<Page>
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:
811-5577
The Glenmede Fund, Inc.
(Exact Name of Registrant as Specified in Charter)
200 Clarendon Street
Boston, Massachusetts 02116
(Address of Principal Executive Offices)(Zip Code)
Michael P. Malloy, Esq.
Secretary
Drinker Biddle & Reath LLP
One Logan Square
18th & Cherry Streets
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, 2003
Date of Reporting Period: April 30, 2003
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS.
Semi-Annual Report for the period 11/1/02 through 4/30/03 is filed
herewith.
<Page>
GLENMEDE
THE GLENMEDE FUND, INC.
THE GLENMEDE PORTFOLIOS
SEMI-ANNUAL REPORT
APRIL 30, 2003
<Page>
-------------------------
THE GLENMEDE FUND, INC.
----------------------------
STATEMENTS OF ASSETS AND LIABILITIES
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
TAX- CORE
GOVERNMENT EXEMPT FIXED
CASH CASH INCOME
PORTFOLIO PORTFOLIO PORTFOLIO
------------- ------------- -------------
ASSETS:
Investments:
Investments at value(1).......... $340,792,885 $632,221,976 $186,818,436
Repurchase agreements............ 228,662,058 -- 24,967,313
------------ ------------ ------------
Total investments.............. 569,454,943 632,221,976 211,785,749
------------ ------------ ------------
Cash............................. 16,347,921 801,109 1,555
Receivable for fund shares
sold........................... 31,494,744 24,897,525 539,446
Securities lending collateral.... 3,472,000 -- 25,553,940
Interest receivable.............. 4,859,336 1,000,028 1,559,099
Other assets..................... 9,752 15,008 3,252
------------ ------------ ------------
Total assets................... 625,638,696 658,935,646 239,443,041
------------ ------------ ------------
LIABILITIES:
Dividends payable................ 594,447 535,571 --
Payable for fund shares
redeemed....................... 55,199,210 12,570,667 56,555
Payable for securities
purchased...................... -- -- 19,933,883
Obligation to return securities
lending collateral............. 3,472,000 -- 25,553,940
Payable to affiliate for
Directors' fees................ 525 173 257
Accrued expenses................. 80,234 85,680 29,520
------------ ------------ ------------
Total liabilities.............. 59,346,416 13,192,091 45,574,155
------------ ------------ ------------
NET ASSETS......................... $566,292,280 $645,743,555 $193,868,886
============ ============ ============
SHARES OUTSTANDING................. 566,223,358 645,953,859 17,422,616
============ ============ ============
NET ASSET VALUE PER SHARE.......... $ 1.00 $ 1.00 $ 11.13
============ ============ ============
- ------------
(1) Investments at cost............ $340,792,885 $632,221,976 $177,709,952
</Table>
See Notes to Financial Statements.
----- 1 -----
<Page>
-------------------------
THE GLENMEDE FUND, INC.
----------------------------
STATEMENTS OF ASSETS AND LIABILITIES -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
STRATEGIC SMALL CAP LARGE CAP
EQUITY EQUITY VALUE
PORTFOLIO PORTFOLIO PORTFOLIO
----------- ------------ -----------
ASSETS:
Investments:
Investments at value(1).......... $84,948,777 $248,253,557 $18,153,095
Repurchase agreements............ 1,089,972 8,533,709 668,376
----------- ------------ -----------
Total investments.............. 86,038,749 256,787,266 18,821,471
----------- ------------ -----------
Cash............................. 1,706 30,078 --
Receivable for securities sold... -- 3,469,781 139,133
Receivable for fund shares
sold........................... -- 205,166 --
Securities lending collateral.... 764,846 42,501,332 2,180,875
Dividends receivable............. 64,353 95,838 33,019
Interest receivable.............. 1,780 9,390 176
Other assets..................... 2,199 3,630 318
----------- ------------ -----------
Total assets................... 86,873,633 303,102,481 21,174,992
----------- ------------ -----------
LIABILITIES:
Payable for fund shares
redeemed....................... 101,100 99,132 4,205
Payable for securities
purchased...................... -- 726,340 360,288
Obligation to return securities
lending collateral............. 764,846 42,501,332 2,180,875
Payable to affiliate for
Directors' fees................ 23 479 11
Accrued expenses................. 17,322 205,358 7,116
----------- ------------ -----------
Total liabilities.............. 883,291 43,532,641 2,552,495
----------- ------------ -----------
NET ASSETS......................... $85,990,342 $259,569,840 $18,622,497
=========== ============ ===========
SHARES OUTSTANDING................. 6,394,896 16,930,788 2,364,445
=========== ============ ===========
NET ASSET VALUE PER SHARE.......... $ 13.45 $ -- $ 7.88
=========== ============ ===========
NET ASSET VALUE PER SHARE
Advisor Class -- based on net
assets of $226,507,829 and
shares outstanding of
14,779,349..................... -- $ 15.33 --
=========== ============ ===========
Institutional Class -- based on
net assets of $33,062,011 and
shares outstanding of
2,151,439...................... -- $ 15.37 --
=========== ============ ===========
- ------------
(1) Investments at cost............ $81,243,696 $221,033,593 $17,609,386
</Table>
See Notes to Financial Statements.
----- 2 -----
<Page>
-------------------------
THE GLENMEDE FUND, INC.
----------------------------
STATEMENTS OF ASSETS AND LIABILITIES -- (CONCLUDED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
SMALL
INSTITUTIONAL CAPITALIZATION
INTERNATIONAL INTERNATIONAL GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO
-------------- ------------- --------------
ASSETS:
Investments:
Investments at value(1).......... $ 861,634,161 $261,689,230 $ 79,673,535
Repurchase agreements............ 37,012,949 11,261,720 1,773,025
-------------- ------------ ------------
Total investments.............. 898,647,110 272,950,950 81,446,560
-------------- ------------ ------------
Foreign currency, at value (Note
1)(2).......................... 242,527 82,060 --
Receivable for securities sold... 14,608,461 3,823,926 823,484
Receivable for fund shares
sold........................... 576,362 -- --
Securities lending collateral.... 197,506,458 53,998,395 24,845,661
Dividends receivable............. 6,247,007 1,913,613 1,520
Interest receivable.............. 91,308 29,785 8,681
Foreign tax reclaims
receivable..................... 1,080,043 289,091 --
Other assets..................... 16,755 4,757 1,697
-------------- ------------ ------------
Total assets................... 1,119,016,031 333,092,577 107,127,603
-------------- ------------ ------------
LIABILITIES:
Payable for fund shares
redeemed....................... 19,698 -- 28,915
Payable for securities
purchased...................... 4,012,298 1,202,255 1,309,012
Obligation to return securities
lending collateral............. 197,506,458 53,998,395 24,845,661
Due to bank...................... 102,660 1,645,364 --
Payable to affiliate for
Directors' fees................ -- 117 14
Accrued expenses................. 138,136 209,551 102,297
-------------- ------------ ------------
Total liabilities.............. 201,779,250 57,055,682 26,285,899
-------------- ------------ ------------
NET ASSETS......................... $ 917,236,781 $276,036,895 $ 80,841,704
============== ============ ============
SHARES OUTSTANDING................. 78,497,020 24,971,060 19,630,010
============== ============ ============
NET ASSET VALUE PER SHARE.......... $ 11.68 $ 11.05 $ 4.12
============== ============ ============
- ------------
(1) Investments at cost............ $ 891,814,000 $295,963,308 $ 83,630,088
(2) The International Portfolio and Institutional International Portfolio had
foreign currency cost of $236,604 and $80,095, respectively.
</Table>
See Notes to Financial Statements.
----- 3 -----
<Page>
-------------------------
THE GLENMEDE FUND, INC.
----------------------------
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
TAX- CORE
GOVERNMENT EXEMPT FIXED
CASH CASH INCOME
PORTFOLIO PORTFOLIO PORTFOLIO
------------- ------------- -------------
Investment income:
Interest......................... $ 4,088,499 $ 3,510,615 $ 4,158,374
Income from security lending..... 296 -- 13,040
------------ ------------ ------------
Total investment income........ 4,088,795 3,510,615 4,171,414
------------ ------------ ------------
Expenses:
Administration & custody fee..... 180,593 200,854 62,484
Professional fees................ 24,062 28,523 7,950
Shareholder report expense....... 5,348 6,266 1,884
Shareholder servicing fees....... 146,715 156,180 47,313
Interest expense................. -- -- 10,234
Directors' fees and expenses..... 7,661 8,976 2,699
Registration and filing fees..... 1,257 1,464 1,509
Other expenses................... 8,202 9,833 3,125
------------ ------------ ------------
Total expenses................. 373,838 412,096 137,198
------------ ------------ ------------
Net investment income............ 3,714,957 3,098,519 4,034,216
------------ ------------ ------------
Realized and unrealized gain
(loss):
Net realized gain (loss) on:
Securities transactions........ 22 -- 2,877,917
------------ ------------ ------------
Net realized gain (loss)....... 22 -- 2,877,917
------------ ------------ ------------
Net change in unrealized gain
(loss) of:
Securities..................... -- -- (216,010)
------------ ------------ ------------
Net unrealized gain (loss)..... -- -- (216,010)
------------ ------------ ------------
Net realized and unrealized gain
(loss)........................... 22 -- 2,661,907
------------ ------------ ------------
Net increase (decrease) in net
assets resulting from
operations....................... $ 3,714,979 $ 3,098,519 $ 6,696,123
============ ============ ============
</Table>
See Notes to Financial Statements.
----- 4 -----
<Page>
-------------------------
THE GLENMEDE FUND, INC.
----------------------------
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE SIX MONTHS ENDED APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
STRATEGIC SMALL CAP LARGE CAP
EQUITY EQUITY VALUE
PORTFOLIO PORTFOLIO PORTFOLIO
----------- ------------ -----------
Investment income:
Dividends........................ $ 650,787 $ 1,580,677 $ 187,819
Interest......................... 10,112 23,737 1,848
Income from security lending..... 4,312 24,232 902
----------- ------------ -----------
Total investment income........ 665,211 1,628,646 190,569
----------- ------------ -----------
Expenses:
Investment advisory fee.......... -- 656,142 --
Administration & custody fee..... 29,488 86,470 8,299
Professional fees................ 4,264 12,660 599
Shareholder report expense....... 891 2,296 152
Shareholder servicing fees
(Advisor Class)................ 21,483 260,202 4,074
Shareholder servicing fees
(Institutional Class).......... -- 7,609 --
Directors' fees and expenses..... 1,276 3,870 217
Registration and filing fees..... 2,721 16,270 1,448
Other expenses................... 1,442 4,086 336
----------- ------------ -----------
Total expenses................. 61,565 1,049,605 15,125
----------- ------------ -----------
Net investment income............ 603,646 579,041 175,444
----------- ------------ -----------
Realized and unrealized gain
(loss):
Net realized gain (loss) on:
Securities transactions........ (3,173,926) (13,801,780) (1,196,228)
----------- ------------ -----------
Net realized gain (loss)....... (3,173,926) (13,801,780) (1,196,228)
----------- ------------ -----------
Net change in unrealized gain
(loss) of:
Securities..................... 2,595,601 36,765,417 1,482,611
----------- ------------ -----------
Net unrealized gain (loss)..... 2,595,601 36,765,417 1,482,611
----------- ------------ -----------
Net realized and unrealized gain
(loss)........................... (578,325) 22,963,637 286,383
----------- ------------ -----------
Net increase (decrease) in net
assets resulting from
operations....................... $ 25,321 $ 23,542,678 $ 461,827
=========== ============ ===========
</Table>
See Notes to Financial Statements.
----- 5 -----
<Page>
-------------------------
THE GLENMEDE FUND, INC.
----------------------------
STATEMENTS OF OPERATIONS -- (CONCLUDED)
FOR THE SIX MONTHS ENDED APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
SMALL
INSTITUTIONAL CAPITALIZATION
INTERNATIONAL INTERNATIONAL GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO
------------- ------------- --------------
Investment income:
Dividends........................ $ 14,660,835 $ 4,271,732 $ 10,088
Interest......................... 84,298 28,010 3,097
Income from security lending..... 328,929 82,007 29,793
------------ ------------ ------------
Total investment income........ 15,074,062 4,381,749 42,978
------------ ------------ ------------
Expenses:
Investment advisory fee.......... -- 978,603 326,954
Administration & custody fee..... 304,916 92,319 33,305
Professional fees................ 48,452 11,678 3,918
Shareholder report expense....... 9,527 2,605 749
Shareholder servicing fees....... 228,156 -- 96,163
Directors' fees and expenses..... 13,646 3,731 1,073
Registration and filing fees..... 3,720 14,211 10,092
Other expenses................... 13,662 3,909 1,289
------------ ------------ ------------
Total expenses................. 622,079 1,107,056 473,543
------------ ------------ ------------
Net investment income (loss)..... 14,451,983 3,274,693 (430,565)
------------ ------------ ------------
Realized and unrealized gain
(loss):
Net realized gain (loss) on:
Securities transactions........ (82,293,864) (19,119,940) (11,289,179)
Foreign currency
transactions................. (1,659,015) (366,922) --
------------ ------------ ------------
Net realized gain (loss)....... (83,952,879) (19,486,862) (11,289,179)
------------ ------------ ------------
Net change in unrealized gain
(loss) of:
Securities..................... 73,882,009 18,750,997 15,387,228
Foreign currency translation... 139,980 40,678 --
------------ ------------ ------------
Net unrealized gain (loss)..... 74,021,989 18,791,675 15,387,228
------------ ------------ ------------
Net realized and unrealized gain
(loss)........................... (9,930,890) (695,187) 4,098,049
------------ ------------ ------------
Net increase (decrease) in net
assets
resulting from operations........ $ 4,521,093 $ 2,579,506 $ 3,667,484
============ ============ ============
</Table>
See Notes to Financial Statements.
----- 6 -----
<Page>
-------------------------
THE GLENMEDE FUND, INC.
----------------------------
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
TAX- CORE
GOVERNMENT EXEMPT FIXED
CASH CASH INCOME
PORTFOLIO PORTFOLIO PORTFOLIO
------------- ------------- -------------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income.............. $ 3,714,957 $ 3,098,519 $ 4,034,216
Net realized gain (loss) on:
Securities transactions.......... 22 -- 2,877,917
Net change in unrealized gain
(loss) of:
Securities....................... -- -- (216,010)
------------ ------------ ------------
Net increase (decrease) in net
assets resulting
from operations.................. 3,714,979 3,098,519 6,696,123
Distributions to shareholders from:
Net investment income............ (3,714,979) (3,098,520) (4,097,180)
Net increase (decrease) in net
assets from
capital shares transactions...... 33,258,576 38,674,064 2,971,819
------------ ------------ ------------
Net increase (decrease) in net
assets........................... 33,258,576 38,674,063 5,570,762
NET ASSETS:
Beginning of period................ 533,033,704 607,069,492 188,298,124
------------ ------------ ------------
End of period...................... $566,292,280 $645,743,555 $193,868,886
============ ============ ============
Undistributed net investment
income included in net assets
at end of period............... 73,092 (267) 714,932
</Table>
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED OCTOBER 31, 2002
<Table>
<Caption>
TAX- CORE
GOVERNMENT EXEMPT FIXED
CASH CASH INCOME
PORTFOLIO PORTFOLIO PORTFOLIO
------------- ------------- -------------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income.............. $ 9,172,339 $ 7,147,215 $ 9,225,485
Net realized gain (loss) on:
Securities transactions.......... (4,195) 243 2,090,356
Net change in unrealized gain
(loss) of:
Securities....................... -- -- (468,275)
------------ ------------ ------------
Net increase (decrease) in net
assets resulting
from operations.................. 9,168,144 7,147,458 10,847,566
Distributions to shareholders from:
Net investment income............ (9,172,339) (7,147,215) (9,014,860)
Net increase (decrease) in net
assets from
capital shares transactions...... 111,528,992 65,188,299 7,653,934
------------ ------------ ------------
Net increase (decrease) in net
assets........................... 111,524,797 65,188,542 9,486,640
NET ASSETS:
Beginning of year.................. 421,508,907 541,880,950 178,811,484
------------ ------------ ------------
End of year........................ $533,033,704 $607,069,492 $188,298,124
============ ============ ============
Undistributed net investment
income included in net assets
at end of year................. 73,114 (266) 777,896
</Table>
See Notes to Financial Statements.
----- 7 -----
<Page>
-------------------------
THE GLENMEDE FUND, INC.
----------------------------
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE SIX MONTHS ENDED APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
STRATEGIC SMALL CAP LARGE CAP
EQUITY EQUITY VALUE
PORTFOLIO PORTFOLIO PORTFOLIO
----------- ------------ -----------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income.............. $ 603,646 $ 579,041 $ 175,444
Net realized gain (loss) on:
Securities transactions.......... (3,173,926) (13,801,780) (1,196,228)
Net change in unrealized gain
(loss) of:
Securities....................... 2,595,601 36,765,417 1,482,611
----------- ------------ -----------
Net increase (decrease) in net
assets resulting
from operations.................. 25,321 23,542,678 461,827
Distributions to shareholders from:
Net investment income:
Advisor Class.................. (609,021) (333,186) (157,996)
Institutional Class............ -- (63,459) --
Net increase (decrease) in net
assets from
capital shares transactions...... (3,476,670) 7,516,088 2,993,097
----------- ------------ -----------
Net increase (decrease) in net
assets........................... (4,060,370) 30,662,121 3,296,928
NET ASSETS:
Beginning of period................ 90,050,712 228,907,719 15,325,569
----------- ------------ -----------
End of period...................... $85,990,342 $259,569,840 $18,622,497
=========== ============ ===========
Undistributed net investment
income included in net assets
at end of period............... 51,463 939,000 40,751
</Table>
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED OCTOBER 31, 2002
<Table>
<Caption>
STRATEGIC SMALL CAP LARGE CAP
EQUITY EQUITY VALUE
PORTFOLIO PORTFOLIO(1) PORTFOLIO
------------ ------------ -----------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income.............. $ 1,166,491 $ 1,226,776 $ 272,348
Net realized gain (loss) on:
Securities transactions including
options........................ (5,138,263) 11,237,274 (1,415,600)
Foreign currency transactions.... -- -- 3
Net change in unrealized gain
(loss) of:
Securities including options..... (13,141,970) (24,937,061) (53,552)
------------ ------------ -----------
Net increase (decrease) in net
assets resulting
from operations.................. (17,113,742) (12,473,011) (1,196,801)
Distributions to shareholders from:
Net investment income:
Advisor Class.................. (1,174,075) (956,166) (243,510)
Institutional Class............ -- (211,910) --
Net realized gain on investments:
Advisor Class.................. -- (10,090,326) --
Institutional Class............ -- (1,497,797) --
Net increase (decrease) in net
assets from
capital shares transactions...... (15,464,622) 7,081,683 2,763,870
------------ ------------ -----------
Net increase (decrease) in net
assets........................... (33,752,439) (18,147,527) 1,323,559
NET ASSETS:
Beginning of year.................. 123,803,151 247,055,246 14,002,010
------------ ------------ -----------
End of year........................ $ 90,050,712 $228,907,719 $15,325,569
============ ============ ===========
Undistributed net investment
income included in net assets
at end of year................. 56,838 756,604 23,303
</Table>
- ------------
(1) Effective March 22, 2002, Small Capitalization Value Portfolio changed its
name to Small Cap Equity Portfolio.
See Notes to Financial Statements.
----- 8 -----
<Page>
-------------------------
THE GLENMEDE FUND, INC.
----------------------------
STATEMENTS OF CHANGES IN NET ASSETS -- (CONCLUDED)
FOR THE SIX MONTHS ENDED APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
SMALL
INSTITUTIONAL CAPITALIZATION
INTERNATIONAL INTERNATIONAL GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO
------------- ------------- --------------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)....... $ 14,451,983 $ 3,274,693 $ (430,565)
Net realized gain (loss) on:
Securities transactions.......... (82,293,864) (19,119,940) (11,289,179)
Foreign currency transactions.... (1,659,015) (366,922) --
Net change in unrealized gain
(loss) of:
Securities....................... 73,882,009 18,750,997 15,387,228
Foreign currency translation..... 139,980 40,678 --
------------ ------------ ------------
Net increase (decrease) in net
assets
resulting from operations........ 4,521,093 2,579,506 3,667,484
Distributions to shareholders from:
Net investment income............ (6,977,312) (1,037,783) --
Net increase (decrease) in net
assets from
capital shares transactions...... (63,644,213) 10,725,763 (948,169)
------------ ------------ ------------
Net increase (decrease) in net
assets........................... (66,100,432) 12,267,486 2,719,315
NET ASSETS:
Beginning of period................ 983,337,213 263,769,409 78,122,389
------------ ------------ ------------
End of period...................... $917,236,781 $276,036,895 $ 80,841,704
============ ============ ============
Undistributed net investment
income included in net assets
at end of period............... 11,585,861 3,266,445 (434,821)
</Table>
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED OCTOBER 31, 2002
<Table>
<Caption>
SMALL
INSTITUTIONAL CAPITALIZATION
INTERNATIONAL INTERNATIONAL GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO
-------------- ------------- --------------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)....... $ 29,257,089 $ 5,113,412 $ (1,035,754)
Net realized loss on:
Securities transactions.......... (123,851,725) (27,819,740) (30,396,264)
Foreign currency transactions.... (2,000,254) (550,921) --
Net change in unrealized gain
(loss) of:
Securities....................... 13,050,139 (2,444,573) 9,008,587
Foreign currency translation..... 62,232 11,148 --
-------------- ------------ ------------
Net increase (decrease) in net
assets
resulting from operations........ (83,482,519) (25,690,674) (22,423,431)
Distributions to shareholders from:
Net investment income............ (21,873,119) (3,124,878) --
Net increase (decrease) in net
assets from
capital shares transactions...... (130,445,069) 17,452,790 (4,506,107)
-------------- ------------ ------------
Net increase (decrease) in net
assets........................... (235,800,707) (11,362,762) (26,929,538)
NET ASSETS:
Beginning of year.................. 1,219,137,920 275,132,171 105,051,927
-------------- ------------ ------------
End of year........................ $ 983,337,213 $263,769,409 $ 78,122,389
============== ============ ============
Undistributed net investment
income included in net assets
at end of year................. 4,111,190 1,029,535 (4,256)
</Table>
See Notes to Financial Statements.
----- 9 -----
<Page>
-------------------------
THE GLENMEDE FUND, INC.
----------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<Table>
<Caption>
GOVERNMENT CASH PORTFOLIO
-----------------------------------------------------------------------------------------------------
FOR THE
SIX MONTHS FOR THE YEARS ENDED OCTOBER 31,
ENDED ------------------------------------------------------------------------------
APRIL 30, 2003(3) 2002 2001 2000 1999 1998
--------------------- -------------- -------------- -------------- -------------- --------------
Net asset value,
beginning of period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- --------
Income from investment
operations:
Net investment income.... 0.006 0.019 0.048 0.060 0.049 0.051
Distributions to
shareholders from:
Net investment income.... (0.006) (0.019) (0.048) (0.060) (0.049) (0.051)
-------- -------- -------- -------- -------- --------
Net asset value, end
of period.............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
Total return(1).......... 0.63% 1.95% 4.86% 6.15% 5.00% 5.63%
======== ======== ======== ======== ======== ========
Ratios to average
net assets/
Supplemental data:
Net assets, end of period
(in 000's)............. $566,292 $533,034 $421,509 $413,742 $405,907 $430,165
Ratio of operating
expenses to average net
assets................. 0.13%(2) 0.13% 0.11% 0.11% 0.11% 0.11%
Ratio of net investment
income to average
net assets............. 1.27%(2) 1.91% 4.86% 5.96% 4.87% 5.41%
</Table>
- ------------
(1) Total return represents aggregate total return for the period indicated.
(2) Annualized.
(3) Unaudited.
See Notes to Financial Statements.
----- 10 -----
<Page>
-------------------------
THE GLENMEDE FUND, INC.
----------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<Table>
<Caption>
TAX-EXEMPT CASH PORTFOLIO
-----------------------------------------------------------------------------------------------------
FOR THE
SIX MONTHS FOR THE YEARS ENDED OCTOBER 31,
ENDED ------------------------------------------------------------------------------
APRIL 30, 2003(3) 2002 2001 2000 1999 1998
--------------------- -------------- -------------- -------------- -------------- --------------
Net asset value,
beginning of period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- --------
Income from investment
operations:
Net investment income.... 0.005 0.012 0.029 0.038 0.030 0.034
Distributions to
shareholders from:
Net investment income.... (0.005) (0.012) (0.029) (0.038) (0.030) (0.034)
-------- -------- -------- -------- -------- --------
Net asset value, end
of period.............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
Total return(1).......... 0.49% 1.25% 2.95% 3.88% 3.02% 3.41%
======== ======== ======== ======== ======== ========
Ratios to average
net assets/
Supplemental data:
Net assets, end of period
(in 000's)............. $645,744 $607,069 $541,881 $437,134 $350,032 $375,924
Ratio of operating
expenses to average
net assets............. 0.13%(2) 0.14% 0.11% 0.12% 0.12% 0.13%
Ratio of net investment
income to average
net assets............. 0.99%(2) 1.24% 2.88% 3.82% 2.97% 3.37%
</Table>
- ------------
(1) Total return represents aggregate total return for the period indicated.
(2) Annualized.
(3) Unaudited.
See Notes to Financial Statements.
----- 11 -----
<Page>
-------------------------
THE GLENMEDE FUND, INC.
----------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<Table>
<Caption>
CORE FIXED INCOME PORTFOLIO
-----------------------------------------------------------------------------------------------------
FOR THE
SIX MONTHS FOR THE YEARS ENDED OCTOBER 31,
ENDED ------------------------------------------------------------------------------
APRIL 30, 2003(3) 2002 2001 2000 1999 1998
--------------------- -------------- -------------- -------------- -------------- --------------
Net asset value,
beginning of period.... $ 10.98 $ 10.88 $ 10.08 $ 10.16 $ 10.70 $ 10.46
-------- -------- -------- -------- -------- --------
Income from investment
operations:
Net investment income.... 0.24 0.54 0.65 0.69 0.63 0.64
Net realized and
unrealized gain (loss)
on investments......... 0.15 0.10 0.82 (0.09) (0.54) 0.24
-------- -------- -------- -------- -------- --------
Total from investment
operations............. 0.39 0.64 1.47 0.60 0.09 0.88
-------- -------- -------- -------- -------- --------
Distributions to
shareholders from:
Net investment income.... (0.24) (0.54) (0.67) (0.68) (0.63) (0.64)
-------- -------- -------- -------- -------- --------
Total distributions...... (0.24) (0.54) (0.67) (0.68) (0.63) (0.64)
-------- -------- -------- -------- -------- --------
Net asset value, end
of period.............. $ 11.13 $ 10.98 $ 10.88 $ 10.08 $ 10.16 $ 10.70
======== ======== ======== ======== ======== ========
Total return(1).......... 3.58% 6.18% 15.09% 6.19% 0.91% 9.32%
======== ======== ======== ======== ======== ========
Ratios to average
net assets/
Supplemental data:
Net assets, end of period
(in 000's)............. $193,869 $188,298 $178,811 $174,092 $230,684 $258,986
Ratio of operating
expenses to average net
assets(4).............. 0.13%(2) 0.14% 0.11% 0.14% 0.12% 0.11%
Ratio of gross expenses
to average net assets.. 0.14%(2) 0.24% 0.63% 1.02% 0.55% 0.99%
Ratio of net investment
income to average
net assets............. 4.26%(2) 5.19% 6.19% 8.56% 6.08% 6.58%
Portfolio turnover rate.. 164% 191% 138% 234% 191% 93%
</Table>
- ------------
(1) Total return represents aggregate total return for the period indicated.
(2) Annualized.
(3) Unaudited.
(4) Calculation does not include interest expense.
See Notes to Financial Statements.
----- 12 -----
<Page>
-------------------------
THE GLENMEDE FUND, INC.
