<PAGE>
- -- -------- ----
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Annual Report
THE HIRTLE CALLAGHAN TRUST
June 30, 1999
We are pleased to present the June 30, 1999 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 (investment managers),
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:
------------------------------------------------------------
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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 securities
issued by municipalities and related entities.
- --------------------------------------------------------------------------------
<PAGE>
The following discussion summarizes those factors, including relevant market
conditions and the investment strategies and techniques of each of the
Investment Managers that materially affected the performance of the respective
Portfolios during the Trust's fiscal year ended June 30, 1999.
Economic/Capital Markets Commentary
During the Trust's fiscal year, investors in both the stock and bond markets,
much like last year, spent a great deal of time speculating on the strength of
the economy. While last year's shock came from an Asian economic and financial
markets meltdown, this year's turmoil emanated from Russia, with speculation
on its economic problems' affect on the rest of the world's economies. This
created a great deal of volatility in the first and second fiscal quarters.
While most economists predicted that Russia's problems, on the back of the
Asian issues, would cause the world's economies to slow significantly, they
were proved wrong on almost all fronts. Asia began a recovery during the third
and fourth fiscal quarters, while European economies felt little impact from
Russia. The U.S. rolled right through both problems and ended the fiscal year
with bright economic and equity market prospects, while the surprising
strength around the world produced significant bond market problems with its
attendant rising interest rates.
<TABLE>
<CAPTION>
1FQ99 2FQ99 3FQ99 4FQ99 Fiscal 99
------- ------ ------ ------ ---------
<S> <C> <C> <C> <C> <C>
S&P 500 Stock Index................ -9.95% 21.29% 4.98% 7.05% 22.74%
Russell 1000 Stock Index........... -10.31% 21.88% 4.13% 7.13% 21.94%
Russell 2000 Stock Index........... -20.15% 16.31% -5.43% 15.55% 1.50%
MSCI EAFE Index.................... -14.21% 20.66% 1.39% 2.54% 7.62%
Lehman Aggregate Bond Index........ 4.23% 0.34% -0.50% -0.88% 3.15%
</TABLE>
The index averages/1/ display a great deal of internal turmoil. Note the very
high performance differential between large cap indices (the S&P 500 and the
Russell 1000) and the Russell 2000, which includes smaller capitalization
equities. This was a continuation of last fiscal year's trend. The Russell
1000 Index was driven by its very largest components, while all other more
diverse indices were considerably weaker, especially earlier in the year
In this report, performance comparisons for each Portfolio are provided
relative to their appropriate benchmarks. In addition, the discussion includes
comparisons between the performance achieved by the Portfolios and their
individual Investment Managers against two peer group indicators, each
compiled by independent statistical monitoring organizations. The first of
these, Evaluation Associates, Inc. (EAI) is an institutional investment
management consulting organization that monitors and reports performance
results on approximately 1,000 active equity and fixed income managers. The
second, Morningstar, Inc. (Morningstar) is an independent organization that
tracks the performance of mutual funds.
- --------
/1/The S&P 500 Stock Index is an unmanaged index of 500 blue-chip stocks. Each
of the Russell indices is a market cap-weighted index of common stocks
domiciled in the US. These and other stock indices are widely used in
investment management as a performance standard for active managers and as
a proxy for asset allocation purposes. The Russell 3000(R) Index is
constructed by ranking US common stocks ranked from largest to smallest
market capitalization, and includes the top 3,000 stocks. The largest 1,000
stocks become the Russell 1000(R) Index and the next 2,000 stocks are
included in the Russell 2000(R) Index. Unlike the S&P 500 Stock Index,
however, the Russell indices are reconstituted each year. The Lehman
Brothers Aggregate Bond Index includes more than 5,000 taxable government,
investment-grade corporate and mortgage backed securities. The Morgan
Stanley Capital Markets EAFE Index, which covers Europe, Australia, and the
Far East, is an unmanaged, market value-weighted index designed to measure
the overall condition of developed overseas equities markets.
1
<PAGE>
The Value Equity Portfolio
The investment objective of this Portfolio is to provide total return
consisting of capital appreciation and current income. In accordance with its
investment policies, this Portfolio is oriented toward large capitalization
equities with relatively lower price-earnings ratios and higher dividend
income than the average range for stocks included in the Standard & Poors 500
Stock Index. The Value Equity Portfolio is benchmarked against the Russell
1000 Value Index./2/ As of June 30, 1999, the Portfolio's managers were Geewax
Terker & Co. (Geewax Terker) and Institutional Capital Corporation (ICAP).
As can be seen from the table below*, both managers have constructed
portfolios whose characteristics are consistent with the Trust's policies.
<TABLE>
<CAPTION>
P/E Ratio Yield Average Market Cap
--------- ----- ------------------
<S> <C> <C> <C>
Russell 1000 Value Index................ 26.7x 1.8% $60.6 billion
Total Portfolio......................... 28.7x 1.6% $59.3 billion
Geewax Terker........................... 25.1x 1.8% $68.1 billion
Institutional Capital................... 30.7x 1.5% $54.8 billion
</TABLE>
*Source: Evaluation Associates as of June 30, 1999
For the fiscal year ended June 30, 1999, the Hirtle Callaghan (HC) Value
Equity Portfolio had a total return of 9.07%, which compares to the Russell
1000 Value Index of 16.36%.
This below index performance should be put in the context of other active
value managers. We present below a chart comparing the HC Trust Value Equity
Portfolio compared to the Russell 1000 Value Index and the EAI and Morningstar
peer groups. The comparison below is a median performance result for a group
of value managers (within EAI's total equity universe) who are considered to
be a peer group of the HC Trust Value Equity Portfolio managers. The
Morningstar Large Cap Value performance number is a median of managers
considered to be roughly equivalent to the HC Trust Value Equity Portfolio
managers.
[BAR CHART APPEARS HERE]
HC Trust Value Portfolio 9.07%
Russell 1000 Value Index 16.36%
Morningstar Large Cap Value 12.66%
EAI Large Cap Value 14.40%
- --------
/2/ The Russell 1000 Value Index measures the performance of those companies
included in the Russell 1000 Stock Index with lower price-to-book ratios
and lower forecasted growth rates.
2
<PAGE>
This fiscal year continued a trend noted last year, with active managers
struggling versus indexes. This was especially true in the first two fiscal
quarters, with performance relative to the Russell 1000 Value Index improving
in the last two periods. Additionally, a manager change was made, effective
March 8, 1999, replacing Hotchkis and Wiley with Geewax Terker. This change
was primarily due to Hotchkis' deep value orientation causing their return
patterns to deviate substantially from the Russell 1000 Value Index. As the
markets changed in the past two years (higher valuations, lower yields),
Hotchkis' deep value style got even deeper and caused their portfolios to
track with other value managers less reliably. In contrast to Hotchkis, Geewax
Terker uses a proprietary valuation system to identify those market sectors
and industries that are believed to have good prospects for growth. Stock
selections are then made using a variety of quantitative techniques and
fundamental research and with a view to assembling a portfolio of investments
similar in terms of risk, capitalization and represented market sectors to the
Russell 1000 Value Index. This quantitative and quality orientation is
expected to achieve performance that more closely tracks the Russell 1000
Value Index, and additionally, is expected to provide a better complement to
ICAP's bottom up stock selection approach.
[CHART APPEARS HERE]
Value Equity Portfolio
Value of a $10,000 Investment
Value Russell S&P 500
Equity 1000 Value Stock
Portfolio Index Index
--------- ---------- -------
8/25/1995 $10,000 $10,000 $10,000
12/31/1995 10,960 11,049 11,040
6/30/1996 11,728 11,876 12,165
12/31/1996 13,288 13,440 13,588
6/30/1997 15,867 15,817 16,382
12/31/1997 17,390 18,169 18,121
6/30/1998 19,582 20,377 21,331
12/31/1998 18,980 21,008 23,300
6/30/1999 21,357 23,712 26,185
Average Annual Total Return
As of June 30, 1999
Since
Inception
1 Year (8/25/95)
------ ---------
9.07% 21.79%
The benchmark index for the Value Equity Portfolio will be changing from the
S&P 500 Index to the Russell 1000 Value Index in order to better represent the
investment policies for comparison purposes. The Portfolio's performance above
is compared to the Russell 1000 Value Index and the S&P 500 Index. The indices
are unmanaged and do not reflect the deduction of fees associated with a
mutual fund, such as investment management and fund accounting fees. The
performance of the Hirtle Callaghan Value Equity Portfolio reflects the
deduction of fees for these value-added services. Past performance is not
predictive of future results. The investment return and NAV will fluctuate, so
that an investor's shares, when redeemed, may be worth more or less than the
original cost.
3
<PAGE>
The Growth Equity Portfolio
The investment objective of this Portfolio is to provide capital appreciation,
with income as a secondary consideration. In accordance with its investment
policies, this Portfolio is oriented toward large capitalization, equity
securities with an emphasis on long-term earnings growth potential and
relatively higher price-earnings ratios and lower dividend yields than the
average range for stocks included in the Standard & Poors 500 Stock Index. The
Growth Equity Portfolio is benchmarked against the Russell 1000 Growth
Index/3/. As of June 30, 1999, the Portfolio's managers were Jennison
Associates Capital Corporation (Jennison) and Goldman Sachs Asset Management
(Goldman).
As can be seen from the table below*, both managers have constructed
portfolios whose characteristics are consistent with the Trust's policies.
However, Jennison and Goldman have differing assignments within the growth
segment of the large capitalization arena. Jennison concentrates on the
largest, fastest growing multinational companies in the large capitalization
growth area, while Goldman focuses on the entire large capitalization growth
segment. Goldman employs a highly quantitative methodology to structure its
portfolios so that they are aligned with the assigned index with regard to
capitalization, industry, and sector weightings, also known as a top-down
methodology, while Jennison is a bottom-up stock picker within the large
capitalization growth arena.
<TABLE>
<CAPTION>
P/E Ratio Yield Average Market Cap
--------- ----- ------------------
<S> <C> <C> <C>
Russell 1000 Growth Index............... 44.7x 0.6% $122.3 billion
Total Portfolio......................... 43.5x 0.5% $111.3 billion
Jennison Associates..................... 45.5x 0.5% $108.5 billion
Goldman Sachs Asset Management.......... 39.5x 0.7% $117.3 billion
</TABLE>
*Source: Evaluation Associates as of June 30, 1999
For the fiscal year ended June 30, 1999, the HC Growth Equity Portfolio had a
total return of 26.76%, which compares to the Russell 1000 Growth Index return
of 27.27%.
[BAR CHART APPEARS HERE]
HC Trust Growth Portfolio 26.76%
Russell 1000 Growth Index 27.27%
Morningstar Large Cap Growth 26.39%
EAI Large Cap Growth 22.90%
- --------
/3/ The Russell 1000 Growth Index measures the performance of those companies
included in the Russell 1000 Stock Index with higher price-to-book ratios
and higher forecasted growth rates.
4
<PAGE>
Note that your managers outperformed their peer groups, Morningstar and EAI,
and slightly underperformed the Russell 1000 Growth Index. Jennison, the
bottom-up stock picker, dramatically outperformed Goldman, its quantitative
co-manager. Most of Goldman's underperformance occurred in the first fiscal
quarter, when equity market volatility was extremely high. Since that time,
the performance and tracking achieved by Goldman has been more in line with
expectations and we continue to believe that these two managers and their
differing methodologies will be complementary.
[CHART APPEARS HERE]
Growth Equity Portfolio
Value of a $10,000 Investment
Growth
Equity Russell 1000 S&P 500
Portfolio Growth Index Stock Index
--------- ------------ -----------
8/8/95 $10,000 $10,000 $10,000
12/31/95 10,240 10,949 11,070
6/30/96 11,169 12,271 12,198
12/31/96 12,299 13,481 13,624
6/30/97 13,830 16,117 16,426
12/31/97 15,748 17,591 18,169
6/30/98 18,947 21,176 21,388
12/31/98 20,872 24,400 23,362
6/30/99 24,019 26,950 26,255
Average Annual Total Return
As of June 30, 1999
Since
Inception
1 Year (8/8/95)
------ ---------
26.76% 25.22%
The benchmark index for the Growth Equity Portfolio will be changing from the
S&P 500 Index to the Russell 1000 Growth Index in order to better represent
the investment policies for comparison purposes. The Portfolio's performance
above is compared to the Russell 1000 Growth Index and the S&P 500 Index. The
indices are unmanaged and do not reflect the deduction of fees associated with
a mutual fund, such as investment management and fund accounting fees. The
performance of the Hirtle Callaghan Growth Equity Portfolio reflects the
deduction of fees for these value-added services. Past performance is not
predictive of future results. The investment return and NAV will fluctuate, so
that an investor's shares, when redeemed, may be worth more or less than the
original cost.
5
<PAGE>
The Small Capitalization Equity Portfolio
The investment objective of this Portfolio is to provide long term capital
appreciation by investing primarily in equity securities of smaller companies
and is benchmarked against the Russell 2000 Stock Index. As of June 30, 1999,
the Portfolio's managers were Frontier Capital Management Company (Frontier)
and Geewax, Terker & Co. Geewax is the quantitative (top-down) manager in this
portfolio, while Frontier is a bottom-up stock picker. Both managers are
concentrating on the smaller capitalization sector of the U.S. equities
market.
As can be seen from the table below*, both managers have constructed
portfolios whose characteristics are consistent with the Trust's policies.
<TABLE>
<CAPTION>
P/E Ratio Yield Average Market Cap
--------- ----- ------------------
<S> <C> <C> <C>
Russell 2000 Index...................... 23.2x 1.3% $0.8 billion
Total Portfolio......................... 26.1x 0.7% $1.7 billion
Geewax Terker........................... 24.5x 1.1% $2.0 billion
Frontier Capital Management............. 28.3x 0.3% $1.4 billion
</TABLE>
*Source: Evaluation Associates as of June 30, 1999
For the fiscal year ended June 30, 1999, the HC Small Capitalization Equity
Portfolio had a total return of 4.73%, which compares to the Russell 2000
Index return of 1.50%.
[BAR CHART APPEARS HERE]
HC Trust Small Cap Portfolio 4.73%
Russell 2000 Index 1.50%
Morningstar Small Cap Equity 0.35%
EAI Small Cap Equity 0.10%
6
<PAGE>
Like last year, the small capitalization segment of the market was highly
volatile during the fiscal year, and this volatility produced a return pattern
that substantially underperformed the larger capitalization sectors. That
said, the Small Capitalization Portfolio substantially bested both its
assigned index and its peer groups. This performance is attributable, in large
measure, to Frontier's excellent bottom-up stock selection throughout the
fiscal year.
[CHART APPEARS HERE]
Small Capitalization Equity Portfolio
Value of a $10,000 Investment
Small Capitalization Russell 2000
Equity Portfolio Index
-------------------- ------------
9/5/95 $10,000 $10,000
12/31/95 9,981 10,399
6/30/96 11,182 11,477
12/31/96 12,623 12,114
6/30/97 13,406 13,350
12/31/97 15,020 14,823
6/30/98 15,102 15,553
12/31/98 14,408 14,445
6/30/99 15,817 15,786
Average Annual Total Return
As of June 30, 1999
Since
Inception
1 Year (9/5/95)
------ ---------
4.73% 12.76%
The Portfolio's performance is compared to the Russell 2000 Index, which
represents the performance of domestically traded common stocks of small to
mid-sized companies. The index is unmanaged and does not reflect the deduction
of fees associated with a mutual fund, such as investment management and fund
accounting fees. The performance of the Hirtle Callaghan Small Capitalization
Equity Portfolio reflects the deduction of fees for these value added
services. Past performance is not predictive of future results. The investment
return and NAV will fluctuate, so that an investor's shares, when redeemed,
may be worth more or less than the original cost.
Equity securities of smaller companies may involve greater risk than is
customarily associated with investments in larger, more established companies.
7
<PAGE>
The International Equity Portfolio
The investment objective of this Portfolio is to maximize total return,
consisting of capital appreciation and current income, by investing primarily
in a diversified portfolio of equity securities on non-U.S. issuers. The
International Equity Portfolio is benchmarked against the Morgan Stanley
Capital Markets Index European, Australia and Far East Index (MSCI EAFE
Index). As of June 30, 1999, the manager of the HC International Equity
Portfolio was Brinson Partners, Inc. (Brinson). The following table lists key
portfolio statistics relevant to the assignment; note that Brinson has
structured a portfolio, which is, generally, aligned with the major components
of the MSCI EAFE Index:
<TABLE>
<CAPTION>
P/E Ratio Yield Average Market Cap
--------- ----- ------------------
<S> <C> <C> <C>
MSCI EAFE Index......................... 32.6x 1.8% $41.3 billion
Brinson Partners........................ 28.9x 2.1% $34.3 billion
</TABLE>
*Source: Evaluation Associates as of June 30, 1999
For the fiscal year ended June 30, 1999, the HC International Equity Portfolio
had a total return of 5.20%, which compares to the MSCI EAFE Index return of
7.62%.
[BAR CHART APPEARS HERE]
HC Trust International Portfolio 5.20%
MSCI EAFE Index 7.62%
Morningstar Foreign Stock 5.61%
EAI Non-US Equity 6.90%
8
<PAGE>
Since the inception of the Portfolio, Brinson has delivered an annualized
compound return of 11.70% versus the EAFE Index return of 9.81%. This
performance reflects both the value added by Brinson's defensive portfolio
structure during times of stress and periods in which performance has lagged
the benchmark.
As of July 26, 1999, Brinson's top-down and value oriented investment approach
will be supplemented by the bottom-up and growth oriented investment
philosophy of Artisan Partners Limited Partnership (Artisan). Artisan's
approach focuses on identifying individual companies that seem well positioned
for strong, sustainable growth, based on analysis of the financial statements
and other fundamental factors of individual issuers.
[CHART APPEARS HERE]
International Equity Portfolio
Value of a $10,000 Investment
International Morgan Stanley
Equity Europe Australia
Portfolio & Far East
------------- ----------------
8/17/95 $10,000 $10,000
12/31/95 10,714 10,618
6/30/96 11,515 11,115
12/31/96 12,198 11,294
6/30/97 13,773 12,578
12/31/97 12,872 11,527
6/30/98 14,589 13,381
12/31/98 14,875 13,871
6/30/99 15,345 14,441
Average Annual Total Return
As of June 30, 1999
Since
Inception
1 Year (8/17/95)
------ ---------
5.20% 11.70%
The Portfolio's performance is compared to the Morgan Stanley Capital
International Europe, Australia and Far East (EAFE) Index, which represents
the performance of the major stock markets in those regions. The index is
unmanaged and does not reflect the deduction of fees associated with a mutual
fund, such as investment management and fund accounting fees. The performance
of the Hirtle Callaghan International Equity Portfolio reflects the deduction
of fees for these value added services. Past performance is not predictive of
future results. The investment return and NAV will fluctuate, so that an
investor's shares, when redeemed, may be worth more or less than the original
cost.
Investments in securities of foreign issuers may involve risks not ordinarily
associated with investment in domestic securities.
9
<PAGE>
The Limited Duration Municipal Bond Portfolio
The investment objective of this Portfolio is to provide a high level of
current income exempt from Federal income tax, consistent with the
preservation of capital. This Portfolio is designed to have an overall
duration of less than four years and to have a target quality rating of AA as
defined by the S&P rating agency. As of June 30, 1999, the HC Limited Duration
Municipal Bond Portfolio was managed by Morgan Grenfell Capital Management
Incorporated (Morgan Grenfell). The following table lists key portfolio
statistics relevant to the assignment:
<TABLE>
<CAPTION>
Average Credit
Maturity Duration 30 Day Yield Rating
--------- --------- ------------ --------------
<S> <C> <C> <C> <C>
Merrill Lynch 0-3 Year
Muni Index............. 1.6 Years 1.5 Years N/A AA
Morgan Grenfell......... 3.0 Years 2.5 Years 4.8% AA
</TABLE>
For the fiscal year ended June 30, 1999, the HC Limited Duration Municipal
Bond Portfolio had a total return of 3.17%, which compares to the Merrill
Lynch 0-3 Year Muni Bond Index return of 4.00%.
Given the very conservative, risk adverse intent of this Portfolio, we are
pleased with the Portfolio's performance.
[BAR CHART APPEARS HERE]
HC Trust Limited Duration Muni Portfolio 3.17%
Merrill Lynch 0-3 Year Muni Index 4.00%
Morningstar Muni Bond Short-Term 2.70%
10
<PAGE>
The value of this limited duration tax-free municipal bond Portfolio is two
fold: first, it allows taxable investors with short term cash management needs
but no overnight liquidity needs to capture the extra yield normally
unavailable to tax free money market funds; second, it operates in a very
inefficient sector of the municipal bond market, where a knowledgeable
participant like Morgan Grenfell has been able to discover and capture higher
yields with little additional volatility or credit risk.
[CHART APPEARS HERE]
Limited Duration Municipal Bond Portfolio
Value of a $10,000 Investment
Limited Duration Merrill Lynch
Municipal Bond 0-3 Year
Portfolio Municipal Index
---------------- ---------------
10/10/95 $10,000 $10,000
12/31/95 10,217 10,134
6/30/96 10,360 10,306
12/31/96 10,681 10,551
6/30/97 10,913 10,762
12/31/97 11,273 11,046
6/30/98 11,510 11,276
12/31/98 11,768 11,599
6/30/99 11,876 11,727
Average Annual Total Return
As of June 30, 1999
Since
Inception
1 Year (10/10/95)
------ ----------
3.17% 4.73%
The Portfolio's performance is compared to the Merrill Lynch 0-3 year
Municipal Index, which represents the performance of the U.S. municipal bonds
in that maturity range. The index is unmanaged and does not reflect the
deduction of fees associated with a mutual fund, such as investment management
and fund accounting fees. The performance of the Hirtle Callaghan Limited
Duration Municipal Bond Portfolio reflects the deduction of fees for these
value added services. Past performance is not predictive of future results.
The investment return and NAV will fluctuate, so that an investor's shares,
when redeemed, may be worth more or less than the original cost.
11
<PAGE>
The Fixed Income Portfolio
The investment objective of this Portfolio is to provide a high level of
current income consistent with the preservation of capital. The Portfolio seeks
to achieve this objective by investing primarily in a diversified portfolio of
intermediate-term fixed income securities, but may purchase securities with any
stated maturity.
As of June 30, 1999, the Intermediate Fixed Income Portfolio was managed by
Morgan Grenfell Capital Management Incorporated (Morgan Grenfell). The
following table lists key portfolio statistics relevant to the assignment:
<TABLE>
<CAPTION>
Average Credit
Maturity Duration 30 Day Yield Rating
--------- --------- ------------ --------------
<S> <C> <C> <C> <C>
Lehman Bros. Aggregate
Bond Index............. 9.0 Years 4.9 Years N/A AA
Morgan Grenfell......... 7.8 Years 4.9 Years 6.13% AA
</TABLE>
For the fiscal year ended June 30, 1999, the Intermediate Fixed Income
Portfolio had a total return of 2.88%, which compares to the Lehman Brothers
Aggregate Bond Index return of 3.15%.
[BAR CHART APPEARS HERE]
HC Trust Fixed Income Portfolio 2.88%
Lehman Brothers Aggregate Bond Index 3.15%
Morningstar Intermediate Term Bond 1.76%
12
<PAGE>
Given the very conservative, risk adverse intent of this Portfolio, we are
pleased with the Portfolio's performance. You will note that Morgan Grenfell
outperformed its peer group, Morningstar, while modestly underperforming the
index. This is consistent with Morgan Grenfell's methodologies, especially
during periods of bond market volatility (such as in the past year), when they
emphasize very high quality issues and do not attempt to market time the
sector weights within the index.
[CHART APPEARS HERE]
Fixed Income Portfolio
Value of a $10,000 Investment
Lehman Brothers
Aggregate Bond
Fixed Income Index
------------ ---------------
7/1/98 $10,000 $10,000
9/30/98 10,445 10,423
12/31/98 10,456 10,458
3/31/99 10,376 10,405
6/30/99 10,288 10,313
Average Annual Total Return
As of June 30, 1999
Since
Inception
(7/1/98)
---------
2.88%
The Portfolio's performance is compared to the Lehman Brothers Aggregate Bond
Index. The index is unmanaged and does not reflect the deduction of fees
associated with a mutual fund, such as investment management and fund
accounting fees. The performance of the Hirtle Callaghan Fixed Income
Portfolio reflects the deduction of fees for these value-added services. Past
performance is not predictive of future results. The investment return and NAV
will fluctuate, so that an investor's shares, when redeemed, may be worth more
or less than the original cost.
13
<PAGE>
The Intermediate Term Municipal Bond Portfolio
The investment objective of this Portfolio is to provide a high level of
current income exempt from Federal income tax, consistent with the
preservation of capital. The Portfolio seeks to achieve this objective by
investing primarily in a diversified portfolio of intermediate-term fixed
income securities issued by municipalities and related entities, the interest
on which is exempt from regular Federal income tax, which are referred to as
"Municipal Securities."
As of June 30, 1999, the Intermediate Term Municipal Bond Portfolio was
managed by Morgan Grenfell Capital Management Incorporated (Morgan Grenfell).
The following table lists key portfolio statistics relevant to the assignment:
<TABLE>
<CAPTION>
Average Credit
Maturity Duration 30 Day Yield Rating
--------- --------- ------------ --------------
<S> <C> <C> <C> <C>
Lehman Bros. 5 Year GO
Index.................. 4.9 Years 4.1 Years N/A AA
Morgan Grenfell......... 8.3 Years 5.6 Years 4.60% AA
</TABLE>
For the fiscal year ended June 30, 1999, the Intermediate Municipal Bond
Portfolio had a total return of 2.44%, which compares to the Lehman Bros. 5
Year GO Index return of 3.42%.
