,232

Expenses:
Management fees		42,460			1,681,283			105,512
Administration, transfer agent and custody fees		19,721			268,298			35,783
Professional fees		329			29,670			2,042
Shareholder report expenses		2,217			3,047			689
Shareholder servicing fees		15,440			480,367			30,146
Dividends on securities sold short		5,198			—			—
Directors’ fees and expenses		82			19,887			1,250
Interest expense		580			—			—
Registration and filing fees		3,338			8,736			4,959
Other expenses		1,814			10,679			2,961

Total expenses		91,179			2,501,967			183,342

Less expenses waived/reimbursed		—			—			(17,538	)

Net expenses		91,179			2,501,967			165,804

Net investment income		6,086			10,739,347			277,428

Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		978,833			(1,233,187	)		(55,210	)
Options written		(215,170	)		—			—
Purchased options		608,556			—			—

Net realized gain (loss)		1,372,219			(1,233,187	)		(55,210	)

Net change in unrealized loss of:
Investments		(1,013,339	)		(20,734,389	)		(221,379	)
Options written		150,393			—			—
Purchased options		(214,780	)		—			—

Net change in unrealized loss		(1,077,726	)		(20,734,389	)		(221,379	)

Net realized and unrealized gain (loss)		294,493			(21,967,576	)		(276,589	)

Net increase (decrease) in net assets resulting from operations	$	300,579		$	(11,228,229	)	$	839

¹	Global Secured Options Portfolio had foreign dividend withholding taxes of $12,625.

See Notes to Financial Statements.


				43
				43

THE GLENMEDE FUND, INC.

STATEMENTS OF OPERATIONS — (Concluded)

For the Year Ended October 31, 2018


	High Yield Municipal Portfolio
Investment income:
Interest	$	7,318,160

Total investment income		7,318,160

Expenses:
Management fees		1,221,364
Administration, transfer agent and custody fees		135,023
Professional fees		11,269
Shareholder report expenses		2,726
Shareholder servicing fees		469,755
Directors’ fees and expenses		7,835
Registration and filing fees		9,484
Other expenses		7,833

Total expenses		1,865,289

Net investment income		5,452,871

Realized and unrealized gain (loss):
Net realized loss on:
Investment transactions		(302,326	)
Net change in unrealized loss of:
Investments		(3,329,635	)

Net realized and unrealized loss		(3,631,961	)

Net increase in net assets resulting from operations	$	1,820,910

See Notes to Financial Statements.


				44
				44

THE GLENMEDE FUND, INC.

STATEMENTS OF CHANGES IN NET ASSETS

For the Year Ended October 31, 2018


	Quantitative U.S. Large Cap Core Equity Portfolio			Quantitative U.S. Large Cap Growth Equity Portfolio			Quantitative U.S. Large Cap Value Equity Portfolio¹
Increase (decrease) in net assets
Operations:
Net investment income	$	31,060,487		$	19,281,182		$	14,163
Net realized gain (loss) on:
Investment transactions		214,504,733			439,898,261			(24,574	)
Net change in unrealized loss of:
Investments		(127,314,232	)		(206,750,443	)		(4,590	)

Net increase (decrease) in net assets resulting from operations		118,250,988			252,429,000			(15,001	)
Distributions from earnings*		—			—			(12,152	)
Distributions from earnings: Advisor Class*		(108,519,634	)		(71,840,240	)		—
Distributions from earnings: Institutional Class*		(32,533,715	)		(22,676,269	)		—
Net increase (decrease) in net assets from capital share transactions (See note 6)		191,028,830			(688,056,159	)		1,118,927

Net increase (decrease) in net assets		168,226,469			(530,143,668	)		1,091,774


NET ASSETS:
Beginning of year		2,674,155,128			3,937,031,556			—

End of year**	$	2,842,381,597		$	3,406,887,888		$	1,091,774

*	The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018.

**	The SEC eliminated the requirement to disclose undistributed net investment income in 2018.

¹	Portfolio commenced operations on November 13, 2017.

For the Year Ended October 31, 2017


	Quantitative U.S. Large Cap Core Equity Portfolio			Quantitative U.S. Large Cap Growth Equity Portfolio
Increase (decrease) in net assets
Operations:
Net investment income	$	23,053,074		$	20,244,197
Net realized gain on:
Investment transactions		112,943,392			92,697,678
Net change in unrealized gain of:
Investments		413,294,193			757,074,891

Net increase in net assets resulting from operations		549,290,659			870,016,766
Distributions to shareholders from:
Net investment income:
Advisor Class		(18,027,294	)		(17,159,516	)
Institutional Class		(4,495,507	)		(1,964,103	)
Net increase in net assets from capital share transactions (See note 6)		180,603,560			62,682,043

Net increase in net assets		707,371,418			913,575,190


NET ASSETS:
Beginning of year		1,966,783,710			3,023,456,366

End of year	$	2,674,155,128		$	3,937,031,556

Undistributed net investment income included in net assets at end of year	$	2,032,279		$	2,019,426

See Notes to Financial Statements.


				45
				45

THE GLENMEDE FUND, INC.

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the Year Ended October 31, 2018


	Quantitative U.S. Small Cap Equity Portfolio¹			Quantitative International Equity Portfolio			Responsible ESG U.S. Equity Portfolio
Increase (decrease) in net assets
Operations:
Net investment income	$	4,780		$	8,708,828		$	153,830
Net realized gain (loss) on:
Investment transactions		(3,730	)		12,416,904			787,318
Net change in unrealized gain (loss) of:
Investments		27,104			(69,083,516	)		(480,378	)
Foreign currency translations		—			(24	)		—

Net increase (decrease) in net assets resulting from operations		28,154			(47,957,808	)		460,770
Distributions from earnings*		(3,800	)		(8,716,752	)		(202,750	)
Net increase (decrease) in net assets from capital share transactions (See note 6)		1,049,200			(17,822,688	)		7,899,714

Net increase (decrease) in net assets		1,073,554			(74,497,248	)		8,157,734

NET ASSETS:
Beginning of year		—			461,685,627			13,588,594

End of year**	$	1,073,554		$	387,188,379		$	21,746,328

*	The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018.

**	The SEC eliminated the requirement to disclose undistributed net investment income in 2018.

¹	Portfolio commenced operations on November 13, 2017.

For the Year Ended October 31, 2017


	Quantitative International Equity Portfolio			Responsible ESG U.S. Equity Portfolio
Increase (decrease) in net assets
Operations:
Net investment income	$	7,911,346		$	74,582
Net realized gain (loss) on:
Investment transactions		11,937,738			83,890
Foreign currency transactions		(837	)		—
Net change in unrealized gain of:
Investments		62,545,150			2,025,228
Foreign currency translations		206			—

Net increase in net assets resulting from operations		82,393,603			2,183,700
Distributions to shareholders from:
Net investment income		(7,885,718	)		(65,637	)
Net increase (decrease) in net assets from capital share transactions (See note 6)		(54,106,530	)		4,909,970

Net increase in net assets		20,401,355			7,028,033


NET ASSETS:
Beginning of year		441,284,272			6,560,561

End of year	$	461,685,627		$	13,588,594

Undistributed net investment income included in net assets at end of year	$	212,072		$	7,492

See Notes to Financial Statements.


				46
				46

THE GLENMEDE FUND, INC.

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the Year Ended October 31, 2018


	Women in Leadership U.S. Equity Portfolio			Quantitative U.S. Long/ Short Equity Portfolio			Quantitative U.S. Total Market Equity Portfolio
Increase (decrease) in net assets
Operations:
Net investment income	$	146,785		$	797,585		$	323,361
Net realized gain (loss) on:
Investment transactions		625,644			28,360,510			9,329,617
Securities sold short		—			(25,562,844	)		(2,752,346	)
Net change in unrealized gain (loss) of:
Investments		(555,008	)		(24,427,733	)		(6,715,343	)
Securities sold short		—			11,778,484			1,570,230

Net increase (decrease) in net assets resulting from operations		217,421			(9,053,998	)		1,755,519
Distributions from earnings*		(223,116	)		—			(2,506,149	)
Net increase in net assets from capital share transactions (See note 6)		7,125,920			42,075,902			17,093,541

Net increase in net assets		7,120,225			33,021,904			16,342,911


NET ASSETS:
Beginning of year		11,853,352			300,783,832			74,267,201

End of year**	$	18,973,577		$	333,805,736		$	90,610,112

*	The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018.

**	The SEC eliminated the requirement to disclose undistributed net investment income in 2018.

For the Year Ended October 31, 2017


	Women in Leadership U.S. Equity Portfolio			Quantitative U.S. Long/ Short Equity Portfolio			Quantitative U.S. Total Market Equity Portfolio
Increase (decrease) in net assets
Operations:
Net investment income (loss)	$	77,241		$	(1,165,154	)	$	158,212
Net realized gain (loss) on:
Investment transactions		79,110			11,127,045			4,562,367
Securities sold short		—			(21,190,936	)		(1,343,742	)
Net change in unrealized gain (loss) of:
Investments		1,684,871			47,654,596			13,933,940
Securities sold short		—			(3,867,310	)		(291,629	)

Net increase in net assets resulting from operations		1,841,222			32,558,241			17,019,148
Distributions to shareholders from:
Net investment income		(77,872	)		—			(160,173	)
Net increase (decrease) in net assets from capital share transactions (See note 6) .		3,573,344			28,812,138			(3,674,368	)

Net increase in net assets		5,336,694			61,370,379			13,184,607


NET ASSETS:
Beginning of year		6,516,658			239,413,453			61,082,594

End of year	$	11,853,352		$	300,783,832		$	74,267,201

Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	6,920		$	(852,391	)	$	15,798

See Notes to Financial Statements.


				47
				47

THE GLENMEDE FUND, INC.

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the Year Ended October 31, 2018


	Strategic Equity Portfolio			Small Cap Equity Portfolio			Mid Cap Equity Portfolio
Increase (decrease) in net assets
Operations:
Net investment income	$	1,795,225		$	6,865,007		$	64,792
Net realized gain on:
Investment transactions		2,696,774			438,340,023			2,681,742
Net change in unrealized gain (loss) of:
Investments		6,004,844			(483,441,224	)		(2,536,921	)

Net increase (decrease) in net assets resulting from operations		10,496,843			(38,236,194	)		209,613
Distributions from earnings*		(15,680,195	)		—			—
Distributions from earnings: Advisor Class*		—			(155,679,103	)		(63,157	)
Distributions from earnings: Institutional Class*		—			(186,692,964	)		—
Net increase (decrease) in net assets from capital share transactions (See note 6)		21,876,413			447,569,616			(11,770,101	)

Net increase (decrease) in net assets		16,693,061			66,961,355			(11,623,645	)


NET ASSETS:
Beginning of year		209,339,001			3,454,636,210			14,789,602

End of year**	$	226,032,062		$	3,521,597,565		$	3,165,957

*	The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018.

**	The SEC eliminated the requirement to disclose undistributed net investment income in 2018.

For the Year Ended October 31, 2017


	Strategic Equity Portfolio			Small Cap Equity Portfolio			Mid Cap Equity Portfolio
Increase (decrease) in net assets
Operations:
Net investment income	$	1,612,540		$	2,134,665		$	51,985
Net realized gain on:
Investment transactions		13,878,632			339,553,081			1,218,041
Net change in unrealized gain of:
Investments		31,243,358			398,451,691			1,655,207

Net increase in net assets resulting from operations		46,734,530			740,139,437			2,925,233
Distributions to shareholders from:
Net investment income:
Net investment income		(1,598,222	)		—			—
Advisor Class		—			(1,143,575	)		(62,132	)
Institutional Class		—			(1,571,028	)		—
Net realized gain on investments:
Net realized gain on investments		(11,563,281	)		—			—
Advisor Class		—			(27,237,864	)		—
Institutional Class		—			(24,946,026	)		—
Net increase (decrease) in net assets from capital share transactions (See note 6)		(1,097,983	)		137,483,317			(6,122,043	)

Net increase (decrease) in net assets		32,475,044			822,724,261			(3,258,942	)


NET ASSETS:
Beginning of year		176,863,957			2,631,911,949			18,048,544

End of year	$	209,339,001		$	3,454,636,210		$	14,789,602

Undistributed net investment income included in net assets at end of year	$	239,060		$	348,454		$	1,140

See Notes to Financial Statements.


				48
				48

THE GLENMEDE FUND, INC.

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the Year Ended October 31, 2018


	Large Cap Value Portfolio			Equity Income Portfolio			Secured Options Portfolio
Increase (decrease) in net assets
Operations:
Net investment income (loss)	$	1,314,985		$	352,092		$	(3,298,999	)
Net realized gain (loss) on:
Investment transactions		6,230,383			344,821			7,341
Options written		—			—			(74,422,576	)
Purchased options		—			—			113,477,232
Net change in unrealized gain (loss) of:
Investments		(7,462,298	)		(442,641	)		677,563
Options written		—			—			124,373,837
Purchased options		—			—			(141,199,630	)

Net increase in net assets resulting from operations		83,070			254,272			19,614,768
Distributions from earnings*		(5,981,449	)		(342,969	)		—
Distributions from earnings: Advisor Class*		—			—			(27,003,515	)
Distributions from earnings: Institutional Class*		—			—			(22,919,496	)
Net increase in net assets from capital share transactions (See note 6)		1,030,019			5,654,233			60,394,967

Net increase (decrease) in net assets		(4,868,360	)		5,565,536			30,086,724


NET ASSETS:
Beginning of year		76,464,871			12,970,080			812,382,301

End of year**	$	71,596,511		$	18,535,616		$	842,469,025

*	The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018.

**	The SEC eliminated the requirement to disclose undistributed net investment income in 2018.

For the Year Ended October 31, 2017


	Large Cap Value Portfolio			Equity Income Portfolio¹			Secured Options Portfolio
Increase (decrease) in net assets
Operations:
Net investment income (loss)	$	1,514,496		$	126,103		$	(4,552,698	)
Net realized gain (loss) on:
Investment transactions		4,942,796			(17,393	)		6,370,303
Options written		—			—			45,444,375
Net change in unrealized gain of:
Investments		8,697,281			879,089			2,988,347
Options Written		—			—			1,863,564

Net increase in net assets resulting from operations		15,154,573			987,799			52,113,891
Distributions to shareholders from:
Net investment income		(1,640,134	)		(105,892	)		—
Net realized gain on investments:
Net realized gain on investments		(5,421,668	)		—			—
Advisor Class		—			—			(24,886,106	)
Institutional Class		—			—			(3,551,257	)
Net increase (decrease) in net assets from capital share transactions (See note 6)		(3,782,215	)		12,088,173			214,505,934

Net increase in net assets		4,310,556			12,970,080			238,182,462

NET ASSETS:
Beginning of year		72,154,315			—			574,199,839

End of year	$	76,464,871		$	12,970,080		$	812,382,301

Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	39,233		$	19,270		$	(21,056	)

¹	Portfolio commenced operations on December 21, 2016.

See Notes to Financial Statements.


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THE GLENMEDE FUND, INC.

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the Year Ended October 31, 2018


	Global Secured Options Portfolio			Core Fixed Income Portfolio			Short Term Tax Aware Fixed Income Portfolio
Increase (decrease) in net assets
Operations:
Net investment income	$	6,086		$	10,739,347		$	277,428
Net realized gain (loss) on:
Investment transactions		978,833			(1,233,187	)		(55,210	)
Options written		(215,170	)		—			—
Purchased options		608,556			—			—
Net change in unrealized gain (loss) of:
Investments		(1,013,339	)		(20,734,389	)		(221,379	)
Options written		150,393			—			—
Purchased options		(214,780	)		—			—

Net increase (decrease) in net assets resulting from operations		300,579			(11,228,229	)		839
Distributions from earnings*		(90,635	)		(13,346,135	)		(272,978	)
Net increase (decrease) in net assets from capital share transactions (See note 6)		(8,341,643	)		21,227,341			(7,334,294	)

Net increase (decrease) in net assets		(8,131,699	)		(3,347,023	)		(7,606,433	)


NET ASSETS:
Beginning of year		10,641,618			488,548,092			33,900,324

End of year**	$	2,509,919		$	485,201,069		$	26,293,891

*	The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018.

**	The SEC eliminated the requirement to disclose undistributed net investment income in 2018.

For the Year Ended October 31, 2017


	Global Secured Options Portfolio			Core Fixed Income Portfolio			Short Term Tax Aware Fixed Income Portfolio
Increase (decrease) in net assets
Operations:
Net investment income	$	90,179		$	9,162,397		$	221,377
Net realized gain (loss) on:
Investment transactions		1,210,345			2,642,385			(77,153	)
Options written		(19,710	)		—			—
Net change in unrealized gain (loss) of:
Investments		543,844			(8,388,143	)		51,889
Options Written		(91,742	)		—			—

Net increase in net assets resulting from operations		1,732,916			3,416,639			196,113
Distributions to shareholders from:
Net investment income		(135,356	)		(9,796,163	)		(215,204	)
Net realized gain on investments		—			(3,226,898	)		—
Net increase (decrease) in net assets from capital share transactions (See note 6)		(19,774,126	)		11,282,745			3,842,969

Net increase (decrease) in net assets		(18,176,566	)		1,676,323			3,823,878


NET ASSETS:
Beginning of year		28,818,184			486,871,769			30,076,446

End of year	$	10,641,618		$	488,548,092		$	33,900,324

Undistributed net investment income included in net assets at end of year	$	27,533		$	927,412		$	18,485

See Notes to Financial Statements.


				50
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THE GLENMEDE FUND, INC.

STATEMENTS OF CHANGES IN NET ASSETS — (Concluded)

For the Year Ended October 31, 2018


	High Yield Municipal Portfolio
Increase (decrease) in net assets
Operations:
Net investment income	$	5,452,871
Net realized loss on:
Investment transactions		(302,326	)
Net change in unrealized loss of:
Investments		(3,329,635	)

Net increase in net assets resulting from operations		1,820,910
Distributions from earnings*		(5,398,931	)
Net increase in net assets from capital share transactions (See note 6)		25,457,385

Net increase in net assets		21,879,364


NET ASSETS:
Beginning of year		170,439,764

End of year**	$	192,319,128

*	The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018.

**	The SEC eliminated the requirement to disclose undistributed net investment income in 2018.

For the Year Ended October 31, 2017


	High Yield Municipal Portfolio
Increase (decrease) in net assets
Operations:
Net investment income	$	4,480,945
Net realized loss on:
Investment transactions		(425,239	)
Net change in unrealized gain of:
Investments		379,365

Net increase in net assets resulting from operations		4,435,071
Distributions to shareholders from:
Net investment income		(4,350,831	)
Net realized gain on investments		(615,129	)
Net increase in net assets from capital share transactions (See note 6)		17,080,353

Net increase in net assets		16,549,464


NET ASSETS:
Beginning of year		153,890,300

End of year	$	170,439,764

Undistributed net investment income included in net assets at end of year	$	426,873

See Notes to Financial Statements.


				51
				51

THE GLENMEDE FUND, INC.

STATEMENT OF CASH FLOWS

For the Year Ended October 31, 2018


	Quantitative U.S. Long/Short Equity Portfolio
Cash flows from operating activities
Adjustments to reconcile net decrease in net assets from operations to net cash provided by (used in) operating activities
Net decrease in net assets resulting from operations	$	(9,053,998	)
Investments purchased		(187,652,813	)
Investments sold		165,561,538
Purchases to cover securities sold short		(281,430,525	)
Securities sold short		282,978,253
(Purchase)/Sale of short term investments, net		(7,872,796	)
Increase in Interest receivable		(208,521	)
Increase in Cash collateral on deposit at broker		(15,357,406	)
Increase in Securities lending receivable		(45	)
Increase in Dividends receivable		(211,822	)
Increase in Prepaid expenses		(1,015	)
Increase in Obligation to return securities lending collateral		1,124,016
Increase in Dividends payable for securities sold short		79,909
Increase in Payable for Management fees		28,839
Increase in Payable for Directors’ fees		894
Increase in Payable for Shareholder Servicing fees		6,786
Decrease in Accrued expenses		(5,279	)
Net change in unrealized gain (loss) on investments		24,427,733
Net realized gain from investments		(28,360,510	)
Net change in unrealized gain (loss) on securities sold short		(11,778,484	)
Net realized loss from securities sold short		25,562,844

Net cash provided by (used in) operating activities		(42,162,402	)


Cash flows from financing activities
Proceeds from shares sold		76,535,237
Payments on shares redeemed		(34,372,835	)

Net cash provided by (used in) financing activities		42,162,402

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

Cash at end of period	$	—

Short sale dividend expense for the fiscal year was $3,658,923.

The Portfolio did not pay any prime broker fees during the year ended October 31, 2018.

See Notes to Financial Statements.


				52
				52

THE GLENMEDE FUND, INC.

STATEMENT OF CASH FLOWS — (Concluded)

For the Year Ended October 31, 2018


	Quantitative U.S. Total Market Equity Portfolio
Cash flows from operating activities
Adjustments to reconcile net increase in net assets from operations to net cash provided by (used in) operating activities
Net increase in net assets resulting from operations	$	1,755,519
Investments purchased		(87,849,493	)
Investments sold		71,750,223
Purchases to cover securities sold short		(36,905,084	)
Securities sold short		38,362,617
(Purchase)/Sale of short term investments, net		(208,676	)
Increase in Interest receivable		(8	)
Increase in Receivable from Investment Advisor		(2,616	)
Increase in Dividends receivable		(58,439	)
Increase in Prepaid expenses		(271	)
Increase in Dividends payable for securities sold short		7,982
Increase in Payable for Management fees		14,544
Increase in Payable for Directors’ fees		292
Increase in Payable for Shareholder Servicing fees		3,422
Increase in Accrued expenses		6,917
Net change in unrealized gain (loss) on investments		6,715,343
Net realized gain from investments		(9,329,617	)
Net change in unrealized gain (loss) on securities sold short		(1,570,230	)
Net realized loss from securities sold short		2,752,346

Net cash provided by (used in) operating activities		(14,555,229	)


Cash flows from financing activities
Proceeds from shares sold		33,825,076
Payments on shares redeemed		(19,068,386	)
Cash distributions paid		(201,461	)

Net cash provided by (used in) financing activities		14,555,229

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

Cash at end of period	$	—

Non-cash financing activities not included herein consist of a reinvestment of dividends of $2,304,688. Short sale dividend expense for the fiscal year was $425,129.

The Portfolio did not pay any prime broker fees during the year ended October 31, 2018.

See Notes to Financial Statements.


				53
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THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year


	Quantitative U.S. Large Cap Core Equity Portfolio Advisor Shares
	For The Years Ended October 31,
	2018¹			2017			2016¹			2015			2014

Net asset value, beginning of year	$	28.08		$	22.36		$	22.34		$	21.76		$	18.57

Income from investment operations:
Net investment income		0.29			0.23			0.25			0.22			0.18
Net realized and unrealized gain on investments		0.95			5.72			0.25			1.23			3.54


Total from investment operations		1.24			5.95			0.50			1.45			3.72

Distributions to shareholders from:
Net investment income		(0.28	)		(0.23	)		(0.25	)		(0.22	)		(0.19	)
Net realized capital gains		(1.16	)		—			(0.23	)		(0.65	)		(0.34	)


Total distributions		(1.44	)		(0.23	)		(0.48	)		(0.87	)		(0.53	)


Net asset value, end of year	$	27.88		$	28.08		$	22.36		$	22.34		$	21.76


Total return		4.42	%		26.74	%		2.34	%		6.83	%		20.46	%

Ratios to average net assets/ Supplemental data:
Net assets, at end of year (in 000s)	$	2,075,264		$	2,124,803		$	1,691,802		$	1,643,278		$	724,089
Ratio of operating expenses to average net assets		0.85	%		0.86	%		0.88	%		0.87	%		0.87	%
Ratio of net investment income to average net assets		1.02	%		0.94	%		1.14	%		1.05	%		1.00	%
Portfolio turnover rate²		71	%		62	%		111	%		122	%		73	%

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.


	Quantitative U.S. Large Cap Core Equity Portfolio Institutional Shares
	For The Years Ended October 31,						For the Period December 30, 2015¹ through October 31, 2016²
	2018			2017

Net asset value, beginning of year	$	28.09		$	22.37		$	21.85

Income from investment operations:
Net investment income		0.34			0.27			0.29
Net realized and unrealized gain on investments		0.95			5.73			0.45


Total from investment operations		1.29			6.00			0.74

Distributions to shareholders from:
Net investment income		(0.33	)		(0.28	)		(0.22	)
Net realized capital gains		(1.16	)		—			—


Total distributions		(1.49	)		(0.28	)		(0.22	)


Net asset value, end of year	$	27.89		$	28.09		$	22.37


Total return		4.61	%		26.96	%		3.41	%³

Ratios to average net assets/ Supplemental data:
Net assets, at end of year (in 000s)	$	767,117		$	549,352		$	274,982
Ratio of operating expenses to average net assets		0.65	%		0.66	%		0.68	%⁴
Ratio of net investment income to average net assets		1.22	%		1.12	%		1.31	%⁴
Portfolio turnover rate⁵		71	%		62	%		111	%

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.


				54
				54

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS — (Continued)

For a share outstanding throughout each year


	Quantitative U.S. Large Cap Growth Equity Portfolio Advisor Shares
	For The Years Ended October 31,
	2018			2017			2016¹			2015			2014

Net asset value, beginning of year	$	31.54		$	24.76		$	24.70		$	23.05		$	19.65

Income from investment operations:
Net investment income		0.16			0.16			0.16			0.13			0.14
Net realized and unrealized gain on investments		1.58			6.77			0.05	²		2.26			4.26


Total from investment operations		1.74			6.93			0.21			2.39			4.40

Distributions to shareholders from:
Net investment income		(0.17	)		(0.15	)		(0.15	)		(0.13	)		(0.14	)
Net realized capital gains		(0.59	)		—			—			(0.61	)		(0.86	)


Total distributions		(0.76	)		(0.15	)		(0.15	)		(0.74	)		(1.00	)


Net asset value, end of year	$	32.52		$	31.54		$	24.76		$	24.70		$	23.05


Total return		5.53	%		28.05	%		0.87	%		10.60	%		23.36	%

Ratios to average net assets/ Supplemental data:
Net assets, at end of year (in 000s)	$	2,660,858		$	3,076,616		$	2,988,342		$	1,959,171		$	630,362
Ratio of operating expenses to average net assets		0.85	%		0.86	%		0.88	%		0.87	%		0.88	%
Ratio of net investment income to average net assets		0.44	%		0.56	%		0.66	%		0.59	%		0.70	%
Portfolio turnover rate³		63	%		69	%		88	%		95	%		76	%

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	Portfolio turnover is calculated at the fund level.

See Notes to Financial Statements.


				55
				55

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS — (Continued)

For a share outstanding throughout each year


	Quantitative U.S. Large Cap Growth Equity Portfolio Institutional Shares
	For The Years Ended October 31,						For the Period November 5, 2015¹ through October 31, 2016²
	2018			2017

Net asset value, beginning of year	$	31.55		$	24.77		$	24.83

Income from investment operations:
Net investment income		0.21			0.18			0.22
Net realized and unrealized gain (loss) on investments		1.59			6.80			(0.08	)


Total from investment operations		1.80			6.98			0.14

Distributions to shareholders from:
Net investment income		(0.23	)		(0.20	)		(0.20	)
Net realized capital gains		(0.59	)		—			—


Total distributions		(0.82	)		(0.20	)		(0.20	)


Net asset value, end of year	$	32.53		$	31.55		$	24.77


Total return		5.74	%		28.28	%		0.60	%³

Ratios to average net assets/ Supplemental data:
Net assets, at end of year (in 000s)	$	746,030		$	860,416		$	35,114
Ratio of operating expenses to average net assets		0.65	%	��	0.66	%		0.68	%⁴
Ratio of net investment income to average net assets		0.64	%		0.66	%		0.90	%⁴
Portfolio turnover rate⁵		63	%		69	%		88	%

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.


				56
				56

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS — (Continued)

For a share outstanding throughout each year


	Quantitative U.S. Large Cap Value Equity Portfolio
	For the Period November 13, 2017 through October 31,¹2018

Net asset value, beginning of period	$	10.00

Income from investment operations:
Net investment income		0.14
Net realized and unrealized gain (loss) on investments		(0.20	)


Total from investment operations		(0.06	)

Distributions to shareholders from:
Net investment income		(0.12	)


Total distributions		(0.12	)


Net asset value, end of period	$	9.82


Total return		(0.69	)%^2,3

Ratios to average net assets/ Supplemental data:
Net assets, at end of period (in 000s)	$	1,092
Ratio of operating expenses before waiver/reimbursement to average net assets		6.52	%⁴
Ratio of operating expenses after waiver/reimbursement to average net assets		1.00	%⁴
Ratio of net investment income to average net assets		1.36	%⁴
Portfolio turnover rate		61	%⁵

¹	Commencement of operations.

²	The Total Return reflects fee waivers and/or expense reimbursements in effect and would have been lower in their absence.

³	Total return calculation is not annualized.

⁴	Annualized.

⁵	Calculations represent portfolio turnover for the Portfolio for the period of November 13, 2017 through October 31, 2018.

See Notes to Financial Statements.


				57
				57

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS — (Continued)

For a share outstanding throughout each year


	Quantitative U.S. Small Cap Equity Portfolio
	For the Period November 13, 2017 through October 31,¹2018

Net asset value, beginning of period	$	10.00

Income from investment operations:
Net investment income		0.05
Net realized and unrealized gain on investments		0.24


Total from investment operations		0.29

Distributions to shareholders from:
Net investment income		(0.04	)


Total distributions		(0.04	)


Net asset value, end of period	$	10.25


Total return		2.85	%^2,3

Ratios to average net assets/ Supplemental data:
Net assets, at end of period (in 000s)	$	1,074
Ratio of operating expenses before waiver/reimbursement to average net assets		6.48	%⁴
Ratio of operating expenses after waiver/reimbursement to average net assets		1.00	%⁴
Ratio of net investment income to average net assets		0.44	%⁴
Portfolio turnover rate		80	%⁵

¹	Commencement of operations.

²	Total return calculation is not annualized.

³	The Total Return reflects fee waivers and/or expense reimbursements in effect and would have been lower in their absence.

⁴	Annualized.

⁵	Calculations represent portfolio turnover for the Portfolio for the period of November 13, 2017 through October 31, 2018.

See Notes to Financial Statements.


				58
				58

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS — (Continued)

For a share outstanding throughout each year


	Quantitative International Equity Portfolio
	For the Years Ended October 31,
	2018			2017¹			2016¹			2015¹			2014¹

Net asset value, beginning of year	$	15.16		$	12.76		$	13.45		$	13.83		$	14.52


Income from investment operations:
Net investment income		0.29			0.25			0.24			0.15			0.24
Net realized and unrealized gain (loss) on investments		(1.90	)		2.41			(0.71	)		(0.40	)		(0.65	)


Total from investment operations		(1.61	)		2.66			(0.47	)		(0.25	)		(0.41	)

Distributions to shareholders from:
Net investment income		(0.29	)		(0.26	)		(0.22	)		(0.13	)		(0.28	)


Total distributions		(0.29	)		(0.26	)		(0.22	)		(0.13	)		(0.28	)


Net asset value, end of year	$	13.26		$	15.16		$	12.76		$	13.45		$	13.83


Total return		(10.80	)%²		20.96	%²		(3.44	)%²		(1.83	)%²		(2.94	)%²

Ratios to average net assets/ Supplemental data:
Net assets, at end of year (in 000s)	$	387,188		$	461,686		$	441,284		$	243,403		$	37,520
Ratio of operating expenses before waiver/reimbursement to average net assets		1.07	%		1.06	%		1.12	%		1.24	%		1.24	%
Ratio of operating expenses after waiver/reimbursement to average net assets		1.00	%		1.00	%		1.04	%		1.24	%		1.23	%
Ratio of net investment income to average net assets		1.90	%		1.82	%		1.88	%		1.10	%		1.64	%
Portfolio turnover rate		78	%		75	%		121	%		148	%		47	%

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

²	The Total Return reflects fee waivers and/or expense reimbursements in effect and would have been lower in their absence.

See Notes to Financial Statements.


				59
				59

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS — (Continued)

For a share outstanding throughout each year


	Responsible ESG U.S. Equity Portfolio
	For the Years Ended October 31,						For the Period December 22, 2015¹ through October 31, 2016²
	2018			2017

Net asset value, beginning of year	$	13.61		$	10.84		$	10.00

Income from investment operations:
Net investment income		0.11			0.09			0.07
Net realized and unrealized gain on investments		0.57			2.77			0.82


Total from investment operations		0.68			2.86			0.89

Distributions to shareholders from:
Net investment income		(0.11	)		(0.09	)		(0.05	)
Net realized capital gains		(0.06	)		—			—


Total distributions		(0.17	)		(0.09	)		(0.05	)


Net asset value, end of year	$	14.12		$	13.61		$	10.84


Total return³		5.01	%		26.42	%		8.87	%⁴

Ratios to average net assets/ Supplemental data:
Net assets, at end of year (in 000s)	$	21,746		$	13,589		$	6,561
Ratio of operating expenses before waiver/reimbursement to average net assets		1.09	%		1.23	%		2.21	%⁵
Ratio of operating expenses after waiver/reimbursement to average net assets		1.00	%		1.00	%		1.00	%⁵
Ratio of net investment income to average net assets		0.87	%		0.75	%		0.76	%⁵
Portfolio turnover rate		61	%		54	%		65	%⁶

¹	Commencement of operations.

²	Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

³	The Total Return reflects fee waivers and/or expense reimbursements in effect and would have been lower in their absence.

⁴	Total return calculation is not annualized.

⁵	Annualized.

⁶	Calculations represent portfolio turnover for the Portfolio for the period of December 22, 2015 through October 31, 2016.

See Notes to Financial Statements.


				60
				60

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS — (Continued)

For a share outstanding throughout each year


	Women in Leadership U.S. Equity Portfolio
	For the Years Ended October 31,						For the Period December 22, 2015¹ through October 31, 2016²
	2018²			2017

Net asset value, beginning of year	$	13.10		$	10.65		$	10.00

Income from investment operations:
Net investment income		0.12			0.11			0.14
Net realized and unrealized gain on investments		0.32			2.45			0.63


Total from investment operations		0.44			2.56			0.77

Distributions to shareholders from:
Net investment income		(0.11	)		(0.11	)		(0.12	)
Net realized capital gains		(0.09	)		—			—


Total distributions		(0.20	)		(0.11	)		(0.12	)


Net asset value, end of year	$	13.34		$	13.10		$	10.65


Total return³		3.36	%		24.11	%		7.73	%⁴

Ratios to average net assets/ Supplemental data:
Net assets, at end of year (in 000s)	$	18,974		$	11,853		$	6,517
Ratio of operating expenses before waiver/reimbursement to average net assets		1.11	%		1.28	%		2.22	%⁵
Ratio of operating expenses after waiver/reimbursement to average net assets		1.00	%		1.00	%		1.00	%⁵
Ratio of net investment income to average net assets		0.88	%		0.88	%		1.31	%⁵
Portfolio turnover rate		81	%		70	%		81	%⁶

¹	Commencement of operations.

²	Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

³	The Total Return reflects fee waivers and/or expense reimbursements in effect and would have been lower in their absence.

⁴	Total return calculation is not annualized.

⁵	Annualized.

⁶	Calculations represent portfolio turnover for the Portfolio for the period of December 22, 2015 through October 31, 2016.

See Notes to Financial Statements.


				61
				61

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS — (Continued)

For a share outstanding throughout each year


	Quantitative U.S. Long/Short Equity Portfolio
	For the Years Ended October 31,
	2018¹			2017¹			2016¹			2015¹			2014¹

Net asset value, beginning of year	$	12.86		$	11.39		$	11.32		$	10.80		$	10.50

Income from investment operations:
Net investment income (loss)		0.03			(0.05	)		(0.03	)		(0.07	)		(0.07	)
Net realized and unrealized gain (loss) on investments		(0.34	)		1.52			0.10			0.59			0.37


Total from investment operations		(0.31	)		1.47			0.07			0.52			0.30


Net asset value, end of year	$	12.55		$	12.86		$	11.39		$	11.32		$	10.80


Total return²		(2.41	)%		12.91	%		0.62	%		4.81	%³		2.86	%³

Ratios to average net assets/ Supplemental data:
Net assets, at end of year (in 000s)	$	333,806		$	300,784		$	239,413		$	193,480		$	109,965
Ratio of operating expenses before waiver/reimbursement to average net assets		2.61	%		2.77	%		2.73	%		2.64	%		2.48	%
Ratio of operating expenses after waiver/reimbursement to average net assets⁴		2.26	%		2.42	%		2.38	%		2.29	%		2.13	%
Ratio of net investment income to average net assets		0.24	%		(0.43	)%		(0.41	)%		(0.67	)%		(0.63	)%
Portfolio turnover rate⁵		84	%		65	%		98	%		119	%		150	%

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

²	The Total Return reflects fee waivers and/or expense reimbursements in effect and would have been lower in their absence.

³	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value and returns for shareholder transactions as shown in the management discussion and analysis and as otherwise reported to shareholders.

⁴	The ratio of operating expenses after waiver/reimbursement excluding dividends on securities sold short was 1.15%, 1.15%, 1.17%, 1.16% and 1.22% for the years ended October 31, 2018, 2017, 2016, 2015 and 2014 respectively.

⁵	The calculation of the portfolio turnover rate reflects the absolute value of the long and short positions.

See Notes to Financial Statements.


				62
				62

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS — (Continued)

For a share outstanding throughout each year


	Quantitative U.S. Total Market Equity Portfolio
	For the Years Ended October 31,
	2018			2017			2016			2015			2014

Net asset value, beginning of year	$	18.88		$	14.65		$	14.68		$	15.07		$	12.78

Income from investment operations:
Net investment income		0.07			0.04			0.09			0.08			0.06
Net realized and unrealized gain (loss) on investments		0.51			4.23			(0.04	)		0.49			2.29


Total from investment operations		0.58			4.27			0.05			0.57			2.35

Distributions to shareholders from:
Net investment income		(0.06	)		(0.04	)		(0.08	)		(0.08	)		(0.06	)
Net realized capital gains		(0.55	)		—			—			(0.88	)		(0.00	)¹


Total distributions		(0.61	)		(0.04	)		(0.08	)		(0.96	)		(0.06	)


Net asset value, end of year	$	18.85		$	18.88		$	14.65		$	14.68		$	15.07


Total return²		3.01	%		29.18	%		0.37	%		3.94	%		18.43	%

Ratios to average net assets/ Supplemental data:
Net assets, at end of year (in 000s)	$	90,610		$	74,267		$	61,083		$	88,734		$	61,467
Ratio of operating expenses before waiver/reimbursement to average net assets		2.31	%		2.40	%		2.59	%		2.29	%		2.23	%
Ratio of operating expenses after waiver/reimbursement to average net assets³		1.96	%		2.05	%		2.16	%		1.93	%		1.85	%
Ratio of net investment income to average net assets		0.37	%		0.24	%		0.56	%		0.55	%		0.41	%
Portfolio turnover rate⁴		82	%		70	%		88	%		129	%		117	%

¹	Amount rounds to less than $0.01 per share.

²	The Total Return reflects fee waivers and/or expense reimbursements in effect and would have been lower in their absence.

³	The ratio of operating expenses after waiver/reimbursement excluding dividends sold short and flex fees was 1.25%, 1.23%, 1.25%, 1.25% and 1.25% for the years ended October 31, 2018, 2017, 2016, 2015, 2014, respectively.

⁴	The calculation of the portfolio turnover rate reflects the absolute value of the long and short positions.


	Strategic Equity Portfolio
	For the Years Ended October 31,
	2018¹			2017			2016			2015			2014

Net asset value, beginning of year	$	24.90		$	20.94		$	21.80		$	23.89		$	23.14

Income from investment operations:
Net investment income		0.20			0.19			0.21			0.23			0.23
Net realized and unrealized gain on investments		1.07			5.35			0.81			0.76			3.20


Total from investment operations		1.27			5.54			1.02			0.99			3.43

Distributions to shareholders from:
Net investment income		(0.20	)		(0.19	)		(0.20	)		(0.24	)		(0.24	)
Net realized capital gains		(1.67	)		(1.39	)		(1.68	)		(2.84	)		(2.44	)


Total distributions		(1.87	)		(1.58	)		(1.88	)		(3.08	)		(2.68	)


Net asset value, end of year	$	24.30		$	24.90		$	20.94		$	21.80		$	23.89


Total return		5.14	%		27.83	%		5.22	%		4.49	%		16.48	%

Ratios to average net assets/ Supplemental data:
Net assets, at end of year (in 000s)	$	226,032		$	209,339		$	176,864		$	174,409		$	184,368
Ratio of operating expenses to average net assets		0.83	%		0.82	%		0.84	%		0.84	%		0.86	%
Ratio of net investment income to average net assets		0.79	%		0.84	%		1.00	%		1.03	%		1.04	%
Portfolio turnover rate		6	%		15	%		22	%		23	%		22	%

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

See Notes to Financial Statements.


				63
				63

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS — (Continued)

For a share outstanding throughout each year


	Small Cap Equity Portfolio Advisor Shares
	For The Years Ended October 31,
	2018			2017			2016			2015			2014¹

Net asset value, beginning of year	$	32.13		$	25.61		$	26.02		$	26.30		$	26.12

Income from investment operations:
Net investment income (loss)		0.02			(0.01	)		0.03			0.02			(0.02	)
Net realized and unrealized gain (loss) on investments		(0.10	)		7.07			(0.15	)		0.74			1.49


Total from investment operations		(0.08	)		7.06			(0.12	)		0.76			1.47

Distributions to shareholders from:
Net investment income		(0.02	)		(0.02	)		(0.05	)		(0.02	)		(0.10	)
Net realized capital gains		(3.21	)		(0.52	)		(0.24	)		(1.02	)		(1.19	)


Total distributions		(3.23	)		(0.54	)		(0.29	)		(1.04	)		(1.29	)


Net asset value, end of year	$	28.82		$	32.13		$	25.61		$	26.02		$	26.30


Total return		(0.58	)%		27.84	%		(0.43	)%		3.03	%		5.86	%

Ratios to average net assets/ Supplemental data:
Net assets, at end of year (in 000s)	$	1,390,136		$	1,574,979		$	1,367,160		$	1,399,042		$	1,139,273
Ratio of operating expenses to average net assets		0.90	%		0.90	%		0.91	%		0.91	%		0.94	%
Ratio of net investment income (loss) (expenses in excess of income) to average net assets		0.07	%		(0.04	)%		0.12	%		0.07	%		(0.07	)%
Portfolio turnover rate²		44	%		63	%		58	%		53	%		45	%

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.


	Small Cap Equity Portfolio Institutional Shares
	For The Years Ended October 31,
	2018			2017			2016			2015			2014¹

Net asset value, beginning of year	$	33.54		$	26.67		$	27.07		$	27.28		$	27.00

Income from investment operations:
Net investment income		0.09			0.05			0.08			0.08			0.01
Net realized and unrealized gain (loss) on investments		(0.10	)		7.37			(0.16	)		0.76			1.57


Total from investment operations		(0.01	)		7.42			(0.08	)		0.84			1.58

Distributions to shareholders from:
Net investment income		(0.07	)		(0.03	)		(0.08	)		(0.03	)		(0.11	)
Net realized capital gains		(3.21	)		(0.52	)		(0.24	)		(1.02	)		(1.19	)


Total distributions		(3.28	)		(0.55	)		(0.32	)		(1.05	)		(1.30	)


Net asset value, end of year	$	30.25		$	33.54		$	26.67		$	27.07		$	27.28


Total return		(0.36	)%		28.10	%		(0.25	)%		3.24	%		6.10	%

Ratios to average net assets/ Supplemental data:
Net assets, at end of year (in 000s)	$	2,131,461		$	1,879,657		$	1,264,752		$	963,970		$	531,853
Ratio of operating expenses to average net assets		0.70	%		0.70	%		0.71	%		0.71	%		0.74	%
Ratio of net investment income to average net assets		0.27	%		0.16	%		0.30	%		0.26	%		0.03	%
Portfolio turnover rate²		44	%		63	%		58	%		53	%		45	%

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.


				64
				64

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS — (Continued)

For a share outstanding throughout each year


	Mid Cap Equity Portfolio Advisor Shares
	For The Years Ended October 31,												For the Period September 30, 2014¹through October 31, 2014²
	2018²			2017			2016			2015²

Net asset value, beginning of year	$	11.64		$	9.90		$	10.57		$	10.23		$	10.00

Income from investment operations:
Net investment income (loss)		0.07			0.03			0.08			0.05			(0.01	)
Net realized and unrealized gain (loss) on investments		(0.24	)		1.75			(0.60	)		0.32	³		0.24


Total from investment operations		(0.17	)		1.78			(0.52	)		0.37			0.23

Distributions to shareholders from:
Net investment income		(0.07	)		(0.04	)		(0.07	)		(0.03	)		—
Net realized capital gains		—			—			(0.08	)		—			—


Total distributions		(0.07	)		(0.04	)		(0.15	)		(0.03	)		—


Net asset value, end of year	$	11.40		$	11.64		$	9.90		$	10.57		$	10.23


Total return⁴		(1.51	)%		18.00	%		(4.94	)%		3.62	%		2.30	%⁵

Ratios to average net assets/ Supplemental data:
Net assets, at end of year (in 000s)	$	3,166		$	14,790		$	18,049		$	29,980		$	9,262
Ratio of operating expenses before waiver/reimbursement to average net assets		1.41	%		1.16	%		1.15	%		1.44	%		1.58	%⁶
Ratio of operating expenses after waiver/reimbursement to average net assets		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%⁶
Ratio of net investment income (loss) (expenses in excess of income) to average net assets		0.56	%		0.30	%		0.66	%		0.43	%		(0.30	)%⁶
Portfolio turnover rate		26	%		47	%		84	%		54	%		3	%⁷

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 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.

⁴	The Total Return reflects fee waivers and/or expense reimbursements in effect and would have been lower in their absence.

⁵	Total return calculation is not annualized.

⁶	Annualized.

⁷	Calculations represent portfolio turnover for the Portfolio for the period of September 30, 2014 through October 31, 2014.

See Notes to Financial Statements.


				65
				65

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS — (Continued)

For a share outstanding throughout each year


	Large Cap Value Portfolio
	For the Years Ended October 31,
	2018¹			2017¹			2016			2015¹			2014

Net asset value, beginning of year	$	11.37		$	10.22		$	11.15		$	12.85		$	12.96

Income from investment operations:
Net investment income		0.19			0.21			0.19			0.12			0.03
Net realized and unrealized gain (loss) on investments		(0.16	)		1.96			0.30			0.06			1.72


Total from investment operations		0.03			2.17			0.49			0.18			1.75

Distributions to shareholders from:
Net investment income		(0.18	)		(0.24	)		(0.17	)		(0.11	)		(0.05	)
Net realized capital gains		(0.71	)		(0.78	)		(1.25	)		(1.77	)		(1.81	)


Total distributions		(0.89	)		(1.02	)		(1.42	)		(1.88	)		(1.86	)


Net asset value, end of year	$	10.51		$	11.37		$	10.22		$	11.15		$	12.85


Total return		0.04	%		22.17	%		5.58	%		1.28	%		15.48	%

Ratios to average net assets/ Supplemental data:
Net assets, at end of year (in 000s)	$	71,597		$	76,465		$	72,154		$	83,065		$	98,642
Ratio of operating expenses to average net assets		0.91	%		0.91	%		0.91	%		0.91	%		0.92	%
Ratio of net investment income to average net assets		1.69	%		1.99	%		1.83	%		1.03	%		0.28	%
Portfolio turnover rate		71	%		93	%		110	%		106	%		106	%

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

See Notes to Financial Statements.


				66
				66

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS — (Continued)

For a share outstanding throughout each year


	Equity Income Portfolio
	For the Year Ended October 31, 2018			For the Period December 21, 2016¹ through October 31, 2017²

Net asset value, beginning of year	$	11.06		$	10.00

Income from investment operations:
Net investment income		0.22			0.16
Net realized and unrealized gain on investments		0.09			1.01


Total from investment operations		0.31			1.17

Distributions to shareholders from:
Net investment income		(0.22	)		(0.11	)
Net realized capital gains		(0.00	)³		—


Total distributions		(0.22	)		(0.11	)


Net asset value, end of year	$	11.15		$	11.06


Total return⁴		2.79	%		11.77	%⁵

Ratios to average net assets/ Supplemental data:
Net assets, at end of year (in 000s)	$	18,536		$	12,970
Ratio of operating expenses before waiver/reimbursement to average net assets		1.11	%		2.08	%⁶
Ratio of operating expenses after waiver/reimbursement to average net assets		0.85	%		0.85	%⁶
Ratio of net investment income to average net assets		2.02	%		1.82	%⁶
Portfolio turnover rate		29	%		14	%⁷

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	The Total Return reflects fee waivers and/or expense reimbursements in effect and would have been lower in their absence.

⁵	Total return calculation is not annualized.

⁶	Annualized.

⁷	Calculations represent portfolio turnover for the Portfolio for the period of December 21, 2016 through October 31, 2017.

See Notes to Financial Statements.


				67
				67

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS — (Continued)

For a share outstanding throughout each year


	Secured Options Portfolio Advisor Shares
	For The Years Ended October 31,
	2018			2017¹			2016¹			2015¹			2014¹

Net asset value, beginning of year	$	12.75		$	12.45		$	12.57		$	12.47		$	13.24

Income from investment operations:
Net investment income (loss)		(0.06	)		(0.08	)		(0.09	)		(0.09	)		(0.11	)
Net realized and unrealized gain on investments		0.40			0.99			0.68			0.84			0.85


Total from investment operations		0.34			0.91			0.59			0.75			0.74

Distributions to shareholders from:
Net realized capital gains		(0.79	)		(0.61	)		(0.71	)		(0.65	)		(1.51	)


Total distributions		(0.79	)		(0.61	)		(0.71	)		(0.65	)		(1.51	)


Net asset value, end of year	$	12.30		$	12.75		$	12.45		$	12.57		$	12.47


Total return		2.81	%		7.53	%		5.08	%		6.37	%		6.22	%
		��
Ratios to average net assets/ Supplemental data:
Net assets, at end of year (in 000s)	$	445,946		$	446,859		$	574,200		$	395,163		$	365,675
Ratio of operating expenses to average net assets²		0.84	%		0.85	%		0.85	%		0.84	%		0.87	%
Ratio of net investment income (loss) (expenses in excess of income) to average net assets²		(0.50	)%		(0.68	)%		0.95	%		(0.77	)%		(0.81	)%
Portfolio turnover rate³		—	%⁴		—	%⁴		—	%⁴		—	%⁴		1,108	%

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

²	This ratio does not include the expenses for the Exchange-Traded Funds held in the Portfolio.

³	Portfolio turnover is calculated at the fund level.

⁴	All trading activity in the Portfolio during the year was short term and is excluded for portfolio turnover calculations resulting in zero portfolio turnover percentage.

See Notes to Financial Statements.


				68
				68

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS — (Continued)

For a share outstanding throughout each year


	Secured Options Portfolio Institutional Shares
	For The Years Ended October 31, 2018²			For the Period November 9, 2016¹through October 31, 2017²

Net asset value, beginning of year	$	12.77		$	12.61

Income from investment operations:
Net investment income (loss)		(0.04	)		(0.06	)
Net realized and unrealized gain on investments		0.40			0.83


Total from investment operations		0.36			0.77

Distributions to shareholders from:
Net realized capital gains		(0.79	)		(0.61	)


Total distributions		(0.79	)		(0.61	)


Net asset value, end of year	$	12.34		$	12.77


Total return		2.97	%		6.34	%³

Ratios to average net assets/ Supplemental data:
Net assets, at end of year (in 000s)	$	396,523		$	365,523
Ratio of operating expenses to average net assets⁴		0.64	%		0.65	%⁵
Ratio of net investment income (loss) (expenses in excess of income) to average net assets⁴		(0.30	)%		(0.45	)%⁵
Portfolio turnover rate^6,7		—	%		—	%

¹	Class commenced operations on November 9, 2016.

