<PAGE> PAGE 1
000 A000000 06/30/96
000 C000000 0000934563
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 THE HIRTLE CALLAGHAN TRUST
001 B000000 811-8918
001 C000000 6102549596
002 A000000 575 EAST SWEDESFORD ROAD
002 B000000 WAYNE
002 C000000 PA
002 D010000 19087
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 5
007 C010100 1
007 C020100 THE GROWTH EQUITY PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 THE INTERNATIONAL EQUITY PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 THE VALUE EQUITY PORTFOLIO
007 C030300 N
007 C010400 4
007 C020400 THE SMALL CAPITALIZATION EQUITY PORTFOLIO
007 C030400 N
007 C010500 5
007 C020500 THE LIMITED DURATION MUNICIPAL BOND PORTFOLIO
007 C030500 N
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
010 A00AA01 FURMAN SELZ LLC
010 B00AA01 8-17741
010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10017
011 A00AA01 FURMAN SELZ LLC
011 B00AA01 8-17741
011 C01AA01 NEW YORK
011 C02AA01 NY
<PAGE> PAGE 2
011 C03AA01 10017
012 A00AA01 FURMAN SELZ LLC
012 B00AA01 84-5417
012 C01AA01 NEW YORK
012 C02AA01 NY
012 C03AA01 10017
013 A00AA01 COOPERS & LYBRAND LLP
013 B01AA01 PHILADELPHIA
013 B02AA01 PA
013 B03AA01 19103
015 A00AA01 BANKERS TRUST COMPANY
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10005
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 5
019 C00AA00 HIRTLECALL
020 A000001 BERNSTEIN (SANFORD C.) & COMPANY
020 B000001 13-2625874
020 C000001 58
020 A000002 INSTINET CORP.
020 B000002 13-3443395
020 C000002 35
020 A000003 ABEL NOSER CORP.
020 B000003 13-2833083
020 C000003 32
020 A000004 BROWN BROTHERS HARRIMAN & CO.
020 B000004 13-4973745
020 C000004 30
020 A000005 MERRILL LYNCH PIERCE FENNER & SMITH INC.
020 B000005 13-5674085
020 C000005 24
020 A000006 MONTGOMERY SECURITIES
020 B000006 94-1701676
020 C000006 20
020 A000007 NATWEST SECURITIES CORP.
020 B000007 13-2741729
020 C000007 16
020 A000008 EDWARDS (A.G.) & SONS, INC.
020 B000008 43-0895447
020 C000008 15
020 A000009 PAINEWEBBER, INC.
020 B000009 13-2638166
020 C000009 15
020 A000010 LYNCH JONES & RYAN, INC.
020 B000010 13-3356934
020 C000010 12
021 000000 672
<PAGE> PAGE 3
022 A000001 BT SECURITIES CORP.
022 B000001 22-2608045
022 C000001 1247260
022 D000001 2245
022 A000002 BANKERS TRUST COMPANY
022 B000002 13-4941247
022 C000002 729708
022 D000002 7722
022 A000003 FORD MOTOR CREDIT CORP.
022 C000003 54462
022 D000003 0
022 A000004 CHEVRON OIL FINANCE
022 C000004 25701
022 D000004 0
022 A000005 GENERAL ELECTRIC CAPITAL CORP.
022 C000005 16083
022 D000005 0
022 A000006 NUVEEN (JOHN) & CO.
022 B000006 36-2639476
022 C000006 15000
022 D000006 0
022 A000007 AMERICAN EXPRESS
022 C000007 14810
022 D000007 0
022 A000008 PROVIDENT
022 C000008 1126
022 D000008 9399
022 A000009 TEXACO
022 C000009 8739
022 D000009 0
022 A000010 EMMET & CO., INC.
022 C000010 5087
022 D000010 3078
023 C000000 2927922
023 D000000 53084
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
<PAGE> PAGE 4
026 G020000 N
026 H000000 N
027 000000 Y
077 A000000 Y
077 B000000 Y
078 000000 N
080 A00AA00 GULF INSURANCE CO.
080 C00AA00 750000
081 A00AA00 N
081 B00AA00 0
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
008 A000101 HIRTLE CALLAGHAN & COMPANY
008 B000101 A
008 C000101 801-32688
008 D010101 WAYNE
008 D020101 PA
008 D030101 19087
008 A000102 JENNISON ASSOCIATES CAPITAL CORP.
008 B000102 S
008 C000102 801-5608
008 D010102 NEW YORK
008 D020102 NY
008 D030102 10017
008 A000103 WESTFIELD CAPITAL MANAGEMENT CORP.
008 B000103 S
008 C000103 801-34350
008 D010103 BOSTON
008 D020103 MA
008 D030103 02111
028 A010100 12810
028 A020100 44
028 A030100 0
028 A040100 12766
028 B010100 10880
028 B020100 94
028 B030100 0
028 B040100 10786
028 C010100 7431
028 C020100 447
028 C030100 0
028 C040100 6984
028 D010100 5794
028 D020100 2284
028 D030100 0
<PAGE> PAGE 5
028 D040100 3510
028 E010100 6199
028 E020100 1437
028 E030100 0
028 E040100 4762
028 F010100 3829
