<PAGE>
- -- -------- ----
- --------------------------------------------------------------------------------
Semi-Annual Report
THE HIRTLE CALLAGHAN TRUST
December 31, 1998
We are pleased to present the December 31, 1998 semi-annual report for The
Hirtle Callaghan Trust.
The Hirtle Callaghan Trust ("the Trust"), a diversified open-end management
investment company, was organized by Hirtle, Callaghan & Co., Inc. to enhance
Hirtle Callaghan's ability to acquire the services of independent, specialist
money management organizations for the clients Hirtle Callaghan serves. The
Trust currently consists of seven separate investment portfolios. Day-to-day
portfolio management services are provided to each of the Trust's Portfolios by
one or more independent money management organizations, selected by, and under
the general supervision of, the Trust's Board of Trustees.
Shares of the Trust are available exclusively to investors who are clients of
Hirtle Callaghan or clients of financial intermediaries, such as investment
advisers, acting in a fiduciary capacity with investment discretion, that have
established relationships with Hirtle Callaghan.
The Trust currently consists of seven separate Portfolios, as listed below:
------------------------------------------------------------
- --
The Portfolios
The Value Equity Portfolio, seeks total return by investing in a
diversified portfolio of equity securities of large companies with
relatively low price-earnings ratios and high dividend yields.
The Growth Equity Portfolio, seeks capital appreciation by
investing in a diversified portfolio of equity securities of large
and mid-capitalization companies with superior prospects for
earnings growth.
The Small Capitalization Equity Portfolio, seeks capital
appreciation by investing in a diversified portfolio of equity
securities of small-capitalization companies.
The International Equity Portfolio, seeks total return by investing
in a diversified portfolio of equity securities of companies based
in developed countries other than the United States of America.
The Limited Duration Municipal Bond Portfolio, seeks current income
exempt from Federal income tax by investing in a diversified
portfolio of relatively short duration municipal notes.
The Fixed Income Portfolio, seeks current income by investing in a
diversified portfolio of debt securities, including U.S. and non-
U.S. government securities, corporate debt securities, and asset-
backed issues.
The Intermediate Term Municipal Bond Portfolio, seeks current
income exempt from Federal income tax by investing in a securities
issued by municipalities and related entities.
- --------------------------------------------------------------------------------
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Value Equity Portfolio
Portfolio of Investments -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks -- 95.91%
Hotchkis & Wiley -- 37.86%
Aerospace/Defense -- 1.56%
13,000 Lockheed Martin Corp.................................. $ 1,101,750
21,800 Northrop Grumman Corp................................. 1,594,125
------------
2,695,875
------------
Auto Parts -- 0.81%
26,300 Dana Corp............................................. 1,075,013
5,900 TRW, Inc.............................................. 331,506
------------
1,406,519
------------
Automobile Production -- 2.45%
36,500 Ford Motor Co......................................... 2,142,093
29,400 General Motors Corp................................... 2,103,938
------------
4,246,031
------------
Banking -- 2.85%
24,390 Banc One Corp......................................... 1,245,413
18,790 First Union Corp...................................... 1,142,667
27,400 Keycorp............................................... 876,800
19,800 Washington Federal, Inc............................... 528,413
29,736 Washington Mutual, Inc................................ 1,135,544
------------
4,928,837
------------
Chemicals -- 1.00%
13,500 Dow Chemical Co....................................... 1,227,657
10,000 Eastman Chemical Co................................... 447,500
2,950 Millenium Chemicals................................... 58,631
------------
1,733,788
------------
Environmental Services -- 0.30%
18,106 Browning-Ferris Industries, Inc....................... 514,889
------------
Financial Services -- 1.65%
9,146 Associates First Capital Corp......................... 387,562
22,100 Fannie Mae............................................ 1,635,399
4,000 Harleysville Group, Inc............................... 103,250
18,532 Household International, Inc.......................... 734,331
------------
2,860,542
------------
Furniture & Appliances -- 0.86%
27,000 Whirlpool Corp........................................ 1,495,125
------------
Holding Companies --
Diversified -- 0.32%
17,500 Fortune Brands, Inc................................... 553,438
------------
Household Products -- 0.15%
16,200 Tupperware Corp....................................... 266,288
------------
Insurance -- 2.99%
11,600 American General Corp................................. 904,800
12,100 Lincoln National Corp................................. 989,931
11,400 Ohio Casualty Corp.................................... 468,825
23,200 SAFECO Corp........................................... 996,149
20,000 St. Paul Co........................................... 695,000
39,600 TIG Holdings, Inc..................................... 616,275
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Insurance (continued)
4,400 Transamerica Corp..................................... $ 508,200
------------
5,179,180
------------
Machinery & Engineering -- 0.58%
73,000 New Holland NV........................................ 999,188
------------
Manufacturing -- 0.37%
21,300 Harsco Corp........................................... 648,319
------------
Metals -- 1.77%
11,500 Phelps Dodge Corp..................................... 585,063
23,600 Reynolds Metals Co.................................... 1,243,424
11,700 USEC, Inc............................................. 162,338
46,800 USX-U.S. Steel Group, Inc............................. 1,076,400
------------
3,067,225
------------
Oil & Gas -- 3.22%
9,900 Atlantic Richfield Co................................. 645,975
5,000 Equitable Resources, Inc.............................. 145,625
65,900 Occidental Petroleum Corp............................. 1,112,063
33,500 Phillips Petroleum Co................................. 1,427,937
39,300 Tenneco, Inc.......................................... 1,338,655
1,500 Texaco, Inc........................................... 79,313
26,800 USX-Marathon Group.................................... 807,350
------------
5,556,918
------------
Paper Products -- 2.45%
8,800 Georgia-Pacific Group................................. 515,350
27,100 Georgia-Pacific Timber Co............................. 645,319
18,000 International Paper Co................................ 806,625
13,000 Union Camp Corp....................................... 877,500
27,500 Weyerhaeuser Co....................................... 1,397,344
------------
4,242,138
------------
Pharmaceuticals -- 0.26%
8,000 Pharmacia & Upjohn, Inc............................... 453,000
------------
Photography -- 0.66%
15,900 Eastman Kodak Co...................................... 1,144,800
------------
Pollution Control -- 0.51%
18,767 Waste Management, Inc................................. 875,011
------------
Railroads -- 0.29%
12,000 CSX Corp.............................................. 498,000
------------
Raw Materials -- 0.97%
14,800 Aluminum Co. of America............................... 1,103,525
23,600 Ultramar Diamond Shamrock Corp........................ 572,300
------------
1,675,825
------------
Retail -- 1.32%
12,500 Intimate Brands, Inc.................................. 373,438
10,800 May Department Stores, Inc............................ 652,050
14,300 Penney (J.C.) Co...................................... 670,312
14,000 Sears Roebuck & Co.................................... 595,000
------------
2,290,800
------------
</TABLE>
See accompanying notes to financial statements.
1
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Value Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Hotchkis & Wiley (continued)
Technology -- 0.22%
7,700 Rockwell International Corp........................... $ 373,931
------------
Telecommunications -- 2.87%
19,000 Alltel Corp........................................... 1,136,438
22,900 AT&T Corp............................................. 1,723,225
13,362 Bell Atlantic Corp.................................... 708,186
5,900 GTE Corp.............................................. 383,500
19,016 SBC Communications, Inc............................... 1,019,733
------------
4,971,082
------------
Textiles -- 0.29%
25,000 Russell Corp.......................................... 507,813
------------
Tobacco -- 1.67%
54,000 Philip Morris Companies, Inc.......................... 2,889,000
------------
Transportation -- 0.77%
22,600 Norfolk Southern Corp................................. 716,138
23,500 Ryder Systems, Inc.................................... 611,000
------------
1,327,138
------------
Utilities -- 4.70%
24,500 Central & South West Corp............................. 672,219
17,300 CMS Energy Corp....................................... 837,969
40,000 Edison International.................................. 1,114,999
29,400 Entergy Corp.......................................... 915,075
44,500 Illinova Corp......................................... 1,112,500
11,100 MCN Corp.............................................. 211,594
24,700 PECO Energy Corp...................................... 1,028,138
2,000 Piedmont Natural Gas Co............................... 72,250
24,929 PP&L Resources, Inc................................... 694,896
34,600 SCANA Corp............................................ 1,115,849
7,330 Texas Utilities Co.................................... 342,219
------------
8,117,708
------------
Total -- Hotchkis & Wiley (cost $56,548,473).......... 65,518,408
------------
Institutional Capital
Corp. -- 58.05%
Airlines & Services -- 0.98%
28,550 AMR Corp.*............................................ 1,695,156
------------
Automobile Production -- 1.73%
41,900 General Motors Corp................................... 2,998,469
------------
Banking -- 2.41%
69,250 BankAmerica Corp...................................... 4,163,656
------------
Chemicals -- 5.47%
64,700 Akzo Nobel NV - ADR................................... 2,887,238
85,600 Hoechst AG - ADR...................................... 3,509,600
41,398 IMC Global, Inc....................................... 884,882
46,300 Monsanto Co........................................... 2,199,250
------------
9,480,970
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Computer Software &
Services -- 1.53%
14,300 Computer Associates International, Inc................ $ 609,538
64,200 First Data Corp....................................... 2,034,337
------------
2,643,875
------------
Computer Systems -- 1.83%
12,650 International Business Machines Corp.................. 2,337,087
27,500 Newbridge Networks Corp.*............................. 835,313
------------
3,172,400
------------
Construction Materials &
Supplies -- 0.12%
7,500 Masco Corp............................................ 215,625
------------
Electronic Components & Instruments -- 1.87%
47,700 Philips Electronics NV................................ 3,228,694
------------
Entertainment -- 3.06%
165,900 News Corp. Ltd. - ADR................................. 4,095,656
32,600 Royal Caribbean Cruises Ltd........................... 1,206,200
------------
5,301,856
------------
Environmental Services -- 2.66%
37,700 United States Filter Corp.*........................... 862,388
80,200 Waste Management, Inc................................. 3,739,325
------------
4,601,713
------------
Financial Services -- 3.12%
54,100 Citigroup Inc......................................... 2,677,950
68,500 Household International, Inc.......................... 2,714,313
------------
5,392,263
------------
Funeral Services -- 0.62%
28,100 Service Corp. International........................... 1,069,556
------------
Health Care -- 1.33%
48,900 Humana, Inc.*......................................... 871,031
54,700 Tenet Healthcare Corp.*............................... 1,435,875
------------
2,306,906
------------
Hotels & Lodging -- 0.08%
9,865 Crestline Capital Corp.*.............................. 144,276
------------
Insurance -- 3.58%
59,300 Allstate Corp......................................... 2,290,463
28,750 Cigna Corp............................................ 2,222,734
30,600 Hartford Financial Services Group, Inc................ 1,679,175
------------
6,192,372
------------
Medical Equipment &
Supplies -- 1.39%
37,300 Baxter International, Inc............................. 2,398,856
------------
</TABLE>
See accompanying notes to financial statements.
2
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Value Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Institutional Capital
Corp. (continued)
Oil & Gas -- 2.31%
34,740 Elf Aquitane Group - ADR.............................. $ 1,967,153
43,900 Schlumberger Ltd...................................... 2,024,887
------------
3,992,040
------------
Paper Products -- 1.39%
34,200 Fort James Corp....................................... 1,368,000
37,200 UPM-Kymmene Oyj - ADR*................................ 1,038,996
------------
2,406,996
------------
Pharmaceuticals -- 3.37%
57,800 American Home Products Corp........................... 3,254,863
19,300 Bristol-Myers Squibb Co............................... 2,582,581
------------
5,837,444
------------
Publishing & Printing -- 1.97%
42,250 Dun & Bradstreet Corp................................. 1,333,516
27,850 Gannett Co., Inc...................................... 1,796,325
18,770 R. H. Donnelley Corp.................................. 273,338
------------
3,403,179
------------
REITS -- 0.79%
98,650 Host Marriott Corp.*.................................. 1,362,603
------------
Retail -- 4.06%
24,700 Circuit City Stores - Circuit City Group.............. 1,233,456
55,500 Dayton Hudson Corp.................................... 3,010,875
63,850 Federated Department Stores, Inc.*.................... 2,781,466
------------
7,025,797
------------
Telecommunications -- 7.65%
64,902 Bell Atlantic Corp.................................... 3,439,806
51,900 Northern Telecom Ltd.................................. 2,601,488
55,200 SBC Communications, Inc............................... 2,960,100
19,600 Tele-Communications TCI Ventures Group*............... 461,825
68,600 Tele-Communications, Inc.*............................ 3,794,437
------------
13,257,656
------------
Tobacco -- 2.10%
68,000 Philip Morris Companies, Inc.......................... 3,638,000
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Toys -- 0.58%
27,650 Hasbro, Inc.......................................... $ 998,856
------------
Transportation -- 1.28%
65,700 Burlington Northern Santa Fe Corp.................... 2,217,375
------------
Wine & Spirits -- 0.77%
35,100 Seagram Co. Ltd...................................... 1,333,800
------------
Total -- Institutional Capital Corp.
(cost $92,267,140).................................. 100,480,389
------------
Total -- Common Stocks (cost $148,815,613)........... 165,998,797
------------
Short-Term Investments -- 3.95%
Hotchkis & Wiley -- 0.16%
Cash & Equivalents -- 0.16%
278,205 Bankers Trust Cash Sweep............................. 278,205
------------
Institutional Capital Corp. -- 3.79%
Cash & Equivalents -- 0.32%
559,447 Bankers Trust Cash Sweep............................. 559,447
------------
Food Diversified -- 3.47%
6,000,000 Sara Lee Corp., Commercial Paper, 5.10%, 01/04/99.... 5,997,449
------------
6,556,896
------------
Total -- Short-Term Investments (cost $6,835,101).... 6,835,101
------------
Total Investments (cost $155,650,714) (a) -- 99.86%.. 172,833,898
Other Assets in Excess of
Liabilities -- 0.14%................................ 239,548
------------
Total Net Assets -- 100.00%.......................... $173,073,446
============
</TABLE>
- --------
* Non-income producing securities.
ADR--American Depositary Receipt
(a) Represents cost for federal income tax purposes and differs from value of
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation......................................... $25,293,330
Unrealized depreciation......................................... (8,110,146)
-----------
Net unrealized appreciation..................................... $17,183,184
===========
</TABLE>
See accompanying notes to financial statements.
3
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Growth Equity Portfolio
Portfolio of Investments -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks -- 97.89%
Jennison Associates LLP -- 66.45%
Aerospace/Defense -- 0.81%
17,000 Raytheon Co. - Class A................................ $ 883,856
18,600 Raytheon Co. - Class B................................ 990,450
------------
1,874,306
------------
Banking -- 4.39%
74,700 Chase Manhattan Corp.................................. 5,084,268
82,850 Citigroup, Inc........................................ 4,101,075
59,100 Hibernia Corp. - Class A.............................. 1,026,863
------------
10,212,206
------------
Computer Hardware -- 1.12%
35,600 Dell Computer Corp.*.................................. 2,605,475
------------
Computer Software -- 9.20%
39,200 Autodesk, Inc......................................... 1,673,350
64,000 Cadence Design Systems, Inc.*......................... 1,904,000
21,600 Compuware Corp.*...................................... 1,687,500
80,200 HBO and Co............................................ 2,300,738
27,800 Intuit, Inc.*......................................... 2,015,500
33,600 Microsoft Corp.*...................................... 4,659,899
95,200 Oracle Corp.*......................................... 4,105,499
92,500 Platinum Technology, Inc.*............................ 1,769,063
49,400 Rational Software Corp.*.............................. 1,309,100
------------
21,424,649
------------
Computer Systems/
Peripherals -- 4.23%
58,000 Compaq Computer Corp.................................. 2,432,375
35,000 Hewlett Packard Co.................................... 2,390,938
15,400 International Business Machines Corp.................. 2,845,150
33,950 Symbol Technologies, Inc.............................. 2,170,678
------------
9,839,141
------------
Electronic Equipment -- 1.42%
32,300 General Electric Co................................... 3,296,619
------------
Financial Services -- 4.54%
64,200 Associates First Capital.............................. 2,720,475
109,887 MBNA Corp............................................. 2,740,307
47,750 Morgan Stanley/Dean Witter Discover................... 3,390,250
30,450 Schwab - Charles Corp................................. 1,710,909
------------
10,561,941
------------
Household Products & Personal
Care -- 0.89%
46,900 Avon Products, Inc.................................... 2,075,325
------------
Insurance -- 2.66%
62,700 Ace Limited........................................... 2,159,231
23,900 American International Group, Inc..................... 2,309,337
29,500 Unum Corp............................................. 1,722,063
------------
6,190,631
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Lodging -- 0.66%
47,500 Promus Hotel Corp.*................................... $ 1,537,813
------------
Media -- 3.18%
92,200 CBS Corp.............................................. 3,019,550
52,700 Clear Channel Communications, Inc.*................... 2,872,150
54,800 Infinity Broadcasting Corp.*.......................... 1,500,150
------------
7,391,850
------------
Networking -- 3.18%
33,900 3 Com Corp.*.......................................... 1,519,144
24,200 Ascend Communications, Inc.*.......................... 1,591,150
46,075 Cisco Systems, Inc.*.................................. 4,276,336
------------
7,386,630
------------
Pharmaceuticals -- 8.11%
49,200 American Home Products Corp........................... 2,770,575
22,600 Eli Lilly & Co........................................ 2,008,575
19,500 Merck & Co., Inc...................................... 2,879,906
22,500 Pfizer, Inc........................................... 2,822,344
26,100 Pharmacia & Upjohn, Inc............................... 1,477,913
73,400 Schering-Plough Corp.................................. 4,055,349
38,300 Warner Lambert Co..................................... 2,879,681
------------
18,894,343
------------
Photography/Imaging
Technology -- 0.76%
14,900 Xerox Corp............................................ 1,758,200
------------
Publishing -- 0.96%
38,600 Omnicom Group, Inc.................................... 2,238,800
------------
Restaurants -- 1.22%
37,000 McDonald's Corp....................................... 2,835,125
------------
Retail -- 7.25%
52,300 Dollar General Corp................................... 1,235,588
50,600 Gap, Inc.............................................. 2,846,250
73,200 Home Depot, Inc....................................... 4,478,925
52,300 Kohl's Corp.*......................................... 3,213,181
34,000 Rite Aid Corp......................................... 1,685,125
54,000 Staples, Inc.*........................................ 2,359,125
12,800 Wal-Mart Stores, Inc.................................. 1,042,400
------------
16,860,594
------------
Savings & Loans -- 0.69%
42,050 Washington Mutual, Inc................................ 1,605,784
------------
Semiconductors -- 4.45%
42,800 Applied Materials, Inc.*.............................. 1,827,025
30,500 Intel Corp............................................ 3,616,157
44,400 KLA Tencor Corp.*..................................... 1,925,850
34,900 Texas Instruments, Inc................................ 2,986,131
------------
10,355,163
------------
Telecommunications -- 6.73%
34,300 Airtouch Communications*.............................. 2,473,888
97,800 MCI WorldCom, Inc.*................................... 7,017,150
</TABLE>
See accompanying notes to financial statements.
4
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Growth Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Jennison Associates LLP (continued)
Telecommunications (continued)
19,600 Nokia Corp. - ADR..................................... $ 2,360,575
47,100 Qwest Communications International*................... 2,355,000
21,200 Tellabs, Inc.*........................................ 1,453,525
------------
15,660,138
------------
Total -- Jennison Associates LLP
(cost $106,835,136).................................. 154,604,733
------------
Goldman Sachs Asset
Management -- 31.44%
Airlines -- 0.05%
2,100 AMR Corp.*............................................ 124,688
------------
Apparel -- 0.03%
2,100 Westpoint Stevens, Inc.*.............................. 66,281
------------
Automotive -- 0.17%
6,600 Ford Motor Co......................................... 387,338
------------
Banking -- 0.12%
4,510 BankAmerica Corp...................................... 271,164
------------
Chemicals -- 0.44%
6,200 Dow Chemical Co....................................... 563,813
1,200 PPG Industries, Inc................................... 69,900
17,000 Solutia, Inc.......................................... 380,375
------------
1,014,088
------------
Clothing -- 0.44%
4,200 Ann Taylor Stores Corp................................ 165,638
2,000 Ross Stores, Inc...................................... 78,750
27,000 TJX Companies, Inc.................................... 783,000
------------
1,027,388
------------
Computer Hardware -- 3.40%
20,800 Cisco Systems, Inc.................................... 1,930,499
12,100 Compaq Computer Corp.................................. 507,444
15,800 Dell Computer Corp.................................... 1,156,363
9,200 EMC Corp.............................................. 782,000
13,200 Ingram Micro, Inc.*................................... 460,350
3,500 International Business Machines Corp.................. 646,625
13,400 Sun Microsystems, Inc.*............................... 1,147,375
6,900 Tech Data Corp.*...................................... 277,725
4,300 Unisys Corp........................................... 148,081
7,400 Xerox Corp............................................ 873,200
------------
7,929,662
------------
Computer Services -- 0.91%
9,000 American Online, Inc.................................. 1,440,000
1,000 Automatic Data Processing............................. 80,188
3,600 Computer Sciences Corp................................ 231,975
1,500 Yahoo! Inc............................................ 355,406
------------
2,107,569
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Computer Software -- 1.79%
4,400 BMC Software, Inc........................................ $ 196,075
4,600 Compuware Corp.*......................................... 359,375
2,300 Learning Company, Inc.*.................................. 59,656
25,600 Microsoft Corp.*......................................... 3,550,399
------------
4,165,505
------------
Department Stores -- 0.34%
14,500 Dayton-Hudson Corp....................................... 786,625
------------
Drugs -- 4.88%
10,400 American Home Products Corp.............................. 585,650
14,200 Bergen Brunswig Corp..................................... 495,225
10,900 Bristol-Myers Squibb Co.................................. 1,458,556
6,600 Cardinal Health, Inc..................................... 500,775
6,600 Eli Lilly & Co........................................... 586,575
15,500 Merck & Co., Inc......................................... 2,289,155
17,000 Pfizer, Inc.............................................. 2,132,438
29,400 Schering-Plough Corp..................................... 1,624,350
22,500 Warner Lambert Co........................................ 1,691,719
------------
11,364,443
------------
Electric Utility -- 0.06%
2,300 Energy East Corp......................................... 129,950
------------
Electronic Equipment -- 1.03%
14,200 General Motors Corp. - Class H........................... 563,563
1,200 Johnson Controls, Inc.................................... 70,800
16,000 Lucent Technologies Corp................................. 1,760,000
------------
2,394,363
------------
Financial Services -- 2.35%
4,500 American Express Co...................................... 460,125
4,800 C.I.T. Group, Inc........................................ 152,700
37,500 General Electric Co...................................... 3,827,343
13,950 Providian Financial Corp................................. 1,046,250
------------
5,486,418
------------
Food & Beverages -- 1.40%
3,100 Anheuser Busch Cos., Inc................................. 203,438
4,800 Brown-Forman Corp. - Class B............................. 363,300
25,500 Coca Cola Co............................................. 1,705,312
2,500 IBP, Inc................................................. 72,813
22,300 Pepsico, Inc............................................. 912,906
------------
3,257,769
------------
Grocery -- 0.84%
1,600 Albertson's, Inc......................................... 101,900
6,900 Kroger Co.*.............................................. 417,450
23,700 Safeway, Inc.*........................................... 1,444,219
------------
1,963,569
------------
Health Care -- 0.47%
4,400 Allergan, Inc............................................ 284,900
5,700 Amgen, Inc............................................... 596,006
</TABLE>
See accompanying notes to financial statements.
5
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Growth Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Goldman Sachs Asset
Management (continued)
Health Care -- (continued)
2,500 Biogen, Inc........................................... $ 207,500
------------
1,088,406
------------
Heavy Machinery -- 0.08%
4,100 Caterpillar, Inc...................................... 188,600
------------
Household Products -- 1.22%
2,100 Clorox Co............................................. 245,306
2,300 Fortune Brands, Inc................................... 72,738
7,400 Premark International, Inc............................ 256,225
19,200 Procter & Gamble Co................................... 1,753,199
6,200 Unilever, Non-Voting NY Shares........................ 514,213
------------
2,841,681
------------
Industrial Parts -- 0.39%
8,600 Danaher Corp.......................................... 467,088
4,000 United Technologies Corp.............................. 435,000
------------
902,088
------------
Industrial Services -- 0.45%
22,700 Hertz Corp............................................ 1,035,688
------------
Information Services -- 0.23%
7,600 Ceridian Corp.*....................................... 530,575
------------
Media -- 0.48%
3,600 Belo - A.H. Corp...................................... 71,775
7,100 Gannett Co., Inc...................................... 457,950
1,200 Time Warner, Inc...................................... 74,475
6,800 Viacom Inc., Class B.................................. 503,200
------------
1,107,400
------------
Medical Products -- 0.98%
20,900 Johnson & Johnson..................................... 1,752,988
7,100 Tyco International Ltd................................ 535,606
------------
2,288,594
------------
Medical Providers -- 0.61%
10,100 Columbia/HCA Healthcare Corp.......................... 249,975
11,913 Healthsouth Corp.*.................................... 183,907
12,800 Tenet Healthcare Corp.*............................... 336,000
1,300 Universal Health Services*............................ 67,438
6,600 Wellpoint Health Networks............................. 574,199
------------
1,411,519
------------
Mining -- 0.09%
4,200 Barrick Gold Corp..................................... 81,900
16,600 Bethlehem Steel Corp.*................................ 139,025
------------
220,925
------------
Oil & Gas -- 0.22%
1,600 Chevron Corp.......................................... 132,700
5,200 Exxon Corp............................................ 380,250
------------
512,950
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Photography -- 0.82%
26,500 Eastman Kodak Co..................................... $ 1,908,000
------------
Property Insurance -- 0.41%
4,900 American International Group......................... 473,463
15,400 Travelers Property Casualty.......................... 477,400
------------
950,863
------------
Publishing -- 0.14%
8,100 American Greetings Corp. -
Class A............................................. 332,606
------------
Restaurants -- 0.03%
900 McDonald's Corp...................................... 68,963
------------
Retail -- Specialty -- 1.73%
9,200 Best Buy*............................................ 564,650
8,700 Family Dollar Stores, Inc............................ 191,400
19,300 Home Depot, Inc...................................... 1,180,919
8,800 Lowe's Cos., Inc..................................... 450,450
20,000 Wal-Mart Stores, Inc................................. 1,628,749
------------
4,016,168
------------
Securities -- Assets -- 0.94%
14,800 Equitable Companies, Inc............................. 856,550
4,300 Lehman Brothers Holdings, Inc........................ 189,469
2,500 Merrill Lynch & Co................................... 166,875
13,600 Morgan Stanley/Dean Witter Discover.................. 965,600
------------
2,178,494
------------
Semiconductors -- 1.41%
27,700 Intel Corp........................................... 3,284,181
------------
Telecommunications -- 1.55%
10,600 AT&T Corp............................................ 797,650
3,200 BCE, Inc............................................. 121,400
1,800 BellSouth Corp....................................... 89,775
28,500 General Instrument Corp.............................. 967,218
17,400 MCI WorldCom, Inc.................................... 1,248,449
6,100 Northern Telecom, Ltd................................ 305,763
1,500 SBC Communications, Inc.............................. 80,438
------------
3,610,693
------------
Thrifts -- 0.16%
14,500 Dime Bancorp, Inc.................................... 383,344
------------
Tobacco -- 0.75%
25,300 Philip Morris, Inc................................... 1,353,550
11,000 Universal Corp....................................... 386,375
------------
1,739,925
------------
Toys -- 0.03%
3,000 Mattel, Inc.......................................... 68,438
------------
Total -- Goldman Sachs Asset Management (cost
$52,405,479)........................................ 73,146,921
------------
Total -- Common Stocks
(cost $159,240,615)................................. 227,751,654
------------
</TABLE>
See accompanying notes to financial statements.
6
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Growth Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Short-Term Investments -- 2.08%
Jennison Associates LLP -- 0.01%
12,985 Bankers Trust Cash Sweep............................... $ 12,985
-----------
Goldman Sachs Asset
Management -- 0.00%
858 Bankers Trust Cash Sweep............................... 858
-----------
Total -- Money Market Mutual Funds (cost $13,844)...... 13,844
-----------
Goldman Sachs Asset
Management -- 0.02%
45,000 U.S. Treasury Bills, 0.00%, 2/4/99..................... 44,833
-----------
Total -- U.S. Treasury Bills (cost $44,830)............ 44,833
-----------
Jennison Associates LLP -- 1.99%
Oil Services -- 1.99%
4,614,000 Chevron Corp., Commercial Paper, 4.80%, 1/4/99......... 4,614,000
-----------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Goldman Sachs Asset
Management -- 0.06%
146,000 Bankers Trust Co., Repurchase Agreement, dated
12/31/98, due 01/04/99 at 3.40% with a maturity
value of $146,055 (Collateralized by $144,000 U.S.
Treasury Note, 5.25%, 01/31/01; market value
$148,921).......................................... $ 146,000
------------
Total -- Short-Term Investments (cost $4,818,673)... 4,818,676
------------
Total Investments (cost $164,059,288) (a) --
99.97%............................................ 232,570,330
Other Assets in Excess of Liabilities -- 0.03%...... 64,876
------------
Total Net Assets -- 100.00%......................... $232,635,206
============
</TABLE>
- --------
* Non-income producing securities.
(a) Represents cost for federal income tax purposes and differs from value of
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation.......................................... $71,263,279
Unrealized depreciation.......................................... (2,752,237)
-----------
Net unrealized appreciation...................................... $68,511,042
===========
</TABLE>
See accompanying notes to financial statements.