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	This ratio does not include the expenses for the Exchange-Traded Funds held in the Portfolio.

⁵	Annualized.

⁶	Portfolio turnover is calculated at the fund level.

⁷	All trading activity in the Portfolio during the year was short term and is excluded for portfolio turnover calculations resulting in zero portfolio turnover percentage.

See Notes to Financial Statements.


				69
				69

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS — (Continued)

For a share outstanding throughout each year


	Global Secured Options Portfolio
	For the Years Ended October 31,
	2018¹			2017¹			2016¹			2015¹			2014¹

Net asset value, beginning of year	$	10.58		$	9.60		$	9.96		$	10.58		$	11.52

Income from investment operations:
Net investment income		0.01			0.06			0.15			0.19			0.13
Net realized and unrealized gain (loss) on investments		(0.09	)		0.99			(0.30	)		(0.48	)		(0.11	)


Total from investment operations		(0.08	)		1.05			(0.15	)		(0.29	)		0.02

Distributions to shareholders from:
Net investment income		(0.09	)		(0.07	)		(0.21	)		(0.21	)		(0.11	)
Net realized capital gains		—			—			—			(0.12	)		(0.85	)


Total distributions		(0.09	)		(0.07	)		(0.21	)		(0.33	)		(0.96	)


Net asset value, end of year	$	10.41		$	10.58		$	9.60		$	9.96		$	10.58


Total return		(0.76	)%		10.94	%		(1.47	)%		(2.78	)%		0.30	%

Ratios to average net assets/ Supplemental data:
Net assets, at end of year (in 000s)	$	2,510		$	10,642		$	28,818		$	88,478		$	100,552
Ratio of operating expenses to average net assets²		1.17	%³		1.13	%		0.91	%		0.84	%		0.87	%
Ratio of net investment income to average net assets²		0.08	%		0.58	%		1.61	%		1.83	%		1.20	%
Portfolio turnover rate		224	%		9	%		70	%		106	%		81	%

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

²	This ratio does not include the expenses for the Exchange-Traded Funds held in the Portfolio.

³	The ratio of operating expenses excluding dividends on securities sold short and interest expense was 1.11% for the period ended October 31, 2018.


	Core Fixed Income Portfolio
	For the Years Ended October 31,
	2018			2017¹			2016			2015			2014

Net asset value, beginning of year	$	11.04		$	11.26		$	11.20		$	11.21		$	11.22

Income from investment operations:
Net investment income		0.25			0.21			0.21			0.23			0.25
Net realized and unrealized gain (loss) on investments		(0.50	)		(0.13	)		0.14			0.01			0.02


Total from investment operations		(0.25	)		0.08			0.35			0.24			0.27

Distributions to shareholders from:
Net investment income		(0.26	)		(0.22	)		(0.23	)		(0.25	)		(0.26	)
Net realized capital gains		(0.04	)		(0.08	)		(0.06	)		—			(0.02	)


Total distributions		(0.30	)		(0.30	)		(0.29	)		(0.25	)		(0.28	)


Net asset value, end of year	$	10.49		$	11.04		$	11.26		$	11.20		$	11.21


Total return		(2.32	)%		0.75	%		3.15	%		2.20	%		2.52	%

Ratios to average net assets/ Supplemental data:
Net assets, at end of year (in 000s)	$	485,201		$	488,548		$	486,872		$	433,086		$	426,528
Ratio of operating expenses to average net assets		0.52	%		0.52	%		0.54	%		0.53	%		0.56	%
Ratio of net investment income to average net assets		2.24	%		1.90	%		1.84	%		2.11	%		2.23	%
Portfolio turnover rate		29	%		46	%		24	%		27	%		18	%

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

See Notes to Financial Statements.


				70
				70

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS — (Continued)

For a share outstanding throughout each year


	Short Term Tax Aware Fixed Income Portfolio
	For the Years Ended October 31,						For the Period June 29, 2016¹through October 31, 2016²
	2018			2017²			For the Period June 29, 2016¹through October 31, 2016²

Net asset value, beginning of year	$	9.98		$	9.99		$	10.00

Income from investment operations:
Net investment income		0.09			0.07			0.02
Net realized and unrealized gain (loss) on investments		(0.08	)		(0.01	)		(0.02	)


Total from investment operations		0.01			0.06			0.00

Distributions to shareholders from:
Net investment income		(0.09	)		(0.07	)		(0.01	)


Total distributions		(0.09	)		(0.07	)		(0.01	)


Net asset value, end of year	$	9.90		$	9.98		$	9.99


Total return³		0.10	%		0.57	%		(0.02	)%⁴

Ratios to average net assets/ Supplemental data:
Net assets, at end of year (in 000s)	$	26,294		$	33,900		$	30,076
Ratio of operating expenses before waiver/reimbursement to average net assets⁵		0.61	%		0.69	%		0.90	%⁶
Ratio of operating expenses after waiver/reimbursement to average net assets⁵		0.55	%		0.55	%		0.55	%⁶
Ratio of net investment income to average net assets⁵		0.92	%		0.69	%		0.46	%⁶
Portfolio turnover rate		19	%		31	%		35	%⁷

¹	Commencement of operations.

²	Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

³	The Total Return reflects fee waivers and/or expense reimbursements in effect and would have been lower in their absence.

⁴	Total return calculation is not annualized.

⁵	This ratio does not include the expenses for the Exchange-Traded Funds held in the Portfolio.

⁶	Annualized.

⁷	Calculations represent portfolio turnover for the Portfolio for the period of June 29, 2016 through October 31, 2016.

See Notes to Financial Statements.


				71
				71

THE GLENMEDE FUND, INC.

FINANCIAL HIGHLIGHTS — (Concluded)

For a share outstanding throughout each year


	High Yield Municipal Portfolio
	For the Years Ended October 31,						For the Period December 22, 2015¹through October 31, 2016²
	2018			2017

Net asset value, beginning of year	$	10.35		$	10.39		$	10.00

Income from investment operations:
Net investment income		0.30			0.30			0.22
Net realized and unrealized gain (loss) on investments		(0.19	)		(0.01	)		0.34


Total from investment operations		0.11			0.29			0.56

Distributions to shareholders from:
Net investment income		(0.30	)		(0.29	)		(0.17	)
Net realized capital gains		—			(0.04	)		—


Total distributions		(0.30	)		(0.33	)		(0.17	)


Net asset value, end of year	$	10.16		$	10.35		$	10.39


Total return		1.04	%		2.89	%		5.56	%^3,4

Ratios to average net assets/ Supplemental data:
Net assets, at end of year (in 000s)	$	192,319		$	170,440		$	153,893
Ratio of operating expenses to average net assets		0.99	%		1.00	%		—	%
Ratio of operating expenses before waiver/reimbursement to average net assets		—	%		—	%		1.08	%⁵
Ratio of operating expenses after waiver/reimbursement to average net assets		—	%		—	%		1.00	%⁵
Ratio of net investment income to average net assets		2.90	%		2.92	%		2.44	%⁵
Portfolio turnover rate		44	%⁶		43	%⁶		73	%⁷

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	The Total Return reflects fee waivers and/or expense reimbursements in effect and would have been lower in their absence.

⁵	Annualized.

⁶	Variable Rate Demand Note (VRDN) securities are excluded from the portfolio turnover calculation.

⁷	Calculations represent portfolio turnover for the Portfolio for the period of December 22, 2015 through October 31, 2016.

See Notes to Financial Statements.


				72
				72

THE GLENMEDE FUND, INC.

Quantitative U.S. Large Cap Core Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2018


Shares			Value

*COMMON STOCKS — 99.8%**
		Aerospace & Defense — 2.2%
	138,655	Boeing Co. (The)	$	49,203,113
	69,914	General Dynamics Corp.		12,065,758

				61,268,871


		Airlines — 0.5%
	276,659	Delta Air Lines, Inc.		15,141,547


		Banks — 6.0%
	811,475	Citizens Financial Group, Inc.		30,308,591
	385,117	Comerica, Inc.		31,410,143
	1,070,661	Fifth Third Bancorp		28,897,141
	296,808	JPMorgan Chase & Co.		32,358,008
	1,572,499	Regions Financial Corp.		26,685,308
	317,052	SunTrust Banks, Inc.		19,866,478

				169,525,669


		Beverages — 1.0%
	542,498	Monster Beverage Corp.¹		28,671,019


		Biotechnology — 4.4%
	319,492	AbbVie, Inc.		24,872,452
	142,320	Amgen, Inc.		27,437,873
	92,666	Biogen, Inc.¹		28,195,484
	248,291	Celgene Corp.¹		17,777,635
	396,599	Gilead Sciences, Inc.		27,040,120

				125,323,564


		Building Products — 0.7%
	453,970	Fortune Brands Home & Security, Inc.		20,351,475
	31,168	Resideo Technologies, Inc.¹		656,076

				21,007,551


		Capital Markets — 4.4%
	201,254	Ameriprise Financial, Inc.		25,607,559
	283,483	Bank of New York Mellon Corp. (The)		13,417,250
	185,743	CME Group, Inc.		34,035,547
	322,017	Intercontinental Exchange, Inc.		24,808,190
	136,259	Northern Trust Corp.		12,817,884
	151,740	T Rowe Price Group, Inc.		14,717,263

				125,403,693


		Chemicals — 1.0%
	130,790	Celanese Corp.		12,678,783
	172,426	LyondellBasell Industries N.V. — Class A		15,392,469

				28,071,252


		Commercial Services & Supplies — 1.1%
	334,738	Waste Management, Inc.		29,949,009


		Communications Equipment — 2.4%
	800,373	Cisco Systems, Inc.		36,617,065
	181,807	F5 Networks, Inc.¹		31,867,131

				68,484,196


		Consumer Finance — 1.6%
	1,121,873	Ally Financial, Inc.		28,506,793
	590,826	Synchrony Financial		17,063,055

				45,569,848

See Notes to Financial Statements.


				73
				73

THE GLENMEDE FUND, INC.

Quantitative U.S. Large Cap Core Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Containers & Packaging — 1.4%
	305,256	Avery Dennison Corp.	$	27,692,824
	272,548	WestRock Co.		11,711,388

				39,404,212


		Diversified Consumer Services — 1.0%
	691,340	Service Corp. International		28,669,870


		Diversified Telecommunication Services — 1.9%
	620,806	AT&T, Inc.		19,046,328
	598,661	Verizon Communications, Inc.		34,177,557

				53,223,885


		Electric Utilities — 2.3%
	773,907	Exelon Corp.		33,904,866
	659,609	PG&E Corp.		30,876,297

				64,781,163


		Electrical Equipment — 1.9%
	407,254	AMETEK, Inc.		27,318,598
	382,285	Eaton Corp. PLC		27,398,366

				54,716,964


		Entertainment — 1.7%
	198,653	Electronic Arts, Inc.¹		18,073,450
	273,730	Walt Disney Co. (The)		31,432,416

				49,505,866


		Equity Real Estate Investment Trusts — 1.9%
	1,353,600	Host Hotels & Resorts, Inc.		25,867,296
	146,334	Simon Property Group, Inc.		26,855,216

				52,722,512


		Food & Staples Retailing — 2.1%
	460,874	Walgreens Boots Alliance, Inc.		36,763,919
	219,590	Walmart, Inc.		22,020,485

				58,784,404


		Food Products — 3.1%
	671,220	General Mills, Inc.		29,399,436
	165,017	JM Smucker Co. (The)		17,874,641
	289,435	McCormick & Co., Inc.		41,678,640

				88,952,717


		Health Care Providers & Services — 7.3%
	161,198	Anthem, Inc.		44,421,333
	223,888	Centene Corp.¹		29,177,084
	439,707	CVS Health Corp.		31,830,390
	223,540	DaVita, Inc.¹		15,053,184
	202,770	Express Scripts Holding Co.¹		19,662,607
	97,786	Humana, Inc.		31,331,612
	134,441	UnitedHealth Group, Inc.		35,136,155

				206,612,365


		Hotels, Restaurants & Leisure — 1.4%
	248,475	Marriott International, Inc. — Class A		29,044,243
	299,142	Wyndham Destinations, Inc.		10,733,215

				39,777,458


		Household Products — 1.7%
	547,113	Church & Dwight Co., Inc.		32,482,099

See Notes to Financial Statements.


				74
				74

THE GLENMEDE FUND, INC.

Quantitative U.S. Large Cap Core Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Household Products — (Continued)
	182,175	Procter & Gamble Co. (The)	$	16,155,279

				48,637,378


		Independent Power & Renewable Electricity Producer — 1.4%
	2,655,810	AES Corp.		38,721,710


		Industrial Conglomerates — 1.0%
	187,005	Honeywell International, Inc.		27,082,064


		Insurance — 3.0%
	416,182	Arthur J Gallagher & Co.		30,801,630
	640,040	MetLife, Inc.		26,363,247
	236,511	Progressive Corp. (The)		16,484,817
	337,189	Unum Group		12,226,473

				85,876,167


		Interactive Media & Services — 2.0%
	25,796	Alphabet, Inc. — Class A¹		28,132,602
	184,532	Facebook, Inc. — Class A¹		28,010,112

				56,142,714


		Internet & Direct Marketing Retail — 0.8%
	782,519	eBay, Inc.¹		22,716,527


		IT Services — 6.0%
	177,838	Accenture PLC — Class A		28,030,825
	395,890	Amdocs, Ltd.		25,047,960
	405,042	Cognizant Technology Solutions Corp. — Class A		27,960,049
	108,119	DXC Technology Co.		7,874,307
	549,874	PayPal Holdings, Inc.¹		46,293,892
	266,696	Visa, Inc. — Class A		36,764,044

				171,971,077


		Life Sciences Tools & Services — 1.0%
	150,483	Waters Corp.¹		28,545,120


		Machinery — 1.5%
	329,309	Ingersoll-Rand PLC		31,593,906
	80,148	Snap-on, Inc.		12,337,983

				43,931,889


		Media — 3.3%
	833,234	Comcast Corp. — Class A		31,779,545
	644,040	Interpublic Group of Cos., Inc. (The)		14,915,966
	1,138,920	News Corp. — Class A		15,022,355
	434,324	Omnicom Group, Inc.		32,278,960

				93,996,826


		Metals & Mining — 0.9%
	677,624	Steel Dynamics, Inc.		26,833,910


		Multi-line Retail — 2.6%
	475,529	Kohl’s Corp.		36,011,811
	447,668	Target Corp.		37,438,475

				73,450,286


		Multi-Utilities — 0.5%
	136,046	DTE Energy Co.²		15,291,570


		Oil, Gas & Consumable Fuels — 5.3%
	241,983	Chevron Corp.		27,017,402

See Notes to Financial Statements.


				75
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THE GLENMEDE FUND, INC.

Quantitative U.S. Large Cap Core Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Oil, Gas & Consumable Fuels — (Continued)
	1,674,996	Kinder Morgan, Inc.	$	28,508,432
	619,694	Marathon Petroleum Corp.		43,657,442
	257,975	Phillips 66		26,524,989
	259,031	Valero Energy Corp.		23,595,134

				149,303,399


		Pharmaceuticals — 2.6%
	360,836	Eli Lilly & Co.		39,129,056
	821,999	Pfizer, Inc.		35,395,277

				74,524,333


		Real Estate Management & Development — 0.9%
	646,889	CBRE Group, Inc. — Class A¹		26,063,158


		Semiconductors & Semiconductor Equipment — 4.0%
	545,968	Applied Materials, Inc.		17,951,428
	694,528	Intel Corp.		32,559,473
	143,327	KLA-Tencor Corp.		13,120,154
	150,376	Lam Research Corp.		21,312,790
	298,733	Texas Instruments, Inc.		27,731,384

				112,675,229


		Software — 4.5%
	342,517	CA, Inc.		15,194,054
	171,460	Citrix Systems, Inc.¹		17,569,506
	331,137	Microsoft Corp.		35,368,743
	400,415	Oracle Corp.		19,556,269
	288,139	VMware, Inc. — Class A¹		40,739,973

				128,428,545


		Specialty Retail — 2.3%
	427,364	Best Buy Co., Inc.		29,983,858
	76,348	Home Depot, Inc. (The)		13,428,086
	225,666	Ross Stores, Inc.		22,340,934

				65,752,878


		Technology Hardware, Storage & Peripherals — 3.2%
	732,139	HP, Inc.		17,673,835
	640,050	NetApp, Inc.		50,237,524
	536,365	Western Digital Corp.		23,101,241

				91,012,600


		TOTAL COMMON STOCKS (Cost $2,341,099,012)		2,836,525,015


Face Amount

*REPURCHASE AGREEMENT — 0.1%**
$	2,944,141	With Fixed Income Clearing Corp., dated 10/31/18, 0.42%, principal and interest in the amount of $2,944,175, due 11/1/18, (collateralized by a U.S. Treasury Note with a par value of $3,040,000, coupon rate of 2.375%, due 4/15/2021, market value of $3,006,940)		2,944,141


		TOTAL REPURCHASE AGREEMENT (Cost $2,944,141)		2,944,141

See Notes to Financial Statements.


				76
				76

THE GLENMEDE FUND, INC.

Quantitative U.S. Large Cap Core Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*INVESTMENT OF SECURITY LENDING COLLATERAL — 0.2%**
	5,112,366	State Street Navigator Securities Lending Government Money Market Portfolio	$	5,112,366


		TOTAL INVESTMENT OF SECURITY LENDING COLLATERAL (Cost $5,112,366)		5,112,366



TOTAL INVESTMENTS (Cost $2,349,155,519)	100.1	%	$	2,844,581,522

LIABILITIES IN EXCESS OF OTHER ASSETS	(0.1	)		(2,199,925	)


NET ASSETS	100.0	%	$	2,842,381,597

*	Percentages indicated are based on net assets.

¹	Non income-producing security.

²	Securities or partial securities on loan. See Note 1.

See Notes to Financial Statements.


				77
				77

THE GLENMEDE FUND, INC.

Quantitative U.S. Large Cap Core Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2018

INDUSTRY DIVERSIFICATION

On October 31, 2018, industry diversification of the Portfolio was as follows:


	% of Net Assets				Value
INDUSTRIES:
Health Care Providers & Services		7.3	%		$	206,612,365
IT Services		6.0				171,971,077
Banks		6.0				169,525,669
Oil, Gas & Consumable Fuels		5.3				149,303,399
Software		4.5				128,428,545
Capital Markets		4.4				125,403,693
Biotechnology		4.4				125,323,564
Semiconductors & Semiconductor Equipment		4.0				112,675,229
Media		3.3				93,996,826
Technology Hardware, Storage & Peripherals		3.2				91,012,600
Food Products		3.1				88,952,717
Insurance		3.0				85,876,167
Pharmaceuticals		2.6				74,524,333
Multi-line Retail		2.6				73,450,286
Communications Equipment		2.4				68,484,196
Specialty Retail		2.3				65,752,878
Electric Utilities		2.3				64,781,163
Aerospace & Defense		2.2				61,268,871
Food & Staples Retailing		2.1				58,784,404
Interactive Media & Services		2.0				56,142,714
Electrical Equipment		1.9				54,716,964
Diversified Telecommunication Services		1.9				53,223,885
Equity Real Estate Investment Trusts		1.9				52,722,512
Entertainment		1.7				49,505,866
Household Products		1.7				48,637,378
Consumer Finance		1.6				45,569,848
Machinery		1.5				43,931,889
Hotels, Restaurants & Leisure		1.4				39,777,458
Containers & Packaging		1.4		��		39,404,212
Independent Power & Renewable Electricity Producer		1.4				38,721,710
Commercial Services & Supplies		1.1				29,949,009
Beverages		1.0				28,671,019
Diversified Consumer Services		1.0				28,669,870
Life Sciences Tools & Services		1.0				28,545,120
Chemicals		1.0				28,071,252
Industrial Conglomerates		1.0				27,082,064
Metals & Mining		0.9				26,833,910
Real Estate Management & Development		0.9				26,063,158
Internet & Direct Marketing Retail		0.8				22,716,527
Building Products		0.7				21,007,551
Multi-Utilities		0.5				15,291,570
Airlines		0.5				15,141,547

TOTAL COMMON STOCKS		99.8	%		$	2,836,525,015

REPURCHASE AGREEMENT		0.1				2,944,141

INVESTMENT OF SECURITY LENDING COLLATERAL		0.2				5,112,366

TOTAL INVESTMENTS		100.1	%		$	2,844,581,522

See Notes to Financial Statements.


				78
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THE GLENMEDE FUND, INC.

Quantitative U.S. Large Cap Growth Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2018


Shares			Value

*COMMON STOCKS — 99.8%**
		Aerospace & Defense — 3.6%
	288,801	Boeing Co. (The)	$	102,483,924
	89,073	Huntington Ingalls Industries, Inc.		19,460,669

				121,944,593


		Airlines — 0.8%
	542,849	Southwest Airlines Co.		26,653,886


		Banks — 0.4%
	375,244	Citizens Financial Group, Inc.		14,015,363


		Beverages — 3.6%
	1,314,791	Monster Beverage Corp.¹		69,486,704
	486,204	PepsiCo, Inc.		54,639,606

				124,126,310


		Biotechnology — 5.4%
	454,724	Amgen, Inc.		87,666,240
	161,737	Biogen, Inc.¹		49,211,717
	647,834	Celgene Corp.¹		46,384,914

				183,262,871


		Building Products — 2.1%
	423,803	AO Smith Corp.		19,295,750
	551,237	Fortune Brands Home & Security, Inc.		24,711,955
	965,961	Masco Corp.		28,978,830

				72,986,535


		Capital Markets — 2.2%
	263,889	Ameriprise Financial, Inc.		33,577,236
	436,524	Northern Trust Corp.		41,063,813

				74,641,049


		Chemicals — 1.3%
	480,083	LyondellBasell Industries N.V. — Class A		42,857,010


		Communications Equipment — 1.2%
	237,792	F5 Networks, Inc.¹		41,680,182


		Consumer Finance — 1.0%
	258,276	Discover Financial Services		17,994,089
	583,580	Synchrony Financial		16,853,790

				34,847,879


		Containers & Packaging — 1.7%
	498,355	Avery Dennison Corp.		45,210,766
	303,307	International Paper Co.		13,758,005

				58,968,771


		Electronic Equipment, Instruments & Components — 4.9%
	757,548	Amphenol Corp. — Class A		67,800,546
	807,749	CDW Corp.		72,705,487
	196,954	IPG Photonics Corp.^1,2		26,303,207

				166,809,240


		Energy Equipment & Services — 0.4%
	381,944	Halliburton Co.		13,245,818


		Entertainment — 2.7%
	791,550	Walt Disney Co. (The)		90,893,687

See Notes to Financial Statements.


				79
				79

THE GLENMEDE FUND, INC.

Quantitative U.S. Large Cap Growth Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Food Products — 0.6%
	180,719	Hershey Co. (The)	$	19,364,041


		Health Care Providers & Services — 7.8%
	114,000	Cigna Corp.		24,374,340
	289,558	DaVita, Inc.¹		19,498,836
	305,228	Henry Schein, Inc.¹		25,333,924
	291,015	Humana, Inc.		93,244,116
	392,924	UnitedHealth Group, Inc.		102,690,687

				265,141,903


		Hotels, Restaurants & Leisure — 2.4%
	219,550	Hilton Worldwide Holdings, Inc.		15,625,373
	575,056	Marriott International, Inc. — Class A		67,218,296

				82,843,669


		Household Durables — 0.6%
	562,147	DR Horton, Inc.		20,214,806


		Household Products — 1.1%
	629,338	Church & Dwight Co., Inc.		37,363,797


		Insurance — 1.4%
	669,255	Progressive Corp. (The)		46,647,074


		Interactive Media & Services — 5.9%
	65,414	Alphabet, Inc. — Class A¹		71,339,200
	518,459	Facebook, Inc. — Class A¹		78,696,892
	267,168	IAC/InterActiveCorp¹		52,522,557

				202,558,649


		Internet & Direct Marketing Retail — 0.6%
	654,070	eBay, Inc.¹		18,987,652


		IT Services — 11.4%
	496,524	Cognizant Technology Solutions Corp. — Class A		34,275,052
	210,788	Fidelity National Information Services, Inc.		21,943,031
	203,632	FleetCor Technologies, Inc.¹		40,732,509
	452,466	Mastercard, Inc. — Class A		89,438,954
	1,052,705	PayPal Holdings, Inc.¹		88,627,234
	159,815	VeriSign, Inc.¹		22,780,030
	661,501	Visa, Inc. — Class A		91,187,913

				388,984,723


		Life Sciences Tools & Services — 2.6%
	232,270	Agilent Technologies, Inc.		15,048,773
	381,953	Waters Corp.¹		72,452,665

				87,501,438


		Machinery — 3.4%
	395,158	Fortive Corp.		29,340,481
	910,653	Ingersoll-Rand PLC		87,368,049

				116,708,530


		Media — 2.0%
	935,026	Omnicom Group, Inc.		69,491,132


		Multi-line Retail — 2.8%
	863,877	Dollar General Corp.		96,218,620


		Professional Services — 0.7%
	371,336	Robert Half International, Inc.		22,476,968

See Notes to Financial Statements.


				80
				80

THE GLENMEDE FUND, INC.

Quantitative U.S. Large Cap Growth Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Real Estate Management & Development — 1.9%
	1,608,394	CBRE Group, Inc. — Class A¹	$	64,802,194


		Road & Rail — 0.8%
	175,473	Union Pacific Corp.		25,657,662


		Semiconductors & Semiconductor Equipment — 4.7%
	1,391,704	Applied Materials, Inc.		45,759,228
	479,112	KLA-Tencor Corp.		43,857,912
	751,160	Texas Instruments, Inc.		69,730,183

				159,347,323


		Software — 7.3%
	936,161	Microsoft Corp.		99,991,356
	1,119,562	Oracle Corp.		54,679,408
	656,281	VMware, Inc. — Class A¹		92,791,571

				247,462,335


		Specialty Retail — 7.5%
	490,490	Home Depot, Inc. (The)		86,267,381
	734,816	Lowe’s Cos., Inc.		69,969,180
	632,873	Ross Stores, Inc.		62,654,427
	347,444	TJX Cos., Inc. (The)		38,177,147

				257,068,135


		Technology Hardware, Storage & Peripherals — 3.0%
	470,617	Apple, Inc.		102,999,236


		TOTAL COMMON STOCKS (Cost $2,646,645,249)		3,398,773,081


Face Amount

*REPURCHASE AGREEMENT — 0.4%**
$	12,538,685	With Fixed Income Clearing Corp., dated 10/31/18, 0.42%, principal and interest in the amount of $12,538,831, due 11/1/18, (collateralized by a U.S. Treasury Note with a par value of $12,935,000, coupon rate of 2.375%, due 4/15/2021, market value of $12,794,332)		12,538,685


		TOTAL REPURCHASE AGREEMENT (Cost $12,538,685)		12,538,685


Shares

*INVESTMENT OF SECURITY LENDING COLLATERAL — 0.2%**
	7,850,227	State Street Navigator Securities Lending Government Money Market Portfolio		7,850,227


		TOTAL INVESTMENT OF SECURITY LENDING COLLATERAL (Cost $7,850,227)		7,850,227



TOTAL INVESTMENTS (Cost $2,667,034,161)	100.4	%	$	3,419,161,993

LIABILITIES IN EXCESS OF OTHER ASSETS	(0.4	)		(12,274,105	)


NET ASSETS	100.0	%	$	3,406,887,888

*	Percentages indicated are based on net assets.

¹	Non income-producing security.

²	Securities or partial securities on loan. See Note 1.

See Notes to Financial Statements.


				81
				81

THE GLENMEDE FUND, INC.

Quantitative U.S. Large Cap Growth Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2018

INDUSTRY DIVERSIFICATION

On October 31, 2018, industry diversification of the Portfolio was as follows:


	% of Net Assets			Value
	% of Net Assets			Value
INDUSTRIES:
IT Services		11.4	%	$	388,984,723
Health Care Providers & Services		7.8			265,141,903
Specialty Retail		7.5			257,068,135
Software		7.3			247,462,335
Interactive Media & Services		5.9			202,558,649
Biotechnology		5.4			183,262,871
Electronic Equipment, Instruments & Components		4.9			166,809,240
Semiconductors & Semiconductor Equipment		4.7			159,347,323
Beverages		3.6			124,126,310
Aerospace & Defense		3.6			121,944,593
Machinery		3.4			116,708,530
Technology Hardware, Storage & Peripherals		3.0			102,999,236
Multi-line Retail		2.8			96,218,620
Entertainment		2.7			90,893,687
Life Sciences Tools & Services		2.6			87,501,438
Hotels, Restaurants & Leisure		2.4			82,843,669
Capital Markets		2.2			74,641,049
Building Products		2.1			72,986,535
Media		2.0			69,491,132
Real Estate Management & Development		1.9			64,802,194
Containers & Packaging		1.7			58,968,771
Insurance		1.4			46,647,074
Chemicals		1.3			42,857,010
Communications Equipment		1.2			41,680,182
Household Products		1.1			37,363,797
Consumer Finance		1.0			34,847,879
Airlines		0.8			26,653,886
Road & Rail		0.8			25,657,662
Professional Services		0.7			22,476,968
Household Durables		0.6			20,214,806
Food Products		0.6			19,364,041
Internet & Direct Marketing Retail		0.6			18,987,652
Banks		0.4			14,015,363
Energy Equipment & Services		0.4			13,245,818

TOTAL COMMON STOCKS		99.8	%	$	3,398,773,081

REPURCHASE AGREEMENT		0.4			12,538,685

INVESTMENT OF SECURITY LENDING COLLATERAL		0.2			7,850,227

TOTAL INVESTMENTS		100.4	%	$	3,419,161,993

See Notes to Financial Statements.


				82
				82

THE GLENMEDE FUND, INC.

Quantitative U.S. Large Cap Value Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2018


Shares			Value

*COMMON STOCKS — 98.7%**
		Airlines — 0.5%
	99	Delta Air Lines, Inc.	$	5,418


		Banks — 11.9%
	930	Bank of America Corp.		25,575
	329	Citigroup, Inc.		21,536
	675	Citizens Financial Group, Inc.		25,211
	252	JPMorgan Chase & Co.		27,473
	276	Regions Financial Corp.		4,684
	409	SunTrust Banks, Inc.		25,628

				130,107


		Biotechnology — 2.0%
	322	Gilead Sciences, Inc.		21,954


		Building Products — 1.3%
	181	Fortune Brands Home & Security, Inc.		8,114
	221	Masco Corp.		6,630

				14,744


		Capital Markets — 2.9%
	158	Ameriprise Financial, Inc.		20,104
	245	Morgan Stanley		11,187

				31,291


		Chemicals — 1.6%
	224	Eastman Chemical Co.		17,551


		Communications Equipment — 0.6%
	148	Cisco Systems, Inc.		6,771


		Consumer Finance — 3.9%
	648	Ally Financial, Inc.		16,466
	248	Discover Financial Services		17,278
	299	Synchrony Financial		8,635

				42,379


		Containers & Packaging — 1.7%
	426	WestRock Co.		18,305


		Diversified Telecommunication Services — 2.1%
	734	AT&T, Inc.		22,519


		Electric Utilities — 4.6%
	568	Exelon Corp.		24,884
	669	FirstEnergy Corp.		24,941

				49,825


		Electrical Equipment — 1.6%
	251	Eaton Corp. PLC		17,989


		Entertainment — 1.6%
	148	Walt Disney Co. (The)		16,995


		Equity Real Estate Investment Trusts — 2.9%
	575	Host Hotels & Resorts, Inc.		10,989
	186	Park Hotels & Resorts, Inc.		5,407
	243	Prologis, Inc.		15,666

				32,062


		Food & Staples Retailing — 1.5%
	561	Kroger Co. (The)		16,695

See Notes to Financial Statements.


				83
				83

THE GLENMEDE FUND, INC.

Quantitative U.S. Large Cap Value Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Food Products — 4.5%
	528	General Mills, Inc.	$	23,126
	55	Hershey Co. (The)		5,893
	75	JM Smucker Co. (The)		8,124
	204	Tyson Foods, Inc. — Class A		12,224

				49,367


		Health Care Providers & Services — 7.9%
	87	Aetna, Inc.		17,261
	78	Anthem, Inc.		21,494
	128	Cardinal Health, Inc.		6,477
	58	Centene Corp.¹		7,559
	132	CVS Health Corp.		9,556
	119	DaVita, Inc.¹		8,013
	87	Express Scripts Holding Co.¹		8,436
	61	McKesson Corp.		7,610

				86,406


		Hotels, Restaurants & Leisure — 0.9%
	135	Hyatt Hotels Corp. — Class A		9,342


		Household Products — 2.1%
	256	Procter & Gamble Co. (The)		22,702


		Independent Power & Renewable Electricity Producer — 1.3%
	981	AES Corp.		14,303


		Insurance — 4.9%
	260	Lincoln National Corp.		15,649
	245	MetLife, Inc.		10,092
	411	Old Republic International Corp.		9,063
	109	Prudential Financial, Inc.		10,222
	227	Unum Group		8,231

				53,257


		IT Services — 2.0%
	146	Amdocs, Ltd.		9,237
	111	International Business Machines Corp.		12,813

				22,050


		Machinery — 2.7%
	217	Ingersoll-Rand PLC		20,819
	57	Snap-on, Inc.		8,775

				29,594


		Media — 2.4%
	156	Comcast Corp. — Class A		5,950
	470	Discovery, Inc. — Class C¹		13,776
	80	Omnicom Group, Inc.		5,945

				25,671


		Metals & Mining — 1.9%
	179	Nucor Corp.		10,582
	266	Steel Dynamics, Inc.		10,534

				21,116


		Multi-line Retail — 0.6%
	80	Kohl’s Corp.		6,058


		Multi-Utilities — 1.6%
	184	Ameren Corp.		11,883

See Notes to Financial Statements.


				84
				84

THE GLENMEDE FUND, INC.

Quantitative U.S. Large Cap Value Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Multi-Utilities — (Continued)
	203	CenterPoint Energy, Inc.	$	5,483

				17,366


		Oil, Gas & Consumable Fuels — 9.6%
	66	Chevron Corp.		7,369
	322	ConocoPhillips		22,508
	250	Exxon Mobil Corp.		19,920
	532	Marathon Oil Corp.		10,103
	323	Marathon Petroleum Corp.		22,755
	239	Valero Energy Corp.		21,770

				104,425


		Pharmaceuticals — 5.6%
	123	Allergan PLC		19,435
	226	Merck & Co., Inc.		16,636
	586	Pfizer, Inc.		25,233

				61,304


		Professional Services — 0.5%
	71	ManpowerGroup, Inc.		5,417


		Real Estate Management & Development — 1.8%
	501	CBRE Group, Inc. — Class A¹		20,185


		Semiconductors & Semiconductor Equipment — 4.5%
	549	Intel Corp.		25,737
	193	Micron Technology, Inc.¹		7,280
	214	NXP Semiconductors N.V.		16,048

				49,065


		Specialty Retail — 1.1%
	174	Best Buy Co., Inc.		12,208


		Technology Hardware, Storage & Peripherals — 2.1%
	234	HP, Inc.		5,649
	402	Western Digital Corp.		17,314

				22,963


		TOTAL COMMON STOCKS (Cost $1,081,994)		1,077,404



TOTAL INVESTMENTS (Cost $1,081,994)	98.7	%	$	1,077,404

OTHER ASSETS IN EXCESS OF LIABILITIES	1.3			14,370


NET ASSETS	100.0	%	$	1,091,774

*	Percentages indicated are based on net assets.

¹	Non income-producing security.

See Notes to Financial Statements.


				85
				85

THE GLENMEDE FUND, INC.

Quantitative U.S. Large Cap Value Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2018

INDUSTRY DIVERSIFICATION

On October 31, 2018, industry diversification of the Portfolio was as follows:


	% of Net Assets			Value
	% of Net Assets			Value
INDUSTRIES:
Banks		11.9	%	$	130,107
Oil, Gas & Consumable Fuels		9.6			104,425
Health Care Providers & Services		7.9			86,406
Pharmaceuticals		5.6			61,304
Insurance		4.9			53,257
Electric Utilities		4.6			49,825
Food Products		4.5			49,367
Semiconductors & Semiconductor Equipment		4.5			49,065
Consumer Finance		3.9			42,379
Equity Real Estate Investment Trusts		2.9			32,062
Capital Markets		2.9			31,291
Machinery		2.7			29,594
Media		2.4			25,671
Technology Hardware, Storage & Peripherals		2.1			22,963
Household Products		2.1			22,702
Diversified Telecommunication Services		2.1			22,519
IT Services		2.0			22,050
Biotechnology		2.0			21,954
Metals & Mining		1.9			21,116
Real Estate Management & Development		1.8			20,185
Containers & Packaging		1.7			18,305
Electrical Equipment		1.6			17,989
Chemicals		1.6			17,551
Multi-Utilities		1.6			17,366
Entertainment		1.6			16,995
Food & Staples Retailing		1.5			16,695
Building Products		1.3			14,744
Independent Power & Renewable Electricity Producer		1.3			14,303
Specialty Retail		1.1			12,208
Hotels, Restaurants & Leisure		0.9			9,342
Communications Equipment		0.6			6,771
Multi-line Retail		0.6			6,058
Airlines		0.5			5,418
Professional Services		0.5			5,417

TOTAL COMMON STOCKS		98.7	%	$	1,077,404

TOTAL INVESTMENTS		98.7	%	$	1,077,404

See Notes to Financial Statements.


				86
				86

THE GLENMEDE FUND, INC.

Quantitative U.S. Small Cap Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2018


Shares			Value

*COMMON STOCKS — 98.6%**
		Banks — 8.9%
	256	BancorpSouth Bank	$	7,347
	199	Cathay General Bancorp		7,496
	178	Community Trust Bancorp, Inc.		8,101
	181	Eagle Bancorp, Inc.¹		8,900
	300	Financial Institutions, Inc.		8,565
	300	First Financial Bancorp		7,851
	212	Great Western Bancorp, Inc.		7,770
	238	NBT Bancorp, Inc.		8,685
	249	Peapack Gladstone Financial Corp.		6,721
	249	Peoples Bancorp, Inc.		8,523
	198	Sandy Spring Bancorp, Inc.		7,039
	278	Trustmark Corp.		8,562

				95,560


		Biotechnology — 5.9%
	366	Acorda Therapeutics, Inc.¹		6,994
	404	Concert Pharmaceuticals, Inc.¹		6,028
	168	Genomic Health, Inc.¹		12,047
	157	Heron Therapeutics, Inc.^1,2		4,359
	243	Myriad Genetics, Inc.¹		10,942
	188	Spark Therapeutics, Inc.^1,2		8,458
	400	Spectrum Pharmaceuticals, Inc.¹		4,760
	538	Vanda Pharmaceuticals, Inc.¹		10,206

				63,794


		Building Products — 1.7%
	126	Continental Building Products, Inc.¹		3,504
	260	Gibraltar Industries, Inc.¹		9,266
	291	PGT Innovations, Inc.¹		5,896

				18,666


		Capital Markets — 2.2%
	96	Evercore, Inc. — Class A		7,842
	299	Federated Investors, Inc. — Class B		7,377
	416	Waddell & Reed Financial, Inc. — Class A		7,933

				23,152


		Chemicals — 1.8%
	109	Minerals Technologies, Inc.		5,968
	168	PolyOne Corp.		5,428
	145	Trinseo SA.		7,812

				19,208


		Commercial Services & Supplies — 2.3%
	627	ACCO Brands Corp.		5,060
	421	Heritage-Crystal Clean, Inc.¹		9,679
	158	Tetra Tech, Inc.		10,434

				25,173


		Communications Equipment — 1.5%
	364	CalAmp Corp.¹		7,258
	158	NETGEAR, Inc.¹		8,766

				16,024


		Diversified Consumer Services — 3.3%
	180	American Public Education, Inc.¹		5,891
	629	K12, Inc.¹		13,467
	618	Laureate Education, Inc. — Class A¹		9,202

See Notes to Financial Statements.


				87
				87

THE GLENMEDE FUND, INC.

Quantitative U.S. Small Cap Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Diversified Consumer Services — (Continued)
	164	Sotheby’s^1,2	$	6,888

				35,448


		Electric Utilities — 1.6%
	124	ALLETE, Inc.		9,176
	169	Otter Tail Corp.		7,617

				16,793


		Electrical Equipment — 1.6%
	413	Atkore International Group, Inc.¹		7,954
	119	EnerSys		9,469

				17,423


		Electronic Equipment, Instruments & Components — 2.8%
	266	Fabrinet¹		11,523
	202	Insight Enterprises, Inc.¹		10,441
	439	Vishay Intertechnology, Inc.		8,034

				29,998


		Energy Equipment & Services — 1.8%
	541	Keane Group, Inc.¹		6,800
	56	KLX Energy Services Holdings, Inc.¹		1,618
	517	Matrix Service Co.¹		10,511

				18,929


		Equity Real Estate Investment Trusts — 5.8%
	288	Chesapeake Lodging Trust		8,464
	377	City Office REIT, Inc.		4,155
	708	DiamondRock Hospitality Co.		7,399
	104	EastGroup Properties, Inc.		9,962
	246	First Industrial Realty Trust, Inc.		7,552
	200	GEO Group, Inc. (The)		4,422
	281	LaSalle Hotel Properties		9,276
	221	Pebblebrook Hotel Trust²		7,450
	288	Sunstone Hotel Investors, Inc.		4,167

				62,847


		Food & Staples Retailing — 1.4%
	279	Performance Food Group Co.¹		8,180
	204	SpartanNash Co.		3,642
	156	United Natural Foods, Inc.¹		3,390

				15,212


		Food Products — 0.9%
	120	Cal-Maine Foods, Inc.		5,840
	400	Hostess Brands, Inc.¹		4,160

				10,000


		Gas Utilities — 0.9%
	316	South Jersey Industries, Inc.²		9,335


		Health Care Equipment & Supplies — 4.4%
	498	AngioDynamics, Inc.¹		10,174
	168	Avanos Medical, Inc.¹		9,509
	139	Haemonetics Corp.¹		14,522
	75	Integer Holdings Corp.¹		5,585
	548	OraSure Technologies, Inc.¹		7,617

				47,407

See Notes to Financial Statements.


				88
				88

THE GLENMEDE FUND, INC.

Quantitative U.S. Small Cap Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Health Care Providers & Services — 3.1%
	117	LHC Group, Inc.¹	$	10,697
	124	Magellan Health, Inc.¹		8,068
	269	Tenet Healthcare Corp.¹		6,921
	231	Tivity Health, Inc.^1,2		7,949

				33,635


		Hotels, Restaurants & Leisure — 1.0%
	45	Marriott Vacations Worldwide Corp.		3,982
	281	Penn National Gaming, Inc.¹		6,823

				10,805


		Household Products — 1.0%
	221	Central Garden & Pet Co.^1,2		7,178
	119	Central Garden & Pet Co. — Class A¹		3,528

				10,706


		Independent Power & Renewable Electricity Producer — 0.7%
	370	Clearway Energy, Inc. — Class C		7,256


		Insurance — 3.5%
	467	Ambac Financial Group, Inc.¹		9,611
	278	American Equity Investment Life Holding Co.		8,679
	441	CNO Financial Group, Inc.		8,335
	231	Employers Holdings, Inc.		10,617

				37,242


		Interactive Media & Service — 0.6%
	367	Care.com, Inc.¹		6,459


		IT Services — 4.7%
	470	Cardtronics PLC — Class A¹		12,765
	522	Hackett Group, Inc. (The)		10,685
	163	ManTech International Corp. — Class A		9,337
	280	Sykes Enterprises, Inc.¹		8,588
	593	Travelport Worldwide, Ltd.		8,871

				50,246


		Life Sciences Tools & Services — 1.7%
	141	Cambrex Corp.¹		7,514
	377	Luminex Corp.		10,846

				18,360


		Machinery — 3.6%
	151	Hillenbrand, Inc.		7,233
	332	Rexnord Corp.¹		8,901
	265	SPX Corp.¹		7,770
	192	SPX FLOW, Inc.¹		6,572
	110	Watts Water Technologies, Inc. — Class A		7,705

				38,181


		Media — 1.9%
	912	Gannett Co., Inc.²		8,846
	297	Gray Television, Inc.¹		5,141
	759	National CineMedia, Inc.		6,793

				20,780


		Metals & Mining — 1.8%
	80	Kaiser Aluminum Corp.		7,630
	135	Schnitzer Steel Industries, Inc. — Class A		3,632

See Notes to Financial Statements.


				89
				89

THE GLENMEDE FUND, INC.

Quantitative U.S. Small Cap Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Metals & Mining — (Continued)
	196	Worthington Industries, Inc.	$	8,208

				19,470


		Mortgage Real Estate Investment Trusts — 1.0%
	395	Arbor Realty Trust, Inc.²		4,772
	304	PennyMac Mortgage Investment Trust		5,870

				10,642


		Multi-Utilities — 0.9%
	166	Black Hills Corp.		9,877


		Oil, Gas & Consumable Fuels — 3.1%
	249	Delek US Holdings, Inc.		9,143
	1,742	Southwestern Energy Co.¹		9,303
	461	World Fuel Services Corp.		14,752

				33,198


		Paper & Forest Products — 1.4%
	269	Boise Cascade Co.		8,282
	296	Louisiana-Pacific Corp.		6,444

				14,726


		Pharmaceuticals — 1.6%
	583	Horizon Pharma PLC¹		10,617
	252	Mallinckrodt PLC¹		6,315

				16,932


		Professional Services — 1.4%
	150	FTI Consulting, Inc.¹		10,366
	100	Korn/Ferry International		4,514

				14,880


		Real Estate Management & Development — 1.0%
	138	RMR Group, Inc. (The) — Class A		10,471


		Road & Rail — 0.7%
	199	ArcBest Corp.		7,387


		Semiconductors & Semiconductor Equipment — 3.0%
	80	Cabot Microelectronics Corp.		7,809
	256	Diodes, Inc.¹		7,729
	300	Nanometrics, Inc.¹		9,618
	270	SMART Global Holdings, Inc.^1,2		7,563

				32,719


		Software — 2.0%
	217	Verint Systems, Inc.¹		9,910
	1,729	Zix Corp.¹		11,654

				21,564


		Specialty Retail — 3.4%
	121	Asbury Automotive Group, Inc.¹		7,877
	280	Caleres, Inc.		9,576
	741	Party City Holdco, Inc.^1,2		7,758
	518	Tailored Brands, Inc.		10,883

				36,094


		Textiles, Apparel & Luxury Goods — 2.3%
	110	Deckers Outdoor Corp.¹		13,989

See Notes to Financial Statements.


				90
				90

THE GLENMEDE FUND, INC.

Quantitative U.S. Small Cap Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Textiles, Apparel & Luxury Goods — (Continued)
	290	Movado Group, Inc.	$	11,168

				25,157


		Thrifts & Mortgage Finance — 2.6%
	531	Northwest Bancshares, Inc.		8,570
	569	Radian Group, Inc.		10,919
	144	Washington Federal, Inc.		4,055
	100	WSFS Financial Corp.		4,253

				27,797


		Trading Companies & Distributors — 1.3%
	400	BMC Stock Holdings, Inc.¹		6,696
	210	Rush Enterprises, Inc. — Class A		7,432

				14,128


		Wireless Telecommunication Services — 0.5%
	141	Shenandoah Telecommunications Co.		5,361


		TOTAL COMMON STOCKS (Cost $1,031,937)		1,059,042


*INVESTMENT OF SECURITY LENDING COLLATERAL — 2.1%**
	22,309	State Street Navigator Securities Lending Government Money Market Portfolio		22,309


		TOTAL INVESTMENT OF SECURITY LENDING COLLATERAL (Cost $22,309)		22,309



TOTAL INVESTMENTS (Cost $1,054,246)	100.7	%	$	1,081,351

LIABILITIES IN EXCESS OF OTHER ASSETS	(0.7	)		(7,797	)


NET ASSETS	100.0	%	$	1,073,554

*	Percentages indicated are based on net assets.

¹	Non income-producing security.

²	Securities or partial securities on loan. See Note 1.

See Notes to Financial Statements.


				91
				91

THE GLENMEDE FUND, INC.

Quantitative U.S. Small Cap Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2018

INDUSTRY DIVERSIFICATION

On October 31, 2018, industry diversification of the Portfolio was as follows:


	% of Net Assets			Value
INDUSTRIES:
Banks		8.9	%	$	95,560
Biotechnology		5.9			63,794
Equity Real Estate Investment Trusts		5.8			62,847
IT Services		4.7			50,246
Health Care Equipment & Supplies		4.4			47,407
Machinery		3.6			38,181
Insurance		3.5			37,242
Specialty Retail		3.4			36,094
Diversified Consumer Services		3.3			35,448
Health Care Providers & Services		3.1			33,635
Oil, Gas & Consumable Fuels		3.1			33,198
Semiconductors & Semiconductor Equipment		3.0			32,719
Electronic Equipment, Instruments & Components		2.8			29,998
Thrifts & Mortgage Finance		2.6			27,797
Commercial Services & Supplies		2.3			25,173
Textiles, Apparel & Luxury Goods		2.3			25,157
Capital Markets		2.2			23,152
Software		2.0			21,564
Media		1.9			20,780
Metals & Mining		1.8			19,470
Chemicals		1.8			19,208
Energy Equipment & Services		1.8			18,929
Building Products		1.7			18,666
Life Sciences Tools & Services		1.7			18,360
Electrical Equipment		1.6			17,423
Pharmaceuticals		1.6			16,932
Electric Utilities		1.6			16,793
Communications Equipment		1.5			16,024
Food & Staples Retailing		1.4			15,212
Professional Services		1.4			14,880
Paper & Forest Products		1.4			14,726
Trading Companies & Distributors		1.3			14,128
Hotels, Restaurants & Leisure		1.0			10,805
Household Products		1.0			10,706
Mortgage Real Estate Investment Trusts		1.0			10,642
Real Estate Management & Development		1.0			10,471
Food Products		0.9			10,000
Multi-Utilities		0.9			9,877
Gas Utilities		0.9			9,335
Road & Rail		0.7			7,387
Independent Power & Renewable Electricity Producer		0.7			7,256
Interactive Media & Service		0.6			6,459
Wireless Telecommunication Services		0.5			5,361

TOTAL COMMON STOCKS		98.6	%	$	1,059,042

INVESTMENT OF SECURITY LENDING COLLATERAL		2.1			22,309

TOTAL INVESTMENTS		100.7	%	$	1,081,351

See Notes to Financial Statements.


				92
				92

THE GLENMEDE FUND, INC.

