File No. 33-87762
File No. 811-08918
THE HIRTLE CALLAGHAN TRUST
SUPPLEMENT OF JULY 23, 1999 TO THE
STATEMENT OF ADDITIONAL INFORMATION
DATED NOVEMBER 1, 1999,
TRUSTEES AND OFFICERS. The name and principal occupation for the past five years
of each of the Trust's current officers and trustees are set forth below; unless
otherwise indicated, the business address of each is 100 Four Falls Corporate
Center, Suite 500, West Conshohocken, PA ,19428-2970. Except for Mr. Williams,
each of the Trustees has served on the Trust's Board since its inception; Mr.
Williams became a Trustee as of July 15, 1999. An asterisk appears beside the
name of each Trustee who is an "interested person" of the Trust within the
meaning of the Investment Company Act
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NAME AND BUSINESS ADDRESS BIRTHDATE POSITION WITH PRINCIPAL OCCUPATION
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THE TRUST FOR THE LAST FIVE YEARS
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*Donald E. Callaghan 9/19/46 Chair and For more than the past five years, Principal, Hirtle Callaghan &
President Co., Inc.
Ross H. Goodman 12/25/47 Trustee For more than the past five years, Mr. Goodman has been Vice
President of American Industrial Management & Sales , Northeast,
Inc. or its predecessors. (manufacturing representative).
*Jonathan J. Hirtle 12/31/52 Trustee For more than the past five years, Principal, Hirtle Callaghan &
Co., Inc.
Jarrett Burt Kling 5/26/43 Trustee For more than the past five years, Mr. Kling has been associated
with CRA Real Estate Securities, L.P.
*David M. Spungen 10/26/61 Trustee Mr. Spungen is Managing Director of Hillview Capital Advisors,
LLC. For ten years prior to his association with that firm, Mr.
Spungen was associated with CMS Companies (financial services).
Richard Williams 8/24/45 Trustee For more than the last five years,
Mr. Williams has served as the Chief Executive Officer and President
of Valquip Corporation (flow control distribution).
Richard W. Wortham, III 9/12/38 Trustee For more than the past five years, of Pennsylvania, Inc. and its
parent, Houston VMC, Inc. Mr. Wortham is also a trustee of the
Wortham Foundation and the Museum of Fine Arts, Houston.
Robert Zion 12/7/61 Vice Mr. Zion is a Principal of Hirtle Callaghan & Co., and has been
President and employed by that firm for more than the last five years.
Treasurer
Laura Anne Corsell, 12/31/48 Secretary Ms. Corsell is an attorney in private practice. From 1989 to 1994,
Esq. 7307 Elbow Lane Ms. Corsell was associated with the law firm of Ballard Spahr
Philadelphia, PA 19119 Andrews & Ingersoll, as counsel.
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THE VALUE EQUITY PORTFOLIO At a Special Meeting of the Board of Trustees
("Board") held on March 2, 1999, the Board approved the engagement of Geewax,
Terker & Co. ("Geewax") to serve as an Investment Manager for The Value Equity
Portfolio to replace Hotchkis & Wiley ("Prior Manager"). Geewax will serve
pursuant to the terms of a portfolio management agreement ("Geewax Agreement"),
which is substantially the same as the corresponding agreement between the Trust
and the Prior Manager and will be compensated for its services at the same rate
as the Prior Manager. Geewax is expected to assume its portfolio management
responsibilities on March 8, 1999. Geewax currently also serves as an Investment
Manager for The Small Capitalization Equity Portfolio.
Shareholders of The Value Equity Portfolio approved the Geewax Agreement at a
Special Meeting of Shareholders of that Portfolio to be held on June 15, 1999.
THE INTERNATIONAL EQUITY PORTFOLIO. At a meeting of the Trust's Board held on
June 8, 1999, the Board approved the engagement of Artisan Partners Limited
Partnership ("Artisan") to serve as a second Investment Manager for the
International Portfolio, as well as the terms of the portfolio management
agreement ("Artisan Agreement") between Artisan and the Trust relating to the
International Portfolio. The terms and conditions of the Artisan Agreement are
substantially the same as those included in the agreement between the
International Portfolio and Brinson ("Brinson Agreement"). However, the
asset-based fee payable under the Brinson Agreement is calculated at a rate of
.40% of 1% on assets of $200 million or less, with reductions (often called
"break points") in the applicable rate at higher asset levels. The Proposed
Artisan Agreement provides for an advisory fee of .40% of 1% of the Portfolio's
assets assigned to Artisan, but does not include fee reductions at higher asset
levels. This means that, depending on the way the Portfolio's assets are
allocated between Brinson and Artisan, the overall advisory fee paid by the
Portfolio may increase. The Artisan Agreement approved by shareholders of the
International Portfolio on July 23, 1999 and became effective on that date. The
Artisan will continue in effect under July 23, 2001, and will continue in effect
thereafter so long as it is approved at least annually by the Board in the
manner prescribed under the Investment Company Act of 1940.