----------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<Table>
<Caption>
STRATEGIC EQUITY PORTFOLIO
----------------------------------------------------------------------------------------------------
FOR THE
SIX MONTHS FOR THE YEARS ENDED OCTOBER 31,
ENDED -----------------------------------------------------------------------------
APRIL 30, 2003(3) 2002 2001 2000 1999 1998
--------------------- ------------- -------------- -------------- -------------- --------------
Net asset value,
beginning of period.... $ 13.47 $ 16.06 $ 21.19 $ 22.70 $ 20.69 $ 20.11
------- ------- -------- -------- -------- --------
Income from investment
operations:
Net investment income.... 0.09 0.16 0.20 0.25 0.28 0.37
Net realized and
unrealized gain (loss)
on investments......... (0.02) (2.59) (5.09) 1.57 4.51 1.02
------- ------- -------- -------- -------- --------
Total from investment
operations............. 0.07 (2.43) (4.89) 1.82 4.79 1.39
------- ------- -------- -------- -------- --------
Distributions to
shareholders from:
Net investment income.... (0.09) (0.16) (0.24) (0.25) (0.28) (0.36)
Net realized capital
gains.................. -- -- -- (3.08) (2.50) (0.45)
------- ------- -------- -------- -------- --------
Total distributions...... (0.09) (0.16) (0.24) (3.33) (2.78) (0.81)
------- ------- -------- -------- -------- --------
Net asset value, end
of period.............. $ 13.45 $ 13.47 $ 16.06 $ 21.19 $ 22.70 $ 20.69
======= ======= ======== ======== ======== ========
Total return(1).......... 0.56% (15.20)% (23.18)% 8.49% 23.88% 7.00%
======= ======= ======== ======== ======== ========
Ratios to average
net assets/
Supplemental data:
Net assets, end of period
(in 000's)............. $85,990 $90,051 $123,803 $168,564 $148,784 $152,601
Ratio of operating
expenses to average
net assets............. 0.14%(2) 0.14% 0.12% 0.14% 0.12% 0.12%
Ratio of net investment
income to average
net assets............. 1.41%(2) 1.04% 1.09% 1.00% 1.17% 1.71%
Portfolio turnover rate.. 31% 36% 41% 47% 40% 52%
</Table>
- ------------
(1) Total return represents aggregate total return for the period indicated.
(2) Annualized.
(3) Unaudited.
See Notes to Financial Statements.
----- 13 -----
<Page>
-------------------------
THE GLENMEDE FUND, INC.
----------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<Table>
<Caption>
SMALL CAP EQUITY PORTFOLIO ADVISOR SHARES
-----------------------------------------------------------------------------------------------------
FOR THE
SIX MONTHS FOR THE YEARS ENDED OCTOBER 31,
ENDED ------------------------------------------------------------------------------
APRIL 30, 2003(4) 2002 2001 2000 1999 1998
--------------------- -------------- -------------- -------------- -------------- --------------
Net asset value,
beginning of period.... $ 13.93 $ 15.57 $ 17.04 $ 15.04 $ 15.28 $ 19.06
-------- -------- -------- -------- -------- --------
Income from investment
operations:
Net investment income.... 0.03 0.07 0.23 0.11 0.20 0.19
Net realized and
unrealized gain (loss)
on investments......... 1.39 (0.90) 0.45 3.07 (0.25) (3.66)
-------- -------- -------- -------- -------- --------
Total from investment
operations............. 1.42 (0.83) 0.68 3.18 (0.05) (3.47)
-------- -------- -------- -------- -------- --------
Distributions to
shareholders from:
Net investment income.... (0.02) (0.07) (0.24) (0.11) (0.19) (0.19)
Net realized capital
gains.................. -- (0.74) (1.83) (1.07) -- (0.12)
Tax Return of capital.... -- -- (0.08) -- -- --
-------- -------- -------- -------- -------- --------
Total distributions...... (0.02) (0.81) (2.15) (1.18) (0.19) (0.31)
-------- -------- -------- -------- -------- --------
Net asset value, end
of period.............. $ 15.33 $ 13.93 $ 15.57 $ 17.04 $ 15.04 $ 15.28
======== ======== ======== ======== ======== ========
Total return(1).......... 10.22% (5.32)% 3.84% 21.43% (0.32)% (18.35)%
======== ======== ======== ======== ======== ========
Ratios to average
net assets/
Supplemental data:
Net assets, end of period
(in 000's)............. $226,508 $199,264 $216,638 $242,395 $253,357 $307,596
Ratio of operating
expenses to average net
assets................. 0.90%(2) 0.90% 0.87% 0.90% 0.88% 0.76%
Ratio of net investment
income to average
net assets............. 0.46%(2) 0.44% 1.28% 0.62% 1.27% 1.07%
Portfolio turnover
rate(3)................ 20% 67% 65% 67% 77% 42%
</Table>
- ------------
(1) Total return represents aggregate total return for the period indicated.
(2) Annualized.
(3) Portfolio turnover is calculated at the fund level.
(4) Unaudited.
See Notes to Financial Statements.
----- 14 -----
<Page>
-------------------------
THE GLENMEDE FUND, INC.
----------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<Table>
<Caption>
SMALL CAP EQUITY PORTFOLIO INSTITUTIONAL SHARES
-----------------------------------------------------------------------------------------------------
FOR THE FOR THE PERIOD
SIX MONTHS FOR THE YEARS ENDED OCTOBER 31, JANUARY 2, 1998(1)
ENDED ---------------------------------------------------------- THROUGH
APRIL 30, 2003(5) 2002 2001 2000 1999 OCTOBER 31, 1998
--------------------- ------------- ------------- ------------- ------------- ------------------
Net asset value,
beginning of period.... $ 13.96 $ 15.60 $ 17.01 $ 15.01 $ 15.29 $ 19.33
------- ------- ------- ------- ------- -------
Income from investment
operations:
Net investment income.... 0.05 0.11 0.26 0.14 0.23 0.15
Net realized and
unrealized gain (loss)
on investments......... 1.39 (0.90) 0.46 3.06 (0.24) (3.94)
------- ------- ------- ------- ------- -------
Total from investment
operations............. 1.44 (0.79) 0.72 3.20 (0.01) (3.79)
------- ------- ------- ------- ------- -------
Distributions to
shareholders from:
Net investment income.... (0.03) (0.11) (0.22) (0.13) (0.27) (0.13)
Net realized capital
gains.................. -- (0.74) (1.83) (1.07) -- (0.12)
Tax Return of capital.... -- -- (0.08) -- -- --
------- ------- ------- ------- ------- -------
Total distributions...... (0.03) (0.85) (2.13) (1.20) (0.27) (0.25)
------- ------- ------- ------- ------- -------
Net asset value, end
of period.............. $ 15.37 $ 13.96 $ 15.60 $ 17.01 $ 15.01 $ 15.29
======= ======= ======= ======= ======= =======
Total return(2).......... 10.33% (5.10)% 4.08% 21.65% (0.10)% (19.69)%
======= ======= ======= ======= ======= =======
Ratios to average
net assets/
Supplemental data:
Net assets, end of period
(in 000's)............. $33,062 $29,644 $30,417 $27,353 $28,455 $31,794
Ratio of operating
expenses to average net
assets................. 0.70%(3) 0.70% 0.66% 0.70% 0.68% 0.69%(3)
Ratio of net investment
income to average
net assets............. 0.66%(3) 0.64% 1.44% 0.82% 1.47% 1.07%(3)
Portfolio turnover
rate(4)................ 20% 67% 65% 67% 77% 42%
</Table>
- ------------
(1) Commencement of operations.
(2) Total return represents aggregate total return for the period indicated.
(3) Annualized.
(4) Portfolio turnover is calculated at the fund level.
(5) Unaudited.
See Notes to Financial Statements.
----- 15 -----
<Page>
-------------------------
THE GLENMEDE FUND, INC.
----------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<Table>
<Caption>
LARGE CAP VALUE PORTFOLIO
------------------------------------------------------------------------------------------------
FOR THE
SIX MONTHS FOR THE YEARS ENDED OCTOBER 31,
ENDED -------------------------------------------------------------------------
APRIL 30, 2003(3) 2002 2001 2000 1999 1998
--------------------- ------------- ------------- ------------- ------------- -------------
Net asset value,
beginning of period.... $ 7.78 $ 8.56 $ 11.03 $ 11.24 $ 11.77 $ 13.29
------- ------- ------- ------- ------- -------
Income from investment
operations:
Net investment income.... 0.08 0.14 0.17 0.18 0.18 0.24
Net realized and
unrealized gain (loss)
on investments......... 0.09 (0.79) (1.49) (0.15) 2.00 0.35
------- ------- ------- ------- ------- -------
Total from investment
operations............. 0.17 (0.65) (1.32) 0.03 2.18 0.59
------- ------- ------- ------- ------- -------
Distributions to
shareholders from:
Net investment income.... (0.07) (0.13) (0.18) (0.16) (0.19) (0.25)
Net realized capital
gains.................. -- -- (0.97) (0.08) (2.52) (1.86)
------- ------- ------- ------- ------- -------
Total distributions...... (0.07) (0.13) (1.15) (0.24) (2.71) (2.11)
------- ------- ------- ------- ------- -------
Net asset value, end
of period.............. $ 7.88 $ 7.78 $ 8.56 $ 11.03 $ 11.24 $ 11.77
------- ------- ------- ------- ------- -------
Total return(1).......... 2.24% (7.64)% (12.31)% 0.30% 19.59% 4.77%
======= ======= ======= ======= ======= =======
Ratios to average
net assets/
Supplemental data:
Net assets, end of period
(in 000's)............. $18,622 $15,326 $14,002 $21,251 $59,178 $66,620
Ratio of operating
expenses to average net
assets................. 0.19%(2) 0.17% 0.21% 0.23% 0.13% 0.12%
Ratio of net investment
income to average
net assets............. 2.15%(2) 1.75% 1.51% 1.50% 1.28% 1.74%
Portfolio turnover rate.. 46% 96% 174% 108% 105% 132%
</Table>
- ------------
(1) Total return represents aggregate total return for the period indicated.
(2) Annualized.
(3) Unaudited.
See Notes to Financial Statements.
----- 16 -----
<Page>
-------------------------
THE GLENMEDE FUND, INC.
----------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<Table>
<Caption>
INTERNATIONAL PORTFOLIO
-------------------------------------------------------------------------
FOR THE
SIX MONTHS FOR THE YEARS ENDED OCTOBER 31,
ENDED --------------------------------------------------
APRIL 30, 2003(3) 2002 2001 2000
--------------------- -------------- ---------------- ----------------
Net asset value,
beginning of period.... $ 11.67 $ 12.89 $ 15.79 $ 17.87
-------- -------- ---------- ----------
Income from investment
operations:
Net investment income.... 0.19 0.33 0.35 0.45
Net realized and
unrealized gain (loss)
on investments......... (0.09) (1.31) (2.91) (1.09)
-------- -------- ---------- ----------
Total from investment
operations............. 0.10 (0.98) (2.56) (0.64)
-------- -------- ---------- ----------
Distributions to
shareholders from:
Net investment income.... (0.09) (0.24) (0.34) (0.33)
Net realized capital
gains.................. -- -- -- (1.11)
-------- -------- ---------- ----------
Total distributions...... (0.09) (0.24) (0.34) (1.44)
-------- -------- ---------- ----------
Net asset value, end
of period.............. $ 11.68 $ 11.67 $ 12.89 $ 15.79
======== ======== ========== ==========
Total return(1).......... 0.85% (7.82)% (16.34)% (3.70)%
======== ======== ========== ==========
Ratios to average
net assets/
Supplemental data:
Net assets, end of period
(in 000's)............. $917,237 $983,337 $1,219,138 $1,486,088
Ratio of operating
expenses to average net
assets................. 0.14%(2) 0.14% 0.11% 0.11%
Ratio of net investment
income to average net
assets................. 3.17%(2) 2.42% 2.34% 2.30%
Portfolio turnover rate.. 24% 33% 40% 36%
<Caption>
INTERNATIONAL PORTFOLIO
----------------------------------
FOR THE YEARS ENDED OCTOBER 31,
----------------------------------
1999 1998
---------------- ----------------
Net asset value,
beginning of period.... $ 15.66 $ 15.11
---------- ----------
Income from investment
operations:
Net investment income.... 0.48 0.37
Net realized and
unrealized gain (loss)
on investments......... 3.33 0.74
---------- ----------
Total from investment
operations............. 3.81 1.11
---------- ----------
Distributions to
shareholders from:
Net investment income.... (0.57) (0.40)
Net realized capital
gains.................. (1.03) (0.16)
---------- ----------
Total distributions...... (1.60) (0.56)
---------- ----------
Net asset value, end
of period.............. $ 17.87 $ 15.66
========== ==========
Total return(1).......... 24.65% 7.44%
========== ==========
Ratios to average
net assets/
Supplemental data:
Net assets, end of period
(in 000's)............. $1,500,559 $1,135,192
Ratio of operating
expenses to average net
assets................. 0.11% 0.13%
Ratio of net investment
income to average net
assets................. 2.52% 2.32%
Portfolio turnover rate.. 20% 19%
</Table>
- ------------
(1) Total return represents aggregate total return for the period indicated.
(2) Annualized.
(3) Unaudited.
See Notes to Financial Statements.
----- 17 -----
<Page>
-------------------------
THE GLENMEDE FUND, INC.
----------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<Table>
<Caption>
INSTITUTIONAL INTERNATIONAL PORTFOLIO
----------------------------------------------------------------------------------------------------
FOR THE
SIX MONTHS FOR THE YEARS ENDED OCTOBER 31,
ENDED -----------------------------------------------------------------------------
APRIL 30, 2003(3) 2002 2001 2000 1999 1998
--------------------- -------------- -------------- -------------- -------------- -------------
Net asset value,
beginning of period.... $ 11.03 $ 12.25 $ 15.10 $ 17.82 $ 15.53 $ 14.89
-------- -------- -------- -------- -------- -------
Income from investment
operations:
Net investment income.... 0.13 0.19 0.23 0.33 0.39 0.26
Net realized and
unrealized gain (loss)
on investments......... (0.07) (1.28) (2.86) (1.37) 3.15 0.81
-------- -------- -------- -------- -------- -------
Total from investment
operations............. 0.06 (1.09) (2.63) (1.04) 3.54 1.07
-------- -------- -------- -------- -------- -------
Distributions to
shareholders from:
Net investment income.... (0.04) (0.13) (0.16) (0.24) (0.40) (0.28)
Net realized capital
gains.................. -- -- -- (1.44) (0.85) (0.15)
Tax Return of capital.... -- -- (0.06) -- -- --
-------- -------- -------- -------- -------- -------
Total distributions...... (0.04) (0.13) (0.22) (1.68) (1.25) (0.43)
-------- -------- -------- -------- -------- -------
Net asset value, end
of period.............. $ 11.05 $ 11.03 $ 12.25 $ 15.10 $ 17.82 $ 15.53
======== ======== ======== ======== ======== =======
Total return(1).......... 0.58% (9.02)% (17.45)% (5.87)% 22.98% 7.26%
======== ======== ======== ======== ======== =======
Ratios to average
net assets/
Supplemental data:
Net assets, end of period
(in 000's)............. $276,037 $263,769 $275,132 $171,343 $175,951 $98,727
Ratio of operating
expenses to average net
assets................. 0.85%(2) 0.85% 0.83% 0.84% 0.86% 0.87%
Ratio of net investment
income to average
net assets............. 2.51%(2) 1.72% 1.71% 1.65% 1.83% 1.58%
Portfolio turnover rate.. 22% 37% 53% 74% 20% 19%
</Table>
- ------------
(1) Total return represents aggregate total return for the period indicated.
(2) Annualized.
(3) Unaudited.
See Notes to Financial Statements.
----- 18 -----
<Page>
-------------------------
THE GLENMEDE FUND, INC.
----------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<Table>
<Caption>
SMALL CAPITALIZATION GROWTH PORTFOLIO
------------------------------------------------------------------------------
FOR THE FOR THE YEARS ENDED FOR THE PERIOD
SIX MONTHS OCTOBER 31, DECEMBER 29, 1999(1)
ENDED ----------------------------- THROUGH
APRIL 30, 2003(4) 2002 2001 OCTOBER 31, 2000
--------------------- ------------- -------------- ------------------------
Net asset value, beginning of
period...................... $ 3.93 $ 5.04 $ 9.22 $ 10.00
------- ------- -------- --------
Income from investment
operations:
Net investment loss........... (0.02) -- -- (0.03)
Net realized and unrealized
gain (loss) on
investments................. 0.21 (1.11) (4.18) (0.75)
------- ------- -------- --------
Total from investment
operations.................. 0.19 (1.11) (4.18) (0.78)
------- ------- -------- --------
Net asset value, end
of period................... $ 4.12 $ 3.93 $ 5.04 $ 9.22
======= ======= ======== ========
Total return(2)............... 4.84% (22.02)% (45.34)% (7.80)%
======= ======= ======== ========
Ratios to average net assets/
Supplemental data:
Net assets, end of period
(in 000's).................. $80,842 $78,122 $105,052 $182,847
Ratio of operating expenses to
average net assets.......... 1.23%(3) 1.23% 1.17% 1.23%(3)
Ratio of expenses in excess of
income to average net
assets...................... (1.12)%(3) (1.02)% (0.83)% (0.60)%(3)
Portfolio turnover rate....... 24% 42% 67% 78%
</Table>
- ------------
(1) Commencement of operations.
(2) Total return represents aggregate total return for the period indicated.
(3) Annualized.
(4) Unaudited.
See Notes to Financial Statements.
----- 19 -----
<Page>
-------------------------
THE GLENMEDE FUND, INC.
----------------------------
GOVERNMENT CASH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------ ------------
AGENCY DISCOUNT NOTES{::}(1) -- 0.9%
FEDERAL HOME LOAN BANK -- 0.5%
$ 2,960,000 2.30% due 5/2/03.............................................................. $ 2,959,811
------------
FEDERAL HOME LOAN MORTGAGE CORPORATION -- 0.4%
2,000,000 1.18% due 5/1/03.............................................................. 2,000,000
------------
TOTAL AGENCY DISCOUNT NOTES
(Cost $4,959,811)............................................................. 4,959,811
------------
AGENCY NOTES -- 51.2%
US GOVERNMENT AGENCIES & OBLIGATIONS -- 51.2%
Federal Farm Credit Bank:
8,000,000 4.375% due 5/1/03............................................................. 8,000,000
3,000,000 5.73% due 7/28/03............................................................. 3,032,106
2,500,000 4.15% due 9/12/03............................................................. 2,521,076
1,000,000 3.125% due 10/1/03............................................................ 1,008,033
1,000,000 4.82% due 10/7/03............................................................. 1,013,716
Federal Home Loan Bank:
3,000,000 6.005% due 5/5/03............................................................. 3,001,531
3,900,000 7.25% due 5/15/03............................................................. 3,908,196
16,325,000 4.50% due 5/15/03............................................................. 16,344,431
1,000,000 5.70% due 5/20/03............................................................. 1,002,328
3,500,000 5.805% due 6/5/03............................................................. 3,515,090
1,900,000 2.375% due 6/13/03............................................................ 1,902,319
1,000,000 2.66% due 6/20/03............................................................. 1,001,781
7,000,000 5.755% due 6/24/03............................................................ 7,040,685
21,745,000 4.50% due 7/7/03.............................................................. 21,870,044
980,000 2.00% due 7/10/03............................................................. 980,344
3,515,000 5.735% due 7/22/03............................................................ 3,550,748
2,500,000 2.235% due 7/25/03............................................................ 2,502,549
2,000,000 1.75% due 7/29/03............................................................. 2,000,697
1,850,000 6.875% due 8/15/03............................................................ 1,880,186
1,630,000 4.125% due 8/15/03............................................................ 1,643,384
1,100,000 5.89% due 8/20/03............................................................. 1,115,481
3,000,000 5.627% due 9/2/03............................................................. 3,041,133
1,000,000 5.575% due 9/2/03............................................................. 1,014,346
15,565,000 5.125% due 9/15/03............................................................ 15,788,467
1,000,000 5.135% due 9/22/03............................................................ 1,015,326
2,000,000 4.775% due 10/15/03........................................................... 2,031,481
1,000,000 5.19% due 10/20/03............................................................ 1,016,048
10,825,000 6.375% due 11/14/03........................................................... 11,121,625
1,000,000 2.50% due 11/14/03............................................................ 1,006,552
7,000,000 3.125% due 11/14/03........................................................... 7,069,730
</Table>
See Notes to Financial Statements.
----- 20 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
GOVERNMENT CASH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------ ------------
AGENCY NOTES -- (CONTINUED)
US GOVERNMENT AGENCIES & OBLIGATIONS -- (CONTINUED)
$ 10,325,000 5.375% due 1/5/04............................................................. $ 10,610,226
2,000,000 1.43% due 3/30/04............................................................. 2,000,000
2,000,000 1.37% due 5/3/04.............................................................. 2,000,000
2,000,000 1.40% due 5/10/04............................................................. 2,000,000
Federal Home Loan Mortgage Corporation:
25,182,000 7.375% due 5/15/03............................................................ 25,238,514
6,626,000 4.50% due 6/15/03............................................................. 6,650,009
4,963,000 4.50% due 6/15/03............................................................. 4,981,421
16,350,000 5.75% due 7/15/03............................................................. 16,497,397
11,411,000 3.50% due 9/15/03............................................................. 11,487,369
1,500,000 3.25% due 10/10/03............................................................ 1,513,422
3,500,000 3.18% due 10/24/03............................................................ 3,532,010
8,315,000 6.375% due 11/15/03........................................................... 8,542,232
1,040,000 3.05% due 11/28/03............................................................ 1,050,694
1,385,000 3.25% due 12/15/03............................................................ 1,401,703
2,000,000 5.25% due 2/15/04............................................................. 2,062,126
Federal National Mortgage Association:
16,095,000 4.625% due 5/15/03............................................................ 16,115,496
19,995,000 4.00% due 8/15/03............................................................. 20,151,689
12,075,000 5.91% due 8/25/03............................................................. 12,250,257
2,000,000 5.50% due 9/29/03............................................................. 2,033,675
2,200,000 5.45% due 10/10/03............................................................ 2,240,409
1,235,000 4.75% due 11/14/03............................................................ 1,257,942
4,235,000 3.125% due 11/15/03........................................................... 4,277,050
------------
TOTAL AGENCY NOTES
(Cost $289,833,074)........................................................... 289,833,074
------------
FLOATING RATE BONDS -- 8.1%
Student Loan Marketing Association:
9,000,000 1.229% due 5/15/03............................................................ 9,000,000
7,000,000 1.236% due 6/19/03............................................................ 7,000,000
7,000,000 1.236% due 7/17/03............................................................ 7,000,000
7,000,000 1.246% due 8/21/03............................................................ 7,000,000
7,000,000 1.236% due 9/18/03............................................................ 7,000,000
9,000,000 1.236% due 10/16/03........................................................... 9,000,000
------------
TOTAL FLOATING RATE BONDS
(Cost $46,000,000)............................................................ 46,000,000
------------
</Table>
See Notes to Financial Statements.
----- 21 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
GOVERNMENT CASH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONCLUDED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------ ------------
REPURCHASE AGREEMENTS -- 40.4%
$ 20,000,000 With Bear Stearns, Inc., dated 04/25/03, 1.23%, principal and interest in the
amount of $20,021,867, due 05/27/03, (collateralized by FNR 2002-53 PD with a
par value of $19,455,000, coupon rate of 6.00%, due 01/25/32, market value of
$20,618,409).................................................................. $ 20,000,000
100,000,000 With Bear Stearns, Inc., dated 04/30/03, 1.35%, principal and interest in the
amount of $100,003,750, due 05/01/03, (collateralized by FHR 2475 FL with a
par value of $35,130,000, coupon rate of 2.78%, due 02/15/32, market value of
$27,165,402 and FHR 2419 FA with a par value of $100,000,000, coupon rate of
2.80%, due 02/15/32, market value of $75,939,506)............................. 100,000,000
108,662,058 With Paine Webber, Inc., dated 04/30/03, 1.35%, principal and interest in the
amount of $108,666,072, due 05/01/03, (collateralized by FNMA Pool #555427
with a par value of $108,430,000, coupon rate of 6.00%, due 02/01/18, market
value of $108,662,235)........................................................ 108,662,058
------------
TOTAL REPURCHASE AGREEMENTS
(Cost $228,662,058)........................................................... 228,662,058
------------
</Table>
<Table>
TOTAL INVESTMENTS
(Cost $569,454,943)........................................................... 100.6% $569,454,943
LIABILITIES IN EXCESS OF OTHER ASSETS........................................... (0.6) (3,162,663)
------- ------------
NET ASSETS...................................................................... 100.0% $566,292,280
======= ============
</Table>
- ------------
{::} Percentages indicated are based on net assets.
(1) Rate represents annualized discount yield at date of purchase.
Abbreviations:
FNMA -- Federal National Mortgage Association
FNR -- Federal National Mortgage Association REMIC
FHR -- Federal Home Loan Mortgage Corporation REMIC
See Notes to Financial Statements.
----- 22 -----
<Page>
-------------------------
THE GLENMEDE FUND, INC.
----------------------------
TAX-EXEMPT CASH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- ----------- ------------
VARIABLE/FLOATING RATE NOTES{::}(1) -- 95.0%
DAILY VARIABLE/FLOATING RATE NOTES -- 55.2%
$ 1,900,000 Angelina & Neches River Authority, Texas, Industrial Development Corp., Solid
Waste Disposal Revenue, DATES, Series B, (LOC: BankAmerica),
1.37% due 5/1/14.............................................................. $ 1,900,000
1,000,000 Angelina & Neches River Authority, Texas, Industrial Development Corp., Solid
Waste Disposal Revenue, DATES, Series D, (LOC: BankAmerica),
1.37% due 5/1/14.............................................................. 1,000,000
4,100,000 California State Deptartment of Water Resources, Power Supply Revenue, Series
B-5, (LOC: Bayerische Landesbank 50% & Westdeutsche Landesbank 50%),
1.35% due 5/1/22.............................................................. 4,100,000
18,815,000 Clark County, Nevada, School District Revenue, Series B, (SPA: Bayerische
Landesbank),
1.11% due 6/15/21............................................................. 18,815,000
11,700,000 Connecticut State Health & Educational Facilities Authority, Edgehill Project,
Series C, (LOC: KBC Bank, N.V.),
1.15% due 7/1/27.............................................................. 11,700,000
2,100,000 Connecticut State Health & Educational Facilities Authority, Yale University
Project, Series T-1,
1.30% due 7/1/29.............................................................. 2,100,000
6,235,000 Dade County, Florida, Industrial Development Authority, Pollution Control
Revenue Refunding, Florida Power & Light Co. Project,
1.45% due 4/1/20.............................................................. 6,235,000
19,200,000 Delaware County, Pennsylvania, Industrial Development Authority, Airport
Facilities Revenue, United Parcel Service Project, DATES,
1.11% due 12/1/15............................................................. 19,200,000
1,100,000 District of Columbia, General Fund Recovery, Series B-3, (LOC: BankAmerica),
1.35% due 6/1/03.............................................................. 1,100,000
1,000,000 Gulf Coast, Texas, Waste Disposal Authority, Revenue Refunding, Exxon Corp.
Project:
1.30% due 6/1/20.............................................................. 1,000,000
600,000 1.11% due 10/1/24............................................................. 600,000
12,700,000 Hapeville, Georgia, Development Authority, Industrial Development Revenue,
Hapeville Hotel Limited Project, (LOC: BankAmerica),
1.35% due 11/1/15............................................................. 12,700,000
</Table>
See Notes to Financial Statements.
----- 23 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
TAX-EXEMPT CASH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- ----------- ------------
VARIABLE/FLOATING RATE NOTES{::}(1) -- (CONTINUED)
DAILY VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$10,220,000 Idaho State Health Facility Authority, Revenue, St. Luke's Medical Center
Project, (FSA Insured),
1.28% due 7/1/30.............................................................. $ 10,220,000
1,100,000 Irvine Ranch, California, Water District Revenue, (LOC: State Street Bank &
Trust Co.),
1.35% due 1/1/21.............................................................. 1,100,000
2,500,000 Irvine Ranch, California, Water District Revenue, Series A, (LOC: BankAmerica),
1.26% due 5/1/09.............................................................. 2,500,000
6,900,000 Irvine Ranch, California, Water District, Capital Improvement Projects, DATES,
(LOC: Toronto Dominion Bank),
1.35% due 8/1/16.............................................................. 6,900,000
700,000 Irvine Ranch, California, Water District, General Obligation, Series A. (LOC:
BankAmerica),
1.35% due 11/15/13............................................................ 700,000
2,400,000 Irvine, California, Public Improvements Revenue, (LOC: BankAmerica),
1.35% due 9/2/25.............................................................. 2,400,000
1,000,000 Jackson County, Mississippi, Port Facility Revenue Refunding, Chevron USA Inc.