028 F020100 1804
028 F030100 0
028 F040100 2025
028 G010100 46943
028 G020100 6110
028 G030100 0
028 G040100 40833
028 H000100 0
029 000100 N
030 A000100 0
030 B000100 0.00
030 C000100 0.00
031 A000100 0
031 B000100 0
032 000100 0
033 000100 0
034 000100 N
035 000100 0
036 B000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 Y
041 000100 N
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 0
044 000100 0
045 000100 Y
046 000100 Y
047 000100 Y
048 000100 0.350
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
<PAGE> PAGE 6
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 Y
053 B000100 Y
053 C000100 N
054 A000100 Y
054 B000100 N
054 C000100 N
054 D000100 N
054 E000100 N
054 F000100 N
054 G000100 N
054 H000100 Y
054 I000100 N
054 J000100 Y
054 K000100 N
054 L000100 N
054 M000100 Y
054 N000100 N
054 O000100 N
055 A000100 Y
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 0
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
<PAGE> PAGE 7
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 Y
070 L020100 Y
070 M010100 Y
<PAGE> PAGE 8
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 155404
071 B000100 56140
071 C000100 70088
071 D000100 80
072 A000100 11
072 B000100 165
072 C000100 579
072 D000100 0
072 E000100 0
072 F000100 238
072 G000100 68
072 H000100 0
072 I000100 4
072 J000100 16
072 K000100 0
072 L000100 12
072 M000100 3
072 N000100 51
072 O000100 0
072 P000100 0
072 Q000100 33
072 R000100 17
072 S000100 10
072 T000100 0
072 U000100 6
072 V000100 0
072 W000100 4
072 X000100 462
072 Y000100 33
072 Z000100 315
072AA000100 0
072BB000100 1676
072CC010100 10501
072CC020100 0
072DD010100 315
072DD020100 0
072EE000100 0
073 A010100 0.0400
073 A020100 0.0000
073 B000100 0.0000
<PAGE> PAGE 9
073 C000100 0.0000
074 A000100 0
074 B000100 2730
074 C000100 671
074 D000100 0
074 E000100 0
074 F000100 108088
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 1715
074 K000100 1
074 L000100 92
074 M000100 26
074 N000100 113322
074 O000100 2501
074 P000100 214
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 71
074 S000100 0
074 T000100 110536
074 U010100 9930
074 U020100 0
074 V010100 11.13
074 V020100 0.00
074 W000100 0.0000
074 X000100 496
074 Y000100 0
075 A000100 0
075 B000100 76269
076 000100 0.00
008 A000201 HIRTLE CALLAGHAN & COMPANY
008 B000201 A
008 C000201 801-32688
008 D010201 WAYNE
008 D020201 PA
008 D030201 19087
008 A000202 BRINSON PARTNERS INC.
008 B000202 S
008 C000202 801-34910
008 D010202 CHICAGO
008 D020202 IL
008 D030202 60604
028 A010200 336
028 A020200 0
028 A030200 0
028 A040200 8
028 B010200 249
<PAGE> PAGE 10
028 B020200 0
028 B030200 0
028 B040200 4
028 C010200 492
028 C020200 0
028 C030200 0
028 C040200 5
028 D010200 141
028 D020200 0
028 D030200 0
028 D040200 85
028 E010200 389
028 E020200 0
028 E030200 0
028 E040200 62
028 F010200 341
028 F020200 60
028 F030200 0
028 F040200 53
028 G010200 1948
028 G020200 60
028 G030200 0
028 G040200 217
028 H000200 0
029 000200 N
030 A000200 0
030 B000200 0.00
030 C000200 0.00
031 A000200 0
031 B000200 0
032 000200 0
033 000200 0
034 000200 N
035 000200 0
036 B000200 0
037 000200 N
038 000200 0
039 000200 N
040 000200 Y
041 000200 N
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 0
044 000200 0
045 000200 Y
<PAGE> PAGE 11
046 000200 Y
047 000200 Y
048 000200 0.450
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
053 B000200 Y
053 C000200 N
054 A000200 Y
054 B000200 N
054 C000200 N
054 D000200 N
054 E000200 N
054 F000200 N
054 G000200 Y
054 H000200 N
054 I000200 Y
054 J000200 N
054 K000200 N
054 L000200 N
054 M000200 Y
054 N000200 N
054 O000200 N
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
<PAGE> PAGE 12
058 A000200 N
059 000200 Y
060 A000200 Y
060 B000200 Y
061 000200 0
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 0.0
066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 Y
067 000200 N
068 A000200 N
068 B000200 Y