Quantitative International Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2018


Shares			Value

*COMMON STOCKS — 99.7%**
		Japan — 26.1%
	523,817	Astellas Pharma, Inc., Unsponsored ADR¹	$	8,072,020
	69,181	Canon, Inc., Sponsored ADR¹		1,949,521
	190,155	Daito Trust Construction Co., Ltd., Sponsored ADR¹		6,250,395
	176,260	FUJIFILM Holdings Corp., Unsponsored ADR¹		7,596,806
	180,962	Fujitsu, Ltd., Unsponsored ADR¹		2,186,926
	120,476	Hoya Corp., Sponsored ADR		6,843,037
	240,652	ITOCHU Corp., Unsponsored ADR¹		8,944,072
	190,048	Japan Tobacco, Inc., Unsponsored ADR¹		2,427,863
	143,285	Kajima Corp., Unsponsored ADR		1,839,063
	425,618	KDDI Corp., Unsponsored ADR¹		4,977,603
	278,211	Kirin Holdings Co., Ltd., Sponsored ADR		6,615,858
	53,350	Mitsubishi Corp., Sponsored ADR		3,027,879
	133,694	Nippon Telegraph & Telephone Corp., ADR		5,414,607
	65,345	Omron Corp., Sponsored ADR¹		2,642,552
	180,748	Sony Corp., Sponsored ADR		9,783,889
	145,693	Suntory Beverage & Food, Ltd., Unsponsored ADR		2,940,813
	38,585	Suzuki Motor Corp., Unsponsored ADR¹		7,711,019
	352,462	Takeda Pharmaceutical Co., Ltd., Sponsored ADR¹		7,436,948
	46,746	Tokio Marine Holdings, Inc., ADR¹		2,212,254
	60,400	Tokyo Electron, Ltd., Unsponsored ADR¹		2,038,500

				100,911,625


		United Kingdom — 15.2%
	64,088	Ashtead Group PLC, Unsponsored ADR		6,378,743
	72,310	BAE Systems PLC, Sponsored ADR		1,948,754
	222,897	Barclays PLC, Sponsored ADR		1,959,265
	200,000	British Land Co. PLC (The), Sponsored ADR¹		1,548,000
	383,365	Centrica PLC, Sponsored ADR¹		2,919,324
	37,186	Diageo PLC, Sponsored ADR		5,137,618
	529,839	J Sainsbury PLC, Sponsored ADR¹		8,485,372
	368,528	Legal & General Group PLC, Sponsored ADR¹		5,907,504
	440,665	Pearson PLC, Sponsored ADR¹		5,023,581
	183,738	Reckitt Benckiser Group PLC, Sponsored ADR		2,977,474
	173,489	Smith & Nephew PLC, Sponsored ADR		5,704,318
	396,467	Smiths Group PLC, Sponsored ADR		7,078,918
	103,290	Vodafone Group PLC, Sponsored ADR		1,955,280
	29,541	WPP PLC, Sponsored ADR¹		1,666,408

				58,690,559


		Germany — 10.6%
	17,653	adidas AG, Sponsored ADR		2,081,112
	287,995	Allianz SE, Sponsored ADR		5,984,536
	97,826	BASF SE, Sponsored ADR		1,878,259
	284,240	Bayer AG, Sponsored ADR		5,454,566
	295,182	Continental AG, Sponsored ADR		4,873,455
	485,252	Deutsche Boerse AG, Unsponsored ADR		6,106,896
	308,158	Deutsche Lufthansa AG, Sponsored ADR		6,192,435
	113,208	HeidelbergCement AG, Unsponsored ADR		1,532,836
	98,166	Infineon Technologies AG, ADR		1,979,027
	223,752	Muenchener Rueckversicherungs-Gesellschaft AG, Unsponsored ADR		4,796,124

				40,879,246


		France — 10.1%
	79,807	Arkema SA, Sponsored ADR		8,327,461
	98,597	Atos SE, Unsponsored ADR¹		1,681,572
	683,853	Cie de Saint-Gobain, Unsponsored ADR¹		5,118,640
	101,928	Cie Generale des Etablissements Michelin SCA, Unsponsored ADR		2,079,331
	140,657	Danone SA, Sponsored ADR		1,990,296

See Notes to Financial Statements.


				93
				93

THE GLENMEDE FUND, INC.

Quantitative International Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		France — (Continued)
	299,348	Engie SA, Sponsored ADR	$	3,967,858
	46,084	L’Oreal SA, Unsponsored ADR		2,073,780
	144,367	Renault SA, Unsponsored ADR¹		2,158,287
	796,904	Societe Generale SA, Sponsored ADR		5,817,399
	103,426	Total SA, Sponsored ADR		6,060,764

				39,275,388


		Australia — 7.3%
	326,857	Australia & New Zealand Banking Group, Ltd., Sponsored ADR¹		6,012,534
	65,524	BHP Billiton PLC, ADR		2,637,341
	73,547	Macquarie Group, Ltd., ADR¹		6,119,110
	610,112	South32, Ltd., ADR		7,864,344
	303,048	Westpac Banking Corp., Sponsored ADR¹		5,736,699

				28,370,028


		Switzerland — 6.7%
	90,384	ABB, Ltd., Sponsored ADR		1,813,103
	148,306	Adecco Group AG, Unsponsored ADR¹		3,620,149
	25,412	Novartis AG, Sponsored ADR		2,222,533
	240,271	Roche Holding AG, Sponsored ADR		7,294,628
	231,936	Swatch Group AG (The), Unsponsored ADR¹		3,908,122
	224,992	Zurich Insurance Group AG, ADR¹		6,970,252

				25,828,787


		Spain — 5.8%
	69,645	Amadeus IT Group SA, Unsponsored ADR¹		5,605,029
	416,278	Enagas SA, Unsponsored ADR		5,490,707
	724,936	Red Electrica Corp. SA, Unsponsored ADR		7,488,589
	220,134	Repsol SA, Sponsored ADR¹		3,926,090

				22,510,415


		Netherlands — 4.4%
	280,437	Koninklijke Ahold Delhaize N.V., Sponsored ADR¹		6,418,362
	86,000	Koninklijke DSM N.V., Sponsored ADR¹		1,877,810
	77,523	Royal Dutch Shell PLC — Class B, Sponsored ADR¹		5,094,036
	65,517	Wolters Kluwer N.V., Sponsored ADR¹		3,711,931

				17,102,139


		Hong Kong — 3.8%
	92,802	BOC Hong Kong Holdings, Ltd., Sponsored ADR¹		6,942,981
	277,885	Sun Hung Kai Properties, Ltd., Sponsored ADR¹		3,612,505
	285,459	WH Group, Ltd., Sponsored ADR¹		4,019,263

				14,574,749


		Finland — 2.5%
	299,764	UPM-Kymmene OYJ, Sponsored ADR¹		9,635,914


		Italy — 2.1%
	278,561	Intesa Sanpaolo SPA, Sponsored ADR		3,661,684
	302,674	Terna Rete Elettrica Nazionale SPA, Unsponsored ADR		4,649,073

				8,310,757


		Sweden — 2.0%
	398,704	Skandinaviska Enskilda Banken AB, ADR¹		4,156,489
	229,170	SKF AB, Sponsored ADR		3,672,450

				7,828,939


		Denmark — 1.9%
	282,402	Coloplast AS, Unsponsored ADR¹		2,630,575

��

See Notes to Financial Statements.


				94
				94

THE GLENMEDE FUND, INC.

Quantitative International Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Denmark — (Continued)
	186,465	Danske Bank AS, Sponsored ADR	$	1,777,011
	71,563	Novo Nordisk AS, Sponsored ADR		3,090,090

				7,497,676


		Norway — 1.2%
	249,186	DNB ASA, Sponsored ADR¹		4,495,316


		TOTAL COMMON STOCKS (Cost $378,972,880)		385,911,538


*INVESTMENT OF SECURITY LENDING COLLATERAL — 8.8%**
	33,915,385	State Street Navigator Securities Lending Government Money Market Portfolio		33,915,385


		TOTAL INVESTMENT OF SECURITY LENDING COLLATERAL (Cost $33,915,385)		33,915,385


Face Amount

*REPURCHASE AGREEMENT — 0.1%**
$	584,454	With Fixed Income Clearing Corp., dated 10/31/18, 0.42%, principal and interest in the amount of $584,461, due 11/1/18, (collateralized by a U.S. Treasury Note with a par value of $605,000, coupon rate of 2.375%, due 4/15/2021, market value of $598,421)		584,454


		TOTAL REPURCHASE AGREEMENT (Cost $584,454)		584,454



TOTAL INVESTMENTS (Cost $413,472,719)	108.6	%	$	420,411,377

LIABILITIES IN EXCESS OF OTHER ASSETS	(8.6	)		(33,222,998	)


NET ASSETS	100.0	%	$	387,188,379

*	Percentages indicated are based on net assets.

¹	Securities or partial securities on loan. See Note 1.

Abbreviatons:

ADR — American Depositary Receipt

See Notes to Financial Statements.


				95
				95

THE GLENMEDE FUND, INC.

Quantitative International Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2018

INDUSTRY DIVERSIFICATION

On October 31, 2018, industry diversification of the Portfolio was as follows:


	% of Net Assets			Value
INDUSTRIES:
Banks		10.5	%	$	40,559,379
Pharmaceuticals		8.7			33,570,785
Insurance		6.7			25,870,671
Oil, Gas & Consumable Fuels		5.3			20,571,597
Trading Companies & Distributors		4.7			18,350,694
Health Care Equipment & Supplies		3.9			15,177,930
Food & Staples Retailing		3.9			14,903,733
Beverages		3.8			14,694,288
Capital Markets		3.2			12,226,007
Electric Utilities		3.1			12,137,661
Chemicals		3.1			12,083,531
Metals & Mining		2.7			10,501,685
Automobiles		2.6			9,869,306
Real Estate Management & Development		2.5			9,862,900
Household Durables		2.5			9,783,889
Paper & Forest Products		2.5			9,635,914
Technology Hardware, Storage & Peripherals		2.5			9,546,327
IT Services		2.4			9,473,527
Professional Services		1.9			7,332,081
Industrial Conglomerates		1.8			7,078,918
Auto Components		1.8			6,952,786
Wireless Telecommunication Services		1.8			6,932,882
Multi-Utilities		1.8			6,887,182
Media		1.7			6,689,989
Airlines		1.6			6,192,435
Food Products		1.6			6,009,559
Textiles, Apparel & Luxury Goods		1.5			5,989,234
Diversified Telecommunication Services		1.4			5,414,607
Building Products		1.3			5,118,640
Semiconductors & Semiconductor Equipment		1.0			4,017,527
Machinery		1.0			3,672,449
Household Products		0.8			2,977,474
Electronic Equipment, Instruments & Components		0.7			2,642,552
Tobacco		0.6			2,427,863
Personal Products		0.5			2,073,780
Aerospace & Defense		0.5			1,948,754
Construction & Engineering		0.5			1,839,063
Electrical Equipment		0.5			1,813,103
Equity Real Estate Investment Trusts		0.4			1,548,000
Construction Materials		0.4			1,532,836

TOTAL COMMON STOCKS		99.7	%	$	385,911,538

REPURCHASE AGREEMENT		0.1			584,454

INVESTMENT OF SECURITY LENDING COLLATERAL		8.8			33,915,385

TOTAL INVESTMENTS		108.6	%	$	420,411,377

See Notes to Financial Statements.


				96
				96

THE GLENMEDE FUND, INC.

Responsible ESG U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2018


Shares			Value

*COMMON STOCKS — 99.4%**
		Aerospace & Defense — 1.4%
	2,072	Curtiss-Wright Corp.	$	226,801
	324	Northrop Grumman Corp.		84,872

				311,673


		Airlines — 0.6%
	2,845	Southwest Airlines Co.		139,689


		Banks — 5.7%
	9,529	Bank of America Corp.		262,047
	6,311	Citizens Financial Group, Inc.		235,716
	3,039	Comerica, Inc.		247,861
	1,500	Cullen/Frost Bankers, Inc.		146,880
	2,014	JPMorgan Chase & Co.		219,566
	2,737	Zions Bancorp N.A.		128,776

				1,240,846


		Biotechnology — 3.9%
	1,646	Amgen, Inc.		317,332
	817	Biogen, Inc.¹		248,589
	4,168	Gilead Sciences, Inc.		284,174

				850,095


		Building Products — 1.8%
	6,244	Fortune Brands Home & Security, Inc.		279,919
	2,120	Owens Corning		100,212
	160	Resideo Technologies, Inc.¹		3,375

				383,506


		Capital Markets — 3.8%
	4,608	Bank of New York Mellon Corp. (The)		218,097
	1,823	CME Group, Inc.		334,046
	2,300	Morgan Stanley		105,018
	1,725	Northern Trust Corp.		162,271

				819,432


		Chemicals — 1.6%
	940	Air Products & Chemicals, Inc.		145,089
	4,051	Axalta Coating Systems, Ltd.¹		99,979
	1,112	Celanese Corp.		107,797

				352,865


		Communications Equipment — 4.1%
	6,656	Cisco Systems, Inc.		304,512
	1,955	F5 Networks, Inc.¹		342,673
	8,190	Juniper Networks, Inc.		239,721

				886,906


		Construction & Engineering — 1.3%
	9,357	Quanta Services, Inc.¹		291,938


		Consumer Finance — 1.3%
	11,477	Ally Financial, Inc.		291,630


		Containers & Packaging — 1.2%
	2,190	Avery Dennison Corp.		198,677
	1,428	International Paper Co.		64,774

				263,451


		Diversified Consumer Services — 0.9%
	4,925	Service Corp. International		204,240

See Notes to Financial Statements.


				97
				97

THE GLENMEDE FUND, INC.

Responsible ESG U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Diversified Telecommunication Services — 2.2%
	9,336	AT&T, Inc.	$	286,428
	3,310	Verizon Communications, Inc.		188,968

				475,396


		Electric Utilities — 2.3%
	7,009	Exelon Corp.		307,064
	4,178	Xcel Energy, Inc.		204,764

				511,828


		Electronic Equipment, Instruments & Components — 0.8%
	2,298	TE Connectivity, Ltd.		173,315


		Entertainment — 2.8%
	3,004	Electronic Arts, Inc.¹		273,304
	2,841	Walt Disney Co. (The)		326,232

				599,536


		Equity Real Estate Investment Trusts — 1.8%
	13,161	Host Hotels & Resorts, Inc.		251,507
	5,000	Weyerhaeuser Co.		133,150

				384,657


		Food & Staples Retailing — 1.3%
	9,864	US Foods Holding Corp.¹		287,733


		Food Products — 4.1%
	7,520	General Mills, Inc.		329,376
	1,006	Hershey Co. (The)		107,793
	849	JM Smucker Co. (The)		91,964
	2,454	McCormick & Co., Inc.		353,376

				882,509


		Health Care Equipment & Supplies — 0.7%
	1,050	Edwards Lifesciences Corp.¹		154,980


		Health Care Providers & Services — 6.5%
	898	Anthem, Inc.		247,462
	4,802	Cardinal Health, Inc.		242,981
	758	Centene Corp.¹		98,783
	2,740	CVS Health Corp.		198,349
	778	HCA Healthcare, Inc.		103,886
	2,407	Henry Schein, Inc.¹		199,781
	1,010	Humana, Inc.		323,614

				1,414,856


		Hotels, Restaurants & Leisure — 1.8%
	5,598	International Game Technology PLC²		103,843
	2,411	Marriott International, Inc. — Class A		281,822

				385,665


		Household Products — 1.7%
	2,414	Kimberly-Clark Corp.		251,780
	1,250	Procter & Gamble Co. (The)		110,850

				362,630


		Independent Power & Renewable Electricity Producer — 1.4%
	21,660	AES Corp.		315,802


		Industrial Conglomerates — 0.6%
	962	Honeywell International, Inc.		139,317

See Notes to Financial Statements.


				98
				98

THE GLENMEDE FUND, INC.

Responsible ESG U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Insurance — 3.2%
	1,840	Principal Financial Group, Inc.	$	86,609
	4,814	Progressive Corp. (The)		335,536
	2,945	Prudential Financial, Inc.		276,182

				698,327


		Interactive Media & Service — 1.5%
	297	Alphabet, Inc. — Class A¹		323,902


		IT Services — 4.2%
	854	Accenture PLC — Class A		134,607
	707	Automatic Data Processing, Inc.		101,865
	3,253	Cognizant Technology Solutions Corp. — Class A		224,555
	2,289	PayPal Holdings, Inc.¹		192,711
	1,873	Visa, Inc. — Class A		258,193

				911,931


		Life Sciences Tools & Services — 2.0%
	1,302	Agilent Technologies, Inc.		84,357
	990	IQVIA Holdings, Inc.¹		121,701
	1,186	Waters Corp.¹		224,972

				431,030


		Machinery — 1.6%
	3,098	Ingersoll-Rand PLC		297,222
	425	Stanley Black & Decker, Inc.		49,521

				346,743


		Media — 2.5%
	6,473	Discovery, Inc. — Class C¹		189,723
	4,640	Omnicom Group, Inc.		344,845

				534,568


		Metals & Mining — 1.4%
	5,150	Nucor Corp.		304,468


		Multi-line Retail — 1.5%
	3,848	Target Corp.		321,808


		Multi-Utilities — 0.7%
	2,514	Ameren Corp		162,354


		Oil, Gas & Consumable Fuels — 5.7%
	18,743	Kinder Morgan, Inc.		319,006
	5,031	Marathon Petroleum Corp.		354,434
	2,893	Phillips 66		297,458
	2,843	Valero Energy Corp		258,969

				1,229,867


		Pharmaceuticals — 1.8%
	1,953	Eli Lilly & Co.		211,783
	2,379	Merck & Co., Inc.		175,118

				386,901


		Professional Services — 0.9%
	1,174	ManpowerGroup, Inc.		89,564
	1,550	TransUnion		101,913

				191,477


		Real Estate Management & Development — 1.3%
	6,816	CBRE Group, Inc. — Class A¹		274,617

See Notes to Financial Statements.


				99
				99

THE GLENMEDE FUND, INC.

Responsible ESG U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Semiconductors & Semiconductor Equipment — 4.4%
	6,815	Intel Corp.	$	319,487
	1,792	Lam Research Corp.		253,980
	943	NVIDIA Corp.		198,813
	1,936	Texas Instruments, Inc.		179,719

				951,999


		Software — 6.5%
	741	Adobe, Inc.¹		182,108
	2,500	CA, Inc.		110,900
	935	Citrix Systems, Inc.¹		95,809
	2,365	Dell Technologies, Inc. — Class V¹		213,772
	3,214	Fortinet, Inc.¹		264,127
	3,039	Microsoft Corp.		324,596
	1,536	VMware, Inc. — Class A¹		217,175

				1,408,487


		Specialty Retail — 3.8%
	4,303	Best Buy Co., Inc.		301,898
	5,183	Gap, Inc. (The)		141,496
	1,989	Lowe’s Cos., Inc.		189,393
	1,960	Ross Stores, Inc.		194,040

				826,827


		Technology Hardware, Storage & Peripherals — 0.8%
	6,736	Hewlett Packard Enterprise Co.		102,725
	2,947	HP, Inc.		71,141

				173,866


		TOTAL COMMON STOCKS (Cost $19,670,492)		21,603,667


Face Amount

*REPURCHASE AGREEMENT — 0.6%**
$	130,291	With Fixed Income Clearing Corp., dated 10/31/18, 0.42%, principal and interest in the amount of $130,293, due 11/1/18, (collateralized by a U.S. Treasury Note with a par value of $130,000, coupon rate of 3.625 %, due 2/15/2021, market value of $133,131)		130,291


		TOTAL REPURCHASE AGREEMENT (Cost $130,291)		130,291


Shares

*INVESTMENT OF SECURITY LENDING COLLATERAL — 0.4%**
	92,367	State Street Navigator Securities Lending Government Money Market Portfolio		92,367


		TOTAL INVESTMENT OF SECURITY LENDING COLLATERAL (Cost $92,367)		92,367



TOTAL INVESTMENTS (Cost $19,893,150)	100.4	%	$	21,826,325

LIABILITIES IN EXCESS OF OTHER ASSETS	(0.4	)		(79,997	)


NET ASSETS	100.0	%	$	21,746,328

*	Percentages indicated are based on net assets.

¹	Non income-producing security.

²	Securities or partial securities on loan. See Note 1.

See Notes to Financial Statements.


				100
				100

THE GLENMEDE FUND, INC.

Responsible ESG U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2018

INDUSTRY DIVERSIFICATION

On October 31, 2018, industry diversification of the Portfolio was as follows:


	% of Net Assets			Value
INDUSTRIES:
Health Care Providers & Services		6.5	%	$	1,414,856
Software		6.5			1,408,487
Banks		5.7			1,240,846
Oil, Gas & Consumable Fuels		5.7			1,229,867
Semiconductors & Semiconductor Equipment		4.4			951,999
IT Services		4.2			911,931
Communications Equipment		4.1			886,906
Food Products		4.1			882,509
Biotechnology		3.9			850,095
Specialty Retail		3.8			826,827
Capital Markets		3.8			819,432
Insurance		3.2			698,327
Entertainment		2.8			599,536
Media		2.5			534,568
Electric Utilities		2.3			511,828
Diversified Telecommunication Services		2.2			475,396
Life Sciences Tools & Services		2.0			431,030
Pharmaceuticals		1.8			386,901
Hotels, Restaurants & Leisure		1.8			385,665
Equity Real Estate Investment Trusts		1.8			384,657
Building Products		1.8			383,506
Household Products		1.7			362,630
Chemicals		1.6			352,865
Machinery		1.6			346,743
Interactive Media & Service		1.5			323,902
Multi-line Retail		1.5			321,808
Independent Power & Renewable Electricity Producer		1.4			315,802
Aerospace & Defense		1.4			311,673
Metals & Mining		1.4			304,468
Construction & Engineering		1.3			291,938
Consumer Finance		1.3			291,630
Food & Staples Retailing		1.3			287,733
Real Estate Management & Development		1.3			274,617
Containers & Packaging		1.2			263,451
Diversified Consumer Services		0.9			204,240
Professional Services		0.9			191,477
Technology Hardware, Storage & Peripherals		0.8			173,866
Electronic Equipment, Instruments & Components		0.8			173,315
Multi-Utilities		0.7			162,354
Health Care Equipment & Supplies		0.7			154,980
Airlines		0.6			139,689
Industrial Conglomerates		0.6			139,317

TOTAL COMMON STOCKS		99.4	%	$	21,603,667

REPURCHASE AGREEMENT		0.6			130,291

INVESTMENT OF SECURITY LENDING COLLATERAL		0.4			92,367

TOTAL INVESTMENTS		100.4	%	$	21,826,325

See Notes to Financial Statements.


				101
				101

THE GLENMEDE FUND, INC.

Women in Leadership U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2018


Shares			Value

*COMMON STOCKS — 99.5%**
		Aerospace & Defense — 2.4%
	1,258	Boeing Co. (The)	$	446,414


		Auto Components — 0.5%
	728	Lear Corp.		96,751


		Banks — 5.7%
	3,310	Bank of America Corp.		91,025
	2,264	Comerica, Inc.		184,652
	14,193	Fifth Third Bancorp		383,069
	3,048	JPMorgan Chase & Co.		332,293
	1,913	Zions Bancorp N.A.		90,007

				1,081,046


		Biotechnology — 4.0%
	1,994	Amgen, Inc.		384,423
	5,283	Celgene Corp.¹		378,263

				762,686


		Building Products — 0.4%
	1,600	Fortune Brands Home & Security, Inc.		71,728
	269	Resideo Technologies, Inc.¹		5,666

				77,394


		Capital Markets — 4.5%
	1,497	CME Group, Inc.		274,310
	6,184	Intercontinental Exchange, Inc.		476,415
	2,143	Morgan Stanley		97,850

				848,575


		Chemicals — 0.4%
	920	LyondellBasell Industries N.V. — Class A		82,129


		Commercial Services & Supplies — 0.5%
	1,350	Republic Services, Inc.		98,118


		Communications Equipment — 3.7%
	10,869	Cisco Systems, Inc.		497,257
	1,197	F5 Networks, Inc.¹		209,810

				707,067


		Consumer Finance — 1.1%
	5,144	Ally Financial, Inc.		130,709
	2,424	Synchrony Financial		70,005

				200,714


		Containers & Packaging — 2.7%
	3,160	Avery Dennison Corp.		286,675
	5,238	WestRock Co.		225,077

				511,752


		Diversified Consumer Services — 2.1%
	942	Grand Canyon Education, Inc.¹		117,467
	6,748	Service Corp. International		279,840

				397,307


		Diversified Telecommunication Services — 1.9%
	11,521	AT&T, Inc.		353,464


		Electric Utilities — 2.5%
	10,304	PG&E Corp.		482,330

See Notes to Financial Statements.


				102
				102

THE GLENMEDE FUND, INC.

Women in Leadership U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Electrical Equipment — 1.1%
	2,991	AMETEK, Inc.	$	200,636


		Entertainment — 0.7%
	1,192	Walt Disney Co. (The)		136,877


		Equity Real Estate Investment Trusts — 0.5%
	538	Simon Property Group, Inc.		98,734


		Food & Staples Retailing — 1.0%
	6,707	US Foods Holding Corp.¹		195,643


		Food Products — 4.1%
	2,287	Hershey Co. (The)		245,052
	3,702	McCormick & Co., Inc.		533,088

				778,140


		Gas Utilities — 0.8%
	2,833	UGI Corp.		150,319


		Health Care Equipment & Supplies — 1.2%
	1,870	Varian Medical Systems, Inc.¹		223,222


		Health Care Providers & Services — 6.0%
	791	Aetna, Inc.		156,935
	1,060	Anthem, Inc.		292,104
	4,313	CVS Health Corp.		312,218
	1,356	DaVita, Inc.¹		91,313
	907	Humana, Inc.		290,612

				1,143,182


		Household Products — 2.0%
	3,720	Church & Dwight Co., Inc.		220,857
	2,594	Energizer Holdings, Inc.		152,449

				373,306


		Industrial Conglomerates — 1.2%
	1,615	Honeywell International, Inc.		233,884


		Insurance — 3.0%
	7,349	MetLife, Inc.		302,706
	1,700	Principal Financial Group, Inc.		80,019
	2,753	Progressive Corp. (The)		191,884

				574,609


		Interactive Media & Services — 4.4%
	346	Alphabet, Inc. — Class A¹		377,341
	2,993	Facebook, Inc. — Class A¹		454,307

				831,648


		IT Services — 3.8%
	1,736	Accenture PLC — Class A		273,628
	2,443	Akamai Technologies, Inc.¹		176,507
	3,933	Cognizant Technology Solutions Corp. — Class A		271,495

				721,630


		Life Sciences Tools & Services — 0.9%
	874	Waters Corp.¹		165,789


		Machinery — 2.7%
	4,665	Ingersoll-Rand PLC		447,560
	624	Stanley Black & Decker, Inc.		72,709

				520,269

See Notes to Financial Statements.


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SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Media — 2.6%
	13,076	Comcast Corp. — Class A	$	498,719


		Metals & Mining — 0.6%
	1,800	Nucor Corp.		106,416


		Multi-line Retail — 2.2%
	4,983	Target Corp.		416,728


		Multi-Utilities — 1.5%
	10,632	CenterPoint Energy, Inc.		287,170


		Oil, Gas & Consumable Fuels — 4.6%
	3,102	Chevron Corp.		346,338
	1,472	Phillips 66		151,351
	4,176	Valero Energy Corp.		380,392

				878,081


		Pharmaceuticals — 2.6%
	11,541	Pfizer, Inc.		496,956


		Real Estate Management & Development — 2.6%
	9,640	CBRE Group, Inc. — Class A¹		388,395
	741	Jones Lang LaSalle, Inc.		98,005

				486,400


		Semiconductors & Semiconductor Equipment — 4.3%
	7,817	Intel Corp.		366,461
	3,321	Teradyne, Inc.		114,409
	3,564	Texas Instruments, Inc.		330,846

				811,716


		Software — 6.5%
	6,401	CA, Inc.		283,948
	1,053	Dell Technologies, Inc. — Class V¹		95,181
	3,392	Microsoft Corp.		362,299
	5,770	Oracle Corp.		281,807
	1,441	Synopsys, Inc.¹		129,013
	616	VMware, Inc. — Class A¹		87,096

				1,239,344


		Specialty Retail — 4.1%
	5,742	Best Buy Co., Inc.		402,859
	2,516	Lowe’s Cos., Inc.		239,573
	1,415	Ross Stores, Inc.		140,085

				782,517


		Technology Hardware, Storage & Peripherals — 2.1%
	3,137	NetApp, Inc.		246,223
	3,314	Western Digital Corp.		142,733

				388,956


		TOTAL COMMON STOCKS (Cost $17,520,507)		18,886,638



TOTAL INVESTMENTS (Cost $17,520,507)	99.5	%	$	18,886,638

OTHER ASSETS IN EXCESS OF LIABILITIES	0.5			86,939


NET ASSETS	100.0	%	$	18,973,577

See Notes to Financial Statements.


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SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018

*	Percentages indicated are based on net assets.

¹	Non income-producing security.

See Notes to Financial Statements.


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SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2018

INDUSTRY DIVERSIFICATION

On October 31, 2018, industry diversification of the Portfolio was as follows:


	% of Net Assets			Value
INDUSTRIES:
Software		6.5	%	$	1,239,344
Health Care Providers & Services		6.0			1,143,182
Banks		5.7			1,081,046
Oil, Gas & Consumable Fuels		4.6			878,081
Capital Markets		4.5			848,575
Interactive Media & Services		4.4			831,648
Semiconductors & Semiconductor Equipment		4.3			811,716
Specialty Retail		4.1			782,517
Food Products		4.1			778,140
Biotechnology		4.0			762,686
IT Services		3.8			721,630
Communications Equipment		3.7			707,067
Insurance		3.0			574,609
Machinery		2.7			520,269
Containers & Packaging		2.7			511,752
Media		2.6			498,719
Pharmaceuticals		2.6			496,956
Real Estate Management & Development		2.6			486,400
Electric Utilities		2.5			482,330
Aerospace & Defense		2.4			446,414
Multi-line Retail		2.2			416,728
Diversified Consumer Services		2.1			397,307
Technology Hardware, Storage & Peripherals		2.1			388,956
Household Products		2.0			373,306
Diversified Telecommunication Services		1.9			353,464
Multi-Utilities		1.5			287,170
Industrial Conglomerates		1.2			233,884
Health Care Equipment & Supplies		1.2			223,222
Consumer Finance		1.1			200,714
Electrical Equipment		1.1			200,636
Food & Staples Retailing		1.0			195,643
Life Sciences Tools & Services		0.9			165,789
Gas Utilities		0.8			150,319
Entertainment		0.7			136,877
Metals & Mining		0.6			106,416
Equity Real Estate Investment Trusts		0.5			98,734
Commercial Services & Supplies		0.5			98,118
Auto Components		0.5			96,751
Chemicals		0.4			82,129
Building Products		0.4			77,394

TOTAL COMMON STOCKS		99.5	%	$	18,886,638

TOTAL INVESTMENTS		99.5	%	$	18,886,638

See Notes to Financial Statements.


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SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2018


Shares			Value

*COMMON STOCKS — 95.9%**
		Air Freight & Logistics — 1.0%
	47,980	Expeditors International of Washington, Inc.	$	3,223,296


		Banks — 6.1%
	165,000	Bank of America Corp		4,537,500
	75,280	Citizens Financial Group, Inc.		2,811,708
	46,900	East West Bancorp, Inc.		2,459,436
	155,000	KeyCorp		2,814,800
	13,960	PNC Financial Services Group, Inc. (The)		1,793,720
	48,380	SunTrust Banks, Inc.		3,031,491
	62,476	Zions Bancorp N.A.		2,939,496

				20,388,151


		Beverages — 1.0%
	60,920	Monster Beverage Corp.¹		3,219,622


		Biotechnology — 2.3%
	142,120	Acorda Therapeutics, Inc.¹		2,715,913
	82,660	Emergent BioSolutions, Inc.^1,2		5,057,966

				7,773,879


		Capital Markets — 1.7%
	51,380	Bank of New York Mellon Corp. (The)		2,431,815
	170,700	Waddell & Reed Financial, Inc. — Class A		3,255,249

				5,687,064


		Chemicals — 2.9%
	35,080	Eastman Chemical Co.		2,748,518
	119,900	Huntsman Corp.		2,623,412
	29,180	LyondellBasell Industries N.V. — Class A		2,604,899
	57,152	PolyOne Corp.		1,846,581

				9,823,410


		Commercial Services & Supplies — 1.3%
	64,540	Tetra Tech, Inc.		4,262,222


		Communications Equipment — 1.2%
	87,280	Cisco Systems, Inc.²		3,993,060


		Construction & Engineering — 2.0%
	49,460	EMCOR Group, Inc.²		3,510,671
	158,860	KBR, Inc.		3,142,251

				6,652,922


		Consumer Finance — 1.4%
	22,540	Discover Financial Services		1,570,362
	311,100	SLM Corp.¹		3,154,554

				4,724,916


		Containers & Packaging — 0.8%
	62,560	WestRock Co.		2,688,203


		Diversified Consumer Services — 1.0%
	83,120	Service Corp. International		3,446,986


		Diversified Financial Services — 0.5%
	41,080	Voya Financial, Inc.		1,797,661


		Diversified Telecommunication Services — 0.6%
	63,160	AT&T, Inc.²		1,937,749


		Electric Utilities — 1.8%
	88,240	Exelon Corp.		3,865,794

See Notes to Financial Statements.


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SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Electric Utilities — (Continued)
	45,300	PG&E Corp	$	2,120,493

				5,986,287


		Electrical Equipment — 1.2%
	16,200	Eaton Corp. PLC		1,161,054
	35,300	EnerSys		2,808,821

				3,969,875


		Electronic Equipment, Instruments & Components — 2.7%
	37,600	Arrow Electronics, Inc.¹		2,545,896
	69,180	Methode Electronics, Inc		2,047,728
	16,940	Tech Data Corp.¹		1,196,981
	183,120	Vishay Intertechnology, Inc		3,351,096

				9,141,701


		Equity Real Estate Investment Trusts — 3.6%
	39,760	EPR Properties²		2,733,103
	119,980	Hospitality Properties Trust		3,073,888
	180,220	Host Hotels & Resorts, Inc.		3,444,004
	98,960	Park Hotels & Resorts, Inc.		2,876,767

				12,127,762


		Food & Staples Retailing — 2.2%
	51,480	Sysco Corp.		3,672,068
	35,360	Walmart, Inc.		3,545,901

				7,217,969


		Food Products — 2.4%
	54,400	Archer-Daniels-Midland Co.		2,570,400
	77,720	General Mills, Inc.		3,404,136
	32,320	Tyson Foods, Inc. — Class A		1,936,614

				7,911,150


		Health Care Equipment & Supplies — 1.6%
	17,860	Align Technology, Inc.^1,2		3,950,632
	21,740	Baxter International, Inc.		1,358,967

				5,309,599


		Health Care Providers & Services — 8.0%
	57,960	Amedisys, Inc.¹		6,375,600
	68,220	AMN Healthcare Services, Inc.^1,2		3,453,296
	23,960	Centene Corp.^1,2		3,122,467
	45,660	CVS Health Corp.		3,305,327
	36,520	Molina Healthcare, Inc.¹		4,629,641
	21,120	WellCare Health Plans, Inc.^1,2		5,828,909

				26,715,240


		Hotels, Restaurants & Leisure — 2.4%
	44,720	Hilton Worldwide Holdings, Inc.		3,182,722
	22,740	Hyatt Hotels Corp. — Class A		1,573,608
	102,160	International Game Technology PLC³		1,895,068
	33,900	Wyndham Destinations, Inc.²		1,216,332

				7,867,730


		Household Products — 0.9%
	48,020	Church & Dwight Co., Inc.		2,850,947


		Independent Power & Renewable Electricity Producer — 0.6%
	130,000	AES Corp.²		1,895,400

See Notes to Financial Statements.


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SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Insurance — 4.7%
	63,700	CNA Financial Corp.	$	2,762,669
	29,700	Lincoln National Corp.		1,787,643
	76,960	MetLife, Inc.		3,169,982
	142,040	Old Republic International Corp.		3,131,982
	24,900	Prudential Financial, Inc.		2,335,122
	67,572	Unum Group		2,450,161

				15,637,559


		Interactive Media & Service — 0.6%
	46,600	Yelp, Inc.¹		1,995,412


		IT Services — 6.5%
	49,032	Amdocs, Ltd.		3,102,255
	40,580	Cognizant Technology Solutions Corp. — Class A		2,801,237
	198,375	Conduent, Inc.^1,2		3,788,963
	18,700	Euronet Worldwide, Inc.¹		2,079,066
	19,460	FleetCor Technologies, Inc.^1,2		3,892,584
	39,320	MAXIMUS, Inc.		2,554,620
	118,900	Sykes Enterprises, Inc.¹		3,646,663

				21,865,388


		Life Sciences Tools & Services — 2.7%
	52,540	Agilent Technologies, Inc.		3,404,067
	30,000	Medpace Holdings, Inc.¹		1,563,000
	17,780	Thermo Fisher Scientific, Inc.		4,154,297

				9,121,364


		Machinery — 3.7%
	47,480	AGCO Corp.²		2,660,779
	48,280	Barnes Group, Inc.		2,732,648
	39,420	Crane Co.²		3,431,117
	36,080	Ingersoll-Rand PLC		3,461,515

				12,286,059


		Media — 2.9%
	76,280	Comcast Corp. — Class A		2,909,319
	70,800	Interpublic Group of Cos., Inc. (The)		1,639,728
	129,160	News Corp. — Class A		1,703,620
	44,580	Omnicom Group, Inc.		3,313,186

				9,565,853


		Metals & Mining — 0.9%
	75,192	Steel Dynamics, Inc.		2,977,603


		Multi-line Retail — 0.6%
	22,800	Target Corp.		1,906,764


		Multi-Utilities — 2.7%
	49,640	Ameren Corp.		3,205,751
	31,760	DTE Energy Co.³		3,569,824
	45,000	Public Service Enterprise Group, Inc.		2,404,350

				9,179,925


		Oil, Gas & Consumable Fuels — 3.8%
	48,620	Marathon Petroleum Corp.		3,425,279
	75,440	PBF Energy, Inc. — Class A		3,157,164
	203,900	Range Resources Corp.		3,231,815
	33,460	Valero Energy Corp.		3,047,872

				12,862,130

See Notes to Financial Statements.


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SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Paper & Forest Products — 1.8%
	70,680	Domtar Corp.	$	3,273,191
	126,140	Louisiana-Pacific Corp.		2,746,068

				6,019,259


		Personal Products — 0.5%
	21,760	Nu Skin Enterprises, Inc. — Class A		1,527,987


		Pharmaceuticals — 0.9%
	65,940	Supernus Pharmaceuticals, Inc.¹		3,136,106


		Professional Services — 1.4%
	56,300	Korn/Ferry International		2,541,382
	28,720	ManpowerGroup, Inc.		2,191,049

				4,732,431


		Real Estate Management & Development — 0.9%
	72,780	CBRE Group, Inc. — Class A¹		2,932,306


		Semiconductors & Semiconductor Equipment — 3.3%
	65,380	Applied Materials, Inc.		2,149,695
	38,000	Intel Corp.		1,781,440
	74,060	Micron Technology, Inc.^1,2		2,793,543
	180,140	ON Semiconductor Corp.¹		3,062,380
	39,680	Teradyne, Inc.		1,366,976

				11,154,034


		Software — 2.4%
	86,049	Cadence Design Systems, Inc.¹		3,835,204
	38,080	Microsoft Corp.		4,067,325

				7,902,529


		Specialty Retail — 3.8%
	59,980	Best Buy Co., Inc.²		4,208,197
	32,260	Lowe’s Cos., Inc.		3,071,797
	38,960	Ross Stores, Inc.		3,857,040
	14,100	TJX Cos., Inc. (The)		1,549,308

				12,686,342


		Textiles, Apparel & Luxury Goods — 0.6%
	37,000	Michael Kors Holdings, Ltd.¹		2,050,170


		TOTAL COMMON STOCKS (Cost $275,671,294)		320,152,022


Face Amount

*REPURCHASE AGREEMENT — 3.5%**
$	11,456,016	With Fixed Income Clearing Corp., dated 10/31/18, 0.42%, principal and interest in the amount of $11,456,150, due 11/1/18, (collateralized by a U.S. Treasury Note with a par value of $11,815,000, coupon rate of 2.375%, due 4/15/2021, market value of $11,686,512)		11,456,016


		TOTAL REPURCHASE AGREEMENT (Cost $11,456,016)		11,456,016

See Notes to Financial Statements.


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SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*INVESTMENT OF SECURITY LENDING COLLATERAL — 1.6%**
	5,392,036	State Street Navigator Securities Lending Government Money Market Portfolio	$	5,392,036


		TOTAL INVESTMENT OF SECURITY LENDING COLLATERAL (Cost $5,392,036)		5,392,036



TOTAL LONG INVESTMENTS (Cost $292,519,346)	101.0	%	$	337,000,074



*COMMON STOCKS SOLD SHORT — (64.9)%**
			Aerospace & Defense — (0.9)%
	(9,460	)	TransDigm Group, Inc.¹	(3,124,165	)


			Air Freight & Logistics — (0.8)%
	(11,500	)	FedEx Corp.	(2,533,910	)


			Banks — (3.7)%
	(71,500	)	Ameris Bancorp	(3,066,635	)
	(30,140	)	First Republic Bank	(2,742,439	)
	(31,820	)	Signature Bank	(3,497,018	)
	(24,440	)	South State Corp.	(1,653,855	)
	(150,400	)	Valley National Bancorp	(1,500,992	)

				(12,460,939	)


			Beverages — (1.8)%
	(51,160	)	Brown-Forman Corp. — Class B	(2,370,755	)
	(77,500	)	Coca-Cola Co. (The)	(3,710,700	)

				(6,081,455	)


			Capital Markets — (2.0)%
	(7,780	)	Goldman Sachs Group, Inc. (The)	(1,753,379	)
	(16,620	)	MarketAxess Holdings, Inc.	(3,484,715	)
	(30,280	)	TD Ameritrade Holding Corp.	(1,566,082	)

				(6,804,176	)


			Chemicals — (2.8)%
	(31,360	)	Balchem Corp.	(2,936,864	)
	(24,680	)	DowDuPont, Inc.	(1,330,746	)
	(15,700	)	International Flavors & Fragrances, Inc.	(2,271,162	)
	(6,960	)	Sherwin-Williams Co. (The)	(2,738,551	)

				(9,277,323	)


			Commercial Services & Supplies — (2.2)%
	(129,400	)	Covanta Holding Corp.	(1,900,886	)
	(31,020	)	Rollins, Inc.	(1,836,384	)
	(40,200	)	Waste Management, Inc.	(3,596,694	)

				(7,333,964	)


			Communications Equipment — (0.7)%
	(19,000	)	Motorola Solutions, Inc.	(2,328,640	)


			Construction Materials — (1.1)%
	(12,920	)	Martin Marietta Materials, Inc.	(2,212,937	)
	(14,320	)	Vulcan Materials Co.	(1,448,325	)

				(3,661,262	)


			Distributors — (1.0)%
	(35,000	)	Genuine Parts Co.	(3,427,200	)


			Electric Utilities — (1.6)%
	(27,580	)	Edison International	(1,913,776	)
	(28,340	)	El Paso Electric Co.	(1,616,797	)

See Notes to Financial Statements.


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SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares				Value

*COMMON STOCKS SOLD SHORT — (Continued)**
			Electric Utilities — (Continued)
	(43,200	)	Southern Co. (The)	$	(1,945,296	)

					(5,475,869	)


			Electronic Equipment, Instruments & Components — (0.6)%
	(38,960	)	National Instruments Corp.		(1,907,871	)


			Equity Real Estate Investment Trusts — (4.3)%
	(75,260	)	Acadia Realty Trust		(2,095,239	)
	(3,915	)	Equinix, Inc.		(1,482,767	)
	(48,040	)	Kilroy Realty Corp.		(3,308,995	)
	(13,300	)	Public Storage		(2,732,751	)
	(20,660	)	SBA Communications Corp.¹		(3,350,432	)
	(17,920	)	Vornado Realty Trust		(1,219,994	)

					(14,190,178	)


			Food & Staples Retailing — (0.8)%
	(38,107	)	PriceSmart, Inc.		(2,673,206	)


			Health Care Equipment & Supplies — (6.8)%
	(14,960	)	Becton Dickinson & Co.		(3,448,280	)
	(14,860	)	Cooper Cos., Inc. (The)		(3,838,486	)
	(49,440	)	DENTSPLY SIRONA, Inc.		(1,712,107	)
	(23,560	)	Edwards Lifesciences Corp.¹		(3,477,456	)
	(15,380	)	IDEXX Laboratories, Inc.¹		(3,262,406	)
	(40,800	)	Medtronic PLC		(3,664,656	)
	(20,780	)	Stryker Corp.		(3,370,932	)

					(22,774,323	)


			Health Care Providers & Services — (0.8)%
	(67,700	)	MEDNAX, Inc.¹		(2,795,333	)


			Hotels, Restaurants & Leisure — (2.5)%
	(9,340	)	Chipotle Mexican Grill, Inc.¹		(4,299,482	)
	(28,400	)	Jack in the Box, Inc.		(2,241,612	)
	(10,640	)	McDonald’s Corp.		(1,882,216	)

					(8,423,310	)


			Household Durables — (1.3)%
	(117,600	)	Newell Brands, Inc.		(1,867,488	)
	(21,980	)	Whirlpool Corp.		(2,412,525	)

					(4,280,013	)


			Household Products — (0.7)%
	(40,920	)	Colgate-Palmolive Co.		(2,436,786	)


			Industrial Conglomerates — (1.6)%
	(16,480	)	3M Co.		(3,135,485	)
	(218,960	)	General Electric Co.		(2,211,496	)

					(5,346,981	)


			Insurance — (3.0)%
	(61,160	)	American International Group, Inc.		(2,525,296	)
	(2,900	)	Markel Corp.¹		(3,170,396	)
	(70,780	)	Mercury General Corp.		(4,197,962	)

					(9,893,654	)


			IT Services — (1.8)%
	(42,710	)	Fiserv, Inc.¹		(3,386,903	)
	(23,180	)	International Business Machines Corp.		(2,675,667	)

					(6,062,570	)

See Notes to Financial Statements.


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SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares				Value

*COMMON STOCKS SOLD SHORT — (Continued)**
			Leisure Product — (1.1)%
	(37,940	)	Hasbro, Inc	$	(3,479,477	)


			Life Sciences Tools & Services — (1.0)%
	(17,480	)	Waters Corp.¹		(3,315,781	)


			Machinery — (1.1)%
	(73,820	)	Donaldson Co., Inc.		(3,785,490	)


			Media — (1.4)%
	(52,660	)	John Wiley & Sons, Inc. — Class A		(2,856,278	)
	(69,500	)	New York Times Co. (The) — Class A		(1,834,800	)

					(4,691,078	)


			Multi-Utilities — (1.1)%
	(68,680	)	NiSource, Inc.		(1,741,725	)
	(17,220	)	Sempra Energy		(1,896,266	)

					(3,637,991	)


			Oil, Gas & Consumable Fuels — (2.5)%
	(52,340	)	Cheniere Energy, Inc.¹		(3,161,860	)
	(204,060	)	Kinder Morgan, Inc.		(3,473,101	)
	(25,900	)	ONEOK, Inc.		(1,699,040	)

					(8,334,001	)


			Personal Products — (0.5)%
	(12,520	)	Estee Lauder Cos., Inc. (The) — Class A		(1,720,749	)


			Pharmaceuticals — (2.7)%
	(27,580	)	Johnson & Johnson		(3,860,924	)
	(89,920	)	Mylan N.V.¹		(2,810,000	)
	(31,100	)	Perrigo Co. PLC		(2,186,330	)

					(8,857,254	)


			Road & Rail — (1.6)%
	(6,640	)	AMERCO		(2,167,827	)
	(28,420	)	JB Hunt Transport Services, Inc.		(3,143,536	)

					(5,311,363	)


			Semiconductors & Semiconductor Equipment — (1.0)%
	(189,120	)	Advanced Micro Devices, Inc.¹		(3,443,875	)


			Software — (4.4)%
	(27,360	)	Autodesk, Inc.¹		(3,536,280	)
	(16,800	)	Fair Isaac Corp.¹		(3,237,528	)
	(41,960	)	PTC, Inc.¹		(3,457,924	)
	(23,140	)	salesforce.com, Inc.¹		(3,175,734	)
	(5,540	)	Tyler Technologies, Inc.¹		(1,172,596	)

					(14,580,062	)


			Specialty Retail — (1.9)%
	(33,940	)	CarMax, Inc.¹		(2,304,865	)
	(122,820	)	L Brands, Inc		(3,981,825	)

					(6,286,690	)


			Technology Hardware, Storage & Peripherals — (1.1)%
	(133,760	)	Xerox Corp.		(3,727,891	)

See Notes to Financial Statements.


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Quantitative U.S. Long/Short Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares				Value

*COMMON STOCKS SOLD SHORT — (Continued)**
			Thrifts & Mortgage Finance — (0.7)%
	(70,480	)	Flagstar Bancorp, Inc.¹	$	(2,170,079	)


			TOTAL COMMON STOCKS SOLD SHORT (Proceeds $(230,524,116))		(216,634,909	)



TOTAL SHORT INVESTMENTS (Proceeds $(230,524,116))	(64.9	)%	$	(216,634,909	)

TOTAL INVESTMENTS (Cost $61,995,230)	36.1	%	$	120,365,165

OTHER ASSETS IN EXCESS OF LIABILITIES	63.9			213,440,571


NET ASSETS	100.0	%	$	333,805,736

*	Percentages indicated are based on net assets.

¹	Non income-producing security.

²	All or portion of security pledged as collateral for securities sold short. The total market value of collateral is $49,080,487.

³	Securities or partial securities on loan. See Note 1.

See Notes to Financial Statements.


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SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018

INDUSTRY DIVERSIFICATION

On October 31, 2018, industry diversification of the Portfolio was as follows:


	% of Net Assets			Value
INDUSTRIES:
Long Positions:
Health Care Providers & Services		8.0	%	$	26,715,240
IT Services		6.5			21,865,388
Banks		6.1			20,388,151
Insurance		4.7			15,637,559
Oil, Gas & Consumable Fuels		3.8			12,862,130
Specialty Retail		3.8			12,686,342
Machinery		3.7			12,286,059
Equity Real Estate Investment Trusts		3.6			12,127,762
Semiconductors & Semiconductor Equipment		3.3			11,154,034
Chemicals		2.9			9,823,410
Media		2.9			9,565,853
Multi-Utilities		2.7			9,179,925
Electronic Equipment, Instruments & Components		2.7			9,141,701
Life Sciences Tools & Services		2.7			9,121,364
Food Products		2.4			7,911,150
Software		2.4			7,902,529
Hotels, Restaurants & Leisure		2.4			7,867,730
Biotechnology		2.3			7,773,879
Food & Staples Retailing		2.2			7,217,969
Construction & Engineering		2.0			6,652,922
Paper & Forest Products		1.8			6,019,259
Electric Utilities		1.8			5,986,287
Capital Markets		1.7			5,687,064
Health Care Equipment & Supplies		1.6			5,309,599
Professional Services		1.4			4,732,431
Consumer Finance		1.4			4,724,916
Commercial Services & Supplies		1.3			4,262,222
Communications Equipment		1.2			3,993,060
Electrical Equipment		1.2			3,969,875
Diversified Consumer Services		1.0			3,446,986
Air Freight & Logistics		1.0			3,223,296
Beverages		1.0			3,219,622
Pharmaceuticals		0.9			3,136,106
Metals & Mining		0.9			2,977,603
Real Estate Management & Development		0.9			2,932,306
Household Products		0.9			2,850,947
Containers & Packaging		0.8			2,688,203
Textiles, Apparel & Luxury Goods		0.6			2,050,170
Interactive Media & Service		0.6			1,995,412
Diversified Telecommunication Services		0.6			1,937,749
Multi-line Retail		0.6			1,906,764
Independent Power & Renewable Electricity Producer		0.6			1,895,400
Diversified Financial Services		0.5			1,797,661
Personal Products		0.5			1,527,987
Short Positions:
Personal Products		(0.5	)		(1,720,749	)
Electronic Equipment, Instruments & Components		(0.6	)		(1,907,871	)
Thrifts & Mortgage Finance		(0.7	)		(2,170,079	)
Communications Equipment		(0.7	)		(2,328,640	)
Household Products		(0.7	)		(2,436,786	)
Air Freight & Logistics		(0.8	)		(2,533,910	)
Food & Staples Retailing		(0.8	)		(2,673,206	)
Health Care Providers & Services		(0.8	)		(2,795,333	)

See Notes to Financial Statements.


