<PAGE>
THE GLENMEDE FUND, INC.
THE GLENMEDE PORTFOLIOS
Prospectus
February 28, 2000
Money Market Portfolios
Government Cash Portfolio
Tax-Exempt Cash Portfolio
Bond Portfolios
Core Fixed Income Portfolio
Muni Intermediate Portfolio
New Jersey Muni Portfolio
Investment Advisor
The Glenmede Trust Company
The Securities and Exchange Commission has not approved or disapproved the
Portfolios' securities or determined if this prospectus is accurate or complete.
It is a criminal offense to state otherwise.
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TABLE OF CONTENTS
RISK/RETURN SUMMARY..................................................... 3
INVESTMENTS............................................................. 14
PRICE OF PORTFOLIO SHARES............................................... 20
PURCHASE OF SHARES...................................................... 20
REDEMPTION OF SHARES.................................................... 21
ADDITIONAL INFORMATION ON THE PURCHASE AND REDEMPTION OF
SHARES OF THE PORTFOLIOS.............................................. 21
DIVIDENDS AND DISTRIBUTIONS............................................. 21
TAXES................................................................... 22
MANAGEMENT OF THE PORTFOLIOS............................................ 24
GENERAL INFORMATION..................................................... 25
FINANCIAL HIGHLIGHTS.................................................... 26
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RISK/RETURN SUMMARY
Money Market Portfolios
<TABLE>
<CAPTION>
Investment Objective Principal Investment Strategies
<S> <C> <C>
Government Cash Portfolio Maximum current interest income The Portfolio invests primarily in short-term
consistent with the preservation of securities issued by the U.S. Treasury or
capital and liquidity U.S. Government-related agencies, and
repurchase agreements secured by such
instruments.
Tax-Exempt Cash Portfolio Maximum current interest income The Portfolio invests primarily in tax-exempt
exempt from Federal income short-term, high quality municipal obligations,
taxes consistent with the including, for example, project and demand notes,
preservation of capital and tax, revenue or bond anticipation notes, municipal
liquidity bonds, variable rate demand notes and non-rated
privately placed securities.
Each Money Market Portfolio invests in securities
which the Advisor believes present minimal credit
risks at the time of purchase and which mature or
provide for redemption within 13 months from the date
of purchase. The dollar-weighted average maturity of
each Money Market Portfolio is expected to be 90 days
or less.
</TABLE>
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Bond Portfolios
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Important Concept
Total return consists of net income (dividend and interest income
from portfolio securities less expenses of the Portfolio) and
capital gains and losses, both realized and unrealized, from
portfolio securities.
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<TABLE>
<CAPTION>
Investment Objective Principal Investment Strategies
<S> <C> <C>
Core Fixed Income Portfolio Maximum long-term total return The Portfolio invests primarily in mortgage-backed
consistent with reasonable and fixed income securities issued by the U.S.
risk to principal Treasury or U.S. Government-related agencies. The
Portfolio may also invest in privately issued
mortgage-backed securities, debt obligations of
domestic and foreign companies, repurchase agreements
collateralized by U.S. Government securities and
may enter into reverse repurchase agreements.
The Advisor purchases securities that it believes have
potential for higher returns than other securities with
similar characteristics and risk, considering factors
such as maturity, coupon, credit and any prepayment
options. The Advisor will generally sell a security for
a number of reasons, including when the expected
performance has been realized or to purchase another
security with similar characteristics and risk but that
the Advisor believes has a higher expected return.
Such securities will be rated at least A by Standard
& Poor's Rating Group ("S&P") or Moody's Investors
Service, Inc. ("Moody's") and if unrated, determined
to be of comparable quality at the time of purchase.
Muni Intermediate Portfolio As high a level of current income The Portfolio invests primarily in intermediate and
exempt from Federal income tax long-term tax-exempt obligations of the Commonwealth
as is consistent with preservation of Pennsylvania and its political subdivisions,
of capital agencies, instrumentalities and authorities.
</TABLE>
4
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<TABLE>
<CAPTION>
<S> <C> <C>
New Jersey Muni Portfolio As high a level of current income The Portfolio invests primarily in intermediate
exempt from Federal income tax as and long-term tax-exempt obligations of the State
is consistent with preservation of New Jersey and its political subdivisions,
of capital agencies, instrumentalities and authorities.
Each Muni Portfolio purchases municipal obligations
that the Advisor believes have the best value compared
to securities of similiar credit quality and maturity
range. The Portfolios generally sell municipal
obligations for a number of reasons, including a change
in credit quality, to extend maturity, to increase
yield or to raise funds to cover redemptions.
Each Muni Portfolio will invest in securities that
are rated at the time of purchase within the three
highest ratings assigned by Moody's (i.e., Aaa, Aa,
A) or S&P (AAA, AA, A) in the case of bonds, or rated
SP-1 or higher by S&P or MIG-2 or higher by Moody's
in the case of notes. Each Portfolio may invest in
unrated securities if they are determined to be of
comparable quality at the time of purchase.
Each Bond Portfolio expects to maintain a
dollar-weighted average maturity of 3 to 10 years.
</TABLE>
Principal Risks of
Investing
<TABLE>
<CAPTION>
<S> <C> <C>
All Portfolios The strategy that the Advisor uses may fail to produce the
intended result.
An investment in a Portfolio is not a deposit of The
Glenmede Trust Company and is not insured or guaranteed by
the Federal Deposit Insurance Corporation or any other
government agency.
</TABLE>
5
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<TABLE>
<CAPTION>
<S> <C> <C>
All Bond Portfolios The value of fixed income securities tends to fluctuate with
changes in interest rates. Generally, their value will
decrease when interest rates rise and increase when interest
rates fall. Fixed income securities are also subject to the
risk that an issuer will be unable to make principal and
interest payments when due. Therefore, you could lose money
by investing in the Portfolios.
Fixed income securities with longer maturities are more
susceptible to interest rate fluctuations than those with
shorter maturities. Therefore, the risk of interest rate
fluctuation is greater to the extent that the Portfolios
invest in long-term securities.
Core Fixed Income Portfolio The Core Fixed Income Portfolio may make loans through
collateralized repurchase agreements. It may also borrow
money through reverse repurchase agreements. Although loans
made by the Portfolio are collateralized with the borrower's
securities, the Portfolio could suffer a loss if the
borrower defaults on its obligation to buy the securities
back under the terms of the repurchase agreement.
The Core Fixed Income Portfolio is subject to prepayment
risk. Prepayment risk is the risk that a debt security may
be paid off and the proceeds returned to the Portfolio
earlier than anticipated. Depending on market conditions,
proceeds may be reinvested at lower interest rates.
Muni Portfolios The Muni Intermediate Portfolio and New Jersey Muni
Portfolio are subject to additional risks. Because the Muni
Intermediate Portfolio invests primarily in Pennsylvania
municipal obligations and the New Jersey Muni Portfolio
invests primarily in New Jersey municipal obligations, they
are classified as non-diversified. This means that each
Portfolio may invest a greater percentage of its assets in a
particular issuer, and that a Portfolio's performance will
be dependent upon a smaller category of securities than is a
diversified portfolio. Accordingly, each Portfolio may
experience greater fluctuations in net asset value and may
have greater risk of loss.
