<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: October 31, 2003
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS.
(Annual Report for the period November 1, 2002 through October 31, 2003 is
filed herewith)
<Page>
GLENMEDE
THE GLENMEDE FUND, INC.
THE GLENMEDE PORTFOLIOS
ANNUAL REPORT
OCTOBER 31, 2003
<Page>
The performance for each of the portfolios shown on pages 4 to 14
represents past performance and is not a guarantee of future results. A
portfolio's share price and investment return will vary with market conditions,
and the principal value of shares, when redeemed, may be more or less than their
original cost. An investment in a portfolio is neither insured nor guaranteed by
the US Government, the Federal Deposit Insurance Corporation, the Federal
Reserve Board or any other governmental agency or bank. The yields of money
market funds will fluctuate as market conditions change. Although the money
market funds seek to preserve the value of your investment at $1.00 per share,
it is possible to lose money by investing in these funds. Unlike actual fund
performance, performance of an index does not reflect any expenses or
transaction costs. A direct investment in an unmanaged index is not possible.
The reports concerning the portfolios included in this shareholder report
may contain certain forward-looking statements about the factors that may affect
the performance of the portfolios in the future. These statements are based on
the adviser's or sub-adviser's predictions and expectations concerning certain
future events and their expected impact on the portfolios, such as performance
of the economy as a whole and of specific industry sectors, changes in the
levels of interest rates, the impact of developing world events, and other
factors that may influence the future performance of the portfolios. The adviser
or sub-adviser, as applicable, believes these forward-looking statements to be
reasonable, although they are inherently uncertain and difficult to predict.
Actual events may cause adjustments in portfolio management strategies from
those currently expected to be employed.
<Page>
THE GLENMEDE FUND, INC. AND THE GLENMEDE PORTFOLIOS
PRESIDENT'S LETTER
Dear Shareholder:
We are pleased to present the investment results of the 15th year of The
Glenmede family of funds. In 1988, four portfolios were created to more
efficiently manage Glenmede's International Equity, Fixed Income and cash
products for Glenmede's clients. Since the inception of the Funds, small cap
equity, large cap equity and municipal portfolios have been added.
At the fiscal year end on October 31, 2003, The Glenmede Fund, Inc. and The
Glenmede Portfolios (collectively the "Glenmede Funds") consisted of eleven
portfolios with total assets of $3.3 billion. These included two international
portfolios, International and Institutional International, which are sub-advised
and advised respectively by Philadelphia International Advisors LP ("PIA"). The
Glenmede Trust Company formed the PIA partnership with members of their
International Equity team on January 1, 2002 to allow them to focus entirely on
the International Equity products. These portfolios account for 46% of the
Glenmede Funds family assets as of October 31, 2003.
All of the Glenmede Funds, other than the money market funds, are managed
to seek long-term total returns consistent with reasonable risk to principal for
their asset category. Efforts are made to keep expenses at competitive levels.
All of the internally managed portfolios use a quantitative style of investing.
It appears to us that the three-year bear market in domestic and
international stocks that began in March of 2000 ended in the second half of
this fiscal year. The S&P 500 Index returned 20.79% for the fiscal year ended
October 31, 2003 as compared to -12.18% annualized for the three-year period
ended October 31, 2002. The NASDAQ Composite Index(1) fared even better
returning 44.82% for the fiscal year ended October 31, 2003 versus -23.57% for
the three year period ended October 31, 2002. The MSCI EAFE Index performed
better than domestic large cap stocks for the fiscal year returning 27.03%.
Small cap growth stocks outperformed small cap value stocks resulting in better
returns for the Glenmede Small Capitalization Growth Portfolio. The Small
Capitalization Growth portfolio returned 41.48% for the fiscal year ended
October 31, 2003 compared to the Glenmede Small Cap Equity Portfolio-Adviser
Class which returned 34.23% for the fiscal year.(2) I hope that you will find
the following highlight of the Glenmede Small Cap Equity Portfolio interesting.
The Federal Reserve attempted to stimulate a soft economy by lowering
short-term interest rates. There were two decreases in the Fed Funds Target
rate, from 1.75% to 1.00% during the fiscal year ended October 31, 2003. The
yield curve continued to steepen during the period with three-month bills
dropping 50 basis points in yield and the 30-year Treasury bond rising 15 basis
points. Correlating with stronger equity markets, corporate bonds were the best
performing sector resulting in the Lehman US Credit Index(3) returning 10.57%
versus the return on the Lehman MBS Fixed Rate Index(4) of 2.75% and the return
on the Lehman US Government Bond Index(5) of 2.90%. The Glenmede Core Fixed
Income Portfolio achieved a four star (****) Morningstar Overall Rating(TM)
among 626 Intermediate-term Bond funds for the period ended October 31, 2003
(based on risk-adjusted returns)(6). The Morningstar Overall
1
<Page>
Rating(TM) for a fund is derived from a weighted average of the performance
figures associated with its three-, five- and ten-year (if applicable)
Morningstar Rating(TM) metric.
We welcome any questions about the Glenmede Funds and thank our clients for
their continued support.
Sincerely,
/s/ Mary Ann B. Wirts
Mary Ann B. Wirts
PRESIDENT
November 26, 2003
- ----------
(1) The NASDAQ Composite Index measures all NASDAQ domestic and non-U.S. based
common stocks listed on the NASDAQ Stock Market, including over 5000
companies
(2) MUTUAL FUND INVESTING INVOLVES RISKS. PRINCIPAL LOSS IS POSSIBLE. The
International and Institutional International Portfolios invest in foreign
securities which may involve greater volatility and political, economic and
currency risks and differences in accounting methods. The Small Cap Equity
Portfolios invests in smaller companies, which may involve additional risks
such as limited liquidity and greater volatility. The Small Capitalization
Growth Portfolio invests in Growth Stocks, which may be more sensitive to
changes in current or expected earnings than the values of other stocks.
Please refer to Portfolio Highlights of the Annual Report for additional
performance information.
(3) The Lehman Brothers US Credit Index measures the performance of a large
group of high-quality corporate bonds with maturities greater than one
year.
(4) The Lehman Brothers MBS Fixed Rate Index, an unmanaged index measuring the
performance of mortgage-backed pass-through securities of Ginnie Mae
(GNMA), Fannie Mae (FNMA) and Freddie Mac (FHLMC). This index is formed by
grouping the universe of over 600,000 individual fixed rate MBS pools into
approximately 3,500 generic aggregates.
(5) The Lehman Brothers US Government Bond Index is an unmanaged total return
index comprised of all public obligations of the U.S. Treasury, U.S.
government agencies, quasi-federal agencies, and corporate debt guaranteed
by the U.S. government.
(6) (C)2003 Morningstar, Inc. All Rights Reserved. The information contained
herein: (1) is proprietary to Morningstar; (2) may not be copied or
distributed; and (3) is not warranted to be accurate, complete or timely.
Neither Morningstar nor its content providers are responsible for any
damages or losses arising from any use of this information. Past
performance is no guarantee of future results.
For each fund with at least a three-year history, Morningstar calculates a
Morningstar Rating, (based on a Morningstar Risk-Adjusted Return measure
that accounts for variation in a fund's monthly performance, including the
effects of sales charges, loads, and redemption fees), placing more
emphasis on downward variations and rewarding consistent performance. The
top 10% of funds in each broad asset class receive 5 stars, the next 22.5%
receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2
stars and the bottom 10% receive 1 star. (Each share class is counted as a
fraction of one fund within this scale and rated separately, which may
cause slight variations in the distribution percentages). The Overall
Morningstar Rating(TM) for a fund is derived from a weighted average of the
performance figures associated with its three-, five- and ten-year (if
applicable) Morningstar Rating(TM) metrics. The Core Fixed Income Portfolio
was rated against the following numbers of U.S.-domiciled Intermediate-term
Bond funds over the following time periods: 626 funds overall, 626 funds in
the last three years, 502 funds in the last five years, and 212 funds in
the last ten years. With respect to these Intermediate-term Bond funds, the
Core Fixed Income Portfolio received an Overall Morningstar Rating(TM) of
**** stars and a Morningstar Rating(TM) of **** stars, **** stars and ****
stars for the three-, five- and ten-year periods, respectively. Past
performance is no guarantee of future results.
The Glenmede Fund, Inc. and the Glenmede Portfolios are distributed by
Quasar Distributors, LLC. 12/03.
2
<Page>
THE GLENMEDE FUND, INC.
INSIDE THE
SMALL CAP EQUITY PORTFOLIO
[PHOTO OF ROBERT J. MANCUSO CHRISTOPHER J. COLARIK]
Introduced at Glenmede in 1991, small cap investing is led by Robert J.
Mancuso, CFA, who joined Glenmede in 1992 and became the head of the small cap
team the next year. Bob has over 20 years of portfolio management experience and
became the portfolio manager to the Glenmede Small Cap Equity Portfolio in 1996.
Christopher J. Colarik joined Glenmede in 1997, and became a small cap portfolio
manager in 2002. Two senior portfolio managers, a team of six fundamental
analysts, three quantitative analysts and three senior equity traders make up
the small cap team.
Glenmede's approach to small cap investing is long term. We believe a
portfolio of companies with traditional value characteristics and positive
company-specific catalysts can provide competitive long-term performance. In
following this philosophy, Glenmede stresses the following three principles:
- DISCIPLINE. Systematic and disciplined application of our investment
process in an effort to achieve enhanced returns.
- ATTRACTIVE RISK CHARACTERISTICS. Diversification across sectors,
industries and individual securities combined with an emphasis on
quality, give this Portfolio attractive risk characteristics.
- CATALYSTS. Company-specific catalysts signaling improvement in a
company's prospects and positive change in investor expectations
potentially lead to enhanced returns.
We believe the small cap team's success is the result of adhering to the
investment guidelines above. In addition, the Portfolio is fully invested at all
times, with no intent to time the market. Fundamental analysis of the individual
stocks in the Portfolio is an important component when making buy/sell
decisions. The goal is to improve returns while reducing risk.
3
<Page>
GOVERNMENT CASH PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 2003
AVERAGE ANNUAL TOTAL RETURN
<Table>
<Caption>
iMONEYNET'S
GOVERNMENT
GOVERNMENT CASH PORTFOLIO ALL AVERAGE(1)
- ------------------------------ --------------------
Year ended 10/31/03 1.15% 0.70%
Five Years ended 10/31/03 3.80% 3.31%
Ten Years ended 10/31/03 4.53% 4.03%
Inception (11/7/88) through 10/31/03 5.12% 4.60%
</Table>
<Table>
<Caption>
7-DAY(2) 7-DAY(2)
GOVERNMENT CASH PORTFOLIO CURRENT YIELD EFFECTIVE YIELD
- ------------------------- ------------- ---------------
As of 10/31/03 0.95% 0.95%
</Table>
During the past fiscal year, the Government Cash Portfolio outperformed the
iMoneyNet's Government All Average1 due to its use of overnight and term
mortgage-backed securities repurchase agreements. This strategy enhanced the
yield while maintaining a high quality diversified portfolio of money market
instruments.
[CHART]
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
GOVERNMENT CASH PORTFOLIO VS.
iMONEYNET'S GOVERNMENT ALL AVERAGE(1)
11/7/88 THROUGH 10/31/03
<Table>
<Caption>
GLENMEDE GOVERNMENT iMONEYNET'S GOVERNMENT
CASH PORTFOLIO* ALL AVERAGE*(1)
Nov-1988 $ 10,000 $ 10,000
Oct-1989 $ 10,927 $ 10,809
Oct-1990 $ 11,846 $ 11,667
Oct-1991 $ 12,627 $ 12,382
Oct-1992 $ 13,156 $ 12,842
Oct-1993 $ 13,575 $ 13,196
Oct-1994 $ 14,091 $ 13,640
Oct-1995 $ 14,918 $ 14,373
Oct-1996 $ 15,733 $ 15,092
Oct-1997 $ 16,603 $ 15,852
Oct-1998 $ 17,537 $ 16,656
Oct-1999 $ 18,413 $ 17,405
Oct-2000 $ 19,546 $ 18,384
Oct-2001 $ 20,495 $ 19,182
Oct-2002 $ 20,894 $ 19,454
Oct-2003 $ 21,134 $ 19,590
</Table>
* Assumes the reinvestment of all dividends.
THE PERFORMANCE FOR THE PORTFOLIO REPRESENTS PAST PERFORMANCE AND IS NOT A
GUARANTEE OF FUTURE RESULTS. ALTHOUGH THE PORTFOLIO SEEKS TO PRESERVE THE VALUE
OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING
IN THE PORTFOLIO. RETURNS DO NOT REFLECT TAXES THAT THE SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES.
(1) iMoneyNet's Government All Average is comprised of money market funds
investing in U.S. treasury securities and government agency obligations. It
is not possible to invest directly in an index. Benchmark return is for the
period beginning November 30, 1988.
(2) "Current Yield", also referred to as the "SEC Yield", refers to the income
generated by an investment in the Fund over a 7-day period. This income is
then "annualized." The "effective yield" is calculated similarly but, when
annualized, the income earned by an investment in the Fund is assumed to be
reinvested. The "effective yield" will be slightly higher than the "current
yield" because of the compounding effect of this assumed reinvestment. The
yield quotation more closely reflects the current earnings of the Fund than
the total return quotation.
4
<Page>
TAX-EXEMPT CASH PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 2003
AVERAGE ANNUAL TOTAL RETURN
<Table>
<Caption>
iMONEYNET'S
NATIONAL RETAIL
TAX-EXEMPT CASH PORTFOLIO TAX-FREE AVERAGE(TM)(1)
- ------------------------- ---------------------------
Year ended 10/31/03 0.88% 0.50%
Five Years ended 10/31/03 2.39% 1.98%
Ten Years ended 10/31/03 2.84% 2.43%
Inception (11/10/88) through 10/31/03 3.40% 2.98%
</Table>
<Table>
<Caption>
7-DAY 7-DAY
TAX-EXEMPT CASH PORTFOLIO CURRENT YIELD(2) EFFECTIVE YIELD(2)
- ------------------------- ------------- ---------------
As of 10/31/03 0.85% 0.86%
</Table>
The Tax-Exempt Cash Portfolio has outperformed iMoneyNet's National Retail
Tax-Free Average(TM) in all of the periods shown above. During the past fiscal
year, the strategy of maintaining a shorter average maturity, which increases
yield when rates rise or when there is a greater supply of short-term
securities, combined with a low expense ratio has resulted in good relative
performance.
[CHART]
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
TAX-EXEMPT CASH PORTFOLIO VS.
iMONEYNET'S NATIONAL RETAIL TAX-FREE AVERAGE(TM)(1)
11/10/88 THROUGH 10/31/03
<Table>
<Caption>
GLENMEDE TAX-EXEMPT iMONEYNET'S TAX-FREE NATIONAL
CASH PORTFOLIO* RETAIL AVERAGE(TM)*(1)
Nov-1988 $ 10,000 $ 10,000
Oct-1989 $ 10,627 $ 10,510
Oct-1990 $ 11,249 $ 11,103
Oct-1991 $ 11,792 $ 11,623
Oct-1992 $ 12,183 $ 11,980
Oct-1993 $ 12,469 $ 12,235
Oct-1994 $ 12,776 $ 12,503
Oct-1995 $ 13,257 $ 12,925
Oct-1996 $ 13,710 $ 13,331
Oct-1997 $ 14,184 $ 13,755
Oct-1998 $ 14,667 $ 14,190
Oct-1999 $ 15,111 $ 14,579
Oct-2000 $ 15,697 $ 15,088
Oct-2001 $ 16,159 $ 15,492
Oct-2002 $ 16,361 $ 15,635
Oct-2003 $ 16,506 $ 15,713
</Table>
* Assumes the reinvestment of all dividends and distributions.
THE PERFORMANCE FOR THE PORTFOLIO REPRESENTS PAST PERFORMANCE AND IS NOT A
GUARANTEE OF FUTURE RESULTS. ALTHOUGH THE PORTFOLIO SEEKS TO PRESERVE THE VALUE
OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING
IN THE PORTFOLIO.
(1) iMoneyNet's National Retail Tax-Free Average (TM) is comprised of money
market funds investing in fixed-income securities issued by state and local
governments. Generally, interest payments on securities qualify for
exemption from Federal income taxes. Funds may also own municipal
securities subject to the alternative minimum tax. It is not possible to
invest directly in an index. Benchmark return is for the period beginning
November 30, 1988.
(2) "Current Yield", also referred to as the "SEC Yield", refers to the income
generated by an investment in the Fund over a 7-day period. This income is
then "annualized." The "effective yield" is calculated similarly but, when
annualized, the income earned by an investment in the Fund is assumed to be
reinvested. The "effective yield" will be slightly higher than the "current
yield" because of the compounding effect of this assumed reinvestment. The
yield quotation more closely reflects the current earnings of the Fund than
the total return quotation.
5
<Page>
CORE FIXED INCOME PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 2003
AVERAGE ANNUAL TOTAL RETURN
<Table>
<Caption>
LEHMAN BROTHERS LIPPER
AGGREGATE INTERMEDIATE
BOND US GOVERNMENT
CORE FIXED INCOME PORTFOLIO INDEX(1) FUND INDEX*(1)
- --------------------------- --------------- --------------
Year ended 10/31/03 3.26% 4.91% 2.68%
Five Years ended 10/31/03 6.22% 6.54% 5.72%
Ten Years ended 10/31/03 6.33% 6.78% 5.83%
Inception (11/17/88) through 10/31/03 7.82% 8.23% N/A
</Table>
The Core Fixed Income Portfolio returned 3.26% for the year ended October
31, 2003, underperforming the Lehman Brothers Aggregate Bond Index and
outperforming the Lipper Intermediate US Government Fund Index. The Portfolio's
underperformance versus the Lehman Brothers Aggregate Bond Index can be
attributed to an underweight in lower tier quality corporate securities. The
Portfolio does not invest below single A quality corporate securities. We
believe the BBB corporate sector of the Lehman Aggregate Index performed
extremely well in the face of improving corporate earnings, ongoing consumer
spending, and a gradual economic recovery. The Portfolio seeks to add value
utilizing sector and security selection while maintaining market neutral
interest rate risk.
[CHART]
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
CORE FIXED INCOME PORTFOLIO VS.
LEHMAN BROTHERS AGGREGATE BOND INDEX AND
LIPPER INTERMEDIATE US GOVERNMENT FUND INDEX*
11/17/88 THROUGH 10/31/03
<Table>
<Caption>
GLENMEDE CORE FIXED INDEX: LEHMAN BROTHERS INDEX: LIPPER INTERMEDIATE US
INCOME PORTFOLIO*,** AGGREGATE BOND INDEX*,** GOVERNMENT FUND INDEX*,**
Nov-1988 $ 10,000 $ 10,000 $ 10,000
Oct-1989 $ 11,120 $ 11,190 $ 11,284
Oct-1990 $ 12,045 $ 11,896 $ 10,515
Oct-1991 $ 13,821 $ 13,777 $ 11,937
Oct-1992 $ 15,112 $ 15,132 $ 13,006
Oct-1993 $ 16,682 $ 16,928 $ 14,306
Oct-1994 $ 16,177 $ 16,307 $ 13,746
Oct-1995 $ 18,128 $ 18,859 $ 15,485
Oct-1996 $ 19,194 $ 19,961 $ 16,242
Oct-1997 $ 20,850 $ 21,735 $ 17,531
Oct-1998 $ 22,793 $ 23,762 $ 19,092
Oct-1999 $ 23,001 $ 23,887 $ 19,021
Oct-2000 $ 24,426 $ 25,630 $ 20,310
Oct-2001 $ 28,111 $ 29,360 $ 23,205
Oct-2002 $ 29,849 $ 31,090 $ 24,565
Oct-2003 $ 30,822 $ 32,615 $ 25,224
</Table>
* Index commenced 12/31/89. The Index starts at $11,284, which is the value
of the fund in the graph on this date. Thus comparison to the Fund's
inception is not provided.
** Assumes the reinvestment of all dividends and distributions.
THE PERFORMANCE FOR THE PORTFOLIO REPRESENTS PAST PERFORMANCE AND IS NOT A
GUARANTEE OF FUTURE RESULTS. THE PRINCIPAL VALUE AND INVESTMENT RETURN OF THE
PORTFOLIO WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE
WORTH MORE OR LESS THAN THEIR ORIGINAL COST. RETURNS DO NOT REFLECT TAXES THAT
THE SHAREHOLDER MAY PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES.
(1) The Lehman Brothers Aggregate Bond Index is an unmanaged index made up of
the Lehman Brothers Government/Credit Bond Index, Mortgage Backed
Securities Index, and Asset Backed Securities Index. The Lipper
Intermediate U.S. Government Fund Index is comprised of the 30 largest
funds in the Lipper Intermediate U.S. Government Fund classification. This
classification consists of funds that invest at least 65% of their assets
in securities issued or guaranteed by the U.S. government, its agencies or
instrumentalities with dollar-weighted average maturities of 5 to 10 years.
Total return consists of price appreciation/depreciation and income as a
percentage of the original investment. Indexes are rebalanced by market
capitalization each month. It is not possible to invest directly in an
index.
Benchmark returns are for the periods beginning November 30, 1988 for
Lehman Brothers Aggregate Bond Index and December 31, 1989 for Lipper
Intermediate US Government Fund Index.
6
<Page>
STRATEGIC EQUITY PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 2003
AVERAGE ANNUAL TOTAL RETURN
<Table>
<Caption>
DOW JONES IND. S&P 500 LIPPER LARGE CAP
MONTHLY STOCK CORE FUND
STRATEGIC EQUITY PORTFOLIO REINVESTED(1) INDEX(1) INDEX(1)
- -------------------------- --------------- -------- ----------------
Year ended 10/31/03 12.43% 19.47% 20.79% 16.86%
Five Years ended 10/31/03 (0.32)% 4.59% 0.53% 0.25%
Ten Years ended 10/31/03 8.76% 12.58% 10.41% 8.74%
Inception (07/20/89) through 10/31/03 9.27% 12.50% 10.71% 9.39%
</Table>
During the year the Strategic Equity Portfolio underperformed both the S&P
500 Benchmark and its peer group. The Portfolio invests in companies that we
believe are high quality with good growth prospects. It appears to us that these
companies participated in the U.S. stock market's recovery but lagged as lower
quality companies with marginal profitability characteristics received a
substantial boost from the country's return to economic health.
[CHART]
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
STRATEGIC EQUITY PORTFOLIO VS. S&P 500 STOCK INDEX,
DOW JONES INDUSTRIAL AVERAGE AND LIPPER LARGE CAP CORE FUND INDEX
7/20/89 THROUGH 10/31/03
<Table>
<Caption>
GLENMEDE STRATEGIC DOW JONES INDEX: S&P 500 INDEX: LIPPER LARGE CAP
EQUITY PORTFOLIO* INDUSTRIAL AVERAGE* STOCK INDEX* CORE FUND INDEX*
Jul-1989 $ 10,000 $ 10,000 $ 10,000 $ 10,000
Oct-1989 $ 10,127 $ 10,042 $ 9,918 $ 9,984
Oct-1990 $ 8,978 $ 9,633 $ 9,177 $ 9,163
Oct-1991 $ 12,103 $ 12,519 $ 12,250 $ 12,274
Oct-1992 $ 13,146 $ 13,566 $ 13,470 $ 13,348
Oct-1993 $ 15,329 $ 15,930 $ 15,483 $ 15,574
Oct-1994 $ 15,514 $ 17,387 $ 16,081 $ 15,930
Oct-1995 $ 19,203 $ 21,729 $ 20,333 $ 19,376
Oct-1996 $ 24,705 $ 28,194 $ 25,233 $ 23,433
Oct-1997 $ 33,696 $ 35,464 $ 33,336 $ 30,101
Oct-1998 $ 36,054 $ 41,677 $ 40,667 $ 35,558
Oct-1999 $ 44,664 $ 52,923 $ 51,105 $ 43,880
Oct-2000 $ 48,456 $ 54,950 $ 54,218 $ 48,108
Oct-2001 $ 37,224 $ 46,262 $ 40,546 $ 35,926
Oct-2002 $ 31,564 $ 43,664 $ 34,396 $ 30,812
Oct-2003 $ 35,487 $ 52,021 $ 41,545 $ 36,008
</Table>
* Assumes the reinvestment of all dividends and distributions, excluding
withholding tax.
THE PERFORMANCE FOR THE PORTFOLIO REPRESENTS PAST PERFORMANCE AND IS NOT A
GUARANTEE OF FUTURE RESULTS. THE PRINCIPAL VALUE AND INVESTMENT RETURN OF THE
PORTFOLIO WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE
WORTH MORE OR LESS THAN THEIR ORIGINAL COST. RETURNS DO NOT REFLECT TAXES THAT
THE SHAREHOLDER MAY PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES.
(1) The S&P 500 Stock Index is a market capitalization weighted index comprised
of 500 widely held common stocks. The Dow Jones Industrial Average is a
price-weighted average of 30 blue-chip stocks. The average is computed by
adding the prices of the 30 stocks and dividing by a denominator, which has
been adjusted over the years for stock splits, stock dividends, and
substitutions of stock. The Lipper Large Cap Core Fund Index is comprised
of the 30 largest mutual funds in the Lipper Large Cap Core Funds
classification. This classification consists of funds that invest at least
75% of their equity assets in companies with market capitalizations greater
than 300% of the dollar-weighted median market capitalization of the middle
1,000 securities of the S&P SuperComposite 1500 Index. It is not possible
to invest directly in an index.
Benchmark returns are for the period beginning July 31, 1989.
7
<Page>
SMALL CAP EQUITY PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 2003
AVERAGE ANNUAL TOTAL RETURN
<Table>
<Caption>
LIPPER SMALL
RUSSELL 2000 S&P 500 CAPITALIZATION
STOCK INDEX(1) STOCK INDEX(1) CORE INDEX*(1)
-------------- -------------- ---------------
Small Cap Equity Portfolio -
ADVISOR CLASS
Year ended 10/31/03 34.23% 43.37% 20.79% 35.19%
Five Years ended 10/31/03 9.82% 8.34% 0.53% 10.55%
Ten Years ended 10/31/03 10.54% 8.87% 10.41% 10.46%
Inception (03/01/91) through 10/31/03 11.94% 11.43% 10.79% N/A
Small Cap Equity Portfolio -
INSTITUTIONAL CLASS
Year ended 10/31/03 34.50% 43.37% 20.79% 35.19%
Five Years ended 10/31/03 10.05% 8.34% 0.53% 10.55%
Inception (01/02/98) through 10/31/03(2) 12.04% 11.43% 10.79% N/A
</Table>
The Small Cap Equity Portfolio has had good absolute returns, however it
lagged the return of the Russell 2000 Stock index for the fiscal year ended
October 31, 2003. The Portfolio uses a proprietary ranking process where
earnings and other traditional value metrics are emphasized. It appears to us
that the stocks that have outperformed this year were those with little to no
earnings.
[CHART]
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
SMALL CAP EQUITY PORTFOLIO ADVISOR CLASS VS. S&P 500 STOCK INDEX,
RUSSELL 2000 STOCK INDEX AND LIPPER SMALL CAPITALIZATION CORE INDEX
3/1/91 THROUGH 10/31/03
<Table>
<Caption>
GLENMEDE SMALL CAP INDEX: S&P 500 INDEX: RUSSELL 2000 INDEX: LIPPER SMALL CAPITALIZATION
EQUITY PORTFOLIO ADVISOR CLASS*,** STOCK INDEX*,** STOCK INDEX*,** CORE INDEX*,**
Mar-1991 $ 10,000 $ 10,000 $ 10,000 $ 10,000
Oct-1991 $ 11,184 $ 10,828 $ 11,610 $ 11,371
Oct-1992 $ 11,443 $ 11,906 $ 12,712 $ 10,358
Oct-1993 $ 15,318 $ 13,679 $ 16,832 $ 12,967
Oct-1994 $ 15,754 $ 14,203 $ 16,772 $ 13,259
Oct-1995 $ 19,086 $ 17,951 $ 19,850 $ 16,009
Oct-1996 $ 22,563 $ 22,274 $ 23,146 $ 19,186
Oct-1997 $ 31,993 $ 29,402 $ 29,935 $ 25,076
Oct-1998 $ 26,124 $ 35,872 $ 26,390 $ 21,237
Oct-1999 $ 26,040 $ 45,079 $ 30,314 $ 24,283
Oct-2000 $ 31,621 $ 47,822 $ 35,590 $ 30,998
Oct-2001 $ 32,837 $ 35,758 $ 31,071 $ 28,531
Oct-2002 $ 31,090 $ 30,334 $ 27,476 $ 25,934
Oct-2003 $ 41,731 $ 36,640 $ 39,391 $ 35,059
</Table>
* Index commenced 12/31/91. The Index starts at $11,371, which is the value
of the fund in the graph on this date. Thus Fund inception comparisons are
not provided.
** Assumes the reinvestment of all dividends and distributions.
THE PERFORMANCE FOR THE PORTFOLIO REPRESENTS PAST PERFORMANCE AND IS NOT A
GUARANTEE OF FUTURE RESULTS. THE PRINCIPAL VALUE AND INVESTMENT RETURN OF THE
PORTFOLIO WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE
WORTH MORE OR LESS THAN THEIR ORIGINAL COST. RETURNS DO NOT REFLECT TAXES THAT
THE SHAREHOLDER MAY PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES.
PERFORMANCE OF THE INSTITUTIONAL SHARES WILL VARY FROM THE ADVISOR SHARES DUE TO
DIFFERENCES IN FEES.
(1) The S&P 500 Stock Index is a market capitalization weighted index comprised
of 500 widely held common stocks. The Russell 2000 Index is an unmanaged
market capitalization weighted total return index which measures the
performance of the 2,000 smallest companies in the Russell 3000 Index. The
Lipper Small Capitalization Core Index is comprised of the 30 largest funds
in the Lipper Small Capitalization Core funds classification. This
classification consists of funds that invest at least 75% of their equity
assets in companies with market capitalizations less than 250% of the
dollar weighted median of the smallest 500 of the middle 1,000 securities
of the S&P SuperComposite 1500 Index. It is not possible to invest directly
in an index.
(2) Average annual total return for the Institutional Shares includes the
period from 03/01/91 through 10/31/03. Prior to the inception of the
Institutional Shares on 01/02/98, performance for the Institutional Shares
is based on the average annual total return of the Advisor Shares.
Benchmark returns for the Russell 2000 Stock Index and the S&P 500 Stock
Index are for the period beginning February 28, 1991.
8
<Page>
LARGE CAP VALUE PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 2003
AVERAGE ANNUAL TOTAL RETURN
<Table>
<Caption>
LIPPER
RUSSELL 1000 S&P 500 LARGE-CAP
LARGE CAP VALUE PORTFOLIO VALUE INDEX(1) STOCK INDEX(1) VALUE INDEX(1)
- ------------------------- -------------- -------------- --------------
Year ended 10/31/03 18.01% 22.28% 20.79% 20.57%
Five Years ended 10/31/03 2.77% 3.68% 0.53% 1.53%
Ten Years ended 10/31/03 8.24% 11.04% 10.41% 9.32%
Inception (01/04/93) through 10/31/03 9.67% 11.89% 10.52% 9.79%
</Table>
The Large Cap Value process focuses on attractive valuations and improving
fundamentals and seeks not only positive earnings but also quality earnings. The
investment discipline leads to strong franchises that have free cash flow and
pay dividends. The Portfolio returned 18.01%, but underperformed the Russell
1000 Value Index for the fiscal year ended October 31, 2003 because
outperformance has come from smaller companies with negative earnings and low
return on equities. Although the Portfolio was marketweight technology
throughout the year, our value oriented/dividend paying technology stocks did
not keep pace with some of the more volatile/higher valued stocks in the sector.