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SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2018


	% of Net Assets			Value
INDUSTRIES: — (Continued)
Short Positions: — (Continued)
Aerospace & Defense		(0.9	)%	$	(3,124,165	)
Life Sciences Tools & Services		(1.0	)		(3,315,781	)
Distributors		(1.0	)		(3,427,200	)
Semiconductors & Semiconductor Equipment		(1.0	)		(3,443,875	)
Leisure Product		(1.1	)		(3,479,477	)
Multi-Utilities		(1.1	)		(3,637,991	)
Construction Materials		(1.1	)		(3,661,262	)
Technology Hardware, Storage & Peripherals		(1.1	)		(3,727,891	)
Machinery		(1.1	)		(3,785,490	)
Household Durables		(1.3	)		(4,280,013	)
Media		(1.4	)		(4,691,078	)
Road & Rail		(1.6	)		(5,311,363	)
Industrial Conglomerates		(1.6	)		(5,346,981	)
Electric Utilities		(1.6	)		(5,475,869	)
IT Services		(1.8	)		(6,062,570	)
Beverages		(1.8	)		(6,081,455	)
Specialty Retail		(1.9	)		(6,286,690	)
Capital Markets		(2.0	)		(6,804,176	)
Commercial Services & Supplies		(2.2	)		(7,333,964	)
Oil, Gas & Consumable Fuels		(2.5	)		(8,334,001	)
Hotels, Restaurants & Leisure		(2.5	)		(8,423,310	)
Pharmaceuticals		(2.7	)		(8,857,254	)
Chemicals		(2.8	)		(9,277,323	)
Insurance		(3.0	)		(9,893,654	)
Banks		(3.7	)		(12,460,939	)
Equity Real Estate Investment Trusts		(4.3	)		(14,190,178	)
Software		(4.4	)		(14,580,062	)
Health Care Equipment & Supplies		(6.8	)		(22,774,323	)

TOTAL COMMON STOCKS		31.0	%	$	103,517,113

REPURCHASE AGREEMENT		3.5			11,456,016

INVESTMENT OF SECURITY LENDING COLLATERAL		1.6			5,392,036

TOTAL INVESTMENTS		36.1	%	$	120,365,165

See Notes to Financial Statements.


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Quantitative U.S. Total Market Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2018


Shares			Value

*COMMON STOCKS — 124.5%**
		Air Freight & Logistics — 1.1%
	15,340	Expeditors International of Washington, Inc.	$	1,030,541


		Airlines — 0.7%
	10,380	SkyWest, Inc.		594,670


		Auto Components — 0.0%
	736	Garrett Motion, Inc.¹		11,165


		Banks — 8.9%
	36,300	Bank of America Corp.		998,250
	20,480	Citizens Financial Group, Inc.		764,928
	4,780	Comerica, Inc.		389,857
	5,960	East West Bancorp, Inc.		312,542
	48,380	Fifth Third Bancorp²		1,305,776
	10,097	JPMorgan Chase & Co.		1,100,775
	62,060	KeyCorp²		1,127,010
	24,700	SunTrust Banks, Inc.²		1,547,702
	10,800	Zions Bancorp N.A.		508,140

				8,054,980


		Beverages — 1.2%
	20,440	Monster Beverage Corp.¹		1,080,254


		Biotechnology — 2.8%
	22,700	Emergent BioSolutions, Inc.^1,2		1,389,013
	16,860	Gilead Sciences, Inc.		1,149,515

				2,538,528


		Building Products — 0.0%
	1,227	Resideo Technologies, Inc.¹		25,821


		Capital Markets — 2.9%
	7,660	CME Group, Inc.²		1,403,619
	8,680	Evercore, Inc. — Class A		709,069
	28,300	Waddell & Reed Financial, Inc. — Class A		539,681

				2,652,369


		Chemicals — 1.9%
	40,100	Huntsman Corp.		877,388
	9,156	LyondellBasell Industries N.V. — Class A		817,356

				1,694,744


		Communications Equipment — 2.1%
	42,100	Cisco Systems, Inc.²		1,926,075


		Construction & Engineering — 1.6%
	20,340	EMCOR Group, Inc.²		1,443,733


		Consumer Finance — 1.9%
	28,820	Ally Financial, Inc.		732,316
	5,800	Discover Financial Services		404,086
	53,800	SLM Corp.¹		545,532

				1,681,934


		Containers & Packaging — 2.6%
	15,560	Avery Dennison Corp.²		1,411,603
	22,000	WestRock Co.		945,340

				2,356,943


		Diversified Consumer Services — 1.0%
	22,560	Service Corp. International		935,563

See Notes to Financial Statements.


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SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Diversified Financial Services — 0.9%
	19,500	Voya Financial, Inc.	$	853,320


		Diversified Telecommunication Services — 2.1%
	29,020	AT&T, Inc.		890,334
	26,800	CenturyLink, Inc.		553,152
	8,700	Verizon Communications, Inc.		496,683

				1,940,169


		Electric Utilities — 2.0%
	29,220	Exelon Corp.²		1,280,128
	13,620	Hawaiian Electric Industries, Inc.		508,026

				1,788,154


		Electrical Equipment — 1.2%
	16,080	AMETEK, Inc.		1,078,646


		Electronic Equipment, Instruments & Components — 2.1%
	9,680	Arrow Electronics, Inc.¹		655,433
	17,520	Tech Data Corp.¹		1,237,963

				1,893,396


		Entertainment — 1.1%
	32,500	Viacom, Inc. — Class B		1,039,350


		Equity Real Estate Investment Trusts — 4.2%
	6,680	EPR Properties		459,183
	38,038	Hospitality Properties Trust		974,534
	60,780	Host Hotels & Resorts, Inc.²		1,161,506
	6,200	National Health Investors, Inc. REIT		455,452
	24,860	Park Hotels & Resorts, Inc.		722,680

				3,773,355


		Food & Staples Retailing — 3.5%
	15,640	Sysco Corp.		1,115,601
	14,060	Walgreens Boots Alliance, Inc.		1,121,566
	9,620	Walmart, Inc.		964,694

				3,201,861


		Food Products — 3.0%
	21,660	Conagra Brands, Inc.		771,096
	28,920	General Mills, Inc.²		1,266,696
	16,560	Hormel Foods Corp.		722,678

				2,760,470


		Health Care Equipment & Supplies — 1.1%
	16,620	Baxter International, Inc.		1,038,916


		Health Care Providers & Services — 7.4%
	10,640	Amedisys, Inc.¹		1,170,400
	3,640	Anthem, Inc.		1,003,075
	4,020	Centene Corp.¹		523,886
	6,800	CVS Health Corp.		492,252
	13,380	Molina Healthcare, Inc.^1,2		1,696,183
	6,700	WellCare Health Plans, Inc.^1,2		1,849,133

				6,734,929


		Hotels, Restaurants & Leisure — 2.6%
	14,350	Hilton Worldwide Holdings, Inc.		1,021,289
	15,340	Wyndham Destinations, Inc.		550,399

See Notes to Financial Statements.


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Quantitative U.S. Total Market Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Hotels, Restaurants & Leisure — (Continued)
	15,340	Wyndham Hotels & Resorts, Inc.	$	756,109

				2,327,797


		Household Products — 1.4%
	20,900	Church & Dwight Co., Inc.		1,240,833


		Independent Power & Renewable Electricity Producer — 1.2%
	72,300	AES Corp.		1,054,134


		Industrial Conglomerates — 1.2%
	7,360	Honeywell International, Inc.		1,065,875


		Insurance — 4.4%
	26,960	Aflac, Inc.		1,161,167
	26,380	MetLife, Inc.		1,086,592
	7,380	Travelers Cos., Inc. (The)		923,460
	21,780	Unum Group		789,743

				3,960,962


		Interactive Media & Service — 1.3%
	27,060	Yelp, Inc.¹		1,158,709


		IT Services — 7.5%
	20,120	Amdocs, Ltd.²		1,272,992
	16,920	Cognizant Technology Solutions Corp. — Class A		1,167,988
	15,348	Conduent, Inc.¹		293,147
	4,920	FleetCor Technologies, Inc.¹		984,148
	49,500	Genpact, Ltd.²		1,356,795
	8,080	ManTech International Corp. — Class A		462,822
	13,580	MAXIMUS, Inc.		882,293
	2,800	Visa, Inc. — Class A.		385,980

				6,806,165


		Life Sciences Tools & Services — 3.1%
	13,700	Charles River Laboratories International, Inc.^1,2		1,668,934
	13,300	Luminex Corp.		382,641
	15,260	Medpace Holdings, Inc.¹		795,046

				2,846,621


		Machinery — 5.1%
	8,960	AGCO Corp.		502,118
	9,020	Crane Co.		785,101
	9,220	Fortive Corp.		684,585
	9,160	IDEX Corp.²		1,161,671
	11,660	Ingersoll-Rand PLC		1,118,661
	11,300	Terex Corp.		377,307

				4,629,443


		Media — 3.9%
	35,320	Comcast Corp. — Class A²		1,347,105
	51,840	Interpublic Group of Cos., Inc. (The)		1,200,614
	74,480	News Corp. — Class A		982,391

				3,530,110


		Metals & Mining — 1.1%
	24,520	Steel Dynamics, Inc.		970,992


		Multi-line Retail — 2.2%
	14,910	Kohl’s Corp.		1,129,135

See Notes to Financial Statements.


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Quantitative U.S. Total Market Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Multi-line Retail — (Continued)
	9,840	Target Corp.	$	822,919

				1,952,054


		Multi-Utilities — 1.9%
	8,540	DTE Energy Co.		959,896
	30,080	MDU Resources Group, Inc.		750,797

				1,710,693


		Oil, Gas & Consumable Fuels — 5.0%
	16,600	ConocoPhillips		1,160,340
	16,740	Marathon Petroleum Corp.²		1,179,333
	3,700	Phillips 66		380,434
	32,280	Range Resources Corp.		511,638
	14,300	Valero Energy Corp.²		1,302,587

				4,534,332


		Paper & Forest Products — 0.7%
	13,920	Domtar Corp.		644,635


		Pharmaceuticals — 1.5%
	31,235	Pfizer, Inc.²		1,344,979


		Professional Services — 2.0%
	11,160	ManpowerGroup, Inc.		851,396
	15,520	Robert Half International, Inc.		939,426

				1,790,822


		Real Estate Management & Development — 1.1%
	25,320	CBRE Group, Inc. — Class A¹		1,020,143


		Road & Rail — 0.9%
	8,320	Landstar System, Inc.		832,749


		Semiconductors & Semiconductor Equipment — 4.6%
	9,000	Intel Corp.		421,920
	18,320	Micron Technology, Inc.¹		691,030
	3,420	NVIDIA Corp.		721,039
	38,880	ON Semiconductor Corp.¹		660,960
	22,660	Teradyne, Inc.		780,637
	9,980	Texas Instruments, Inc.		926,443

				4,202,029


		Software — 3.3%
	9,140	Citrix Systems, Inc.¹		936,576
	9,680	Oracle Corp.		472,771
	18,000	SS&C Technologies Holdings, Inc.		920,880
	13,889	Verint Systems, Inc.¹		634,311

				2,964,538


		Specialty Retail — 6.1%
	14,760	Best Buy Co., Inc.		1,035,562
	6,300	Home Depot, Inc. (The)²		1,108,044
	9,580	Lowe’s Cos., Inc.		912,208
	12,220	Ross Stores, Inc.		1,209,780
	11,240	TJX Cos., Inc. (The)		1,235,051

				5,500,645


		Technology Hardware, Storage & Peripherals — 2.9%
	53,680	Hewlett Packard Enterprise Co.		818,620
	19,400	HP, Inc.		468,316

See Notes to Financial Statements.


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Quantitative U.S. Total Market Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Technology Hardware, Storage & Peripherals — (Continued)
	16,660	NetApp, Inc.²	$	1,307,643

				2,594,579


		Textiles, Apparel & Luxury Goods — 1.2%
	19,120	Michael Kors Holdings, Ltd.^1,2		1,059,439


		Trading Companies & Distributors — 1.0%
	18,820	WESCO International, Inc.¹		944,388


		TOTAL COMMON STOCKS (Cost $93,588,418)		112,817,552


Face Amount

*REPURCHASE AGREEMENT — 0.9%**
$	822,770	With Fixed Income Clearing Corp., dated 10/31/18, 0.42%, principal and interest in the amount of $822,780, due 11/1/18, (collateralized by a U.S. Treasury Note with a par value of $850,000, coupon rate of 2.375%, due 4/15/2021, market value of $840,756)		822,770


		TOTAL REPURCHASE AGREEMENT (Cost $822,770)		822,770



TOTAL LONG INVESTMENTS (Cost $94,411,188)	125.4	%	$	113,640,322



Shares

*COMMON STOCKS SOLD SHORT — (25.4)%**
			Aerospace & Defense — (0.4)%
	(1,000	)	TransDigm Group, Inc.¹	(330,250	)


			Air Freight & Logistics — (0.3)%
	(1,400	)	FedEx Corp.	(308,476	)


			Airlines — (0.4)%
	(5,520	)	Alaska Air Group, Inc.	(339,038	)


			Banks — (2.4)%
	(7,540	)	Ameris Bancorp	(323,391	)
	(8,840	)	Columbia Banking System, Inc.	(327,876	)
	(3,480	)	First Republic Bank	(316,645	)
	(5,060	)	Pinnacle Financial Partners, Inc.	(264,638	)
	(2,920	)	Signature Bank	(320,908	)
	(4,420	)	South State Corp.	(299,101	)
	(8,960	)	Union Bankshares Corp.	(305,894	)

				(2,158,453	)


			Beverages — (0.7)%
	(7,480	)	Brown-Forman Corp. — Class B	(346,623	)
	(5,900	)	Coca-Cola Co. (The)	(282,492	)

				(629,115	)


			Capital Markets — (0.6)%
	(1,020	)	Goldman Sachs Group, Inc. (The)	(229,877	)
	(1,780	)	S&P Global, Inc.	(324,530	)

				(554,407	)


			Chemicals — (1.5)%
	(6,180	)	DowDuPont, Inc.	(333,226	)
	(4,080	)	FMC Corp.	(318,566	)
	(900	)	NewMarket Corp.	(347,364	)

See Notes to Financial Statements.


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SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares				Value

*COMMON STOCKS SOLD SHORT — (Continued)**
			Chemicals — (Continued)
	(900	)	Sherwin-Williams Co. (The)	$	(354,123	)

					(1,353,279	)


			Commercial Services & Supplies — (0.8)%
	(6,660	)	Healthcare Services Group, Inc.		(270,329	)
	(6,320	)	HNI Corp.		(239,465	)
	(4,680	)	Stericycle, Inc.¹		(233,860	)

					(743,654	)


			Communications Equipment — (0.4)%
	(2,980	)	Motorola Solutions, Inc.		(365,229	)


			Construction Materials — (0.9)%
	(3,420	)	Eagle Materials, Inc.		(252,533	)
	(2,080	)	Martin Marietta Materials, Inc.		(356,262	)
	(2,420	)	Vulcan Materials Co.		(244,759	)

					(853,554	)


			Distributors — (0.7)%
	(2,920	)	Genuine Parts Co.		(285,926	)
	(2,480	)	Pool Corp.		(361,460	)

					(647,386	)


			Electrical Equipment — (0.2)%
	(1,100	)	Acuity Brands, Inc.		(138,204	)


			Electronic Equipment, Instruments & Components — (0.8)%
	(6,600	)	Cognex Corp.		(282,744	)
	(8,700	)	National Instruments Corp.		(426,039	)

					(708,783	)


			Equity Real Estate Investment Trusts — (2.6)%
	(8,120	)	Acadia Realty Trust		(226,061	)
	(1,900	)	Federal Realty Investment Trust		(235,695	)
	(5,200	)	Kilroy Realty Corp.		(358,176	)
	(5,740	)	Prologis, Inc.		(370,058	)
	(1,220	)	Public Storage		(250,673	)
	(3,360	)	Realty Income Corp.		(202,507	)
	(1,980	)	SBA Communications Corp.¹		(321,097	)
	(3,500	)	Ventas, Inc.		(203,140	)
	(2,900	)	Vornado Realty Trust		(197,432	)

					(2,364,839	)


			Food & Staples Retailing — (0.4)%
	(4,520	)	PriceSmart, Inc.		(317,078	)


			Health Care Equipment & Supplies — (1.4)%
	(1,520	)	Becton Dickinson & Co.		(350,360	)
	(1,380	)	Cooper Cos., Inc. (The)		(356,468	)
	(5,920	)	DENTSPLY SIRONA, Inc.		(205,010	)
	(3,280	)	ResMed, Inc.		(347,417	)

					(1,259,255	)


			Hotels, Restaurants & Leisure — (1.4)%
	(700	)	Chipotle Mexican Grill, Inc.¹		(322,231	)
	(2,940	)	Jack in the Box, Inc.		(232,054	)
	(2,200	)	McDonald’s Corp.		(389,180	)
	(12,280	)	MGM Resorts International		(327,630	)

					(1,271,095	)

See Notes to Financial Statements.


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Quantitative U.S. Total Market Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares				Value

*COMMON STOCKS SOLD SHORT — (Continued)**
			Household Durables — (0.7)%
	(1,580	)	Mohawk Industries, Inc.¹	$	(197,073	)
	(12,980	)	Newell Brands, Inc.		(206,123	)
	(2,300	)	Whirlpool Corp.		(252,448	)

					(655,644	)


			Household Products — (0.4)%
	(5,840	)	Colgate-Palmolive Co.		(347,772	)


			Industrial Conglomerates — (0.5)%
	(1,660	)	3M Co.		(315,832	)
	(17,580	)	General Electric Co.		(177,558	)

					(493,390	)


			Insurance — (1.1)%
	(3,940	)	American International Group, Inc.		(162,683	)
	(3,720	)	Cincinnati Financial Corp.		(292,541	)
	(300	)	Markel Corp.¹		(327,972	)
	(4,120	)	Mercury General Corp.		(244,357	)

					(1,027,553	)


			IT Services — (0.6)%
	(1,300	)	International Business Machines Corp.		(150,059	)
	(5,320	)	Paychex, Inc.		(348,407	)

					(498,466	)


			Leisure Product — (0.6)%
	(2,940	)	Hasbro, Inc.		(269,628	)
	(3,340	)	Polaris Industries, Inc.		(297,193	)

					(566,821	)


			Machinery — (0.7)%
	(2,580	)	Illinois Tool Works, Inc.		(329,131	)
	(4,560	)	Woodward, Inc.		(335,798	)

					(664,929	)


			Multi-line Retail — (0.4)%
	(8,540	)	Big Lots, Inc.		(354,581	)


			Oil, Gas & Consumable Fuels — (0.4)%
	(5,420	)	ONEOK, Inc.		(355,552	)


��			Pharmaceuticals — (0.2)%
	(2,167	)	Perrigo Co. PLC.		(152,340	)


			Professional Services — (0.6)%
	(800	)	CoStar Group, Inc.¹		(289,136	)
	(2,100	)	Equifax, Inc.		(213,024	)

					(502,160	)


			Road & Rail — (1.4)%
	(880	)	AMERCO		(287,302	)
	(3,180	)	JB Hunt Transport Services, Inc.		(351,740	)
	(3,220	)	Kansas City Southern		(328,311	)
	(10,200	)	Knight-Swift Transportation Holdings, Inc.		(326,400	)

					(1,293,753	)


			Software — (0.7)%
	(2,400	)	Autodesk, Inc.¹		(310,200	)
	(1,680	)	Intuit, Inc.		(354,480	)

					(664,680	)

See Notes to Financial Statements.


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Quantitative U.S. Total Market Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares				Value

*COMMON STOCKS SOLD SHORT — (Continued)**
			Specialty Retail — (0.9)%
	(5,080	)	CarMax, Inc.¹	$	(344,983	)
	(13,560	)	L Brands, Inc		(439,615	)

					(784,598	)

			Thrifts & Mortgage Finance — (0.3)%
	(9,680	)	Flagstar Bancorp, Inc.¹		(298,047	)


			TOTAL COMMON STOCKS SOLD SHORT (Proceeds $(25,995,799))		(23,002,381	)



TOTAL SHORT INVESTMENTS (Proceeds $(25,995,799))	(25.4	)%	$	(23,002,381	)

TOTAL INVESTMENTS (Cost $68,415,389)	100.0	%	$	90,637,941

LIABILITIES IN EXCESS OF OTHER ASSETS	(0.0	)		(27,829	)


NET ASSETS	100.0	%	$	90,610,112

*	Percentages indicated are based on net assets.

¹	Non income-producing security.

²	All or portion of security pledged as collateral for securities sold short. The total market value of collateral is $28,637,625.

See Notes to Financial Statements.


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Quantitative U.S. Total Market Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018

INDUSTRY DIVERSIFICATION

On October 31, 2018, industry diversification of the Portfolio was as follows:


	% of Net Assets			Value
INDUSTRIES:
Long Positions:
Banks		8.9	%	$	8,054,980
IT Services		7.5			6,806,165
Health Care Providers & Services		7.4			6,734,929
Specialty Retail		6.1			5,500,645
Machinery		5.1			4,629,443
Oil, Gas & Consumable Fuels		5.0			4,534,332
Semiconductors & Semiconductor Equipment		4.6			4,202,029
Insurance		4.4			3,960,962
Equity Real Estate Investment Trusts		4.2			3,773,355
Media		3.9			3,530,110
Food & Staples Retailing		3.5			3,201,861
Software		3.3			2,964,538
Life Sciences Tools & Services		3.1			2,846,621
Food Products		3.0			2,760,470
Capital Markets		2.9			2,652,369
Technology Hardware, Storage & Peripherals		2.9			2,594,579
Biotechnology		2.8			2,538,528
Containers & Packaging		2.6			2,356,943
Hotels, Restaurants & Leisure		2.6			2,327,797
Multi-line Retail		2.2			1,952,054
Diversified Telecommunication Services		2.1			1,940,169
Communications Equipment		2.1			1,926,075
Electronic Equipment, Instruments & Components		2.1			1,893,396
Professional Services		2.0			1,790,822
Electric Utilities		2.0			1,788,154
Multi-Utilities		1.9			1,710,693
Chemicals		1.9			1,694,744
Consumer Finance		1.9			1,681,934
Construction & Engineering		1.6			1,443,733
Pharmaceuticals		1.5			1,344,979
Household Products		1.4			1,240,833
Interactive Media & Service		1.3			1,158,709
Beverages		1.2			1,080,254
Electrical Equipment		1.2			1,078,646
Industrial Conglomerates		1.2			1,065,875
Textiles, Apparel & Luxury Goods		1.2			1,059,439
Independent Power & Renewable Electricity Producer		1.2			1,054,134
Entertainment		1.1			1,039,350
Health Care Equipment & Supplies		1.1			1,038,916
Air Freight & Logistics		1.1			1,030,541
Real Estate Management & Development		1.1			1,020,143
Metals & Mining		1.1			970,992
Trading Companies & Distributors		1.0			944,388
Diversified Consumer Services		1.0			935,563
Diversified Financial Services		0.9			853,320
Road & Rail		0.9			832,749
Paper & Forest Products		0.7			644,635
Airlines		0.7			594,670
Building Products		0.0			25,821
Auto Components		0.0			11,165

Short Positions:
Electrical Equipment		(0.2	)		(138,204	)
Pharmaceuticals		(0.2	)		(152,340	)

See Notes to Financial Statements.


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Quantitative U.S. Total Market Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2018


	% of Net Assets			Value
INDUSTRIES: — (Continued)
Short Positions: — (Continued)
Thrifts & Mortgage Finance		(0.3	)%	$	(298,047	)
Air Freight & Logistics		(0.3	)		(308,476	)
Food & Staples Retailing		(0.4	)		(317,078	)
Aerospace & Defense		(0.4	)		(330,250	)
Airlines		(0.4	)		(339,038	)
Household Products		(0.4	)		(347,772	)
Multi-line Retail		(0.4	)		(354,581	)
Oil, Gas & Consumable Fuels		(0.4	)		(355,552	)
Communications Equipment		(0.4	)		(365,229	)
Industrial Conglomerates		(0.5	)		(493,390	)
IT Services		(0.6	)		(498,466	)
Professional Services		(0.6	)		(502,160	)
Capital Markets		(0.6	)		(554,407	)
Leisure Product		(0.6	)		(566,821	)
Beverages		(0.7	)		(629,115	)
Distributors		(0.7	)		(647,386	)
Household Durables		(0.7	)		(655,644	)
Software		(0.7	)		(664,680	)
Machinery		(0.7	)		(664,929	)
Electronic Equipment, Instruments & Components		(0.8	)		(708,783	)
Commercial Services & Supplies		(0.8	)		(743,654	)
Specialty Retail		(0.9	)		(784,598	)
Construction Materials		(0.9	)		(853,554	)
Insurance		(1.1	)		(1,027,553	)
Health Care Equipment & Supplies		(1.4	)		(1,259,255	)
Hotels, Restaurants & Leisure		(1.4	)		(1,271,095	)
Road & Rail		(1.4	)		(1,293,753	)
Chemicals		(1.5	)		(1,353,279	)
Banks		(2.4	)		(2,158,453	)
Equity Real Estate Investment Trusts		(2.6	)		(2,364,839	)

TOTAL COMMON STOCKS		99.1	%	$	89,815,171

REPURCHASE AGREEMENT		0.9			822,770

TOTAL INVESTMENTS		100.0	%	$	90,637,941

See Notes to Financial Statements.


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Strategic Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2018


Shares			Value

*COMMON STOCKS — 99.5%**
		Aerospace & Defense — 8.6%
	24,973	Boeing Co. (The)	$	8,861,919
	33,996	Raytheon Co.		5,950,660
	37,846	United Technologies Corp.		4,700,851

				19,513,430


		Banks — 6.9%
	52,064	JPMorgan Chase & Co.		5,676,017
	37,219	PNC Financial Services Group, Inc. (The)		4,782,269
	96,668	Wells Fargo & Co.		5,145,638

				15,603,924


		Beverages — 1.9%
	38,358	PepsiCo, Inc.		4,310,672


		Biotechnology — 4.3%
	17,401	Biogen, Inc.¹		5,294,602
	66,096	Gilead Sciences, Inc.		4,506,426

				9,801,028


		Capital Markets — 3.6%
	201,642	Invesco, Ltd.		4,377,648
	39,264	Northern Trust Corp.		3,693,564

				8,071,212


		Communications Equipment — 3.2%
	157,959	Cisco Systems, Inc.		7,226,624


		Consumer Finance — 3.2%
	26,568	American Express Co.		2,729,331
	64,592	Discover Financial Services		4,500,124

				7,229,455


		Electrical Equipment — 2.7%
	92,494	AMETEK, Inc.		6,204,498


		Electronic Equipment, Instruments & Components — 2.2%
	54,967	Amphenol Corp. — Class A		4,919,547


		Energy Equipment & Services — 2.5%
	98,083	Halliburton Co.		3,401,518
	41,589	Schlumberger, Ltd.		2,133,932

				5,535,450


		Food & Staples Retailing — 2.1%
	47,982	Walmart, Inc.		4,811,635


		Food Products — 1.4%
	85,025	Campbell Soup Co.		3,180,785


		Health Care Equipment & Supplies — 4.9%
	81,423	Abbott Laboratories		5,613,301
	164,117	Smith & Nephew PLC, Sponsored ADR		5,396,167

				11,009,468


		Health Care Providers & Services — 2.3%
	32,136	Laboratory Corp. of America Holdings¹		5,159,435


		Household Products — 2.1%
	79,255	Colgate-Palmolive Co.		4,719,635


		Insurance — 1.8%
	33,317	Chubb, Ltd.		4,161,626

See Notes to Financial Statements.


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Strategic Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**

		Interactive Media & Service — 3.5%
	7,374	Alphabet, Inc. — Class C¹	$	7,940,102


		Internet & Catalog Retail — 2.6%
	3,151	Booking Holdings, Inc.¹		5,906,802


		IT Services — 12.4%
	30,508	Accenture PLC — Class A		4,808,671
	71,728	Cognizant Technology Solutions Corp. — Class A		4,951,384
	23,286	Gartner, Inc.¹		3,435,150
	57,043	Global Payments, Inc.		6,516,022
	41,555	Mastercard, Inc. — Class A		8,214,177

				27,925,404


		Life Sciences Tools & Services — 2.1%
	24,802	Waters Corp.¹		4,704,691


		Machinery — 1.6%
	24,489	Parker-Hannifin Corp.		3,713,267


		Media — 2.1%
	62,369	Omnicom Group, Inc.		4,635,264


		Multi-line Retail — 4.1%
	46,155	Dollar General Corp.		5,140,744
	47,822	Dollar Tree, Inc.¹		4,031,395

				9,172,139


		Oil, Gas & Consumable Fuels — 2.1%
	43,403	Chevron Corp.		4,845,945


		Pharmaceuticals — 2.7%
	56,857	Eli Lilly & Co.		6,165,573


		Software — 3.3%
	153,155	Oracle Corp.		7,480,090


		Specialty Retail — 2.5%
	32,052	Home Depot, Inc. (The)		5,637,306


		Technology Hardware, Storage & Peripherals — 4.9%
	50,239	Apple, Inc.		10,995,308


		Textiles, Apparel & Luxury Goods — 1.9%
	44,501	Carter’s, Inc.		4,271,207


		TOTAL COMMON STOCKS (Cost $138,661,753)		224,851,522

See Notes to Financial Statements.


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Strategic Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Face Amount			Value

*REPURCHASE AGREEMENT — 0.5%**
$	1,250,284	With Fixed Income Clearing Corp., dated 10/31/18, 0.42%, principal and interest in the amount of $1,250,299, due 11/1/18, (collateralized by a U.S. Treasury Note with a par value of $1,250,000, coupon rate of 3.625%, due 02/15/2021, market value of $1,280,105)	$	1,250,284


		TOTAL REPURCHASE AGREEMENT (Cost $1,250,284)		1,250,284



TOTAL INVESTMENTS (Cost $139,912,037)	100.0	%	$	226,101,806

LIABILITIES IN EXCESS OF OTHER ASSETS	(0.0	)		(69,744	)


NET ASSETS	100.0	%	$	226,032,062

*	Percentages indicated are based on net assets.

¹	Non income-producing security.

Abbreviations:

ADR — American Depositary Receipt

See Notes to Financial Statements.


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Strategic Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2018

INDUSTRY DIVERSIFICATION

On October 31, 2018, industry diversification of the Portfolio was as follows:


	% of Net Assets			Value
INDUSTRIES:
IT Services		12.4	%	$	27,925,404
Aerospace & Defense		8.6			19,513,430
Banks		6.9			15,603,924
Health Care Equipment & Supplies		4.9			11,009,468
Technology Hardware, Storage & Peripherals		4.9			10,995,308
Biotechnology		4.3			9,801,028
Multi-line Retail		4.1			9,172,139
Capital Markets		3.6			8,071,212
Interactive Media & Service		3.5			7,940,102
Software		3.3			7,480,090
Consumer Finance		3.2			7,229,455
Communications Equipment		3.2			7,226,624
Electrical Equipment		2.7			6,204,498
Pharmaceuticals		2.7			6,165,573
Internet & Catalog Retail		2.6			5,906,802
Specialty Retail		2.5			5,637,306
Energy Equipment & Services		2.5			5,535,450
Health Care Providers & Services		2.3			5,159,435
Electronic Equipment, Instruments & Components		2.2			4,919,547
Oil, Gas & Consumable Fuels		2.1			4,845,945
Food & Staples Retailing		2.1			4,811,635
Household Products		2.1			4,719,635
Life Sciences Tools & Services		2.1			4,704,691
Media		2.1			4,635,264
Beverages		1.9			4,310,672
Textiles, Apparel & Luxury Goods		1.9			4,271,207
Insurance		1.8			4,161,626
Machinery		1.6			3,713,267
Food Products		1.4			3,180,785

TOTAL COMMON STOCKS		99.5	%	$	224,851,522

REPURCHASE AGREEMENT		0.5			1,250,284

TOTAL INVESTMENTS		100.0	%	$	226,101,806

See Notes to Financial Statements.


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Small Cap Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2018


Shares			Value

*COMMON STOCKS — 96.9%**
		Advertising — 1.0%
	1,963,347	Outfront Media, Inc.	$	34,790,509


		Aerospace & Defense — 1.1%
	776,675	AAR Corp.		36,954,197


		Airlines — 0.8%
	522,346	Atlas Air Worldwide Holdings, Inc.¹		26,963,501


		Automotive — 1.7%
	2,591,638	American Axle & Manufacturing Holdings, Inc.¹		39,315,149
	317,349	LCI Industries		22,008,153

				61,323,302


		Banking — 15.1%
	968,605	Chemical Financial Corp.		45,388,830
	739,983	FCB Financial Holdings, Inc. — Class A¹		28,955,535
	473,126	First Interstate BancSystem, Inc. — Class A		19,615,804
	1,406,205	First Midwest Bancorp, Inc.		32,286,467
	5,636,534	FNB Corp.		66,680,197
	1,225,657	Great Western Bancorp, Inc.		44,920,329
	2,240,476	Home BancShares, Inc.		42,658,663
	695,957	IBERIABANK Corp.		51,841,837
	789,785	LegacyTexas Financial Group, Inc.		30,430,416
	1,972,510	Umpqua Holdings Corp.		37,872,192
	1,495,128	United Community Banks, Inc.		37,183,834
	987,509	Western Alliance Bancorp¹		47,637,434
	627,007	Wintrust Financial Corp.		47,740,313

				533,211,851


		Building Materials — 2.6%
	2,363,147	Builders FirstSource, Inc.¹		29,255,760
	565,019	EMCOR Group, Inc.		40,105,049
	370,057	US Concrete, Inc.¹		12,078,660
	622,682	US Silica Holdings, Inc.²		8,717,548

				90,157,017


		Chemicals — 0.6%
	407,767	Trinseo SA		21,970,486


		Commercial Services — 5.2%
	837,457	Aaron’s, Inc.		39,469,348
	767,433	AMN Healthcare Services, Inc.¹		38,847,458
	418,626	ASGN, Inc.¹		28,081,432
	1,017,774	Etsy, Inc.¹		43,275,751
	799,000	Yelp, Inc.¹		34,213,180

				183,887,169


		Communications — 3.0%
	1,589,193	ARRIS International PLC¹		39,523,230
	1,625,993	Iridium Communications, Inc.^1,2		32,210,921
	617,681	NETGEAR, Inc.¹		34,268,942

				106,003,093


		Computer Software & Processing — 2.9%
	255,546	CACI International, Inc. — Class A¹		45,604,739
	1,214,372	Verint Systems, Inc.¹		55,460,369

				101,065,108


		Computers & Information — 0.9%
	1,085,334	Electronics for Imaging, Inc.¹		33,048,420

See Notes to Financial Statements.


				131
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Small Cap Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Diversified Financial Services — 0.9%
	1,090,301	Blucora, Inc.¹	$	31,531,505


		Electric Utilities — 2.4%
	228,824	ALLETE, Inc.		16,932,976
	364,081	IDACORP, Inc.		33,954,194
	685,527	Ormat Technologies, Inc.		35,078,417

				85,965,587


		Electrical Equipment — 0.9%
	406,588	EnerSys		32,352,207


		Electronics — 4.7%
	857,865	Diodes, Inc.¹		25,898,944
	1,589,589	Finisar Corp.¹		26,530,240
	1,824,205	MaxLinear, Inc.^1,2		35,407,819
	608,138	Mercury Systems, Inc.¹		28,497,347
	2,710,998	TTM Technologies, Inc.¹		31,718,677
	1,229,945	Xperi Corp.		15,989,285

				164,042,312


		Entertainment & Leisure — 1.6%
	1,564,863	Callaway Golf Co.		33,488,068
	1,323,949	Camping World Holdings, Inc. — Class A²		22,705,726

				56,193,794


		Financial Services — 3.9%
	410,050	Evercore, Inc. — Class A		33,496,984
	1,892,504	Hudson Pacific Properties, Inc.		57,342,871
	1,342,387	Pebblebrook Hotel Trust²		45,251,866

				136,091,721


		Forest Products & Paper — 3.3%
	741,355	Beacon Roofing Supply, Inc.¹		20,691,218
	738,596	Boise Cascade Co.		22,741,371
	3,950,325	Graphic Packaging Holding Co.		43,493,078
	555,085	Masonite International Corp.¹		30,746,158

				117,671,825


		Health Care Providers — 1.3%
	167,178	Acadia Healthcare Co., Inc.^1,2		6,937,887
	1,157,358	Tivity Health, Inc.¹		39,824,689

				46,762,576


		Heavy Construction — 3.6%
	895,338	Granite Construction, Inc.		40,934,853
	1,244,435	MasTec, Inc.^1,2		54,145,367
	2,697,191	TRI Pointe Group, Inc.¹		32,096,573

				127,176,793


		Heavy Machinery — 3.5%
	795,477	Brooks Automation, Inc.		24,683,651
	565,019	Dycom Industries, Inc.¹		38,353,490
	897,501	Entegris, Inc.		23,819,676
	1,346,918	Rexnord Corp.¹		36,110,872

				122,967,689


		Home Construction, Furnishings & Appliances — 0.9%
	249,319	Helen of Troy, Ltd.¹		30,945,474

See Notes to Financial Statements.


				132
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THE GLENMEDE FUND, INC.

Small Cap Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Household Products — 1.3%
	682,051	Apogee Enterprises, Inc.	$	24,622,041
	1,307,239	Ferro Corp.¹		22,144,629

				46,766,670

		Industrial — Diversified — 0.9%
	645,736	Hillenbrand, Inc.		30,930,754

		Insurance — 1.5%
	2,719,544	Radian Group, Inc.		52,188,049

		Lodging — 2.3%
	1,526,252	Boyd Gaming Corp.		40,537,253
	1,671,124	Penn National Gaming, Inc.¹		40,574,891

				81,112,144

		Media — Broadcasting & Publishing — 2.1%
	453,393	Nexstar Media Group, Inc. — Class A		33,954,602
	1,382,168	Sinclair Broadcast Group, Inc. — Class A		39,585,291

				73,539,893

		Medical Supplies — 4.4%
	151,571	ICU Medical, Inc.¹		38,609,681
	824,443	Luminex Corp.		23,719,225
	420,111	Merit Medical Systems, Inc.¹		23,996,740
	453,327	NuVasive, Inc.¹		25,463,378
	1,634,505	Wright Medical Group N.V.¹		44,098,945

				155,887,969

		Miscellaneous — 1.9%
	1,178,065	B&G Foods, Inc.²		30,676,812
	1,528,657	Columbia Property Trust, Inc.		34,318,350

				64,995,162

		Oil & Gas — 6.2%
	4,988,805	Callon Petroleum Co.¹		49,738,386
	2,353,212	Carrizo Oil & Gas, Inc.¹		42,851,991
	462,967	Delek US Holdings, Inc.		17,000,148
	3,043,654	Gulfport Energy Corp.¹		27,727,688
	1,556,833	Matador Resources Co.¹		44,899,064
	1,942,176	ProPetro Holding Corp.¹		34,279,406

				216,496,683

		Pharmaceuticals — 5.8%
	159,119	Cambrex Corp.¹		8,479,452
	588,079	Emergent BioSolutions, Inc.¹		35,984,554
	2,803,380	Horizon Pharma PLC¹		51,049,550
	210,766	Ligand Pharmaceuticals, Inc.^1,2		34,736,344
	998,696	Supernus Pharmaceuticals, Inc.¹		47,497,982
	1,461,653	Vanda Pharmaceuticals, Inc.¹		27,727,557

				205,475,439

		Restaurants — 2.7%
	2,352,575	Bloomin’ Brands, Inc.		46,933,871
	824,747	Dave & Buster’s Entertainment, Inc.		49,113,684

				96,047,555

		Retailers — 1.9%
	381,554	Five Below, Inc.¹		43,428,476
	2,334,557	Party City Holdco, Inc.^1,2		24,442,812

				67,871,288

See Notes to Financial Statements.


				133
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THE GLENMEDE FUND, INC.

Small Cap Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Technology — 1.3%
	644,495	j2 Global, Inc.	$	46,945,016

		Telecommunications — 1.6%
	4,206,595	Vonage Holdings Corp.¹		55,779,450

		Textiles, Clothing & Fabrics — 1.1%
	414,339	Oxford Industries, Inc.		36,867,884


		TOTAL COMMON STOCKS (Cost $3,340,346,497)		3,411,980,092


Face Amount

*REPURCHASE AGREEMENT — 3.2%**
$	112,572,385	With Fixed Income Clearing Corp., dated 10/31/18, 0.42%, principal and interest in the amount of $112,573,698, due 11/1/18, (collateralized by U.S. Treasury Notes with a par value of $115,305,000, coupon rate of 2.375% - 3.625%, due 2/15/2021 - 4/15/2021, market value of $114,825,050)		112,572,385


		TOTAL REPURCHASE AGREEMENT (Cost $112,572,385)		112,572,385


Shares

*INVESTMENT OF SECURITY LENDING COLLATERAL — 4.4%**
	155,361,882	State Street Navigator Securities Lending Government Money Market Portfolio		155,361,882


		TOTAL INVESTMENT OF SECURITY LENDING COLLATERAL (Cost $155,361,882)		155,361,882



TOTAL INVESTMENTS (Cost $3,608,280,764)	104.5	%	$	3,679,914,359

LIABILITIES IN EXCESS OF OTHER ASSETS	(4.5	)		(158,316,794	)


NET ASSETS	100.0	%	$	3,521,597,565

*	Percentages indicated are based on net assets.

¹	Non income-producing security.

²	Securities or partial securities on loan. See Note 1.

See Notes to Financial Statements.


				134
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THE GLENMEDE FUND, INC.

Small Cap Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2018

INDUSTRY DIVERSIFICATION

On October 31, 2018, industry diversification of the Portfolio was as follows:


INDUSTRIES:	% of Net Assets			Value
Banking		15.1	%	$	533,211,851
Oil & Gas		6.2			216,496,683
Pharmaceuticals		5.8			205,475,439
Commercial Services		5.2			183,887,169
Electronics		4.7			164,042,312
Medical Supplies		4.4			155,887,969
Financial Services		3.9			136,091,721
Heavy Construction		3.6			127,176,793
Heavy Machinery		3.5			122,967,689
Forest Products & Paper		3.3			117,671,825
Communications		3.0			106,003,093
Computer Software & Processing		2.9			101,065,108
Restaurants		2.7			96,047,555
Building Materials		2.6			90,157,017
Electric Utilities		2.4			85,965,587
Lodging		2.3			81,112,144
Media — Broadcasting & Publishing		2.1			73,539,893
Retailers		1.9			67,871,288
Miscellaneous		1.9			64,995,162
Automotive		1.7			61,323,302
Entertainment & Leisure		1.6			56,193,794
Telecommunications		1.6			55,779,450
Insurance		1.5			52,188,049
Technology		1.3			46,945,016
Household Products		1.3			46,766,670
Health Care Providers		1.3			46,762,576
Aerospace & Defense		1.1			36,954,197
Textiles, Clothing & Fabrics		1.1			36,867,884
Advertising		1.0			34,790,509
Computers & Information		0.9			33,048,420
Electrical Equipment		0.9			32,352,207
Diversified Financial Services		0.9			31,531,505
Home Construction, Furnishings & Appliances		0.9			30,945,474
Industrial — Diversified		0.9			30,930,754
Airlines		0.8			26,963,501
Chemicals		0.6			21,970,486

TOTAL COMMON STOCKS		96.9	%	$	3,411,980,092

REPURCHASE AGREEMENT		3.2			112,572,385

INVESTMENT OF SECURITY LENDING COLLATERAL		4.4			155,361,882

TOTAL INVESTMENTS		104.5	%	$	3,679,914,359

See Notes to Financial Statements.


				135
				135

THE GLENMEDE FUND, INC.

Mid Cap Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2018


Face Amount			Value

*REPURCHASE AGREEMENT — 18.1%**
$	571,610	With Fixed Income Clearing Corp., dated 10/31/18, 0.42%, principal and interest in the amount of $571,616, due 11/1/18, (collateralized by a U.S. Treasury Note with a par value of $570,000, coupon rate of 3.625%, due 02/15/2021, market value of $583,728)	$	571,610


		TOTAL REPURCHASE AGREEMENT (Cost $571,610)		571,610



TOTAL INVESTMENTS (Cost $571,610)	18.1	%	$	571,610

OTHER ASSETS IN EXCESS OF LIABILITIES	81.9			2,594,347


NET ASSETS	100.0	%	$	3,165,957

*	Percentages indicated are based on net assets.

See Notes to Financial Statements.


				136
				136

THE GLENMEDE FUND, INC.

Mid Cap Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2018

INDUSTRY DIVERSIFICATION

On October 31, 2018, industry diversification of the Portfolio was as follows:



REPURCHASE AGREEMENT	18.1			571,610

TOTAL INVESTMENTS	18.1	%	$	571,610

See Notes to Financial Statements.


				137
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THE GLENMEDE FUND, INC.

Large Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2018


Shares			Value

*COMMON STOCKS — 99.6%**
		Advertising — 1.5%
	14,795	Omnicom Group, Inc.	$	1,099,564


		Airlines — 2.5%
	4,595	FedEx Corp.		1,012,462
	16,220	Southwest Airlines Co.		796,402

				1,808,864


		Automotive — 1.0%
	17,665	BorgWarner, Inc.		696,178


		Banking — 8.5%
	12,325	Capital One Financial Corp.		1,100,622
	29,055	Citigroup, Inc.		1,901,940
	29,425	Citizens Financial Group, Inc.		1,099,024
	69,210	Regions Financial Corp.		1,174,494
	11,390	State Street Corp.		783,063

				6,059,143


		Beverages, Food & Tobacco — 5.3%
	17,755	Altria Group, Inc.		1,154,785
	22,330	Archer-Daniels-Midland Co.		1,055,093
	7,285	JM Smucker Co. (The)		789,111
	13,220	Tyson Foods, Inc. — Class A		792,142

				3,791,131


		Chemicals — 1.0%
	8,220	LyondellBasell Industries N.V. — Class A		733,799


		Computer Software & Processing — 1.6%
	23,955	Oracle Corp.		1,169,962


		Computers & Information — 1.1%
	7,010	International Business Machines Corp.		809,164


		Electric Utilities — 6.0%
	14,100	American Electric Power Co., Inc.		1,034,376
	11,555	Entergy Corp.		970,042
	27,140	Exelon Corp.		1,189,004
	20,260	Public Service Enterprise Group, Inc.		1,082,492

				4,275,914


		Electronics — 3.5%
	39,685	Intel Corp.		1,860,433
	8,775	TE Connectivity, Ltd.		661,810

				2,522,243


		Financial Services — 10.7%
	11,811	Ameriprise Financial, Inc.		1,502,832
	91,390	Bank of America Corp.		2,513,225
	28,350	Franklin Resources, Inc.¹		864,675
	16,030	Prologis, Inc.		1,033,454
	4,475	Public Storage		919,478
	10,675	Raymond James Financial, Inc.		818,666

				7,652,330


		Forest Products & Paper — 1.6%
	12,435	International Paper Co.		564,052
	6,350	Packaging Corp. of America		582,993

				1,147,045

See Notes to Financial Statements.


				138
				138

THE GLENMEDE FUND, INC.

Large Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Health Care Providers — 1.7%
	7,330	Laboratory Corp. of America Holdings²	$	1,176,832


		Heavy Machinery — 3.6%
	4,790	Caterpillar, Inc.		581,123
	5,960	Cummins, Inc.		814,672
	16,395	Eaton Corp. PLC		1,175,030

				2,570,825


		Insurance — 8.2%
	35,615	Aflac, Inc.		1,533,938
	11,175	Allstate Corp. (The)		1,069,671
	4,595	Anthem, Inc.		1,266,244
	18,880	Principal Financial Group, Inc.		888,682
	12,105	Prudential Financial, Inc.		1,135,207

				5,893,742


		Media — Broadcasting & Publishing — 1.2%
	22,840	Comcast Corp. — Class A		871,118


		Medical Supplies — 1.3%
	9,935	Ingersoll-Rand PLC		953,164


		Metals & Mining — 1.0%
	23,235	Corning, Inc.		742,358


		Oil & Gas — 10.8%
	19,010	Chevron Corp.		2,122,466
	12,115	ConocoPhillips		846,839
	7,345	EOG Resources, Inc.		773,722
	35,250	Exxon Mobil Corp.		2,808,720
	12,610	Valero Energy Corp.		1,148,645

				7,700,392


		Pharmaceuticals — 11.6%
	3,270	Biogen, Inc.²		994,963
	18,060	Cardinal Health, Inc.		913,836
	13,440	CVS Health Corp.		972,921
	20,010	Johnson & Johnson		2,801,200
	59,895	Pfizer, Inc.		2,579,079

				8,261,999


		Real Estate Investment Trusts — 2.3%
	11,325	Lamar Advertising Co. — Class A		830,349
	14,165	Ventas, Inc.		822,137

				1,652,486


		Retailers — 7.8%
	1,470	AutoZone, Inc.²		1,078,201
	14,835	Express Scripts Holding Co.²		1,438,550
	15,180	Target Corp.		1,269,503
	22,830	Walgreens Boots Alliance, Inc.		1,821,149

				5,607,403


		Technology — 2.4%
	37,475	Cisco Systems, Inc.		1,714,481


		Telecommunications — 2.5%
	58,072	AT&T, Inc.		1,781,649

See Notes to Financial Statements.


				139
				139

THE GLENMEDE FUND, INC.

Large Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Transportation — 0.9%
	6,005	Royal Caribbean Cruises, Ltd.	$	628,905


		TOTAL COMMON STOCKS (Cost $65,324,145)		71,320,691


Face Amount

*REPURCHASE AGREEMENT — 0.4%**
$	283,684	With Fixed Income Clearing Corp., dated 10/31/18, 0.42%, principal and interest in the amount of $283,687, due 11/1/18, (collateralized by a U.S. Treasury Note with a par value of $295,000, coupon rate of 2.375%, due 4/15/2021, market value of $291,792)		283,684


		TOTAL REPURCHASE AGREEMENT (Cost $283,684)		283,684


Shares

*INVESTMENT OF SECURITY LENDING COLLATERAL — 1.3%**
	900,113	State Street Navigator Securities Lending Government Money Market Portfolio		900,112


		TOTAL INVESTMENT OF SECURITY LENDING COLLATERAL (Cost $900,112)		900,112



TOTAL INVESTMENTS (Cost $66,507,941)	101.3	%	$	72,504,487

LIABILITIES IN EXCESS OF OTHER ASSETS	(1.3	)		(907,976	)


NET ASSETS	100.0	%	$	71,596,511

*	Percentages indicated are based on net assets.

¹	Securities or partial securities on loan. See Note 1.

²	Non income-producing security.

See Notes to Financial Statements.


				140
				140

THE GLENMEDE FUND, INC.

Large Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2018

INDUSTRY DIVERSIFICATION

On October 31, 2018, industry diversification of the Portfolio was as follows:


	% of Net Assets			Value
INDUSTRIES:
Pharmaceuticals		11.6	%	$	8,262,000
Oil & Gas		10.8			7,700,392
Financial Services		10.7			7,652,330
Banking		8.5			6,059,142
Insurance		8.2			5,893,742
Retailers		7.8			5,607,403
Electric Utilities		6.0			4,275,914
Beverages, Food & Tobacco		5.3			3,791,131
Heavy Machinery		3.6			2,570,825
Electronics		3.5			2,522,244
Airlines		2.5			1,808,864
Telecommunications		2.5			1,781,649
Technology		2.4			1,714,481
Real Estate Investment Trusts		2.3			1,652,486
Health Care Providers		1.7			1,176,831
Computer Software & Processing		1.6			1,169,962
Forest Products & Paper		1.6			1,147,045
Advertising		1.5			1,099,564
Medical Supplies		1.3			953,164
Media — Broadcasting & Publishing		1.2			871,118
Computers & Information		1.1			809,164
Metals & Mining		1.0			742,358
Chemicals		1.0			733,799
Automotive		1.0			696,178
Transportation		0.9			628,905

TOTAL COMMON STOCKS		99.6	%	$	71,320,691

REPURCHASE AGREEMENT		0.4			283,684

INVESTMENT OF SECURITY LENDING COLLATERAL		1.3			900,112

TOTAL INVESTMENTS		101.3	%	$	72,504,487

See Notes to Financial Statements.


				141
				141

THE GLENMEDE FUND, INC.