</TABLE>
6
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<TABLE>
<CAPTION>
<S> <C> <C>
The Muni Intermediate Portfolio and the New Jersey Muni
Portfolio are each especially susceptible to the economic,
political and regulatory events that affect Pennsylvania and
New Jersey, respectively.
Each of the Muni Portfolios is subject to call risk. Call
risk is the risk that changes in interest rates may cause
certain municipal securities to be paid off much sooner or
later than expected, which could adversely affect a
Portfolio's value.
All Money Market Portfolios Although these Portfolios invest in money market instruments
which the Advisor believes present minimal credit risks at
the time of purchase, there is a risk that an issuer may not
be able to make principal and interest payments when due.
Although the Portfolios seek to preserve the value of your
investment at $1.00 per share, it is possible to lose money
by investing in the Portfolios.
The Government Cash Portfolio may make loans through
collateralized repurchase agreements. Although loans made by
the Portfolio are collateralized with the borrower's
securities, the Portfolio could suffer a loss if the
borrower defaults on its obligation to buy the securities
back under the terms of the repurchase agreement.
</TABLE>
Who may want to
invest in the
<TABLE>
<CAPTION>
<S> <C> <C>
Bond Portfolios The Bond Portfolios may be appropriate for you if you seek a
regular stream of income with higher potential returns than
money market funds and if you are also willing to accept
some risk.
Money Market Portfolios The Money Market Portfolios may be appropriate for you if
you seek monthly income with minimal risk to principal. The
Portfolios are NOT appropriate for you if you are seeking a
high level of monthly income or long-term total return.
</TABLE>
7
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Bar Charts and
Performance Tables
<TABLE>
<CAPTION>
<S> <C>
The bar charts and tables below show the Portfolios' annual
total returns, their long-term performance and provide some
indication of the risks of investing in the Portfolios. The
bar charts show how the performance of the Portfolios has
varied from year to year. The tables show how each
Portfolio's average annual total returns for one, five and
ten years compare to those of selected market indices. The
bar charts and performance tables assume reinvestment of
dividends and distributions. The Portfolios' past
performance does not necessarily indicate how they will
perform in the future.
</TABLE>
Government Cash Portfolio
1990 8.32%
1991 6.13%
1992 3.85%
1993 3.18%
1994 4.19%
1995 5.92%
1996 5.40%
1997 5.58%
1998 5.51%
1999 5.07%
During the periods shown in the bar chart, the highest quarterly return
was 2.48% (for the quarter ended June 30, 1989) and the lowest quarterly return
was .78% (for the quarter ended June 30, 1993).
Tax-Exempt Cash Portfolio
1990 5.87%
1991 4.53%
1992 3.07%
1993 2.22%
1994 2.70%
1995 3.83%
1996 3.33%
1997 3.51%
1998 3.30%
1999 3.11%
8
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During the periods shown in the bar chart, the highest quarterly return
was 1.71% (for the quarter ended June 30, 1989) and the lowest quarterly return
was .53% (for the quarter ended March 31, 1994.
Core Fixed Income Portfolio
1990 10.25%
1991 15.02%
1992 6.74%
1993 8.84%
1994 -2.35%
1995 14.45%
1996 3.88%
1997 9.68%
1998 9.08%
1999 -0.64%
During the periods shown in the bar chart, the highest quarterly return
was 6.34% (for the quarter ended June 30, 1989) and the lowest quarterly return
was -2.54% (for the quarter ended March 31, 1994).
Muni Intermediate Portfolio
1993 8.99%
1994 -4.44%
1995 13.69%
1996 4.36%
1997 7.15%
1998 5.57%
1999 0.86%
During the periods shown in the bar chart, the highest quarterly return
was 6.22% (for the quarter ended March 31, 1995) and the lowest quarterly return
was -3.39% (for the quarter ended March 31, 1994).
New Jersey Muni Portfolio
1994 -5.44%
1995 15.03%
1996 4.13%
1997 7.00%
1998 5.67%
1999 -0.16%
9
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During the periods shown in the bar chart, the highest quarterly return
was 3.39% (for the quarter ended June 30, 1995) and the lowest quarterly return
was -4.17% (for the quarter ended March 31, 1994).
<TABLE>
<CAPTION>
The Portfolios' Average Annual Total
Returns for the Periods Ended December 31,
1999
Money Market Portfolios
<S> <C> <C> <C> <C>
- ----------------------------------------------------- ---------------------------------- ------------ ------------ ------------
Past 1 Past 5 Past 10
o IBC's U.S. Government and Agencies Money Fund Year Years Years
Average(TM)is comprised of money market funds
investing in U.S. treasury securities and ---------------------------------- ------------ ------------ ------------
government agency obligations. Government Cash Portfolio 5.07% 5.49% 5.31%
o IBC's Stock Broker and General Purpose Tax-Free ---------------------------------- ------------ ------------ ------------
Average(TM) is comprised of money market funds IBC's U.S. Government and 4.52% 4.68% 5.08%
investing in fixed-income securities issued by Agencies Money Fund Average(TM)
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.
- ----------------------------------------------------- ---------------------------------- ------------ ------------ ------------
Past 1 Past 5 Past 10
Year Years Years
---------------------------------- ------------ ------------ ------------
3.11% 3.42% 3.54%
Tax-Exempt Cash Portfolio
---------------------------------- ------------ ------------ ------------
IBC's Stock Broker and General 2.70% 2.89% 3.40%
Purpose Tax-Free Average(TM)
---------------------------------- ------------ ------------ ------------
</TABLE>
10
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<TABLE>
<CAPTION>
Bond Portfolios
<S> <C> <C> <C> <C>
- ----------------------------------------------------- ---------------------------------- ------------ ------------ ------------
o The Lehman Brothers Aggregate Bond Index is an Past 1 Past 5 Past 10
unmanaged index made up of the Lehman Brothers Year Years Years
Government Corporate Bond, Mortgage Backed
Securities, and Asset Backed Securities Indexes. ---------------------------------- ------------ ------------ ------------
Core Fixed Income Portfolio -0.64% 7.17% 7.35%
o The Lipper Intermediate U.S. Government Fund Index
is comprised of the 30 largest funds in the Lipper ---------------------------------- ------------ ------------ ------------
Intermediate U.S. Government Fund Average. The Lehman Brothers Aggregate -0.83% 7.73% 7.69%
Average consists of funds that invest at least 65% Bond Index
of their assets in securities issued or guaranteed
by the U.S. government, its agencies or ---------------------------------- ------------ ------------ ------------
instrumentalities with dollar-weighted average Lipper Intermediate U.S. -1.40% 6.63% 6.59%
maturities of 5 to 10 years. Government Fund Index
o 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. Since
Past 1 Past 5 June 5,
o The Lipper Intermediate Municipal Debt Fund Index Year Years 1992
is comprised of the 30 largest funds in the Lipper
Intermediate Municipal Debt Fund Average. The ---------------------------------- ------------ ------------ ------------
Average consists of funds that invest in municipal Muni Intermediate Portfolio 0.86% 6.24% 5.09%
debt issues with dollar-weighted average
maturities of 5 to 10 years. ---------------------------------- ------------ ------------ ------------
Lehman Brothers Municipal 0.74% 5.71% 5.47%
o The Lipper New Jersey Municipal Debt Fund Index is 5-Year Bond Index
comprised of the 10 largest funds in the Lipper
New Jersey Municipal Debt Fund Average. The ---------------------------------- ------------ ------------ ------------
Average consists of funds that invest only in Lipper Intermediate Municipal -1.39% 5.59% 5.21%
securities that are exempt from taxation in New Debt Fund Index
Jersey or cities in New Jersey.