[BAR CHART APPEARS HERE]
HC Trust Municipal Muni Portfolio 2.44%
Lehman Brothers 5 Year GO Muni Index 3.42%
Morningstar Municipal Bond 1.58%
14
<PAGE>
Given the very conservative, risk adverse intent of this Portfolio, we are
pleased with the Portfolio's performance. You will note that Morgan Grenfell
outperformed its peer group, Morningstar, while underperforming the index.
This is due to Morgan Grenfell's longer maturity structure during the period,
which produced a very competitive Federal tax-exempt yield.
[CHART APPEARS HERE]
Intermediate Term Municipal Bond Portfolio
Value of a $10,000 Investment
Lehman Brothers
5 Year CO
Intermediate Municipal Index
------------ ---------------
7/1/98 $10,000 $10,000
7/31/98 10,030 10,000
9/30/98 10,235 10,263
12/31/98 10,283 10,347
3/31/99 10,368 10,456
6/30/99 10,244 10,326
Average Annual Total Return
As of June 30, 1999
Since
Inception
(7/1/98)
---------
2.44%
The Portfolio's performance is compared to the Lehman Brothers 5 year GO
Municipal Index. The index is unmanaged and does not reflect the deduction of
fees associated with a mutual fund, such as investment management and fund
accounting fees. The performance of the Hirtle Callaghan Intermediate
Municipal Bond Portfolio reflects the deduction of fees for these value-added
services. Past performance is not predictive of future results. The investment
return and NAV will fluctuate, so that an investor's shares, when redeemed,
may be worth more or less than the original cost.
15
<PAGE>
Conclusion
We are pleased with the investment management teams we have retained on behalf
of our shareholders. With the exception of the Value Portfolio, our management
teams have generally outperformed their peers in a very difficult active
manager environment, and the management change we implemented in the Value
Portfolio is expected to perform more in line with expectations. We are in a
constant search for better, more efficient structures and managers.
In addition, we have continued to concentrate on cost control. Each Portfolio
is now operating well within the projected expense ratios, with total assets
at the end of the fiscal year of $1.2 billion. We are optimistic about our
ability to continue to drive down the expenses of these Portfolios. Every
basis point of savings will go directly to our shareholders.
We remain grateful for your confidence in us and for your continuing support.
We assure you that we will continue to work on your behalf to deliver the best
long-term investment solutions available in the marketplace.
Sincerely,
/s/ Donald E. Callaghan
Donald E. Callaghan
President
- --------
The views expressed in this letter reflect those of the President through the
end of the period covered by the report, as stated on the cover. The
President's views are subject to change based on market and other conditions.
16
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Value Equity Portfolio
Portfolio of Investments -- June 30, 1999
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks -- 95.74%
Geewax, Terker & Co. -- 32.63%
Aerospace/Defense -- 0.73%
5,700 Boeing Co.............................................. $ 251,869
600 Cordant Technologies, Inc.............................. 27,113
3,800 General Dynamics Corp.................................. 260,300
800 Litton Industries, Inc................................. 57,400
5,400 Lockheed Martin Corp................................... 201,150
900 Northrop Grumman Corp.................................. 59,681
10,400 Raytheon Co., Class - B................................ 731,900
------------
1,589,413
------------
Airlines & Services -- 0.11%
1,200 Continental Airlines, Class - B*....................... 45,300
3,200 Delta Air Lines, Inc................................... 184,400
------------
229,700
------------
Auto--Retail -- 0.03%
4,000 Autonation, Inc.*...................................... 71,250
------------
Auto Parts -- 0.49%
2,000 Cooper Tire & Rubber Co................................ 47,250
4,300 Dana Corp.............................................. 198,069
6,569 Delphi Automotive Systems Corp......................... 121,937
4,300 Genuine Parts Co....................................... 150,500
3,800 Goodyear Tire & Rubber Co.............................. 223,487
1,700 Lear Corp.*............................................ 84,575
1,900 Paccar, Inc............................................ 101,413
2,400 TRW, Inc............................................... 131,700
------------
1,058,931
------------
Automobile Production -- 0.77%
18,700 Ford Motor Co.......................................... 1,055,381
9,400 General Motors Corp.................................... 620,400
------------
1,675,781
------------
Banking -- 3.25%
16,790 Banc One Corp.......................................... 1,000,053
18,200 Bank Of New York Co., Inc.............................. 667,712
900 Bank United Corp....................................... 36,169
1,100 CCB Financial Corp..................................... 58,163
13,800 Chase Manhattan Corp................................... 1,195,424
1,100 City National Corp..................................... 41,181
1,400 Commerce Bancshares, Inc............................... 56,350
2,400 Compass Bancshares, Inc................................ 65,400
2,400 Fifth Third Bancorp.................................... 159,750
2,700 First American Corp.................................... 112,219
1,300 First Virginia Banks, Inc.............................. 63,863
11,900 Fleet Financial Group, Inc............................. 528,063
1,650 Fulton Financial Corp.................................. 34,134
2,300 Greenpoint Financial Corp.............................. 75,469
6,800 KeyCorp................................................ 218,450
100 M & T Bank Corp........................................ 55,000
2,700 Marshall & Ilsley Corp................................. 173,813
3,700 Mercantile Bancorp..................................... 211,363
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Banking (continued)
1,600 Mercantile Bankshares Corp............................. $ 56,600
3,200 North Fork Bancorp., Inc............................... 68,200
1,700 Pacific Century Financial Corp......................... 36,656
4,800 PNC Bank Corp.......................................... 276,600
3,600 Sovereign Bancorp, Inc................................. 43,650
6,800 Suntrust Banks, Inc.................................... 472,175
1,700 Trustmark Corp......................................... 38,888
1,700 Union Bank of San Francisco............................ 61,413
1,575 Valley National Bancorp................................ 45,281
2,900 Wachovia Corp.......................................... 248,131
1,680 Washington Federal, Inc................................ 37,695
21,500 Wells Fargo Co......................................... 919,124
------------
7,056,989
------------
Beverages -- 0.31%
8,100 Anheuser-Busch Co., Inc................................ 574,593
1,400 Brown-Forman Corp., Class - B.......................... 91,263
------------
665,856
------------
Broadcasting -- 0.18%
3,500 CBS Corp............................................... 152,031
6,400 Cox Communications, Inc., Class - A*................... 235,600
------------
387,631
------------
Business Equipment & Services -- 0.03%
2,200 Comdisco, Inc.......................................... 56,375
------------
Casinos/Gaming -- 0.04%
1,400 Harrah's Entertainment, Inc............................ 30,800
2,700 Mandalay Resort Group*................................. 57,038
------------
87,838
------------
Chemicals -- 0.58%
2,600 Dow Chemical Co........................................ 329,874
1,800 Eastman Chemical Co.................................... 93,150
1,500 Engelhard Corp......................................... 33,938
800 FMC Corp............................................... 54,650
1,100 Goodrich B.F. Co....................................... 46,750
1,200 Great Lakes Chemical Corp.............................. 55,275
2,100 Mallinckrodt, Inc...................................... 76,388
3,500 PPG Industries, Inc.................................... 206,719
848 Rohm & Haas Co......................................... 36,366
2,100 RPM, Inc............................................... 29,794
3,700 Sherwin-Williams Co.................................... 102,675
2,000 Sigma-Aldrich Corp..................................... 68,875
3,300 Solutia, Inc........................................... 70,331
1,800 W.R. Grace & Co.*...................................... 33,075
1,500 Witco Corp............................................. 30,000
------------
1,267,860
------------
Clothing/Apparel -- 0.07%
1,500 Liz Claiborne, Inc..................................... 54,750
2,200 V.F. Corp.............................................. 94,050
------------
148,800
------------
</TABLE>
See accompanying notes to financial statements.
17
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Value Equity Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Computer Software & Services -- 0.22%
1,600 ACNielsen Corp.*..................................... $ 48,400
700 Adobe Systems, Inc................................... 57,509
800 Affiliated Computer Services, Inc.*.................. 40,500
1,900 DST Systems, Inc.*................................... 119,463
4,300 First Data Corp...................................... 210,431
------------
476,303
------------
Computer Systems -- 0.01%
1,300 Reynolds & Reynolds Co............................... 30,306
------------
Conglomerates -- 0.22%
5,400 AlliedSignal, Inc.................................... 340,200
2,500 Dover Corp........................................... 95,625
900 Pittway Corp., Class - A............................. 30,769
------------
466,594
------------
Construction Materials & Supplies -- 0.32%
600 Carlisle Cos., Inc................................... 28,875
1,600 Centex Corp.......................................... 60,100
900 Fluor Corp........................................... 36,450
700 Johns Manville Corp.................................. 9,100
4,700 Leggett & Platt, Inc................................. 130,719
1,200 Martin Marietta Materials, Inc....................... 70,800
4,900 Masco Corp........................................... 141,488
2,300 Parker-Hannifin Corp................................. 105,225
1,300 Timken Co............................................ 25,350
1,200 Vulcan Materials Co.................................. 57,900
900 York International Corp.............................. 38,531
------------
704,538
------------
Containers/Packaging -- 0.10%
1,000 Bemis Co., Inc....................................... 39,750
3,100 Crown Cork And Seal Co., Inc......................... 88,350
2,900 Sonoco Products Co................................... 86,819
------------
214,919
------------
Electronic Components & Instruments -- 2.97%
1,800 Adaptec, Inc.*....................................... 63,563
400 Analog Devices, Inc.*................................ 20,075
2,600 Applied Materials, Inc.*............................. 192,075
1,300 Atmel Corp.*......................................... 34,044
1,000 Avnet, Inc........................................... 46,500
1,800 Diebold, Inc......................................... 51,750
1,400 EG&G, Inc............................................ 49,875
6,300 Emerson Electric Co.................................. 396,112
1,900 Grainger W.W., Inc................................... 102,244
5,100 Hewlett Packard Co................................... 512,549
2,000 Honeywell, Inc....................................... 231,750
1,200 Hubbell, Inc., Class - B............................. 54,450
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Electronic Components & Instruments (continued)
24,600 International Business Machines Corp................... $ 3,179,549
2,200 Johnson Controls, Inc.................................. 152,488
8,000 Level 3 Communications, Inc.*.......................... 480,499
2,100 LSI Logic Corp.*....................................... 96,863
4,500 Micron Technology, Inc................................. 181,406
1,300 Molex, Inc............................................. 48,100
4,600 National Semiconductor Corp.*.......................... 116,438
900 Pentair, Inc........................................... 41,175
3,900 Silicon Graphics, Inc.*................................ 63,863
1,800 Teleflex, Inc.......................................... 78,188
3,400 United Technologies Corp............................... 243,738
------------
6,437,294
------------
Entertainment -- 0.02%
1,400 King World Productions, Inc............................ 48,738
------------
Environmental Services -- 0.06%
3,106 Browning-Ferris Industries, Inc........................ 133,558
------------
Financial Services -- 4.29%
1,500 Allmerica Financial Corp............................... 91,219
2,800 American Express Co.................................... 364,350
6,846 Associates First Capital Corp.......................... 303,363
26,600 BankAmerica Corp....................................... 1,950,112
3,000 Bear Stearns Companies, Inc............................ 140,250
48,450 Citigroup, Inc......................................... 2,301,374
3,000 Countrywide Credit Industries, Inc..................... 128,250
2,800 Dime Bancorp, Inc...................................... 56,350
2,300 Edwards A.G., Inc...................................... 74,175
14,100 Fannie Mae............................................. 964,088
800 Financial Securities Assurance......................... 41,600
1,900 Finova Group, Inc...................................... 99,988
4,600 First Security Corp.................................... 125,350
1,600 Firstmerit Corp........................................ 44,900
1,200 Golden West Financial Corp............................. 117,600
200 H & R Block............................................ 10,000
5,432 Household International, Inc........................... 257,341
2,900 J.P. Morgan & Co....................................... 407,450
1,700 Legg Mason, Inc........................................ 65,450
2,700 Lehman Brothers Holdings, Inc.......................... 168,075
10,300 Morgan Stanley Dean Witter & Co........................ 1,055,749
2,800 Paine Webber Group, Inc................................ 130,900
500 PMI Group, Inc......................................... 31,406
1,700 Protective Life Corp................................... 56,100
700 Provident Financial Group.............................. 30,625
5,800 Regions Financial Corp................................. 222,938
1,200 Wilmington Trust Corp.................................. 68,850
------------
9,307,853
------------
Food -- Retail -- 0.05%
3,800 Supervalu, Inc......................................... 97,612
500 U.S. Foodservice*...................................... 21,313
------------
118,925
------------
</TABLE>
See accompanying notes to financial statements.
18
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Value Equity Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Food Processing -- 0.41%
7,800 Archer-Daniels-Midland Co.............................. $ 120,413
1,900 Bestfoods.............................................. 94,050
4,400 Conagra, Inc........................................... 117,150
700 Dole Food Co., Inc..................................... 20,563
5,100 H.J. Heinz Co.......................................... 255,637
1,000 Hormel Foods Corp...................................... 40,250
2,100 IBP, Inc............................................... 49,875
2,100 Kellogg Co............................................. 69,300
2,400 McCormick & Co., Inc................................... 75,750
600 Wrigley (Wm) Jr. Co.................................... 54,000
------------
896,988
------------
Footwear -- 0.02%
700 Payless Shoesource, Inc.*.............................. 37,450
800 Reebok International, Ltd.............................. 14,900
------------
52,350
------------
Holding Companies -- Diversified -- 0.09%
4,800 Fortune Brands, Inc.................................... 198,600
------------
Home Products -- 0.05%
1,100 International Flavors & Fragrance...................... 48,813
2,200 U.S.T., Inc............................................ 64,350
------------
113,163
------------
Hotels & Lodging -- 0.03%
3,200 Hilton Hotels Corp..................................... 45,400
1,100 Host Marriott Corp..................................... 13,063
300 MGM Grand, Inc.*....................................... 14,700
------------
73,163
------------
Household Products -- 0.08%
1,200 Alberto-Culver Co., Class - B.......................... 31,950
1,400 Premark International, Inc............................. 52,500
3,700 Tupperware Corp........................................ 94,350
------------
178,800
------------
Insurance -- 2.40%
3,500 Aetna, Inc............................................. 313,030
16,100 Allstate Corp.......................................... 577,587
2,300 Ambac, Inc............................................. 131,388
3,600 American General Corp.................................. 271,350
15,800 American International Group........................... 1,849,587
4,050 AON Corp............................................... 167,063
3,900 Chubb Corp............................................. 271,050
3,300 Cigna Corp............................................. 293,700
1,000 Everest Reinsurance Holdings........................... 32,625
3,000 Jefferson Pilot Corp................................... 198,563
5,500 Marsh & Mclennan Co.................................... 415,249
1,800 MBIA, Inc.............................................. 116,550
1,600 SAFECO Corp............................................ 70,600
5,000 St. Paul Co............................................ 159,063
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Insurance (continued)
3,600 Torchmark Corp........................................ $ 122,850
600 Transatlantic Holding................................. 44,963
2,700 Travelers Property Casualty........................... 105,638
1,500 Unitrin, Inc.......................................... 61,500
-------------
5,202,356
-------------
Machinery & Engineering -- 0.27%
1,700 Case Corp............................................. 81,813
800 Cummins Engine Co., Inc............................... 45,700
3,500 Deere & Co............................................ 138,688
4,000 Ingersoll Rand Co..................................... 258,499
2,700 Thermo Electron Corp.................................. 54,169
-------------
578,869
-------------
Manufacturing -- 0.01%
900 Harsco Corp........................................... 28,800
-------------
Media -- 0.67%
4,700 Media One Group, Inc.*................................ 349,563
11,100 Time Warner, Inc...................................... 799,200
6,700 Viacom, Inc., Class - B*.............................. 294,800
-------------
1,443,563
-------------
Medical Products -- 0.10%
1,300 Crane Co.............................................. 40,869
1,900 Eaton Corp............................................ 174,800
-------------
215,669
-------------
Metals -- 0.14%
3,900 Allegheny Teledyne, Inc............................... 88,238
2,300 Nucor Corp............................................ 109,106
2,400 USX-U.S. Steel Group, Inc............................. 64,800
2,100 Worthington Industries, Inc........................... 34,519
-------------
296,663
-------------
Oil & Gas -- 2.64%
1,800 Ashland, Inc.......................................... 72,225
2,400 Baker Hughes, Inc..................................... 80,400
3,800 Burlington Industries................................. 164,350
4,300 Coastal Corp.......................................... 172,000
2,900 Consolidated Natural Gas Co........................... 176,175
900 Dynegy, Inc........................................... 18,338
4,600 Enron Corp............................................ 376,050
1,500 Enron Oil & Gas....................................... 30,375
34,900 Exxon Corp............................................ 2,691,662
1,200 Kerr Mcgee Corp....................................... 60,225
11,300 Mobil Corp............................................ 1,118,700
700 National Fuel Gas Co.................................. 33,950
900 Noble Affiliates, Inc................................. 25,369
1,100 Noble Drilling Corp.*................................. 21,656
2,600 Sonat, Inc............................................ 86,125
7,800 Texaco, Inc........................................... 487,500
600 Tidewater, Inc........................................ 18,300
5,200 Union Pacific Resources Group......................... 84,825
-------------
5,718,225
-------------
</TABLE>
See accompanying notes to financial statements.
19
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Value Equity Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Paper Products -- 0.24%
2,200 Champion International Co.............................. $ 105,325
1,700 Consolidated Papers, Inc............................... 45,475
3,400 International Paper Co................................. 171,700
1,500 Kimberly Clark Corp.................................... 85,500
2,600 Mead Corp.............................................. 108,550
500 St. Joe Corp........................................... 13,500
------------
530,050
------------
Personal Services -- 0.01%
300 Sabre Group Holdings, Inc.*............................ 20,625
------------
Pharmaceuticals -- 0.62%
6,700 Abbott Laboratories.................................... 304,850
3,900 American Home Products Corp............................ 224,250
500 Chiron Corp.*.......................................... 10,375
5,300 Columbia/HCA Healthcare Corp........................... 120,906
2,200 Healthsouth Corp.*..................................... 32,863
278 Lifepoint Hospitals, Inc.*............................. 3,736
600 Omnicare, Inc.......................................... 7,575
11,200 Pharmacia & Upjohn, Inc................................ 636,299
278 Triad Hospitals, Inc.*................................. 3,753
------------
1,344,607
------------
Pollution Control -- 0.09%
3,467 Waste Management, Inc.................................. 186,351
------------
Publishing & Printing -- 0.44%
2,700 Belo (A.H.) Corp....................................... 53,156
700 Central Newspapers, Inc................................ 26,338
2,100 Deluxe Corp............................................ 81,769
4,600 Gannett Co., Inc....................................... 328,324
400 Harte-Hanks, Inc....................................... 10,850
2,000 Knight-Ridder, Inc..................................... 109,875
2,900 R.R. Donnelley & Sons Co............................... 107,481
1,500 Tribune Co............................................. 130,688
200 Washington Post Co..................................... 107,900
------------
956,381
------------
Railroads -- 0.13%
1,000 Trinity Industries, Inc................................ 33,500
4,100 Union Pacific Corp..................................... 239,081
------------
272,581
------------
Raw Materials -- 0.49%
5,400 Alcoa, Inc............................................. 334,125
7,400 Du Pont (E.I) De Nemours............................... 505,513
1,700 Hercules, Inc.......................................... 66,831
3,100 Praxair, Inc........................................... 151,706
------------
1,058,175
------------
Recreation -- 0.05%
2,400 Brunswick Corp......................................... 66,900
3,400 Callaway Golf Co....................................... 49,725
------------
116,625
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Restaurants -- 0.19%
1,300 Brinker International, Inc.*........................... $ 35,344
7,700 McDonald's Corp........................................ 318,106
2,100 Wendy's International, Inc............................. 59,456
------------
412,906
------------
Retail -- 0.69%
4,600 Albertson's, Inc....................................... 237,188
3,800 BJ's Wholesale Club, Inc.*............................. 114,238
2,100 Dillards, Inc., Class - A.............................. 73,763
5,900 Federated Department Stores, Inc.*..................... 312,331
800 Hannaford Brothers Co.................................. 42,800
1,200 Harcourt General, Inc.................................. 61,875
8,350 May Department Stores, Inc............................. 341,305
1,650 Office Depot, Inc.*.................................... 36,403
5,200 Sears Roebuck & Co..................................... 231,725
1,400 Warnaco Group, Inc..................................... 37,450
------------
1,489,078
------------
Retail -- Specialty -- 0.01%
200 Tiffany & Co........................................... 19,300
------------
Security Systems -- 0.01%
500 Pittston Brink's Group................................. 13,375
------------
Telecommunications -- 5.12%
5,600 Alltel Corp............................................ 400,400
17,000 Ameritech Corp......................................... 1,249,500
47,436 AT&T Corp.............................................. 2,647,521
21,762 Bell Atlantic Corp..................................... 1,422,690
10,700 BellSouth Corp......................................... 501,563
13,000 GTE Corp............................................... 983,938
20,400 MCI WorldCom, Inc.*.................................... 1,759,499
400 Panamsat Corp.*........................................ 15,575
600 Qualcomm, Inc.*........................................ 86,100
24,416 SBC Communications, Inc................................ 1,416,128
900 Scientific-Atlanta, Inc................................ 32,400
9,800 Sprint Corp............................................ 517,563
700 Telephone And Data Systems, Inc........................ 51,144
300 U.S. Cellular Corp.*................................... 16,050
------------
11,100,071
------------
Transportation -- 0.18%
11,500 Burlington Northern Santa Fe Corp...................... 356,500
800 CNF Transportation, Inc................................ 30,700
------------
387,200
------------
Utilities -- 2.60%
3,000 Allegheny Energy, Inc.................................. 96,188
3,400 Ameren Corp............................................ 130,475
3,200 American Electric Power, Inc........................... 120,200
1,800 American Water Works Co................................ 55,350
1,200 BEC Energy............................................. 49,500
3,800 Carolina Power And Light Co............................ 162,688
5,800 Central & South West Corp.............................. 135,575
3,900 Cinergy Corp........................................... 124,800
</TABLE>
See accompanying notes to financial statements.
20
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Value Equity Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Utilities (continued)
6,500 Citizens Utilities Co................................. $ 72,313
2,600 CMS Energy Corp....................................... 108,875
2,700 Conectiv, Inc......................................... 65,981
4,100 Consolidated Edison, Inc.............................. 185,525
3,400 Detroit Edison Co..................................... 136,000
4,100 DPL, Inc.............................................. 75,338
2,100 DQE, Inc.............................................. 84,263
10,200 Duke Power Co., Inc................................... 554,624
9,800 Edison International.................................. 262,149
1,900 El Paso Energy Corp................................... 66,856
6,300 Entergy Corp.......................................... 196,875
6,300 FirstEnergy Corp...................................... 195,300
4,100 Florida Power & Light, Inc............................ 223,962
2,400 Florida Progress Corp................................. 99,150
3,600 General Public Utilities Corp......................... 151,875
2,600 ITT Industries, Inc................................... 99,125
1,900 Kansas City Power & Light Co.......................... 48,450
3,700 LG&E Energy Corp...................................... 77,700
1,500 MCN Corp.............................................. 31,594
1,500 New England Electric System........................... 75,188
1,800 Northern States Power Co.............................. 43,538
7,600 PacifiCorp............................................ 139,650
6,100 PG&E Corp............................................. 198,250
2,200 Pinnacle West Capital................................. 88,550
2,900 Potomac Electric Power Co............................. 85,369
6,000 Public Service Ent. Group............................. 245,249
18,700 Southern Co........................................... 495,549
3,700 Teco Energy, Inc...................................... 84,175
3,830 Texas Utilities Co.................................... 157,988
3,100 U.S. Industries, Inc.................................. 52,700
2,050 Utilicorp United, Inc................................. 49,841
5,800 Williams Cos., Inc.................................... 246,862
2,700 Wisconsin Energy Corp................................. 67,669
------------
5,641,309
------------
Total -- Geewax, Terker & Co. (cost $61,099,155)...... 70,781,295
------------
Institutional Capital Corp. -- 63.11%
Airlines & Services -- 1.45%
25,350 AMR Corp.............................................. 1,730,138
43,600 Northwest Airlines Corp.*............................. 1,417,000
------------
3,147,138
------------
Auto Parts -- 1.88%
43,700 Dana Corp............................................. 2,012,931
37,700 TRW, Inc.............................................. 2,068,788
------------
4,081,719
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Automobile Production -- 2.54%
14,700 Ford Motor Co........................................ $ 829,631
71,000 General Motors Corp.................................. 4,686,000
------------
5,515,631
------------
Banking -- 3.60%
72,700 BankAmerica Corp..................................... 5,329,819
72,700 U.S. Bancorp......................................... 2,471,800
------------
7,801,619
------------
Chemicals -- 4.99%
72,400 Akzo Nobel NV - ADR.................................. 3,067,950
106,900 Hoechst AG - ADR..................................... 4,917,399
71,800 Monsanto Co.......................................... 2,831,613
------------
10,816,962
------------
Computer Software & Services -- 0.87%
34,300 Computer Associates International, Inc............... 1,886,500
------------
Computer Systems -- 1.44%
24,200 International Business Machines Corp................. 3,127,850
------------
Conglomerates -- 1.27%
29,150 Tyco International Ltd............................... 2,761,963
------------
Electronic Components & Instruments -- 2.65%
56,956 Koninklijke Philips Electric......................... 5,745,437
------------
Entertainment -- 3.34%
176,100 News Corp. Ltd. - ADR................................ 5,558,156
38,500 Royal Caribbean Cruises Ltd.......................... 1,684,375
------------
7,242,531
------------
Environmental Services -- 2.34%
94,550 Waste Management, Inc................................ 5,082,063
------------
Financial Services -- 3.95%
100,500 Citigroup, Inc....................................... 4,773,749
80,300 Household International, Inc......................... 3,804,213
------------
8,577,962
------------
Food Processing -- 1.10%
48,300 Bestfoods............................................ 2,390,850
------------
Health Care -- 0.55%
63,725 Tenet Healthcare Corp.*.............................. 1,182,895
------------
Insurance -- 2.09%
24,850 Cigna Corp........................................... 2,211,650
39,850 Hartford Financial Services Group, Inc............... 2,323,753
------------
4,535,403
------------
</TABLE>
See accompanying notes to financial statements.