Equity Income Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2018


Shares			Value

*COMMON STOCKS — 99.5%**
		Aerospace & Defense — 2.2%
	1,420	Lockheed Martin Corp.	$	417,267


		Air Freight & Logistics — 1.1%
	1,885	United Parcel Service, Inc. — Class B		200,828


		Auto Components — 0.0%
	127	Garrett Motion, Inc.¹		1,927


		Banks — 5.1%
	7,510	BB&T Corp.		369,191
	1,825	PNC Financial Services Group, Inc. (The)		234,494
	5,395	SunTrust Banks, Inc.		338,051

				941,736


		Beverages — 1.6%
	2,590	PepsiCo, Inc.		291,064


		Biotechnology — 4.7%
	5,350	AbbVie, Inc.		416,497
	2,320	Amgen, Inc.		447,273

				863,770


		Building Products — 0.0%
	214	Resideo Technologies, Inc.¹		4,508


		Capital Markets — 4.1%
	1,420	Ameriprise Financial, Inc.		180,681
	655	BlackRock, Inc.		269,480
	3,185	T Rowe Price Group, Inc.		308,913

				759,074


		Chemicals — 2.9%
	1,885	Air Products & Chemicals, Inc.		290,950
	4,015	RPM International, Inc.		245,597

				536,547


		Communications Equipment — 3.4%
	13,940	Cisco Systems, Inc.		637,755


		Distributors — 1.8%
	3,400	Genuine Parts Co.		332,928


		Diversified Telecommunication Services — 2.9%
	6,741	AT&T, Inc.		206,814
	5,815	Verizon Communications, Inc.		331,978

				538,792


		Electric Utilities — 1.3%
	3,185	American Electric Power Co., Inc.		233,652


		Electrical Equipment — 1.3%
	3,400	Eaton Corp. PLC		243,678


		Electronic Equipment, Instruments & Components — 3.4%
	8,430	Corning, Inc.		269,338
	4,695	TE Connectivity, Ltd.		354,097

				623,435


		Equity Real Estate Investment Trusts — 2.8%
	4,480	Lamar Advertising Co. — Class A		328,474
	950	Public Storage		195,196

				523,670

See Notes to Financial Statements.


				142
				142

THE GLENMEDE FUND, INC.

Equity Income Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Food Products — 3.6%
	2,530	Hershey Co. (The)	$	271,090
	9,130	Hormel Foods Corp.²		398,433

				669,523


		Health Care Providers & Services — 2.8%
	3,000	Cardinal Health, Inc.		151,800
	3,940	Quest Diagnostics, Inc.		370,793

				522,593


		Hotels, Restaurants & Leisure — 3.8%
	3,940	McDonald’s Corp.		696,986


		Household Products — 1.5%
	2,590	Kimberly-Clark Corp.		270,137


		Industrial Conglomerates — 3.5%
	2,470	3M Co.		469,942
	1,285	Honeywell International, Inc.		186,094

				656,036


		Insurance — 3.8%
	5,970	Aflac, Inc.		257,128
	5,445	FNF Group		182,135
	5,765	Principal Financial Group, Inc.		271,359

				710,622


		IT Services — 7.1%
	1,835	Accenture PLC — Class A		289,233
	3,515	International Business Machines Corp.		405,736
	9,580	Paychex, Inc.		627,394

				1,322,363


		Leisure Product — 1.2%
	2,470	Hasbro, Inc.		226,524


		Machinery — 1.2%
	1,420	Snap-on, Inc.		218,595


		Media — 1.7%
	4,215	Omnicom Group, Inc.		313,259


		Multi-Utilities — 2.4%
	2,135	DTE Energy Co.		239,974
	2,935	WEC Energy Group, Inc.		200,754

				440,728


		Oil, Gas & Consumable Fuels — 6.3%
	3,205	Chevron Corp.		357,838
	5,640	Exxon Mobil Corp.		449,395
	4,015	Valero Energy Corp.		365,727

				1,172,960


		Pharmaceuticals — 8.0%
	4,765	Johnson & Johnson		667,052
	4,695	Merck & Co., Inc.		345,599
	10,890	Pfizer, Inc.		468,924

				1,481,575


		Road & Rail — 1.1%
	1,350	Union Pacific Corp.		197,397

See Notes to Financial Statements.


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THE GLENMEDE FUND, INC.

Equity Income Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*COMMON STOCKS — (Continued)**
		Semiconductors & Semiconductor Equipment — 6.9%
	7,285	Intel Corp.	$	341,521
	10,445	Maxim Integrated Products, Inc.		522,459
	4,545	Texas Instruments, Inc.		421,912

				1,285,892


		Software — 1.9%
	3,330	Microsoft Corp.		355,677


		Specialty Retail — 1.0%
	1,070	Home Depot, Inc. (The)		188,192


		Textiles, Apparel & Luxury Goods — 1.6%
	16,840	Hanesbrands, Inc.		288,974


		Tobacco — 1.5%
	4,145	Altria Group, Inc.		269,591


		TOTAL COMMON STOCKS (Cost $18,001,807)		18,438,255


*INVESTMENT OF SECURITY LENDING COLLATERAL — 2.2%**
	404,003	State Street Navigator Securities Lending Government Money Market Portfolio		404,003


		TOTAL INVESTMENT OF SECURITY LENDING COLLATERAL (Cost $404,003)		404,003



TOTAL INVESTMENTS (Cost $18,405,810)	101.7	%	$	18,842,258

LIABILITIES IN EXCESS OF OTHER ASSETS	(1.7	)		(306,642	)


NET ASSETS	100.0	%	$	18,535,616

*	Percentages indicated are based on net assets.

¹	Non income-producing security.

²	Securities or partial securities on loan. See Note 1.

See Notes to Financial Statements.


				144
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THE GLENMEDE FUND, INC.

Equity Income Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2018

INDUSTRY DIVERSIFICATION

On October 31, 2018, industry diversification of the Portfolio was as follows:


	% of Net Assets			Value
INDUSTRIES:
Pharmaceuticals		8.0	%	$	1,481,575
IT Services		7.1			1,322,363
Semiconductors & Semiconductor Equipment		6.9			1,285,892
Oil, Gas & Consumable Fuels		6.3			1,172,960
Banks		5.1			941,736
Biotechnology		4.7			863,770
Capital Markets		4.1			759,074
Insurance		3.8			710,622
Hotels, Restaurants & Leisure		3.8			696,986
Food Products		3.6			669,523
Industrial Conglomerates		3.5			656,036
Communications Equipment		3.4			637,755
Electronic Equipment, Instruments & Components		3.4			623,435
Diversified Telecommunication Services		2.9			538,792
Chemicals		2.9			536,547
Equity Real Estate Investment Trusts		2.8			523,670
Health Care Providers & Services		2.8			522,593
Multi-Utilities		2.4			440,728
Aerospace & Defense		2.2			417,267
Software		1.9			355,677
Distributors		1.8			332,928
Media		1.7			313,259
Beverages		1.6			291,064
Textiles, Apparel & Luxury Goods		1.6			288,974
Household Products		1.5			270,137
Tobacco		1.5			269,591
Electrical Equipment		1.3			243,678
Electric Utilities		1.3			233,652
Leisure Product		1.2			226,524
Machinery		1.2			218,595
Air Freight & Logistics		1.1			200,828
Road & Rail		1.1			197,397
Specialty Retail		1.0			188,192
Building Products		0.0			4,508
Auto Components		0.0			1,927

TOTAL COMMON STOCKS		99.5	%	$	18,438,255

INVESTMENT OF SECURITY LENDING COLLATERAL		2.2			404,003

TOTAL INVESTMENTS		101.7	%	$	18,842,258

See Notes to Financial Statements.


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THE GLENMEDE FUND, INC.

Secured Options Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2018


Shares			Value

*EXCHANGE-TRADED FUNDS — 1.6%**
	22,100	SPDR S&P 500 ETF Trust¹	$	5,980,923
	30,000	Vanguard S&P 500 ETF¹		7,463,700


		TOTAL EXCHANGE-TRADED FUNDS (Cost $6,430,609)		13,444,623


Face Amount

*U.S. TREASURY BILL — 22.6%**
$	191,500,000	U.S. Treasury Bill 2.230% due 01/10/19¹		190,672,892


		TOTAL U.S. TREASURY BILL (Cost $190,673,036)		190,672,892


*REPURCHASE AGREEMENT — 0.2%**
	1,171,219	With Fixed Income Clearing Corp., dated 10/31/18, 0.42%, principal and interest in the amount of $1,171,233, due 11/1/18, (collateralized by a U.S. Treasury Note with a par value of $1,170,000, coupon rate of 3.625%, due 2/15/2021, market value of $1,198,178)		1,171,219


		TOTAL REPURCHASE AGREEMENT (Cost $1,171,219)		1,171,219



TOTAL PURCHASED OPTIONS (Cost $1,297,926,655)	137.4	%		1,157,762,900

TOTAL INVESTMENTS (Cost $1,496,201,519)	161.8	%	$	1,363,051,634

LIABILITIES IN EXCESS OF OTHER ASSETS	(61.8	)		(520,582,609	)


NET ASSETS²	100.0	%	$	842,469,025

*	Percentages indicated are based on net assets.

¹	All or a portion of this security is held as collateral for written options.

²	Cash in the amount of $45,093 is held as collateral to secure the open written call and put options contracts.

See Notes to Financial Statements.


				146
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THE GLENMEDE FUND, INC.

Secured Options Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2018


Description	Counterparty		Exercise Price/ FX Rate		Expiration Date			Number of Contracts		Notional Amount			Market Value			Premiums Paid (Recieved by Fund)			Unrealized Appreciation/ (Depreciation)
PURCHASED OPTIONS
CALLS:
S&P 500 Index		OCC**		1,000.00		12/21/18	USD		6,790	$	1,841,271,460		$	1,156,201,200		$	1,296,548,302		$	(140,347,102	)
PUTS:
S&P 500 Index		OCC**		2,000.00		12/21/18	USD		6,790		1,841,271,460			1,561,700			1,378,353			183,347

TOTAL PURCHASED OPTIONS										$	3,682,542,920		$	1,157,762,900		$	1,297,926,655		$	(140,163,755	)

WRITTEN OPTIONS
CALL:
S&P 500 Index		OCC**		2,000.00		12/21/18	USD		6,790		(1,841,271,460	)		(480,765,949	)		(622,842,652	)		142,076,703
PUTS:
S&P 500 Index		OCC**		2,620.00		11/12/18	USD		80		(21,693,920	)		(122,800	)		(174,034	)		51,234
S&P 500 Index		OCC**		2,685.00		11/14/18	USD		50		(13,558,700	)		(171,500	)		(91,375	)		(80,125	)
S&P 500 Index		OCC**		2,750.00		11/16/18	USD		220		(59,658,280	)		(1,434,401	)		(857,391	)		(577,010	)
S&P 500 Index		OCC**		2,800.00		11/16/18	USD		40		(10,846,960	)		(397,000	)		(298,980	)		(98,020	)
S&P 500 Index		OCC**		2,850.00		11/16/18	USD		2,400		(650,817,600	)		(34,296,000	)		(20,222,856	)		(14,073,144	)
S&P 500 Index		OCC**		2,850.00		11/16/18	USD		10		(2,711,740	)		(143,100	)		(87,285	)		(55,815	)
S&P 500 Index		OCC**		2,900.00		11/16/18	USD		200		(54,234,800	)		(3,821,000	)		(1,766,900	)		(2,054,100	)
S&P 500 Index		OCC**		1,000.00		12/21/18	USD		6,790		(1,841,271,460	)		(50,925	)		(124,043	)		73,118

TOTAL PUTS										$	(2,654,793,460	)	$	(40,436,726	)	$	(23,622,864	)	$	(16,813,862	)

TOTAL WRITTEN OPTIONS										$	(4,496,064,920	)	$	(521,202,675	)	$	(646,465,516	)	$	125,262,841

**	The Options Clearing Corp

SECTOR DIVERSIFICATION

On October 31, 2018, sector diversification of the Portfolio was as follows:


	% of Net Assets			Value
SECTOR:
Purchased Options		137.4	%	$	1,157,762,900
U.S. Treasury Bill		22.6			190,672,892
Exchange-Traded Funds		1.6			13,444,623

TOTAL		161.6	%	$	1,361,880,415

REPURCHASE AGREEMENT		0.2			1,171,219

TOTAL INVESTMENTS		161.8	%	$	1,363,051,634

See Notes to Financial Statements.


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THE GLENMEDE FUND, INC.

Global Secured Options Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2018


Shares			Value

*EXCHANGE-TRADED FUND — 37.8%**
	15,200	iShares MSCI EAFE ETF¹	$	949,392


		TOTAL EXCHANGE-TRADED FUND (Cost $1,031,909)		949,392


Face Amount

*U.S. TREASURY BILL — 25.8%**
$	650,000	U.S. Treasury Bill 2.230% due 01/10/19¹		647,193


		TOTAL U.S. TREASURY BILL (Cost $647,176)		647,193



TOTAL PURCHASED OPTIONS (Cost $1,911,555)	67.9	%		1,705,100

TOTAL INVESTMENTS (Cost $3,590,640)	131.5	%	$	3,301,685

LIABILITIES IN EXCESS OF OTHER ASSETS	(31.5	)		(791,766	)


NET ASSETS²	100.0	%	$	2,509,919

*	Percentages indicated are based on net assets.

¹	All or a portion of this security is held as collateral for written options.

²	Cash in the amount of $18,409 is held as collateral to secure the open written call and put options contracts.

See Notes to Financial Statements.


				148
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THE GLENMEDE FUND, INC.

Global Secured Options Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2018


Description	Counterparty		Exercise Price/ FX Rate		Expiration Date		Number of Contracts		Notional Amount			Market Value			Premiums Paid (Received by Fund)			Unrealized Appreciation/ (Depreciation)
PURCHASED OPTIONS
CALLS:
S&P 500 Index		OCC**		1,000.00		12/21/18 USD		10	$	2,711,740		$	1,702,800		$	1,909,525		$	(206,725	)
PUTS:
S&P 500 Index		OCC**		2,000.00		12/21/18 USD		10		2,711,740			2,300			2,030			270

TOTAL PURCHASED OPTIONS									$	5,423,480		$	1,705,100		$	1,911,555		$	(206,455	)

WRITTEN OPTIONS
CALL:
S&P 500 Index		OCC**		2,000.00		12/21/18 USD		10		(2,711,740	)		(708,050	)		(917,322	)		209,272
PUTS:
Russell 2000 Index		OCC**		1,650.00		11/16/18 USD		1		(151,141	)		(14,040	)		(8,485	)		(5,555	)
S&P 500 Index		OCC**		2,840.00		11/16/18 USD		4		(1,084,696	)		(53,440	)		(34,265	)		(19,175	)
iShares MSCI Emerging Markets Fund		OCC**		49.00		12/21/18 USD		85		(332,860	)		(87,975	)		(52,827	)		(35,148	)
S&P 500 Index		OCC**		1,000.00		12/21/18 USD		10		(2,711,740	)		(75	)		(183	)		108

TOTAL PUTS									$	(4,280,437	)	$	(155,530	)	$	(95,760	)	$	(59,770	)

TOTAL WRITTEN OPTIONS									$	(6,992,177	)	$	(863,580	)	$	(1,013,082	)	$	149,502

**	The Options Clearing Corp

SECTOR DIVERSIFICATION

On October 31, 2018, sector diversification of the Portfolio was as follows:


	% of Net Assets			Value
SECTOR:
Purchased Options		67.9	%	$	1,705,100
Exchange-Traded Fund		37.8			949,392
U.S. Treasury Bill		25.8			647,193

TOTAL		131.5	%	$	3,301,685


TOTAL INVESTMENTS		131.5	%	$	3,301,685

See Notes to Financial Statements.


				149
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THE GLENMEDE FUND, INC.

Core Fixed Income Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2018


Face Amount			Value

*AGENCY NOTES — 17.2%**
		Federal Home Loan Bank — 5.1%
$	10,000,000	3.250% due 11/8/21	$	9,987,460
	15,000,000	2.750% due 12/13/24		14,604,285

				24,591,745


		Federal Home Loan Mortgage Corporation — 2.0%
	10,000,000	2.375% due 1/13/22		9,811,680


		Federal National Mortgage Association — 10.1%
	9,650,000	1.250% due 5/6/21¹		9,258,857
	10,000,000	2.000% due 10/5/22		9,616,250
	10,000,000	2.625% due 9/6/24¹		9,711,210
	7,960,000	2.125% due 4/24/26		7,364,329
	10,000,000	6.625% due 11/15/30		13,029,680

				48,980,326


		TOTAL AGENCY NOTES (Cost $87,153,730)		83,383,751


*MORTGAGE-BACKED SECURITIES^,2— 26.2%**
		Federal Home Loan Mortgage Corporation — 8.6%
	1	# G00807, 9.500% due 3/1/21		1
	66,100	# G12342, 5.500% due 8/1/21		67,244
	25,447	# J03604, 5.500% due 10/1/21		25,836
	13,427	# J03649, 5.500% due 10/1/21		13,610
	31,911	# G12442, 6.000% due 11/1/21		32,751
	45,930	# J03536, 5.500% due 11/1/21		46,189
	30,946	# G18163, 5.500% due 1/1/22		31,687
	112,277	# G13396, 5.500% due 12/1/23		115,618
	47,105	# D78677, 8.000% due 3/1/27		48,066
	126,894	# C00742, 6.500% due 4/1/29		139,709
	4,609,888	# J38111, 3.000% due 12/1/32		4,516,926
	10,594	# A57845, 7.000% due 2/1/37		10,605
	41,449	# A68937, 6.000% due 11/1/37		45,523
	302,754	# A69653, 5.500% due 12/1/37		324,441
	357,894	# A73370, 5.000% due 2/1/38		377,278
	356,317	# A90421, 4.500% due 12/1/39		369,144
	446,255	# A92890, 4.500% due 7/1/40		462,421
	1,659,448	# A97620, 4.500% due 3/1/41		1,719,482
	2,869,799	# C03770, 3.500% due 2/1/42		2,819,057
	1,364,743	# Q07651, 3.500% due 4/1/42		1,337,821
	3,673,053	# Q41208, 3.500% due 6/1/46		3,587,701
	13,302,626	# Q46279, 3.500% due 2/1/47		12,981,348
	12,499,518	# Q47596, 4.000% due 4/1/47		12,518,327

				41,590,785


		Federal National Mortgage Association — 17.3%
	1,744	# 255159, 5.500% due 3/1/19		1,744
	1,012	# 125275, 7.000% due 3/1/24		1,053
	174	# 313795, 9.500% due 1/1/25		174
	699,535	# AH6827, 4.000% due 3/1/26		711,880
	795,429	# AI1657, 4.000% due 4/1/26		809,559
	1,031,506	# AB3900, 3.000% due 11/1/26		1,018,515
	20,371	# 373328, 8.000% due 3/1/27		20,387
	1,312,674	# AK4751, 3.000% due 4/1/27		1,296,135
	15,409	# 390895, 8.000% due 6/1/27		15,528
	2,802,815	# AO0533, 3.000% due 6/1/27		2,767,496
	82,827	# 397602, 8.000% due 8/1/27		88,304
	1,797	# 499335, 6.500% due 8/1/29		1,957
	5,272	# 252806, 7.500% due 10/1/29		6,001

See Notes to Financial Statements.


				150
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THE GLENMEDE FUND, INC.

Core Fixed Income Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Face Amount			Value

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

		Federal National Mortgage Association — (Continued)
$	345	# 523497, 7.500% due 11/1/29	$	374
	7,390,767	# BC2462, 3.000% due 2/1/31		7,259,171
	2,016	# 588945, 7.000% due 6/1/31		2,137
	55,886	# 607862, 7.000% due 9/1/31		58,940
	3,865	# 656872, 6.500% due 8/1/32		4,209
	17,137	# 687575, 7.000% due 2/1/33		17,231
	244,748	# 789856, 6.000% due 8/1/34		266,992
	66,572	# 829202, 5.000% due 7/1/35		70,382
	130,611	# 826586, 5.000% due 8/1/35		138,194
	29,806	# 256216, 7.000% due 4/1/36		34,315
	139,950	# 898412, 5.000% due 10/1/36		147,751
	16,154	# 910894, 5.000% due 2/1/37		16,972
	20,173	# 912456, 6.500% due 3/1/37		21,967
	412,745	# 973241, 5.000% due 3/1/38		433,208
	126,149	# 975593, 5.000% due 6/1/38		132,892
	132,104	# 257573, 5.500% due 2/1/39		140,858
	522,415	# AD7128, 4.500% due 7/1/40		541,212
	4,762,129	# AH1568, 4.500% due 12/1/40		4,933,543
	2,325,163	# AH6991, 4.000% due 1/1/41		2,342,794
	1,396,760	# AH4004, 4.500% due 3/1/41		1,446,997
	1,274,073	# AH8351, 4.000% due 3/1/41		1,283,733
	989,841	# AJ1315, 4.000% due 9/1/41		997,363
	1,359,340	# AI8779, 4.000% due 11/1/41		1,369,671
	2,424,403	# AJ5958, 4.000% due 12/1/41		2,442,829
	979,467	# AK5070, 3.500% due 3/1/42		956,369
	3,736,417	# AK5426, 3.500% due 3/1/42		3,670,178
	6,797,779	# AT7682, 3.500% due 6/1/43		6,669,355
	6,097,303	# AS6326, 3.500% due 12/1/45		5,960,823
	6,726,169	# AS6881, 3.500% due 3/1/46		6,573,532
	6,663,006	# BC0960, 4.000% due 6/1/46		6,669,914
	8,165,455	# AS8966, 4.000% due 3/1/47		8,175,908
	8,551,887	# AS9988, 4.500% due 7/1/47		8,770,196
	5,990,783	# BK4718, 4.000% due 9/1/48		5,993,661

				84,282,404


		Government National Mortgage Association — 0.3%
	11,506	# 460389, 7.000% due 5/15/28		11,520
	6,664	# 464049, 7.000% due 7/15/28		6,934
	12,634	# 476259, 7.000% due 8/15/28		12,649
	8,941	# 485264, 7.500% due 2/15/31		9,038
	18,871	# 559304, 7.000% due 9/15/31		20,220
	256,534	# 651859, 5.000% due 6/15/36		271,552
	187,642	# 782150, 5.500% due 4/15/37		201,921
	30,630	# 662521, 6.000% due 8/15/37		32,810
	72,352	# 677545, 6.000% due 11/15/37		78,066
	129,285	# 676291, 6.000% due 12/15/37		140,550
	69,596	# 685836, 5.500% due 4/15/38		74,198
	414,695	# 698235, 5.000% due 6/15/39		439,012
	125,193	# 716655, 5.000% due 8/15/39		129,984

				1,428,454


		TOTAL MORTGAGE-BACKED SECURITIES (Cost $132,536,557)		127,301,643


*CORPORATE NOTES — 42.8%**
		Automotive — 0.8%
	2,000,000	American Honda Finance Corp., 2.650% due 2/12/21		1,970,793

See Notes to Financial Statements.


				151
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THE GLENMEDE FUND, INC.

Core Fixed Income Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Face Amount			Value

*CORPORATE NOTES — (Continued)**
		Automotive — (Continued)
$	2,000,000	American Honda Finance Corp., 3.450% due 7/14/23	$	1,987,798

				3,958,591


		Banking — 9.0%
	10,000,000	Bank of America Corp., 7.625% due 6/1/19		10,260,867
	7,000,000	Branch Banking & Trust Co., 3.625% due 9/16/25		6,800,516
	11,000,000	Citibank NA, 2.125% due 10/20/20		10,742,557
	10,000,000	PNC Bank NA, 2.625% due 2/17/22		9,704,611
	6,500,000	PNC Bank NA, 3.250% due 6/1/25		6,251,495

				43,760,046


		Beverages, Food & Tobacco — 3.9%
	5,000,000	Coca-Cola Co. (The), 2.875% due 10/27/25		4,749,228
	6,000,000	Coca-Cola Co. (The), 2.250% due 9/1/26		5,378,318
	9,000,000	PepsiCo, Inc., 3.000% due 8/25/21		8,964,744

				19,092,290


		Communications — 5.2%
	14,000,000	Amazon.com, Inc., 4.800% due 12/5/34		14,732,909
	11,100,000	Cisco Systems, Inc., 2.200% due 9/20/23		10,470,075

				25,202,984


		Computer Software & Processing — 7.9%
	11,250,000	Apple, Inc., 4.500% due 2/23/36		11,698,921
	9,650,000	International Business Machines Corp., 3.450% due 2/19/26¹		9,314,916
	8,000,000	Microsoft Corp., 3.450% due 8/8/36		7,361,055
	10,750,000	Oracle Corp., 2.400% due 9/15/23		10,165,872

				38,540,764


		Electronics — 2.7%
	5,000,000	Applied Materials, Inc., 3.900% due 10/1/25		4,953,862
	8,000,000	Intel Corp., 3.300% due 10/1/21		8,008,421

				12,962,283


		Financial — 3.5%
	10,533,000	JPMorgan Chase & Co., 4.950% due 3/25/20		10,776,330
	5,000,000	JPMorgan Chase & Co., 6.400% due 5/15/38		6,012,097

				16,788,427

See Notes to Financial Statements.


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THE GLENMEDE FUND, INC.

Core Fixed Income Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Face Amount			Value

*CORPORATE NOTES — (Continued)**
		Heavy Machinery — 1.2%
$	5,700,000	John Deere Capital Corp., 2.800% due 3/4/21¹	$	5,639,002

		Insurance — 3.4%
	6,500,000	Aflac, Inc., 2.400% due 3/16/20		6,435,178
	10,000,000	Berkshire Hathaway Finance Corp., 4.250% due 1/15/21		10,250,793

				16,685,971

		Pharmaceuticals — 2.5%
	7,000,000	Johnson & Johnson, 4.850% due 5/15/41¹		7,497,766
	5,000,000	Merck & Co., Inc., 2.750% due 2/10/25		4,738,608

				12,236,374

		Retailers — 2.7%
	6,000,000	Target Corp., 3.500% due 7/1/24		6,018,781
	5,325,000	Target Corp., 7.000% due 1/15/38		6,960,723

				12,979,504


		TOTAL CORPORATE NOTES (Cost $215,493,751)		207,846,236


*U.S. TREASURY NOTES/BONDS — 10.4%**
	15,000,000	U.S. Treasury Bonds, 6.250% due 8/15/23		17,175,586
	5,000,000	U.S. Treasury Bonds, 6.625% due 2/15/27		6,281,836
	5,000,000	U.S. Treasury Bonds, 3.125% due 11/15/41		4,797,070
	2,000,000	U.S. Treasury Bonds, 3.750% due 11/15/43		2,117,813
	5,000,000	U.S. Treasury Bonds, 2.750% due 8/15/47		4,398,828
	10,000,000	U.S. Treasury Notes, 2.875% due 5/31/25		9,886,328
	6,000,000	U.S. Treasury Notes, 2.250% due 8/15/27		5,590,546


		TOTAL U.S. TREASURY NOTES/BONDS (Cost $53,254,511)		50,248,007


*REPURCHASE AGREEMENT — 2.7%**
	12,939,399	With Fixed Income Clearing Corp., dated 10/31/18, 0.42%, principal and interest in the amount of $12,939,549, due 11/1/18, (collateralized by a U.S. Treasury Note with a par value of $12,890,000, coupon rate of 3.625%, due 2/15/2021, market value of $13,200,443)		12,939,399


		TOTAL REPURCHASE AGREEMENT (Cost $12,939,399)		12,939,399

See Notes to Financial Statements.


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Core Fixed Income Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Shares			Value

*INVESTMENT OF SECURITY LENDING COLLATERAL — 3.9%**
	19,105,863	State Street Navigator Securities Lending Government Money Market Portfolio	$	19,105,863


		TOTAL INVESTMENT OF SECURITY LENDING COLLATERAL (Cost $19,105,863)		19,105,863



TOTAL INVESTMENTS (Cost $520,483,811)	103.2	%	$	500,824,899

LIABILITIES IN EXCESS OF OTHER ASSETS	(3.2	)		(15,623,830	)


NET ASSETS	100.0	%	$	485,201,069

*	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, 2018.

See Notes to Financial Statements.


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Core Fixed Income Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2018

SECTOR DIVERSIFICATION

On October 31, 2018, sector diversification of the Portfolio was as follows:


	% of Net Assets			Value
SECTOR:
Corporate		42.8	%	$	207,846,236
Federal National Mortgage Association		27.4			133,262,730
Federal Home Loan Mortgage Corporation		10.6			51,402,465
U.S. Treasury Notes/Bonds		10.4			50,248,007
Federal Home Loan Bank		5.1			24,591,745
Government National Mortgage Association		0.3			1,428,454

TOTAL		96.6	%	$	468,779,637

REPURCHASE AGREEMENT		2.7			12,939,399

INVESTMENT OF SECURITY LENDING COLLATERAL		3.9			19,105,863

TOTAL INVESTMENTS		103.2	%	$	500,824,899

See Notes to Financial Statements.


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THE GLENMEDE FUND, INC.

Short Term Tax Aware Fixed Income Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2018


Face Amount			Value

*CORPORATE NOTES — 2.5%**
		Automotive — 1.1%
$	300,000	Ford Motor Credit Co. LLC, 3.336% due 3/18/21	$	293,015


		Financial — 1.4%
	359,000	JPMorgan Chase & Co., (3M USD LIBOR + 3.47%), 5.990% due 12/29/49¹		360,925


		TOTAL CORPORATE NOTES (Cost $656,395)		653,940


*MUNICIPAL BONDS — 82.2%**
		Alabama — 2.0%
	250,000	Alabama Federal Aid Highway Finance Authority, Revenue Bonds, 5.000% due 9/1/20		262,300
	250,000	Black Belt Energy Gas District, AL, Gas Supply Revenue, Revenue Bonds, Series A, 4.000% due 7/1/46		258,108

				520,408


		Alaska — 3.6%
	300,000	Alaska State, General Obligation Unlimited, Series B, 5.000% due 8/1/20		314,364
	400,000	North Slope Boro, AK, General Obligation Unlimited, Series B, 5.000% due 6/30/20		418,560
	200,000	Valdez, AK, Marine Terminal Revenue, Revenue Bonds, Refunding, Series B, (SPA : British Petroleum PLC), 5.000% due 1/1/21		210,548

				943,472


		Arizona — 1.6%
	400,000	Yuma, AZ, Municipal Property Corp., Excise Tax Revenue, Revenue Bonds, Refunding, 5.000% due 7/1/22		436,552


		California — 1.9%
	210,000	La Quinta, CA, Financing Authority, Local Agency Revenue, Tax Allocation, Series A, Prerefunded 9/1/20 @ 100, 7.900% due 9/1/31		228,547
	250,000	San Diego, CA, Redevelopment Agency Tax Allocation Revenue, Series A, Prerefunded 9/1/20 @ 100, 7.750% due 9/1/40		270,298

				498,845


		Colorado — 1.5%
	250,000	Trinidad, CO, School District No. 1, General Obligation Unlimited, Refunding, (State Aid Withholding), 4.000% due 12/1/18		250,435
	150,000	Weld County, CO, Reorganized School District No. RE-8, General Obligation Unlimited, (State Aid Withholding), 4.000% due 12/1/20		155,583

				406,018


		Delaware — 0.8%
	205,000	Delaware State, Transportation Authority, Grant Anticipation Bonds, Revenue Bonds, 5.000% due 3/1/19		206,968


		Florida — 2.2%
	325,000	Citizens Property Insurance Corp., FL, Revenue Bonds, Series A-1, 5.000% due 6/1/19		330,385
	250,000	Orlando & Orange County, FL, Expressway Authority, Revenue Bonds, Refunding, Series B (AGMC Insured), 5.000% due 7/1/21		261,325

				591,710

See Notes to Financial Statements.


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THE GLENMEDE FUND, INC.

Short Term Tax Aware Fixed Income Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Face Amount			Value

*MUNICIPAL BONDS — (Continued)**
		Georgia — 1.4%
$	350,000	Georgia State, Road & Tollway Authority, Federal Highway Reimbursement, Revenue Bonds, Series A, 5.000% due 6/1/20	$	365,691


		Idaho — 0.8%
	200,000	Idaho, Housing & Finance Association, Revenue Bonds, 5.000% due 7/15/20		209,062


		Illinois — 12.3%
	150,000	Chicago, IL, O’Hare International Airport Revenue Bonds, Refunding, Series B, 5.000% due 1/1/21		158,498
	400,000	Du Page & Will Counties, IL, Community School District No. 204 Indian Prairie, General Obligation Unlimited, Refunding, Series A, 5.000% due 12/30/20		421,936
	400,000	Illinois State Finance Authority, Revenue Bonds, 5.000% due 1/1/20		413,396
	200,000	Illinois State Finance Authority, Revenue Bonds, Series A, Prerefunded 11/1/18 @ 100, 7.250% due 11/1/38		200,000
	500,000	Illinois State Finance Authority, Revenue Bonds, Series L, 4.000% due 12/1/20		517,785
		Illinois State, General Obligation Unlimited:
	400,000	5.363% due 2/1/19		402,084
	100,000	4.000% due 9/1/20		101,515
	130,000	5.000% due 1/1/21		133,641
	100,000	Lake County, IL, Community College District No. 532, General Obligation Unlimited, Series A, 4.000% due 6/1/19		101,142
	300,000	McHenry County, IL, Conservation District, General Obligation Unlimited, Refunding, 5.000% due 2/1/19		302,217
	450,000	Regional Transportation Authority, IL, Revenue Bonds, Series A (NPFG Insured), 5.500% due 7/1/20		473,134

				3,225,348


		Kentucky — 2.2%
	300,000	Kentucky State, Property & Building Commission Revenue, Project No. 84, Revenue Bonds, Refunding, (NPFG Insured), 5.000% due 8/1/20		313,311
	250,000	Louisville & Jefferson County, KY, Metropolitan Government Health System Revenue, Revenue Bonds, Series A, 5.000% due 10/1/19		256,202

				569,513


		Louisiana — 2.2%
	300,000	Louisiana State, General Obligation Unlimited, Series A, 4.000% due 9/1/21		313,554
	250,000	Louisiana State, University & Agricultural and Mechanical College, Auxiliary, Revenue Bonds, Refunding, 5.000% due 7/1/19		254,665

				568,219


		Maryland — 0.5%
	125,000	Baltimore, MD, Water Utility Project Revenue, Revenue Bonds, Series A, 5.000% due 7/1/19		127,399


		Michigan — 6.4%
		Dansville, MI, Schools, General Obligation Unlimited, (QSBLF Insured):
	125,000	4.000% due 5/1/19		126,231
	140,000	4.000% due 5/1/20		143,795
	260,000	L’Anse Creuse, MI, Public Schools, General Obligation Unlimited, Refunding, (QSBLF Insured), 5.000% due 5/1/20		271,055
	250,000	Michigan Finance Authority, Revenue Bonds, Refunding, Series A, 5.000% due 12/1/20		263,945

See Notes to Financial Statements.


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THE GLENMEDE FUND, INC.

Short Term Tax Aware Fixed Income Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Face Amount			Value

*MUNICIPAL BONDS — (Continued)**
		Michigan — (Continued)
$	400,000	Michigan State Finance Authority Revenue, Revenue Bonds, Refunding, 5.000% due 11/15/19	$	411,240
	250,000	Pinconning, MI, Area Schools, General Obligation Unlimited, Refunding, (QSBLF Insured), 3.000% due 5/1/19		250,948
	200,000	Ypsilanti, MI, School District, General Obligation Unlimited, Refunding, Series A, (QSBLF Insured), 5.000% due 5/1/21		211,682

				1,678,896


		Minnesota — 4.8%
	100,000	Minneapolis, MN, St. Paul, Housing & Redevelopment Authority Health Care, Revenue Bonds, Refunding, Series A, 5.000% due 11/15/20		105,627
	400,000	Rochester, MN, Health Care Facilities Revenue, Revenue Bonds, Series A, 4.000% due 11/15/30		400,308
	250,000	St. Paul, MN, Housing & Redevelopment Authority Health Care, Revenue Bonds, Refunding, Series A, 5.000% due 7/1/21		267,070
	500,000	St. Paul, MN, Housing & Redevelopment Authority Health Care, Revenue Bonds, Refunding, Series B, 2.353% due 7/1/19		497,290

				1,270,295


		Mississippi — 2.0%
	500,000	Mississippi State, Development Bank, Special Obligation, Jackson Public School District Project, Revenue Bonds, Refunding, Series A, 5.000% due 4/1/21		529,820


		New Jersey — 4.0%
	350,000	Camden County, NJ, Improvement Authority, Revenue Bonds, (County Guaranteed), 4.000% due 1/15/20		357,595
	175,000	New Jersey State Economic Development Authority Revenue, Revenue Bonds, Refunding, Series NN, 5.000% due 3/1/22		185,608
	500,000	New Jersey State Turnpike Authority, Revenue Bonds, Refunding, Series C-1, (1M USD LIBOR * 0.7+ 0.34%), 1.919% due 1/1/21¹		499,875

				1,043,078


		New York — 0.8%
	200,000	New York State, Dormitory Authority, State Personal Income Tax Revenue, Refunding, Series A, 5.000% due 12/15/19		206,740


		North Carolina — 1.2%
	100,000	New Hanover County, NC, Hospital Revenue Bonds, Refunding, 5.000% due 10/1/21		107,390
	200,000	North Carolina State, Grant Anticipation Revenue, Revenue Bonds, 5.000% due 3/1/19		202,006

				309,396


		Ohio — 3.8%
	265,000	Ohio State University, General Receipts Athens, Revenue Bonds, Refunding, Series A, 5.000% due 12/1/20		279,670
	255,000	Ohio State, Higher Educational Facility Commission, Revenue Bonds, 4.000% due 12/1/19		260,202
	425,000	Ohio State, Hospital Facilities Revenue, Revenue Bonds, Series A, 5.000% due 1/15/23		456,408

				996,280


		Oklahoma — 0.5%
	125,000	Grand River, OK, Dam Authority, Revenue Bonds, Series A, 4.000% due 6/1/19		126,428

See Notes to Financial Statements.


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THE GLENMEDE FUND, INC.

Short Term Tax Aware Fixed Income Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Face Amount			Value

*MUNICIPAL BONDS — (Continued)**
		Pennsylvania — 14.4%
$	400,000	Allegheny County, PA, General Obligation Unlimited, Refunding, Series C-75, 4.000% due 11/1/21	$	418,876
	235,000	Allegheny County, PA, Hospital Development Authority, Revenue Bonds, University of Pittsburgh Medical Center, Series A, 5.000% due 5/15/19		238,664
	400,000	Bucks County, CA, Centennial School District, General Obligation Limited, Refunding, Series B, (State Aid Withholding), 5.000% due 12/15/21		432,320
	390,000	Danville, PA, Area School District, General Obligation Limited, Refunding, Series B, (State Aid Withholding), 4.000% due 11/1/20		403,490
	300,000	East Stroudsburg, PA, Area School District, General Obligation Limited, Refunding, Series A, (State Aid Withholding), 5.000% due 9/1/20		314,814
	140,000	Monroeville, PA, Finance Authority UPMC Revenue, Revenue Bonds, 5.000% due 2/15/20		144,975
	250,000	Pennsylvania State Turnpike Authority, Revenue Bonds, Refunding, 5.000% due 12/1/22²		265,545
	190,000	Pennsylvania State, General Obligation Unlimited, Refunding, 5.000% due 7/1/20		198,480
	200,000	Pennsylvania State, General Obligation Unlimited, Refunding, First Series, 5.000% due 8/15/20		209,534
		Pittsburgh, PA, School District, General Obligation Unlimited, Refunding, Series A, (State Aid Withholding):
	225,000	4.000% due 9/1/19		228,645
	200,000	5.000% due 9/1/22		214,368
	300,000	Red Lion, PA, Area School District, General Obligation Limited, Refunding, Series A, (State Aid Withholding), 4.000% due 4/15/20		307,851
	100,000	Scranton, PA, School District, General Obligation Limited, Refunding, Series A, (State Aid Withholding), 5.000% due 6/1/19		101,331
	305,000	Springfield Township, PA, School District, Montgomery County, General Obligation Limited, Refunding, (State Aid Withholding), 4.000% due 11/15/20		315,995

				3,794,888


		Texas — 7.4%
	575,000	Arlington, TX, Higher Education Finance Corp., Revenue Bonds, Refunding, Brown Fellowship Leadership Academy, Series A, (PSF Guaranteed), 4.000% due 8/15/19		583,504
	200,000	Arlington, TX, Higher Education Finance Corp., Revenue Bonds, Refunding, Series A, (PSF Guaranteed), 4.000% due 2/15/21		207,388
	100,000	Brushy Creek, TX, Regional Utility Authority, Inc., Contract Revenue, Refunding, 3.000% due 8/1/20		101,310
	250,000	Dallas, TX, General Obligation Limited, Refunding, 5.000% due 2/15/19		252,155
	200,000	Denton, TX, Independent School District, General Obligation Unlimited, (PSF Guaranteed), 2.000% due 8/1/43		198,942
	200,000	Georgetown, TX, Independent School District, General Obligation Unlimited, Series B, (PSF Guaranteed), 2.000% due 8/1/41		203,858
	200,000	North East, TX, Independent School District, General Obligation Unlimited, Series B, (PSF Guaranteed), 1.420% due 8/1/40		194,038
	210,000	Taft, TX, Independent School District, General Obligation Unlimited, Refunding, (PSF Guaranteed), 3.000% due 8/15/20		213,182

				1,954,377


		Washington — 1.1%
	300,000	Grant County, WA, Public Utility District No. 2, Revenue Bonds, Refunding, 2.000% due 1/1/44^1,3		297,333

See Notes to Financial Statements.


				159
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THE GLENMEDE FUND, INC.

Short Term Tax Aware Fixed Income Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Face Amount			Value

*MUNICIPAL BONDS — (Continued)**
		Wisconsin — 2.8%
$	285,000	Oshkosh, WI, Water Revenue, Revenue Bonds, Series F, 2.000% due 1/1/19	$	285,023
	470,000	Wisconsin State, Health & Educational Facilities Authority Revenue, Revenue Bonds, Series 2013B-1, 1.375% due 11/15/38		465,309

				750,332


		TOTAL MUNICIPAL BONDS (Cost $21,856,971)		21,627,068


Shares

*REGISTERED INVESTMENT COMPANIES — 3.8%**
	450	BlackRock Defined Opportunity Credit Trust^4,5		0
	34,460	BlackRock Municipal 2020 Term Trust		508,974
	1,932	PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund⁶		190,746
	3,850	Vanguard Short-Term Corporate Bond ETF		300,031


		TOTAL REGISTERED INVESTMENT COMPANIES (Cost $1,025,511)		999,751


Face Amount

*U.S. TREASURY NOTES/BONDS — 9.8%**
	500,000	U.S. Treasury Notes, 1.250% due 12/15/18		499,424
	750,000	U.S. Treasury Notes, 1.500% due 1/31/19		748,490
	1,325,000	U.S. Treasury Notes, 1.375% due 2/28/19		1,320,549


		TOTAL U.S. TREASURY NOTES/BONDS (Cost $2,568,641)		2,568,463


Shares

*INVESTMENT OF SECURITY LENDING COLLATERAL — 0.7%**
	191,425	State Street Navigator Securities Lending Government Money Market Portfolio		191,425


		TOTAL INVESTMENT OF SECURITY LENDING COLLATERAL (Cost $191,425)		191,425



TOTAL INVESTMENTS (Cost $26,298,943)	99.0	%	$	26,040,647

OTHER ASSETS IN EXCESS OF LIABILITIES	1.0			253,244


NET ASSETS	100.0	%	$	26,293,891

*	Percentages indicated are based on net assets.

¹	Floating Rate Bond. Rate shown is as of October 31, 2018.

²	When-issued security.

³	Variable Rate is Fixed to Float: Rate remains fixed until designated future date.

⁴	Held for any potential distributions from terminated trust.

⁵	For fair value measurement disclosure purposes, security is categorized as Level 3 (See Note 1 of the Notes to Financial Statements).

⁶	Securities or partial securities on loan. See Note 1.

Abbreviations:

AGMC — Assured Guaranty Municipal Corporation

NPFG — National Public Finance Guarantee Corporation

PSF — Permanent School Fund

QSBLF — Michigan Qualified School Bond Loan Fund

SPA — Stand-By Purchase Agreement

See Notes to Financial Statements.


				160
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THE GLENMEDE FUND, INC.

Short Term Tax Aware Fixed Income Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2018

SECTOR DIVERSIFICATION

On October 31, 2018, sector diversification of the Portfolio was as follows:


	% of Net Assets			Value
SECTOR:
Municipal Bonds		82.2	%	$	21,627,068
U.S. Treasury Notes/Bonds		9.8			2,568,463
Registered Investment Companies		3.8			999,751
Corporate Notes		2.5			653,940

TOTAL		98.3	%	$	25,849,222

INVESTMENT OF SECURITY LENDING COLLATERAL		0.7			191,425

TOTAL INVESTMENTS		99.0	%	$	26,040,647

See Notes to Financial Statements.


				161
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THE GLENMEDE FUND, INC.

High Yield Municipal Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2018


Face Amount			Value

*MUNICIPAL BONDS — 98.8%**
		Alabama — 1.2%
$	500,000	Jefferson County, AL, Sewer Revenue Warrants, Series E, 0.000% due 10/1/34¹	$	183,455
	500,000	Jefferson County, AL, Sewer Revenue, Series B, (AGMC Insured), 0.000% due 10/1/25¹		391,755
	1,070,000	Jefferson County, AL, Sewer Revenue, Series D, Warrants, 6.000% due 10/1/42		1,208,094
	500,000	Montgomery, AL, Medical Clinic, Board Health Care Facility Revenue, Refunding, 5.000% due 3/1/30		531,470

				2,314,774


		Alaska — 0.7%
	1,360,000	Alaska State, Housing Finance Corp., Revenue Bonds, Series A, 4.000% due 12/1/48		1,418,235


		Arizona — 2.6%
	300,000	Arizona State, Industrial Development Authority, Education Revenue, Basis Schools Projects, Revenue Bonds, Refunding, Series A, 5.250% due 7/1/47²		303,942
	500,000	Arizona State, Industrial Development Authority, Education Revenue, Revenue Bonds, Refunding, Series A, 5.000% due 7/1/32²		500,945
	500,000	Arizona State, Industrial Development Authority, Education Revenue, Traditional Schools Project, Revenue Bonds, 5.250% due 7/1/22²		491,980
	100,000	Florence Town, Inc., AZ, Industrial Development Authority, Legacy Traditional School Project, Revenue Bonds, 5.000% due 7/1/23		103,646
	750,000	Maricopa County, AZ, Industrial Development Authority, Educational Revenue, Revenue Bonds, Refunding, 5.000% due 7/1/36²		765,742
	250,000	Phoenix, AZ, Industrial Development Authority, Education Revenue, Basis Schools, Inc., Revenue Bonds, 5.000% due 7/1/45²		249,253
	500,000	Phoenix, AZ, Industrial Development Authority, Education Revenue, Basis Schools, Inc., Revenue Bonds, Refunding, 5.000% due 7/1/35²		504,195
	405,000	Phoenix, AZ, Industrial Development Authority, Education Revenue, Basis Schools, Inc., Revenue Bonds, Refunding, Series A, 3.000% due 7/1/20²		399,492
		Phoenix, AZ, Industrial Development Authority, Education Revenue, Legacy Traditional Schools Project, Revenue Bonds, Series A:
	300,000	5.750% due 7/1/24²		318,531
	500,000	6.750% due 7/1/44²		542,655
	500,000	Phoenix, AZ, Industrial Development Authority, Education Revenue, Revenue Bonds, Series A, 5.000% due 7/1/46²		500,910
	250,000	Phoenix, AZ, Industrial Development Authority, Education Revenue, Revenue Bonds, Series B, 4.000% due 7/1/22²		243,095

				4,924,386


		California — 3.0%
	435,000	Alhambra City, CA, Atherton Baptist Homes, Revenue Bonds, Series A, Prerefunded 1/1/20 @ 100, 7.500% due 1/1/30		458,473
	250,000	California Public Finance Authority, Revenue Bonds, Refunding, 5.000% due 10/15/47		260,310
	400,000	California State, Infrastructure and Economic Development Bank, Revenue Bonds, Refunding, Series E, 1.750% due 11/1/26		376,888
		California State, Municipal Finance Authority, Educational Revenue, Refunding, Series A:
	360,000	5.000% due 6/1/36		381,157
	500,000	5.000% due 6/1/46		522,750

See Notes to Financial Statements.


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SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Face Amount			Value

*MUNICIPAL BONDS — (Continued)**
		California — (Continued)
$	300,000	California State, Municipal Finance Authority, Revenue Bonds, Series A, 5.000% due 11/1/46²	$	318,462
	335,000	California State, School Financing Authority, Rocketship Education Obligated Group, Revenue Bonds, Series A, 5.250% due 6/1/52²		340,849
	250,000	California State, Statewide Communities Development Authority, CHF Irvine LLC, Revenue Bonds, 5.000% due 5/15/29		278,503
	945,000	California State, Statewide Communities Development Authority, Student Housing Revenue, Revenue Bonds, 4.305% due 7/1/32		970,902
	255,000	Corona-Norco, CA, Unified School District, Refunding, 5.000% due 9/1/24		284,251
	500,000	Northern, CA, Gas Authority No. 1, Gas Project Revenue, Revenue Bonds, Series B, (3M USD LIBOR * 0.67 + 0.72%), 2.325% due 7/1/27³		487,620
	1,000,000	Riverside County, Redevelopment Successor Agency, Revenue Bonds, Series B, 0.000% due 10/1/39¹		391,870
	500,000	Saugus/Hart, CA, School Facilities Financing Authority, Special Tax, Refunding, 5.000% due 9/1/24		551,140
	200,000	Seal Beach, CA, Community Facilities District No. 2005-1, Special Tax, Refunding, 3.000% due 9/1/29		186,572

				5,809,747


		Colorado — 9.7%
	500,000	Amber Creek, Metropolitan District, General Obligation Limited, Refunding, Series A, 5.125% due 12/1/47		480,630
	1,000,000	Arista, CO, Metropolitan District, General Obligation Limited, Series A, 4.375% due 12/1/28		993,130
	1,000,000	Arkansas River Power Authority, CO, Power Revenue, Revenue Bonds, Refunding, Series A, 5.000% due 10/1/33		1,084,560
	500,000	Base Village Metropolitan District No. 2, General Obligation Limited, Refunding, Series A, 5.750% due 12/1/46		498,790
	500,000	Belleview Station, CO, Metropolitan District No. 2, General Obligation Limited, Refunding, 5.000% due 12/1/36		504,415
	500,000	Big Dry Creek, Metropolitan District, General Obligation Limited, Series A, 5.750% due 12/1/47		486,895
	680,000	Bradburn, CO, Metropolitan District No. 2, General Obligation Limited, Refunding, Series A, 4.000% due 12/1/28		658,022
	500,000	Buffalo Ridge, CO, Metropolitan District, General Obligation Limited, Series B, 7.375% due 12/15/47		485,110
	500,000	Clear Creek Station, Metropolitan District No. 2, General Obligation Limited, Refunding, Series A, 5.000% due 12/1/47		496,945
	625,000	Colorado International Center, CO, Metropolitan District No. 14, General Obligation Limited, 5.875% due 12/1/46		647,513
	500,000	Colorado State, Health Facilities Authority, Hospital Revenue, Christian Living Neighborhoods Project, Revenue Bonds, Refunding, 5.000% due 1/1/31		521,040
	400,000	Colorado State, Health Facilities Authority, Hospital Revenue, Refunding, 5.000% due 1/1/37		408,668
	700,000	Colorado State, Health Facilities Authority, Hospital Revenue, Refunding, Series A, 5.250% due 5/15/37		745,024
	700,000	Colorado State, Health Facilities Authority, Hospital Revenue, Revenue Bonds, Refunding, 5.000% due 6/1/37		749,868
	230,000	Colorado State, Health Facilities Authority, Hospital Revenue, Series A, 5.750% due 11/1/47		231,605
	650,000	Colorado State, Health Facilities Authority, Refunding, Series A, 5.000% due 6/1/45		679,224

See Notes to Financial Statements.


