THE GLENMEDE PORTFOLIOS
Muni Intermediate Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS
July 31, 2022 - (Unaudited)
Face Amount | Value | ||
MUNICIPAL BONDS* — 93.0% | |||
Arizona — 0.8% | |||
$2,015,000 | Yuma, AZ, Municipal Property Corp., Road & Excise Tax, Revenue Bonds, Refunding, 5.000% due 7/1/26 | $2,191,206 | |
California — 13.4% | |||
1,000,000 | Bay Area Toll Authority, CA, Revenue Bonds, Series D, (SIFMA MUNI SWAP INDEX+0.3%), 1.630% due 4/1/561 | 967,235 | |
1,000,000 | California State University, Revenue Bonds, Refunding, Series A, 5.000% due 11/1/27 | 1,117,091 | |
1,500,000 | California State, Department of Water Resources, Revenue Bonds, Refunding, Series AX, 5.000% due 12/1/31 | 1,706,154 | |
1,500,000 | California State, General Obligation Unlimited, 4.000% due 10/1/34 | 1,626,788 | |
1,500,000 | California State, General Obligation Unlimited, Refunding, 5.000% due 9/1/30 | 1,821,122 | |
1,750,000 | City and County of San Francisco, CA, General Obligation Unlimited, Refunding, Series R, 5.000% due 6/15/28 | 2,053,889 | |
1,500,000 | City of Los Angeles, CA, Department of Airports, Revenue Bonds, Refunding, 5.000% due 5/15/31 | 1,788,717 | |
1,675,000 | City of Los Angeles, CA, Department of Airports, Revenue Bonds, Refunding, Series B, 5.000% due 5/15/27 | 1,904,225 | |
1,560,000 | City of Los Angeles, CA, Department of Water and Power System, Revenue Bonds, Refunding, Series B, 5.000% due 7/1/28 | 1,820,820 | |
1,500,000 | City of Los Angeles, CA, Revenue Notes, 4.000% due 6/29/23 | 1,534,253 | |
1,000,000 | East Bay, CA, Municipal Utility District Water System Revenue, Revenue Bonds, Refunding, Series B-2, 5.000% due 6/1/26 | 1,124,683 | |
2,820,000 | Los Angeles County, CA, Metropolitan Transportation Authority, Sales Tax Revenue, Revenue Bonds, Refunding, Series A, 4.000% due 7/1/31 | 2,901,117 | |
1,000,000 | Los Angeles County, CA, Public Works Financing Authority, Revenue Bonds, Refunding, Series A, 5.000% due 12/1/32 | 1,195,579 | |
1,710,000 | Los Angeles, CA, Unified School District, General Obligation Unlimited, Refunding, Series A, 4.000% due 7/1/32 | 1,906,641 | |
2,500,000 | Los Angeles, CA, Unified School District, General Obligation Unlimited, Series C, 4.000% due 7/1/33 | 2,767,078 | |
1,510,000 | Metropolitan Water District of Southern California, General Obligation Unlimited, Refunding, Series A, 5.000% due 3/1/33 | 1,796,244 | |
1,835,000 | San Diego, CA, Unified School District, General Obligation Unlimited, Refunding, Series R, 5.000% due 7/1/29 | 2,042,422 | |
1,810,000 | San Francisco, CA, City and County Airport Comm-San Francisco International Airport, Revenue Bonds, Refunding, Series A, 5.000% due 5/1/26 | 2,002,735 | |
1,500,000 | San Francisco, CA, City and County Public Utilities Commission Wastewater Revenue, Revenue Bonds, Refunding, Series B, 5.000% due 10/1/31 | 1,834,469 | |
750,000 | San Francisco, CA, Unified School District, General Obligation Unlimited, Series C, 5.000% due 6/15/26 | 838,074 | |
1,500,000 | Santa Ana, CA, Unified School District, General Obligation Unlimited, Refunding, 5.000% due 8/1/30 | 1,727,650 | |
1,500,000 | The Regents of The University of California Medical Centre Pooled, Revenue Bonds, Series 2022 P, 5.000% due 5/15/34 | 1,793,637 | |
38,270,623 | |||
Colorado — 1.9% | |||
1,010,000 | Adams and Arapahoe Joint School District 28J Aurora, General Obligation Unlimited, Refunding, Series A, 5.000% due 12/1/23 | 1,056,162 | |