Project,
1.35% due 6/1/23.............................................................. 1,000,000
5,800,000 Jacksonville, Florida, Pollution Control Revenue Refunding, Florida Power &
Light Co. Project,
1.45% due 5/1/29.............................................................. 5,800,000
2,900,000 Joliet, Illinois, Pregional Port District, Revenue Refunding, Exxon Corp.
Project,
1.11% due 10/1/24............................................................. 2,900,000
4,400,000 Kansas State Department of Transportation, Highway Revenue, Series B-1,
1.28% due 9/1/20.............................................................. 4,400,000
14,010,000 Kansas State Department of Transportation, Highway Revenue, Series B-2,
1.28% due 9/1/20.............................................................. 14,010,000
3,000,000 Kemmerer, Wyoming, Pollution Control Revenue, DATES, Exxon Corp. Project,
1.11% due 11/1/14............................................................. 3,000,000
11,625,000 Lehigh County, Pennsylvania, General Purpose Authority, Lehigh Valley Hospital,
Series A, (SPA: J.P. Morgan), (AMBAC Insured),
1.28% due 7/1/28.............................................................. 11,625,000
</Table>
See Notes to Financial Statements.
----- 24 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
TAX-EXEMPT CASH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- ----------- ------------
VARIABLE/FLOATING RATE NOTES{::}(1) -- (CONTINUED)
DAILY VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$ 1,450,000 Lincoln County, Wyoming, Pollution Control Revenue, Exxon Corp. Project, Class
A,
1.11% due 11/1/14............................................................. $ 1,450,000
2,500,000 Lincoln County, Wyoming, Pollution Control Revenue, Exxon Corp. Project, Class
B,
1.11% due 11/1/14............................................................. 2,500,000
4,380,000 Lincoln County, Wyoming, Pollution Control Revenue, Exxon Corp. Project, Class
C,
1.11% due 11/1/14............................................................. 4,380,000
10,950,000 Los Angeles, California, Regional Airports Improvement Corp., Lease Revenue,
Sublease - Los Angeles International Airport, LAX Two Corp., (LOC: Societe
Generale),
1.31% due 12/1/25............................................................. 10,950,000
7,150,000 Louisiana State Public Facilities Authority, Industrial Development, Kenner
Hotel Ltd. Project, (LOC: BankAmerica),
1.35% due 12/1/15............................................................. 7,150,000
7,820,000 Massachusetts State Health & Educational Facilities Authority Revenue, Capital
Assets Program, Series D, (SPA: State Street Bank & Trust Co.), (MBIA
Insured),
1.35% due 1/1/35.............................................................. 7,820,000
2,300,000 Massachusetts State, Central Artery Project, Series A, (SPA: Landesbank
Hessen-Thuer.),
1.35% due 12/1/30............................................................. 2,300,000
12,400,000 Metropolitan Water District of Southern California, Waterworks Revenue, Series
B-3, (SPA: Westdeutsche Landesbank),
1.35% due 7/1/35.............................................................. 12,400,000
10,595,000 New Jersey Economic Development Authority, Economic Development Revenue
Refunding, Stolthaven Project, Series A, (LOC: Citibank N.A.),
1.30% due 1/15/18............................................................. 10,595,000
8,300,000 New Jersey Economic Development Authority, Pollution Control Revenue Refunding,
Exxon Mobile Corp. Project,
1.00% due 4/1/22.............................................................. 8,300,000
4,600,000 New York City, New York, General Obligations, Subseries A-10, (LOC: J.P.
Morgan),
1.26% due 8/1/16.............................................................. 4,600,000
2,900,000 New York City, New York, General Obligations, Subseries A-7, (SPA: Bank of Nova
Scotia), (AMBAC Insured),
1.26% due 11/1/24............................................................. 2,900,000
</Table>
See Notes to Financial Statements.
----- 25 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
TAX-EXEMPT CASH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- ----------- ------------
VARIABLE/FLOATING RATE NOTES{::}(1) -- (CONTINUED)
DAILY VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$ 3,250,000 New York City, New York, General Obligations, Subseries E2, (LOC: J.P. Morgan):
1.26% due 8/1/20.............................................................. $ 3,250,000
3,800,000 1.26% due 8/1/21.............................................................. 3,800,000
16,000,000 New York City, New York, Municipal Water Finance Authority, Water & Sewer System
Revenue, Series C, (SPA: Dexia Credit),
1.26% due 6/15/33............................................................. 16,000,000
1,540,000 New York City, New York, Municipal Water Finance Authority, Water & Sewer System
Revenue, Series C, (SPA: FGIC Insured):
1.40% due 6/15/22............................................................. 1,540,000
2,900,000 1.40% due 6/15/23............................................................. 2,900,000
7,600,000 New York City, New York, Transitional Finance Authority Revenue, Future Tax
Secured, Series A-1, (SPA: Commerzbank A.G.),
1.35% due 11/15/28............................................................ 7,600,000
6,800,000 New York City, New York, Transitional Finance Authority Revenue, Future Tax
Secured, Subseries C-4, (SPA: Landesbank Hessen-Thuer),
1.26% due 8/1/31.............................................................. 6,800,000
10,810,000 New York State Energy Research & Development Authority, New York Electric & Gas
Project, Series D, (LOC: Bank One Chicago, N.A.),
1.26% due 10/1/29............................................................. 10,810,000
10,950,000 New York State Thruway Authority, General Revenue, (SPA: FGIC Insured),
1.35% due 1/1/24.............................................................. 10,950,000
7,100,000 Newport Beach, California, Hoag Memorial Presbyterian Hospital Revenue, (SPA:
BankAmerica),
1.28% due 10/1/22............................................................. 7,100,000
4,300,000 North Carolina State Medical Care Commission, Health Care Facilities Revenue,
The Givens Estates Inc. Project, (LOC: Wachovia Bank),
1.25% due 12/1/26............................................................. 4,300,000
1,700,000 North Carolina State Medical Care Commission, Hospital Revenue, ACES, Pooled
Financing Projects, Series B, (LOC: Wachovia Bank),
1.40% due 10/1/13............................................................. 1,700,000
800,000 North Carolina State Medical Care Commission, Hospital Revenue, Pooled Financing
Projects, Series A, (LOC: BankAmerica),
1.25% due 10/1/16............................................................. 800,000
</Table>
See Notes to Financial Statements.
----- 26 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
TAX-EXEMPT CASH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- ----------- ------------
VARIABLE/FLOATING RATE NOTES{::}(1) -- (CONTINUED)
DAILY VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$ 1,800,000 Orange County, California, Sanitation District, Certificates of Participation,
Series B, (SPA: Dexia Public Finance),
1.35% due 8/1/30.............................................................. $ 1,800,000
16,300,000 Port of Portland, Oregon, Pollution Control Revenue, Reynolds Metals Project,
DATES, (LOC: San Paolo Bank),
1.11% due 12/1/09............................................................. 16,300,000
7,265,000 Roanoke, Virginia, Industrial Development Authority, Hospital Revenue, Carilion
Health System Obligated Group, Series C, (SPA: Wachovia Bank),
1.25% due 7/1/27.............................................................. 7,265,000
1,750,000 St. Lawrence County, New York, Industrial Development Agency, Industrial
Development Revenue, Reynolds Metals Project, DATES, (LOC: San Paolo Bank),
1.40% due 12/1/07............................................................. 1,750,000
5,700,000 Uinta County, Wyoming, Pollution Control Revenue Refunding, Chevron USA Inc.
Project,
1.40% due 8/15/20............................................................. 5,700,000
13,300,000 Union County, New Jersey, Pollution Control Financing Authority, Revenue
Refunding, Exxon Corp. Project,
1.00% due 10/1/24............................................................. 13,300,000
10,650,000 University of North Carolina at Chapel Hill, Hospital Revenue, UPDATES, Series
A, (SPA: Landesbank Hessen-Thuer.),
1.28% due 2/15/31............................................................. 10,650,000
------------
TOTAL DAILY VARIABLE/FLOATING RATE NOTES
(Cost $356,665,000)........................................................... 356,665,000
------------
WEEKLY VARIABLE/FLOATING RATE NOTES -- 39.8%
3,300,000 Alabama State Special Care Facilities Financing Authority, Hospital Revenue,
Birmingham Hospital Project, (LOC: Barclay's Bank), (FGIC Insured),
1.19% due 4/1/15.............................................................. 3,300,000
5,605,000 Bexar County, Texas, Housing Finance Corp., Multi Family Housing Revenue, Aamha
LLC Project (Backed by FNMA),
1.35% due 12/15/25............................................................ 5,605,000
7,565,000 Burke County, Georgia, Development Authority, Pollution Control Revenue,
Oglethorpe Power Corp., Series A, (SPA: Credit Local de France), (FGIC
Insured),
1.35% due 1/1/19.............................................................. 7,565,000
3,620,000 Charlotte, North Carolina, Airport Revenue Refunding, Series A, (SPA:
Commerzbank A.G.), (MBIA Insured),
1.60% due 7/1/16.............................................................. 3,620,000
</Table>
See Notes to Financial Statements.
----- 27 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
TAX-EXEMPT CASH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- ----------- ------------
VARIABLE/FLOATING RATE NOTES{::}(1) -- (CONTINUED)
WEEKLY VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$ 880,000 Chicago, Illinois, O'Hare International Airport Revenue, General Airport 2nd
Lien - A, (LOC: Societe Generale),
1.25% due 1/1/15.............................................................. $ 880,000
940,000 Chicago, Illinois, O'Hare International Airport Revenue, General Airport 2nd
Lien - B, (LOC: Societe Generale),
1.25% due 1/1/15.............................................................. 940,000
9,400,000 Clark County, Nevada, Airport Revenue, Sub Lien, Series B-2, (LOC: Bayerische
Landesbank),
1.19% due 7/1/29.............................................................. 9,400,000
1,355,000 Clayton County, Georgia, Housing Authority, Multi Family Housing Revenue
Refunding, Huntington Woods Apartments Project, Series A, (SPA: Societe
Generale), (FSA Insured),
1.40% due 1/1/21.............................................................. 1,355,000
1,000,000 Clayton County, Georgia, Housing Authority, Multi Family Housing Revenue
Refunding, Kimberly Forest Apartments Project, Series B, (SPA: Societe
Generale), (FSA Insured),
1.40% due 1/1/21.............................................................. 1,000,000
1,100,000 Clayton County, Georgia, Housing Authority, Multi Family Housing Revenue
Refunding, Kings Arms Apartments Project, Series D, (SPA: Societe Generale),
(FSA Insured),
1.35% due 1/1/21.............................................................. 1,100,000
2,335,000 Clayton County, Georgia, Housing Authority, Multi Family Housing Revenue
Refunding, Ten Oaks Apartments Project, Series F, (SPA: Societe Generale),
(FSA Insured),
1.40% due 1/1/21.............................................................. 2,335,000
1,500,000 Colton, California, Redevelopment Agency, Multi Family Revenue, Series A, (LOC:
Coast Federal Bank & Federal Home Loan Bank),
1.30% due 5/1/10.............................................................. 1,500,000
10,100,000 Connecticut State Health & Educational Facilities Authority, Yale University
Project, Series T-2,
1.24% due 7/1/29.............................................................. 10,100,000
9,200,000 Connecticut State, General Obligations, Series B, (SPA: Bayerische Landesbank),
1.35% due 5/15/14............................................................. 9,200,000
880,000 Dade County, Florida, Aviation Revenue, Series A, VRD, (LOC: J.P. Morgan),
1.31% due 10/1/09............................................................. 880,000
5,000,000 Dauphin County, Pennslyvania, General Authority, (SPA: Scotiabank), (AMBAC
Insured),
1.40% due 6/1/26.............................................................. 5,000,000
</Table>
See Notes to Financial Statements.
----- 28 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
TAX-EXEMPT CASH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- ----------- ------------
VARIABLE/FLOATING RATE NOTES{::}(1) -- (CONTINUED)
WEEKLY VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$ 1,600,000 Dauphin County, Pennslyvania, General Authority, School District Pooled
Financing Program II, (SPA: Bank of Nova Scotia), (AMBAC Insured),
1.40% due 9/1/32.............................................................. $ 1,600,000
1,000,000 Delaware State River & Bay Authority Development Revenue, Series B, (SPA: Dexia
Bank),
1.25% due 1/1/30.............................................................. 1,000,000
1,900,000 Durham, North Carolina, Public Improvement, (SPA: Wachovia Bank),
1.40% due 2/1/13.............................................................. 1,900,000
6,900,000 Emmaus, Pennsylvania, General Authority Revenue, (SPA: Wachovia Bank), (FSA
Insured),
1.35% due 12/1/28............................................................. 6,900,000
600,000 Fairfax County, Virginia, Industrial Development Authority Revenue, Fairfax
Hospital Project, Series C, Inova Health System,
1.30% due 10/1/25............................................................. 600,000
3,000,000 Florida State Housing Finance Agency, Multi Family Housing Revenue, Buena Vista
Project, (LOC: FHLMC),
1.25% due 11/1/07............................................................. 3,000,000
2,000,000 Gloucester County, New Jersey, Pollution Control Financing Authority, Revenue
Refunding, Mobil Oil Refining Co. Project,
0.80% due 12/1/03............................................................. 2,000,000
2,400,000 Hamilton County, Ohio, Hospital Facilities Revenue, Health Alliance of Greater
Cincinnati, Series E (SPA: Credit Suisse),
1.25% due 1/1/18.............................................................. 2,400,000
1,800,000 Honolulu City & County, Hawaii, General Obligations, Series A, (LOC: Landesbank
Hessen-Thuer.):
1.30% due 1/1/10.............................................................. 1,800,000
8,000,000 1.30% due 1/1/11.............................................................. 8,000,000
2,500,000 Illinois State Health Facilities Authority, Hospital Revenue, Decatur Memorial
Hospital Project, Series A, (SPA: FNB Chicago), (MBIA Insured),
1.31% due 11/15/24............................................................ 2,500,000
10,000,000 Illinois State Housing Development Authority, Housing Revenue, Illinois Center
Apartments, (LOC: KBC Bank NV),
1.19% due 1/1/08.............................................................. 10,000,000
2,900,000 Indiana State Health Facilities Financing Authority, Clarian Health Obligations
Group, Series C, (SPA: Westdeutsche Landesbank),
1.35% due 3/1/30.............................................................. 2,900,000
</Table>
See Notes to Financial Statements.
----- 29 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
TAX-EXEMPT CASH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- ----------- ------------
VARIABLE/FLOATING RATE NOTES{::}(1) -- (CONTINUED)
WEEKLY VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$ 2,100,000 Iowa State Higher Education Loan Authority, Education Loan Revenue, Private
College Facility, ACES, (SPA: J.P. Morgan), (MBIA Insured),
1.40% due 12/1/15............................................................. $ 2,100,000
4,770,000 Kentucky State, Area Development Districts, Program Revenue, Ewing Project,
(LOC: Wachovia Bank),
1.45% due 6/1/33.............................................................. 4,770,000
8,000,000 Lisle County, Illinois, Multi Family Housing Revenue Refunding, Four Lakes
Project Phase V (FNMA Insured),
1.35% due 9/15/26............................................................. 8,000,000
6,000,000 Long Island, New York, Power Authority, Series 7, Subseries 7-A, (SPA: Credit
Suisse), (MBIA Insured),
1.25% due 4/1/25.............................................................. 6,000,000
2,300,000 Los Angeles County, California, Pension Obligation, Refunding, Series C, (AMBAC
Insured), (SPA: Bank of Nova Scotia),
1.30% due 6/30/07............................................................. 2,300,000
615,000 Los Angeles, California, Multi Family Housing Revenue, Series K, (Backed by
FHLB),
1.35% due 7/1/10.............................................................. 615,000
2,625,000 Louisiana State Public Facilities Authority, Facility Authority Revenue, College
& University Equipment & Capital, Series A, (SPA: Societe Generale),
1.45% due 9/1/10.............................................................. 2,625,000
4,000,000 Louisiana State Public Facilities Authority, Multi Family Mortgage Revenue
Refunding, Emberwood Apartments Project, (Backed by G.E. Capital),
1.35% due 10/1/22............................................................. 4,000,000
7,400,000 Massachusetts State Health & Educational Facilities Authority Revenue, Amherst
College Project, Series F,
1.19% due 11/1/26............................................................. 7,400,000
5,000,000 Massachusetts State Health & Educational Facilities Authority Revenue, Boston
University Project, Series H, (LOC: State Street Bank & Trust Co.),
1.24% due 12/1/15............................................................. 5,000,000
700,000 Massachusetts State Health & Educational Facilities Authority Revenue, Capital
Assets Program, Series G-1, (SPA: State Street Bank & Trust Co.),
1.30% due 1/1/19.............................................................. 700,000
800,000 Massachusetts State Housing Finance Agency, Revenue Refunding, Multi Family
Housing Project, Series A, (FNMA Insured),
1.35% due 1/15/10............................................................. 800,000
</Table>
See Notes to Financial Statements.
----- 30 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
TAX-EXEMPT CASH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- ----------- ------------
VARIABLE/FLOATING RATE NOTES{::}(1) -- (CONTINUED)
WEEKLY VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$ 9,400,000 Massachusetts State Water Resourses Authority, General Obligations, Series B,
(LOC: Landesbank Hessen-Thuer),
1.35% due 8/1/28.............................................................. $ 9,400,000
5,400,000 Mecklenburg County, North Carolina, Series C, (SPA: Wachovia Bank),
1.32% due 2/1/18.............................................................. 5,400,000
1,300,000 Michigan State, Strategic Fund, Industrial Development Revenue, Allen Group Inc.
Project, (LOC: Dresdner),
1.35% due 11/1/25............................................................. 1,300,000
1,000,000 Minnesota State Higher Education Facilities Authority, Carleton College Project,
Class G, (SPA: Wells Fargo Bank),
1.10% due 11/1/29............................................................. 1,000,000
6,200,000 Missouri State Health & Educational Facilities Authority, Christian Health
Services, Series B, (LOC: J.P. Morgan),
1.35% due 12/1/19............................................................. 6,200,000
5,000,000 Moffat County, Colorado, Pollution Control Revenue, Electric Utilities, (SPA:
Societe Generale),
1.55% due 7/1/10.............................................................. 5,000,000
5,400,000 Montgomery County, Maryland, Housing Opportunities Commission, Multi Family
Housing Revenue, Falklands Project, Series B, (Backed by Connecticut General
Life),
1.20% due 8/1/15.............................................................. 5,400,000
1,500,000 Mountain View/Santa Clara County, California, Multi Family Housing Revenue,
Mariposa Project, Series A, (FGIC Insured),
1.35% due 3/1/17.............................................................. 1,500,000
9,900,000 New Jersey State Turnpike Authority Revenue, Series D, (LOC: Societe Generale),
(FGIC Insured),
1.30% due 1/1/18.............................................................. 9,900,000
4,300,000 New York State Housing Finance Agency Revenue, Liberty View Apartments Project,
Series A, (FNMA Insured),
1.35% due 11/15/19............................................................ 4,300,000
11,200,000 New York State, Local Government Assistance Corp., Series B, (LOC: Westdeutsche
Landesbank 50%, Bayerische Landesbank 50%),
1.35% due 4/1/23.............................................................. 11,200,000
3,260,000 North Carolina State Educational Facilities Finance Agency Revenue, Greensboro
College Project, (LOC: BankAmerica),
1.35% due 9/1/27.............................................................. 3,260,000
4,500,000 North Carolina State Medical Care Commission, Hospital Revenue, Duke University
Hospital Project, Series C, (SPA: Wachovia Bank N.A.),
1.30% due 6/1/15.............................................................. 4,500,000
</Table>
See Notes to Financial Statements.
----- 31 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
TAX-EXEMPT CASH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- ----------- ------------
VARIABLE/FLOATING RATE NOTES{::}(1) -- (CONTINUED)
WEEKLY VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$ 500,000 Ohio State, University General Receipts,
1.35% due 12/1/07............................................................. $ 500,000
1,950,000 Ohio State, University General Receipts, Series B:
1.21% due 12/1/19............................................................. 1,950,000
3,800,000 1.21% due 12/1/29............................................................. 3,800,000
1,250,000 Port Kalama, Washington, Public Corp., Conagra Inc. Project, (LOC: J.P. Morgan),
2.05% due 1/1/04.............................................................. 1,250,000
2,014,000 Roseville, Minnesota, Commercial Development Revenue, Berger Transfer & Storage
Project, Series F, (LOC: Wells Fargo Bank),
1.30% due 12/1/15............................................................. 2,014,000
2,045,000 Scottsdale, Arizona, Industrial Development Authority, Hospital Revenue,
Scottsdale Memorial Health System Project, Series B, (SPA: Credit Local de
France), (AMBAC Insured),
1.30% due 9/1/22.............................................................. 2,045,000
1,775,000 Texas State Higher Education Authority, Educational Equipment & Improvement
Revenue, Series B, (FGIC Insured),
1.35% due 12/1/25............................................................. 1,775,000
4,200,000 Tulsa, Oklahoma, Industrial Authority Revenue Refunding, University of Tulsa,
Series B, (Credit Local de France), (MBIA Insured),
1.35% due 10/1/26............................................................. 4,200,000
1,820,000 University of Utah, Auxiliary & Campus Facilities, Series A, (SPA: Bank of Nova
Scotia),
1.35% due 4/1/27.............................................................. 1,820,000
8,100,000 University South Florida Foundation, Inc., Certificates of Participation, (LOC:
Wachovia Bank),
1.31% due 4/1/32.............................................................. 8,100,000
3,800,000 Washington State, General Obligation, Series VR-96A, (SPA: Landesbank
Hessen-Thuer.),
1.19% due 6/1/20.............................................................. 3,800,000
4,800,000 Washington State, Suburban Sanitation District, BAN, (LOC: Westdeutsche
Landesbank),
1.35% due 8/1/04.............................................................. 4,800,000
------------
TOTAL WEEKLY VARIABLE/FLOATING RATE NOTES
(Cost $257,104,000)........................................................... 257,104,000
------------
TOTAL VARIABLE/FLOATING RATE NOTES
(Cost $613,769,000)........................................................... 613,769,000
------------
</Table>
See Notes to Financial Statements.
----- 32 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
TAX-EXEMPT CASH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONCLUDED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- ----------- ------------
FIXED RATE BONDS -- 2.9%
$ 6,000,000 Essex County, New Jersey, Improvement Authority, BAN:
2.75% due 8/6/03.............................................................. $ 6,017,253
5,390,000 Jersey City, New Jersey, BAN:
2.50% due 9/12/03............................................................. 5,409,455
2,000,000 Philadelphia, Pennsylvania, School District, Tax & Revenue Anticipation Notes:
2.75% due 6/30/03............................................................. 2,004,060
5,000,000 Texas State, Tax & Revenue Anticipation Notes:
2.75% due 8/29/03............................................................. 5,022,208
------------
TOTAL FIXED RATE BONDS
(Cost $18,452,976)............................................................ 18,452,976
------------
</Table>
<Table>
TOTAL INVESTMENTS
(Cost $632,221,976)........................................................... 97.9% $632,221,976
OTHER ASSETS IN EXCESS OF LIABILITIES........................................... 2.1 13,521,579
------- ------------
NET ASSETS...................................................................... 100.0% $645,743,555
======= ============
</Table>
- ------------
{::} Percentages indicated are based on net assets.
(1) Demand Security; payable upon demand by the Fund with usually no more than
thirty (30) calender day's notice. The coupon rate shown on floating or
adjustable rate securities represents the rate at period end. The due dates
on these types of securities reflect the next interest rate reset date or,
when applicable, the final maturity date.
Abbreviations:
AMBAC -- American Municipal Bond Assurance Corporation
FGIC -- Financial Guaranty Insurance Corporation
FHLB -- Federal Home Loan Bank
FNMA -- Federal National Mortgage Association
FSA -- Financial Security Assurance
MBIA -- Municipal Bond Investors Assurance
SPA -- Stand-By Purchase Agreement
DATES -- Daily Adjustable Tax-Exempt Securities
UPDATES -- Unit Price Demand Adjustable Tax-Exempt Securities
VRD -- Variable Rate Demand
BAN -- Bond Anticipation Notes
ACES -- Adjustable Convertible Extendable Securities
LOC -- Letter of Credit
FHLMC -- Federal Home Loan Mortgage Corporation
See Notes to Financial Statements.
----- 33 -----
<Page>
-------------------------
THE GLENMEDE FUND, INC.
----------------------------
CORE FIXED INCOME PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------ ------------
AGENCY NOTES -- 10.6%{::}
US GOVERNMENT AGENCIES -- 10.6%
Federal Home Loan Mortgage Corporation:
$ 2,000,000 5.125% due 10/15/08........................................................... $ 2,193,056
Federal National Mortgage Association:
5,000,000 6.50% due 8/15/04............................................................. 5,333,895
2,885,735 6.50% due 7/25/08............................................................. 276,081
2,000,000 5.50% due 3/15/11............................................................. 2,212,382
10,000,000 5.25% due 8/1/12.............................................................. 10,576,350
------------
TOTAL AGENCY NOTES
(Cost $19,764,376)............................................................ 20,591,764
------------
MORTGAGE-BACKED SECURITIES -- 42.6%(1)
COUNTRYWIDE SECURITIES CORP. -- 0.2%
364,936 Countrywide Home Loans Series 1998-6 - Class A,
6.50% due 6/25/13............................................................. 371,702
------------
FEDERAL HOME LOAN MORTGAGE CORPORATION -- 6.2%
17,562 # 555359, 6.50% due 4/1/08...................................................... 18,176
10,265,410 # C00742, 6.50% due 4/1/29...................................................... 10,725,006
138,400 # D78677, 8.00% due 3/1/27...................................................... 150,564
355,874 # D84894, 8.00% due 12/1/27..................................................... 385,923
73,474 # G00807, 9.50% due 3/1/21...................................................... 80,343
564,278 # G10753, 6.50% due 9/1/09...................................................... 594,540
------------
11,954,552
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 23.5%
43,658 # 125275, 7.00% due 3/1/24...................................................... 46,418
299,328 # 252806, 7.50% due 10/1/29..................................................... 319,158
4,278,824 # 254685, 5.00% due 3/1/18...................................................... 4,421,229
147,114 # 313795, 9.50% due 1/1/25...................................................... 167,137
93,097 # 313796, 9.50% due 2/1/21...................................................... 103,761
496,275 # 313815, 6.50% due 1/1/11...................................................... 529,108
505,310 # 373328, 8.00% due 3/1/27...................................................... 549,343
805,904 # 390895, 8.00% due 6/1/27...................................................... 876,130
336,198 # 395715, 8.00% due 8/1/27...................................................... 365,494
1,742,933 # 397602, 8.00% due 8/1/27...................................................... 1,894,812
348,303 # 405845, 8.00% due 11/1/27..................................................... 378,654
10,665 # 44174, 6.50% due 11/1/03...................................................... 10,739
116,348 # 499335, 6.50% due 8/1/29...................................................... 121,637
116,952 # 506754, 7.00% due 7/1/29...................................................... 123,666
29,787 # 514500, 7.00% due 11/1/29..................................................... 31,497
36,223 # 523497, 7.50% due 11/1/29..................................................... 38,623
</Table>
See Notes to Financial Statements.
