THE GLENMEDE PORTFOLIOS
Muni Intermediate Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS
January 31, 2020 - (Unaudited)
Face Amount | Value | ||
MUNICIPAL BONDS* — 99.8% | |||
Alabama — 1.0% | |||
$3,000,000 | Black Belt Energy Gas District, AL, Gas Supply Revenue, Revenue Bonds, Series A, 4.000% due 7/1/46 | $3,111,780 | |
Alaska — 1.5% | |||
1,630,000 | Alaska State, General Obligation Unlimited, Refunding, Series B, 5.000% due 8/1/22 | 1,795,559 | |
2,745,000 | Anchorage, AK, Electric Utility, Revenue Bonds, Refunding, Series A, 4.000% due 12/1/21 | 2,894,026 | |
4,689,585 | |||
Arizona — 1.6% | |||
4,015,000 | Yuma, AZ, Municipal Property Corp., Road & Excise Tax, Revenue Bonds, Refunding, 5.000% due 7/1/26 | 4,837,553 | |
California — 1.7% | |||
3,635,000 | California State, CA, General Obligation Unlimited, Refunding, (AGMC Insured), 5.250% due 8/1/32 | 5,174,750 | |
Colorado — 0.7% | |||
2,000,000 | Colorado State, CO, Housing and Finance Authority, Revenue Bonds, Series B, 3.750% due 5/1/501 | 2,205,520 | |
Connecticut — 1.1% | |||
2,000,000 | Connecticut State, Housing Finance Authority, Housing Finance Mortgage Program, Revenue Bonds, Refunding, Series F-1, 3.500% due 11/15/43 | 2,189,180 | |
1,000,000 | University of Connecticut, Revenue Bonds, Series A, 5.000% due 11/1/25 | 1,218,340 | |
3,407,520 | |||
Delaware — 1.0% | |||
2,640,000 | Delaware State, DE, General Obligation Unlimited, Refunding, Series B, 5.000% due 7/1/24 | 3,115,939 | |
District Of Columbia — 1.4% | |||
2,700,000 | District of Columbia, General Obligation Unlimited, Series D, 5.000% due 6/1/25 | 3,283,308 | |
1,000,000 | Metropolitan Washington, DC, Airports Authority System, Revenue Bonds, Refunding, Series B, 5.000% due 10/1/231 | 1,124,600 | |
4,407,908 | |||
Florida — 8.0% | |||
1,025,000 | Broward County, FL, School Broward Corporation, Certificate of Participation, Refunding, Series A, 5.000% due 7/1/27 | 1,265,619 | |
2,820,000 | Central, FL, Expressway Authority, Revenue Bonds, Refunding, Series B, 5.000% due 7/1/28 | 3,479,429 | |
2,180,000 | Citizens Property Insurance Corp., FL, Revenue Bonds, Series A-1, 5.000% due 6/1/20 | 2,208,754 | |
2,765,000 | Florida State, Department of Environmental Protection, Preservation Revenue, Revenue Bonds, Refunding, Series A, 5.000% due 7/1/22 | 3,038,652 | |
2,500,000 | Florida State, Municipal Power Agency, Revenue Bonds, Refunding, Series A, 5.000% due 10/1/27 | 3,179,125 | |
2,750,000 | Lakeland, FL, Energy System Revenue Bonds, Refunding, 5.000% due 10/1/25 | 3,360,830 | |
3,000,000 | Lee County, FL, School Board, Certificate of Participation, Series A, 5.000% due 8/1/28 | 3,894,540 | |
2,025,000 | Orlando & Orange County, FL, Expressway Authority, Revenue Bonds, Refunding, 5.000% due 7/1/23 | 2,217,760 |
See Notes to Schedule of Portfolio Investments
1 |
THE GLENMEDE PORTFOLIOS
Muni Intermediate Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)
January 31, 2020 - (Unaudited)
Face Amount | Value | ||
MUNICIPAL BONDS* — (Continued) | |||
Florida — (Continued) | |||
$1,875,000 | Orlando & Orange County, FL, Expressway Authority, Revenue Bonds, Refunding, Series B (AGMC Insured), 5.000% due 7/1/21 | $1,906,556 | |
24,551,265 | |||
Hawaii — 0.9% | |||
2,700,000 | Hawaii State, HI, General Obligation Unlimited, Refunding, Series EA, 5.000% due 12/1/22 | 2,902,554 | |
Illinois — 4.8% | |||
Chicago, IL, O’Hare International Airport Revenue Bonds, Refunding, Series B: | |||
2,545,000 | 5.000% due 1/1/30 | 3,005,009 | |
2,000,000 | 5.000% due 1/1/32 | 2,359,400 | |
4,000,000 | McHenry County, IL, Conservation District, General Obligation Unlimited, Refunding, 5.000% due 2/1/25 | 4,758,440 | |