Our stock selection emphasized companies maintaining pricing power and strong
earnings trends.
[CHART]
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
LARGE CAP VALUE PORTFOLIO VS. S&P 500 STOCK INDEX,
RUSSELL 1000 VALUE INDEX AND LIPPER MULTI-CAP VALUE INDEX
1/4/93 THROUGH 10/31/03
<Table>
<Caption>
GLENMEDE LARGE CAP INDEX: S&P 500 INDEX: RUSSELL 1000 INDEX: LIPPER LARGE CAP
VALUE PORTFOLIO* STOCK INDEX* VALUE INDEX* VALUE INDEX*
Jan-1993 $ 10,000 $ 10,000 $ 10,000 $ 10,000
Oct-1993 $ 12,305 $ 11,023 $ 11,836 $ 11,269
Oct-1994 $ 12,194 $ 11,445 $ 11,927 $ 11,624
Oct-1995 $ 14,145 $ 14,465 $ 14,871 $ 14,259
Oct-1996 $ 16,569 $ 17,948 $ 18,401 $ 17,372
Oct-1997 $ 22,625 $ 23,693 $ 24,507 $ 22,508
Oct-1998 $ 23,705 $ 28,906 $ 28,141 $ 25,468
Oct-1999 $ 28,348 $ 36,325 $ 32,791 $ 29,773
Oct-2000 $ 28,431 $ 38,535 $ 34,600 $ 31,536
Oct-2001 $ 24,932 $ 28,815 $ 30,498 $ 26,581
Oct-2002 $ 23,027 $ 24,445 $ 27,441 $ 22,787
Oct-2003 $ 27,173 $ 29,526 $ 33,718 $ 27,476
</Table>
* Assumes the reinvestment of all dividends and distributions.
THE PERFORMANCE FOR THE PORTFOLIO REPRESENTS PAST PERFORMANCE AND IS NOT A
GUARANTEE OF FUTURE RESULTS. THE PRINCIPAL VALUE AND INVESTMENT RETURN OF THE
PORTFOLIO WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE
WORTH MORE OR LESS THAN THEIR ORIGINAL COST. RETURNS DO NOT REFLECT TAXES THAT
THE SHAREHOLDER MAY PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES.
(1) The S&P 500 Stock Index is a market capitalization weighted index comprised
of 500 widely held common stocks. The Russell 1000 Value Index is an
unmanaged capitalization weighted total return index which is comprised of
those securities in the Russell 1000 Index with a less than average growth
orientation. The Lipper Large Cap Value Index is comprised of the 30
largest mutual funds within in the Lipper Large Cap Value funds
classification. This classification consists of funds that normally invest
between 25% to 75% of their assets in companies with market capitalizations
above 300% of the dollar-weighted median market capitalization of the
middle 1,000 securities of the S&P Super Composite 1500 Index. It is not
possible to invest directly in an index.
Lipper recently changed the way it classifies mutual funds. As a result of
this reclassification, the Large Cap Value Portfolio is now part of the
Lipper Large Cap Value Index. Previously, the Portfolio was part of the
Lipper Multi Cap Value Index.
Benchmark returns are for the period beginning December 31, 1992.
9
<Page>
INTERNATIONAL PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 2003
AVERAGE ANNUAL TOTAL RETURN
<Table>
<Caption>
LIPPER
MORGAN STANLEY INTERNATIONAL
INTERNATIONAL PORTFOLIO EAFE INDEX(1) FUND INDEX(1)
- ----------------------- -------------- --------------
Year ended 10/31/03 22.89% 27.03% 26.55%
Five Years ended 10/31/03 2.61% (0.22)% 1.88%
Ten Years ended 10/31/03 6.75% 3.23% 4.99%
Inception (11/17/88) through 10/31/03 8.24% 3.21% 6.38%
</Table>
The International Portfolio underperfomed the Morgan Stanley EAFE index
over the past twelve months. The Portfolio's investment approach favors stocks
with low relative valuations and attractive relative yields and profitability.
While we believe that this approach has worked well over the long term, stocks
with higher valuations and lower profitability, particularly in Japan, have
outperformed the market as a whole during the fiscal year. Favorable security
selection has been a primary driver for the enhanced comparative results of the
longer time periods.
[CHART]
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
INTERNATIONAL PORTFOLIO VS. MORGAN STANLEY EAFE INDEX
AND LIPPER INTERNATIONAL FUND INDEX
11/17/88 THROUGH 10/31/03
<Table>
<Caption>
GLENMEDE INTERNATIONAL INDEX: MORGAN STANLEY INDEX: LIPPER INTERNATIONAL
PORTFOLIO* EAFE INDEX* FUND INDEX*
Nov-1988 $ 10,000 $ 10,000 $ 10,000
Oct-1989 $ 11,207 $ 10,481 $ 11,143
Oct-1990 $ 11,685 $ 9,137 $ 11,100
Oct-1991 $ 13,101 $ 9,772 $ 12,029
Oct-1992 $ 12,743 $ 8,481 $ 11,420
Oct-1993 $ 17,007 $ 11,657 $ 15,310
Oct-1994 $ 19,433 $ 12,834 $ 17,072
Oct-1995 $ 20,254 $ 12,787 $ 16,991
Oct-1996 $ 22,982 $ 14,125 $ 19,136
Oct-1997 $ 26,739 $ 14,779 $ 21,695
Oct-1998 $ 28,729 $ 16,205 $ 22,702
Oct-1999 $ 35,811 $ 19,937 $ 27,933
Oct-2000 $ 34,486 $ 19,360 $ 28,897
Oct-2001 $ 28,850 $ 14,533 $ 21,941
Oct-2002 $ 26,593 $ 12,613 $ 19,690
Oct-2003 $ 32,680 $ 16,023 $ 24,918
</Table>
* Assumes the reinvestment of all dividends and distributions excluding
withholding taxes.
THE PERFORMANCE FOR THE PORTFOLIO REPRESENTS PAST PERFORMANCE AND IS NOT A
GUARANTEE OF FUTURE RESULTS. THE PRINCIPAL VALUE AND INVESTMENT RETURN OF THE
PORTFOLIO WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE
WORTH MORE OR LESS THAN THEIR ORIGINAL COST. RETURNS DO NOT REFLECT TAXES THAT
THE SHAREHOLDER MAY PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES.
(1) The Morgan Stanley EAFE Index is an unmanaged capitalization weighted
composite portfolio consisting of equity total returns of countries in
Australia, New Zealand, Europe and the Far East. The Lipper International
Fund Index is comprised of the 30 largest funds in the Lipper International
Fund classification. This classification consists of funds that invest in
securities whose primary trading markets are outside the United States. It
is not possible to invest directly in an index.
Benchmark returns are for the period beginning November 30, 1988.
10
<Page>
INSTITUTIONAL INTERNATIONAL PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 2003
AVERAGE ANNUAL TOTAL RETURN
<Table>
<Caption>
MORGAN STANLEY LIPPER
EAFE INTERNATIONAL
INSTITUTIONAL INTERNATIONAL PORTFOLIO INDEX(1) FUND INDEX(1)
- ------------------------------------- -------------- -------------
Year ended 10/31/03 21.32% 27.03% 26.55%
Five Years ended 10/31/03 1.07% (0.22)% 1.88%
Ten Years ended 10/31/03 5.52% 3.23% 4.99%
Inception (08/01/92) through 10/31/03 6.99% 5.69% 6.74%
</Table>
During the past fiscal year, the Institutional International Portfolio
underperfomed the Morgan Stanley EAFE index due primarily to a rally in stocks
characterized by high valuations and low profitability. The Portfolio's
investment approach favors stocks with low relative valuations and attractive
relative yields and profitability. We believe that this approach has worked well
over the long term; however, with favorable security selection as a primary
driver for the enhanced comparative results of the longer time periods.
[CHART]
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
INSTITUTIONAL INTERNATIONAL PORTFOLIO VS. MORGAN STANLEY EAFE INDEX AND
LIPPER INTERNATIONAL FUND INDEX
8/1/92 THROUGH 10/31/03
<Table>
<Caption>
GLENMEDE INSTITUTIONAL INDEX: MORGAN STANLEY INDEX: LIPPER INTERNATIONAL
INTERNATIONAL PORTFOLIO* EAFE INDEX* FUND INDEX*
Aug-1992 $ 10,000 $ 10,000 $ 10,000
Oct-1992 $ 9,440 $ 9,871 $ 9,544
Oct-1993 $ 12,493 $ 13,569 $ 12,794
Oct-1994 $ 14,240 $ 14,937 $ 14,266
Oct-1995 $ 14,294 $ 14,883 $ 14,200
Oct-1996 $ 16,361 $ 16,442 $ 15,991
Oct-1997 $ 18,903 $ 17,202 $ 18,130
Oct-1998 $ 20,276 $ 18,858 $ 18,972
Oct-1999 $ 24,934 $ 23,200 $ 23,343
Oct-2000 $ 23,470 $ 22,532 $ 24,149
Oct-2001 $ 19,375 $ 16,916 $ 18,331
Oct-2002 $ 17,628 $ 14,681 $ 16,451
Oct-2003 $ 21,386 $ 18,650 $ 20,819
</Table>
* Assumes the reinvestment of all dividends and distributions excluding
withholding taxes.
THE PERFORMANCE FOR THE PORTFOLIO REPRESENTS PAST PERFORMANCE AND IS NOT A
GUARANTEE OF FUTURE RESULTS. THE PRINCIPAL VALUE AND INVESTMENT RETURN OF THE
PORTFOLIO WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE
WORTH MORE OR LESS THAN THEIR ORIGINAL COST. RETURNS DO NOT REFLECT TAXES THAT
THE SHAREHOLDER MAY PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES.
(1) The Morgan Stanley EAFE Index is an unmanaged capitalization weighted
composite portfolio consisting of equity total returns of countries in
Australia, New Zealand, Europe and the Far East. The Lipper International
Fund Index is comprised of the 30 largest funds in the Lipper International
Fund classification. This classification consists of funds that invest in
securities whose primary trading markets are outside the United States. It
is not possible to invest directly in an index.
Benchmark returns are for the period beginning July 31, 1992.
11
<Page>
SMALL CAPITALIZATION GROWTH PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 2003
AVERAGE ANNUAL TOTAL RETURN
<Table>
<Caption>
RUSSELL 2000 LIPPER SMALL CAP
SMALL CAPITALIZATION GROWTH PORTFOLIO GROWTH INDEX(1) GROWTH INDEX(1)
- ------------------------------------- --------------- ----------------
Year ended 10/31/03 41.48% 46.55% 42.41%
Inception (12/29/99) through 10/31/03 (14.16)% (8.34)% (5.23)%
</Table>
This dual sub-advised Portfolio seeks to strike a balance, with one manager
seeking to provide risk mitigation by furnishing the Portfolio with a foundation
of small cap stocks and the other manager seeking to add value with its small
cap stock selection. The latter manager was replaced by another manager, with
similar style, as sub-advisor on August 1, 2003.
The Small Cap Growth Portfolio trailed its benchmark for the one year ended
October 31, 2003. We believe that this underperformance is attributable to the
manager transition and the conservative posture of both managers, relative to
the benchmark and the small cap growth universe, during the final fiscal
quarter. The retained manager's valuation process and the new manager's stock
selection led to the underperformance for the period.
[CHART]
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
SMALL CAPITALIZATION GROWTH PORTFOLIO VS. RUSSELL 2000 GROWTH INDEX
AND LIPPER SMALL CAP GROWTH AVERAGE INDEX
12/29/99 THROUGH 10/31/03
<Table>
<Caption>
GLENMEDE SMALL CAPITALIZATION INDEX: RUSSELL 2000 INDEX: LIPPER SMALL CAP
GROWTH PORTFOLIO* GROWTH INDEX* GROWTH INDEX*
Dec-1999 $ 10,000 $ 10,000 $ 10,000
Jan-2000 $ 9,760 $ 9,907 $ 9,896
Apr-2000 $ 8,650 $ 9,825 $ 10,333
Jul-2000 $ 9,350 $ 9,255 $ 10,434
Oct-2000 $ 9,220 $ 8,931 $ 10,159
Jan-2001 $ 7,980 $ 8,536 $ 9,454
Apr-2001 $ 6,690 $ 7,516 $ 8,247
Jul-2001 $ 6,480 $ 7,226 $ 8,200
Oct-2001 $ 5,040 $ 6,228 $ 6,987
Oct-2002 $ 3,930 $ 4,885 $ 5,714
Oct-2003 $ 5,560 $ 7,159 $ 8,137
</Table>
* Assumes the reinvestment of all dividends and distributions.
THE PERFORMANCE FOR THE PORTFOLIO REPRESENTS PAST PERFORMANCE AND IS NOT A
GUARANTEE OF FUTURE RESULTS. THE PRINCIPAL VALUE AND INVESTMENT RETURN OF THE
PORTFOLIO WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE
WORTH MORE OR LESS THAN THEIR ORIGINAL COST. RETURNS DO NOT REFLECT TAXES THAT
THE SHAREHOLDER MAY PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES.
(1) The Russell 2000 Growth Index is an unmanaged capitalization weighted total
return index which is comprised of securities in the Russell 2000 Index
with greater than average growth orientation. The Lipper Small Cap Growth
Index is comprised of the 30 largest funds in the Lipper Small Cap Growth
funds classification. This classification consists of funds that invest at
least 75% of their equity assets in companies with market capitalizations
less than 250% of the dollar weighted median of the smallest 500 of the
middle 1,000 securities of the S&P SuperComposite 1500 Index. It is not
possible to invest directly in an index.
Benchmark returns are for the period beginning December 31, 1999.
12
<Page>
MUNI INTERMEDIATE PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 2003
AVERAGE ANNUAL TOTAL RETURN
<Table>
<Caption>
LEHMAN BROTHERS LIPPER INTERMEDIATE LEHMAN
MUNI 5-YEAR MUNICIPAL MUNICIPAL 1-10
MUNI INTERMEDIATE PORTFOLIO BOND INDEX(1) DEBT FUND INDEX(1) YEAR BLEND INDEX*(1)
- --------------------------- --------------- ------------------- --------------------
Year ended 10/31/03 4.67% 5.20% 4.53% 4.65%
Five Years ended 10/31/03 5.00% 5.45% 4.72% 5.27%
Ten Years ended 10/31/03 5.11% 5.41% 4.97% 5.48%
Inception (06/05/92) through 10/31/03 5.45% 5.92% 5.62% N/A
</Table>
Muni Intermediate practically matched the performance of its benchmark, the
Lehman Municipal 1-10 year Blend Index for the year ended October 31, 2003. The
Portfolio is made up of bonds that have varying maturities from 1-12 years. The
Portfolio has been managed in a defensive nature in an effort to provide a
degree of protection to the value of the bonds in the Portfolio if rates begin
to rise. The Portfolio outperformed the Lipper Intermediate Index by 14 basis
points and underperformed the Lehman 5 Year Index, an index which has bond
maturities of 4,5 and 6 years, by 53 basis points due to the strong performance
of the 5 year portion of the curve over the last year.
[CHART]
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
MUNI INTERMEDIATE PORTFOLIO VS. LEHMAN BROTHERS
MUNICIPAL 5-YEAR BOND INDEX, LIPPER INTERMEDIATE
MUNICIPAL DEBT FUND INDEX AND LEHMAN MUNICIPAL 1-10 YEAR BLEND INDEX
6/5/92 THROUGH 10/31/03
<Table>
<Caption>
GLENMEDE MUNI INDEX: LEHMAN BROTHERS INDEX: LIPPER INTERMEDIATE INDEX: LEHMAN MUNICIPAL 1-10
INTERMEDIATE PORTFOLIO*,** MUNICIPAL 5-YEAR BOND INDEX*,** MUNICIPAL DEBT FUND INDEX*,** YEAR BLEND INDEX*,**
Jun-1992 $ 10,000 $ 10,000 $ 10,000
Oct-1992 $ 10,074 $ 10,363 $ 10,288
Oct-1993 $ 11,137 $ 11,341 $ 11,484 $ 11,129
Oct-1994 $ 10,788 $ 11,278 $ 11,196 $ 10,968
Oct-1995 $ 12,057 $ 12,446 $ 12,421 $ 12,247
Oct-1996 $ 12,621 $ 13,044 $ 12,978 $ 12,820
Oct-1997 $ 13,465 $ 13,894 $ 13,875 $ 13,725
Oct-1998 $ 14,358 $ 14,799 $ 14,818 $ 14,675
Oct-1999 $ 14,488 $ 14,961 $ 14,640 $ 14,780
Oct-2000 $ 15,324 $ 15,824 $ 15,584 $ 15,711
Oct-2001 $ 16,609 $ 17,308 $ 17,040 $ 17,171
Oct-2002 $ 17,507 $ 18,316 $ 17,854 $ 18,131
Oct-2003 $ 18,323 $ 19,270 $ 18,662 $ 18,973
</Table>
* Index commenced 6/30/93. The Index starts at $10,811, which is the value of
the fund in the graph on this date. Thus comparison to the Fund's inception
is not provided.
** Assumes the reinvestment of all dividends and distributions.
THE PERFORMANCE FOR THE PORTFOLIO REPRESENTS PAST PERFORMANCE AND IS NOT A
GUARANTEE OF FUTURE RESULTS. THE PRINCIPAL VALUE AND INVESTMENT RETURN OF THE
PORTFOLIO WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE
WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
(1) The Lehman Brothers Municipal 5-Year Bond Index is an unmanaged total
return performance benchmark for the short-intermediate, investment-grade
tax-exempt bond market. The Lipper Intermediate Municipal Debt Fund Index
is comprised of the 30 largest funds in the Lipper Intermediate Municipal
Debt Fund Average. The Average consists of funds that invest in municipal
debt issues with dollar-weighted average maturities of 5 to 10 years. The
Lehman Municipal 1-10 Year Blend Index is a composite index made up of
several different broad sub-indices: the Lehman Municipal 1-Year Index;
Lehman Municipal 3-Year Index; Lehman Municipal 5-Year Index; Lehman
Municipal 7-Year Index and the Lehman Municipal 10-Year Index. The total of
all these indices represents all maturities between 1-10 Years. It is not
possible to invest directly in an index.
Benchmark returns for the Lehman Brothers Municipal 5-Year Bond Index and
the Lipper Intermediate Municipal Debt Fund Index are for the period
beginning May 31, 1992.
13
<Page>
NEW JERSEY MUNI PORTFOLIO
PORTFOLIO HIGHLIGHTS
OCTOBER 31, 2003
AVERAGE ANNUAL TOTAL RETURN
<Table>
<Caption>
LIPPER
LEHMAN BROTHERS NEW JERSEY LEHMAN
MUNI 5-YEAR MUNICIPAL DEBT MUNICIPAL 1-10
NEW JERSEY MUNI PORTFOLIO BOND INDEX(1) FUND INDEX(1) YEAR BLEND INDEX(1)
- ------------------------- --------------- -------------- -------------------
Year ended 10/31/03 4.46% 5.20% 4.86% 4.65%
Five Years ended 10/31/03 4.97% 5.45% 4.51% 5.27%
Inception (11/01/93) through 10/31/03 5.00% 5.41% 4.99% 5.48%
</Table>
New Jersey Intermediate Portfolio underperformed the Lehman Municipal 1-10
year Blend Index by 19 basis points due to the slightly shorter duration of the
Portfolio and the extremely high quality of the bonds that are in the Portfolio.
New Jersey Intermediate Portfolio is made up of bonds that have varying
maturities from 1-12 years. The Portfolio has been managed in a defensive nature
in an effort to provide a degree of protection to the Portfolio if rates begin
to rise. New Jersey Intermediate Portfolio underperformed the Lipper New Jersey
Index by 40 basis points. The Portfolio underperformed the Lehman Brothers Muni
5 year Index, an index which has bond maturities of 4, 5 and 6 years, by 74
basis points due to the strong performance of the 5 year part of the curve over
the last year.
[CHART]
HYPOTHETICAL ILLUSTRATION OF $10,000 INVESTED IN
NEW JERSEY MUNI PORTFOLIO VS. LEHMAN BROTHERS
MUNICIPAL 5-YEAR BOND INDEX, LIPPER NEW JERSEY
MUNICIPAL DEBT FUND INDEX AND LEHMAN MUNICIPAL 1-10 YEAR BLEND INDEX
11/1/93 THROUGH 10/31/03
<Table>
<Caption>
GLENMEDE NEW JERSEY INDEX: LEHMAN BROTHERS MUNICIPAL INDEX: LIPPER NEW JERSEY MUNICIPAL INDEX: LEHMAN MUNICIPAL 1-10
MUNI PORTFOLIO* 5-YEAR BOND INDEX* DEBT FUND INDEX* YEAR BLEND INDEX*
Nov-1993 $ 10,000 $ 10,000 $ 10,000 $ 10,000
Oct-1994 $ 9,488 $ 9,945 $ 9,459 $ 9,856
Oct-1995 $ 10,744 $ 10,974 $ 10,716 $ 11,005
Oct-1996 $ 11,200 $ 11,502 $ 11,241 $ 11,520
Oct-1997 $ 11,973 $ 12,251 $ 12,111 $ 12,333
Oct-1998 $ 12,777 $ 13,049 $ 13,014 $ 13,187
Oct-1999 $ 12,787 $ 13,192 $ 12,507 $ 13,280
Oct-2000 $ 13,524 $ 13,953 $ 13,437 $ 14,118
Oct-2001 $ 14,788 $ 15,210 $ 14,787 $ 15,430
Oct-2002 $ 15,586 $ 16,095 $ 15,475 $ 16,292
Oct-2003 $ 16,282 $ 16,934 $ 16,227 $ 17,048
</Table>
* Assumes the reinvestment of all dividends and distributions.
THE PERFORMANCE FOR THE PORTFOLIO REPRESENTS PAST PERFORMANCE AND IS NOT A
GUARANTEE OF FUTURE RESULTS. THE PRINCIPAL VALUE AND INVESTMENT RETURN OF THE
PORTFOLIO WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE
WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
(1) The Lehman Brothers Municipal 5-Year Bond Index is an unmanaged total
return performance benchmark for the short-intermediate, investment-grade
tax-exempt bond market. The Lipper New Jersey Municipal Debt Fund Index is
comprised of the 10 largest funds in the Lipper New Jersey Municipal Debt
Fund Average. The Average consists of funds that invest only in securities
that are exempt from taxation in New Jersey or cities in New Jersey. The
Lehman Municipal 1-10 Year Blend Index is a composite index made up of
several different broad sub-indices: the Lehman Municipal 1-Year Index;
Lehman Municipal 3-Year Index; Lehman Municipal 5-Year Index; Lehman
Municipal 7-Year Index and the Lehman Municipal 10-Year Index. The total of
all these indices represents all maturities between 1-10 Years. It is not
possible to invest directly in an index. Benchmark returns are for the
period beginning October 31, 1993.
14
<Page>
THE GLENMEDE FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2003
<Table>
<Caption>
TAX- CORE
GOVERNMENT EXEMPT FIXED
CASH CASH INCOME
PORTFOLIO PORTFOLIO PORTFOLIO
--------------- --------------- ---------------
ASSETS:
Investments:
Investments at value(1) $ 298,535,560 $ 596,437,572 $ 186,701,534
Repurchase agreements 148,951,673 -- 18,249,377
--------------- --------------- ---------------
Total investments 447,487,233 596,437,572 204,950,911
--------------- --------------- ---------------
Cash -- 104,400 --
Receivable for securities sold -- -- 324
Receivable for fund shares sold -- -- 890,000
Securities lending collateral 4,625,000 -- 37,913,000
Interest receivable 3,111,936 564,642 1,818,574
Other assets 1,680 1,981 735
--------------- --------------- ---------------
Total assets 455,225,849 597,108,595 245,573,544
--------------- --------------- ---------------
LIABILITIES:
Dividends payable 358,760 387,764 --
Obligation to return securities
lending collateral 4,625,000 -- 37,913,000
Payable for when-issued securities -- -- 15,219,375
Payable for Directors' fees 809 121 393
Accrued expenses 74,076 90,727 31,238
--------------- --------------- ---------------
Total liabilities 5,058,645 478,612 53,164,006
--------------- --------------- ---------------
NET ASSETS $ 450,167,204 $ 596,629,983 $ 192,409,538
=============== =============== ===============
SHARES OUTSTANDING 450,098,282 596,840,288 17,741,026
=============== =============== ===============
NET ASSET VALUE PER SHARE $ 1.00 $ 1.00 $ 10.85
=============== =============== ===============
- ----------
<Caption>
(1) Investments at cost $ 298,535,560 $ 596,437,572 $ 182,466,519
</Table>
See Notes to Financial Statements.
15
<Page>
<Table>
<Caption>
STRATEGIC SMALL CAP LARGE CAP
EQUITY EQUITY VALUE
PORTFOLIO PORTFOLIO PORTFOLIO
--------------- --------------- ---------------
ASSETS:
Investments:
Investments at value(1) $ 87,113,388 $ 313,414,578 $ 20,723,263
Repurchase agreements 1,232,783 3,650,516 877,035
--------------- --------------- ---------------
Total investments 88,346,171 317,065,094 21,600,298
--------------- --------------- ---------------
Receivable for fund shares sold 125,500 562,500 --
Securities lending collateral 6,823,310 53,226,841 4,259,387
Dividends receivable 96,123 108,150 33,122
Interest receivable 2,709 11,929 404
Other assets 615 698 87
--------------- --------------- ---------------
Total assets 95,394,428 370,975,212 25,893,298
--------------- --------------- ---------------
LIABILITIES:
Payable for fund shares redeemed 34,627 69,639 17,254
Payable for securities purchased -- 1,406,965 314,159
Obligation to return securities lending collateral 6,823,310 53,226,841 4,259,387
Payable for Directors' fees 68 481 58
Accrued expenses 15,881 234,071 5,738
--------------- --------------- ---------------
Total liabilities 6,873,886 54,937,997 4,596,596
--------------- --------------- ---------------
NET ASSETS $ 88,520,542 $ 316,037,215 $ 21,296,702
=============== =============== ===============
SHARES OUTSTANDING 5,923,956 17,279,171 2,367,410
=============== =============== ===============
NET ASSET VALUE PER SHARE $ 14.94 $ -- $ 9.00
=============== =============== ===============
NET ASSET VALUE PER SHARE
Advisor Class -- based on net assets of
275,408,094 and shares outstanding of
15,065,148 -- $ 18.28 --
=============== =============== ===============
Institutional Class -- based on net assets of
40,629,121 and shares outstanding of
2,214,023 -- $ 18.35 --
=============== =============== ===============
- ----------
<Caption>
(1) Investments at cost $ 75,522,024 $ 248,909,071 $ 18,046,591
</Table>
See Notes to Financial Statements.
16
<Page>
<Table>
<Caption>
SMALL
INSTITUTIONAL CAPITALIZATION
INTERNATIONAL INTERNATIONAL GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO
------------------ ------------------ ------------------
ASSETS:
Investments:
Investments at value(1) $ 1,006,451,655 $ 473,194,793 $ 98,865,794
Repurchase agreements 44,413,314 8,815,594 3,094,116
------------------ ------------------ ------------------
Total investments 1,050,864,969 482,010,387 101,959,910
------------------ ------------------ ------------------
Receivable for securities sold 4,398,265 496,336 2,462,708
Receivable for fund shares sold 413,864 840,328 4,000
Securities lending collateral 77,428,250 24,935,183 20,003,401
Dividends receivable 1,687,383 617,509 9,188
Interest receivable -- -- 7,573
Receivable for open forward foreign currency
contracts 4,952 1,634 --
Foreign tax reclaims receivable 568,983 144,209 --
Other assets 3,422 1,062 592
------------------ ------------------ ------------------
Total assets 1,135,370,088 509,046,648 124,447,372
------------------ ------------------ ------------------
LIABILITIES:
Foreign currency, at value (Note 1)(2) 3,256,150 90,436 --
Interest payable 89,626 56,666 --
Payable for fund shares redeemed 16,979,500 9,264,712 38,439
Payable for securities purchased -- -- 2,652,395
Obligation to return securities lending collateral 77,428,250 24,935,183 20,003,401
Payable for Directors' fees 352 222 219
Accrued expenses 151,190 328,848 109,984
------------------ ------------------ ------------------
Total liabilities 97,905,068 34,676,067 22,804,438
------------------ ------------------ ------------------
NET ASSETS $ 1,037,465,020 $ 474,370,581 $ 101,642,934
================== ================== ==================
SHARES OUTSTANDING 74,134,286 36,097,872 18,293,539
================== ================== ==================
NET ASSET VALUE PER SHARE $ 13.99 $ 13.14 $ 5.56
================== ================== ==================
- ----------
<Caption>
(1) Investments at cost $ 825,191,729 $ 448,232,382 $ 73,982,759
</Table>
(2) The International Portfolio and Institutional International Portfolio had
foreign currency cost of ($3,278,684) and ($90,972), respectively.
See Notes to Financial Statements.
17
<Page>
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2003
<Table>
<Caption>
TAX- CORE
GOVERNMENT EXEMPT FIXED
CASH CASH INCOME
PORTFOLIO PORTFOLIO PORTFOLIO
--------------- ---------------- ----------------
Investment income:
Interest $ 6,862,829 $ 6,384,007 $ 8,111,209
Income from security lending 3,047 -- 35,924
---------------- ---------------- ----------------
Total investment income 6,865,876 6,384,007 8,147,133
---------------- ---------------- ----------------
Expenses:
Administration & custody fee 331,339 408,815 129,047
Professional fees 62,100 77,226 20,540
Interest expense -- -- 10,234
Shareholder report expense 11,989 13,485 4,082
Shareholder servicing fees 266,018 314,530 96,350
Directors' fees and expenses 15,277 17,379 5,442
Registration and filing fees 1,578 2,347 2,287
Other expenses 20,886 21,353 7,215
---------------- ---------------- ----------------
Total expenses 709,187 855,135 275,197
---------------- ---------------- ----------------
Net investment income 6,156,689 5,528,872 7,871,936
---------------- ---------------- ----------------
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Securities transactions 22 -- 3,188,250
---------------- ---------------- ----------------
Net realized gain (loss) 22 -- 3,188,250
---------------- ---------------- ----------------
Net change in unrealized gain (loss) of:
Securities -- -- (5,089,479)
---------------- ---------------- ----------------
Net unrealized gain (loss) -- -- (5,089,479)
---------------- ---------------- ----------------
Net realized and unrealized gain (loss) 22 -- (1,901,229)
---------------- ---------------- ----------------
Net increase (decrease) in net assets resulting
from operations $ 6,156,711 $ 5,528,872 $ 5,970,707
================ ================ ================
</Table>
See Notes to Financial Statements.