21
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Value Equity Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Institutional Capital Corp. (continued)
Medical Equipment & Supplies -- 1.72%
61,700 Baxter International, Inc.......................... $ 3,740,563
------------
Office Equipment -- 1.86%
68,400 Xerox Corp......................................... 4,039,875
------------
Oil & Gas -- 1.38%
40,740 Elf Aquitane Group - ADR........................... 2,996,936
------------
Paper Products -- 3.07%
51,400 Fort James Corp.................................... 1,946,775
43,250 Kimberly-Clark Corp................................ 2,465,250
71,400 UPM-Kymmene Oyj - ADR.............................. 2,244,638
------------
6,656,663
Pharmaceuticals -- 1.88%
57,750 Bristol-Myers Squibb Co............................ 4,067,766
------------
Publishing & Printing -- 2.52%
65,850 Dun & Bradstreet Corp.............................. 2,333,559
44,000 Gannett Co., Inc................................... 3,140,500
------------
5,474,059
------------
REITS -- 0.98%
179,050 Host Marriott Corp.*............................... 2,126,219
------------
Retail -- 3.46%
61,950 Dayton Hudson Corp................................. 4,026,750
65,850 Federated Department Stores, Inc.*................. 3,485,934
------------
7,512,684
------------
Telecommunications -- 9.84%
30,150 Ameritech Corp..................................... 2,216,025
65,061 AT&T Corp.......................................... 3,631,216
88,302 Bell Atlantic Corp................................. 5,772,742
41,350 General Motors Corp., Class - H.................... 2,325,938
29,566 Motorola, Inc...................................... 2,801,379
34,150 Nortel Networks Corp............................... 2,964,647
27,500 U S West, Inc...................................... 1,615,625
------------
21,327,572
------------
Tobacco -- 2.34%
126,100 Philip Morris Companies, Inc....................... 5,067,644
------------
Total -- Institutional Capital Corp. (cost
$119,156,002)..................................... 136,906,504
------------
Total -- Common Stocks (cost $180,255,157)......... 207,687,799
------------
Depositary Receipts -- 1.78%
Geewax, Terker & Co. -- 1.78%
28,200 S&P 500 Depositary Receipt......................... 3,861,197
------------
Total Depositary Receipts (cost $3,792,216)........ 3,861,197
------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Security Value
or Shares Description (Note 2)
--------- ----------- --------
<C> <S> <C>
Repurchase Agreements -- 1.00%
Geewax, Terker & Co. -- 1.00%
Cash & Equivalents -- 1.00%
$2,167,354 Bankers Trust Co., Repurchase Agreement, dated
6/30/99, due 7/1/99 at 4.20% with a maturity value
of $2,167,603 (Collateralized by $1,823,000 U.S.
Treasury bonds 8.125%, 5/15/21; market value
$2,238,872)....................................... $ 2,167,354
------------
Total Repurchase Agreements (cost $2,167,354)...... 2,167,354
------------
Short-Term Investments -- 3.11%
Institutional Capital Corp. -- 3.11%
Cash & Equivalents -- 0.12%
249,662 Bankers Trust Cash Sweep........................... 249,662
------------
Commercial Paper -- 2.99%
6,500,000 Wal-Mart Stores, Inc., 5.25%, 7/2/99............... 6,500,000
------------
Total -- Short-Term Investments (cost $6,749,662).. 6,749,662
------------
Total Investments (cost $192,964,389) (a) --
101.63%.......................................... 220,466,012
Liabilities in Excess of Other Assets -- (1.63)%... (3,525,961)
------------
Total Net Assets -- 100.00%........................ $216,940,051
============
</TABLE>
- --------
* Non-income producing securities.
ADR -- American Depository Receipt
(a) Represents cost for financial reporting purposes and differs from cost
basis for federal income tax purposes by the amount of losses recognized
for financial reporting in excess of federal income tax reporting of
$530,899. Cost for federal income tax purposes differs from value of net
unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation.......................................... $30,728,890
Unrealized depreciation.......................................... (3,758,166)
-----------
Net unrealized appreciation...................................... $26,970,724
===========
</TABLE>
See accompanying notes to financial statements.
22
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Growth Equity Portfolio
Portfolio of Investments -- June 30, 1999
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks -- 98.37%
Jennison Associates LLP -- 66.31%
Aerospace/Defense -- 0.67%
28,100 AlliedSignal, Inc.................................... $ 1,770,300
------------
Banking -- 4.21%
66,300 Chase Manhattan Corp................................. 5,743,237
113,625 Citigroup, Inc....................................... 5,397,188
------------
11,140,425
------------
Computer Hardware -- 2.42%
69,600 Dell Computer Corp.*................................. 2,575,200
49,000 EMC Corp.*........................................... 2,695,000
16,500 Sun Microsystems, Inc................................ 1,136,438
------------
6,406,638
------------
Computer Software -- 4.16%
20,300 Intuit, Inc.*........................................ 1,829,538
82,900 Microsoft Corp.*..................................... 7,476,543
51,700 Rational Software Corp.*............................. 1,702,869
------------
11,008,950
------------
Computer Systems/Peripherals -- 3.75%
32,400 Hewlett Packard Co................................... 3,256,200
43,400 International Business Machines Corp................. 5,609,450
29,250 Symbol Technologies, Inc............................. 1,078,594
------------
9,944,244
------------
Cosmetics -- 0.61%
32,000 Estee Lauder Companies, Inc. -Class A................ 1,604,000
------------
Electronic Equipment -- 2.78%
49,700 General Electric Co.................................. 5,616,100
26,090 Lucent Technologies, Inc............................. 1,759,444
------------
7,375,544
------------
Financial Services -- 3.91%
8,100 Associates First Capital Corp........................ 358,931
20,400 Goldman Sachs Group, Inc.*........................... 1,473,900
93,387 MBNA Corp............................................ 2,859,977
36,150 Morgan Stanley Dean Witter & Co...................... 3,705,375
17,750 Schwab (Charles) Corp................................ 1,950,281
------------
10,348,464
------------
Insurance -- 2.17%
48,700 Ace Ltd.............................................. 1,375,775
37,400 American International Group, Inc.................... 4,378,138
------------
5,753,913
------------
Media -- 5.25%
48,800 AT&T - Liberty Media Group*.......................... 1,793,400
134,700 CBS Corp.*........................................... 5,851,031
47,200 Clear Channel Communications, Inc.*.................. 3,253,850
45,600 Univision Communications, Inc.*...................... 3,009,600
------------
13,907,881
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Networking -- 2.67%
109,550 Cisco Systems, Inc.*................................. $ 7,059,128
------------
Pharmaceuticals -- 7.50%
66,700 American Home Products Corp.......................... 3,835,249
37,300 Bristol-Myers Squibb Co.............................. 2,627,319
21,700 Eli Lilly & Co....................................... 1,554,263
1,700 Glaxo Welcome PLC.................................... 99,344
39,500 Merck & Co., Inc..................................... 2,923,000
16,500 Pfizer, Inc.......................................... 1,810,875
65,500 Schering-Plough Corp................................. 3,471,500
51,000 Warner Lambert Co.................................... 3,538,125
------------
19,859,675
------------
Photography/Imaging Technology -- 1.16%
52,100 Xerox Corp........................................... 3,077,156
------------
Publishing -- 1.27%
42,000 Omnicom Group, Inc................................... 3,360,000
------------
Restaurants -- 1.27%
81,200 McDonald's Corp...................................... 3,354,575
------------
Retail -- 7.11%
39,300 CVS Corp............................................. 2,009,213
74,250 Gap, Inc............................................. 3,740,344
75,500 Home Depot, Inc...................................... 4,865,031
50,300 Kohl's Corp.*........................................ 3,882,531
73,600 Staples, Inc.*....................................... 2,277,000
42,700 Wal-Mart Stores, Inc................................. 2,060,275
------------
18,834,394
------------
Semiconductors -- 6.04%
53,500 Applied Materials, Inc.*............................. 3,952,313
56,600 Intel Corp........................................... 3,367,700
36,500 KLA Tencor Corp.*.................................... 2,367,938
43,500 Texas Instruments, Inc............................... 6,307,499
------------
15,995,450
------------
Telecommunications -- 9.36%
25,500 Allegiance Telecom, Inc.*............................ 1,399,313
18,700 America Online, Inc.*................................ 2,066,350
14,500 EQUANT N.V.*......................................... 1,364,813
90,800 MCI WorldCom, Inc.*.................................. 7,831,499
11,500 Motorola, Inc........................................ 1,089,625
9,000 Nextlink Communications*............................. 669,375
30,600 Nokia Corp. - ADR.................................... 2,801,812
79,400 Qwest Communications International*.................. 2,625,162
35,000 Tellabs, Inc.*....................................... 2,364,688
13,250 Vodafone AirTouch PLC - ADR.......................... 2,610,250
------------
24,822,887
------------
Total -- Jennison Associates LLP (cost
$113,479,114)....................................... 175,623,624
------------
</TABLE>
See accompanying notes to financial statements.
23
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Growth Equity Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Goldman Sachs Asset Management -- 32.06%
Apparel -- 0.03%
1,300 Nike, Inc. - Class B................................... $ 82,388
------------
Automotive -- 0.38%
20,300 Navistar International Corp.*.......................... 1,015,000
------------
Banking -- 0.00%
1 BankAmerica Corp....................................... 73
------------
Chemicals -- 0.37%
7,800 Dow Chemical Co........................................ 989,625
------------
Clothing -- 0.05%
3,200 Ann Taylor Stores Corp.*............................... 144,000
------------
Commercial Services -- 0.09%
6,600 Marriott International, Inc. - Class A................. 246,675
------------
Computer Hardware -- 3.33%
41,600 Cisco Systems, Inc..................................... 2,680,599
7,300 Dell Computer Corp..................................... 270,100
13,000 EMC Corp............................................... 715,000
7,000 International Business Machines Corp................... 904,750
8,200 Lexmark International Group, Inc.*..................... 541,713
33,400 Seagate Technology, Inc.*.............................. 855,875
15,200 Sun Microsystems, Inc.*................................ 1,046,900
19,300 Tech Data Corp.*....................................... 738,225
4,300 Unisys Corp.*.......................................... 167,431
14,800 Xerox Corp............................................. 874,125
------------
8,794,718
------------
Computer Services -- 0.76%
14,200 American Online, Inc................................... 1,569,100
1,900 At Home Corp.*......................................... 102,481
2,000 Automatic Data Processing.............................. 88,000
3,700 Computer Sciences Corp.*............................... 255,994
------------
2,015,575
------------
Computer Software -- 2.95%
5,100 Adobe Systems, Inc..................................... 418,997
8,000 Intuit, Inc............................................ 721,000
51,200 Microsoft Corp.*....................................... 4,617,599
14,300 Novell, Inc.*.......................................... 378,950
25,200 Siebel Systems, Inc.*.................................. 1,672,650
------------
7,809,196
------------
Department Stores -- 0.33%
13,500 Dayton-Hudson Corp..................................... 877,500
------------
Drugs -- 3.79%
10,400 American Home Products Corp............................ 598,000
43,000 Bristol-Myers Squibb Co................................ 3,028,812
5,300 Cardinal Health, Inc................................... 339,863
31,000 Merck & Co., Inc....................................... 2,293,999
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Drugs (continued)
17,000 Pfizer, Inc............................................ $ 1,865,750
29,400 Schering-Plough Corp................................... 1,558,200
4,700 Warner Lambert Co...................................... 326,063
------------
10,010,687
------------
Electric Utility -- 0.06%
3,100 Calpine Corp.*......................................... 167,400
------------
Electronic Equipment -- 1.26%
19,400 General Motors Corp. - Class H*........................ 1,091,250
1,200 Johnson Controls, Inc.................................. 83,175
32,000 Lucent Technologies Corp............................... 2,158,000
------------
3,332,425
------------
Entertainment -- 0.04%
2,300 Carnival Corp.......................................... 111,550
------------
Environmental Services -- 0.07%
4,100 Browning-Ferris Industries, Inc........................ 176,300
------------
Financial Services -- 3.02%
35,000 General Electric Co.................................... 3,954,999
13,950 Providian Financial Corp............................... 1,304,325
24,900 Schwab (Charles) Corp.................................. 2,735,888
------------
7,995,212
------------
Food & Beverages -- 1.55%
3,100 Anheuser Busch Cos., Inc............................... 219,906
18,900 Coca Cola Co........................................... 1,181,251
9,400 IBP, Inc............................................... 223,250
20,900 Nabisco Group Holdings Corp............................ 408,856
4,100 Nabisco Holdings Corp. - Class A....................... 177,325
22,300 Pepsico, Inc........................................... 862,731
4,700 Seagram Co., Ltd....................................... 236,763
1,800 U.S. Foodservice*...................................... 76,725
10,267 Unilever N.V........................................... 716,123
------------
4,102,930
------------
Forest Products & Papers -- 0.09%
4,000 Avery-Dennison Corp.................................... 241,500
------------
Grocery -- 0.62%
1,600 Albertson's, Inc....................................... 82,500
13,800 Kroger Co.*............................................ 385,538
23,700 Safeway, Inc.*......................................... 1,173,150
------------
1,641,188
------------
Health Care -- 1.18%
4,400 Allergan, Inc.......................................... 488,400
42,200 Amgen, Inc.*........................................... 2,568,925
3,200 Lincare Holdings, Inc.*................................ 80,000
------------
3,137,325
------------
Heavy Machinery -- 0.09%
4,100 Caterpillar, Inc....................................... 246,000
------------
</TABLE>
See accompanying notes to financial statements.
24
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Growth Equity Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Goldman Sachs Asset Management (continued)
Household Products -- 0.96%
2,100 Clorox Co.............................................. $ 224,306
2,300 Fortune Brands, Inc.................................... 95,163
7,400 Premark International, Inc............................. 277,500
21,800 Procter & Gamble Co.................................... 1,945,650
------------
2,542,619
------------
Industrial Parts -- 0.44%
8,700 Danaher Corp........................................... 505,688
9,200 United Technologies Corp............................... 659,525
------------
1,165,213
------------
Industrial Services -- 1.06%
45,400 Hertz Corp............................................. 2,814,800
------------
Information Services -- 0.19%
15,200 Ceridian Corp.*........................................ 496,850
------------
Media -- 0.26%
1,200 Time Warner, Inc....................................... 86,400
13,600 Viacom Inc., Class B*.................................. 598,400
------------
684,800
------------
Medical Products -- 1.04%
20,900 Johnson & Johnson...................................... 2,048,200
7,400 Tyco International Ltd................................. 701,150
------------
2,749,350
------------
Medical Providers -- 0.30%
10,100 Columbia/HCA Healthcare Corp........................... 230,406
6,600 Wellpoint Health Networks*............................. 560,175
------------
790,581
------------
Oil & Gas -- 0.18%
2,300 El Paso Energy Corp.................................... 80,931
5,200 Exxon Corp............................................. 401,050
------------
481,981
------------
Oil Services -- 0.11%
4,600 Schlumberger Ltd....................................... 292,963
------------
Photography -- 0.89%
34,900 Eastman Kodak Co....................................... 2,364,475
------------
Property Insurance -- 0.44%
4,900 American International Group........................... 573,606
15,400 Travelers Property Casualty Corp....................... 602,525
------------
1,176,131
------------
Restaurants -- 0.13%
6,500 TRICON Global Restaurants, Inc.*....................... 351,813
------------
Retail -- Specialty -- 1.94%
16,400 Best Buy Co., Inc.*.................................... 1,107,000
2,100 Circuit City Stores, Inc............................... 195,300
10,000 CVS Corp............................................... 511,250
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Security Value
or Shares Description (Note 2)
--------- ----------- --------
<C> <S> <C>
Retail -- Specialty (continued)
19,300 Home Depot, Inc...................................... $ 1,243,644
8,800 Lowe's Cos., Inc..................................... 498,850
1,500 Tiffany & Co......................................... 144,750
29,600 Wal-Mart Stores, Inc................................. 1,428,200
------------
5,128,994
------------
Semiconductors -- 1.23%
54,600 Intel Corp........................................... 3,248,700
------------
Telecommunications -- 2.36%
15,900 AT&T Corp............................................ 887,419
3,200 BCE, Inc............................................. 157,800
1,900 BellSouth Corp....................................... 89,063
8,200 General Instrument Corp.*............................ 348,500
22,900 MCI Worldcom, Inc.................................... 1,975,124
6,200 QUALCOMM, Inc.*...................................... 889,699
18,000 Qwest Communications International, Inc.*............ 595,125
11,400 SBC Communications, Inc.............................. 661,200
4,200 Sprint Corp.......................................... 221,813
3,800 Telephone & Data Systems, Inc........................ 277,638
750 Vodafone AirTouch PLC - ADR.......................... 147,750
------------
6,251,131
------------
Tobacco -- 0.38%
25,300 Philip Morris, Inc................................... 1,016,744
------------
Toys -- 0.03%
3,000 Hasbro, Inc.......................................... 83,813
------------
Transport -- Air Freight -- 0.06%
2,800 FDX Corp.*........................................... 151,900
------------
Total -- Goldman Sachs Asset Management (cost
$60,529,856)........................................ 84,930,125
------------
Total -- Common Stocks (cost $174,008,970)........... 260,553,749
------------
U.S. Treasury Bills -- 0.07%
Goldman Sachs Asset Management -- 0.07%
$ 200,000 United States Treasury Bills, 4.77%, 12/9/99 (b)..... 195,742
------------
Total U.S. Treasury Bills (cost $195,732)............ 195,742
------------
Short-Term Investments -- 2.77%
Cash & Equivalents -- 0.09%
Jennison Associates LLP -- 0.08%
215,184 Bankers Trust Cash Sweep............................. 215,184
------------
Goldman Sachs Asset Management -- 0.01%
14,470 Bankers Trust Cash Sweep............................. 14,470
------------
229,654
------------
</TABLE>
See accompanying notes to financial statements.
25
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Growth Equity Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Principal Security Value
Amount Description (Note 2)
--------- ----------- --------
<C> <S> <C>
Commercial Paper -- 0.55%
Jennison Associates LLP -- 0.55%
$1,453,000 Ford Motor Co., 5.01%, 7/1/99...................... $ 1,453,000
------------
Time Deposit -- 2.13%
Goldman Sachs Asset Management -- 2.13%
5,646,000 Bankers Trust Co., 5.25%, 7/1/99................... 5,646,000
------------
Total -- Short-Term Investments (cost $7,328,654).. 7,328,654
------------
Total Investments (cost $181,533,356) (a) --
101.21%.......................................... 268,078,145
Liabilities in Excess of Other Assets -- (1.21)%... (3,201,140)
------------
Total Net Assets -- 100.00%........................ $264,877,005
============
</TABLE>
- --------
* Non-income producing securities.
ADR -- American Depository Receipt
(a) Represents cost for financial reporting purposes and differs from cost
basis for federal income tax purposes by the amount of losses recognized
for financial reporting in excess of federal income tax reporting of
$520,595. Cost for federal income tax purposes differs from value of net
unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation.......................................... $89,536,217
Unrealized depreciation.......................................... (3,465,263)
-----------
Net unrealized appreciation...................................... $86,070,954
===========
</TABLE>
(b) Principal amount of securities pledged as collateral for open future
contracts.
FUTURES
<TABLE>
<CAPTION>
Number of Market Unrealized
Contracts Value Gain
--------- ---------- ----------
<S> <C> <C> <C>
Goldman Sachs Asset Management
Long S&P 500 Futures--September 1999............ 6 $2,072,550 $46,760
</TABLE>
See accompanying notes to financial statements.
26
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments -- June 30, 1999
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks -- 95.48%
Frontier Capital Management Co. -- 52.72%
Aerospace -- 0.48%
42,900 Orbital Sciences Corp.*............................... $ 1,013,513
------------
Agriculture -- 0.49%
68,800 Seminis, Inc., Class - A.............................. 1,032,000
------------
Building Materials &
Components -- 1.02%
26,200 Cameron Ashley Building Products*..................... 273,463
43,000 Elcor Corp............................................ 1,878,562
------------
2,152,025
------------
Business Equipment & Services -- 0.33%
13,700 Black Box Corp.*...................................... 686,713
------------
Chemicals -- 0.43%
90,300 Hexcel Corp........................................... 914,288
------------
Commercial Services -- 2.57%
26,200 Bright Horizons Family Solutions, Inc.*............... 494,525
49,400 Central Sprinkler Corp.*.............................. 1,392,463
70,400 Global Vacation Group, Inc.*.......................... 316,800
56,200 NOVA Corp............................................. 1,404,999
47,100 Paxar Corp.*.......................................... 423,900
31,200 Quanta Services, Inc.*................................ 1,372,800
------------
5,405,487
------------
Computer Equipment -- 4.88%
30,000 Analog Devices, Inc.*................................. 1,505,624
45,400 Artesyn Technologies, Inc.*........................... 1,007,313
84,300 Box Hill Systems Corp.*............................... 495,263
58,300 Data General Corp.*................................... 848,994
106,500 In Focus Systems, Inc.*............................... 1,597,499
124,100 ISG International Software Group Ltd.*................ 1,171,194
34,900 Sandisk Corp.*........................................ 1,570,499
23,568 Seagate Technology, Inc.*............................. 603,930
26,300 Silicon Graphics, Inc.*............................... 430,663
19,100 Synopsys, Inc.*....................................... 1,054,081
------------
10,285,060
------------
Computer Software -- 3.02%
112,360 3DFX Interactive, Inc.*............................... 1,755,624
121,000 Ansoft Corp.*......................................... 983,124
67,300 Ansys, Inc.*.......................................... 668,794
32,300 Ardent Software, Inc.*................................ 686,375
110,000 Information Resources, Inc.*.......................... 962,500
26,100 Pathways Group, Inc.*................................. 172,913
24,200 Project Software Corp.*............................... 756,250
34,100 Sybase, Inc.*......................................... 375,100
------------
6,360,680
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Drugs & Pharmaceuticals -- 2.34%
36,520 Bergen Brunswig Corp.................................. $ 629,970
56,300 Copley Pharmaceuticals, Inc.*......................... 577,075
89,700 DUSA Pharmaceuticals, Inc.*........................... 1,037,156
32,800 GelTex Pharmaceuticals, Inc.*......................... 590,400
69,800 Guilford Pharmaceuticals, Inc.*....................... 889,950
28,700 ICN Pharmaceuticals, Inc.............................. 923,781
9,800 Pharmacyclics, Inc.................................... 274,400
------------
4,922,732
------------
Electrical & Electronics -- 5.82%
48,900 Aavid Thermal Technologies, Inc.*..................... 1,106,363
33,600 Applied Science & Technology, Inc.*................... 756,000
26,300 Arrow Electronics, Inc.*.............................. 499,700
19,300 Benchmark Electronics, Inc.*.......................... 693,594
91,700 Cypress Semiconductor Corp.*.......................... 1,513,050
27,700 Galileo Technology Ltd.*.............................. 1,255,156
13,000 Harman International Industries, Inc.................. 572,000
58,400 LoJack Corp.*......................................... 489,100
40,100 LSI Logic Corp.*...................................... 1,849,612
22,200 Micron Technology, Inc.*.............................. 894,938
203,400 Trimble Navigation Ltd.*.............................. 2,618,774
------------
12,248,287
------------
Electronic Components &
Instruments -- 4.75%
49,300 Atmel Corp.*.......................................... 1,291,044
77,500 Checkpoint Systems, Inc.*............................. 692,656
25,800 Exar Corp.*........................................... 638,550
37,100 Itron, Inc.*.......................................... 317,669
15,600 Lam Research Corp.*................................... 728,325
14,400 Lattice Semiconductor Corp.*.......................... 896,400
137,000 Mentor Graphics Corp.*................................ 1,755,312
78,800 Protein Design Labs, Inc.*............................ 1,748,374
19,500 Sawtek, Inc.*......................................... 894,563
16,300 SBS Technologies, Inc.*............................... 330,075
34,700 SIPEX Corp.*.......................................... 711,350
------------
10,004,318
------------
Electronic Equipment -- 0.82%
14,900 MMC Networks, Inc.*................................... 666,775
36,900 Newbridge Networks Corp.*............................. 1,060,875
------------
1,727,650
------------
Energy -- 0.79%
111,800 American Superconductor Corp.*........................ 1,670,013
------------
Engineering & Construction --1.17%
51,800 Insituform Technologies, Class - A*................... 1,120,174
37,900 Layne Christensen Co.*................................ 241,613
41,100 Stone & Webster, Inc.................................. 1,094,288
------------
2,456,075
------------
</TABLE>
See accompanying notes to financial statements.