7
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks -- 89.92%
Frontier Capital Management
Co. -- 51.04%
Aerospace -- 0.88%
30,100 Orbital Sciences Corp.*................................. $ 1,331,925
------------
Building Materials &
Components -- 0.87%
40,800 Elcor Corp.............................................. 1,318,350
------------
Business Equipment &
Services -- 0.59%
12,100 Black Box Corp.*........................................ 458,288
24,080 Virco Manufacturing Co.................................. 442,470
------------
900,758
------------
Chemicals -- 0.22%
39,300 Hexcel Corp.*........................................... 329,138
------------
Commercial Services -- 1.09%
41,300 Central Sprinkler Corp.*................................ 400,094
38,300 Quanta Services, Inc.*.................................. 844,994
22,900 Vincam Group, Inc.*..................................... 402,181
------------
1,647,269
------------
Computer Equipment -- 4.98%
27,900 Analog Devices, Inc.*................................... 875,363
30,900 Artesyn Technologies, Inc.*............................. 432,600
72,000 Box Hill Systems Corp.*................................. 387,000
41,300 Data General Corp.*..................................... 678,869
64,900 In Focus Systems, Inc.*................................. 575,988
121,600 ISG International Software Group Ltd.*.................. 1,466,799
15,300 Kronos, Inc.*........................................... 677,981
41,300 Sandisk Corp.*.......................................... 583,363
30,068 Seagate Technology, Inc.*............................... 909,557
17,700 Synopsys, Inc.*......................................... 960,224
------------
7,547,744
------------
Computer Software -- 5.02%
61,500 3DFX Interactive, Inc................................... 776,437
15,100 American Management Systems, Inc.*...................... 604,000
85,700 Ansoft Corp.*........................................... 417,788
62,300 Ansys, Inc.*............................................ 685,300
80,200 Information Resources, Inc.*............................ 817,037
59,300 Learning Co., Inc.*..................................... 1,538,093
27,000 Pathways Group, Inc.*................................... 460,688
22,500 Project Software Corp.*................................. 753,750
39,200 Read Rite Corp.*........................................ 579,425
82,200 STB Systems, Inc.*...................................... 549,713
24,500 Xylan Corp.*............................................ 430,281
------------
7,612,512
------------
Drugs & Pharmaceuticals -- 1.85%
44,600 Alkermes, Inc.*......................................... 989,563
58,000 Cellegy Pharmaceuticals, Inc.*.......................... 203,000
2,000 Copley Pharmaceuticals, Inc.*........................... 20,750
73,800 DUSA Pharmaceuticals, Inc.*............................. 544,275
9,100 Pharmacyclics, Inc.*.................................... 232,050
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
- ------ ----------- --------
<S> <C> <C>
Drugs & Pharmaceuticals (continued)
135,000 PharMerica, Inc.*...................... $ 810,000
------------
2,799,638
------------
Electrical & Electronics -- 4.25%
3,600 Aavid Thermal Technologies, Inc.*...... 60,750
18,700 Arrow Electronics, Inc.*............... 499,056
17,900 Benchmark Electronics, Inc.*........... 655,588
101,100 Cypress Semiconductors Corp.*.......... 840,393
14,900 Harman International Industries, Inc... 568,063
42,800 LoJack Corp.*.......................... 508,250
43,200 LSI Logic Corp.*....................... 696,600
12,100 Microchip Technology, Inc.*............ 447,700
28,400 Micron Technology, Inc.*............... 1,435,974
101,100 Trimble Navigation Ltd.*............... 732,975
------------
6,445,349
------------
Electronic Components &
Instruments -- 3.36%
20,300 Atmel Corp.*........................... 310,844
25,800 Exar Corp.*............................ 416,025
18,300 Fore Systems, Inc.*.................... 335,119
14,500 Lam Research Corp.*.................... 258,281
13,400 Lattice Semiconductor Corp.*........... 615,144
127,400 Mentor Graphics Corp.*................. 1,082,899
13,800 Power Integrations, Inc.*.............. 345,863
58,400 Protein Design Labs, Inc.*............. 1,357,799
15,100 SBS Technologies, Inc.*................ 279,350
6,700 Telxon Corp............................ 92,963
------------
5,094,287
------------
Electronic Equipment -- 0.88%
44,100 Newbridge Networks Corp.*.............. 1,339,538
------------
Energy -- 0.73%
107,700 American Superconductor Corp.*......... 1,103,925
------------
Engineering & Construction -- 1.02%
48,200 Insituform Technologies - Class A*..... 698,900
35,200 Layne Christensen Co.*................. 259,600
17,500 Stone & Webster, Inc................... 581,875
------------
1,540,375
------------
Entertainment -- 0.39%
45,500 Network Event Theater, Inc.*........... 588,656
------------
Financial Services -- 0.25%
34,900 Advanta Corp. - Class B................ 386,081
------------
Forest Products & Papers -- 0.69%
22,723 Albany International Corp. - Class A... 430,308
33,600 Louisiana-Pacific Corp................. 615,300
------------
1,045,608
------------
Health Care -- 1.13%
42,000 American Oncology Resources, Inc.*..... 611,625
40,000 Centennial HealthCare Corp.*........... 620,000
</TABLE>
See accompanying notes to financial statements.
8
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Frontier Capital Management Co. (continued)
Health Care (continued)
48,800 Mid Atlantic Medical Services, Inc.*.................... $ 478,850
------------
1,710,475
------------
Home Furnishing -- 0.23%
16,000 Polycom, Inc*........................................... 356,000
------------
Hospital Management &
Services -- 0.34%
45,100 Visible Genetics, Inc.*................................. 513,013
------------
Insurance -- 0.28%
24,200 HCC Insurance Holdings, Inc............................. 426,525
------------
Leisure & Tourism -- 0.75%
66,100 American Coin Merchandising*............................ 388,338
30,900 International Game Technology........................... 751,256
------------
1,139,594
------------
Machinery & Engineering -- 0.36%
38,700 Brown & Sharpe Manufacturing Co.*....................... 309,600
14,500 Howmet International, Inc.*............................. 233,813
------------
543,413
------------
Medical -- Biotechnology -- 1.78%
130,600 Celgene Corp.*.......................................... 2,007,975
31,300 Laser Vision Centers, Inc.*............................. 693,491
------------
2,701,466
------------
Medical Supplies -- 1.86%
40,300 Advanced Polymer Systems, Inc.*......................... 216,613
17,900 EndoSonics Corp.*....................................... 177,881
13,300 Haemonetics Corp.*...................................... 302,575
33,900 Mentor Corp............................................. 794,530
54,700 Merit Medical Systems, Inc.*............................ 362,388
11,000 VISX, Inc.*............................................. 961,812
------------
2,815,799
------------
Metals -- 0.42%
74,800 Armco, Inc.*............................................ 327,250
19,300 Northwest Pipe Co.*..................................... 311,213
------------
638,463
------------
Oil & Gas -- 0.87%
11,200 BJ Services Co.*........................................ 175,000
22,700 Noble Drilling Corp.*................................... 293,681
12,300 Transocean Offshore, Inc................................ 329,794
18,700 Varco International, Inc.*.............................. 144,925
8,800 Vastar Resources, Inc................................... 380,050
------------
1,323,450
------------
Packaging/Containers -- 0.87%
67,900 Gaylord Container Corp. - Class A*...................... 415,888
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Packaging/Containers (continued)
50,800 U.S. Can Corp.*......................................... $ 908,050
------------
1,323,938
------------
Paper Products -- 0.33%
15,000 Williamette Industries, Inc............................. 502,500
------------
Publishing & Printing -- 1.10%
73,300 Mail-Well, Inc.*........................................ 838,368
5,300 Scholastic Corp.*....................................... 284,213
28,600 Scientific Games Holdings Corp.*........................ 539,825
------------
1,662,406
------------
Railroads -- 0.22%
13,700 Westinghouse Air Brake Co............................... 334,794
------------
Real Estate -- 0.79%
17,700 Boston Properties, Inc.................................. 539,850
25,700 CB Richard Ellis Services*.............................. 465,813
6,700 Lasalle Partners, Inc.*................................. 197,231
------------
1,202,894
------------
Retail -- 1.25%
19,300 Claire's Stores, Inc.................................... 395,650
23,800 Jostens, Inc............................................ 623,263
79,200 PETsMART, Inc.*......................................... 871,200
------------
1,890,113
------------
Retirement & Aged Care -- 1.12%
32,800 Sunrise Assisted Living, Inc.*.......................... 1,701,500
------------
Steel -- 1.20%
73,100 Birmingham Steel Corp................................... 306,106
3,400 Carpenter Technology Corp............................... 115,388
34,200 Oregon Steel Mills, Inc................................. 406,125
37,800 Quanex Corp............................................. 852,862
4,800 Reliance Steel & Aluminum Co............................ 132,600
------------
1,813,081
------------
Technology -- 1.50%
105,300 PictureTel Corp.*....................................... 697,613
53,000 Quickturn Design Systems, Inc.*......................... 758,563
116,200 System Software Assoc., Inc.*........................... 817,030
------------
2,273,206
------------
Telecom Services -- 0.33%
15,600 Century Communications - Class A*....................... 494,813
------------
Telecommunications -- 3.09%
72,000 Ace Comm Corp.*......................................... 459,000
28,400 Crown Castle International Corp.*....................... 667,399
36,200 Digital Microwave Corp.*................................ 247,744
30,300 InterVoice, Inc.*....................................... 1,045,349
42,300 Omnipoint Corp.*........................................ 393,919
33,100 Transaction Network SVCS, Inc.*......................... 664,069
25,100 Western Wireless Corp. - Class A*....................... 552,200
16,700 WinStar Communications, Inc.*........................... 651,300
------------
4,680,980
------------
</TABLE>
See accompanying notes to financial statements.
9
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Frontier Capital Management Co. (continued)
Telecommunications
Equipment -- 1.84%
8,300 Aspect Telecommunications Corp.*........................ $ 143,175
66,100 Coyote Network Systems, Inc.*........................... 487,488
29,000 Level One Communications, Inc.*......................... 1,029,499
50,500 Paging Network, Inc.*................................... 236,719
4,600 QUALCOMM, Inc.*......................................... 238,338
33,700 Tollgrade Communications, Inc.*......................... 648,725
------------
2,783,944
------------
Textiles & Apparel -- 0.61%
33,900 Angelica Corp........................................... 631,387
Textiles & Apparel (continued)
15,400 Unifi, Inc.............................................. 301,263
------------
932,650
------------
Transportation -- 0.47%
20,700 Coach USA, Inc.*........................................ 718,031
------------
Wholesale Distribution --
Pharmaceuticals -- 0.55%
12,900 Amerisource Health Corp. - Class A*..................... 838,500
------------
Wholesale Special Line -- 0.44%
24,300 Cameron Ashley Building Products*....................... 317,419
42,200 Sodak Gaming, Inc.*..................................... 350,787
------------
668,206
------------
Wire & Cable -- 0.24%
19,850 Cable Design Technologies Corp.*........................ 367,225
------------
Total -- Frontier Capital Management Co. (cost
$69,883,838)........................................... 77,388,132
------------
Geewax, Terker & Co. -- 38.88%
Advertising -- 0.15%
8,500 True North Communications, Inc.......................... 228,438
------------
Airlines -- 0.32%
16,100 ASA Holdings, Inc....................................... 491,050
------------
Auto Related -- 0.71%
5,600 Arvin Industries, Inc................................... 233,450
33,600 Tower Automotive, Inc.*................................. 837,900
------------
1,071,350
------------
Banking -- 4.30%
4,100 BancWest Corp........................................... 196,800
3,900 Centura Banks, Inc...................................... 290,063
15,300 CNB Bancshares, Inc..................................... 713,362
44,500 Colonial Bancgroup, Inc................................. 533,999
12,000 Commerce Bancorp........................................ 629,999
9,900 Cullen/Frost Bankers, Inc............................... 543,262
10,100 First Merit Corp........................................ 271,438
4,102 Firstar Corp............................................ 382,512
6,798 Hubco, Inc.............................................. 204,790
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Banking (continued)
12,900 Imperial Bancorp*........................................ $ 214,463
14,000 North Fork Bancorp, Inc.................................. 335,125
2,600 Provident Bankshares Corp................................ 64,675
14,100 Roslyn Bancorp, Inc...................................... 303,150
7,000 Simmons First National Corp.............................. 259,875
13,900 United Bankshares, Inc................................... 368,350
11,000 UST Corp................................................. 259,188
14,800 Westamerica Bancorp...................................... 543,899
4,900 Western Bancorp.......................................... 143,325
1,700 Wilmington Trust Corp.................................... 104,763
2,600 Zions Bancorporation..................................... 162,175
------------
6,525,213
------------
Beverages -- 0.45%
7,150 Adolph Coors Co. - Class B............................... 403,528
4,700 Canandaigua Wine Co. - Class A*.......................... 271,719
------------
675,247
------------
Broadcasting & Publishing -- 0.57%
20,200 American Tower Corp.*.................................... 597,162
2,300 Jacor Communications, Inc.*.............................. 148,063
3,000 Young Broadcasting, Inc. - Class A*...................... 125,625
------------
870,850
------------
Building Materials &
Components -- 1.33%
9,000 Centex Construction Products, Inc........................ 365,625
7,400 Elcor Corp............................................... 239,113
4,500 Florida Rock Industries, Inc............................. 139,500
3,700 Giant Cement Holding, Inc.*.............................. 91,575
4,300 Lilly Industries, Inc. - Class A......................... 85,731
6,800 Lone Star Industries, Inc................................ 250,325
6,000 Martin Marietta Materials, Inc........................... 373,125
11,800 NCI Building Systems, Inc.*.............................. 331,875
2,300 Southdown, Inc........................................... 136,131
------------
2,013,000
------------
Business Equipment &
Services -- 0.42%
4,200 Fiserv, Inc.*............................................ 216,038
4,700 Inacom Corp.*............................................ 69,913
12,100 Knoll, Inc.*............................................. 358,462
------------
644,413
------------
Chemicals -- 0.54%
3,000 A. Schulman, Inc......................................... 68,063
3,000 Minerals Technologies, Inc............................... 122,813
3,700 OM Group, Inc............................................ 135,050
12,800 The Scotts Co. - Class A*................................ 491,999
------------
817,925
------------
Commercial Services -- 1.04%
20,100 Avis Rent A Car, Inc.*................................... 486,168
12,700 Copart, Inc.............................................. 411,163
7,500 Ogden Corp............................................... 187,969
</TABLE>
See accompanying notes to financial statements.
10
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Commercial Services (continued)
15,900 Sylvan Learning Systems, Inc.*........................... $ 484,950
------------
1,570,250
------------
Computer Software -- 0.77%
11,600 Policy Management Systems Corp.*......................... 585,800
14,500 Sungard Data Systems, Inc.*.............................. 575,469
------------
1,161,269
------------
Consumer Services -- 0.28%
21,400 Veterinary Centers of America, Inc....................... 426,663
------------
Consumer Staples -- 1.86%
22,100 Earthgrains Co........................................... 683,719
35,700 J. M. Smucker Co......................................... 883,574
28,000 Performance Food Group Co.*.............................. 787,500
17,100 Universal Foods Corp..................................... 469,181
------------
2,823,974
------------
Defense -- 0.30%
10,400 AAR Corp................................................. 248,300
8,500 Gencorp, Inc............................................. 211,969
------------
460,269
------------
Electric Utility -- 2.10%
6,400 Black Hills Corp......................................... 168,800
13,500 Cleco Corp............................................... 463,218
3,700 Empire District Electric Co.............................. 91,575
7,800 Idacorp, Inc............................................. 282,263
26,050 MDU Resources Group, Inc................................. 685,440
15,200 Minnesota Power, Inc..................................... 668,799
11,200 Nevada Power Co.......................................... 291,200
5,300 Northwestern Corp........................................ 140,119
4,600 Utilicorp United, Inc.................................... 168,763
11,300 Washington Water Power*.................................. 217,525
------------
3,177,702
------------
Electrical & Electronics -- 0.08%
1,600 CSG Systems International*............................... 126,400
------------
Electronic Components &
Instruments -- 1.65%
15,700 Benchmark Electronics, Inc.*............................. 575,012
13,600 C&D Technologies, Inc.................................... 374,000
5,100 General Cable Corp....................................... 104,550
14,900 Oak Industries, Inc.*.................................... 521,500
14,950 Progress Software Corp.*................................. 504,563
9,300 Teleflex, Inc............................................ 424,313
------------
2,503,938
------------
Energy -- 0.06%
8,000 Offshore Logistics*...................................... 95,000
------------
Entertainment -- 0.10%
4,900 King World Productions, Inc.*............................ 144,244
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Financial Services -- 0.74%
8,900 CMAC Investment Corp..................................... $ 408,844
4,500 Financial Federal Corp.*................................. 111,375
3,600 Financial Securities Assurance Holdings Ltd.............. 195,300
7,600 Finova Group, Inc........................................ 409,925
------------
1,125,444
------------
Gas Utility -- 0.72%
1,200 Connecticut Energy Corp.................................. 36,600
10,200 New Jersey Resources Corp................................ 402,900
30,100 Wicor, Inc............................................... 656,556
------------
1,096,056
------------
Grocery -- 0.33%
8,400 Fred Meyer, Inc.*........................................ 506,100
------------
Health Care -- 0.94%
52,800 American Retirement Corp.*............................... 828,299
2,300 Diagnostic Products Corp................................. 71,588
13,900 Trigon Healthcare, Inc.*................................. 518,644
------------
1,418,531
------------
Homebuilders -- 0.51%
15,700 D. R. Horton, Inc........................................ 361,100
10,500 Kaufman And Broad Home Corp.............................. 301,875
5,100 Toll Brothers, Inc.*..................................... 115,069
------------
778,044
------------
Hospital Management &
Services -- 0.29%
6,500 Total Renal Care Holdings, Inc.*......................... 192,156
4,900 Universal Health Services, Inc. -
Class B*................................................ 254,188
------------
446,344
------------
Human Resources -- 0.42%
13,700 Interim Services, Inc.*.................................. 320,238
18,000 Personnel Group Of America, Inc.*........................ 315,000
------------
635,238
------------
Insurance -- 2.76%
31,300 Alfa Corp................................................ 759,024
9,600 Chartwell Re Corp........................................ 228,000
113 Delphi Financial Group - Class A*........................ 5,925
8,200 E.W. Blanch Holdings, Inc................................ 388,988
12,900 Enhance Financial Services Group, Inc.................... 387,000
10,120 Fidelity National Financial, Inc......................... 308,660
7,550 First American Financial Corp............................ 242,544
12,200 Harleysville Group, Inc.................................. 314,913
9,600 HCC Insurance Holdings, Inc.............................. 169,200
7,700 Horace Mann Educators Corp............................... 219,450
5,200 HSB Group, Inc........................................... 213,525
13,500 Reinsurance Group of America............................. 944,999
------------
4,182,228
------------
</TABLE>
See accompanying notes to financial statements.
11
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
- ------ ----------- --------
<S> <C> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Manufacturing -- 1.85%
29,500 Applied Power, Inc. - Class A.......... $ 1,113,625
23,700 Aptargroup, Inc........................ 665,081
8,700 Crane Co............................... 262,631
4,400 Danaher Corp........................... 238,975
5,300 Furniture Brands International, Inc.*.. 144,425
8,500 Manitowoc Co., Inc..................... 377,188
------------
2,801,925
------------
Medical Supplies -- 0.32%
8,200 Conmed Corp............................ 270,600
7,300 Maxxim Medical, Inc.................... 217,175
------------
487,775
------------
Natural Gas Utility -- 0.33%
4,600 Colonial Gas Co........................ 160,425
5,500 Northwest Natural Gas Co............... 142,313
5,400 Piedmont Natural Gas Co., Inc.......... 195,075
------------
497,813
------------
Oil & Gas -- 0.39%
8,900 Newfield Exploration Co.*.............. 185,788
9,500 Seitel, Inc.*.......................... 118,156
24,100 Tesoro Petroleum Corp.*................ 292,212
------------
596,156
------------
Paper Products -- 0.14%
11,800 Wausau-Mosinee Paper Corp.............. 208,713
------------
Pharmaceuticals -- 0.84%
29,200 Alpharma, Inc.......................... 1,031,125
8,000 Vertex Pharmaceuticals, Inc............ 238,000
------------
1,269,125
------------
Publishing & Printing -- 1.94%
3,400 Central Newspapers, Inc. - Class A..... 242,888
20,000 Hollinger International, Inc........... 278,750
4,600 Houghton Mifflin Co.................... 217,350
5,500 Media General, Inc. - Class A.......... 291,500
12,200 The McClatchy Co....................... 431,575
2,600 Tribune Co............................. 171,600
16,000 Valassis Communications, Inc.*......... 825,999
15,900 World Color Press, Inc.*............... 483,956
------------
2,943,618
------------
Real Estate -- 1.24%
7,852 Avalon Bay Communities, Inc............ 268,931
5,800 Bradley Real Estate, Inc............... 118,900
11,000 Developers Diversified Realty Corp..... 195,250
4,770 Equity Residential Properties Trust.... 192,887
2,100 Kimco Realty Corp...................... 83,344
11,000 Manufactured Home Communities, Inc..... 275,688
2,300 National Golf Properties, Inc.......... 66,556
14,700 Nationwide Health Properties, Inc...... 316,968
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Real Estate (continued)
10,400 U.S. Restaurant Properties, Inc.......................... $ 252,850
5,500 Walden Residential Properties, Inc....................... 112,406
------------
1,883,780
------------
Restaurants -- 1.23%
11,000 Bob Evans Farms, Inc..................................... 286,688
17,500 Brinker International, Inc.*............................. 505,312
27,400 Buffets, Inc.*........................................... 327,088
13,300 CEC Entertainment, Inc.*................................. 369,075
3,100 IHOP Corp.*.............................................. 123,806
9,950 Sonic, Inc.*............................................. 247,506
------------
1,859,475
------------
Retail -- 1.81%
12,400 BJ's Wholesale Club, Inc.*............................... 574,274
21,800 Family Dollar Stores, Inc................................ 479,600
11,700 Fingerhut Companies, Inc................................. 180,619
5,400 Hollywood Entertainment Corp............................. 147,150
7,200 Office Depot, Inc.*...................................... 265,950
7,300 Ross Stores, Inc......................................... 287,438
4,900 Saks, Inc.*.............................................. 154,656
6,100 Shopko Stores, Inc....................................... 202,825
3,700 Stride Rite Corp......................................... 32,375
4,300 Urban Outfitters, Inc.*.................................. 72,563
11,000 Zale Corp.*.............................................. 354,750
------------
2,752,200
------------
Savings & Loan -- 0.34%
35,800 Sovereign Bank, Inc...................................... 510,150
------------
Steel -- 0.19%
7,600 Gibraltar Steel Corp.*................................... 172,900
8,400 Intermet Corp............................................ 109,725
------------
282,625
------------
Telecommunications -- 0.24%
10,900 Frontier Corp............................................ 370,600
------------
Textiles & Apparel -- 0.07%
4,200 Kellwood Co.............................................. 105,000
------------
Tobacco -- 0.12%
5,100 Universal Corp........................................... 179,138
------------
Toys -- 0.29%
11,600 Department 56, Inc.*..................................... 435,725
------------
Transportation --
Shipping -- 2.10%
11,400 Avondale Industries, Inc.*............................... 330,600
11,300 Landstar System, Inc.*................................... 460,475
25,600 Motivepower Industries, Inc.*............................ 823,999
7,100 MS Carriers, Inc.*....................................... 233,856
40,700 Rollins Truck Leasing, Inc............................... 600,325
13,500 Swift Transportation Co., Inc.*.......................... 378,422
20,250 Werner Enterprises, Inc.................................. 358,172
------------
3,185,849
------------
</TABLE>
See accompanying notes to financial statements.
12
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. -- 5.98%
Water Utility -- 0.85%
4,800 California Water Service................................ $ 150,300
7,800 E'Town Corp............................................. 369,525
26,200 Philadelphia Suburban Corp.............................. 774,538
------------
1,294,363
------------
Wholesale Distribution --
Pharmaceuticals -- 0.85%
6,400 AmeriSource Health Corp. - Class. A..................... 416,000
17,750 Bindley Western Industries.............................. 874,188
------------
1,290,188
------------
Total -- Geewax, Terker & Co. (cost $54,053,602)........ 58,969,398
------------
Total -- Common Stocks (cost $123,937,440).............. 136,357,530
------------
Depositary Receipts -- 5.98%
S&P Mid Cap 400 -- 5.98%
124,726 S&P 400 Mid-Cap Depository Receipt...................... 9,073,817
------------
Total Depositary Receipts (cost $8,427,769)............. 9,073,817
------------
Preferred Stocks -- 0.08%
Geewax, Terker & Co. -- 0.08%
Real Estate -- 0.04%
2,500 Bradley Real Estate..................................... 59,062
------------
Restaurants -- 0.04%
2,500 US Restaurant Properties, Inc........................... 57,344
------------
Total -- Preferred Stocks (cost $121,413)............... 116,406
------------
</TABLE>
<TABLE>
<CAPTION>
Principal Security Value
Amount Description (Note 2)
--------- ----------- --------
<C> <S> <C>
Short-Term Investments -- 4.17%
Frontier Capital Management
Co. -- 3.86%
$5,863,844 Bankers Trust Co., Repurchase Agreement, dated
12/31/98, due 1/4/99 at 4.35% with a maturity
value of $5,866,678 (Collateralized by $5,782,000
U.S. Treasury Note, 5.25%, 01/31/01; market value
$5,979,578)....................................... $ 5,863,844
------------
Geewax, Terker & Co. -- 0.31%
464,128 Bankers Trust Co., Repurchase Agreement, dated
12/31/98, due 1/4/99 at 3.40% with a maturity
value of $464,304 (Collateralized by $458,000 U.S.
Treasury Note, 5.25%, 01/31/01; market value
$473,650)......................................... 464,128
------------
Total -- Short-Term Investments (cost $6,327,972).. 6,327,972
------------
Total Investments (cost $138,814,594) (a) --
100.15%.......................................... 151,875,725
Liabilities in Excess of Other
Assets -- (0.15)%................................. (222,326)
------------
Total Net Assets -- 100.00%........................ $151,653,399
============
</TABLE>
- --------
*Non-income producing securities.
(a) Represents cost for federal income tax purposes and differs from value of
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation........................................ $ 26,047,721
Unrealized depreciation........................................ (12,986,590)
------------
Net unrealized appreciation.................................... $ 13,061,131
============
</TABLE>
See accompanying notes to financial statements.
13
<PAGE>
THE HIRTLE CALLAGHAN TRUST
International Equity Portfolio
Portfolio of Investments -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks & Rights -- 97.38%
Australia -- 5.09%
51,700 Amcor Ltd. (Forest Products)......................... $ 220,897
35,000 Brambles Industries Ltd. (Services).................. 852,482
143,900 Broken Hill Proprietary Co. Ltd. (Metals -
Diversified)....................................... 1,059,764
514 Coca-Cola Amatil Ltd. (Beverages).................... 1,915
188,500 CSR Ltd. (Industrial)................................ 460,855
262,600 David Jones Ltd. (Retail Store)...................... 289,632
47,582 Lend Lease Corp. Ltd. (Real Estate).................. 641,424
108,000 National Australia Bank Ltd. (Financial)............. 1,627,941
157,474 News Corp Ltd. (Publishing & Printing)............... 1,040,178
68,276 News Corp. Ltd. Pfd. (Publishing & Printing)......... 415,429
44,600 Orica Ltd. (Manufacturing -Diversified).............. 232,018
157,000 Pacific Dunlop Ltd. (Holding Company)................ 253,971
202,137 Qantas Airways Ltd. (Transportation)................. 412,449
105,933 QBE Insurance Group Ltd. (Insurance)................. 438,142
34,650 Rio Tinto Ltd. (Mining).............................. 410,938
132,600 Santos Ltd. (Oil & Gas).............................. 355,875
351,800 Telstra Corp. (Telecommunications)................... 1,644,751
191,300 Westpac Banking Corp. (Financial).................... 1,280,022
110,300 WMC Ltd. (Metals - Diversified)...................... 332,522
58,300 Woolworths Ltd. (Food - Retail)...................... 198,477
------------
12,169,682
------------
Belgium -- 2.94%
6,105 Electrabel NPV (Utilities)........................... 2,675,533
224 Fortis AG - Strip VVPR (Insurance)*.................. 13
8,900 Fortis AG NPV (Insurance)............................ 3,215,934
250 KBC Bancassurance Holding - Strip (Financial
Services)*.......................................... 15
14,274 Kredietbank NPV (Financial Services)................. 1,126,840
------------
7,018,335
------------
Canada -- 2.25%
20,900 Agrium, Inc. (Agriculture -
Supplier)........................................... 183,775
13,700 Alcan Aluminium Ltd. (Metals -Diversified)........... 370,319
9,000 Bank of Montreal (Financial)......................... 361,688
8,900 Canadian National Railway Co. (Transportation)....... 462,304
27,000 Canadian Pacific Ltd. (Transportation -Rail)......... 504,722
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Canada (continued)
19,000 Extendicare, Inc., Class - A (Medical -Nursing
Homes)*............................................. $ 107,666
18,200 Hudson's Bay Co. (Retail -
Department Stores).................................. 229,382
14,000 Imasco Ltd. (Tobacco)................................ 298,183
24,700 Imperial Oil Canada Ltd. (Oil & Gas)................. 394,962
3,500 Magna International, Inc., Class - A (Auto Related).. 217,482
8,800 Newbridge Networks Corp. (Telecommunication
Services)*.......................................... 267,101
14,362 Nova Corp. (Chemicals)............................... 187,090
3,600 Potash Corp. of Saskatchewan (Agriculture)........... 230,965
10,500 Royal Bank Of Canada (Financial)..................... 523,529
5,100 Seagram Co. Ltd. (Wine & Spirits).................... 193,496
19,700 Shaw Communications, Inc., Class - B (Cable TV)...... 310,359
26,012 Transcanada Pipelines Ltd. (Utilities)............... 380,362
8,000 Westcoast Energy, Inc. (Utilities)................... 158,927
------------
5,382,312
------------
Denmark -- 0.56%
700 Danske Bank Group (Financial)........................ 93,949
9,290 Tele Danmark A/S, Class - B (Telecommunication
Services)........................................... 1,252,666
------------
1,346,615
------------
Finland -- 2.63%
1,400 Cultor Oyj (Food - Diversified)...................... 14,280
161,700 Merita Ltd. (Banking)................................ 1,021,330
32,700 Nokia Oyj, Class - A (Telecommunication Equipment)... 3,976,854
45,900 UPM-Kymmene (Paper Products)......................... 1,278,501
------------
6,290,965
------------
France -- 10.09%
8,185 Air Liquide (Chemicals - Specialty).................. 1,496,037
11,922 Alcatel Alsthom (Telecommunications)................. 1,454,136
4,118 AXA UAP Certificate of Guaranteed Value
(Insurance)*........................................ 1,946
10,868 AXA UAP SA (Insurance)............................... 1,569,764
14,521 Banque Nationale de Paris (Financial)................ 1,191,634
5,676 Cie de St. Gobain (Compagniede)...................... 798,581
8,100 Cie Generale des Eaux (Utilities).................... 2,094,367
7,955 Compagnie Financiere de Paribas (Financial).......... 688,982
5,600 Dexia France (Insurance)............................. 859,787
15,750 France Telecom SA (Telecommunications)............... 1,246,991
</TABLE>
See accompanying notes to financial statements.