----- 34 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
CORE FIXED INCOME PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------ ------------
MORTGAGE-BACKED SECURITIES -- (CONTINUED)
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- (CONTINUED)
$ 108,871 # 557515, 7.00% due 11/1/30..................................................... $ 115,077
372,292 # 581788, 7.00% due 7/1/31...................................................... 393,352
556,136 # 586181, 7.00% due 6/1/31...................................................... 587,596
122,291 # 588945, 7.00% due 6/1/31...................................................... 129,209
2,213,756 # 596498, 6.00% due 7/1/16...................................................... 2,320,746
2,891,129 # 607862, 7.00% due 9/1/31...................................................... 3,054,678
1,731,214 # 624571, 7.00% due 3/1/32...................................................... 1,829,156
3,140,387 # 625990, 5.50% due 12/1/16..................................................... 3,268,964
1,848,467 # 632245, 7.00% due 4/1/32...................................................... 1,953,033
123,196 # 639703, 7.00% due 3/1/32...................................................... 130,165
754,514 # 645895, 7.00% due 6/1/32...................................................... 797,200
4,596,343 # 677574, 7.00% due 2/1/33...................................................... 4,856,377
5,907,159 # 686230, 5.50% due 2/1/18...................................................... 6,149,115
591,150 # 687575, 7.00% due 2/1/33...................................................... 624,587
3,500,000 TBA, 6.50% due 5/1/18........................................................... 3,707,813
2,414,000 TBA, 6.50% due 5/1/33........................................................... 2,521,877
3,080,000 TBA, 7.00% due 5/1/33........................................................... 3,254,211
------------
45,670,562
------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION -- 12.7%
214,676 # 593188, 7.00% due 7/15/32..................................................... 227,667
181,647 # 556417, 7.00% due 6/15/31..................................................... 192,635
208,971 # 564543, 7.00% due 12/15/31.................................................... 221,612
387,731 # 573072, 7.00% due 9/15/31..................................................... 411,186
441,624 # 571365, 7.00% due 12/15/31.................................................... 468,339
434,860 # 557379, 7.00% due 5/15/31..................................................... 461,166
430,986 # 460389, 7.00% due 5/15/28..................................................... 457,927
150,406 # 464049, 7.00% due 7/15/28..................................................... 159,807
178,118 # 466046, 7.00% due 9/15/28..................................................... 189,252
936,214 # 474717, 7.00% due 1/15/31..................................................... 992,847
394,218 # 476259, 7.00% due 8/15/28..................................................... 418,860
269,972 # 483491, 7.00% due 10/15/28.................................................... 286,848
326,327 # 485264, 7.50% due 2/15/31..................................................... 348,342
265,922 # 490998, 7.00% due 12/15/28.................................................... 282,544
162,151 # 493533, 7.00% due 1/15/31..................................................... 171,960
141,895 # 496632, 7.00% due 12/15/28.................................................... 150,765
272,450 # 530571, 7.50% due 2/15/31..................................................... 290,830
123,735 # 537649, 7.00% due 10/15/30.................................................... 131,314
634,591 # 539971, 7.00% due 1/15/31..................................................... 672,979
407,863 # 542916, 7.00% due 5/15/31..................................................... 432,536
183,862 # 547513, 7.00% due 4/15/31..................................................... 194,984
</Table>
See Notes to Financial Statements.
----- 35 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
CORE FIXED INCOME PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------ ------------
MORTGAGE-BACKED SECURITIES -- (CONTINUED)
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION -- (CONTINUED)
$ 441,505 # 551415, 7.00% due 5/15/31..................................................... $ 468,212
95,046 # 551426, 7.00% due 5/15/31..................................................... 100,796
201,735 # 551484, 7.00% due 6/15/31..................................................... 213,939
83,545 # 552577, 7.00% due 5/15/32..................................................... 88,600
450,217 # 559304, 7.00% due 9/15/31..................................................... 477,451
150,612 # 564542, 7.00% due 11/15/31.................................................... 159,723
63,430 # 565982, 7.00% due 7/15/32..................................................... 67,269
195,826 # 566254, 7.00% due 10/15/31.................................................... 207,672
53,101 # 570128, 7.00% due 12/15/31.................................................... 56,313
307,814 # 570140, 7.00% due 12/15/31.................................................... 326,434
841,623 # 570289, 7.00% due 1/15/32..................................................... 892,554
1,090,063 # 581406, 7.00% due 6/15/32..................................................... 1,156,029
198,931 # 780995, 7.00% due 12/15/28.................................................... 211,386
1,395,241 # 781300, 7.00% due 6/15/31..................................................... 1,480,703
1,050,098 # 781533, 7.00% due 11/15/32.................................................... 1,114,507
10,000,000 TBA, 6.50% due 5/1/33........................................................... 10,506,250
------------
24,692,238
------------
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $81,013,336)............................................................ 82,689,054
------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 1.2%
2,115,166 Credit-Based Asset Servicing 6.50% due 9/25/26.................................. 2,292,093
------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $1,978,241)............................................................. 2,292,093
------------
INTEREST-ONLY SECURITIES -- 0.0%(2)
163,127 FHG #16 PQ, 7.00% due 4/25/21................................................... 2,789
------------
TOTAL INTEREST-ONLY SECURITIES
(Cost $34,466)................................................................ 2,789
------------
CORPORATE NOTES -- 26.6%
5,000,000 American General Finance, 4.50% due 11/15/07.................................... 5,223,740
5,000,000 IBM Corp., 4.75% due 11/29/12................................................... 5,147,110
3,000,000 Procter & Gamble Co. (The), 4.75% due 6/15/07................................... 3,214,590
5,000,000 General Motors Acceptance Corp., 6.38% due 1/30/04.............................. 5,152,085
5,000,000 Morgan Stanley Dean Witter & Co., 6.10% due 4/15/06............................. 5,485,375
4,000,000 Wells Fargo Bank, 6.45% due 2/1/11.............................................. 4,589,628
5,000,000 Citigroup, Inc., 7.25% due 10/1/10.............................................. 5,927,445
5,000,000 General Electric Capital Corp., 5.875% due 2/15/12.............................. 5,468,610
</Table>
See Notes to Financial Statements.
----- 36 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
CORE FIXED INCOME PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONCLUDED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------ ------------
CORPORATE NOTES -- (CONTINUED)
$ 5,000,000 JP Morgan Chase & Co., 5.625% due 8/15/06....................................... $ 5,469,505
5,000,000 Wal-Mart Stores, Inc., 6.875% due 8/10/09....................................... 5,920,775
------------
TOTAL CORPORATE NOTES
(Cost $47,480,837)............................................................ 51,598,863
------------
US TREASURY NOTES/BONDS -- 15.3%
4,350,000 U.S. Treasury Bond, 6.125% due 11/15/27......................................... 5,117,536
8,400,000 U.S. Treasury Bond, 6.125% due 8/15/29.......................................... 9,927,750
5,000,000 U.S. Treasury Note 3.875% due 2/15/13........................................... 5,006,640
6,000,000 U.S. Treasury Note, 3.25% due 5/31/04........................................... 6,133,830
1,000,000 U.S. Treasury Note, 4.375% due 5/15/07.......................................... 1,073,008
2,200,000 U.S. Treasury Note, 4.875% due 2/15/12.......................................... 2,385,109
------------
TOTAL US TREASURY NOTES/BONDS
(Cost $27,438,696)............................................................ 29,643,873
------------
REPURCHASE AGREEMENTS -- 12.9%
67,313 With Investors Bank & Trust Co., dated 04/30/03, 1.00%, principal and interest
in the amount of $67,315, due 05/01/03, (collateralized by GNR 2002-21 FV with
a par value of $70,530, coupon rate of 1.71%, due 03/16/32, market value
$70,678)...................................................................... 67,313
24,900,000 With Merrill Lynch, Inc., dated 04/30/03, 1.32%, principal and interest in the
amount of $24,900,913, due 05/01/03, (collateralized by FNR 2003-19 FY with a
par value of $28,903,000, coupon rate of 1.705%, due 03/25/33, market value of
$25,409,692).................................................................. 24,900,000
------------
TOTAL REPURCHASE AGREEMENTS
(Cost $24,967,313)............................................................ 24,967,313
------------
</Table>
<Table>
TOTAL INVESTMENTS
(Cost $202,677,265)........................................................... 109.2% $211,785,749
LIABILITIES IN EXCESS OF OTHER ASSETS........................................... (9.2) (17,916,863)
------- ------------
NET ASSETS...................................................................... 100.0% $193,868,886
======= ============
</Table>
- ------------
{::} Percentages indicated are based on net assets.
(1) Represents current face amount at April 30, 2003.
(2) Face amount represents notional amount.
Abbreviations:
TBA -- To be announced
FNR -- Federal National Mortgage Association REMIC
FHR -- Federal Home Loan Mortgage Corporation REMIC
FHG -- Federal Home Loan Mortgage Corporation - Gold
GNR -- Government National Mortgage Association REMIC
See Notes to Financial Statements.
----- 37 -----
<Page>
-------------------------
THE GLENMEDE FUND, INC.
----------------------------
STRATEGIC EQUITY PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
- ---------- -----------
COMMON STOCKS -- 98.2%{::}
AEROSPACE & DEFENSE -- 2.1%
35,565 Lockheed Martin Corp............................................................ $ 1,780,028
-----------
BANKING -- 9.2%
23,855 Bank of America Corp............................................................ 1,766,463
29,050 Charter One Financial, Inc...................................................... 843,902
39,008 Citigroup, Inc.................................................................. 1,531,064
30,200 Lehman Brothers Holdings, Inc................................................... 1,901,694
46,675 Washington Mutual, Inc.......................................................... 1,843,662
-----------
7,886,785
-----------
CAPITAL GOODS -- 1.9%
26,945 United Technologies Corp........................................................ 1,665,470
-----------
CHEMICALS -- 2.2%
8,500 3M Co........................................................................... 1,071,340
19,685 Air Products & Chemicals, Inc................................................... 847,833
-----------
1,919,173
-----------
CONSUMER DURABLES -- 4.7%
28,690 Black & Decker Corp. (The)...................................................... 1,183,462
47,050 Harley-Davidson, Inc............................................................ 2,090,902
37,330 Mattel, Inc..................................................................... 811,554
-----------
4,085,918
-----------
CONSUMER PRODUCTS -- 7.4%
40,875 Anheuser-Busch Companies, Inc................................................... 2,038,845
48,100 Kellogg Co...................................................................... 1,574,794
63,735 PepsiCo, Inc.................................................................... 2,758,451
-----------
6,372,090
-----------
COSMETICS & PERSONAL CARE -- 2.4%
22,550 Procter & Gamble Co. (The)...................................................... 2,026,117
-----------
ELECTRONIC TECHNOLOGY -- 3.3%
119,875 Cisco Systems, Inc.(1).......................................................... 1,802,920
54,900 Intel Corp...................................................................... 1,010,160
-----------
2,813,080
-----------
ENERGY -- 3.4%
16,510 Equitable Resources, Inc........................................................ 634,314
39,950 Talisman Energy, Inc............................................................ 1,593,605
36,130 Transocean, Inc.(1)............................................................. 688,277
-----------
2,916,196
-----------
</Table>
See Notes to Financial Statements.
----- 38 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
STRATEGIC EQUITY PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
- ---------- -----------
COMMON STOCKS -- (CONTINUED)
ENERGY MINERALS -- 2.7%
66,071 Exxon Mobil Corp................................................................ $ 2,325,699
-----------
FINANCIAL SERVICES -- 5.5%
15,860 American International Group.................................................... 919,087
40,360 Fannie Mae...................................................................... 2,921,660
8,080 SLM Corp........................................................................ 904,960
-----------
4,745,707
-----------
HEALTH CARE -- 3.0%
85,320 Pfizer, Inc..................................................................... 2,623,590
-----------
HEALTH CARE FACILITY & SUPPLIES -- 8.1%
20,070 AmerisourceBergen Corp.......................................................... 1,161,050
31,270 C.R. Bard, Inc.................................................................. 1,981,893
41,750 Medtronic, Inc.................................................................. 1,993,145
23,825 Wellpoint Health Networks, Inc.(1).............................................. 1,809,271
-----------
6,945,359
-----------
HEALTH TECHNOLOGY -- 1.9%
29,170 Johnson & Johnson............................................................... 1,644,021
-----------
MULTI-LINE INSURANCE -- 4.0%
75,375 PMI Group, Inc. (The)........................................................... 2,323,058
34,660 Willis Group Holdings, Ltd...................................................... 1,081,045
-----------
3,404,103
-----------
NATURAL GAS -- 2.5%
49,375 Anadarko Petroleum Corp......................................................... 2,192,250
-----------
PHARMACEUTICALS -- 2.7%
39,450 Merck & Co., Inc................................................................ 2,295,201
-----------
PROCESS INDUSTRIES -- 2.9%
83,525 General Electric Co............................................................. 2,459,811
-----------
PRODUCER MANUFACTURING -- 2.5%
26,475 Johnson Controls, Inc........................................................... 2,177,304
-----------
RESTAURANTS -- 1.9%
91,440 Darden Restaurants, Inc......................................................... 1,601,114
-----------
RETAILERS -- 7.8%
16,950 Home Depot, Inc................................................................. 476,804
36,970 Lowe's Companies, Inc........................................................... 1,622,613
52,825 Target Corp..................................................................... 1,766,468
</Table>
See Notes to Financial Statements.
----- 39 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
STRATEGIC EQUITY PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
- ---------- -----------
COMMON STOCKS -- (CONTINUED)
RETAILERS -- (CONTINUED)
66,465 TJX Cos., Inc. (The)............................................................ $ 1,279,451
27,250 Wal-Mart Stores, Inc............................................................ 1,534,720
-----------
6,680,056
-----------
TECHNOLOGY -- 12.4%
74,850 Applied Materials, Inc.(1)...................................................... 1,092,810
71,570 First Data Corp................................................................. 2,807,691
31,820 International Business Machines Corp............................................ 2,701,518
103,040 Microsoft Corp.................................................................. 2,634,733
23,740 QUALCOMM, Inc................................................................... 757,069
38,620 Texas Instruments, Inc.......................................................... 714,084
-----------
10,707,905
-----------
TELECOMMUNICATIONS -- 2.3%
18,275 ALLTEL Corp..................................................................... 856,367
36,795 CenturyTel, Inc................................................................. 1,083,613
-----------
1,939,980
-----------
TRANSPORTATION - SHIPPING -- 0.8%
11,910 FedEx Corp...................................................................... 713,171
-----------
UTILITIES -- 0.6%
15,675 Pinnacle West Capital Corp...................................................... 520,724
-----------
TOTAL COMMON STOCKS
(Cost $80,089,321)............................................................ 84,440,852
-----------
PREFERRED STOCKS -- 0.6%
TECHNOLOGY -- 0.6%
46,175 Solectron Corp.(1).............................................................. 507,925
-----------
TOTAL PREFERRED STOCKS
(Cost $1,154,375)............................................................. 507,925
-----------
</Table>
See Notes to Financial Statements.
----- 40 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
STRATEGIC EQUITY PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONCLUDED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- ---------- -----------
REPURCHASE AGREEMENT -- 1.3%
$1,089,972 With Investors Bank & Trust Co., dated 04/30/03, 1.00%, principal and interest
in the amount of $1,090,002, due 05/01/03, (collateralized by FNMA 580300 with
a par value of $1,101,543, coupon rate of 5.973%, due 06/01/31, market value
$1,144,470)................................................................... $ 1,089,972
-----------
TOTAL REPURCHASE AGREEMENT
(Cost $1,089,972)............................................................. 1,089,972
-----------
</Table>
<Table>
TOTAL INVESTMENTS
(Cost $82,333,668)............................................................ 100.1% $86,038,749
LIABILITIES IN EXCESS OF OTHER ASSETS........................................... (0.1) (48,407)
------- -----------
NET ASSETS...................................................................... 100.0% $85,990,342
======= ===========
</Table>
- ------------
{::} Percentages indicated are based on net assets.
(1) Non-income producing security.
Abbreviation:
FNMA -- Federal National Mortgage Association
See Notes to Financial Statements.
----- 41 -----
<Page>
-------------------------
THE GLENMEDE FUND, INC.
----------------------------
SMALL CAP EQUITY PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
- ---------- ------------
COMMON STOCKS -- 95.6%{::}
AEROSPACE & DEFENSE -- 0.5%
78,840 Herley Industries, Inc.(1)...................................................... $ 1,274,133
------------
AUTOMOTIVE -- 0.6%
89,180 United Auto Group, Inc.(1)...................................................... 1,520,519
------------
BASIC INDUSTRY -- 12.7%
143,900 American Axle and Manufacturing Holdings, Inc.(1)............................... 3,585,988
117,440 AptarGroup, Inc................................................................. 4,042,285
109,510 Constar International, Inc.(1).................................................. 793,947
560,240 Crown Holdings, Inc.(1)......................................................... 2,969,272
204,770 Georgia Gulf Corp............................................................... 4,627,802
47,020 Granite Construction, Inc....................................................... 789,936
123,800 Jacobs Engineering Group, Inc.(1)............................................... 5,094,370
109,860 Mettler-Toledo International, Inc.(1)........................................... 3,900,030
51,460 Moog, Inc. - Class A(1)......................................................... 1,636,428
116,160 Precision Castparts Corp........................................................ 3,216,470
90,240 Silgan Holdings, Inc.(1)........................................................ 2,402,189
------------
33,058,717
------------
CONSUMER SERVICES -- 19.5%
87,630 Action Performance Companies, Inc............................................... 1,620,279
321,950 Boyd Gaming Corp.(1)............................................................ 4,587,787
227,680 Brunswick Corp.................................................................. 4,970,254
184,030 CBRL Group, Inc................................................................. 5,866,876
148,540 Constellation Brands, Inc.(1)................................................... 3,982,357
37,930 Harman International Industries, Inc............................................ 2,525,759
289,270 Pier 1 Imports, Inc............................................................. 5,368,851
54,140 Polaris Industries, Inc......................................................... 2,862,382
86,590 RARE Hospitality International, Inc.(1)......................................... 2,522,367
79,320 Rent-A-Center, Inc.(1).......................................................... 5,092,344
362,360 Ruby Tuesday, Inc............................................................... 7,138,492
90,180 Take-Two Interactive Software, Inc.(1).......................................... 2,029,050
108,040 Too, Inc.(1).................................................................... 2,005,222
------------
50,572,020
------------
ENERGY -- 6.1%
113,590 Cabot Oil & Gas Corp............................................................ 2,782,955
135,760 Denbury Resources, Inc.(1)...................................................... 1,439,056
134,510 Forrest Oil Corp.(1)............................................................ 2,795,118
57,390 Houston Exploration Co. (The)(1)................................................ 1,605,198
311,470 Key Energy Services, Inc.(1).................................................... 3,136,503
</Table>
See Notes to Financial Statements.
----- 42 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
SMALL CAP EQUITY PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
- ---------- ------------
COMMON STOCKS -- (CONTINUED)
ENERGY -- (CONTINUED)
97,380 Oceaneering International, Inc.(1).............................................. $ 2,196,893
146,160 Southwestern Energy Co.(1)...................................................... 1,945,390
------------
15,901,113
------------
FINANCIAL SERVICES -- 12.3%
35,365 Cascade Bancorp................................................................. 560,571
124,640 Cullen/Frost Bankers, Inc....................................................... 4,086,946
166,415 Doral Financial Corp............................................................ 6,658,264
42,440 Hanmi Financial Corp............................................................ 708,748
124,879 Independent Bank Corp........................................................... 2,975,867
170,370 MAF Bancorp, Inc................................................................ 5,751,691
81,950 R&G Financial Corp. - Class B................................................... 2,219,206
70,050 Ramco-Gershenson Properties Trust............................................... 1,600,643
202,499 Texas Regional Bancshares, Inc. - Class A....................................... 7,350,714
------------
31,912,650
------------
HEALTH CARE -- 11.0%
133,460 Covance, Inc.(1)................................................................ 2,366,246
148,920 IDEXX Laboratories, Inc.(1)..................................................... 5,807,880
143,770 LifePoint Hospital, Inc.(1)..................................................... 2,806,390
72,200 Medicis Pharmaceutical Corp. - Class A(1)....................................... 4,161,608
96,660 Mid Atlantic Medical Services, Inc.(1).......................................... 4,209,543
95,610 Renal Care Group, Inc.(1)....................................................... 3,097,764
167,070 Sicor, Inc.(1).................................................................. 2,995,565
80,760 Stericycle, Inc.(1)............................................................. 3,173,060
------------
28,618,056
------------
REIT -- 4.3%
105,660 AMLI Residential Properties Trust............................................... 2,392,142
81,260 Bedford Property Investors, Inc................................................. 2,165,579
170,730 Glimcher Realty Trust........................................................... 3,527,282
117,620 LaSalle Hotel Properties........................................................ 1,645,504
82,760 Lexington Corporate Properties Trust............................................ 1,426,782
------------
11,157,289
------------
TECHNOLOGY -- 23.7%
54,000 ANSYS, Inc.(1).................................................................. 1,428,300
64,600 Benchmark Electronics, Inc.(1).................................................. 1,676,370
44,190 CACI International, Inc. - Class A(1)........................................... 1,543,557
90,860 CheckFree Corp.(1).............................................................. 2,505,010
92,680 Coherent, Inc.(1)............................................................... 2,131,640
102,780 Commonwealth Telephone Enterprises, Inc.(1)..................................... 4,085,505
113,800 Cymer, Inc.(1).................................................................. 3,248,990
</Table>
See Notes to Financial Statements.
----- 43 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
SMALL CAP EQUITY PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
- ---------- ------------
COMMON STOCKS -- (CONTINUED)
TECHNOLOGY -- (CONTINUED)
224,150 DSP Group, Inc.(1).............................................................. $ 4,684,735
226,630 Electronics for Imaging, Inc.(1)................................................ 4,351,296
78,290 GTECH Holdings Corp.(1)......................................................... 2,636,024
498,300 IKON Office Solutions, Inc...................................................... 3,866,808
63,990 Imation Corp.(1)................................................................ 2,194,857
96,760 Internet Security Systems, Inc.(1).............................................. 1,269,491
204,830 Itron, Inc.(1).................................................................. 4,100,697
78,730 Kronos, Inc.(1)................................................................. 3,591,663
255,300 Lattice Semiconductor Corp.(1).................................................. 2,216,004
70,820 Manhattan Associates, Inc.(1)................................................... 1,713,136
314,760 Methode Electronics, Inc. - Class A............................................. 3,304,980
68,780 MICROS Systems, Inc.(1)......................................................... 1,721,563
157,070 Reynolds & Reynolds Co. (The) - Class A......................................... 4,525,187
198,380 SanDisk Corp.(1)................................................................ 4,800,796
------------
61,596,609
------------
UTILITIES -- 3.7%
186,010 Energen Corp.................................................................... 6,101,128
118,420 MDU Resources Group, Inc........................................................ 3,524,179
------------
9,625,307
------------
WASTE MANAGEMENT -- 1.2%
151,890 Casella Waste Systems, Inc. - Class A(1)........................................ 1,294,103
51,220 Waste Connections, Inc.(1)...................................................... 1,723,041
------------
3,017,144
------------
TOTAL COMMON STOCKS
(Cost $221,033,593)........................................................... 248,253,557
------------
</Table>
See Notes to Financial Statements.
----- 44 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
SMALL CAP EQUITY PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONCLUDED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- ---------- ------------
REPURCHASE AGREEMENT -- 3.3%
$8,533,709 With Investors Bank & Trust Co., dated 04/30/03, 1.00%, principal and interest
in the amount of $8,533,946, due 05/01/03, (collateralized by FN 625378 with a
par value of $8,303,196, coupon rate of 5.277%, due 02/01/32, market value
$8,960,394)................................................................... $ 8,533,709
------------
TOTAL REPURCHASE AGREEMENT
(Cost $8,533,709)............................................................. 8,533,709
------------
</Table>
<Table>
TOTAL INVESTMENTS
(Cost $229,567,302)........................................................... 98.9% $256,787,266
OTHER ASSETS IN EXCESS OF LIABILITIES........................................... 1.1 2,782,574
------- ------------
NET ASSETS...................................................................... 100.0% $259,569,840
======= ============
</Table>
- ------------
{::} Percentages indicated are based on net assets.
(1) Non-income producing security.
Abbreviations:
REIT -- Real Estate Investment Trust
FN -- Federal National Mortgage Association
See Notes to Financial Statements.
----- 45 -----
<Page>
-------------------------
THE GLENMEDE FUND, INC.
----------------------------
LARGE CAP VALUE PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
- -------- -----------
COMMON STOCKS -- 97.5%{::}
AEROSPACE & DEFENSE -- 1.8%
3,800 Northrop Grumman Corp........................................................... $ 334,210
-----------
BANKING -- 8.8%
18,850 FleetBoston Financial Corp...................................................... 499,902
5,525 New York Community Bancorp, Inc................................................. 191,828
5,150 Popular Inc..................................................................... 188,078
9,950 Washington Mutual, Inc.......................................................... 393,025
7,750 Wells Fargo & Co................................................................ 374,015
-----------
1,646,848
-----------
BASIC INDUSTRY -- 2.0%
13,000 Bunge, Ltd...................................................................... 364,130
-----------
BEVERAGES, FOOD & TOBACCO -- 1.4%
6,100 Dean Foods Co.(1)............................................................... 265,533
-----------
CAPITAL GOODS -- 1.9%
5,700 United Technologies Corp........................................................ 352,317
-----------
COMMERCIAL SERVICES -- 2.0%
26,600 Cendant Corp.(1)................................................................ 379,848
-----------
COMPUTERS & INFORMATION -- 1.8%
20,150 Hewlett-Packard Co.............................................................. 328,445
-----------
CONSUMER DURABLES -- 1.9%
16,775 Masco Corp...................................................................... 353,449
-----------
CONSUMER NON - DURABLES -- 2.3%
20,750 Conagra Foods, Inc.............................................................. 435,750
-----------
CONSUMER SERVICES -- 0.0%
1 Darden Restaurants, Inc......................................................... 9
-----------
ELECTRICAL EQUIPMENT -- 1.1%
5,425 Cooper Industries, Ltd. - Class A............................................... 201,267
-----------
ENERGY -- 6.0%
22,224 Exxon Mobil Corp................................................................ 782,285
15,325 Halliburton Co.................................................................. 328,108
-----------
1,110,393
-----------
FINANCE -- 12.6%
8,350 Bank of America Corp............................................................ 618,317
21,083 Citigroup, Inc.................................................................. 827,508
6,125 Lehman Brothers Holdings, Inc................................................... 385,691
</Table>
See Notes to Financial Statements.
----- 46 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
LARGE CAP VALUE PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
- -------- -----------
COMMON STOCKS -- (CONTINUED)
FINANCE -- (CONTINUED)
6,875 Metlife, Inc.................................................................... $ 197,519
7,000 Morgan Stanley.................................................................. 313,250
-----------
2,342,285
-----------
FOREST PRODUCTS & PAPER -- 1.4%
7,450 International Paper Co.......................................................... 266,337
-----------
HEALTH CARE FACILITY & SUPPLIES -- 1.0%
3,172 Johnson & Johnson............................................................... 178,774
-----------
INDUSTRIAL -- 2.8%
18,575 Monsanto Co..................................................................... 323,205
8,325 Rockwell Automation, Inc........................................................ 189,810
-----------
513,015
-----------
INSURANCE -- 10.5%
12,575 ACE, Ltd........................................................................ 415,981
11,550 Allstate Corp................................................................... 436,475
8,761 American International Group, Inc............................................... 507,700
5,975 Lincoln National Corp........................................................... 190,961
10,375 SAFECO Corp..................................................................... 399,541
-----------
1,950,658
-----------
MANUFACTURING -- 1.1%
12,625 Tyco International, Ltd......................................................... 196,950
-----------
MEDIA - BROADCASTING & PUBLISHING -- 5.7%
15,250 AOL Time Warner, Inc.(1)........................................................ 208,618
11,837 Comcast Corp. - Class A(1)...................................................... 377,719
11,150 Viacom Inc. - Class B(1)........................................................ 484,022
-----------
1,070,359
-----------
MEDICAL PRODUCTS & SUPPLIES -- 2.1%
4,325 Boston Scientific Corp.(1)...................................................... 186,191
3,350 C.R. Bard, Inc.................................................................. 212,323
-----------
398,514
-----------
METALS -- 1.0%
10,525 Inco, Ltd.(1)................................................................... 193,450
-----------
OIL & GAS -- 3.7%
9,200 ConocoPhillips.................................................................. 462,760
11,683 XTO Energy, Inc................................................................. 227,820
-----------
690,580
-----------
</Table>
See Notes to Financial Statements.
----- 47 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
LARGE CAP VALUE PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
- -------- -----------
COMMON STOCKS -- (CONTINUED)
PHARMACEUTICALS -- 2.0%
6,450 Merck & Co., Inc................................................................ $ 375,261
-----------
PROCESS INDUSTRIES -- 2.3%
3,650 Du Pont (E.I.) De Nemours & Co.................................................. 155,235
9,125 General Electric Co............................................................. 268,731
-----------
423,966
-----------
REIT - OFFICE/INDUSTRIAL -- 1.7%
1,500 Health Care Property Investors, Inc............................................. 55,830
3,225 Mack-Cali Realty Corp........................................................... 101,781
7,150 Plum Creek Timber Company, Inc.................................................. 166,309
-----------
323,920
-----------
RETAIL TRADE -- 2.2%
24,100 J.C. Penney Co., Inc. (Holding Co.)............................................. 411,146
-----------
SOFTWARE -- 1.5%
10,950 Microsoft Corp.................................................................. 279,992
-----------
TECHNOLOGY -- 2.2%
3,650 International Business Machines Corp............................................ 309,885
2,325 QLogic Corp.(1)................................................................. 102,277
-----------
412,162
-----------
TECHNOLOGY SOFTWARE/SERVICES -- 0.6%
2,625 First Data Corp................................................................. 102,979
-----------
TELECOMMUNICATIONS -- 0.8%
24,240 AT&T Wireless Services, Inc.(1)................................................. 156,590
-----------
TELEPHONE -- 4.4%
12,130 Verizon Communications, Inc..................................................... 453,419
18,200 Vodafone Group PLC - Sponsored ADR.............................................. 359,632
-----------
813,051
-----------
UTILITIES -- 6.9%
6,350 Constellation Energy Group, Inc................................................. 185,928
4,750 Dominion Resources, Inc......................................................... 281,105
9,325 Entergy Corp.................................................................... 434,638
7,150 Exelon Corp..................................................................... 379,236
-----------
1,280,907
-----------
TOTAL COMMON STOCKS
(Cost $17,609,386)............................................................ 18,153,095
-----------
</Table>
See Notes to Financial Statements.
