PROSPECTUS
         Philadelphia International Fund*

MARKET COMMENTARY
         International
         ADR

MONTHLY PERFORMANCE REPORT
         Philadelphia International Fund*
         

ARTICLES
Pensions & Investments, April 15, 2002
"Glenmede's International Team Opens Shop With $3 Billion From Its Former Employer"
         
Small Managers Top Managed Acct Rankings (FundFire 3/06)

Why International Equities?, December 2007

MSCI EAFE Index Changes, May 2001

        

"Even if you're on the right track, you'll get run over if you just sit there." - Will Rogers

*The name of the "Institutional International Portfolio" was changed to "Philadelphia International Fund" on July 1, 2005.

 

Mutual fund investing involves risk; loss of principal is possible.  The fund is distributed by Quasar Distributors, LLC.