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High Yield Municipal Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Face Amount			Value

*MUNICIPAL BONDS — (Continued)**
		Colorado — (Continued)
$	165,000	Colorado State, Health Facilities Authority, Revenue Bonds, 5.625% due 6/1/43	$	177,258
	500,000	Colorado State, Housing and Finance Authority, Non Amount Non ACE SF Mortgage, Revenue Bonds, Series C, (GNMA Insured), 4.250% due 11/1/48		526,985
	250,000	Denver, CO, Urban Renewal Authority, Tax Increment Revenue, Series A, 5.250% due 12/1/39²		247,475
	150,000	E-470, CO, Public Highway Authority, Revenue Bonds, Refunding, Series B, (1M USD LIBOR * 0.67 + 1.05%), 2.579% due 9/1/39³		151,119
	750,000	Forest Trace, CO, Metropolitan District No. 3, Limited Tax, General Obligation Unlimited, Series A, 5.000% due 12/1/46		699,683
	1,000,000	Gardens on Havana, CO, Metropolitan District No. 3, Revenue Bonds, Series A, 4.625% due 12/1/27		1,024,360
	945,000	Harmony Technology Park, Metropolitan District No. 2, General Obligation Limited, 4.500% due 12/1/32		892,552
	500,000	Leyden Ranch, Metropolitan District, General Obligation Unlimited, Series A, 5.125% due 12/1/47		506,345
	750,000	Leyden Rock, Metropolitan District No. 10, General Obligation Limited, Series A, 5.000% due 12/1/45		740,108
	500,000	Midcities Metropolitan District No. 2, CO, Special Revenue, Revenue Bonds, Refunding, Series B, 7.750% due 12/15/46		480,650
	271,000	Mountain Shadows, CO, Metropolitan District, General Obligation Limited, 3.250% due 12/1/20		271,382
	500,000	Serenity Ridge, CO, Metropolitan District No. 2, General Obligation Limited, Refunding, Series A, 5.125% due 12/1/43		500,140
	750,000	Solaris, CO, Metropolitan District No. 3, General Obligation Limited, Refunding, Series A, 5.000% due 12/1/36		765,727
		Southglenn, CO, Metropolitan District, Special Revenue, General Obligation Limited, Refunding:
	500,000	3.000% due 12/1/21		490,460
	750,000	5.000% due 12/1/30		755,048
	215,000	Southlands, CO, Metropolitan District No. 1, General Obligation Unlimited, Series A-2, 3.500% due 12/1/27		209,436
	500,000	Tallyns Reach, CO, Metropolitan District No. 3, General Obligation Limited, Series A, 6.750% due 11/1/38		485,200

				18,595,367


		Connecticut — 1.2%
	425,000	Connecticut State Health & Educational Facilities Authority, Church Home of Hartford, Inc. Project, Revenue Bonds, Series A, 5.000% due 9/1/53²		422,883
	750,000	Hamden, CT, Facilities Revenue Bonds, Series A, 7.750% due 1/1/43		772,275
	250,000	Harbor Point, CT, Infrastructure Improvement District, Special Obligation Revenue, Tax Allocation, Refunding, 5.000% due 4/1/30²		264,408
	800,000	Mohegan Tribe of Indians, CT, Gaming Authority, Revenue Bonds, Series A, 5.500% due 8/1/26²		839,128

				2,298,694


		Delaware — 0.4%
	760,000	Kent County, DE, Student Housing & Dining Facilities Revenue, CHF Dover LLC, DE State University Project, Revenue Bonds, Series A, 5.000% due 7/1/32		811,771


		District Of Columbia — 1.2%
	500,000	District of Columbia, Friendship Public Charter School, Inc., Revenue Bonds, Series A, 5.000% due 6/1/36		528,715

See Notes to Financial Statements.


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High Yield Municipal Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Face Amount			Value

*MUNICIPAL BONDS — (Continued)**
		District Of Columbia — (Continued)
$	225,000	District of Columbia, KIPP DC Obligated Group, Revenue Bonds, Series A, 5.000% due 7/1/27	$	250,916
	5,415,000	District of Columbia, Tobacco Settlement Financing Corp., Revenue Bonds, Series A, 0.000% due 6/15/46¹		827,141
	2,000,000	Metropolitan Washington, DC, Airports Authority Dulles Toll Road Revenue, Revenue Bonds, Series B, (AGMC Insured), 0.000% due 10/1/40¹		735,100

				2,341,872


		Florida — 5.0%
	160,000	Capital Trust Agency, FL, Educational Facilities Revenue, Viera Charter School, Inc. Project, Revenue Bonds, Series A, 5.000% due 10/15/37²		157,114
	150,000	Collier County, FL, Health Facilities Authority, Residential Care Facility Revenue, Refunding, Series A, 3.000% due 5/1/20		151,074
	200,000	Florida Development Finance Corp., Healthcare Facilities Revenue, University of Florida Health Project, Series A, 6.000% due 2/1/33		214,002
	200,000	Florida State Higher Educational Facilities Financial Authority, Jacksonville University Project, Revenue Bonds, Series A-1, 5.000% due 6/1/48²		204,886
	1,375,000	Florida State Housing Finance Corp., Revenue Bonds, Series 1 (GNMA/FNMA/FHLMC Insured), 4.000% due 7/1/49		1,434,207
	250,000	Jacksonville, FL, Educational Facilities Revenue, Jacksonville University Project, Revenue Bonds, Series B, 5.000% due 6/1/53²		254,177
	300,000	Lakewood Ranch, FL, Stewardship District, Special Assessment Revenue, 5.375% due 5/1/47		305,424
	500,000	Miami, FL, World Center Community Development District, Special Assessment, 5.125% due 11/1/39		505,565
	1,250,000	North Broward, FL, Hospital District, Revenue Bonds, Refunding, Series B, 5.000% due 1/1/48		1,296,437
		Orange County, FL, Health Facilities Authority Revenue:
	150,000	4.000% due 8/1/19		151,931
	750,000	5.000% due 8/1/40		788,490
	875,000	Orange County, FL, Health Facilities Authority, Revenue Bonds, Refunding, 5.000% due 8/1/41		927,955
		Palm Beach County, FL, Health Facilities Authority, Lifespace Communities, Revenue Bonds, Refunding, Series C:
	295,000	5.000% due 5/15/20		302,670
	55,000	5.000% due 5/15/25		58,558
	150,000	Palm Beach County, FL, Health Facilities Authority, Revenue Bonds, Refunding, 4.000% due 12/1/18		150,176
	200,000	Pompano Beach, FL, John Knox Project, Revenue Bonds, 4.000% due 9/1/19		202,926
	550,000	Sarasota County, FL, Health Facilities Authority, Retirement Facilities Revenue, Revenue Bonds, Series A, 5.000% due 1/1/37		569,723
		Southeast Overtown Park West Community Redevelopment Agency, FL, Series A-1:
	325,000	5.000% due 3/1/20²		336,466
	500,000	5.000% due 3/1/30²		536,915
	185,000	Town Center at Palm Coast, FL, Community Development District, Special Assessment, 6.000% due 5/1/36		185,209
		Winter Garden Village at Fowler Groves, FL, Community Development District, Special Assessment, Refunding:
	500,000	3.750% due 5/1/31		476,890
	500,000	4.125% due 5/1/37		470,630

				9,681,425

See Notes to Financial Statements.


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High Yield Municipal Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Face Amount			Value

*MUNICIPAL BONDS — (Continued)**
		Georgia — 0.5%
$	500,000	DeKalb County, GA, Hospital Authority, DeKalb Medical Center, Inc. Project, Revenue Bonds, Prerefunded 9/1/20 @ 100, 6.000% due 9/1/30	$	533,795
	340,000	Macon-Bibb County, GA, Urban Development Authority, Revenue Bonds, 5.750% due 6/15/37²		342,040

				875,835


		Idaho — 0.6%
	500,000	Idaho Health Facilities Authority, Revenue Bonds, Series A, 4.750% due 7/1/44²		508,910
	250,000	Idaho State, Health Facilities Authority Revenue, Kootenai Health Project, Revenue Bonds, Series A, 4.375% due 7/1/34²		252,172
	365,000	Idaho State, Housing and Finance Association, Nonprofit Facilities Revenue, Compass Charter School Project, Revenue Bonds, Series A, 6.000% due 7/1/39²		378,370

				1,139,452


		Illinois — 15.2%
	125,000	Chicago, IL, Board of Education, General Obligation Unlimited, Refunding, Series C, 5.000% due 12/1/28		125,019
		Chicago, IL, Board of Education, General Obligation Unlimited, Series A:
	750,000	5.000% due 12/1/41		742,875
	400,000	7.000% due 12/1/46²		466,060
		Chicago, IL, Board of Education, General Obligation Unlimited, Series A, (NPFG Insured):
	265,000	0.000% due 12/1/18¹		264,436
	400,000	0.000% due 12/1/25¹		297,400
	600,000	Chicago, IL, Board of Education, General Obligation Unlimited, Series B, 7.000% due 12/1/42²		701,022
	345,000	Chicago, IL, Board of Education, General Obligation Unlimited, Series B-1 (NPFG Insured), 0.000% due 12/1/19¹		334,929
	1,030,000	Chicago, IL, Board of Education, General Obligation Unlimited, Series B1, (NPFG Insured), 0.000% due 12/1/31¹		554,542
	640,000	Chicago, IL, Board of Education, General Obligation Unlimited, Series C, 5.250% due 12/1/39		647,270
	500,000	Chicago, IL, Board of Education, General Obligation Unlimited, Series H, 5.000% due 12/1/46		499,970
	600,000	Chicago, IL, General Obligation Unlimited, (NPFG Insured), 0.000% due 1/1/31¹		342,204
		Chicago, IL, General Obligation Unlimited, Refunding, Series A:
	250,000	5.750% due 1/1/33		275,625
	1,000,000	6.000% due 1/1/38		1,109,400
	350,000	Chicago, IL, General Obligation Unlimited, Refunding, Series B, 5.000% due 1/1/19		351,235
	250,000	Chicago, IL, General Obligation Unlimited, Refunding, Series C, 5.000% due 1/1/24		265,137
		Chicago, IL, General Obligation Unlimited, Series C:
	410,000	0.000% due 1/1/31¹		229,707
	500,000	5.000% due 1/1/34		500,840
	250,000	Chicago, IL, Transitional Authority, Sales Tax Receipts Revenue Bonds, 5.000% due 12/1/51		259,065
		Chicago, IL, Waterworks Revenue, Revenue Bonds:
	200,000	5.000% due 11/1/24		214,572
	375,000	5.000% due 11/1/30		403,721
	500,000	Cook County, IL, Community College District No. 508, General Obligation Unlimited, 5.250% due 12/1/43		512,510
	400,000	Illinois State Finance Authority, Christian Homes, Inc., Revenue Bonds, 5.000% due 5/15/36		411,112

See Notes to Financial Statements.


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High Yield Municipal Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Face Amount			Value

*MUNICIPAL BONDS — (Continued)**
		Illinois — (Continued)
$	150,000	Illinois State Finance Authority, Presbyterian Homes, Revenue Bonds, Series B, (1M USD LIBOR * 0.70 + 1.35%), 2.929% due 5/1/36³	$	150,552
	350,000	Illinois State Finance Authority, Revenue Bonds, 4.000% due 7/1/35		351,501
	255,000	Illinois State Finance Authority, Revenue Bonds, Refunding, 3.000% due 5/15/20		255,989
	150,000	Illinois State Finance Authority, Revenue Bonds, Refunding, Lifespace Communities Project, Series A, 5.000% due 5/15/22		158,649
		Illinois State Finance Authority, Revenue Bonds, Refunding, Series A:
	300,000	5.000% due 7/1/35		322,488
	250,000	5.000% due 8/15/37		262,980
		Illinois State Finance Authority, Revenue Bonds, Refunding, Series C:
	1,000,000	5.000% due 2/15/31		1,123,090
	1,000,000	4.125% due 8/15/37		961,320
	135,000	Illinois State Finance Authority, Revenue Bonds, Series B, Prerefunded 8/15/19 @ 100, 5.750% due 8/15/30		138,914
	500,000	Illinois State Finance Authority, Silver Cross Hospital & Medical Center, Revenue Bonds, Series C, 5.000% due 8/15/44		522,775
		Illinois State Finance Authority, Student Housing Revenue, Dekalb II Northern Illinois, Revenue Bonds:
	395,000	5.750% due 10/1/21		412,933
	250,000	6.875% due 10/1/43		266,032
	500,000	Illinois State Finance Authority, Student Housing Revenue, Northern Illinois University Project, Revenue Bonds, 6.000% due 10/1/24		525,960
		Illinois State Finance Authority, Student Housing Revenue, Northern Illinois University Project, Revenue Bonds, Series A:
	250,000	5.000% due 7/1/35		238,293
	500,000	5.000% due 7/1/47		452,125
	500,000	Illinois State Finance Authority, Swedish Covenant Hospital, Revenue Bonds, Refunding, Series A, 5.000% due 8/15/34		530,390
	820,000	Illinois State Housing Development Authority, Revenue Bonds, Refunding, Series C, 3.500% due 8/1/46		832,718
	500,000	Illinois State Sports Facilities Authority, State Tax Supported, Capital Apprec, Revenue Bonds, (AMBAC Insured), 0.000% due 6/15/23¹		413,960
	500,000	Illinois State University, Revenue Bonds, (AGMC Insured), 5.000% due 4/1/24		542,585
	750,000	Illinois State, Finance Authority Revenue, Revenue Bonds, Refunding, 5.125% due 2/15/45		675,547
	320,000	Illinois State, Finance Authority, Charter School Revenue, Refunding and Improvement, Chicago International Charter School Project, Revenue Bonds, 5.000% due 12/1/47		323,245
	560,000	Illinois State, Finance Authority, Student Housing & Academic Facilities Revenue, Revenue Bonds, Series A, 5.000% due 2/15/37		594,289
		Illinois State, General Obligation Unlimited:
	500,000	5.000% due 1/1/30		509,305
	1,000,000	5.000% due 2/1/39		1,005,880
	200,000	5.000% due 1/1/41		200,704
	1,250,000	Illinois State, General Obligation Unlimited, Series C, 5.000% due 11/1/29		1,279,100
	1,000,000	Illinois State, General Obligation Unlimited, Series D, 5.000% due 11/1/28		1,029,940
	250,000	Metropolitan Pier & Exposition Authority, IL, Dedicated State Tax Revenue, Revenue Bonds, Refunding (BAM, NPFG Insured), 0.000% due 6/15/28¹		166,038

See Notes to Financial Statements.


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High Yield Municipal Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Face Amount			Value

*MUNICIPAL BONDS — (Continued)**
		Illinois — (Continued)
$	1,000,000	Metropolitan Pier & Exposition Authority, IL, Dedicated State Tax Revenue, Revenue Bonds, Series A, (NPFG Insured), 0.000% due 6/15/36¹	$	411,760
	500,000	Metropolitan Pier & Exposition Authority, IL, Dedicated State Tax Revenue, Revenue Bonds, Series B, (AGMC Insured), 0.000% due 6/15/27¹		349,150
	2,000,000	Metropolitan Pier & Exposition Authority, IL, Dedicated State Tax, Revenue Bonds, Series A, (AGMC Insured MBIA), 0.000% due 12/15/29¹		1,231,340
	500,000	Metropolitan Pier & Exposition Authority, IL, McCormick Place Expansion Project, Revenue Bonds, Series B, 5.000% due 12/15/40		516,600
	250,000	Southern Illinois State University, Housing & Auxiliary Facilities System, Revenue Bonds, Series A, (NPFG Insured), 0.000% due 4/1/22¹		224,398
	500,000	Southern Illinois State University, Housing & Auxiliary Facilities System, Revenue Bonds, Series B1, 5.000% due 4/1/22		526,885
	1,000,000	University of Illinois, Auxiliary Facilities, Revenue Bonds, Series A, (AGMC Insured), 4.000% due 4/1/36		998,730
	500,000	Volo Village, IL, Special Service Area No. 3 & 6, Special Tax, Symphony Meadows/Lancaster Falls Project, (AGMC Insured), 2.875% due 3/1/25		476,095
	497,000	Yorkville, IL, United City Special Service, Special Tax, (AGMC Insured), 3.000% due 3/1/25		478,487
	250,000	Yorkville, IL, United City Special Service, Special Tax, Refunding, (AGMC Insured), 4.000% due 3/1/36		232,950

				29,202,348


		Indiana — 2.1%
		Indiana Finance Authority, Midwestern Disaster Relief Revenue, Revenue Bonds, Ohio Valley Electric Corp. Project, Series A:
	750,000	5.000% due 6/1/32		732,255
	300,000	5.000% due 6/1/39		288,084
	2,000,000	Indiana State Finance Authority, Economic Development Revenue, Refunding, Republic Services, Inc. Project, Revenue Bonds, Series B, 1.850% due 5/1/28^3,4		1,999,780
		Indiana State Finance Authority, Greencroft Obligated Group, Revenue Bonds, Series A:
	95,000	5.750% due 11/15/28		101,309
	120,000	6.500% due 11/15/33		130,536
		Knox County, IN, Economic Development Authority, Revenue Bonds, Refunding, Series A:
	300,000	5.000% due 4/1/23		316,131
	350,000	5.000% due 4/1/28		363,318

				3,931,413


		Iowa — 1.6%
	150,000	Iowa State, Finance Authority, Midwestern Disaster Area Revenue, Iowa Fertilizer Co. LLC Project, Revenue Bonds, 5.250% due 12/1/25		158,468
	200,000	Iowa State, Finance Authority, Midwestern Disaster Area Revenue, Iowa Fertilizer Co. LLC Project, Revenue Bonds, Refunding, 5.500% due 12/1/22		200,380
	250,000	Iowa State, Finance Authority, Midwestern Disaster Area Revenue, Lowa Fertilizer Co. LLC Project, Revenue Bonds, Refunding, 5.000% due 12/1/19		255,245
	525,000	Iowa State, Finance Authority, Midwestern Disaster Relief Revenue, Iowa Fertilizer Co. LLC Project, Revenue Bonds, Refunding, Series A, 5.250% due 12/1/50^3,5		548,819

See Notes to Financial Statements.


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High Yield Municipal Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Face Amount			Value

*MUNICIPAL BONDS — (Continued)**
		Iowa — (Continued)
$	750,000	Iowa State, Finance Authority, Midwestern Disaster Relief Revenue, Iowa Fertilizer Co. LLC Project, Revenue Bonds, Refunding, Series B, 5.250% due 12/1/50^3,5	$	796,440
		Tobacco Settlement Authority, IA, Revenue Bonds, Series C:
	690,000	5.375% due 6/1/38		691,801
	500,000	5.625% due 6/1/46		500,635

				3,151,788


		Kansas — 0.2%
	180,000	Wichita, KS, Sales Tax, Special Obligation Revenue, Revenue Bonds, Refunding, 3.000% due 9/1/23		178,785
	150,000	Wyandotte County, Kansas City Unified Government, Revenue Bonds, 5.000% due 12/1/34		147,232
	85,000	Wyandotte County, KS, Kansas City Unified Government, Wyandotte Plaza Project, Revenue Bonds, 4.000% due 12/1/28		83,544

				409,561


		Kentucky — 0.5%
	785,000	Kentucky Public Transportation Infrastructure Authority, Toll Revenue, Downtown Crossing Project, Revenue Bonds, Series B, 0.000% due 7/1/21¹		717,946
	100,000	Kentucky Public Transportation Infrastructure Authority, Toll Revenue, Downtown Crossing Project, Series A, 6.000% due 7/1/53		108,404
	170,000	Louisville & Jefferson County, KY, Metropolitan Government Healthcare System, Revenue Bonds, Refunding, Series A, 5.000% due 10/1/31		186,012

				1,012,362


		Louisiana — 1.0%
	900,000	Juban Crossing Economic Development District, LA, Revenue Bonds, Refunding, Series C, 7.000% due 9/15/44²		924,210
	1,000,000	Louisiana State, Public Facilities Authority Revenue, Revenue Bonds, Air Products & Chemicals Project, Series A, 1.670% due 8/1/43^3,6		1,000,000

				1,924,210


		Maine — 0.2%
	440,000	Maine Health & Higher Educational Facilities Authority, Revenue Bonds, 5.000% due 7/1/43		451,928


		Maryland — 1.9%
	1,125,000	Baltimore, MD, Special Obligation, Revenue Bonds, Refunding, Series A, 5.000% due 9/1/38		1,173,881
	250,000	Howard County, MD, Special Obligation, Revenue Bonds, Series A, 4.125% due 2/15/34²		243,753
	435,000	Maryland State, Community Development Administration, Department Housing & Community Development, Revenue Bonds, Refunding, Series A, 4.500% due 9/1/48⁷		462,383
	250,000	Maryland State, Economic Development Corp., Special Obligation, Tax Allocation, 4.500% due 7/1/44		249,608
	750,000	Maryland State, Health & Higher Educational Facilities Authority, Revenue Bonds, Series A, 5.000% due 1/1/21		785,992
	500,000	Prince George’s County, MD, Revenue Authority, Suitland-Naylor Road Project, 5.000% due 7/1/46²		472,780
	300,000	Rockville, MD, Mayor & Council, Economic Development Revenue, Revenue Bonds, Series C3, 2.500% due 11/1/24		288,306

				3,676,703

See Notes to Financial Statements.


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High Yield Municipal Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Face Amount			Value

*MUNICIPAL BONDS — (Continued)**
		Massachusetts — 0.8%
$	500,000	Massachusetts State, Development Finance Agency Revenue, Refunding, Suffolk University, 5.000% due 7/1/36	$	537,795
	470,000	Massachusetts State, Development Finance Agency Revenue, Series A, 4.680% due 11/15/21²		470,470
	418,083	Massachusetts State, Development Finance Agency Revenue, Series A-1, 6.250% due 11/15/46²		429,308
	105,000	Massachusetts State, Development Finance Agency Revenue, Series B, 4.680% due 11/15/21²		105,013

				1,542,586


		Michigan — 2.4%
	385,000	Dearborn, MI, Economic Development Corp., Revenue Bonds, 7.500% due 11/15/44²		373,442
	280,000	Flint, MI, Hospital Building Authority Rental, Revenue Bonds, Series A, 5.250% due 7/1/39		282,859
	600,000	Grand Rapids, MI, Economic Development Corp., Beacon Hill Eastgate Project, Revenue Bonds, Refunding, Series A, 5.000% due 11/1/37		614,850
		Kentwood, MI, Economic Development Corp., Revenue Bonds, Refunding:
	50,000	4.500% due 11/15/21		52,190
	25,000	4.750% due 11/15/22		26,363
	250,000	5.000% due 11/15/37		262,473
	250,000	5.625% due 11/15/41		264,027
	2,430,000	Michigan State Housing Development Authority, Safe Mortgage Revenue, Revenue Bonds, Series C, 4.250% due 6/1/49⁷		2,560,734
	200,000	Michigan State Strategic Fund, Limited Obligation Revenue, Revenue Bonds, Refunding, Series CC, 1.450% due 9/1/30³		191,434

				4,628,372


		Minnesota — 0.1%
	240,000	St. Paul, MN, Housing & Redevelopment Authority, Charter School Lease Revenue, Revenue Bonds, Series A, 5.500% due 7/1/38²		242,616


		Mississippi — 2.3%
	4,000,000	Mississippi State, Business Finance Commission, Gulf Opportunity Zone, Chevron USA, Inc. Project, Series A, 1.710% due 12/1/30^3,6		4,000,000
	450,000	Mississippi State, Hospital Equipment and Facilities Authority, Refunding, Baptist Memorial Health Care Obligated Group, Revenue Bonds, Series B-2, 2.125% due 9/1/22		449,568

				4,449,568


		Missouri — 1.1%
	470,000	Cape Girardeau County, MO, Industrial Development Authority, Southeast Health, Revenue Bonds, Series A, 6.000% due 3/1/33		523,082
	195,000	Lees Summit, MO, Special Obligation Tax Increment, Tax Allocation, Refunding, 3.500% due 11/1/23²		190,839
	500,000	Maryland Heights, MO, Industrial Development Authority, State Louis Community ICE Center Project, Revenue Bonds, Series A, 4.375% due 3/15/30		490,970
	100,000	Missouri State Health & Educational Facilities Authority, Lutheran Senior Services, Revenue Bonds, 5.000% due 2/1/25		108,024
	125,000	Missouri State Health & Educational Facilities Authority, Revenue Bonds, 5.000% due 2/1/26		134,531
	100,000	Missouri State Health & Educational Facilities Authority, Revenue Bonds, Series A, 5.000% due 2/1/28		108,457

See Notes to Financial Statements.


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THE GLENMEDE FUND, INC.

High Yield Municipal Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Face Amount			Value

*MUNICIPAL BONDS — (Continued)**
		Missouri — (Continued)
$	355,000	St. Louis County, MO, Industrial Development Authority, Senior Living Facilities, Revenue Bonds, Refunding, 5.000% due 9/1/32	$	363,633
	150,000	St. Louis County, MO, Industrial Development Authority, Senior Living Revenue, Revenue Bonds, Refunding, 5.000% due 9/1/48		150,414

				2,069,950


		Nebraska — 0.2%
	300,000	Nebraska State, Investment Finance Authority, Safe Housing Revenue, Revenue Bonds, Series C, 4.000% due 9/1/48		312,837


		Nevada — 0.7%
	335,000	Department of Business & Industry, NV, Revenue Bonds, Series A, 5.000% due 7/15/27²		347,127
		Las Vegas, NV, Sales Tax Increment Revenue:
	100,000	2.750% due 6/15/21²		98,456
	385,000	3.500% due 6/15/25²		366,339
	500,000	Nevada State, Department of Business and Industry, Revenue Bonds, Series A, 5.000% due 12/15/48²		493,075

				1,304,997


		New Jersey — 8.2%
	250,000	Casino Reinvestment Development Authority, NJ, Luxury Tax Revenue, Refunding, (AGMC Insured), 5.000% due 11/1/24		271,395
	500,000	New Jersey Economic Development Authority, Revenue Bonds, Refunding, Series K, (AMBAC Insured), 5.500% due 12/15/19		516,385
	1,085,000	New Jersey State Economic Development Authority Revenue, Refunding, School Facilities Construction, Revenue Bonds, Series NN, 5.000% due 3/1/24		1,161,536
	1,000,000	New Jersey State Economic Development Authority Revenue, Revenue Bonds, Refunding, (AGMC Insured), 5.000% due 6/1/29		1,104,080
	345,000	New Jersey State Economic Development Authority School Revenue, Foundation Academy Charter School Project, Revenue Bonds, Series A, 5.000% due 7/1/38		359,659
	500,000	New Jersey State Economic Development Authority, Revenue Bonds, Refunding, Series I, (SIFMA MUNI SWAP INDEX + 1.60%), 3.200% due 3/1/28³		494,830
	2,500,000	New Jersey State Economic Development Authority, Revenue Bonds, Refunding, Series XX, 5.000% due 6/15/25		2,724,400
		New Jersey State Economic Development Authority, Revenue Bonds, Series A:
	250,000	5.000% due 1/1/24		270,140
	600,000	5.000% due 7/1/32		642,270
	500,000	New Jersey State Health Care Facilities Financing Authority, Revenue Bonds, Series A, 5.000% due 7/1/34		557,480
	200,000	New Jersey State Health Care Facilities Financing Authority, University Hospital, Revenue Bonds, Series A, (AGMC Insured), 5.000% due 7/1/30		219,930
	250,000	New Jersey State Transportation Trust Fund Authority, Refunding, FED Highway Reimbursement, Revenue Bonds, Series A, 5.000% due 6/15/23		271,185
		New Jersey State Transportation Trust Fund Authority, Revenue Bonds, Series A:
	1,000,000	0.000% due 12/15/35¹		436,600
	1,300,000	0.000% due 12/15/39¹		452,491
	1,000,000	New Jersey State Transportation Trust Fund Authority, Revenue Bonds, Series A, (BAM Insured), 0.000% due 12/15/27¹		701,230
	330,000	New Jersey State Transportation Trust Fund Authority, Revenue Bonds, Series AA, 5.000% due 6/15/19		335,112

See Notes to Financial Statements.


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THE GLENMEDE FUND, INC.

High Yield Municipal Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Face Amount			Value

*MUNICIPAL BONDS — (Continued)**
		New Jersey — (Continued)
$	1,000,000	New Jersey State Transportation Trust Fund Authority, Revenue Bonds, Series B, (NPFG Insured), 5.500% due 12/15/21	$	1,081,640
	1,195,000	New Jersey State Transportation Trust Fund Authority, Revenue Bonds, Series B-4, 5.250% due 12/15/19		1,230,886
	1,000,000	New Jersey State Transportation Trust Fund Authority, Revenue Bonds, Series C, (AGMC Insured), 0.000% due 12/15/34¹		491,910
	1,000,000	New Jersey State Transportation Trust Fund Authority, Revenue Bonds, Series C, (NPFG Insured), 0.000% due 12/15/31¹		554,900
	95,000	New Jersey State, Economic Development Authority, Revenue Bonds, Series A, Prerefunded 6/1/20 @ 100, 5.000% due 6/1/21		99,289
		South Jersey, NJ, Transportation Authority LLC, Revenue Bonds, Refunding, Series A:
	200,000	5.000% due 11/1/26		218,590
	750,000	5.000% due 11/1/32		806,602
	250,000	5.000% due 11/1/33		268,310
	500,000	Tobacco Settlement Financing Corp., NJ, Revenue Bonds, Refunding, Series A, 5.000% due 6/1/29		553,720

				15,824,570


		New York — 2.6%
	500,000	Glen Cove, NY, Local Economic Assistance Corp., Revenue Bonds, Series C, 0.000% due 1/1/55¹		407,875
	500,000	New York City, NY, Housing Development Corp., Multi-Family Mortgage Revenue, Series E, 3.500% due 2/15/48		489,320
	500,000	New York City, NY, Housing Development Corp., Multi-Family Mortgage Revenue, Series F, 4.500% due 2/15/48		510,640
	700,000	New York City, NY, Transitional Finance Authority Revenue, Revenue Bonds, Subseries E-3, (SPA : JP Morgan Chase Bank N.A.), 1.680% due 2/1/45^3,6		700,000
	700,000	New York State, Dormitory Authority Revenue, Non State Supported Debt, Refunding, 5.000% due 12/1/32²		758,863
	820,000	New York State, Mortgage Agency, Homeowner Mortgage, Revenue Bonds, Refunding, Series 195, 4.000% due 10/1/46		847,388
	1,000,000	New York, NY, General Obligation Unlimited, Subseries L-5, (SPA : Bank of America N.A.), 1.700% due 4/1/35^3,6		1,000,000
	310,000	Port Authority of New York & New Jersey, JFK International Airport, Revenue Bonds, 6.000% due 12/1/42		331,920

				5,046,006


		North Carolina — 0.5%
	500,000	North Carolina State Medical Care Commission, Revenue Bonds, 5.000% due 10/1/20		519,590
	500,000	North Carolina State, Medical Care Commission, Retirement Facilities Revenue, Revenue Bonds, Series B, 5.000% due 4/1/47		511,000

				1,030,590


		Ohio — 5.2%
	450,000	American Municipal Power, Inc., OH, Combination Hydroelectric Project, Revenue Bonds, Series A, 2.250% due 2/15/48		446,026
		Buckeye Tobacco Settlement Financing Authority, OH, Revenue Bonds, Series A-2:
	1,000,000	6.500% due 6/1/47		1,010,750
	500,000	5.875% due 6/1/47		485,495
	775,000	Buckeye Tobacco Settlement Financing Authority, OH, Revenue Bonds, Series A-3, 6.250% due 6/1/37		782,355
	600,000	Centerville, OH, Healthcare Revenue, Refunding, 5.250% due 11/1/50		613,380
	250,000	Cleveland, OH, Airport System Revenue, Revenue Bonds, Series B, (AGMC Insured), 5.000% due 1/1/23		273,835

See Notes to Financial Statements.


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THE GLENMEDE FUND, INC.

High Yield Municipal Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Face Amount			Value

*MUNICIPAL BONDS — (Continued)**
		Ohio — (Continued)
$	1,045,000	Cuyahoga County, OH, Hospital Revenue, Refunding, 5.500% due 2/15/52	$	1,100,280
	700,000	Hamilton County, OH, Healthcare Revenue, Refunding and Improvement, Life Enriching Communities Project, Revenue Bonds, Refunding, 5.000% due 1/1/51		709,205
	815,000	Licking County, OH, Health Care Facilities Authority Revenue, Refunding, Series A, 6.000% due 7/1/50		844,764
	920,000	Lucas County, OH, Hospital Revenue, Promedica Healthcare Obligated Group, Revenue Bonds, Refunding, Series A, 5.250% due 11/15/48		960,103
	380,000	Muskingum County, OH, Hospital Facilities, Genesis Healthcare Systems Project, Revenue Bonds, 5.000% due 2/15/19		382,098
	500,000	Ohio State, Air Quality Development Authority, Pollution Control, Revenue Bonds, Refunding, Series C, 5.625% due 6/1/49⁸		485,000
	350,000	Ohio State, Air Quality Development Authority, Revenue Bonds, Ohio Valley Electric Corp. Project, Series E, 5.625% due 10/1/19		356,010
		Southeastern Ohio Port Authority Hospital Facilities, Revenue Bonds:
	690,000	5.000% due 12/1/19		701,226
	300,000	5.750% due 12/1/32		316,224
	500,000	6.000% due 12/1/42		520,095

				9,986,846


		Oklahoma — 0.1%
	105,000	Fort Sill Apache Tribe, OK, Economic Development Authority, Gaming Enterprise Revenue, Series A, 8.500% due 8/25/26²		119,610


		Pennsylvania — 4.6%
	500,000	Allentown , PA, Commercial & Industrial Development Authority, Revenue Bonds, Series A, 6.250% due 7/1/47²		470,230
	125,000	Chester County, PA, Industrial Development Authority, Revenue Bonds, Refunding, Series A, 5.000% due 12/15/51		125,539
	500,000	Chester County, PA, Industrial Development Authority, Special Obligation Revenue, Woodlands at Greystone Project, Revenue Bonds, 5.000% due 3/1/38²		498,735
	250,000	Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, Revenue Bonds, 5.000% due 6/1/22		268,962
		Crawford County, PA, Hospital Authority, Revenue Bonds, Refunding, Series A:
	400,000	6.000% due 6/1/36		421,868
	250,000	6.000% due 6/1/46		261,273
	450,000	Doylestown, PA, Hospital Authority, Revenue Bonds, Refunding, Series A, 5.000% due 7/1/41		467,379
	175,000	East Hempfield Township, PA, Industrial Development Authority, Revenue Bonds, Refunding, 5.000% due 12/1/26		194,227
	200,000	Franklin County, PA, Industrial Development Authority, Menno-Haven, Inc. Project, Revenue Bonds, Refunding, 5.000% due 12/1/43		201,884
	445,000	Montgomery County, PA, Higher Education & Health Authority, Revenue Bonds, Refunding, 5.000% due 12/1/47		472,323
		Montgomery County, PA, Industrial Development Authority, Health System Revenue, Revenue Bonds, Refunding, Series A:
	420,000	5.250% due 1/15/27		458,438
	250,000	5.250% due 1/15/46		263,210
		Montgomery County, PA, Industrial Development Authority, Revenue Bonds, Refunding:
	105,000	5.000% due 11/15/23		112,214
	500,000	5.000% due 11/15/36		531,945
	100,000	5.000% due 12/1/46		104,221

See Notes to Financial Statements.


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THE GLENMEDE FUND, INC.

High Yield Municipal Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Face Amount			Value

*MUNICIPAL BONDS — (Continued)**
		Pennsylvania — (Continued)
$	530,000	Pennsylvania State, Higher Educational Facilities Authority Revenue, Revenue Bonds, Prerefunded 10/1/21 @ 100, 6.000% due 10/1/31	$	583,689
		Pennsylvania State, Higher Educational Facilities Authority, Revenue Bonds, Prerefunded 7/1/20 @ 100:
	1,080,000	5.800% due 7/1/30		1,139,681
	650,000	6.000% due 7/1/43		688,031
	500,000	Pennsylvania State, Higher Educational Facilities Authority, Student Housing Revenue, 5.000% due 7/1/31		513,700
	545,000	Pennsylvania State, Higher Educational Facilities Authority, Student Housing Revenue, Refunding, Series A, 5.000% due 7/1/25		586,480
		Philadelphia, PA, Authority for Industrial Development, Senior Living Revenue, Revenue Bonds, Refunding, Series A:
	200,000	5.000% due 7/1/31		207,970
	100,000	5.000% due 7/1/32		103,549
	150,000	Washington County, PA, Redevelopment Authority Revenue, Tax Allocation, Refunding, 5.000% due 7/1/28		153,336

				8,828,884


		Puerto Rico — 4.8%
	35,000	Commonwealth of Puerto Rico, General Obligation Unlimited, Refunding, (AGMC Insured), 4.500% due 7/1/23		35,086
	250,000	Commonwealth of Puerto Rico, General Obligation Unlimited, Refunding, Series A, (NPFG Insured), 5.500% due 7/1/20		257,795
	1,070,000	Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Series A, 5.250% due 7/1/42		989,750
	315,000	Puerto Rico Commonwealth, General Obligation Unlimited, Refunding, Series A, (AMBAC Insured), 4.600% due 7/1/19		317,819
	25,000	Puerto Rico Electric Power Authority, Revenue Bonds, (AGMC Insured), 5.000% due 7/1/27		26,198
	610,000	Puerto Rico Electric Power Authority, Revenue Bonds, Refunding, Series DDD, (AGMC Insured), 3.625% due 7/1/23		600,081
	50,000	Puerto Rico Electric Power Authority, Revenue Bonds, Refunding, Series SS, (AGMC Insured), 5.000% due 7/1/30		52,172
	410,000	Puerto Rico Electric Power Authority, Revenue Bonds, Refunding, Series UU, (AGMC Insured), (3M USD LIBOR * 0.67 + 0.52%), 2.125% due 7/1/29³		384,375
		Puerto Rico Electric Power Authority, Revenue Bonds, Series NN, (NPFG Insured):
	490,000	5.250% due 7/1/19		496,198
	280,000	4.750% due 7/1/33		280,003
	750,000	Puerto Rico Highway and Transportation Authority, Revenue Bonds, Refunding, Series N, (AMBAC Insured), 4.070% due 7/1/28^3,4		652,500
	790,000	Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, Auxilio Muto, Revenue Bonds, Series A, 6.000% due 7/1/33		812,981
	250,000	Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, International American University Project, Revenue Bonds, 5.000% due 10/1/31		252,465
	430,000	Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, International American University Project, Revenue Bonds, (NPFG Insured), 4.500% due 10/1/29		425,962
	100,000	Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, Refunding, ANA G Mendez University Project, Revenue Bonds, 5.500% due 12/1/31		97,750
	500,000	Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, Revenue Bonds, 5.000% due 3/1/36		461,250

See Notes to Financial Statements.


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THE GLENMEDE FUND, INC.

High Yield Municipal Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Face Amount			Value

*MUNICIPAL BONDS — (Continued)**
		Puerto Rico — (Continued)
$	500,000	Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, Revenue Bonds, Refunding, 5.000% due 10/1/20	$	510,215
	1,005,000	Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Revenue Bonds, Series A, (AMBAC Insured), 0.000% due 8/1/47¹		214,829
	2,670,000	Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Series A, (AMBAC Insured), 0.000% due 8/1/54¹		385,201
		Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Series A, (NPFG Insured):
	1,030,000	0.000% due 8/1/43¹		289,131
	1,000,000	0.000% due 8/1/44¹		266,670
	220,000	0.000% due 8/1/46¹		52,943
		University of Puerto Rico, Revenue Bonds, Refunding, Series P:
	495,000	5.000% due 6/1/19		482,006
	50,000	5.000% due 6/1/20		47,813
	185,000	University of Puerto Rico, Revenue Bonds, Refunding, Series P, (NPFG Insured), 5.000% due 6/1/25		185,675
		University of Puerto Rico, Revenue Bonds, Series Q:
	145,000	5.000% due 6/1/19		141,194
	75,000	5.000% due 6/1/25		69,094
	315,000	5.000% due 6/1/30		282,838
	150,000	5.000% due 6/1/36		133,256

				9,203,250


		Rhode Island — 1.7%
		Rhode Island Health & Educational Building Corp., Revenue Bonds, Refunding, Series B:
	900,000	5.000% due 9/1/31		939,636
	750,000	5.000% due 9/1/36		768,503
	400,000	Rhode Island State, Commerce Corp., Airports Revenue, Revenue Bonds, Series D, 5.000% due 7/1/28		446,848
	635,000	Rhode Island State, Housing and Mortgage Finance Corp., Revenue Bonds, Series 69-B, (GNMA/FNMA/FHLMC Insured), 4.000% due 10/1/48		662,438
	4,000,000	Tobacco Settlement Financing Corp., RI, Revenue Bonds, Series A, 0.000% due 6/1/52¹		446,080

				3,263,505


		South Carolina — 1.7%
	1,786,324	Connector 2000 Association, Inc., Revenue Bonds, Series A-1, 0.000% due 1/1/42¹		339,366
	500,000	Connector 2000 Association, Inc., SC, Toll Road Revenue, Series A-1, 0.000% due 1/1/32¹		202,125
	460,000	South Carolina State, Housing Finance & Development Authority, Revenue Bonds, (GNMA / FNMA / FHLMC / FHA Insured), 4.000% due 7/1/36		474,738
		South Carolina State, Jobs-Economic Development Authority, Health Facilities Revenue, Revenue Bonds, Refunding:
	410,000	5.000% due 10/1/36²		413,182
	1,090,000	5.000% due 10/1/41²		1,092,779
	800,000	South Carolina State, Jobs-Economic Development Authority, Residential Facilities Revenue, Revenue Bonds, Refunding, 5.000% due 4/1/47		808,728

				3,330,918


		Texas — 6.1%
	645,000	Arlington, TX, Higher Education Finance Corp., Revenue Bonds, Refunding, Series A, 5.000% due 12/1/51		671,058
	480,000	Arlington, TX, Higher Education Finance Corp., Revenue Bonds, Refunding, Uplift Education, Series A, 2.750% due 12/1/26		458,107

See Notes to Financial Statements.


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High Yield Municipal Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Face Amount			Value

*MUNICIPAL BONDS — (Continued)**
		Texas — (Continued)
$	250,000	Brazoria County, TX, Health Facilities Development Corp., Revenue Bonds, Prerefunded 7/1/20 @ 100, 5.250% due 7/1/32	$	274,102
	360,000	Fort Bend County, TX, Industrial Development Corp., NRG Energy, Inc., Revenue Bonds, Series A, 4.750% due 5/1/38		365,890
	250,000	Gregg County, TX, Health Facilities Development Corp., Revenue Bonds, Series C, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/32		272,385
	1,510,000	Harris County, TX, Cultural Education Facilities Finance Corp., Brazos Presbyterian Homes Project, Revenue Bonds, Refunding, 5.000% due 1/1/48		1,552,703
	150,000	Harris County, TX, Cultural Education Facilities Finance Corp., Revenue Bonds, Series A, 5.000% due 1/1/43		152,924
	505,000	Harrison County, TX, Health Facilities Development Corp., Good Shepard Health System, Revenue Bonds, Prerefunded 7/1/20 @ 100, 5.250% due 7/1/28		528,912
	250,000	New Hope Cultural Education Facilities Corp., TX, Housing Revenue, Tarleton State University Project, Revenue Bonds, Series A, 5.000% due 4/1/47		257,870
		New Hope Cultural Education Facilities Corp., TX, Revenue Bonds, Series A:
	500,000	5.000% due 4/1/29		528,095
	600,000	5.000% due 4/1/30		636,066
	1,200,000	New Hope Cultural Education Facilities Finance Corp., TX, Education Revenue, Revenue Bonds, Refunding, Series A, 5.000% due 8/15/36²		1,184,604
	950,000	New Hope Cultural Education Facilities Finance Corp., TX, Retirement Facilities Revenue, Revenue Bonds, Refunding, 5.000% due 11/15/36		983,658
	200,000	New Hope Cultural Education Facilities Finance Corp., TX, Retirement Facilities Revenue, Revenue Bonds, Series A, 5.500% due 11/15/46		196,904
		New Hope Cultural Education Facilities Finance Corp., TX, Student Housing Revenue Bonds, Series A:
	280,000	5.000% due 4/1/42		287,140
	500,000	5.000% due 4/1/48		490,165
		Newark Higher Education Finance Corp., TX, Education Revenue, Revenue Bonds:
	150,000	5.000% due 6/15/33		151,275
	500,000	5.000% due 6/15/38		501,450
	230,000	Newark Higher Education Finance Corp., TX, Education Revenue, Revenue Bonds, Series A, 5.000% due 6/15/37		221,619
		Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facilities, Revenue Bonds, Refunding:
	150,000	5.000% due 11/15/35		153,297
	750,000	5.000% due 5/15/45		758,430
	500,000	5.250% due 11/15/47		518,075
	200,000	Texas State, Department of Housing and Community Affairs, Revenue Bonds, Series A, (GNMA Insured), 4.750% due 3/1/49		215,298
	350,000	Wood County, TX, Central Hospital District, East Texas Medical Center, Revenue Bonds, Prerefunded 11/1/21 @ 100, 6.000% due 11/1/41		384,310

				11,744,337


		Utah — 0.3%
	500,000	Hideout Local District No. 1, UT, Special Assessment, 6.750% due 8/1/37²		484,235


		Virginia — 1.5%
	500,000	Hanover County, VA, Economic Development Authority, Care Facilities Revenue, Refunding, Covenant Woods, Revenue Bonds, 5.000% due 7/1/38		512,330

See Notes to Financial Statements.


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High Yield Municipal Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Face Amount			Value

*MUNICIPAL BONDS — (Continued)**
		Virginia — (Continued)
$	295,000	Henrico County, VA, Economic Development Authority Health Care Facilities Revenue, Revenue Bonds, Refunding, Series C, 5.000% due 12/1/37	$	305,219
	500,000	Newport News, VA, Industrial Development Authority, Health System Revenue, Revenue Bonds, Series A, 5.000% due 7/1/46²		505,575
	1,000,000	Newport News, VA, Industrial Development Authority, System Revenue, Revenue Bonds, 5.330% due 7/1/45²		1,027,560
	500,000	Virginia State, Small Business Financing Authority, Residential Care Facility Revenue, Revenue Bonds, Refunding, Series C, 5.000% due 6/1/42		513,625

				2,864,309


		Washington — 1.4%
	200,000	Kalispel Tribe of Indians Priority District, WA, Revenue Bonds, Series B, 5.250% due 1/1/38²		206,896
	100,000	Skagit County, WA, Public Hospital District No. 1, Refunding, Series A, 5.000% due 12/1/19		102,485
	1,000,000	Washington State, Health Care Facilities Authority, Revenue Bonds, 5.000% due 12/1/36		1,050,810
	235,000	Washington State, Housing Finance Commission, Refunding, Hearthstone Project, Revenue Bonds, Series B, 3.125% due 7/1/23²		232,528
	325,000	Washington State, Housing Finance Commission, Refunding, Judson Park Project, Revenue Bonds, 5.000% due 7/1/38²		331,620
	650,000	Washington State, Housing Finance Commission, Revenue Bonds, Series A, 7.000% due 7/1/45²		690,326

				2,614,665


		West Virginia — 0.1%
	250,000	West Virginia State, Hospital Finance Authority, Revenue Bonds, Refunding, Series A, 5.000% due 1/1/43		266,180


		Wisconsin — 3.6%
	500,000	Public Finance Authority, WI, Charter School Revenue, Revenue Bonds, Series A, 5.375% due 7/15/47²		501,165
	1,000,000	Public Finance Authority, WI, Revenue Bonds, 5.750% due 4/1/42		1,049,480
	260,000	Public Finance Authority, WI, Revenue Bonds, Refunding, 5.875% due 4/1/45		273,504
	350,000	Public Finance Authority, WI, Senior Living Revenue, Mary’s Woods at Marylhurst Project, Revenue Bonds, Refunding, Series A, 5.250% due 5/15/37²		364,399
	90,000	Public Finance Authority, WI, Senior Living Revenue, Rose Village Project, Revenue Bonds, Series A, 5.000% due 11/15/24²		95,080
	1,060,000	Public Finance Authority, WI, Student Housing, Revenue Bonds, Series A, 5.000% due 7/1/25		1,150,047
	2,350,000	Public Finance Authority, WI, Tax Allocation, Increment Finance Grant Revenue, 0.000% due 9/1/28¹		1,406,546
	955,000	Wisconsin State, Health & Educational Facilities Authority Revenue, Revenue Bonds, Refunding, 5.000% due 6/1/41		967,300

See Notes to Financial Statements.


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THE GLENMEDE FUND, INC.

High Yield Municipal Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Face Amount			Value

*MUNICIPAL BONDS — (Continued)**
		Wisconsin — (Continued)
$	1,000,000	Wisconsin State, Housing and Economic Development Authority, Home Ownership Revenue, Revenue Bonds, Series D, 4.000% due 3/1/47	$	1,043,070

				6,850,591


		TOTAL MUNICIPAL BONDS (Cost $191,637,946)		189,981,293



TOTAL INVESTMENTS (Cost $191,637,946)	98.8	%	$	189,981,293

OTHER ASSETS IN EXCESS OF LIABILITIES	1.2			2,337,835


NET ASSETS	100.0	%	$	192,319,128

*	Percentages indicated are based on net assets.

¹	Zero Coupon Bond.

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may be resold in transactions exempt from registration, normally to qualified buyers. At October 31, 2018, these securities, which are not illiquid, amounted to $25,126,892 or 13.5% of net assets for the Fund.

³	Floating Rate Bond. Rate shown is as of October 31, 2018.

⁴

Variable/Floating interest rate security. Certain variable/floating interest rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. Rate presented is as of October 31, 2018.

⁵	Variable Rate is Fixed to Float: Rate remains fixed until designated future date.

⁶

Variable Rate Demand Note (VRDN) with a daily rate-reset. Shall be the rate of interest which, if borne by the bonds, would, in the judgment of the Remarketing Agent, having due regard for the prevailing financial market conditions for revenue bonds or other securities the interest on which is excluded from gross income for federal income tax purposes and of the same general nature as the bonds or securities the interest on which is excluded from gross income for federal income tax purposes and which are equivalent as to credit and maturity (or period for tender) to the credit and maturity (or period for tender) of the bonds, be the lowest interest rate which would enable the Remarketing Agent to remarket the bonds at a price of par (plus accrued interest, if any).

⁷	When-issued security.

⁸	This security is in default. See Note 1.

Abbreviations:

AGMC — Assured Guaranty Municipal Corporation

AMBAC — American Municipal Bond Assurance Corporation

BAM — Build America Mutual

FHA — Federal Housing Administration

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

MBIA — Municipal Bond Investors Assurance

NPFG — National Public Finance Guarantee Corporation

SIFMA — Securities Industry and Financial Markets Association

SPA — Stand-By Purchase Agreement

See Notes to Financial Statements.


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THE GLENMEDE FUND, INC.

High Yield Municipal Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2018

STATE DIVERSIFICATION

On October 31, 2018, State Diversification of the Portfolio was as follows:


	% of Net Assets			Value
STATE:
Illinois		15.2	%	$	29,202,348
Colorado		9.7			18,595,367
New Jersey		8.2			15,824,570
Texas		6.1			11,744,337
Ohio		5.2			9,986,846
Florida		5.0			9,681,425
Puerto Rico		4.8			9,203,250
Pennsylvania		4.6			8,828,884
Wisconsin		3.6			6,850,591
California		3.0			5,809,747
New York		2.6			5,046,006
Arizona		2.6			4,924,386
Michigan		2.4			4,628,372
Mississippi		2.3			4,449,568
Indiana		2.1			3,931,413
Maryland		1.9			3,676,703
South Carolina		1.7			3,330,918
Rhode Island		1.7			3,263,505
Iowa		1.6			3,151,788
Virginia		1.5			2,864,309
Washington		1.4			2,614,665
District of Columbia		1.2			2,341,872
Alabama		1.2			2,314,774
Connecticut		1.2			2,298,694
Missouri		1.1			2,069,950
Louisiana		1.0			1,924,210
Massachusetts		0.8			1,542,586
Alaska		0.7			1,418,235
Nevada		0.7			1,304,997
Idaho		0.6			1,139,452
North Carolina		0.5			1,030,590
Kentucky		0.5			1,012,362
Georgia		0.5			875,835
Delaware		0.4			811,771
Utah		0.3			484,235
Maine		0.2			451,928
Kansas		0.2			409,561
Nebraska		0.2			312,837
West Virginia		0.1			266,180
Minnesota		0.1			242,616
Oklahoma		0.1			119,610

TOTAL MUNICIPAL BONDS		98.8	%	$	189,981,293

TOTAL INVESTMENTS		98.8	%	$	189,981,293

See Notes to Financial Statements.