18
<Page>
<Table>
<Caption>
STRATEGIC SMALL CAP LARGE CAP
EQUITY EQUITY VALUE
PORTFOLIO PORTFOLIO PORTFOLIO
---------------- ---------------- ----------------
Investment income:
Dividends $ 1,323,027 $ 2,549,341 $ 401,548
Interest 13,309 45,898 3,163
Income from security lending 6,204 51,465 1,481
---------------- ---------------- ----------------
Total investment income 1,342,540 2,646,704 406,192
---------------- ---------------- ----------------
Expenses:
Investment advisory fee -- 1,455,770 --
Administration & custody fee 60,010 187,754 15,120
Professional fees 7,044 26,023 1,153
Shareholder report expense 2,695 10,463 178
Shareholder servicing fees (Advisor Class) 43,818 576,693 9,126
Shareholder servicing fees (Institutional Class) -- 17,004 --
Directors' fees and expenses 2,472 7,326 507
Registration and filing fees 4,632 18,717 2,632
Other expenses 4,154 9,883 1,784
---------------- ---------------- ----------------
Total expenses 124,825 2,309,633 30,500
---------------- ---------------- ----------------
Net investment income 1,217,715 337,071 375,692
---------------- ---------------- ----------------
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Securities transactions (1,809,127) 5,603,183 (705,833)
---------------- ---------------- ----------------
Net realized gain (loss) (1,809,127) 5,603,183 (705,833)
---------------- ---------------- ----------------
Net change in unrealized gain (loss) of:
Securities 10,481,884 74,050,960 3,615,574
---------------- ---------------- ----------------
Net unrealized gain (loss) 10,481,884 74,050,960 3,615,574
---------------- ---------------- ----------------
Net realized and unrealized gain (loss) 8,672,757 79,654,143 2,909,741
---------------- ---------------- ----------------
Net increase (decrease) in net assets
resulting from operations $ 9,890,472 $ 79,991,214 $ 3,285,433
================ ================ ================
</Table>
See Notes to Financial Statements.
19
<Page>
STATEMENTS OF OPERATIONS-- (CONCLUDED)
FOR THE YEAR ENDED OCTOBER 31, 2003
<Table>
<Caption>
SMALL
INSTITUTIONAL CAPITALIZATION
INTERNATIONAL INTERNATIONAL GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO
---------------- ---------------- ----------------
Investment income:
Dividends(1) $ 31,045,570 $ 9,371,856 $ 52,556
Interest -- 40,841 18,542
Income from security lending 558,640 217,466 49,536
---------------- ---------------- ----------------
Total investment income 31,604,210 9,630,163 120,634
---------------- ---------------- ----------------
Expenses:
Investment advisory fee -- 2,269,032 711,972
Administration & custody fee 646,430 219,783 74,956
Professional fees 109,824 30,957 8,161
Shareholder report expense 15,971 11,028 2,880
Shareholder servicing fees 481,894 -- 215,495
Directors' fees and expenses 26,901 7,598 2,380
Registration and filing fees 5,752 15,782 1,166
Other expenses 33,514 11,493 3,821
---------------- ---------------- ----------------
Total expenses 1,320,286 2,565,673 1,020,831
---------------- ---------------- ----------------
Net investment (loss) income 30,283,924 7,064,490 (900,197)
---------------- ---------------- ----------------
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Securities transactions (112,687,594) (21,106,423) (11,883,859)
Foreign currency transactions (3,213,206) (1,233,987) --
---------------- ---------------- ----------------
Net realized gain (loss) (115,900,800) (22,340,410) (11,883,859)
---------------- ---------------- ----------------
Net change in unrealized gain (loss) of:
Securities 285,321,774 77,987,486 44,226,816
Foreign currency translation (15,774) 9,033 --
---------------- ---------------- ----------------
Net unrealized gain (loss) 285,306,000 77,996,519 44,226,816
---------------- ---------------- ----------------
Net realized and unrealized gain (loss) 169,405,200 55,656,109 32,342,957
---------------- ---------------- ----------------
Net increase (decrease) in net assets
resulting from operations $ 199,689,124 $ 62,720,599 $ 31,442,760
================ ================ ================
</Table>
- ----------
(1) The International Portfolio and Institutional International Portfolio had
foreign dividend withholding taxes of $3,779,563 and $1,154,592,
respectively.
See Notes to Financial Statements.
20
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED OCTOBER 31, 2003
<Table>
<Caption>
TAX- CORE
GOVERNMENT EXEMPT FIXED
CASH CASH INCOME
PORTFOLIO PORTFOLIO PORTFOLIO
--------------- --------------- ---------------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income $ 6,156,689 $ 5,528,872 $ 7,871,936
Net realized gain (loss) on:
Securities transactions 22 -- 3,188,250
Net change in unrealized gain (loss) of:
Securities -- -- (5,089,479)
--------------- --------------- ---------------
Net increase (decrease) in net assets
resulting from operations 6,156,711 5,528,872 5,970,707
Distributions to shareholders from:
Net investment income (6,156,708) (5,528,872) (8,482,177)
Net increase (decrease) in net assets from
capital shares transactions (82,866,503) (10,439,509) 6,622,884
--------------- --------------- ---------------
Net increase (decrease) in net assets (82,866,500) (10,439,509) 4,111,414
NET ASSETS:
Beginning of year 533,033,704 607,069,492 188,298,124
--------------- --------------- ---------------
End of year $ 450,167,204 $ 596,629,983 $ 192,409,538
=============== =============== ===============
Undistributed net investment income
included in net assets at end of year $ 73,094 $ (266) $ 686,471
</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 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.
21
<Page>
<Table>
<Caption>
STRATEGIC SMALL CAP LARGE CAP
EQUITY EQUITY VALUE
PORTFOLIO PORTFOLIO PORTFOLIO
--------------- --------------- ---------------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income $ 1,217,715 $ 337,071 $ 375,692
Net realized gain (loss) on:
Securities transactions (1,809,127) 5,603,183 (705,833)
Net change in unrealized gain (loss) of:
Securities 10,481,884 74,050,960 3,615,574
--------------- --------------- ---------------
Net increase (decrease) in net assets
resulting from operations 9,890,472 79,991,214 3,285,433
Distributions to shareholders from:
Net investment income:
Advisor Class (1,185,291) (333,186) (369,322)
Institutional Class -- (63,459) --
Net realized gain on investments:
Advisor Class -- (5,716,987) --
Institutional Class -- (845,482) --
Net increase (decrease) in net assets from
capital shares transactions (10,235,351) 14,097,396 3,055,022
--------------- --------------- ---------------
Net increase (decrease) in net assets (1,530,170) 87,129,496 5,971,133
NET ASSETS:
Beginning of year 90,050,712 228,907,719 15,325,569
--------------- --------------- ---------------
End of year $ 88,520,542 $ 316,037,215 $ 21,296,702
=============== =============== ===============
Undistributed net investment income
included in net assets at end of year $ 89,262 $ -- $ 21,966
</Table>
FOR THE YEAR ENDED OCTOBER 31, 2002
<Table>
<Caption>
STRATEGIC SMALL CAP LARGE CAP
EQUITY EQUITY VALUE
PORTFOLIO PORTFOLIO 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>
See Notes to Financial Statements.
22
<Page>
<Table>
<Caption>
SMALL
INSTITUTIONAL CAPITALIZATION
INTERNATIONAL INTERNATIONAL GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO
--------------- --------------- ---------------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss) $ 30,283,924 $ 7,064,490 $ (900,197)
Net realized gain (loss) on:
Securities transactions (112,687,594) (21,106,423) (11,883,859)
Foreign currency transactions (3,213,206) (1,233,987) --
Net change in unrealized gain (loss) of:
Securities 285,321,774 77,987,486 44,226,816
Foreign currency translation (15,774) 9,033 --
--------------- --------------- ---------------
Net increase (decrease) in net assets
resulting from operations 199,689,124 62,720,599 31,442,760
Distributions to shareholders from:
Net investment income (24,156,402) (5,955,402) --
Net increase (decrease) in net assets
from capital shares transactions (121,404,915) 153,835,975 (7,922,215)
--------------- --------------- ---------------
Net increase (decrease) in net assets 54,127,807 210,601,172 23,520,545
NET ASSETS:
Beginning of year 983,337,213 263,769,409 78,122,389
--------------- --------------- ---------------
End of year $ 1,037,465,020 $ 474,370,581 $ 101,642,934
=============== =============== ===============
Undistributed net investment income
included in net assets at end of year $ 5,048,403 $ 375,373 $ (2,150)
</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.
23
<Page>
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR
<Table>
<Caption>
GOVERNMENT CASH PORTFOLIO
--------------------------------------------------------------------------------
FOR THE YEARS ENDED OCTOBER 31,
--------------------------------------------------------------------------------
2003 2002 2001 2000 1999
------------ ------------ ----------- ----------- -------------
Net asset value, beginning
of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------ ------------ ----------- ----------- ------------
Income from investment
operations:
Net investment income 0.011 0.019 0.048 0.060 0.049
Distributions to shareholders from:
Net investment income (0.011) (0.019) (0.048) (0.060) (0.049)
------------ ------------ ----------- ----------- ------------
Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ ============ =========== =========== ============
Total return 1.15% 1.95% 4.86% 6.15% 5.00%
============ ============ =========== =========== ============
Ratios to average net assets/
Supplemental data:
Net assets, end of year
(in 000's) $ 450,167 $ 533,034 $ 421,509 $ 413,742 $ 405,907
Ratio of operating expenses to
average net assets 0.13% 0.13% 0.11% 0.11% 0.11%
Ratio of net investment income
to average net assets 1.16% 1.91% 4.86% 5.96% 4.87%
</Table>
See Notes to Financial Statements.
24
<Page>
<Table>
<Caption>
TAX-EXEMPT CASH PORTFOLIO
----------------------------------------------------------------------
FOR THE YEARS ENDED OCTOBER 31,
----------------------------------------------------------------------
2003 2002 2001 2000 1999
---------- ---------- ---------- ---------- ----------
Net asset value, beginning
of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- ----------
Income from investment
operations:
Net investment income 0.009 0.012 0.029 0.038 0.030
Distributions to shareholders from:
Net investment income (0.009) (0.012) (0.029) (0.038) (0.030)
---------- ---------- ---------- ---------- ----------
Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ========== ==========
Total return 0.88% 1.25% 2.95% 3.88% 3.02%
========== ========== ========== ========== ==========
Ratios to average net assets/
Supplemental data:
Net assets, end of year
(in 000's) $ 596,630 $ 607,069 $ 541,881 $ 437,134 $ 350,032
Ratio of operating expenses to
average net assets 0.14% 0.14% 0.11% 0.12% 0.12%
Ratio of net investment income
to average net assets 0.88% 1.24% 2.88% 3.82% 2.97%
</Table>
See Notes to Financial Statements.
25
<Page>
<Table>
<Caption>
CORE FIXED INCOME PORTFOLIO
--------------------------------------------------------------------------------
FOR THE YEARS ENDED OCTOBER 31,
--------------------------------------------------------------------------------
2003 2002 2001 2000 1999
------------ ------------ ----------- ----------- -------------
Net asset value, beginning
of year $ 10.98 $ 10.88 $ 10.08 $ 10.16 $ 10.70
------------ ------------ ---------- ------------ ----------
Income from investment
operations:
Net investment income 0.44 0.54 0.65 0.69 0.63
Net realized and unrealized
gain (loss) on investments (0.09) 0.10 0.82 (0.09) (0.54)
------------ ------------ ---------- ------------ ----------
Total from investment
operations 0.35 0.64 1.47 0.60 0.09
------------ ------------ ---------- ------------ ----------
Distributions to shareholders from:
Net investment income (0.48) (0.54) (0.67) (0.68) (0.63)
------------ ------------ ---------- ------------ ----------
Total distributions (0.48) (0.54) (0.67) (0.68) (0.63)
------------ ------------ ---------- ------------ ----------
Net asset value, end of year $ 10.85 $ 10.98 $ 10.88 $ 10.08 $ 10.16
============ ============ ========== ============ ==========
Total return 3.26% 6.18% 15.09% 6.19% 0.91%
============ ============ ========== ============ ==========
Ratios to average net assets/
Supplemental data:
Net assets, end of year
(in 000's) $ 192,410 $ 188,298 $ 178,811 $ 174,092 $ 230,684
Ratio of operating expenses
to average net assets(1) 0.14% 0.14% 0.11% 0.14% 0.12%
Ratio of gross expenses
to average net assets 0.14% 0.24% 0.63% 1.02% 0.55%
Ratio of net investment income
to average net assets 4.08% 5.19% 6.19% 8.56% 6.08%
Portfolio turnover rate 205% 191% 138% 234% 191%
</Table>
- ----------
(1) Calculation does not include interest expense.
See Notes to Financial Statements.
26
<Page>
<Table>
<Caption>
STRATEGIC EQUITY PORTFOLIO
---------------------------------------------------------------------------
FOR THE YEARS ENDED OCTOBER 31,
---------------------------------------------------------------------------
2003 2002 2001 2000 1999
----------- ----------- ----------- ----------- -----------
Net asset value, beginning
of year $ 13.47 $ 16.06 $ 21.19 $ 22.70 $ 20.69
----------- ----------- ----------- ----------- -----------
Income from investment
operations:
Net investment income 0.20 0.16 0.20 0.25 0.28
Net realized and unrealized
gain (loss) on investments 1.46 (2.59) (5.09) 1.57 4.51
----------- ----------- ----------- ----------- -----------
Total from investment
operations 1.66 (2.43) (4.89) 1.82 4.79
----------- ----------- ----------- ----------- -----------
Distributions to shareholders from:
Net investment income (0.19) (0.16) (0.24) (0.25) (0.28)
Net realized capital gains -- -- -- (3.08) (2.50)
----------- ----------- ----------- ----------- -----------
Total distributions (0.19) (0.16) (0.24) (3.33) (2.78)
----------- ----------- ----------- ----------- -----------
Net asset value, end of year $ 14.94 $ 13.47 $ 16.06 $ 21.19 $ 22.70
=========== =========== =========== =========== ===========
Total return 12.43% (15.20)% (23.18)% 8.49% 23.88%
=========== =========== =========== =========== ===========
Ratios to average net assets/
Supplemental data:
Net assets, end of year
(in 000's) $ 88,521 $ 90,051 $ 123,803 $ 168,564 $ 148,784
Ratio of operating expenses
to average net assets 0.14% 0.14% 0.12% 0.14% 0.12%
Ratio of net investment income
to average net assets 1.39% 1.04% 1.09% 1.00% 1.17%
Portfolio turnover rate 79% 36% 41% 47% 40%
</Table>
See Notes to Financial Statements.
27
<Page>
<Table>
<Caption>
SMALL CAP EQUITY PORTFOLIO ADVISOR SHARES
---------------------------------------------------------------------------
FOR THE YEARS ENDED OCTOBER 31,
---------------------------------------------------------------------------
2003 2002 2001 2000 1999
----------- ----------- ----------- ----------- -----------
Net asset value, beginning
of year $ 13.93 $ 15.57 $ 17.04 $ 15.04 $ 15.28
----------- ----------- ----------- ----------- -----------
Income from investment
operations:
Net investment income 0.01 0.07 0.23 0.11 0.20
Net realized and unrealized
gain (loss) on investments 4.75 (0.90) 0.45 3.07 (0.25)
----------- ----------- ----------- ----------- -----------
Total from investment
operations 4.76 (0.83) 0.68 3.18 (0.05)
----------- ----------- ----------- ----------- -----------
Distributions to shareholders from:
Net investment income (0.02) (0.07) (0.24) (0.11) (0.19)
Net realized capital gains (0.39) (0.74) (1.83) (1.07) --
Tax Return of capital -- -- (0.08) -- --
----------- ----------- ----------- ----------- -----------
Total distributions (0.41) (0.81) (2.15) (1.18) (0.19)
----------- ----------- ----------- ----------- -----------
Net asset value, end of year $ 18.28 $ 13.93 $ 15.57 $ 17.04 $ 15.04
=========== =========== =========== =========== ===========
Total return 34.23% (5.32)% 3.84% 21.43% (0.32)%
=========== =========== =========== =========== ===========
Ratios to average net assets/
Supplemental data:
Net assets, end of year
(in 000's) $ 275,408 $ 199,264 $ 216,638 $ 242,395 $ 253,357
Ratio of operating expenses
to average net assets 0.90% 0.90% 0.87% 0.90% 0.88%
Ratio of net investment income
to average net assets 0.10% 0.44% 1.28% 0.62% 1.27%
Portfolio turnover rate(1) 58% 67% 65% 67% 77%
</Table>
- ----------
(1) Portfolio turnover is calculated at the fund level.
See Notes to Financial Statements.
28
<Page>
<Table>
<Caption>
SMALL CAP EQUITY PORTFOLIO INSTITUTIONAL SHARES
---------------------------------------------------------------------------
FOR THE YEARS ENDED OCTOBER 31,
---------------------------------------------------------------------------
2003 2002 2001 2000 1999
----------- ----------- ----------- ----------- -----------
Net asset value, beginning
of year $ 13.96 $ 15.60 $ 17.01 $ 15.01 $ 15.29
----------- ----------- ----------- ----------- -----------
Income from investment
operations:
Net investment income 0.05 0.11 0.26 0.14 0.23
Net realized and unrealized
gain (loss) on investments 4.76 (0.90) 0.46 3.06 (0.24)
----------- ----------- ----------- ----------- -----------
Total from investment
operations 4.81 (0.79) 0.72 3.20 (0.01)
----------- ----------- ----------- ----------- -----------
Distributions to shareholders from:
Net investment income (0.03) (0.11) (0.22) (0.13) (0.27)
Net realized capital gains (0.39) (0.74) (1.83) (1.07) --
Tax Return of capital -- -- (0.08) -- --
----------- ----------- ----------- ----------- -----------
Total distributions (0.42) (0.85) (2.13) (1.20) (0.27)
----------- ----------- ----------- ----------- -----------
Net asset value, end of year $ 18.35 $ 13.96 $ 15.60 $ 17.01 $ 15.01
=========== =========== =========== =========== ===========
Total return 34.50% (5.10)% 4.08% 21.65% (0.10)%
=========== =========== =========== =========== ===========
Ratios to average net assets/
Supplemental data:
Net assets, end of year
(in 000's) $ 40,629 $ 29,644 $ 30,417 $ 27,353 $ 28,455
Ratio of operating expenses
to average net assets 0.70% 0.70% 0.66% 0.70% 0.68%
Ratio of net investment income
to average net assets 0.30% 0.64% 1.44% 0.82% 1.47%
Portfolio turnover rate(1) 58% 67% 65% 67% 77%
</Table>
- ----------
(1) Portfolio turnover is calculated at the fund level.
See Notes to Financial Statements.
29
<Page>
<Table>
<Caption>
LARGE CAP VALUE PORTFOLIO
---------------------------------------------------------------------------
FOR THE YEARS ENDED OCTOBER 31,
---------------------------------------------------------------------------
2003 2002 2001 2000 1999
----------- ----------- ----------- ----------- -----------
Net asset value, beginning
of year $ 7.78 $ 8.56 $ 11.03 $ 11.24 $ 11.77
----------- ----------- ----------- ----------- -----------
Income from investment
operations:
Net investment income 0.16 0.14 0.17 0.18 0.18
Net realized and unrealized
gain (loss) on investments 1.22 (0.79) (1.49) (0.15) 2.00
----------- ----------- ----------- ----------- -----------
Total from investment
operations 1.38 (0.65) (1.32) 0.03 2.18
----------- ----------- ----------- ----------- -----------
Distributions to shareholders from:
Net investment income (0.16) (0.13) (0.18) (0.16) (0.19)
Net realized capital gains -- -- (0.97) (0.08) (2.52)
----------- ----------- ----------- ----------- -----------
Total distributions (0.16) (0.13) (1.15) (0.24) (2.71)
----------- ----------- ----------- ----------- -----------
Net asset value, end of year $ 9.00 $ 7.78 $ 8.56 $ 11.03 $ 11.24
=========== =========== =========== =========== ===========
Total return 18.01% (7.64)% (12.31)% 0.30% 19.59%
=========== =========== =========== =========== ===========
Ratios to average net assets/
Supplemental data:
Net assets, end of year
(in 000's) $ 21,297 $ 15,326 $ 14,002 $ 21,251 $ 59,178
Ratio of operating expenses
to average net assets 0.17% 0.17% 0.21% 0.23% 0.13%
Ratio of net investment income
to average net assets 2.06% 1.75% 1.51% 1.50% 1.28%
Portfolio turnover rate 96% 96% 174% 108% 105%
</Table>
See Notes to Financial Statements.
30
<Page>
<Table>
<Caption>
INTERNATIONAL PORTFOLIO
---------------------------------------------------------------------------
FOR THE YEARS ENDED OCTOBER 31,
---------------------------------------------------------------------------
2003 2002 2001 2000 1999
----------- ----------- ----------- ----------- -----------
Net asset value, beginning
of year $ 11.67 $ 12.89 $ 15.79 $ 17.87 $ 15.66
----------- ----------- ----------- ----------- -----------
Income from investment
operations:
Net investment income 0.40 0.33 0.35 0.45 0.48
Net realized and unrealized
gain (loss) on investments 2.23 (1.31) (2.91) (1.09) 3.33
----------- ----------- ----------- ----------- -----------
Total from investment
operations 2.63 (0.98) (2.56) (0.64) 3.81
----------- ----------- ----------- ----------- -----------
Distributions to shareholders from:
Net investment income (0.31) (0.24) (0.34) (0.33) (0.57)
Net realized capital gains -- -- -- (1.11) (1.03)
----------- ----------- ----------- ----------- -----------
Total distributions (0.31) (0.24) (0.34) (1.44) (1.60)
----------- ----------- ----------- ----------- -----------
Net asset value, end of year $ 13.99 $ 11.67 $ 12.89 $ 15.79 $ 17.87
=========== =========== =========== =========== ===========
Total return 22.89% (7.82)% (16.34)% (3.70)% 24.65%
=========== =========== =========== =========== ===========
Ratios to average net assets/
Supplemental data:
Net assets, end of year
(in 000's) $ 1,037,465 $ 983,337 $ 1,219,138 $ 1,486,088 $ 1,500,559
Ratio of operating expenses
to average net assets 0.14% 0.14% 0.11% 0.11% 0.11%
Ratio of net investment income
to average net assets 3.14% 2.42% 2.34% 2.30% 2.52%
Portfolio turnover rate 48% 33% 40% 36% 20%
</Table>
See Notes to Financial Statements.
31
<Page>
<Table>
<Caption>
INSTITUTIONAL INTERNATIONAL PORTFOLIO
---------------------------------------------------------------------------
FOR THE YEARS ENDED OCTOBER 31,
---------------------------------------------------------------------------
2003 2002 2001 2000 1999
----------- ----------- ----------- ----------- -----------
Net asset value, beginning
of year $ 11.03 $ 12.25 $ 15.10 $ 17.82 $ 15.53
----------- ----------- ----------- ----------- -----------
Income from investment
operations:
Net investment income 0.24 0.19 0.23 0.33 0.39
Net realized and unrealized
gain (loss) on investments 2.09 (1.28) (2.86) (1.37) 3.15
----------- ----------- ----------- ----------- -----------
Total from investment
operations 2.33 (1.09) (2.63) (1.04) 3.54
----------- ----------- ----------- ----------- -----------
Distributions to shareholders from:
Net investment income (0.22) (0.13) (0.16) (0.24) (0.40)
Net realized capital gains -- -- -- (1.44) (0.85)
Tax Return of capital -- -- (0.06) -- --
----------- ----------- ----------- ----------- -----------
Total distributions (0.22) (0.13) (0.22) (1.68) (1.25)
----------- ----------- ----------- ----------- -----------
Net asset value, end of year $ 13.14 $ 11.03 $ 12.25 $ 15.10 $ 17.82
=========== =========== =========== =========== ===========
Total return 21.32% (9.02)% (17.45)% (5.87)% 22.98%
=========== =========== =========== =========== ===========
Ratios to average net assets/
Supplemental data:
Net assets, end of year
(in 000's) $ 474,371 $ 263,769 $ 275,132 $ 171,343 $ 175,951
Ratio of operating expenses
to average net assets 0.85% 0.85% 0.83% 0.84% 0.86%
Ratio of net investment income
to average net assets 2.33% 1.72% 1.71% 1.65% 1.83%
Portfolio turnover rate 42% 37% 53% 74% 20%
</Table>
See Notes to Financial Statements.
32
<Page>
<Table>
<Caption>
SMALL CAPITALIZATION GROWTH PORTFOLIO
------------------------------------------------------------------
FOR THE PERIOD
FOR THE YEARS ENDED OCTOBER 31, DECEMBER 29, 1999(1)
------------------------------------------- THROUGH
2003 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 (0.05) -- -- (0.03)
Net realized and unrealized
gain (loss) on investments 1.68 (1.11) (4.18) (0.75)
----------- ----------- ----------- -----------
Total from investment
operations 1.63 (1.11) (4.18) (0.78)
----------- ----------- ----------- -----------
Net asset value, end of period $ 5.56 $ 3.93 $ 5.04 $ 9.22
=========== =========== =========== ===========
Total return(2) 41.48% (22.02)% (45.34)% (7.80)%
=========== =========== =========== ===========
Ratios to average net assets/
Supplemental data:
Net assets, end of period
(in 000's) $ 101,643 $ 78,122 $ 105,052 $ 182,847
Ratio of operating expenses
to average net assets 1.18% 1.23% 1.17% 1.23%(3)
Ratio of net investment income
(expenses in excess of income)
to average net assets (1.04)% (1.02)% (0.83)% (0.60)%(3)
Portfolio turnover rate 114% 42% 67% 78%
</Table>
- ----------
(1) Commencement of operations.
(2) Total return represents aggregate total return for the period indicated.
(3) Annualized.
See Notes to Financial Statements.
33
<Page>
THE GLENMEDE FUND, INC.
GOVERNMENT CASH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS
OCTOBER 31, 2003
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------- -------------
AGENCY DISCOUNT NOTES*(1) -- 10.1%
FEDERAL AGRICULTURAL MORTGAGE CORPORATION -- 1.2%
$ 5,448,000 1.08% due 1/20/04 $ 5,434,925
-------------
FEDERAL HOME LOAN BANK -- 1.6%
6,374,000 1.065% due 1/7/04 6,361,365
1,000,000 1.09% due 1/16/04 997,699
-------------
7,359,064
-------------
FEDERAL HOME LOAN MORTGAGE CORPORATION -- 5.7%
10,000,000 1.07% due 1/5/04 9,980,679
6,600,000 1.07% due 1/15/04 6,585,286
3,985,000 1.072% due 1/22/04 3,975,270
5,000,000 1.08% due 1/22/04 4,987,700
-------------
25,528,935
-------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 1.6%
2,000,000 1.08% due 1/7/04 1,995,980
5,000,000 1.07% due 1/9/04 4,989,746
-------------
6,985,726
-------------
TOTAL AGENCY DISCOUNT NOTES
(Cost $45,308,650) 45,308,650
-------------
AGENCY NOTES -- 44.2%
FEDERAL FARM CREDIT BANK -- 1.1%
2,000,000 2.80% due 4/12/04 2,014,107
3,000,000 1.14% due 7/29/04 3,000,000
-------------
5,014,107
-------------
FEDERAL HOME LOAN BANK -- 11.8%
10,825,000 6.375% due 11/14/03 10,844,567
1,000,000 2.50% due 11/14/03 1,000,432
8,000,000 3.125% due 11/14/03 8,005,312
1,000,000 5.425% due 12/10/03 1,004,528
2,500,000 3.00% due 12/26/03 2,507,224
1,000,000 5.30% due 12/29/03 1,006,558
14,825,000 5.375% due 1/5/04 14,933,478
980,000 5.40% due 3/1/04 994,092
1,000,000 5.46% due 3/29/04 1,017,661
1,425,000 4.875% due 4/16/04 1,449,242
4,000,000 4.875% due 5/14/04 4,077,034
1,100,000 3.375% due 6/15/04 1,115,030
5,000,000 1.01% due 7/23/04 4,994,110
-------------
52,949,268
-------------
</Table>
See Notes to Financial Statements.
34
<Page>
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------- -------------
AGENCY NOTES -- (CONTINUED)
FEDERAL HOME LOAN MORTGAGE CORPORATION -- 17.1%
$ 26,514,000 6.375% due 11/15/03 $ 26,565,682
1,040,000 3.05% due 11/28/03 1,041,368
3,385,000 3.25% due 12/15/03 3,393,519
7,405,000 5.00% due 1/15/04 7,463,265
4,000,000 3.25% due 1/15/04 4,017,546
22,424,000 5.25% due 2/15/04 22,685,741
8,049,000 5.00% due 5/15/04 8,212,502
1,364,000 6.25% due 7/15/04 1,412,148
2,000,000 1.35% due 11/3/04 2,000,000
-------------
76,791,771
-------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 13.8%
2,194,000 4.75% due 11/14/03 2,196,673
12,293,000 3.125% due 11/15/03 12,302,145
1,000,000 5.40% due 12/8/03 1,004,350
1,000,000 5.80% due 12/10/03 1,005,000
1,000,000 5.50% due 12/29/03 1,006,873
13,778,000 5.125% due 2/13/04 13,932,331
5,100,000 4.75% due 3/15/04 5,167,767
12,829,000 3.75% due 4/15/04 12,977,517
4,000,000 4.125% due 4/23/04 4,054,375
3,802,000 5.625% due 5/14/04 3,892,088
2,000,000 1.30% due 8/30/04 2,000,000
2,900,000 1.40% due 9/21/04 2,900,000
-------------
62,439,119
-------------
STUDENT LOAN MARKETING ASSOCIATION -- 0.4%
2,000,000 4.75% due 4/23/04 2,033,490
-------------
TOTAL AGENCY NOTES
(Cost $199,227,755) 199,227,755
-------------
FLOATING RATE BONDS -- 12.0%
FEDERAL HOME LOAN BANK -- 0.7%
3,000,000 0.97% due 7/6/04 2,999,155
-------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 0.7%
3,000,000 1.08% due 9/10/04 3,000,000
-------------
STUDENT LOAN MARKETING ASSOCIATION -- 10.6%
9,000,000 1.03% due 11/20/03 9,000,000
7,000,000 1.04% due 12/18/03 7,000,000
5,000,000 1.05% due 1/15/04 5,000,000
9,000,000 1.04% due 2/19/04 9,000,000
7,000,000 1.02% due 3/18/04 7,000,000
</Table>
See Notes to Financial Statements.
35
<Page>
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------- -------------
FLOATING RATE BONDS -- (CONTINUED)
STUDENT LOAN MARKETING ASSOCIATION -- (CONTINUED)
$ 11,000,000 1.02% due 4/15/04 $ 11,000,000
-------------
48,000,000
-------------
TOTAL FLOATING RATE BONDS
(Cost $53,999,155) 53,999,155
-------------
REPURCHASE AGREEMENTS -- 33.1%
123,000,000 With Bear Stearns, Inc., dated 10/31/03, 1.06%,
principal and interest in the amount of $123,010,865,
due 11/03/03, (collateralized by FNMAR 2003-92 HP
with a par value of $100,000,000, coupon rate of
4.50%, due 09/25/18, market value of $100,550,000 and
FNR 2003-86 HP with a par value of $26,120,000,
due 09/25/18, market value of $26,258,436) $ 123,000,000
25,951,673 With Merrill Lynch & Co., dated 10/31/03, 1.02%,
principal and interest in the amount of $25,953,879,
due 11/03/03, (collateralized by FNMA Pool #724039
with a par value of $29,438,000, coupon rate of
3.36%, due 09/01/42, market value of $26,480,559) 25,951,673
-------------
TOTAL REPURCHASE AGREEMENTS
(Cost $148,951,673) 148,951,673
-------------
TOTAL INVESTMENTS
(Cost $447,487,233)(2) 99.4% $ 447,487,233
OTHER ASSETS IN EXCESS OF LIABILITIES 0.6 2,679,971
----- -------------
NET ASSETS 100.0% $ 450,167,204
===== =============
</Table>
- ----------
* Percentages indicated are based on net assets.
(1) Rate represents annualized discount yield at date of purchase.
(2) Aggregate cost for federal tax purposes.
Abbreviations:
FNMA -- Federal National Mortgage Association
FNMAR -- Federal National Mortgage Association REMIC
See Notes to Financial Statements.