27
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Frontier Capital Management Co. (continued)
Footwear -- 0.18%
27,400 Wolverine World Wide, Inc............................. $ 383,600
------------
Forest Products & Papers -- 1.10%
28,822 Albany International Corp.,
Class - A............................................ 598,057
42,000 Louisiana-Pacific Corp................................ 997,499
35,000 Smurfit-Stone Container Corp.*........................ 719,688
------------
2,315,244
------------
Health Care -- 0.74%
57,700 Centennial HealthCare Corp.*.......................... 304,728
23,400 MedPartners, Inc.*.................................... 251,550
102,200 Mid Atlantic Medical Services, Inc.*.................. 1,009,225
------------
1,565,503
------------
Hospital Management &
Services -- 0.82%
63,294 US Oncology, Inc.*.................................... 759,528
59,800 Visible Genetics, Inc.*............................... 964,275
------------
1,723,803
------------
Insurance -- 0.45%
42,000 HCC Insurance Holdings, Inc........................... 952,875
------------
Leisure & Tourism -- 0.50%
69,200 American Coin Merchandising*.......................... 449,800
33,200 International Game Technology......................... 614,200
------------
1,064,000
------------
Machinery & Engineering -- 0.29%
41,600 Brown & Sharpe Manufacturing Co.*..................... 226,200
22,900 Howmet International, Inc.*........................... 393,594
------------
619,794
------------
Medical--Biotechnology -- 0.85%
102,300 Celgene Corp.*........................................ 1,796,644
------------
Medical Supplies -- 2.02%
63,700 Advanced Polymer Systems, Inc.*....................... 445,900
85,000 Endocardial Solutions, Inc.*.......................... 802,187
23,500 EndoSonics Corp.*..................................... 164,500
38,700 Haemonetics Corp.*.................................... 776,419
23,500 Mentor Corp........................................... 437,688
49,800 Merit Medical Systems, Inc.*.......................... 248,222
15,300 STERIS Corp.*......................................... 296,438
13,800 VISX, Inc.*........................................... 1,092,787
------------
4,264,141
------------
Metals -- 1.02%
226,100 Armco, Inc.*.......................................... 1,497,912
38,700 Northwest Pipe Co.*................................... 643,388
------------
2,141,300
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Oil & Gas -- 1.00%
11,200 BJ Services Co.*...................................... $ 329,700
8,400 Cooper Cameron Corp.*................................. 311,325
24,400 Noble Drilling Corp.*................................. 480,375
12,300 Transocean Offshore, Inc.............................. 322,875
18,700 Varco International, Inc.*............................ 204,531
8,600 Vastar Resources, Inc................................. 450,963
------------
2,099,769
------------
Packaging/Containers -- 1.65%
171,800 Gaylord Container Corp., Class - A*................... 1,363,663
94,600 U.S. Can Corp.*....................................... 2,104,850
------------
3,468,513
------------
Publishing & Printing -- 0.75%
78,800 Mail-Well, Inc.*...................................... 1,275,575
6,100 Scholastic Corp.*..................................... 308,813
------------
1,584,388
------------
Railroads -- 0.18%
14,800 Westinghouse Air Brake Co............................. 378,325
------------
Real Estate -- 1.17%
22,700 Boston Properties, Inc................................ 814,362
27,500 CB Richard Ellis Services*............................ 684,063
35,200 Healthcare Realty Trust, Inc.......................... 739,200
7,700 Jones Lang LaSalle, Inc.*............................. 229,556
------------
2,467,181
------------
Recreation -- 0.45%
124,700 Family Golf Centers, Inc.*............................ 958,631
------------
Restaurants -- 0.15%
19,500 CKE Restaurants, Inc.................................. 316,875
------------
Retail -- 0.22%
44,300 PETsMART, Inc.*....................................... 454,075
------------
Retirement & Aged Care -- 0.50%
30,500 Sunrise Assisted Living, Inc.*........................ 1,063,688
------------
Steel -- 0.99%
78,600 Birmingham Steel Corp................................. 324,225
3,700 Carpenter Technology Corp............................. 105,681
36,800 Oregon Steel Mills, Inc............................... 489,900
40,700 Quanex Corp........................................... 1,159,950
------------
2,079,756
------------
Technology -- 0.49%
102,200 PictureTel Corp.*..................................... 817,600
124,900 System Software Assoc., Inc.*......................... 206,866
------------
1,024,466
------------
Telecom Services -- 0.37%
16,800 Century Communications,
Class - A*........................................... 772,800
------------
Telecommunications -- 2.32%
38,900 Digital Microwave Corp.*.............................. 495,975
</TABLE>
See accompanying notes to financial statements.
28
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Frontier Capital Management Co. (continued)
Telecommunications (continued)
54,800 InterVoice, Inc.*.................................... $ 791,175
13,000 ITC/, Inc.*.......................................... 364,000
59,700 P-Com, Inc.*......................................... 312,492
33,100 Transaction Network SVCS, Inc.*...................... 968,175
18,200 Voicestream Wireless Corp.*.......................... 517,563
27,000 Western Wireless Corp., Class - A*................... 729,000
14,700 WinStar Communications, Inc.*........................ 716,625
------------
4,895,005
------------
Telecommunications
Equipment -- 0.88%
14,600 Adaptive Broadband Corp.*............................ 319,375
100,100 Coyote Network Systems, Inc.*........................ 541,166
65,000 Tollgrade Communications, Inc.*...................... 991,250
------------
1,851,791
------------
Textiles & Apparel -- 1.25%
38,100 Angelica Corp........................................ 671,513
89,700 Fruit Of the Loom Ltd.*.............................. 874,574
75,100 North Face, Inc.*.................................... 741,613
16,600 Unifi, Inc........................................... 352,750
------------
2,640,450
------------
Toys -- 1.08%
24,000 Hasbro, Inc.......................................... 670,500
60,940 Mattel, Inc.......................................... 1,611,101
------------
2,281,601
------------
Transportation -- 0.44%
22,300 Coach USA, Inc.*..................................... 935,206
------------
Waste Disposal -- 1.07%
91,300 Republic Services, Inc.*............................. 2,259,675
------------
Wholesale Distribution--Pharmaceuticals -- 0.55%
23,300 Amerisource Health Corp.,
Class - A*.......................................... 594,150
24,400 Bindley Western Industries, Inc...................... 562,725
------------
1,156,875
------------
Wire & Cable -- 0.33%
44,550 Cable Design Technologies Corp.*..................... 687,741
------------
Total -- Frontier Capital Management Co.
(cost $90,359,519).................................. 111,082,556
------------
Geewax, Terker & Co. -- 42.76%
Advertising -- 0.80%
3,400 Abacus Direct Corp.*................................. 311,100
1,300 Advo, Inc.*.......................................... 26,975
2,200 Catalina Marketing Corp.*............................ 202,400
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Advertising (continued)
11,050 Doubleclick, Inc.*.................................... $ 1,011,075
4,500 True North Communications, Inc........................ 135,000
------------
1,686,550
------------
Aerospace/Defense -- 0.20%
3,600 Alliant Techsystems, Inc.*............................ 311,400
2,200 Precision Castparts Corp.............................. 93,500
1,400 Scott Technologies, Inc.*............................. 26,950
------------
431,850
------------
Auto Parts -- 0.70%
3,900 Borg-Warner Auto, Inc................................. 214,500
6,400 CLARCOR, Inc.......................................... 122,800
2,800 Discount Auto Parts, Inc.*............................ 67,550
2,000 Dura Automotive Systems, Inc.*........................ 66,500
13,300 Gentex Corp.*......................................... 372,400
3,400 MascoTech, Inc........................................ 57,588
9,150 Monaco Coach Corp.*................................... 387,158
1,700 O'Reilly Automotive, Inc.*............................ 85,638
4,000 Superior Industries International, Inc................ 110,000
------------
1,484,134
------------
Auto Related -- 0.56%
3,700 Arvin Industries, Inc................................. 140,138
4,100 Kaydon Corp........................................... 137,863
3,300 Smith (A.O.) Corp..................................... 91,163
29,200 Tower Automotive, Inc.*............................... 742,774
3,600 Wabash National Corp.................................. 69,750
------------
1,181,688
------------
Automobiles--Retail -- 0.03%
2,700 Group 1 Automotive, Inc.*............................. 57,038
------------
Banking -- 3.64%
900 1st Source, Inc....................................... 28,800
2,100 Alabama National Bancorp.............................. 52,500
2,000 Anchor Bancorp Of Wisconsin, Inc...................... 35,625
5,800 BancWest Corp......................................... 215,325
1,000 Cathay Bancorp, Inc................................... 42,500
1,900 Chittenden Corp....................................... 59,375
12,400 CNB Bancshares, Inc................................... 706,799
11,700 Commerce Bancorp...................................... 500,174
9,000 Commercial Federal Corp............................... 208,688
2,100 Corus Bankshares, Inc................................. 66,806
15,400 Cullen/Frost Bankers, Inc............................. 424,462
800 CVB Financial Corp.................................... 20,800
2,500 Dime Community Bancshares............................. 58,125
3,900 Downey Financial Corp................................. 85,556
1,400 F & M Bancorp, Inc.................................... 52,850
3,100 F&M National Corp..................................... 102,881
2,700 First Charter Corp.................................... 66,825
4,500 First Commonwealth Financial Corp..................... 107,438
4,500 First Financial Holdings, Inc......................... 84,375
</TABLE>
See accompanying notes to financial statements.
29
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Banking (continued)
2,800 First Liberty Financial Corp.......................... $ 87,850
10,000 First Sentinel Bancorp, Inc........................... 88,750
3,400 First United Bancshares, Inc.......................... 63,325
4,200 First Washington Bancorp, Inc......................... 84,263
11,000 Flagstar Bancorp, Inc................................. 277,750
1,400 Hamilton Bancorp, Inc.*............................... 33,600
8,898 Hudson United Bancorp................................. 272,501
10,800 Independence Community
Bank Corp............................................ 145,800
3,600 Interwest Bancorp, Inc................................ 90,000
1,400 Irwin Financial Corp.................................. 27,300
1,500 JSB Financial, Inc.................................... 76,313
1,600 Mid-America Bancorp................................... 39,400
800 Mississippi Valley Bancshares, Inc.................... 26,500
2,100 National City Bancorp, Inc............................ 67,069
2,600 National Penn Bancshares, Inc......................... 61,181
2,300 Netb@nk, Inc.......................................... 87,400
2,100 Ocean Financial Corp.................................. 38,063
5,400 Old National Bancorp.................................. 162,338
5,200 One Valley Bancorp, Inc............................... 195,000
850 Oriental Financial Group, Inc......................... 20,506
7,900 PFF Bancorp, Inc.*.................................... 148,125
2,700 Provident Bankshares Corp............................. 62,775
9,900 Queens County Bancorp, Inc............................ 320,512
1,300 Reliance Bancorp, Inc................................. 35,913
3,200 Republic Bancorp, Inc................................. 48,600
4,800 Richmond County Financial Corp........................ 92,400
11,500 Roslyn Bancorp, Inc................................... 197,656
2,200 S & T Bancorp, Inc.................................... 55,550
8,000 Simmons First National Corp........................... 257,000
3,300 St. Francis Capital Corp.............................. 70,950
5,800 Staten Island Bancorp, Inc............................ 104,400
3,400 Texas Regional Bancshares, Inc........................ 92,438
5,550 Triangle Bancorp, Inc................................. 94,003
10,800 United Bancshares, Inc................................ 286,200
2,200 United National Bancorp............................... 52,250
9,700 UST Corp.............................................. 293,425
6,800 Washington Federal, Inc............................... 152,575
4,200 Westamerica Bancorp................................... 153,300
6,000 Western Bancorp....................................... 261,000
------------
7,643,885
------------
Beverages -- 0.16%
4,600 Canandaigua Wine Co., Class - A*...................... 241,212
1,600 Robert Mondavi Corp.*................................. 58,200
1,550 Triarc Cos., Inc.*.................................... 32,938
------------
332,350
------------
Broadcasting & Publishing -- 0.27%
6,000 Jones Intercable, Inc., Class - A*.................... 294,000
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Broadcasting & Publishing (continued)
4,000 United International Holdings, Inc. - Class - A*.... $ 270,500
------------
564,500
------------
Broadcasting/Cable -- 0.06%
1,650 Ackerley Group, Inc................................. 30,009
4,400 Hearst-Argyle Television, Inc.*..................... 105,600
------------
135,609
------------
Building Materials &
Components -- 0.61%
1,800 AFC Cable Systems, Inc.*............................ 63,563
4,000 AMCOL International Corp............................ 57,500
1,900 Centex Construction Products, Inc................... 64,838
5,200 Dal-Tile International, Inc.*....................... 59,150
1,300 Elcor Corp.......................................... 56,794
4,000 Group Maintenance America Corp.*.................... 51,750
1,900 Hughes Supply, Inc.................................. 56,406
2,100 Justin Industries, Inc.............................. 29,269
5,200 Lilly Industries, Inc., Class - A................... 96,525
6,800 Metals USA, Inc.*................................... 86,700
8,400 Mueller Industries, Inc.*........................... 285,074
4,900 NCI Building Systems, Inc.*......................... 104,737
1,800 Nortek, Inc.*....................................... 56,363
2,100 Texas Industries, Inc............................... 81,375
2,100 TJ International Inc................................ 65,100
3,700 Universal Forest Products, Inc...................... 79,550
------------
1,294,694
------------
Business Equipment & Services -- 0.68%
8,800 Acxiom Corp.*....................................... 219,450
4,800 American Management Systems, Inc.*.................. 153,900
12,700 Forrester Research, Inc.*........................... 317,500
2,100 John H. Harland Co.................................. 41,869
1,700 Labor Ready, Inc.*.................................. 55,250
2,200 Maximus, Inc.*...................................... 63,525
4,400 Metzler Group, Inc.*................................ 121,550
2,100 NCO Group, Inc.*.................................... 79,800
2,100 New England Business Services, Inc.................. 64,838
4,100 Provant, Inc.*...................................... 63,806
2,400 Standard Register Co................................ 73,800
7,400 Wallace Computer Services, Inc...................... 185,000
------------
1,440,288
------------
Casinos & Gaming -- 0.23%
5,700 Aztar Corp.*........................................ 52,369
8,700 Hollywood Park, Inc.*............................... 147,900
11,500 Station Casinos, Inc.*.............................. 234,312
3,550 WMS Industries, Inc.*............................... 60,350
------------
494,931
------------
</TABLE>
See accompanying notes to financial statements.
30
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Chemicals -- 1.13%
4,000 Airgas, Inc.*......................................... $ 49,000
5,400 Albemarle Corp........................................ 124,875
1,400 Bush Boake Allen, Inc.*............................... 40,950
2,800 Cambrex Corp.......................................... 73,500
1,500 Chemfirst, Inc........................................ 36,469
3,600 Crompton & Knowles Corp............................... 70,425
5,900 Cytec Industries, Inc.*............................... 188,062
2,900 Dexter Corp........................................... 118,356
6,100 Ferro Corp............................................ 167,750
1,500 Fuller (H. B.) Co..................................... 102,563
2,650 Geon Co............................................... 85,463
2,200 Hanna M.A. Co......................................... 36,163
4,600 Minerals Technologies, Inc............................ 256,737
3,000 OM Group, Inc......................................... 103,500
4,000 Schulman (A.), Inc.................................... 68,750
10,950 Scotts Co., Class - A*................................ 521,493
2,500 Spartech Corp......................................... 76,719
4,900 W.R. Grace & Co.*..................................... 90,038
2,400 WD-40 Co.............................................. 60,000
5,700 Witco Corp............................................ 114,000
------------
2,384,813
------------
Commercial Services -- 0.81%
3,050 ABM Industries, Inc................................... 93,597
950 CDI Corp.*............................................ 32,359
7,150 Century Business Services, Inc.*...................... 103,675
20,200 Copart, Inc.*......................................... 429,249
1,600 Daisytek International Corp.*......................... 26,100
600 Duff & Phelps Corp.................................... 40,125
2,200 F.Y.I., Inc.*......................................... 69,025
5,000 Kelly Services, Class - A............................. 160,625
3,900 Lason, Inc.*.......................................... 193,538
4,000 Norrell Corp.......................................... 75,250
5,400 Ogden Corp............................................ 145,463
1,050 Pierce Leahy Corp.*................................... 25,922
1,350 Pre-Paid Legal Services, Inc.*........................ 36,703
1,600 Startrek, Inc.*....................................... 39,600
1,500 Superior Consultant Holdings Corp.*................... 37,031
7,400 Sylvan Learning Systems, Inc.*........................ 201,188
------------
1,709,450
------------
Computer Equipment -- 1.09%
2,000 Artesyn Technologies, Inc.*........................... 44,375
2,980 Cisco Systems, Inc.*.................................. 192,026
6,600 Ingram Micro, Inc.*................................... 169,950
2,700 MMC Networks, Inc.*................................... 120,825
13,800 Network Appliance, Inc.*.............................. 771,075
10,600 PMC-Sierra, Inc.*..................................... 624,738
3,300 Safeguard Scientifics, Inc.*.......................... 204,600
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Computer Equipment (continued)
2,000 Smart Modular Technologies, Inc.*..................... $ 34,750
2,100 Ultratech Stepper, Inc.*.............................. 31,631
3,400 Xircom, Inc.*......................................... 102,213
------------
2,296,183
------------
Computer Services -- 1.15%
13,084 At Home Corp., Class - A*............................. 705,718
1,450 Bell & Howell Co.*.................................... 54,828
5,370 Factset Research Systems, Inc......................... 304,076
2,000 Go2net, Inc.*......................................... 183,750
5,500 Gtech Holdings Corp.*................................. 129,594
6,100 Imation Corp.*........................................ 151,356
7,200 Intergraph Corp.*..................................... 55,800
2,200 Jack Henry & Associates, Inc.......................... 86,350
8,000 Lycos, Inc.*.......................................... 735,001
1,500 Renaissance Worldwide, Inc.*.......................... 11,953
800 TeleTech Holdings, Inc.*.............................. 8,100
------------
2,426,526
------------
Computer Software -- 2.59%
2,700 3Dfx Interactive, Inc.*............................... 42,188
9,600 Acclaim Entertainment, Inc.*.......................... 61,200
1,900 Advantage Learning Systems, Inc.*..................... 42,038
6,400 Advent Software, Inc.*................................ 428,799
3,425 Analysts International Corp........................... 49,234
1,400 AVT Corp.*............................................ 53,025
1,400 BancTec, Inc.*........................................ 25,113
5,200 Broadvision, Inc.*.................................... 383,499
5,000 Comverse Technology, Inc.*............................ 377,499
1,400 Concord Communications, Inc.*......................... 63,000
3,300 Dendrite International, Inc.*......................... 119,213
9,700 Electronics For Imaging, Inc.*........................ 498,337
1,300 Genesys Telecom Labs Inc.*............................ 32,500
1,200 Great Plains Software, Inc.*.......................... 56,625
2,700 IMRglobal Corp.*...................................... 51,975
10,500 Informix Corp.*....................................... 89,578
6,100 Infoseek Corp.*....................................... 292,419
2,100 Integrated Systems, Inc.*............................. 24,675
2,000 Intervoice, Inc.*..................................... 28,875
1,200 InterVu, Inc.*........................................ 45,975
8,700 Kronos, Inc.*......................................... 395,849
7,600 Legato Systems, Inc.*................................. 438,899
6,700 Macromedia, Inc.*..................................... 236,175
9,900 Mastech Corp.*........................................ 184,388
6,200 Mentor Graphics Corp.*................................ 79,438
9,500 Mercury Interactive Corp.*............................ 336,063
4,300 MessageMedia, Inc.*................................... 81,700
1,900 Metro Information Services, Inc.*..................... 31,588
2,000 Micromuse, Inc.*...................................... 99,750
700 Micros Systems, Inc.*................................. 23,800
400 National Instruments Corp.*........................... 16,150
2,300 Pinnacle Systems, Inc.*............................... 77,338
</TABLE>
See accompanying notes to financial statements.
31
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Computer Software (continued)
800 QRS Corp.*............................................ $ 62,400
10,200 Rational Software Corp.*.............................. 335,963
13,300 Sybase, Inc.*......................................... 146,300
4,000 Symantec Corp.*....................................... 102,000
500 THQ, Inc.*............................................ 14,375
------------
5,427,943
------------
Construction -- 0.79%
13,600 Astec Industries, Inc.*............................... 554,199
2,500 Crossmann Communities, Inc.*.......................... 72,656
8,800 Dycom Industries, Inc.*............................... 492,800
4,400 Granite Construction, Inc............................. 128,975
500 Insituform Technologies, Class - A*................... 10,813
4,400 Integrated Electrical Services, Inc.*................. 70,950
4,400 Jacobs Engineering Group, Inc.*....................... 167,200
4,200 Morrison Knudsen Corp.*............................... 43,313
2,100 Nichols Research Corp.*............................... 45,938
1,100 NVR, Inc.*............................................ 57,406
800 URS Corp.*............................................ 23,450
------------
1,667,700
------------
Consumer Services -- 0.02%
2,400 Veterinary Centers of America, Inc.*.................. 32,550
------------
Defense -- 0.12%
4,200 AAR Corp.............................................. 95,288
6,200 Gencorp, Inc.......................................... 156,550
------------
251,838
------------
Electric Utility -- 0.58%
3,900 Hawaiian Electric Industries, Inc..................... 138,450
5,100 Idacorp, Inc.......................................... 160,650
16,300 Minnesota Power, Inc.................................. 323,962
7,800 Nevada Power Co....................................... 195,000
5,100 Northwestern Corp..................................... 123,356
5,900 Public Service Co. of New Mexico...................... 117,263
4,500 Sierra Pacific Resources Corp......................... 163,688
------------
1,222,369
------------
Electronic Components & Instruments -- 2.83%
5,300 Ametek, Inc........................................... 121,900
1,250 Amphenol Corp., Class - A*............................ 49,688
1,700 Applied Micro Circuits Corp.*......................... 139,825
5,500 ATMI, Inc.*........................................... 163,625
3,200 Baldor Electric Co.................................... 63,600
2,600 Belden, Inc........................................... 62,238
5,200 Benchmark Electronics, Inc.*.......................... 186,875
3,800 BMC Industries, Inc................................... 39,188
1,900 C&D Technologies, Inc................................. 58,188
4,300 C-Cube Microsystems, Inc.*............................ 136,256
1,700 Cree Reseach, Inc.*................................... 130,794
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Electronic Components & Instruments (continued)
2,500 Cymer, Inc.*.......................................... $ 62,500
11,800 Cypress Semiconductor Corp.*.......................... 194,700
6,650 Dallas Semiconductor Corp............................. 335,824
6,000 DII Group, Inc.*...................................... 223,874
9,900 Dionex Corp.*......................................... 400,949
4,800 Electro Scientific Industries, Inc.*.................. 200,550
800 Franklin Electric Co., Inc............................ 52,000
2,700 General Semiconductor, Inc.*.......................... 24,638
1,000 Hadco Corp.*.......................................... 39,750
2,100 Harman International Industries Inc................... 92,400
2,600 Hutchinson Technology, Inc.*.......................... 72,150
4,100 Integrated Device Technology, Inc.*................... 44,588
3,150 International Rectifier Corp.*........................ 41,934
9,600 Jabil Circuit, Inc.*.................................. 433,199
4,800 Juno Lighting, Inc.*.................................. 117,600
3,700 Kemet Corp.*.......................................... 84,869
3,400 Kent Electronics Corp.*............................... 67,363
3,500 Lattice Semiconductor Corp.*.......................... 217,874
3,000 Level One Communications, Inc.*....................... 146,813
1,000 Littelfuse, Inc.*..................................... 19,250
3,900 Mark IV Industries, Inc............................... 82,388
500 Methode Electronics, Inc.............................. 11,438
4,400 Novellus Systems, Inc.*............................... 300,299
12,650 Oak Industries, Inc.*................................. 552,646
1,500 Park Electrochemical Corp............................. 43,125
2,300 Pioneer Standard Electronics, Inc..................... 27,600
1,550 Progress Software Corp.*.............................. 43,788
2,400 Regal-Beloit Corp..................................... 56,700
2,000 Sawtek, Inc.*......................................... 91,750
1,800 Sipex Corp.*.......................................... 36,900
1,900 SLI, Inc.*............................................ 51,300
1,250 Stoneridge, Inc.*..................................... 16,875
2,700 Triquint Semiconductor, Inc.*......................... 153,394
5,150 Ucar International, Inc.*............................. 130,038
3,700 Unitrode Corp.*....................................... 106,144
7,875 Vishay Intertechnology, Inc.*......................... 165,375
1,600 Woodward Governor Co.................................. 41,600
------------
5,936,362
------------
Financial Services -- 1.80%
2,400 Advanta Corp., Class - A.............................. 43,350
1,900 Affiliated Managers Group, Inc.*...................... 57,356
4,100 Amcore Financial, Inc................................. 94,556
9,250 AmeriCredit Corp.*.................................... 148,000
2,800 Bay View Capital Corp................................. 57,400
6,700 Bisys Group, Inc.*.................................... 391,949
49,000 E*Trade Group, Inc.*.................................. 1,956,937
2,700 Financial Federal Corp.*.............................. 59,400
1,350 Hambrecht And Quist Group, Inc.*...................... 50,119
800 Healthcare Financial Partners, Inc.*.................. 27,400
7,800 Investors Financial Servicrs Corp..................... 312,000
</TABLE>
See accompanying notes to financial statements.