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
<PAGE> PAGE 13
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 75301
071 B000200 7853
071 C000200 50934
071 D000200 15
072 A000200 11
072 B000200 125
072 C000200 1126
072 D000200 0
072 E000200 0
072 F000200 220
072 G000200 49
072 H000200 0
072 I000200 4
072 J000200 43
072 K000200 0
072 L000200 6
072 M000200 3
072 N000200 33
072 O000200 0
072 P000200 0
072 Q000200 55
072 R000200 12
072 S000200 7
072 T000200 0
072 U000200 5
072 V000200 0
072 W000200 14
072 X000200 451
072 Y000200 55
072 Z000200 855
<PAGE> PAGE 14
072AA000200 2394
072BB000200 0
072CC010200 4837
072CC020200 0
072DD010200 1399
072DD020200 0
072EE000200 31
073 A010200 0.2400
073 A020200 0.0000
073 B000200 0.0100
073 C000200 0.0000
074 A000200 597
074 B000200 0
074 C000200 4940
074 D000200 0
074 E000200 0
074 F000200 71815
074 G000200 0
074 H000200 0
074 I000200 1019
074 J000200 227
074 K000200 509
074 L000200 0
074 M000200 92
074 N000200 79199
074 O000200 1357
074 P000200 34
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 76
074 S000200 0
074 T000200 77732
074 U010200 6906
074 U020200 0
074 V010200 11.26
074 V020200 0.00
074 W000200 0.0000
074 X000200 536
074 Y000200 200
075 A000200 0
075 B000200 56249
076 000200 0.00
008 A000301 HIRTLE CALLAGHAN & COMPANY
008 B000301 A
008 C000301 801-32688
008 D010301 WAYNE
008 D020301 PA
008 D030301 19087
008 A000302 COWEN ASSET MANAGEMENT
<PAGE> PAGE 15
008 B000302 S
008 C000302 801-7380
008 D010302 NEW YORK
008 D020302 NY
008 D030302 10005
008 A000303 INSTITUTIONAL CAPITAL CORP.
008 B000303 S
008 C000303 801-40779
008 D010303 CHICAGO
008 D020303 IL
008 D030303 60606
028 A010300 5377
028 A020300 204
028 A030300 0
028 A040300 5173
028 B010300 2752
028 B020300 146
028 B030300 0
028 B040300 2606
028 C010300 2181
028 C020300 305
028 C030300 0
028 C040300 1876
028 D010300 1069
028 D020300 2239
028 D030300 0
028 D040300 -1170
028 E010300 3161
028 E020300 1381
028 E030300 0
028 E040300 1780
028 F010300 2704
028 F020300 1401
028 F030300 0
028 F040300 1303
028 G010300 17244
028 G020300 5676
028 G030300 0
028 G040300 11568
028 H000300 0
029 000300 N
030 A000300 0
030 B000300 0.00
030 C000300 0.00
031 A000300 0
031 B000300 0
032 000300 0
033 000300 0
034 000300 N
035 000300 0
036 B000300 0
<PAGE> PAGE 16
037 000300 N
038 000300 0
039 000300 N
040 000300 Y
041 000300 N
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 0
044 000300 0
045 000300 Y
046 000300 Y
047 000300 Y
048 000300 0.350
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 Y
053 B000300 Y
053 C000300 N
054 A000300 Y
054 B000300 N
054 C000300 N
<PAGE> PAGE 17
054 D000300 N
054 E000300 N
054 F000300 N
054 G000300 N
054 H000300 Y
054 I000300 N
054 J000300 Y
054 K000300 N
054 L000300 N
054 M000300 Y
054 N000300 N
054 O000300 N
055 A000300 Y
055 B000300 N
056 000300 Y
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 0
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 0.0
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 N
066 E000300 N
066 F000300 N
066 G000300 Y
067 000300 N
068 A000300 N
068 B000300 N
<PAGE> PAGE 18
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 Y
070 D020300 Y
070 E010300 N
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 Y
070 L010300 Y
070 L020300 Y
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 N
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 105535
071 B000300 46180
071 C000300 50493
071 D000300 92
072 A000300 11
072 B000300 86
072 C000300 1464
072 D000300 0
072 E000300 0
072 F000300 170
072 G000300 49
072 H000300 0
072 I000300 4
072 J000300 12
<PAGE> PAGE 19
072 K000300 0
072 L000300 5
072 M000300 3
072 N000300 31
072 O000300 0
072 P000300 0
072 Q000300 30
072 R000300 13
072 S000300 7
072 T000300 0
072 U000300 5
072 V000300 0
072 W000300 2
072 X000300 331
072 Y000300 24
072 Z000300 1243
072AA000300 3455
072BB000300 0
072CC010300 3682
072CC020300 0
072DD010300 1243
072DD020300 0