--------------------------------------------------- ---------------------------------- ------------ ------------ ------------
---------------------------------- ----------- ------------- ------------
Since
Past 1 Past 5 November
Year Years 1, 1993
---------------------------------- ----------- ------------- ------------
New Jersey Muni Portfolio -0.16% 6.22% 4.13%
---------------------------------- ----------- ------------- ------------
Lehman Brothers Municipal 0.74% 5.71% 4.59%
5-Year Bond Index
---------------------------------- ----------- ------------- ------------
Lipper New Jersey Municipal Debt -4.43% 5.65% 3.73%
Fund Index
---------------------------------- ----------- ------------- ------------
</TABLE>
11
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Fees and Expenses of the Portfolios
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Portfolios.
<TABLE>
<CAPTION>
Money Market Portfolios Bond Portfolios
- ---------------------------------------------------------------------|---------------------------------------------
Tax- | New
Government Exempt | Core Fixed Muni Jersey
Cash Cash | Income Intermediate Muni
Portfolio Portfolio | Portfolio Portfolio Portfolio
---------- --------- | ----------- ------------ ----------
<S> <C> <C> | <C> <C> <C>
Shareholder Fees (fees paid |
directly from your investment) |
|
Maximum Account Fee 1.00% 1.00% | 1.00% 1.00% 1.00%
(annual percentage of assets under |
management)* |
|
Annual Portfolio Operating Expenses |
(expenses that are deducted |
from Portfolio assets) |
Management Fees .00% .00% | .00% .00% .00%
Other Expenses .11% .12% | .55%** .20% .24%
Operating Expenses .11% .12% .12%| .12% .20% .24%
Interest Expenses** -- -- | .43% -- --
---- ---- | ---- ---- ----
Total Annual Portfolio |
Operating Expenses .11% .12% | .55%** .20% .24%
==== ==== | ==== ==== ====
- ---------------------------------------------------------------------|---------------------------------------------
</TABLE>
* The Portfolios described in this prospectus do not pay any advisory fees to
The Glenmede Trust Company, the investment advisor of the Funds (the
"Advisor"), or its affiliated companies ("Affiliates"). However, investors
in these Portfolios must be clients of the Advisor, its Affiliates or
certain financial institutions, or must be certain employee benefit plans.
The "Maximum Account Fee" in the above table is the current maximum annual
fee that the Advisor or an Affiliate would charge its clients directly for
fiduciary, trust and/or advisory services (e.g., personal trust, estate,
advisory, tax and custodian services). The actual annual fees charged by the
Advisor and Affiliates for such services vary depending on a number of
factors, including the particular services provided to the client, but are
generally lower than 1% of the client's assets under management. Investors
may also have to pay various fees to others to become shareholders of the
Portfolios. See "Purchase of Shares."
** "Other Expenses" includes interest expenses of the Core Fixed Income
Portfolio generated from its investment in reverse repurchase agreements. If
such interest expenses were not included, "Total Annual Portfolio Operating
Expenses" would be 0.12% for the Core Fixed Income Portfolio.
12
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Example
This Example is intended to help you compare the cost of investing in the
Portfolios with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Portfolios for the time
periods indicated and then redeem all of your shares at the end of those
periods. The Example also assumes that your investment has a 5% return each year
and that the Portfolios' operating expenses remain the same. Although your
actual costs may be higher or lower, based on these assumptions your costs would
be:
<TABLE>
<CAPTION>
Money Market Portfolios Bond Portfolios
- ------------------------------------------------------------|------------------------------------------
Government Tax-Exempt | Core Fixed Muni New Jersey
Cash Cash | Income Intermediate Muni
Portfolio Portfolio | Portfolio Portfolio Portfolio
- ------------------------------------------------------------|------------------------------------------
<S> <C> <C> | <C> <C> <C>
One Year $ 11 $ 12 | $ 56 $ 20 $ 25
|
Three Years $ 35 $ 39 | $ 176 $ 64 $ 77
|
Five Years $ 62 $ 68 | $ 307 $113 $135
|
Ten Years $141 $154 | $ 699 $255 $306
- ------------------------------------------------------------|------------------------------------------
</TABLE>
13
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INVESTMENTS
Objective and Principal Strategies
To help you decide which Portfolio is appropriate for you, this section
looks more closely at the Portfolios' investment objectives and policies. You
should carefully consider your own investment goals, time horizon and risk
tolerance before investing in a Portfolio.
Each Portfolio's investment objective may be changed by the Board
members without shareholder approval.
Money Market Portfolios
Government Cash Portfolio
The investment objective of the Government Cash Portfolio is to provide
maximum current interest income consistent with the preservation of capital and
liquidity.
Under normal market conditions, the Government Cash Portfolio invests
at least 65% of its total assets in short-term securities issued by the U.S.
Treasury, U.S. Government agencies, or other agencies or instrumentalities
sponsored by the U.S. Government, and enters into repurchase agreements secured
by such instruments.
Tax-Exempt Cash Portfolio
The investment objective of the Tax-Exempt Cash Portfolio is to provide
maximum current interest income exempt from Federal income taxes consistent with
the preservation of capital and liquidity.
The Tax-Exempt Cash Portfolio invests primarily in short-term, high
quality municipal obligations. Municipal obligations may include the following:
project notes, demand notes, short-term municipal obligations (including tax
anticipation notes, revenue anticipation notes, bond anticipation notes, tax and
revenue anticipation notes, construction loan notes, and short-term discount
notes), municipal bonds, variable rate demand notes, and non-rated tax-exempt,
privately placed securities. Under normal circumstances, the Portfolio will
invest at least 80% of its net assets in municipal obligations which pay
interest that is exempt from regular Federal income tax and Federal alternative
minimum tax. The Portfolio will use its best efforts to avoid investing any of
its assets in municipal obligations which pay interest that may be subject to
Federal alternative minimum tax.
Investment Duration and Quality:
Each Portfolio will invest in securities maturing within 13 months from
the date of purchase. While this limitation also applies to the Portfolio's
investments in repurchase agreements, securities collateralizing those
repurchase agreements may bear maturities exceeding 13 months. Each Portfolio
may also purchase bonds with longer final maturities if, pursuant to a demand
feature, they provide for redemption within 13 months from the date of purchase.
Each Portfolio's dollar-weighted average maturity is expected to be 90 days or
less.