32
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Financial Services (continued)
1,800 Morgan Keegan, Inc.................................... $ 34,088
7,350 Raymond James Financial, Inc.......................... 175,941
3,600 SEI Investments Co.................................... 317,700
1,600 Student Loan Corp..................................... 71,200
------------
3,797,396
------------
Food Processing -- 0.44%
1,300 Agribrands International, Inc.*....................... 51,431
4,400 International Home Foods, Inc.*....................... 81,125
5,500 J. M. Smucker Co...................................... 122,375
2,700 Lance, Inc............................................ 42,188
7,100 Performance Food Group Co.*........................... 193,031
5,100 Ralcorp Holdings, Inc.*............................... 81,919
1,100 Riviana Foods, Inc.................................... 20,625
15,600 Universal Foods Corp.................................. 329,550
------------
922,244
------------
Footwear -- 0.11%
6,650 Stride Rite Corp...................................... 68,578
1,200 Timberland Co., Class - A*............................ 81,675
5,100 Wolverine World Wide, Inc............................. 71,400
------------
221,653
------------
Grocery -- 0.16%
4,000 Casey's General Stores, Inc........................... 60,000
8,200 Great Atlantic And Pacific Tea, Inc................... 277,263
------------
337,263
------------
Health Care -- 0.58%
1,000 Advance Paradigm, Inc.*............................... 61,000
11,600 American Retirement Corp.*............................ 145,000
3,000 Apria Healthcare Group, Inc.*......................... 51,000
10,000 Coventry Health Care, Inc.*........................... 109,375
6,800 Express Scripts, Inc.*................................ 409,274
6,900 Quorum Health Group, Inc.*............................ 86,681
9,400 Res-Care, Inc.*....................................... 213,850
500 Sunrise Assisted Living, Inc.*........................ 17,438
7,817 U.S. Oncology, Inc.*.................................. 93,804
1,800 United Payors & United Providers, Inc.*............... 41,738
------------
1,229,160
------------
Homebuilders -- 0.66%
7,200 Champion Enterprises, Inc.*........................... 134,100
8,500 D. R. Horton, Inc..................................... 141,313
11,700 Kaufman And Broad Home Corp........................... 291,037
8,900 Lennar Corp........................................... 213,600
4,900 National RV Holdings, Inc.*........................... 120,356
5,000 Oakwood Homes Corp.................................... 65,625
5,600 Pulte Corp............................................ 129,500
2,100 Ryland Group, Inc..................................... 62,344
7,200 Standard Pacific Corp................................. 93,150
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Homebuilders (continued)
3,500 Toll Brothers, Inc.*.................................. $ 75,031
2,800 Webb (Del) Corp....................................... 66,850
------------
1,392,906
------------
Hotel & Motel -- 0.20%
3,350 Choice Hotels International, Inc.*.................... 66,163
21,300 Extended Stay America, Inc.*.......................... 255,599
4,000 Red Roof Inns, Inc.*.................................. 71,750
2,100 Sunterra Corp.*....................................... 29,269
------------
422,781
------------
Household Products -- 0.20%
1,600 Libbey, Inc........................................... 46,400
10,600 Playtex Products, Inc.*............................... 164,963
3,700 Revlon, Inc., Class - A*.............................. 111,925
3,900 Tupperware Corp....................................... 99,450
------------
422,738
------------
Human Resources -- 0.31%
6,000 AHL Services, Inc.*................................... 149,625
18,000 Interim Services, Inc.*............................... 371,250
1,700 On Assignment, Inc.*.................................. 44,413
8,600 Personnel Group Of America, Inc.*..................... 86,000
------------
651,288
------------
Insurance -- 1.78%
8,600 American Annuity Group, Inc........................... 208,550
1,200 Brown & Brown, Inc.................................... 45,600
2,950 CNA Surety Corp.*..................................... 45,172
6,400 E.W. Blanch Holdings, Inc............................. 436,399
8,820 Fidelity National Financial, Inc...................... 185,220
9,150 First American Financial Corp......................... 163,556
2,600 Foremost Corp. Of America............................. 57,200
5,400 FPIC Insurance Group, Inc.*........................... 261,900
6,500 Hartford Life, Inc.................................... 342,063
14,900 HCC Insurance Holdings, Inc........................... 338,044
5,300 Hilb, Rogal & Hamilton Co............................. 118,256
2,950 HSB Group, Inc........................................ 121,503
5,700 Leucadia National Corp................................ 142,500
4,900 Liberty Financial Cos., Inc........................... 142,100
3,200 Medical Assurance, Inc.*.............................. 91,400
4,100 Mid Atlantic Medical Services, Inc.*.................. 40,488
10,500 Radian Group, Inc..................................... 512,530
9,450 Reinsurance Group of America.......................... 333,113
5,800 UICI*................................................. 160,225
------------
3,745,819
------------
Investment Company -- 0.01%
1,000 PEC Israel Economic Corp.*............................ 31,500
------------
Manufacturing -- 1.93%
15,900 Aptargroup, Inc....................................... 476,999
1,800 Bandag, Inc........................................... 62,438
2,500 BE Aerospace, Inc.*................................... 46,719
</TABLE>
See accompanying notes to financial statements.
33
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Manufacturing (continued)
2,000 Blount International, Inc............................. $ 54,375
3,300 Briggs & Stratton Corp................................ 190,574
10,700 Church & Dwight Co., Inc.............................. 465,449
2,000 Cognex Corp.*......................................... 63,125
5,450 Donaldson Co., Inc.................................... 133,525
5,650 Furniture Brands International, Inc.*................. 157,494
1,100 Furon Co.............................................. 20,900
3,100 Graco, Inc............................................ 91,063
2,500 Idex Corp............................................. 82,188
8,600 JLG Industries, Inc................................... 175,225
4,600 Kimball International, Inc.,
Class - A............................................ 77,625
5,350 La-Z-Boy, Inc......................................... 123,050
4,800 Lincoln Electric Holding, Inc......................... 98,400
10,440 Manitowoc Co., Inc.................................... 434,564
5,900 Mettler-Toledo International, Inc.*................... 146,394
3,000 Milacron, Inc......................................... 55,500
1,400 Nordson Corp.......................................... 85,750
4,500 O'Sullivan Industries
Holdings, Inc.*...................................... 76,500
4,050 Roper Industries, Inc................................. 129,600
3,400 Simpson Manufacturing Co., Inc.*...................... 161,500
2,800 Specialty Equipment Cos., Inc.*....................... 82,425
1,300 SPS Technologies, Inc.*............................... 48,750
1,200 Standex International Corp............................ 32,850
3,200 Stewart & Stevenson Services, Inc..................... 48,800
1,700 Toro Co............................................... 66,938
5,400 United Dominion Industries Ltd........................ 136,013
12,800 Valhi, Inc............................................ 142,400
6,200 Watsco, Inc........................................... 101,525
------------
4,068,658
------------
Medical Supplies -- 0.79%
2,700 Acuson Corp.*......................................... 46,406
1,750 Bacou USA, Inc.*...................................... 29,859
7,500 Conmed Corp........................................... 229,687
3,400 Datascope Corp.*...................................... 109,225
3,500 Haemonetics Corp.*.................................... 70,219
1,400 Hanger Orthopedic Group, Inc.*........................ 19,863
3,500 Invacare Corp......................................... 93,625
900 Laser Vision Centers, Inc.*........................... 56,700
5,900 OEC Medical Systems, Inc.*............................ 144,550
5,100 Owens & Minor, Inc.................................... 56,100
6,200 Patterson Dental Co.*................................. 215,449
1,200 Perclose, Inc.*....................................... 57,675
12,600 PSS World Medical, Inc.*.............................. 140,963
3,300 Resmed, Inc.*......................................... 109,519
2,300 Thermo Bioanalysis Corp.*............................. 39,963
4,000 Vital Signs, Inc...................................... 79,750
2,500 Wesley Jessen Visioncare, Inc.*....................... 80,938
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Medical Supplies (continued)
2,100 West Pharmaceutical Services, Inc..................... $ 82,425
------------
1,662,916
------------
Mining -- 0.17%
11,200 Stillwater Mining Co.*................................ 366,100
------------
Natural Gas Utility -- 0.42%
5,100 AGL Resources, Inc.................................... 94,031
1,600 Atmos Energy Corp..................................... 40,000
200 Laclede Gas Co........................................ 4,650
3,700 Northwest Natural Gas Co.............................. 89,263
1,900 NUI Corp.............................................. 47,263
5,800 Oneok, Inc............................................ 184,150
5,300 People's Energy Corp.................................. 199,743
3,900 UGI Corp.............................................. 78,731
5,800 Washington Gas Light Co............................... 150,800
------------
888,631
------------
Oil & Gas -- 0.98%
5,850 Barrett Resources Corp.*.............................. 224,494
1,250 Cabot Oil & Gas Corp.................................. 23,281
1,100 Carbo Ceramics, Inc................................... 33,481
3,450 Cross Timbers Oil Co.................................. 51,319
3,050 Devon Energy Corp..................................... 109,038
1 Eagle Geophysical, Inc.*.............................. 1
2,150 Forest Oil Corp.*..................................... 27,009
6,000 Global Industries Ltd.*............................... 76,875
1,900 Houston Exploration Co.*.............................. 35,981
5,900 Louis Dreyfus Natural Gas Corp.*...................... 127,219
6,800 Marine Drilling Companies, Inc.*...................... 93,075
9,000 Newfield Exploration Co.*............................. 255,937
20,800 Ocean Energy, Inc.*................................... 200,200
3,400 Oceaneering International, Inc.*...................... 54,825
6,200 Pioneer Natural Resources Co.*........................ 68,200
2,200 Plains Resources, Inc.*............................... 41,525
9,500 Seitel, Inc.*......................................... 153,781
1,300 Stone Energy Corp.*................................... 55,088
11,900 Tesoro Petroleum Corp.*............................... 189,656
1,400 Tom Brown, Inc.*...................................... 21,788
8,700 Valero Energy Corp.................................... 186,506
3,500 Vintage Petroleum, Inc................................ 37,625
------------
2,066,904
------------
Packaging/Containers -- 0.25%
5,300 Ball Corp............................................. 223,925
2,900 Ivex Packaging Corp.*................................. 63,800
6,200 Myers Industries, Inc................................. 124,000
5,600 Paxar Corp.*.......................................... 50,400
3,550 Shorewood Packaging Corp.*............................ 65,453
------------
527,578
------------
Paper Products -- 0.45%
3,600 Caraustar Industries, Inc............................. 88,875
3,300 Chesapeake Corp....................................... 123,544
</TABLE>
See accompanying notes to financial statements.
34
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Paper Products (continued)
6,200 Glatfelter (P.H.) Co.................................. $ 90,675
6,300 Longview Fibre Co..................................... 98,438
5,100 Polymer Group, Inc.*.................................. 59,925
2,800 Potlatch Corp......................................... 123,025
4,200 Rayonier, Inc......................................... 209,212
8,400 Wausau-Mosinee Paper Corp............................. 151,200
------------
944,894
------------
Pharmaceuticals -- 1.52%
16,500 Alpharma, Inc......................................... 586,781
12,600 Amerisource Health Corp.,
Class - A*........................................... 321,300
1,000 Aviron*............................................... 28,750
1,300 Entremed, Inc.*....................................... 29,250
3,200 Enzon, Inc.*.......................................... 66,200
2,700 IDEC Pharmaceuticals Corp.*........................... 208,069
13,200 IDEXX Laboratories, Inc.*............................. 307,725
6,200 Liposome Company, Inc.*............................... 118,575
8,000 Medimmune, Inc.*...................................... 542,000
7,400 Organogenesis, Inc.*.................................. 69,375
14,028 Priority Healthcare Corp.*............................ 483,966
5,000 Roberts Pharmaceutical Corp.*......................... 121,250
2,500 Schein Pharmaceutical, Inc.*.......................... 30,156
5,000 SICOR, Inc.*.......................................... 21,250
2,300 Supergen, Inc.*....................................... 35,219
9,700 Vertex Pharmaceuticals, Inc........................... 234,013
------------
3,203,879
------------
Publishing & Printing -- 1.07%
3,700 Banta Corp............................................ 77,700
1,250 Big Flower Holdings, Inc.*............................ 39,844
5,500 Bowne & Co., Inc...................................... 71,500
9,500 Central Newspapers, Inc., Class - A................... 357,438
1,400 Consolidated Graphics, Inc.*.......................... 70,000
1,500 CSS Industries, Inc.*................................. 42,188
16,100 Hollinger International, Inc.......................... 191,188
11,100 Houghton Mifflin Co................................... 522,393
7,600 Media General, Inc., Class - A........................ 387,599
9,400 Valassis Communications, Inc.*........................ 344,275
5,800 World Color Press, Inc.*.............................. 159,500
------------
2,263,625
------------
Railroads -- 0.13%
6,400 Florida East Coast Industries, Inc.................... 283,200
------------
Raw Materials -- 0.08%
1,500 Cleveland-Cliffs, Inc................................. 48,563
7,500 Cyprus Amax Minerals Co............................... 113,906
------------
162,469
------------
Real Estate -- 2.10%
2,900 Alexandria Real Estate Equities Inc................... 90,625
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Real Estate (continued)
6,000 Bedford Property Investors, Inc....................... $ 107,250
5,200 Cabot Industrial Trust................................ 110,500
1,300 CB Richard Ellis Services, Inc.*...................... 32,338
2,700 Chelsea GCA Realty, Inc............................... 100,238
10,100 Developers Diversified Realty Corp.................... 167,913
1,600 Entertainment Properties Trust........................ 28,200
12,100 Felcor Lodging Trust, Inc............................. 251,074
4,400 Forest City Enterprises Inc.,
Class - A............................................ 123,200
10,000 Franchise Finance Corp................................ 220,000
6,900 Glenborough Realty Trust, Inc......................... 120,750
6,200 Health Care REIT, Inc................................. 144,150
6,800 Healthcare Realty Trust, Inc.......................... 142,800
11,900 IndyMac Mortgage Holdings, Inc........................ 190,400
10,000 Innkeepers USA Trust.................................. 100,000
13,900 MeriStar Hospitality Corp............................. 311,880
1,900 MGI Properties, Inc................................... 53,675
8,000 Nationwide Health Properties, Inc..................... 152,500
16,700 New Plan Excel Realty Trust........................... 300,599
5,100 Pacific Gulf Properties, Inc.......................... 115,388
3,600 Parkway Properties, Inc............................... 119,250
8,500 Prentiss Properties Trust............................. 199,750
7,300 PS Business Parks, Inc................................ 177,938
10,600 Regency Realty Corp................................... 232,537
5,200 RFS Hotel Investors, Inc.............................. 65,325
5,900 Sl Green Realty Corp.................................. 120,581
6,500 Summit Properties, Inc................................ 128,375
2,550 Trammell Crow Co.*.................................... 41,916
5,400 Trinet Corporate Realty Trust......................... 149,513
10,700 U.S. Restaurant Properties, Inc....................... 227,375
4,700 Walden Residential Properties, Inc.................... 101,050
------------
4,427,090
------------
Recreation -- 0.25%
1,800 Action Performance Companies, Inc.*................... 59,400
15,300 Callaway Golf Co...................................... 223,763
1,600 Championship Auto Racing Teams, Inc.*................. 47,900
5,850 Gaylord Entertainment Co.............................. 175,500
1,600 Handleman Co.*........................................ 18,900
------------
525,463
------------
Rental & Leasing -- 0.24%
6,400 Avis Rent A Car, Inc.*................................ 186,400
1,500 First Sierra Financial, Inc.*......................... 37,500
4,700 Interpool, Inc........................................ 61,100
2,400 McGrath Rent Corp..................................... 48,000
3,400 Rent-A-Center Inc.*................................... 81,600
3,700 Rent-Way, Inc.*....................................... 91,113
------------
505,713
------------
</TABLE>
See accompanying notes to financial statements.
35
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Restaurants -- 0.82%
6,000 Applebee's International, Inc......................... $ 180,750
5,500 Bob Evans Farms, Inc.................................. 109,313
1,600 CEC Entertainment, Inc.*.............................. 67,600
2,000 Cheesecake Factory, Inc.*............................. 61,000
800 Dave & Buster's, Inc.................................. 23,200
7,200 IHOP Corp.*........................................... 173,250
5,300 Lone Star Steakhouse & Saloon, Inc.*.................. 51,509
3,000 Luby's, Inc........................................... 45,000
9,100 NPC International, Inc.*.............................. 139,913
3,500 Papa Johns International, Inc.*....................... 156,406
5,150 Ruby Tuesday, Inc..................................... 97,850
2,600 Sbarro, Inc.*......................................... 70,363
16,950 Sonic, Inc.*.......................................... 552,993
------------
1,729,147
------------
Retail -- 1.76%
8,050 Ann Taylor Stores Corp.*.............................. 362,249
2,500 Buckle, Inc.*......................................... 72,500
4,100 Burlington Coat Factory Warehouse Corp................ 79,181
4,900 Claire's Stores, Inc.................................. 125,563
2,150 Department 56, Inc.*.................................. 57,781
3,000 Duane Reade, Inc.*.................................... 91,875
6,900 Finish Line, Inc., Class - A*......................... 77,625
1,300 Footstar, Inc.*....................................... 48,344
7,300 General Nutrition Companies, Inc.*.................... 170,181
6,250 Genesco, Inc.*........................................ 91,016
5,900 Gymboree Corp.*....................................... 61,950
13,200 Hollywood Entertainment Corp.*........................ 258,224
2,100 Lands' End, Inc.*..................................... 101,850
8,050 Linens 'N Things, Inc.*............................... 352,187
2,600 Longs Drug Stores, Inc................................ 89,863
7,400 Men's Wearhouse, Inc.*................................ 188,700
100 Michaels Stores, Inc.*................................ 3,063
5,300 Micro Warehouse, Inc.................................. 94,738
2,700 Musicland Stores Corp.*............................... 23,963
9,000 Pacific Sunwear Of California, Inc.*.................. 219,374
5,200 Pep Boys-Manny Moe & Jack, Inc........................ 112,450
2,700 Petco Animal Supplies, Inc.*.......................... 42,525
9,500 PETsMART, Inc.*....................................... 97,375
7,900 Pier 1 Imports, Inc................................... 88,875
6,400 Ruddick Corp.......................................... 128,000
2,700 Shopko Stores, Inc.*.................................. 97,875
7,700 Talbots, Inc.......................................... 293,562
7,500 Trans World Entertainment Corp.*...................... 84,375
5,700 Urban Outfitters, Inc.*............................... 143,213
1,900 Wet Seal, Inc.*....................................... 54,388
------------
3,712,865
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Schools -- 0.13%
11,800 DeVry, Inc.*.......................................... $ 264,025
Security Services -- 0.14%
2,500 Borg-Warner Security Corp.*........................... 50,781
2,000 Helen Of Troy Corp.*.................................. 35,875
800 ITI Technologies, Inc.*............................... 18,100
3,300 Pittway Corp., Class - A.............................. 112,819
5,700 Sensormatic Electronics Corp.*........................ 79,444
------------
297,019
------------
Shipbuilding -- 0.11%
8,100 Newport News Shipbuilding............................. 238,950
------------
Steel -- 0.51%
9,100 AK Steel Holding Corp................................. 204,750
2,100 Commercial Metals Co.................................. 59,850
9,600 Gibraltar Steel Corp.*................................ 237,600
4,000 Intermet Corp......................................... 60,500
2,100 Quanex Corp........................................... 59,850
2,700 Reliance Steel & Aluminum Co.......................... 105,300
3,400 Ryerson Tull, Inc..................................... 76,713
7,700 Steel Dynamics, Inc.*................................. 119,109
9,500 Worthington Industries, Inc........................... 156,156
------------
1,079,828
------------
Telecommunications -- 1.76%
4,500 Adtran, Inc.*......................................... 163,688
2,600 Advanced Radio Telecom Corp.*......................... 37,375
5,200 Alliant Communications, Inc.,
Class - A............................................ 240,175
1,000 Associated Group, Inc.,
Class - A*........................................... 65,125
2,900 Aware, Inc.*.......................................... 133,763
4,100 Cellstar Corp.*....................................... 32,288
1,500 Cellular Comm Of Puerto Rico, Inc.*................... 42,750
200 Commonwealth Telephone Enterprises, Inc.*............. 8,088
5,400 Commscope, Inc.*...................................... 166,050
5,750 DSP Communications, Inc.*............................. 166,031
3,200 IXC Communications, Inc.*............................. 125,800
14,700 NTL, Inc.*............................................ 1,266,955
4,400 Plantronics, Inc.*.................................... 286,550
1,700 Powerwave Technologies, Inc.*......................... 54,825
17,900 SkyTel Communications, Inc.*.......................... 374,781
20,000 Western Wireless Corp., Class - A*.................... 540,000
------------
3,704,244
------------
Textiles & Apparel -- 0.21%
1,250 Authentic Fitness Corp................................ 21,875
1,500 G & K Services, Inc., Class - A....................... 78,562
1,203 Jones Apparel Group, Inc.*............................ 41,266
2,100 Kellwood Co........................................... 56,963
2,500 Oshkosh B'Gosh, Inc................................... 52,813
</TABLE>
See accompanying notes to financial statements.
36
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Textiles & Apparel (continued)
7,650 Polo Ralph Lauren Corp.*.............................. $ 145,349
1,950 Quiksilver, Inc.*..................................... 50,822
------------
447,650
------------
Tobacco -- 0.05%
3,500 Universal Corp........................................ 99,531
------------
Transportation -- 1.45%
7,600 Air Express International Corp........................ 192,850
1,700 AirTran Holdings, Inc.*............................... 9,775
4,500 Alexander & Baldwin, Inc.............................. 100,125
1,000 American Freightways Corp.*........................... 19,563
400 Amtran, Inc.*......................................... 9,850
2,400 Arnold Industies, Inc................................. 37,050
4,300 Atlas Air, Inc........................................ 138,675
3,500 CH Robinson Worldwide, Inc............................ 128,625
1,200 Coach USA, Inc.*...................................... 50,325
3,000 Eagle USA Airfreight, Inc.*........................... 127,313
3,700 Fritz Companies, Inc.*................................ 39,775
4,000 Landstar System, Inc.*................................ 144,375
1,500 Mesaba Holdings, Inc.*................................ 19,125
10,250 Midwest Express Holdings, Inc.*....................... 348,499
20,000 Motivepower Industries, Inc.*......................... 354,999
3,700 MS Carriers, Inc.*.................................... 109,728
5,200 Overseas Shipholding Group, Inc....................... 66,950
5,600 Pittston BAX Group.................................... 149,800
3,800 Skywest, Inc.......................................... 94,763
14,950 Swift Transportation Co., Inc.*....................... 328,900
6,100 U.S. Freightways Corp................................. 282,506
8,150 Werner Enterprises, Inc............................... 169,113
7,500 Wisconsin Central Transportation Corp.*............... 141,563
------------
3,064,247
------------
Waste Disposal -- 0.14%
800 IMCO Recycling, Inc................................... 13,950
2,300 Ionics, Inc.*......................................... 83,950
5,600 Safety-Kleen Corp..................................... 101,500
3,100 Superior Services, Inc.*.............................. 82,731
850 U.S. Liquids, Inc.*................................... 17,744
------------
299,875
------------
Total -- Geewax, Terker & Co. (cost $86,464,288)...... 90,112,500
------------
Total -- Common Stocks (cost $176,823,807)............ 201,195,056
------------
</TABLE>
<TABLE>
<CAPTION>
Shares or
Principal Security Value
Amount Description (Note 2)
--------- ----------- --------
<C> <S> <C>
Depositary Receipts -- 3.66%
Geewax, Terker & Co. -- 3.66%
S&P Mid Cap 400 -- 3.66%
98,536 S&P 400 Mid-Cap Depository Receipt................. $ 7,722,759
------------
Total -- Depositary Receipts (cost $7,538,065)..... 7,722,759
------------
Preferred Stocks -- 0.05%
Geewax, Terker & Co. -- 0.05%
Banking -- 0.05%
8,300 Harbor Florida Bancshares, Inc..................... 101,675
------------
Total -- Preferred Stocks (cost $100,362).......... 101,675
------------
Short-Term Investments -- 1.58%
Frontier Capital Management Co. -- 0.78%
$1,650,432 Bankers Trust Co., Repurchase Agreement, dated
6/30/99, due 7/1/99 at 4.20% with a maturity value
of 1,650,625 (Collateralized by 1,388,000 U.S.
Treasury bonds 8.125%, 5/15/21; market value
1,704,637)......................................... 1,650,432
------------
Geewax, Terker & Co. -- 0.80%
1,689,154 Bankers Trust Co., Repurchase Agreement, dated
6/30/99, due 7/1/99 at 4.20% with a maturity value
of 1,689,348 (Collateralized by 1,421,000 U.S.
Treasury bonds 8.125%, 5/15/21; market value
1,745,166)......................................... 1,689,154
------------
Total -- Short-Term Investments (cost $3,339,586).. 3,339,586
------------
Total Investments (cost $187,801,820) (a) --
100.77%.......................................... 212,359,076
Liabilities in Excess of Other Assets -- (0.77)%... (1,622,444)
------------
Total Net Assets -- 100.00%........................ $210,736,632
============
</TABLE>
- --------
* Non-income producing securities.
(a) Represents cost for financial reporting purposes and differs from cost
basis for federal income tax purposes by the amount of losses recognized
for financial reporting in excess of federal income tax reporting of
$424,746. Cost for federal income tax purposes differs from value of net
unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation........................................ $ 37,365,102
Unrealized depreciation........................................ (13,232,592)
------------
Net unrealized appreciation.................................... $ 24,132,510
============
</TABLE>
See accompanying notes to financial statements.
37
<PAGE>
THE HIRTLE CALLAGHAN TRUST
International Equity Portfolio
Portfolio of Investments -- June 30, 1999
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common/Preferred Stocks,
Rights & Warrants -- 97.88%
Australia -- 5.58%
46,200 Amcor Ltd. (Forest Products).......................... $ 256,826
56,200 Amp Ltd. (Insurance).................................. 614,417
21,800 Brambles Industries Ltd. (Services)................... 574,330
121,500 Broken Hill Proprietary Co. Ltd.