072EE000300 126
073 A010300 0.2200
073 A020300 0.0000
073 B000300 0.0300
073 C000300 0.0000
074 A000300 414
074 B000300 0
074 C000300 4747
074 D000300 0
074 E000300 0
074 F000300 66493
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 145
074 M000300 26
074 N000300 71825
074 O000300 260
074 P000300 26
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 36
074 S000300 0
074 T000300 71503
074 U010300 6228
<PAGE> PAGE 20
074 U020300 0
074 V010300 11.48
074 V020300 0.00
074 W000300 0.0000
074 X000300 384
074 Y000300 0
075 A000300 0
075 B000300 57294
076 000300 0.00
008 A000401 HIRTLE CALLAGHAN & COMPANY
008 B000401 A
008 C000401 801-32688
008 D010401 WAYNE
008 D020401 PA
008 D030401 19087
008 A000402 CLOVER CAPITAL MANAGEMENT
008 B000402 S
008 C000402 801-27041
008 D010402 PITTSFORD
008 D020402 NY
008 D030402 14534
008 A000403 FRONTIER CAPITAL MANAGEMENT CORP.
008 B000403 S
008 C000403 801-15724
008 D010403 BOSTON
008 D020403 MA
008 D030403 02110
028 A010400 703
028 A020400 0
028 A030400 0
028 A040400 13
028 B010400 672
028 B020400 0
028 B030400 0
028 B040400 2
028 C010400 446
028 C020400 21
028 C030400 0
028 C040400 19
028 D010400 157
028 D020400 0
028 D030400 0
028 D040400 105
028 E010400 229
028 E020400 0
028 E030400 0
028 E040400 105
028 F010400 401
028 F020400 6
028 F030400 0
028 F040400 78
<PAGE> PAGE 21
028 G010400 2608
028 G020400 27
028 G030400 0
028 G040400 322
028 H000400 0
029 000400 N
030 A000400 0
030 B000400 0.00
030 C000400 0.00
031 A000400 0
031 B000400 0
032 000400 0
033 000400 0
034 000400 N
035 000400 0
036 B000400 0
037 000400 N
038 000400 0
039 000400 N
040 000400 Y
041 000400 N
042 A000400 0
042 B000400 0
042 C000400 0
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 0
044 000400 0
045 000400 Y
046 000400 Y
047 000400 Y
048 000400 0.500
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
<PAGE> PAGE 22
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 Y
053 B000400 Y
053 C000400 N
054 A000400 Y
054 B000400 N
054 C000400 N
054 D000400 N
054 E000400 N
054 F000400 N
054 G000400 N
054 H000400 Y
054 I000400 N
054 J000400 Y
054 K000400 N
054 L000400 N
054 M000400 Y
054 N000400 N
054 O000400 N
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
058 A000400 N
059 000400 Y
060 A000400 Y
060 B000400 Y
061 000400 0
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
<PAGE> PAGE 23
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 0.0
066 A000400 Y
066 B000400 N
066 C000400 Y
066 D000400 N
066 E000400 N
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
<PAGE> PAGE 24
070 R010400 N
070 R020400 N
071 A000400 65814
071 B000400 13826
071 C000400 36790
071 D000400 38
072 A000400 10
072 B000400 159
072 C000400 557
072 D000400 0
072 E000400 0
072 F000400 169
072 G000400 34
072 H000400 0
072 I000400 4
072 J000400 11
072 K000400 0
072 L000400 5
072 M000400 3
072 N000400 28
072 O000400 0
072 P000400 0
072 Q000400 33
072 R000400 9
072 S000400 5
072 T000400 0
072 U000400 5
072 V000400 0
072 W000400 2
072 X000400 308
072 Y000400 44
072 Z000400 452
072AA000400 1014
072BB000400 0
072CC010400 4253
072CC020400 0
072DD010400 452
072DD020400 0
072EE000400 0
073 A010400 0.1000
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 5249
074 C000400 0
074 D000400 504
074 E000400 0
074 F000400 56750
074 G000400 0
074 H000400 0
<PAGE> PAGE 25
074 I000400 0
074 J000400 124
074 K000400 1
074 L000400 78
074 M000400 26
074 N000400 62732
074 O000400 1165
074 P000400 33
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 31
074 S000400 0
074 T000400 61503
074 U010400 5558
074 U020400 0
074 V010400 11.07
074 V020400 0.00
074 W000400 0.0000
074 X000400 476
074 Y000400 0
075 A000400 0
075 B000400 41473
076 000400 0.00
008 A000501 HIRTLE CALLAGHAN & COMPANY
008 B000501 A
008 C000501 801-32688
008 D010501 WAYNE
008 D020501 PA
008 D030501 19087
008 A000502 MORGAN GRENFELL CAPITAL MANAGEMENT INC.
008 B000502 S
008 C000502 801-27291
008 D010502 NEW YORK