1,195,000 | City and County of Denver, Co, Airport System Revenue, Revenue Bonds, Series A, 5.000% due 11/15/24 | 1,271,568 |
See Notes to Schedule of Portfolio Investments
1 |
THE GLENMEDE PORTFOLIOS
Muni Intermediate Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)
July 31, 2022 - (Unaudited)
Face Amount | Value | ||
MUNICIPAL BONDS* — (Continued) | |||
Colorado — (Continued) | |||
$1,545,000 | Colorado State, Housing and Finance Authority, Revenue Bonds, Series B, 3.750% due 5/1/50 | $1,578,852 | |
1,425,000 | E-470 Public Highway Authority, CO, Revenue Bonds, Refunding, Series A, 5.000% due 9/1/28 | 1,641,360 | |
5,547,942 | |||
Connecticut — 2.3% | |||
Connecticut State, General Obligation Unlimited, Refunding, Series D: | |||
1,500,000 | 5.000% due 7/15/23 | 1,549,219 | |
1,300,000 | 5.000% due 9/15/31 | 1,564,011 | |
1,825,000 | Connecticut State, Health and Educational Facilities Authority, Revenue Bonds, Series V-1, 1.650% due 7/1/362 | 1,825,000 | |
1,520,000 | Connecticut State, Housing Finance Authority, Housing Finance Mortgage Program, Revenue Bonds, Refunding, Series F-1, 3.500% due 11/15/43 | 1,541,797 | |
6,480,027 | |||
Delaware — 1.6% | |||
1,000,000 | Delaware River and Bay Authority, DE, Consisting, Revenue Bonds, Refunding, Series C, 5.000% due 1/1/27 | 1,044,370 | |
535,000 | Delaware River and Bay Authority, DE, Revenue Bonds, Refunding, 5.000% due 1/1/313 | 626,128 | |
2,640,000 | Delaware State, General Obligation Unlimited, Series B, 5.000% due 7/1/24 | 2,808,471 | |
4,478,969 | |||
District Of Columbia — 2.3% | |||
1,550,000 | District of Columbia, General Obligation Unlimited, Series A, 5.000% due 6/1/32 | 1,660,303 | |
3,010,000 | District of Columbia, Revenue Bonds, Refunding, Series C, 5.000% due 12/1/323 | 3,745,383 | |
1,000,000 | Metropolitan Washington, DC, Airports Authority System, Revenue Bonds, Refunding, Series B, 5.000% due 10/1/23 | 1,038,979 | |
6,444,665 | |||
Florida — 7.3% | |||
1,000,000 | Central Florida, Expressway Authority, Revenue Bonds, (AGMC Insured), 5.000% due 7/1/30 | 1,189,463 | |
2,820,000 | Central Florida, Expressway Authority, Revenue Bonds, Refunding, Series B, 5.000% due 7/1/28 | 3,131,989 | |
2,750,000 | City of Lakeland, FL, Department of Electric Utilities, Revenue Bonds, Refunding, 5.000% due 10/1/25 | 3,023,238 | |
4,500,000 | County of Miami-Dade, FL, Seaport Department, Revenue Bonds, Prerefunded, Series A, 5.500% due 10/1/25 | 4,702,306 | |
2,610,000 | County of Miami-Dade, FL, Water and Sewer System Revenue, Revenue Bonds, Refunding, Series B, 4.000% due 10/1/35 | 2,710,413 | |
1,000,000 | Orlando, FL, Utilities Commission, Revenue Bonds, Series B, 1.250% due 10/1/462 | 865,039 | |
4,000,000 | Orlando-Orange County, FL, Expressway Authority, Revenue Bonds, Refunding, 5.000% due 7/1/32 | 4,126,474 | |
1,025,000 | School District of Broward County, FL, Certificate Participation, Refunding, Series A, 5.000% due 7/1/27 | 1,136,769 | |
20,885,691 | |||
Illinois — 3.0% | |||
2,000,000 | Chicago, IL, O’Hare International Airport, Revenue Bonds, Refunding, Series B, 5.000% due 1/1/32 | 2,114,723 |
See Notes to Schedule of Portfolio Investments
2 |
THE GLENMEDE PORTFOLIOS
Muni Intermediate Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)
July 31, 2022 - (Unaudited)
Face Amount | Value | ||
MUNICIPAL BONDS* — (Continued) | |||
Illinois — (Continued) | |||
$1,000,000 | County of Cook, IL, General Obligation Unlimited, Refunding, Series A, 5.000% due 11/15/25 | $1,091,762 | |