(Metals - Diversified)............................... 1,407,460
514 Coca-Cola Amatil Ltd. (Beverages)..................... 2,072
170,700 CSR Ltd. (Industrial)................................. 488,134
170,500 David Jones Ltd. (Retail Store)....................... 167,035
46,582 Lend Lease Corp. Ltd. (Real Estate)................... 639,604
111,000 National Australia Bank Ltd. (Financial).............. 1,836,896
178,274 News Corp Ltd. (Publishing & Printing)................ 1,521,117
68,276 News Corp. Ltd. Pfd. (Publishing & Printing).......... 520,194
28,000 Orica Ltd. (Manufacturing -Diversified)............... 152,928
26,300 Pacific Dunlop Ltd. (Holding Company)................. 37,952
234,037 Qantas Airways Ltd. (Transportation).................. 773,049
107,333 QBE Insurance Group Ltd. (Insurance).................. 408,529
48,750 Rio Tinto Ltd. (Mining)............................... 799,388
115,200 Santos Ltd. (Oil & Gas)............................... 377,467
312,700 Telstra Corp. (Telecommunications).................... 1,791,914
182,000 Westpac Banking Corp. (Financial)..................... 1,180,645
95,600 WMC Ltd. (Metals - Diversified)....................... 410,700
102,200 Woolworths Ltd. (Food - Retail)....................... 339,945
------------
14,300,602
------------
Austria -- 0.14%
6,100 Austria Tabakwerke AG (Tobacco)....................... 355,456
------------
Belgium -- 1.26%
77,530 Fortis, Class - B (Financial Services)................ 2,434,807
13,274 Kredietbank NPV (Financial Services).................. 787,185
------------
3,221,992
------------
Canada -- 2.32%
28,600 Agrium, Inc. (Agriculture -Supplier)*................. 249,284
13,700 Alcan Aluminium Ltd. (Metals - Diversified)*.......... 432,753
9,000 Bank of Montreal (Financial)*......................... 325,338
8,900 Canadian National Railway Co. (Railroad)*............. 594,736
27,000 Canadian Pacific Ltd.
(Transportation - Rail)*............................. 638,514
</TABLE>
<TABLE>
<C> <S> <C>
Security Value
Shares Description (Note 2)
------ ----------- --------
Canada (continued)
22,800 Hudson's Bay Co. (Retail -Department Stores)*......... $ 254,189
14,000 Imasco Ltd. (Tobacco)*................................ 375,541
18,400 Imperial Oil Canada Ltd. (Oil & Gas)*................. 348,108
3,500 Magna International, Inc., Class - A (Auto Related)*.. 197,111
8,800 Newbridge Networks Corp.
(Telecommunication Services)*(b)..................... 249,730
14,362 Nova Corp. (Chemicals)*............................... 334,790
3,600 Potash Corp. of Saskatchewan (Agriculture)*........... 185,230
10,500 Royal Bank Of Canada (Financial)*..................... 461,149
5,100 Seagram Co. Ltd. (Wine & Spirits)*.................... 252,760
19,700 Shaw Communications, Inc., Class - B (Cable TV)*...... 529,105
26,012 Transcanada Pipelines Ltd. (Utilities)*............... 364,695
8,000 Westcoast Energy, Inc. (Utilities)*................... 156,216
------------
5,949,249
------------
Denmark -- 0.37%
19,180 Tele Danmark A/S, Class - B (Telecommunications)...... 944,197
------------
Finland -- 1.98%
185,900 Merita Ltd. (Banking)................................. 1,056,424
27,500 Nokia Oyj, Class - A (Telecommunications)............. 2,410,788
51,800 UPM-Kymmene (Paper Products).......................... 1,602,723
------------
5,069,935
------------
France -- 8.97%
33,340 Aerospatiale-Matra (Aerospace/Defense)*............... 768,512
49,950 Air France (Airlines)................................. 891,228
8,185 Air Liquide (Chemicals - Specialty)................... 1,287,348
14,521 Banque Nationale de Paris (Financial)................. 1,210,084
7,500 Carrefour SA (Food - Retail).......................... 1,102,259
5,676 Cie de St. Gobain (Compagniede)....................... 904,437
23,190 France Telecom SA (Telecommunications)................ 1,751,926
6,190 Groupe Danone (Food Products & Services).............. 1,596,019
8,421 Lyonnaise des Eaux Dumez (Environmental).............. 1,519,011
15,094 Michelin, Class - B (Tire & Rubber)................... 617,553
22,688 Rhone Poulenc Ord. (Pharmaceuticals).................. 1,036,825
46,200 Seita (Tobacco)....................................... 2,668,316
</TABLE>
See accompanying notes to financial statements.
38
<PAGE>
THE HIRTLE CALLAGHAN TRUST
International Equity Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Security Value
Shares Description Note 2)
------ ----------- -------
<C> <S> <C>
Common/Preferred Stocks,
Rights & Warrants (continued)
France (continued)
6,084 Societe Generale (Financial).......................... $ 1,072,355
14,310 Societe Nationale Elf Aquitane
(Oil & Gas).......................................... 2,100,157
51,710 Thomson CSF (Defense)................................. 1,797,264
11,227 Total Co., Class B (Oil & Gas)........................ 1,448,533
14,782 Vivendi (Commercial Services)*........................ 1,197,516
------------
22,969,343
------------
Germany -- 10.96%
8,223 Allianz AG Holdings (Multi-Line Insurance)*........... 2,298,301
79,790 Bayer AG (Chemicals).................................. 3,320,469
48,900 Continental AG (Tire & Rubber)........................ 1,159,963
26,161 DaimlerChrysler AG (Automobiles)...................... 2,285,310
47,181 Deutsche Bank AG (Financial).......................... 2,875,822
53,250 Deutsche Telekom AG (Telecommunications).............. 2,237,972
47,400 Dresdner Bank AG (Banking)............................ 1,843,007
18,430 Mannesmann AG (Machinery)............................. 2,756,137
2,300 SAP AG (Business & Public Services)................... 788,727
43,050 Siemens AG (Manufacturing)............................ 3,321,101
74,682 Veba AG (Utilities)................................... 4,405,745
12,170 Volkswagen AG (Automobiles)*.......................... 785,352
------------
28,077,906
------------
Italy -- 2.55%
48,750 Assic Generali (Insurance)............................ 1,689,356
400 ENI - ADR (Oil)...................................... 24,000
410,000 Ente Nazionale Idrocarburi (Insurance)................ 2,448,330
426,317 Montedison Spa (Chemicals)............................ 694,699
107,700 Rinascente (Retail - Department Stores)............... 815,303
62,903 San Paolo - Imi Spa (Banking)......................... 856,353
------------
6,528,041
------------
Japan -- 23.30%
13,100 Acom Co. Ltd. (Financial Services).................... 1,131,738
68,000 Amada (Hand/Machine Tools)............................ 480,655
112,000 Bank Of Tokyo - Mitsubishi (Financial - Banking)...... 1,595,370
35,000 Bridgestone Corp. (Industrial Components)............. 1,059,028
55,000 Canon, Inc. (Business Equipment)...................... 1,582,341
63,000 Citizen Watch Co. (Jewelry)........................... 546,875
62,000 Dai Nippon Printing (Printing & Publishing)........... 991,815
56,000 Daiichi Pharmaceuticals (Pharmaceuticals)............. 869,444
</TABLE>
<TABLE>
<CAPTION>
Security
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Japan (continued)
132,000 Daikin Kogyo Co. (Machinery & Engineering)............. $ 1,533,234
33,000 Daiwa House Industries (Manufacturing/Housing)......... 347,297
57,000 Denso Corp. (Auto Parts)............................... 1,159,226
195 East Japan Railway Co. (Railroads)..................... 1,047,867
27,300 Fanuc Co. (Electronic Components)...................... 1,467,014
18,000 Fuji Photo Film Ltd. (Photo Equipment)................. 681,548
114,000 Fujitsu (Computer Equipment)........................... 2,294,891
48,000 Honda Motor Co. (Auto Related)......................... 2,035,714
15,000 Hoya Corp. (Electrical Components)..................... 846,974
33,000 Ito Yokado Co. (Retail - Grocery)...................... 2,209,822
67,000 Kaneka Corp. (Chemicals)............................... 631,448
44,000 Kao Corp. (Food & Household Products).................. 1,236,772
74,000 Kirin Brewery Co. Ltd. (Brewery)....................... 887,070
23,000 Kokuyo (Office/Business)............................... 370,784
82,000 Kuraray Co. Ltd. (Chemicals)........................... 987,037
36,000 Marui (Retail)......................................... 595,238
80,000 Matsushita Electric Co. (Electronic Components)........ 1,554,233
221,000 Mitsubishi Corp. (Distribution/Wholesale).............. 1,498,181
128,000 Mitsubishi Estate Co. Ltd. (Real Estate)............... 1,249,735
110,000 NGK Insulators (Industrial Components)................. 1,149,471
7,700 Nintendo (Toys)........................................ 1,082,813
53,000 Nippon Meat Packers (Food Processing).................. 692,295
466,000 Nippon Steel Corp. (Steel)............................. 1,082,556
293 Nippon Telegraph & Telephone
Corpo. (Telephone).................................... 3,415,427
117,000 Nomura Securities Co. Ltd. (Financial Services)........ 1,370,610
112,000 Obayashi Corporation (Building & Construction)......... 563,889
311,000 Osaka Gas Corp. (Utilities)............................ 1,056,721
49,000 Sankyo Pharmaceutical (Pharmaceuticals)................ 1,235,532
78,000 Sanwa Bank (Banking)................................... 768,006
16,000 Secom Co. Ltd. (Business & Public Services)............ 1,666,666
9,000 Sega Enterprise (Electronic Components)*............... 119,122
74,000 Sekisui House (Manufacturing/Housing).................. 798,975
13,000 Shin-Etsu Chemical Co. Ltd. (Chemicals)................ 435,268
</TABLE>
See accompanying notes to financial statements.
39
<PAGE>
THE HIRTLE CALLAGHAN TRUST
International Equity Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common/Preferred Stocks,
Rights & Warrants (continued)
Japan (continued)
15,500 Sony Corp. (Electrical & Electronics)................ $ 1,672,248
80,000 Sumitomo Bank Ltd. (Banking)......................... 992,725
177,000 Sumitomo Chemical Co. (Chemicals).................... 812,128
74,000 Sumitomo Electric (Metal Fabricate/Hardware)......... 841,799
42,000 Takeda Chemical Industries (Pharmaceuticals)......... 1,947,918
12,000 TDK Corp. (Electrical & Electronics)................. 1,098,214
62,000 Tokio Marine & Fire (Insurance)...................... 674,024
69,700 Tokyo Electric Power (Utilities)..................... 1,472,251
163,000 Toshiba Corp. (Electrical & Electronics)............. 1,162,938
63,000 Toyota Motor Corp. (Auto Related).................... 1,994,792
40,000 Yamato Transport Co. Ltd. (Transport - Services)..... 697,751
------------
59,695,490
------------
Malaysia -- 0.04%
23,000 Malayan Banking (Financial).......................... 69,009
7,000 Nestle Malaysia (Food Processing).................... 27,635
------------
96,644
------------
Netherlands -- 4.77%
158,900 Elsevier (Publishing & Printing)..................... 1,843,673
12,275 Heineken NV (Brewery) (b)............................ 628,562
69,479 ING Groep NV (Financial)............................. 3,762,012
43,548 Koninklijke KPN NV (Telecommunications).............. 2,043,558
42,280 Royal Dutch Petroleum (Oil & Gas).................... 2,476,799
21,764 Unilever NV (Consumer Goods)......................... 1,466,870
------------
12,221,474
------------
New Zealand -- 0.92%
116,000 Auckland International Airport Ltd. (Business &
Public Services).................................... 178,121
161,500 Carter Holt Harvey (Forest Products & Papers)........ 193,259
253,900 Fletcher Challenge Paper Ltd. ADR (Forest Products &
Papers)............................................. 189,558
123,900 Lion Nathan Ltd. (Brewery)........................... 296,531
3,500 New Zealand Telecom - ADR (Telecommunications)*...... 122,281
322,400 Telecom Corp. of New Zealand (Telecommunications).... 1,382,739
------------
2,362,489
------------
Norway -- 0.38%
10,700 Norsk Hydro ASA (Manufacturing - Diversified)........ 403,979
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Norway (continued)
15,200 Norske Skogindustrier ASA (Paper & Related
Products)........................................... $ 560,351
------------
964,330
------------
Portugal -- 0.41%
58,700 Electricidade De Portugal SA (Utilities)............. 1,057,036
------------
Singapore -- 0.89%
92,671 Singapore Press Holdings Ltd. (Broadcasting &
Publishing)......................................... 1,578,630
102,000 United Overseas Bank Ltd. (Financial Services)....... 712,993
------------
2,291,623
------------
Spain -- 2.18%
14,365 Banco Popular Espanol (Financial).................... 1,033,373
162,367 Banco Santander Central Hisp (Banking)............... 1,691,325
52,463 Endesa-Empresa Nacional de Electric (Utilities)...... 1,118,951
35,877 Telefonica S.A. (Telecommunications)................. 1,728,357
------------
5,572,006
------------
Sweden -- 2.58%
98,910 Electroloux AB, Class - B (Appliances)............... 2,072,511
50,250 Ericsson LM, Class - B (Telecommunications).......... 1,611,904
91,160 Investor AB, Class - B (Investment Company).......... 1,019,447
117,290 Nordbanken Holding AB (Holding Company).............. 686,205
345,170 Swedish Match AB (Tobacco)........................... 1,231,154
------------
6,621,221
------------
Switzerland -- 5.22%
1,065 Adecco SA (Human Resources/Employment Services)...... 570,915
891 Holderbank (Building Materials & Components)......... 1,052,182
2,005 Nestle SA (Food Processing).......................... 3,614,135
2,101 Novartis AG (Pharmaceuticals)........................ 3,069,226
260 Roche Holding AS - Genusshein (Pharmaceuticals)...... 2,673,789
178 Schw Rueckversicherungs (Insurance).................. 339,069
5,479 Swisscom AG-REG (Telecommunications)................. 2,062,691
------------
13,382,007
------------
</TABLE>
See accompanying notes to financial statements.
40
<PAGE>
THE HIRTLE CALLAGHAN TRUST
International Equity Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common/Preferred Stocks,
Rights & Warrants (continued)
United Kingdom -- 23.06%
113,150 Allied Zurich PLC (Insurance)........................ $ 1,423,119
3,000 Astrazeneca PLC (Pharmaceuticals).................... 116,105
33,252 Astrazeneca PLC (Pharmaceuticals).................... 1,295,618
58,000 Barclays PLC (Banking)............................... 1,688,557
132,000 BOC Group PLC (Chemicals)............................ 2,581,378
95,000 Boots Co. PLC (Merchandising)........................ 1,128,919
35,000 British Aerospace PLC (Aerospace/Defense)............ 227,278
143,000 British Airways PLC (Airlines)....................... 987,230
248,133 British Petroleum Co. PLC
(Oil & Gas)......................................... 4,449,395
97,000 British Telecom PLC (Telecommunications)............. 1,626,151
248,053 Charter (Multi - Industries)......................... 1,443,533
582,400 Coats Viyella (Textiles & Apparel)................... 463,841
160,161 Diageo PLC (Wine & Spirits).......................... 1,673,396
594,000 FKI PLC (Electronics)................................ 1,836,109
301,700 General Electric PLC (Electrical & Electronics)...... 3,078,474
115,800 Glaxo Welcome PLC (Pharmaceuticals).................. 3,219,711
152,700 Greenalls Group PLC (Hotels/Restaurants)............. 857,324
283,200 House Of Fraser (Retail -Department Stores).......... 388,569
245,700 Lloyds TSB Group PLC (Financial)..................... 3,332,419
546,100 Marks & Spencer PLC (Retail -Department Stores)...... 3,160,778
350,100 Mirror Group PLC (Publishing & Printing)............. 1,366,543
226,000 National Power PLC (Utilities)....................... 1,646,669
196,000 Nycomed Amersham PLC (Health & Personal Care)........ 1,363,172
68,305 Peninsular & Oriental Steam Navigation Co.
(Transportation).................................... 1,026,061
190,500 Prudential Corp. PLC (Insurance)..................... 2,806,064
91,000 Reckitt & Colman (Household Products)................ 949,352
170,000 Reed International PLC
(Publishing - Books)................................ 1,134,754
172,100 Rio Tinto PLC (Mining)............................... 2,886,518
233,500 RJB Mining PLC (Mining).............................. 195,173
</TABLE>
<TABLE>
<CAPTION>
Shares or
Principal Security
Amount Description (Note 2)
--------- ----------- --------
<C> <S> <C>
United Kingdom (continued)
89,164 Royal & Sun Alliance Insurance Group PLC
(Insurance)....................................... $ 800,122
65,000 Sainsbury (J) PLC (Merchandising).................. 410,043
241,400 Scottish Hydro (Utilities -Electrical)............. 2,470,802
887,800 Tesco (Retail - Grocery)........................... 2,285,727
75,466 Thames Water PLC (Utilities)....................... 1,197,306
115,000 Unilever PLC (Consumer Goods)...................... 1,023,806
176,000 United News & Media PLC (Publishing - Newspapers).. 1,693,162
120,000 Yorkshire Water PLC (Utilities).................... 840,273
------------
59,073,451
------------
Total -- Common/Preferred Stocks, Rights & Warrants
(cost $229,306,828) 250,754,492
------------
Short-Term Investments -- 3.36%
United States -- 3.36%
$ 997,831 Bankers Trust Co., Cash Sweep...................... 997,831
7,600,000 Bankers Trust Co., 5.00%, 7/2/99................... 7,600,000
------------
Total -- Short-Term Investments (cost $8,597,831).. 8,597,831
------------
Total Investments (cost $237,904,659) (a) --
101.24%.......................................... 259,352,323
------------
Liabilities in Excess of
Other Assets -- (1.24)%........................... (3,175,101)
------------
Total Net Assets -- 100.00%........................ $256,177,222
============
</TABLE>
- --------
* Non-income producing securities.
ADR--American Depository Receipt
PLC--Public Liability Company
(a) Represents cost for financial reporting purposes and differs from cost
basis for federal income tax purposes by the amount of losses recognized
for financial reporting in excess of federal income tax reporting of
$375,293 and by the amount of market to market adjustment for passive
foreign investment companies of $575,599. Cost for federal income tax
purposes differs from value of net unrealized appreciation of securities
as follows:
<TABLE>
<S> <C>
Unrealized appreciation........................................ $ 32,376,829
Unrealized depreciation........................................ (11,880,057)
------------
Net unrealized appreciation.................................... $ 20,496,772
============
</TABLE>
See accompanying notes to financial statements.
41
<PAGE>
THE HIRTLE CALLAGHAN TRUST
International Equity Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Contract Value on
Amount Settlement Origination Value on Appreciation
(Local Currency) Forward Exchange Contracts Date Date 06/30/99 (Depreciation)
---------------- -------------------------- ---------- ------------ ------------ --------------
<C> <S> <C> <C> <C> <C>
Currency Purchased
18,800,000 Australian Dollar....... 8/19/99 $ 12,215,312 $ 12,451,155 $ 235,843
5,000,000 Canadian Dollar......... 8/19/99 3,353,454 3,380,434 26,980
17,400,000 Euro.................... 8/19/99 18,911,152 18,008,694 (902,458)
69,000,000 Swedish Krone........... 8/19/99 8,743,193 8,146,207 (596,986)
3,800,000 Swiss Franc............. 8/19/99 2,615,606 2,458,751 (156,855)
------------ ------------ -----------
Total Currency Purchased $ 45,838,717 $ 44,445,241 ($1,393,476)
============ ============ ===========
Currency Sold
(15,100,000) British Pound........... 8/19/99 ($24,455,823) ($23,821,543) $ 634,280
(2,475,000,000) Japanese Yen............ 8/19/99 (21,074,604) (20,602,680) 471,924
------------ ------------ -----------
Total Currency Sold ($45,530,427) ($44,424,223) $ 1,106,204
============ ============ ===========
</TABLE>
See accompanying notes to financial statements.
42
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Limited Duration Municipal Bond Portfolio
Portfolio of Investments -- June 30, 1999
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds -- 90.99%
Alabama -- 1.44%
$ 195,000 Alabama Housing Finance Authority
(GNMA/FNMA).......................... 5.100 10/1/99 $ 195,723
275,000 Birmingham, Alabama North Medical
Clinic, ETM.......................... 6.625 4/1/00 281,171
180,000 Pell City Alabama Industrial
Development, Shelby Steel
Fabricators, AMT (LOC)............... 7.700 9/1/01 180,722
-----------
657,616
-----------
Arizona -- 1.04%
75,000 Arizona Health Facilities Authority
Hospital, ETM........................ 6.250 9/1/11 79,594
90,000 Maricopa County Arizona Industrial
Development Authority, Housing
Facility Revenue, ETM................ 6.750 12/1/03 93,375
300,000 Valley Housing Development Revenue,
Section 8 Assistance................. 8.000 10/1/20 300,222
-----------
473,191
-----------
Arkansas -- 1.67%
70,000 Arkansas State Development Finance
Authority (FHA)...................... 8.000 8/15/11 73,850
425,000 Rogers Arkansas Sales & Use Tax
Revenue.............................. 5.000 11/1/15 411,188
197,037 Springdale Arkansas Residential
Housing, Series A (FNMA)............. 7.650 9/1/11 207,381
70,000 Washington County Hospital Revenue,
ETM (AMBAC).......................... 6.500 1/1/00 70,550
-----------
762,969
-----------
California -- 1.10%
500,000 Fresno California Multi-Family
Housing, Mandatory Tender, 4/1/00 @
100.................................. 5.000 4/1/00 500,400
-----------
Colorado -- 2.62%
180,000 Aurora Colorado Housing Authority,
Single Family Mortgage Revenue....... 7.300 5/1/10 186,975
145,000 Colorado Housing Finance Authority,
AMT.................................. 6.850 8/1/22 147,307
300,000 Colorado Housing Financial Authority,
Revenue.............................. 4.375 10/1/06 297,993
500,000 Colorado Housing Financial Authority,
Revenue.............................. 4.875 4/1/07 498,125
60,000 Commerce City Colorado Single Family
Housing, Series A.................... 6.875 3/1/12 62,100
-----------
1,192,500
-----------
Connecticut -- 0.27%
120,000 Connecticut State Resource Recovery
Authority............................ 7.625 1/1/09 122,838
-----------
Delaware -- 1.86%
745,000 Delaware State Economic Development
Authority Revenue, Peninsula United,
Series B, Weekly Floater (LOC)....... 3.650 5/1/15 745,000
95,000 Delaware Transit Authority, ETM....... 9.000 7/1/01 100,700
-----------
845,700
-----------
Florida -- 1.38%
140,000 Dade County, Florida Entitlement
Revenue, Prerefunded 2/1/00 @ 103
(AMBAC).............................. 9.750 2/1/00 148,960
210,000 Dade County, Florida Health
Facilities, Prerefunded 2/1/00 @102.. 7.600 2/1/00 217,245
248,259 Dade County, Florida Housing Finance
Authority Single Mortgage Revenue,
AMT (GNMA/FNMA)...................... 6.100 4/1/27 261,293
-----------
627,498
-----------
Georgia -- 1.04%
95,000 Cobb County, Georgia Water & Sewer,
ETM.................................. 9.500 1/1/02 102,244
80,000 Fulton County Georgia Housing
Authority, Single-Family Revenue, AMT
(GNMA)............................... 6.200 3/1/13 82,100
290,000 Gwinnett County, Development
Authority, AMT (LOC)................. 4.050 3/1/00 290,432
-----------
474,776
-----------
Illinois -- 4.96%
270,000 Bloomingdale, Illinois Water & Sewer
(MBIA)............................... 7.800 5/1/06 273,599
550,000 Illinois Health Facilities Authority
Revenue, Community Hospital of Ottawa
Project.............................. 6.750 8/15/14 595,375
</TABLE>
See accompanying notes to financial statements.