36
<Page>
TAX-EXEMPT CASH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS
OCTOBER 31, 2003
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------- -------------
VARIABLE/FLOATING RATE NOTES*(1) -- 98.3%
DAILY VARIABLE/FLOATING RATE NOTES -- 57.3%
$ 1,900,000 Angelina & Neches River Authority, Texas, Industrial
Development Corp., Solid Wast Disposal Revenue, DATES,
Series B, (LOC Bank of America),
1.15% due 5/1/14 $ 1,900,000
1,000,000 Angelina & Neches River Authority, Texas, Industrial
Development Corp., Solid Wast Disposal Revenue, DATES,
Series D, (LOC Bank of America),
1.15% 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
5,800,000 California State, Series A, (LOC: Westdeutsche Landesbank
80% & JP Morgan Chase Bank 20%),
0.85% due 5/1/33 5,800,000
7,100,000 California Statewide, Communities Development Authorities
Revenue, (SPA: Chase Manhattan Bank), (AMBAC Insured),
1.10% due 8/15/27 7,100,000
12,400,000 Clark County, Nevada, School District Revenue, Series B,
(SPA: Bayerische Landesbank), (FSA Insured),
1.04% due 6/15/21 12,400,000
9,500,000 Connecticut State Health & Educational Facilities Authority,
Edgehill Project Revenue, UPDATES, Series C, (LOC: KBC
Bank N.V.),
1.10% due 7/1/27 9,500,000
2,100,000 Connecticut State Health & Educational Facilities Authority,
Yale University Project, Series T-1,
1.10% due 7/1/29 2,100,000
6,235,000 Dade County, Florida, New Public Housing Authority,
Florida Power & Light,
1.25% due 4/1/20 6,235,000
16,350,000 Delaware County, Pennsylvania, Industrial Development
Authority, Airport Facilities Revenue, United Parcel Service
Project, DATES,
1.11% due 12/1/15 16,350,000
3,600,000 East Baton Rouge Parish, Louisiana Pollution Control Revenue,
Revenue Refunding, Exxon Corp. Project,
1.15% due 11/1/19 3,600,000
10,220,000 Idaho State Health Facility Authority, Revenue, St. Luke's
Medical Center Project, (SPA: Harris Trust & Saving Bank),
(FSA Insured),
1.15% due 7/1/30 10,220,000
</Table>
See Notes to Financial Statements.
37
<Page>
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------- -------------
VARIABLE/FLOATING RATE NOTES*(1) -- (CONTINUED)
DAILY VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$ 1,100,000 Irvine Ranch, California, Water District Revenue, (LOC: State
Street Bank & Trust Co.),
1.15% due 1/1/21 $ 1,100,000
8,200,000 Irvine Ranch, California, Water District Revenue, DATES,
(LOC: Landesbank Baden-Wurttemberg),
1.15% due 8/1/16 8,200,000
3,660,000 Irvine Ranch, California, Water District Revenue, Series A,
(LOC: BankAmerica),
1.26% due 5/1/09 3,660,000
1,900,000 Irvine, Califorinia, Limited Obligation, (LOC: Bank of America),
1.15% due 9/2/25 1,900,000
1,000,000 Jackson County, Mississippi, Port Facilities Revenue, Chevron
USA Project, Refunding,
1.15% due 6/1/23 1,000,000
5,200,000 Jacksonville, Florida, Pollution Control Revenue, Refunding,
Florida Power & Light Co.,
1.25% due 5/1/29 5,200,000
3,300,000 Joliet, Illinois, Pregional Port District, Revenue Refunding
Exxon Corp. Project,
1.04% due 10/1/24 3,300,000
7,475,000 Kansas State Department of Transportation, Highway
Liquidity Provider Revenue, Series B-1,
Pooled Money Investment Board,
1.13% due 9/1/20 7,475,000
10,710,000 Kansas State Department of Transportation, Highway
Liquidity Provider Revenue, Series B-2,
Pooled Money Investment Board,
1.28% due 9/1/20 10,710,000
3,000,000 Kemmerer, Wyoming, Pollution Control Revenue, DATES,
Exxon Corp. Project,
1.11% due 11/1/14 3,000,000
13,125,000 Lehigh County, Pennsylvania, General Purpose Authority,
Lehigh Valley Hospital, Series A, (SPA: J.P. Morgan),
(AMBAC Insured),
1.28% due 7/1/28 13,125,000
2,500,000 Lincoln County, Wyoming, Pollution Control Revenue,
Exxon Corp. Project, Class B,
1.04% due 11/1/14 2,500,000
2,500,000 Lincoln County, Wyoming, Pollution Control Revenue,
Exxon Corp. Project, Class C,
1.04% due 11/1/14 2,500,000
</Table>
See Notes to Financial Statements.
38
<Page>
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------- -------------
VARIABLE/FLOATING RATE NOTES*(1) -- (CONTINUED)
DAILY VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$ 12,540,000 Los Angeles, California, Regional Airports Improvement Corp.,
Lease Revenue, Sublease - Los Angeles International Airport,
LAX Two Corp., (LOC: Societe Generale),
1.15% due 12/1/25 $ 12,540,000
7,150,000 Louisiana State, Public Facilities Authority, Industrial
Development, Kenner Hotel Ltd., (LOC: Bank of America, NA),
1.15% due 12/1/15 7,150,000
5,520,000 Massachusetts State Health & Educational Facilities Authority
Revenue, Capital Asset Project, Series D, (SPA: State Street
Bank & Trust Co.), (MBIA Insured),
1.15% due 1/1/35 5,520,000
2,300,000 Massachusetts State, Central Artery, Series A, Landesbank
Baden-Wurttemberg,
1.15% due 12/1/30 2,300,000
14,500,000 Metropolitan Water District, Southern California Waterworks
Revenue, Series B-3, (SPA: Westdeutsche Landesbank),
1.15% due 7/1/35 14,500,000
14,195,000 New Jersey, Economic Development Authority Revenue,
Stolthaven Project, Series A, (LOC: Citibank, NA),
1.10% due 1/15/18 14,195,000
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
15,200,000 New Jersey, State Educational Facilities Authority Revenue,
Princeton University, Series F,
1.07% due 7/1/23 15,200,000
1,220,000 New York City, New York Transitional Finance Authority
Revenue, Future Tax Secured, Subseries C-4,
(SPA: Landesbank Hessen-Thuer),
1.13% due 8/1/31 1,220,000
1,100,000 New York City, New York, General Obligation, Subseries A-7,
(SPA: Bank of Nova Scotia), (AMBAC Insured),
1.07% due 11/1/24 1,100,000
3,250,000 New York City, New York, General Obligations, Series B,
Subseries B-3, (SPA: Bank of Nova Scotia), (MBIA Insured),
1.40% due 8/15/04 3,250,000
4,500,000 New York City, New York, General Obligations, Subseries A-10,
(LOC: J.P. Morgan Chase & Co.),
1.13% due 8/1/17 4,500,000
</Table>
See Notes to Financial Statements.
39
<Page>
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------- -------------
VARIABLE/FLOATING RATE NOTES*(1) -- (CONTINUED)
DAILY VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
New York City, New York, General Obligations, Subseries B-2,
(LOC: J.P. Morgan Chase & Co.):
$ 1,800,000 1.40% due 8/15/20 $ 1,800,000
1,000,000 1.13% due 8/15/21 1,000,000
New York City, New York, Municipal Water Finance Authority,
Water & Sewer System Revenue, Series C, (FGIC Insured):
1,540,000 1.15% due 6/15/22 1,540,000
3,400,000 1.15% due 6/15/23 3,400,000
14,800,000 New York City, New York, Municipal Water Finance Authority,
Water & Sewer System Revenue, Series C, (SPA: Credit Local
de France),
1.26% due 6/15/33 14,800,000
1,000,000 New York City, New York, Municipal Water Finance Authority,
Water & Sewer System Revenue, Series F, Subseries F-2,
(SPA: Bayerische Landesbank),
0.91% due 6/15/35 1,000,000
10,950,000 New York State Thruway Authority, General Revenue,
(SPA: FGIC) (FGIC Insured),
1.35% due 1/1/24 10,950,000
16,700,000 Newport Beach, California, Hoag Memorial Presbyterian
Hospital Revenue, (SPA: BankAmerica),
1.28% due 10/1/22 16,700,000
1,500,000 North Carolina State Medical Care Commission, Hospital
Revenue, ACES, Pooled Financing Projects, Series B,
(LOC: Wachovia Bank),
1.40% due 10/1/13 1,500,000
400,000 North Carolina State Medical Care Commission, Hospital
Revenue, Pooled Financing Projects, Series A, (LOC: Bank of
America NA),
1.10% due 10/1/16 400,000
1,800,000 Orange County, California, Sanitation Districts Partnership,
Series B, Refunding, (SPA: Credit Locale de France),
1.20% due 8/1/30 1,800,000
10,315,000 Roanoke, Virginia, Industrial Development Authority, Carilion
Health Systems Revenue, Series C, (LOC: Wachovia Bank NA),
1.10% due 7/1/27 10,315,000
1,750,000 St. Lawrence County, New York, Industrial Development
Agency, Pollution Control Revenue, Reynolds Metals, DATES,
(LOC: San Paolo Bank)
1.15% due 12/1/07 1,750,000
</Table>
See Notes to Financial Statements.
40
<Page>
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------- -------------
VARIABLE/FLOATING RATE NOTES*(1) -- (CONTINUED)
DAILY VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$ 5,700,000 Uinta County, Wyoming, Pollution Control Revenue, Chevron
USA Project, Refunding,
1.15% 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
11,850,000 University of North Carolina at Chapel Hill, Hospital Revenue,
UPDATES, Series A, (SPA: Landesbank Hessen-Thuer.),
1.28% due 2/15/31 11,850,000
-------------
TOTAL DAILY VARIABLE/FLOATING RATE NOTES
(Cost $331,555,000) 331,555,000
-------------
WEEKLY VARIABLE/FLOATING RATE NOTES -- 41.0%
3,200,000 Alabama State Special Care Facilities Financing Authority,
Montgomery Hospital Revenue, (SPA: FGIC),
(LOC: Barclay's Bank),
0.89% due 4/1/15 3,200,000
5,605,000 Bexar County, Texas Housing Finance Corp., Multi Family
Housing Revenue, Aamha LLC Project, (Backed by FNMA),
1.05% 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),
1.05% due 1/1/19 7,565,000
3,520,000 Charlotte North Carolina, Airport Revenue Refunding, Series A,
(SPA: Commerzbank A.G.), (MBIA Insured),
1.27% due 7/1/16 3,520,000
940,000 Chicago, Illinois, O'Hare International Airport Revenue,
Gerneral Airport 2nd Lien - B, (LOC: Societe Generale),
0.95% due 1/1/15 940,000
9,400,000 Clark County, Nevada, Airport Revenue, Sub Lien, Series B-2,
(LOC: Bayerische Landesbank),
0.89% due 7/1/29 9,400,000
1,355,000 Clayton County, Georgia, Housing Authority, Mulit Family
Housing Revenue Refunding, Huntington Woods Apartment
Project, Series A, (SPA: Societe Generale), (FSA Insured),
0.99% 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 General), (FSA Insured),
0.99% due 1/1/21 1,000,000
</Table>
See Notes to Financial Statements.
41
<Page>
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------- -------------
VARIABLE/FLOATING RATE NOTES*(1) -- (CONTINUED)
WEEKLY VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$ 1,100,000 Clayton County, Georgia, Housing Authority, Multi Family
Housing Revenue Refunding, Kings Arms Apartments
Project, Series D, (SPA: Societe Generale), (FSA Insured),
0.99% 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),
0.99% due 1/1/21 2,335,000
1,400,000 Colton, California, Redevlopment Agency, Mulit Family
Revenue, Series A, (LOC: Coast Federal Bank & Federal
Home Loan Bank),
0.90% due 5/1/10 1,400,000
9,200,000 Connecticut State, General Obligations, Series B,
(SPA: Bayerische Landesbank),
1.05% due 5/15/14 9,200,000
10,100,000 Connecticut State Health & Educational Facilities Authority,
Yale University Project, Series T-2,
0.93% due 7/1/29 10,100,000
5,000,000 Dauphin County, Pennslyvania, General Authority,
(SPA: Scotiabank), (AMBAC Insured),
1.10% due 6/1/26 5,000,000
1,600,000 Dauphin County, Pennsylvania, General Authority, School
District Pooled Financing Program II, (SPA: Bank of Nova
Scotia), (AMBAC Insured),
1.10% due 9/1/32 1,600,000
1,000,000 Delaware State River & Bay Authority Development Revenue,
Series B, (SPA: Credit Locale de France), (AMBAC Insured),
1.09% due 1/1/30 1,000,000
1,900,000 Durham North Carolina, Public Improvement,
(SPA: Wachovia Bank),
1.17% due 2/1/13 1,900,000
6,900,000 Emmaus, Pennsylvania, General Authority Revenue,
(SPA: Wachovia Bank), (FSA Insured),
1.05% due 12/1/28 6,900,000
600,000 Fairfax County, Virginia, Industrial Development Authority
Revenue, Fairfax Hospital System, Series C,
1.05% due 10/1/25 600,000
4,700,000 Florida State Housing Finance Agency, Multi Family Housing
Revenue, Buena Vista, (LOC: First Union National Bank &
Barclays Bank PLC), (FHLMC Insured),
0.95% due 11/1/07 4,700,000
</Table>
See Notes to Financial Statements.
42
<Page>
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------- -------------
VARIABLE/FLOATING RATE NOTES*(1) -- (CONTINUED)
WEEKLY VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$ 2,700,000 Florida State Housing Finance Agency, Multi Family Housing
Revenue, Series A, (LOC: FHLMC),
0.80% due 2/1/08 $ 2,700,000
2,000,000 Gloucester County, New Jersey, Pollution Control Financing
Authority, Revenue Refunding, Mobil Oil Refining Corp. Project,
0.85% 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),
(MBIA Insured),
0.95% due 1/1/18 2,400,000
8,000,000 Honolulu City & County, Hawaii, General Obligations, Series A,
(LOC: Landesbank Hessen-Thuer),
1.07% due 1/1/11 8,000,000
1,800,000 Honolulu City & County, Hawaii, General Obligations, Series A,
(LOC: Landesbank Hessen-Thuer),
1.07% due 1/1/10 1,800,000
2,500,000 Illinois Health Facilities Authority, Hospital Revenue, Decatur
Memorial Hospital Project, Series A, (SPA: FNB Chicago),
(MBIA Insured),
1.01% due 11/15/24 2,500,000
16,700,000 Illinois State Housing Development Authority, Housing
Revenue, Illinois Center Apartments, GTY AGMT -
Metropolitan Life, (FHLMC Insured),
0.95% due 1/1/08 16,700,000
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
2,100,000 Iowa State Higher Education Loan Authority, Educational Loan
Revenue, Private College Facility, ACES, (SPA: Chase
Manhattan Bank), (MBIA Insured),
1.05% due 12/1/15 2,100,000
2,750,000 Kentucky State, Area Development Districts Revenue, Ewing
Project, (LOC: Wachovia Bank),
1.15% due 6/1/33 2,750,000
8,000,000 Lisle County, Illinois, Multi Family Housing Revenue Refunding,
Four Lakes Project Phase V (FNMA Insured),
1.00% due 9/15/26 8,000,000
6,000,000 Long Island, New York Elec System Rev, Power Authority,
Series 7, Suberies 7-A, (SPA: Credit Suisse), (MBIA Insured),
0.95% due 4/1/25 6,000,000
</Table>
See Notes to Financial Statements.
43
<Page>
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------- -------------
VARIABLE/FLOATING RATE NOTES*(1) -- (CONTINUED)
WEEKLY VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$ 2,000,000 Los Angeles County, California, Pension Obligation, Refunding,
Series C, (SPA: Bank of Nova Scotia), (AMBAC Insured),
1.07% due 6/30/07 $ 2,000,000
615,000 Los Angeles, California, Multi Family Housing Revenue,
Series K, (LOC: Coast Savings & Loan and FHLB),
1.00% due 7/1/10 615,000
2,550,000 Louisiana State, Public Facilities Authority, Revenue, College &
University Equipment & Capital,
Series A, (SPA: Societe Generale), (FGIC Insured),
1.10% due 9/1/10 2,550,000
8,900,000 Massachusetts State Health & Educational Facilities Authority
Revenue, Amherst College Project, Series F,
0.91% due 11/1/26 8,900,000
5,000,000 Massachusetts State Health & Educational Facilities Authority
Revenue, Boston University Project, Series H, (SPA: State
Street Bank & Trust Co.),
0.94% due 12/1/15 5,000,000
200,000 Massachusetts State Health & Educational Facilities Authority
Revenue, Capital Asset Project, Series G-1, (SPA: State Street
Bank & Trust Co.), (MBIA Insured),
1.10% due 1/1/19 200,000
800,000 Massachusetts State Housing Finance Agency, Revenue
Refunding, Multi Family Housing Project, Series A, (FNMA
Collateral Agreement),
1.00% due 1/15/10 800,000
9,300,000 Massachusetts State Water Resources Authority, General
Obligations, Series B, (LOC: Landesbank Hessen-Thuer),
0.95% due 8/1/28 9,300,000
5,400,000 Mecklenburg County, North Carolina, Series C, (SPA: Wachovia
Bank),
1.02% due 2/1/18 5,400,000
1,000,000 Minnesota State, Higher Education Facilities Revenue, Carelton
College, Series G, (SPA Wells Fargo Bank NA),
0.95% due 11/1/29 1,000,000
6,200,000 Missouri State Health & Educational Facilities Revenue,
Christian Health Services, Series B, (LOC: J.P. Morgan
& Co.),
1.00% due 12/1/19 6,200,000
5,000,000 Moffat County, Colorado, Pollution Control Revenue, Electric
Utilities, (SPA: JP Morgan Chase Bank), (AMBAC Insured),
1.30% due 7/1/10 5,000,000
</Table>
See Notes to Financial Statements.
44
<Page>
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------- -------------
VARIABLE/FLOATING RATE NOTES*(1) -- (CONTINUED)
WEEKLY VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$ 5,400,000 Montgomery County, Maryland, Housing Opportunities
Commission, Multi Family Housing Revenue, Falklands
Project, Series B, (FNMA Insured),
0.95% due 8/1/15 $ 5,400,000
1,500,000 Mountain View/Santa Clara County, California, Mariposa
Project, Series A, (SPA: FGIC Capital Markets Services),
(FGIC Insured),
1.00% due 3/1/17 1,500,000
9,900,000 New Jersey State Turnpike Authority Revenue, Series D,
(LOC: Societe Generale), (FGIC Insured),
1.12% due 1/1/18 9,900,000
7,600,000 New York City, New York, Transitional Finance Authority
Revenue, Future Tax Secured, Series A-1, (SPA: J.P. Morgan
Chase & Co.),
1.10% due 11/15/28 7,600,000
1,850,000 New York City, New York, Transitional Finance Authority
Revenue, Recovery, Series 3, Subseries C-4, (SPA: Bank of
New York),
0.80% due 11/1/22 1,850,000
4,300,000 New York State Housing Finance Agency Revenue, Liberty View
Apartments Project, Series A, (FNMA Insured),
1.00% 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%),
1.00% due 4/1/23 11,200,000
500,000 Ohio State, University General Receipts,
1.05% due 12/1/07 500,000
Ohio State, University General Receipts, Series B:
3,250,000 1.21% due 12/1/19 3,250,000
3,800,000 1.21% due 12/1/29 3,800,000
700,000 Port Kalama, Washington, Public Corp., Conagra Inc. Project,
(LOC: J.P. Morgan Chase & Co.),
1.22% due 1/1/04 700,000
2,014,000 Roseville, Minnesota, Commercial Development Revenue,
Berger Transfer & Storage Project, Series F, (LOC: Wells
Fargo Bank),
1.05% due 12/1/15 2,014,000
1,750,000 Texas State Higher Education Authority, Educational
Equipment & Improvement Revenue, Series B, (FGIC Insured),
1.10% due 12/1/25 1,750,000
</Table>
See Notes to Financial Statements.
45
<Page>
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------- -------------
VARIABLE/FLOATING RATE NOTES*(1) -- (CONTINUED)
WEEKLY VARIABLE/FLOATING RATE NOTES -- (CONTINUED)
$ 4,200,000 Tulsa, Oklahoma, Industrial Authority Revenue Refunding,
University of Tulsa, Series B, (SPA: Credit Local de France),
(MBIA Insured),
1.10% due 10/1/26 $ 4,200,000
1,820,000 University of Utah, Auxiliary & Campus Facilities, Series A,
(SPA: Bank of Nova Scotia),
1.10% 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
3,700,000 Washington State, General Obligation, Series VR-96A,
(SPA: Landesbank Hessen-Thuer),
0.89% due 6/1/20 3,700,000
-------------
TOTAL WEEKLY VARIABLE/FLOATING RATE NOTES
(Cost $254,819,000) 254,819,000
-------------
TOTAL VARIABLE/FLOATING RATE NOTES
(Cost $586,374,000) 586,374,000
-------------
FIXED RATE BONDS -- 1.7%
5,000,000 Philadelphia, Pennsylvania, Tax & Revenue Anticipation
Notes:
2.00% due 6/30/04 5,029,487
5,000,000 Texas State, Tax & Revenue Anticipation Notes:
2.00% due 8/31/04 5,034,085
-------------
TOTAL FIXED RATE BONDS
(Cost $10,063,572) 10,063,572
-------------
TOTAL INVESTMENTS
(Cost $596,437,572)(2) 100.0% $ 596,437,572
OTHER ASSETS IN EXCESS OF LIABILITIES 0.0 192,411
----- -------------
NET ASSETS 100.0% $ 596,629,983
===== =============
</Table>
- ----------
* Percentages indicated are based on net assets.
(1) Demand security; payable upon demand by the Fund with usually no more than
thirty (30) calendar days' notice. The coupon rate shown on floating or
adjustable rate securities represents the rate at period end. The due dates
on these type of securities reflect the next interest rate reset date or,
when applicable, the final maturity date.
(2) Aggregate cost for federal tax purposes.
See Notes to Financial Statements.
46
<Page>
Abbreviations:
ACES -- Adjustable Convertible Extendable Securities
AMBAC -- American Municipal Bond Assurance Corporation
DATES -- Daily Adjustable Tax-Exempt Securities
FGIC -- Financial Guaranty Insurance Corporation
FHLB -- Federal Home Loan Bank
FHLMC -- Federal Home Loan Mortgage Corporation
FNMA -- Federal National Mortgage Association
FSA -- Financial Security Assurance
LOC -- Letter of Credit
MBIA -- Municipal Bond Investors Assurance
SPA -- Stand-By Purchase Agreement
UPDATES -- Unit Price Demand Adjustable Tax-Exempt Securities
See Notes to Financial Statements.
47
<Page>
CORE FIXED INCOME PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS
OCTOBER 31, 2003
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------- -------------
AGENCY NOTES* -- 14.4%
FEDERAL HOME LOAN BANK -- 2.0%
$ 4,000,000 1.875% due 6/15/06 $ 3,940,676
-------------
FEDERAL HOME LOAN MORTGAGE CORPORATION -- 1.1%
2,000,000 5.125% due 10/15/08 2,138,958
-------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 11.3%
5,000,000 6.50% due 8/15/04 5,202,865
8,000,000 6.625% due 9/15/09 9,129,992
2,000,000 5.50% due 3/15/11 2,147,250
5,000,000 5.25% due 8/1/12 5,072,950
-------------
21,553,057
-------------
TOTAL AGENCY NOTES
(Cost $28,075,576) 27,632,691
-------------
MORTGAGE-BACKED SECURITIES(1) -- 29.8%
FEDERAL HOME LOAN MORTGAGE CORPORATION -- 3.5%
13,523 # 555359, 6.50% due 4/1/08 13,907
5,636,249 # C00742, 6.50% due 4/1/29 5,867,520
137,458 # D78677, 8.00% due 3/1/27 149,045
225,874 # D84894, 8.00% due 12/1/27 244,251
59,345 # G00807, 9.50% due 3/1/21 65,014
353,147 # G10753, 6.50% due 9/1/09 370,043
-------------
6,709,780
-------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 22.2%
2,332,020 Series 1993-135, 6.50% due 7/25/08 209,680
29,800 # 125275, 7.00% due 3/1/24 31,498
172,897 # 252806, 7.50% due 10/1/29 184,288
3,594,051 # 254685, 5.00% due 4/1/18 3,653,306
190,768 # 259322, 6.50% due 11/1/31 198,217
144,218 # 313795, 9.50% due 1/1/25 161,926
59,368 # 313796, 9.50% due 2/1/21 66,165
355,083 # 313815, 6.50% due 1/1/11 374,878
500,190 # 373328, 8.00% due 3/1/27 541,516
690,327 # 390895, 8.00% due 6/1/27 747,362
299,811 # 395715, 8.00% due 8/1/27 324,581
1,413,231 # 397602, 8.00% due 8/1/27 1,529,993
248,780 # 405845, 8.00% due 11/1/27 269,334
7 # 44174, 6.50% due 11/1/03 7
233,805 # 481401, 6.50% due 12/1/28 243,208
48,058 # 499335, 6.50% due 8/1/29 49,976
57,419 # 506754, 7.00% due 7/1/29 60,514
16,108 # 514500, 7.00% due 11/1/29 16,976
</Table>
See Notes to Financial Statements.
48
<Page>
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------- -------------
MORTGAGE-BACKED SECURITIES(1) -- (CONTINUED)
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- (CONTINUED)
$ 19,743 # 523497, 7.50% due 11/1/29 $ 21,044
381,618 # 535729, 6.50% due 2/1/16 401,603
426,736 # 535962, 6.50% due 5/1/16 449,051
647,557 # 555016, 6.50% due 10/1/17 681,420
51,957 # 557515, 7.00% due 11/1/30 54,719
191,589 # 581788, 7.00% due 7/1/31 201,728
293,929 # 586181, 7.00% due 6/1/31 309,485
68,719 # 588945, 7.00% due 6/1/31 72,356
253,536 # 595134, 6.50% due 7/1/16 266,794
1,093,831 # 596498, 6.00% due 7/1/16 1,137,849
176,001 # 601291, 6.50% due 8/1/31 182,872
1,427,380 # 607862, 7.00% due 9/1/31 1,502,923
172,339 # 608777, 6.50% due 10/1/16 181,351
898,873 # 624571, 7.00% due 3/1/32 946,394
1,806,409 # 625990, 5.50% due 12/1/16 1,860,488
807,845 # 632245, 7.00% due 4/1/32 850,599
75,189 # 639703, 7.00% due 3/1/32 79,164
377,593 # 643340, 6.50% due 3/1/17 397,361
396,547 # 645895, 7.00% due 6/1/32 417,512
204,076 # 656872, 6.50% due 8/1/32 212,017
219,687 # 673087, 6.50% due 12/1/32 228,236
3,274,712 # 677574, 7.00% due 2/1/33 3,447,839
4,006,294 # 686230, 5.50% due 2/1/18 4,126,051
373,710 # 687575, 7.00% due 2/1/33 393,446
358,772 # 701705, 6.50% due 2/1/33 372,733
8,000,000 TBA, 5.50% due 11/1/18 8,235,000
2,000,000 TBA, 6.50% due 12/1/32 2,074,376
5,000,000 TBA, 5.00% due 11/1/33 4,931,250
-------------
42,699,086
-------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION -- 4.1%
223,061 # 557379, 7.00% due 5/15/31 236,432
279,746 # 460389, 7.00% due 5/15/28 296,765
109,853 # 464049, 7.00% due 7/15/28 116,537
114,899 # 466046, 7.00% due 9/15/28 121,890
529,580 # 474717, 7.00% due 1/15/31 561,326
330,630 # 476259, 7.00% due 8/15/28 350,745
190,357 # 483491, 7.00% due 10/15/28 201,938
212,100 # 485264, 7.50% due 2/15/31 226,591
141,448 # 490998, 7.00% due 12/15/28 150,054
65,320 # 493533, 7.00% due 1/15/31 69,235
65,190 # 496632, 7.00% due 12/15/28 69,156
</Table>
See Notes to Financial Statements.
49
<Page>
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------- -------------
MORTGAGE-BACKED SECURITIES(1) -- (CONTINUED)
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION -- (CONTINUED)
$ 161,816 # 530571, 7.50% due 2/15/31 $ 172,871
82,334 # 537649, 7.00% due 10/15/30 87,300
467,558 # 539971, 7.00% due 1/15/31 495,586
166,359 # 542916, 7.00% due 5/15/31 176,332
96,677 # 547513, 7.00% due 4/15/31 102,472
168,148 # 551415, 7.00% due 5/15/31 178,228
53,357 # 551426, 7.00% due 5/15/31 56,556
89,477 # 551484, 7.00% due 6/15/31 94,840
48,950 # 552577, 7.00% due 5/15/32 51,852
23,888 # 556417, 7.00% due 6/15/31 25,320
264,708 # 559304, 7.00% due 9/15/31 280,576
98,102 # 564542, 7.00% due 11/15/31 103,983
131,029 # 564543, 7.00% due 12/15/31 138,884
36,119 # 565982, 7.00% due 7/15/32 38,261
125,561 # 566254, 7.00% due 10/15/31 133,088
28,028 # 570128, 7.00% due 12/15/31 29,708
163,601 # 570140, 7.00% due 12/15/31 173,408
503,545 # 570289, 7.00% due 1/15/32 533,405
238,623 # 571365, 7.00% due 12/15/31 252,927
157,193 # 573072, 7.00% due 9/15/31 166,616
558,822 # 581406, 7.00% due 6/15/32 591,961
131,465 # 593188, 7.00% due 7/15/32 139,261
126,297 # 780995, 7.00% due 12/15/28 133,989
801,909 # 781300, 7.00% due 6/15/31 850,273
593,003 # 781533, 7.00% due 11/15/32 628,584
-------------
8,036,950
-------------
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $56,661,588) 57,445,816
-------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 0.9%
1,650,767 Credit-Based Asset Servicing 6.50% due 9/25/26 1,772,002
-------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $1,544,118) 1,772,002
-------------
CORPORATE NOTES -- 28.8%
5,000,000 American General Finance, 4.50% due 11/15/07 5,182,179
5,000,000 Citigroup, Inc., 7.25% due 10/1/10 5,816,965
5,000,000 General Electric Capital Corp., 5.875% due 2/15/12 5,339,055
5,000,000 General Motors Acceptance Corp., 6.38% due 1/30/04 5,057,910
5,000,000 Goldman Sachs Group Inc., 4.75% due 7/15/13 4,828,270
5,000,000 IBM Corp., 4.75% due 11/29/12 4,999,840
</Table>
See Notes to Financial Statements.