4,000,000 | Regional Transportation Authority, IL, Revenue Bonds, Refunding, Series A, 5.000% due 7/1/23 | 4,503,960 | |
14,626,809 | |||
Indiana — 0.8% | |||
2,500,000 | Indiana State, Health & Educational Facilities Financing Authority, Revenue Bonds, Series 2006B-3, 1.750% due 11/15/31 | 2,529,725 | |
Kansas — 1.4% | |||
Kansas State, KS, Department of Transportation Highway Revenue, Revenue Bonds, Series C: | |||
1,190,000 | 5.000% due 9/1/23 | 1,314,522 | |
2,750,000 | 5.000% due 9/1/24 | 3,037,017 | |
4,351,539 | |||
Kentucky — 0.7% | |||
2,000,000 | Kentucky State, Property & Building Commission, Revenue Bonds, Refunding, 4.000% due 8/1/21 | 2,028,960 | |
Maine — 1.1% | |||
Maine State Municipal Bond Bank, Infrastructure Revenue, Refunding, Series A: | |||
1,175,000 | 5.000% due 9/1/21 | 1,251,316 | |
1,985,000 | 5.000% due 9/1/22 | 2,190,567 | |
3,441,883 | |||
Maryland — 6.9% | |||
3,500,000 | County of Prince George’s MD, General Obligation Limited, Series A, 4.000% due 7/15/32 | 4,203,990 | |
3,000,000 | Frederick County, MD, General Obligation Unlimited, Series A, 3.000% due 8/1/31 | 3,387,240 | |
4,000,000 | Maryland State, General Obligation Unlimited, 5.000% due 8/1/24 | 4,730,640 | |
3,280,000 | Maryland State, General Obligation Unlimited, Series A, 5.000% due 3/15/30 | 4,245,173 | |
2,500,000 | Maryland, MD, Economic Development Corporation, Economic Development Revenue, Revenue Bonds, Series B, 5.375% due 6/1/25 | 2,536,350 | |
2,000,000 | Washington, MD, Suburban Sanitary Commission, General Obligation Unlimited, Public Improvement, 4.000% due 6/1/21 | 2,083,360 | |
21,186,753 | |||
Massachusetts — 2.2% | |||
2,000,000 | Massachusetts State, General Obligation Limited, Refunding, Series E, 3.000% due 12/1/27 | 2,283,980 |
See Notes to Schedule of Portfolio Investments
2 |
THE GLENMEDE PORTFOLIOS
Muni Intermediate Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)
January 31, 2020 - (Unaudited)
Face Amount | Value | ||
MUNICIPAL BONDS* — (Continued) | |||
Massachusetts — (Continued) | |||
$3,850,000 | Massachusetts State, General Obligation Limited, Series C, 5.000% due 5/1/30 | $4,353,888 | |
6,637,868 | |||
Michigan — 5.5% | |||
1,015,000 | Byron Center, MI, Public Schools, General Obligation Unlimited, Refunding, (QSBLF Insured), 5.000% due 5/1/241 | 1,182,303 | |
4,000,000 | Detroit, MI, City School District, General Obligation Unlimited, Series A, (QSBLF Insured), 5.000% due 5/1/26 | 4,360,400 | |
1,500,000 | Grand Valley, MI, State University, Revenue Bonds, Refunding, Series A, 5.000% due 12/1/26 | 1,843,635 | |
3,100,000 | Michigan Finance Authority, Revenue Bonds, Refunding Detroit School District, Series A, (QSBLF Insured), 5.000% due 5/1/21 | 3,250,598 | |
2,000,000 | Michigan State, Finance Authority Revenue, Revenue Bonds, Refunding, Series A, 5.000% due 12/1/27 | 2,063,860 | |
1,000,000 | Michigan State, Finance Authority Revenue, Revenue Bonds, Series 2019B, 3.500% due 11/15/44 | 1,061,510 | |
2,995,000 | Michigan State, Housing Development Authority, Revenue Bonds, Series B, 3.500% due 6/1/47 | 3,176,856 | |
16,939,162 | |||
Minnesota — 3.9% | |||
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 | 1,222,499 | |
4,800,000 | Minnesota State, MN, Housing Finance Agency, Revenue Bonds, Refunding, Series E, (GNMA / FNMA / FHLMC Insured), 4.000% due 1/1/47 | 5,109,648 | |
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 | 5,672,784 | |
12,004,931 | |||
Mississippi — 1.4% | |||
1,000,000 | Mississippi Development Bank, Special Obligation, Revenue Bonds, Refunding, Series A, 5.000% due 4/1/20 | 1,006,280 | |