43
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Limited Duration Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Illinois (continued)
$ 100,000 Illinois State, General Obligation
Bonds............................... 4.750 8/1/99 $ 100,098
295,000 McDonough County, Hospital District.. 4.100 7/1/99 295,000
500,000 Palatine Illinois Tax Increment
Revenue............................. 5.250 1/1/17 490,000
500,000 St. Clair County Public Building
Revenue, ETM (MBIA)................. 8.000 12/1/05 507,645
-----------
2,261,717
-----------
Indiana -- 4.75%
225,000 Adams County Industrial Economic
Development Revenue, AMT (LOC)...... 7.450 6/1/00 228,056
915,000 Clark County Indiana Hospitals
Association (MBIA).................. 4.650 3/1/07 900,131
1,000,000 Mun-Del Building Corp. (AMBAC)....... 7.000 1/5/05 1,036,000
-----------
2,164,187
-----------
Iowa -- 2.82%
1,300,000 Iowa Finance Authority Commercial
Development Revenue (LOC)........... 4.350 8/1/03 1,283,750
-----------
Kansas -- 1.37%
620,000 Manhattan Kansas Tax Increment
Revenue, Central Business District
Redevelopment, AMT (Asset GTY)...... 5.000 12/1/02 625,425
-----------
Kentucky -- 0.12%
55,000 Kentucky State Pollution Authority,
ETM................................. 5.900 8/1/03 56,513
-----------
Louisiana -- 7.02%
100,000 Calcasieu Parish Louisiana Public
Transportation Authority............ 6.375 11/1/02 103,625
25,000 East Baton Rouge Parish Hospital,
ETM................................. 6.200 10/1/02 25,625
2,500,000 Louisiana Public Facility Authority
Revenue, Series A-1, Mandatory Put
6/1/02 @ 100 (AMBAC)................ 5.000 6/1/02 2,543,749
195,000 Parish of Ouachita Louisiana
Industrial Development (LOC)........ 4.300 8/1/99 195,088
325,000 Parish of Ouachita Louisiana
Industrial Development (LOC)........ 4.800 8/1/02 326,625
-----------
3,194,712
-----------
Maine -- 0.22%
100,000 Maine Finance Authority Revenue, AMT
(FSA)............................... 5.200 7/1/18 100,500
-----------
Massachusetts -- 1.50%
455,000 Massachusetts Finance Agency,
Prerefunded 11/15/00 @ 102.......... 8.400 11/15/00 484,006
210,000 Massachusetts State Development
Financial Agency (Asset GTY)........ 4.550 9/1/08 199,763
-----------
683,769
-----------
Michigan -- 3.68%
5,000 Michigan State Hospital Financial
Authority Revenue, ETM.............. 7.000 7/1/05 5,338
465,000 Michigan State Housing Development
Authority........................... 10.375 4/1/10 495,360
1,065,000 Michigan State Housing Development
Authority, Home Improvement, Series
B, AMT.............................. 7.650 12/1/12 1,093,903
80,000 Michigan State Strategic Fund, AMT
(FHA)............................... 6.000 2/1/00 80,813
-----------
1,675,414
-----------
Minnesota -- 2.65%
50,000 Dakota County, Minnesota, AMT
(GNMA/FNMA)......................... 5.200 10/1/99 50,142
1,145,000 Fridley Minnesota Community
Development Revenue, Mandatory Put
9/1/01 @100, AMT (LOC).............. 5.375 9/1/01 1,159,313
-----------
1,209,455
-----------
Missouri -- 0.57%
245,000 St. Louis County, Single-Family
Mortgage Revenue (AMBAC)............ 9.250 10/1/16 258,169
-----------
</TABLE>
See accompanying notes to financial statements.
44
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Limited Duration Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Nebraska -- 7.12%
$ 100,000 Clay County Nebraska Individual
Development Revenue, AMT (LOC)....... 3.900 3/15/00 $ 99,779
200,000 Clay County Nebraska Individual
Development Revenue, AMT (LOC)....... 4.100 3/15/01 198,749
310,000 Clay County Nebraska Individual
Development Revenue, AMT (LOC)....... 4.200 3/15/02 306,899
375,000 Clay County Nebraska Individual
Development Revenue, AMT (LOC)....... 4.300 3/15/03 369,843
1,000,000 Clay County Nebraska Individual
Development Revenue, AMT (LOC)....... 4.750 3/15/09 967,499
170,000 Consumer Public Power................. 5.100 1/1/03 170,507
135,000 Fillmore County Nebraska Individual
Development Revenue, AMT (LOC)....... 3.900 12/1/00 134,494
155,000 Fillmore County Nebraska Individual
Development Revenue, AMT (LOC)....... 4.200 12/1/03 151,900
150,000 Fillmore County Nebraska Individual
Development Revenue, AMT (LOC)....... 4.300 12/1/04 146,063
170,000 Fillmore County Nebraska Individual
Development Revenue, AMT (LOC)....... 4.400 12/1/05 164,688
175,000 Fillmore County Nebraska Individual
Development Revenue, AMT (LOC)....... 4.500 12/1/06 169,094
185,000 Fillmore County Nebraska Individual
Development Revenue, AMT (LOC)....... 4.600 12/1/07 178,063
190,000 Fillmore County Nebraska Individual
Development Revenue, AMT (LOC)....... 4.700 12/1/08 182,163
-----------
3,239,741
-----------
Nevada -- 0.09%
40,000 Washoe Nevada Housing and Finance
(MBIA FHA221 (D) 4).................. 6.875 7/1/21 41,600
-----------
New Jersey -- 3.61%
1,645,000 New Jersey Economic Development
Authority Revenue, Optional Put
12/1/02 @100......................... 4.950 12/1/28 1,645,000
-----------
New Mexico -- 0.55%
250,000 Alamagordo Municipal School District,
Prerefunded 7/15/99 @ 101............ 7.125 7/15/99 252,728
-----------
New York -- 2.24%
425,000 Amherst New York Individual
Development Agency (LOC)............. 4.500 10/1/00 425,531
445,000 Amherst New York Individual
Development Agency (LOC)............. 4.650 10/1/01 445,556
150,000 New York State Housing Finance
Agency............................... 7.900 11/1/99 151,094
-----------
1,022,181
-----------
North Carolina -- 0.43%
180,000 Surry County North Carolina Industrial
Facility & Pollution Control
Authority Revenue.................... 9.250 12/1/02 195,300
-----------
Ohio -- 1.21%
140,000 Lucas County Ohio Hospital Revenue,
Prerefunded 11/15/99 @ 102 (MBIA).... 6.750 11/15/99 144,308
160,000 Ohio Housing Financial Agency Single
Family, Series A, AMT (GNMA)......... 7.150 3/1/01 163,416
95,000 Ohio State Air Quality Development
Authority Revenue, ETM............... 7.875 11/1/00 97,969
135,000 Ohio State Water Development Authority
Revenue, ETM......................... 8.000 12/1/04 147,656
-----------
553,349
-----------
Oklahoma -- 2.11%
305,000 Oklahoma State Industrial Authority
Revenue, ETM......................... 6.250 10/1/02 309,194
120,000 Tulsa Oklahoma Industrial Authority
Revenue, ETM......................... 6.500 4/1/07 120,878
500,000 Tulsa Oklahoma Municipal Airport,
AMT.................................. 7.600 12/1/30 532,500
-----------
962,572
-----------
Pennsylvania -- 14.20%
40,000 Allegheny County Pennsylvania
Hospital............................. 7.500 8/1/13 39,400
135,000 Allegheny County Pennsylvania
Residential Finance Authority
Revenue, AMT (GNMA).................. 4.800 11/1/07 132,469
90,000 Athens Pennsylvania Area School
Authority, ETM....................... 6.250 4/1/02 94,500
195,000 Beaver County Pennsylvania Industrial
Development Authority................ 6.000 5/1/07 195,289
110,000 Catasauqua Pennsylvania Area School
Authority, ETM....................... 8.400 2/15/01 115,088
850,000 Clearfield Pennsylvania Hospital
Authority Revenue, Clearfield
Hospital Project..................... 6.875 6/1/16 913,749
500,000 Dauphin County Pennsylvania General
Authority, Sub-Series QQQ1-10,
Mandatory, Tender 6/1/00 (AMBAC)..... 4.250 6/1/00 502,810
</TABLE>
See accompanying notes to financial statements.
45
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Limited Duration Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate Date (Note 2)
--------- ----------- ---- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Pennsylvania (continued)
$ 15,000 Edgewood Pennsylvania School
District, ETM....................... 5.900 8/1/99 $ 15,025
495,000 Hampton Township Pennsylvania........ 6.300 6/1/02 512,944
825,000 Lehigh County Pennsylvania Individual
Development Authority Revenue, ETM.. 7.200 12/15/01 847,687
300,000 Pennsylvania State, GO............... 6.375 9/15/12 319,125
575,000 Pennsylvania State Finance Authority
Revenue, Municipal Capital Imports
Program, (Inv Ag Sun America)....... 6.600 11/1/09 625,313
220,000 Philadelphia Hospital & Higher
Education Authority, Moss
Rehabilitation Hospital Revenue
(AMBAC)............................. 6.900 7/1/00 227,295
510,000 Philadelphia Muni Authority,
Prerefunded 4/1/00 @ 100 (FGIC)..... 7.800 4/1/00 525,759
20,000 Radnor Township School Authority,
ETM................................. 5.850 10/15/01 20,425
1,000,000 Sayre Pennsylvania Health Care
Facilities Authority (AMBAC)........ 6.800 3/1/03 1,054,999
110,000 Scranton Pennsylvania (Asset GTY).... 4.200 11/15/99 110,351
205,000 William Penn School District, ETM.... 8.000 8/1/00 214,481
-----------
6,466,709
-----------
Puerto Rico -- 0.03%
15,000 Puerto Rico Commonwealth Aquaduct &
Sewer Authority Revenue, ETM........ 7.875 7/1/99 15,000
-----------
South Carolina -- 2.16%
1,000,000 York County South Carolina Industrial
Revenue, AMT........................ 5.700 1/1/24 982,500
-----------
Tennessee -- 2.63%
400,000 Fayetteville & Lincoln Tennessee
Industrial Development Board, AMT
(LOC)............................... 5.000 6/1/01 402,000
140,000 Metro Government Nashville & Davidson
County Industrial Development Board
Revenue (FHA 221 (D) 4)............. 6.250 7/1/02 144,725
265,000 Metro Government Nashville & Davidson
County Industrial Development Board
Revenue (FHA 221 (D) 4)............. 6.250 7/1/02 273,281
365,000 Shelby County Tennessee Health &
Housing (Asset GTY)................. 6.000 10/1/02 378,688
-----------
1,198,694
-----------
Texas -- 3.51%
105,000 Austin Texas Water, Sewer & Electric,
Revenue Bonds....................... 14.000 11/15/01 118,256
1,250,000 Port of Bay City Authority, Texas
Matagorda County, AMT............... 6.500 5/1/26 1,317,188
165,000 Texas Water Resource Financial
Authority, (AMBAC), ETM............. 7.000 8/15/99 165,630
-----------
1,601,074
-----------
Virginia -- 2.27%
250,000 Newport News Virginia New Publishing
Housing Authority Revenue, Mandatory
Put 9/1/99 @ 100, AMT............... 7.125 9/1/99 249,990
500,000 Virginia Beach, GO................... 5.700 10/1/00 507,270
275,000 Virginia State Water & Sewer Revenue,
Series B............................ 8.700 11/1/11 279,166
-----------
1,036,426
-----------
Washington -- 6.50%
1,750,000 Washington State Health Care
Facilities Authority Revenue (LOC).. 7.875 12/1/09 1,837,499
1,150,000 Washington State Housing Finance
Community, Mandatory Put 7/1/08
@100, AMT (LOC)..................... 4.900 7/1/08 1,125,563
-----------
2,963,062
-----------
Wisconsin -- 0.25%
25,000 Madison Wisconsin Hospital Revenue,
ETM................................. 7.000 6/1/00 25,610
90,000 Wisconsin Housing & Economic
Development Authority, AMT.......... 7.300 9/1/99 90,259
-----------
115,869
-----------
Total Municipal Bonds (cost
$41,677,294)........................ 41,462,904
-----------
</TABLE>
See accompanying notes to financial statements.
46
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Limited Duration Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Money Market Mutual Funds -- 9.20%
2,250,000 Provident Institutional Muni-Cash Fund.............. $ 2,250,000
1,940,076 SEI Tax-Exempt Trust Money Market Fund.............. 1,940,076
-----------
Total -- Money Market Mutual Funds (cost
$4,190,076)........................................ 4,190,076
-----------
Total Investments (cost $45,867,370) (a) --
100.19%........................................... 45,652,980
-----------
Liabilities in Excess of Other Assets -- (0.19)%.... (86,102)
-----------
Total Net Assets -- 100.00%......................... $45,566,878
===========
</TABLE>
- --------
(a) Represents cost for federal income tax purposes and differs from value of
net unrealized depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation........................................... $ 183,322
Unrealized depreciation........................................... (397,712)
---------
Net unrealized depreciation....................................... $(214,390)
=========
</TABLE>
AMT--Alternative Minimum Tax
AMBAC--AMBAC Indemnity Corporation
ETM--Escrowed to Maturity
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
GO--General Obligation
GTY--Guaranteed
LOC--Letter of Credit
MBIA--Municipal Bond Insurance Association
See accompanying notes to financial statements.
47
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Fixed Income Portfolio
Portfolio of Investments -- June 30, 1999
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- ------------
<C> <S> <C> <C> <C>
Asset Backed Securities -- 18.14%
$1,125,000 ARG Funding Corp., Series 1999-1A,
A3 ............................... 6.020 5/20/05 $ 1,105,380
625,000 Chemical Master Credit Card Trust,
Series 1995-3, Class A............ 6.230 4/15/05 620,113
1,528,308 Contimortgage Home Equity Loan
Trust, Series 1997-3, A4.......... 6.820 5/15/12 1,526,734
400,000 Contimortgage Home Equity Loan
Trust, Series 1998-1, A3.......... 6.220 1/15/13 399,428
1,375,000 Contimortgage Home Equity Loan
Trust, Series 1998-1, A7.......... 6.870 12/15/22 1,357,043
1,475,000 Diversified Reit Trust, Series
1999-1a, A2 6.780 3/18/11 1,438,355
1,650,000 Franklin Auto Loan Funding LLC,
Series 1999-1, A3................. 5.930 6/18/03 1,639,171
370,000 Green Tree Home Improvement Loan
Trust, Series 1996 F/HEA3......... 6.900 1/15/28 372,819
430,000 Green Tree Home Improvements Loan
Trust, Series 1998-E, HIB1........ 7.790 2/15/15 419,749
1,500,000 Household Automobile Revolving,
Series 1999-1, A3................. 6.330 6/17/01 1,505,859
425,000 Household Automobile Revolving,
Series 1999-1, A4................. 6.650 4/17/06 430,379
393,921 Leasing Solution Leasing Trust 98-
1 A2.............................. 5.780 9/20/03 393,921
319,416 Lehman Home Equity Loan Trust,
Series 1995-7, A3................. 6.840 3/25/12 319,978
1,275,000 MMCA Automobile Trust, Series
1999-1, A4........................ 5.630 7/15/05 1,262,091
1,450,000 Peco Energy Transition Trust,
Series 1999-A, A6................. 6.050 3/1/09 1,399,700
815,000 Southern Pacific Secured Assets
Corp., Series 1998-1, A5.......... 6.460 1/25/26 814,715
1,375,000 Union Acceptance Corp., Series
1999-A, A4........................ 5.700 6/8/04 1,352,106
677,000 Union Acceptance Corp., Series
1999-B, A4........................ 6.110 9/8/05 671,499
1,400,000 WESTO 98-C A4..................... 5.750 8/20/03 1,380,694
1,184,975 World Omni Automobile Lease,
Series 1997-B, Class A4........... 6.200 11/25/03 1,189,905
------------
Total Asset Backed Securities
(cost $19,376,510)................ 19,599,639
------------
Collateralized Mortgage
Obligations -- 12.67%
740,000 Associates Manufactured Housing
Pass Through, 1997-2, A5.......... 6.675 3/15/28 743,885
190,000 GE Capital Mortgage Services,
Inc., Series 1994-10, A10......... 6.500 3/25/24 183,211
217,310 GE Capital Mortgage Services,
Inc., Series 1997-7, A7........... 7.500 8/25/27 219,372
1,331,019 Goldman Sachs Mortgage Securities
Corp. II 98-C1 A1................. 6.060 10/18/30 1,301,630
345,000 Green Tree Financial Corp., Series
1994-6, A5........................ 8.250 1/15/20 356,285
690,000 Green Tree Financial Corp., Series
1998-2, B1........................ 7.360 10/1/20 656,846
780,000 Green Tree Financial Corp., Series
1998-4, B1........................ 7.260 2/1/30 736,991
480,000 Green Tree Financial Corp., Series
1996-2, A4........................ 7.200 4/15/27 486,629
305,000 Green Tree Financial Corp., Series
1996-5, A5........................ 7.450 7/15/27 307,211
270,000 Green Tree Financial Corp., Series
1996-8, A6........................ 7.600 10/15/27 278,780
825,000 Green Tree Financial Corp., Series
1997-5, A6........................ 6.820 5/15/29 825,314
1,000,000 Green Tree Financial Corp., Series
1999-2, B1........................ 8.410 12/1/30 975,930
640,000 Green Tree Financial Corp., Series
1999-3, A7........................ 6.740 2/1/31 624,128
780,000 Green Tree Financial Corp., Series
1999-3, B1........................ 8.370 2/1/31 765,461
760,000 Green Tree Financial Corp., Series
1999-4, B1........................ 8.750 5/1/31 773,300
690,000 Merrill Lynch Mortgage Investors,
Inc., Series 1990-C, B............ 9.700 6/15/10 686,118
263,844 Merrill Lynch Mortgage Investors,
Inc., Series 1995-C1, A........... 7.156 5/25/15 261,453
635,000 New York City Mortgage Loan Trust,
Series 1996, A3, 144A............. 6.750 9/25/19 605,830
1,270,000 Norwest Asset Securities Corp.,
Series 1997-14, A2................ 6.750 10/25/27 1,266,191
280,000 Oakwood Mortgage Investors, Inc.,
Series 1996-B, A3................. 7.100 10/15/26 282,447
275,000 Prudential Home Mortgage
Securities, Series 1994-12, A7.... 6.050 4/25/24 234,726
390,000 Prudential Home Mortgage
Securities, Series 1994-17, A5.... 6.250 4/25/24 354,463
50,747 Residential Accredit Loans, Inc.,
Series 1997-QS5, A4............... 7.250 6/25/27 50,609
717,836 Residential Funding Mortgage,
Series 1995-S15, A2............... 7.000 10/25/10 720,915
------------
Total Collateralized Mortgage
Obligations (cost $14,494,319).... 13,697,725
------------
Corporate Bonds -- 27.69%
625,000 American United Life Insurance
Co., 144A......................... 7.750 3/30/26 611,719
1,400,000 Archstone Community Trust......... 7.200 4/15/03 1,335,250
</TABLE>
See accompanying notes to financial statements.
48
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Fixed Income Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- ------------
<C> <S> <C> <C> <C>
Corporate Bonds (continued)
$1,154,000 Bank of America Corp.............. 5.875 2/15/09 $ 1,060,238
1,875,000 Bear Stearns Co. Inc.............. 6.875 10/1/05 1,844,530
550,000 BFC Finance Corp., Series 1996-A.. 7.375 12/1/17 549,181
1,080,000 Columbus Southern Power........... 6.550 6/26/08 1,053,000
2,300,000 Continental Airlines.............. 6.795 8/2/18 2,203,998
890,000 Dobie Center Properties, Ltd.,
144A.............................. 6.410 5/1/08 846,828
950,000 Dobie Center Properties, Ltd.,
144A.............................. 6.460 5/1/09 901,257
1,680,000 DPM Trust......................... 6.161 12/15/03 1,650,599
704,000 Eastern Energy Limited............ 6.750 12/1/06 682,880
1,550,000 ERAC USA Finance, 144A, Issued
Under Rule 144a................... 6.375 5/15/03 1,488,000
620,000 Farmers Insurance Exchange, 144A.. 8.625 5/1/24 667,275
400,000 First American Financial.......... 7.550 4/1/28 375,000
825,000 Household Financial Corp., MTN.... 6.125 2/27/03 813,533
575,000 HSBC America Capital Trust, 144A.. 7.808 12/15/26 540,500
950,000 HSBC Americas, Inc................ 7.000 11/1/06 936,938
1,075,000 Jackson National Life Insurance,
144A.............................. 8.150 3/15/27 1,115,313
325,000 Lehman Brothers, Inc.............. 11.625 5/15/05 389,188
275,000 Ohio National Life Insurance,
144A.............................. 8.500 5/15/26 292,875
915,000 Paine Webber Group, MTN........... 6.650 10/15/02 905,850
240,000 Paine Webber Group, MTN........... 6.790 10/4/04 235,200
1,550,000 Pemex Finance Ltd................. 6.550 2/15/08 1,533,151
400,000 Pemex Finance Ltd................. 9.150 11/15/18 376,000
1,895,000 PP&L Capital Funding, Inc., MTN... 6.790 11/22/04 1,913,950
1,600,000 Prologis Trust.................... 6.700 4/15/04 1,561,392
450,000 Prologis Trust.................... 7.100 4/15/08 429,563
1,425,000 Prologis Trust.................... 7.625 7/1/17 1,309,219
345,000 Puget Sound Energy, MTN........... 6.740 6/15/18 323,006
520,000 Rohm & Haas Co.................... 7.400 7/15/09 519,875
495,000 Union Central Life, 144A.......... 8.200 11/1/26 499,331
1,015,000 Wachovia Corp..................... 6.150 3/15/09 957,906
------------
Total -- Corporate Bonds (cost
$31,297,972)...................... 29,922,545
------------
Monthly Demand Notes -- 0.23%
Tennessee -- 0.23%
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
------------
Taxable Municipal Bond -- 4.38%
California -- 2.03%
480,000 Greater Valley California Medical
Building.......................... 6.950 3/1/21 480,000
1,770,000 Pico Rivera California Water
Authority......................... 6.450 5/1/09 1,719,112
------------
2,199,112
------------
Florida -- 0.07%
70,000 Dade County FL Aviation Revenue,
Series C, AMBAC................... 8.650 10/1/03 76,038
------------
Georgia -- 0.14%
595,000 Atlanta GA Urban Residential
Finance Authority, RB, FNMA....... 4.160 10/1/16 153,956
------------
Mississippi -- 0.15%
415,000 Mississippi Home Corp. Residual
Revenue, FHA...................... 4.320 12/1/12 158,219
------------
New York -- 0.06%
5,000 New York NY General Obligation
Unlimited......................... 4.970 8/1/08 4,544
20,000 New York NY General Obligation
Unlimited......................... 4.840 11/15/13 17,625
</TABLE>
See accompanying notes to financial statements.
49
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Fixed Income Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- ------------
<C> <S> <C> <C> <C>
Taxable Municipal Bond (continued)
New York (continued)
$ 40,000 New York NY General Obligation
Unlimited, Series F............... 10.500 11/15/01 $ 44,500
------------
66,669
------------
Pennsylvania -- 1.93%
600,000 Allegheny County PA Residential
Finance Authority, RB, FHA........ 2.930 8/1/28 63,750
2,110,000 Norristown PA, Series 1998........ 7.000 10/15/18 2,017,687
------------
2,081,437
------------
Total -- Taxable Municipal Bond
(cost $4,908,282)................. 4,735,431
------------
U.S. Government Agency
Mortgages -- 10.43%
145,000 Federal Home Loan Mortgage Corp.,
Series 1496, Class KB............. 6.500 5/15/08 141,118
422,628 Federal Home Loan Mortgage Corp.,
Series 2071, Class EV............. 6.500 4/15/09 417,954
72,759 Federal Home Loan Mortgage Corp.,
Series 32, Class PE............... 5.750 10/15/17 72,664
696,735 Federal Home Loan Mortgage Corp.,
Pool #C00742...................... 6.500 4/1/29 673,507
203,550 Federal National Mortgage Assoc.,
Series G92-39, Class Q............ 7.000 3/25/01 204,358
52,964 Federal National Mortgage Assoc.,
Pool #303387...................... 8.000 7/1/02 53,891
227,037 Federal National Mortgage Assoc.,
Series G93-31, Class G............ 7.000 1/25/03 228,483
177,720 Federal National Mortgage Assoc.,
Series 1992-100, Class M.......... 8.500 6/25/05 178,009
430,000 Federal National Mortgage Assoc.,
Series 1994-92, Class DE.......... 7.500 7/25/07 440,935
1,203,849 Federal National Mortgage Assoc.,
Series 1997-M2, Class B........... 7.350 2/17/08 1,207,882
1,255,000 Federal National Mortgage Assoc.,
Series 1995-2, Class H............ 8.500 6/25/10 1,308,840
1,900,000 Federal National Mortgage Assoc.,
Series 1995-M1, Class B........... 6.840 7/25/10 1,913,433
270,000 Federal National Mortgage Assoc.,
Pool #484981...................... 6.500 6/1/14 265,950
945,000 Federal National Mortgage Assoc.,
Series 1997-32, Class PB.......... 6.500 3/25/15 946,162
365,000 Federal National Mortgage Assoc.,
Series 1997-40, Class PE.......... 6.750 7/18/19 367,533
112,732 Federal National Mortgage Assoc.,
Series 1995-M2, Class B........... 6.700 5/25/28 113,082
1,547,481 Federal National Mortgage Assoc.,
Pool #323380...................... 6.500 10/1/28 1,513,297
870,270 Federal National Mortgage Assoc.,
Pool #493622...................... 6.500 4/1/29 840,115
399,157 Government National Mortgage
Assoc., Pool #464611.............. 6.500 3/15/29 384,217
------------
Total -- U.S. Government Agency
Mortgages (cost $11,460,610)...... 11,271,430
------------
U.S. Treasury Bonds -- 9.73%
8,725,000 U.S. Treasury Bonds............... 8.125 8/15/19 10,520,518
------------
Total -- U.S. Treasury Bonds (cost
$10,781,454)...................... 10,520,518
------------
U.S. Treasury Notes -- 12.14%
320,000 U.S. Treasury Notes............... 6.500 5/31/01 325,606
3,848,000 U.S. Treasury Notes............... 6.625 3/31/02 3,936,927
8,000 U.S. Treasury Notes............... 7.875 11/15/04 8,720
8,570,000 U.S. Treasury Notes............... 6.500 10/15/06 8,844,155
------------
Total -- U.S. Treasury Notes (cost
$13,130,201)...................... 13,115,408
------------
Weekly Demand Notes -- 0.28%
Kentucky -- 0.09%
100,000 Morgantown KY Health Care
Facilities (LOC--Bank One Texas
N.A.)............................. 5.650 12/1/99 100,000
Texas -- 0.19%
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
------------
</TABLE>
See accompanying notes to financial statements.
