File No. 33-87762
File No. 811-08918
OCTOBER 27, 1999
SUPPLEMENT TO PROSPECTUS
DATED NOVEMBER 1, 1999, FOR
THE HIRTLE CALLAGHAN TRUST
THE SMALL CAPITALIZATION EQUITY PORTFOLIO. Frontier Capital Management Company
("Frontier") serves as a Specialist Manager for The Small Capitalization Equity
Portfolio. For its services to the Portfolio, Frontier receives a fee based on
the average daily net asset value of that portion of the Portfolio's assets
managed by it, at an annual rate of 0.45%. Frontier, the principal offices of
which are located at 99 Summer Street, Boston, Massachusetts 02110, was
established in 1980. Michael Cavarretta is responsible for making the day-to-day
investment decisions for that portion of the Portfolio's assets assigned to
Frontier. Mr. Cavarretta has been an investment professional with Frontier since
1988. Before joining Frontier, Mr. Cavarretta, a chartered financial analyst,
was a financial analyst with General Electric Co. and attended Harvard Business
School (M.B.A. 1988). Frontier had, as of July 30, 1999, approximately $4.3
billion in assets under management, of which approximately $149 million
represented assets of mutual funds.
Affiliated Managers Group, Inc. (AAMG@) has announced that it will acquire a
substantial equity interest in Frontier. The Trust has been advised by counsel
that, if consummated, this transaction (AAcquisition@) will constitute a change
in the control of Frontier, as that term is defined under the Investment Company
Act of 1940 ("Investment Company Act"). The Trust has been further advised that
upon consummation of the Acquisition that the Portfolio Management Agreement
(AFrontier Agreement@) between Frontier and the Trust relating to The Small
Capitalization Equity Portfolio will automatically terminate unless the
continuation of the Frontier Agreement is approved by the Trust's Board of
Trustees and the shareholders of The Small Capitalization Equity Portfolio in
the manner prescribed by the Investment Company Act. Management of the Trust has
been assured by AMG that the Acquisition will not result in any change in
personnel responsible for making day-to-day investment decisions for the
Portfolio. This matter is currently under review by management and by Hirtle
Callaghan & Co., Inc. and it is anticipated that a recommendation will be
presented to the Board of Trustees on or before November 5, 1999. AMG is a
Boston-based asset management holding company that holds majority interests in
fourteen investment management firms, which collectively manage approximately
$70 billion in assets. Shares of AMG are listed on the New York Stock Exchange
(Symbol: AMG).