14
<PAGE>
THE HIRTLE CALLAGHAN TRUST
International Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks & Rights (continued)
France (continued)
3,210 Groupe Danone (Food Products & Services).............. $ 915,851
35,720 Lagardere Group (Diversified)......................... 1,512,777
8,421 Lyonnaise des Eaux Dumez (Environmental).............. 1,723,873
15,094 Michelin, Class - B (Tire & Rubber)................... 601,564
3,880 Pinault Printemps Redoute (Merchandising)............. 738,929
22,688 Rhone Poulenc Ord. (Pharmaceuticals).................. 1,163,549
30,210 Seita (Tobacco)....................................... 1,885,465
6,084 Societe Generale (Financial).......................... 981,833
7,940 Societe Nationale Elf Aquitane
(Oil & Gas).......................................... 914,645
26,470 Thomson CSF (Defense)................................. 1,132,830
11,227 Total Co., Class B (Oil & Gas)........................ 1,133,131
------------
24,106,672
------------
Germany -- 11.19%
10,338 Allianz AG Holdings (Multi-Line Insurance)*........... 3,781,667
96,640 Bayer AG (Chemicals).................................. 4,024,014
28,862 DaimlerChrysler AG (Automobiles)...................... 2,842,512
19,083 Deutsche Bank AG (Financial).......................... 1,120,211
54,500 Deutsche Telekom AG (Telecommunications).............. 1,788,062
25,400 Dresdner Bank AG (Banking)............................ 1,064,479
50 Hochtief AG (Building Materials)...................... 1,946
29,560 Hoechst AG (Chemicals)................................ 1,222,892
21,730 Mannesmann AG (Machinery)............................. 2,484,841
2,150 SAP AG (Business & Public Services)................... 926,780
46,150 Siemens AG (Manufacturing)............................ 2,970,200
54,882 Veba AG (Utilities)................................... 3,275,900
15,570 Volkswagen AG (Automobiles)*.......................... 1,239,783
------------
26,743,287
------------
Italy -- 4.29%
51,750 Assic Generali (Insurance)............................ 2,158,857
42,500 Danieli di Risp (Engineering)......................... 169,075
400 ENI - ADR (Oil)....................................... 27,100
444,000 Ente Nazionale Idrocarburi (Insurance)................ 2,899,154
819,840 Montedison Spa (Multi - Industries)................... 1,087,998
133,700 Rinascente (Retail - Department Stores)............... 1,373,780
62,903 San Paolo - Imi Spa (Banking)......................... 1,110,500
192,000 Telecom Italia Mobile de Risp (Telecommunications).... 1,416,203
------------
10,242,667
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Japan -- 13.37%
5,000 Acom Co. Ltd. (Financial Services)..................... $ 321,523
65,000 Amada (Hand/Machine Tools)............................. 314,925
15,000 Bridgestone Corp. (Industrial Components).............. 340,788
53,000 Canon, Inc. (Business Equipment)....................... 1,133,702
60,000 Citizen Watch Co. (Jewelry)............................ 361,382
60,000 Dai Nippon Printing (Printing & Publishing)............ 957,662
54,000 Daiichi Pharmaceuticals (Pharmaceuticals).............. 913,074
68,000 Daikin Kogyo Co. (Machinery & Engineering)............. 674,579
32,000 Daiwa House Industries (Manufacturing/Housing)......... 340,974
55,000 Denso Corp. (Auto Parts)............................... 1,018,158
26,600 Fanuc Co. (Electronic Components)...................... 911,798
12,000 Fuji Photo Film Ltd. (Photo Equipment)................. 446,413
39,000 Fujitsu (Computer Equipment)........................... 519,885
31,000 Honda Motor Co. (Auto Related)......................... 1,018,689
15,000 Hoya Corp. (Electrical Components)..................... 730,735
25,000 Ito Yokado Co. (Retail - Grocery)...................... 1,749,336
64,000 Kaneka Corp. (Chemicals)............................... 480,142
21,000 Kao Corp. (Food & Household Products).................. 474,314
72,000 Kirin Brewery Co. Ltd. (Brewery)....................... 918,335
23,000 Kokuyo (Office/Business)............................... 309,858
80,000 Kuraray Co. Ltd. (Chemicals)........................... 883,614
34,000 Marui (Retail)......................................... 655,004
78,000 Matsushita Electric Co. (Electronic Components)........ 1,381,062
107,000 NGK Insulators (Industrial Components)................. 1,380,859
7,300 Nintendo (Toys)........................................ 708,016
42,000 Nippon Meat Packers (Food Processing).................. 677,059
20,000 Omron Corp. (Electronic Components).................... 274,225
47,000 Sankyo Pharmaceutical (Pharmaceuticals)................ 1,028,255
15,000 Secom Co. Ltd. (Business & Public Services)............ 1,243,578
9,000 Sega Enterprise (Electronic Components)................ 199,690
61,000 Sekisui House (Manufacturing/Housing).................. 645,660
12,000 Shin-Etsu Chemical Co. Ltd. (Chemicals)................ 289,105
15,200 Sony Corp. (Electrical & Electronics).................. 1,108,024
83,000 Sumitomo Chemical Co. (Chemicals)...................... 323,472
54,000 Sumitomo Electric (Metal Fabricate/Hardware)........... 607,919
</TABLE>
See accompanying notes to financial statements.
15
<PAGE>
THE HIRTLE CALLAGHAN TRUST
International Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks & Rights (continued)
Japan (continued)
40,000 Takeda Chemical Industries (Pharmaceuticals)......... $ 1,541,187
11,000 TDK Corp. (Electrical & Electronics)................. 1,006,466
59,000 Tokio Marine & Fire (Insurance)...................... 705,492
168,000 Toray Industries (Chemicals)......................... 877,945
154,000 Toshiba Corp. (Electrical & Electronics)............. 917,998
46,000 Toyota Motor Corp. (Auto Related).................... 1,250,842
22,000 Yamato Transport Co. Ltd.
(Transport - Services).............................. 307,883
------------
31,949,627
------------
Malaysia -- 0.03%
23,000 Malayan Banking (Financial).......................... 46,667
7,000 Nestle Malaysia (Food Processing).................... 28,037
------------
74,704
------------
Netherlands -- 7.23%
49,633 ABN Amro Holding NV (Financial)...................... 1,040,497
97,900 Elsevier (Publishing & Printing)..................... 1,366,506
33,675 Heineken NV (Brewery)*............................... 2,019,570
57,972 ING Groep NV (Financial)............................. 3,522,871
491 KLM Royal Dutch Air (Transportation)................. 14,801
65,360 Koninklijke KPN NV (Telecommunications).............. 3,260,715
87,980 Royal Dutch Petroleum (Oil & Gas).................... 4,365,848
19,840 Unilever NV (Food Processing)........................ 1,690,012
------------
17,280,820
------------
New Zealand -- 1.98%
131,000 Auckland International Airport Ltd. (Business &
Public Services).................................... 183,260
1,025,900 Brierley Investment Co.
(Multi - Industries)................................ 232,876
552,200 Carter Holt Harvey (Forest Products
& Papers)........................................... 495,561
137,100 Fletcher Challenge Building Ltd. -ADR (Building &
Materials).......................................... 212,059
171,800 Fletcher Challenge Energy Ltd. - ADR (Oil & Gas)..... 326,495
306,300 Fletcher Challenge Paper Ltd. - ADR (Forest Products
& Papers)........................................... 205,353
178,900 Lion Nathan Ltd. (Brewery)........................... 456,151
6,200 New Zealand Telecom - ADR (Telecommunications)....... 221,263
549,700 Telecom Corp. of New Zealand (Telecommunications).... 2,394,037
------------
4,727,055
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Norway -- 0.37%
11,700 Norsk Hydro ASA (Manufacturing -Diversified).......... $ 394,684
16,800 Norske Skogindustrier ASA (Paper & Related Products).. 489,545
-----------
884,229
-----------
Singapore -- 0.70%
92,671 Singapore Press Holdings Ltd. (Broadcasting &
Publishing).......................................... 1,010,530
102,000 United Overseas Bank (Banking)........................ 654,995
-----------
1,665,525
-----------
Spain -- 1.85%
16,373 Banco Popular Espanol (Financial)..................... 1,229,066
88,608 Endesa-Empresa Nacional de Electric (Utilities)....... 2,337,352
19,011 Telefonica S.A. (Telecommunications).................. 841,584
19,011 Telefonica S.A. Rights expiring 1/30/99
(Telecommunications)................................. 16,805
-----------
4,424,807
-----------
Sweden -- 3.92%
65,910 Astra AB, Class - A (Pharmaceuticals)................. 1,349,679
90,380 Electroloux AB, Class - B (Appliances)................ 1,560,011
59,990 Ericsson LM, Class - B (Telecommunications)........... 1,432,575
22,790 Investor AB, Class - B (Investment Companies)......... 1,032,064
117,290 Nordbanken Holding AB (Holding Company)............... 754,650
106,160 Skandia Forsakrings AB (Multi-Line Insurance)......... 1,628,785
10,920 Svenska Handelsbanken, Class - A (Banking -
Financial).......................................... 462,094
311,370 Swedish Match AB (Tobacco)............................ 1,136,527
-----------
9,356,385
-----------
Switzerland -- 7.33%
1,602 Credit Suisse Group (Financial)....................... 249,804
213 Julius Baer Holding AG, Class - B (Banking)........... 705,211
1,921 Nestle SA (Food Processing)........................... 4,165,789
2,807 Novartis AG (Pharmaceuticals)......................... 5,496,737
260 Roche Holding AS - Genusshein (Pharmaceuticals)....... 3,160,429
677 Schw Rueckversicherungs (Insurance)................... 1,758,295
4,770 Swisscom AG-REG (Telecommunications).................. 1,989,230
-----------
17,525,495
-----------
</TABLE>
See accompanying notes to financial statements.
16
<PAGE>
THE HIRTLE CALLAGHAN TRUST
International Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks & Rights (continued)
United Kingdom -- 21.56%
103,150 Allied Zurich PLC (Insurance)........................ $ 1,539,284
72,000 Barclays PLC (Banking)............................... 1,544,470
62,000 Billiton PLC (Oil & Gas)............................. 122,916
83,000 BOC Group PLC (Chemicals)*........................... 1,211,739
141,100 Booker PLC (Food Processing)......................... 145,133
90,000 Boots Co. PLC (Merchandising)........................ 1,525,209
74,150 British American Tobacco PLC (Beverages & Tobacco)... 656,287
204,468 British Petroleum Co. PLC
(Oil & Gas)......................................... 3,042,749
764,235 British Steel PLC (Steel/Iron)....................... 1,163,272
54,000 Cable & Wireless PLC (Telecommunications)............ 662,492
144,053 Charter (Multi-Industries)........................... 779,091
582,400 Coats Viyella (Textiles & Apparel)................... 260,876
102,163 Diageo PLC (Wine & Spirits).......................... 1,144,899
79,775 Fairview Holdings PLC (Construction & Housing)....... 116,466
566,000 FKI PLC (Electronics)................................ 1,262,953
6,500 Garban PLC (Financial Services)...................... 24,910
220,700 General Electric PLC (Electrical & Electronics)...... 1,977,172
105,800 Glaxo Welcome PLC (Pharmaceuticals).................. 3,617,530
103,000 Greenalls Group PLC (Retail -Department Stores)...... 545,100
755 H.S.B.C. Holdings PLC (Financial Services)........... 20,504
190,175 Hanson PLC (Food Processing)......................... 1,499,422
159,550 Hillsdown Holdings PLC (Food & Household Products)... 201,167
222,200 House Of Fraser (Retail - Department Stores)......... 191,688
283,700 Lloyds TSB Group PLC (Financial)..................... 4,014,734
332,100 Marks & Spencer PLC (Retail - Department Stores)..... 2,261,677
315,100 Mirror Group PLC (Publishing & Printing)............. 781,516
65,700 National Westminster Bank (Financial)................ 1,262,183
128,000 Nycomed Amersham PLC (Health & Personal Care)........ 881,265
68,305 Peninsular & Oriental Steam Navigation Co.
(Transportation).................................... 804,561
195,500 Prudential Corp. PLC (Insurance)..................... 2,946,592
121,000 Reed International PLC (Publishing -Books)........... 960,540
97,100 Rio Tinto PLC (Mining)............................... 1,117,962
233,500 RJB Mining PLC (Mining).............................. 282,786
</TABLE>
<TABLE>
<CAPTION>
Shares or
Principal Security Value
Amount Description (Note 2)
--------- ----------- --------
<C> <S> <C>
United Kingdom (continued)
80,480 Royal & Sun Alliance Insurance Group PLC
(Insurance)........................................ $ 649,560
60,000 Sainsbury (J) PLC (Merchandising)................... 465,600
197,400 Scottish Hydro (Utilities Electrical)............... 2,208,907
161,000 Smithkline Beecham (Pharmaceuticals)................ 2,252,990
154,762 Smurfit (Jefferson) Group (Packaging)............... 277,291
72,000 Tate & Lyle (Food Processing)....................... 400,153
79,775 Terranova Foods PLC (Food & Household Products)..... 146,906
779,800 Tesco (Retail - Grocery)............................ 2,231,622
67,466 Thames Water PLC (Business & Public Services)....... 1,282,679
73,600 Thames Water PLC, Class - B (Business & Public
Services).......................................... 86,083
65,000 United News & Media PLC (Publishing - Newspapers)... 561,284
50,075 Vodafone (Telecommunications)....................... 809,148
84,922 Williams Holdings (Consumer Services)*.............. 475,491
120,000 Yorkshire Water PLC (Business & Public Services).... 1,099,922
------------
51,516,781
------------
Total -- Common Stocks & Rights
(cost $209,060,289)................................ 232,705,963
------------
Short-Term Investments -- 1.10%
United States -- 1.10%
$2,400,000 Banker Trust Time Deposit, 4.75%, 1/4/99............ 2,400,000
232,427 Bankers Trust Weekly Time Deposit, 5.375%, 1/7/99... 232,427
------------
Total -- Short-Term Investments (cost $2,632,427)... 2,632,427
------------
Total Investments (cost $211,692,716) (a) --
98.48%............................................ 235,338,390
Other Assets in Excess of Liabilities -- 1.52%...... 3,621,369
------------
Total Net Assets -- 100.00%......................... $238,959,759
============
</TABLE>
- --------
* Non-income producing securities.
(a) Represents cost for federal income tax purposes and differs from value of
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation........................................ $ 37,482,059
Unrealized depreciation........................................ (13,836,385)
------------
Net unrealized appreciation.................................... $ 23,645,674
============
</TABLE>
ADR--American Depositary Receipt
PLC--Public Liability Company
See accompanying notes to financial statements.
17
<PAGE>
THE HIRTLE CALLAGHAN TRUST
International Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Contract Value on
Amount Settlement Origination Value on Appreciation
(Local Currency) Date Date 12/31/98 (Depreciation)
---------------- Forward Exchange Contracts ---------- ------------ ------------ --------------
<C> <S> <C> <C> <C> <C>
Currency Purchased
5,000,000 Canadian Dollar......... 2/19/99 $ 3,294,676 $ 3,256,905 ($ 37,771)
6,700,000 Danish Kroner........... 2/19/99 994,700 1,053,211 58,511
1,290,000,000 Japanese Yen............ 2/19/99 10,003,273 11,490,157 1,486,884
2,220,000,000 Italian Lire............ 2/19/99 1,351,203 1,345,210 (5,993)
262,000,000 Portuguese Escudo....... 2/19/99 1,449,676 1,529,123 79,447
500,000,000 Spanish Peseta.......... 2/19/99 3,334,312 3,515,680 181,368
------------ ------------ ----------
Total Currency Purchased $ 20,427,840 $ 22,190,286 $1,762,446
============ ============ ==========
Currency Sold
(8,700,000) British Pound........... 2/19/99 ($14,082,777) ($14,412,325) ($ 329,548)
(17,600,000) Finnish Markka.......... 2/19/99 (3,399,699) (3,460,208) (60,509)
(10,200,000) French Franc............ 2/19/99 (1,793,817) (1,823,024) (29,207)
------------ ------------ ----------
Total Currency Sold ($19,276,293) ($19,695,557) ($ 419,264)
============ ============ ==========
</TABLE>
See accompanying notes to financial statements.
18
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Limited Duration Municipal Bond Portfolio
Portfolio of Investments -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds -- 101.03%
Alabama -- 4.32%
$ 195,000 Alabama Housing Finance Authority
(GNMA/FNMA)......................... 5.100% 10/1/99 $ 197,607
275,000 Birmingham, Alabama North Medical
Clinic, Escrowed to Maturity........ 6.625% 4/1/00 285,656
35,000 Homewood Alabama, Prerefunded 2/1/99
@ 102............................... 8.250% 2/1/04 35,723
1,715,000 Jefferson City Alabama Sewer
Authority Revenue, Variable (FGIC).. 4.100% 2/1/27 1,715,000
180,000 Pell City Alabama Industrial
Development, Shelby Steel
Fabricators, AMT (LOC).............. 7.700% 9/1/01 180,927
-----------
2,414,913
-----------
Arizona -- 0.67%
70,000 Maricopa County Arizona Industrial
Development Authority, Housing
Facility Revenue, Escrowed to
Maturity............................ 6.750% 12/1/03 74,375
300,000 Valley Housing Development Revenue,
Section 8 Assistance................ 8.000% 10/1/20 300,345
-----------
374,720
-----------
Arkansas -- 4.37%
75,000 Arkansas State Development Finance
Authority (FHA)..................... 8.000% 8/15/11 80,063
1,435,000 Arkansas State Development Finance
Authority (MBIA).................... 5.100% 10/1/16 1,472,669
450,000 Rogers Arkansas Sales & Use Tax
Revenue............................. 5.000% 11/1/15 454,500
268,806 Springdale Arkansas Residential
Housing, Series A (FNMA)............ 7.650% 9/1/11 289,974
145,000 Washington County Hospital Revenue,
Escrowed to Maturity (AMBAC)........ 6.500% 1/1/00 147,408
-----------
2,444,614
-----------
California -- 3.11%
40,000 California Health Facility Authority
Revenue, Prerefunded 5/1/99 @ 102... 7.600% 6/1/15 41,369
485,000 City of Vallejo Housing Authority,
Multi-Family Housing Revenue,
Mandatory Put 6/1/99 @ 100 (Surety
Bond with Continental Casualty)..... 5.000% 6/1/07 486,465
1,115,000 Los Angeles California Multifamily
Housing, Earthquake Rehabilitation
Projects, Series A, AMT (FNMA)...... 4.850% 7/1/02 1,135,906
75,000 Los Angeles Community Redevelopment
Agency Housing Revenue.............. 5.500% 12/1/05 77,906
-----------
1,741,646
-----------
Colorado -- 0.99%
215,000 Aurora Colorado Housing Authority,
Single Family Mortgage Revenue...... 7.300% 5/1/10 231,125
180,000 Colorado Housing Finance Authority,
AMT................................. 6.850% 8/1/22 184,500
65,000 Commerce City Colorado Single Family
Housing, Series A................... 6.875% 3/1/12 68,331
70,000 Denver Colorado City & County
Industrial Development Revenue
(LOC)............................... 6.500% 6/1/99 70,633
-----------
554,589
-----------
Connecticut -- 0.22%
120,000 Connecticut State Resource Recovery
Authority........................... 7.625% 1/1/09 123,060
-----------
Delaware -- 0.15%
75,000 Delaware Transit Authority, Escrowed
to Maturity......................... 9.000% 7/1/01 81,375
-----------
Florida -- 0.98%
45,000 Dade County, Florida Entitlement
Revenue, Prerefunded 2/1/03 @ 103
(AMBAC)............................. 9.750% 2/1/03 48,304
215,000 Dade County, Florida Health
Facilities, Prerefunded 2/1/00 @ 102
(FHA)............................... 7.600% 8/1/24 225,950
251,658 Dade County, Florida Housing Finance
Authority Single Mortgage Revenue,
AMT (GNMA/FNMA)..................... 6.100% 4/1/27 271,791
-----------
546,045
-----------
Georgia -- 1.38%
120,000 Cobb County, Georgia Water & Sewer,
Escrowed to Maturity................ 9.500% 1/1/02 139,350
80,000 Fulton County Georgia Housing
Authority, Single-Family Revenue,
AMT (GNMA).......................... 6.200% 3/1/13 84,100
260,000 Gwinnett County, Development
Authority, AMT (LOC)................ 3.900% 3/1/99 260,200
</TABLE>
See accompanying notes to financial statements.
19
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Limited Duration Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Georgia (continued)
$ 290,000 Gwinnett County, Development
Authority, AMT (LOC)............... 4.050% 3/1/00 $ 290,725
-----------
774,375
-----------
Illinois -- 5.47%
270,000 Bloomingdale, Illinois Water & Sewer
(MBIA)............................. 7.800% 5/1/06 290,925
500,000 Illinois Educational Facility
Authority Revenue.................. 4.600% 10/1/08 493,125
775,000 Illinois Educational Facility
Authority Revenue.................. 5.000% 10/1/13 759,499
550,000 Illinois Health Facilities Authority
Revenue, Community Hospital of
Ottawa Project..................... 6.750% 8/15/14 611,188
100,000 Illinois State, General Obligation
Bonds.............................. 4.750% 8/1/99 100,101
295,000 McDonough County, Hospital
District........................... 4.100% 7/1/99 295,307
500,000 St. Clair County Public Building
Revenue, Escrowed to Maturity
(MBIA)............................. 8.000% 12/1/05 508,880
-----------
3,059,025
-----------
Indiana -- 6.49%
225,000 Adams County Industrial Economic
Development Revenue, AMT (LOC)..... 7.450% 6/1/00 230,130
915,000 Clark County Indiana Hospitals
Association (MBIA)................. 4.650% 3/1/07 933,300
1,325,000 Lawrence Indiana Multifamily
Revenue, AMT (FNMA)................ 5.050% 1/1/08 1,374,688
1,000,000 Mun-Del Building Corp. (AMBAC)...... 7.000% 1/5/05 1,048,970
40,000 Vigo County Indiana Hospital
Authority Revenue, Prerefunded
4/1/99 @ 100....................... 10.375% 4/1/10 40,674
-----------
3,627,762
-----------
Iowa -- 2.32%
1,300,000 Iowa Finance Authority Commercial
Development Revenue (LOC).......... 4.350% 8/1/03 1,298,375
-----------
Kansas -- 1.14%
620,000 Manhattan Kansas Tax Increment
Revenue, Central Business District
Redevelopment, AMT (Asset GTY)..... 5.000% 12/1/02 637,050
-----------
Kentucky -- 0.10%
55,000 Kentucky State Pollution Authority,
Escrowed to Maturity............... 5.900% 8/1/03 57,750
-----------
Louisiana -- 5.87%
140,000 Calcasieu Parish Louisiana Public
Transportation Authority........... 6.375% 11/1/02 147,700
15,000 East Baton Rouge Parish Hospital,
Escrowed to Maturity............... 6.200% 10/1/02 15,675
2,500,000 Louisiana Public Facility Authority
Revenue, Series A-1, Mandatory Put
6/1/02 @ 100 (AMBAC)............... 5.000% 12/1/15 2,593,749
195,000 Parish of Ouachita Louisiana
Industrial Development (LOC)....... 4.300% 8/1/99 195,550
325,000 Parish of Ouachita Louisiana
Industrial Development (LOC)....... 4.800% 8/1/02 330,688
-----------
3,283,362
-----------
Maine -- 0.18%
100,000 Maine Finance Authority Revenue, AMT
(FSA).............................. 5.200% 7/1/18 101,125
-----------
Massachusetts -- 10.74%
75,000 Boston, Water & Sewer, Escrowed to
Maturity........................... 10.650% 1/1/99 75,000
455,000 Massachusetts Finance Agency,
Prerefunded 11/15/00 @ 102......... 8.400% 11/15/08 496,519
210,000 Massachusetts State Development
Financial Agency (Asset GTY)....... 4.550% 9/1/08 209,475
840,000 Massachusetts State Development
Financial Agency (Asset GTY)....... 4.850% 9/1/13 827,383
1,500,000 Massachusetts State Housing Finance
Authority, Variable (MBIA)......... 4.100% 12/1/28 1,500,000
2,900,000 Massachusetts State Housing Finance
Authority, Series A10 (MBIA)....... 4.100% 12/1/28 2,900,000
-----------
6,008,377
-----------
Michigan -- 4.04%
500,000 Avondale School District............ 5.800% 5/1/07 535,000
</TABLE>
See accompanying notes to financial statements.
20
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Limited Duration Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Michigan (continued)
$ 455,000 Michigan State Housing Development
Authority.......................... 10.375% 4/1/10 $ 496,519
1,065,000 Michigan State Housing Development
Authority, Home Improvement, Series
B, AMT............................. 7.650% 12/1/12 1,104,522
120,000 Michigan State Strategic Fund, AMT
(FHA).............................. 6.000% 2/1/00 121,842
-----------
2,257,883
-----------
Minnesota -- 2.28%
100,000 Dakota County, Minnesota, AMT
(GNMA/FNMA)........................ 5.200% 10/1/99 100,964
1,145,000 Fridley Minnesota Community
Development Revenue, Mandatory
Tender 9/1/01 @ 100, AMT (LOC)..... 5.375% 9/1/16 1,172,194
-----------
1,273,158
-----------
Mississippi -- 0.36%
180,000 Jackson County, Port Improvement
Projects, AMT...................... 6.500% 5/1/99 181,754
20,000 Mississippi Home Corp. Mortgage
Access Program, Single-Family
Mortgage Revenue, AMT (GNMA)....... 4.500% 6/1/99 20,041
-----------
201,795
-----------
Missouri -- 0.56%
290,000 St. Louis County, Single-Family
Mortgage Revenue (AMBAC)........... 9.250% 10/1/16 312,475
-----------
Nebraska -- 5.98%
100,000 Clay County Nebraska Individual
Development Revenue, AMT (LOC)..... 3.900% 3/15/00 99,875
200,000 Clay County Nebraska Individual
Development Revenue, AMT (LOC)..... 4.100% 3/15/01 199,750
310,000 Clay County Nebraska Individual
Development Revenue, AMT (LOC)..... 4.200% 3/15/02 309,613
375,000 Clay County Nebraska Individual
Development Revenue, AMT (LOC)..... 4.300% 3/15/03 374,531
1,000,000 Clay County Nebraska Individual
Development Revenue, AMT (LOC)..... 4.750% 3/15/09 997,500
210,000 Consumer Public Power............... 5.100% 1/1/03 211,058
135,000 Fillmore County Nebraska Individual
Development Revenue, AMT (LOC)..... 3.900% 12/1/00 134,663
155,000 Fillmore County Nebraska Individual
Development Revenue, AMT (LOC)..... 4.200% 12/1/03 154,031
150,000 Fillmore County Nebraska Individual
Development Revenue, AMT (LOC)..... 4.300% 12/1/04 148,875
170,000 Fillmore County Nebraska Individual
Development Revenue, AMT (LOC)..... 4.400% 12/1/05 168,725
175,000 Fillmore County Nebraska Individual
Development Revenue, AMT (LOC)..... 4.500% 12/1/06 173,469
185,000 Fillmore County Nebraska Individual
Development Revenue, AMT (LOC)..... 4.600% 12/1/07 183,381
190,000 Fillmore County Nebraska Individual
Development Revenue, AMT (LOC)..... 4.700% 12/1/08 188,100
-----------
3,343,571
-----------
Nevada -- 0.08%
40,000 Washoe Nevada Housing and Finance
(MBIA FHA221 (D) 4)................ 6.875% 7/1/21 42,050
-----------
New Jersey -- 3.97%
2,220,000 New Jersey Economic Development
Authority Revenue, Optional Put
12/1/02 @ 100...................... 4.950% 12/1/28 2,220,000
-----------
New Mexico -- 0.45%
250,000 Alamagordo Municipal School
District........................... 7.125% 1/15/08 252,705
-----------
New York -- 7.46%
425,000 Amherst New York Individual
Development Agency (LOC)........... 4.500% 10/1/00 427,656
445,000 Amherst New York Individual
Development Agency (LOC)........... 4.650% 10/1/01 449,450
1,500,000 New York City Municipal Water
Finance, Variable (FGIC)........... 4.050% 6/15/30 1,500,000
1,500,000 New York State Dormitory Authority
Revenue, Variable (MBIA)........... 4.050% 7/1/24 1,500,000
290,000 New York State Housing Finance
Agency............................. 7.900% 11/1/99 294,814
-----------
4,171,920
-----------
North Carolina -- 0.36%
180,000 Surry County North Carolina
Industrial Facility & Pollution
Control Authority Revenue.......... 9.250% 12/1/02 200,250
-----------
</TABLE>
See accompanying notes to financial statements.