14
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The Portfolios may invest only in securities which the Advisor believes
present minimal credit risk at the time of purchase. Eligible securities are:
(i) securities rated in the two highest rating categories of a nationally
recognized statistical rating organization. If they are rated by more than one
such rating agency, at least one other rating agency must rate them in one of
its two highest categories; and (ii) unrated securities determined to be of
comparable quality at the time of purchase.
Bond Portfolios
Core Fixed Income Portfolio
The investment objective of the Core Fixed Income Portfolio is to
provide maximum long-term total return consistent with reasonable risk to
principal.
The Portfolio invests primarily in mortgage-backed securities and fixed
income securities issued by the U.S. Treasury, U.S. Government agencies, or
other agencies or instrumentalities sponsored by the U.S. Government
(collectively, "U.S. Government Securities"). The Portfolio may also invest in
privately issued mortgage-backed securities and debt obligations of domestic and
foreign companies. The Portfolio expects to achieve consistent results over the
long term. The dollar-weighted average maturity of the Portfolio is expected to
be between three and ten years. Under normal circumstances, at least 65% of the
Portfolio's total assets will be invested in U.S. Government Securities and
repurchase agreements collateralized by U.S. Government Securities. The
Portfolio may, from time to time, take a temporary defensive position that is
inconsistent with its principal investment strategy in response to adverse
market, economic, political or other conditions. Such investments may include,
for example, cash and short-term debt instruments which meet the Portfolio's
quality criteria. A defensive position, taken at the wrong time, would have an
adverse impact on the Portfolio's performance. To the extent the Portfolio
employs a temporary defensive investment strategy, it may not achieve its
investment objective. The net asset value of the Portfolio will fluctuate.
The Advisor purchases securities that it believes have potential for
higher returns than other securities with similar characteristics and risk,
considering factors such as, maturity, coupon, credit and any prepayment
options. The Advisor will generally sell a security for a number of reasons,
including when the expected performance has been realized or to purchase another
security with similar characteristics and risk but that the Advisor believes has
a higher expected return.
The Portfolio may actively trade portfolio securities to achieve its
principal investment strategies. A high rate of portfolio turnover involves
correspondingly high transaction costs, which may adversely affect the
Portfolio's performance. High portfolio turnover may also result in the
realization of short-term capital gains. Distributions derived from such gains
will be treated as ordinary income for federal income tax purposes.
15
<PAGE>
Muni Intermediate Portfolio and New Jersey Muni Portfolio
The investment objective of the Muni Intermediate and New Jersey Muni
Portfolios is to seek as high a level of current income exempt from Federal
income tax as is consistent with preservation of capital.
The Muni Intermediate Portfolio invests primarily in intermediate and
long-term tax-exempt obligations of the Commonwealth of Pennsylvania and its
political subdivisions, agencies and authorities.
The New Jersey Muni Portfolio invests at least 65% of its net assets in
intermediate and long-term tax-exempt obligations of the State of New Jersey and
its political subdivisions, agencies and authorities.
During normal market conditions, the Muni Intermediate Portfolio and
New Jersey Muni Portfolio will invest at least 80% of their net assets in
intermediate and long-term municipal obligations, which pay tax-exempt interest.
The Portfolios may, from time to time, take temporary defensive positions that
are inconsistent with their principal investment strategies in response to
adverse market, economic, political, or other conditions. Such investments may
include, for example, cash reserves and short-term instruments such as
tax-exempt money market securities. A defensive position, taken at the wrong
time, would have an adverse impact on the Portfolio's performance. To the extent
a Portfolio employs a temporary defensive investment strategy, it may not
achieve its investment objective. The net asset value of the Portfolios will
fluctuate.
The Muni Intermediate and New Jersey Muni Portfolios purchase municipal
obligations that the Advisor believes have the best value compared to securities
of similar credit quality and maturity range. The Portfolios generally sell
municipal obligations for a number of reasons, including a change in credit
quality, to extend maturity, to increase yield or to raise funds to cover
redemptions.
Investment Duration and Quality:
Each Portfolio expects to maintain a dollar-weighted average maturity
of 3 to 10 years.
The Core Fixed Income Portfolio's investments in privately issued
mortgage-backed obligations, debt obligations of domestic and foreign companies,
and any other publicly or privately placed U.S. Government Securities will be
rated at least A by Standard & Poor's Ratings Group ("S&P") or Moody's Investors
Service, Inc. ("Moody's"). The Portfolio may invest in unrated securities if
they are determined to be of comparable quality at the time of purchase.
The Muni Intermediate and New Jersey Muni Portfolios will invest in
securities that are rated at the time of purchase within the three highest
ratings assigned by Moody's (i.e., Aaa, Aa, A) or S&P (AAA, AA, A) in the case
of bonds, or rated SP-1 or higher by S&P or MIG-2 or higher by Moody's in the
case of notes. Each Portfolio may invest in unrated securities if they are
determined to be of comparable quality at the time of purchase. If a portfolio
security's rating is reduced to below the above levels, the Advisor will dispose
of the security in an orderly fashion as soon as practicable.
16
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Risks
All Bond and Money Market Portfolios
The risks of investing in any of the Bond or Money Market Portfolios
have been described above in the Risk/Return Summary. The following supplements
that description.
Interest Rate Risks
Generally, a fixed-income security will increase in value when interest
rates fall and decrease in value when interest rates rise. Longer-term
securities are generally more sensitive to interest rate changes than
shorter-term securities, but they usually offer higher yields to compensate
investors for the greater risks.
A Bond Portfolio's dollar-weighted average maturity is a measure of how
the Portfolio will react to interest rate changes. The stated maturity of a bond
is the date the issuer must repay the bond's entire principal value to an
investor. A bond's term to maturity is the number of years remaining to
maturity. A Bond Portfolio does not have a stated maturity, but it does have a
dollar-weighted average maturity. This is calculated by averaging the terms to
maturity of bonds held by a Portfolio, with each maturity "weighted" according
to the percentage of net assets it represents.
Credit Risks
The risk that an issuer will be unable to make principal and interest
payments when due is known as "credit risk." U.S. Government Securities are
generally considered to be the safest type of investment in terms of credit
risk. Municipal obligations generally rank between U.S. Government Securities
and corporate debt securities in terms of credit safety. Corporate debt
securities, particularly those rated below investment grade, may present the
highest credit risk.
Ratings published by Rating Agencies are widely accepted measures of
credit risk. The lower a bond issue is rated by an agency, the more credit risk
it is considered to represent. Lower-rated bonds generally pay higher yields to
compensate investors for the greater risk.
Mortgage-Backed Obligations
The Core Fixed Income Portfolio may invest in mortgage-backed
securities (including collateralized mortgage obligations) that represent pools
of mortgage loans assembled for sale to investors by various government-related
organizations. These organizations include the Government National Mortgage
Association (whose obligations are guaranteed by the U.S. Government), and the
Federal National Mortgage Association and Federal Home Loan Mortgage Corporation
(whose obligations are not guaranteed by the U.S. Government). Mortgage-backed
securities provide a monthly payment consisting of interest and principal
payments. Additional payments may be made out of unscheduled repayments of
principal resulting from the sale of the underlying residential property,
refinancing or foreclosure. When interest rates are declining, prepayments of
principal on mortgage-backed securities may tend to increase due to refinancing
of mortgages. Any premium paid by the Portfolio on purchases of mortgage-backed
securities may be lost if an underlying mortgage is prepaid. The yield of the
Portfolio may be affected when it reinvests prepayments it receives.