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 | 3,303,654 | |
4,309,934 | |||
Missouri — 1.7% | |||
2,000,000 | City of Kansas, MO, Sanitary Sewer System Revenue Bonds, Refunding, Series A, 5.000% due 1/1/27 | 2,384,160 | |
2,500,000 | Missouri State, MO, Housing Development Commission Single Family Mortgage, Revenue Bonds, Series A, 3.500% due 11/1/501 | 2,749,100 | |
5,133,260 | |||
Nevada — 1.4% | |||
3,500,000 | Clark County, NV, General Obligation Limited, Series C, 4.000% due 7/1/32 | 4,184,180 | |
New Mexico — 0.8% | |||
1,175,000 | New Mexico State, Mortgage Finance Authority, Revenue Bonds, Series A, (GNMA / FNMA / FHLMC Insured), 3.500% due 1/1/511 | 1,292,617 |
See Notes to Schedule of Portfolio Investments
3 |
THE GLENMEDE PORTFOLIOS
Muni Intermediate Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)
January 31, 2020 - (Unaudited)
Face Amount | Value | ||
MUNICIPAL BONDS* — (Continued) | |||
New Mexico — (Continued) | |||
$1,125,000 | New Mexico State, Mortgage Finance Authority, Revenue Bonds, Series F (GNMA / FNMA / FHLMC Insured), 3.500% due 7/1/50 | $1,231,774 | |
2,524,391 | |||
New York — 3.5% | |||
3,400,000 | Metropolitan Transportation Authority, NY, Revenue Bonds, Series A-2S, 4.000% due 2/1/22 | 3,589,040 | |
1,000,000 | New York City, NY, Municipal Water Finance Authority, Water & Sewer System, Revenue Bonds, Series DD-2, 5.000% due 6/15/25 | 1,155,490 | |
1,650,000 | New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured, Series C, 5.000% due 11/1/26 | 2,089,379 | |
2,275,000 | New York City, NY, Transitional Finance Authority, Future Tax Secured, Revenue Bonds, Subseries E-1, 5.000% due 2/1/30 | 2,785,646 | |
1,150,000 | New York State, Thruway Authority Personal Income Tax, Revenue Bonds, Series A, 5.000% due 3/15/23 | 1,179,360 | |
10,798,915 | |||
North Carolina — 3.7% | |||
1,220,000 | Duplin County, NC, Limited Obligation, Revenue Bonds, 5.000% due 4/1/23 | 1,366,302 | |
New Hanover County, NC, Hospital Revenue, Revenue Bonds, Refunding: | |||
775,000 | 5.000% due 10/1/21 | 817,671 | |
1,920,000 | New Hanover County, NC, Hospital Revenue, Revenue Bonds, Refunding, 5.000% due 10/1/22 | 2,523,093 | |
600,000 | 5.000% due 10/1/23 | 667,992 | |
2,940,000 | North Carolina State, General Obligation Unlimited, Refunding, Series A, 5.000% due 6/1/27 | 3,667,621 | |
2,000,000 | Raleigh City, North Carolina, Combined Enterprise System Revenue, Refunding, Series B, 5.000% due 12/1/24 | 2,392,900 | |
11,435,579 | |||
Ohio — 5.4% | |||
2,060,000 | Ohio State, Adult Correctional Capital Facilities, Lease Revenue, Series A, 5.000% due 4/1/21 | 2,158,056 | |
3,250,000 | Ohio State, General Obligation Unlimited, Series A, 5.000% due 6/15/28 | 3,657,810 | |
2,670,000 | Ohio State, Hospital Revenue Bonds, Series A, 5.000% due 1/15/24 | 2,967,598 | |
1,000,000 | Ohio State, Revenue Bonds, Refunding, Series B, 5.000% due 10/1/21 | 1,068,010 | |
1,360,000 | Ohio State, Special Obligation, Revenue Bonds, 5.000% due 10/1/21 | 1,452,494 | |
4,245,000 | Ohio State, Water Development Authority Water Pollution Control Loan Fund, Revenue Bonds, Series A, 5.000% due 6/1/30 | 5,362,708 | |
16,666,676 | |||
Oklahoma — 0.8% | |||
2,000,000 | Grand River, OK, Dam Authority, Revenue Bonds, Refunding, Series A, 5.000% due 6/1/24 | 2,343,620 | |
Oregon — 0.7% | |||
1,970,000 | Oregon State, General Obligation Unlimited, Refunding, Series N, 5.000% due 12/1/23 | 2,117,789 | |
Pennsylvania — 4.2% | |||
440,000 | Conneaut, PA, School District, Refunding, Series B, (AGMC Insured State Aid Withholding), 5.000% due 11/1/20 | 452,932 |
See Notes to Schedule of Portfolio Investments
4 |