21
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Limited Duration Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Ohio -- 0.65%
$ 140,000 Lucas County Ohio Hospital Revenue,
Prerefunded 11/15/99 @ 102 (MBIA).. 6.750% 11/15/09 $ 145,622
95,000 Ohio State Air Quality Development
Authority Revenue, Escrowed to
Maturity........................... 7.875% 11/1/00 99,394
105,000 Ohio State Water Development
Authority Revenue, Escrowed to
Maturity........................... 8.000% 12/1/04 118,650
-----------
363,666
-----------
Oklahoma -- 0.64%
305,000 Oklahoma State Industrial Authority
Revenue, Escrowed to Maturity...... 6.250% 10/1/02 314,531
40,000 Tulsa Oklahoma Industrial Authority
Revenue, Escrowed to Maturity...... 6.500% 4/1/07 43,550
-----------
358,081
-----------
Pennsylvania -- 12.34%
40,000 Allegheny County Pennsylvania
Hospital........................... 7.500% 8/1/13 35,500
135,000 Allegheny County Pennsylvania
Residential Finance Authority
Revenue, AMT (GNMA)................ 4.800% 11/1/07 136,688
115,000 Athens Pennsylvania Area School
Authority, Escrowed to Maturity.... 6.250% 4/1/02 123,625
195,000 Beaver County Pennsylvania
Industrial Development Authority
Pollution.......................... 6.000% 5/1/07 195,400
165,000 Catasauqua Pennsylvania Area School
Authority, Escrowed to Maturity.... 8.400% 2/15/01 173,456
875,000 Clearfield Pennsylvania Hospital
Authority Revenue, Clearfield
Hospital Project................... 6.875% 6/1/16 954,844
95,000 Dauphin County General Authority.... 5.650% 1/1/99 95,000
30,000 Edgewood Pennsylvania School
District, Escrowed to Maturity..... 5.900% 8/1/99 30,053
640,000 Hampton Township Pennsylvania....... 6.300% 6/1/02 673,600
100,000 Harrisburg Pennsylvania, Escrowed to
Maturity........................... 7.125% 4/1/99 100,930
675,000 Lehigh County Pennsylvania
Individual Development Authority
Revenue, Escrowed to Maturity...... 7.200% 12/15/01 705,375
550,000 Metropolitan Lancaster Authority of
Pennsylvania, Water Project Notes.. 4.250% 2/15/00 550,622
20,000 Pennsylvania Higher Education,
Medical College, Prerefunded 3/1/99
@ 102.............................. 8.100% 3/1/00 20,465
300,000 Pennsylvania State.................. 6.375% 9/15/12 323,625
535,000 Pennsylvania State Finance Authority
Revenue, Municipal Capital Imports
Program, (Inv Ag Sun America)...... 6.600% 11/1/09 589,838
220,000 Philadelphia Hospital & Higher
Education Authority, Moss
Rehabilitation Hospital Revenue
(AMBAC)............................ 6.900% 7/1/00 230,450
510,000 Philadelphia Muni Authority,
Prerefunded 4/1/00 @ 100 (FGIC).... 7.800% 4/1/18 537,413
20,000 Radnor Township School Authority,
Escrowed to Maturity............... 5.850% 10/15/01 20,275
1,000,000 Sayre Pennsylvania Health Care
Facilities Authority (AMBAC)....... 6.800% 3/1/03 1,076,249
110,000 Scranton Pennsylvania (Asset GTY)... 4.200% 11/15/99 110,818
205,000 William Penn School District,
Escrowed to Maturity............... 8.000% 8/1/00 219,094
-----------
6,903,320
-----------
Puerto Rico -- 0.05%
25,000 Puerto Rico Commonwealth Aqueduct &
Sewer Authority Revenue, Escrowed
to Maturity........................ 7.875% 7/1/99 25,571
-----------
Tennessee -- 2.90%
400,000 Fayetteville & Lincoln Tennessee
Industrial Development Board, AMT
(LOC).............................. 5.000% 6/1/01 405,500
350,000 Fayetteville & Lincoln Tennessee
Industrial Development Board
Revenue, AMT (LOC)................. 4.750% 6/1/99 350,903
160,000 Metro Government Nashville &
Davidson County Industrial
Development Board Revenue (FHA 221
(D) 4)............................. 6.250% 7/1/02 167,600
300,000 Metro Government Nashville &
Davidson County Industrial
Development Board Revenue (FHA 221
(D) 4)............................. 6.250% 7/1/02 313,500
365,000 Shelby County Tennessee Health &
Housing (Asset GTY)................ 6.000% 10/1/02 383,706
-----------
1,621,209
-----------
Texas -- 1.00%
120,000 Austin Texas Water, Sewer and
Electric Utilities................. 14.000% 11/15/01 138,750
240,000 San Antonio Texas Electric & Gas,
Prerefunded 2/1/99 @ 100 (FGIC).... 5.250% 2/1/00 240,317
</TABLE>
See accompanying notes to financial statements.
22
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Limited Duration Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Texas (continued)
$ 175,000 Texas Water Resource Financial
Authority, (Surety Bond with
AMBAC)............................. 7.000% 8/15/99 $ 178,999
-----------
558,066
-----------
Virginia -- 1.86%
250,000 Newport News Virginia New Publishing
Housing Authority Revenue,
Mandatory Put 9/1/99 @ 100, AMT.... 7.125% 9/1/19 250,243
500,000 Virginia Beach...................... 5.700% 10/1/00 510,025
275,000 Virginia State Water & Sewer
Revenue, Series B (FNMA GIC)....... 8.700% 11/1/11 279,738
-----------
1,040,006
-----------
Washington -- 7.30%
2,750,000 Washington State Health Care
Facilities Authority Revenue
(LOC).............................. 7.875% 12/1/09 2,925,312
1,150,000 Washington State Housing Finance
Community, Variable, Mandatory Put
7/1/08 @ 100, AMT (LOC)............ 4.900% 7/1/30 1,154,313
-----------
4,079,625
-----------
Wisconsin -- 0.25%
45,000 Madison Wisconsin Hospital Revenue,
Escrowed to Maturity............... 7.000% 6/1/00 46,856
90,000 Wisconsin Housing & Economic
Development Authority, AMT......... 7.300% 9/1/99 91,060
-----------
137,916
-----------
Total -- Municipal Bonds (cost
$56,033,133)....................... 56,491,430
-----------
Short-Term Investments -- 0.05%
25,273 Provident Municipal Money Market,
Tax-Free Money Market.............. 3.540% 12/31/99 25,273
-----------
Total -- Short-Term Investments
(cost $25,273)..................... 25,273
-----------
Total Investments (cost $56,058,406)
(a) -- 101.08%..................... 56,516,703
-----------
Liabilities in Excess of Other
Assets -- (1.08)%.................. (603,283)
-----------
Total Net Assets -- 100.00%......... $55,913,420
===========
</TABLE>
- --------
(a) Represents cost for federal income tax purposes and differs from value of
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation........................................... $536,156
<CAPTION>
Unrealized depreciation........................................... (77,859)
<S> <C>
--------
<CAPTION>
Net unrealized appreciation....................................... $458,297
<S> <C>
========
</TABLE>
AMT--Alternative Minimum Tax
AMBAC--AMBAC Indemnity Corporation
FGIC--Financial Guaranty Insurance Company
FHA--Federal Housing Authority
FNMA--Federal National Mortgage Association
FSA--Financial Security Assurance, Inc.
GIC--Guaranteed Investment Contract
GNMA--Government National Mortgage Association
GTY--Guaranteed
LOC--Letter of Credit
MBIA--Municipal Bond Insurance Association
See accompanying notes to financial statements.
23
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Fixed Income Portfolio
Portfolio of Investments -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Asset Backed Securities -- 17.18%
$1,290,000 Amresco Residential Securities
Mortgage Loan....................... 7.175% 6/25/27 $ 1,324,675
1,165,000 Barnett Auto Trust................... 6.180% 9/15/02 1,190,956
365,000 Chase Manhattan Credit Card Master
Trust, Series 1996-3A............... 7.040% 2/15/05 379,742
625,000 Chemical Master Credit Card Trust,
Series 1995-3, Class A.............. 6.230% 4/15/05 635,313
655,000 Citibank Credit Card Master Trust,
Series 1998-6, Class A.............. 5.850% 4/10/03 662,958
2,000,000 Contimortgage Home Equity Loan Trust,
Series 1997-3, A4................... 6.820% 5/15/12 2,045,100
260,000 Discover Card Master Trust, Series
1998-4, Class A..................... 5.750% 10/16/03 262,795
1,025,000 First Omni Credit Card Master Trust,
Series 1996-A, Class A.............. 6.650% 9/15/03 1,040,795
1,640,000 First USA Credit Card Master Trust,
Series 1997-6, Class A.............. 6.420% 3/17/05 1,677,573
370,000 Green Tree Home Improvement Loan
Trust, Series 1996 - F HEA3......... 6.900% 1/15/28 374,736
373,641 Green Tree Home Improvement Loan
Trust, Series 1997 - D HEA3......... 6.390% 9/15/28 381,708
1,575,000 Leasing Solution Leasing Trust 98-1
A2.................................. 5.780% 9/20/03 1,575,000
415,000 Provident Bank Home Equity Loan
Trust, Series 1998-2, A7............ 5.804% 6/25/28 407,089
815,000 Southern Pacific Secured Assets
Corp., Series 1998-1, A5............ 6.460% 1/25/26 822,571
1,375,000 Union Acceptance Corp., Series 1997-
C, Class A3......................... 6.490% 1/8/05 1,404,398
1,400,000 WESTO 98-C A4........................ 5.750% 8/20/03 1,438,276
465,000 World Omni Automobile Lease, Series
1997-B, Class A4.................... 6.200% 11/25/03 470,441
-----------
Total -- Asset Backed Securities
(cost $15,969,730).................. 16,094,126
-----------
Collateralized Mortgage
Obligations -- 20.21%
205,000 Associates Manufactured Housing Pass
Through, 1996-1, A4................. 7.300% 3/15/27 211,412
290,000 Associates Manufactured Housing Pass
Through, 1996-1, A5................. 7.600% 3/15/27 300,576
740,000 Associates Manufactured Housing Pass
Through, 1997-2, A5................. 6.675% 3/15/28 757,286
970,000 Bankamerica Manufactured Housing
Contract, 1996-1, A4................ 7.300% 10/10/26 1,073,936
124,457 Chase Mortgage Finance Corp., Series
1994-6, A3.......................... 6.750% 4/25/25 123,939
68,527 Drexal Burnham Lambert CMO Trust,
Series 1, Class 3................... 8.450% 1/20/19 69,340
135,000 GE Capital Mortgage Services, Inc.,
Series 1993-14, A7.................. 6.500% 11/25/23 129,076
190,000 GE Capital Mortgage Services, Inc.,
Series 1994-10, A10................. 6.500% 3/25/24 186,086
237,288 GE Capital Mortgage Services, Inc.,
Series 1997-7, A7................... 7.500% 8/25/27 240,322
1,383,403 Goldman Sachs Mortgage Securities
Corp. II 98-C1 A1................... 6.060% 10/18/30 1,401,207
345,000 Green Tree Financial Corp., Series
1994-6, A5.......................... 8.250% 1/15/20 355,236
690,000 Green Tree Financial Corp., Series
1998-2, B1.......................... 7.360% 10/1/20 680,181
480,000 Green Tree Financial Corp., Series
1996-2, A4.......................... 7.200% 4/15/27 495,514
340,000 Green Tree Financial Corp., Series
1996-4, A6.......................... 7.400% 6/15/27 375,635
305,000 Green Tree Financial Corp., Series
1996-5, A5.......................... 7.450% 7/15/27 321,687
270,000 Green Tree Financial Corp., Series
1996-8, A6.......................... 7.600% 10/15/27 309,803
480,000 Green Tree Financial Corp., Series
1997-3, B1.......................... 7.510% 7/15/28 470,266
755,000 Green Tree Financial Corp., Series
1997-6, B1.......................... 7.170% 1/15/29 812,335
825,000 Green Tree Financial Corp., Series
1997-5, A6.......................... 6.820% 5/15/29 890,951
780,000 Green Tree Financial Corp., Series
1998-4, B1.......................... 7.260% 2/1/30 764,041
690,000 Merrill Lynch Mortgage Investors,
Inc., Series 1990-C, B.............. 9.700% 6/15/10 740,348
425,947 Merrill Lynch Mortgage Investors,
Inc., Series 1995-C1, A............. 7.249% 5/25/15 442,852
1,387,718 Nationslink Funding Corp. 98-2 A1.... 6.000% 11/20/07 1,402,317
635,000 New York City Mortgage Loan Trust,
Series 1996, A3, 144A............... 6.750% 9/25/19 642,541
569,649 Norwest Asset Securities Corp.,
Series 1996-2, A6................... 7.000% 9/25/11 573,272
1,270,000 Norwest Asset Securities Corp.,
Series 1997-14, A2.................. 6.750% 10/25/27 1,277,176
280,000 Oakwood Mortgage Investors, Inc.,
Series 1996-B, A3................... 7.100% 10/15/26 299,485
370,000 Oakwood Mortgage Investors, Inc.,
Series 1996-B, A4................... 7.350% 10/15/26 379,620
1,375,000 Paine Webber Mortgage Acceptance
Corp., Series 1995-M1, A............ 6.700% 1/15/07 1,399,923
179,374 PNC Mortgage Securities Corp., Series
1997-6, A2.......................... 6.600% 7/25/27 180,368
275,000 Prudential Home Mortgage Securities,
Series 1994-12, A7.................. 6.050% 4/25/24 254,601
390,000 Prudential Home Mortgage Securities,
Series 1994-17, A5.................. 6.250% 4/25/24 376,678
</TABLE>
See accompanying notes to financial statements.
24
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Fixed Income Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Collateralized Mortgage Obligations
(continued)
$ 142,813 Residential Accredit Loans, Inc.,
Series 1996-QS-1, AI4.............. 7.500% 8/25/26 $ 142,203
80,169 Residential Accredit Loans, Inc.,
Series 1997-QS-1, A2............... 7.250% 5/25/27 80,061
346,549 Residential Accredit Loans, Inc.,
Series 1997-QS-1, A4............... 7.250% 6/25/27 346,899
428,187 Residential Asset Securitization
Trust, Series 1997-A4, A3.......... 7.250% 6/25/27 428,242
-----------
Total -- Collateralized Mortgage
Obligations (cost $18,783,925)..... 18,935,415
-----------
Corporate Bonds -- 28.95%
625,000 American United Life Insurance Co.,
144A............................... 7.750% 3/30/26 678,906
1,400,000 Archstone Community Trust........... 7.200% 4/15/03 1,382,500
1,980,000 Bear Stearns Co..................... 8.750% 3/15/04 2,210,175
550,000 BFC Finance Corp., Series 1996-A.... 7.375% 12/1/17 603,526
825,000 Cincinnati Financial................ 6.900% 5/15/28 835,313
1,080,000 Columbus Southern Power............. 6.550% 6/26/08 1,139,400
890,000 Dobie Center Properties, Ltd.,
144A............................... 6.410% 5/1/08 890,000
950,000 Dobie Center Properties, Ltd.,
144A............................... 6.460% 5/1/09 950,000
1,680,000 DPM Trust........................... 6.161% 12/15/03 1,736,700
704,000 Eastern Energy Limited.............. 6.750% 12/1/06 737,440
1,550,000 ERAC USA Finance, 144A.............. 6.375% 5/15/03 1,550,000
375,000 Executive Risk Capital Trust, Series
B.................................. 8.675% 2/1/27 407,344
620,000 Farmers Insurance Exchange, 144A.... 8.625% 5/1/24 738,575
825,000 First American Financial............ 7.550% 4/1/28 875,530
205,000 Household Financial Corp............ 5.875% 11/1/02 204,744
825,000 Household Financial Corp., MTN...... 6.125% 2/27/03 826,650
575,000 HSBC America Capital Trust, 144A.... 7.808% 12/15/26 553,438
950,000 HSBC Americas, Inc.................. 7.000% 11/1/06 1,005,813
1,075,000 Jackson National Life Insurance,
144A............................... 8.150% 3/15/27 1,218,780
325,000 Lehman Brothers, Inc................ 11.625% 5/15/05 408,688
365,000 Life Reinsurance Capital Trust,
144A............................... 8.720% 6/15/27 417,925
220,000 Lumbermans Mutual Casualty, 144A.... 8.300% 12/1/37 236,225
345,000 Mellon Capital II, Series B......... 7.995% 1/15/27 389,419
275,000 Ohio National Life Insurance, 144A.. 8.500% 5/15/26 323,125
715,000 Paine Webber Group.................. 6.750% 2/1/06 724,831
915,000 Paine Webber Group, MTN............. 6.650% 10/15/02 927,582
240,000 Paine Webber Group, MTN............. 6.790% 10/4/04 245,100
1,240,000 PEMEX Finance, Ltd., 144A........... 6.300% 5/15/10 1,224,500
1,895,000 PP&L Capital Funding, Inc., MTN..... 6.790% 11/22/04 1,940,005
810,000 Prudential Insurance Co., 144A...... 6.875% 4/15/03 845,438
345,000 Puget Sound Energy, MTN............. 6.740% 6/15/18 350,175
495,000 Union Central Life, 144A............ 8.200% 11/1/26 555,639
-----------
Total -- Corporate Bonds (cost
$26,959,009)....................... 27,133,486
-----------
Monthly Demand Notes -- 0.27%
Tennessee -- 0.27%
250,000 Maury County TN Health & Educational
Facilities (LOC - Bank One Texas
N.A.).............................. 5.650% 12/1/00 250,000
-----------
Total -- Monthly Demand Notes (cost
$250,000).......................... 250,000
-----------
Repurchase Agreements -- 1.43%
1,340,647 SEI Tri Party Repurchase Agreement,
dated 12/31/98, with a maturity
value of $1,341,200 (Collateralized
by $1,343,297 U.S. Treasury Note,
11.25%, 02/15/15; market value
$1,371,264)........................ 4.950% 1/4/99 1,340,647
-----------
Total -- Repurchase Agreements (cost
$1,340,647)........................ 1,340,647
-----------
</TABLE>
See accompanying notes to financial statements.
25
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Fixed Income Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Taxable Municipal Bond -- 3.27%
Florida -- 0.08%
$ 70,000 Dade County FL Aviation Revenue,
Series C, AMBAC.................... 8.650% 10/1/03 $ 79,275
-----------
Georgia -- 0.36%
1,277,148 Atlanta GA Urban Residential Finance
Authority, RB, FNMA................ 7.870% 10/1/16 333,655
-----------
Mississippi -- 0.24%
565,000 Mississippi Home Corp. Residual
Revenue, FHA....................... 7.290% 12/1/12 221,763
-----------
New York -- 0.17%
65,000 Montgomery County NY Industrial
Development Agency (LOC - Federal
Home Loan Bank NY)................. 5.700% 5/1/25 65,000
5,000 New York NY General Obligation
Unlimited.......................... 1.360% 8/1/01 4,519
20,000 New York NY General Obligation
Unlimited.......................... 10.500% 11/15/13 17,600
25,000 New York NY General Obligation
Unlimited, Series D................ 10.000% 8/1/06 28,531
40,000 New York NY General Obligation
Unlimited, Series F................ 10.500% 11/15/01 46,250
-----------
161,900
-----------
Pennsylvania -- 2.42%
630,000 Allegheny County PA Residential
Finance Authority, RB, FHA......... 7.720% 8/1/28 71,662
2,110,000 Norristown PA, Series 1998.......... 7.000% 10/15/18 2,197,037
-----------
2,268,699
-----------
Total -- Taxable Municipal Bond
(cost $2,947,678).................. 3,065,292
-----------
U.S. Government Agency Mortgages --
10.40%
288,561 Federal Home Loan Mortgage Corp.,
Series 1462, Class PT.............. 7.500% 1/15/03 300,259
145,000 Federal Home Loan Mortgage Corp.,
Series 1496, Class KB.............. 6.500% 5/15/08 146,958
437,760 Federal Home Loan Mortgage Corp.,
Series 2071, Class EV.............. 6.500% 4/15/09 449,863
23,032 Federal Home Loan Mortgage Corp.,
Series 32, Class PD................ 6.350% 3/25/15 22,943
96,582 Federal Home Loan Mortgage Corp.,
Series 1633, Class PE.............. 5.750% 10/15/17 96,680
205,000 Federal National Mortgage Assoc.,
Series G92-39, Class Q............. 7.000% 3/25/01 206,544
77,644 Federal National Mortgage Assoc.,
Pool # 303387...................... 8.000% 7/1/02 79,657
254,703 Federal National Mortgage Assoc.,
Series G93-31, Class G............. 7.000% 1/25/03 259,241
550,000 Federal National Mortgage Assoc.,
Series 1992-100, Class M........... 8.500% 6/25/05 557,761
430,000 Federal National Mortgage Assoc.,
Series 1994-92, Class DE........... 7.500% 7/25/07 445,807
1,430,000 Federal National Mortgage Assoc.,
Series 1997-M2, Class B............ 7.350% 2/17/08 1,513,566
1,255,000 Federal National Mortgage Assoc.,
Series 1995-2, Class H............. 8.500% 6/25/10 1,312,793
1,900,000 Federal National Mortgage Assoc.,
Series 1995-M1, Class B............ 6.840% 7/25/10 1,964,542
945,000 Federal National Mortgage Assoc.,
Series 1997-32, Class PB........... 6.500% 3/25/15 956,869
365,000 Federal National Mortgage Assoc.,
Series 1997-40, Class PE........... 6.750% 7/18/19 371,304
235,000 Federal National Mortgage Assoc.,
Series 1992-43, Class E............ 7.500% 4/25/22 238,372
455,000 Federal National Mortgage Assoc.,
Series 1996-12, Class C............ 6.500% 3/25/23 463,386
180,000 Federal National Mortgage Assoc.,
Series 1996-23, Class D............ 6.500% 10/25/23 183,456
170,842 Federal National Mortgage Assoc.,
Series 1995-M2, Class B............ 6.700% 5/25/28 174,515
-----------
Total -- U.S. Government Agency
Mortgages (cost $9,710,771)........ 9,744,516
-----------
U.S. Treasury Bonds -- 9.06%
2,500,000 U.S. Treasury Bonds................. 8.125% 8/15/19 3,339,125
3,850,000 U.S. Treasury Bonds................. 8.000% 11/15/21 5,146,372
-----------
Total -- U.S. Treasury Bonds (cost
$8,501,041)........................ 8,485,497
-----------
</TABLE>
See accompanying notes to financial statements.
26
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Fixed Income Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
U.S. Treasury Notes -- 8.11%
$1,841,000 U.S. Treasury Notes.................. 5.750% 9/30/99 $ 1,855,728
640,000 U.S. Treasury Notes.................. 6.500% 5/31/01 667,040
4,382,000 U.S. Treasury Notes.................. 7.875% 11/15/04 5,074,750
-----------
Total -- U.S. Treasury Notes (cost
$7,581,895)......................... 7,597,518
-----------
Weekly Demand Notes -- 0.32%
Kentucky -- 0.11%
100,000 Morgantown KY Health Care Facilities
(LOC - Bank One Texas N.A.)......... 5.650% 12/1/99 100,000
-----------
Texas -- 0.21%
200,000 Bell County Texas Health Facilities
Development Corp. (LOC - Bank One
Texas N.A.)......................... 5.650% 12/1/00 200,000
-----------
Total -- Weekly Demand Notes (cost
$300,000)........................... 300,000
-----------
Total Investments (cost $92,344,696)
(a) -- 99.20%....................... 92,946,497
Other Assets in Excess of
Liabilities -- 0.80%................ 748,303
-----------
Total Net Assets -- 100.00%.......... $93,694,800
===========
</TABLE>
- --------
(a) Represents cost for federal income tax purposes and differs from value of
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation........................................... $ 943,337
Unrealized depreciation........................................... (341,536)
---------
Net unrealized appreciation....................................... $ 601,801
=========
</TABLE>
AMBAC--AMBAC Indemnity Corporation
FHA--Federal Housing Authority
FNMA--Federal National Mortgage Association
GNMA--Government National Mortgage Association
LOC--Letter of Credit
MTN--Medium Term Note
See accompanying notes to financial statements.
27
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds -- 100.42%
Alabama -- 0.39%
$ 165,000 Alabama Housing Financial Authority,
AMT................................. 5.650% 6/1/08 $ 176,962
25,000 Lauderdale County & Florence Alabama,
ETM................................. 7.000% 7/1/07 30,094
30,000 Morgan County - Decatur Alabama
General Hospital, Prerefunded 3/1/99
@ 102............................... 7.875% 3/1/13 30,811
-----------
237,867
-----------
Arizona -- 2.79%
1,000,000 Arizona Health Facilities Authority
Hospital,........................... 6.250% 9/1/11 1,088,749
65,000 Coconino County Arizona United School
District (AMBAC) ................... 5.000% 7/1/01 67,112
15,000 Maricopa County Arizona Hospital
Revenue, ETM........................ 7.125% 10/1/02 15,638
10,000 Maricopa County Arizona Industrial
Development Authority (Asset GTY)... 4.900% 5/1/06 10,063
10,000 Maricopa County Arizona Industrial
Development Authority (Asset GTY)... 5.000% 5/1/07 10,075
25,000 Maricopa County Arizona Industrial
Development Authority (Asset GTY)... 5.300% 5/1/13 25,250
35,000 Maricopa County Arizona Industrial
Development Authority (FSA)......... 7.000% 12/1/00 36,400
35,000 Pinal County Arizona Community
College (AMBAC)..................... 5.250% 7/1/05 37,450
25,000 Pinal County Arizona Community
College (AMBAC)..................... 5.400% 7/1/05 26,938
60,000 Pinal County Arizona Community
College (AMBAC)..................... 5.250% 7/1/06 64,125
25,000 Pinal County Arizona Community
College (AMBAC)..................... 5.300% 7/1/06 26,813
25,000 Pinal County Arizona Community
College (AMBAC)..................... 5.200% 7/1/07 26,781
60,000 Pinal County Arizona Community
College (AMBAC)..................... 5.250% 7/1/07 64,500
65,000 Pinal County Arizona Community
College (AMBAC)..................... 5.250% 7/1/08 70,037
25,000 Pinal County Arizona Community
College (AMBAC)..................... 4.750% 7/1/09 25,938
45,000 Pinal County Arizona Community
College (AMBAC)..................... 4.800% 7/1/09 46,913
75,000 Santa Cruz County Arizona Individual
Development Authority, Optional Put
8/1/07 @ 100........................ 4.750% 8/1/20 75,749
-----------
1,718,531
-----------
Arkansas -- 1.41%
325,000 Arkansas State Development Finance
Authority Multi-Family Mortgage,
Refunding Series A (MBIA)........... 5.450% 7/1/24 327,164
19,947 Drew County Arkansas Public Facility
Board, Single Family, Series A-2
(FNMA).............................. 7.900% 8/1/11 21,567
55,000 Fayetteville Arkansas Public
Facilities Board Refunding.......... 7.250% 4/1/11 59,400
10,000 Jefferson County Arkansas Health
Care, 1978 Conventional, ETM........ 7.400% 12/1/10 11,788
14,856 Lonoke County Arkansas Residential
Housing Refunding Series B,
Facilities Board - Single Family
Mtge. Revenue....................... 7.375% 4/1/11 15,989
50,000 Mississippi County Arkansas Public
Facilities Refunding Series 1....... 7.200% 7/15/10 55,438
315,000 North Little Rock Arkansas
Residential Housing, Capital
Appreciation, Sub-Mortgage.......... 6.820% 12/1/10 140,963
165,000 Rogers Arkansas Sales & Use Tax
Revenue............................. 5.350% 11/1/11 175,518
40,000 Saline County Arkansas Residential
Housing............................. 7.875% 3/1/11 42,900
14,569 Stuttgart Arkansas Public Facilities
Board Refunding, Single Family
Mortgage, Series B.................. 7.750% 9/1/11 15,588
-----------
866,315
-----------
California -- 4.25%
600,000 Abag Finance Authority for Non-Profit
Companies, American Baptists Homes.. 5.500% 10/1/07 611,250
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA)............................... 5.500% 6/1/04 5,294
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA)............................... 5.500% 6/1/03 5,263
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA)............................... 5.500% 6/1/02 5,219
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA)............................... 5.500% 6/1/99 5,042
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA)............................... 5.500% 6/1/00 5,113
</TABLE>
See accompanying notes to financial statements.
28
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
California (continued)
$ 5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA)................................ 5.500% 6/1/01 $ 5,169
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA)................................ 4.900% 6/1/06 5,131
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA)................................ 5.000% 6/1/07 5,169
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA)................................ 5.050% 6/1/08 5,169
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA)................................ 5.100% 6/1/09 5,163
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA)................................ 5.150% 6/1/10 5,156
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA)................................ 5.200% 6/1/11 5,131
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA)................................ 5.300% 6/1/12 5,175
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA)................................ 5.300% 6/1/13 5,131
10,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA)................................ 5.300% 6/1/14 10,188
10,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA)................................ 5.400% 6/1/15 10,238
10,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA)................................ 5.400% 6/1/16 10,188
10,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA)................................ 5.400% 6/1/17 10,138
10,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA)................................ 5.400% 6/1/18 10,125
10,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA)................................ 5.500% 6/1/19 10,263
10,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA)................................ 5.500% 6/1/20 10,263
10,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA)................................ 5.500% 6/1/21 10,263
10,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA)................................ 5.500% 6/1/22 10,263
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA)................................ 5.500% 6/1/05 5,313
65,000 Delta County California Home Mortgage
Finance, AMT (GNMA/FNMA)............. 6.700% 6/1/24 71,662
15,000 Emeryville, California Redevelopment
Agency, ETM.......................... 7.500% 9/1/11 17,906
55,000 Fairfield California Certificates of
Participation, Prerefunded 8/1/00 @
100.................................. 10.750% 8/1/07 61,050
20,000 Fresno California Housing Authority,
Multifamily Housing Central Valley
Coalition Projects, AMT (FNMA)....... 5.150% 8/1/07 20,675
10,000 Fresno California Housing Authority,
Multifamily Housing Central Valley
Coalition Projects, AMT (FNMA)....... 5.150% 8/1/07 10,338
35,000 Fresno California Multifamily Housing
Revenue, Woodlands Apartments
Projects (GNMA)...................... 6.650% 5/20/08 38,850
240,000 Los Angeles California Community
Redevelopment, Angelus Plaza Project
Series A (FNMA)...................... 7.400% 6/15/10 271,499
20,000 Los Angeles California Community
Redevelopment, Monterey Hills
Redevelopment Project................ 8.650% 12/1/22 23,025
300,000 Los Angeles California Multi-Family
Housing, Earthquake Rehabilitation
Projects, Mandatory Put 12/1/07 @
100, AMT (FNMA)...................... 5.850% 12/1/28 325,124
</TABLE>
See accompanying notes to financial statements.