1,450,000 | Illinois Finance Authority, Revenue Bonds, Refunding, Series B, 1.890% due 11/15/372 | 1,450,000 | |
1,000,000 | Illinois Finance Authority, Revenue Bonds, Refunding, Series C, 5.000% due 2/15/27 | 1,130,597 | |
2,250,000 | Metropolitan, Greater Chicago, IL, Water Reclamation District, General Obligation Limited, Refunding, Series C, 5.000% due 12/1/29 | 2,654,250 | |
8,441,332 | |||
Indiana — 0.4% | |||
1,025,000 | Indiana State, Municipal Power Agency, Revenue Bonds, Refunding, Series A, 5.000% due 1/1/27 | 1,099,548 | |
Iowa — 1.0% | |||
3,000,000 | Iowa Finance Authority, Revenue Bonds, Series E, 1.860% due 2/15/412 | 3,000,000 | |
Kansas — 0.8% | |||
1,190,000 | Kansas State, Department of Transportation, Revenue Bonds, Series C, 5.000% due 9/1/23 | 1,193,426 | |
1,000,000 | Wyandotte County-Kansas City, KS, Unified Government, General Obligation Unlimited, Series A, (AGMC Insured), 4.000% due 8/1/24 | 1,043,155 | |
2,236,581 | |||
Kentucky — 0.4% | |||
1,000,000 | Kentucky State, Property & Building Commission, Revenue Bonds, Project No. 119, (BAM Insured), 5.000% due 5/1/33 | 1,122,973 | |
Maryland — 2.8% | |||
1,000,000 | Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, Series B, 5.000% due 4/15/32 | 1,140,087 | |
1,495,000 | Maryland State, General Obligation Unlimited, Series A, 5.000% due 8/1/34 | 1,807,800 | |
2,000,000 | Maryland State, General Obligation Unlimited, Series B, 5.000% due 8/1/24 | 2,133,112 | |
1,240,000 | Montgomery County, MD, General Obligation Unlimited, Consolidated Public Improvement, Refunding, Series D, 4.000% due 11/1/28 | 1,358,137 | |
1,500,000 | Montgomery County, MD, General Obligation Unlimited, Series A, 4.000% due 8/1/31 | 1,679,725 | |
8,118,861 | |||
Massachusetts — 3.5% | |||
1,435,000 | Commonwealth of Massachusetts, General Obligation Limited, Series B, 5.000% due 7/1/33 | 1,692,380 | |
2,850,000 | Commonwealth of Massachusetts, General Obligation Limited, Series C, 5.000% due 5/1/30 | 2,916,096 | |
1,100,000 | Commonwealth of Massachusetts, General Obligation Limited, Series E, 5.000% due 9/1/32 | 1,266,446 | |
1,700,000 | Massachusetts Development Finance Agency, Revenue Bonds, Series U-6C, 1.890% due 10/1/422 | 1,700,000 | |
2,500,000 | Massachusetts Development Finance Agency, Revenue Bonds, Series U-6C-R, 1.910% due 10/1/422 | 2,500,000 | |
10,074,922 |
See Notes to Schedule of Portfolio Investments
3 |
THE GLENMEDE PORTFOLIOS
Muni Intermediate Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)
July 31, 2022 - (Unaudited)
Face Amount | Value | ||
MUNICIPAL BONDS* — (Continued) | |||
Michigan — 1.8% | |||
$1,015,000 | Byron Center, MI, Public Schools, General Obligation Unlimited, Refunding, (QSBLF Insured), 5.000% due 5/1/24 | $1,073,137 | |
715,000 | Michigan Finance Authority, Revenue Bonds, Series 2014D, 5.000% due 7/1/24 | 756,728 | |
1,500,000 | Michigan State, Finance Authority, Hospital Revenue Refunding Bonds, Series 2022 A, 5.000% due 4/15/28 | 1,725,018 | |
1,630,000 | Michigan State, Housing Development Authority, Revenue Bonds, AMT, Series B, 3.500% due 6/1/47 | 1,648,255 | |
5,203,138 | |||
Minnesota — 0.7% | |||
2,035,000 | Minnesota State, Housing Finance Agency, Revenue Bonds, Refunding, Series E, (GNMA / FNMA / FHLMC Insured), 4.000% due 1/1/47 | 2,072,900 | |
Mississippi — 0.9% | |||
1,150,000 | Mississippi Business Finance Corp, Revenue Bonds, Series C, 1.720% due 12/1/302 | 1,150,000 | |