THE GLENMEDE PORTFOLIOS
Muni Intermediate Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)
January 31, 2020 - (Unaudited)
Face Amount | Value | ||
MUNICIPAL BONDS* — (Continued) | |||
Pennsylvania — (Continued) | |||
$2,500,000 | Cumberland County, PA, Municipal Authority, Revenue Bonds, 5.000% due 11/1/31 | $3,211,250 | |
2,500,000 | Pennsylvania State Turnpike Authority, Revenue Bonds, Refunding, 5.000% due 12/1/22 | 2,780,600 | |
1,500,000 | Pennsylvania State, General Obligation Unlimited, Series 2, 5.000% due 9/15/25 | 1,827,945 | |
2,150,000 | Pennsylvania State, General Obligation Unlimited, Series CR (AGMC Insured), 4.000% due 9/15/31 | 2,464,179 | |
2,000,000 | Pennsylvania State, Housing Finance Agency Single Family Mortgage Revenue, Revenue Bonds, Series 2019-131A, 3.500% due 4/1/49 | 2,156,440 | |
12,893,346 | |||
Rhode Island — 0.4% | |||
1,020,000 | Rhode Island State, RI, Health and Educational Building Corporation, Public School Revenue, Revenue Bonds, Refunding, Series A, 5.000% due 5/15/22 | 1,102,610 | |
South Carolina — 0.4% | |||
1,010,000 | Beaufort County, SC, General Obligation Unlimited, Series B, (State Aid Withholding), 5.000% due 5/1/22 | 1,101,940 | |
Texas — 14.0% | |||
1,420,000 | Alamo, TX, Community College District, General Obligation Limited, 5.000% due 2/15/23 | 1,480,492 | |
1,065,000 | Alamo, TX, Community College District, General Obligation Limited, Refunding, 5.000% due 2/15/24 | 1,234,846 | |
3,000,000 | Dallas, TX, Area Rapid Transit, Sales Tax Revenue, Revenue Bonds, Refunding, 5.000% due 12/1/25 | 3,681,120 | |
2,500,000 | Dallas, TX, Independent School District, General Obligation Unlimited, Refunding, (PSF Guaranteed), 5.000% due 2/15/22 | 2,605,425 | |
2,100,000 | Dallas, TX, Independent School District, General Obligation Unlimited, Series B, (PSF Guaranteed), 5.000% due 2/15/23 | 2,357,922 | |
Harris County, Texas, Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding, Children’s Hospital Project: | |||
2,850,000 | 5.000% due 10/1/26 | 3,461,525 | |
2,000,000 | 5.000% due 10/1/27 | 2,416,160 | |
3,000,000 | Harris County, Texas, Flood Control District, Revenue Bonds, Refunding, Series A, 5.000% due 10/1/28 | 3,843,930 | |
Harris County, Texas, Revenue Bonds, Refunding, Series A: | |||
1,300,000 | 5.000% due 8/15/24 | 1,536,288 | |
3,000,000 | 5.000% due 8/15/25 | 3,661,140 | |
3,000,000 | Plano, TX, Independent School District, General Obligation Unlimited, Refunding, Series B, (PSF Guaranteed), 5.000% due 2/15/21 | 3,127,770 | |
2,550,000 | Texas State, General Obligation Unlimited, Series A, 5.000% due 10/1/26 | 3,210,986 | |
1,000,000 | Texas State, Transportation Commission Highway Fund Revenue, Revenue Bonds, Refunding, 5.000% due 10/1/22 | 1,107,970 | |
1,165,000 | Texas State, TX, A&M University Permanent University Fund, Revenue Bonds, 5.000% due 7/1/22 | 1,279,706 | |
3,500,000 | University of Texas, Revenue Bonds, Series D , 5.000% due 8/15/25 | 4,275,530 | |
3,090,000 | Waco, TX, Independent School District, General Obligation Unlimited, Refunding, (PSF Guaranteed), 5.000% due 8/15/23 | 3,528,656 | |
42,809,466 |
See Notes to Schedule of Portfolio Investments
5 |
THE GLENMEDE PORTFOLIOS
Muni Intermediate Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)
January 31, 2020 - (Unaudited)
Face Amount | Value | ||
MUNICIPAL BONDS* — (Continued) | |||
Utah — 0.9% | |||
$2,440,000 | Nebo, UT, School District, General Obligation Unlimited, Series C, 4.000% due 7/1/23 | $2,694,638 | |
Virginia — 3.9% | |||
2,800,000 | Richmond, VA, Convention Center Authority, Hotel Tax Revenue Bonds, Refunding, 5.000% due 6/15/27 | 3,365,124 | |