29
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
California (continued)
$ 195,000 Los Angeles California Multifamily
Housing, Earthquake Rehabilitation
Projects, Series A, AMT (FNMA)..... 4.850% 7/1/02 $ 198,656
15,000 Los Angeles California Regional
Airports........................... 10.000% 1/1/01 16,800
130,000 Los Angeles California Multi-Family
Housing, Earthquake Rehabilitation
Projects, Series A, AMT (FNMA)..... 5.700% 12/1/28 136,987
205,000 Pleasant Hill California Multi-
Family Housing, Ellinswood
Apartments Projects, Mandatory Put
10/1/05 @ 100 (FNMA)............... 5.300% 10/1/20 216,787
120,000 Riverside County California Housing
Authority Breezewood Apartments
Project, Series B (MBIA)........... 5.000% 6/1/19 117,149
70,000 Sacramento California Municipal
Utility District, Series M, ETM.... 8.750% 4/1/03 77,437
15,000 Southern California Home Finance
Authority, GNMA & FNMA Mortgage
Backed Securities Project, AMT..... 6.900% 10/1/24 15,788
205,000 Vista California Multi-Family
Housing Revenue, Peepperwood
Apartments Project, Series A,
Mandatory Put 6/1/05 @ 100 (FNMA).. 5.700% 6/1/25 217,555
-----------
2,618,105
-----------
Colorado -- 1.30%
20,000 Arvada Colorado Industrial
Development Revenue, AMT (LOC)..... 5.600% 12/1/12 20,400
30,000 Arvada Colorado Industrial
Development Revenue, AMT (LOC)..... 5.800% 12/1/17 30,600
5,000 Boulder County Colorado Revenue,
ETM................................ 7.000% 7/1/09 5,625
65,000 Castle Rock Ranch Colorado Public
Imports Authority.................. 5.900% 12/1/03 69,956
15,000 Colorado Housing Financial
Authority.......................... 5.000% 5/1/05 15,356
15,000 Colorado Housing Financial
Authority.......................... 4.750% 11/1/05 15,244
65,000 Colorado Housing Financial
Authority.......................... 6.500% 5/1/16 71,256
100,000 Colorado Housing Financial
Authority.......................... 6.550% 5/1/25 109,875
10,000 Colorado Housing Financial
Authority, AMT..................... 5.750% 11/1/04 10,388
60,000 Colorado Housing Financial
Authority, AMT..................... 5.200% 12/1/05 61,875
65,000 Colorado Housing Financial
Authority, AMT..................... 6.400% 11/1/24 70,606
55,000 Colorado Student Obligations Board
Authority, AMT..................... 7.150% 9/1/06 59,331
25,000 Commerce City Colorado Single Family
Housing, Series A.................. 6.875% 3/1/12 26,281
35,000 Denver Colorado City & County Multi-
Family Housing (FHA)............... 4.700% 7/1/08 35,219
20,000 Denver Colorado City & County Multi-
Family Housing, AMT (FHA).......... 5.100% 11/1/07 20,550
20,000 Vail Colorado Single Family Mortgage
Revenue............................ 8.125% 6/1/10 21,225
145,000 Westminster Colorado Multi-Family,
Mandatory Put 9/1/06 @ 100 (AXA)... 5.950% 9/1/15 153,700
-----------
797,487
-----------
Connecticut -- 0.45%
135,000 Waterbury Connecticut Housing
Authority Mortgage Revenue
(AMBAC)............................ 4.850% 7/1/09 135,506
140,000 Waterbury Connecticut Housing
Authority Mortgage Revenue
(AMBAC)............................ 4.850% 7/1/09 140,525
-----------
276,031
-----------
Delaware -- 0.11%
5,000 Delaware State Economic Development
Authority Revenue, 1st Mortgage,
Peninsula United, Series A......... 6.000% 5/1/09 5,306
5,000 Delaware State Housing Authority
Revenue Refunding, Multi-Family
Mortgage........................... 6.600% 7/1/01 5,219
55,000 Delaware State Housing Authority
Revenue, Residential Mortgage,
Series A........................... 8.750% 6/1/17 55,000
-----------
65,525
-----------
</TABLE>
See accompanying notes to financial statements.
30
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
District of Columbia -- 0.37%
$ 70,000 District of Columbia Housing
Financial Agency, Mayfair Mansions
Apartments, AMT (FHA)............... 5.000% 2/1/08 $ 70,000
150,000 District of Columbia Housing
Financial Agency, Single Family
Mortgage, Series A, AMT
(FNMA/GNMA)......................... 6.250% 12/1/28 158,438
-----------
228,438
-----------
Florida -- 5.17%
70,000 Dade County Florida Housing Finance
Authority, AMT (FNMA)............... 5.900% 6/1/26 74,375
10,000 Duval County Florida Housing Finance
Authority, Single Family (GNMA)..... 7.650% 9/1/10 10,600
2,155,000 Florida Housing Finance Agency,
Mandatory Put 12/1/99 @ 100 (LOC)... 4.850% 12/1/05 2,158,664
125,000 Florida Housing Finance Agency,
Mandatory Put 12/1/99 @ 100 (LOC)... 4.850% 12/1/05 125,386
135,000 Florida Housing Finance Agency,
Mandatory Put 12/1/99 @ 100 (LOC)... 4.850% 12/1/05 135,000
20,000 Jacksonville Florida Health
Facilities, St. Catherine Laboure
Manor Inc., ETM..................... 9.125% 1/1/03 22,300
35,000 Jacksonville Florida Health
Facilities, St. Vincent's Medical
Center Inc., ETM.................... 9.125% 1/1/03 39,069
80,000 Miami Beach Florida Housing Authority
Revenue, 1st Mortgage, Elderly
Housing, Section 8.................. 6.625% 1/15/09 87,400
90,000 Miami-Dade County Florida Housing
Finance Authority, Series A-1, AMT
(GNMA/FNMA)......................... 5.900% 6/1/25 94,050
280,000 Miramar Florida Water Imports
Assessment Revenue (FGIC)........... 5.125% 10/1/20 284,201
25,000 Palm Beach County Florida Airport
Systems Revenue (MBIA).............. 7.500% 10/1/00 26,656
100,000 Pinellas County Florida Housing
Finance Authority, Multi-county
Program, Series A, AMT (GNMA)....... 6.850% 3/1/29 108,625
15,000 St. Johns County Florida Industrial
Development Authority, Series A
(MBIA).............................. 5.500% 3/1/17 15,881
-----------
3,182,207
-----------
Georgia -- 0.63%
65,000 Augusta Georgia Housing
Rehabilitation Agency............... 7.000% 9/1/05 70,606
5,000 Clayton County Georgia Housing
Authority Multi-Family, AMT (FNMA).. 5.750% 1/1/13 5,306
20,000 Fulton County Georgia Housing
Authority, Single-Family Revenue,
AMT (FNMA).......................... 6.200% 3/1/13 21,025
65,000 Marietta Georgia Housing Authority
Multi-Family, Mandatory Put 6/1/01
@100 (FNMA)......................... 6.000% 6/1/07 65,366
165,000 Marietta Georgia Housing Authority
Multi-Family, Mandatory Put 6/1/05
@100 (FNMA)......................... 5.700% 6/1/25 175,726
35,000 St Mary's Georgia Housing Authority
Multi-Family (FHA).................. 7.250% 9/1/05 37,056
15,000 St Mary's Georgia Housing Authority
Multi-Family (FHA).................. 7.250% 10/1/05 15,731
-----------
390,816
-----------
Hawaii -- 0.04%
20,000 Honolulu Hawaii City & County Multi-
Family Housing, Waipahu Towers
Project, AMT (GNMA)................. 6.900% 6/20/05 21,575
-----------
Idaho -- 0.59%
30,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC)............................... 5.400% 11/1/08 31,275
5,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC)............................... 4.600% 11/1/00 5,069
15,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC)............................... 4.750% 11/1/01 15,319
5,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC)............................... 4.850% 11/1/02 5,138
20,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC)............................... 4.950% 11/1/03 20,750
20,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC)............................... 5.050% 11/1/04 20,950
25,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC)............................... 5.150% 11/1/05 26,000
25,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC)............................... 5.200% 11/1/06 25,938
</TABLE>
See accompanying notes to financial statements.
31
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Idaho (continued)
$ 25,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC)............................... 5.300% 11/1/07 $ 26,000
30,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC)............................... 5.500% 11/1/09 31,349
5,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC)............................... 5.600% 11/1/10 5,238
5,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC)............................... 5.700% 11/1/11 5,250
5,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC)............................... 5.800% 11/1/12 5,263
25,000 Idaho Housing & Financial Assistance,
Single Family Mortgage, Series Sub-C
2, AMT.............................. 5.250% 7/1/11 25,406
20,000 Idaho Housing Agency, Single Family
Mortgage Series C-1................. 7.650% 7/1/10 20,726
60,000 Idaho Housing Agency, Single Family
Mortgage, Sub-Series F, AMT......... 5.800% 7/1/07 63,749
30,000 Idaho Housing & Financial Assistance,
Series Sub B........................ 5.650% 7/1/09 31,874
-----------
365,294
-----------
Illinois -- 9.45%
35,000 Alton Illinois Hospital Facilities
Revenue & Refunded, Alton Memorial
Hospital Project, ETM............... 7.000% 7/1/05 38,719
25,000 Bethany Illinois Home & Hospital
First Mortgage, Methodist Church,
Prerefunded 4/1/00 @ 100............ 7.750% 4/1/09 25,969
375,000 Bolingbrook Illinois Mortgage Revenue
Capital Appreciation Sub-series 1,
Cap Apprec Sub Series 1............. 7.200% 1/1/11 161,718
65,000 Buffalo Grove, Illinois Economic
Development Project, County Line
Remarking 12/1/93................... 5.450% 8/15/02 65,975
10,000 Chicago Illinois Multi-Family Housing
Project, AMT (GNMA)................. 4.950% 6/1/05 10,225
10,000 Chicago Illinois Multi-Family Housing
Project, AMT (GNMA)................. 5.250% 6/1/08 10,325
10,000 Chicago Illinois Multi-Family Housing
Project, AMT (GNMA)................. 5.350% 6/1/09 10,350
10,000 Chicago Illinois Multi-Family Housing
Project, AMT (GNMA)................. 5.450% 6/1/10 10,388
15,000 Chicago Illinois Multi-Family Housing
Project, AMT (GNMA)................. 5.500% 6/1/11 15,619
15,000 Chicago Illinois Multi-Family Housing
Project, AMT (GNMA)................. 5.550% 6/1/12 15,619
10,000 Des Plaines, Illinois Hospital
Facility Revenue, Holy Family
Hospital, ETM....................... 7.000% 1/1/07 11,088
10,000 Des Plaines, Illinois Hospital
Facility Revenue, Holy Family
Hospital, ETM (FGIC)................ 7.000% 1/1/07 11,088
15,000 Des Plaines, Illinois Hospital
Facility Revenue, Holy Family
Hospital, ETM (MBIA)................ 7.000% 1/1/07 16,631
35,000 Fairfield, Illinois Economic
Development Revenue, Wayne County
Center Project...................... 6.000% 12/15/05 36,750
70,000 Grayslake, Illinois Multi Family
Revenue, Country Squire Apartments
(FHA)............................... 6.000% 6/1/05 74,375
35,000 Greater Peoria Illinois Airport
Authority, AMT (AMBAC).............. 6.600% 12/1/06 38,981
15,000 Greater Peoria Illinois Airport
Authority, AMT (AMBAC).............. 6.700% 12/1/07 16,781
5,000 Greater Peoria Illinois Airport
Authority, AMT (AMBAC).............. 6.500% 12/1/05 5,575
65,000 Illinois Development Finance
Authority Revenue, Catholic Health,
Connie Lee.......................... 5.150% 2/15/06 68,331
2,300,000 Illinois Development Finance
Authority Revenue, Provena Health,
Series A (MBIA)..................... 5.125% 5/15/23 2,285,624
15,000 Illinois Development Finance
Authority Revenue, Section 8, Series
A (FHA/MBIA)........................ 5.200% 7/1/08 15,413
155,000 Illinois Development Finance
Authority, Illinois Facilities
Project, Series A................... 7.400% 9/1/04 170,305
120,000 Illinois Health Facilities Authority
Revenue, Northwestern Medical
Foundation (MBIA)................... 5.125% 11/15/28 119,250
1,485,000 Illinois Health Facilities Authority
Revenue, Community Hospital of
Ottawa Project...................... 6.750% 8/15/14 1,650,207
525,000 Illinois Health Facilities Authority
Revenue, Lutheran Health Systems,
Series B, Prerefunded 4/1/99 @ 102.. 7.375% 4/1/08 540,440
55,000 Illinois Health Facilities Authority
Revenue, Lutheran Social Services... 6.125% 8/15/10 56,581
25,000 Illinois Health Facilities Authority
Revenue, Michael Reese Hospital &
Medical Center, ETM................. 6.750% 12/1/08 28,156
25,000 Illinois Health Facilities Authority
Revenue, Midwest Group Limited
(ACA)............................... 5.375% 11/15/08 26,500
15,000 Illinois Health Facilities Authority
Revenue, Northwestern Memorial
Hospital Project, ETM............... 6.375% 5/1/03 15,788
</TABLE>
See accompanying notes to financial statements.
32
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Illinois (continued)
$ 30,000 Illinois Health Facilities Authority
Revenue, Sydney R. Forkosh Memorial
Hospital, Prerefunded 7/1/02 @ 100.. 7.000% 7/1/07 $ 31,950
25,000 Quincy Illinois Single Family
Mortgage............................ 6.875% 3/1/10 26,688
35,000 Rockford Illinois Mortgage Revenue,
Faust Landmark Apartments, Series A,
AMT (FHA/MBIA)...................... 5.625% 1/1/07 36,881
120,000 Rockford-Concord Commons Housing,
Concord Commons Project (FHA)....... 6.150% 11/1/22 127,650
30,000 Rockford-Concord Commons Housing,
Concord Commons Project, Series A
(FHA)............................... 5.550% 11/1/06 32,025
15,000 Southwestern Illinois Development
Authority Hospital Revenue, Wood
River Township Hospital Project,
ETM................................. 6.875% 8/1/03 16,350
-----------
5,824,315
-----------
Indiana -- 1.82%
270,000 Gary Indiana Mortgage Revenue, AMT... 5.400% 8/20/38 267,974
5,000 Indiana Bond Bank.................... 5.200% 8/1/07 5,394
20,000 Indiana Bond Bank.................... 5.300% 8/1/08 21,700
15,000 Indiana Bond Bank.................... 5.400% 8/1/09 16,425
45,000 Indiana Health Facilities Financing
Authority........................... 4.850% 2/15/06 45,844
25,000 Indiana Health Facilities Financing
Authority........................... 4.800% 2/15/07 25,375
20,000 Indiana Health Facilities Financing
Authority........................... 4.850% 2/15/08 20,325
20,000 Indiana Health Facilities Financing
Authority........................... 4.950% 2/15/09 20,200
15,000 Indiana Health Facilities Financing
Authority (Asset GTY)............... 5.000% 8/15/05 15,638
25,000 Indiana Health Facilities Financing
Authority (Asset GTY)............... 5.100% 2/15/06 26,125
25,000 Indiana Health Facilities Financing
Authority (Asset GTY)............... 5.100% 8/15/06 26,219
25,000 Indiana Health Facilities Financing
Authority (Asset GTY)............... 5.250% 2/15/08 26,219
30,000 Indiana Health Facilities Financing
Authority (Asset GTY)............... 5.350% 8/15/09 31,613
110,000 Indianapolis Indiana Economic
Development Revenue, AMT (GNMA)..... 5.350% 4/20/17 110,688
225,000 Indianapolis Indiana Economic
Development Revenue, Mandatory Put
12/1/04 @ 100, AMT (FNMA)........... 6.375% 12/1/24 245,812
140,000 Lawrence Indiana Multi-Family
Revenue, Mandatory Put 1/1/08 @ 100,
AMT (FNMA).......................... 5.150% 6/1/24 142,274
65,000 Monroe County Indiana Hospital
Authority........................... 4.750% 5/1/06 67,194
5,000 Vigo County Indiana Hospital
Authority Revenue, ETM.............. 6.875% 4/1/04 5,450
-----------
1,120,469
-----------
Iowa -- 0.34%
90,000 Des Moines Iowa Hospital Revenue,
Fairview Community, Iowa Lutheran
Hospital, ETM....................... 9.500% 11/15/02 100,913
100,000 Iowa Financial Authority Small
Business District, Terrace Center... 7.500% 3/1/22 109,500
-----------
210,413
-----------
Kansas -- 0.41%
25,000 Kansas State Development Finance
Authority Multi-Family, AMT (LOC)... 5.300% 10/1/07 25,781
65,000 Kansas State Development Finance
Authority Multi-Family, Mandatory
Put 10/1/07 @ 100, AMT (LOC)........ 5.600% 10/1/19 66,949
5,000 Labette & Cowley Counties Kansas..... 9.500% 4/1/13 5,338
30,000 Labette County Kansas Single Family
(GNMA).............................. 7.650% 12/1/11 32,288
35,000 Manhattan Kansas Tax Increment
Revenue, AMT (Asset GTY)............ 5.200% 12/1/03 36,093
45,000 Manhattan Kansas Tax Increment
Revenue, Central Business District
Redevelopment, AMT (Asset GTY)...... 5.000% 12/1/02 46,238
15,000 Reno County Kansas Mortgage Revenue.. 8.700% 9/1/11 16,013
10,000 Saline County Kansas Single Family
Mortgage Revenue.................... 9.500% 10/1/11 10,613
15,000 Wichita Kansas Single Family
Mortgage............................ 7.100% 9/1/09 16,031
-----------
255,344
-----------
</TABLE>
See accompanying notes to financial statements.
33
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Kentucky -- 0.39%
$ 80,000 Ashland Kentucky Environmental
Imports, Allied Chemical
Corporation Project, ETM........... 5.800% 3/1/03 $ 83,399
25,000 Greater Kentucky Housing Assistance
Corporation, Section 8, Assisted
Project (FHA/MBIA)................. 7.625% 1/1/25 25,828
35,000 Greater Kentucky Housing Assistance
Corporation, Section 8, Series C
(FHA/MBIA)......................... 5.350% 7/1/07 35,656
30,000 Kentucky State Turnpike Authority
Resource Recovery, ETM............. 6.125% 7/1/07 32,513
15,000 Kentucky State Turnpike Authority
Resource Recovery, Recovery Road
Revenue, ETM....................... 6.625% 7/1/08 16,613
15,000 Lakeland Wesley Village Inc.
Kentucky Mortgage, ELD Section 8,
Assistance Project (FHA)........... 7.125% 11/1/02 15,919
25,000 Owensboro Kentucky Electric Lighting
& Power Revenue, ETM............... 10.500% 1/1/04 29,500
-----------
239,428
-----------
Louisiana -- 1.48%
50,000 Iberia Home Mortgage Authority
Louisiana Single Family............ 7.375% 1/1/11 54,500
15,000 Jefferson Parish Louisiana Hospital
Services Development Revenue, ETM.. 7.125% 1/1/02 15,844
40,000 Louisiana Housing Finance Agency
Mortgage Revenue, AMT (GNMA)....... 6.450% 9/1/27 43,150
105,000 Louisiana Housing Finance Agency
Mortgage Revenue, AMT (GNMA)....... 6.500% 9/1/38 113,269
35,000 Louisiana Housing Finance Agency
Mortgage Revenue, AMT (GNMA/FNMA).. 4.625% 6/1/09 35,131
30,000 Louisiana Public Facility Authority
Revenue, Single Family............. 7.375% 10/1/12 31,050
38,238 Louisiana Public Facility Authority
Revenue............................ 8.450% 12/1/12 40,628
20,000 Louisiana Public Facility Authority
Revenue (AXA)...................... 5.750% 3/15/03 21,000
20,000 Louisiana Public Facility Authority
Revenue (AXA)...................... 5.850% 3/15/04 21,000
20,000 Louisiana Public Facility Authority
Revenue (AXA)...................... 5.950% 3/15/05 21,000
50,000 Louisiana Public Facility Authority
Revenue, Mandatory Put 6/1/05 @ 100
(FNMA)............................. 5.800% 6/1/25 52,938
105,000 Louisiana Public Facility Authority
Revenue, Series A-1, Mandatory Put
6/1/02 @ 100 (AMBAC)............... 5.000% 6/1/15 108,938
335,000 Louisiana Public Services Authority
Revenue, Mandatory Put 6/1/05 @100
(FNMA)............................. 5.800% 6/1/25 354,680
-----------
913,128
-----------
Maine -- 1.66%
1,000,000 Maine Finance Authority Revenue, AMT
(FSA).............................. 5.200% 7/1/18 1,011,250
10,000 Maine Health & Higher Educational
Facilities, Cedar Nursing,
Prerefunded 2/1/00 @ 102........... 7.900% 8/1/32 10,661
-----------
1,021,911
-----------
Maryland -- 0.69%
15,000 Annapolis Maryland Economic
Development Revenue................ 5.000% 10/1/08 15,225
10,000 Annapolis Maryland Economic
Development Revenue................ 4.600% 10/1/02 10,100
15,000 Annapolis Maryland Economic
Development Revenue................ 4.700% 10/1/03 15,150
5,000 Annapolis Maryland Economic
Development Revenue................ 4.800% 10/1/04 5,075
15,000 Annapolis Maryland Economic
Development Revenue................ 5.000% 10/1/06 15,356
15,000 Annapolis Maryland Economic
Development Revenue................ 5.000% 10/1/07 15,263
115,000 Cecil County Maryland County
Commerce Economic.................. 6.875% 1/15/08 128,944
35,000 Cecil County Maryland County
Commerce Economic.................. 6.875% 1/15/10 39,156
75,000 Maryland State Economic Development
Corp. (GNMA)....................... 5.400% 12/20/27 76,406
105,000 Maryland State Economic Development
Corp. (GNMA)....................... 5.450% 12/20/37 107,100
-----------
427,775
-----------
Massachusetts -- 4.48%
130,000 Boston Massachusetts Industrial
Development Finance Authority,
Northend Community, Series A
(FHA).............................. 6.450% 8/1/37 143,975
40,000 Dartmouth, Massachusetts Housing
Development Corporation Mortgage
Revenue (FHA/MBIA)................. 4.850% 7/1/09 40,100
45,000 Massachusetts Education Loan
Authority, Issue D Series A, AMT
(MBIA)............................. 7.250% 1/1/09 47,419
</TABLE>
See accompanying notes to financial statements.
34
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Massachusetts (continued)
$ 5,000 Massachusetts State Health &
Education Facilities Authority,
Massachusetts Institute of
Technology.......................... 8.000% 7/1/00 $ 5,331
20,000 Massachusetts State Health &
Education Facilities Authority, Beth
Israel Hospital, ETM................ 5.750% 7/1/06 21,175
15,000 Massachusetts State Housing Finance
Agency, Series A, AMT (MBIA)........ 6.125% 12/1/11 16,013
1,800,000 Massachusetts State Housing Finance
Authority, Series A10 (MBIA)........ 4.100% 6/1/14 1,800,000
30,000 Massachusetts State Individual
Finance Agency, AMT (GNMA).......... 5.400% 8/20/12 30,525
145,000 Massachusetts State Individual
Finance Agency, Higher Education,
Hampshire College Project........... 5.800% 10/1/17 148,806
465,000 Massachusetts State Individual
Finance Agency, AMT (GNMA).......... 6.450% 8/20/39 504,525
-----------
2,757,869
-----------
Michigan -- 0.48%
30,000 Battle Creek Michigan Economic
Development......................... 5.125% 2/1/09 30,032
50,000 Dickinson County Michigan Economic
Development......................... 6.550% 3/1/07 52,438
5,000 Michigan State Building Authority
Revenue, ETM........................ 7.400% 4/1/01 5,175
30,000 Michigan State Hospital Financial
Authority Revenue, ETM.............. 6.200% 1/1/03 31,425
30,000 Michigan State Hospital Financial
Authority Revenue, ETM.............. 7.000% 7/1/05 33,225
5,000 Michigan State Housing Development
Authority, AMT (AMBAC).............. 5.050% 12/1/07 5,106
5,000 Michigan State Housing Development
Authority, AMT (AMBAC).............. 5.150% 12/1/08 5,119
5,000 Michigan State Housing Development
Authority, AMT (AMBAC).............. 5.250% 12/1/09 5,131
5,000 Michigan State Housing Development
Authority, AMT (AMBAC).............. 5.350% 12/1/10 5,131
20,000 Michigan State Strategic Fund, Ltd.,
ETM................................. 7.875% 8/15/05 22,675
35,000 Petoskey Michigan Hospital Finance
Authority, ETM...................... 6.700% 3/1/07 38,763
50,000 Saginaw Michigan Hospital Finance
Authority, ETM...................... 7.500% 11/1/10 60,062
-----------
294,282
-----------
Minnesota -- 0.33%
35,000 Cambridge Minnesota Mortgage Revenue
(GNMA).............................. 5.400% 11/20/05 37,144
10,000 Dakota County Minnesota Housing &
Redevelopment Authority, AMT
(GNMA/FNMA)......................... 5.550% 10/1/02 10,350
10,000 Dakota County Minnesota Housing &
Redevelopment Authority, AMT
(GNMA/FNMA)......................... 5.750% 10/1/04 10,450
80,000 Fridley Minnesota Community
Development Revenue, Mandatory Put
9/1/01 @ 100, AMT (LOC)............. 5.375% 9/1/16 81,900
30,000 Monticello Minnesota Pollution
Control Revenue..................... 5.375% 2/1/03 30,042
30,000 Rochester Minnesota Hospital Revenue,
ETM................................. 5.750% 10/1/07 32,213
-----------
202,099
-----------
Mississippi -- 1.08%
250,000 Lincoln County Mississippi Hospital
Revenue (Asset GTY)................. 5.500% 4/1/18 258,437
20,000 Mississippi Business Finance Corp.,
AMT (LOC)........................... 5.450% 9/1/01 20,450
20,000 Mississippi Business Finance Corp.,
AMT (LOC)........................... 5.600% 9/1/02 20,600
20,000 Mississippi Business Finance Corp.,
AMT (LOC)........................... 5.800% 9/1/04 20,925
25,000 Mississippi Business Finance Corp.,
AMT (LOC)........................... 5.900% 9/1/05 26,125
25,000 Mississippi Home Corp. Single Family
Revenue, AMT (GNMA)................. 5.000% 6/1/04 25,938
195,000 Mississippi Home Corp. Single Family
Revenue, AMT (GNMA/FNMA)............ 7.375% 6/1/28 225,713
65,000 Mississippi Home Corp. Single Family,
AMT (GNMA/FNMA)..................... 5.125% 12/1/17 66,381
-----------
664,569
-----------
Missouri -- 4.15%
160,000 Boone County Missouri Industrial
Development Authority, Otscon Inc.
Project, Mandatory Put 5/1/05 @ 100,
AMT (LOC)........................... 5.125% 5/1/18 155,200
530,000 Joplin Missouri Industrial
Development Authority, Prerefunded
12/15/01 @ 102...................... 8.250% 12/15/14 608,837
290,000 Kansas City Missouri Industrial
Development Authority, Coves North
Duplexes Project, Mandatory Put
9/1/05 @ 100 (FNMA)................. 5.600% 9/1/25 298,338
</TABLE>
See accompanying notes to financial statements.
35
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Missouri (continued)
$ 495,000 Kansas City Missouri Industrial
Development Authority, Royal Woods
Apartments Project, Mandatory Put
1/1/10 @ 100, AMT (FNMA)............ 5.600% 1/1/30 $ 519,749
60,000 Missouri State Development Financing
Board, Recreational Facilities,
YMCA Greater St. Louis Project,
Series A (LOC)...................... 4.900% 9/1/10 60,375
785,000 Missouri State Development Financing
Board, Recreational Facilities,
YMCA Greater St. Louis Project,
Series A (LOC)...................... 4.750% 9/1/07 791,868
25,000 Missouri State Housing Development
Community Mortgage, Single Family,
AMT (GNMA).......................... 6.625% 12/1/17 26,469
50,000 St Louis County Missouri Regional
Convention and Sports Complex,
Series B............................ 6.500% 8/15/01 53,063
40,000 St Louis Missouri Land Clearance
Redevelopment Authority, Westminster
Place Apartments, Mandatory Put
4/1/07 @ 100 (FNMA)................. 5.950% 7/1/22 43,200
-----------
2,557,099
-----------
Montana -- 0.44%
240,000 Great Falls Montana Multi Family
Revenue, Mandatory Put 1/2/08 @ 100,
AMT (GNMA/FNMA)..................... 4.900% 1/1/38 240,300
25,000 Missoula County Hospital, ETM........ 7.125% 6/1/07 28,125
-----------
268,425
-----------
Nebraska -- 0.31%
130,000 Nebraska Investment Financial
Authority Multi-Family Housing, Old
Cheney Apartments, Mandatory Put
10/1/05 @ 100 (FNMA)................ 5.500% 12/1/25 137,150
50,000 Nebraska Investment Financial
Authority Multi-Family Housing, Tara
Hills Village (FNMA)................ 4.875% 1/1/08 51,000
-----------
188,150
-----------
Nevada -- 2.33%
35,000 Nevada Housing Division.............. 5.450% 4/1/10 36,094
45,000 Nevada Housing Division, AMT......... 6.450% 10/1/07 47,869
30,000 Nevada Housing Division, AMT......... 6.000% 10/1/09 31,500
45,000 Nevada Housing Division, AMT (FNMA).. 5.900% 4/1/06 47,419
30,000 Nevada Housing Division, AMT (FNMA).. 5.500% 10/1/09 30,750
1,250,000 Nevada Housing Division, AMT (LOC)... 5.450% 10/1/18 1,239,062
-----------
1,432,694
-----------
New Hampshire -- 0.46%
45,000 New Hampshire Higher Education &
Health Facilities, Franklin Pierce
College (ACA)....................... 4.900% 10/1/08 46,069
30,000 New Hampshire Higher Education &
Health Facilities, Franklin Pierce
College (ACA)....................... 5.000% 10/1/09 30,750
55,000 New Hampshire Higher Education &
Health Facilities, Franklin Pierce
College (ACA)....................... 5.100% 10/1/10 56,443
55,000 New Hampshire Higher Education &
Health Facilities, Kendal at Hanover
Issue (LOC)......................... 5.200% 10/1/06 55,962
40,000 New Hampshire Higher Education &
Health Facilities, Kendal at Hanover
Issue (LOC)......................... 5.300% 10/1/07 40,750
10,000 New Hampshire Higher Education &
Health Facilities, Rivier College... 4.650% 1/1/04 10,063
10,000 New Hampshire Higher Education &
Health Facilities, Rivier College... 4.750% 1/1/05 10,075
10,000 New Hampshire Higher Education &
Health Facilities, Rivier College... 4.850% 1/1/07 10,063
15,000 New Hampshire Higher Education &
Health Facilities, Rivier College... 4.900% 1/1/08 15,094
5,000 New Hampshire Higher Education &
Health Facilities, Crotched Mental
Rehabilitation Center, Prerefunded
1/1/00 @ 102........................ 7.500% 1/1/09 5,296
-----------
280,565
-----------
New Jersey -- 2.90%
10,000 Church Street Corp. Keansburg New
Jersey.............................. 5.000% 3/1/01 10,125
10,000 Deptford Township New Jersey Fire
District............................ 5.600% 10/15/06 11,025
15,000 Deptford Township New Jersey Fire
District............................ 5.850% 10/15/07 16,913
20,000 New Jersey Economic Development
Authority Revenue (ACA)............. 4.750% 7/1/03 20,550
</TABLE>
See accompanying notes to financial statements.