50
<Page>
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------- -------------
CORPORATE NOTES -- (CONTINUED)
$ 5,000,000 JP Morgan Chase & Co., 5.625% due 8/15/06 $ 5,380,910
5,000,000 Morgan Stanley Dean Witter & Co., 6.10% due 4/15/06 5,418,810
3,000,000 Procter & Gamble Co. (The), 4.75% due 6/15/07 3,169,827
5,000,000 Wal-Mart Stores, Inc., 6.875% due 8/10/09 5,737,200
4,000,000 Wells Fargo Bank, 6.45% due 2/1/11 4,470,548
-------------
TOTAL CORPORATE NOTES
(Cost $52,421,062) 55,401,514
-------------
US TREASURY NOTES/BONDS -- 23.1%
4,350,000 U.S. Treasury Bond, 6.125% due 11/15/27 4,862,656
8,400,000 U.S. Treasury Bond, 6.125% due 8/15/29 9,430,638
6,000,000 U.S. Treasury Note, 3.50% due 11/15/06 6,192,654
1,000,000 U.S. Treasury Note, 4.375% due 5/15/07 1,058,047
7,000,000 U.S. Treasury Note, 5.625% due 5/15/08 7,748,398
5,000,000 U.S. Treasury Note, 3.25% due 8/15/08 5,011,525
2,200,000 U.S. Treasury Note, 4.875% due 2/15/12 2,320,829
6,000,000 U.S. Treasury Note, 3.875% due 2/15/13 5,832,888
2,000,000 U.S. Treasury Note, 4.25% due 8/15/13 1,991,876
-------------
TOTAL US TREASURY NOTES/BONDS
(Cost $43,764,175) 44,449,511
-------------
REPURCHASE AGREEMENTS -- 9.5%
49,377 With Investors Bank & Trust Co., dated 10/31/03, 0.75%,
principal and interest in the amount of $49,380,
due 11/03/03, (collateralized by FHLMC ARM #846742 with a
par value of $50,105, coupon rate of 3.72%,
due 02/01/26, market value of $51,938) 49,377
18,200,000 With Merrill Lynch, Inc., dated 10/31/03, 1.02%,
principal and interest in the amount of $18,201,547,
due 11/03/03, (collateralized by FNMA #724039 with a
par value of $20,645,000, coupon rate 3.36%,
due 09/01/42, market value of 18,570,933) 18,200,000
-------------
TOTAL REPURCHASE AGREEMENTS
(Cost $18,249,377) 18,249,377
-------------
TOTAL INVESTMENTS
(Cost $200,715,896)(2) 106.5% $ 204,950,911
LIABILITIES IN EXCESS OF OTHER ASSETS (6.5) (12,541,373)
----- -------------
NET ASSETS 100.0% $ 192,409,538
===== =============
</Table>
See Notes to Financial Statements.
51
<Page>
- ----------
* Percentages indicated are based on net assets.
(1) Represents current face amount at October 31, 2003.
(2) Aggregate cost for federal tax purposes was $200,768,926.
Abbreviations:
ARM -- Adjustable Rate Mortgage
FHLMC -- Federal Home Loan Mortgage Corporation
FNMA -- Federal National Mortgage Association
TBA -- To be announced
See Notes to Financial Statements.
52
<Page>
STRATEGIC EQUITY PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS
OCTOBER 31, 2003
<Table>
<Caption>
SHARES VALUE
- ------------- -------------
COMMON STOCKS* -- 98.4%
ADVERTISING -- 2.3%
25,550 Omnicom Group, Inc. $ 2,038,890
-------------
BANKING -- 8.6%
32,480 Bank of America Corp. 2,459,710
14,025 Charter One Financial, Inc. 448,239
36,155 Citigroup, Inc. 1,713,747
29,750 Compass Bancshares, Inc. 1,123,955
19,500 Washington Mutual, Inc. 853,125
17,950 Wells Fargo & Co. 1,010,944
-------------
7,609,720
-------------
BEVERAGES, FOOD & TOBACCO -- 1.0%
27,050 Sysco Corp. 910,503
-------------
CAPITAL GOODS -- 2.0%
20,395 United Technologies Corp. 1,727,253
-------------
CHEMICALS -- 1.5%
17,000 3M Co. 1,340,790
-------------
COMMERCIAL SERVICES -- 1.1%
26,700 Automatic Data Processing, Inc. 1,007,658
-------------
COMPUTERS & INFORMATION -- 0.7%
16,100 Dell, Inc.(1) 581,532
-------------
CONSUMER PRODUCTS -- 5.7%
37,650 Anheuser-Busch Companies, Inc. 1,854,639
10,855 Clorox Co. 491,731
7,875 Kellogg Co. 260,899
51,010 PepsiCo, Inc. 2,439,298
-------------
5,046,567
-------------
COSMETICS & PERSONAL CARE -- 2.6%
23,550 Procter & Gamble Co. (The) 2,314,729
-------------
ELECTRONIC TECHNOLOGY -- 8.0%
117,550 Cisco Systems, Inc.(1) 2,466,199
60,650 Flextronics International Ltd.(1) 849,100
114,550 Intel Corp. 3,785,877
-------------
7,101,176
-------------
ENERGY -- 2.9%
18,075 FPL Group, Inc. 1,152,100
29,000 Talisman Energy, Inc. 1,415,200
-------------
2,567,300
-------------
</Table>
See Notes to Financial Statements.
53
<Page>
<Table>
<Caption>
SHARES VALUE
- ------------- -------------
COMMON STOCKS* -- (CONTINUED)
ENERGY MINERALS -- 2.2%
53,546 Exxon Mobil Corp. $ 1,958,713
-------------
FINANCIAL SERVICES -- 9.3%
31,000 American Express Co. 1,454,830
34,610 American International Group 2,105,326
31,010 Fannie Mae 2,223,107
15,275 Goldman Sachs Group, Inc. 1,434,322
25,165 SLM Corp. 985,461
-------------
8,203,046
-------------
HEALTH CARE FACILITY & SUPPLIES -- 3.5%
18,895 AmerisourceBergen Corp. 1,072,669
12,670 C.R. Bard, Inc. 1,014,233
11,575 Wellpoint Health Networks, Inc.(1) 1,029,017
-------------
3,115,919
-------------
HEALTH TECHNOLOGY -- 2.1%
36,520 Johnson & Johnson 1,838,052
-------------
INSURANCE -- 0.8%
8,180 Everest Re Group, Ltd. 678,531
-------------
MEDIA - BROADCASTING & PUBLISHING -- 0.8%
23,075 Comcast Corp. - Class A(1) 752,706
-------------
MEDICAL PRODUCTS & SUPPLIES -- 2.8%
15,320 Varian Medical Systems, Inc.(1) 979,561
24,000 Zimmer Holdings, Inc.(1) 1,531,440
-------------
2,511,001
-------------
MEDICAL SUPPLIES -- 1.0%
17,575 Beckman Coulter, Inc. 872,599
-------------
MULTI-LINE INSURANCE -- 0.7%
18,885 Willis Group Holdings, Ltd. 628,870
-------------
OIL & GAS -- 2.2%
13,175 BP PLC ADR 558,356
19,245 ChevronTexaco Corp. 1,429,904
-------------
1,988,260
-------------
PHARMACEUTICALS -- 5.3%
39,450 Merck & Co., Inc. 1,745,663
94,470 Pfizer, Inc. 2,985,252
-------------
4,730,915
-------------
</Table>
See Notes to Financial Statements.
54
<Page>
<Table>
<Caption>
SHARES VALUE
- ------------- -------------
COMMON STOCKS* -- (CONTINUED)
PROCESS INDUSTRIES -- 2.9%
87,350 General Electric Co. $ 2,534,024
-------------
PRODUCER MANUFACTURING -- 3.2%
26,030 Johnson Controls, Inc. 2,799,006
-------------
RETAILERS -- 9.9%
66,550 Home Depot, Inc. 2,467,009
25,945 Lowe's Companies, Inc. 1,528,939
56,575 Target Corp. 2,248,291
42,000 Wal-Mart Stores, Inc. 2,475,900
-------------
8,720,139
-------------
TECHNOLOGY -- 9.5%
50,850 Applied Materials, Inc.(1) 1,188,365
68,925 EMC Corp.(1) 953,922
27,745 First Data Corp. 990,497
16,095 International Business Machines Corp. 1,440,181
103,040 Microsoft Corp. 2,694,496
23,740 QUALCOMM, Inc. 1,127,650
-------------
8,395,111
-------------
TELECOMMUNICATIONS -- 3.1%
39,020 CenturyTel, Inc. 1,394,965
25,925 Nokia OYJ ADR 440,466
27,250 Verizon Communications, Inc. 915,600
-------------
2,751,031
-------------
TRANSPORTATION - SHIPPING -- 2.4%
4,060 FedEx Corp. 307,586
24,925 United Parcel Service, Inc. - Class B 1,807,561
-------------
2,115,147
-------------
UTILITIES -- 0.3%
7,500 Pinnacle West Capital Corp. 274,200
-------------
TOTAL COMMON STOCKS
(Cost $75,522,024) 87,113,388
-------------
</Table>
See Notes to Financial Statements.
55
<Page>
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------- -------------
REPURCHASE AGREEMENT 1.4%
$ 1,232,783 With Investors Bank & Trust Co., dated 10/31/03, 0.75%,
principal and interest in the amount of $1,232,860,
due 11/03/03, (collateralized by FHLMC ARM #845241
with a par value of $1,248,469, coupon rate of 4.18%,
due 01/01/23, market value of $1,294,433) $ 1,232,783
-------------
TOTAL REPURCHASE AGREEMENT
(Cost $1,232,783) 1,232,783
-------------
TOTAL INVESTMENTS
(Cost $76,754,807)(2) 99.8% $ 88,346,171
OTHER ASSETS IN EXCESS OF LIABILITIES 0.2 174,371
----- -------------
NET ASSETS 100.0% $ 88,520,542
===== =============
</Table>
- ----------
* Percentages indicated are based on net assets.
(1) Non-income producing security.
(2) Aggregate cost for federal tax purposes was $76,922,388.
Abbreviations:
ADR -- American Depositary Receipt
FHLMC -- Federal Home Loan Mortgage Corporation
ARM -- Adjustable Rate Mortgage
See Notes to Financial Statements.
56
<Page>
SMALL CAP EQUITY PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS
OCTOBER 31, 2003
<Table>
<Caption>
SHARES VALUE
- ------------- -------------
COMMON STOCKS* -- 99.2%
AEROSPACE & DEFENSE -- 1.6%
45,700 Engineered Support Systems, Inc. $ 3,089,777
106,430 Herley Industries, Inc.(1) 2,011,527
-------------
5,101,304
-------------
AUTOMOTIVE -- 0.6%
73,280 United Auto Group, Inc.(1) 1,903,082
-------------
BASIC INDUSTRY -- 11.6%
143,900 American Axle and Manufacturing Holdings, Inc.(1) 4,978,940
117,440 AptarGroup, Inc. 4,204,352
420,180 Crown Holdings, Inc.(1) 3,319,422
145,600 Georgia Gulf Corp. 3,916,640
123,800 Jacobs Engineering Group, Inc.(1) 5,734,416
109,860 Mettler-Toledo International, Inc.(1) 4,212,032
51,460 Moog, Inc. - Class A(1) 2,181,904
116,160 Precision Castparts Corp. 4,777,661
90,240 Silgan Holdings, Inc.(1) 2,885,875
10,808 Trex Company, Inc.(1) 399,896
-------------
36,611,138
-------------
COMMERCIAL SERVICES -- 2.2%
80,050 Global Payments, Inc. 3,334,082
122,960 MTC Technologies, Inc.(1) 3,601,498
-------------
6,935,580
-------------
CONSULTING SERVICES -- 1.0%
139,230 Tetra Tech, Inc.(1) 3,129,890
-------------
CONSUMER SERVICES -- 10.8%
120,640 Brunswick Corp. 3,579,389
161,960 CBRL Group, Inc. 6,275,950
98,100 Marvel Enterprises, Inc.(1) 2,889,045
90,000 Nu Skin Asia Pacific, Inc. - Class A 1,428,300
54,140 Polaris Industries, Inc. 4,634,384
80,035 RARE Hospitality International, Inc.(1) 1,984,868
246,870 Ruby Tuesday, Inc. 6,751,894
163,910 Take-Two Interactive Software, Inc.(1) 6,482,640
-------------
34,026,470
-------------
EDUCATION -- 0.5%
37,680 Bright Horizons Family Solution, Inc.(1) 1,618,733
-------------
</Table>
See Notes to Financial Statements.
57
<Page>
<Table>
<Caption>
SHARES VALUE
- ------------- -------------
COMMON STOCKS* -- (CONTINUED)
ELECTRONICS -- 1.8%
125,400 Trimble Navigation, Ltd.(1) $ 3,467,310
133,250 Zoran Corp.(1) 2,219,945
-------------
5,687,255
-------------
ENERGY -- 6.9%
113,590 Cabot Oil & Gas Corp. 2,902,224
135,760 Denbury Resources, Inc.(1) 1,713,291
134,510 Forrest Oil Corp.(1) 3,154,260
57,390 Houston Exploration Co. (The)(1) 2,008,650
311,470 Key Energy Services, Inc.(1) 2,719,133
97,380 Oceaneering International, Inc.(1) 2,245,583
197,320 Southwestern Energy Co.(1) 3,828,008
77,640 Western Gas Resources, Inc. 3,299,700
-------------
21,870,849
-------------
ENTERTAINMENT & LEISURE -- 2.5%
167,950 Alliance Gaming Corp.(1) 4,072,788
171,390 Lexar Media, Inc.(1) 3,926,545
-------------
7,999,333
-------------
FINANCIAL SERVICES -- 8.8%
68,800 4 Kids Entertainment, Inc.(1) 1,682,160
35,365 Cascade Bancorp 668,399
124,640 Cullen/Frost Bankers, Inc. 4,831,046
74,180 FirstFed Financial Corp.(1) 3,338,100
42,440 Hanmi Financial Corp. 899,728
137,367 Independent Bank Corp. 3,974,024
170,370 MAF Bancorp, Inc. 7,141,910
98,340 R&G Financial Corp. - Class B 3,235,386
55,689 Texas Regional Bancshares, Inc. - Class A 2,018,726
-------------
27,789,479
-------------
HEALTH CARE -- 9.6%
133,460 Covance, Inc.(1) 3,473,964
148,920 IDEXX Laboratories, Inc.(1) 7,043,916
72,200 Medicis Pharmaceutical Corp. - Class A 4,573,870
50,730 Mid Atlantic Medical Services, Inc.(1) 2,962,632
124,290 Renal Care Group, Inc.(1) 4,662,118
150,360 Sicor, Inc.(1) 4,029,648
80,760 Stericycle, Inc.(1) 3,729,497
-------------
30,475,645
-------------
</Table>
See Notes to Financial Statements.
58
<Page>
<Table>
<Caption>
SHARES VALUE
- ------------- -------------
COMMON STOCKS* -- (CONTINUED)
INDUSTRIAL -- 0.6%
81,880 WCI Communities, Inc.(1) $ 1,784,984
-------------
INSURANCE -- 3.3%
97,315 Hilb, Rogal & Hamilton Co. 2,921,396
50,480 IPC Holdings, Ltd. 1,890,476
109,030 Scottish Re Group, Ltd. 2,377,944
52,350 Stancorp Financial Group, Inc. 3,300,668
-------------
10,490,484
-------------
MEDICAL PRODUCTS & SUPPLIES -- 0.7%
44,190 Bio-Rad Laboratories, Inc. - Class A(1) 2,308,928
-------------
PHARMACEUTICALS -- 0.6%
99,000 Able Laboratories, Inc.(1) 1,914,660
-------------
REIT -- 1.4%
284,010 Equity Inns, Inc. 2,399,885
117,620 LaSalle Hotel Properties 1,981,897
-------------
4,381,782
-------------
RETAILERS -- 5.4%
89,390 AnnTaylor Stores Corp.(1) 3,200,162
85,890 Dick's Sporting Goods, Inc.(1) 3,949,222
45,140 Electronics Boutique Holdings Corp.(1) 1,284,233
152,340 Flowers Foods 3,615,028
69,390 Regis Corp. 2,638,208
85,960 Sharper Image Corp.(1) 2,475,648
-------------
17,162,501
-------------
TECHNOLOGY -- 23.8%
68,690 ANSYS, Inc.(1) 2,448,112
131,250 Avocent Corp.(1) 4,961,250
64,600 Benchmark Electronics, Inc.(1) 3,147,312
68,000 CACI International, Inc. - Class A(1) 3,368,040
92,680 Coherent, Inc.(1) 2,131,640
102,780 Commonwealth Telephone Enterprises, Inc.(1) 4,189,313
113,800 Cymer, Inc.(1) 5,196,108
121,740 Digital River, Inc.(1) 3,333,241
62,920 DigitalNet Holdings, Inc.(1) 1,454,081
104,620 DSP Group, Inc.(1) 2,498,326
226,630 Electronics for Imaging, Inc.(1) 6,141,673
104,360 FindWhat.com(1) 1,743,856
53,290 GTECH Holdings Corp. 2,380,997
88,800 Hutchinson Technology, Inc.(1) 2,975,688
</Table>
See Notes to Financial Statements.
59
<Page>
<Table>
<Caption>
SHARES VALUE
- ------------- -------------
COMMON STOCKS* -- (CONTINUED)
TECHNOLOGY -- (CONTINUED)
44,950 Imation Corp. $ 1,530,548
241,900 Internet Security Systems, Inc.(1) 3,969,579
153,620 Itron, Inc.(1) 3,147,674
78,730 Kronos, Inc.(1) 4,723,800
106,230 Manhattan Associates, Inc.(1) 2,957,443
314,760 Methode Electronics, Inc. - Class A 3,748,792
68,780 MICROS Systems, Inc.(1) 2,784,902
105,240 Reynolds & Reynolds Co. (The) - Class A 2,858,318
145,790 Websense, Inc.(1) 3,411,486
-------------
75,102,179
-------------
TELECOMMUNICATIONS -- 1.3%
281,160 Cincinnati Bell, Inc.(1) 1,436,728
58,930 InterDigital Communications Corp.(1) 1,001,221
83,000 Intrado, Inc.(1) 1,500,640
-------------
3,938,589
-------------
TEXTILES, CLOTHING & FABRICS -- 0.4%
47,950 Mothers Work, Inc.(1) 1,347,395
-------------
UTILITIES -- 2.2%
186,010 Energen Corp. 6,858,189
-------------
WASTE MANAGEMENT -- 1.6%
167,497 Casella Waste Systems, Inc. - Class A(1) 2,108,787
82,680 Waste Connections, Inc.(1) 2,867,342
-------------
4,976,129
-------------
TOTAL COMMON STOCKS
(Cost $248,909,071) 313,414,578
-------------
<Caption>
FACE
AMOUNT
- -------------
REPURCHASE AGREEMENT 1.1%
$ 3,650,516 With Investors Bank & Trust Co., dated 10/31/03, 0.75%,
principal and interest in the amount of $3,650,744,
due 11/03/03, (collateralized by GNMA #280577 with a
par value of $3,862,332, coupon rate of 3.00%, due
02/20/32, market value of $3,833,041) 3,650,516
-------------
TOTAL REPURCHASE AGREEMENT
(Cost $3,650,516) 3,650,516
-------------
TOTAL INVESTMENTS
(Cost $252,559,587)(2) 100.3% $ 317,065,094
LIABILITIES IN EXCESS OF OTHER ASSETS (0.3) (1,027,879)
----- -------------
NET ASSETS 100.0% $ 316,037,215
===== =============
</Table>
See Notes to Financial Statements.
60
<Page>
- ----------
* Percentages indicated are based on net assets.
(1) Non-income producing security.
(2) Aggregate cost for federal tax purposes was $253,157,241.
Abbreviation:
GNMA -- Government National Mortgage Association
REIT -- Real Estate Investment Trust
See Notes to Financial Statements.
61
<Page>
LARGE CAP VALUE PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS
OCTOBER 31, 2003
<Table>
<Caption>
SHARES VALUE
- ------------- -------------
COMMON STOCKS* -- 97.3%
AEROSPACE & DEFENSE -- 2.0%
15,850 Goodrich Corp. $ 437,777
-------------
BANKING -- 9.7%
13,300 FleetBoston Financial Corp. 537,187
9,316 New York Community Bancorp, Inc. 337,239
4,975 Popular, Inc. 223,875
12,075 Wachovia Corp. 553,880
9,675 Washington Mutual, Inc. 423,281
-------------
2,075,462
-------------
BASIC INDUSTRY -- 0.9%
7,250 Bunge, Ltd. 196,475
-------------
BEVERAGES, FOOD & TOBACCO -- 3.7%
6,800 Altria Group, Inc. 316,200
5,450 Dean Foods Co.(1) 164,863
10,275 Kraft Foods, Inc. - Class A 299,002
-------------
780,065
-------------
CAPITAL GOODS -- 2.2%
5,600 United Technologies Corp. 474,264
-------------
COMMERCIAL SERVICES -- 2.5%
25,825 Cendant Corp.(1) 527,605
-------------
COMPUTER SOFTWARE & PROCESSING -- 0.9%
3,925 Affiliated Computer Services, Inc. - Class A(1) 192,050
-------------
COMPUTERS & INFORMATION -- 1.2%
11,625 Hewlett-Packard Co. 259,354
-------------
CONSUMER DURABLES -- 2.9%
16,325 Masco Corp. 448,937
8,925 Mattel, Inc. 172,788
-------------
621,725
-------------
COSMETICS & PERSONAL CARE -- 0.5%
4,400 Dial Corp. 105,600
-------------
ELECTRONICS -- 2.5%
4,175 Canon, Inc. ADR 204,366
8,925 Energizer Holdings, Inc.(1) 328,440
-------------
532,806
-------------
</Table>
See Notes to Financial Statements.
62
<Page>
<Table>
<Caption>
SHARES VALUE
- ------------- -------------
COMMON STOCKS* -- (CONTINUED)
ENERGY -- 4.2%
18,299 Exxon Mobil Corp. $ 669,377
2,818 Kinder Morgan Management, LLC(1) 106,931
2,575 Valero Energy Corp. 109,952
-------------
886,260
-------------
FINANCE -- 11.9%
8,050 Bank of America Corp. 609,626
17,108 Citigroup, Inc. 810,919
3,625 Federal Home Loan Mortgage Corp. 203,471
8,351 J.P. Morgan Chase & Co. 299,801
4,525 Lehman Brothers Holdings, Inc. 325,800
5,275 Morgan Stanley 289,439
-------------
2,539,056
-------------
HEAVY MACHINERY -- 1.0%
2,175 Eaton Corp. 218,022
-------------
INDUSTRIAL -- 2.4%
3,725 Ball Corp. 209,345
11,775 Monsanto Co. 294,964
-------------
504,309
-------------
INSURANCE -- 9.5%
5,750 ACE, Ltd. 206,999
6,650 Aetna, Inc. 381,777
6,011 American International Group, Inc. 365,649
8,150 Hartford Financial Services Group, Inc. 447,435
10,925 Prudential Financial, Inc. 422,142
4,225 RenaissanceRe Holdings, Ltd. 190,041
-------------
2,014,043
-------------
MANUFACTURING -- 2.1%
21,000 Tyco International, Ltd. 438,480
-------------
MEDIA - BROADCASTING & PUBLISHING -- 2.2%
5,312 Comcast Corp. - Class A(1) 180,183
3,290 Cox Communications Inc. - Class A 112,090
4,375 Viacom Inc. - Class B 174,431
-------------
466,704
-------------
MEDICAL SUPPLIES -- 1.0%
4,075 Guidant Corp. 207,866
-------------
</Table>
See Notes to Financial Statements.
63
<Page>
<Table>
<Caption>
SHARES VALUE
- ------------- -------------
COMMON STOCKS* -- (CONTINUED)
OIL & GAS -- 9.3%
30,050 Chesapeake Energy Corp. $ 358,497
5,550 ChevronTexaco Corp. 412,365
8,925 ConocoPhillips 510,064
7,100 Marathon Oil Corp. 209,947
21,750 Williams Cos., Inc. 221,850
11,333 XTO Energy, Inc. 268,252
-------------
1,980,975
-------------
PHARMACEUTICALS -- 3.3%
4,525 Bausch & Lomb, Inc. 217,924
6,200 Merck & Co., Inc. 274,350
6,475 Pfizer, Inc. 204,610
-------------
696,884
-------------
PROCESS INDUSTRIES -- 1.2%
9,075 General Electric Co. 263,266
-------------
REIT -- 0.6%
6,148 Friedman, Billings, Ramsey Group, Inc. 122,468
-------------
REIT - OFFICE/INDUSTRIAL -- 1.8%
1,900 Health Care Property Investors, Inc. 88,597
3,175 Mack-Cali Realty Corp. 119,666
6,950 Plum Creek Timber Company, Inc. 183,133
-------------
391,396
-------------
RESTAURANTS -- 0.4%
2,572 Applebee's International, Inc. 96,476
-------------
RETAILERS -- 2.2%
7,875 Lowe's Companies, Inc. 464,074
-------------
TECHNOLOGY -- 1.5%
3,475 International Business Machines Corp. 310,943
-------------
TECHNOLOGY SOFTWARE/SERVICES -- 0.4%
2,575 First Data Corp. 91,928
-------------
TELECOMMUNICATIONS -- 3.4%
47,140 AT&T Wireless Services, Inc.(1) 341,765
22,200 Nokia OYJ ADR 377,178
-------------
718,943
-------------
TELEPHONE -- 4.3%
10,225 AT&T Corp. 190,083
9,080 Verizon Communications, Inc. 305,088
</Table>
See Notes to Financial Statements.
64
<Page>
<Table>
<Caption>
SHARES VALUE
- ------------- -------------
COMMON STOCKS* -- (CONTINUED)
TELEPHONE -- (CONTINUED)
20,200 Vodafone Group PLC - Sponsored ADR $ 427,230
-------------
922,401
-------------
TEXTILES, CLOTHING & FABRICS -- 1.1%
6,650 Jones Apparel Group, Inc. 229,425
-------------
UTILITIES -- 4.5%
6,200 Constellation Energy Group, Inc. 225,494
7,550 Entergy Corp. 406,945
5,102 Exelon Corp. 323,722
-------------
956,161
-------------
TOTAL COMMON STOCKS
(Cost $18,046,591) 20,723,263
-------------
<Caption>
FACE
AMOUNT
- -------------
REPURCHASE AGREEMENT -- 4.1%
$ 877,035 With Investors Bank & Trust Co., dated 10/31/03, 0.75%,
principal and interest in the amount of $877,090, due
11/03/03, (collateralized by FNMA ARM #116592 with a par
value of $909,621, coupon rate of 2.783% due 01/01/21,
market value of $920,900) 877,035
-------------
TOTAL REPURCHASE AGREEMENT
(Cost $877,035) 877,035
-------------
TOTAL INVESTMENTS
(Cost $18,923,626)(2) 101.4% $ 21,600,298
LIABILITIES IN EXCESS OF OTHER ASSETS (1.4) (303,596)
----- -------------
NET ASSETS 100.0% $ 21,296,702
===== =============
</Table>
- ----------
* Percentages indicated are based on net assets.
(1) Non-income producing security.
(2) Aggregate cost for federal tax purposes was $19,032,662.
Abbreviations:
ADR -- American Depositary Receipt
ARM -- Adjustable Rate Mortgage
FNMA -- Federal National Mortgage Association
REIT -- Real Estate Investment Trust
See Notes to Financial Statements.
65
<Page>
INTERNATIONAL PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS
OCTOBER 31, 2003
<Table>
<Caption>
SHARES VALUE
- ------------- -------------
COMMON STOCKS* -- 97.0%
UNITED KINGDOM -- 19.6%
1,579,900 Allied Domecq PLC $ 10,559,610
1,422,700 BOC Group PLC 19,379,643
1,450,000 Boots Group PLC 17,514,568
2,572,803 BP Amoco PLC 17,839,242
2,101,000 Cadbury Schweppes PLC 13,454,795
4,509,000 Centrica PLC 14,103,379
650,000 GlaxoSmithKline PLC 13,906,546
4,170,900 Hays PLC 8,626,531
1,027,000 Johnson Matthey PLC 17,097,338
1,919,400 Lloyds TSB Group PLC 13,316,826
616,949 Mitchells & Butlers PLC1 2,431,749
758,000 Next PLC 15,163,441
2,368,400 Scottish Power PLC 14,053,020
3,934,400 Tesco PLC 15,757,847
1,109,837 Trinity Mirror PLC 10,160,136
-------------
203,364,671
-------------
JAPAN -- 16.5%
857,000 Asahi Breweries, Ltd. 7,141,991
336,500 Canon, Inc. 16,251,464
1,111,000 Dai Nippon Printing Co., Ltd. 17,125,668
379,000 Fuji Photo Film Co., Ltd. 11,147,565
311,800 Honda Motor Co., Ltd. 12,284,617
5,290 Japan Telecom Holdings Co., Ltd. 15,799,646
558,000 Kao Corp. 11,448,232
95,000 Nintendo Co., Ltd. 7,321,955
2,305,000 Nippon Express Co., Ltd. 10,378,830
2,724,000 Nippon Yusen Kabushiki Kaisha 11,573,074
270,000 Pioneer Corp. 6,715,991
3,038,000 Sumitomo Chemical Co., Ltd. 11,307,521
266,000 Takeda Chemical Industries, Ltd. 9,393,491
450,300 Toyota Motor Corp. 12,795,052
429,400 Yamanouchi Pharmaceutical Co., Ltd. 10,758,876
-------------
171,443,973
-------------
GERMANY -- 11.4%
457,414 BASF AG 20,933,876
391,500 Bayerische Motoren Werke AG 15,642,426
744,000 Continental AG 25,196,423
291,200 E.On AG 14,684,664
400,100 Metro AG 16,324,786
</Table>
See Notes to Financial Statements.
66
<Page>
<Table>
<Caption>
SHARES VALUE
- ------------- -------------
COMMON STOCKS* -- (CONTINUED)
GERMANY -- (CONTINUED)
170,800 Schering AG $ 7,957,430
357,200 Volkswagen AG 17,975,634
-------------
118,715,239
-------------
FRANCE -- 9.1%
389,700 Assurances Generales De France 20,519,622
308,400 Aventis SA 16,292,430
376,520 Compagnie de Saint-Gobain 15,847,404
75,155 LaFarge SA ADR 5,369,350
146,400 Societe BIC SA 6,048,088
406,750 Thomson 8,548,086
142,876 Total SA 22,155,104
-------------
94,780,084
-------------
ITALY -- 5.2%
687,074 Benetton Group SPA 8,151,964
720,000 Eni SPA 11,406,865
77,700 ENI SPA Sponsored ADR 6,177,150
1,730,900 Mediaset SPA 17,445,156
2,300,000 Telecom Italia Mobile SPA 10,590,134
-------------
53,771,269
-------------
NETHERLANDS -- 5.1%
533,100 ABN-AMRO Holdings N.V. 11,160,123
219,400 Akzo Nobel N.V. 6,921,315
221,500 Koninklijke Numico N.V.(1) 4,986,346
413,100 Royal Dutch Petroleum Co. 18,287,758
521,323 TPG N.V. ADR 11,218,871
-------------
52,574,413
-------------
SWEDEN -- 4.4%
684,000 Electrolux AB - Series B 13,982,011
496,900 Sandvik AB 14,728,230
614,000 Volvo AB - Class B 17,100,879
-------------
45,811,120
-------------
SWITZERLAND -- 4.0%
344,300 Logitech International SA(1) 13,767,368
52,700 Nestle SA Reg. 11,580,253
431,600 Novartis AG 16,419,478
-------------
41,767,099
-------------
</Table>
See Notes to Financial Statements.