----- 48 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
LARGE CAP VALUE PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONCLUDED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- -------- -----------
REPURCHASE AGREEMENT -- 3.6%
$668,376 With Investors Bank & Trust Co., dated 04/30/03, 1.00%, principal and interest
in the amount of $668,394, due 05/01/03, (collateralized by GNMA ARM #28456
with a par value of $681,903, coupon rate of 5.75%, due 07/20/24, market value
of $701,794).................................................................. $ 668,376
-----------
TOTAL REPURCHASE AGREEMENT
(Cost $668,376)............................................................... 668,376
-----------
</Table>
<Table>
TOTAL INVESTMENTS
(Cost $18,277,762)............................................................ 101.1% $18,821,471
LIABILITIES IN EXCESS OF OTHER ASSETS........................................... (1.1) (198,974)
------- -----------
NET ASSETS...................................................................... 100.0% $18,622,497
======= ===========
</Table>
- ------------
{::} Percentages indicated are based on net assets.
(1) Non-income producing security.
Abbreviations:
REIT -- Real Estate Investment Trust
ARM -- Adjustable Rate Mortgage
GNMA -- Government National Mortgage Association
See Notes to Financial Statements.
----- 49 -----
<Page>
-------------------------
THE GLENMEDE FUND, INC.
----------------------------
INTERNATIONAL PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
- ----------- ------------
COMMON STOCKS -- 94.0%{::}
AUSTRALIA -- 3.9%
2,089,185 BHP Billiton, Ltd............................................................... $ 11,821,837
865,000 Commonwealth Bank of Australia.................................................. 14,738,181
5,070,000 Mayne Group, Ltd................................................................ 9,393,757
------------
35,953,775
------------
BELGIUM -- 1.5%
216,600 Fortis - Amsterdam Shares....................................................... 3,608,970
602,000 Fortis - Brussels Shares........................................................ 10,111,144
------------
13,720,114
------------
CANADA -- 0.9%
204,000 Talisman Energy, Inc............................................................ 8,119,339
------------
DENMARK -- 2.4%
2,263,440 Nordea AB....................................................................... 11,921,088
394,100 TDC A/S......................................................................... 9,814,842
------------
21,735,930
------------
FRANCE -- 8.6%
424,700 Assurances Generales De France.................................................. 14,081,484
376,520 Compagnie de Saint-Gobain....................................................... 13,043,250
237,155 LaFarge SA ADR.................................................................. 15,943,539
146,400 Societe BIC SA.................................................................. 5,150,004
786,750 Thomson(1)...................................................................... 11,536,058
142,876 Total Fina Elf SA............................................................... 18,747,921
------------
78,502,256
------------
GERMANY -- 9.3%
327,114 BASF AG......................................................................... 14,601,223
209,300 Bayerische Motoren Werke AG..................................................... 6,981,688
833,000 Continental AG(1)............................................................... 14,911,952
275,200 E.On AG......................................................................... 13,181,367
556,800 Metro AG........................................................................ 15,476,761
158,800 Schering AG..................................................................... 7,084,729
384,200 Volkswagen AG................................................................... 13,515,244
------------
85,752,964
------------
GREECE -- 2.5%
849,000 Bank of Piraeus................................................................. 5,233,627
176,920 Commercial Bank of Greece....................................................... 2,477,596
1,384,824 Hellenic Telecommunication Organization SA...................................... 14,846,421
------------
22,557,644
------------
</Table>
See Notes to Financial Statements.
----- 50 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
INTERNATIONAL PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
- ----------- ------------
COMMON STOCKS -- (CONTINUED)
HONG KONG -- 1.5%
3,383,000 Hong Kong Electric Holdings..................................................... $ 13,577,025
------------
IRELAND -- 3.2%
1,045,000 Allied Irish Banks PLC.......................................................... 16,104,652
870,615 CRH PLC......................................................................... 13,378,288
------------
29,482,940
------------
ITALY -- 3.8%
687,074 Benetton Group SPA.............................................................. 5,946,497
720,000 Eni SPA......................................................................... 10,267,846
77,700 ENI SPA Sponsored ADR........................................................... 5,520,585
1,580,900 Mediaset SPA.................................................................... 13,523,501
------------
35,258,429
------------
JAPAN -- 14.9%
857,000 Asahi Breweries, Ltd............................................................ 5,097,638
336,500 Canon, Inc...................................................................... 13,607,366
1,326,000 Dai Nippon Printing Co., Ltd.................................................... 12,882,319
379,000 Fuji Photo Film Co., Ltd........................................................ 9,666,177
311,800 Honda Motor Co., Ltd............................................................ 10,332,732
5,290 Japan Telecom Holdings Co., Ltd................................................. 14,468,224
248,000 Kao Corp........................................................................ 4,525,358
140,000 Nintendo Co., Ltd............................................................... 10,946,768
2,038,000 Sumitomo Chemical Co., Ltd...................................................... 5,522,665
416,000 Takeda Chemical Industries, Ltd................................................. 15,251,646
556,300 Terumo Corp..................................................................... 9,254,943
620,300 Toyota Motor Corp............................................................... 14,051,009
429,400 Yamanouchi Pharmaceutical Co., Ltd.............................................. 10,843,525
------------
136,450,370
------------
MEXICO -- 1.1%
345,000 Telefonos De Mexico SA de CV ADR................................................ 10,422,450
------------
NETHERLANDS -- 6.8%
533,100 ABN-AMRO Holdings N.V........................................................... 9,013,439
294,400 Akzo Nobel N.V.................................................................. 6,549,122
675,900 Hagemeyer N.V................................................................... 3,275,881
567,700 Koninklijke (Royal) Philips Electronics N.V. ADR................................ 10,604,636
670,000 Koninklijke Numico N.V.......................................................... 6,255,140
453,100 Royal Dutch Petroleum Co........................................................ 18,544,879
521,323 TPG N.V. ADR.................................................................... 8,257,756
------------
62,500,853
------------
</Table>
See Notes to Financial Statements.
----- 51 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
INTERNATIONAL PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
- ----------- ------------
COMMON STOCKS -- (CONTINUED)
NEW ZEALAND -- 0.4%
1,300,000 Telecom Corp. of New Zealand, Ltd............................................... $ 3,484,941
------------
NORWAY -- 1.3%
278,800 Norsk Hydro ASA................................................................. 11,775,295
------------
SINGAPORE -- 0.7%
8,013,000 Singapore Telecommunications, Ltd............................................... 6,548,229
------------
SPAIN -- 3.2%
1,309,154 Endesa SA....................................................................... 18,581,991
569,173 Grupo Dragados SA............................................................... 10,881,882
------------
29,463,873
------------
SWEDEN -- 3.1%
843,000 Electrolux AB - Series B........................................................ 15,829,775
614,000 Volvo AB - Class B.............................................................. 12,280,751
------------
28,110,526
------------
SWITZERLAND -- 3.9%
396,788 Credit Suisse Group Reg......................................................... 9,476,931
46,200 Nestle SA Reg................................................................... 9,416,756
431,600 Novartis AG..................................................................... 17,021,562
------------
35,915,249
------------
UNITED KINGDOM -- 21.0%
2,053,600 Abbey National PLC.............................................................. 14,612,049
1,768,200 Allied Domecq PLC............................................................... 9,934,866
942,700 Amvescap PLC.................................................................... 5,130,692
848,500 BOC Group PLC................................................................... 10,716,485
2,962,803 BP Amoco PLC.................................................................... 18,804,833
2,101,000 Cadbury Schweppes PLC........................................................... 11,720,667
4,509,000 Centrica PLC.................................................................... 11,999,562
5,570,900 Hays PLC........................................................................ 7,446,211
1,316,949 InterContinental Hotels Group PLC(1)............................................ 8,010,803
1,027,000 Johnson Matthey PLC............................................................. 13,702,492
4,523,300 Kingfisher PLC.................................................................. 17,703,444
2,219,400 Lloyds TSB Group PLC............................................................ 14,619,379
3,395,700 LogicaCMG PLC................................................................... 6,006,412
1,316,949 Mitchells & Butlers PLC(1)...................................................... 4,469,185
758,000 Next PLC........................................................................ 11,448,132
2,035,000 Peninsular & Orient Steam Navigation Co. (The).................................. 6,287,026
</Table>
See Notes to Financial Statements.
----- 52 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
INTERNATIONAL PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONCLUDED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
- ----------- ------------
COMMON STOCKS -- (CONTINUED)
UNITED KINGDOM -- (CONTINUED)
994,900 Scottish Power PLC.............................................................. $ 6,191,179
1,938,537 Trinity Mirror PLC.............................................................. 13,498,542
------------
192,301,959
------------
TOTAL COMMON STOCKS
(Cost $891,814,000)........................................................... 861,634,161
------------
<Caption>
FACE
AMOUNT
- -----------
REPURCHASE AGREEMENT -- 4.0%
$37,012,949 With Investors Bank & Trust Co., dated 4/30/03, 1.00%, principal and interest in
the amount of $37,013,978, due 05/01/03, (collateralized by FHR 2177 CA with a
par value of $12,576,387, coupon rate of 6.00%, due 01/15/18, market value of
$12,924,249 and FNMA 667719 with a par value of $24,326,729, coupon rate of
3.99%, due 02/01/33, market value of $25,939,347)............................. 37,012,949
------------
TOTAL REPURCHASE AGREEMENT
(Cost $37,012,949)............................................................ 37,012,949
------------
</Table>
<Table>
TOTAL INVESTMENTS
(Cost $928,826,949)........................................................... 98.0% $898,647,110
OTHER ASSETS IN EXCESS OF LIABILITIES........................................... 2.0 18,589,671
------- ------------
NET ASSETS...................................................................... 100.0% $917,236,781
======= ============
</Table>
- ------------
{::} Percentages indicated are based on net assets.
(1) Non-income producing security.
Abbreviations:
FNMA -- Federal National Mortgage Association
ADR -- American Depositary Receipt
FHR -- Federal Home Loan Mortgage Corporation REMIC
See Notes to Financial Statements.
----- 53 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
INTERNATIONAL PORTFOLIO
SECTOR DIVERSIFICATION
ON APRIL 30, 2003, SECTOR DIVERSIFICATION OF THE PORTFOLIO WAS AS FOLLOWS
(UNAUDITED):
<Table>
<Caption>
% OF
NET ASSETS VALUE
---------- -----------------
INDUSTRIES:
Finance............................. 14.4% $ 131,129,232
Industrial.......................... 9.3 85,338,204
Energy.............................. 8.0 73,393,513
Automotive.......................... 7.8 72,073,376
Utilities........................... 7.8 71,768,854
Pharmaceuticals..................... 5.5 50,201,462
Beverages, Food & Tobacco........... 5.1 46,894,252
Technology.......................... 4.9 45,159,961
Retailers........................... 4.5 40,990,729
Media - Broadcasting & Publishing... 4.2 38,558,101
Chemicals........................... 4.1 37,389,495
Telephone Systems................... 2.7 24,501,394
Oil & Gas........................... 2.4 22,267,408
Entertainment & Leisure............. 2.2 20,612,945
Building Materials.................. 1.9 17,703,444
Home Construction, Furnishings &
Appliances........................ 1.7 15,829,775
Transportation...................... 1.7 15,680,783
Heavy Machinery..................... 1.5 13,378,288
Metals.............................. 1.3 11,821,837
Medical Supplies.................... 1.0 9,254,943
Lodging............................. 0.9 8,010,803
Miscellaneous....................... 0.6 5,150,004
Cosmetics & Personal Care........... 0.5 4,525,358
--------- -----------------
TOTAL COMMON STOCKS................. 94.0% $ 861,634,161
REPURCHASE AGREEMENT................ 4.0 37,012,949
--------- -----------------
TOTAL INVESTMENTS................... 98.0% $ 898,647,110
========= =================
</Table>
See Notes to Financial Statements.
----- 54 -----
<Page>
-------------------------
THE GLENMEDE FUND, INC.
----------------------------
INSTITUTIONAL INTERNATIONAL PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
- ----------- ------------
COMMON STOCKS -- 94.8%{::}
AUSTRALIA -- 3.8%
639,776 BHP Billiton, Ltd............................................................... $ 3,620,229
259,900 Commonwealth Bank of Australia.................................................. 4,428,269
1,379,000 Mayne Group, Ltd................................................................ 2,555,028
------------
10,603,526
------------
BELGIUM -- 1.5%
63,000 Fortis - Amsterdam Shares....................................................... 1,049,700
180,200 Fortis - Brussels Shares........................................................ 3,026,625
------------
4,076,325
------------
CANADA -- 1.4%
100,000 Talisman Energy, Inc............................................................ 3,980,068
------------
DENMARK -- 2.7%
728,483 Nordea AB....................................................................... 3,836,775
148,400 TDC A/S......................................................................... 3,695,820
------------
7,532,595
------------
FRANCE -- 8.2%
123,600 Assurances Generales De France.................................................. 4,098,120
100,100 Compagnie de Saint-Gobain....................................................... 3,467,623
70,628 LaFarge SA ADR.................................................................. 4,748,204
39,200 Societe BIC SA.................................................................. 1,378,963
234,760 Thomson(1)...................................................................... 3,442,269
41,979 Total Fina Elf SA............................................................... 5,508,406
------------
22,643,585
------------
GERMANY -- 9.6%
97,053 BASF AG......................................................................... 4,332,106
62,800 Bayerische Motoren Werke AG..................................................... 2,094,840
261,000 Continental AG(1)............................................................... 4,672,292
96,400 E.On AG......................................................................... 4,617,310
164,700 Metro AG........................................................................ 4,577,986
50,500 Schering AG..................................................................... 2,253,015
116,000 Volkswagen AG................................................................... 4,080,605
------------
26,628,154
------------
GREECE -- 2.3%
202,000 Bank of Piraeus................................................................. 1,245,221
52,700 Commercial Bank of Greece....................................................... 738,013
411,900 Hellenic Telecommunication Organization SA...................................... 4,415,898
------------
6,399,132
------------
</Table>
See Notes to Financial Statements.
----- 55 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
INSTITUTIONAL INTERNATIONAL PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
- ----------- ------------
COMMON STOCKS -- (CONTINUED)
HONG KONG -- 1.5%
1,033,000 Hong Kong Electric Holdings..................................................... $ 4,145,749
------------
IRELAND -- 3.3%
320,700 Allied Irish Banks PLC.......................................................... 4,942,356
261,642 CRH PLC......................................................................... 4,020,438
------------
8,962,794
------------
ITALY -- 4.1%
181,844 Benetton Group SPA.............................................................. 1,573,826
70,000 ENI SPA Sponsored ADR........................................................... 4,973,500
552,100 Mediaset SPA.................................................................... 4,722,832
------------
11,270,158
------------
JAPAN -- 14.2%
261,000 Asahi Breweries, Ltd............................................................ 1,552,490
99,000 Canon, Inc...................................................................... 4,003,356
390,000 Dai Nippon Printing Co., Ltd.................................................... 3,788,917
101,000 Fuji Photo Film Co., Ltd........................................................ 2,575,947
83,500 Honda Motor Co., Ltd............................................................ 2,767,104
1,570 Japan Telecom Holdings Co., Ltd................................................. 4,293,972
76,000 Kao Corp........................................................................ 1,386,803
42,000 Nintendo Co., Ltd............................................................... 3,284,030
770,000 Sumitomo Chemical Co., Ltd...................................................... 2,086,581
112,000 Takeda Chemical Industries, Ltd................................................. 4,106,212
141,100 Terumo Corp..................................................................... 2,347,425
170,600 Toyota Motor Corp............................................................... 3,864,424
127,900 Yamanouchi Pharmaceutical Co., Ltd.............................................. 3,229,825
------------
39,287,086
------------
MEXICO -- 1.1%
100,500 Telefonos De Mexico SA de CV ADR................................................ 3,036,105
------------
NETHERLANDS -- 6.9%
159,100 ABN-AMRO Holdings N.V........................................................... 2,689,998
90,000 Akzo Nobel N.V.................................................................. 2,002,109
201,900 Hagemeyer N.V................................................................... 978,548
154,150 Koninklijke (Royal) Philips Electronics N.V. ADR................................ 2,879,522
174,800 Koninklijke Numico N.V.......................................................... 1,631,938
134,200 Royal Dutch Petroleum Co........................................................ 5,492,657
223,200 TPG N.V. ADR.................................................................... 3,484,635
------------
19,159,407
------------
NEW ZEALAND -- 0.4%
400,000 Telecom Corp. of New Zealand, Ltd............................................... 1,072,289
------------
</Table>
See Notes to Financial Statements.
----- 56 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
INSTITUTIONAL INTERNATIONAL PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
- ----------- ------------
COMMON STOCKS -- (CONTINUED)
NORWAY -- 1.3%
82,000 Norsk Hydro ASA................................................................. $ 3,463,322
------------
SINGAPORE -- 0.7%
2,409,000 Singapore Telecommunications, Ltd............................................... 1,968,636
------------
SPAIN -- 3.1%
385,842 Endesa SA....................................................................... 5,476,600
156,649 Grupo Dragados SA............................................................... 2,994,935
------------
8,471,535
------------
SWEDEN -- 3.3%
262,300 Electrolux AB - Series B........................................................ 4,925,445
205,100 Volvo AB - Class B.............................................................. 4,102,251
------------
9,027,696
------------
SWITZERLAND -- 4.0%
117,852 Credit Suisse Group Reg......................................................... 2,814,791
15,000 Nestle SA Reg................................................................... 3,057,388
128,900 Novartis AG..................................................................... 5,083,594
------------
10,955,773
------------
UNITED KINGDOM -- 21.4%
602,800 Abbey National PLC.............................................................. 4,289,123
518,500 Allied Domecq PLC............................................................... 2,913,261
290,600 Amvescap PLC.................................................................... 1,581,605
298,800 BOC Group PLC................................................................... 3,773,819
843,017 BP Amoco PLC.................................................................... 5,350,607
753,100 Cadbury Schweppes PLC........................................................... 4,201,254
1,380,000 Centrica PLC.................................................................... 3,672,521
2,150,500 Hays PLC........................................................................ 2,874,415
352,542 InterContinental Hotels Group PLC(1)............................................ 2,144,460
371,500 Johnson Matthey PLC............................................................. 4,956,646
1,262,736 Kingfisher PLC.................................................................. 4,942,139
651,100 Lloyds TSB Group PLC............................................................ 4,288,852
992,700 LogicaCMG PLC................................................................... 1,755,916
352,542 Mitchells & Butlers PLC(1)...................................................... 1,196,383
209,000 Next PLC........................................................................ 3,156,543
660,000 Peninsular & Orient Steam Navigation Co. (The).................................. 2,039,035
301,262 Scottish Power PLC.............................................................. 1,874,728
573,580 Trinity Mirror PLC.............................................................. 3,993,988
------------
59,005,295
------------
TOTAL COMMON STOCKS
(Cost $295,963,308)........................................................... 261,689,230
------------
</Table>
See Notes to Financial Statements.
----- 57 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
INSTITUTIONAL INTERNATIONAL PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONCLUDED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- ----------- ------------
REPURCHASE AGREEMENT -- 4.1%
$11,261,720 With Investors Bank & Trust Co., dated 04/30/03, 1.00%, principal and interest
in the amount of $11,262,032, due 05/01/03, (collateralized by GNR 2002-21FV
with a par value 11,799,872, coupon rate of 1.71%, due 03/16/32, market value
of $11,824,805)............................................................... $ 11,261,720
------------
TOTAL REPURCHASE AGREEMENT
(Cost $11,261,720)............................................................ 11,261,720
------------
</Table>
<Table>
TOTAL INVESTMENTS
(Cost $307,225,028)........................................................... 98.9% $272,950,950
OTHER ASSETS IN EXCESS OF LIABILITIES........................................... 1.1 3,085,945
------- ------------
NET ASSETS...................................................................... 100.0% $276,036,895
======= ============
</Table>
- ------------
{::} Percentages indicated are based on net assets.
(1) Non-income producing security.
Abbreviations:
ADR -- American Depositary Receipt
GNR -- Government National Mortgage Association REMIC
See Notes to Financial Statements.
----- 58 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
INSTITUTIONAL INTERNATIONAL PORTFOLIO
SECTOR DIVERSIFICATION
ON APRIL 30, 2003, SECTOR DIVERSIFICATION OF THE PORTFOLIO WAS AS FOLLOWS
(UNAUDITED):
<Table>
<Caption>
% OF
NET ASSETS VALUE
---------- -----------------
INDUSTRIES:
Finance............................. 14.1% $ 39,029,448
Industrial.......................... 9.5 26,340,633
Energy.............................. 9.0 24,788,492
Utilities........................... 8.3 22,846,312
Automotive.......................... 7.8 21,581,516
Pharmaceuticals..................... 5.3 14,672,646
Beverages, Food & Tobacco........... 5.3 14,552,714
Technology.......................... 5.1 14,007,982
Retailers........................... 4.8 13,288,423
Chemicals........................... 4.4 12,194,615
Media - Broadcasting & Publishing... 4.4 12,159,089
Telephone Systems................... 2.7 7,334,897
Entertainment & Leisure............. 2.1 5,859,977
Building Materials.................. 1.8 4,942,139
Home Construction, Furnishings &
Appliances........................ 1.8 4,925,445
Transportation...................... 1.7 4,594,063
Heavy Machinery..................... 1.5 4,020,438
Oil & Gas........................... 1.3 3,672,521
Metals.............................. 1.3 3,620,229
Medical Supplies.................... 0.8 2,347,425
Lodging............................. 0.8 2,144,460
Cosmetics & Personal Care........... 0.5 1,386,803
Miscellaneous....................... 0.5 1,378,963
--------- -----------------
TOTAL COMMON STOCKS................. 94.8% $ 261,689,230
REPURCHASE AGREEMENT................ 4.1 11,261,720
--------- -----------------
TOTAL INVESTMENTS................... 98.9% $ 272,950,950
========= =================
</Table>
See Notes to Financial Statements.
----- 59 -----
<Page>
-------------------------
THE GLENMEDE FUND, INC.
----------------------------
SMALL CAPITALIZATION GROWTH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
- ---------- -----------
COMMON STOCKS -- 98.5%{::}
APPAREL RETAILERS -- 0.3%
4,850 Gymboree Corp. (The)(1)......................................................... $ 81,043
7,700 Pacific Sunwear of California, Inc.(1).......................................... 175,791
-----------
256,834
-----------
BANKING -- 0.7%
30,400 Boston Private Financial Holdings, Inc.......................................... 573,040
-----------
BEVERAGES, FOOD & TOBACCO -- 3.1%
4,300 American Italian Pasta Co. - Class A(1)......................................... 189,630
56,900 Performance Food Group, Co.(1).................................................. 1,996,052
10,300 United Natural Foods, Inc.(1)................................................... 300,657
-----------
2,486,339
-----------
BIOTECHNOLOGY -- 0.3%
82,300 Harvard Bioscience, Inc.(1)..................................................... 278,997
-----------
COMMERCIAL SERVICES -- 2.6%
8,000 Applied Films Corp.(1).......................................................... 174,000
44,700 Coinstar, Inc.(1)............................................................... 817,563
12,100 Gen-Probe, Inc.(1).............................................................. 375,705
11,110 Resources Connection, Inc.(1)................................................... 242,198
8,200 Robert Half International, Inc.(1).............................................. 133,496
5,700 Strayer Education, Inc.......................................................... 370,728
-----------
2,113,690
-----------
COMPUTER SOFTWARE & PROCESSING -- 3.4%
4,600 Altiris, Inc.(1)................................................................ 74,980
22,700 Ascential Software Corp.(1)..................................................... 87,168
39,900 Cognizant Technology Solutions Corp.(1)......................................... 716,604
700 Digital Insight Corp.(1)........................................................ 11,312
9,400 Serena Software, Inc.(1)........................................................ 148,144
20,600 SRA International, Inc. - Class A(1)............................................ 487,190
49,900 Veridian Corp.(1)............................................................... 947,601
28,400 webMethods, Inc.(1)............................................................. 285,704
-----------
2,758,703
-----------
CONSULTING SERVICES -- 8.0%
34,900 Advisory Board Co. (The)(1)..................................................... 1,278,038
23,200 Charles River Associates, Inc.(1)............................................... 502,048
84,720 Corporate Executive Board Co.(1)................................................ 3,472,673
27,000 FTI Consulting, Inc.(1)......................................................... 1,221,750
-----------
6,474,509
-----------
</Table>
See Notes to Financial Statements.
----- 60 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
SMALL CAPITALIZATION GROWTH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
- ---------- -----------
COMMON STOCKS -- (CONTINUED)
CONSUMER PRODUCTS -- 0.2%
6,800 LeapFrog Enterprises, Inc.(1)................................................... $ 181,560
-----------
CONSUMER SERVICES -- 13.7%
18,633 99 Cents Only Stores(1)......................................................... 548,928
121,925 Copart, Inc.(1)................................................................. 1,029,047
38,600 Corinthian Colleges, Inc.(1).................................................... 1,767,494
24,800 Cost Plus, Inc.(1).............................................................. 762,104
31,200 Cox Radio, Inc. - Class A(1).................................................... 711,672
13,300 eBay, Inc.(1)................................................................... 1,233,841
42,600 Education Management Corp.(1)................................................... 2,079,732
10,200 Entercom Communications Corp.(1)................................................ 495,618
600 Linens 'N Things, Inc.(1)....................................................... 12,714
29,300 Macrovision Corp.(1)............................................................ 517,731
22,000 Peet's Coffee & Tea, Inc.(1).................................................... 374,220
53,200 Spanish Broadcasting System, Inc.(1)............................................ 408,044
32,100 Westwood One, Inc.(1)........................................................... 1,120,290
-----------
11,061,435
-----------
CONTAINERS & PACKAGING -- 0.7%
37,400 Mobile Mini, Inc.(1)............................................................ 593,164
-----------
DIVERSIFIED SERVICES -- 0.3%
13,000 TMP Worldwide, Inc.(1).......................................................... 218,010
-----------
ELECTRONIC TECHNOLOGY -- 4.3%
8,900 Actel Corp.(1).................................................................. 176,309
31,876 Intersil Corp. - Class A(1)..................................................... 589,706
11,400 Lam Research Corp.(1)........................................................... 165,642
16,800 MKS Instruments, Inc.(1)........................................................ 234,528
10,100 NVIDIA Corp.(1)................................................................. 144,127
98,100 O2Micro International, Ltd.(1).................................................. 1,146,789
9,500 Photon Dynamics, Inc.(1)........................................................ 208,050
6,400 Silicon Laboratories, Inc.(1)................................................... 182,080
26,200 Teradyne, Inc.(1)............................................................... 303,920
13,600 Varian Semiconductor Equipment Associates, Inc.(1).............................. 313,480
-----------
3,464,631
-----------
ENVIRONMENTAL -- 2.4%
124,850 Tetra Tech, Inc.(1)............................................................. 1,935,175
-----------
FINANCE -- 0.4%
12,100 SEI Investments Co.............................................................. 318,593
-----------
</Table>
See Notes to Financial Statements.