1,300,000 | Mississippi Business Finance Corp, Revenue Bonds, Series I, 1.720% due 11/1/352 | 1,300,000 | |
2,450,000 | |||
Missouri — 1.5% | |||
2,000,000 | City of Kansas, MO, Sanitary Sewer System, Revenue Bonds, Refunding, Series A, 5.000% due 1/1/27 | 2,148,897 | |
2,020,000 | Missouri State Housing Development Commission Single Family Mortgage, Revenue Bonds, Series A, (GNMA / FNMA / FHLMC Insured), 3.500% due 11/1/50 | 2,050,668 | |
4,199,565 | |||
Nevada — 0.4% | |||
1,000,000 | Clark County, NV, School District, General Obligation Limited, Building and Refunding Bonds, Series C, 5.000% due 6/15/26 | 1,113,469 | |
New Jersey — 1.7% | |||
2,000,000 | New Jersey Economic Development Authority, Revenue Bonds, Series-AAA, 5.500% due 6/15/31 | 2,308,174 | |
1,375,000 | New Jersey Turnpike Authority, Revenue Bonds, Series A, 5.000% due 1/1/27 | 1,544,122 | |
1,000,000 | New Jersey Turnpike Authority, Revenue Bonds, Series E, 5.000% due 1/1/32 | 1,064,379 | |
4,916,675 | |||
New Mexico — 0.6% | |||
965,000 | New Mexico State, Mortgage Finance Authority, Revenue Bonds, Series A, (GNMA / FNMA / FHLMC Insured), 3.500% due 1/1/51 | 979,851 | |
860,000 | New Mexico State, Mortgage Finance Authority, Revenue Bonds, Series F, (GNMA / FNMA / FHLMC Insured), 3.500% due 7/1/50 | 874,727 | |
1,854,578 | |||
New York — 11.9% | |||
1,185,000 | Long Island, NY, Power Authority, Revenue Bonds, Refunding, Series A, 5.000% due 9/1/33 | 1,385,454 | |
1,000,000 | Metropolitan Transportation Aurthority, NY, Revenue Bonds, (AGMC Insured), (SOFR*0.67+0.55%), 1.575% due 11/1/321 | 985,016 | |
1,250,000 | New York City, NY, General Obligation Unlimited, Fiscal 2008 Series J, 5.000% due 8/1/28 | 1,454,687 |
See Notes to Schedule of Portfolio Investments
4 |
THE GLENMEDE PORTFOLIOS
Muni Intermediate Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)
July 31, 2022 - (Unaudited)
Face Amount | Value | ||
MUNICIPAL BONDS* — (Continued) | |||
New York — (Continued) | |||
$1,865,000 | New York City, NY, General Obligation Unlimited, REMK Series L, 5.000% due 4/1/33 | $2,184,846 | |
1,000,000 | New York City, NY, Municipal Water Finanace Authority, Water and Sewer System, Revenue Bonds, Series BB-2, 5.000% due 6/15/27 | 1,104,146 | |
1,465,000 | New York City, NY, Transitional Finance Authority Building Aid Revenue, Revenue Bonds, Series S-1, (State Aid Withholding), 5.000% due 7/15/31 | 1,590,724 | |
1,500,000 | New York City, NY, Transitional Finance Authority Building Aid Revenue, Revenue Bonds, Series S-1A,, 5.000% due 7/15/30 | 1,785,059 | |
1,650,000 | New York City, NY, Transitional Finance Authority, Future Tax Secured Revenue, Revenue Bonds, Refunding, Series C, 5.000% due 11/1/26 | 1,859,787 | |
1,160,000 | New York City, NY, Transitional Finance Authority, Future Tax Secured Revenue, Revenue Bonds, Refunding, Subseries F-1, 5.000% due 11/1/26 | 1,307,487 | |
2,275,000 | New York City, NY, Transitional Finance Authority, Future Tax Secured Revenue, Revenue Bonds, Subseries E-1, 5.000% due 2/1/30 | 2,495,714 | |
1,930,000 | New York City, NY, Transitional Finance Authority, Future Tax Secured Revenue, Revenue Bonds, Subseries F-1, 5.000% due 5/1/31 | 2,163,193 | |
1,000,000 | New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center, Revenue Bonds, 5.000% due 7/1/35 | 1,127,048 | |
1,415,000 | New York State, Dormitory Authority, Personal Income Tax, Revenue Bonds, Refunding, Series A, 5.000% due 3/15/28 | 1,632,695 | |