67
<Page>
<Table>
<Caption>
SHARES VALUE
- ------------- -------------
COMMON STOCKS* -- (CONTINUED)
IRELAND -- 3.7%
1,045,000 Allied Irish Banks PLC $ 15,271,087
870,615 CRH PLC 15,600,472
563,600 Irish Life & Permanent PLC 7,876,643
-------------
38,748,202
-------------
AUSTRALIA -- 3.4%
774,100 Coca-Cola Amatil, Ltd. 3,224,214
865,000 Commonwealth Bank of Australia 16,821,331
6,126,000 Qantas Airways, Ltd. 15,638,523
-------------
35,684,068
-------------
SPAIN -- 3.0%
1,099,154 Endesa SA 17,401,004
659,173 Grupo Dragados SA 13,432,420
-------------
30,833,424
-------------
GREECE -- 2.6%
849,000 Bank of Piraeus 7,916,748
176,920 Commercial Bank of Greece 3,738,595
1,384,824 Hellenic Telecommunication Organization SA 15,482,986
-------------
27,138,329
-------------
DENMARK -- 2.2%
2,443,440 Nordea AB 15,174,041
250,000 TDC A/S 8,016,196
-------------
23,190,237
-------------
NORWAY -- 1.4%
255,800 Norsk Hydro ASA 14,320,252
-------------
MEXICO -- 1.1%
345,000 Telefonos de Mexico SA de CV ADR 11,091,750
-------------
TAIWAN -- 1.0%
6,600,000 Compal Electronics, Inc. 10,017,683
-------------
CANADA -- 1.0%
204,000 Talisman Energy, Inc. 9,963,258
-------------
BELGIUM -- 0.8%
466,400 Fortis - Brussels Shares 8,297,877
-------------
SINGAPORE -- 0.8%
8,013,000 Singapore Telecommunications, Ltd. 7,921,579
-------------
</Table>
See Notes to Financial Statements.
68
<Page>
<Table>
<Caption>
SHARES VALUE
- ------------- ---------------
COMMON STOCKS* -- (CONTINUED)
NEW ZEALAND -- 0.7%
2,368,406 Telecom Corp. of New Zealand, Ltd. $ 7,017,128
---------------
TOTAL COMMON STOCKS
(Cost $825,191,729) 1,006,451,655
---------------
<Caption>
FACE
AMOUNT
- -------------
REPURCHASE AGREEMENT -- 4.3%
$ 44,413,314 With Investors Bank & Trust Co., dated 10/31/03,
0.75%, principal and interest in the amount of
$44,416,090, due 11/03/03, (collateralized by FNMA
#694421 with a par value of $19,958,818, coupon rate
of 4.50%, due 03/01/33, market value of $15,804,052
and FNMA #733799 with a par value of $31,002,290,
coupon rate of 3.90%, due 08/01/33, market value of
$30,829,928) 44,413,314
---------------
TOTAL REPURCHASE AGREEMENT
(Cost $44,413,314) 44,413,314
---------------
TOTAL INVESTMENTS
(Cost $869,605,043)(2) 101.3% $ 1,050,864,969
LIABILITIES IN EXCESS OF OTHER ASSETS (1.3) (13,399,949)
----- ---------------
NET ASSETS 100.0% $ 1,037,465,020
===== ===============
</Table>
- ----------
* Percentages indicated are based on net assets.
(1) Non-income producing security.
(2) Aggregate cost for federal tax purposes was $874,898,579.
Abbreviations:
ADR -- American Depositary Receipt
FNMA -- Federal National Mortgage Association
See Notes to Financial Statements.
69
<Page>
INTERNATIONAL PORTFOLIO
SECTOR DIVERSIFICATION
ON OCTOBER 31, 2003, SECTOR DIVERSIFICATION OF THE PORTFOLIO WAS AS FOLLOWS
(UNAUDITED):
<Table>
<Caption>
% OF
NET ASSETS VALUE
---------- ---------------
INDUSTRIES:
Finance 10.8% $ 112,216,250
Automotive 9.7 100,995,031
Industrial 8.5 87,871,708
Energy 7.6 78,779,506
Pharmaceuticals 7.2 74,728,251
Utilities 6.3 65,246,634
Chemicals 5.6 58,542,355
Beverages, Food & Tobacco 5.1 53,378,958
Retailers 4.8 49,603,449
Technology 4.5 46,347,692
Media - Broadcasting & Publishing 3.5 36,153,378
Telephone Systems 3.0 30,738,353
Heavy Machinery 2.9 30,328,702
Oil & Gas 2.4 25,510,244
Transportation 2.1 21,951,904
Home Construction, Furnishings & Appliances 2.0 20,698,002
Entertainment & Leisure 1.8 18,469,520
Medical Supplies 1.7 17,514,568
Food Retailers 1.5 15,757,847
Airlines 1.5 15,638,523
Cosmetics & Personal Care 1.1 11,448,232
Telecommunications 1.0 10,590,134
Computers & Information 1.0 10,017,683
Financial Services 0.8 7,876,643
Miscellaneous 0.6 6,048,088
----- ---------------
TOTAL COMMON STOCKS 97.0% $ 1,006,451,655
REPURCHASE AGREEMENT 4.3 44,413,314
----- ---------------
TOTAL INVESTMENTS 101.3% $ 1,050,864,969
===== ===============
</Table>
See Notes to Financial Statements.
70
<Page>
INSTITUTIONAL INTERNATIONAL PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS
OCTOBER 31, 2003
<Table>
<Caption>
SHARES VALUE
- ------------- -------------
COMMON STOCKS* -- 99.7%
UNITED KINGDOM -- 19.8%
542,600 Allied Domecq PLC $ 3,626,587
661,600 BOC Group PLC 9,012,140
629,000 Boots Group PLC 7,597,699
1,167,017 BP Amoco PLC 8,091,836
1,108,100 Cadbury Schweppes PLC 7,096,268
1,964,000 Centrica PLC 6,143,055
297,000 GlaxoSmithKline PLC 6,354,222
2,335,500 Hays PLC 4,830,435
533,500 Johnson Matthey PLC 8,881,626
929,100 Lloyds TSB Group PLC 6,446,110
518,542 Mitchells & Butlers PLC(1) 2,043,871
306,000 Next PLC 6,121,389
1,066,762 Scottish Power PLC 6,329,686
1,776,600 Tesco PLC 7,115,543
452,980 Trinity Mirror PLC 4,146,860
-------------
93,837,327
-------------
JAPAN -- 16.6%
377,000 Asahi Breweries, Ltd. 3,141,809
146,000 Canon, Inc. 7,051,155
574,000 Dai Nippon Printing Co., Ltd. 8,848,005
142,000 Fuji Photo Film Co., Ltd. 4,176,660
122,500 Honda Motor Co., Ltd. 4,826,381
2,220 Japan Telecom Holdings Co., Ltd. 6,630,475
243,000 Kao Corp. 4,985,520
49,000 Nintendo Co., Ltd. 3,776,588
1,070,000 Nippon Express Co., Ltd. 4,817,938
1,217,000 Nippon Yusen Kabushiki Kaisha 5,170,496
117,000 Pioneer Corp. 2,910,263
1,351,000 Sumitomo Chemical Co., Ltd. 5,028,460
161,000 Takeda Chemical Industries, Ltd. 5,685,534
242,600 Toyota Motor Corp. 6,893,359
186,900 Yamanouchi Pharmaceutical Co., Ltd. 4,682,892
-------------
78,625,535
-------------
GERMANY -- 12.1%
212,053 BASF AG 9,704,756
172,100 Bayerische Motoren Werke AG 6,876,274
398,000 Continental AG 13,478,732
139,700 E.On AG 7,044,806
179,900 Metro AG 7,340,237
</Table>
See Notes to Financial Statements.
71
<Page>
<Table>
<Caption>
SHARES VALUE
- ------------- -------------
COMMON STOCKS* -- (CONTINUED)
GERMANY -- (CONTINUED)
97,500 Schering AG $ 4,542,444
167,000 Volkswagen AG 8,404,062
-------------
57,391,311
-------------
FRANCE -- 8.8%
180,600 Assurances Generales De France 9,509,479
140,700 Aventis SA 7,433,025
164,100 Compagnie de Saint-Gobain 6,906,828
32,128 LaFarge SA ADR 2,295,343
62,200 Societe BIC SA 2,569,611
176,760 Thomson 3,714,713
59,979 Total SA 9,300,659
-------------
41,729,658
-------------
NETHERLANDS -- 6.4%
260,500 ABN-AMRO Holdings N.V. 5,453,408
180,000 Akzo Nobel N.V. 5,678,381
146,100 Koninklijke Numico N.V.(1) 3,288,962
197,200 Royal Dutch Petroleum Co. 8,729,958
326,200 TPG N.V. ADR 7,017,961
-------------
30,168,670
-------------
ITALY -- 5.1%
214,844 Benetton Group SPA 2,549,071
80,000 ENI SPA Sponsored ADR 6,360,000
887,100 Mediaset SPA 8,940,781
1,335,500 Telecom Italia Mobile SPA 6,149,184
-------------
23,999,036
-------------
SWEDEN -- 4.8%
398,300 Electrolux AB - Series B 8,141,864
218,600 Sandvik AB 6,479,354
301,100 Volvo AB - Class B 8,386,115
-------------
23,007,333
-------------
SWITZERLAND -- 3.6%
137,600 Logitech International SA(1) 5,502,149
20,500 Nestle SA Reg. 4,504,653
187,900 Novartis AG 7,148,331
-------------
17,155,133
-------------
</Table>
See Notes to Financial Statements.
72
<Page>
<Table>
<Caption>
SHARES VALUE
- ------------- -------------
COMMON STOCKS* -- (CONTINUED)
IRELAND -- 3.6%
450,700 Allied Irish Banks PLC $ 6,586,296
372,342 CRH PLC 6,785,014
257,400 Irish Life & Permanent PLC 3,597,317
-------------
16,968,627
-------------
AUSTRALIA -- 3.4%
265,900 Coca-Cola Amatil, Ltd. 1,107,504
406,400 Commonwealth Bank of Australia 7,903,108
2,836,600 Qantas Airways, Ltd. 7,241,305
-------------
16,251,917
-------------
SPAIN -- 3.1%
567,842 Endesa SA 8,989,660
288,649 Grupo Dragados SA 5,881,999
-------------
14,871,659
-------------
DENMARK -- 2.7%
1,018,483 Nordea AB 6,324,896
207,400 TDC A/S 6,650,236
-------------
12,975,132
-------------
GREECE -- 2.3%
280,675 Bank of Piraeus 2,617,236
79,700 Commercial Bank of Greece 1,684,185
603,900 Hellenic Telecommunication Organization SA 6,751,887
-------------
11,053,308
-------------
CANADA -- 1.6%
151,000 Talisman Energy, Inc. 7,374,765
-------------
NORWAY -- 1.4%
120,000 Norsk Hydro ASA 6,717,867
-------------
MEXICO -- 1.3%
190,500 Telefonos de Mexico SA de CV ADR 6,124,575
-------------
BELGIUM -- 1.0%
269,800 Fortis - Brussels Shares 4,800,101
-------------
TAIWAN -- 1.0%
3,000,000 Compal Electronics, Inc. 4,553,493
-------------
SINGAPORE -- 0.7%
3,508,000 Singapore Telecommunications, Ltd. 3,467,977
-------------
</Table>
See Notes to Financial Statements.
73
<Page>
<Table>
<Caption>
SHARES VALUE
- ------------- -------------
COMMON STOCKS* -- (CONTINUED)
NEW ZEALAND -- 0.4%
716,000 Telecom Corp. of New Zealand, Ltd. $ 2,121,369
-------------
TOTAL COMMON STOCKS
(Cost $448,232,382) 473,194,793
-------------
<Caption>
FACE
AMOUNT
- -------------
REPURCHASE AGREEMENT -- 1.9%
$ 8,815,594 With Investors Bank & Trust Co., dated 10/31/03, 0.75%,
principal and interest in the amount of $8,816,144,
due 11/03/03, (collateralized by FNMA #637636 with a
par value of $8,977,910, coupon rate of 5.57%, due
05/01/32, market value of $9,256,373) 8,815,594
-------------
TOTAL REPURCHASE AGREEMENT
(Cost $8,815,594) 8,815,594
-------------
TOTAL INVESTMENTS
(Cost $457,047,976)(2) 101.6% $ 482,010,387
LIABILITIES IN EXCESS OF OTHER ASSETS (1.6) (7,639,806)
----- -------------
NET ASSETS 100.0% $ 474,370,581
===== =============
</Table>
- ----------
* Percentages indicated are based on net assets.
(1) Non-income producing security.
(2) Aggregate cost for federal tax purposes was $457,510,605.
Abbreviations:
ADR -- American Depositary Receipt
FNMA -- Federal National Mortgage Association
See Notes to Financial Statements.
74
<Page>
INSTITUTIONAL INTERNATIONAL PORTFOLIO
SECTOR DIVERSIFICATION
ON OCTOBER 31, 2003, SECTOR DIVERSIFICATION OF THE PORTFOLIO WAS AS FOLLOWS
(UNAUDITED):
<Table>
<Caption>
% OF
NET ASSETS VALUE
---------- ---------------
INDUSTRIES:
Finance 10.7% $ 51,324,819
Automotive 10.3 48,864,923
Industrial 9.0 42,831,726
Energy 8.3 39,200,320
Pharmaceuticals 7.6 35,846,448
Utilities 7.4 35,138,963
Chemicals 6.2 29,423,737
Beverages, Food & Tobacco 5.2 24,809,654
Retailers 4.9 23,385,462
Technology 4.5 21,135,662
Media - Broadcasting & Publishing 3.5 16,802,354
Heavy Machinery 2.8 13,264,368
Telephone Systems 2.6 12,219,821
Home Construction, Furnishings & Appliances 2.3 11,052,127
Transportation 2.1 9,988,434
Entertainment & Leisure 1.7 7,953,248
Medical Supplies 1.6 7,597,699
Airlines 1.5 7,241,305
Food Retailers 1.5 7,115,543
Telecommunications 1.3 6,149,184
Oil & Gas 1.3 6,143,055
Cosmetics & Personal Care 1.1 4,985,520
Computers & Information 1.0 4,553,493
Financial Services 0.8 3,597,317
Miscellaneous 0.5 2,569,611
----- ---------------
TOTAL COMMON STOCKS 99.7% $ 473,194,793
REPURCHASE AGREEMENT 1.9 8,815,594
----- ---------------
TOTAL INVESTMENTS 101.6% $ 482,010,387
===== ===============
</Table>
See Notes to Financial Statements.
75
<Page>
SMALL CAPITALIZATION GROWTH PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS
OCTOBER 31, 2003
<Table>
<Caption>
SHARES VALUE
- ------------- -------------
COMMON STOCKS* -- 97.3%
AEROSPACE & DEFENSE -- 0.4%
40,800 Orbital Sciences Corp.(1) $ 374,952
-------------
AIRLINES -- 0.4%
24,300 Frontier Airlines, Inc.(1) 390,501
-------------
APPAREL RETAILERS -- 1.3%
15,550 Aeropostale, Inc.(1) 479,717
44,850 Casual Male Retail Group, Inc.(1) 399,165
13,600 Finish Line, Inc. - Class A(1) 416,432
-------------
1,295,314
-------------
AUTOMOTIVE -- 0.8%
27,650 LKQ Corp.(1) 478,345
16,700 Wabash National Corp.(1) 385,269
-------------
863,614
-------------
BANKING -- 1.2%
38,200 Boston Private Financial Holdings, Inc. 972,954
5,500 Westcorp, Inc. 208,010
-------------
1,180,964
-------------
BASIC INDUSTRY -- 0.5%
14,200 Trex Company, Inc.(1) 525,400
-------------
BEVERAGES, FOOD & TOBACCO -- 2.3%
52,800 Performance Food Group, Co.(1) 1,966,800
10,900 United Natural Foods, Inc.(1) 421,612
-------------
2,388,412
-------------
BIOTECHNOLOGY -- 1.7%
132,100 Harvard Bioscience, Inc.(1) 977,672
24,500 SFBC International, Inc.(1) 721,035
-------------
1,698,707
-------------
BUILDING MATERIALS -- 0.9%
29,900 Merge Technologies, Inc.(1) 523,848
23,450 Sierra Wireless(1) 392,787
-------------
916,635
-------------
COMMERCIAL SERVICES -- 5.0%
70,800 Bookham Technology ADR(1) 181,956
15,900 Carreker Corp.(1) 155,025
21,500 Ciphergen Biosystems, Inc.(1) 234,565
49,050 Digitas, Inc.(1) 426,735
</Table>
See Notes to Financial Statements.
76
<Page>
<Table>
<Caption>
SHARES VALUE
- ------------- -------------
COMMON STOCKS* -- (CONTINUED)
COMMERCIAL SERVICES -- (CONTINUED)
18,100 eFunds Corp.(1) $ 289,781
21,100 EGL, Inc.(1) 344,141
41,350 Harris Interactive, Inc.(1) 274,977
33,500 iPayment Holdings, Inc.(1) 814,050
93,500 Navigant Consulting, Inc.(1) 1,536,205
54,550 Opsware, Inc.(1) 453,856
20,000 Telik, Inc.(1) 406,400
-------------
5,117,691
-------------
COMMUNICATIONS -- 0.4%
34,950 Ulticom, Inc.(1) 370,470
-------------
COMPUTER SOFTWARE & PROCESSING -- 9.3%
17,800 Altiris, Inc.(1) 611,964
43,800 Anteon International Corp.(1) 1,495,332
23,550 Ascential Software Corp.(1) 522,574
22,800 Cognizant Technology Solutions Corp.(1) 1,034,892
35,500 Concord Communications, Inc.(1) 635,805
8,600 CoStar Group, Inc.(1) 323,790
41,050 Digital Insight Corp.(1) 861,229
27,050 Dot Hill Systems Corp.(1) 362,740
30,000 Magma Design Automation, Inc.(1) 726,900
20,266 Openwave Systems, Inc.(1) 264,471
14,350 Radware, Ltd.(1) 332,202
20,300 SRA International, Inc. - Class A(1) 884,268
62,200 Verint Systems, Inc.(1) 1,392,658
-------------
9,448,825
-------------
COMPUTERS & INFORMATION -- 2.2%
47,500 Concur Technologies, Inc.(1) 544,825
56,000 Cray, Inc.(1) 729,120
7,300 Intelli-Check Inc.(1) 53,509
26,500 Komag, Inc.(1) 499,790
23,600 Sigma Designs, Inc.(1) 201,544
33,400 SimpleTech, Inc.(1) 262,190
-------------
2,290,978
-------------
CONSULTING SERVICES -- 2.9%
48,300 Charles River Associates, Inc.(1) 1,483,776
29,050 Corporate Executive Board Co.(1) 1,481,840
-------------
2,965,616
-------------
</Table>
See Notes to Financial Statements.
77
<Page>
<Table>
<Caption>
SHARES VALUE
- ------------- -------------
COMMON STOCKS* -- (CONTINUED)
CONSUMER NON - CYCLICAL -- 0.4%
21,800 Warnaco Group, Inc. (The)(1) $ 380,410
-------------
CONSUMER SERVICES -- 3.9%
32,700 Corinthian Colleges, Inc.(1) 2,024,784
31,400 Education Management Corp.(1) 1,983,852
-------------
4,008,636
-------------
COSMETICS & PERSONAL CARE -- 0.4%
19,350 Elizabeth Arden, Inc.(1) 387,000
-------------
ELECTRICAL EQUIPMENT -- 0.2%
11,450 C&D Technologies, Inc. 228,198
-------------
ELECTRONIC TECHNOLOGY -- 1.5%
3,150 FEI Co.(1) 74,812
68,100 O2Micro International, Ltd.(1) 1,451,211
-------------
1,526,023
-------------
ELECTRONICS -- 2.5%
34,100 Artisan Components, Inc.(1) 699,391
29,450 ASE Test, Ltd.(1) 367,241
33,000 Integrated Silicon Solutions, Inc.(1) 465,960
21,850 Mattson Technology, Inc.(1) 310,488
10,100 Metrologic Instruments, Inc.(1) 236,643
73,100 Oplink Communications, Inc.(1) 171,054
55,800 Superconductor Technologies Inc.(1) 284,022
-------------
2,534,799
-------------
ENERGY -- 0.7%
45,150 Brigham Exploration Co.(1) 302,505
19,350 Southwestern Energy Co.(1) 375,390
-------------
677,895
-------------
ENTERTAINMENT & LEISURE -- 0.6%
22,450 Concord Camera Corp.(1) 288,258
17,500 K2, Inc.(1) 290,325
-------------
578,583
-------------
ENVIRONMENTAL -- 2.7%
31,450 SunOpta, Inc.(1) 301,605
111,050 Tetra Tech, Inc.(1) 2,496,404
-------------
2,798,009
-------------
</Table>
See Notes to Financial Statements.
78
<Page>
<Table>
<Caption>
SHARES VALUE
- ------------- -------------
COMMON STOCKS* -- (CONTINUED)
FINANCIAL SERVICES -- 1.6%
10,400 American Home Mortgage Holdings, Inc. $ 219,440
12,600 Cash America International, Inc. 240,534
25,800 Factset Research Systems, Inc. 1,125,912
-------------
1,585,886
-------------
HEALTH CARE -- 1.3%
21,000 Medicis Pharmaceutical Corp. - Class A(1) 1,330,350
-------------
HEALTH CARE PROVIDERS -- 2.3%
50,800 Centene Corp.(1) 1,554,988
13,200 Odyssey Healthcare, Inc.(1) 366,168
60,050 TLC Vision Corp.(1) 407,739
-------------
2,328,895
-------------
HEALTH CARE SERVICES -- 6.7%
59,200 Accredo Health, Inc.(1) 1,892,032
69,900 Amsurg Corp.(1) 2,515,701
79,119 Pharmaceutical Product Development, Inc.(1) 2,379,108
-------------
6,786,841
-------------
HEAVY MACHINERY -- 0.6%
26,700 EnPro Industries, Inc.(1) 269,937
9,500 Ultratech, Inc.(1) 296,495
-------------
566,432
-------------
HOUSING & HOME FURNISHINGS -- 1.7%
54,200 Select Comfort Corp.(1) 1,696,460
-------------
INDUSTRIAL -- 0.4%
10,350 CV Therapeutics, Inc.(1) 182,471
9,850 NCO Group, Inc.(1) 234,430
-------------
416,901
-------------
INSURANCE -- 2.0%
11,000 Amerigroup Corp.(1) 460,020
8,800 Direct General Corp.(1) 263,912
33,150 HealthExtras, Inc.(1) 388,187
15,450 Molina Healthcare, Inc.(1) 431,055
22,000 Scottish Re Group, Ltd. 479,820
-------------
2,022,994
-------------
LODGING -- 0.3%
43,800 La Quinta Corp. - Paired(1) 270,246
-------------
</Table>
See Notes to Financial Statements.
79
<Page>
<Table>
<Caption>
SHARES VALUE
- ------------- -------------
COMMON STOCKS* -- (CONTINUED)
MEDIA -- 0.2%
36,700 Zomax, Inc.(1) $ 227,173
-------------
MEDIA/COMMUNICATIONS -- 1.5%
33,300 Getty Images, Inc.(1) 1,488,510
-------------
MEDICAL PRODUCTS & SUPPLIES -- 5.8%
68,900 Align Technology, Inc.(1) 1,062,438
68,688 American Medical System Holdings, Inc.(1) 1,373,760
32,200 ICU Medical, Inc.(1) 1,088,038
19,950 Impax Laboratories, Inc.(1) 236,607
12,900 Martek Biosciences Corp.(1) 624,489
3,300 Mine Safety Appliances Co. 186,780
35,000 Possis Medical, Inc.(1) 569,800
34,100 SurModics, Inc.(1) 716,441
-------------
5,858,353
-------------
METALS -- 2.3%
131,000 Eldorado Gold Corp.(1) 441,470
22,900 General Cable Corp.(1) 217,321
62,800 Hecla Mining Co.(1) 370,520
85,950 Jacuzzi Brands, Inc.(1) 605,948
32,250 PAN American Silver Corp.(1) 339,593
9,650 Schnitzer Steel Industries, Inc. - Class A 363,612
-------------
2,338,464
-------------
MINING -- 0.3%
126,750 Wheaton River Minerals Ltd.(1) 295,328
-------------
MULTI-LINE INSURANCE -- 0.2%
15,700 PMA Capital Corp. - Class A 206,455
-------------
OIL & GAS -- 1.6%
42,850 Energy Partners, Ltd.(1) 514,629
10,500 Quicksilver Resources, Inc.(1) 269,850
45,300 Ultra Petroleum Corp.(1) 828,990
-------------
1,613,469
-------------
PHARMACEUTICALS -- 2.4%
28,850 Atherogenics, Inc.(1) 475,737
23,850 Cypress Bioscience, Inc.(1) 315,297
46,800 Guilford Pharmaceuticals, Inc.(1) 344,916
20,550 Parexel International Corp.(1) 343,596
46,850 Pharmos Corp.(1) 182,715
</Table>
See Notes to Financial Statements.
80
<Page>
<Table>
<Caption>
SHARES VALUE
- ------------- -------------
COMMON STOCKS* -- (CONTINUED)
PHARMACEUTICALS -- (CONTINUED)
53,400 SuperGen, Inc.(1) $ 551,088
10,050 United Therapeutics Corp.(1) 202,307
-------------
2,415,656
-------------
REIT -- 0.5%
21,450 Friedman, Billings, Ramsey Group, Inc. 427,284
4,400 U.S. Restaurant Properties, Inc. 70,400
-------------
497,684
-------------
RESTAURANTS -- 1.6%
32,800 Panera Bread Co. - Class A(1) 1,319,544
11,950 Red Robin Gourmet Burgers, Inc.(1) 352,776
-------------
1,672,320
-------------
RETAILERS -- 10.8%
40,200 A.C. Moore Arts & Crafts, Inc.(1) 929,826
31,100 Bombay Co. (The), Inc.(1) 409,898
10,100 Central Garden & Pet Co.(1) 279,366
51,450 Chico's FAS, Inc.(1) 1,931,433
42,200 drugstore.com, Inc.(1) 281,896
13,600 Electronics Boutique Holdings Corp.(1) 386,920
13,250 Hibbet Sporting Goods, Inc.(1) 361,858
68,050 Hot Topic, Inc.(1) 1,953,716
16,350 Kirkland's, Inc.(1) 360,518
22,500 MarineMax, Inc.(1) 430,200
56,800 O'Reilly Automotive, Inc.(1) 2,458,872
13,500 Priceline.com, Inc.(1) 378,810
54,995 Restoration Hardware, Inc.(1) 437,760
8,400 West Marine, Inc.(1) 186,144
19,900 Wet Seal, Inc. (The) - Class A(1) 218,701
-------------
11,005,918
-------------
SOFTWARE -- 0.3%
24,100 QAD, Inc.(1) 281,729
-------------
TECHNOLOGY -- 2.4%
10,950 Hutchinson Technology, Inc.(1) 366,935
30,900 Integrated Circuit Systems, Inc.(1) 1,037,313
4,000 Packeteer, Inc.(1) 69,920
40,850 Silicon Storage Technology, Inc.(1) 456,703
57,850 Sonus Networks, Inc.(1) 474,949
-------------
2,405,820
-------------
</Table>
See Notes to Financial Statements.
81
<Page>
<Table>
<Caption>
SHARES VALUE
- ------------- -------------
COMMON STOCKS* -- (CONTINUED)
TECHNOLOGY SOFTWARE/SERVICES -- 2.9%
36,400 ANSYS, Inc.(1) $ 1,297,296
67,850 OPNET Technologies, Inc.(1) 952,614
55,400 Verisity, Ltd.(1) 691,946
-------------
2,941,856
-------------
TELECOMMUNICATION EQUIPMENT -- 0.9%
23,600 CellStar Corp.(1) 290,044
42,150 REMEC, Inc.(1) 464,915
61,300 Stratex Networks, Inc.(1) 196,160
-------------
951,119
-------------
TELECOMMUNICATIONS -- 0.6%
24,200 Intrado, Inc.(1) 437,536
116,900 Tellium, Inc.(1) 189,378
-------------
626,914
-------------
TELEPHONE SYSTEMS -- 1.0%
103,150 Covad Communications Group, Inc.(1) 451,797
40,000 Primus Telecommunications Group, Inc.(1) 368,800
6,500 Startek, Inc. 215,865
-------------
1,036,462
-------------
TEXTILES, CLOTHING & FABRICS -- 0.8%
8,400 K-Swiss, Inc. - Class A 369,096
7,050 Oxford Industries, Inc. 482,925
-------------
852,021
-------------
TRANSPORTATION -- 1.2%
12,800 Old Dominion Freight Line, Inc.(1) 410,496
18,650 SCS Transportation, Inc.(1) 279,937
6,900 UTI Worldwide, Inc. 239,016
21,050 Wabtec Corp. 322,065
-------------
1,251,514
-------------
TRUCKING -- 0.9%
37,600 Knight Transportation, Inc.(1) 946,392
-------------
TOTAL COMMON STOCKS
(Cost $73,982,759) 98,865,794
-------------
</Table>
See Notes to Financial Statements.
82
<Page>
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------- -------------
REPURCHASE AGREEMENT -- 3.0%
$ 3,094,116 With Investors Bank & Trust Co., dated 10/31/03, 0.75%,
principal and interest in the amount of $3,094,309,
due 11/03/03, (collateralized by FNMA ARM #429826 with a
par value of $3,189,638, coupon rate of 3.58, due
09/01/26, market value of $3,248,948) $ 3,094,116
-------------
TOTAL REPURCHASE AGREEMENT
(Cost $3,094,116) 3,094,116
-------------
TOTAL INVESTMENTS
(Cost $77,076,875)(2) 100.3% $ 101,959,910
LIABILITIES IN EXCESS OF OTHER ASSETS (0.3) (316,976)
----- -------------
NET ASSETS 100.0% $ 101,642,934
===== =============
</Table>
- ----------
* Percentages indicated are based on net assets.
(1) Non-income producing security.
(2) Aggregate cost for federal tax purposes was $77,389,420.
Abbreviations:
ADR -- American Depositary Receipt
ARM -- Adjustable Rate Mortgage
FNMA -- Federal National Mortgage Association
REIT -- Real Estate Investment Trust
See Notes to Financial Statements.
83
<Page>
THE GLENMEDE FUND, INC.
NOTES TO FINANCIAL STATEMENTS
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 ("NOCP"). 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.
84
<Page>
Securities listed on a foreign exchange and unlisted foreign securities are
valued at the latest quoted sales price available when assets are valued. If a
subsequent occurrence is believed to have changed such value, however, the fair
value of those securities may be determined through consideration of other
factors by or under the direction of the Board.
Other assets and securities for which market quotations are not readily
available or when events occur that make established valuation methods
unreliable 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 October 31, 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
85
<Page>
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 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.
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.
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.
86
<Page>
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 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.
87
<Page>
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, 2003, 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 EXPIRING
PORTFOLIO IN 2003 IN 2004 IN 2005 IN 2006
- --------- -------- -------- -------- --------
Tax-Exempt Cash Portfolio $ 8,905 $ 27,815 $ 13 $ --
</Table>
88
<Page>
<Table>
<Caption>
EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING
PORTFOLIO IN 2007 IN 2008 IN 2009 IN 2010 IN 2011
- --------- ------------ ------------ ------------ ------------- -------------
Government Cash Portfolio $ -- $ -- $ -- $ 4,173 $ --
Tax-Exempt Cash Portfolio 7,168 -- 128,382 -- --
Core Fixed Income Portfolio -- 2,858,894 -- -- --
Strategic Equity Portfolio -- -- 2,844,243 5,769,761 1,642,247
Large Cap Value Portfolio -- -- -- 1,386,999 732,539
International Portfolio -- -- 3,433,823 122,699,261 108,546,520
Institutional International Portfolio -- -- 16,974,585 27,919,946 21,668,302
Small Capitalization Growth Portfolio 5,038,496 3,250,830 44,694,610 30,466,316 12,409,957
</Table>
At October 31, 2003, 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 $ 686,471 $ -- $ 2,009,562
Strategic Equity Portfolio 89,262 -- 1,256,794
Small Cap Equity Portfolio -- -- 63,907,853
Large Cap Value Portfolio 18,069 -- 466,167
International Portfolio 5,053,355 -- (53,515,443)
Institutional International Portfolio 377,006 -- (41,664,212)
Small Capitalization Growth Portfolio -- -- (71,292,019)
</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, 2003, 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, 2003, 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>
ORDINARY LONG-TERM
PORTFOLIO INCOME GAINS
- --------- -------- -----------
Small Cap Equity Portfolio $ -- $ 6,959,114
</Table>
89
<Page>
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, N.A., 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 thereto, 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 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, 2003.