17
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Debt Obligations
Debt obligations of domestic and foreign companies may include a broad
range of fixed and variable rate bonds, debentures and notes. The Core Fixed
Income Portfolio's shares are subject to the risk of market value fluctuations.
The market value of securities held by the Portfolio is expected to vary
according to factors such as changes in interest rates and changes in the
average weighted maturity of the Portfolio.
Municipal Revenue Obligations
The Tax-Exempt Cash, Muni Intermediate and New Jersey Muni Portfolios
may each invest 25% or more of its net assets in municipal obligations, which
pay interest and principal from revenues of similar projects. Each Portfolio may
also invest up to 20% of its total assets in taxable investments including
private activity bonds. Such investments involve risks presented by the laws and
economic conditions relating to such projects and bonds. These securities do not
carry the general obligation of the issuer and are not backed by taxing power.
In many cases, the Internal Revenue Service has not ruled on whether
the interest received on a municipal obligation is tax-exempt. The Portfolios
and the Advisor rely on the opinion of bond counsel to the issuers at the time
of issuance and will not review the bases for them.
The Muni Intermediate and New Jersey Muni Portfolios invest primarily
in Pennsylvania Municipal and New Jersey Municipal Obligations, respectively. If
Pennsylvania or New Jersey or any of their political subdivisions, agencies,
instrumentalities and authorities were to suffer serious financial difficulties
that might jeopardize the ability to pay their obligations, the value of the
affected Portfolio could be adversely affected.
Repurchase Agreements
The Government Cash and Core Fixed Income Portfolios may enter into
collateralized repurchase agreements with qualified brokers, dealers, banks and
other financial institutions deemed creditworthy by the Advisor. Such agreements
can be entered into for periods of one day or for a fixed term.
In a repurchase agreement, a Portfolio purchases a security and
simultaneously commits to resell that security at a future date to the seller (a
qualified bank or securities dealer) at an agreed upon price plus an agreed upon
market rate of interest (itself unrelated to the coupon rate or date of maturity
of the purchased security). The seller under a repurchase agreement will be
required to maintain the value of the securities which are subject to the
agreement and held by a Portfolio at not less than the agreed upon repurchase
price. If the seller defaults on its repurchase obligation, the Portfolio
holding such obligation suffers a loss to the extent that the proceeds from a
sale of the underlying securities (including accrued interest) is less than the
repurchase price (including accrued interest) under the agreement. In the event
that such a defaulting seller files for bankruptcy or becomes insolvent,
disposition of such securities by the Portfolio might be delayed pending court
action.
18
<PAGE>
Reverse Repurchase Agreements
The Core Fixed Income Portfolio may enter into an agreement to sell a
security and simultaneously commit to repurchase that security at a future date
from the buyer. In effect, the Portfolio is temporarily borrowing funds at an
agreed upon interest rate from the purchaser of the security.
The Portfolio's investment of the proceeds of a reverse repurchase
agreement is the speculative factor known as leverage. The Portfolio may enter
into a reverse repurchase agreement only if the interest income from investment
of the proceeds is greater than the interest expense of the transaction and the
proceeds are invested for a period no longer than the term of the agreement. The
Portfolio will maintain liquid securities at least equal to the value of its
purchase obligations under these agreements. The Advisor will consider the
creditworthiness of the other party in determining whether the Portfolio will
enter into a reverse repurchase agreement.
The Portfolio is permitted to invest up to one-third of its total
assets in reverse repurchase agreements and securities lending transactions
combined.
The use of reverse repurchase agreements involves certain risks. For
example, the securities acquired by the Portfolio with the proceeds of such an
agreement may decline in value and the market value of the securities sold by
the Portfolio may decline below the repurchase price. Neither eventuality
affects the Portfolio's responsibility to complete the transaction at full
value. The Portfolio will invest the proceeds of reverse repurchase agreements
in overnight repurchase agreements.
Selection of Investments
The Advisor evaluates the rewards and risks presented by all securities
purchased by the Portfolios and how they may advance the Portfolios' investment
objective. It is possible, however, that these evaluations will prove to be
inaccurate.
Other Types of Investments
This Prospectus describes each Portfolio's principal investment
strategies, and the particular types of securities which each Portfolio may
select for investment. Each Portfolio may make other types of investments and
pursue other investment strategies in support of its overall investment goal.
These supplemental investment strategies--and the risks involved--are described
in the Statement of Additional Information, which is referred to on the Back
Cover of this Prospectus.
19
<PAGE>
PRICE OF PORTFOLIO SHARES
The price of shares issued by each Portfolio is based on its net asset
value ("NAV"). The NAV per share of each Money Market Portfolio is determined as
of 12:00 noon (Eastern time) on each day that the New York Stock Exchange is
open for business (a "Business Day"). The NAV per share of the Core Fixed
Income, Muni Intermediate and New Jersey Muni Portfolios is determined as of the
close of regular trading hours of the Exchange on each Business Day currently
4:00 p.m. (Eastern time).
Government Cash and Tax-Exempt Cash Portfolios
For the purpose of calculating each Money Market Portfolio's NAV per
share, securities are valued at "amortized cost."
Bond Portfolios
Marketable fixed income securities are priced at market value. Debt
securities with remaining maturities of 60 days or less are valued at amortized
cost. The value of other assets and securities for which quotations are
unreliable or not readily available (including restricted securities) is
determined in good faith at fair value using methods determined by the Board of
Directors or the Board of Trustees.
PURCHASE OF SHARES
Shares of each Portfolio are sold without a sales commission on a
continuous basis to the Advisor acting on behalf of its clients or the clients
of its Affiliates ("Clients") and to other institutions, including brokers
acting on behalf of their clients (the "Institutions"), at the NAV per share
next determined after receipt, in proper order, of the purchase order by the
transfer agent. We consider orders to be in "proper order" when all required
documents are properly completed, signed and received. The minimum initial
investment for each Portfolio is $25,000; the minimum for subsequent investments
for each Portfolio is $1,000. The minimum initial and subsequent investment
requirements may be reduced or waived from time to time. Beneficial ownership of
shares will be reflected on books maintained by the Advisor or the Institutions.
The Advisor has informed the Funds that it and its Affiliates' minimum and
subsequent investment requirements for their Clients' investments in the
Portfolios are the same as those for the Funds. Other Institutions may have such
requirements. If you wish to purchase shares in the Funds, you should contact
the Advisor by telephone or facsimile or contact your Institution.
Your Institution may charge you for purchasing or selling shares of the
Portfolios. There is no transaction charge for shares purchased directly from
the Portfolios through the Advisor.
Shares purchased in the Money Market Portfolios before 12:00 noon
(Eastern time) begin earning dividends on the same business day provided Federal
funds are available to the particular Portfolio before 12:00 noon (Eastern time)
that day.