2,440,000 | New York State, Dormitory Authority, Personal Income Tax, Revenue Bonds, Refunding, Series E, 4.000% due 3/15/28 | 2,590,317 | |
New York State, Thruway Authority, Highway Revenue Tolls, Revenue Bonds, Refunding, Series K: | |||
1,000,000 | 5.000% due 1/1/31 | 1,068,324 | |
1,200,000 | 5.000% due 1/1/32 | 1,277,313 | |
1,025,000 | New York State, Urban Development Corp, Personal Income Tax, Revenue Bonds, Refunding, Series A, 5.000% due 3/15/28 | 1,155,955 | |
1,400,000 | New York State, Urban Development Corp, Personal Income Tax, Revenue Bonds, Series A, 5.000% due 3/15/35 | 1,603,269 | |
2,000,000 | Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Series 231, 5.000% due 8/1/27 | 2,238,651 | |
1,700,000 | Port Authority of New York and New Jersey, Revenue Bonds, Refunding, 5.000% due 11/15/33 | 1,909,962 | |
1,070,000 | Triborough Bridge and Tunnel Authority, NY, Revenue Bonds, Series C, 4.000% due 11/15/27 | 1,184,589 | |
34,104,236 | |||
North Carolina — 0.7% | |||
1,220,000 | Duplin County, NC, Limited Obligation, Revenue Bonds, 5.000% due 4/1/23 | 1,246,196 | |
600,000 | New Hanover County, NC, Hospital Revenue, Revenue Bonds, Refunding, Escrowed to Maurity, 5.000% due 10/1/23 | 623,174 | |
1,869,370 | |||
Ohio — 3.0% | |||
500,000 | Miami, OH, University of Ohio, Revenue Bonds, Refunding, Series A, 5.000% due 9/1/30 | 591,544 | |
3,250,000 | Ohio State, General Obligation Unlimited, Series A, 5.000% due 6/15/28 | 3,316,520 | |
1,000,000 | Ohio State, Hospital Refunding, Revenue Bonds, 5.000% due 1/1/28 | 1,148,078 |
See Notes to Schedule of Portfolio Investments
5 |
THE GLENMEDE PORTFOLIOS
Muni Intermediate Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)
July 31, 2022 - (Unaudited)
Face Amount | Value | ||
MUNICIPAL BONDS* — (Continued) | |||
Ohio — (Continued) | |||
$1,670,000 | Ohio State, Hospital Revenue Bonds, Series A, 5.000% due 1/15/24 | $1,694,415 | |
1,680,000 | Ohio State, Housing Finance Agency Residential Mortgage, Revenue Bonds, Series D, (GNMA / FNMA / FHLMC Insured), 4.000% due 3/1/48 | 1,715,106 | |
8,465,663 | |||
Oklahoma — 0.7% | |||
2,000,000 | Grand River, OK, Dam Authority, Revenue Bonds, Refunding, Series A, 5.000% due 6/1/24 | 2,113,959 | |
Pennsylvania — 3.9% | |||
1,000,000 | Allegheny, PA, Sanitary Authority, Revenue Bonds, Refunding, (BAM Insured), 5.000% due 12/1/30 | 1,095,243 | |
1,000,000 | City of Philadelphia, PA, General Obligation Unlimited, Series A, 5.000% due 8/1/26 | 1,112,298 | |
1,505,000 | Commonwealth of Pennsylvania, General Obligation Unlimited, Refunding, 5.000% due 7/15/23 | 1,554,965 | |
1,500,000 | Commonwealth of Pennsylvania, General Obligation Unlimited, Series 2, 5.000% due 9/15/25 | 1,647,612 | |
2,500,000 | Cumberland County, PA, Municipal Authority, Revenue Bonds, 5.000% due 11/1/31 | 2,791,682 | |
1,250,000 | Pennsylvania State University, Revenue Bonds, Series A, 5.000% due 9/1/31 | 1,457,505 | |
1,360,000 | Pennsylvania State, Housing Finance Agency Single Family Mortgage Revenue, Revenue Bonds, Series 2019-131A, 3.500% due 4/1/49 | 1,375,755 | |
11,035,060 | |||
South Carolina — 1.6% | |||
1,500,000 | South Carolina State, Public Service Authority, Revenue Bonds, Refunding, Series A, 5.000% due 12/1/34 | 1,582,534 | |
1,500,000 | South Carolina State, Public Service Authority, Revenue Bonds, Refunding, Series A(Power), 4.000% due 12/1/33 | 1,549,131 | |