2,450,000 | Virginia State, Commonwealth University Health System Authority Revenue, Revenue Bonds, Series B, 5.000% due 7/1/29 | 3,079,993 | |
4,555,000 | Virginia State, Public Building Authority, Public Facilities Revenue, Revenue Bonds, Series A, 4.000% due 8/1/35 | 5,447,051 | |
11,892,168 | |||
Washington — 7.4% | |||
4,650,000 | Central Puget Sound, WA, Regional Transit Authority, Revenue Bonds, Refunding, Series P-1, 5.000% due 2/1/28 | 5,019,954 | |
3,695,000 | City of Seattle, WA, Municipal Light and Power Revenue, Revenue Bonds, Refunding, 4.000% due 9/1/30 | 4,126,724 | |
1,205,000 | Grays Harbor County, WA, Public Utility District No. 1, Revenue Bonds, Refunding, Series A, 5.000% due 1/1/27 | 1,423,141 | |
3,600,000 | King County, WA, Bellevue School District No. 405, General Obligation Unlimited, 5.000% due 12/1/25 | 4,149,828 | |
4,000,000 | Washington State, General Obligation Unlimited, Refunding, Series R-2013A, 4.000% due 7/1/28 | 4,274,120 | |
3,000,000 | Washington State, General Obligation Unlimited, Series D, 5.000% due 2/1/26 | 3,717,270 | |
22,711,037 | |||
Wisconsin — 1.5% | |||
2,100,000 | Wisconsin State, Department of Transportation Revenue, Revenue Bonds, Refunding, Series 2, 5.000% due 7/1/29 | 2,673,951 | |
15,000 | Wisconsin State, General Obligation Unlimited, Series B, Prerefunded 5/1/20 @ 100, 5.000% due 5/1/26 | 15,147 | |
1,470,000 | Wisconsin State, Health & Educational Facilities Authority Revenue, Revenue Bonds, Refunding, Series A, 5.000% due 11/15/28 | 1,914,469 | |
4,603,567 | |||
Wyoming — 1.5% | |||
4,230,000 | Wyoming State, Community Development Authority, Housing Revenue, Revenue Bonds, Refunding, Series 3, 4.000% due 6/1/43 | 4,615,057 | |
TOTAL MUNICIPAL BONDS (Cost $294,263,561) | 306,090,177 | ||
TOTAL INVESTMENTS (Cost $294,263,561) | 99.8% | $306,090,177 | |
OTHER ASSETS IN EXCESS OF LIABILITIES | 0.2 | 661,558 | |
NET ASSETS | 100.0% | $306,751,735 |
* | Percentages indicated are based on net assets. |
1 | When-issued security. |
Abbreviations: |
AGMC — Assured Guaranty Municipal Corporation |
FHLMC — Federal Home Loan Mortgage Corporation |
FNMA — Federal National Mortgage Association |
GNMA — Government National Mortgage Association |
PSF — Permanent School Fund |
QSBLF — Michigan Qualified School Bond Loan Fund |
See Notes to Schedule of Portfolio Investments
6 |
THE GLENMEDE PORTFOLIOS
Notes to Schedule of Portfolio Investments (Unaudited)
1. Organization and Significant Accounting Policies
The Glenmede Portfolios (the “Fund”) is an investment company that was organized as a Massachusetts business trust on March 3, 1992, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. As of January 31, 2020, the Fund offered shares of one sub-trust, the Muni Intermediate Portfolio (the “Portfolio”). The Portfolio is classified as diversified.
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 January 31, 2020.
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.
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.
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
7 |
THE GLENMEDE PORTFOLIOS
Notes to Schedule of Portfolio Investments (Unaudited) — (Concluded)
this would involve future claims that may be, but have not yet been, made against the Portfolio. However, based on experience, the risk of material loss from such claims is considered to be remote.
2. Subsequent Events
Management has evaluated events or transactions subsequent to January 31, 2020 through the date the schedule of investments was filed with the Securities and Exchange Commission, and has determined that there were no material events that would require additional disclosure.
8 |