Purchases of a Portfolio's shares will be made in full and fractional
shares calculated to three decimal places. In the interest of economy and
convenience, certificates for shares will not be issued except upon your written
request. Certificates for fractional shares, however, will not be issued.
20
<PAGE>
REDEMPTION OF SHARES
You may redeem shares of each Portfolio at any time, without cost, at
the NAV per share next determined after the transfer agent receives your
redemption order. Generally, a properly signed written order is all that is
required. If you wish to redeem your shares, you should contact the Advisor by
telephone or facsimile or contact your Institution.
You will ordinarily be paid your redemption proceeds within one
business day, but in no event more than seven days, after the Funds' transfer
agent receives your order in proper form. The Funds may suspend the right of
redemption or postpone the date of payment under any emergency circumstances as
determined by the Securities and Exchange Commission (the "SEC").
Redemption proceeds are normally paid in cash, although the Funds have
the right to limit each shareholder to cash redemptions of $250,000 or 1% of
such Portfolio's NAV, whichever is less, within a 90-day period. Any additional
redemption proceeds would be made in readily marketable securities.
ADDITIONAL INFORMATION ON THE PURCHASE AND REDEMPTION
OF SHARES OF THE PORTFOLIOS
The Glenmede Fund, Inc. and The Glenmede Portfolios (together, the
"Funds") may appoint one or more entities as their agent to receive purchase and
redemption orders of shares of the Portfolios and cause these orders to be
transmitted, on an aggregated basis, to the Funds' transfer agent. In these
instances, orders are effected at the NAV per share next determined after
receipt of that order by the entity, if the order is actually received by the
transfer agent not later than the next business morning.
DIVIDENDS AND DISTRIBUTIONS
The Portfolios have the following dividend and capital gains policies:
(a) The Money Market Portfolios declare dividends daily and
normally distribute substantially all of their net investment
income to shareholders monthly.
(b) The Core Fixed Income, Muni Intermediate and New Jersey Muni
Portfolios normally distribute substantially all of their net
investment income to shareholders monthly.
The Portfolios normally distribute any realized net capital gains at
least once a year.
21
<PAGE>
TAXES
Federal Taxes
Taxable Portfolios. Each Portfolio contemplates declaring, as dividends
each year, all or substantially all of its taxable income, including its net
capital gain (the excess of long-term capital gain over short-term capital
loss). Distributions attributable to the net capital gain of a Portfolio will be
taxable to you as long-term capital gain, regardless of how long you have held
your shares. Other Portfolio distributions (other than exempt-interest
dividends, discussed below) will generally be taxable as ordinary income. You
will be subject to income tax on Portfolio distributions regardless of whether
they are paid in cash or reinvested in additional shares. You will be notified
annually of the tax status of distributions to you.
The investment objectives of the Bond and Money Market Portfolios will
generally cause their annual distributions to consist primarily of ordinary
income.
The one major exception to these tax principles is that distributions
on, and sales, exchanges and redemptions of, shares held in an IRA (or other
tax-qualified plan) will not be currently taxable.
Tax-Exempt Cash, Muni Intermediate and New Jersey Muni Portfolios
("Tax-Exempt Portfolios"). Each Tax-Exempt Portfolio anticipates that
substantially all of its income dividends will be "exempt interest dividends,"
which are exempt from Federal income taxes. However, some dividends will be
taxable, such as dividends that are derived from occasional taxable investments,
and distributions of short and long-term capital gains.
Interest on indebtedness you incur to purchase or carry shares of each
Tax-Exempt Portfolio generally will not be deductible for Federal income tax
purposes.
A portion of the exempt-interest dividends paid by the Tax-Exempt
Portfolios may constitute an item of tax preference for purposes of determining
Federal alternative minimum tax liability. Exempt-interest dividends will also
be considered along with other adjusted gross income in determining whether any
Social Security or railroad retirement payments received by you are subject to
Federal income taxes.
If you receive an exempt-interest dividend with respect to any share
and the share is held by you for six months or less, any loss on the sale or
exchange of the share will be disallowed to the extent of such dividend amount.
Miscellaneous. If you purchase shares of the Core Fixed Income, Muni
Intermediate and New Jersey Muni Portfolios, just before a distribution, the
purchase price will reflect the amount of the upcoming distribution, but you
will be taxed on the entire amount of the distribution received, even though,
as an economic matter, the distribution simply constitutes a return of capital.
This is known as "buying into a dividend."
22
<PAGE>
You will recognize taxable gain or loss on a sale, exchange or
redemption of your shares of the Core Fixed Income, Muni Intermediate and New
Jersey Muni Portfolios, including an exchange for shares of another Portfolio,
based on the difference between your tax basis in the shares and the amount you
receive for them. (To aid in computing your tax basis, you should retain your
account statements for the periods during which you held shares.) Generally,
this gain or loss will be long-term or short-term depending on whether your
holding period for the shares exceeds 12 months, except that any loss realized
on shares held for six months or less will be treated as a long-term capital
loss to the extent of any long-term capital gain distributions that were
received on the shares.
Pennsylvania Tax Considerations
Shareholders of the Muni Intermediate Portfolio will not be subject to
Pennsylvania Personal Income Tax on distributions from the Portfolio
attributable to interest income from Pennsylvania Municipal Obligations held by
the Portfolio. The exemption from Pennsylvania Personal Income Tax also will
extend to interest on obligations of the United States, its territories and
certain of its agencies and instrumentalities (collectively, "Federal
Securities"). In addition, shareholders of the Portfolio who are Philadelphia
residents will not be subject to the Philadelphia School District Net Income Tax
on distributions from the Portfolio attributable to interest income from
Pennsylvania municipal obligations or Federal Securities.
Distributions derived from investments other than Pennsylvania
Municipal Obligations and Federal Securities and distributions from net realized
capital gains will be subject to the Pennsylvania Personal Income Tax and the
Philadelphia School District Tax, except that distributions attributable to
capital gains on investments held by the Portfolio for more than six months are
not subject to the Philadelphia School District Tax. Gain on the disposition of
a share of the Muni Intermediate Portfolio will be subject to Pennsylvania
Personal Income Tax and the School District Tax, except that gain realized with
respect to a share held for more than six months is not subject to the School
District Tax.
New Jersey Tax Considerations
It is anticipated that substantially all dividends paid by the New
Jersey Muni Portfolio will not be subject to New Jersey personal income tax. In
accordance with the provisions of New Jersey law, distributions paid by a
"qualified investment fund" will not be subject to the New Jersey personal
income tax to the extent that the distributions are attributable to income
received as interest or gain from New Jersey Municipal Obligations, or as
interest or gain from direct U.S. Government obligations. Distributions by a
qualified investment fund that are attributable to most other sources will be
subject to the New Jersey personal income tax. If the New Jersey Muni Portfolio
qualifies as a qualified investment fund under New Jersey law, any gain on the
redemption or sale of the Portfolio's shares will not be subject to the New
Jersey personal income tax. To be classified as a qualified investment fund, at
least 80% of the Portfolio's investment must consist of New Jersey Municipal
Obligations or direct U.S. Government obligations; it must have no investments
other than interest-bearing obligations, obligations issued at a discount, and
cash and cash items (including receivables) and financial options, futures and
forward contracts related to interest bearing obligations issued at a discount;
and it must satisfy certain reporting obligations and provide certain
information to its shareholders. Shares of the Portfolio are not subject to
property taxation by New Jersey or its political subdivisions. To the extent
that a shareholder is subject to state or local taxes outside New Jersey,
dividends earned by an investment in the New Jersey Muni Portfolio may represent
taxable income.