----- 61 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
SMALL CAPITALIZATION GROWTH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
- ---------- -----------
COMMON STOCKS -- (CONTINUED)
FINANCIAL SERVICES -- 1.5%
3,300 Chicago Mercantile Exchange Holdings, Inc....................................... $ 186,582
29,400 Factset Research Systems, Inc................................................... 1,023,120
-----------
1,209,702
-----------
HEALTH CARE -- 3.7%
12,700 AdvancePCS(1)................................................................... 381,762
40,600 Medicis Pharmaceutical Corp. - Class A(1)....................................... 2,340,184
4,900 Myriad Genetics, Inc.(1)........................................................ 58,408
16,700 Thoratec Corp.(1)............................................................... 229,625
-----------
3,009,979
-----------
HEALTH CARE PROVIDERS -- 1.0%
24,300 Centene Corp.(1)................................................................ 778,450
-----------
HEALTH CARE SERVICES -- 7.7%
57,450 Accredo Health, Inc.(1)......................................................... 848,537
7,660 American Healthways, Inc.(1).................................................... 189,125
69,200 Amsurg Corp.(1)................................................................. 1,797,124
6,600 First Health Group Corp.(1)..................................................... 165,330
38,800 Impath, Inc.(1)................................................................. 570,360
68,519 Pharmaceutical Product Development, Inc.(1)..................................... 1,793,142
16,300 Sunrise Assisted Living, Inc.(1)................................................ 440,100
23,000 U.S. Physical Therapy, Inc.(1).................................................. 264,040
16,000 WebMD Corp.(1).................................................................. 154,240
-----------
6,221,998
-----------
HOUSING & HOME FURNISHINGS -- 0.5%
16,500 Williams-Sonoma, Inc.(1)........................................................ 427,020
-----------
MEDIA - BROADCASTING & PUBLISHING -- 0.2%
17,400 Gray Television, Inc. - Class B................................................. 192,270
-----------
MEDIA/COMMUNICATIONS -- 6.9%
8,300 Cumulus Media, Inc. - Class A(1)................................................ 143,092
49,600 Getty Images, Inc.(1)........................................................... 1,678,960
10,320 Information Holdings, Inc.(1)................................................... 179,568
44,900 Mediacom Communications Corp.(1)................................................ 448,551
13,500 Pinnacle Systems, Inc.(1)....................................................... 127,575
30,500 Radio One, Inc. - Class A(1).................................................... 473,665
142,900 Radio One, Inc. - Class D(1).................................................... 2,186,370
31,800 Webex Communications, Inc.(1)................................................... 327,540
-----------
5,565,321
-----------
</Table>
See Notes to Financial Statements.
----- 62 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
SMALL CAPITALIZATION GROWTH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
- ---------- -----------
COMMON STOCKS -- (CONTINUED)
MEDICAL PRODUCTS & SUPPLIES -- 6.3%
97,800 Align Technology, Inc.(1)....................................................... $ 733,500
71,188 American Medical System Holdings, Inc.(1)....................................... 1,129,754
16,200 American Pharmacuetical Partners, Inc.(1)....................................... 378,270
7,100 CTI Molecular Imaging, Inc.(1).................................................. 130,356
36,100 ICU Medical, Inc.(1)............................................................ 1,147,258
24,800 Impax Laboratories, Inc.(1)..................................................... 145,824
7,860 Intermune, Inc.(1).............................................................. 159,794
10,200 Priority Healthcare Corp. - Class B(1).......................................... 233,060
29,300 SurModics, Inc.(1).............................................................. 1,064,762
-----------
5,122,578
-----------
RESTAURANTS -- 2.5%
22,300 Cheesecake Factory, Inc. (The)(1)............................................... 704,457
8,900 Landry's Restaurants, Inc....................................................... 166,430
33,700 Panera Bread Co. - Class A(1)................................................... 1,146,811
-----------
2,017,698
-----------
RETAILERS -- 8.8%
52,000 A.C. Moore Arts & Crafts, Inc.(1)............................................... 895,960
71,150 Chico's FAS, Inc.(1)............................................................ 1,731,791
59,900 Hot Topic, Inc.(1).............................................................. 1,464,555
71,000 O'Reilly Automotive, Inc.(1).................................................... 2,105,860
39,700 PETsMART, Inc.(1)............................................................... 600,661
600 Restoration Hardware, Inc.(1)................................................... 2,400
18,000 ShopKo Stores, Inc.(1).......................................................... 216,540
5,500 Wild Oats Markets, Inc.(1)...................................................... 59,510
-----------
7,077,277
-----------
SPECIALTY TELECOMMUNICATION SERVICES -- 0.3%
17,200 Advanced Fibre Communication, Inc.(1)........................................... 263,160
-----------
TECHNOLOGY -- 10.5%
17,500 Agile Software Corp.(1)......................................................... 121,450
14,100 CheckFree Corp.(1).............................................................. 388,737
10,900 Cymer, Inc.(1).................................................................. 311,195
10,900 Exar Corp.(1)................................................................... 160,775
69,400 Integrated Circuit Systems, Inc.(1)............................................. 1,507,368
46,200 Itron, Inc.(1).................................................................. 924,924
27,400 Marvell Technology Group, Ltd.(1)............................................... 632,365
19,900 Maxim Intergrated Products, Inc................................................. 781,871
13,600 Mercury Interactive Corp.(1).................................................... 461,584
27,800 Micrel, Inc.(1)................................................................. 325,538
12,000 Packeteer, Inc.(1).............................................................. 156,960
</Table>
See Notes to Financial Statements.
----- 63 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
SMALL CAPITALIZATION GROWTH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
- ---------- -----------
COMMON STOCKS -- (CONTINUED)
TECHNOLOGY -- (CONTINUED)
43,600 Quest Software, Inc.(1)......................................................... $ 466,520
82,400 Semtech Corp.(1)................................................................ 1,310,160
49,000 Siebel Systems, Inc.(1)......................................................... 424,830
47,700 Silicon Image, Inc.(1).......................................................... 285,246
18,000 Verisign, Inc.(1)............................................................... 223,560
-----------
8,483,083
-----------
TECHNOLOGY SOFTWARE/SERVICES -- 5.7%
38,700 ANSYS, Inc.(1).................................................................. 1,023,615
36,100 Ask Jeeves, Inc.(1)............................................................. 297,103
7,900 Business Objects SA ADR(1)...................................................... 171,667
18,500 Documentum, Inc.(1)............................................................. 340,215
11,500 McDATA Corp. - Class A(1)....................................................... 121,670
44,500 Neoware Systems, Inc.(1)........................................................ 453,900
13,600 Netiq Corp.(1).................................................................. 187,408
52,350 OPNET Technologies, Inc.(1)..................................................... 368,020
9,400 Overture Services, Inc.(1)...................................................... 100,580
55,256 Retek, Inc.(1).................................................................. 345,350
29,100 Selectica, Inc.(1).............................................................. 84,943
43,150 Ventiv Health, Inc.(1).......................................................... 145,415
81,300 Verisity, Ltd.(1)............................................................... 953,649
-----------
4,593,535
-----------
TELECOMMUNICATION - LONG DISTANCE -- 0.4%
13,400 Celgene Corp.(1)................................................................ 356,574
-----------
TELECOMMUNICATIONS -- 1.1%
36,000 Polycom, Inc.(1)................................................................ 353,520
13,600 UTStarcom, Inc.(1).............................................................. 296,086
32,700 Western Wireless Corp. - Class A(1)............................................. 200,124
-----------
849,730
-----------
TRUCKING -- 1.0%
32,800 Knight Transportation, Inc.(1).................................................. 790,480
-----------
TOTAL COMMON STOCKS
(Cost $83,630,088)............................................................ 79,673,535
-----------
</Table>
See Notes to Financial Statements.
----- 64 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
SMALL CAPITALIZATION GROWTH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONCLUDED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- ---------- -----------
REPURCHASE AGREEMENT -- 2.2%
$1,773,025 With Investors Bank & Trust Co., dated 04/30/03, 1.00%, principal and interest
in the amount of $1,773,074, due 05/01/03, (collateralized by FHLMC 1380 with
a par value of $1,823,796, coupon rate of 3.22%, due 10/15/07, market value
$1,861,676)................................................................... $ 1,773,025
-----------
TOTAL REPURCHASE AGREEMENT
(Cost $1,773,025)............................................................. 1,773,025
-----------
</Table>
<Table>
TOTAL INVESTMENTS
(Cost $85,403,113)............................................................ 100.7% $81,446,560
LIABILITIES IN EXCESS OF OTHER ASSETS........................................... (0.7) (604,856)
------- -----------
NET ASSETS...................................................................... 100.0% $80,841,704
======= ===========
</Table>
- ------------
{::} Percentages indicated are based on net assets.
(1) Non-income producing security.
Abbreviations:
ADR -- American Depositary Receipt
FHLMC -- Federal Home Loan Mortgage Corporation
See Notes to Financial Statements.
----- 65 -----
<Page>
-------------------------
THE GLENMEDE FUND, INC.
----------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The Glenmede Fund, Inc. (the "Fund") consists of nine portfolios: the
Government Cash Portfolio, the Tax-Exempt Cash Portfolio, the Core Fixed Income
Portfolio, the Strategic Equity Portfolio, the Small Cap Equity Portfolio, the
Large Cap Value Portfolio, the International Portfolio, the Institutional
International Portfolio and the Small Capitalization Growth Portfolio
(collectively the "Portfolios"). The Fund was incorporated in the State of
Maryland on June 30, 1988 and is registered with the Securities and Exchange
Commission under the Investment Company Act of 1940, as amended, 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 Shares and the
Institutional Shares.
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates. The following is a summary of significant accounting policies
consistently followed by each Portfolio in the preparation of its financial
statements.
VALUATION OF SECURITIES: As permitted under Rule 2a-7 of the 1940 Act,
securities held by the Government Cash and Tax-Exempt Cash Portfolios are valued
by the "amortized cost" method of valuation, which approximates current value.
Amortized cost valuation involves valuing an instrument at its cost initially
and thereafter assuming a constant amortization to maturity of any discount or
premium, regardless of the effect of fluctuating interest rates on the market
value of the instrument.
Equity securities listed on a US securities exchange for which market
quotations are readily available are valued at the last quoted sale price as of
the close of the exchange's regular trading hours on the day the valuation is
made. Securities listed on a foreign exchange and unlisted foreign securities
are valued at the last quoted sales price available before the time when assets
are valued. Price information on listed securities is taken from the exchange
where the securities are primarily traded. Securities traded on the NASDAQ
System are valued at the NASDAQ Official Closing Price. Other unlisted equity
securities and listed securities not traded on the valuation date for which
market quotations are readily available are valued at an amount that does not
exceed the asked price and is not less than the bid price.
Bonds and other fixed-income securities are valued at the most recent quoted
bid price or when exchange valuations are used, at the latest quoted sale price
on the day of valuation. If there is no such reported sale, the latest quoted
bid price is used. 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,
when the portfolio's investment advisor believes such prices reflect the fair
market value of such securities. Debt securities purchased by non-money market
portfolios with remaining maturities of 60 days or less are valued at amortized
cost. Securities with remaining maturities exceeding 60 days are valued at their
current or fair value until the 61st day prior to maturity and are valued at
amortized cost, thereafter.
----- 66 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- (CONTINUED)
The value of other assets and securities for which no market quotations are
readily available are valued at fair value as determined in good faith by or
under the direction of the Board of Directors.
REPURCHASE AGREEMENTS: Each Portfolio may engage in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, the Portfolio
takes possession of an underlying debt obligation subject to an obligation of
the seller to repurchase, and the Portfolio to resell, the obligation at an
agreed-upon price and time, thereby determining the yield during the Portfolio's
holding period. This arrangement results in a fixed rate of return that is not
subject to market fluctuations during the Portfolio's holding period. The value
of the collateral 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 collect the collateral to
offset losses incurred. There is potential loss to the Portfolio in the event
the Portfolio is delayed or prevented from exercising its rights to dispose of
the collateral securities, including the risk of a possible decline in the value
of the underlying securities during the period while the Portfolio seeks to
assert its rights. The Portfolio's investment advisor, acting under the
supervision of the Board of Directors, reviews the value of the collateral and
the creditworthiness of those banks and dealers with which the Portfolio enters
into repurchase agreements to evaluate potential risks.
FORWARD FOREIGN CURRENCY CONTRACTS: The International and Institutional
International Portfolios may enter into forward foreign exchange contracts.
Forward foreign exchange contracts are valued at the forward rate and
marked-to-market daily. The change in market value is recorded by the Portfolio
as an unrealized gain or loss. When the contract is closed, the Portfolio
records a realized gain or loss equal to the difference between the value of the
contract at the time it was opened and the value at the time it was closed.
The use of forward foreign exchange contracts does not eliminate fluctuations
in the underlying prices of the Portfolios' securities, but it does establish a
rate of exchange that can be achieved in the future. Although forward foreign
currency contracts limit the risk of loss due to a decline in the value of the
hedged currency, they also limit any potential gain that might result should the
value of the currency increase. In addition, the Portfolios could be exposed to
risks if the counterparties to the contracts are unable to meet the terms of
their contracts. There were no contracts open at April 30, 2003.
FOREIGN CURRENCY TRANSLATION: The books and records of each Portfolio are
maintained in United States (US) dollars. Foreign currencies, investments and
other assets and liabilities are translated into US dollars at the exchange
rates prevailing at the end of the period, and purchases and sales of investment
securities, income and expenses are translated 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 (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 the Portfolio and the
amount actually received. The portion of foreign currency gains and losses
related to fluctuation in exchange rates between the purchase settlement
----- 67 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- (CONTINUED)
date and subsequent sale trade date is included in realized gains and losses on
investment securities sold.
The Strategic Equity, Small Cap Equity, Large Cap Value, Small Capitalization
Growth, International and Institutional International Portfolios 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 US companies and the US government. These risks
include valuation of currencies and future adverse political and economic
developments. Moreover, securities of many foreign companies and foreign
governments and their markets may be less liquid and their prices more volatile
than those of securities of comparable US companies and the US government. This
is particularly true with respect to emerging markets in developing countries.
REVERSE REPURCHASE AGREEMENTS: The Government Cash Portfolio and the Core
Fixed Income Portfolio may enter into reverse repurchase agreements. Under the
terms of a reverse repurchase agreement, the Portfolio sells a security subject
to an obligation to repurchase the security from the buyer at a later date and
price thereby determining the yield during the buyer's holding period. The use
of reverse repurchase agreements involves certain risks in that the securities
acquired by a Portfolio with the proceeds of such an agreement may decline in
value, although the Portfolio is obligated to repay the proceeds. In addition,
the market value of the securities sold by a Portfolio may decline below the
repurchase price, to which the Portfolio remains committed. In the event the
buyer of securities under a reverse repurchase agreement files for bankruptcy or
becomes insolvent, the Portfolio's use of the proceeds of the agreement may be
restricted pending a determination by the party, or its trustee or receiver,
whether to enforce the Portfolio's obligation to repurchase the securities. In
entering into reverse repurchase agreements, the Portfolio will maintain cash,
US Government securities or other liquid high grade debt obligations at least
equal in value to its obligations with respect to reverse repurchase agreements.
Under normal circumstances the Government Cash Portfolio and the Core Fixed
Income Portfolio will not enter into reverse repurchase agreements if entering
into such agreements would cause more than one-third of the value of their
respective total assets to be subject to such agreements at the time of entering
into such agreements.
The Core Fixed Income Portfolio's average daily balance of reverse repurchase
agreements outstanding during the six months ended April 30, 2003 was
approximately $1,611,989 at a weighted average interest rate of approximately
1.281%. The maximum amount of reverse repurchase agreements outstanding during
the six months ended April 30, 2003 was $13,902,000 from November 3 - 21, which
represented a maximum of 7.46% of Net Assets. At April 30, 2003, there were no
reverse repurchase agreements outstanding for Core Fixed Income Fund. As of, and
for the six months ended April 30, 2003, the Government Cash Portfolio did not
enter into any reverse repurchase agreements.
INTEREST-ONLY SECURITIES: The Core Fixed Income Portfolio may invest in
interest-only securities, which are the interest portions of "stripped"
securities. The holders of interest-only securities receive the interest on the
underlying security, but no principal payments. While the timing of the interest
receipts is known, the amount of interest to be received is not known.
----- 68 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- (CONTINUED)
COLLATERALIZED MORTGAGE OBLIGATIONS: The Core Fixed Income Portfolio may
invest in collateralized mortgage obligations, which are backed by a pool of
mortgages or mortgage-backed securities. The bonds that form collateralized
mortgage obligations are grouped into classes, which have different coupon rates
or maturities. The principal cash flows of the underlying pool of mortgages are
channeled sequentially into each class.
TBA PURCHASE COMMITMENTS: The Core Fixed Income Portfolio may enter into TBA
(to be announced) purchase commitments to purchase securities for a fixed price
at a future date, typically not exceeding 45 days. TBA purchase commitments may
be considered securities in themselves, and involve a risk of loss if the value
of the security to be purchased declines prior to settlement date. This risk is
in addition to the risk of decline in the value of the Portfolio's other assets.
OPTIONS TRANSACTIONS: The Strategic Equity Portfolio may purchase or write
option contracts to hedge against changes in the value of securities the
portfolio owns or expects to own. A call option gives the option holder the
right to purchase the underlying security at a specified price until a specified
date. A put option gives the option holder the right to sell the underlying
security at a specified price until a specified date. The risk in writing a
covered call option is that a fund may forgo the opportunity of profit if the
market price of the underlying security increases and the option is exercised.
The risk in writing a put option is that 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.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded as of the trade date. Realized gains and losses on investments sold are
computed on the basis of identified cost. Dividend income and distributions to
shareholders are recorded on the ex-dividend date. Dividend income for foreign
securities is recorded on the ex-dividend date except that certain dividends
from foreign securities are recorded as soon as the Portfolio is informed of the
ex-dividend date. Interest income is recorded on the accrual basis and includes
amortization of premiums and accretion of discounts when appropriate.
Securities purchased or sold on a when-issued or delayed-delivery basis may be
settled a month or more after the trade date. Interest income is accrued based
on the terms of the security. Each Portfolio segregates assets with a current
value at least equal to the amount of its when-issued purchase commitments.
When-issued purchase commitments involve a risk of loss if the value of the
security to be purchased declines prior to settlement date, or if the
counterparty does not perform under the contract.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: Dividends from net investment
income, if any, of the Government Cash and Tax-Exempt Cash Portfolios are
declared each day the Portfolios are open for business and are paid monthly.
Dividends from net investment income, if any, of the Core Fixed Income Portfolio
are declared and paid monthly. Dividends from net investment income, if any, of
the Strategic Equity, Small Cap Equity, Large Cap Value, International,
Institutional International and
----- 69 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- (CONTINUED)
Small Capitalization Growth Portfolios are declared and paid quarterly. The
Portfolios distribute any net realized capital gains on an annual basis.
Additional distributions of net investment income and capital gains for each
Portfolio may be made at the discretion of the Board of Directors in order to
avoid a nondeductible excise tax under Section 4982 of the Internal Revenue
Code, as amended. Income and capital gains distributions are determined in
accordance with income tax regulations which may differ from accounting
principles generally accepted in the United States of America. 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.
EXPENSES: Expenses which are not readily identifiable to a specific fund are
allocated taking into consideration, among other things, the nature and type of
expenses and the relative size of the funds.
FEDERAL INCOME TAXES: Each Portfolio intends to qualify as a regulated
investment company by complying with the requirements of the Internal Revenue
Code applicable to regulated investment companies and by distributing
substantially all of its taxable income to its shareholders. Therefore, no
Federal income tax provision is required. Income distributions and capital gain
distributions are determined in accordance with income tax regulations which may
differ from accounting principles generally accepted in the United States of
America. These differences are primarily due to differing treatments for
amortized premiums, expired net capital loss carryforwards, foreign currency
transactions, market discounts, net operating losses and nontaxable dividends.
Net investment income/(loss), net realized capital gains/losses and net assets
are not affected. The calculation of net investment income/(loss) per share in
the financial highlights tables excludes such adjustments.
On October 31, 2002, the tax year end of the Fund, the following portfolios
had available capital loss carryforwards to be utilized in the current period to
offset future net capital gains through the indicated expiration dates as
follows:
<Table>
<Caption>
EXPIRING EXPIRING EXPIRING
PORTFOLIO IN 2003 IN 2004 IN 2005
- --------- ---------- ----------- ------------
Tax-Exempt Cash Portfolio..... $ 8,905 $ 27,815 $ 13
</Table>
<Table>
<Caption>
EXPIRING EXPIRING EXPIRING EXPIRING
PORTFOLIO IN 2007 IN 2008 IN 2009 IN 2010
- --------- ---------- ---------- ----------- ------------
Government Cash Portfolio..... $ -- $ -- $ -- $ 4,195
Tax-Exempt Cash Portfolio..... 7,168 -- 128,382 --
Core Fixed Income Portfolio... 1,869,325 3,712,033 -- --
Strategic Equity Portfolio.... -- -- 2,844,243 5,769,761
Large Cap Value Portfolio..... -- -- -- 1,387,061
International Portfolio....... -- -- 3,433,823 122,699,261
Institutional International
Portfolio................... -- -- 16,974,585 27,919,946
Small Capitalization Growth
Portfolio................... 5,038,496 3,250,830 44,694,610 30,478,759
</Table>
----- 70 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- (CONTINUED)
At October 31, 2002, the tax year end of the Fund, the components of
distributable earnings on a tax basis were as follows:
<Table>
<Caption>
TOTAL
UNDISTRIBUTED UNDISTRIBUTED DISTRIBUTABLE
PORTFOLIO ORDINARY INCOME LONG-TERM GAIN EARNINGS
- --------- --------------- -------------- ----------------
Core Fixed Income Portfolio........ $ 777,896 $ -- $ 4,521,032
Strategic Equity Portfolio......... 56,838 -- (7,448,387)
Small Cap Equity Portfolio......... -- 94,059 (9,462,619)
Large Cap Value Portfolio.......... 22,829 -- (2,449,944)
International Portfolio............ 4,096,393 -- (227,251,003)
Institutional International
Portfolio........................ 1,026,148 -- (97,917,966)
Small Capitalization Growth
Portfolio........................ -- -- (103,632,972)
</Table>
Total Distributable Earnings are additionally comprised of Net Unrealized
Appreciation/(Depreciation) and Capital Loss Carryforwards, which are shown
elsewhere in the Notes to Financial Statements.
For the year ended October 31, 2002, Government Cash and Tax-Exempt Cash
Portfolios' components of distributable earnings on a tax basis were equal to
the components of distributable earnings on a book basis.
At October 31, 2002, the tax characterization of distributions paid during the
year was equal to the book characterization of distributions paid for the Funds,
with the following exception:
<Table>
<Caption>
PORTFOLIO ORDINARY INCOME LONG-TERM GAINS
- --------- --------------- ---------------
Small Cap Equity Portfolio.............. $719,018 $12,037,181
</Table>
2. INVESTMENT ADVISORY FEE, ADMINISTRATION FEE AND OTHER RELATED PARTY
TRANSACTIONS
Glenmede Advisers, Inc. (the "Advisor") serves as investment advisor to the
Strategic Equity, Large Cap Value, International, Government Cash, Tax-Exempt
Cash, Core Fixed Income, Small Cap Equity and Small Capitalization Growth
Portfolios. The Advisor, a wholly-owned subsidiary of The Glenmede Trust
Company, became the investment adviser to such portfolios on September 1, 2000.
Prior thereto, investment advisory services were provided by The Glenmede Trust
Company.
The Advisor is not entitled to a management fee for its investment services
provided to the Strategic Equity, Large Cap Value, International, Government
Cash, Tax-Exempt Cash or Core Fixed Income Portfolios. The Small Cap Equity and
Small Capitalization Growth Portfolios pay the Advisor management fees at the
annual rate of 0.55% and 0.25%, respectively, of such Portfolio's average daily
net assets.
Philadelphia International Advisors LP ("PIA") serves as investment advisor to
the Institutional International Portfolio. PIA became the investment advisor to
the Institutional International Portfolio effective January 1, 2002. From
September 1, 2000 through December 31, 2001, investment advisory services were
provided by the Advisor. Prior to September 1, 2000, investment advisory
services were provided by The Glenmede Trust Company. The Institutional
International Portfolio pays a management fee to PIA at the annual rate of 0.75%
of the portfolio's average daily net
----- 71 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- (CONTINUED)
assets. PIA has agreed to waive its fees to the extent necessary to ensure that
the Portfolio's total operating expenses do not exceed 1.00% of the Portfolio's
average net assets. No management fees were waived for the fiscal year ended
October 31, 2002.
Effective January 1, 2002, PIA also serves as investment sub-advisor to the
International Portfolio. PIA is not entitled to a management fee for services
provided to the International Portfolio.
Winslow Capital Management, Inc. and TCW Investment Management Company serve
as investment sub-advisors to the Small Capitalization Growth Portfolio. The
Small Capitalization Growth Portfolio pays a management fee to each sub-advisor
at the annual rate of 0.60% of the portion of the Portfolio's average daily net
assets that the sub-advisor manages.
The Strategic Equity, Large Cap Value, International, Government Cash, Tax-
Exempt Cash and Core Fixed Income Portfolios, and the Institutional Shares of
Small Cap Equity Portfolio, each pay The Glenmede Trust Company a shareholder
servicing fee at the annual rate of 0.05% of such Portfolios' average daily net
assets. The Small Capitalization Growth Portfolio and the Advisor Shares of
Small Cap Equity Portfolio each pay The Glenmede Trust Company a shareholder
servicing fee at the annual rate of 0.25% of such portfolio's average daily net
assets. Institutional International Portfolio is not subject to the shareholder
servicing plan and, accordingly, pays no shareholder fee.
Investors Bank & Trust Company ("IBT") serves as administrator, transfer
agent, dividend-paying agent and custodian with respect to the Fund. The Fund
pays IBT a fee based on the combined aggregate average daily net assets of the
Portfolios. The fee is computed daily and paid monthly.
Quasar Distributors, LLC serves as distributor of the Portfolios' shares. The
distributor receives no fees in connection with distribution services provided
to the Fund.
The Fund pays each Board member an annual fee of $11,000 plus $1,250 for each
Board meeting attended and out-of-pocket expenses incurred in attending Board
meetings.
Expenses for the six months ended April 30, 2003 include legal fees paid to
Drinker Biddle & Reath LLP. A partner of the law firm is Secretary of the Fund.
During the period from November 1, 2002 through April 30, 2003, the portion of
the Small Capitalization Growth Portfolio sub-advised by Winslow Capital
Management, Inc. ("Winslow Capital") paid brokerage commissions of $770 ($0.05
per share) to an affiliate of TCW Investment Management Company, Societe
Generale Cowen Securities Corporation.