008 D020502 NY
008 D030502 10022
028 A010500 6454
028 A020500 160
028 A030500 0
028 A040500 6294
028 B010500 3278
028 B020500 3176
028 B030500 0
028 B040500 102
028 C010500 5648
028 C020500 3201
028 C030500 0
028 C040500 2447
028 D010500 2380
028 D020500 1767
<PAGE> PAGE 26
028 D030500 0
028 D040500 613
028 E010500 4418
028 E020500 3125
028 E030500 0
028 E040500 1293
028 F010500 3895
028 F020500 1917
028 F030500 0
028 F040500 1978
028 G010500 26073
028 G020500 13346
028 G030500 0
028 G040500 12727
028 H000500 0
029 000500 N
030 A000500 0
030 B000500 0.00
030 C000500 0.00
031 A000500 0
031 B000500 0
032 000500 0
033 000500 0
034 000500 N
035 000500 0
036 B000500 0
037 000500 N
038 000500 0
039 000500 N
040 000500 Y
041 000500 N
042 A000500 0
042 B000500 0
042 C000500 0
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 0
044 000500 0
045 000500 Y
046 000500 Y
047 000500 Y
048 000500 0.250
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
<PAGE> PAGE 27
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
053 C000500 N
054 A000500 Y
054 B000500 N
054 C000500 N
054 D000500 N
054 E000500 N
054 F000500 N
054 G000500 N
054 H000500 Y
054 I000500 N
054 J000500 Y
054 K000500 N
054 L000500 N
054 M000500 Y
054 N000500 N
054 O000500 N
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 0
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
<PAGE> PAGE 28
062 E000500 3.8
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 8.8
062 M000500 0.0
062 N000500 0.0
062 O000500 82.4
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 8.2
064 A000500 Y
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 Y
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
<PAGE> PAGE 29
070 O010500 N
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 47772
071 B000500 22084
071 C000500 19016
071 D000500 116
072 A000500 9
072 B000500 816
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 38
072 G000500 15
072 H000500 0
072 I000500 3
072 J000500 3
072 K000500 0
072 L000500 1
072 M000500 3
072 N000500 19
072 O000500 0
072 P000500 0
072 Q000500 29
072 R000500 5
072 S000500 3
072 T000500 0
072 U000500 4
072 V000500 0
072 W000500 2
072 X000500 125
072 Y000500 44
072 Z000500 735
072AA000500 0
072BB000500 49
072CC010500 0
072CC020500 86
072DD010500 763
072DD020500 0
072EE000500 0
073 A010500 0.3600
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 1039
074 B000500 0
<PAGE> PAGE 30
074 C000500 3713
074 D000500 24300
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 7
074 L000500 424
074 M000500 26
074 N000500 29509
074 O000500 0
074 P000500 8
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 16
074 S000500 0
074 T000500 29485
074 U010500 2948
074 U020500 0
074 V010500 10.00
074 V020500 0.00
074 W000500 0.0000
074 X000500 79
074 Y000500 0
075 A000500 0
075 B000500 21156
076 000500 0.00
SIGNATURE JOHN PILEGGI
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> HIRTLE CALLAGHAN GROWTH EQUITY PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> AUG-08-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 100988
<INVESTMENTS-AT-VALUE> 11489
<RECEIVABLES> 1808
<ASSETS-OTHER> 25
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 113322
<PAYABLE-FOR-SECURITIES> 2500
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 286
<TOTAL-LIABILITIES> 2786
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 101712
<SHARES-COMMON-STOCK> 9930
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,676)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10501
<NET-ASSETS> 110537
<DIVIDEND-INCOME> 579
<INTEREST-INCOME> 166
<OTHER-INCOME> 0
<EXPENSES-NET> 429
<NET-INVESTMENT-INCOME> 315
<REALIZED-GAINS-CURRENT> (1676)
<APPREC-INCREASE-CURRENT> 10501
<NET-CHANGE-FROM-OPS> 9140
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 315
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11355
<NUMBER-OF-SHARES-REDEEMED> 1453
<SHARES-REINVESTED> 26