23
<PAGE>
The New Jersey personal income tax is not applicable to corporations.
For all corporations subject to the New Jersey Corporation Business Tax,
dividend and distributions from a "qualified investment fund" are included in
the net income tax base for purposes of computing the Corporation Business Tax.
Furthermore, any gain upon the redemption or sale of New Jersey Muni Portfolio
shares by a corporate shareholder is also included in the net income tax base
for purposes of computing the Corporation Business Tax.
MANAGEMENT OF THE PORTFOLIOS
Investment Advisor
The Glenmede Trust Company with principal offices at One Liberty Place,
1650 Market Street, Suite 1200, Philadelphia, Pennsylvania 19103, serves as
investment advisor to the Portfolios. The Advisor, a limited purpose trust
company chartered in 1956, provides fiduciary and investment services to
endowment funds, foundations, employee benefit plans and other institutions and
individuals. The Advisor is a wholly-owned subsidiary of The Glenmede
Corporation. At December 31, 1999, the Advisor had over $17 billion in assets in
the accounts for which it serves in various capacities including as executor,
trustee or investment advisor.
Under its Investment Advisory Agreements with the Funds, the Advisor,
subject to the control and supervision of the particular Fund's Board and in
conformance with the stated investment objective and policies of each Portfolio,
manages the investment and reinvestment of the assets of each Portfolio. It is
the responsibility of the Advisor to make investment decisions for the
Portfolios and to place each Portfolio's purchase and sale orders.
The Advisor does not receive any fee from the Funds for its investment
services provided to the Portfolios. However, shareholders in the Funds who are
clients of the Advisor, or an Affiliate of the Advisor, pay fees which vary,
depending on the capacity in which the Advisor or the Affiliate provides them
with fiduciary and investment services (e.g., personal trust, estate settlement,
advisory and custodian services). Shareholders in the Funds who are customers of
other Institutions may pay fees to those Institutions.
Mary Ann B. Wirts, First Vice President and Manager of the Fixed Income
Division of the Advisor, has been the portfolio manager primarily responsible
for the management of the Tax-Exempt Cash Portfolio since that Portfolio
commenced operations on November 7, 1988. Since November 1, 1996, Mrs. Wirts has
also been the portfolio manager primarily responsible for the management of the
Government Cash Portfolio. Mrs. Wirts has been employed by the Advisor since
1982.
Laura LaRosa is the portfolio manager primarily responsible for the
management of the Muni Intermediate and New Jersey Muni Portfolios. Ms. LaRosa
has been primarily responsible for the management of those Portfolios since
November 1994. Ms. LaRosa has been employed by the Advisor as a portfolio
manager since 1994. Prior to her employment with the Advisor in 1994, Ms. LaRosa
had been Vice President of Institutional Sales at Hopper Soliday, Philadelphia.
24
<PAGE>
Timothy M. Woolley, CFA is the portfolio manager primarily responsible
for the management of the Core Fixed Income Portfolio. Mr. Woolley has been
primarily responsible for the management of this Portfolio since January 1,
1998. Mr. Woolley is a Fixed Income Portfolio Manager and analyst specializing
in mortgage-backed securities. Mr. Woolley has been employed by the Advisor as a
portfolio manager since 1994. Prior to his employment with the Advisor in 1994,
Mr. Woolley had been with Meridian Capital Markets and Meridian Bank for five
years, most recently serving as Vice President specializing in mortgage
research.
GENERAL INFORMATION
If you have any questions regarding the Portfolios contact the Funds at
the address or telephone number stated on the back cover page.
25
<PAGE>
FINANCIAL HIGHLIGHTS
The financial highlights tables are intended to help you understand
each Portfolio's financial performance for the past 5 years. Certain information
reflects financial results for a single Portfolio share. The total returns in
the table represent the rate that an investor would have earned or lost on an
investment in each Portfolio (assuming reinvestment of all dividends and
distributions). This information has been audited by PricewaterhouseCoopers LLP,
whose report, along with the Portfolios' financial statements, are included in
the Annual Report, which is available upon request.
Core Fixed Income Portfolio
(For a share outstanding throughout each year)
<TABLE>
<CAPTION>
Year Ended October 31,
------------------------------------------------------------------------
1999 1998 1997 1996 1995
-------- ------- ------- ------- ------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year............. $ 10.70 $ 10.46 $ 10.29 $ 10.36 $ 9.89
-------- -------- -------- -------- --------
Income from Investment Operations:
Net Investment Income.......................... 0.63 0.64 0.68 0.66 0.69
Net Gain/(Loss) on Securities
(both realized and unrealized)................ (0.54) 0.24 0.17 (0.08) 0.46
-------- -------- -------- -------- --------
Total From Investment Operations............... 0.09 0.88 0.85 0.58 1.15
-------- -------- -------- -------- --------
Less Distributions:
Dividends (from net investment income)......... (0.63) (0.64) (0.68) (0.65) (0.68)
Distributions (from capital gains)............. -- -- -- -- --
-------- -------- -------- -------- --------
Total Distributions............................ (0.63) (0.64) (0.68) (0.65) (0.68)
-------- -------- -------- -------- --------
Net Aset Value, End of Year.................... $ 10.16 $ 10.70 $ 10.46 $ 10.29 $ 10.36
======== ======== ======== ======== ========
Total Return(1)................................ 0.91% 9.32% 8.63% 5.88% 12.06%
======== ======== ======== ======== ========
Ratios/Supplemental Data:
Net Assets, End of Year (in 000's)........... $230,684 $258,986 $266,733 $259,503 $342,874
Ratio of Expenses to Average Net Assets...... 0.12% 0.11% 0.13% 0.16% 0.11%
Ratio of Gross Expense to Average Net Assets.
Ratio of Net Investment Income to Average 0.55%(2) 0.99%(2) 0.43%(2) 0.16% 0.11%
Net Assets.................................
Portfolio Turnover Rate...................... 6.08% 6.58% 6.67% 6.37% 6.67%
191% 93% 307% 47% 228%
</TABLE>
- -----------------
(1) Total Return represents aggregate total return for the period indicated.
(2) The annualized gross expense ratio includes interest expense. The ratios
excluding interest expense for the years ended October 31, 1999, 1998 and
1997 were 0.12%, 0.11% and 0.13%, respectively.