3. PURCHASES AND SALES OF SECURITIES
For the six months ended April 30, 2003, cost of purchases and proceeds from
sales of long-term US Government securities were:
<Table>
<Caption>
PORTFOLIO PURCHASES SALES
- --------- ------------ ------------
Core Fixed Income Portfolio............. $297,028,307 $296,285,890
</Table>
----- 72 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- (CONTINUED)
For the six months ended April 30, 2003, cost of purchases and proceeds from
sales of investment securities other than US Government securities and
short-term securities were:
<Table>
<Caption>
PORTFOLIO PURCHASES SALES
- --------- ------------ ------------
Core Fixed Income Portfolio............. $ 9,896,200 $ 4,423,360
Strategic Equity Portfolio.............. 25,835,759 27,673,215
Small Cap Equity Portfolio.............. 48,187,155 48,051,499
Large Cap Value Portfolio............... 10,668,580 7,378,936
International Portfolio................. 211,596,329 283,174,212
Institutional International Portfolio... 63,234,243 56,670,869
Small Capitalization Growth Portfolio... 18,551,973 19,003,428
</Table>
On April 30, 2003, aggregate gross unrealized appreciation for all securities
in which there was an excess of value over tax cost and aggregate gross
unrealized depreciation for all securities in which there was an excess of tax
cost over value were as follows:
<Table>
<Caption>
PORTFOLIO APPRECIATION DEPRECIATION NET
- --------- ------------ ------------ ------------
Core Fixed Income Portfolio........ $ 9,308,660 $ 200,176 $ 9,108,484
Strategic Equity Portfolio......... 9,626,461 5,921,380 3,705,081
Small Cap Equity Portfolio......... 42,101,465 14,881,501 27,219,964
Large Cap Value Portfolio.......... 1,080,020 536,311 543,709
International Portfolio............ 113,403,552 143,583,391 (30,179,839)
Institutional International
Portfolio........................ 14,446,726 48,720,804 (34,274,078)
Small Capitalization Growth
Portfolio........................ 14,807,905 18,764,458 (3,956,553)
</Table>
4. COMMON STOCK
The Fund is authorized to issue and has classified 2,500,000,000 shares of
common stock with a $.001 par value. At April 30, 2003, authorized shares were
allocated to each Portfolio as follows:
<Table>
<Caption>
PORTFOLIO AUTHORIZED SHARES
- --------- -----------------
Government Cash Portfolio......................... 700,000,000
Tax-Exempt Cash Portfolio......................... 740,000,000
Core Fixed Income Portfolio....................... 175,000,000
Strategic Equity Portfolio........................ 125,000,000
Small Cap Equity Portfolio........................ 250,000,000
Large Cap Value Portfolio......................... 75,000,000
International Portfolio........................... 225,000,000
Institutional International Portfolio............. 120,000,000
Small Capitalization Growth Portfolio............. 75,000,000
</Table>
Since the Government Cash Portfolio and the Tax-Exempt Cash Portfolio have
sold shares, issued shares as reinvestments of dividends, and redeemed shares
only at a constant net asset value of $1.00 per share, the number of shares
represented by
----- 73 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- (CONTINUED)
such sales, reinvestments and redemptions is the same as the amounts shown below
for such transactions. Changes in the capital shares outstanding were as
follows:
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED YEAR ENDED
04/30/03 10/31/02
--------------- ---------------
GOVERNMENT CASH PORTFOLIO:
Sold.................................. $ 1,369,485,617 $ 3,001,692,891
Issued as reinvestment of dividends... 12,736 36,804
Redeemed.............................. (1,336,239,780) (2,890,200,703)
--------------- ---------------
Net increase.......................... $ 33,258,573 $ 111,528,992
=============== ===============
TAX-EXEMPT CASH PORTFOLIO:
Sold.................................. $ 914,106,649 $ 1,917,175,370
Issued as reinvestment of dividends... 808 2,279
Redeemed.............................. (875,433,395) (1,851,989,350)
--------------- ---------------
Net increase.......................... $ 38,674,062 $ 65,188,299
=============== ===============
</Table>
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED YEAR ENDED
04/30/03 10/31/02
------------------------- --------------------------
SHARES AMOUNT SHARES AMOUNT
---------- ------------- ----------- -------------
CORE FIXED INCOME PORTFOLIO:
Sold........................ 884,669 $ 9,732,647 2,605,082 $ 27,862,635
Issued as reinvestment of
dividends................. 26,765 293,579 63,776 678,412
Redeemed.................... (640,716) (7,054,407) (1,956,606) (20,887,113)
---------- ------------- ----------- -------------
Net increase................ 270,718 $ 2,971,819 712,252 $ 7,653,934
========== ============= =========== =============
STRATEGIC EQUITY PORTFOLIO:
Sold........................ 415,470 $ 5,460,235 976,503 $ 15,287,048
Issued as reinvestment of
dividends................. 2,114 27,794 3,030 45,003
Redeemed.................... (706,405) (8,964,699) (2,003,495) (30,796,673)
---------- ------------- ----------- -------------
Net decrease................ (288,821) $ (3,476,670) (1,023,962) $ (15,464,622)
========== ============= =========== =============
SMALL CAP EQUITY PORTFOLIO
(ADVISOR CLASS):
Sold........................ 922,416 $ 13,442,085 1,386,882 $ 23,796,585
Issued as reinvestment of
dividends................. 614 8,961 732,872 10,127,612
Redeemed.................... (447,629) (6,338,264) (1,732,268) (29,565,594)
---------- ------------- ----------- -------------
Net increase................ 475,401 $ 7,112,782 387,486 $ 4,358,603
========== ============= =========== =============
</Table>
----- 74 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- (CONTINUED)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED YEAR ENDED
04/30/03 10/31/02
------------------------- --------------------------
SHARES AMOUNT SHARES AMOUNT
---------- ------------- ----------- -------------
SMALL CAP EQUITY PORTFOLIO
(INSTITUTIONAL CLASS):
Sold...................... 141,699 $ 2,033,492 281,446 $ 4,778,678
Issued as reinvestment of
dividends............... 4,338 63,458 120,911 1,709,708
Redeemed.................. (117,835) (1,693,644) (229,389) (3,765,306)
---------- ------------- ----------- -------------
Net increase.............. 28,202 $ 403,306 172,968 $ 2,723,080
========== ============= =========== =============
LARGE CAP VALUE PORTFOLIO:
Sold...................... 446,739 $ 3,387,995 546,772 $ 4,649,345
Issued as reinvestment of
dividends............... 13,305 103,050 19,003 157,027
Redeemed.................. (64,792) (497,948) (231,841) (2,042,502)
---------- ------------- ----------- -------------
Net increase.............. 395,252 $ 2,993,097 333,934 $ 2,763,870
========== ============= =========== =============
INTERNATIONAL PORTFOLIO:
Sold...................... 3,863,315 $ 43,770,166 7,158,447 $ 96,498,200
Issued as reinvestment of
dividends............... 144,484 1,621,527 361,119 4,825,706
Redeemed.................. (9,788,553) (109,035,906) (17,855,206) (231,768,975)
---------- ------------- ----------- -------------
Net decrease.............. (5,780,754) $ (63,644,213) (10,335,640) $(130,445,069)
========== ============= =========== =============
INSTITUTIONAL INTERNATIONAL
PORTFOLIO:
Sold...................... 10,881,367 $ 116,063,374 23,607,534 $ 294,519,409
Issued as reinvestment of
dividends............... 87,216 953,268 230,268 2,911,463
Redeemed.................. (9,912,015) (106,290,879) (22,374,398) (279,978,082)
---------- ------------- ----------- -------------
Net increase.............. 1,056,568 $ 10,725,763 1,463,404 $ 17,452,790
========== ============= =========== =============
SMALL CAPITALIZATION GROWTH
PORTFOLIO:
Sold...................... 564,428 $ 2,221,145 2,756,122 $ 13,337,104
Redeemed.................. (812,737) (3,169,314) (3,705,914) (17,843,211)
---------- ------------- ----------- -------------
Net decrease.............. (248,309) $ (948,169) (949,792) $ (4,506,107)
========== ============= =========== =============
</Table>
5. LENDING OF PORTFOLIO SECURITIES
Each Portfolio has the ability to lend its securities to brokers, dealers and
other financial organizations. Loans of portfolio securities by the Portfolios
are collateralized by cash in an amount at least equal to the current market
value of the loaned securities. The cash collateral received was invested in
overnight repurchase agreements. Although risk is mitigated by the collateral, a
Portfolio could experience a delay in recovering its securities and a possible
loss of income or value if the borrower fails to return them.
The Portfolios generated additional income by lending their securities to
approved brokers. On April 30, 2003, the following Portfolios had outstanding
loans
----- 75 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- (CONTINUED)
of securities to certain approved brokers for which the Portfolios received
collateral:
<Table>
<Caption>
% OF TOTAL
MARKET VALUE OF MARKET VALUE OF ASSETS
PORTFOLIO LOANED SECURITIES COLLATERAL ON LOAN
- --------- ----------------- --------------- ----------
Government Cash Portfolio.......... $ 3,410,923 $ 3,472,000 0.55%
Core Fixed Income Portfolio........ 24,935,288 25,553,940 10.41
Strategic Equity Portfolio......... 744,406 764,846 0.86
Small Cap Equity Portfolio......... 41,151,180 42,501,332 13.58
Large Cap Value Portfolio.......... 2,100,446 2,180,875 9.92
International Portfolio............ 186,563,638 197,506,458 16.67
Institutional International
Portfolio........................ 50,928,454 53,998,395 15.29
Small Capitalization Growth
Portfolio........................ 23,765,242 24,845,661 22.18
</Table>
6. NET ASSETS
On April 30, 2003, net assets consisted of:
<Table>
<Caption>
TAX- CORE
GOVERNMENT EXEMPT FIXED
CASH CASH INCOME
PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ ------------
Par Value.......................... $ 566,223 $ 645,954 $ 17,423
Paid in capital in excess of par
value............................ 565,657,138 645,270,151 186,731,488
Undistributed (distributions in
excess of) net investment
income........................... 73,092 (267) 714,932
Accumulated net realized loss from
investment transactions.......... (4,173) (172,283) (2,703,441)
Net unrealized appreciation on
investments...................... -- -- 9,108,484
------------ ------------ ------------
Total Net Assets.................. $566,292,280 $645,743,555 $193,868,886
============ ============ ============
</Table>
<Table>
<Caption>
STRATEGIC SMALL CAP LARGE CAP
EQUITY EQUITY VALUE
PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ -----------
Par Value.......................... $ 6,395 $ 16,931 $ 2,364
Paid in capital in excess of par
value............................ 94,016,034 245,869,498 20,766,246
Undistributed (distributions in
excess of) net investment
income........................... 51,463 939,000 40,751
Accumulated net realized loss from
investment transactions.......... (11,788,631) (14,475,553) (2,730,573)
Net unrealized appreciation on
investments...................... 3,705,081 27,219,964 543,709
------------ ------------ -----------
Total Net Assets.................. $ 85,990,342 $259,569,840 $18,622,497
============ ============ ===========
</Table>
----- 76 -----
<Page>
----------------------------
THE GLENMEDE FUND, INC.
----------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- (CONTINUED)
<Table>
<Caption>
SMALL
INSTITUTIONAL CAPITALIZATION
INTERNATIONAL INTERNATIONAL GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO
-------------- ------------- --------------
Par Value.......................... $ 78,497 $ 24,971 $ 19,630
Paid in capital in excess of par
value............................ 1,146,822,961 372,380,387 180,791,818
Undistributed (distributions in
excess of) net investment
income........................... 11,585,861 3,266,445 (434,821)
Accumulated net realized loss from
investment transactions.......... (211,238,427) (65,405,901) (95,578,370)
Net unrealized appreciation
(depreciation) on investments.... (30,012,111) (34,229,007) (3,956,553)
-------------- ------------ ------------
Total Net Assets.................. $ 917,236,781 $276,036,895 $ 80,841,704
============== ============ ============
</Table>
7. CALL AND PUT OPTIONS
At April 30, 2003, there were no Option contracts open or outstanding.
8. SUBSEQUENT EVENT
At the June 26, 2003 Board meeting, the Board of Directors of the Fund
approved the termination of the Small Capitalization Growth Portfolio's
sub-investment advisory agreement with TCW and approved a proposed
sub-investment advisory agreement with Sterling Johnston Capital Management,
L.P. The shareholders of the Small Capitalization Growth Portfolio will be asked
to vote on the Sterling Johnston sub-investment advisory agreement at a Special
Meeting to be held on July 31, 2003. Glenmede Advisers, Inc. will directly
manage that portion of the Portfolio's assets that had been allocated to TCW
until shareholder approval of the Sterling Johnston agreement is obtained.
----- 77 -----
<Page>
---------------------------
THE GLENMEDE PORTFOLIOS
-------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
MUNI NEW JERSEY
INTERMEDIATE MUNI
PORTFOLIO PORTFOLIO
------------ -----------
ASSETS:
Investments:
Investments at value(1)............... $21,917,853 $20,327,750
----------- -----------
Cash.................................. 82,511 24,454
Receivable for fund shares sold....... 60,000 --
Interest receivable................... 335,081 254,777
Other assets.......................... 273 438
----------- -----------
Total assets........................ 22,395,718 20,607,419
----------- -----------
LIABILITIES:
Payable for fund shares redeemed...... 20,000 75,000
Payable to affiliate for Trustees'
fees................................ 60 --
Accrued expenses...................... 12,707 17,579
----------- -----------
Total liabilities................... 32,767 92,579
----------- -----------
NET ASSETS.............................. $22,362,951 $20,514,840
=========== ===========
SHARES OUTSTANDING...................... 2,078,285 1,898,433
=========== ===========
NET ASSET VALUE PER SHARE............... $ 10.76 $ 10.81
=========== ===========
- ------------
(1) Investments at cost................. $20,859,502 $19,115,246
</Table>
See Notes to Financial Statements.
----- 78 -----
<Page>
---------------------------
THE GLENMEDE PORTFOLIOS
-------------------------------
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
MUNI NEW JERSEY
INTERMEDIATE MUNI
PORTFOLIO PORTFOLIO
------------ ----------
Investment income:
Interest.............................. $491,276 $436,631
-------- --------
Total investment income............. 491,276 436,631
-------- --------
Expenses:
Administration & custody fee.......... 13,078 16,970
Professional fees..................... 698 748
Shareholder report expense............ 233 203
Shareholder servicing fees............ 5,621 5,001
Trustees' fees and expenses........... 1,345 1,178
Registration and filing fees.......... 1,489 1,225
Other expenses........................ 638 364
-------- --------
Total expenses...................... 23,102 25,689
-------- --------
Net investment income................. 468,174 410,942
-------- --------
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Securities transactions............. 56,985 (1,746)
-------- --------
Net realized gain (loss)............ 56,985 (1,746)
-------- --------
Net change in unrealized gain (loss)
of:
Securities.......................... 195,096 209,984
-------- --------
Net unrealized gain (loss).......... 195,096 209,984
-------- --------
Net realized and unrealized gain
(loss)................................ 252,081 208,238
-------- --------
Net increase (decrease) in net assets
resulting from operations............. $720,255 $619,180
======== ========
</Table>
See Notes to Financial Statements.
----- 79 -----
<Page>
---------------------------
THE GLENMEDE PORTFOLIOS
-------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
MUNI NEW JERSEY
INTERMEDIATE MUNI
PORTFOLIO PORTFOLIO
------------ -----------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income................... $ 468,174 $ 410,942
Net realized gain (loss) on securities
transactions........................ 56,985 (1,746)
Net change in unrealized gain (loss)
on securities....................... 195,096 209,984
----------- -----------
Net increase (decrease) in net assets
resulting from operations............. 720,255 619,180
Distributions to shareholders from:
Net investment income................. (468,257) (435,263)
Net increase (decrease) in net assets
from capital shares transactions...... (588,958) 294,363
----------- -----------
Net increase (decrease) in net assets... (336,960) 478,280
NET ASSETS:
Beginning of period..................... 22,699,911 20,036,560
----------- -----------
End of period........................... $22,362,951 $20,514,840
=========== ===========
Undistributed net investment income
included in net assets at end of
period.............................. 78,205 67,643
</Table>
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED OCTOBER 31, 2002
<Table>
<Caption>
MUNI NEW JERSEY
INTERMEDIATE MUNI
PORTFOLIO PORTFOLIO
------------ -----------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income................... $ 852,819 $ 833,842
Net realized gain (loss) on securities
transactions........................ (30,818) 132,145
Net change in unrealized gain (loss)
on securities....................... 176,970 79,935
----------- -----------
Net increase (decrease) in net assets
from operations....................... 998,971 1,045,922
Distributions to shareholders from:
Net investment income................. (835,011) (836,478)
Net increase (decrease) in net assets
from capital shares transactions...... 4,929,337 673,406
----------- -----------
Net increase (decrease) in net assets... 5,093,297 882,850
NET ASSETS:
Beginning of year....................... 17,606,614 19,153,710
----------- -----------
End of year............................. $22,699,911 $20,036,560
=========== ===========
Undistributed net investment income
included in net assets at end of
period.............................. 78,288 91,964
</Table>
See Notes to Financial Statements.
----- 80 -----
<Page>
---------------------------
THE GLENMEDE PORTFOLIOS
-------------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<Table>
<Caption>
MUNI INTERMEDIATE PORTFOLIO
------------------------------------------------------------------------------------------------
FOR THE
SIX MONTHS FOR THE YEARS ENDED OCTOBER 31,
ENDED -------------------------------------------------------------------------
APRIL 30, 2003(3) 2002 2001 2000 1999 1998
--------------------- ------------- ------------- ------------- ------------- -------------
Net asset value,
beginning of period.... $ 10.64 $ 10.55 $ 10.20 $ 10.14 $ 10.56 $ 10.40
------- ------- ------- ------- ------- -------
Income from investment
operations:
Net investment income.... 0.22 0.46 0.50 0.50 0.51 0.51
Net realized and
unrealized gain (loss)
on investments......... 0.12 0.09 0.34 0.07 (0.42) 0.16
------- ------- ------- ------- ------- -------
Total from investment
operations............. 0.34 0.55 0.84 0.57 0.09 0.67
------- ------- ------- ------- ------- -------
Distributions to
shareholders from:
Net investment income.... (0.22) (0.46) (0.49) (0.51) (0.51) (0.51)
------- ------- ------- ------- ------- -------
Total distributions...... (0.22) (0.46) (0.49) (0.51) (0.51) (0.51)
------- ------- ------- ------- ------- -------
Net asset value, end
of period.............. $ 10.76 $ 10.64 $ 10.55 $ 10.20 $ 10.14 $ 10.56
======= ======= ======= ======= ======= =======
Total return(1).......... 3.25% 5.41% 8.39% 5.77% 0.91% 6.63%
======= ======= ======= ======= ======= =======
Ratios to average
net assets/
Supplemental data:
Net assets, end of period
(in 000's)............. $22,363 $22,700 $17,607 $14,624 $16,526 $19,975
Ratio of operating
expenses to average
net assets............. 0.21%(2) 0.22% 0.27% 0.31% 0.20% 0.30%
Ratio of net investment
income to average
net assets............. 4.17%(2) 4.45% 4.78% 4.89% 4.90% 4.88%
Portfolio turnover
rate................... 6% 29% 25% 6% 6% 11%
</Table>
- ------------
(1) Total return represents aggregate total return for the period indicated.
(2) Annualized.
(3) Unaudited.
See Notes to Financial Statements.
----- 81 -----
<Page>
---------------------------
THE GLENMEDE PORTFOLIOS
-------------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<Table>
<Caption>
NEW JERSEY MUNI PORTFOLIO
------------------------------------------------------------------------------------------------
FOR THE
SIX MONTHS FOR THE YEARS ENDED OCTOBER 31,
ENDED -------------------------------------------------------------------------
APRIL 30, 2003(3) 2002 2001 2000 1999 1998
--------------------- ------------- ------------- ------------- ------------- -------------
Net asset value,
beginning of period.... $ 10.71 $ 10.60 $ 10.11 $ 10.00 $ 10.43 $ 10.20
------- ------- ------- ------- ------- -------
Income from investment
operations:
Net investment income.... 0.22 0.46 0.45 0.44 0.44 0.44
Net realized and
unrealized gain (loss)
on investments......... 0.11 0.10 0.48 0.12 (0.43) 0.23
------- ------- ------- ------- ------- -------
Total from investment
operations............. 0.33 0.56 0.93 0.56 0.01 0.67
------- ------- ------- ------- ------- -------
Distributions to
shareholders from:
Net investment income.... (0.23) (0.45) (0.44) (0.45) (0.44) (0.44)
------- ------- ------- ------- ------- -------
Total distributions...... (0.23) (0.45) (0.44) (0.45) (0.44) (0.44)
------- ------- ------- ------- ------- -------
Net asset value, end
of period.............. $ 10.81 $ 10.71 $ 10.60 $ 10.11 $ 10.00 $ 10.43
======= ======= ======= ======= ======= =======
Total return(1).......... 3.14% 5.40% 9.34% 5.77% 0.08% 6.71%
======= ======= ======= ======= ======= =======
Ratios to average
net assets/
Supplemental data:
Net assets, end of period
(in 000's)............. $20,515 $20,037 $19,154 $17,232 $17,953 $17,492
Ratio of operating
expenses to average
net assets............. 0.26%(2) 0.27% 0.27% 0.30% 0.24% 0.30%
Ratio of net investment
income to average
net assets............. 4.11%(2) 4.22% 4.33% 4.40% 4.34% 4.33%
Portfolio turnover
rate................... 4% 36% 18% 9% 10% 7%
</Table>
- ------------
(1) Total return represents aggregate total retun for the period indicated.
(2) Annualized.
(3) Unaudited.
See Notes to Financial Statements.
----- 82 -----
<Page>
---------------------------
THE GLENMEDE PORTFOLIOS
-------------------------------
MUNI INTERMEDIATE PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- ---------- -----------
MUNICIPAL BONDS -- 98.0%{::}
PENNSYLVANIA -- 98.0%
$ 200,000 Allegheny County, PA, Hospital Development Authority Revenue, University of
Pittsburgh, Health Center, Series A, (MBIA Insured),
5.30%, 4/1/08................................................................. $ 222,734
205,000 Allegheny County, PA, Industrial Development Authority Revenue, Carnegie Library
of Pittsburgh, (AMBAC Insured):
4.25%, 6/1/09................................................................. 221,154
215,000 4.25%, 12/1/09................................................................ 232,873
300,000 Allegheny County, PA, Port Authority Special Revenue, (MBIA Insured),
Prerefunded, 3/1/09 @ 101,
5.30%, 3/1/10................................................................. 343,656
500,000 Beaver Falls, PA, Municipal Authority Water Hydroelectric Revenue, (FGIC
Insured),
5.70%, 12/1/08................................................................ 501,970
50,000 Butler County, PA, Industrial Development Authority, Health Center Revenue,
5.40%, 6/1/04................................................................. 51,148
205,000 Butler County, PA, Industrial Development Authority, Health Center Revenue,
Refunding:
5.75%, 6/1/11................................................................. 209,344
635,000 5.75%, 6/1/16................................................................. 648,170
825,000 Central Dauphin, PA, School District, General Obligation Unlimited, (MBIA
Insured),
4.00%, 11/15/10............................................................... 870,886
325,000 Chester County, PA, General Obligation Unlimited,
5.40%, 12/15/06............................................................... 333,489
375,000 Dauphin County, PA, General Authority Hospital Revenue, (FGIC Insured),
6.125%, 7/1/10................................................................ 435,900
125,000 Dauphin County, PA, General Authority Revenue, Mandatory Put 6/1/2012 @ $100
(AMBAC Insured),
5.30%, 6/1/26................................................................. 128,401
30,000 Dauphin County, PA, Series B, General Obligation Unlimited, (MBIA Insured),
5.20%, 3/15/04................................................................ 30,100
100,000 Delaware County, PA, General Obligation Unlimited,
5.125%, 10/1/13............................................................... 110,223
180,000 Delaware River Port Authority, PA and NJ, Delaware River Bridges Revenue
Escrowed to Maturity:
6.00%, 1/15/10................................................................ 206,334
145,000 6.50%, 1/15/11................................................................ 169,356
</Table>
See Notes to Financial Statements.
----- 83 -----
<Page>
-------------------------------
THE GLENMEDE PORTFOLIOS
-------------------------------
MUNI INTERMEDIATE PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- ---------- -----------
MUNICIPAL BONDS -- (CONTINUED)
PENNSYLVANIA -- (CONTINUED)
$ 700,000 Delaware River Port Authority, PA and NJ, Refunding, (FSA Insured), Series B,
5.25%, 1/1/09................................................................. $ 787,738
100,000 Delaware River Port Authority, PA and NJ, Refunding, Series A, (FSA Insured),
5.25%, 1/1/09................................................................. 112,423
300,000 Downington, PA, Area School District, General Obligation Unlimited,
5.50%, 2/1/10................................................................. 342,903
325,000 Forest Area School District, PA, General Obligation, (FSA Insured), Series B,
4.00%, 4/1/08................................................................. 347,896
390,000 Geisinger Authority, PA, Health System, Refunding,
5.00%, 8/15/08................................................................ 429,191
200,000 Harrisburg, PA, Parking Authority Revenue, Refunding, (FSA Insured),
5.50%, 5/15/11................................................................ 229,376
100,000 Hopewell, PA, Area School District, General Obligation, (FSA Insured),
4.90%, 9/1/09................................................................. 111,863
300,000 Indiana County, PA, Municipal Services Authority, Sewer Revenue, (AMBAC
Insured),
4.00%, 10/1/09................................................................ 313,020
35,000 Lancaster, PA, Area Sewer Authority, Revenue, Escrowed to Maturity,
6.00%, 4/1/12................................................................. 40,022
420,000 Lebanon County, PA, Series B, General Obligation Unlimited, Refunding, (FGIC
Insured),
4.00%, 10/15/09............................................................... 448,841
500,000 Lower Merion Township, PA, School District, General Obligation Unlimited, (State
Aid Withholding), Prerefunded 5/15/03 @ 100,
5.125%, 5/15/13............................................................... 562,965
350,000 Lycoming County, PA, Authority College Revenue, (MBIA Insured),
4.90%, 7/1/09................................................................. 386,480
125,000 Lycoming County, PA, College Revenue, PA College of Technology, (AMBAC Insured),
5.20%, 11/1/04................................................................ 125,415
100,000 Montgomery County, PA, Higher Education & Health Authority Hospital Revenue,
Abington Memorial Hospital, Series A, (AMBAC Insured),
5.80%, 6/1/04................................................................. 102,382
</Table>
See Notes to Financial Statements.
----- 84 -----
<Page>
-------------------------------
THE GLENMEDE PORTFOLIOS
-------------------------------
MUNI INTERMEDIATE PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- ---------- -----------
MUNICIPAL BONDS -- (CONTINUED)
PENNSYLVANIA -- (CONTINUED)
$ 100,000 New Kensington, PA, General Obligation Unlimited, (FGIC Insured),
5.625%, 10/1/04............................................................... $ 100,086
250,000 Norristown, PA, Area School District, General Obligation Unlimited, (FGIC State
Aid Withholding),
5.50%, 9/1/14................................................................. 275,625
315,000 Northampton Bucks, PA, Bucks County Municipal Authority, Sewer Revenue, Escrowed
to Maturity,
6.20%, 11/1/13................................................................ 370,393
425,000 Northampton County, PA, Higher Education Authority Revenue - Lehigh University,
5.25%, 11/15/09............................................................... 485,915
325,000 Northampton Township, PA, General Obligation Unlimited, (MBIA Insured),
4.60%, 11/15/10............................................................... 345,761
350,000 Pennsylvania Housing Finance Agency, Refunding, Rental Housing:
5.25%, 7/1/04................................................................. 359,075
480,000 5.45%, 7/1/06................................................................. 491,957
50,000 5.80%, 7/1/18................................................................. 51,103
330,000 Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 38,
5.50%, 4/1/05................................................................. 333,330
1,000,000 Pennsylvania State Finance Authority Revenue, Refunding, Municipal Capital
Improvements Program,
6.60%, 11/1/09................................................................ 1,045,350
220,000 Pennsylvania State Higher Educational Facilities Authority College & University
Revenues, College of Pharmacy, (MBIA Insured),
5.25%, 11/1/09................................................................ 241,188
250,000 Pennsylvania State Higher Educational Facilities Authority College & University
Revenues, University of Pennsylvania,
5.60%, 9/1/10................................................................. 272,635
370,000 Pennsylvania State Higher Educational Facilities Authority Revenue, Temple
University, (MBIA Insured), First Series,
4.00%, 7/15/09................................................................ 394,324
250,000 Pennsylvania State Turnpike Commission Oil Franchise, Tax Revenue, (AMBAC
Insured):
5.25%, 12/1/13................................................................ 278,575
100,000 5.25%, 12/1/14................................................................ 111,006
250,000 Pennsylvania State University, College & University Revenues, Series A, (General
Obligation of University),
5.00%, 8/15/13................................................................ 272,670
</Table>
See Notes to Financial Statements.
----- 85 -----
<Page>
-------------------------------
THE GLENMEDE PORTFOLIOS
-------------------------------
MUNI INTERMEDIATE PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- ---------- -----------
MUNICIPAL BONDS -- (CONTINUED)
PENNSYLVANIA -- (CONTINUED)
$ 275,000 Pennsylvania State, General Obligation Unlimited, Refunding, (AMBAC Insured),
5.125%, 9/15/11............................................................... $ 303,946
150,000 Pennsylvania State, Intermediate Unit 1, Educational Facilities Revenue
Refunding, (AMBAC Insured),
4.00%, 10/15/09............................................................... 159,935
150,000 Pennsylvania Township, PA, Westmoreland County, General Obligation Unlimited,
(FGIC Insured),
4.15%, 10/1/09................................................................ 156,233
100,000 Philadelphia, PA, Gas Works Revenue, (FSA Insured),
5.50%, 7/1/04................................................................. 102,730
225,000 Philadelphia, PA, Municipal Authority Revenue, Refunding - Lease - Series C,
(FGIC Insured),
5.00%, 4/1/07................................................................. 248,618
255,000 Pittsburgh, PA, Urban Redevelopment Authority Mortgage Revenue, Series D:
5.75%, 10/1/07................................................................ 263,252
150,000 6.20%, 4/1/11................................................................. 155,247
155,000 6.20%, 10/1/11................................................................ 160,422
90,000 Pittsburgh, PA, Urban Redevelopment Authority Revenue,
4.90%, 8/1/05................................................................. 93,431
350,000 Pleasant Hills, PA, Authority Sewer Revenue, Refunding, (FGIC Muni Government
Guaranteed),
5.00%, 9/1/12................................................................. 383,600
500,000 Radnor Township, PA, General Obligation Unlimited,
4.00%, 12/15/10............................................................... 522,755
235,000 Ringgold, PA, School District, Escrowed to Maturity,
6.20%, 1/15/13................................................................ 276,358
200,000 Riverside, PA, School District, General Obligation Unlimited, (FGIC Insured),
5.00%, 10/15/12............................................................... 219,320
250,000 Seneca Valley, PA, School District, Series A, General Obligation Unlimited,
4.85%, 7/1/11................................................................. 267,408
100,000 Shaler, PA, School District, General Obligation Unlimited, Series B, (FSA
Insured),
4.50%, 9/1/10................................................................. 106,580
10,000 Southeastern Pennsylvania Transportation Authority, PA, Lease Revenue,
5.75%, 12/1/04................................................................ 10,036
</Table>
See Notes to Financial Statements.