36
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
New Jersey (continued)
$ 20,000 New Jersey Economic Development
Authority Revenue (ACA)............ 4.850% 7/1/04 $ 20,700
40,000 New Jersey Economic Development
Authority Revenue, AMT (LOC)....... 5.000% 10/1/05 41,400
15,000 New Jersey Economic Development
Authority Revenue (ACA) (LOC)...... 4.600% 7/1/02 15,300
75,000 New Jersey State Educational
Facilities......................... 7.250% 7/1/25 80,906
1,300,000 New Jersey State Educational
Facilities Authority Revenue,
Weekly Reset (AMBAC)............... 3.300% 9/1/08 1,299,999
70,000 New Jersey State Turnpike Authority
Turnpike Revenue, ETM.............. 10.375% 1/1/03 80,238
180,000 Sayreville New Jersey Housing
Development Corp. (FHA)............ 6.000% 2/1/23 188,325
-----------
1,785,481
-----------
New Mexico -- 0.65%
540,000 Albuquerque New Mexico
Collateralized (FGIC).............. 7.150% 5/15/11 229,501
100,000 Bernalillo County New Mexico Multi-
Family, Mandatory Put 11/1/06 @ 100
(AXA).............................. 5.800% 11/1/25 107,750
15,000 New Mexico Mortgage Financing
Authority (GNMA/FNMA).............. 5.500% 7/1/17 15,375
35,000 New Mexico Mortgage Financing
Authority (GNMA/FNMA).............. 5.600% 7/1/28 35,831
9,896 Santa Fe New Mexico Single Family
Mortgage........................... 8.450% 12/1/11 10,588
-----------
399,045
-----------
New York -- 7.87%
165,000 Albany New York Housing Authority,
Housing Revenue, Lark Drive
Association Project, AMT (LOC)..... 5.200% 12/1/13 164,588
150,000 Albany New York Housing Authority,
Housing Revenue, Lark Drive
Association Project, AMT (LOC)..... 5.400% 12/1/18 149,625
600,000 Albany New York Housing Authority,
Housing Revenue, Lark Drive
Association Project, AMT (LOC)..... 5.500% 12/1/28 598,499
15,000 Amherst New York Industrial
Development Agency, Multisurface
Rink Complex (LOC)................. 4.750% 10/1/02 15,206
25,000 Amherst New York Industrial
Development Agency, Multisurface
Rink Complex (LOC)................. 5.180% 10/1/06 25,625
35,000 Capital District Youth Center New
York (LOC)......................... 6.000% 2/1/17 36,619
350,000 Dutchess County New York Resource
Recovery Agency, Solid Waste
Systems, Series C, AMT (MBIA)...... 5.000% 1/1/10 362,249
35,000 Nassau County New York General
Imports, Series X (AMBAC).......... 5.000% 11/1/05 36,925
35,000 Nassau County New York General
Imports, Series X (AMBAC).......... 5.000% 11/1/06 36,925
110,000 New York City Housing Authority
Multi-family Housing, SEC Assisted,
Series A (AMBAC)................... 5.450% 7/1/08 117,563
30,000 New York City Industrial Development
Agency, College of Aeronautics
Project............................ 5.000% 5/1/06 30,263
20,000 New York City Industrial Development
Agency, College of Aeronautics
Project............................ 5.200% 5/1/09 20,425
175,000 New York City Industrial Development
Agency, Series C, Mandatory Put
11/1/99 @ 100, AMT (LOC)........... 7.625% 11/1/09 175,674
995,000 New York City Industrial Development
Agency, Series J, AMT.............. 8.000% 11/1/08 995,000
250,000 New York New York, Series A......... 7.000% 8/1/07 293,749
255,000 New York New York, Series B
(AMBAC)............................ 7.250% 8/15/07 309,187
85,000 New York State Dormitory Authority
Revenue, St. Mary's Hospital
Amsterdam (MBIA)................... 5.250% 5/1/05 90,844
195,000 New York State Dormitory Authority
Revenue, Hunts Point Multi Service
Center............................. 5.625% 7/1/22 204,263
225,000 New York State Dormitory Authority
Revenue, Long Island University
(Asset GTY)........................ 6.000% 9/1/08 245,250
100,000 New York State Mortgage Agency
Revenue, Homeowner Mortgage, HH-4,
AMT................................ 7.700% 10/1/21 104,750
20,000 New York State Power Authority
Revenue & General Obligation,
Series C, ETM...................... 9.500% 1/1/01 20,950
325,000 New York State Urban Development
Corporation Revenue (AMBAC)........ 5.625% 1/1/07 348,968
5,000 New York State Dormitory Authority
Revenue, Zero Coupon, ETM.......... 5.060% 7/1/04 3,881
55,000 Oneida County New York Industrial
Development Agency Revenue,
Civic Facilities - Mohawk Valley,
Series A (FSA)..................... 4.550% 2/1/04 56,719
45,000 Oneida County New York Industrial
Development Agency Revenue,
Civic Facilities - Mohawk Valley,
Series A (FSA)..................... 4.650% 2/1/05 46,631
</TABLE>
See accompanying notes to financial statements.
37
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
New York (continued)
$ 60,000 Oneida County New York Industrial
Development Agency Revenue,
Civic Facilities - Mohawk Valley,
Series A (FSA)...................... 4.700% 2/1/06 $ 62,175
65,000 Oneida County New York Industrial
Development Agency Revenue,
Civic Facilities - Mohawk Valley,
Series A (FSA)...................... 5.000% 1/1/13 66,463
65,000 Oneida County New York Industrial
Development Agency Revenue,
Civic Facilities - Mohawk Valley,
Series A (FSA)...................... 5.200% 2/1/13 67,600
155,000 Syracuse New York Housing Authority
Revenue (FHA)....................... 5.000% 8/1/07 160,619
-----------
4,847,235
-----------
North Carolina -- 0.07%
10,000 Martin County North Carolina
Industrial Facilities & Pollution
Control, Weyerhaeuser Company
Project............................. 8.500% 6/15/99 10,202
30,000 Vance County North Carolina
Industrial Facilities & Pollution
Control, Carolina Comforters
Project, Put Option 9/1/99 @ 100
(LOC)............................... 4.700% 9/1/00 30,268
-----------
40,470
-----------
North Dakota -- 3.97%
125,000 North Dakota State Housing Finance
Agency Revenue, Homemortgage
Finance, Series E, AMT.............. 4.500% 7/1/07 124,844
95,000 North Dakota State Housing Finance
Agency Revenue, Homemortgage
Finance, Series E, AMT.............. 4.550% 1/1/08 94,881
150,000 North Dakota State Housing Finance
Agency Revenue, Homemortgage
Finance, Series E, AMT.............. 4.850% 7/1/11 148,688
155,000 North Dakota State Housing Finance
Agency Revenue, Homemortgage
Finance, Series E, AMT.............. 4.950% 1/1/12 153,644
100,000 North Dakota State Housing Finance
Agency Revenue, Series D, AMT....... 4.500% 1/1/07 99,250
90,000 North Dakota State Housing Finance
Agency Revenue, Series D, AMT....... 4.550% 1/1/08 89,213
405,000 North Dakota State Housing Finance
Agency Revenue, Series D, AMT....... 4.550% 7/1/08 401,456
120,000 North Dakota State Housing Finance
Agency Revenue, Series D, AMT....... 4.650% 1/1/09 118,950
475,000 North Dakota State Housing Finance
Agency Revenue, Series D, AMT....... 4.850% 7/1/11 470,843
475,000 North Dakota State Housing Finance
Agency Revenue, Series D, AMT....... 4.950% 1/1/12 470,844
275,000 North Dakota State Housing Finance
Agency Revenue, Series D, AMT....... 5.000% 1/1/13 272,250
-----------
2,444,863
-----------
Ohio -- 3.33%
117,677 Bridlewood Apartments, Put Option
9/1/01 @............................ 5.600% 9/1/21 117,677
85,000 Cuyahoga County Ohio Multifamily
Housing, AMT (GNMA)................. 6.250% 12/20/36 92,119
800,000 Franklin County Ohio Housing Revenue,
Rosewind Limited Partnership
Project, AMT........................ 4.900% 1/1/02 812,999
80,000 Hancock County Ohio Multifamily
Housing, Crystal Glen Apartments,
AMT (LOC)........................... 5.050% 1/1/10 80,400
25,000 Jefferson County Ohio (Asset GTY).... 6.625% 12/1/05 27,375
100,000 Lorain County Ohio Health Care
Facilities, Put Option 2/1/02 @
100................................. 4.750% 2/1/22 100,250
70,000 Lorain County Ohio Hospital Revenue,
Humility of Mary Health Care, ETM... 7.125% 12/15/06 76,388
65,000 Lorain County Ohio Hospital Revenue,
Humility of Mary Health Care, ETM... 7.200% 12/15/11 71,256
385,000 Lorain County Ohio Hospital Revenue,
Humility of Mary Health Care,
Prerefunded 6/15/05 @ 100........... 5.900% 12/15/08 415,318
20,000 Lucas-Palmer Housing Development
Corporation of Ohio (FHA/MBIA)...... 5.900% 7/1/07 21,425
5,000 Miami County Ohio Hospital
Facilities, Upper Valley Medical
Center, Series A, Prerefunded 5/1/99
@ 102............................... 6.625% 5/1/19 5,156
25,000 Ohio Capital Corporation For Housing,
Mortgage Revenue, Section 8 Assisted
Project (FHA)....................... 5.700% 1/1/05 26,344
135,000 Ohio Capital Corporation For Housing,
Mortgage Revenue, FHA Section 8
Assisted Project.................... 5.100% 7/1/09 136,012
</TABLE>
See accompanying notes to financial statements.
38
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Ohio (continued)
$ 20,000 Ohio Capital Corporation For Housing,
Mortgage Revenue, FHA Section 8
Assisted Project, Series A.......... 4.500% 1/1/03 $ 20,100
30,000 Ohio State Mortgage Revenue (FHA).... 5.600% 8/1/06 31,388
15,000 Ohio State Pollution Control Revenue,
General Motors Corporation Project.. 6.500% 3/1/06 15,041
-----------
2,049,248
-----------
Oklahoma -- 0.48%
115,000 Cleveland County Oklahoma Home Loan.. 8.375% 8/1/12 123,049
5,000 Grand River Dam Authority Oklahoma
Revenue, ETM........................ 6.250% 11/1/08 5,425
10,000 Mc Alester Oklahoma Public Works
Authority (FSA)..................... 8.250% 12/1/04 12,275
50,000 Mc Alester Oklahoma Public Works
Authority (FSA)..................... 8.250% 12/1/05 62,563
10,000 Mc Alester Oklahoma Public Works
Authority (FSA)..................... 8.250% 12/1/06 12,863
60,000 Oklahoma Housing Finance Agency
Multi-Family (FNMA)................. 8.625% 12/1/07 60,245
20,000 Payne County Oklahoma Home Financial
Authority........................... 8.625% 3/1/11 21,175
-----------
297,595
-----------
Oregon -- 2.23%
730,000 Cow Creek Band Umpqua Tribe Of
Indians, Series B (AMBAC)........... 5.100% 7/1/12 735,475
640,000 Oregon State Health Housing,
Educational & Cultural Facilities,
Cedar West Housing Project, Series
A, AMT (LOC)........................ 4.650% 1/2/08 639,200
-----------
1,374,675
-----------
Pennsylvania -- 17.69%
50,000 Aliquippa Pennsylvania, Partially ETM
(Asset GTY)......................... 8.250% 9/15/01 53,438
120,000 Allegheny County Pennsylvania
Hospital Development Authority
(MBIA).............................. 5.000% 11/1/23 116,850
65,000 Allegheny County Pennsylvania
Industrial Development, HVL Plaza
Project, AMT (LOC).................. 6.000% 10/1/04 65,111
35,000 Allegheny County Pennsylvania
Residential Finance Authority
(GNMA).............................. 6.500% 11/1/14 36,269
150,000 Allegheny County Pennsylvania
Residential Finance Authority,
Single Family Mortgage, Series DD-2,
AMT (GNMA).......................... 4.950% 5/1/09 150,749
35,000 Allentown Pennsylvania Area Hospital
Authority, Sacred Heart Hospital of
Allentown........................... 6.200% 11/15/03 37,188
25,000 Cambria County Pennsylvania (FGIC)... 5.000% 8/15/08 26,469
5,000 Chester County, Pennsylvania Health &
Education Finance Authority,
Immaculate College.................. 4.200% 10/15/99 5,009
15,000 Chester County, Pennsylvania Health &
Education Finance Authority,
Immaculate College.................. 4.650% 10/15/01 15,094
20,000 Chester County, Pennsylvania Health &
Education Finance Authority,
Immaculate College.................. 4.750% 10/15/02 20,150
20,000 Chester County, Pennsylvania Health &
Education Finance Authority,
Immaculate College.................. 4.850% 10/15/03 20,200
25,000 Chester County, Pennsylvania Health &
Education Finance Authority,
Immaculate College.................. 4.900% 10/15/04 25,250
25,000 Chester County, Pennsylvania Health &
Education Finance Authority,
Immaculate College.................. 5.000% 10/15/07 25,094
10,000 Chester County, Pennsylvania Health &
Education Finance Authority,
Immaculate College.................. 5.100% 10/15/08 10,050
20,000 Chester County, Pennsylvania Health &
Education Finance Authority,
Immaculate College.................. 5.125% 10/15/09 20,075
25,000 Chester County, Pennsylvania Health &
Education Finance Authority,
Immaculate College.................. 5.300% 10/15/11 25,094
15,000 Chester County, Pennsylvania Health &
Education Finance Authority,
Immaculate College.................. 4.500% 10/15/00 15,075
1,175,000 Clearfield Pennsylvania Hospital
Authority Revenue, Clearfield
Hospital Project.................... 6.875% 6/1/16 1,282,219
40,000 Dauphin County Pennsylvania,
Mandatory Put 6/1/01 @ 100.......... 6.250% 6/1/26 41,883
200,000 Dauphin County Pennsylvania,
Mandatory Put 6/1/04 @ 100.......... 6.700% 6/1/26 216,249
45,000 Dauphin County Pennsylvania,
Mandatory Put 6/1/09 @ 100.......... 6.850% 6/1/26 48,881
500,000 Dauphin County Pennsylvania General
Authority, Sub-Series QQQ1-10,
Tender 6/1/00 (AMBAC)............... 4.250% 6/1/26 500,000
95,000 Delaware County Pennsylvania
Authority Hospital Revenue, Riddle
Memorial Hospital, ETM.............. 5.900% 1/1/02 100,581
10,000 Delaware County Pennsylvania
Authority Revenue, Dunwoody Village
Project............................. 5.625% 4/1/09 10,313
100,000 Delaware County Pennsylvania
Authority University Revenue,
Villanova University, ETM........... 9.625% 8/1/02 111,250
</TABLE>
See accompanying notes to financial statements.
39
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Pennsylvania (continued)
$ 5,000 Delaware River Port Authority,
Pennsylvania & New Jersey, ETM....... 6.500% 1/15/11 $ 5,663
25,000 Downington, Pennsylvania, Municipal
Water Authority (FSA)................ 4.750% 9/1/10 25,469
10,000 Erie, Pennsylvania Higher Education
Building Authority, Mercyhurst
College Project...................... 5.750% 3/15/12 10,363
30,000 Erie, Pennsylvania Higher Education
Building Authority, Mercyhurst
College Project...................... 5.850% 3/15/17 31,088
200,000 Falls Township, Pennsylvania Hospital
Authority, Hospital Revenue,
Delaware Valley Medical (FHA)........ 6.900% 8/1/11 218,249
20,000 Fayette County, Pennsylvania Hospital
Authority, Hospital Revenue, The
Uniontown Hospital, Connie Lee....... 5.200% 6/15/04 21,125
75,000 Fayette County, Pennsylvania Hospital
Authority, Hospital Revenue, The
Uniontown Hospital, Connie Lee....... 5.400% 6/15/06 80,719
40,000 Fayette County, Pennsylvania Hospital
Authority, Hospital Revenue, The
Uniontown Hospital, Connie Lee....... 5.450% 6/15/07 43,250
90,000 Fayette County, Pennsylvania Hospital
Authority, Hospital Revenue, The
Uniontown Hospital, Connie Lee....... 5.550% 6/15/08 98,100
100,000 Fayette County, Pennsylvania Hospital
Authority, Hospital Revenue, The
Uniontown Hospital, Connie Lee....... 5.650% 6/15/09 108,625
15,000 Geisinger Authority Pennsylvania
Health Systems, Series B, Prerefunded
7/1/99 @ 102......................... 7.375% 7/1/02 15,602
65,000 Greene County Pennsylvania Industrial
Development Authority, Monongahela
Power Company, Series B.............. 4.750% 2/1/07 65,650
85,000 Greene County Pennsylvania Industrial
Development Authority, Monongahela
Power Company, Series B.............. 5.100% 2/1/12 86,063
400,000 Greene County Pennsylvania Industrial
Development Authority, West Penn
Power Company, Series B.............. 4.750% 2/1/07 403,999
5,000 Harrisburg Pennsylvania, ETM.......... 9.750% 4/15/99 5,046
55,000 Hazelton Pennsylvania Area School
District, Series A (FGIC)............ 4.750% 3/1/08 57,063
40,000 Hazleton Pennsylvania Area School
District, Series A (FGIC)............ 4.650% 3/1/07 41,200
60,000 Hazleton Pennsylvania Area School
District, Series A (FGIC)............ 4.900% 3/1/09 62,325
50,000 Hazleton Pennsylvania Area School
District, Series A (FGIC)............ 5.000% 3/1/10 51,938
40,000 Hazleton Pennsylvania Area School
District, Series A (FGIC)............ 5.000% 3/1/11 40,900
10,000 Hazleton Pennsylvania Area School
District, Series B (FGIC)............ 4.500% 3/1/05 10,238
25,000 Indiana County Pennsylvania Industrial
Development Authority, NY State
Electric & Gas Corporation, Pollution
Control Revenue (MBIA)............... 6.000% 6/1/06 27,938
165,000 Kennett Square Pennsylvania Guaranteed
Sewer Revenue (FSA).................. 5.300% 12/15/27 167,887
105,000 Lebanon County Pennsylvania Good
Samaritan Hospital Authority, ETM.... 6.800% 11/1/01 111,032
150,000 Lehigh County Pennsylvania General
Purpose Authority, Muhlenberg
Continuing Care, Prerefunded 3/15/00
@ 102 (LOC).......................... 7.800% 3/15/20 156,937
45,000 Lehigh County Pennsylvania General
Purpose Authority, Muhlenberg
Hospital Center, ETM................. 4.800% 7/15/00 45,788
65,000 Lehigh County Pennsylvania General
Purpose Authority, Muhlenberg
Hospital Center, ETM................. 4.800% 7/15/00 66,138
200,000 Metropolitan Lancaster Authority of
Pennsylvania, Water Project Notes.... 4.250% 2/15/00 200,226
50,000 Monroeville Pennsylvania Hospital
Authority, East Suburban Health
Center Project, Prerefunded 7/1/04 @
100.................................. 7.600% 7/1/08 55,875
15,000 Montgomery County Pennsylvania (LOC).. 6.750% 11/15/04 15,633
20,000 Montgomery County Pennsylvania Higher
Ed................................... 5.000% 1/1/03 20,025
30,000 Montgomery County Pennsylvania
Industrial........................... 6.400% 6/1/03 31,388
165,000 Montgomery County Pennsylvania
Industrial Development Authority, 1st
Mortgage, Meadowood Corporation
Project, Prerefunded 12/1/00 @ 102... 10.250% 12/1/20 188,305
5,000 Mount Lebanon Pennsylvania Hospital
Authority, ETM....................... 7.000% 7/1/06 5,575
20,000 Penn Cambria School District (Asset
GTY)................................. 4.000% 8/15/99 20,090
25,000 Pennsylvania Housing Finance Agency,
Rental Housing (FNMA)................ 5.150% 7/1/03 25,969
</TABLE>
See accompanying notes to financial statements.
40
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Pennsylvania (continued)
$ 335,000 Pennsylvania Housing Finance Agency,
Rental Housing (FNMA)............... 6.500% 7/1/23 $ 357,193
15,000 Pennsylvania Housing Finance Agency,
Single Family Mortgage, Series 1991
31A, AMT............................ 7.000% 10/1/05 15,919
100,000 Pennsylvania Housing Finance Agency,
Single Family Mortgage, Series 58A,
AMT................................. 5.000% 10/1/04 102,125
125,000 Pennsylvania Housing Finance Agency,
Single Family Mortgage, Series W,
AMT................................. 7.800% 10/1/20 128,890
1,355,000 Pennsylvania State Certificates of
Participation, Series A (AMBAC)..... 5.400% 7/1/09 1,410,893
300,000 Pennsylvania State Finance Authority
Revenue, Municipal Capital Imports
Program (Inv Ag Sun America)........ 6.600% 11/1/09 330,750
85,000 Pennsylvania State Higher Educational
Facilities, Gwinedd-Mercy College
(Asset GTY)......................... 5.000% 11/1/08 85,956
10,000 Pennsylvania State Higher Educational
Facilities, University of the Arts
(Asset GTY)......................... 4.750% 3/15/05 10,138
20,000 Pennsylvania State Higher Educational
Facilities, University of the Arts
(Asset GTY)......................... 4.850% 3/15/06 20,275
20,000 Pennsylvania State Higher Educational
Facilities, University of the Arts
(Asset GTY)......................... 5.100% 3/15/09 20,275
20,000 Pennsylvania State Higher Educational
Facilities, University of the Arts
(Asset GTY)......................... 5.200% 3/15/10 20,275
20,000 Pennsylvania State Higher Educational
Facilities, University of the Arts
(Asset GTY)......................... 5.250% 3/15/11 20,250
20,000 Pennsylvania State Higher Educational
Facilities, University of the Arts
(Asset GTY)......................... 5.300% 3/15/12 20,200
10,000 Pennsylvania State Higher Educational
Facilities, Ursinus College......... 5.000% 1/1/02 10,188
10,000 Pennsylvania State Higher Educational
Facilities, Ursinus College......... 5.100% 1/1/03 10,250
15,000 Pennsylvania State Higher Educational
Facilities, Ursinus College......... 5.200% 1/1/04 15,506
15,000 Pennsylvania State Higher Educational
Facilities, Ursinus College......... 5.300% 1/1/05 15,581
15,000 Pennsylvania State Higher Educational
Facilities, Ursinus College......... 5.400% 1/1/06 15,713
85,000 Pennsylvania State Higher Educational
Facilities, Ursinus College......... 5.850% 1/1/17 87,763
45,000 Philadelphia Pennsylvania Authority
For Industrial Development (FHA).... 4.750% 2/1/08 45,563
60,000 Philadelphia Pennsylvania Authority
For Industrial Development, Jeanes
Physicians' Office.................. 9.375% 7/1/10 61,187
170,000 Philadelphia Pennsylvania Authority
For Industrial Development, National
Board of Medical Examiners Project.. 6.500% 5/1/05 183,599
35,000 Philadelphia Pennsylvania Authority
For Industrial Development, National
Board of Medical Examiners Project.. 6.750% 5/1/12 37,975
20,000 Philadelphia Pennsylvania Authority
For Industrial Development, PGH
Development Corporation, ETM........ 7.000% 7/1/99 20,184
15,000 Philadelphia Pennsylvania Hospital &
Higher Educational Facilities, St.
Agnes Medical Center Project, ETM... 6.750% 8/15/01 15,544
135,000 Philadelphia Pennsylvania Hospitals &
Higher Educational Facilities,
Friends Hospital (ACA).............. 6.200% 5/1/11 146,306
230,000 Philadelphia Pennsylvania Hospitals &
Higher Education Facilities, Health
Systems, Series A (FHA)............. 5.375% 1/1/28 233,162
45,000 Pittsburgh Pennsylvania Urban
Redevelopment Authority, Center
Triangle Tax Increment (LOC)........ 5.125% 6/1/00 45,506
25,000 Pittsburgh Pennsylvania Urban
Redevelopment Authority, Oliver
Garage Project (LOC)................ 5.200% 6/1/11 25,656
15,000 Pittsburgh Pennsylvania Urban
Redevelopment Authority, Series C,
AMT (GNMA/FNMA)..................... 5.950% 10/1/29 15,713
1,080,000 Pottsville Pennsylvania Hospital
Authority, Pottsville Hospital &
Warne Clinic........................ 5.625% 7/1/24 1,112,399
50,000 Pottsville Pennsylvania Hospital
Authority, Pottsville Hospital &
Warne Clinic........................ 4.700% 7/1/01 50,375
55,000 Pottsville Pennsylvania Hospital
Authority, Pottsville Hospital &
Warne Clinic........................ 4.800% 7/1/02 55,550
60,000 Pottsville Pennsylvania Hospital
Authority, Pottsville Hospital &
Warne Clinic........................ 5.150% 7/1/09 60,525
150,000 Pottsville Pennsylvania Hospital
Authority, Pottsville Hospital &
Warne Clinic........................ 5.500% 7/1/18 147,750
40,000 Pottsville Pennsylvania Hospital
Authority, Pottsville Hospital &
Warne Clinic, Prerefunded 7/1/04 @
102................................. 7.250% 7/1/24 47,000
15,000 Scranton-Lackawanna Pennsylvania
Health & Welfare.................... 6.625% 4/15/07 15,109
115,000 Seneca Valley Pennsylvania School
District, Series A (FGIC)........... 5.250% 7/1/07 123,481
40,000 Somerset County Pennsylvania Hospital
Authority, Somerset Community
Hospital, District B (Asset GTY).... 5.200% 3/1/10 41,400
10,000 Somerset County Pennsylvania Hospital
Authority, Somerset Community
Hospital, District B (Asset GTY).... 5.300% 3/1/11 10,350
</TABLE>
See accompanying notes to financial statements.
41
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Pennsylvania (continued)
$ 5,000 St. Mary Hospital Authority, Bucks
County, ETM........................ 6.625% 7/1/04 $ 5,425
20,000 York County Pennsylvania Industrial
Authority, Personal Care Facilities
Fox Ridge, Prerefunded 10/1/02 @
100................................ 9.500% 10/1/19 23,900
75,000 York Pennsylvania Housing
Corporation, Revenue Mortgage
Series A........................... 6.875% 11/1/09 77,069
-----------
10,898,890
-----------
Rhode Island -- 1.76%
10,000 Central Falls Rhode Island,
Prerefunded 11/15/00 @ 103......... 9.250% 11/15/10 11,313
1,000,000 Rhode Island Health and Educational
Board, Higher Educational
Facilities (AMBAC)................. 5.000% 11/15/24 976,250
25,000 Rhode Island State Industrial
Development Facilities Corporation,
Crystal Thermoplastics Project..... 6.900% 8/1/14 26,656
60,000 West Warwick Rhode Island Series A,
IBCC (Asset GTY)................... 7.300% 7/15/08 68,775
-----------
1,082,994
-----------
South Carolina -- 0.95%
210,000 South Carolina Jobs Economic
Development Authority Revenue,
AMT................................ 5.050% 6/1/08 210,000
55,000 South Carolina State Housing Finance
& Development...................... 5.500% 12/1/05 58,163
200,000 South Carolina State Housing Finance
& Development, Mandatory Put 1/1/05
@ 100 (FNMA)....................... 5.700% 6/1/25 216,749
30,000 South Carolina State Housing Finance
& Development (FHA)................ 6.050% 7/1/27 31,313
65,000 South Carolina State Housing Finance
& Development Authority Multi-
Family Revenue, Mandatory Put
6/1/10 @ 100, AMT.................. 6.750% 6/1/25 69,875
-----------
586,100
-----------
South Dakota -- 0.13%
65,000 South Dakota Housing Development
Authority.......................... 7.000% 4/1/12 69,225
10,000 South Dakota State Building
Authority, Prerefunded to various
dates.............................. 10.500% 9/1/00 10,900
-----------
80,125
-----------
Tennessee -- 1.52%
25,000 Greenville Tennessee Health &
Educational Facilities, ETM........ 8.700% 10/1/09 31,000
55,000 Metro Government Nashville &
Davidson County (Asset GTY)........ 5.500% 5/1/23 57,200
140,000 Metro Government Nashville &
Davidson County Multi-Family
Housing, Welch Bend Apartments,
Mandatory Put 1/1/07 @ 100 (FNMA).. 5.500% 1/1/27 147,875
15,000 Metro Government Nashville &
Davidson County, CI Homes Inc.