350,000 | South Carolina State, Public Service Authority, Revenue Bonds, Series A(Utilities), 5.000% due 12/1/27 | 390,632 | |
1,000,000 | South Carolina State, Public Service Authority, Revenue Bonds, Series B, 5.000% due 12/1/27 | 1,116,092 | |
4,638,389 | |||
Tennessee — 1.2% | |||
3,265,000 | Sumner County, TN, General Obligation Unlimited, Refunding, 5.000% due 6/1/23 | 3,355,362 | |
Texas — 10.5% | |||
1,065,000 | Alamo, TX, Community College District, General Obligation Limited, Refunding, 5.000% due 2/15/24 | 1,119,847 | |
3,500,000 | Board of Regents of the University of Texas System, TX, Revenue Bonds, Series D, 5.000% due 8/15/25 | 3,838,266 | |
1,000,000 | City of Dallas, TX, Waterworks and Sewer System Revenue, Revenue Bonds, Refunding, Series C, 5.000% due 10/1/33 | 1,180,790 | |
1,100,000 | City of Dallas, TX, Waterworks and Sewer System Revenue, Revenue Bonds, Series C, 4.000% due 10/1/33 | 1,203,762 | |
Harris County, TX, Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding, Children’s Hospital Project: | |||
1,850,000 | 5.000% due 10/1/26 | 2,024,823 | |
1,000,000 | 5.000% due 10/1/27 | 1,090,732 | |
1,300,000 | Harris County, TX, Revenue Bonds, Series A, 5.000% due 8/15/24 | 1,387,819 |
See Notes to Schedule of Portfolio Investments
6 |
THE GLENMEDE PORTFOLIOS
Muni Intermediate Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Continued)
July 31, 2022 - (Unaudited)
Face Amount | Value | ||
MUNICIPAL BONDS* — (Continued) | |||
Texas — (Continued) | |||
$1,125,000 | Lower Colorado River Authority, TX, Revenue Bonds, Refunding, 5.000% due 5/15/25 | $1,219,788 | |
1,500,000 | McKinney, TX, Independent School District, General Obligation Unlimited, Refunding, 5.000% due 2/15/233 | 1,523,196 | |
2,500,000 | North Texas, Municipal Water District, Revenue Bonds, Series 2021A, 4.000% due 9/1/23 | 2,567,436 | |
1,000,000 | North Texas, Tollway Authority, Revenue Bonds, Refunding, 5.000% due 1/1/32 | 1,119,686 | |
4,000,000 | North Texas, Tollway Authority, Revenue Bonds, Refunding, Series A, 5.000% due 1/1/30 | 4,254,303 | |
1,000,000 | San Antonio, TX, Independent School District, General Obligation Unlimited, Series 2022, 5.000% due 8/15/243 | 1,065,715 | |
1,500,000 | San Antonio, TX, Water System, Revenue Bonds, Refunding, Series A, 5.000% due 5/15/28 | 1,740,260 | |
1,375,000 | Texas State, General Obligation Unlimited, Series B, 4.000% due 8/1/29 | 1,448,822 | |
3,090,000 | Waco, TX, Independent School District, General Obligation Unlimited, Refunding, (PSF Guaranteed), 5.000% due 8/15/23 | 3,200,820 | |
29,986,065 | |||
Utah — 0.4% | |||
1,000,000 | University of Utah/The, Revenue Bonds, Series B, 5.000% due 8/1/34 | 1,212,008 | |
Virginia — 2.6% | |||
1,500,000 | County of Arlington, VA, General Obligation Unlimited, Series 2021, 5.000% due 6/15/33 | 1,810,435 | |
5,500,000 | Loudoun County, VA, General Obligation Unlimited, Refunding, Series B, (State Aid Withholding), 5.000% due 12/1/233 | 5,726,950 | |
7,537,385 | |||
Washington — 5.6% | |||
1,000,000 | Central Puget Sound Regional Transit Authority, WA, Revenue Bonds, Refunding, Series S-1, 5.000% due 11/1/30 | 1,210,253 | |
Energy Northwest, WA, Revenue Bonds, Series A: | |||
1,500,000 | 5.000% due 7/1/23 | 1,547,150 | |
1,250,000 | 5.000% due 7/1/28 | 1,390,286 | |
1,205,000 | Grays Harbor County, WA, Public Utility District No. 1, Revenue Bonds, Refunding, Series A, 5.000% due 1/1/27 | 1,289,687 | |
3,600,000 | King County, WA, Bellevue School District No. 405, General Obligation Unlimited, (School Bond Guaranty), 5.000% due 12/1/25 | 3,755,285 | |
