File No. 33-87762
File No. 811-08918
FEBRUARY 2, 2000
REVISED 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. On January 18, 2000, Affiliated Managers Group, Inc.
("AMG") completed its previously announced investment ("AMG Transaction") in
Frontier Capital Management, LLC ("Frontier"). This transaction was considered
by the Board of Trustees of the Trust on November 5, 1999, and by the
shareholders of The Small Capitalization Equity Portfolio on December 16, 1999.
Also approved at such meetings was a new portfolio management agreement between
Frontier and The Small Capitalization Equity Portfolio. The newly approved
agreement, which became effective with the closing of the AMG Transaction, is
identical in all material respects to the agreement pursuant to which Frontier
has served The Small Capitalization Equity Portfolio since the Portfolio's
inception. The Trust has been assured by AMG and by Frontier that the AMG
Transaction will not result in any change in personnel responsible for, or the
manner in which, day-to-day investment decisions are made for the Portfolio.
THE FIXED INCOME PORTFOLIOS. The Specialist Manager for The Limited Duration
Municipal Bond Portfolio, The Intermediate Term Municipal Bond Portfolio and The
Fixed Income Portfolio is Deutsche Asset Management, Inc. ("DAMI"). DAMI,
formerly known as Morgan Grenfell Asset Management, has provided portfolio
management services to these Portfolios since their inception. The principal
offices of DAMI are located at 130 Liberty Street, New York, New York 10006.
DAMI is an indirect, wholly-owned subsidiary of Deutschebank, A.G., a German
financial services conglomerate.