Project, Series A, Prerefunded
10/1/07 @ 105...................... 9.000% 10/1/22 20,119
85,000 Shelby County Tennessee Health
Education & Multi-Family Housing,
Windsor Apartments (Asset GTY)..... 6.500% 10/1/07 90,950
30,000 Shelby County Tennessee Health
Education & Multi-Family Housing,
Windsor Apartments (Asset GTY)..... 6.750% 10/1/17 32,250
525,000 Tennessee Energy Acquisition
Corporation, Series B (AMBAC)...... 5.000% 9/1/07 555,844
-----------
935,238
-----------
Texas -- 3.76%
50,000 Austin Texas Water, Sewer and
Electric Utilities................. 14.000% 11/15/01 57,813
115,000 Bexar County Texas Housing Finance
Corp. Residual, Revenue Capital
Appreciation....................... 7.410% 3/1/15 40,538
20,000 Bexar County Texas Housing Finance
Corp. Revenue, AMT (GNMA).......... 7.750% 9/1/15 21,033
10,000 Brazos Texas Higher Education
Authority Inc., AMT................ 6.500% 6/1/04 10,650
115,000 Bryan Texas Higher Education
Authority.......................... 7.300% 12/1/16 121,324
167,538 Capital Area Housing Finance Corp... 6.500% 11/1/19 175,705
65,000 Collin County Texas Housing Finance
Corp. Multi-Family Revenue,
Mandatory Put 9/1/03............... 6.500% 9/1/22 66,869
235,000 De Soto Texas Housing Financial
Corp., Mandatory Put 10/1/07 @ 100
(FNMA)............................. 5.125% 10/1/27 242,049
10,000 Del Rio Texas (Asset GTY)........... 7.500% 4/1/03 11,288
</TABLE>
See accompanying notes to financial statements.
42
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Texas (continued)
$ 15,000 Del Rio Texas (Asset GTY)............ 7.500% 4/1/04 $ 17,288
5,000 Del Rio Texas (Asset GTY)............ 7.500% 4/1/08 6,056
15,000 Del Rio Texas (Asset GTY)............ 7.500% 4/1/09 18,000
5,000 Del Rio Texas (Asset GTY)............ 6.500% 4/1/10 5,619
5,000 Del Rio Texas (Asset GTY)............ 5.550% 4/1/11 5,231
5,000 Del Rio Texas (Asset GTY)............ 5.650% 4/1/13 5,281
5,000 Del Rio Texas (Asset GTY)............ 5.750% 4/1/16 5,263
15,000 Del Rio Texas (Asset GTY)............ 5.750% 4/1/17 15,750
10,000 Denison Texas Hospital Authority
Hospital Revenue, ETM............... 7.125% 7/1/08 11,575
35,000 Gregg County Texas Housing Finance
Corp., Mandatory Put 3/1/06 @ 100... 6.400% 9/1/25 37,363
30,000 Gulf Coast Waste Disposal Authority
Texas, Prerefunded 8/01/03 @ 100.... 6.500% 2/1/06 32,175
75,000 Harris County Texas (MBIA)........... 4.230% 8/15/01 68,063
15,000 Harris County Texas Housing Finance
Corp., Mandatory Put 9/1/99 @ 100
(LOC)............................... 5.600% 12/31/19 15,149
20,000 Harris County Texas Housing Finance
Corp., AMT (FSA).................... 5.700% 6/1/06 21,050
120,000 Houston Texas Housing Finance Corp.
Single-Family, Zero Coupon.......... 7.830% 6/1/14 38,700
140,000 Houston Texas Housing Finance Corp.
Single-Family....................... 8.000% 6/1/14 152,774
5,000 Houston Texas Sewer System Revenue,
ETM................................. 5.400% 10/1/04 5,369
5,000 Houston Texas Sewer System Revenue,
ETM................................. 6.375% 10/1/08 5,788
15,000 Mc Allen Texas Development Corp.
(FSA)............................... 4.700% 2/15/08 15,244
15,000 Mc Allen Texas Development Corp.
(FSA)............................... 4.800% 2/15/09 15,244
65,000 Northeast Hospital Authority Texas
Revenue, ETM........................ 8.000% 7/1/08 76,863
15,026 Odessa Texas Housing & Finance Corp.
Single-Family (FNMA)................ 8.450% 11/1/11 16,172
30,000 Panhandle Texas Regulation Housing &
Finance, AMT (GNMA)................. 7.500% 5/1/24 31,200
10,000 Panhandle-Plains Texas Higher
Education, Series D, AMT............ 5.100% 9/1/03 10,300
10,000 Panhandle-Plains Texas Higher
Education, Series D, AMT............ 5.250% 3/1/05 10,350
15,000 Port Houston Authority Texas Harris.. 5.750% 5/1/02 15,226
130,000 Tarrant County Texas Housing Finance
Corp., Multi-Family Housing, Summit
Project A, Mandatory Put 9/1/07 @
100 (FNMA).......................... 5.080% 9/1/27 133,574
15,000 Texarkana Texas Housing Finance
Corporation Mortgage, Summer Hill
Series A (GNMA)..................... 5.550% 1/20/07 15,788
200,000 Texas State, Variable................ 5.350% 8/31/99 199,999
75,000 Texas State Department Housing &
Community Affairs Volente Project,
AMT (FNMA).......................... 5.000% 7/1/08 76,219
100,000 Texas State Department Housing &
Community Affairs, Meadow Ridge
Apartments Project, AMT............. 5.050% 8/1/08 101,625
60,000 Travis County Texas Housing Finance
Corporation, Broadmoor Apartments
Project, AMT (FSA).................. 5.700% 6/1/06 63,150
50,000 Webb County Texas Certificates of
Participation, Series A (Asset
GTY)................................ 5.100% 10/1/07 52,813
50,000 Webb County Texas Certificates of
Participation, Series A, Callable
10/1/07 @ 101 (Asset GTY)........... 5.200% 10/1/08 53,125
50,000 Webb County Texas Certificates of
Participation, Series A, Callable
10/1/07 @ 101 (Asset GTY)........... 5.300% 10/1/09 52,250
5,000 Willow Fork Drain District Texas
(AMBAC)............................. 4.600% 9/1/05 5,156
15,000 Willow Fork Drain District Texas
(AMBAC)............................. 4.600% 9/1/06 15,431
30,000 Willow Fork Drain District Texas
(AMBAC)............................. 4.650% 9/1/07 30,863
20,000 Willow Fork Drain District Texas
(AMBAC)............................. 4.700% 9/1/08 20,575
25,000 Willow Fork Drain District Texas
(AMBAC)............................. 4.800% 9/1/09 25,656
30,000 Willow Fork Drain District Texas
(AMBAC)............................. 4.900% 9/1/10 30,788
35,000 Willow Fork Drain District Texas
(AMBAC)............................. 4.900% 9/1/11 35,700
-----------
2,317,074
-----------
</TABLE>
See accompanying notes to financial statements.
43
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Utah -- 0.97%
$ 20,000 Brigham City Utah Special Assessment,
Special Imports District No. 22,
Prerefunded 8/1/00 @ 102........... 9.000% 8/1/04 $ 22,050
20,000 Hildale Utah......................... 7.500% 12/15/03 21,825
40,000 Provo City Utah Housing Authority
Multi-Family, Lookout Pointe
Apartments (GNMA)................... 6.000% 7/20/08 43,500
15,000 Salt Lake City Utah Individual
Development Revenue, Hermes
Association Project (LOC)........... 5.900% 9/1/99 15,189
65,000 Utah State Housing Financial Agency,
Single Family Mortgage, A2 CL II,
AMT................................. 5.400% 7/1/16 65,568
50,000 Utah State Housing Financial Agency,
Sub-Single Family Mortgage, Issue
F1.................................. 5.850% 7/1/07 53,563
10,000 Utah State Housing Financial Agency,
Single Family Mortgage, Issue B-2,
AMT (FHA)........................... 7.600% 1/1/22 10,388
25,000 Utah State Housing Financial Agency,
Single Family Mortgage, Series F1 CL
I................................... 5.500% 7/1/16 25,531
25,000 Utah State Housing Financial Agency,
Single Family Mortgage, Sub-D2,
AMT................................. 5.250% 7/1/12 25,219
145,000 Utah State Housing Financial Agency,
Single Family Mortgage, Mezz D2,
AMT................................. 5.400% 7/1/20 146,268
35,000 Utah State Housing Financial Agency,
Single Family Mortgage, A2 CL III,
AMT................................. 5.200% 7/1/11 35,394
35,000 Utah State Housing Financial Agency,
Single Family Mortgage, B2 CL III,
AMT................................. 5.250% 7/1/11 35,656
85,000 Weber County Utah Municipal Building
Authority (Asset GTY)............... 6.750% 12/15/04 97,112
-----------
597,263
-----------
Vermont -- 0.19%
25,000 Vermont Educational & Health
Buildings Financing, Norwich
University Project.................. 5.000% 7/1/07 25,406
45,000 Vermont Educational & Health
Buildings Financing, Norwich
University Project.................. 5.750% 7/1/13 46,799
5,000 Vermont Educational & Health
Buildings Financing, Norwich
University Project.................. 4.300% 7/1/00 5,019
15,000 Vermont Educational & Health
Buildings Financing, Norwich
University Project.................. 4.750% 7/1/04 15,188
25,000 Vermont Educational & Health
Buildings Financing, Norwich
University Project.................. 5.000% 7/1/06 25,563
-----------
117,975
-----------
Virginia -- 0.74%
195,000 Alexandria Virginia Redevelopment &
Housing Authority, AMT.............. 6.625% 5/1/24 205,481
75,000 Newport News Virginia Industrial
Development Authority (GNMA)........ 7.250% 8/1/16 82,969
105,000 Richmond Virginia Metro Authority
Expressway Revenue, Partially
Prerefunded, Balance ETM............ 7.000% 10/15/13 115,631
50,000 Virginia State Housing Development
Authority, Multi-Family Housing,
Series D............................ 6.800% 11/1/09 54,125
-----------
458,206
-----------
Washington -- 0.77%
30,000 Grays Harbor County Washington Public
Utility, ETM........................ 5.375% 1/1/06 31,313
15,000 King County Washington Housing
Authority, Multi-Family Housing..... 7.000% 8/1/03 15,506
50,000 King County Washington Housing
Authority, Multi-Family Housing..... 7.000% 8/1/03 52,188
95,000 Seattle Washington Housing Authority
(GNMA).............................. 7.400% 11/20/36 110,199
40,000 Spokane Washington Housing Authority
Revenue, Valley 206 Apartments,
Junior Lien A (Standby LOC)......... 5.750% 4/1/28 39,750
65,000 Spokane Washington Housing Authority
Revenue, Valley 206 Apartments,
Senior Lien A....................... 5.625% 4/1/28 63,213
55,000 Washington State Health Care
Facilities, Prerefunded 10/1/99 @
102................................. 7.875% 10/1/10 57,561
95,000 Washington State Housing Finance
Community (GNMA/FNMA)............... 6.900% 7/1/16 98,087
5,000 Washington State Housing Finance
Community, Series A (FNMA).......... 7.000% 7/1/99 5,058
-----------
472,875
-----------
West Virginia -- 1.04%
15,000 Beckley West Virginia Nursing
Facility Revenue Refunding, Beckley
Health Care Corporation Project
(Standby LOC)....................... 5.550% 9/1/08 15,563
15,000 Beckley West Virginia Nursing
Facility Revenue Refunding, Beckley
Health Care Corporation Project
(Standby LOC)....................... 5.700% 9/1/09 15,619
185,000 Harrison County West Virginia, Series
B, Zero Coupon (AMBAC).............. 7.250% 10/20/10 80,706
195,000 Marshall County West Virginia
Mortgage Revenue Capital
Appreciation (MBIA)................. 7.050% 5/1/14 61,425
</TABLE>
See accompanying notes to financial statements.
44
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
West Virginia (continued)
$ 55,000 Mason County, Refunding, 1st
Mortgage, Pt. Pleasant Haven (LOC).. 6.200% 12/1/05 $ 57,338
350,000 Preston County West Virginia
Pollution Control, County Commission
Monongahela......................... 4.500% 3/1/03 352,624
140,000 Raleigh, Fayette, & Nicholas
Counties, Compounding Interest,
Series B (AMBAC), Zero Coupon....... 7.870% 6/20/10 58,450
-----------
641,725
-----------
Wisconsin -- 1.15%
35,000 Oshkosh Wisconsin Hospital Facility
Revenue, Mercy Medical Center,
Prerefunded 7/1/07 @ 100............ 7.375% 7/1/09 39,900
10,000 Pewaukee Wisconsin Individual
Development Revenue, Lake Country
Development Project, AMT (LOC)...... 6.000% 6/1/06 10,625
5,000 Pewaukee Wisconsin Individual
Development Revenue, Lake Country
Development Project, AMT (LOC)...... 5.800% 6/1/04 5,244
5,000 Pewaukee Wisconsin Individual
Development Revenue, Lake Country
Development Project, AMT (LOC)...... 5.900% 6/1/05 5,281
10,000 West Bend Wisconsin Refunding........ 6.400% 2/1/05 10,850
15,000 Whitewater Wisconsin Waterworks
Systems Mortgage.................... 7.500% 7/1/16 17,363
25,000 Wisconsin Housing and Economic
Development Authority, Series B,
AMT................................. 4.950% 9/1/09 25,281
230,000 Wisconsin State Health & Educational
Facilities, Richland Hospital Income
Project, Series A (ACA)............. 5.375% 6/1/28 231,437
75,000 Wisconsin State Health & Educational
Facilities, Sisters Sorrowful
Mother, Series A (MBIA)............. 5.100% 8/15/07 79,594
110,000 Wisconsin State Health & Educational
Facilities, Sisters Sorrowful
Mother, Series A (MBIA)............. 5.200% 8/15/08 117,700
75,000 Wisconsin State Health & Educational
Facilities, Sisters Sorrowful
Mother, Series A (MBIA)............. 5.300% 8/15/09 80,813
5,000 Wisconsin State Health & Educational
Facilities, Viterbo College Income
Project (LOC)....................... 5.250% 2/1/04 5,206
5,000 Wisconsin State Health & Educational
Facilities, Viterbo College Income
Project (LOC)....................... 5.400% 2/1/05 5,250
35,000 Wisconsin State Health & Educational
Facilities, Viterbo College Income
Project (LOC)....................... 5.750% 2/1/12 36,181
35,000 Wisconsin State Health & Educational
Facilities. Viterbo College Income
Project (LOC)....................... 6.000% 2/1/17 36,531
-----------
707,256
-----------
Wyoming -- 0.45%
65,000 Cheyenne, Wyoming Federal Mineral
Reality Revenue, Second Lien........ 6.200% 6/1/09 69,225
20,000 Teton County Wyoming Hospital
District, Hospital Refunding &
Imports (ACA)....................... 5.000% 12/1/03 20,750
150,000 Teton County Wyoming, Teton County
School District No. 1 Project
(MBIA).............................. 5.000% 6/1/05 157,500
15,000 Wyoming Community Development
Authority Housing Revenue, Series 5,
AMT................................. 5.700% 12/1/07 16,013
15,000 Wyoming Community Development
Authority, Single Family Mortgage,
Series B, AMT....................... 8.125% 6/1/21 15,600
-----------
279,088
-----------
Total -- Municipal Bonds (cost
$61,712,164)........................ 61,840,147
-----------
</TABLE>
See accompanying notes to financial statements.
45
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Short-Term Investments -- 0.07%
$ 25 Bankers Trust Cash Sweep............ 3.800% 1/1/99 $ 25
41,959 Provident Municipal Money Market,
Tax-Free Money Market.............. 3.540% 12/31/99 41,959
-----------
Total -- Short-Term Investments
(cost $41,984)..................... 41,984
-----------
Total Investments (cost $61,754,148)
(a) -- 100.49%..................... 61,882,131
-----------
Liabilities in Excess of Other
Assets -- (0.49)%.................. (303,185)
-----------
Total Net Assets -- 100.00%......... $61,578,946
===========
</TABLE>
- --------
(a) Represents cost for federal income tax purposes and differs from value of
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation........................................... $ 320,221
Unrealized depreciation........................................... (192,238)
---------
Net unrealized appreciation....................................... $ 127,983
=========
</TABLE>
ACA--American Capital Access
AMT--Alternative Minimum Tax
AMBAC--AMBAC Indemnity Corporation
AXA--AXA Reinsurance UK
ETM--Escrowed to Maturity
FGIC--Financial Guaranty Insurance Company
FHA--Federal Housing Authority
FNMA--Federal National Mortgage Association
FSA--Financial Security Assurance, Inc.
GNMA--Government National Mortgage Association
GTY--Guaranteed
LOC--Letter of Credit
MBIA--Municipal Bond Insurance Association
See accompanying notes to financial statements.
46
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Statements of Assets and Liabilities
December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Small
Capitalization International
Value Equity Growth Equity Equity Equity
Portfolio Portfolio Portfolio Portfolio
------------ ------------- -------------- -------------
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value
(cost $155,650,714;
$164,059,288;
$138,814,594; and
$211,692,716
respectively)......... $172,833,898 $232,570,330 $151,875,725 $235,338,390
Cash................... -- -- -- 12,465
Foreign currency, at
value (cost $0; $0;
$0; and $2,230,289
respectively)......... -- -- -- 2,230,913
Unrealized appreciation
on forward exchange
contracts............. -- -- -- 1,343,182
Receivable for
investments sold...... 399,574 69,932 173,726 471,763
Dividends and interest
receivable............ 358,483 121,674 241,048 256,180
Foreign tax reclaim
receivable............ -- -- -- 294,358
Deferred organization
costs................. 10,178 10,492 10,397 10,060
------------ ------------ ------------ ------------
Total Assets......... 173,602,133 232,772,428 152,300,896 239,957,311
------------ ------------ ------------ ------------
LIABILITIES:
Payable for investments
purchased............. 423,914 29,502 556,363 787,517
Advisory fees payable.. 46,703 55,699 46,380 76,651
Consulting fees
payable............... 7,069 9,283 6,066 9,737
Administrative services
fees payable.......... 2,129 2,907 1,842 2,983
Legal and audit fees
payable............... 15,665 17,911 14,056 18,829
Other accrued
expenses.............. 33,207 21,920 22,790 101,835
------------ ------------ ------------ ------------
Total Liabilities.... 528,687 137,222 647,497 997,552
------------ ------------ ------------ ------------
NET ASSETS.............. $173,073,446 $232,635,206 $151,653,399 $238,959,759
============ ============ ============ ============
NET ASSETS CONSIST OF:
Shares of beneficial
interest, at par
value................. $ 12,967 $ 14,890 $ 13,474 $ 18,998
Additional paid-in
capital............... 154,923,558 162,080,161 149,137,612 217,482,023
Accumulated
undistributed
(distribution in
excess of) net
investment income..... 774,588 111,821 272,592 (388,326)
Accumulated
undistributed net
realized gain/(loss)
on investments,
futures and foreign
currency
transactions.......... 179,149 1,917,292 (10,831,410) (3,158,419)
Net unrealized
appreciation on
investments and
foreign currency
transactions.......... 17,183,184 68,511,042 13,061,131 25,005,483
------------ ------------ ------------ ------------
Total Net Assets..... $173,073,446 $232,635,206 $151,653,399 $238,959,759
============ ============ ============ ============
SHARES OF BENEFICIAL
INTEREST:
Shares of beneficial
interest outstanding.. 12,967,280 14,890,071 13,473,948 18,998,169
============ ============ ============ ============
Net Asset Value,
offering and
redemption
price per share....... $ 13.35 $ 15.62 $ 11.26 $ 12.58
============ ============ ============ ============
</TABLE>
See accompanying notes to financial statements.
47
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Statements of Assets and Liabilities (continued)
December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Limited
Duration Intermediate Term
Municipal Bond Fixed Income Municipal Bond
Portfolio Portfolio Portfolio
-------------- ------------ -----------------
<S> <C> <C> <C>
ASSETS:
Investments, at value (cost
$56,058,406; $92,344,696
and $61,754,148;
respectively).................. $56,516,703 $92,946,497 $61,882,131
Receivable for investments
sold........................... -- 329,569 --
Dividends and interest
receivable..................... 655,127 937,564 909,860
Deferred organization costs..... 10,968 -- --
----------- ----------- -----------
Total Assets.................. 57,182,798 94,213,630 62,791,991
----------- ----------- -----------
LIABILITIES:
Dividends payable............... 195,276 453,569 234,713
Payable for investments
purchased...................... 1,040,441 -- 930,677
Advisory fees payable........... 9,217 21,994 13,849
Consulting fees payable......... 2,304 3,999 2,518
Administrative services fees
payable........................ 573 972 --
Legal and audit fees payable.... 9,081 16,239 13,735
Other accrued expenses.......... 12,486 22,057 17,553
----------- ----------- -----------
Total Liabilities............. 1,269,378 518,830 1,213,045
----------- ----------- -----------
NET ASSETS....................... $55,913,420 $93,694,800 $61,578,946
=========== =========== ===========
NET ASSETS CONSIST OF:
Shares of beneficial interest,
at par value................... $ 5,537 $ 9,287 $ 6,128
Additional paid-in capital...... 55,716,458 92,926,005 61,483,218
Accumulated undistributed net
investment income.............. 116 -- --
Accumulated undistributed net
realized gain/(loss) on
investments.................... (266,988) 157,707 (38,383)
Net unrealized appreciation on
investments.................... 458,297 601,801 127,983
----------- ----------- -----------
Total Net Assets.............. $55,913,420 $93,694,800 $61,578,946
=========== =========== ===========
SHARES OF BENEFICIAL INTEREST:
Shares of beneficial interest
outstanding.................... 5,536,896 9,286,576 6,127,838
=========== =========== ===========
Net Asset Value, offering and
redemption price per share..... $ 10.10 $ 10.09 $ 10.05
=========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
48
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Statements of Operations
For the Six Months Ended December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Small
Capitalization International
Value Equity Growth Equity Equity Equity
Portfolio Portfolio Portfolio Portfolio
------------ ------------- -------------- -------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest................... $ 124,158 $ 77,250 $ 104,061 $ 68,745
Dividends (net of foreign
withholding tax of
$10,269; $106; $0;
and $233,630
respectively)............. 1,663,566 691,422 662,467 1,542,042
----------- ----------- ------------ -----------
Total Investment Income.. 1,787,724 768,672 766,528 1,610,787
----------- ----------- ------------ -----------
EXPENSES:
Advisory fees.............. 273,079 306,361 260,658 438,093
Consulting fees............ 41,336 51,061 34,194 55,399
Administrative services
fees...................... 88,884 109,705 73,555 119,080
Custodian fees............. 20,115 24,096 19,091 109,501
Audit and legal fees....... 17,349 18,637 15,434 19,849
Registration and filing
fees...................... 11,603 17,325 11,224 13,418
Fund accounting fees....... 644 720 2,093 5,278
Transfer agency fees....... 2,685 2,889 2,259 3,140
Trustees' fees and
expenses.................. 3,038 3,854 2,561 4,080
Organization expenses...... 3,137 3,137 3,137 3,137
Other expenses............. 5,675 8,755 3,337 12,897
----------- ----------- ------------ -----------
Total Net Expenses....... 467,545 546,540 427,543 783,872
----------- ----------- ------------ -----------
Net Investment Income...... 1,320,179 222,132 338,985 826,915
----------- ----------- ------------ -----------
NET REALIZED/UNREALIZED
GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) on
investments, futures and
foreign currency
transactions.............. 248,897 2,404,788 (10,831,419) (2,281,228)
Net change in unrealized
appreciation/(depreciation)
on investments and foreign
currency transactions..... (6,899,181) 18,355,835 5,694,701 6,209,893
----------- ----------- ------------ -----------
Net realized/unrealized
gain/(loss) on
investments, futures and
foreign currency
transactions.............. (6,650,284) 20,760,623 (5,136,718) 3,928,665
----------- ----------- ------------ -----------
Net increase/(decrease) in
net assets resulting from
operations................ $(5,330,105) $20,982,755 $ (4,797,733) $ 4,755,580
=========== =========== ============ ===========
</TABLE>
See accompanying notes to financial statements.
49
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Statements of Operations (continued)
For the Six Months Ended December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Limited Duration Intermediate Term
Municipal Bond Fixed Income* Municipal Bond*
Portfolio Portfolio Portfolio
---------------- ------------- -----------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest....................... $1,175,046 $2,808,521 $1,202,668
Dividends...................... 6,649 26,255 17,098
---------- ---------- ----------
Total Investment Income...... 1,181,695 2,834,776 1,219,766
---------- ---------- ----------
EXPENSES:
Advisory fees.................. 46,709 125,883 65,282
Consulting fees................ 11,677 22,889 11,870
Administrative services fees... 20,424 40,169 21,156
Custodian fees................. 8,276 10,253 5,842
Audit and legal fees........... 10,507 20,331 17,563
Registration and filing fees... 8,103 5,474 4,391
Fund accounting fees........... 2,568 2,234 20,275
Transfer agency fees........... 427 760 344
Trustees' fees and expenses.... 824 1,516 626
Organization expenses.......... 3,137 -- --
Other expenses................. 1,139 7,678 5,829
---------- ---------- ----------
Total Expenses before
waivers....................... 113,791 237,187 153,178
Less: Expenses waived by
administrator................. -- -- (33,984)
---------- ---------- ----------
Total Net Expenses........... 113,791 237,187 119,194
---------- ---------- ----------
Net Investment Income.......... 1,067,904 2,597,589 1,100,572
---------- ---------- ----------
NET REALIZED/UNREALIZED
GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) on
investments................... (12,118) 865,231 (38,383)
Net change in unrealized
appreciation/(depreciation) on
investments................... (5,817) 601,801 127,983
---------- ---------- ----------
Net realized/unrealized
gain/(loss) on investments.... (17,935) 1,467,032 89,600
---------- ---------- ----------
Net increase in net assets
resulting from operations..... $1,049,969 $4,064,621 $1,190,172
========== ========== ==========
</TABLE>
- --------
*Funds commenced operations on July 1, 1998.
See accompanying notes to financial statements.
50
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Statements of Changes in Net Assets
(Unaudited)
<TABLE>
<CAPTION>
Small Capitalization
Value Equity Portfolio Growth Equity Portfolio Equity Portfolio
-------------------------- -------------------------- --------------------------
Six Months Year Six Months Year Six Months Year
Ended Ended Ended Ended Ended Ended
December 31, June 30, December 31, June 30, December 31, June 30,
1998 1998 1998 1998 1998 1998
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income...... $ 1,320,179 $ 2,515,539 $ 222,132 $ 632,890 $ 338,985 $ 570,426
Net realized gain/(loss) on
investments, futures and
foreign currency
transactions.............. 248,897 23,127,424 2,404,788 40,192,942 (10,831,419) 19,676,905
Net change in unrealized
appreciation/(depreciation)
on investments, futures
and foreign currency
transactions.............. (6,899,181) 4,834,455 18,355,835 18,930,310 5,694,701 (5,878,984)
------------ ------------ ------------ ------------ ------------ ------------
Net increase/(decrease) in
net assets resulting from
operations................ (5,330,105) 30,477,418 20,982,755 59,756,142 (4,797,733) 14,368,347
------------ ------------ ------------ ------------ ------------ ------------
Distributions to
Shareholders from:
Net investment income...... (637,884) (2,581,986) (110,492) (723,410) (113,042) (582,905)
In excess of net investment
income.................... -- -- -- (115,822) -- --
Net realized gain on
investments, futures and
foreign currency
transactions.............. (16,930,526) (15,909,634) (14,381,174) (32,337,330) (13,827,848) (12,757,181)
------------ ------------ ------------ ------------ ------------ ------------
Net decrease in net assets
resulting from
distributions............. (17,568,410) (18,491,620) (14,491,666) (33,176,562) (13,940,890) (13,340,086)
------------ ------------ ------------ ------------ ------------ ------------
Shares of Beneficial
Interest:
Proceeds from shares
issued.................... 22,520,486 79,850,717 17,235,591 60,460,192 52,470,070 52,923,820
Proceeds from reinvestment
of dividends.............. 15,461,557 16,699,355 13,554,204 31,066,397 11,765,386 11,976,524
Cost of shares redeemed.... (18,597,262) (49,040,371) (20,774,326) (62,938,761) (44,370,144) (28,881,423)
------------ ------------ ------------ ------------ ------------ ------------
Net increase in net assets
from shares of beneficial
interest transactions..... 19,384,781 47,509,701 10,015,469 28,587,828 19,865,312 36,018,921
------------ ------------ ------------ ------------ ------------ ------------
Total increase/(decrease)
in net assets............. (3,513,734) 59,495,499 16,506,558 55,167,408 1,126,689 37,047,182
Net Assets:
Beginning of period........ 176,587,180 117,091,681 216,128,648 160,961,240 150,526,710 113,479,528
------------ ------------ ------------ ------------ ------------ ------------
End of period.............. $173,073,446 $176,587,180 $232,635,206 $216,128,648 $151,653,399 $150,526,710
============ ============ ============ ============ ============ ============
</TABLE>
See accompanying notes to financial statements.