2,000,000 | Port of Seattle, WA, Revenue Bonds, Refunding, 5.000% due 6/1/33 | 2,322,921 | |
1,500,000 | Port of Seattle, WA, Revenue Bonds, Refunding, Series B, 5.000% due 3/1/35 | 1,576,565 | |
2,500,000 | Washington State, General Obligation Unlimited, Series A, 5.000% due 8/1/35 | 2,959,317 | |
16,051,464 | |||
Wisconsin — 0.9% | |||
2,500,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, 5.000% due 11/15/23 | 2,602,809 |
See Notes to Schedule of Portfolio Investments
7 |
THE GLENMEDE PORTFOLIOS
Muni Intermediate Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS — (Concluded)
July 31, 2022 - (Unaudited)
Face Amount | Value | ||
MUNICIPAL BONDS* — (Continued) | |||
Wyoming — 0.9% | |||
$2,645,000 | Wyoming State, Community Development Authority, Housing Revenue, Revenue Bonds, Refunding, Series 3, 4.000% due 6/1/43 | $2,710,812 | |
TOTAL MUNICIPAL BONDS (Cost $266,553,217) | 265,886,247 | ||
TOTAL INVESTMENTS (Cost $266,553,217) | 93.0% | $265,886,247 | |
OTHER ASSETS IN EXCESS OF LIABILITIES | 7.0 | 19,949,658 | |
NET ASSETS | 100.0% | $285,835,905 |
* | Percentages indicated are based on net assets. |
1 | Floating Rate Bond. Rate shown is as of July 31, 2022. |
2 | 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 July 31, 2022. |
3 | When-issued security. |
Abbreviations: |
AGMC — Assured Guaranty Municipal Corporation |
AMT — Alternative Minimum Tax |
BAM — Build America Mutual |
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 |
SIFMA — Securities Industry and Financial Markets Association |
See Notes to Schedule of Portfolio Investments
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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 July 31, 2022, 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 the 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 July 31, 2022.
COVID-19: In early 2020, an outbreak of a novel strain of coronavirus ("COVID-19") emerged globally. This coronavirus has resulted in, among other things, closing international borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general public concern and uncertainty. The impact of this outbreak and its variants has negatively affected the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. Although vaccines for COVID-19 have become more widely available, it is unknown how long circumstances related to the pandemic will persist, whether they will reoccur in the future, whether efforts to support the economy and financial markets will be successful, and what additional implications may follow from the pandemic. The impact of these events and other epidemics or pandemics in the future could adversely affect the Portfolio’s performance, the performance of the securities in which the Portfolio invests and may lead to losses on your investment in the Fund’s Portfolio.
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.
Shareholders should consult the Portfolio’s prospectus for a complete listing of risks associated with the Portfolio.
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THE GLENMEDE PORTFOLIOS
Notes to Schedule of Portfolio Investments (Unaudited) — (Concluded)
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 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 and transactions subsequent to July 31, 2022 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.
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