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THE GLENMEDE FUND, INC.

Notes to Financial Statements

Organization and Significant Accounting Policies

As of October 31, 2018, The Glenmede Fund, Inc. (the “Fund”) consists of nineteen portfolios: the Quantitative U.S. Large Cap Core Equity Portfolio (formerly known as the Large Cap Core Portfolio), the Quantitative U.S. Large Cap Growth Equity Portfolio (formerly known as the Large Cap Growth Portfolio), the Quantitative U.S. Large Cap Value Equity Portfolio, the Quantitative U.S. Small Cap Equity Portfolio, the Quantitative International Equity Portfolio (formerly known as the International Portfolio), the Responsible ESG U.S. Equity Portfolio, the Women in Leadership U.S. Equity Portfolio, the Quantitative U.S. Long/Short Equity Portfolio (formerly known as the Long/Short Portfolio), the Quantitative U.S. Total Market Equity Portfolio (formerly known as the Total Market Portfolio), the Strategic Equity Portfolio, the Small Cap Equity Portfolio, the Mid Cap Equity Portfolio, the Large Cap Value Portfolio, the Equity Income Portfolio, the Secured Options Portfolio, the Global Secured Options Portfolio, the Core Fixed Income Portfolio, the Short Term Tax Aware Fixed Income Portfolio and the High Yield Municipal Portfolio (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, 2018, Institutional Class shares of the Mid Cap Equity Portfolio have not been issued. Since June 30, 2015, the Quantitative U.S. Large Cap Core Equity Portfolio and the Quantitative U.S. Large Cap Growth Equity Portfolio have offered two classes of shares: the Advisor Class and the Institutional Class. The Institutional Classes commenced operations on December 30, 2015 and November 5, 2015, respectively. Since July 14, 2016, the Secured Options Portfolio has offered two classes of shares: the Advisor Class and the Institutional Class. The Institutional Class shares of the Secured Options Portfolio commenced operations on November 9, 2016.

The High Yield Municipal Portfolio, the Responsible ESG U.S. Equity Portfolio and the Women in Leadership U.S. Equity Portfolio commenced operations on December 22, 2015.

The Short Term Tax Aware Fixed Income Portfolio commenced operations on June 29, 2016.

The Equity Income Portfolio commenced operations on December 21, 2016.

The Quantitative U.S. Large Cap Value Equity Portfolio and Quantitative U.S. Small Cap Equity Portfolio commenced operations on November 13, 2017.

The Fund is an investment company and follows accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 (“ASC 946”). The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S.”), including but not limited to ASC 946, 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, and the differences could be material. The following is a summary of significant accounting policies consistently followed by the Portfolios in the preparation of their financial statements.

Valuation of Securities: Equity securities and options listed on a U.S. securities exchange, including exchange-traded funds (“ETFs”), 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. 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 mean of the bid and ask price 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, and are typically categorized as Level 1.

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 with maturities of 60 days or less at the time of purchase are valued at amortized cost and are typically categorized as Level 2. 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.

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


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Notes to Financial Statements — (Continued)

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. 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.

FASB ASC Topic 820 (“ASC 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 Quantitative U.S. Large Cap Core Equity Portfolio, Quantitative U.S. Large Cap Growth Equity Portfolio, Quantitative U.S. Large Cap Value Equity Portfolio, Quantitative U.S. Small Cap Equity Portfolio, Quantitative International Equity Portfolio, Responsible ESG U.S. Equity Portfolio, Women in Leadership U.S. Equity Portfolio, Quantitative U.S. Long/Short Equity Portfolio, Quantitative U.S. Total Market Equity Portfolio, Strategic Equity Portfolio, Small Cap Equity Portfolio, Mid Cap Equity Portfolio, Large Cap Value Portfolio and Equity Income Portfolio had all investments with corresponding industries at Level 1 except repurchase agreements which were at Level 2, at October 31, 2018. The High Yield Municipal Portfolio had all investments with corresponding states at Level 2 at October 31, 2018.

The Portfolios did not recognize any level transfers as of the fiscal year ended October 31, 2018. Transfers into and out of a level are typically recognized at the end of the reporting period.

The following is a summary of the inputs used as of October 31, 2018 in valuing the assets and liabilities of the Secured Options Portfolio, Global Secured Options Portfolio, Core Fixed Income Portfolio and Short Term Tax Aware Fixed Income Portfolio:

Secured Options Portfolio

ASSETS VALUATION INPUT


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Exchange-Traded Funds	$	13,444,623	$	—	$	—	$	13,444,623
U.S. Treasury Bill		—		190,672,892		—		190,672,892
Repurchase Agreement		—		1,171,219		—		1,171,219
Purchased Options
Calls		1,156,201,200		—		—		1,156,201,200
Puts		1,561,700		—		—		1,561,700

Total Purchased Options		1,157,762,900		—		—		1,157,762,900

Total Investments		1,171,207,523		191,844,111		—		1,363,051,634

Total	$	1,171,207,523	$	191,844,111	$	—	$	1,363,051,634


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Notes to Financial Statements — (Continued)

LIABILITIES VALUATION INPUT


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Written Options
Call	$	(480,765,949	)	$	—	$	—	$	(480,765,949	)
Puts		(40,436,726	)		—		—		(40,436,726	)

Total Written Options		(521,202,675	)		—		—		(521,202,675	)

Total	$	(521,202,675	)	$	—	$	—	$	(521,202,675	)

Global Secured Options Portfolio

ASSETS VALUATION INPUT


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Exchange-Traded Fund	$	949,392	$	—	$	—	$	949,392
U.S. Treasury Bill		—		647,193		—		647,193
Purchased Options
Calls		1,702,800		—		—		1,702,800
Puts		2,300		—		—		2,300

Total Purchased Options		1,705,100		—		—		1,705,100

Total Investments		2,654,492		647,193		—		3,301,685

Total	$	2,654,492	$	647,193	$	—	$	3,301,685

LIABILITIES VALUATION INPUT


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Written Options
Call	$	(708,050	)	$	—	$	—	$	(708,050	)
Puts		(155,530	)		—		—		(155,530	)

Total Written Options		(863,580	)		—		—		(863,580	)

Total	$	(863,580	)	$	—	$	—	$	(863,580	)


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Notes to Financial Statements — (Continued)

Core Fixed Income Portfolio

ASSETS VALUATION INPUT


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Agency Notes
Federal Home Loan Bank	$	—	$	24,591,745	$	—	$	24,591,745
Federal Home Loan Mortgage Corporation		—		9,811,680		—		9,811,680
Federal National Mortgage Association		—		48,980,326		—		48,980,326

Total Agency Notes		—		83,383,751		—		83,383,751

Mortgage-Backed Securities
Federal Home Loan Mortgage Corporation		—		41,590,785		—		41,590,785
Federal National Mortgage Association		—		84,282,404		—		84,282,404
Government National Mortgage Association		—		1,428,454		—		1,428,454

Total Mortgage-Backed Securities		—		127,301,643		—		127,301,643

Corporate Notes
Automotive		—		3,958,591		—		3,958,591
Banking		—		43,760,046		—		43,760,046
Beverages, Food & Tobacco		—		19,092,290		—		19,092,290
Communications		—		25,202,984		—		25,202,984
Computer Software & Processing		—		38,540,764		—		38,540,764
Electronics		—		12,962,283		—		12,962,283
Financial		—		16,788,427		—		16,788,427
Heavy Machinery		—		5,639,002		—		5,639,002
Insurance		—		16,685,971		—		16,685,971
Pharmaceuticals		—		12,236,374		—		12,236,374
Retailers		—		12,979,504		—		12,979,504

Total Corporate Notes		—		207,846,236		—		207,846,236

U.S. Treasury Notes/Bonds		—		50,248,007		—		50,248,007
Repurchase Agreement		—		12,939,399		—		12,939,399
Investment of Security Lending Collateral		19,105,863		—		—		19,105,863

Total Investments		19,105,863		481,719,036		—		500,824,899

Total	$	19,105,863	$	481,719,036	$	—	$	500,824,899

Short Term Tax Aware Fixed Income Portfolio

ASSETS VALUATION INPUT


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Corporate Notes
Automotive	$	—	$	293,015	$	—	$	293,015
Financial		—		360,925		—		360,925

Total Corporate Notes		—		653,940		—		653,940

Municipal Bonds
Alabama		—		520,408		—		520,408
Alaska		—		943,472		—		943,472
Arizona		—		436,552		—		436,552
California		—		498,845		—		498,845


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Notes to Financial Statements — (Continued)


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total
Colorado	$	—	$	406,018	$	—		$	406,018
Delaware		—		206,968		—			206,968
Florida		—		591,710		—			591,710
Georgia		—		365,691		—			365,691
Idaho		—		209,062		—			209,062
Illinois		—		3,225,348		—			3,225,348
Kentucky		—		569,513		—			569,513
Louisiana		—		568,219		—			568,219
Maryland		—		127,399		—			127,399
Michigan		—		1,678,896		—			1,678,896
Minnesota		—		1,270,295		—			1,270,295
Mississippi		—		529,820		—			529,820
New Jersey		—		1,043,078		—			1,043,078
New York		—		206,740		—			206,740
North Carolina		—		309,396		—			309,396
Ohio		—		996,280		—			996,280
Oklahoma		—		126,428		—			126,428
Pennsylvania		—		3,794,888		—			3,794,888
Texas		—		1,954,377		—			1,954,377
Washington		—		297,333		—			297,333
Wisconsin		—		750,332		—			750,332

Total Municipal Bonds		—		21,627,068		—			21,627,068

U.S. Treasury Notes/Bonds		—		2,568,463		—			2,568,463
Investment of Security Lending Collateral		191,425		—		—			191,425
Registered Investment Companies		999,751		—		0	*		999,751

Total Investments		1,191,176		24,849,471		0			26,040,647

Total	$	1,191,176	$	24,849,471	$	0		$	26,040,647

* Includes one security priced at $0.

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 a Portfolio in the event the Portfolio is delayed or prevented from exercising its rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Portfolio seeks to assert its rights. Each 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 a 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, 2018 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.


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Notes to Financial Statements — (Continued)

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, Equity Income Portfolio, Quantitative U.S. Large Cap Value Equity Portfolio, Quantitative U.S. Small Cap Equity Portfolio, Quantitative U.S. Large Cap Core Equity Portfolio, Quantitative U.S. Large Cap Growth Equity Portfolio, Quantitative U.S. Long/Short Equity Portfolio, Quantitative U.S. Total Market Equity Portfolio, Responsible ESG U.S. Equity Portfolio, Women in Leadership U.S. Equity Portfolio, Secured Options Portfolio, Global Secured Options Portfolio and Quantitative International Equity Portfolio 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, Quantitative U.S. Long/Short Equity Portfolio, Secured Options Portfolio and Global Secured Options Portfolio 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 Global 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 and Quantitative U.S. Long/Short Equity Portfolio did not enter into any options transactions during the fiscal year ended October 31, 2018. During the fiscal year ended October 31, 2018, the Secured Options Portfolio and the Global Secured Options Portfolio wrote put and call options and purchased put and call options in an attempt to achieve their respective investment objective and strategies.

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 Statements 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) and/or non-cash collateral (which may include U.S. Treasuries and/or U.S. Government Agency securities), 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 Quantitative U.S. Long/Short Equity Portfolio and Quantitative U.S. Total Market Equity Portfolio, some or all of the cash collateral may be used to finance short sales. The cash collateral received for the Quantitative U.S. Long/Short Equity Portfolio was not used to finance short sales during the fiscal year ended October 31, 2018. During the fiscal year ended October 31, 2018, the cash collateral received by the Quantitative U.S. Large Cap Core Equity Portfolio, Quantitative U.S. Large Cap Growth Equity Portfolio, Quantitative U.S. Large Cap Value Equity Portfolio, Quantitative U.S. Small Cap Equity Portfolio, Quantitative International Equity Portfolio, Responsible ESG U.S. Equity Portfolio, Women in Leadership U.S. Equity Portfolio, Quantitative U.S. Long/Short Equity Portfolio, Strategic Equity Portfolio, Small Cap Equity Portfolio, Mid Cap Equity Portfolio, Large Cap Value Portfolio, Equity Income Portfolio, Short Term Tax Aware Fixed Income Portfolio and Core Fixed Income Portfolio was invested in the State Street Navigator Securities Lending Government Money Market Portfolio, which is a 1940 Act money market fund. To the extent that advisory or other fees paid by the State Street Navigator


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Notes to Financial Statements — (Continued)

Securities Lending Government Money Market 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 cash 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. Non-cash collateral is not disclosed as it is held by the lending agent on behalf of the Portfolio, and the Portfolio does not have the ability to re-hypothecate those securities. 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.

Real Estate Investment Trusts: The Portfolios may invest in real estate investment trusts (“REITs”), which pool investors’ funds for investment, primarily in income producing real estate or real estate-related loans or interests. A REIT is not taxed on income distributed to its shareholders or unitholders if it complies with regulatory requirements relating to its organization, ownership, assets and income, and with a regulatory requirement to distribute to its shareholders or unitholders at least 90% of its taxable income for each taxable year.

A shareholder in a Portfolio, by investing in REITs through the Portfolio, will bear not only the shareholder’s proportionate share of the expenses of the Portfolio, but also, indirectly, the management expenses of the underlying REITs. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, and may be subject to defaults by borrowers and to self-liquidations. In addition, the performance of a REIT may be affected by its failure to qualify for tax-free pass-through of income, or the REIT’s failure to maintain exemption from registration under the 1940 Act. Dividends representing a return of capital are reflected as a reduction of cost and/or as a realized gain when the amount of the return of capital is conclusively determined. See each Portfolio’s Schedule of Investments for REIT securities held as of October 31, 2018.

Securities Sold Short: The Quantitative U.S. Long/Short Equity Portfolio and Quantitative U.S. Total Market Equity 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 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. Each Portfolio is required to segregate an amount of cash, cash equivalents or other appropriate liquid marketable securities with the custodian in an amount at least 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, 2018, the Quantitative U.S. Long/Short Equity Portfolio pledged cash in the amount of $220,301,691 to State Street, as collateral for short sales. This amount is included in the “Cash collateral on deposit at broker” on the Statement of Assets and Liabilities. The Quantitative U.S. Long/Short Equity Portfolio and Quantitative U.S. Total Market Equity Portfolio also pledged securities in the amount of $49,080,487 and $28,637,625, respectively, to State Street, as collateral for short sales. In addition, State Street has a perfected security interest in a portion of each such Portfolio’s assets.

Investment Company Securities and Exchange-Traded Funds: Subject to applicable regulatory requirements, each Portfolio may invest in shares of other registered investment companies, including ETFs. Pursuant to orders issued by the SEC to certain ETFs and procedures approved by the Board, each Portfolio may seek to invest in certain ETFs beyond the statutory limitations, provided the Portfolio complies with certain conditions of the SEC orders and any applicable investment limitations. 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.

Fixed Income and Municipal Securities: The Core Fixed Income Portfolio, High Yield Municipal Portfolio and Short Term Tax Aware Fixed Income Portfolio invest in fixed income securities. The value of fixed income securities tends to fluctuate with changes in interest rates. Generally, their value will decrease when interest rates rise and increase when interest rates fall. Fixed income securities are also subject to the risk that an issuer will be unable to make principal and interest payments when due which could adversely impact a Portfolio’s return and net asset value. Changes in the credit rating of a debt security held by a Portfolio could have a similar effect. Fixed income securities with longer maturities are more susceptible to interest rate fluctuations than those with shorter maturities. Although governmental financial regulators, including the Federal Reserve, have taken steps to maintain historically low interest rates; the Federal Reserve has begun raising interest rates.


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Notes to Financial Statements — (Continued)

The High Yield Municipal Portfolio invests primarily in 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. A credit rating downgrade, bond default, or bankruptcy involving an issuer within a particular state or territory could affect the market values and marketability of some or all of the municipal obligations of that state or territory. For example, significant economic and financial difficulties in Puerto Rico have led certain credit rating agencies to downgrade Puerto Rican general obligation debt and certain issuers below investment grade and to continue to have a negative outlook on certain Puerto Rican issuers. Such downgrades and continued financial difficulties could lead to lower prices and increased likelihood of restructurings or default of Puerto Rican bonds which could negatively impact the value of the High Yield Municipal Portfolio’s investments in such obligations. In addition, 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-exempt 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. 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 using the effective interest method.

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 Core Fixed Income Portfolio, Short Term Tax Aware Fixed Income Portfolio and High Yield Municipal Portfolio are declared and paid monthly. Dividends from net investment income, if any, of the Quantitative U.S. Large Cap Core Equity Portfolio, Quantitative U.S. Large Cap Growth Equity Portfolio, Quantitative U.S. Large Cap Value Equity Portfolio, Quantitative U.S. Small Cap Equity Portfolio, Quantitative International Equity Portfolio, Responsible ESG U.S. Equity Portfolio, Women in Leadership U.S. Equity Portfolio, Quantitative U.S. Long/Short Equity Portfolio, Quantitative U.S. Total Market Equity Portfolio, Strategic Equity Portfolio, Small Cap Equity Portfolio, Mid Cap Equity Portfolio, Large Cap Value Portfolio, Equity Income Portfolio, Secured Options Portfolio and Global Secured Options Portfolio 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.

Federal Income Taxes: Each Portfolio intends to continue 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 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, 2018 remain subject to examination by the Internal Revenue Service.


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Notes to Financial Statements — (Continued)

On October 31, 2018, 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 as follows:


Portfolio	Unlimited (Short Term)		Unlimited (Long Term)
Quantitative U.S. Large Cap Value Equity Portfolio	$	24,532	$	—
Quantitative U.S. Small Cap Equity Portfolio		2,798		—
Quantitative International Equity Portfolio		2,136,441		—
Quantitative U.S. Long/Short Equity Portfolio		19,680,918		—
Global Secured Options Portfolio*		5,059,957		1,642,909
Core Fixed Income Portfolio		188,259		1,793,311
Short Term Tax Aware Fixed Income Portfolio		104,157		27,826
High Yield Municipal Portfolio		430,216		298,379

During the fiscal year ended October 31, 2018, the following Portfolios utilized capital loss carryforwards:


Quantitative International Equity Portfolio	$	12,291,805
Quantitative U.S. Long/Short Equity Portfolio		1,573,567
Mid Cap Equity Portfolio		1,321,662
Global Secured Options Portfolio		260,887

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted. The Act modernized 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 were 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 limited the carryforward period to eight years. Capital loss carryforwards generated in taxable years beginning after the 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.

* Utilization of the capital loss carryforwards of the Global Secured Options Portfolio is limited currently and in future years pursuant to Internal Revenue Code Section 382.

As of October 31, 2018, the tax year end of the Fund, the components of distributable earnings on a tax basis were as follows:


Portfolio	Undistributed Tax-exempt Income		Undistributed Ordinary Income		Undistributed Long-Term Gain		Unrealized Appreciation/ (Depreciation)			Other Temporary Differences		Loss Carryforwards			Total Distributable Earnings
Quantitative U.S. Large Cap Core Equity Portfolio	$	—	$	3,602,100	$	214,187,260	$	495,678,312		$	—	$	—		$	713,467,672
Quantitative U.S. Large Cap Growth Equity Portfolio		—		3		438,972,348		750,860,230			—		—			1,189,832,581
Quantitative U.S. Large Cap Value Equity Portfolio		—		6,286		—		(4,093	)		—		(24,532	)		(22,339	)
Quantitative U.S. Small Cap Equity Portfolio		—		5,038		—		26,928			—		(2,798	)		29,168
Quantitative International Equity Portfolio		—		204,147		—		6,817,485			—		(2,136,441	)		4,885,191
Responsible ESG U.S. Equity Portfolio		—		25,300		782,741		1,925,420			—		—			2,733,461
Women in Leadership U.S. Equity Portfolio		—		18,444		614,530		1,360,160			—		—			1,993,134


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Notes to Financial Statements — (Continued)


Portfolio	Undistributed Tax-exempt Income		Undistributed Ordinary Income		Undistributed Long-Term Gain		Unrealized Appreciation/ (Depreciation)			Other Temporary Differences			Loss Carryforwards			Total Distributable Earnings
Quantitative U.S. Long/Short Equity Portfolio	$	—	$	—	$	—	$	57,574,273		$	(20,798	)	$	(19,680,918	)	$	37,872,557
Quantitative U.S. Total Market Equity Portfolio		—		57,048		6,593,129		22,116,014			(11,206	)		—			28,754,985
Strategic Equity Portfolio		—		229,232		2,691,438		86,159,587			—			—			89,080,257
Small Cap Equity Portfolio		—		58,747,688		389,455,454		52,810,237			—			—			501,013,379
Large Cap Value Portfolio		—		39,870		6,239,316		6,004,832			—			—			12,284,018
Equity Income Portfolio		—		163,305		300,464		331,494			—			—			795,263
Secured Options Portfolio		—		5,534,681		13,316,289		7,013,832			(18,386	)		—			25,846,416
Global Secured Options Portfolio		—		179,322		844,921		(121,703	)		472,081	**		(6,702,866	)		(5,328,245	)
Core Fixed Income Portfolio		—		915,960		—		(19,658,912	)		—			(1,981,570	)		(20,724,522	)
Short Term Tax Aware Fixed Income Portfolio		22,719		—		—		(258,407	)		—			(131,983	)		(367,671	)
High Yield Municipal Portfolio		489,648		—		—		(1,664,458	)		—			(728,595	)		(1,903,405	)

** Refer to footnote 2 for additional information on the nature of the temporary difference.

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.

The tax character of distributions paid during the fiscal year ended October 31, 2018, was as follows:


Portfolio	Tax Exempt		Ordinary Income		Long-Term Gains		Return of Capital
Quantitative U.S. Large Cap Core Equity Portfolio	$	—	$	29,331,979	$	111,721,370	$	—
Quantitative U.S. Large Cap Growth Equity Portfolio		—		21,319,668		73,196,841		—
Quantitative U.S. Large Cap Value Equity Portfolio		—		12,152		—		—
Quantitative U.S. Small Cap Equity Portfolio		—		3,800		—		—
Quantitative International Equity Portfolio		—		8,716,752		—		—
Responsible ESG U.S. Equity Portfolio		—		140,449		62,301		—
Women in Leadership U.S. Equity Portfolio		—		138,167		84,949		—
Quantitative U.S. Long/Short Equity Portfolio		—		—		—		—
Quantitative U.S. Total Market Equity Portfolio		—		272,471		2,233,678		—
Strategic Equity Portfolio		—		1,954,304		13,725,891		—
Small Cap Equity Portfolio		—		8,032,428		334,339,639		—
Mid Cap Equity Portfolio		—		63,157		—		—
Large Cap Value Portfolio		—		2,424,660		3,556,789		—
Equity Income Portfolio		—		342,890		79		—
Secured Options Portfolio		—		17,251,876		32,671,135		—
Global Secured Options Portfolio		—		90,635		—		—
Core Fixed Income Portfolio		—		11,591,006		1,755,129		—
Short Term Tax Aware Fixed Income Portfolio		214,377		58,601		—		—
High Yield Municipal Portfolio		5,272,841		126,090		—		—


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Notes to Financial Statements — (Continued)

The tax character of distributions paid during the fiscal year ended October 31, 2017, was as follows:


Portfolio	Tax Exempt		Ordinary Income		Long-Term Gains
Quantitative U.S. Large Cap Core Equity Portfolio	$	—	$	22,522,801	$	—
Quantitative U.S. Large Cap Growth Equity Portfolio		—		19,123,619		—
Quantitative International Equity Portfolio		—		7,885,718		—
Responsible ESG U.S. Equity Portfolio		—		65,637		—
Women in Leadership U.S. Equity Portfolio		—		77,872		—
Quantitative U.S. Total Market Equity Portfolio		—		160,173		—
Strategic Equity Portfolio		—		2,097,356		11,064,147
Small Cap Equity Portfolio		—		2,714,603		52,183,890
Mid Cap Equity Portfolio		—		62,132		—
Large Cap Value Portfolio		—		1,622,798		5,439,004
Equity Income Portfolio		—		105,892		—
Secured Options Portfolio		—		9,197,563		19,239,800
Global Secured Options Portfolio		—		135,356		—
Core Fixed Income Portfolio		—		9,796,163		3,226,898
Short Term Tax Aware Fixed Income Portfolio		142,982		72,222		—
High Yield Municipal Portfolio		4,202,037		763,923		—

For the fiscal year ended October 31, 2018, permanent differences between financial and tax reporting related primarily to REITs, foreign currency gain/(loss), distribution reallocations, non-deductible blue sky expenses and excise taxes paid, dividend expense reclass for short positions, net operating losses, liquidating distributions, nontaxable dividends received from investments and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies were identified and reclassified among the components of each Portfolio’s net assets as identified below. These reclassifications had no effect on net assets.


Portfolio	Total distributable earnings			Paid-in capital
Quantitative U.S. Large Cap Core Equity Portfolio	$	2,123		$	(2,123	)
Quantitative U.S. Large Cap Value Equity Portfolio		4,814			(4,814	)
Quantitative U.S. Small Cap Equity Portfolio		4,814			(4,814	)
Responsible ESG U.S. Equity Portfolio		191			(191	)
Quantitative U.S. Long/Short Equity Portfolio		6,693			(6,693	)
Mid Cap Equity Portfolio		(1,281,962	)		1,281,962

As of October 31, 2018, aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost and aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value were as follows:


Portfolio	Cost		Appreciation		(Depreciation)			Net
Quantitative U.S. Large Cap Core Equity Portfolio	$	2,348,903,210	$	580,258,467	$	84,580,155	��	$	495,678,312
Quantitative U.S. Large Cap Growth Equity Portfolio		2,668,301,763		824,122,914		73,262,684			750,860,230
Quantitative U.S. Large Cap Value Equity Portfolio		1,081,497		64,000		68,093			(4,093	)
Quantitative U.S. Small Cap Equity Portfolio		1,054,423		97,308		70,380			26,928
Quantitative International Equity Portfolio		413,593,813		34,146,449		27,328,885			6,817,564
Responsible ESG U.S. Equity Portfolio		19,900,905		2,739,002		813,582			1,925,420
Women in Leadership U.S. Equity Portfolio		17,526,478		1,884,211		524,051			1,360,160
Quantitative U.S. Long/Short Equity Portfolio		62,790,892		75,490,862		17,916,589			57,574,273
Quantitative U.S. Total Market Equity Portfolio		68,521,927		25,411,303		3,295,289			22,116,014
Strategic Equity Portfolio		139,942,219		90,707,107		4,547,520			86,159,587
Small Cap Equity Portfolio		3,627,104,122		372,896,500		320,086,263			52,810,237
Mid Cap Equity Portfolio		571,610		—		—			—
Large Cap Value Portfolio		66,499,655		8,590,785		2,585,953			6,004,832
Equity Income Portfolio		18,510,764		1,179,327		847,833			331,494
Secured Options Portfolio		834,835,127		7,013,976		144			7,013,832
Global Secured Options Portfolio		2,559,808		209,667		331,370			(121,703	)
Core Fixed Income Portfolio		520,483,811		250,372		19,909,284			(19,658,912	)
Short Term Tax Aware Fixed Income Portfolio		26,299,054		8,142		266,549			(258,407	)
High Yield Municipal Portfolio		191,645,751		2,085,067		3,749,525			(1,664,458	)


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Notes to Financial Statements — (Continued)

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.

Revision to Previously Issued Financial Statements

Subsequent to the issuance of the October 31, 2017 financial statements, management identified that the Global Secured Options Portfolio (the “Portfolio”) had an ownership change on January 26, 2017, which limits the Portfolio’s ability to utilize capital loss carryforwards to offset capital gains for purposes of calculating distributable income. As a result, the Portfolio should have reflected undistributed long term gains in the amount of $472,081 related to 2017. Accordingly, the undistributed long-term gain and capital loss carry forward amounts that were disclosed in the Federal Income Taxes footnote of the October 31, 2017 financial statements for this Portfolio were understated and overstated, respectively, by this amount. There was no impact to the statement of assets and liabilities, statement of operations, statement of changes in net assets, the financial highlights or any other disclosures for the year ended October 31, 2017. To correct for the error, the table below reflects the revisions to the components of distributable earnings on a tax basis as of October 31, 2017 for the Global Secured Options Portfolio:


	As of October 31, 2017
	As Reported			Adjustment			As Revised
Undistributed Long Term Gain	$	—		$	472,081		$	472,081
Capital Loss Carryforwards		(6,491,672	)		(472,081	)		(6,963,753	)
Undistributed Ordinary Income		79,478			—			79,478
Unrealized Appreciation/(Depreciation)		874,005			—			874,005

Total Distributable Earnings		(5,538,189	)		—			(5,538,189	)

On October 31, 2017, after correction for the error described above, the Global Secured Options Portfolio had the following capital loss carryforwards, utilization of which is limited pursuant to Internal Revenue Code Section 382 in future years:

Short Term ($5,107,951)

Long Term ($1,855,802)

During the fiscal year ended October 31, 2017, after correction for the error described above, the Global Secured Options Portfolio utilized capital loss carryforwards in the amount of $637,419.

Financial Instruments and Hedging Activities

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’s use of, and accounting for, derivative instruments and the effect on the results of each Portfolio’s operations and financial position. At October 31, 2018 and during the period then ended, the Secured Options Portfolio and the Global 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

Asset Derivatives


	Equity Contracts Risk		Total
Options Purchased¹	$	1,157,762,900	$	1,157,762,900

Total Value	$	1,157,762,900	$	1,157,762,900

Liability Derivatives


	Equity Contracts Risk			Total
Options Written²	$	(521,202,675	)	$	(521,202,675	)

Total Value	$	(521,202,675	)	$	(521,202,675	)


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Notes to Financial Statements — (Continued)

Realized Gain (Loss)


	Equity Contracts Risk			Total
Options Purchased³	$	113,477,232		$	113,477,232
Options Written⁴		(74,422,576	)		(74,422,576	)

Total Realized Gain (Loss)	$	39,054,656		$	39,054,656

Change in Appreciation (Depreciation)


	Equity Contracts Risk			Total
Options Purchased⁵	$	(141,199,630	)	$	(141,199,630	)
Options Written⁶		124,373,837			124,373,837

Total Change in Appreciation (Depreciation)	$	(16,825,793	)	$	(16,825,793	)

Number of Contracts, Notional Amounts or Shares/Units⁷


	Equity Contracts Risk			Total
Options Purchased		1,074,933			1,074,933
Options Written		(1,332,975	)		(1,332,975	)

Global Secured Options Portfolio

Asset Derivatives


	Equity Contracts Risk		Total
Options Purchased¹	$	1,705,100	$	1,705,100

Total Value	$	1,705,100	$	1,705,100

Liability Derivatives


	Equity Contracts Risk			Total
Options Written²	$	(863,580	)	$	(863,580	)

Total Value	$	(863,580	)	$	(863,580	)

Realized Gain (Loss)


	Equity Contracts Risk			Total
Options Purchased³	$	608,556		$	608,556
Options Written⁴		(215,170	)		(215,170	)

Total Realized Gain (Loss)	$	393,386		$	393,386


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THE GLENMEDE FUND, INC.

Notes to Financial Statements — (Continued)

Change in Appreciation (Depreciation)


	Equity Contracts Risk			Total
Options Purchased⁵	$	(214,780	)	$	(214,780	)
Options Written⁶		150,393			150,393

Total Change in Appreciation (Depreciation)	$	(64,387	)	$	(64,387	)

Number of Contracts, Notional Amounts or Shares/Units⁷


	Equity Contracts Risk			Total
Options Purchased		6,167			6,167
Options Written		(46,317	)		(46,317	)

¹	Statement of Assets and Liabilities location: Investments at value.

²	Statement of Assets and Liabilities location: Options written, at value.

³	Statement of Operations location: Amount is included in Net realized gain (loss) on Investments.

⁴	Statement of Operations location: Amount is included in Net realized gain (loss) on Options written.

⁵	Statement of Operations location: Amount is included in Net change in unrealized gain (loss) of Investments.

⁶	Statement of Operations location: Amount is included in Net change in unrealized gain (loss) of Options written.

⁷	Amounts disclosed represents average number of contracts, notional amounts, or shares/units outstanding during the period ended October 31, 2018.

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 Quantitative U.S. Large Cap Core Equity Portfolio, Quantitative U.S. Large Cap Growth Equity Portfolio, Quantitative U.S. Large Cap Value Equity Portfolio, Quantitative U.S. Small Cap Equity Portfolio, Quantitative International Equity Portfolio, Responsible ESG U.S. Equity Portfolio, Women in Leadership U.S. Equity Portfolio, Quantitative U.S. Long/Short Equity Portfolio, Quantitative U.S. Total Market Equity Portfolio, Strategic Equity Portfolio, Small Cap Equity Portfolio, Mid Cap Equity Portfolio, Large Cap Value Portfolio, Equity Income Portfolio, Secured Options Portfolio, Global Secured Options Portfolio, Core Fixed Income Portfolio, Short Term Tax Aware Fixed Income Portfolio and High Yield Municipal 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.

Capital Guardian Trust Company (“CGTC”) serves as sub-advisor to the High Yield Municipal Portfolio. CGTC is a wholly-owned subsidiary of Capital Group International, Inc., which is owned by Capital Research and Management Company, a wholly-owned subsidiary of The Capital Group Companies, Inc. The Advisor has agreed to pay CGTC a fee for its sub-investment advisory services to the High Yield Municipal Portfolio, calculated daily and payable monthly, at the annual rate of the High Yield Municipal Portfolio’s average daily net assets as follows: 0.38% of the first $300,000,000 of the net assets; 0.34% of the net assets between $300,000,000 and $1 billion; and 0.30% of the net assets in excess of $1 billion.

Under the investment management agreements, the Portfolios pay the Advisor a management fee on a monthly basis in an amount equal to the following annual rates of the average daily net assets of each Portfolio:


Fund Name	Management Fee on Net Assets
Quantitative U.S. Large Cap Core Equity Portfolio		0.55	%
Quantitative U.S. Large Cap Growth Equity Portfolio		0.55	%
Quantitative U.S. Large Cap Value Equity Portfolio		0.55	%*
Quantitative U.S. Small Cap Equity Portfolio		0.55	%*
Quantitative International Equity Portfolio		0.75	%*
Responsible ESG U.S. Equity Portfolio		0.55	%*
Women in Leadership U.S. Equity Portfolio		0.55	%*
Quantitative U.S. Long/Short Equity Portfolio		1.20	%**
Quantitative U.S. Total Market Equity Portfolio		1.20	%**
Strategic Equity Portfolio		0.55	%
Small Cap Equity Portfolio		0.55	%
Mid Cap Equity Portfolio		0.55	%*


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Notes to Financial Statements — (Continued)


Fund Name	Management Fee on Net Assets
Large Cap Value Portfolio		0.55	%
Equity Income Portfolio		0.55	%***
Secured Options Portfolio		0.55	%
Global Secured Options Portfolio		0.55	%
Core Fixed Income Portfolio		0.35	%
Short Term Tax Aware Fixed Income Portfolio		0.35	%****
High Yield Municipal Portfolio		0.65	%*

* The Advisor has contractually agreed to waive a portion of its management fees and/or reimburse expenses to the extent that the Quantitative U.S. Large Cap Value Equity Portfolio’s, Quantitative Small Cap Equity Portfolio’s, Responsible ESG U.S. Equity Portfolio’s, Women in Leadership U.S. Equity Portfolio’s, Mid Cap Equity Portfolio’s Advisor Class, High Yield Municipal Portfolio’s and, since February 26, 2016, the Quantitative International Equity 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 at least February 28, 2019 which are included, if any, under the caption “Less expenses waived/reimbursed” in the Statement of Operations. Shareholders of the Portfolios will be notified if these waivers/reimbursements are discontinued after that date.

** The Advisor has contractually agreed to waive a portion of its management fees so that, after giving effect to such contractual waiver, the management fee for each Portfolio is 0.85% of such Portfolio’s average daily net assets. 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 dividend expense, prime broker interest expense, brokerage commissions, taxes, interest and extraordinary items). The Advisor has contractually agreed to these waivers and/or reimbursements until at least February 28, 2019, 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.

*** The Advisor has contractually agreed to waive its fees and/or reimburse expenses to the extent that the Equity Income Portfolio’s annual total operating expenses exceed 0.85% of the 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 at least February 28, 2019 which are included, if any, under the caption “Less expenses waived/reimbursed” in the Statement of Operations. Shareholders of the Portfolio will be notified if these waivers/reimbursements are discontinued after that date.

**** The Advisor has contractually agreed to waive its fees and/or reimburse expenses to the extent that the Short Term Tax Aware Fixed Income Portfolio’s annual total operating expenses exceed 0.55% of the 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 at least February 28, 2019, which are included, if any, under the caption “Less expenses waived/reimbursed” in the Statement of Operations. Shareholders of the Portfolio will be notified if these waivers and/or reimbursements are discontinued after that date.

Under a Shareholder Servicing Agreement, the following Portfolios pay Glenmede Trust shareholder servicing fees for providing or arranging to provide shareholder support services to the beneficial owner of the Portfolios and share classes listed below:


	Shareholder Servicing Fee on Net Assets
Quantitative U.S. Large Cap Core Equity Portfolio (Advisor Class)		0.20	%
Quantitative U.S. Large Cap Growth Equity Portfolio (Advisor Class)		0.20	%
Quantitative U.S. Large Cap Value Equity Portfolio		0.20	%
Quantitative U.S. Small Cap Equity Portfolio		0.20	%
Quantitative International Equity Portfolio		0.25	%
Responsible ESG U.S. Equity Portfolio		0.20	%
Women in Leadership U.S. Equity Portfolio		0.20	%
Quantitative U.S. Long/Short Equity Portfolio		0.20	%
Quantitative U.S. Total Market Equity Portfolio		0.20	%
Strategic Equity Portfolio		0.20	%
Small Cap Equity Portfolio (Advisor Class)		0.25	%
Small Cap Equity Portfolio (Institutional Class)		0.05	%
Mid Cap Equity Portfolio (Advisor Class)		0.25	%
Large Cap Value Portfolio		0.20	%
Equity Income Portfolio		0.20	%
Secured Options Portfolio (Advisor Class)		0.20	%


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THE GLENMEDE FUND, INC.

Notes to Financial Statements — (Continued)


	Shareholder Servicing Fee on Net Assets
Global Secured Options Portfolio		0.20	%
Core Fixed Income Portfolio		0.10	%
Short Term Tax Aware Fixed Income Portfolio		0.10	%
High Yield Municipal Portfolio		0.25	%

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 on the combined aggregate average daily net assets of the Portfolios and The Glenmede Portfolios, an affiliated registered investment company, plus transaction charges for certain transactions and out-of-pocket expenses. The fee is computed daily and paid monthly. These fees can be found under the caption “Administration, transfer agent and custody fees” in the Statement of Operations.

Foreside Fund Officer Services, LLC (formerly known as 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 Director of Foreside Financial 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 pays Quasar’s fees and out-of-pocket expenses for the distribution services it provides to the Fund.

The Fund pays each Board member an annual fee of $74,000 plus $5,000 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 $10,000 for his services as Chairman of the Audit Committee. These fees can be found under the caption “Directors’ fees and expenses” in the Statement of Operations.

Expenses for the fiscal year ended October 31, 2018 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. These fees are included in the amount shown under the caption “Professional fees” in the Statement of Operations.

Purchases and Sales of Securities

For the fiscal year ended October 31, 2018, the cost of purchases and proceeds from sales of investment securities other than U.S. government securities and short-term securities were:


Portfolio	Purchases		Sales
Quantitative U.S. Large Cap Core Equity Portfolio	$	2,150,247,323	$	2,052,032,711
Quantitative U.S. Large Cap Growth Equity Portfolio		2,478,861,257		3,242,754,641
Quantitative U.S. Large Cap Value Equity Portfolio		1,751,800		644,982
Quantitative U.S. Small Cap Equity Portfolio		1,916,069		879,825
Quantitative International Equity Portfolio		352,282,361		361,665,601
Responsible ESG U.S. Equity Portfolio		18,738,366		10,680,649
Women in Leadership U.S. Equity Portfolio		20,315,899		13,245,475
Quantitative U.S. Long/Short Equity Portfolio		470,621,364		448,539,791
Quantitative U.S. Total Market Equity Portfolio		124,754,577		110,112,840
Strategic Equity Portfolio		23,458,423		14,423,789
Small Cap Equity Portfolio		1,710,834,759		1,598,864,059
Mid Cap Equity Portfolio		2,839,594		17,561,811
Large Cap Value Portfolio		54,645,964		57,618,878
Equity Income Portfolio		10,719,126		4,985,079
Secured Options Portfolio		—		—
Global Secured Options Portfolio		6,447,321		11,075,005
Core Fixed Income Portfolio		77,976,960		73,597,176
Short Term Tax Aware Fixed Income Portfolio		5,329,065		12,897,882
High Yield Municipal Portfolio		106,832,298		79,908,614

For the fiscal year ended October 31, 2018, the cost of purchases and proceeds from sales of long-term U.S. government securities were:


Portfolio	Purchases		Sales
Core Fixed Income Portfolio	$	88,505,967	$	60,611,328


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THE GLENMEDE FUND, INC.

Notes to Financial Statements — (Continued)

Common Stock

Changes in the capital shares outstanding were as follows:


	Year Ended 10/31/18						Year Ended 10/31/17
	Shares			Amount			Shares			Amount
Quantitative U.S. Large Cap Core Equity Portfolio — Advisor
Sold		11,436,924		$	328,633,948			17,432,710		$	437,290,067
Issued as reinvestment of dividends		3,462,603			97,124,284			427,752			10,922,717
Redeemed		(16,137,755	)		(464,126,218	)		(17,835,255	)		(452,875,957	)

Net Increase (Decrease)		(1,238,228	)	$	(38,367,986	)		25,207		$	(4,663,173	)

Quantitative U.S. Large Cap Core Equity Portfolio — Institutional
Sold		9,524,939		$	275,611,925			9,067,412		$	231,638,665
Issued as reinvestment of dividends		1,037,112			29,172,255			95,445			2,527,443
Redeemed		(2,618,343	)		(75,387,364	)		(1,897,323	)		(48,899,375	)

Net Increase		7,943,708		$	229,396,816			7,265,534		$	185,266,733

Quantitative U.S. Large Cap Growth Equity Portfolio — Advisor
Sold		13,654,036		$	456,555,937			35,506,606		$	975,947,541
Issued as reinvestment of dividends		2,076,091			66,958,982			536,451			15,028,286
Redeemed		(31,460,232	)		(1,054,413,273	)		(59,173,985	)		(1,671,457,692	)

Net Decrease		(15,730,105	)	$	(530,898,354	)		(23,130,928	)	$	(680,481,865	)

Quantitative U.S. Large Cap Growth Equity Portfolio — Institutional
Sold		8,907,593		$	298,176,710			30,819,654		$	879,255,188
Issued as reinvestment of dividends		637,383			20,607,718			58,109			1,732,309
Redeemed		(13,887,458	)		(475,942,233	)		(5,021,593	)		(137,823,589	)

Net Increase (Decrease)		(4,342,482	)	$	(157,157,805	)		25,856,170		$	743,163,908

Quantitative U.S. Large Cap Value Equity Portfolio¹
Sold		110,464		$	1,111,439			—		$	—
Issued as reinvestment of dividends		718			7,488			—			—

Net Increase		111,182		$	1,118,927			—		$	—

Quantitative U.S. Small Cap Equity Portfolio¹
Sold		104,551		$	1,047,000			—		$	—
Issued as reinvestment of dividends		199			2,200			—			—

Net Increase		104,750		$	1,049,200			—		$	—

Quantitative International Equity Portfolio
Sold		2,986,388		$	45,382,680			5,290,341		$	72,326,514
Issued as reinvestment of dividends		9,425			138,826			7,675			109,386
Redeemed		(4,252,311	)		(63,344,194	)		(9,447,036	)		(126,542,430	)

Net Decrease		(1,256,498	)	$	(17,822,688	)		(4,149,020	)	$	(54,106,530	)

Responsible ESG U.S. Equity Portfolio
Sold		594,885		$	8,663,609			454,284		$	5,681,489
Issued as reinvestment of dividends		4,781			67,264			113			1,400
Redeemed		(57,712	)		(831,159	)		(61,333	)		(772,919	)

Net Increase		541,954		$	7,899,714			393,064		$	4,909,970

Women in Leadership U.S. Equity Portfolio
Sold		563,130		$	7,760,641			334,675		$	4,066,006
Issued as reinvestment of dividends		7,076			95,546			191			2,288
Redeemed		(53,235	)		(730,267	)		(41,498	)		(494,950	)

Net Increase		516,971		$	7,125,920			293,368		$	3,573,344


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THE GLENMEDE FUND, INC.

Notes to Financial Statements — (Continued)


	Year Ended 10/31/18						Year Ended 10/31/17
	Shares			Amount			Shares			Amount
Quantitative U.S. Long/Short Equity Portfolio
Sold		5,886,785		$	76,982,955			5,021,528		$	61,021,369
Redeemed		(2,679,530	)		(34,907,053	)		(2,651,167	)		(32,209,231	)

Net Increase		3,207,255		$	42,075,902			2,370,361		$	28,812,138

Quantitative U.S. Total Market Equity Portfolio
Sold		1,723,936		$	33,819,877			529,482		$	9,095,047
Issued as reinvestment of dividends		120,421			2,304,688			3,662			60,627
Redeemed		(970,888	)		(19,031,024	)		(768,415	)		(12,830,042	)

Net Increase (Decrease)		873,469		$	17,093,541			(235,271	)	$	(3,674,368	)

Strategic Equity Portfolio
Sold		1,145,929		$	28,701,105			688,987		$	15,551,970
Issued as reinvestment of dividends		574,373			13,884,433			550,116			11,566,825
Redeemed		(824,116	)		(20,709,125	)		(1,278,339	)		(28,216,778	)

Net Increase (Decrease)		896,186		$	21,876,413			(39,236	)	$	(1,097,983	)

Small Cap Equity Portfolio — Advisor
Sold		3,287,497		$	101,730,528			5,942,624		$	176,691,343
Issued as reinvestment of dividends		4,554,760			135,920,304			842,108			24,202,174
Redeemed		(8,626,027	)		(268,783,662	)		(11,151,723	)		(329,278,433	)

Net Decrease		(783,770	)	$	(31,132,830	)		(4,366,991	)	$	(128,384,916	)

Small Cap Equity Portfolio — Institutional
Sold		27,435,565		$	900,043,906			32,017,912		$	985,162,786
Issued as reinvestment of dividends		2,364,451			74,045,002			419,562			12,570,091
Redeemed		(15,368,773	)		(495,386,462	)		(23,821,823	)		(731,864,644	)

Net Increase		14,431,243		$	478,702,446			8,615,651		$	265,868,233

Mid Cap Equity Portfolio — Advisor
Sold		6,062		$	75,360			43,009		$	479,466
Issued as reinvestment of dividends		69			816			26			292
Redeemed		(999,057	)		(11,846,277	)		(594,842	)		(6,601,801	)

Net Decrease		(992,926	)	$	(11,770,101	)		(551,807	)	$	(6,122,043	)

Large Cap Value Portfolio
Sold		998,661		$	11,022,329			1,190,517		$	12,781,533
Issued as reinvestment of dividends		449,330			4,939,648			545,934			5,716,676
Redeemed		(1,359,618	)		(14,931,958	)		(2,073,036	)		(22,280,424	)

Net Increase (Decrease)		88,373		$	1,030,019			(336,585	)	$	(3,782,215	)

Equity Income Portfolio²
Sold		719,858		$	8,280,206			1,271,676		$	13,155,962
Issued as reinvestment of dividends		442			5,065			—			—
Redeemed		(230,561	)		(2,631,038	)		(99,339	)		(1,067,789	)

Net Increase		489,739		$	5,654,233			1,172,337		$	12,088,173

Secured Options Portfolio — Advisor
Sold		9,995,489		$	124,211,619			20,817,835		$	255,692,822
Issued as reinvestment of dividends		2,170,190			26,085,680			1,994,084			24,148,351
Redeemed		(10,947,356	)		(135,365,729	)		(33,888,146	)		(419,551,810	)

Net Increase (Decrease)		1,218,323		$	14,931,570			(11,076,227	)	$	(139,710,637	)

Secured Options Portfolio — Institutional³
Sold		11,550,437		$	145,823,677			29,734,349		$	368,190,672
Issued as reinvestment of dividends		1,552,885			18,712,267			69,465			841,215
Redeemed		(9,602,946	)		(119,072,547	)		(1,181,626	)		(14,815,316	)

Net Increase		3,500,376		$	45,463,397			28,622,188		$	354,216,571


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Notes to Financial Statements — (Continued)


	Year Ended 10/31/18						Year Ended 10/31/17
	Shares			Amount			Shares			Amount
Global Secured Options Portfolio
Sold		5,989		$	63,788			298,403		$	3,014,985
Issued as reinvestment of dividends		3			32			1			9
Redeemed		(770,906	)		(8,405,463	)		(2,295,314	)		(22,789,120	)

Net Decrease		(764,914	)	$	(8,341,643	)		(1,996,910	)	$	(19,774,126	)

Core Fixed Income Portfolio
Sold		8,648,799		$	92,745,217			9,610,755		$	105,497,923
Issued as reinvestment of dividends		226,667			2,473,400			356,902			3,881,561
Redeemed		(6,870,199	)		(73,991,276	)		(8,936,559	)		(98,096,739	)

Net Increase		2,005,267		$	21,227,341			1,031,098		$	11,282,745

Short Term Tax Aware Fixed Income Portfolio
Sold		506,071		$	5,018,252			1,429,443		$	14,229,559
Redeemed		(1,244,972	)		(12,352,546	)		(1,045,568	)		(10,386,590	)

Net Increase (Decrease)		(738,901	)	$	(7,334,294	)		383,875		$	3,842,969

High Yield Municipal Portfolio
Sold		3,870,050		$	39,914,227			5,471,001		$	54,980,310
Issued as reinvestment of dividends		—			—			62,768			615,130
Redeemed		(1,408,224	)		(14,456,842	)		(3,881,693	)		(38,515,087	)

Net Increase		2,461,826		$	25,457,385			1,652,076		$	17,080,353

¹	Portfolio commenced operations on November 13, 2017.

²	Portfolio commenced operations on December 21, 2016.

³	Class commenced operations on November 9, 2016.

As of October 31, 2018, with the exception of the Small Cap Equity Portfolio, Large Cap Value Portfolio, Quantitative U.S. Large Cap Core Equity Portfolio, Quantitative U.S. Large Cap Growth Equity Portfolio, Quantitative U.S. Long/Short Equity Portfolio, Quantitative U.S. Total Market Equity Portfolio and Secured Options Portfolio, 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 October 31, 2018. The total percentage of the shares of a Portfolio held by such shareholders is as follows:


	5% or Greater Shareholders
Portfolio	# of Shareholders		% of Shares Held
Quantitative U.S. Large Cap Core Equity Portfolio (Advisor Class)		2		54
Quantitative U.S. Large Cap Core Equity Portfolio (Institutional Class)		4		89
Quantitative U.S. Large Cap Growth Equity Portfolio (Advisor Class)		2		73
Quantitative U.S. Large Cap Growth Equity Portfolio (Institutional Class)		4		86
Quantitative U.S. Large Cap Value Equity Portfolio		1		91
Quantitative U.S. Small Cap Equity Portfolio		1		96
Responsible ESG U.S. Equity Portfolio		4		31
Women in Leadership U.S. Equity Portfolio		5		42
Quantitative U.S. Long/Short Equity Portfolio		2		17
Quantitative U.S. Total Market Equity Portfolio		4		44
Small Cap Equity Portfolio (Advisor Class)		3		53
Small Cap Equity Portfolio (Institutional Class)		2		83
Mid Cap Equity Portfolio (Advisor Class)		4		22
Large Cap Value Portfolio		1		9
Equity Income Portfolio		4		32
Secured Options Portfolio (Advisor Class)		3		34
Secured Options Portfolio (Institutional Class)		3		90
Global Secured Options Portfolio		4		88
Short Term Tax Aware Fixed Income Portfolio		2		37


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THE GLENMEDE FUND, INC.