51
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Statements of Changes in Net Assets (continued)
(Unaudited)
<TABLE>
<CAPTION>
International Limited Duration Fixed Income Intermediate Term
Equity Portfolio Municipal Bond Portfolio Portfolio Municipal Bond Portfolio
-------------------------- -------------------------- ------------ ------------------------
Six Months Year Six Months Year Six Months Six Months
Ended Ended Ended Ended Ended* Ended*
December 31, June 30, December 31, June 30, December 31, December 31,
1998 1998 1998 1998 1998 1998
------------ ------------ ------------ ------------ ------------ ------------------------
<S> <C> <C> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income...... $ 826,915 $ 3,503,049 $ 1,067,904 $ 2,187,862 $ 2,597,589 $ 1,100,572
Net realized gain/(loss) on
investments, futures and
foreign currency
transactions.............. (2,281,228) 6,336,894 (12,118) (91,196) 865,231 (38,383)
Net change in unrealized
appreciation/(depreciation)
on investments, futures
and foreign currency
transactions.............. 6,209,893 1,112,830 (5,817) 373,857 601,801 127,983
------------ ------------ ------------ ------------ ----------- -----------
Net increase in net assets
resulting from
operations................ 4,755,580 10,952,773 1,049,969 2,470,523 4,064,621 1,190,172
------------ ------------ ------------ ------------ ----------- -----------
Distributions to
Shareholders from:
Net investment income...... (1,576,035) (7,034,223) (1,067,904) (2,187,862) (2,597,589) (1,100,572)
Net realized gain on
investments, futures and
foreign currency
transactions.............. (4,962,256) (4,217,931) -- -- (707,524) --
------------ ------------ ------------ ------------ ----------- -----------
Net decrease in net assets
resulting from
distributions............. (6,538,291) (11,252,154) (1,067,904) (2,187,862) (3,305,113) (1,100,572)
------------ ------------ ------------ ------------ ----------- -----------
Shares of Beneficial
Interest:
Proceeds from shares
issued.................... 16,477,463 104,993,738 43,116,716 77,839,730 92,704,364 68,717,246
Proceeds from reinvestment
of dividends.............. 5,710,821 10,125,963 720,332 1,797,773 2,824,632 856,165
Cost of shares redeemed.... (11,320,734) (31,067,352) (34,582,650) (74,205,989) (2,593,704) (8,084,065)
------------ ------------ ------------ ------------ ----------- -----------
Net increase in net assets
from shares of beneficial
interest transactions..... 10,867,550 84,052,349 9,254,398 5,431,514 92,935,292 61,489,346
------------ ------------ ------------ ------------ ----------- -----------
Total increase in net
assets.................... 9,084,839 83,752,968 9,236,463 5,714,175 93,694,800 61,578,946
Net Assets:
Beginning of period........ 229,874,920 146,121,952 46,676,957 40,962,782 -- --
------------ ------------ ------------ ------------ ----------- -----------
End of period.............. $238,959,759 $229,874,920 $ 55,913,420 $ 46,676,957 $93,694,800 $61,578,946
============ ============ ============ ============ =========== ===========
</TABLE>
- --------
*Funds commenced operations on July 1, 1998.
See accompanying notes to financial statements.
52
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Notes to Financial Statements -- December 31, 1998 (Unaudited)
1. DESCRIPTION. The Hirtle Callaghan Trust ("Trust") is registered under the
Investment Company Act of 1940, as amended ("1940 Act"), as an open-ended
management series investment company. The Trust was organized as a Delaware
business trust on December 15, 1994. The Trust currently offers seven
portfolios: The Value Equity Portfolio ("Value Portfolio") (commencement date
August 25, 1995), The Growth Equity Portfolio ("Growth Portfolio")
(commencement date August 8, 1995), The Small Capitalization Equity Portfolio
("Small Cap Portfolio") (commencement date September 5, 1995), The
International Equity Portfolio ("International Portfolio") (commencement date
August 17, 1995), The Limited Duration Municipal Bond Portfolio ("Limited
Duration Portfolio") (commencement date October 10, 1995), The Fixed Income
Portfolio ("Fixed Income Portfolio") (commencement date July 1, 1998), and The
Intermediate Term Municipal Bond Portfolio ("Intermediate Municipal
Portfolio") (commencement date July 1, 1998).
2. SIGNIFICANT ACCOUNTING POLICIES. The following is a summary of the
significant accounting policies followed by the Portfolios:
A. Portfolio Valuation. The net asset value per share of the Portfolios
is determined once on each business day as of the close of the New York
Stock Exchange, which is normally 4 p.m. Eastern Time. Each Portfolio's net
asset value per share is calculated by adding the value of all securities
and other assets of the Portfolio, subtracting its liabilities and dividing
the result by the number of its outstanding shares. In valuing the Trust's
assets for calculating net asset value, readily marketable portfolio
securities listed on a national securities exchange or on NASDAQ are valued
at the last sale price on the business day that such value is being
determined. If there have been no sales on such exchange or on NASDAQ on
such day, the security is valued at the closing bid price on such day.
Readily marketable securities traded only in the over-the-counter market
and not on NASDAQ are valued at the current or last bid price. If no bid is
quoted on such day, the security is valued by such method as the Trust's
Board of Trustees ("Board") shall determine in good faith to reflect the
security's fair value. All other assets of each portfolio are valued in
such manner as the Board in good faith deems appropriate to reflect their
fair value. Short-term obligations with maturities of 60 days or less are
valued at amortized cost, which constitutes fair value as determined by the
Board. With the approval of the Board, any of the Portfolios may use a
pricing service, bank, or broker-dealer experienced in such matters to
value the Portfolio's securities.
B. Securities Transactions and Investment Income. Securities transactions
are recorded on a trade date basis. Realized gains and losses from
securities transactions are recorded on the identified cost basis. Dividend
income is recognized on the ex-dividend date and interest income, including
amortization of premium and accretion of discount on investments, is
accrued daily, as earned.
C. Dividend and Capital Gain Distributions to Shareholders. The Limited
Duration, Intermediate Municipal and Fixed Income Portfolios declare
dividends from net investment income daily and distribute dividends on a
monthly basis. The Value, Growth, and Small Cap Portfolios declare and
distribute dividends from net investment income on a quarterly basis. The
International Portfolio declares and distributes dividends from net
investment income on a semi-annual basis. Net realized capital gains, if
any, will be distributed at least annually for each Portfolio.
D. Repurchase Agreements. Among the instruments that each of the
Portfolios may use for temporary investment purposes are repurchase
agreements. Under the terms of a typical repurchase agreement, a Portfolio
would acquire an underlying debt security for a relatively short period
(usually not more than one week), subject to an obligation of the seller to
repurchase that security and the obligation of the Portfolio to resell that
security at an agreed-upon price and time. Repurchase agreements could
involve certain risks in the event of default or insolvency of the other
party, including possible delays or restrictions upon the Portfolio's
ability to dispose of the underlying securities. The creditworthiness of
those banks and non-bank dealers with which the respective
53
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Notes to Financial Statements (continued) -- December 31, 1998 (Unaudited)
Portfolios may enter into repurchase agreements are monitored in accordance
with guidelines adopted by the Board, as is the market value of the
securities underlying any repurchase agreement to ensure that the
repurchase obligation of the seller is collateralized by an amount at least
equal to the repurchase price including accrued interest.
E. Organizational Expenses. Costs incurred in connection with the
organization and initial registration of the Portfolios have been deferred
and are being amortized on a straight-line basis over sixty months,
beginning with each Portfolio's commencement of operations except those of
Intermediate Municipal and Fixed Income Portfolios. Under the provision SOP
98-5, costs associated with organizing a fund which commences operations
subsequent to June 30, 1998 should be expensed as incurred and should not
be amortized over future periods. Accordingly, costs incurred in connection
with the organization of the Intermediate Municipal and Fixed Income
Portfolios are being expensed during the current fiscal year. In the event
any of the initial shares of the Portfolios are redeemed during the
amortization period, for applicable Portfolios, the redemption proceeds
will be reduced by a pro rata portion of any unamortized organization
expenses in the proportion as the number of shares being redeemed bears to
the number of initial shares outstanding at the time of redemption.
F. Calculation of Expenses. Expenses directly attributable to a Portfolio
are charged to that Portfolio. Other expenses are allocated proportionately
among the Portfolios in relation to the net assets of each Portfolio.
G. Foreign Exchange Transactions. The books and records of the Portfolios
are maintained in U.S. dollars. Non-U.S. denominated amounts are translated
into U.S. dollars as follows, with the resultant exchange gains and losses
recorded in the Statement of Operations:
i) market value of investment securities and other assets and
liabilities at the exchange rate on the valuation date,
ii) purchases and sales of investment securities, income and
expenses at the exchange rate prevailing on the respective date of
such transactions.
H. Use of Estimates. Estimates and assumptions are required to be made
regarding assets, liabilities and changes in net assets resulting from
operations when financial statements are prepared. Changes in the economic
environment, financial markets, and any other parameters used in
determining these estimates could cause results to differ from these
amounts.
3. INVESTMENT ADVISORY, CONSULTING AND ADMINISTRATIVE CONTRACTS. The Trust
has entered into investment advisory contracts ("Portfolio Management
Contracts") on behalf of each of the Portfolios with one or more Investment
Managers. Each Investment Manager is responsible for providing a continuous
program of investment management to, and placing all orders for, purchase and
sale of securities and other instruments on behalf of the respective
Portfolios they serve. Each Investment Manager earns a fee, accrued daily and
paid monthly, based on average net assets of that portion of the portfolio
managed.
For the six months ended December 31, 1998, the Value Portfolio paid the
following investment advisory fees:
<TABLE>
<CAPTION>
Amount
Adviser Earned Fee
- ------- -------- -----
<S> <C> <C>
Hotchkis & Wiley................................................. $ 97,589 0.30%
Institutional Capital Corp....................................... 175,490 0.35%
-------- -----
$273,079 0.33%
======== =====
</TABLE>
54
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Notes to Financial Statements (continued) -- December 31, 1998 (Unaudited)
For the six months ended December 31, 1998, the Growth Portfolio paid the
following investment advisory fees:
<TABLE>
<CAPTION>
Amount
Adviser Earned Fee
- ------- -------- -----
<S> <C> <C>
Jennison Associates LLC.......................................... $205,937 0.30%
Goldman Sachs Asset Management................................... 100,424 0.30%
-------- -----
$306,361 0.30%
======== =====
</TABLE>
For the six months ended December 31, 1998, the Small Cap Portfolio paid the
following investment advisory fees:
<TABLE>
<CAPTION>
Amount
Adviser Earned Fee
- ------- -------- -----
<S> <C> <C>
Frontier Capital Management Co................................... $166,494 0.45%
Geewax, Terker & Co.............................................. 94,164 0.30%
-------- -----
$260,658 0.38%
======== =====
</TABLE>
For the six months ended December 31, 1998, the International Portfolio paid
the following investment advisory fees:
<TABLE>
<CAPTION>
Amount
Adviser Earned Fee
- ------- -------- -----
<S> <C> <C>
Brinson Partners, Inc.......................................... $438,093 0.40%*
</TABLE>
* Tiered fee of 0.40% on first $200 million of assets: 0.35% on the next $100
million of assets; and 0.30% on assets over $300 million.
For the six months ended December 31, 1998, the Limited Duration Portfolio
paid the following investment advisory fees:
<TABLE>
<CAPTION>
Amount
Adviser Earned Fee
- ------- ------- -----
<S> <C> <C>
Morgan Grenfell Capital Mgmt., Inc................................ $46,709 0.20%
</TABLE>
For the six months ended December 31, 1998, the Fixed Income Portfolio paid
the following investment advisory fees:
<TABLE>
<CAPTION>
Amount
Adviser Earned Fee
- ------- -------- ------
<S> <C> <C>
Morgan Grenfell Capital Mgmt., Inc.............................. $125,883 0.275%
</TABLE>
For the six months ended December 31, 1998, the Intermediate Municipal
Portfolio paid the following investment advisory fees:
<TABLE>
<CAPTION>
Amount
Adviser Earned Fee
- ------- ------- ------
<S> <C> <C>
Morgan Grenfell Capital Mgmt., Inc............................... $65,282 0.275%
</TABLE>
The Trust has conditionally approved an amendment to the Portfolio
Management Contract between Goldman Sachs Asset Management ("GSAM") and The
Trust relating to the Growth Portfolio. Under the amendment
55
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Notes to Financial Statements (continued) -- December 31, 1998 (Unaudited)
("Performance Fee Amendment"), GSAM would be compensated based, in part, on
the investment results achieved by it. Implementation of the Performance Fee
Amendment, however, is subject to receipt of certain assurances from the staff
of the SEC that such implementation will not be viewed by the SEC staff as
inconsistent with the requirements of the Investment Advisers Act. There can
be no assurance that such relief will be granted by the SEC. If the
Performance Fee Amendment is implemented, it could, under certain
circumstances, increase or decrease the fee paid to GSAM, when compared to the
current fixed fee arrangement and could result in the payment of incentive
compensation during periods of declining markets.
Pursuant to a consulting agreement between the Trust and Hirtle Callaghan &
Company, Inc. ("HCCI"), HCCI is paid a fee calculated and accrued daily and
paid monthly at annual rates of 0.05% of average net assets per Portfolio.
HCCI makes its officers available to serve as officers and/or Trustees of the
Trust, provides office space sufficient for the Trust's principal office, and
monitors the performance of various investment management organizations,
including the Investment Managers. HCCI does not have investment discretion
with respect to Trust assets but is an investment adviser to the Trust for
purposes of the 1940 Act.
BISYS Fund Services ("BISYS") is responsible for providing the Portfolios
with administrative, fund accounting, dividend and capital gains disbursing
agent and transfer agency services. Effective October 1, 1998, the
Administration, Fund Accounting and Transfer Agency Agreements were amended to
provide that BISYS would receive as compensation for administration, fund
accounting and transfer agency services an all inclusive fee ("Omnibus Fee")
of 0.115% of the Portfolio's average net assets attributable to the Value,
Growth, Small Cap and International Portfolios and 0.095% of the Portfolio's
average net assets attributable to the Limited Duration, Intermediate
Municipal and Fixed Income Portfolios. The Omnibus fee is accrued daily and
payable on a monthly basis.
For the period July 1, 1998 through September 30, 1998, Administration, Fund
Accounting and Transfer Agency services were provided to the Trust by BISYS
under the terms of an Amended Administration Agreement ("Omnibus Agreement")
between BISYS and the Trust. Pursuant to the Omnibus Agreement, BISYS received
from the Trust an annual fee, accrued daily and payable monthly, of 0.10% of
the average net assets of the Value, Growth, Small Cap and International
Portfolios and 0.08% of the average net assets of the Limited Duration,
Intermediate Municipal and Fixed Income Portfolios plus reimbursement of
certain out-of-pocket expenses. During the period July 1, 1998 through
December 31, 1998, BISYS agreed to voluntarily waive fees in the Intermediate
Municipal Portfolio in the amount of $33,984 , of which $20,275 were out-of-
pocket expenses.
4. PURCHASE AND SALE TRANSACTIONS. The aggregate amount of purchases and
sales of investment securities, other than short-term securities, for the six
months ended December 31, 1998, were as follows:
<TABLE>
<CAPTION>
Purchases Sales
------------ -----------
<S> <C> <C>
Value......................................... $ 68,024,179 $68,451,362
Growth........................................ 72,519,747 77,749,869
Small Cap..................................... 90,714,139 87,022,521
International................................. 79,253,459 70,667,053
Limited Duration.............................. 40,228,447 29,187,195
Fixed Income.................................. 143,303,072 54,889,404
Intermediate Municipal........................ 65,151,203 6,550,238
</TABLE>
56
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Notes to Financial Statements (continued) -- December 31, 1998 (Unaudited)
5. SHARES OF BENEFICIAL INTEREST. The Trust is authorized to issue unlimited
shares of beneficial interest with a par value of $0.001 each. Transactions in
shares of the Portfolios for the six months ended December 31, 1998, were as
follows:
<TABLE>
<CAPTION>
Limited Fixed Intermediate
Value Growth Small Cap International Duration Income Term Municipal
---------- ---------- ---------- ------------- ---------- --------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
Beginning balance....... 11,397,618 14,167,790 11,464,044 18,099,305 4,618,693 -- --
---------- ---------- ---------- ---------- ---------- --------- ---------
Shares issued........... 1,635,552 1,172,792 4,665,651 1,376,561 4,263,849 9,263,057 6,845,618
Shares issued in
reinvestment of
dividends and
distributions.......... 1,228,708 968,521 1,136,828 471,774 71,166 278,273 85,090
Shares redeemed......... (1,294,598) (1,419,032) (3,792,575) (949,471) (3,416,812) (254,754) (802,870)
---------- ---------- ---------- ---------- ---------- --------- ---------
Net increase in shares.. 1,569,662 722,281 2,009,904 898,864 918,203 9,286,576 6,127,838
---------- ---------- ---------- ---------- ---------- --------- ---------
Ending balance.......... 12,967,280 14,890,071 13,473,948 18,998,169 5,536,896 9,286,576 6,127,838
========== ========== ========== ========== ========== ========= =========
</TABLE>
Transactions in shares of the Portfolios for the year ended June 30, 1998,
were as follows:
<TABLE>
<CAPTION>
Limited
Value Growth Small Cap International Duration
---------- ---------- ---------- ------------- ----------
<S> <C> <C> <C> <C> <C>
Beginning balance....... 8,125,355 11,771,630 8,760,246 11,375,857 4,081,395
---------- ---------- ---------- ---------- ----------
Shares issued........... 5,260,584 4,185,101 3,879,786 8,295,351 7,707,605
Shares issued in
reinvestment of
dividends and
distributions.......... 1,198,241 2,490,784 938,615 876,795 177,992
Shares redeemed......... (3,186,562) (4,279,725) (2,114,603) (2,448,698) (7,348,299)
---------- ---------- ---------- ---------- ----------
Net increase in shares.. 3,272,263 2,396,160 2,703,798 6,723,448 537,298
---------- ---------- ---------- ---------- ----------
Ending balance.......... 11,397,618 14,167,790 11,464,044 18,099,305 4,618,693
========== ========== ========== ========== ==========
</TABLE>
6. DERIVATIVE INSTRUMENTS. The International Portfolio may invest in various
financial instruments including positions in forward currency contracts,
currency swaps and purchased foreign currency options. The Portfolio enters
into such contracts for the purpose of hedging exposure to changes in foreign
currency exchange rates on its holdings.
A forward currency contract ("forward") is an agreement between two parties
to buy and sell a currency at a set price on a future date. The market value
of the forward fluctuates with changes in currency exchange rates. The forward
is marked-to-market daily and the change in market value is recorded by the
Fund as unrealized appreciation or depreciation. When the forward is closed,
the Fund records a realized gain or loss equal to the fluctuation in value
during the period the forward was open. The Fund could be exposed to risk if a
counterparty is unable to meet the terms of a forward or if the value of the
currency changes unfavorably.
Forward foreign exchange contracts may involve market or credit risk in
excess of the amounts reflected on the Fund's statement of assets and
liabilities. The gain or loss from the difference between the cost of original
contracts and the amount realized upon the closing of such contracts is
included in net realized gains or losses on foreign currency transactions.
Fluctuations in the value of forward contracts held at December 31, 1998 are
recorded for financial reporting purposes as unrealized gains and losses by
the Fund.
57
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Notes to Financial Statements (continued) -- December 31, 1998 (Unaudited)
The Funds may enter into futures contracts for the delayed delivery of
securities at a fixed price at some future date or for the change in the value
of a specified financial index over a predetermined time period. Cash or
securities are deposited with brokers in order to maintain a position.
Subsequent payments made or received by the Fund based on the daily change in
the market value of the position are recorded as unrealized appreciation or
depreciation until the contract is closed out, at which time the gain or loss
is realized.
The use of futures contracts involves, to varying degrees, elements of
market risk. Risks arise from the possible imperfect correlation in movements
in the price of futures contracts, interest rates and the underlying hedged
assets, and the possible inability of counterparties to meet the terms of
their contracts. However, the Fund's activities in futures contracts are
conducted through regulated exchanges which minimize counterparty credit
risks.
7. FEDERAL INCOME TAXES. It is the policy of each Fund to qualify or
continue to qualify as a regulated investment company by complying with the
provisions available to certain investment companies, as defined in applicable
sections of the Internal Revenue Code, and to make distributions of net
investment income and net realized capital gains sufficient to relieve it from
all, or substantially all, federal income taxes.
58
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Financial Highlights
For a share outstanding throughout each period (Unaudited)
<TABLE>
<CAPTION>
Value Equity Portfolio Growth Equity Portfolio
-------------------------------------------- -------------------------------------------
Six Months Year Year Period Six Months Year Year Period
Ended Ended Ended Ended Ended Ended Ended Ended
December 31, June 30, June 30, June 30, December 31, June 30, June 30, June 30,
1998 1998 1997 1996(a) 1998 1998 1997 1996(b)
------------ -------- -------- -------- ------------ -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period..... $ 15.49 $ 14.41 $ 11.48 $ 10.00 $ 15.25 $ 13.67 $ 11.13 $ 10.00
-------- -------- -------- ------- -------- -------- -------- --------
Income from Investment
Operations:
Net investment income... 0.10 0.24 0.23 0.22 0.02 0.04 0.06 0.04
Net realized and
unrealized gain/(loss)
on investments, futures
and foreign currency
transactions........... (0.68) 2.87 3.65 1.51 1.41 4.37 2.58 1.13
-------- -------- -------- ------- -------- -------- -------- --------
Total from investment
operations............. (0.58) 3.11 3.88 1.73 1.43 4.41 2.64 1.17
-------- -------- -------- ------- -------- -------- -------- --------
Distributions to
Shareholders from:
Net investment income... (0.05) (0.25) (0.21) (0.22) (0.01) (0.04) (0.05) (0.04)
In excess of net
investment income...... -- -- -- -- -- (0.02) -- --
Net realized gain on
investments, futures
and foreign currency
transactions........... (1.51) (1.78) (0.74) (0.03) (1.05) (2.77) (0.05) --
-------- -------- -------- ------- -------- -------- -------- --------
Total distribution to
shareholders........... (1.56) (2.03) (0.95) (0.25) (1.06) (2.83) (0.10) (0.04)
-------- -------- -------- ------- -------- -------- -------- --------
Net Asset Value, End of
Period.................. $ 13.35 $ 15.49 $ 14.41 $ 11.48 $ 15.62 $ 15.25 $ 13.67 $ 11.13
======== ======== ======== ======= ======== ======== ======== ========
Total Return............. (3.07%)(d) 23.42% 35.28% 17.28%(d) 10.16%(d) 37.00% 23.83% 11.69%(d)
Ratios to Average Net
Assets/Supplemental
Data:
Net assets, end of
period (in thousands).. $173,073 $176,587 $117,092 $71,503 $232,635 $216,129 $160,961 $110,537
Ratio of expenses to
average net assets..... 0.57%(c) 0.52% 0.63% 0.63%(c) 0.54%(c) 0.53% 0.55% 0.63%(c)
Ratio of net investment
income to average net
assets................. 1.60%(c) 1.69% 1.89% 2.55%(c) 0.22%(c) 0.33% 0.49% 0.46%(c)
Ratio of expenses to
average net assets*.... 0.57%(c) 0.52% 0.65% 0.68%(c) 0.54%(c) 0.53% 0.55% 0.68%(c)
Portfolio turnover
rate................... 42.40%(d) 86.45% 97.39% 92.00%(d) 36.17%(d) 95.07% 80.47% 80.00%(d)
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced and/or waived. If
such voluntary fee reductions had not occurred, the ratios would have been
as indicated.
(a) For the period August 25, 1995 (commencement of operations) through June
30, 1996.
(b) For the period August 8, 1995 (commencement of operations) through June 30,
1996.
(c) Annualized.
(d) Not annualized.
See accompanying notes to financial statements.
59
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Financial Highlights
For a share outstanding throughout each period (Unaudited)
<TABLE>
<CAPTION>
Small Capitalization Equity Portfolio International Equity Portfolio
-------------------------------------------- -------------------------------------------
Six Months Year Year Period Six Months Year Year Period
Ended Ended Ended Ended Ended Ended Ended Ended
December 31, June 30, June 30, June 30, December 31, June 30, June 30, June 30,
1998 1998 1997 1996(a) 1998 1998 1997 1996(b)
------------ -------- -------- -------- ------------ -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning
of Period............... $ 13.13 $ 12.95 $ 11.07 $ 10.00 $ 12.70 $ 12.84 $ 11.26 $ 10.00
-------- -------- -------- ------- -------- -------- -------- -------
Income from Investment
Operations:
Net investment income... 0.03 0.06 0.07 0.10 0.04 0.16 0.22 0.16
Net realized and
unrealized gain/(loss)
on investments, futures
and foreign currency
transactions........... (0.74) 1.54 2.11 1.07 0.19 0.49 1.92 1.35
-------- -------- -------- ------- -------- -------- -------- -------
Total from investment
operations............. (0.71) 1.60 2.18 1.17 0.23 0.65 2.14 1.51
-------- -------- -------- ------- -------- -------- -------- -------
Distributions to
Shareholders from:
Net investment income... (0.01) (0.06) (0.07) (0.10) (0.08) (0.47) (0.22) (0.24)
In excess of net
investment income...... -- -- -- -- -- -- (0.04) --
Net realized gain on
investments, futures
and foreign currency
transactions........... (1.15) (1.36) (0.23) -- (0.27) (0.32) (0.30) (0.01)
-------- -------- -------- ------- -------- -------- -------- -------
Total distribution to
shareholders........... (1.16) (1.42) (0.30) (0.10) (0.35) (0.79) (0.56) (0.25)
-------- -------- -------- ------- -------- -------- -------- -------
Net Asset Value, End of
Period................... $ 11.26 $ 13.13 $ 12.95 $ 11.07 $ 12.58 $ 12.70 $ 12.84 $ 11.26
======== ======== ======== ======= ======== ======== ======== =======
Total Return............. (4.60%)(d) 12.66% 19.88% 11.82%(d) 1.97%(d) 5.91% 19.61% 15.15%(d)
Ratios to Average Net
Assets/Supplemental
Data:
Net assets, end of
period (in thousands).. $151,653 $150,527 $113,480 $61,503 $238,960 $229,875 $146,122 $77,732
Ratio of expenses to
average net assets..... 0.63%(c) 0.70% 0.78% 0.78%(c) 0.71%(c) 0.70% 0.78% 0.81%(c)
Ratio of net investment
income to average net
assets................. 0.50%(c) 0.41% 0.68% 1.33%(c) 0.75%(c) 2.00% 1.97% 1.75%(c)
Ratio of expenses to
average net assets*.... 0.63%(c) 0.70% 0.78% 0.90%(c) 0.71%(c) 0.71% 0.78% 0.92%(c)
Portfolio turnover
rate.................... 65.38%(d) 103.41% 54.16% 38.00%(d) 33.27%(d) 36.80% 29.85% 15.00%(d)
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced and/or waived. If
such voluntary fee reductions had not occurred, the ratios would have been
as indicated.
(a) For the period September 5, 1995 (commencement of operations) through June
30, 1996.
(b) For the period August 17, 1995 (commencement of operations) through June
30, 1996.
(c) Annualized.
(d) Not annualized.
See accompanying notes to financial statements.
60
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Financial Highlights
For a share outstanding throughout each period (Unaudited)
<TABLE>
<CAPTION>
Intermediate
Fixed Term
Limited Duration Income Municipal Bond
Municipal Bond Portfolio Portfolio Portfolio
------------------------------------------- ------------ --------------
Six Months Year Year Period Six Months Six Months
Ended Ended Ended Ended Ended Ended
December 31, June 30, June 30, June 30, December 31, December 31,
1998 1998 1997 1996(a) 1998(b) 1998(b)
------------ -------- -------- -------- ------------ --------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 10.11 $ 10.04 $ 10.00 $ 10.00 $ 10.00 $ 10.00
------- ------- ------- ------- ------- -------
Income from Investment
Operations:
Net investment income.. 0.23 0.47 0.48 0.35 0.29 0.23
Net realized and
unrealized gain/(loss)
on investments........ (0.01) 0.07 0.04 0.01 0.17 0.05
------- ------- ------- ------- ------- -------
Total from investment
operations............ 0.22 0.54 0.52 0.36 0.46 0.28
------- ------- ------- ------- ------- -------
Distributions to
Shareholders from:
Net investment income.. (0.23) (0.47) (0.48) (0.36) (0.29) (0.23)
Net realized gain on
investments........... -- -- -- -- (0.08) --
------- ------- ------- ------- ------- -------
Total distributions to
shareholders.......... (0.23) (0.47) (0.48) (0.36) (0.37) (0.23)
------- ------- ------- ------- ------- -------
Net Asset Value, End of
Period................. $ 10.10 $ 10.11 $ 10.04 $ 10.00 $ 10.09 $ 10.05
======= ======= ======= ======= ======= =======
Total Return............ 2.23%(d) 5.48% 5.34% 3.60%(d) 4.56%(d) 2.83%(d)
Ratios to Average Net
Assets/Supplemental
Data:
Net assets, end of
period (in
thousands)............ $55,913 $46,677 $40,963 $29,485 $93,695 $61,579
Ratio of expenses to
average net assets.... 0.49%(c) 0.47% 0.52% 0.53%(c) 0.52%(c) 0.50%(c)
Ratio of net investment
income to average net
assets................ 4.57%(c) 4.65% 4.78% 4.78%(c) 5.67%(c) 4.64%(c)
Ratio of expenses to
average net assets*... 0.49%(c) 0.51% 0.68% 0.81%(c) 0.52%(c) 0.65%(c)
Portfolio turnover
rate.................. 67.02%(d) 42.50% 44.57% 116.00%(d) 62.37%(d) 13.68%(d)
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced and/or waived. If
such voluntary fee reductions had not occurred, the ratios would have been
as indicated.
(a) For the period October 10, 1995 (commencement of operations) through June
30, 1996.
(b) For the period July 1, 1998 (commencement of operations) through December
31, 1998.
(c) Annualized.
(d) Not annualized.
See accompanying notes to financial statements.
61
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Trustees
DONALD E. CALLAGHAN*
JONATHAN J. HIRTLE*
ROSS H. GOODMAN
JARRETT B. KLING
DAVID M. SPUNGEN*
RICHARD W. WORTHAM
* "Interested Person" as that term is defined in the Investment Company Act of
1940.
- --------------------------------------------------------------------------------
Sponsor Counsel
Drinker Biddle & Reath LLP
Hirtle Callaghan & Co., Inc. Philadelphia National Bank Building
575 East Swedesford Road 1345 Chestnut Street
Wayne, Pennsylvania 19087 Philadelphia, Pennsylvania 19107
Administrator and Distributor Independent Accountants
BISYS Fund Services
3435 Stelzer Road PricewaterhouseCoopers LLP
Columbus, Ohio 43219 2400 Eleven Penn Center
Philadelphia, Pennsylvania 19103
Custodian
Bankers Trust Company
14 Wall Street
New York, New York 10005
This report is for the information of the shareholders of The Hirtle Callaghan
Trust. Its use in connection with any offering of the Trust's shares is
authorized only in case of a concurrent or prior delivery of the Trust's
current prospectus.
2/99