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. ("Winslow Capital") and Sterling Johnston
Capital Management, L.P. ("Sterling Johnston") 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. Sterling Johnston began serving as investment sub-advisor to the Small
Capitalization Growth Portfolio effective August 1, 2003. For the period from
November 1, 2002 through June 26, 2003, TCW Investment Management Company
("TCW") served as sub-advisor to the portion of the Small Cap Growth Portfolio
currently managed by Sterling Johnston. TCW received a management fee at the
annual rate of 0.60% of the portion of the Portfolio's average daily net assets
that it managed. On June 26, 2003, the Board of Directors of the Fund approved
the termination of Small Capitalization Growth Portfolio's sub-investment
advisory agreement with TCW and approved a proposed sub-investment advisory
agreement among the Fund, on behalf of Small Capitalization Growth Portfolio,
the Advisor and Sterling Johnston. The Advisor directly managed that portion of
the Portfolio's assets that had been allocated to TCW for the period from June
26, 2003 through July 31, 2003. The Portfolio's shareholders approved the
proposed sub-investment advisory agreement with Sterling Johnson on July 31,
2003.
For the fiscal year ended October 31, 2003, the Strategic Equity, Large Cap
Value, International, Government Cash, Tax-Exempt Cash and Core Fixed Income
90
<Page>
Portfolios, and the Institutional Shares of Small Cap Equity Portfolio, each
paid The Glenmede Trust Company, N.A., a shareholder servicing fee at the annual
rate of 0.05% of such Portfolios' average daily net assets. Effective January 1,
2004, the shareholder servicing fees payable by Government Cash, Tax-Exempt Cash
and Core Fixed Income Portfolios increased from 0.05% to 0.10% of average daily
net assets, and the shareholder servicing fees payable by Strategic Equity and
Large Cap Value Portfolios increased from 0.05% to 0.20% of average daily net
assets. The Small Capitalization Growth Portfolio and the Advisor Shares of
Small Cap Equity Portfolio each pay The Glenmede Trust Company, N.A., 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.
For the fiscal year ended October 31, 2003, the Fund paid 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. Effective for the
first Board meeting held in 2004, the Fund will pay each Board member an annual
fee of $14,000, plus $1,250 for each Board meeting attended and out-of-pocket
expenses incurred in attending Board meetings.
Expenses for the year ended October 31, 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 July 31, 2003, the portion of
the Small Capitalization Growth Portfolio sub-advised by Winslow Capital paid
brokerage commissions of $1,935 ($0.05 per share) to an affiliate of TCW,
Societe Securities Corporation.
3. PURCHASES AND SALES OF SECURITIES
For the year ended October 31, 2003, cost of purchases and proceeds from
sales of long-term US Government securities were:
<Table>
<Caption>
PORTFOLIO PURCHASES SALES
- --------- -------------- --------------
Core Fixed Income Portfolio $ 412,253,536 $ 373,372,647
</Table>
91
<Page>
For the year ended October 31, 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 $ 14,889,900 $ 4,423,360
Strategic Equity Portfolio 68,052,553 76,976,480
Small Cap Equity Portfolio 158,807,834 150,201,664
Large Cap Value Portfolio 20,166,435 16,931,770
International Portfolio 445,479,205 553,285,633
Institutional International Portfolio 282,209,594 121,390,662
Small Capitalization Growth Portfolio 96,131,137 105,276,100
</Table>
On October 31, 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 $ 5,995,320 $ 1,813,335 $ 4,181,985
Strategic Equity Portfolio 11,423,783 -- 11,423,783
Small Cap Equity Portfolio 63,907,853 -- 63,907,853
Large Cap Value Portfolio 2,827,492 259,856 2,567,636
International Portfolio 205,351,905 29,385,515 175,966,390
Institutional International Portfolio 46,036,786 21,537,004 24,499,782
Small Capitalization Growth Portfolio 25,820,678 1,250,188 24,570,490
</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 October 31, 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>
92
<Page>
Since the Government Cash Portfolio and the Tax-Exempt Cash Portfolio have
sold shares, issued shares as reinvestments of dividends, and redeemed shares
only at a constant net asset value of $1.00 per share, the number of shares
represented by such sales, reinvestments and redemptions is the same as the
amounts shown below for such transactions. Changes in the capital shares
outstanding were as follows:
<Table>
<Caption>
YEAR ENDED YEAR ENDED
10/31/03 10/31/02
---------------- ----------------
GOVERNMENT CASH PORTFOLIO:
Sold $ 2,662,696,829 $ 3,001,692,891
Issued as reinvestment of dividends 24,527 36,804
Redeemed (2,745,587,859) (2,890,200,703)
---------------- ----------------
Net increase (decrease) $ (82,866,503) $ 111,528,992
================ ================
TAX-EXEMPT CASH PORTFOLIO:
Sold $ 1,766,021,119 $ 1,917,175,370
Issued as reinvestment of dividends 808 2,279
Redeemed (1,776,461,436) (1,851,989,350)
---------------- ----------------
Net increase (decrease) $ (10,439,509) $ 65,188,299
================ ================
</Table>
93
<Page>
<Table>
<Caption>
YEAR ENDED YEAR ENDED
10/31/03 10/31/02
---------------------------------- ---------------------------------
SHARES AMOUNT SHARES AMOUNT
--------------- --------------- --------------- ---------------
CORE FIXED INCOME PORTFOLIO:
Sold 2,681,976 $ 29,547,657 2,605,082 $ 27,862,635
Issued as reinvestment of dividends 55,761 612,069 63,776 678,412
Redeemed (2,148,609) (23,536,842) (1,956,606) (20,887,113)
--------------- --------------- --------------- ---------------
Net increase 589,128 $ 6,622,884 712,252 $ 7,653,934
=============== =============== =============== ===============
STRATEGIC EQUITY PORTFOLIO:
Sold 797,250 $ 10,885,964 976,503 $ 15,287,048
Issued as reinvestment of dividends 4,095 56,071 3,030 45,003
Redeemed (1,561,106) (21,177,386) (2,003,495) (30,796,673)
--------------- --------------- --------------- ---------------
Net decrease (759,761) $ (10,235,351) (1,023,962) $ (15,464,622)
=============== =============== =============== ===============
SMALL CAP EQUITY PORTFOLIO
(ADVISOR CLASS):
Sold 1,636,357 $ 25,757,958 1,386,882 $ 23,796,585
Issued as reinvestment of dividends 311,827 5,725,948 732,872 10,127,612
Redeemed (1,186,984) (18,882,874) (1,732,268) (29,565,594)
--------------- --------------- --------------- ---------------
Net increase 761,200 $ 12,601,032 387,486 $ 4,358,603
=============== =============== =============== ===============
SMALL CAP EQUITY PORTFOLIO
(INSTITUTIONAL CLASS):
Sold 267,615 $ 4,173,320 281,446 $ 4,778,678
Issued as reinvestment of dividends 50,188 908,940 120,911 1,709,708
Redeemed (227,017) (3,585,896) (229,389) (3,765,306)
--------------- --------------- --------------- ---------------
Net increase 90,786 $ 1,496,364 172,968 $ 2,723,080
=============== =============== =============== ===============
LARGE CAP VALUE PORTFOLIO:
Sold 607,005 $ 4,790,848 546,772 $ 4,649,345
Issued as reinvestment of dividends 28,863 237,690 19,003 157,027
Redeemed (237,651) (1,973,516) (231,841) (2,042,502)
--------------- --------------- --------------- ---------------
Net increase 398,217 $ 3,055,022 333,934 $ 2,763,870
=============== =============== =============== ===============
INTERNATIONAL PORTFOLIO:
Sold 8,024,765 $ 99,659,962 7,158,447 $ 96,498,200
Issued as reinvestment of dividends 491,864 6,131,332 361,119 4,825,706
Redeemed (18,660,117) (227,196,209) (17,855,206) (231,768,975)
--------------- --------------- --------------- ---------------
Net decrease (10,143,488) $ (121,404,915) (10,335,640) $ (130,445,069)
=============== =============== =============== ===============
INSTITUTIONAL INTERNATIONAL
PORTFOLIO:
Sold 33,514,813 $ 402,340,893 23,607,534 $ 294,519,409
Issued as reinvestment of dividends 451,871 5,443,362 230,268 2,911,463
Redeemed (21,783,304) (253,948,280) (22,374,398) (279,978,082)
--------------- --------------- --------------- ---------------
Net increase 12,183,380 $ 153,835,975 1,463,404 $ 17,452,790
=============== =============== =============== ===============
SMALL CAPITALIZATION GROWTH
PORTFOLIO:
Sold 1,997,786 $ 9,233,159 2,756,122 $ 13,337,104
Redeemed (3,582,566) (17,155,374) (3,705,914) (17,843,211)
--------------- --------------- --------------- ---------------
Net decrease (1,584,780) $ (7,922,215) (949,792) $ (4,506,107)
=============== =============== =============== ===============
</Table>
94
<Page>
The following Portfolios have shareholders, each owning beneficially or of
record 10% or more of the shares outstanding of a Portfolio as of October 31,
2003 and the total percentage of the shares of a Portfolio held by such
shareholders.
<Table>
<Caption>
10% OR GREATER SHAREHOLDERS
---------------------------
# OF % OF
PORTFOLIO SHAREHOLDERS SHARES HELD
- --------- ------------ -----------
Core Fixed Income Portfolio 1 27%
Small Cap Equity Portfolio (Advisor Class) 1 39%
Small Cap Equity Portfolio (Institutional Class) 1 13%
International Portfolio 1 31%
Institutional International Portfolio 3 60%
Small Capitalization Growth Portfolio 1 44%
</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. The Portfolios invest cash collateral in
short-term money market instruments including: U.S. Treasury Bills, U.S. agency
obligations, commercial paper, money market mutual funds, repurchase agreements,
other highly-rated, liquid investments, and corporate bonds composed of
investments with Prefco, Bank of Scotland, Bank of Nova Scotia, Goldman Sachs
Group Inc., Bank of Montreal, Merrill Lynch Premier Institutional Fund, Morgan
Stanley Dean Witter & Co., Merrimac Cash Fund-Premier Class, Canadian Imperial
Bank of Commerce, Comerica Bank, Jupiter Securitization Corp., Credit Suisse
First Boston Corporation, and Credit Agricole Indosuez. Interest rates for these
investments range from 0.96864% to 1.15%, and maturity dates range from 11/03/03
to 09/08/04. 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 October 31, 2003, the following Portfolios had outstanding
loans 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 $ 4,534,959 $ 4,625,000 0.99
Core Fixed Income Portfolio 37,115,707 37,913,000 15.11
Strategic Equity Portfolio 6,652,019 6,823,310 6.97
Small Cap Equity Portfolio 51,198,381 53,226,841 13.80
Large Cap Value Portfolio 4,106,264 4,259,387 15.72
International Portfolio 74,022,822 77,428,250 6.51
Institutional International Portfolio 23,778,524 24,935,183 4.67
Small Capitalization Growth Portfolio 19,122,823 20,003,401 15.37
</Table>
95
<Page>
6. NET ASSETS
On October 31, 2003, net assets consisted of:
<Table>
<Caption>
GOVERNMENT TAX-EXEMPT CORE FIXED
CASH CASH INCOME
PORTFOLIO PORTFOLIO PORTFOLIO
--------------- -------------- --------------
Par Value $ 450,098 $ 596,840 $ 17,741
Paid in capital in excess of par value 449,648,185 596,196,787 190,382,235
Undistributed (distributions in
excess of) net investment income 73,094 (266) 686,471
Accumulated net realized loss from
investment transactions (4,173) (163,378) (2,911,924)
Net unrealized appreciation on investments -- -- 4,235,015
--------------- -------------- --------------
Total Net Assets $ 450,167,204 $ 596,629,983 $ 192,409,538
=============== ============== ==============
<Caption>
SMALL LARGE
STRATEGIC CAP CAP
EQUITY EQUITY VALUE
PORTFOLIO PORTFOLIO PORTFOLIO
--------------- -------------- --------------
Par Value $ 5,924 $ 17,279 $ 2,367
Paid in capital in excess of par value 87,257,824 252,112,083 20,828,168
Undistributed (distributions in
excess of) net investment income 89,262 -- 21,966
Accumulated net realized loss from
investment transactions (10,423,832) (597,654) (2,232,471)
Net unrealized appreciation on investments 11,591,364 64,505,507 2,676,672
--------------- -------------- --------------
Total Net Assets $ 88,520,542 $ 316,037,215 $ 21,296,702
=============== ============== ==============
<Caption>
SMALL
INSTITUTIONAL CAPITALIZATION
INTERNATIONAL INTERNATIONAL GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO
--------------- -------------- --------------
Par Value $ 74,134 $ 36,098 $ 18,294
Paid in capital in excess of par value 1,091,043,725 516,008,735 172,916,659
Undistributed (distributions in
excess of) net investment income 5,048,403 375,373 (2,150)
Accumulated net realized loss from
investment transactions (239,973,142) (67,025,462) (96,172,904)
Net unrealized appreciation on investments 181,271,900 24,975,837 24,883,035
--------------- -------------- --------------
Total Net Assets $ 1,037,465,020 $ 474,370,581 $ 101,642,934
=============== ============== ==============
</Table>
7. CALL AND PUT OPTIONS
At October 31, 2003, there were no Option contracts open or outstanding.
96
<Page>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of The Glenmede Fund, Inc. and Shareholders of
Government Cash Portfolio, Tax-Exempt Cash Portfolio, Core Fixed Income
Portfolio, Strategic Equity Portfolio, Small Cap Equity Portfolio, Large Cap
Value Portfolio, International Portfolio, Institutional International Portfolio
and Small Capitalization Growth Portfolio:
In our opinion, the accompanying statements of assets and liabilities,
including the schedules of portfolio investments, and the related statements of
operations and of changes in net assets and the financial highlights present
fairly, in all material respects, the financial position of Government Cash
Portfolio, Tax-Exempt Cash Portfolio, Core Fixed Income Portfolio, Strategic
Equity Portfolio, Small Cap Equity Portfolio, Large Cap Value Portfolio,
International Portfolio, Institutional International Portfolio and Small
Capitalization Growth Portfolio (constituting The Glenmede Fund, Inc., hereafter
referred to as the "Portfolios") at October 31, 2003, and the results of each of
their operations for the year then ended, the changes in each of their net
assets for each of the two years in the period then ended, and the financial
highlights for each of the five years in the period then ended, in conformity
with accounting principles generally accepted in the United States of America.
These financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Portfolios' management;
our responsibility is to express an opinion on these financial statements based
on our audits. We conducted our audits of these financial statements in
accordance with auditing standards generally accepted in the United States of
America, which require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at October 31, 2003 by
correspondence with the custodian and brokers, provide a reasonable basis for
our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
December 8, 2003
97
<Page>
THE GLENMEDE FUND, INC.
ADDITIONAL INFORMATION (UNAUDITED)
RESULTS OF SPECIAL MEETING OF SHAREHOLDERS
Shareholders of the Small Capitalization Growth Portfolio were asked to vote
on the following proposal at a special meeting of shareholders held on July 31,
2003:
To approve a sub-investment advisory agreement (the "New Sub-Advisory
Agreement") among The Glenmede Fund, Inc., on behalf of the Small
Capitalization Growth Portfolio, Glenmede Advisers, Inc. and Sterling
Johnston Capital Management L.P.
The results of the voting for the proposal to approve the New Sub-Advisory
Agreement were as follows:
19,648,942.850 shares or 98.149% of the votes cast in favor, with 1,000
shares or 0.005% of the votes cast against, and 0 shares or 0% of the votes
cast abstaining.
On the basis of the votes cast in person and by proxy at the special meeting
of shareholders held on July 31, 2003, it was declared that the New Sub-Advisory
Agreement was approved by the shareholders of the Small Capitalization Growth
Portfolio.
The New Sub-Advisory Agreement became effective on August 1, 2003.
98
<Page>
THE GLENMEDE PORTFOLIOS
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2003
<Table>
<Caption>
MUNI NEW JERSEY
INTERMEDIATE MUNI
PORTFOLIO PORTFOLIO
-------------- --------------
ASSETS:
Investments:
Investments at value(1) $ 19,507,984 $ 18,965,562
-------------- --------------
Cash 464,060 173,995
Receivable for securities sold -- 155,677
Receivable for fund shares sold 75,000 --
Interest receivable 279,625 248,188
Other assets 91 179
-------------- --------------
Total assets 20,326,760 19,543,601
-------------- --------------
LIABILITIES:
Payable to affiliate for Trustees' fees 54 33
Accrued expenses 7,203 8,244
-------------- --------------
Total liabilities 7,257 8,277
-------------- --------------
NET ASSETS $ 20,319,503 $ 19,535,324
============== ==============
SHARES OUTSTANDING 1,900,825 1,820,509
============== ==============
NET ASSET VALUE PER SHARE $ 10.69 $ 10.73
============== ==============
- ----------
(1) Investments at cost $ 18,596,849 $ 17,919,911
</Table>
See Notes to Financial Statements.
99
<Page>
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2003
<Table>
<Caption>
MUNI NEW JERSEY
INTERMEDIATE MUNI
PORTFOLIO PORTFOLIO
-------------- --------------
Investment income:
Interest $ 917,177 $ 863,258
-------------- --------------
Total investment income 917,177 863,258
-------------- --------------
Expenses:
Administration & custody fee 26,092 24,545
Professional fees 1,124 1,210
Shareholder report expense 266 234
Shareholder servicing fees 10,854 10,067
Trustees' fees and expenses 2,651 2,446
Registration and filing fees 1,815 1,335
Other expenses 1,085 730
-------------- --------------
Total expenses 43,887 40,567
-------------- --------------
Net investment income 873,290 822,691
-------------- --------------
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Securities transactions 91,154 14,550
-------------- --------------
Net realized gain (loss) 91,154 14,550
-------------- --------------
Net change in unrealized gain (loss) of:
Securities 47,880 43,131
-------------- --------------
Net unrealized gain (loss) 47,880 43,131
-------------- --------------
Net realized and unrealized gain (loss) 139,034 57,681
-------------- --------------
Net increase (decrease) in net assets
resulting from operations $ 1,012,324 $ 880,372
============== ==============
</Table>
See Notes to Financial Statements.
100
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED OCTOBER 31, 2003
<Table>
<Caption>
MUNI NEW JERSEY
INTERMEDIATE MUNI
PORTFOLIO PORTFOLIO
-------------- --------------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income $ 873,290 $ 822,691
Net realized gain (loss) on securities transactions 91,154 14,550
Net change in unrealized gain (loss) on securities 47,880 43,131
-------------- --------------
Net increase (decrease) in net assets
resulting from operations 1,012,324 880,372
Distributions to shareholders from:
Net investment income (887,095) (842,075)
Net decrease in net assets from capital shares transactions (2,505,637) (539,533)
-------------- --------------
Net increase (decrease) in net assets (2,380,408) (501,236)
NET ASSETS:
Beginning of year 22,699,911 20,036,560
-------------- --------------
End of year $ 20,319,503 $ 19,535,324
============== ==============
Undistributed net investment income included in
net assets at end of year $ 64,483 $ 87,130
</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 year $ 78,288 $ 91,964
</Table>
See Notes to Financial Statements.
101
<Page>
THE GLENMEDE PORTFOLIOS
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR
<Table>
<Caption>
MUNI INTERMEDIATE PORTFOLIO
------------------------------------------------------------------------------------------
FOR THE YEARS ENDED OCTOBER 31,
------------------------------------------------------------------------------------------
2003 2002 2001 2000 1999
-------------- -------------- -------------- -------------- --------------
Net asset value, beginning of year $ 10.64 $ 10.55 $ 10.20 $ 10.14 $ 10.56
-------------- -------------- -------------- -------------- --------------
Income from investment operations:
Net investment income 0.43 0.46 0.50 0.50 0.51
Net realized and unrealized
gain (loss) on investments 0.06 0.09 0.34 0.07 (0.42)
-------------- -------------- -------------- -------------- --------------
Total from investment operations 0.49 0.55 0.84 0.57 0.09
-------------- -------------- -------------- -------------- --------------
Distributions to shareholders from:
Net investment income (0.44) (0.46) (0.49) (0.51) (0.51)
-------------- -------------- -------------- -------------- --------------
Total distributions (0.44) (0.46) (0.49) (0.51) (0.51)
-------------- -------------- -------------- -------------- --------------
Net asset value, end of year $ 10.69 $ 10.64 $ 10.55 $ 10.20 $ 10.14
============== ============== ============== ============== ==============
Total return 4.67% 5.41% 8.39% 5.77% 0.91%
============== ============== ============== ============== ==============
Ratios to average net assets/
Supplemental data:
Net assets, end of year (in 000's) $ 20,320 $ 22,700 $ 17,607 $ 14,624 $ 16,526
Ratio of operating expenses to
average net assets 0.20% 0.22% 0.27% 0.31% 0.20%
Ratio of net investment income
to average net assets 4.03% 4.45% 4.78% 4.89% 4.90%
Portfolio turnover rate 12% 29% 25% 6% 6%
</Table>
See Notes to Financial Statements.
102
<Page>
<Table>
<Caption>
NEW JERSEY MUNI PORTFOLIO
------------------------------------------------------------------------------------------
FOR THE YEARS ENDED OCTOBER 31,
------------------------------------------------------------------------------------------
2003 2002 2001 2000 1999
-------------- -------------- -------------- -------------- --------------
Net asset value, beginning of year $ 10.71 $ 10.60 $ 10.11 $ 10.00 $ 10.43
-------------- -------------- -------------- -------------- --------------
Income from investment operations:
Net investment income 0.44 0.46 0.45 0.44 0.44
Net realized and unrealized
gain (loss) on investments 0.03 0.10 0.48 0.12 (0.43)
-------------- -------------- -------------- -------------- --------------
Total from investment operations 0.47 0.56 0.93 0.56 0.01
-------------- -------------- -------------- -------------- --------------
Distributions to shareholders from:
Net investment income (0.45) (0.45) (0.44) (0.45) (0.44)
-------------- -------------- -------------- -------------- --------------
Total distributions (0.45) (0.45) (0.44) (0.45) (0.44)
-------------- -------------- -------------- -------------- --------------
Net asset value, end of year $ 10.73 $ 10.71 $ 10.60 $ 10.11 $ 10.00
============== ============== ============== ============== ==============
Total return 4.46% 5.40% 9.34% 5.77% 0.08%
============== ============== ============== ============== ==============
Ratios to average net assets/
Supplemental data:
Net assets, end of year (in 000's) $ 19,535 $ 20,037 $ 19,154 $ 17,232 $ 17,953
Ratio of operating expenses to
average net assets 0.20% 0.27% 0.27% 0.30% 0.24%
Ratio of net investment income
to average net assets 4.09% 4.22% 4.33% 4.40% 4.34%
Portfolio turnover rate 9% 36% 18% 9% 10%
</Table>
See Notes to Financial Statements.
103
<Page>
THE GLENMEDE PORTFOLIOS
MUNI INTERMEDIATE PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS
OCTOBER 31, 2003
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------- -------------
MUNICIPAL BONDS* -- 96.0%
PENNSYLVANIA -- 96.0%
$ 200,000 Allegheny County, PA, Hospital Development Authority
Revenue, University of Pittsburgh, Health Center, Series A,
(MBIA Insured),
5.30%, 4/1/08 $ 221,829
Allegheny County, PA, Industrial Development Authority Revenue,
Carnegie Library of Pittsburgh, (AMBAC Insured):
205,000 4.25%, 6/1/09 220,383
215,000 4.25%, 12/1/09 232,022
300,000 Allegheny County, PA, Port Authority Special Revenue, (MBIA
Insured), Prerefunded, 3/1/09 @ 101,
5.30%, 3/1/10 342,168
625,000 Central Dauphin, PA, School District, General Obligation
Unlimited, (MBIA Insured),
4.00%, 11/15/10 659,875
325,000 Chester County, PA, General Obligation Unlimited,
5.40%, 12/15/06 326,641
375,000 Dauphin County, PA, General Authority Hospital Revenue,
(FGIC Insured),
6.125%, 7/1/10 432,757
125,000 Dauphin County, PA, General Authority Revenue,
Mandatory Put 6/1/2012 @ $100 (AMBAC Insured),
5.30%, 6/1/26 127,319
30,000 Dauphin County, PA, Series B, General Obligation Unlimited,
(MBIA Insured),
5.20%, 3/15/04 30,099
Delaware River Port Authority, PA and NJ, Delaware River
Bridges Revenue, Escrowed to Maturity:
180,000 6.00%, 1/15/10 204,876
145,000 6.50%, 1/15/11 167,843
700,000 Delaware River Port Authority, PA and NJ, Refunding,
(FSA Insured), Series B,
5.25%, 1/1/09 785,155
100,000 Delaware River Port Authority, PA and NJ, Refunding, Series A,
(FSA Insured),
5.25%, 1/1/09 112,063
300,000 Downington, PA, Area School District, General Obligation
Unlimited,
5.50%, 2/1/10 341,046
325,000 Forest Area School District, PA, General Obligation,
(FSA Insured), Series B,
4.00%, 4/1/08 346,804
</Table>
See Notes to Financial Statements.
104
<Page>
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------- -------------
MUNICIPAL BONDS* -- (CONTINUED)
PENNSYLVANIA -- (CONTINUED)
$ 390,000 Geisinger Authority, PA, Health System, Refunding,
5.00%, 8/15/08 $ 427,654
200,000 Harrisburg, PA, Parking Authority Revenue, Refunding,
(FSA Insured),
5.50%, 5/15/11 227,778
100,000 Hopewell, PA, Area School District, General Obligation,
(FSA Insured),
4.90%, 9/1/09 111,564
300,000 Indiana County, PA, Municipal Services Authority, Sewer
Revenue, (AMBAC Insured),
4.00%, 10/1/09 312,411
35,000 Lancaster, PA, Area Sewer Authority, Revenue, Escrowed to
Maturity,
6.00%, 4/1/12 39,795
420,000 Lebanon County, PA, Series B, General Obligation Unlimited,
Refunding, (FGIC Insured),
4.00%, 10/15/09 447,346
500,000 Lower Merion Township, PA, School District, General
Obligation Unlimited, (State Aid Withholding), Prerefunded
5/15/08 @ 100,
5.125%, 5/15/13 560,225
350,000 Lycoming County, PA, Authority College Revenue, (MBIA
Insured),
4.90%, 7/1/09 383,278
250,000 Norristown, PA, Area School District, General Obligation
Unlimited, (FGIC State Aid Withholding),
5.50%, 9/1/14 270,998
315,000 Northampton Bucks, PA, Bucks County Municipal Authority,
Sewer Revenue, Escrowed to Maturity,
6.20%, 11/1/13 368,374
425,000 Northampton County, PA, Higher Education Authority
Revenue - Lehigh University,
5.25%, 11/15/09 482,201
325,000 Northampton Township, PA, General Obligation Unlimited,
(MBIA Insured),
4.60%, 11/15/10 343,879
350,000 Pennsylvania Housing Finance Agency, Refunding, Rental
Housing,
5.25%, 7/1/04 352,440
</Table>
See Notes to Financial Statements.
105
<Page>
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------- -------------
MUNICIPAL BONDS* -- (CONTINUED)
PENNSYLVANIA -- (CONTINUED)
$ 225,000 Pennsylvania Housing Finance Agency, Residential
Develpoment Section 8-A, Revenue,
4.00%, 7/1/09 $ 236,039
330,000 Pennsylvania Housing Finance Agency, Single Family Mortgage,
Series 38,
5.50%, 4/1/05 331,676
1,000,000 Pennsylvania State Finance Authority Revenue, Refunding,
Municipal Capital Improvements Program,
6.60%, 11/1/09 1,020,000
220,000 Pennsylvania State Higher Educational Facilities Authority
College & University Revenues, College of Pharmacy,
(MBIA Insured),
5.25%, 11/1/09 238,326
250,000 Pennsylvania State Higher Educational Facilities Authority
College & University Revenues, University of Pennsylvania,
5.60%, 9/1/10 268,255
370,000 Pennsylvania State Higher Educational Facilities Authority
Revenue, Temple University, (MBIA Insured), First Series,
4.00%, 7/15/09 393,310
Pennsylvania State Turnpike Commission Oil Franchise, Tax Revenue,
Prerefunded Series A, (AMBAC Insured):
145,000 5.25%, 12/1/13 160,931
60,000 5.25%, 12/1/14 66,263
Pennsylvania State Turnpike Commission Oil Franchise, Tax Revenue,
Unrefunded Balance Series A, (AMBAC Insured):
105,000 5.25%, 12/1/13 115,261
40,000 5.25%, 12/1/14 43,913
250,000 Pennsylvania State University, College & University Revenues,
Series A, (General Obligation of University),
5.00%, 8/15/13 269,315
275,000 Pennsylvania State, General Obligation Unlimited, Refunding,
(AMBAC Insured),
5.125%, 9/15/11 302,308
150,000 Pennsylvania State, Intermediate Unit 1, Educational Facilities
Revenue Refunding, (AMBAC Insured),
4.00%, 10/15/09 159,834
150,000 Pennsylvania Township, PA, Westmoreland County, General
Obligation Unlimited, (FGIC Insured),
4.15%, 10/1/09 155,567
100,000 Philadelphia, PA, Gas Works Revenue, (FSA Insured),
5.50%, 7/1/04 102,362
</Table>
See Notes to Financial Statements.
106
<Page>
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------- -------------
MUNICIPAL BONDS* -- (CONTINUED)
PENNSYLVANIA -- (CONTINUED)
$ 225,000 Philadelphia, PA, Municipal Authority Revenue,
Refunding - Lease - Series C, (FGIC Insured),
5.00%, 4/1/07 $ 246,557
250,000 Pittsburgh, PA, General Obligation Unlimited, Series B, (FGIC
Insured),
5.125%, 3/1/09 264,248
Pittsburgh, PA, Urban Redevelopment Authority Mortgage
Revenue, Series D:
255,000 5.75%, 10/1/07 260,760
150,000 6.20%, 4/1/11 152,649
155,000 6.20%, 10/1/11 157,737
90,000 Pittsburgh, PA, Urban Redevelopment Authority Revenue,
4.90%, 8/1/05 92,384
350,000 Pleasant Hills, PA, Authority Sewer Revenue, Refunding, (FGIC
Muni Government Guaranteed),
5.00%, 9/1/12 379,498
500,000 Radnor Township, PA, General Obligation Unlimited,
4.00%, 12/15/10 522,460
235,000 Ringgold, PA, School District, Escrowed to Maturity,
6.20%, 1/15/13 274,701
250,000 Seneca Valley, PA, School District, Series A, General Obligation
Unlimited,
4.85%, 7/1/11 265,788
100,000 Shaler, PA, School District, General Obligation Unlimited,
Series B, (FSA Insured),
4.50%, 9/1/10 106,157
10,000 Southeastern Pennsylvania Transportation Authority, PA, Lease
Revenue,
5.75%, 12/1/04 10,036
400,000 Southeastern Pennsylvania Transportation Authority, PA,
Special Revenue,
5.45%, 3/1/11 445,368
475,000 Southern Huntingdon County, PA, School District, General
Obligation, (FSA Insured),
4.00%, 10/1/09 490,917
250,000 State Public School Building Authority, PA, School Revenue,
Garnet Valley School District Project, (AMBAC Insured),
5.25%, 2/1/12 275,550
500,000 Swarthmore Boro Authority, PA, College Revenue,
4.50%, 9/15/10 543,365
</Table>
See Notes to Financial Statements.