Notes to Financial Statements — (Concluded)

Lending of Portfolio Securities

As of October 31, 2018, the following Portfolios had outstanding loans of securities to certain approved brokers for which such Portfolios received collateral:


Portfolio	Market Value of Loaned Securities		Market Value of Cash Collateral		Market Value of Non-Cash Collateral		% of Total Assets on Loan
Quantitative U.S. Large Cap Core Equity Portfolio	$	4,921,884	$	5,112,366		—		0.17
Quantitative U.S. Large Cap Growth Equity Portfolio		7,242,817		7,850,227		—		0.21
Quantitative U.S. Small Cap Equity Portfolio		80,352		22,309		60,017		7.29
Quantitative International Equity Portfolio		39,056,697		33,915,385		5,803,489		9.19
Responsible ESG U.S. Equity Portfolio		103,843		92,367		—		0.47
Quantitative U.S. Long/Short Equity Portfolio		5,463,111		5,392,036		—		0.98
Small Cap Equity Portfolio		150,653,243		155,361,882		—		4.07
Large Cap Value Portfolio		864,675		900,112		—		1.19
Equity Income Portfolio		398,433		404,003		—		2.10
Core Fixed Income Portfolio		18,708,371		19,105,863		—		3.70
Short Term Tax Aware Fixed Income Portfolio		187,587		191,425		—		0.69

The Funds have adopted the disclosure provisions of FASB Accounting Standards Update (“ASU”) No. 2014-11 (“ASU No. 2014-11”), Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. ASU No. 2014-11 is intended to provide increased transparency about the types of collateral pledged in securities lending and other similar transactions that are accounted for as secured borrowings.

For the Quantitative U.S. Large Cap Core Equity Portfolio, the Quantitative U.S. Large Cap Growth Equity Portfolio, the Quantitative U.S. Small Cap Equity Portfolio, the Quantitative International Equity Portfolio, the Responsible ESG U.S. Equity Portfolio, the Quantitative U.S. Long/Short Equity Portfolio, the Small Cap Equity Portfolio, the Equity Income Portfolio, the Core Fixed Income Portfolio and the Short Term Tax Aware Fixed Income Portfolio, all of the securities on loan collateralized by cash are classified as Common Stocks in each Portfolio’s Schedule of Investments (except for Core Fixed Income Portfolio (Agency Notes and Corporate Notes) and Short Term Tax Aware Fixed Income Portfolio (Registered Investment Companies)) at October 31, 2018, with a contractual maturity of overnight and continuous.

Recently Issued Accounting Pronouncements

In March 2017, the FASB issued ASU 2017-08 (“ASU 2017-08”), Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, which amends the amortization period for certain purchased callable debt securities. Under ASU 2017-08, the premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. ASU 2017-08 will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Funds.

Subsequent Events

Management has evaluated events and transactions subsequent to October 31, 2018 through the date the financial statements were available to be issued, for disclosure in the Fund’s financial statements and has determined that there were no material events that would require additional disclosure, except for the following: on September 18, 2018, the Board approved the liquidation and termination of the Mid Cap Equity Portfolio. The Mid Cap Equity Portfolio was liquidated on November 15, 2018.


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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors of The Glenmede Fund, Inc. and Shareholders of Quantitative U.S. Large Cap Core Equity Portfolio, Quantitative U.S. Large Cap Growth Equity Portfolio, Quantitative U.S. Large Cap Value Equity Portfolio, Quantitative U.S. Small Cap Equity Portfolio, Quantitative International Equity Portfolio, Responsible ESG U.S. Equity Portfolio, Women in Leadership U.S. Equity Portfolio, Quantitative U.S. Long/Short Equity Portfolio, Quantitative U.S. Total Market Equity Portfolio, Strategic Equity Portfolio, Small Cap Equity Portfolio, Mid Cap Equity Portfolio, Large Cap Value Portfolio, Equity Income Portfolio, Secured Options Portfolio, Global Secured Options Portfolio, Core Fixed Income Portfolio, Short Term Tax Aware Fixed Income Portfolio and High Yield Municipal Portfolio

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of each of the portfolios listed in the table below (constituting The Glenmede Fund, Inc. hereafter collectively referred to as the “Portfolios”) as of October 31, 2018, the related statements of operations, of cash flows of Quantitative U.S. Long/Short Equity Portfolio and Quantitative U.S. Total Market Equity Portfolio, and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of October 31, 2018, the results of each of their operations, the cash flows of Quantitative U.S. Long/Short Equity Portfolio and Quantitative U.S. Total Market Equity Portfolio, and the changes in each of their net assets for each of the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

Quantitative U.S. Large Cap Core Equity Portfolio, Quantitative U.S. Large Cap Growth Equity Portfolio, Quantitative International Equity Portfolio, Responsible ESG U.S. Equity Portfolio, Women in Leadership U.S. Equity Portfolio, Strategic Equity Portfolio, Small Cap Equity Portfolio, Mid Cap Equity Portfolio, Large Cap Value Portfolio, Secured Options Portfolio, Global Secured Options Portfolio, Core Fixed Income Portfolio, Short Term Tax Aware Fixed Income Portfolio and High Yield Municipal Portfolio

Statements of operations for the year ended October 31, 2018 and the statements of changes in net assets for the years ended October 31, 2018 and 2017

Quantitative U.S. Long/Short Equity Portfolio and Quantitative U.S. Total Market Equity Portfolio

Statements of operations and of cash flows for the year ended October 31, 2018 and the statements of changes in net assets for the years ended October 31, 2018 and 2017

Equity Income Portfolio

Statement of operations for the year ended October 31, 2018 and the statements of changes in net assets for the year ended October 31, 2018 and the period December 21, 2016 (commencement of operations) through October 31, 2017

Quantitative U.S. Large Cap Value Equity Portfolio and Quantitative U.S. Small Cap Equity Portfolio

Statements of operations and of changes in net assets for the period November 13, 2017 (commencement of operations) through October 31, 2018

Basis for Opinions

These financial statements are the responsibility of the Portfolios’ management. Our responsibility is to express an opinion on the Portfolios’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.


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				200

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2018 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed alternative procedures. We believe that our audits provide a reasonable basis for our opinions.

Emphasis of Matter

As discussed in Note 9 to the financial statements, management has completed the liquidation of the Mid Cap Equity Portfolio, after which the portfolio ceased all operations. Our opinion is not modified with respect to this matter.

LOGO

Boston, Massachusetts

December 21, 2018

We have served as the auditor of one or more investment companies in the Glenmede family of funds since 1988.


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THE GLENMEDE PORTFOLIOS

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2018


	Muni Intermediate Portfolio
Assets:
Investments at value^1,	$	287,375,503
Cash		972,185
Receivable for securities sold		3,112,069
Receivable for fund shares sold		675,289
Interest receivable		3,231,503
Prepaid expenses		1,261

Total assets		295,367,810

Liabilities:
Payable for securities purchased		2,238,102
Payable for when-issued securities purchased		2,664,850
Payable for fund shares redeemed		978,480
Payable for Trustees’ fees		9,084
Payable for Shareholder Servicing fees		37,021
Accrued expenses		39,090

Total liabilities		5,966,627

Net Assets	$	289,401,183

Net Assets consist of:
Par value ($0.001 of shares outstanding)	$	26,963
Paid-in capital in excess of par value		292,543,053
Total distributable earnings		(3,168,833	)

Total Net Assets**	$	289,401,183

Shares Outstanding		26,963,109

Net Asset Value Per Share	$	10.73

**The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions.

¹ Investments at cost	$	290,618,982

See Notes to Financial Statements.


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THE GLENMEDE PORTFOLIOS

STATEMENTS OF OPERATIONS

For the Year Ended October 31, 2018


	Muni Intermediate Portfolio
Investment income:
Interest	$	6,303,887

Total investment income		6,303,887

Expenses:
Administration, transfer agent and custody fees		164,008
Professional fees		14,378
Shareholder report expenses		10,207
Shareholder servicing fees		453,287
Trustees’ fees and expenses		36,275
Registration and filing fees		7,460
Other expenses		7,046

Total expenses		692,661

Net investment income		5,611,226

Realized and unrealized gain (loss):
Net realized loss on:
Investment transactions		(102,884	)
Net change in unrealized loss of:
Investments		(7,566,031	)

Net realized and unrealized loss		(7,668,915	)

Net decrease in net assets resulting from operations	$	(2,057,689	)

See Notes to Financial Statements.


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THE GLENMEDE PORTFOLIOS

STATEMENTS OF CHANGES IN NET ASSETS

For the Year Ended October 31, 2018


	Muni Intermediate Portfolio
Increase (decrease) in net assets
Operations:
Net investment income	$	5,611,226
Net realized loss on:
Investment transactions		(102,884	)
Net change in unrealized loss of:
Investments		(7,566,031	)

Net increase (decrease) in net assets resulting from operations		(2,057,689	)
Distributions from earnings*		(5,577,383	)
Net increase (decrease) in net assets from capital share transactions (See note 4)		(6,945,937	)

Net increase (decrease) in net assets		(14,581,009	)


NET ASSETS:
Beginning of year		303,982,192

End of year**	$	289,401,183

*	The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018.

**	The SEC eliminated the requirement to disclose undistributed net investment income in 2018.

For the Year Ended October 31, 2017


	Muni Intermediate Portfolio
Increase (decrease) in net assets
Operations:
Net investment income	$	5,179,296
Net realized loss on:
Investment transactions		(302,943	)
Net change in unrealized loss of:
Investments		(1,255,810	)

Net increase in net assets resulting from operations		3,620,543
Distributions to shareholders from:
Net investment income		(5,126,243	)
Net realized gain on investments		(1,046,831	)
Net increase (decrease) in net assets from capital share transactions (See note 4)		(24,708,633	)

Net increase (decrease) in net assets		(27,261,164	)


NET ASSETS:
Beginning of year		331,243,356

End of year	$	303,982,192

Undistributed net investment income included in net assets at end of year	$	446,630

See Notes to Financial Statements.


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THE GLENMEDE PORTFOLIOS

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year


	Muni Intermediate Portfolio
	For the Years Ended October 31,
	2018			2017			2016			2015			2014

Net asset value, beginning of year	$	11.01		$	11.08		$	10.98		$	11.04		$	10.94

Income from investment operations:
Net investment income		0.20			0.19			0.17			0.16			0.18
Net realized and unrealized gain (loss) on investments		(0.28	)		(0.04	)		0.10			—			0.15


Total from investment operations		(0.08	)		0.15			0.27			0.16			0.33

Distributions to shareholders from:
Net investment income		(0.20	)		(0.18	)		(0.17	)		(0.16	)		(0.18	)
Net realized capital gains		—			(0.04	)		—			(0.06	)		(0.05	)


Total distributions		(0.20	)		(0.22	)		(0.17	)		(0.22	)		(0.23	)


Net asset value, end of year	$	10.73		$	11.01		$	11.08		$	10.98		$	11.04


Total return		(0.73	)%		1.38	%		2.45	%		1.45	%		3.09	%

Ratios to average net assets/ Supplemental data:
Net assets, at end of year (in 000s)	$	289,401		$	303,982		$	331,243		$	299,121		$	263,867
Ratio of operating expenses to average net assets		0.23	%		0.23	%		0.25	%		0.23	%		0.25	%
Ratio of net investment income to average net assets		1.86	%		1.70	%		1.53	%		1.44	%		1.67	%
Portfolio turnover rate		31	%		19	%		34	%		71	%		46	%

See Notes to Financial Statements.


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THE GLENMEDE PORTFOLIOS

Muni Intermediate Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

October 31, 2018


Face Amount			Value

*MUNICIPAL BONDS — 90.3%**
		Alabama — 1.1%
$	3,000,000	Black Belt Energy Gas District, AL, Gas Supply Revenue, Revenue Bonds, Series A, 4.000% due 7/1/46	$	3,097,290


		Alaska — 3.7%
	1,630,000	Alaska State, General Obligation Unlimited, Refunding, Series B, 5.000% due 8/1/22		1,785,241
	1,000,000	Alaska State, General Obligation Unlimited, Series B, 5.000% due 8/1/20		1,047,880
	2,745,000	Anchorage, AK, Electric Utility, Revenue Bonds, Refunding, Series A, 4.000% due 12/1/21		2,872,121
	4,645,000	Valdez, AK, Marine Terminal Revenue, Revenue Bonds, Refunding, Series B, (SPA : British Petroleum PLC), 5.000% due 1/1/21		4,889,977

				10,595,219


		Arizona — 1.6%
	4,015,000	Yuma, AZ, Municipal Property Corp., Road & Excise Tax, Revenue Bonds, Refunding, 5.000% due 7/1/26		4,545,823


		Colorado — 1.1%
	2,750,000	Colorado State, Certificate of Participation, Series A, 5.000% due 12/15/29		3,190,413


		District Of Columbia — 1.1%
	2,700,000	District of Columbia, General Obligation Unlimited, Series D, 5.000% due 6/1/25		3,100,113


		Florida — 12.3%
	2,820,000	Central, FL, Expressway Authority, Revenue Bonds, Refunding, Series B, 5.000% due 7/1/28		3,213,841
	3,180,000	Citizens Property Insurance Corp., FL, Revenue Bonds, Series A-1, 5.000% due 6/1/20		4,858,016
	5,000,000	Florida State, Board of Education Capital Outlay, Public Education, General Obligation Unlimited, Refunding, Series E, 5.000% due 6/1/26		5,714,900
	2,765,000	Florida State, Department of Environmental Protection, Preservation Revenue, Revenue Bonds, Refunding, Series A, 5.000% due 7/1/22		3,024,772
	1,200,000	Florida State, Water Pollution Control Financing Corp., Revenue Bonds, Water Pollution Control, Series A, 5.000% due 1/15/20		1,207,524
	2,630,000	Hillsborough County, FL, Industrial Development Authority, Revenue Bonds, Prerefunded 8/15/19 @ 101, 8.000% due 8/15/32		2,776,938
		Lakeland, FL, Energy System Revenue Bonds, Refunding:
	3,750,000	5.000% due 10/1/24		4,246,912
	2,750,000	5.000% due 10/1/25		3,146,412
	3,000,000	Lee County, FL, School Board, Certificate of Participation, Refunding, Series A, 5.000% due 8/1/27		3,354,750
	2,025,000	Orlando & Orange County, FL, Expressway Authority, Revenue Bonds, Refunding, 5.000% due 7/1/23		2,203,342
	1,875,000	Orlando & Orange County, FL, Expressway Authority, Revenue Bonds, Refunding, Series B (AGMC Insured), 5.000% due 7/1/21		1,959,938

				35,707,345


		Georgia — 0.3%
	1,000,000	Albany-Dougherty County, GA, Hospital Authority, Revenue Bonds, 5.000% due 12/1/18		1,002,400

See Notes to Financial Statements.


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THE GLENMEDE PORTFOLIOS

Muni Intermediate Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Face Amount			Value

*MUNICIPAL BONDS — (Continued)**
		Illinois — 6.3%
		Chicago, IL, O’Hare International Airport Revenue Bonds, Refunding, Series B:
$	2,545,000	5.000% due 1/1/30	$	2,791,865
	2,000,000	5.000% due 1/1/32		2,178,840
	3,795,000	Illinois State, Finance Authority Revenue, Revenue Bonds, 5.000% due 7/1/27		4,317,571
	4,000,000	McHenry County, IL, Conservation District, General Obligation Unlimited, Refunding, 5.000% due 2/1/25		4,542,720
	4,000,000	Regional Transportation Authority, IL, Revenue Bonds, Refunding, Series A, 5.000% due 7/1/23		4,402,320

				18,233,316


		Indiana — 0.8%
	2,500,000	Indiana State, Health & Educational Facilities Financing Authority, Revenue Bonds, Series 2006B-3, 1.750% due 11/15/31		2,439,050


		Kentucky — 0.7%
	2,000,000	Kentucky State, Property & Building Commission, Revenue Bonds, Refunding, 4.000% due 8/1/21		2,053,000


		Louisiana — 1.2%
	3,000,000	Louisiana State, General Obligation Unlimited, Series A, 5.000% due 4/1/28		3,426,390


		Maine — 1.2%
		Maine State Municipal Bond Bank, Infrastructure Revenue, Refunding, Series A:
	1,175,000	5.000% due 9/1/21		1,262,761
	1,985,000	5.000% due 9/1/22		2,177,326

				3,440,087


		Maryland — 2.3%
	4,000,000	Maryland State, General Obligation Unlimited, 5.000% due 8/1/24		4,543,560
	2,000,000	Washington, MD, Suburban Sanitary Commission, General Obligation Unlimited, Public Improvement, 4.000% due 6/1/21		2,093,400

				6,636,960


		Massachusetts — 2.6%
	1,000,000	Massachusetts State, General Obligation Limited, Refunding, Series A, (3M USD LIBOR * 0.67+ 0.46%), 2.030% due 11/1/18¹		1,000,000
	2,000,000	Massachusetts State, General Obligation Limited, Series A, 5.000% due 3/1/23		2,220,440
	3,850,000	Massachusetts State, General Obligation Limited, Series C, 5.000% due 5/1/30		4,231,189

				7,451,629


		Michigan — 4.9%
	4,000,000	Detroit, MI, City School District, General Obligation Unlimited, Series A, (QSBLF Insured), 5.000% due 5/1/26		4,305,040
	1,500,000	Grand Valley, MI, State University, Revenue Bonds, Refunding, Series A, 5.000% due 12/1/26		1,698,765
	5,000,000	Michigan Finance Authority, Revenue Bonds, (1M USD LIBOR * 0.67+ 0.54%), 2.069% due 12/1/39¹		5,012,150
	3,100,000	Michigan Finance Authority, Revenue Bonds, Refunding Detroit School District, Series A, (QSBLF Insured), 5.000% due 5/1/21		3,290,371

				14,306,326


		Minnesota — 2.8%
	1,190,000	Lake Superior, MN, Independent School District No. 381, General Obligation Unlimited, Refunding, Series A, (School District Credit Program), 5.000% due 10/1/20		1,253,927

See Notes to Financial Statements.


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THE GLENMEDE PORTFOLIOS

Muni Intermediate Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Face Amount			Value

*MUNICIPAL BONDS — (Continued)**
		Minnesota — (Continued)
$	2,010,000	Sartell, MN, Independent School District No. 748, General Obligation Unlimited, Series B, (School District Credit Program), 0.000% due 2/1/28²	$	1,447,903
	4,800,000	St. Paul, MN, Housing & Redevelopment Authority Health Care Facilities Revenue, Refunding, HealthPartners Obligated Group, Series A, 5.000% due 7/1/28		5,372,688

				8,074,518


		Mississippi — 1.5%
	1,000,000	Mississippi Development Bank, Special Obligation, Revenue Bonds, Refunding, Series A, 5.000% due 4/1/20		1,037,470
	3,160,000	Mississippi State, Development Bank, Special Obligation, Jackson Public School District Project, Revenue Bonds, Refunding, Series A, 5.000% due 4/1/21		3,348,462

				4,385,932


		Missouri — 0.8%
	2,000,000	City of Kansas, MO, Sanitary Sewer System Revenue Bonds, Refunding, Series A, 5.000% due 1/1/27		2,261,940


		Nevada — 1.3%
	3,500,000	Clark County, NV, Water Reclamation District, General Obligation Limited, Refunding, 5.000% due 7/1/20		3,663,240


		New Mexico — 2.2%
	6,300,000	New Mexico State, Municipal Energy Acquisition Authority, Revenue Bonds, Subseries B, (1M USD LIBOR * 0.67+ 0.75%), 2.262% due 11/1/39¹		6,299,055


		New York — 2.9%
	1,650,000	New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured, Series C, 5.000% due 11/1/26		1,913,604
	2,275,000	New York City, NY, Transitional Finance Authority, Future Tax Secured, Revenue Bonds, Subseries E-1, 5.000% due 2/1/30		2,556,668
	1,150,000	New York State, Thruway Authority Personal Income Tax, Revenue Bonds, Series A, 5.000% due 3/15/23		1,209,283
	2,470,000	New York, Metropolitan Transportation Authority Revenue, Dedicated Tax Fund, Series B-1, 5.000% due 11/15/21		2,672,021

				8,351,576


		North Carolina — 4.6%
	1,220,000	Duplin County, NC, Limited Obligation, Revenue Bonds, 5.000% due 4/1/23		1,340,792
		Mooresville, NC, Limited Obligation, Revenue Bonds, Refunding:
	3,375,000	5.000% due 11/1/22		3,692,723
	3,550,000	5.000% due 11/1/23		3,953,883
	2,000,000	New Hanover County, NC, Hospital Revenue Bonds, 5.000% due 10/1/19		2,053,480
	2,000,000	Raleigh City, North Carolina, Combined Enterprise System Revenue, Refunding, Series B, 5.000% due 12/1/24		2,287,660

				13,328,538


		Ohio — 3.5%
	2,060,000	Ohio State, Adult Correctional Capital Facilities, Lease Revenue, Series A, 5.000% due 4/1/21		2,193,838
	3,250,000	Ohio State, General Obligation Unlimited, Series A, 5.000% due 6/15/28		3,580,005
	1,400,000	Ohio State, Hospital Facilities Revenue, Revenue Bonds, Refunding, Series A, 5.000% due 1/1/25		1,593,592

See Notes to Financial Statements.


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THE GLENMEDE PORTFOLIOS

Muni Intermediate Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Face Amount			Value

*MUNICIPAL BONDS — (Continued)**
		Ohio — (Continued)
$	2,670,000	Ohio State, Hospital Revenue Bonds, Series A, 5.000% due 1/15/24	$	2,914,546

				10,281,981


		Oklahoma — 0.8%
	2,000,000	Grand River, OK, Dam Authority, Revenue Bonds, Refunding, Series A, 5.000% due 6/1/24		2,262,240
	100,000	Oklahoma City, OK, Industrial & Cultural Facilities Trust, Revenue Bonds, (NPFG Insured), 3.005% due 6/1/19^1,3		100,000

				2,362,240


		Oregon — 2.1%
	3,280,000	Oregon State, Department of Administrative Services, Lottery Revenue, Revenue Bonds, Refunding, Series D, 5.000% due 4/1/27		3,731,820
	2,000,000	Washington County, OR, Beaverton School District No. 48J, Series D, 5.000% due 6/15/26		2,320,800

				6,052,620


		Pennsylvania — 4.0%
	2,500,000	Allegheny County, PA, General Obligation Unlimited, Refunding, Series C-73, 5.000% due 12/1/20		2,641,025
	500,000	Conneaut, PA, School District, Refunding, Series B, (AGMC Insured State Aid Withholding), 5.000% due 11/1/20		524,845
	2,500,000	Pennsylvania State Turnpike Authority, Revenue Bonds, Refunding, 5.000% due 12/1/22⁴		2,655,450
	5,000,000	Pennsylvania State, General Obligation Unlimited, Series 2, 5.000% due 9/15/25		5,656,200

				11,477,520


		Texas — 9.4%
	1,065,000	Alamo, TX, Community College District, General Obligation Limited, Refunding, 5.000% due 2/15/24		1,197,720
		Harris County, Texas, Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding, Children’s Hospital Project:
	2,850,000	5.000% due 10/1/26		3,237,743
	2,000,000	5.000% due 10/1/27		2,260,020
	3,000,000	Harris County, Texas, Flood Control District, Revenue Bonds, Refunding, Series A, 5.000% due 10/1/28		3,489,120
	3,000,000	Harris County, Texas, Revenue Bonds, Refunding, Series A, 5.000% due 8/15/25		3,439,140
	3,000,000	Plano, TX, Independent School District, General Obligation Unlimited, Refunding, Series B, (PSF Guaranteed), 5.000% due 2/15/21		3,182,040
	2,550,000	Texas State, General Obligation Unlimited, Series A, 5.000% due 10/1/26		2,965,344
	3,500,000	University of Texas, Revenue Bonds, Series D, 5.000% due 8/15/25		4,021,710
	3,090,000	Waco, TX, Independent School District, General Obligation Unlimited, Refunding, (PSF Guaranteed), 5.000% due 8/15/23		3,440,746

				27,233,583


		Utah — 0.9%
	2,440,000	Nebo, UT, School District, General Obligation Unlimited, Series C, 4.000% due 7/1/23		2,615,680


		Virginia — 4.2%
	1,500,000	Fairfax County, VA, General Obligation Unlimited, Refunding, Series C, (State Aid Withholding), 5.000% due 10/1/24		1,713,795

See Notes to Financial Statements.


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THE GLENMEDE PORTFOLIOS

Muni Intermediate Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018


Face Amount			Value

*MUNICIPAL BONDS — (Continued)**
		Virginia — (Continued)
$	2,800,000	Richmond, VA, Convention Center Authority, Hotel Tax Revenue Bonds, Refunding, 5.000% due 6/15/27	$	3,153,528
	2,450,000	Virginia State, Commonwealth University Health System Authority Revenue, Revenue Bonds, Series B, 5.000% due 7/1/29		2,807,234
	4,000,000	Virginia State, Public Building Authority, Public Facilities Revenue, Revenue Bonds, Refunding, Series B, 5.000% due 8/1/23		4,475,280

				12,149,837


		Washington — 6.8%
	4,150,000	Central Puget Sound, WA, Regional Transit Authority, Revenue Bonds, Refunding, Series P-1, 5.000% due 2/1/28		4,475,526
	1,205,000	Grays Harbor County, WA, Public Utility District No. 1, Revenue Bonds, Refunding, Series A, 5.000% due 1/1/27		1,346,130
	3,600,000	King County, WA, Bellevue School District No. 405, General Obligation Unlimited, 5.000% due 12/1/25		4,021,380
	2,240,000	Washington State, Certificate of Participation, Refunding, Series C, (State Aid Intercept), 5.000% due 1/1/20		2,314,233
	4,000,000	Washington State, General Obligation Unlimited, Refunding, Series R-2013A, 4.000% due 7/1/28		4,174,440
	3,000,000	Washington State, General Obligation Unlimited, Series D, 5.000% due 2/1/26		3,464,100

				19,795,809


		Wisconsin — 1.3%
	2,100,000	Wisconsin State, Department of Transportation Revenue, Revenue Bonds, Refunding, Series 2, 5.000% due 7/1/29		2,428,671
	15,000	Wisconsin State, General Obligation Unlimited, Series B, Prerefunded 5/1/20 @ 100, 5.000% due 5/1/26		15,631
	1,350,000	Wisconsin State, General Obligation Unlimited, Unrefunded, Series 1, 5.000% due 5/1/21		1,443,056

				3,887,358


		TOTAL MUNICIPAL BONDS (Cost $264,683,362)		261,446,788


*U.S. TREASURY NOTES/BONDS — 9.0%**
	2,700,000	U.S. Treasury Notes, 2.750% due 2/15/19		2,702,906
	7,000,000	U.S. Treasury Notes, 1.000% due 3/15/19		6,964,180
	7,500,000	U.S. Treasury Notes, 1.250% due 3/31/19		7,462,207
	8,850,000	U.S. Treasury Notes, 1.250% due 4/30/19		8,799,422


		TOTAL U.S. TREASURY NOTES/BONDS (Cost $25,935,620)		25,928,715



TOTAL INVESTMENTS (Cost $290,618,982)	99.3	%	$	287,375,503

OTHER ASSETS IN EXCESS OF LIABILITIES	0.7			2,025,680


NET ASSETS	100.0	%	$	289,401,183

See Notes to Financial Statements.


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THE GLENMEDE PORTFOLIOS

Muni Intermediate Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)

October 31, 2018

*	Percentages indicated are based on net assets.

¹	Floating Rate Bond. Rate shown is as of October 31, 2018.

²	Zero Coupon Bond.

Auction Rate Security (ARS) which will bear interest at Auction Rates established for Auction Periods for such series of 7 days each. The Auction Agent shall calculate the Maximum Interest Rate, the Maximum Rate and the All-Hold Rate on each auction date based upon bids submitted by current holders of the bonds. Upon a successful auction, interest rate will be set at auction-based clearing rate. Upon a failed auction, the interest rate is set at a percentage of the Federal Reserve Bank of New York’s “7-day AA Composite Commercial Paper Rate”, based upon the underlying credit rating of the bonds. As of 10/31/18, based upon S&P credit rating of AA+, the failed auction rate is equivalent to 150% of the “7-day AA Composite Commercial Paper Rate”.

⁴	When-issued security.

Abbreviations:

AGMC — Assured Guaranty Municipal Corporation

NPFG — National Public Finance Guarantee Corporation

PSF — Permanent School Fund

QSBLF — Michigan Qualified School Bond Loan Fund

SPA — Stand-By Purchase Agreement

See Notes to Financial Statements.


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THE GLENMEDE PORTFOLIOS

Muni Intermediate Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)

October 31, 2018

STATE DIVERSIFICATION

On October 31, 2018, State Diversification of the Portfolio was as follows:


	% of Net Assets			Value
STATE:
Florida		12.3	%		$	35,707,345
Texas		9.4				27,233,583
Washington		6.8				19,795,809
Illinois		6.3				18,233,316
Michigan		4.9				14,306,326
North Carolina		4.6				13,328,538
Virginia		4.2				12,149,837
Pennsylvania		4.0				11,477,520
Alaska		3.7				10,595,219
Ohio		3.5				10,281,981
New York		2.9				8,351,576
Minnesota		2.8				8,074,518
Massachusetts		2.6				7,451,629
Maryland		2.3				6,636,960
New Mexico		2.2				6,299,055
Oregon		2.1				6,052,620
Arizona		1.6				4,545,823
Mississippi		1.5				4,385,932
Wisconsin		1.3				3,887,358
Nevada		1.3				3,663,240
Maine		1.2				3,440,087
Louisiana		1.2				3,426,390
Colorado		1.1				3,190,413
District of Columbia		1.1				3,100,113
Alabama		1.1				3,097,290
Utah		0.9				2,615,680
Indiana		0.8				2,439,050
Oklahoma		0.8				2,362,240
Missouri		0.8				2,261,940
Kentucky		0.7				2,053,000
Georgia		0.3				1,002,400

TOTAL MUNICIPAL BONDS		90.3	%		$	261,446,788
U.S. TREASURY NOTES/BONDS		9.0	%			25,928,715

TOTAL INVESTMENTS		99.3	%		$	287,375,503

See Notes to Financial Statements.


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THE GLENMEDE PORTFOLIOS

Notes to Financial Statements

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 (the “SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. As of October 31, 2018, the Fund offered shares of one sub-trust, the Muni Intermediate Portfolio (the “Portfolio”). The Portfolio is classified as diversified.

The Fund is an investment company and follows accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 (“ASC 946”). The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S.”) including, but not limited to ASC 946, 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, and the differences could be material. 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.

FASB 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 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 Muni Intermediate Portfolio had all long-term investments, with corresponding states at Level 2 at October 31, 2018. For the fiscal year ended October 31, 2018, 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. A credit rating downgrade, bond default, or bankruptcy involving an issuer within a particular state or territory could affect the market values and marketability of some or all of the municipal obligations of that state or territory.

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 the 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.


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THE GLENMEDE PORTFOLIOS

Notes to Financial Statements — (Continued)

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 the Board in order to avoid a non-deductible 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 continue 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 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, 2018 remain subject to examination by the Internal Revenue Service.

On October 31, 2018 , the tax year end of the Fund, the Portfolio had available capital loss carryforwards to be utilized in future periods to offset future capital gains as follows:


Portfolio	Unlimited (Short Term)		Unlimited (Long Term)
Muni Intermediate Portfolio	$	288,263	$	117,564

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.

As of October 31, 2018, the tax year end of the Fund, the components of distributable earnings on a tax basis were as follows:


Portfolio	Undistributed Tax-exempt Income		Unrealized Appreciation/ (Depreciation)			Loss Carryforwards			Total Distributable Earnings
Muni Intermediate Portfolio	$	480,473	$	(3,243,479	)	$	(405,827	)	$	(3,168,833	)

For the fiscal year ended October 31, 2018, 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, 2018, 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:


Portfolio	Tax Exempt		Ordinary Income		Long-Term Gains		Return of Capital
Muni Intermediate Portfolio	$	5,430,555	$	146,828	$	—	$	—

As of October 31, 2017, 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:


Portfolio	Tax Exempt		Ordinary Income		Long-Term Gains
Muni Intermediate Portfolio	$	5,078,270	$	65,715	$	1,029,089


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THE GLENMEDE PORTFOLIOS

Notes to Financial Statements — (Continued)

As of October 31, 2018, 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	Cost		Appreciation		(Depreciation)		Net
Muni Intermediate Portfolio	$	290,618,982	$	731,451	$	3,974,930	$	(3,243,479	)

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.

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.

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 average daily net assets of the Portfolio and The Glenmede Fund, Inc., an affiliated registered investment company, plus transaction charges for certain transactions and out-of-pocket expenses. The fee is computed daily and paid monthly.

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 $6,000 and out-of-pocket expenses incurred in attending Board meetings.

Expenses for the fiscal year ended October 31, 2018 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.

Purchases and Sales of Securities

For the fiscal year ended October 31, 2018, the 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	$	90,442,083	$	112,449,552


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THE GLENMEDE PORTFOLIOS

Notes to Financial Statements — (Concluded)

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 10/31/18						Year Ended 10/31/17
	Shares			Amount			Shares			Amount
Muni Intermediate Portfolio
Sold		5,096,672		$	55,280,588			7,318,662		$	79,726,233
Issued as reinvestment of dividends		—			—			97,275			1,046,674
Redeemed		(5,741,062	)		(62,226,525	)		(9,708,525	)		(105,481,540	)

Net Decrease		(644,390	)	$	(6,945,937)			(2,292,588	)	$	(24,708,633)

As of October 31, 2018, 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, 2018.

Recently Issued Accounting Pronouncements

In March 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”), Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, which amends the amortization period for certain purchased callable debt securities. Under ASU 2017-08, the premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. ASU 2017-08 will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Funds.

Subsequent Event


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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of The Glenmede Portfolios and Shareholders of Muni Intermediate Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of Muni Intermediate Portfolio (constituting The Glenmede Portfolios, hereafter referred to as the “Portfolio”) as of October 31, 2018, the related statement of operations for the year ended October 31, 2018, the statements of changes in net assets for each of the two years in the period ended October 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2018, 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 ended October 31, 2018 and the financial highlights for each of the five years in the period ended October 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2018 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed alternative procedures. We believe that our audits provide a reasonable basis for our opinion.

LOGO

Boston, Massachusetts

December 21, 2018

We have served as the auditor of one or more investment companies in the Glenmede family of funds since 1988.


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THE GLENMEDE FUND, INC.

THE GLENMEDE PORTFOLIOS

Tax Information (Unaudited)

For the fiscal year ended October 31, 2018

Of the ordinary distributions made during the fiscal year ended October 31, 2018, the following percentages have been derived from investments in U.S. Government and Agency Obligations. All or a portion of the distributions from this income may be exempt from taxation at the state level. Consult your tax advisor for state specific information.


Core Fixed Income Portfolio			52.70%

Of the ordinary distributions made during the fiscal year ended October 31, 2018, the following percentages qualify for the dividends received deduction available to corporate shareholders:


Quantitative U.S. Large Cap Core Equity Portfolio			100%
Quantitative U.S. Large Cap Growth Equity Portfolio			100%
Quantitative U.S. Large Cap Value Equity Portfolio			100%
Quantitative U.S. Small Cap Equity Portfolio			100%
Responsible ESG U.S. Equity Portfolio			100%
Women in Leadership U.S. Equity Portfolio			100%
Quantitative U.S. Total Market Equity Portfolio			100%
Strategic Equity Portfolio			100%
Small Cap Equity Portfolio			70.05%
Mid Cap Equity Portfolio			100%
Large Cap Value Portfolio			87.5%
Equity Income Portfolio			94.18%
Secured Options Portfolio			1.31%
Short Term Tax Aware Fixed Income Portfolio			12.03%

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
Quantitative International Equity Portfolio	$	1,344,532

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, 2018) 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:


Quantitative U.S. Large Cap Core Equity Portfolio	$	111,721,370
Quantitative U.S. Large Cap Growth Equity Portfolio	$	73,196,841
Responsible ESG U.S. Equity Portfolio	$	62,301
Women in Leadership U.S. Equity Portfolio	$	84,949
Quantitative U.S. Total Market Equity Portfolio	$	2,233,678
Strategic Equity Portfolio	$	13,725,891
Small Cap Equity Portfolio	$	334,339,639
Large Cap Value Portfolio	$	3,556,789
Equity Income Portfolio	$	79
Secured Options Portfolio	$	32,671,135
Core Fixed Income Portfolio	$	1,755,129

Qualified dividend income (“QDI”) received through October 31, 2018, that qualified for a reduced tax rate pursuant to the Code Section 1 (h)(11) are as follows:


Quantitative U.S. Large Cap Core Equity Portfolio	$	29,331,979
Quantitative U.S. Large Cap Growth Equity Portfolio	$	21,319,668
Quantitative U.S. Large Cap Value Equity Portfolio	$	12,152
Quantitative U.S. Small Cap Equity Portfolio	$	3,800
Quantitative International Equity Portfolio	$	8,716,752


				218
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THE GLENMEDE FUND, INC.

THE GLENMEDE PORTFOLIOS

Tax Information (Unaudited) — (Concluded)

For the fiscal year ended October 31, 2018


Responsible ESG U.S. Equity Portfolio	$	140,449
Women in Leadership U.S. Equity Portfolio	$	138,167
Quantitative U.S. Total Market Equity Portfolio	$	272,471
Strategic Equity Portfolio	$	1,954,304
Small Cap Equity Portfolio	$	8,032,428
Mid Cap Equity Portfolio	$	63,157
Large Cap Value Portfolio	$	1,838,777
Equity Income Portfolio	$	342,890
Secured Options Portfolio	$	249,808
Global Secured Options Portfolio	$	90,563
Short Term Tax Aware Fixed Income Portfolio	$	7,050

Qualified interest income (“QII”) received through October 31, 2018, that qualified for a reduced tax rate pursuant to the Code Section 871 (k) are as follows:


Secured Options Portfolio			85.31%
Core Fixed Income Portfolio			8.46%

Of the dividends paid by the High Yield Municipal Portfolio, Short Term Tax Aware Fixed Income Portfolio and Muni Intermediate Portfolio from net investment income for the fiscal year ended October 31, 2018, 97.66%, 78.53% and 97.37%, respectively is tax-exempt for regular Federal income taxes.


				219
				219

THE GLENMEDE FUND, INC.

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, 100 Summer Street, Floor 7, SUM0703, Boston, MA 02110, Attention: Fund Administration Legal Department.

Independent Directors/Trustees⁽¹⁾

Name and Age

Positions Held

with the

Funds/Time

Served

Principal

Occupations(s)

During Past 5 Years

Number of
Portfolios in Fund
Complex Overseen
by Director/Trustee

Other
Directorships
Held by
Director/
Trustee

H. Franklin Allen, Ph.D.

Age: 62

Director of Glenmede Fund (since March 1991) and Trustee of Glenmede Portfolios (since May 1992)

Professor of Finance and Economics and Director of the Brevan Howard Centre for Financial Analysis at Imperial College London (since 2014); Professor Emeritus of Finance, The Wharton School of The University of Pennsylvania since June 2016; Professor of Finance and Economics (1990-1994); Vice Dean and Director of Wharton Doctoral Programs (1990-1993). Employed by The University of Pennsylvania (from 1980-2016).

None

William L. Cobb, Jr.

Age: 71

Director of Glenmede Fund and Trustee of Glenmede Portfolios (since February 2007)

Former Executive Vice President and Former Chief Investment Officer, The Church Pension Fund (defined benefit plan for retired clergy of the Episcopal Church) (1999-2014); Chair and Member, Investment Committee, The Minister and Missionaries Benefit Board of the American Baptist Church (until 2013); Vice Chairman, J.P. Morgan Investment Management (1994-1999).

Director, TCW
Direct Lending LLC

Gail E. Keppler

Age: 72

Director of Glenmede Fund and Trustee of Glenmede Portfolios (since February 2007)

Former 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.; Former Board member Cape May County Habitat for Humanity.

None


				220
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THE GLENMEDE FUND, INC.

THE GLENMEDE PORTFOLIOS

BOARD MEMBERS AND OFFICERS TABLE (Unaudited) — (Continued)

Independent Directors/Trustees⁽¹⁾ — (Continued)

Name and Age

Positions Held

with the

Funds/Time

Served

Principal

Occupations(s)

During Past 5 Years

Number of
Portfolios in Fund
Complex Overseen
by Director/Trustee

Other
Directorships
Held by
Director/
Trustee

Harry Wong

Age: 70

Director of Glenmede Fund and Trustee of Glenmede Portfolios (since February 2007)

Former Managing Director, Knight Capital Americas, L.P., 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).

None

⁽¹⁾	Independent Directors/Trustees are those Directors/Trustees who are not “interested persons” of the Funds as defined in the 1940 Act.


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THE GLENMEDE FUND, INC.

THE GLENMEDE PORTFOLIOS

BOARD MEMBERS AND OFFICERS TABLE (Unaudited) — (Continued)

Interested Directors/Trustees⁽²⁾

Name and Age

Positions Held

with the

Funds/Time

Served

Principal

Occupation(s)

During Past 5 Years

Number of
Portfolios in Fund
Complex Overseen
by Director/Trustee

Other
Directorships
Held by
Director/
Trustee

Susan W. Catherwood⁽²⁾

Age: 75

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), Compensation Committee (since 1993) and Nominating Committee (since 2018), 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; Chairman of the Board of Managers, The Christopher Ludwick Foundation; Director: Thomas Skelton Harrison Foundation and The Catherwood Foundation; Fellow and serves on Finance and Investment Committees, and former Board member, College of Physicians of Philadelphia; Former Member and Chair, The Women’s Committee and Penn Museum Board of Overseers of the University of Pennsylvania.

None

G. Thompson Pew, Jr.⁽²⁾

Age: 76

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, Chairman of the Nominating Committee (since 2018), 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.

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” Directors/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.


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THE GLENMEDE FUND, INC.

THE GLENMEDE PORTFOLIOS

BOARD MEMBERS AND OFFICERS TABLE (Unaudited) — (Concluded)


Officers
Name, Address and Age	Positions Held with the Funds/Time Served	Principal Occupation(s) During Past 5 Years

Mary Ann B. Wirts 1650 Market Street, Suite 1200 Philadelphia, PA 19103 Age: 67	President of the Funds since December 1997.	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: 52	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.

Kent E. Weaver 1650 Market Street, Suite 1200 Philadelphia, PA 19103 Age: 51	Treasurer of the Funds since September 2015.	Director of Client Service of Glenmede Investment Management LP (since July 2015); Former Director of Client Service and Sales, Chief Compliance Officer of Philadelphia International Advisors, LP (2002-June 2015).

Michael P. Malloy One Logan Square, Suite 2000 Philadelphia, PA 19103- 6996 Age: 59	Secretary of the Funds since January 1995.	Partner in the law firm of Drinker Biddle & Reath LLP.

Chris E. McGuire 1 Iron Street Boston, MA 02210 Age: 45	Assistant Treasurer of the Funds since December 2014.	Managing Director, State Street Bank and Trust Company (since 2007).

Eimile J. Moore 690 Taylor Road, Suite 210 Columbus, OH 43230 Age: 49	Chief Compliance Officer of the Funds since December 2017	Managing Director, Foreside Financial Services, LLC (since 2011); Vice President/Business Manager, JP Morgan Distribution Services, Inc. (2006-2011).

Bernard J. Brick 100 Summer Street, Floor 7 Boston, MA 02110 Age: 44	Assistant Secretary of the Funds since December 2013.	Vice President and Counsel, State Street Bank and Trust Company (2011-present).


				223
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THE GLENMEDE FUND, INC.

THE GLENMEDE PORTFOLIOS

(Unaudited)

Proxy Voting

A description of the policies and procedures that the Funds’ investment advisor 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. The Funds’ Forms N-Q are also available, upon request, by calling 1-800-442-8299 or at www.glenmedeim.com.

Boards of Directors/Trustees — Considerations Regarding Investment Advisory Agreements and Sub-Investment Advisory Agreement

At a meeting held on September 18, 2018, the Board of Directors of Glenmede Fund and the Board of Trustees of Glenmede Portfolios (collectively, the “Boards”) renewed the Investment Advisory Agreements and Sub-Advisory Agreement for each Portfolio of the Funds that were expiring on October 31, 2018.

In determining whether to renew the Investment Advisory Agreements and Sub-Advisory Agreement (collectively, the “Agreements”), the Boards, including all of the Directors/Trustees who are not interested persons under the Investment Company Act of 1940, as amended (the “Independent Directors/Trustees”), 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 Capital Guardian Trust Company (“Capital”), the sub-advisor to the High Yield Municipal Portfolio comparing the performance of each Portfolio it advises or sub-advises, as applicable, to the performance of its applicable benchmark index and relevant peer group; (3) a Broad-ridge Financial Solutions, Inc. (“Broadridge”) report comparing each Portfolio’s advisory fees, if any, and expenses to those of its relevant peer group; and (4) reports and presentations by representatives of the Advisor and Capital that described: (i) the nature, extent and quality of the Advisor’s services provided to its Portfolios; (ii) the nature, extent and quality of Capital’s sub-advisory services provided to the High Yield Municipal Portfolio; (iii) the experience and qualifications of the personnel providing those services; (iv) their organizational structures, financial information, insurance coverage and Forms ADV; (v) their investment philosophies and processes; (vi) their assets under management and client descriptions; (vii) the Advisor’s soft dollar commission policy, including information on the types of research and services obtained in connection with soft dollar commissions and the Advisor’s and Capital’s trade allocation policies; (viii) the current advisory fee arrangements with those Portfolios that charge advisory fees; (ix) the contractual fee and expense waivers in effect for the Quantitative U.S. Long/Short Equity Portfolio, Mid Cap Equity Portfolio, Quantitative International Equity Portfolio, Equity Income Portfolio, High Yield Municipal Portfolio, Women in Leadership U.S. Equity Portfolio, Responsible ESG U.S. Equity Portfolio, Short Term Tax Aware Fixed Income Portfolio and Quantitative U.S. Total Market Equity Portfolio; (x) the advisory fee arrangements with the Advisor’s other similarly managed clients, if any, and Capital’s affiliate’s similarly managed fund; (xi) their compliance processes and conflicts of interest assessments; (xii) the Advisor’s profitability analyses related to providing services to the Portfolios; (xiii) Capital’s assessment that since the High Yield Municipal Portfolio was a small portion of its assets under management and Capital’s overall profitability, that it would not be meaningful to extrapolate revenue and expenses on an individual fund or account basis; and (xiv) the extent to which economies of scale are relevant to the Portfolios. The Directors/Trustees considered the written materials, the Advisor’s and Capital’s presentations, the Funds’ Chief Compliance Officer’s quarterly reports, 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 Capital and their respective Agreements: the Advisor and Capital each has the capabilities, resources and personnel necessary to manage their respective Portfolio(s) and the Advisor has the capabilities, resources and personnel necessary to oversee the management of Capital as sub-advisor to the High Yield Municipal Portfolio; the Boards are satisfied with the quality of services provided by the Advisor in advising its Portfolios and Capital in sub-advising the High Yield Municipal Portfolio; the advisory fees for each Portfolio that pays an advisory fee are reasonable as compared to the fees paid by comparable mutual funds; the advisory fees are reasonable as compared to the Advisor’s similarly-managed separate account clients; and the sub-advisory fee is reasonable as compared to Capital’s affiliates’ other similarly-managed sub-advised mutual fund. 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.


				224
				224

THE GLENMEDE FUND, INC.

THE GLENMEDE PORTFOLIOS

(Unaudited) — (Concluded)

The Boards also concluded that based on the information provided, the total annual portfolio operating expenses paid by each Portfolio are reasonable. The Boards also concluded that the performance of the Portfolios are generally mixed as compared with their applicable benchmark indices and other mutual funds in their peer groups.

The Boards also concluded that the profit to the Advisor for advisory services to the Portfolios seems reasonable; and the Glenmede Fund Board concluded that Capital’s profitability for providing services to the High Yield Municipal Portfolio was not a material factor in determining whether or not to renew the Sub- Advisory Agreement for the High Yield Municipal Portfolio; and the benefits derived by the Advisor from managing the Portfolios, including how the Advisor uses soft dollars and selects brokers, and the ways in which it conducts portfolio transactions, seem reasonable. The Glenmede Board concluded that consideration of Capital’s use of soft dollars was not relevant because based on the information provided, Capital does not use soft dollars in sub-advising the High Yield Municipal Portfolio. 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 its evaluation of the High Yield Municipal Portfolio’s sub-advisory fee, economies of scale were not considered relevant because the sub-advisory fee is paid by the Advisor, not the High Yield Municipal Portfolio nor its shareholders, and therefore has no impact on the High Yield Municipal 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 the Sub-Advisory Agreement were reasonable and fair to the respective Portfolios and their shareholders.


				225
				225

The Glenmede Fund, Inc. and The Glenmede Portfolios

Investment Advisor

Glenmede Investment Management LP

One Liberty Place

1650 Market Street, Suite 1200

Philadelphia, Pennsylvania 19103

Administrator

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

Custodian

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

Legal Counsel

Drinker Biddle & Reath LLP

One Logan Square

Suite 2000

Philadelphia, Pennsylvania 19103-6996

Distributor

Quasar Distributors, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

Independent Auditors

PricewaterhouseCoopers LLP

101 Seaport Boulevard

Boston, MA 02210

Investment Sub-Advisor

(for High Yield Municipal Portfolio)

Capital Guardian Trust Company

333 South Hope Street

Los Angeles, California 90071

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, 2018, 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, 2018, 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 13(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 Harry Wong, 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 $460,687 and $496,582 for the fiscal years ended October 31, 2017 and October 31, 2018, respectively.

(b)

Audit-Related Fees – There were no fees billed for the fiscal years ended October 31, 2017 and October 31, 2018 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, excise tax calculations and final income distributions for liquidating funds were $92,190 and $100,400 for the fiscal years ended October 31, 2017 and October 31, 2018, respectively.

(d)

All Other Fees – The aggregate fees billed for professional services rendered by the principal accountant for the review of a Form N-1A filing in connection with the change in name and investment strategy a fund were $3,000 for the fiscal year ended October 31, 2017. There were no other fees billed for the fiscal year ended October 31, 2018 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, 2018 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 $95,190 and $100,400 for the fiscal years ended October 31, 2017 and October 31, 2018, respectively, as described above.

(h)

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. 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 have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))), are effective based on the evaluation of the 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 1940 Act (17 CFR 270.30a-3(d))), that occurred during the Registrant’s last fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a) Not applicable.

(b) Not applicable.

Item 13. 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) Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant, as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), are attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange Act of 1934, as amended (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), are 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 (Principal Executive Officer)



Date		December 28, 2018

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 persons on behalf of the Registrant and in the capacities and on the dates indicated.

By (Signature and Title)

/s/ Mary Ann B. Wirts

Mary Ann B. Wirts

President

(Principal Executive Officer)



Date		December 28, 2018



		/s/ Kent E. Weaver
		Kent E. Weaver Treasurer (Principal Financial Officer)



Date		December 28, 2018

Glenmede Fund N-CSRCertified annual shareholder report (management investment company)