<NET-CHANGE-IN-ASSETS> 110517
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 238
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 462
<AVERAGE-NET-ASSETS> 76269
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 1.13
<PER-SHARE-DIVIDEND> 0.04
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.13
<EXPENSE-RATIO> 0.63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> HIRTLE CALLAGHAN INTERNATIONAL EQUITY PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> AUG-17-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 72488
<INVESTMENTS-AT-VALUE> 76755
<RECEIVABLES> 803
<ASSETS-OTHER> 1641
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 79199
<PAYABLE-FOR-SECURITIES> 1357
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 110
<TOTAL-LIABILITIES> 1467
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 71076
<SHARES-COMMON-STOCK> 6906
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1819
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4837
<NET-ASSETS> 77732
<DIVIDEND-INCOME> 1126
<INTEREST-INCOME> 125
<OTHER-INCOME> 0
<EXPENSES-NET> 396
<NET-INVESTMENT-INCOME> 855
<REALIZED-GAINS-CURRENT> 2394
<APPREC-INCREASE-CURRENT> 4837
<NET-CHANGE-FROM-OPS> 8086
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1399
<DISTRIBUTIONS-OF-GAINS> 31
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7135
<NUMBER-OF-SHARES-REDEEMED> 351
<SHARES-REINVESTED> 121
<NET-CHANGE-IN-ASSETS> 77712
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 220
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 451
<AVERAGE-NET-ASSETS> 56249
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.16
<PER-SHARE-GAIN-APPREC> 1.35
<PER-SHARE-DIVIDEND> 0.24
<PER-SHARE-DISTRIBUTIONS> 0.01
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.26
<EXPENSE-RATIO> 0.81
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> HIRTLE CALLAGHAN VALUE EQUITY PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> AUG-25-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 67559
<INVESTMENTS-AT-VALUE> 71240
<RECEIVABLES> 145
<ASSETS-OTHER> 440
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 71825
<PAYABLE-FOR-SECURITIES> 260
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 63
<TOTAL-LIABILITIES> 323
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 64497
<SHARES-COMMON-STOCK> 6228
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3330
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3682
<NET-ASSETS> 71503
<DIVIDEND-INCOME> 1464
<INTEREST-INCOME> 86
<OTHER-INCOME> 0
<EXPENSES-NET> 307
<NET-INVESTMENT-INCOME> 1243
<REALIZED-GAINS-CURRENT> 3455
<APPREC-INCREASE-CURRENT> 3681
<NET-CHANGE-FROM-OPS> 8380
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1243
<DISTRIBUTIONS-OF-GAINS> 126
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6896
<NUMBER-OF-SHARES-REDEEMED> 788
<SHARES-REINVESTED> 118
<NET-CHANGE-IN-ASSETS> 71483
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 170
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 331
<AVERAGE-NET-ASSETS> 57294
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.22
<PER-SHARE-GAIN-APPREC> 1.51
<PER-SHARE-DIVIDEND> 0.22
<PER-SHARE-DISTRIBUTIONS> 0.03
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.48
<EXPENSE-RATIO> 0.63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> HIRTLE CALLAGHAN SMALL CAPITALIZATION EQUITY PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> SEP-05-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 58249
<INVESTMENTS-AT-VALUE> 62502
<RECEIVABLES> 203
<ASSETS-OTHER> 26
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 62731
<PAYABLE-FOR-SECURITIES> 1165
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 64
<TOTAL-LIABILITIES> 1229
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 56235
<SHARES-COMMON-STOCK> 5558
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1014
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4253
<NET-ASSETS> 61503
