Exhibit 99.(g)(2)
[Investors Bank & Trust Company]
Ms. Xxxx Xxx X. Xxxxx
President
The Glenmede Portfolios
Xxx Xxxxxxx Xxxxx
0000 Xxxxxx Xxxxxx Xxxxx 0000
Xxxxxxxxxxxx, XX 00000-0000
Re: The Custodian Contract (as amended, the "Custodian Contract") between
Investors Bank & Trust Company ("Custodian) and The Glenmede Portfolios
(the "Client")
Dear Xxxx Xxx:
As you know, Rule 17f-4 under the Investment Company Act of 1940 ("Rule
17f-4") has been amended, and such amendments will become effective on March 28,
2003. In order for you to be in compliance with amended Rule 17f-4, we agree to
the terms and conditions below effective March 28, 2003.
In addition to any other duties of the Custodian set forth in the Custodian
Contract, the Custodian agrees that, in connection with placing and maintaining
financial assets, corresponding to the Trust's security entitlements, with a
domestic (U.S.) securities depository or intermediary custodian:
1. The Custodian will, at a minimum, exercise due care in accordance
with reasonable commercial standards in discharging its duty as a
securities intermediary to obtain and thereafter maintain such
financial assets;
2. The Custodian shall provide, promptly upon request by the Client,
such reports as are generally made available to its clients
concerning the internal accounting controls and financial strength
of the Custodian; and
3. The Custodian shall require any intermediary custodian at a minimum
to exercise due care in accordance with reasonable commercial
standards in discharging its duty as a securities intermediary to
obtain and thereafter maintain financial assets corresponding to the
security entitlements of its entitlement holders.
Except as set forth in the preceding paragraphs, the terms and provisions
of the Custodian Contract shall remain in full force and effect. Please note
that this letter shall be governed by and construed in accordance with the laws
of the same jurisdiction named in the Custodian
Contract, if any. Terms not defined herein have the meanings set forth in Rule
17f-4. By signing below, Client agrees to the amendment of the Custodian
Contract embodied in this letter.
Very truly yours,
INVESTORS BANK & TRUST COMPANY
By: /s/ Xxxxxx Xxxxxx
-----------------
Name: Xxxxxx Xxxxxx
Title: Managing Director
AGREED:
THE GLENMEDE PORTFOLIOS
By: /s/ Xxxx Xxx X. Xxxxx
---------------------
Name: Xxxx Xxx X. Xxxxx
Title: President
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