107
<Page>
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------- -------------
MUNICIPAL BONDS* -- (CONTINUED)
PENNSYLVANIA -- (CONTINUED)
$ 80,000 Swatara Township Authority, PA, Sewer Revenue, Escrowed to
Maturity, (MBIA Insured),
6.15%, 5/1/07 $ 80,437
400,000 University of Pittsburgh, PA, Refunded Series B,
5.50%, 6/1/09 449,712
125,000 Wallingford - Swarthmore, PA, School District, Series C,
(FSA State Aid Withholding),
5.00%, 5/15/09 136,745
200,000 Wilkes Barre, PA, Area School District, General Obligation
Unlimited, (FGIC Insured),
5.25%, 4/1/14 215,382
1,000,000 Wilson, PA, School District, General Obligation Unlimited,
5.375%, 5/15/12 1,117,840
250,000 York, PA, General Authority Guaranteed Revenue, York City
Recreation Corp., (AMBAC Insured),
5.50%, 5/1/15 277,510
-------------
19,507,984
-------------
TOTAL MUNICIPAL BONDS
(Cost $18,596,849) 19,507,984
-------------
TOTAL INVESTMENTS
(Cost $18,596,849)(1) 96.0% $ 19,507,984
OTHER ASSETS IN EXCESS OF LIABILITIES 4.0 811,519
----- -------------
NET ASSETS 100.0% $ 20,319,503
===== =============
</Table>
- ----------
* Percentages indicated are based on net assets.
(1) Aggregate cost for federal tax purposes.
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.
108
<Page>
NEW JERSEY MUNI PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS
OCTOBER 31, 2003
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------- -------------
MUNICIPAL BONDS* -- 97.1%
NEW JERSEY -- 97.1%
$ 100,000 Asbury Park, NJ, Board of Education, General Obligation
Unlimited, (MBIA Insured),
5.55%, 2/1/07 $ 111,491
250,000 Avalon Boro, NJ, General Obligation Unlimited, (FGIC Insured),
4.00%, 8/1/09 266,437
150,000 Bergen County, NJ, Utilities Authority, Water Pollution Control
Revenue, (FGIC Insured), Series A,
5.125%, 12/15/12 164,056
200,000 Bergen County, NJ, Utilities Authority, Water Pollution Control
Revenue, Refunding, (FGIC Insured),
5.125%, 12/15/11 220,028
255,000 Berlin Township, NJ, General Obligation Unlimited,
(MBIA Insured),
4.00%, 1/1/09 270,626
500,000 Burlington County, NJ, General Improvements, General
Obligation Unlimited,
4.85%, 7/15/06 517,400
150,000 Cape May County, NJ, General Improvements, General
Obligation Unlimited, (AMBAC Insured),
5.35%, 8/1/04 154,908
150,000 Cherry Hill Township, NJ, General Obligation Unlimited,
5.125%, 7/15/10 169,236
100,000 Delaware River & Bay Authority, Public Improvements
Revenue, Series A,
5.10%, 1/1/08 110,475
150,000 Delaware River Port Authority, Pennsylvania & New Jersey
Revenue, Refunding, (AMBAC Insured), Series B,
5.25%, 1/1/09 168,094
Delaware River Port Authority, Pennsylvania, New Jersey &
Delaware River Bridges Revenue, Escrowed to Maturity:
270,000 5.625%, 1/15/09 297,073
240,000 6.00%, 1/15/10 273,168
140,000 6.50%, 1/15/11 162,056
100,000 Gloucester County, NJ, Improvement Authority, Revenue,
County Library Lease Project,
5.20%, 12/15/05 101,960
250,000 Hazlet Township, NJ, School District, General Obligation
Unlimited, (FSA School Board Residual Fund Insured),
5.00%, 2/1/14 269,335
</Table>
See Notes to Financial Statements.
109
<Page>
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------- -------------
MUNICIPAL BONDS* -- (CONTINUED)
NEW JERSEY -- (CONTINUED)
$ 110,000 High Bridge, NJ, Regional Board of Education, General
Obligation Unlimited, Prerefunded, 2/15/05 @ 100, (FSA Insured),
5.40%, 2/15/09 $ 115,998
200,000 Hopewell Valley, NJ, Regional School District, General Obligation
Unlimited, (FGIC School Board Residual Fund Insured),
5.00%, 8/15/12 217,286
200,000 Hunterdon County, NJ, Central Regional High School District,
General Obligation Unlimited Prerefunded, 5/1/05 @ 102,
(FSA Insured),
5.25%, 5/1/06 215,998
235,000 Jefferson Township, NJ, General Obligation Unlimited,
4.00%, 10/1/08 251,097
500,000 Jersey City, NJ, General Improvements, General Obligation
Unlimited, (FSA Insured), Series B,
4.00%, 9/1/09 532,430
250,000 Jersey City, NJ, School Improvements, General Obligation
Unlimited, (MBIA Insured),
5.50%, 3/15/06 272,535
105,000 Manalapan-Englishtown, NJ, Regional Board of Education, General
Obligation Unlimited, (School Board Residual Fund Insured),
5.00%, 5/1/07 115,537
235,000 Mantua Township, NJ, School District, General Obligation
Unlimited, (MBIA Insured),
5.00%, 3/1/13 255,494
150,000 Mercer County, NJ, Improvement Authority, Revenue Refunding,
Government Leasing, (County Guaranteed), Series A,
5.40%, 12/1/05 152,010
100,000 Mercer County, NJ, Improvement Authority, Revenue
Refunding, Solid Waste, (County Guaranteed), Series 97,
5.20%, 9/15/08 111,755
145,000 Middlesex County, NJ, Improvement Authority, Revenue,
(County Guaranteed),
5.45%, 9/15/11 160,873
Monmouth County, NJ, Improvement Authority, Revenue, (AMBAC
Insured):
250,000 5.00%, 12/1/12 270,940
375,000 5.20%, 12/1/14 410,246
250,000 Monmouth County, NJ, Public Improvements, General
Obligation Unlimited,
5.00%, 8/1/09 273,367
</Table>
See Notes to Financial Statements.
110
<Page>
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------- -------------
MUNICIPAL BONDS* -- (CONTINUED)
NEW JERSEY -- (CONTINUED)
$ 200,000 Montville Township, NJ, General Obligation Unlimited,
4.65%, 8/15/11 $ 212,838
225,000 Moorestown Township, NJ, School District, General Obligation
Unlimited, (MBIA School Board Residual Fund Insured),
5.00%, 2/1/10 245,012
100,000 Morris County, NJ, General Improvement, General Obligation
Unlimited,
4.625%, 8/15/08 108,069
200,000 Morris School District, NJ, General Obligation Unlimited,
(School Board Residual Fund Insured),
5.625%, 4/1/06 212,568
80,000 Mount Holly, NJ, Municipal Utilities Authority, Sewer Revenue,
Prerefunded, 12/1/08 @ 100, (MBIA Insured),
5.00%, 12/1/13 90,018
20,000 Mount Holly, NJ, Municipal Utilities Authority, Sewer Revenue,
Unrefunded, (MBIA Insured),
5.00%, 12/1/13 21,596
250,000 New Jersey Sports & Exposition Authority State Contract,
General Improvements, Series A,
5.00%, 3/1/10 277,175
100,000 New Jersey State Casino Reinvestment Development Authority,
Parking Fee Revenue, (FSA Insured), Series A,
5.00%, 10/1/04 103,579
250,000 New Jersey State Economic Development Authority, Burlington
Coat Factory Project, Revenue Refunding,
5.60%, 9/1/05 262,615
200,000 New Jersey State Economic Development Authority, Market
Transition Facilities Revenue, (MBIA Insured), Senior Lien,
Series A,
5.70%, 7/1/05 210,186
125,000 New Jersey State Economic Development Authority, Market
Transition Facilities Revenue, Senior Lien, (MBIA Insured),
Series A,
5.75%, 7/1/06 131,408
100,000 New Jersey State Economic Development Authority, Parking
Facility Improvements, Elizabeth Development Project, (FGIC
Insured),
5.20%, 10/15/08 112,029
300,000 New Jersey State Educational Facilities Authority, Revenue,
High Education Capital Improvement, Series B,
5.00%, 9/1/14 322,866
</Table>
See Notes to Financial Statements.
111
<Page>
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------- -------------
MUNICIPAL BONDS* -- (CONTINUED)
NEW JERSEY -- (CONTINUED)
New Jersey State Educational Facilities Authority, Revenue, Higher
Education Facilities Trust Fund, (AMBAC Insured), Series A:
$ 850,000 5.125%, 9/1/07 $ 921,485
100,000 5.125%, 9/1/08 108,410
150,000 5.125%, 9/1/09 162,615
225,000 New Jersey State Educational Facilities Authority, Revenue,
Princeton University, Series A,
5.50%, 7/1/05 231,707
400,000 New Jersey State Health Care Facilities Financing Authority,
Revenue, Allegany Health Project, (MBIA Insured), Escrowed
to Maturity,
4.80%, 7/1/05 409,144
200,000 New Jersey State Health Care Facilities Financing Authority,
Revenue, Kennedy Health System Project, (MBIA Insured),
Series A,
5.00%, 7/1/09 219,328
New Jersey State Housing & Mortgage Finance Agency,
Multi-Family Housing Revenue, (FSA Insured), Series B:
450,000 5.55%, 11/1/09 482,666
250,000 5.75%, 11/1/11 272,860
150,000 New Jersey State Housing & Mortgage Finance Agency,
Revenue, Home Buyer, (MBIA Insured), Series P,
5.05%, 4/1/07 160,805
130,000 New Jersey State Transportation Trust Fund Authority, Transit
Revenue, Series A,
5.00%, 6/15/13 139,487
165,000 New Jersey State Transportation Trust Fund Authority,
Transportation System, (MBIA Insured), Series A,
4.75%, 12/15/07 181,150
300,000 New Jersey State Transportation Trust Fund Authority,
Transportation System, Series A, Prerefunded, 6/15/08 @ 100,
5.00%, 6/15/12 334,887
750,000 New Jersey State Transportation Trust Fund Authority,
Transportation System, Series B,
5.25%, 6/15/12 826,733
250,000 New Jersey State, Certificates of Participation, Escrowed to
Maturity,
5.00%, 6/15/11 278,890
250,000 New Jersey State, General Obligation Unlimited, Refunding,
Series F,
5.00%, 8/1/07 276,320
</Table>
See Notes to Financial Statements.
112
<Page>
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------- -------------
MUNICIPAL BONDS* -- (CONTINUED)
NEW JERSEY -- (CONTINUED)
$ 200,000 New Jersey State, Wastewater Treatment Trust Revenue, Series A,
5.25%, 9/1/13 $ 217,078
Ocean County, NJ, General Obligation Unlimited:
250,000 4.875%, 12/15/09 274,885
500,000 4.50%, 8/1/10 543,650
100,000 Ocean County, NJ, General Obligation Unlimited, General
Improvements, Prerefunded 7/1/04 @ 102,
5.65%, 7/1/06 105,060
300,000 Ocean County, NJ, Utilities Authority, Wastewater Revenue,
5.00%, 1/1/12 325,935
85,000 Ocean County, NJ, Utilities Authority, Wastewater Revenue,
Refunding,
5.00%, 1/1/05 88,669
325,000 Ocean County, NJ, Utilities Authority, Wastewater Revenue,
Refunding, (Government of Authority Insured),
5.125%, 1/1/11 355,404
100,000 Passaic County, NJ, General Obligation Unlimited, (FGIC
Insured),
5.125%, 9/1/08 104,199
130,000 Perth Amboy, NJ, Board of Education, General Obligation
Unlimited, (MBIA Insured), Prerefunded 3/1/04 @ 102,
6.20%, 8/1/06 137,612
250,000 Red Bank, NJ, Board of Education, General Obligation
Unlimited, (School Board Residual Fund Insured),
5.15%, 5/1/12 274,130
500,000 Ridgewood, NJ, Board of Education, General Obligation
Unlimited,
5.20%, 10/1/08 563,070
400,000 South Jersey Transportation Authority, NJ, Transportation
System, Revenue, (FSA Insured),
4.00%, 11/1/09 426,480
250,000 Southern Regional High School District, NJ, General Obligation
Unlimited, (MBIA Insured),
5.40%, 9/1/04 259,180
160,000 Sparta Township, NJ, School District, General Obligation
Unlimited, (MBIA Insured),
5.75%, 9/1/04 166,302
150,000 Warren Township, NJ, School District, General Obligation
Unlimited, (School Board Residual Fund Insured),
5.35%, 3/15/10 169,374
</Table>
See Notes to Financial Statements.
113
<Page>
<Table>
<Caption>
FACE
AMOUNT VALUE
- ------------- -------------
MUNICIPAL BONDS* -- (CONTINUED)
NEW JERSEY -- (CONTINUED)
$ 500,000 West Deptford Township, NJ, General Obligation Unlimited,
(AMBAC Insured),
5.20%, 3/1/11 $ 548,510
100,000 West Orange, NJ, General Obligation Unlimited,
5.10%, 1/1/05 104,432
350,000 Western Monmouth, NJ, Utilities Authority, Revenue, (AMBAC
Insured), Series A,
5.25%, 2/1/09 373,237
-------------
TOTAL MUNICIPAL BONDS
(Cost $17,919,911) 18,965,562
-------------
TOTAL INVESTMENTS
(Cost $17,919,911)(1) 97.1% $ 18,965,562
OTHER ASSETS IN EXCESS OF LIABILITIES 2.9 569,762
----- -------------
NET ASSETS 100.0% $ 19,535,324
===== =============
</Table>
- ----------
* Percentages indicated are based on net assets.
(1) Aggregate cost for federal tax purposes was $17,920,472.
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.
114
<Page>
THE GLENMEDE PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The Glenmede Portfolios (the "Fund") is an investment company that was
organized as a Massachusetts business trust on March 3, 1992 and is registered
with the Securities and Exchange Commission under the Investment Company Act of
1940, as amended, as an open-end management investment company. As of October
31, 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, or when stock exchange valuations are used, at the latest
quoted sale price on the day of valuation. 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 or when events occur that make established valuation methods
unreliable 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
115
<Page>
investment securities held by each Portfolio, timing differences and differing
characterization of distributions made by each Portfolio.
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, 2003, 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 2010
- --------- ------------ ------------ ------------ ------------ ------------
Muni Intermediate Portfolio $ 458,282 $ 2,107 $ 42,723 $ 39,944 $ 30,818
</Table>
At October 31, 2003, the components of distributable earnings on a tax basis
were as follows:
<Table>
<Caption>
UNDISTRIBUTED TOTAL
TAX-FREE UNDISTRIBUTED DISTRIBUTABLE
PORTFOLIO ORDINARY INCOME LONG-TERM GAIN EARNINGS
- --------- --------------- -------------- -------------
Muni Intermediate Portfolio $ 64,483 $ -- $ 310,590
New Jersey Muni Portfolio 87,130 -- 1,045,090
</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, 2003, 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>
TAX-FREE
PORTFOLIO ORDINARY INCOME LONG-TERM GAINS
- --------- --------------- ---------------
New Jersey Muni Portfolio $ 827,525 $ 14,550
</Table>
116
<Page>
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, N.A. 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.
For the fiscal year ended October 31, 2003, The Muni Intermediate and New
Jersey Muni Portfolios each paid The Glenmede Trust Company, N.A., shareholder
servicing fees at the annual rate of 0.05% of such Portfolios' average daily net
assets. Effective January 1, 2004, the shareholder servicing fees payable by the
Muni Intermediate and New Jersey Muni Portfolios were increased from 0.05% to
0.15% of 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 year ended October 31, 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 year ended October 31, 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 $ 2,592,030 $ 5,244,625
New Jersey Muni Portfolio 1,795,137 2,204,094
</Table>
On October 31, 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 $ 911,135 $ -- $ 911,135
New Jersey Muni Portfolio 1,045,090 -- 1,045,090
</Table>
117
<Page>
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>
YEAR ENDED YEAR ENDED
10/31/03 10/31/02
---------------------------------- ---------------------------------
SHARES AMOUNT SHARES AMOUNT
--------------- --------------- --------------- ---------------
MUNI INTERMEDIATE PORTFOLIO:
Sold 407,515 $ 4,363,700 879,476 $ 9,280,710
Redeemed (640,386) (6,869,337) (414,323) (4,351,373)
--------------- --------------- --------------- ---------------
Net increase (decrease) (232,871) $ (2,505,637) 465,153 $ 4,929,337
=============== =============== =============== ===============
NEW JERSEY MUNI PORTFOLIO:
Sold 218,492 $ 2,344,800 610,736 $ 6,436,740
Redeemed (269,186) (2,884,333) (546,650) (5,763,334)
--------------- --------------- --------------- ---------------
Net increase (decrease) (50,694) $ (539,533) 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 October 31, 2003, net assets consisted of:
<Table>
<Caption>
MUNI NEW JERSEY
INTERMEDIATE MUNI
PORTFOLIO PORTFOLIO
-------------- --------------
Par Value $ 1,901 $ 1,821
Paid in capital in excess of par value 19,457,576 18,401,283
Undistributed net investment income 64,483 87,130
Accumulated net realized loss from
investment transactions (115,592) (561)
Net unrealized appreciation on investments 911,135 1,045,651
-------------- --------------
Total Net Assets $ 20,319,503 $ 19,535,324
============== ==============
</Table>
118
<Page>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of The Glenmede Portfolios and Shareholders of Muni
Intermediate Portfolio and New Jersey Muni Portfolio:
In our opinion, the accompanying statements of assets and liabilities,
including the schedules of portfolio investments, and the related statements of
operations and of changes in net assets and the financial highlights present
fairly, in all material respects, the financial position of Muni Intermediate
Portfolio and New Jersey Muni Portfolio (constituting The Glenmede Portfolios,
hereafter referred to as the "Portfolios") at October 31, 2003, and the results
of each of their operations for the year then ended, the changes in each of
their net assets for each of the two years in the period then ended and the
financial highlights for each of the five years in the period then ended, in
conformity with accounting principles generally accepted in the United States of
America. These financial statements and financial highlights (hereafter referred
to as "financial statements") are the responsibility of the Portfolios'
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with auditing standards generally accepted in the
United States of America, which require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at October 31, 2003 by
correspondence with the custodian and brokers, provide a reasonable basis for
our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
December 8, 2003
119
<Page>
THE GLENMEDE FUND
TAX INFORMATION (UNAUDITED)
FOR THE YEAR ENDED OCTOBER 31, 2003
The amount of long-term capital gains paid for the fiscal year ended October
31, 2003 was as follows:
<Table>
Small Cap Equity Portfolio $ 6,959,114
</Table>
Of the ordinary distributions made during the fiscal year ended October 31,
2003, the following percentages have been derived from investments in US
Government and Agency Obligations. All or a portion of the distributions from
this income may be exempt from taxation at the state level. Consult your tax
advisor for state specific information.
<Table>
Government Cash Portfolio 58.01%
Core Fixed Income Cash Portfolio 61.16%
</Table>
Of the ordinary distributions made during the fiscal year ended October 31,
2003, the following percentages are tax exempt for regular Federal income tax
purposes.
<Table>
Tax-Exempt Cash Portfolio 100%
</Table>
Of the ordinary distributions made during the fiscal year ended October 31,
2003, the following percentages qualify for the dividends received deduction
available to corporate shareholders:
<Table>
Strategic Equity Portfolio 100.00%
Large Cap Value Portfolio 100.00%
</Table>
The above figures may differ from those cited elsewhere in this report due to
differences in the calculation of income and gains for Securities and Exchange
Commission (book) purposes and Internal Revenue Service (tax) purposes.
Foreign Taxes Paid or Withheld
<Table>
<Caption>
TOTAL PER SHARE
------------ ---------
International Portfolio $ 3,693,797 $ 0.05
Institutional International Portfolio $ 1,131,633 $ 0.03
</Table>
The foreign taxes paid or withheld per share represent taxes incurred by
the Fund on interest and dividends received by the Fund from foreign sources.
Foreign taxes paid or withheld should be included in taxable income with an
offsetting deduction from gross income or as a credit for taxes paid to foreign
governments. Consult your tax advisor regarding the appropriate treatment of
foreign taxes paid.
120
<Page>
Of the dividends paid by the Muni Intermediate Portfolio from net investment
income for the fiscal year ended October 31, 2003, 100% is tax-exempt for
regular Federal income taxes and Pennsylvania taxes.
Of the dividends paid by the New Jersey Muni Portfolio from net investment
income for the fiscal year ended October 31, 2003, 100% is tax-exempt for
regular Federal income taxes and New Jersey taxes.
The amount of long-term capital gains paid for the fiscal year ended
October 31, 2003 was as follows:
<Table>
New Jersey Muni Portfolio $ 14,550
</Table>
121
<Page>
THE GLENMEDE FUND, INC.
THE GLENMEDE PORTFOLIOS
OFFICERS & DIRECTORS/TRUSTEES TABLE (UNAUDITED)
Information pertaining to the Board of Directors of The Glenmede Fund, Inc.
and the Board of Trustees of The Glenmede Portfolios (collectively, the "Funds")
and their respective officers is set forth below. Unless otherwise indicated
below, the address of each Board member and officer is 200 Clarendon Street,
Boston, Massachusetts 02116. The Statement of Additional Information includes
additional information about the Directors and Trustees and is available without
charge, upon request, by calling 1-800-442-8299.
INDEPENDENT DIRECTORS/TRUSTEES(1)
<Table>
<Caption>
NUMBER OF
PORTFOLIOS
IN FUND
PRINCIPAL COMPLEX
OCCUPATIONS(S) DURING OVERSEEN
PAST 5 YEARS; OTHER BY
POSITIONS HELD TERM OF OFFICE* AND DIRECTORSHIPS HELD BY DIRECTOR/
NAME, ADDRESS AND AGE WITH THE FUNDS LENGTH OF TIME SERVED DIRECTOR/TRUSTEE TRUSTEE
- --------------------- --------------------- ---------------------- ------------------------------ -------------
H. FRANKLIN ALLEN, D. PHIL. Director of the Director of the Nippon Life Professor of 11
Glenmede Fund. Glenmede Fund since Finance and Professor of
Age: 47 March 1991. Economics from 1990-1996; Vice
Trustee of the Dean and Director of Wharton
Glenmede Portfolios. Trustee of the Doctoral Programs from
Glenmede Portfolios 1990-1993. Employed by The
since May 1992. University of Pennsylvania
since 1980.
WILLARD S. BOOTHBY, JR. Director of the Director of the Until 2003, Director, Penn 11
Glenmede Fund. Glenmede Fund since Engineering & Manufacturing
Age: 82 October 1988. Corp.; Former Director of
Trustee of the Georgia-Pacific Corp.; Former
Glenmede Portfolios. Trustee of the Chairman and Chief Executive
Glenmede Portfolios Officer Blyth Eastman Dillon &
since May 1992. Co., Inc.; Former Managing
Director of Paine Webber,
Inc.; Former Chairman of U.S.
Securities Industry
Association.
FRANCIS J. PALAMARA Director of the Director of the Trustee of Gintel Fund (1 11
Glenmede Fund. Glenmede Fund since Portfolio overseen); Former
Age: 78 October 1988. Director of XTRA Corporation;
Trustee of the Former Director and Executive
Glenmede Portfolios. Trustee of the Vice President-Finance of
Glenmede Portfolios ARAMARK, Inc.; Former
since May 1992. Chief Operating Officer of
the New York Stock Exchange.
</Table>
- ----------
(1) Independent Directors/Trustees are those Directors/Trustees who are not
"interested persons" of the Funds as defined in the Investment Company Act
of 1940, as amended (the "1940 Act").
* Each Director holds office until the earliest of (i) the next meeting of
shareholders, if any, called for the purpose of considering the election or
re-election of such Director and until the election and qualification of
his or her successor, if any, elected, at such meeting, or (ii) the date he
or she dies, resigns or retires, or is removed by the Board of Directors or
shareholders. Each Trustee holds office until the earliest of (i) the
termination of the Glenmede Portfolios, or (ii) the date he or she dies,
resigns or retires, or is removed by the Board of Trustees or shareholders.
122
<Page>
INTERESTED DIRECTORS/TRUSTEES(2)
<Table>
<Caption>
NUMBER OF
PORTFOLIOS
IN FUND
PRINCIPAL COMPLEX
OCCUPATIONS(S) DURING OVERSEEN
PAST 5 YEARS; OTHER BY
POSITIONS HELD TERM OF OFFICE* AND DIRECTORSHIPS HELD BY DIRECTOR/
NAME, ADDRESS AND AGE WITH THE FUNDS LENGTH OF TIME SERVED DIRECTOR/TRUSTEE TRUSTEE
- --------------------- --------------------- ---------------------- ------------------------------ -------------
JOHN W. CHURCH, JR.(3) Chairman and Chairman and Director Director of Girard Partners 11
Director of the of the Glenmede Fund LTD; Retired, Executive Vice
Age: 71 Glenmede Fund. since October 1988. President and Chief Investment
Officer of The Glenmede Trust
Chairman and Chairman and Trustee Company from 1979-1997.
Trustee of the of the Glenmede
Glenmede Portfolios. Portfolios since
May 1992.
G. THOMPSON PEW, JR.(4) Director of the Director of the Director of The Glenmede Trust 11
Glenmede Fund. Glenmede Fund since Company, N.A.; Former Director
Age: 61 October 1988. of Brown& Glenmede Holdings,
Inc.; Former Co-Director,
Trustee of the Trustee of the Principal and Officer of
Glenmede Portfolios. Glenmede Portfolios Philadelphia Investment
since May 1992. Banking Co.; Former Director
and Officer of Valley Forge
Administrative Services
Company.
</Table>
- -------------
(2) Interested Directors/Trustees are those Directors/Trustees who are
"interested persons" of the Funds as defined in the 1940 Act.
(3) Mr. Church is deemed to be an "interested" Director/Trustee of the Funds
because of his affiliation with a registered broker-dealer and his stock
ownership in The Glenmede Corporation of which Glenmede Advisors, Inc., the
Funds' investment adviser (the "Advisor") is a subsidiary.
(4) Mr. Pew is deemed to be an "interested" Director/Trustee of the Funds
because of his affiliation with Glenmede Trust Company, N.A., the parent of
the Advisor and his stock ownership in the Glenmede Corporation, of which
the Advisor is a subsidiary.
123
<Page>
OFFICERS
<Table>
<Caption>
PRINCIPAL
OCCUPATIONS(S) DURING
POSITIONS HELD WITH TERM OF OFFICE** AND PAST 5 YEARS; AND
NAME, ADDRESS AND AGE THE FUNDS LENGTH OF TIME SERVED DIRECTORSHIPS HELD
- --------------------- --------------------- ----------------------- ------------------------------
MARY ANN B. WIRTS President and Treasurer President of the Funds First Vice President and
One Liberty Place of the Funds. since December 1997. Co-Managing Director of
1650 Market Street, Investment Products Management
Suite 1200 Treasurer of the Funds of The Glenmede Trust Company,
Philadelphia, PA 19103 since December 2002. N.A. Employed by The Glenmede
Trust Company, N.A. since
Age: 52 1982.
KIMBERLY C. OSBORNE Executive Vice President Executive Vice Vice President of The Glenmede
One Liberty Place of the Funds. President of the Funds Trust Company, N.A. Employed
1650 Market Street, since December 1997. by The Glenmede Trust Company,
Suite 1200 N.A. since 1993.
Philadelphia, PA 19103
Age: 37
MICHAEL P. MALLOY Secretary of the Funds. Secretary of the Funds Partner in the law firm of
One Logan Square since January 1995. Drinker Biddle& Reath LLP.
18th and Cherry Streets
Philadelphia, PA 19103
Age: 44
JEFFREY J. GABOURY Assistant Treasurer Assistant Treasurer of Director, Investors Bank &
of the Funds. the Funds since Trust Company since 1996.
Age: 35 October 2001.
JILL GROSSBERG Assistant Secretary Assistant Secretary of Director and Counsel,
of the Funds. the Funds since Investors Bank& Trust Company
October 2001. since 2000; Associate Counsel,
Age: 57 Putnam Investments, Inc.
(1995-2000).
</Table>
- -------------
** Each officer is elected by the respective Board and holds office for the
term of one year and until his or her successor is duly elected and
qualified, or until he or she dies, resigns, is removed, or becomes
disqualified.
124
<Page>
THE GLENMEDE FUND, INC. AND THE GLENMEDE PORTFOLIOS
INVESTMENT ADVISOR
Glenmede Advisers, Inc.
One Liberty Place
1650 Market Street, Suite 1200
Philadelphia, Pennsylvania 19103
ADMINISTRATOR
Investors Bank & Trust Company
200 Clarendon Street
Boston, Massachusetts 02116
CUSTODIAN
Investors Bank & Trust Company
200 Clarendon Street
Boston, Massachusetts 02116
LEGAL COUNSEL
Drinker Biddle & Reath LLP
One Logan Square
18th & Cherry Streets
Philadelphia, Pennsylvania 19103-6996
DISTRIBUTOR
Quasar Distributors, LLC.
615 East Michigan Street
Milwaukee, Wisconsin 53202
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
125 High Street
Boston, Massachusetts 02110
INVESTMENT SUB-ADVISORS
(for Small Capitalization Growth Portfolio)
Sterling Johnston Capital Management
50 California Street, Suite 3325
SanFrancisco, California 94111
Winslow Capital Management, Inc.
4720 IDS Tower
80 South Eighth Street
Minneapolis, Minnesota 55402
INVESTMENT ADVISOR
(for Institutional International Portfolio)
INVESTMENT SUB-ADVISOR
(for International Portfolio)
Philadelphia International Advisors LP
One Liberty Place
1650 Market Street, Suite 1200
Philadelphia, Pennsylvania 19103
<Page>
The report is submitted for the general information of the shareholders of The
Glenmede Fund, Inc. and The Glenmede Portfolios. It is not authorized for
distribution to prospective investors unless accompanied or preceded by an
effective prospectus for the Funds, which contain information concerning the
Fund's investment policies and expenses as well as other pertinent information.
<Page>
ITEM 2. CODE OF ETHICS.
As of October 31, 2003, the Registrant has adopted a code of ethics that
applies to the Registrant's President and Treasurer (Principal Executive
Officer and Principal Financial Officer). For the year ended October 31,
2003, there were no amendments to a provision of its code of ethics, nor
were there any waivers granted from a provision of the code of ethics. A
copy of the Registrant's code of ethics is filed with the Form N-CSR under
Item 11(a).
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The Registrant's Board of Directors has determined that the Registrant has
at least one audit committee financial expert serving on its audit
committee. The audit committee financial expert serving on the Registrant's
audit committee is Francis J. Palamara, who is "independent" as defined in
Item 3 of Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEMS 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not applicable.
ITEM 10. 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 changes in the Registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the Registrant's last
fiscal half-year (the Registrant's second fiscal half-year in the case
of an annual report) that has materially affected, or is reasonably
likely to materially affect, the Registrant's internal control over
financial reporting.
ITEM 11. EXHIBITS.
(a)(1) Code of Ethics Described in Item 2 is attached hereto as Exhibit
99.CODEETH.
(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.
(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
is attached hereto as Exhibit 99.906CERT.
<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 March 12, 2004
------------------------------------
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 March 12, 2004
------------------------------------