SUPPLEMENT TO PROSPECTUS
DATED NOVEMBER 1, 1999 FOR
THE HIRTLE CALLAGHAN TRUST
THE DATE OF THIS SUPPLEMENT IS AUGUST 1, 2000
THE INTERNATIONAL EQUITY PORTFOLIO: INVESTMENT ADVISORY ARRANGEMENTS.
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At a Special Meeting of the Shareholders of the International Equity Portfolio
held on July 26, 2000, shareholders of the Portfolio approved the terms of a
portfolio management agreement ("CapGuardian Agreement") between the Trust and
Capital Guardian Trust Company ("CapGuardian"). The CapGuardian Agreement, which
was approved by the Board at the Special Meeting of the Board held on April 14,
2000, calls for the payment to CapGuardian of performance based compensation
("Performance Fee Arrangement"). The Performance Fee Arrangement entitles
CapGuardian to receive a base fee ("Base Fee") calculated at the annual rate of
.40% (or 40 basis points) of the average net assets of that portion of the
Portfolio's assets assigned to CapGuardian ("CapGuardian Account"). After an
initial one year period, the Base Fee will be increased or decreased at an
annual rate of 25% of the net value added by CapGuardian over the total return
of the MSCI EAFE Index plus 40 basis points during the 12 months immediately
preceding the calculation date. This 40 basis point "performance hurdle" is
designed to assure that CapGuardian will earn a performance adjustment only with
respect to the value that its portfolio management adds to the CapGuardian
Account. CapGuardian's total compensation under the Performance Fee Arrangement
cannot exceed 60 basis points with respect to any 12 month period; the minimum
annual fee that would be payable to CapGuardian under the Performance Fee
Arrangement is 20 basis points. The Performance Fee Arrangement could increase
or decrease the fee payable to CapGuardian. Moreover, CapGuardian could earn a
positive performance adjustment in declining markets if the decline in the total
return of CapGuardian Account is less than the decline in the total return of
the MSCI EAFE Index.