<DIVIDEND-INCOME> 557
<INTEREST-INCOME> 159
<OTHER-INCOME> 0
<EXPENSES-NET> 264
<NET-INVESTMENT-INCOME> 452
<REALIZED-GAINS-CURRENT> 1014
<APPREC-INCREASE-CURRENT> 4253
<NET-CHANGE-FROM-OPS> 5719
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 452
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6172
<NUMBER-OF-SHARES-REDEEMED> 656
<SHARES-REINVESTED> 39
<NET-CHANGE-IN-ASSETS> 61483
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 169
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 308
<AVERAGE-NET-ASSETS> 41473
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 1.07
<PER-SHARE-DIVIDEND> 0.10
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.07
<EXPENSE-RATIO> 0.78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> HIRTLE CALLAGHAN LIMITED DURATION MUNICIPAL BOND PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> OCT-10-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 28100
<INVESTMENTS-AT-VALUE> 28013
<RECEIVABLES> 431
<ASSETS-OTHER> 1065
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 29509
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24
<TOTAL-LIABILITIES> 24
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29649
<SHARES-COMMON-STOCK> 2948
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 28
<ACCUMULATED-NET-GAINS> (49)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (86)
<NET-ASSETS> 29485
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 816
<OTHER-INCOME> 0
<EXPENSES-NET> 81
<NET-INVESTMENT-INCOME> 735
<REALIZED-GAINS-CURRENT> (49)
<APPREC-INCREASE-CURRENT> (86)
<NET-CHANGE-FROM-OPS> 599
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 763
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4320
<NUMBER-OF-SHARES-REDEEMED> 1444
<SHARES-REINVESTED> 70
<NET-CHANGE-IN-ASSETS> 29465
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 38
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 125
<AVERAGE-NET-ASSETS> 21156
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.35
<PER-SHARE-GAIN-APPREC> 0.01
<PER-SHARE-DIVIDEND> 0.36
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.00
<EXPENSE-RATIO> 0.53
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of The Hirtle Callaghan Trust:
In planning and performing our audit of the financial statements
and financial highlights of each of the portfolios of The Hirtle
Callaghan Trust, for the periods ended June 30, 1996, we
considered its internal control structure, including procedures
for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the
financial statements and financial highlights and to comply with
the requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of The Hirtle Callaghan Trust is responsible for
establishing and maintaining an internal control structure. In
fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of internal control structure policies and
procedures. Two of the objectives of an internal control
structure are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition and that transactions are
executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements
in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the structure to
future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the
design or operation of the specific internal control structure
elements do not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be material in
relation to the financial statements and financial highlights
being audited may occur and not be detected within a timely
period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the
internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses, as
defined above, as of June 30, 1996
This report is intended solely for the information and use of
management and the Board of Trustees of The Hirtle Callaghan
Trust and the Securities and Exchange Commission.
COOPERS & LYBRAND L.L.P.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
August 23, 1996