26
<PAGE>
Muni Intermediate Portfolio
(For a share outstanding throughout each year)
<TABLE>
<CAPTION>
Year Ended October 31,
------------------------------------------------------------------------
1999 1998 1997 1996 1995
-------- -------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year....... $ 10.56 $ 10.40 $ 10.26 $ 10.32 $ 9.74
-------- -------- --------- --------- ---------
Income from Investment Operations:
Net Investment Income.................... 0.51 0.51 0.52 0.53 0.53
Net Gain/(Loss) on Securities
(both realized and unrealized)......... (0.42) 0.16 0.14 (0.06) 0.58
-------- -------- --------- --------- ---------
Total From Investment Operations......... 0.09 0.67 0.66 0.47 1.11
-------- -------- --------- --------- ---------
Less Distributions:
Dividends (from net investment income)... (0.51) (0.51) (0.52) (0.53) (0.53)
-------- -------- --------- --------- ---------
Net Asset Value, End of Year............. $ 10.14 $ 10.56 $ 10.40 $ 10.26 $ 10.32
======== ======== ========= ========= =========
Total Return(1).......................... 0.91% $ 6.63% 6.69% 4.67% 11.76%
======== ======== ========= ========= =========
Ratios/Supplemental Data:
Net Assets, End of Year (in 000's)..... $ 16,526 $ 19,975 $ 19,219 $ 18,471 $ 18,096
Ratio of Expenses to Average Net Assets 0.20% 0.30% 0.34% 0.32% 0.28%
Ratio of Net Investment Income to
Average Net Assets................... 4.90% 4.88% 5.09% 5.16% 5.23%
Portfolio Turnover Rate................ 6% 11% 21% 44% 28%
</TABLE>
- ----------------------
(1) Total Return represents aggregate total return for the period indicated.
27
<PAGE>
New Jersey Muni Portfolio
(For a share outstanding throughout each year)
<TABLE>
<CAPTION>
Year Ended October 31,
-----------------------------------------------------------------------
1999 1998 1997 1996 1995
--------- -------- -------- ------- -------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year............ $ 10.43 $ 10.20 $ 9.97 $ 10.00 $ 9.22
--------- -------- ------- ------- -------
Income from Investment Operations:
Net Investment Income......................... 0.44 0.44 0.44 0.44 0.41
Net Gain/(Loss) on Securities
(both realized and unrealized............... (0.43) 0.23 0.23 (0.03) 0.78
--------- -------- ------- ------- -------
Total From Investment Operations.............. 0.01 0.67 0.67 0.41 1.19
--------- -------- ------- ------- -------
Less Distributions:
Dividends (from net investment income)........ (0.44) (0.44) (0.44) (0.44) (0.41)
--------- -------- ------- ------- -------
Net Asset Value, End of Year.................. $ 10.00 $ 10.43 $ 10.20 $ 9.97 $ 10.00
========= ======== ======= ======= =======
Total Return(1)............................... 0.08% 6.71% 6.90% 4.24% 13.25%
========= ======== ======= ======= =======
Ratios/Supplemental Data:
Net Assets, End of Year (in 000's)......... $17,953 $17,492 $12,117 $ 7,545 $ 5,932
Ratio of Expenses to Average Net Assets.... 0.24% 0.30% 0.31% 0.24% 0.53%
Ratio of Net Investment Income to
Average Net Assets....................... 4.34% 4.33% 4.42% 4.56% 4.30%
Portfolio Turnover Rate.................... 10% 7% 19% 33% 12%
</TABLE>
- -----------------
(1) Total Return represents aggregate total return for the period indicated.
28
<PAGE>
Government Cash Portfolio
(For a share outstanding throughout each year)
<TABLE>
<CAPTION>
Year Ended October 31,
--------------------------------------------------------------------
1999 1998 1997 1996 1995
-------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year............ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- --------- --------- --------- ---------
Income from Investment Operations:
Net Investment Income......................... 0.049 0.051 0.054 0.053 0.059
Less Distributions:
Dividends (from net investment income)........ (0.049) (0.051) (0.054) (0.053) (0.059)
-------- --------- --------- --------- ---------
Net Asset Value, End of Year.................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ========= ========= ========= =========
Total Return(1)............................... 5.00% 5.63% 5.53% 5.46% 5.87%
======== ========= ========= ========= =========
Ratios/Supplemental Data:
Net Assets, End of Year (in 000's).......... $405,907 $ 430,165 $ 451,038 $ 452,395 $ 408,605
Ratio of Expenses to Average Net Assets..... 0.11% 0.11% 0.13% 0.16% 0.15%
Ratio of Net Investment Income to Average
Net Assets.............................. 4.87% 5.41% 5.39% 5.32% 5.71%
</TABLE>
- ----------------
(1) Total Return represents aggregate total return for the period indicated.
29
<PAGE>
Tax-Exempt Cash Portfolio
(For a share outstanding throughout each year)
<TABLE>
<CAPTION>
Year Ended October 31,
------------------------------------------------------------------------
1999 1998 1997 1996 1995
-------- --------- --------- -------- ----------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- --------- -------- ---------
Income from Investment Operations:
Net Investment Income.......................... 0.030 0.034 0.034 0.034 0.038
Less Distributions:
Dividends (from net investment income)......... (0.030) (0.034) (0.034) (0.034) (0.038)
-------- -------- --------- -------- ---------
Net Asset Value, End of Year................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ========= ======== =========
Total Return(1)................................ 3.02% 3.41% 3.46% 3.42% 3.76%
======== ======== ========= ======== =========
Ratios/Supplemental Data:
Net Assets, End of Year (in 000's)........... $350,032 $375,924 $ 280,950 $224,999 $ 222,808
Ratio of Expenses to Average Net Assets...... 0.12% 0.13% 0.14% 0.15% 0.15%
Ratio of Net Investment Income to Average
Net Assets............................... 2.97% 3.37% 3.40% 3.36% 3.69%
</TABLE>
- ------------
(1) Total Return represents aggregate total return for the period indicated.
30
<PAGE>
Where to find more information
More Portfolio information is available to you upon request and without charge:
Annual and Semi-Annual Report
The Annual and Semi-Annual Reports provide additional information about the
Portfolios' investments and performance. The Annual Report also contains a
discussion of the market conditions and investment strategies that significantly
affected the Portfolios' performance during the last fiscal year.
Statement of Additional Information (SAI)
The SAI includes additional information about the Portfolios' investment
policies, organization and management. It is legally part of this prospectus (it
is incorporated by reference).
You can get free copies of the Portfolios' Annual Report, Semi-Annual Report or
SAI. You may also request other information about the Portfolios, and make
inquiries.
Write to:
The Glenmede Fund/Portfolios
One South Street
Baltimore, MD 21202
By phone:
1-800-442-8299
Information about the Portfolios (including the Portfolios' SAI) can be reviewed
and copied at the Securities and Exchange Commission's Public Reference Room in
Washington, DC. Information about the operation of the Public Reference Room may
be obtained by calling the SEC at 1-202-942-8090. Reports and other information
about the Portfolios are available on the EDGAR Database on SEC's Internet site
at http://www.sec.gov. Copies of this information may be obtained, upon payment
of a duplicating fee, by electronic request at the following e-mail address:
[email protected], or by writing the Public Reference Section of the SEC,
Washington, DC 20549-0102.
The Glenmede Fund, Inc. Investment Company Act File No. is 811-5577
The Glenmede Portfolios Investment Company Act File No. is 811-6578
31