----- 86 -----
<Page>
-------------------------------
THE GLENMEDE PORTFOLIOS
-------------------------------
MUNI INTERMEDIATE PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- ---------- -----------
MUNICIPAL BONDS -- (CONTINUED)
PENNSYLVANIA -- (CONTINUED)
$ 475,000 Southern Huntingdon County, PA, School District, General Obligation, (FSA
Insured),
4.00%, 10/1/09................................................................ $ 492,433
500,000 State Public School Building Authority, PA, School Revenue, Garnet Valley School
District Project, (AMBAC Insured),
5.25%, 2/1/12................................................................. 558,145
500,000 Swarthmore Boro Authority, PA, College Revenue,
4.50%, 9/15/10................................................................ 544,165
80,000 Swatara Township Authority, PA, Sewer Revenue, Escrowed to Maturity, (MBIA
Insured),
6.15%, 5/1/07................................................................. 82,094
400,000 University of Pittsburgh, PA, Refunded Series B,
5.50%, 6/1/09................................................................. 455,000
125,000 Wallingford - Swarthmore, PA, School District, Series C, (FSA State Aid
Withholding),
5.00%, 5/15/09................................................................ 137,320
325,000 Wayne County, PA, Hospital & Health Facilities Authority, County Guaranteed,
Hospital Revenue, Wayne Memorial Hospital Project, (MBIA Insured),
5.05%, 7/1/03................................................................. 327,116
1,000,000 Wilson, PA, School District, General Obligation Unlimited,
5.375%, 5/15/12............................................................... 1,126,090
250,000 York, PA, General Authority Guaranteed Revenue, York City Recreation Corp.,
(AMBAC Insured),
5.50%, 5/1/15................................................................. 280,373
-----------
TOTAL MUNICIPAL BONDS
(Cost $20,859,502)............................................................ 21,917,853
-----------
</Table>
<Table>
TOTAL INVESTMENTS
(Cost $20,859,502)............................................................ 98.0% $21,917,853
OTHER ASSETS IN EXCESS OF LIABILITIES........................................... 2.0 445,098
------- -----------
NET ASSETS...................................................................... 100.0% $22,362,951
======= ===========
</Table>
- ------------
{::} Percentages indicated are based on net assets.
Abbreviations:
AMBAC -- American Municipal Bond Assurance Corporation
FGIC -- Financial Guaranty Insurance Corporation
FSA -- Financial Security Assurance
MBIA -- Municipal Bond Investors Assurance
See Notes to Financial Statements.
----- 87 -----
<Page>
---------------------------
THE GLENMEDE PORTFOLIOS
-------------------------------
NEW JERSEY MUNI PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- -------- -----------
MUNICIPAL BONDS -- 99.1%{::}
NEW JERSEY -- 99.1%
$100,000 Asbury Park, NJ, Board of Education, General Obligation Unlimited, (MBIA
Insured),
5.55%, 2/1/07................................................................. $ 112,461
250,000 Avalon Boro, NJ, General Obligation Unlimited, (FGIC Insured),
4.00%, 8/1/09................................................................. 266,972
100,000 Beach Haven, NJ, General Obligation Unlimited, (MBIA Insured),
5.70%, 8/15/03................................................................ 101,326
150,000 Bergen County, NJ, Utilities Authority, Water Pollution Control Revenue, (FGIC
Insured), Series A,
5.125%, 12/15/12.............................................................. 164,781
200,000 Bergen County, NJ, Utilities Authority, Water Pollution Control Revenue,
Refunding, (FGIC Insured),
5.125%, 12/15/11.............................................................. 219,708
255,000 Berlin Township, NJ, General Obligation Unlimited, (MBIA Insured),
4.00%, 1/1/09................................................................. 271,621
250,000 Burlington County, NJ, Bridge Commission Revenue,
4.25%, 8/15/10................................................................ 266,020
500,000 Burlington County, NJ, General Improvements, General Obligation Unlimited,
4.85%, 7/15/06................................................................ 525,580
310,000 Camden County, NJ, Improvement Authority Lease, Revenue, (FGIC Insured),
3.75%, 9/1/10................................................................. 320,301
150,000 Cape May County, NJ, General Improvements, General Obligation Unlimited, (AMBAC
Insured),
5.35%, 8/1/04................................................................. 157,849
150,000 Cherry Hill Township, NJ, General Obligation Unlimited,
5.125%, 7/15/10............................................................... 166,660
100,000 Delaware River & Bay Authority, Public Improvements Revenue, Series A,
5.10%, 1/1/08................................................................. 110,830
150,000 Delaware River Port Authority, Pennsylvania & New Jersey Revenue, Refunding,
(AMBAC Insured), Series B,
5.25%, 1/1/09................................................................. 168,634
270,000 Delaware River Port Authority, Pennsylvania, New Jersey & Delaware River Bridges
Revenue, Escrowed to Maturity:
5.625%, 1/15/09............................................................... 300,958
240,000 6.00%, 1/15/10................................................................ 275,112
140,000 6.50%, 1/15/11................................................................ 163,516
</Table>
See Notes to Financial Statements.
----- 88 -----
<Page>
-------------------------------
THE GLENMEDE PORTFOLIOS
-------------------------------
NEW JERSEY MUNI PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- -------- -----------
MUNICIPAL BONDS -- (CONTINUED)
NEW JERSEY -- (CONTINUED)
$150,000 Ewing Township, NJ, School District, General Obligation Unlimited, (FGIC School
Board Residual Fund Insured),
3.00%, 10/1/07................................................................ $ 155,025
100,000 Gloucester County, NJ, Improvement Authority, Revenue, County Library Lease
Project,
5.20%, 12/15/05............................................................... 103,945
250,000 Hazlet Township, NJ, School District, General Obligation Unlimited, (FSA School
Board Residual Fund Insured),
5.00%, 2/1/14................................................................. 272,070
110,000 High Bridge, NJ, Regional Board of Education, General Obligation Unlimited,
Prerefunded, 2/15/05 @ 100, (FSA Insured),
5.40%, 2/15/09................................................................ 117,919
200,000 Hopewell Valley, NJ, Regional School District, General Obligation Unlimited,
(FGIC School Board Residual Fund Insured),
5.00%, 8/15/12................................................................ 219,258
200,000 Hunterdon County, NJ, Central Regional High School District, General Obligation
Unlimited Prerefunded, 5/1/05 @ 102, (FSA Insured),
5.25%, 5/1/06................................................................. 219,188
235,000 Jefferson Township, NJ, General Obligation Unlimited,
4.00%, 10/1/08................................................................ 251,772
250,000 Jersey City, NJ, School Improvements, General Obligation Unlimited, (MBIA
Insured),
5.50%, 3/15/06................................................................ 276,675
100,000 Lyndhurst Township, NJ, General Improvements, General Obligation Unlimited,
5.50%, 10/1/05................................................................ 103,808
105,000 Manalapan-Englishtown, NJ, Regional Board of Education, General Obligation
Unlimited, (School Board Residual Fund Insured),
5.00%, 5/1/07................................................................. 116,388
235,000 Mantua Township, NJ, School District, General Obligation Unlimited, (MBIA
Insured),
5.00%, 3/1/13................................................................. 258,728
150,000 Mercer County, NJ, Improvement Authority, Revenue Refunding, Government Leasing,
(County Guaranteed), Series A,
5.40%, 12/1/05................................................................ 155,211
100,000 Mercer County, NJ, Improvement Authority, Revenue Refunding, Solid Waste,
(County Guaranteed), Series 97,
5.20%, 9/15/08................................................................ 112,527
</Table>
See Notes to Financial Statements.
----- 89 -----
<Page>
-------------------------------
THE GLENMEDE PORTFOLIOS
-------------------------------
NEW JERSEY MUNI PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- -------- -----------
MUNICIPAL BONDS -- (CONTINUED)
NEW JERSEY -- (CONTINUED)
$145,000 Middlesex County, NJ, Improvement Authority, Revenue, (County Guaranteed),
5.45%, 9/15/11................................................................ $ 161,340
250,000 Monmouth County, NJ, Improvement Authority, Revenue, (AMBAC Insured):
5.00%, 12/1/12................................................................ 273,950
375,000 5.20%, 12/1/14................................................................ 415,650
250,000 Monmouth County, NJ, Public Improvements, General Obligation Unlimited,
5.00%, 8/1/09................................................................. 276,317
200,000 Montville Township, NJ, General Obligation Unlimited,
4.65%, 8/15/11................................................................ 213,558
225,000 Moorestown Township, NJ, School District, General Obligation Unlimited, (MBIA
School Board Residual Fund Insured),
5.00%, 2/1/10................................................................. 246,265
200,000 Morris School District, NJ, General Obligation Unlimited, (School Board Residual
Fund Insured),
5.625%, 4/1/06................................................................ 214,524
80,000 Mount Holly, NJ, Municipal Utilities Authority, Sewer Revenue, Prerefunded,
12/1/08 @ 100, (MBIA Insured),
5.00%, 12/1/13................................................................ 90,023
20,000 Mount Holly, NJ, Municipal Utilities Authority, Sewer Revenue, Unrefunded, (MBIA
Insured),
5.00%, 12/1/13................................................................ 21,911
250,000 New Jersey Sports & Exposition Authority State Contract, General Improvements,
Series A,
5.00%, 3/1/10................................................................. 277,327
100,000 New Jersey State Casino Reinvestment Development Authority, Parking Fee Revenue,
(FSA Insured), Series A,
5.00%, 10/1/04................................................................ 105,302
250,000 New Jersey State Economic Development Authority, Burlington Coat Factory
Project, Revenue Refunding,
5.60%, 9/1/05................................................................. 266,793
200,000 New Jersey State Economic Development Authority, Market Transition Facilities
Revenue, (MBIA Insured), Senior Lien, Series A,
5.70%, 7/1/05................................................................. 214,532
125,000 New Jersey State Economic Development Authority, Market Transition Facilities
Revenue, Senior Lien, (MBIA Insured), Series A,
5.75%, 7/1/06................................................................. 134,155
</Table>
See Notes to Financial Statements.
----- 90 -----
<Page>
-------------------------------
THE GLENMEDE PORTFOLIOS
-------------------------------
NEW JERSEY MUNI PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- -------- -----------
MUNICIPAL BONDS -- (CONTINUED)
NEW JERSEY -- (CONTINUED)
$100,000 New Jersey State Economic Development Authority, Parking Facility Improvements,
Elizabeth Development Project, (FGIC Insured),
5.20%, 10/15/08............................................................... $ 112,814
400,000 New Jersey State Educational Facilities Authority, Revenue, High Education
Capital Improvement, Series B,
5.00%, 9/1/14................................................................. 432,856
850,000 New Jersey State Educational Facilities Authority, Revenue, Higher Education
Facilities Trust Fund, (AMBAC Insured), Series A:
5.125%, 9/1/07................................................................ 935,145
100,000 5.125%, 9/1/08................................................................ 109,895
150,000 5.125%, 9/1/09................................................................ 164,843
225,000 New Jersey State Educational Facilities Authority, Revenue, Princeton
University, Series A,
5.50%, 7/1/05................................................................. 235,631
400,000 New Jersey State Health Care Facilities Financing Authority, Revenue, Allegany
Health Project, (MBIA Insured), Escrowed to Maturity,
4.80%, 7/1/05................................................................. 410,292
200,000 New Jersey State Health Care Facilities Financing Authority, Revenue, Kennedy
Health System Project, (MBIA Insured), Series A,
5.00%, 7/1/09................................................................. 221,654
450,000 New Jersey State Housing & Mortgage Finance Agency, Multi-Family Housing
Revenue, (FSA Insured), Series B:
5.55%, 11/1/09................................................................ 503,568
250,000 5.75%, 11/1/11................................................................ 274,595
150,000 New Jersey State Housing & Mortgage Finance Agency, Revenue, Home Buyer, (MBIA
Insured), Series P,
5.05%, 4/1/07................................................................. 162,351
130,000 New Jersey State Transportation Trust Fund Authority, Transit Revenue, Series A,
5.00%, 6/15/13................................................................ 141,294
165,000 New Jersey State Transportation Trust Fund Authority, Transportation System,
(MBIA Insured), Series A,
4.75%, 12/15/07............................................................... 182,530
300,000 New Jersey State Transportation Trust Fund Authority, Transportation System,
Series A, Prerefunded, 6/15/08 @ 100,
5.00%, 6/15/12................................................................ 336,303
750,000 New Jersey State Transportation Trust Fund Authority, Transportation System,
Series B,
5.25%, 6/15/12................................................................ 836,843
</Table>
See Notes to Financial Statements.
----- 91 -----
<Page>
-------------------------------
THE GLENMEDE PORTFOLIOS
-------------------------------
NEW JERSEY MUNI PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONTINUED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- -------- -----------
MUNICIPAL BONDS -- (CONTINUED)
NEW JERSEY -- (CONTINUED)
$170,000 New Jersey State Turnpike Authority, Turnpike Revenue, Unrefunded, (MBIA-IBC
Insured), Series A,
5.90%, 1/1/04................................................................. $ 172,373
250,000 New Jersey State, Certificates of Participation, Escrowed to Maturity,
5.00%, 6/15/11................................................................ 280,065
250,000 New Jersey State, General Obligation Unlimited, Refunding, Series F,
5.00%, 8/1/07................................................................. 278,478
200,000 New Jersey State, Wastewater Treatment Trust Revenue, Series A,
5.25%, 9/1/13................................................................. 218,770
125,000 New Jersey State, Wastewater Treatment Trust, Refunding, (MBIA Insured), Series
C,
6.25%, 5/15/03................................................................ 125,265
250,000 Ocean County, NJ, General Obligation Unlimited:
4.875%, 12/15/09.............................................................. 278,125
500,000 4.50%, 8/1/10................................................................. 543,675
100,000 Ocean County, NJ, General Obligation Unlimited, General Improvements,
Prerefunded 7/1/04 @ 102,
5.65%, 7/1/06................................................................. 107,208
300,000 Ocean County, NJ, Utilities Authority, Wastewater Revenue,
5.00%, 1/1/12................................................................. 327,753
85,000 Ocean County, NJ, Utilities Authority, Wastewater Revenue, Refunding,
5.00%, 1/1/05................................................................. 90,118
325,000 Ocean County, NJ, Utilities Authority, Wastewater Revenue, Refunding,
(Government of Authority Insured),
5.125%, 1/1/11................................................................ 357,942
100,000 Passaic County, NJ, General Obligation Unlimited, (FGIC Insured),
5.125%, 9/1/08................................................................ 105,915
130,000 Perth Amboy, NJ, Board of Education, General Obligation Unlimited, (MBIA
Insured), Prerefunded 3/1/04 @ 102,
6.20%, 8/1/06................................................................. 140,725
250,000 Red Bank, NJ, Board of Education, General Obligation Unlimited, (School Board
Residual Fund Insured),
5.15%, 5/1/12................................................................. 276,735
500,000 Ridgewood, NJ, Board of Education, General Obligation Unlimited,
5.20%, 10/1/08................................................................ 566,660
125,000 Rutgers State University, NJ, Refunding, Series S,
5.25%, 5/1/07................................................................. 127,911
135,000 South Brunswick Township, NJ, General Obligation Unlimited, (MBIA Insured),
5.25%, 10/1/03................................................................ 137,337
</Table>
See Notes to Financial Statements.
----- 92 -----
<Page>
-------------------------------
THE GLENMEDE PORTFOLIOS
-------------------------------
NEW JERSEY MUNI PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS -- (CONCLUDED)
APRIL 30, 2003 -- (UNAUDITED)
<Table>
<Caption>
FACE
AMOUNT VALUE
- -------- -----------
MUNICIPAL BONDS -- (CONTINUED)
NEW JERSEY -- (CONTINUED)
$400,000 South Jersey Transportation Authority, NJ, Transportation System, Revenue, (FSA
Insured),
4.00%, 11/1/09................................................................ $ 426,564
250,000 Southern Regional High School District, NJ, General Obligation Unlimited, (MBIA
Insured),
5.40%, 9/1/04................................................................. 264,043
160,000 Sparta Township, NJ, School District, General Obligation Unlimited, (MBIA
Insured),
5.75%, 9/1/04................................................................. 169,728
150,000 Warren Township, NJ, School District, General Obligation Unlimited, (School
Board Residual Fund Insured),
5.35%, 3/15/10................................................................ 169,656
500,000 West Deptford Township, NJ, General Obligation Unlimited, (AMBAC Insured),
5.20%, 3/1/11................................................................. 549,675
100,000 West Orange, NJ, General Obligation Unlimited,
5.10%, 1/1/05................................................................. 106,185
350,000 Western Monmouth, NJ, Utilities Authority, Revenue, (AMBAC Insured), Series A,
5.25%, 2/1/09................................................................. 379,068
190,000 Winslow Township, NJ, General Obligation Unlimited, (MBIA Insured),
4.00%, 10/1/10................................................................ 200,672
-----------
TOTAL MUNICIPAL BONDS
(Cost $19,115,246)............................................................ 20,327,750
-----------
</Table>
<Table>
TOTAL INVESTMENTS
(Cost $19,115,246)............................................................ 99.1% $20,327,750
OTHER ASSETS IN EXCESS OF LIABILITIES........................................... 0.9 187,090
------- -----------
NET ASSETS...................................................................... 100.0% $20,514,840
======= ===========
</Table>
- ------------
{::} Percentages indicated are based on net assets.
Abbreviations:
AMBAC -- American Municipal Bond Assurance Corporation
FGIC -- Financial Guaranty Insurance Corporation
FSA -- Financial Security Assurance
MBIA -- Municipal Bond Investors Assurance
IBC -- International Bancshares Corporation
See Notes to Financial Statements.
----- 93 -----
<Page>
---------------------------
THE GLENMEDE PORTFOLIOS
-------------------------------
NOTES TO FINANCIAL STATEMENTS (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, as an open-end management investment company. As of April 30,
2003, the Fund offered shares of two Sub-Trusts, the Muni Intermediate Portfolio
and the New Jersey Muni Portfolio (collectively, the "Portfolios").
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates. The following is a summary of significant accounting policies
consistently followed by each Portfolio in the preparation of its financial
statements.
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. Municipal obligations may be valued on the basis of prices
provided by a pricing service when such prices are determined by the investment
advisor to reflect the fair market value of such municipal obligations;
securities for which market quotations are not readily available are valued at
fair value as determined in good faith by or under the direction of the Board of
Trustees.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded as of the trade date. Realized gains and losses on investments sold are
computed on the basis of identified cost. Interest income is recorded on the
accrual basis and includes amortization of premiums and accretion of discounts
when appropriate.
Securities purchased or sold on a when-issued or delayed-delivery basis may be
settled a month or more after the trade date. Interest income is accrued based
on the terms of the security. 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, are declared and paid monthly. The Portfolios distribute any net
realized capital gains on an annual basis. Additional distributions of net
investment income and capital gains for each Portfolio may be made at the
discretion of the Board of Trustees in order to avoid a nondeductible excise tax
under Section 498 of the Internal Revenue Code, as amended. Income and capital
gains distributions are determined in accordance with income tax regulations
which may differ from accounting principles generally accepted in the United
States of America. 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.
----- 94 -----
<Page>
-------------------------------
THE GLENMEDE PORTFOLIOS
-------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- (CONTINUED)
FEDERAL INCOME TAXES: Each Portfolio intends to qualify as a regulated
investment company by complying with the requirements of the Internal Revenue
Code applicable to regulated investment companies and by distributing
substantially all of its tax-exempt (and taxable, if any) income to its
shareholders. Therefore, no Federal income tax provision is required. Income
distributions and capital gains distributions are determined in accordance with
income tax regulations which may differ from accounting principles generally
accepted in the United States of America. These differences are primarily due to
differing treatments for amortized premiums, expired net capital loss
carryforwards, discounts and net operating losses. Net investment income/(loss),
net realized capital gains/(losses) and net assets are not affected. The
calculation of net investment income/(loss) per share in the financial
highlights tables excludes such adjustments.
On October 31, 2002, the tax year end of the Fund, the following portfolio had
available capital loss carryforwards to be utilized in the current period to
offset future net capital gains through the indicated expiration dates as
follows:
<Table>
<Caption>
EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING
PORTFOLIO IN 2003 IN 2004 IN 2005 IN 2008 IN 2011
- --------- -------- -------- -------- -------- --------
Muni Intermediate
Portfolio.............. $549,436 $2,107 $42,723 $39,944 $30,818
</Table>
At October 31, 2002, the components of distributable earnings on a tax basis
were as follows:
<Table>
<Caption>
TOTAL
UNDISTRIBUTED UNDISTRIBUTED DISTRIBUTABLE
PORTFOLIO ORDINARY INCOME LONG-TERM GAIN EARNINGS
- --------- --------------- --------------- -------------
Muni Intermediate Portfolio........ $78,288 $ -- $ 276,515
New Jersey Muni Portfolio.......... 91,964 -- 1,093,923
</Table>
Total Distributable Earnings are additionally comprised of Net Unrealized
Appreciation/(Depreciation) and Capital Loss Carryforwards, which are shown
elsewhere in the Notes to Financial Statements.
At October 31, 2002, the tax characterization of distributions paid during the
year was equal to the book characterization of distributions paid for the
Portfolios, with the following exception:
<Table>
<Caption>
PORTFOLIO ORDINARY INCOME LONG-TERM GAINS
- --------- --------------- ---------------
New Jersey Muni Portfolio............... $813,715 $23,303
</Table>
2. INVESTMENT ADVISORY FEE, ADMINISTRATION FEE AND OTHER RELATED PARTY
TRANSACTIONS
Glenmede Advisers, Inc. (the "Advisor") serves as investment advisor to the
Muni Intermediate and New Jersey Muni Portfolios. The Advisor, a wholly-owned
subsidiary of The Glenmede Trust Company, became the investment adviser to such
portfolios on September 1, 2000. Prior thereto, investment advisory services
were provided by The Glenmede Trust Company.
The Advisor is not entitled to a management fee for its investment services
provided to the Muni Intermediate and New Jersey Muni Portfolios.
----- 95 -----
<Page>
-------------------------------
THE GLENMEDE PORTFOLIOS
-------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- (CONTINUED)
The Muni Intermediate and New Jersey Muni Portfolios each pay The Glenmede
Trust Company a shareholder servicing fee at the annual rate of 0.05% of such
Portfolios' average daily net assets.
Investors Bank & Trust Company ("IBT") serves as administrator, transfer
agent, dividend-paying agent and custodian with respect to the Fund. The Fund
pays IBT a fee based on the combined aggregate average daily net assets of the
Portfolios. The fee is computed daily and paid monthly.
Quasar Distributors, LLC serves as distributor of the Portfolios' shares. The
distributor receives no fees in connection with distribution services provided
to the Fund.
The Fund pays each Board member an annual fee of $1,000 and out-of-pocket
expenses incurred in attending Board meetings.
Expenses for the six months ended April 30, 2003 include legal fees paid to
Drinker Biddle & Reath LLP. A partner of the law firm is Secretary of the Fund.
3. PURCHASES AND SALES OF SECURITIES
For the six months ended April 30, 2003, cost of purchases and proceeds from
sales of investment securities other than US Government securities and
short-term securities were:
<Table>
<Caption>
PORTFOLIO PURCHASES SALES
- --------- ---------- ----------
Muni Intermediate Portfolio............. $1,427,836 $2,160,287
New Jersey Muni Portfolio............... 1,165,249 757,500
</Table>
On April 30, 2003, aggregate gross unrealized appreciation for all securities
in which there was an excess of value over tax cost and aggregate gross
unrealized depreciation for all securities in which there was an excess of tax
cost over value were as follows:
<Table>
<Caption>
PORTFOLIO APPRECIATION DEPRECIATION NET
- --------- ------------ ------------ ----------
Muni Intermediate Portfolio........ $1,068,763 $10,412 $1,058,351
New Jersey Muni Portfolio.......... 1,214,223 1,719 1,212,504
</Table>
----- 96 -----
<Page>
-------------------------------
THE GLENMEDE PORTFOLIOS
-------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- (CONTINUED)
4. SHARES OF BENEFICIAL INTEREST
The Fund may issue an unlimited number of shares of beneficial interest with a
$.001 par value. Changes in shares of beneficial interest outstanding were as
follows:
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED YEAR ENDED
04/30/03 10/31/02
--------------------- ---------------------
SHARES AMOUNT SHARES AMOUNT
-------- ----------- -------- -----------
MUNI INTERMEDIATE PORTFOLIO:
Sold........................ 246,977 $ 2,642,000 879,476 $ 9,280,710
Redeemed.................... (302,388) (3,230,958) (414,323) (4,351,373)
-------- ----------- -------- -----------
Net increase (decrease)..... (55,411) $ (588,958) 465,153 $ 4,929,337
======== =========== ======== ===========
NEW JERSEY MUNI PORTFOLIO:
Sold........................ 112,458 $ 1,208,801 610,736 $ 6,436,740
Redeemed.................... (85,228) (914,438) (546,650) (5,763,334)
-------- ----------- -------- -----------
Net increase................ 27,230 $ 294,363 64,086 $ 673,406
======== =========== ======== ===========
</Table>
5. CONCENTRATION OF CREDIT
The Muni Intermediate Portfolio and New Jersey Muni Portfolio primarily invest
in debt obligations issued by the Commonwealth of Pennsylvania and the State of
New Jersey, respectively, and their political subdivisions, agencies and public
authorities to obtain funds for various purposes. Each Portfolio is more
susceptible to factors adversely affecting issuers of the respective region that
the Portfolio invests in than is a municipal bond fund that is not concentrated
in these issuers to the same extent.
6. NET ASSETS
On April 30, 2003, net assets consisted of:
<Table>
<Caption>
MUNI NEW JERSEY
INTERMEDIATE MUNI
PORTFOLIO PORTFOLIO
------------ -----------
Par Value............................... $ 2,078 $ 1,898
Paid in capital in excess of par
value................................. 21,832,360 19,235,102
Undistributed net investment income..... 78,205 67,643
Accumulated net realized loss from
investment transactions............... (608,043) (2,307)
Net unrealized appreciation on
investments........................... 1,058,351 1,212,504
----------- -----------
Total Net Assets....................... $22,362,951 $20,514,840
=========== ===========
</Table>
----- 97 -----
<Page>
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEMS 5-6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEMS 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES.
(a) The Registrant's Principal Executive Officer and Principal
Financial Officer concluded that the Registrant's disclosure controls
and procedures are effective based on her evaluation of Registrant's
disclosure controls and procedures as of a date within 90 days prior to
the filing date of this report (the "Evaluation Date").
(b) There were no significant changes in the Registrant's internal
controls or in other factors that could significantly affect internal
controls subsequent to the Evaluation Date, including any corrective
actions with regard to significant deficiencies and material
weaknesses.
ITEM 10. EXHIBITS.
(a)(1) Code of Ethics Described in Item 2: Not applicable.
(a)(2) Certification of the Principal Executive Officer and Principal
Financial Officer of the Registrant as required by Rule 30a-2(a) under
the Investment Company Act of 1940 (17 CFR 270.30a-2(a) is attached
hereto as Exhibit 99.Cert.302.
(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of
2002 is attached hereto as Exhibit 99.Cert.906.
<Page>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the Registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) THE GLENMEDE FUND, INC.
------------------------------------------------------------------
By (Signature and Title) /s/ Mary Ann B. Wirts
-------------------------------------------------
Mary Ann B. Wirts
President and Treasurer
(Principal Executive Officer and Principal
Financial Officer)
Date July 1, 2003
---------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below by the
following person on behalf of the Registrant and in the capacities and on the
date indicated.
By (Signature and Title) /s/ Mary Ann B. Wirts
-------------------------------------------------------
Mary Ann B. Wirts
President and Treasurer
(Principal Executive Officer and Principal
Financial Officer)
Date July 1, 2003
----------------