50
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Fixed Income Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- ------------
<C> <S> <C> <C> <C>
Repurchase Agreements -- 5.75%
$6,215,950 SEI Tri Party Repurchase
Agreement, dated 6/30/99, due
7/1/99 at 4.95%
with a maturity value of
$6,216,793 (Collateralized by
$6,635,000 FHLB, 5.823%, 5/6/09;
market value $6,351,996)......... $ 6,215,950
------------
Total -- Repurchase Agreements
(cost $6,215,950)................ 6,215,950
------------
Total Investments (cost
$112,215,298) (a) -- 101.44%..... 109,628,646
------------
Liabilities in Excess of Other
Assets -- (1.44)%................ (1,554,999)
------------
Total Net Assets -- 100.00%...... $108,073,647
============
</TABLE>
- --------
(a) At June 30, 1999, the cost of investment securities for income tax purposes
was $112,386,602. Cost for federal income tax purposes differs from value
of net unrealized depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation........................................ $ 157,092
Unrealized depreciation........................................ (2,915,048)
-----------
Net unrealized depreciation.................................... $(2,757,956)
===========
</TABLE>
AMBAC--AMBAC Indemnity Corporation
FHA--Federal Housing Authority
FNMA--Federal National Mortgage Association
FHLB--Federal Home Loan Bank
GNMA--Government National Mortgage Association
LOC--Letter of Credit
MTN--Medium Term Note
See accompanying notes to financial statements.
51
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments -- June 30, 1999
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds -- 90.48%
Alabama -- 3.14%
$ 165,000 Alabama Housing Financial
Authority, AMT.................... 5.650 6/1/08 $ 171,600
405,000 Birmingham Alabama Industrial
Development Board, AMT (LOC)...... 4.500 4/1/04 399,431
285,000 Birmingham Alabama Industrial
Development Board, AMT (LOC)...... 4.500 4/1/04 281,081
360,000 Birmingham Alabama Industrial
Development Board, AMT (LOC)...... 5.000 4/1/09 351,900
405,000 Birmingham Alabama Industrial
Development Board, AMT (LOC)...... 5.000 4/1/09 395,888
450,000 Birmingham Alabama Industrial
Development Board, AMT (LOC)...... 5.500 4/1/14 437,063
135,000 Birmingham Alabama Industrial
Development Board, AMT (LOC)...... 5.500 4/1/14 131,119
155,000 Birmingham Alabama Industrial
Development Board, AMT (LOC)...... 5.750 4/1/19 149,769
605,000 Birmingham Alabama Industrial
Development Board, AMT (LOC)...... 5.750 4/1/19 584,580
450,000 Birmingham Alabama Special Care
Facilities, Methodist Home For
Aging (LOC)....................... 5.000 3/1/14 430,313
25,000 Lauderale County & Florence
Alabama, ETM...................... 7.000 7/1/07 28,625
------------
3,361,369
------------
Arizona -- 1.56%
1,000,000 Arizona Health Facilities
Authority Hospital, ETM........... 6.250 9/1/11 1,061,250
65,000 Coconino County Arizona United
School District (AMBAC)........... 5.000 7/1/01 66,138
20,000 Maricopa County Arizona Hospital
Revenue, ETM...................... 7.125 10/1/02 20,475
10,000 Maricopa County Arizona Industrial
Development Authority (Insured--
Asset GTY)........................ 4.900 5/1/06 9,838
10,000 Maricopa County Arizona Industrial
Development Authority (Insured--
Asset GTY)........................ 5.000 5/1/07 9,825
25,000 Maricopa County Arizona Industrial
Development Authority (Insured--
Asset GTY)........................ 5.300 5/1/13 24,625
35,000 Maricopa County Arizona Industrial
Development Authority (FSA)....... 7.000 12/1/00 35,963
35,000 Pinal County Arizona Community
College (AMBAC)................... 5.250 7/1/05 36,225
25,000 Pinal County Arizona Community
College (AMBAC)................... 5.400 7/1/05 26,094
60,000 Pinal County Arizona Community
College (AMBAC)................... 5.250 7/1/06 62,100
25,000 Pinal County Arizona Community
College (AMBAC)................... 5.300 7/1/06 25,938
25,000 Pinal County Arizona Community
College (AMBAC)................... 5.200 7/1/07 25,656
60,000 Pinal County Arizona Community
College (AMBAC)................... 5.250 7/1/07 61,725
65,000 Pinal County Arizona Community
College (AMBAC)................... 5.250 7/1/08 66,705
25,000 Pinal County Arizona Community
College (AMBAC)................... 4.750 7/1/09 24,719
45,000 Pinal County Arizona Community
College (AMBAC)................... 4.800 7/1/09 44,719
75,000 Santa Cruz County Arizona
Industrial Development Authority,
Optional Put 8/1/07 @100......... 4.750 8/1/20 74,155
------------
1,676,150
------------
Arkansas -- 2.05%
1,435,000 Arkansas State Development Finance
Authority (MBIA).................. 5.100 10/1/16 1,418,856
325,000 Arkansas State Development Finance
Authority Multi-Family Mortgage,
Refunding Series A (MBIA)........ 5.450 7/1/24 325,734
8,306 Drew County Arkansas Public
Facility Board, Single Family,
Series A-2 (FNMA)................. 7.900 8/1/11 8,846
45,000 Fayetteville Arkansas Public
Facilities Board Refunding........ 7.250 4/1/11 47,363
10,000 Jefferson County Arkansas Health
Care, ETM......................... 7.400 12/1/10 11,150
4,059 Lonoke County Arkansas Residential
Housing Refunding Series B,
Facilities Board -Single Family
Mortgage Revenue................. 7.375 4/1/11 4,307
45,000 Mississippi County Arkansas Public
Facilities Refunding Series 1..... 7.200 7/15/10 48,600
265,000 North Little Rock Arkansas
Residential Housing, Capital
Appreciation, Sub-Mortgage........ 4.460 12/1/10 122,563
165,000 Rogers Arkansas Sales & Use Tax
Revenue........................... 5.350 11/1/11 168,506
35,000 Saline County Arkansas Residential
Housing Board..................... 7.875 3/1/11 37,056
6,876 Stuttgart Arkansas Public
Facilities Board Refunding, Single
Family Mortgage, Series B......... 7.750 9/1/11 7,194
------------
2,200,175
------------
</TABLE>
See accompanying notes to financial statements.
52
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds -- continued
California -- 3.60%
$ 600,000 Abag Finance Authority for Non-
Profit Companies, American Baptists
Homes.............................. 5.500 10/1/07 $ 600,750
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA).............................. 5.500 6/1/00 5,081
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA).............................. 5.500 6/1/01 5,100
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA).............................. 5.500 6/1/02 5,131
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA).............................. 5.500 6/1/03 5,150
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA).............................. 5.500 6/1/04 5,163
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA).............................. 5.500 6/1/05 5,169
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA).............................. 4.900 6/1/06 4,988
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA).............................. 5.000 6/1/07 4,988
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA).............................. 5.050 6/1/08 4,956
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA).............................. 5.100 6/1/09 4,931
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA).............................. 5.150 6/1/10 4,906
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA).............................. 5.200 6/1/11 4,906
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA).............................. 5.300 6/1/12 4,944
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA).............................. 5.300 6/1/13 4,938
10,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA).............................. 5.300 6/1/14 9,825
10,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA).............................. 5.400 6/1/15 9,813
10,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA).............................. 5.400 6/1/16 9,763
10,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA).............................. 5.400 6/1/17 9,713
10,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA).............................. 5.400 6/1/18 9,700
10,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA).............................. 5.500 6/1/19 9,763
10,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA).............................. 5.500 6/1/20 9,738
10,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA).............................. 5.500 6/1/21 9,713
10,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA).............................. 5.500 6/1/22 9,700
65,000 Delta County California Home
Mortgage Finance, AMT (GNMA/FNMA)
(MBIA)............................. 6.700 6/1/24 69,388
15,000 Emeryville, California Redevelopment
Agency, ETM........................ 7.500 9/1/11 16,950
55,000 Fairfield California Certificates of
Participation, Prerefunded 8/1/00 @
100................................ 10.750 8/1/07 59,238
</TABLE>
See accompanying notes to financial statements.
53
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
California (continued)
$ 20,000 Fresno California Housing
Authority, Multi-Family Housing
Central Valley Coalition
Projects, AMT (FNMA)............. 5.150 8/1/07 $ 20,125
10,000 Fresno California Housing
Authority, Multi-Family Housing
Central Valley Coalition
Projects, AMT (FNMA)............. 5.150 8/1/07 10,063
35,000 Fresno California Multi-Family
Housing Revenue, Woodlands
Apartments Projects (GNMA)....... 6.650 5/20/08 37,669
240,000 Los Angeles California Community
Redevelopment, Angelus Plaza
Project Series A (FNMA).......... 7.400 6/15/10 266,099
95,000 Los Angeles California Community
Redevelopment, Monterey Hills
Redevelopment Project............ 8.650 12/1/22 106,755
300,000 Los Angeles California Multi-
Family Housing, Earthquake
Rehabilitation Projects,
Mandatory Put 12/1/07 @100, AMT
(FNMA)........................... 5.850 12/1/28 316,124
1,310,000 Los Angeles California Multi-
Family Housing, Earthquake
Rehabilitation Projects,
Series A, AMT (FNMA)............. 4.850 7/1/02 1,321,463
100,000 Los Angeles California Multi-
Family Housing, Earthquake
Rehabilitation Projects,
Series A, AMT (FNMA)............. 5.700 12/1/28 102,625
10,000 Los Angeles California Regional
Airports......................... 10.000 1/1/01 10,838
205,000 Pleasant Hill California Multi-
Family Housing, Ellinswood
Apartments Projects, Mandatory
Put 10/1/05 @100 (FNMA).......... 5.300 10/1/20 211,662
120,000 Riverside County California
Housing Authority Breezewood
Apartments Project, Series B
(MBIA)........................... 5.000 6/1/19 112,949
60,000 Sacramento California Municipal
Utility District, Series M, ETM.. 8.750 4/1/03 64,650
15,000 Southern California Home Finance
Authority, AMT (GNMA/FNMA)....... 6.900 10/1/24 15,581
145,000 Turlock California Public
Financing Authority.............. 5.250 9/1/15 137,749
205,000 Vista California Multi-Family
Housing Revenue, Pepperwood
Apartments Project, Series A,
Mandatory Put 6/1/05 @100
(FNMA)........................... 5.700 6/1/25 213,712
------------
3,852,469
------------
Colorado -- 4.200%
20,000 Arvada Colorado Industrial
Development Revenue, AMT (LOC)... 5.600 12/1/12 19,800
30,000 Arvada Colorado Industrial
Development Revenue, AMT (LOC)... 5.800 12/1/17 29,625
5,000 Boulder County Colorado Revenue,
ETM.............................. 7.000 7/1/09 5,344
65,000 Castle Rock Ranch Colorado Public
Imports Authority................ 5.900 12/1/03 68,331
15,000 Colorado Housing Financial
Authority........................ 5.000 5/1/05 15,000
15,000 Colorado Housing Financial
Authority........................ 4.750 11/1/05 14,925
65,000 Colorado Housing Financial
Authority........................ 6.500 5/1/16 69,956
2,000,000 Colorado Housing Financial
Authority........................ 6.550 10/1/16 2,162,499
100,000 Colorado Housing Financial
Authority........................ 6.550 5/1/25 107,875
10,000 Colorado Housing Financial
Authority, AMT................... 5.750 11/1/04 10,175
60,000 Colorado Housing Financial
Authority, AMT................... 5.2000 12/1/05 60,300
65,000 Colorado Housing Financial
Authority, AMT................... 6.400 11/1/24 68,656
55,000 Colorado Student Obligations Board
Authority, AMT................... 7.150 9/1/06 58,300
25,000 Commerce City Colorado Single
Family Housing, Series A......... 6.875 3/1/12 25,875
35,000 Denver Colorado City & County
Multi-Family Housing (FHA)....... 4.700 7/1/08 34,213
20,000 Denver Colorado City & County
Multi-Family Housing, AMT (FHA).. 5.100 11/1/07 20,000
550,000 Denver Colorado City & County
Single Family Housing
(GNMA/FNMA)...................... 5.000 11/1/15 528,688
15,000 Vail Colorado Single Family
Mortgage Revenue................. 8.125 6/1/10 15,694
1,000,000 Westminster Colorado Multi-Family,
Mandatory Put 12/1/05 @100
(FNMA)........................... 5.350 12/1/25 1,030,000
145,000 Westminster Colorado Multi-Family,
Mandatory Put 9/1/06 @100 (AXA).. 5.950 9/1/15 151,706
------------
4,496,962
------------
</TABLE>
See accompanying notes to financial statements.
54
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Connecticut -- 0.69%
$ 500,000 Stamford Connecticut Housing
Authority, Multi-Family, AMT,
Mandatory Put 12/1/08 @100....... 4.750 12/1/28 $ 479,376
135,000 Waterbury Connecticut Housing
Authority Mortgage Revenue
(AMBAC).......................... 4.850 7/1/09 132,131
135,000 Waterbury Connecticut Housing
Authority Mortgage Revenue
(AMBAC).......................... 4.850 7/1/09 132,131
------------
743,638
------------
Delaware -- 3.80%
5,000 Delaware State Economic
Development Authority Revenue,
1st Mortgage, Peninsula United,
Series A......................... 6.000 5/1/09 5,194
4,000,000 Delaware State Economic
Development Authority Revenue,
Peninsula United, Series B, FRN
(LOC)............................ 3.650 5/1/15 3,999,999
5,000 Delaware State Housing Authority
Revenue Refunding, Multi-Family
Mortgage......................... 6.600 7/1/01 5,163
55,000 Delaware State Housing Authority
Revenue, Residential Mortgage,
Series A......................... 8.750 6/1/17 54,999
------------
4,065,355
------------
District of Columbia -- 0.20%
65,000 District of Columbia Housing
Financial Agency, Mayfair
Mansions Apartments, AMT (FHA)... 5.000 2/1/08 63,863
150,000 District of Columbia Housing
Financial Agency, Single Family
Mortgage, Series A, AMT
(FNMA/GNMA)...................... 6.250 12/1/28 154,875
------------
218,738
------------
Florida -- 3.74%
900,000 Boca Place Associates, LTD Florida
Revenue (LOC).................... 4.650 2/1/04 899,999
70,000 Dade County Florida Housing
Finance Authority, AMT, Mandatory
Put 6/1/06 @100 (FNMA)........... 5.900 6/1/26 72,538
10,000 Duval County Florida Housing
Finance Authority, Single Family
(GNMA)........................... 7.650 9/1/10 10,500
2,415,000 Florida Housing Finance Agency,
Mandatory Put 12/1/99 @100
(LOC)............................ 4.850 12/1/05 2,417,526
15,000 Jacksonville Florida Health
Facilities, St. Catherine Laboure
Manor Inc., ETM.................. 9.125 1/1/03 16,294
45,000 Jacksonville Florida Health
Facilities, St. Vincent's Medical
Center Inc., ETM................. 9.125 1/1/03 48,938
80,000 Miami Beach Florida Housing
Authority Revenue, 1st Mortgage,
Elderly Housing, Section 8....... 6.625 1/15/09 84,100
90,000 Miami-Dade County Florida Housing
Finance Authority, Series A-1,
AMT (GNMA/FNMA).................. 5.900 6/1/25 92,475
235,000 Miramar Florida Water Improvement
Assessment Revenue (FGIC)........ 5.125 10/1/20 236,468
25,000 Palm Beach County Florida Airport
Systems Revenue (MBIA)........... 7.500 10/1/00 26,125
85,000 Pinellas County Florida Housing
Finance Authority, Multi-County
Program, Series A, AMT (GNMA).... 6.850 3/1/29 90,313
15,000 St. Johns County Florida
Industrial Development Authority,
Series A (MBIA).................. 5.500 3/1/17 15,150
------------
4,010,426
------------
Georgia -- 0.35%
65,000 Augusta Georgia Housing
Rehabilitation Agency............ 7.000 9/1/05 69,550
5,000 Clayton County Georgia Housing
Authority Multi-Family, AMT
(FNMA)........................... 5.750 1/1/13 5,138
20,000 Fulton County Georgia Housing
Authority, Single Family Revenue,
AMT (GNMA)....................... 6.200 3/1/13 20,525
65,000 Marietta Georgia Housing Authority
Multi-Family, Mandatory Put
6/1/01 @100 (FNMA)............... 6.000 6/1/07 65,058
165,000 Marietta Georgia Housing Authority
Multi-Family, Mandatory Put
6/1/05 @100 (FNMA)............... 5.700 6/1/25 172,218
30,000 St Mary's Georgia Housing
Authority Multi-Family (FHA)..... 7.250 9/1/05 31,275
15,000 St Mary's Georgia Housing
Authority Multi-Family (FHA)..... 7.250 10/1/05 15,525
------------
379,289
------------
</TABLE>
See accompanying notes to financial statements.
55
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Hawaii -- 0.02%
$ 20,000 Honolulu Hawaii City & County Multi-
Family Housing, Waipahu Towers
Project, AMT (GNMA)................ 6.900 6/20/05 $ 21,075
Idaho -- 0.32%
5,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC).............................. 4.600 11/1/00 5,025
15,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC).............................. 4.750 11/1/01 15,113
5,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC).............................. 4.850 11/1/02 5,050
20,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC).............................. 4.950 11/1/03 20,300
20,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC).............................. 5.050 11/1/04 20,375
25,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC).............................. 5.150 11/1/05 25,313
25,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC).............................. 5.200 11/1/06 25,250
25,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC).............................. 5.300 11/1/07 25,313
30,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC).............................. 5.400 11/1/08 30,450
30,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC).............................. 5.500 11/1/09 30,525
5,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC).............................. 5.600 11/1/10 5,100
5,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC).............................. 5.700 11/1/11 5,113
5,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC).............................. 5.800 11/1/12 5,119
25,000 Idaho Housing & Financial
Assistance, Single Family Mortgage,
Series Sub-C 2, AMT................ 5.250 7/1/11 24,469
15,000 Idaho Housing Agency, Single Family
Mortgage Series C-1................ 7.650 7/1/10 15,413
55,000 Idaho Housing Agency, Single Family
Mortgage, Sub-Series F, AMT........ 5.800 7/1/07 56,649
30,000 Idaho Housing And Financial
Assistance Series Sub B, AMT....... 5.650 7/1/09 30,824
----------
345,401
----------
Illinois -- 8.91%
60,000 Alton Illinois Hospital Facilities
Revenue & Refunded, Alton Memorial
Hospital Project, ETM.............. 7.000 7/1/05 64,050
20,000 Bethany Illinois Home & Hospital
First Mortgage, Methodist Church,
Prerefunded 4/1/00 @100............ 7.750 4/1/09 20,606
285,000 Bolingbrook Illinois Mortgage
Revenue Capital Appreciation Sub-
Series 1........................... 0.000 1/1/11 127,181
65,000 Buffalo Grove, Illinois Economic
Development Project................ 5.450 8/15/02 65,325
10,000 Chicago Illinois Multi-Family
Housing Project, AMT (GNMA)........ 4.950 6/1/05 10,013
10,000 Chicago Illinois Multi-Family
Housing Project, AMT (GNMA)........ 5.250 6/1/08 10,025
10,000 Chicago Illinois Multi-Family
Housing Project, AMT (GNMA)........ 5.350 6/1/09 10,025
10,000 Chicago Illinois Multi-Family
Housing Project, AMT (GNMA)........ 5.450 6/1/10 10,100
15,000 Chicago Illinois Multi-Family
Housing Project, AMT (GNMA)........ 5.500 6/1/11 15,169
15,000 Chicago Illinois Multi-Family
Housing Project, AMT (GNMA)........ 5.550 6/1/12 15,169
10,000 Des Plaines, Illinois Hospital
Facility Revenue, Holy Family
Hospital, ETM...................... 7.000 1/1/07 10,613
5,000 Des Plaines, Illinois Hospital
Facility Revenue, Holy Family
Hospital, ETM (FGIC)............... 7.000 1/1/07 5,306
15,000 Des Plaines, Illinois Hospital
Facility Revenue, Holy Family
Hospital, ETM (MBIA)............... 7.000 1/1/07 15,919
</TABLE>
See accompanying notes to financial statements.
56
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Illinois (continued)
$ 35,000 Fairfield, Illinois Economic
Development Revenue, Wayne County
Center Project..................... 6.000 12/15/05 $ 36,094
70,000 Grayslake, Illinois Multi-Family
Revenue, Country Squire Apartments
(FHA).............................. 6.000 6/1/05 72,713
5,000 Greater Peoria Illinois Airport
Authority, AMT (AMBAC)............. 6.500 12/1/05 5,400
35,000 Greater Peoria Illinois Airport
Authority, AMT (AMBAC)............. 6.600 12/1/06 37,800
15,000 Greater Peoria Illinois Airport
Authority, AMT (AMBAC)............. 6.700 12/1/07 16,200
65,000 Illinois Development Finance
Authority Revenue, Catholic Health
(AMBAC)............................ 5.150 2/15/06 65,894
845,00 Illinois Development Finance
Authority Revenue, Community
Rehabilitation Providers,
Series A........................... 5.600 7/1/19 816,480
2,300,000 Illinois Development Finance
Authority Revenue, Provena Health,
Series A (MBIA).................... 5.125 5/15/23 2,150,499
15,000 Illinois Development Finance
Authority Revenue, Section 8 Series
A (FHA/MBIA)....................... 5.200 7/1/08 14,963
155,000 Illinois Development Finance
Authority, Illinois Facilities
Project, Series A.................. 7.400 9/1/04 166,431
500,000 Illinois Educational Facility
Authority Revenue.................. 4.600 10/1/08 473,750
775,000 Illinois Educational Facility
Authority Revenue.................. 5.000 10/1/13 726,563
1,485,000 Illinois Health Facilities Authority
Revenue, Community Hospital of
Ottawa Project..................... 6.750 8/15/14 1,607,512
55,000 Illinois Health Facilities Authority
Revenue, Lutheran Social Services.. 6.125 8/15/10 55,688
25,000 Illinois Health Facilities Authority
Revenue, Michael Reese Hospital &
Medical Center, ETM................ 6.750 12/1/08 26,719
25,00 Illinois Health Facilities Authority
Revenue, Midwest Group Limited
(ACA).............................. 5.375 11/15/08 25,219
755,000 Illinois Health Facilities Authority
Revenue, Northwestern Foundation
Medical (MBIA)..................... 5.125 11/15/28 698,374
80,000 Illinois Health Facilities Authority
Revenue, Northwestern Memorial
Hospital Project, ETM.............. 6.375 5/1/03 82,300
30,000 Illinois Health Facilities Authority
Revenue, Sydney R. Forkosh Memorial
Hospital, Prerefunded 7/1/02 @100.. 7.000 7/1/07 32,063
180,000 Lake County, Illinois, School
District No. 109, Series B......... 6.600 12/15/18 205,200
20,000 Quincy Illinois Single Family
Mortgage........................... 6.875 3/1/10 20,875
35,000 Rockford Illinois Mortgage Revenue,
Faust Landmark Apartments, Series
A, AMT (FHA)....................... 5.625 1/1/07 35,919
120,000 Rockford-Concord Commons Housing,
Concord Commons Project (FHA)...... 6.150 11/1/22 123,750
30,000 Rockford-Concord Commons Housing,
Concord Commons Project, Series A
(FHA).............................. 5.550 11/1/06 31,200
195,000 Silvas Illinois Mortgage Revenue
(FHA).............................. 4.900 8/1/11 188,906
180,000 Silvas Illinois Mortgage Revenue
(FHA).............................. 5.200 8/1/17 174,150
890,000 Silvas Illinois Mortgage Revenue
(FHA).............................. 5.400 2/1/39 848,837
15,000 Southwestern Illinois Development
Authority Hospital Revenue, Wood
River Township Hospital Project,
ETM................................ 6.875 8/1/03 15,956
400,000 Woodridge Illinois Multi-Family
Revenue, Hawthorn Ridge, Series A
(GNMA)............................. 5.650 12/20/32 405,499
----------
9,540,455
----------
Indiana -- 2.20%
270,000 Gary Indiana Mortgage Revenue, AMT.. 5.400 8/20/38 256,837
5,000 Indiana Bond Bank................... 5.200 8/1/07 5,150
20,000 Indiana Bond Bank................... 5.300 8/1/08 20,825
15,000 Indiana Bond Bank................... 5.400 8/1/09 15,675
45,000 Indiana Health Facilities Financing
Authority.......................... 4.850 2/15/06 44,269
25,000 Indiana Health Facilities Financing
Authority.......................... 4.800 2/15/07 24,344
20,000 Indiana Health Facilities Financing
Authority.......................... 4.850 2/15/08 19,400
20,000 Indiana Health Facilities Financing
Authority.......................... 4.950 2/15/09 19,175
15,000 Indiana Health Facilities Financing
Authority (Insured - Asset GTY).... 5.000 8/15/05 15,113
25,000 Indiana Health Facilities Financing
Authority (Insured - Asset GTY).... 5.100 2/15/06 25,219
25,000 Indiana Health Facilities Financing
Authority (Insured - Asset GTY).... 5.100 8/15/06 25,219
25,000 Indiana Health Facilities Financing
Authority (Insured - Asset GTY).... 5.250 2/15/08 25,125
30,000 Indiana Health Facilities Financing
Authority (Insured - Asset GTY).... 5.350 8/15/09 30,188
110,000 Indianapolis Indiana Economic
Development Revenue, AMT (GNMA).... 5.350 4/20/17 105,325
225,000 Indianapolis Indiana Economic
Development Revenue, Mandatory Put
12/1/04 @100, AMT (FNMA)........... 6.375 12/1/24 239,905
</TABLE>
See accompanying notes to financial statements.
57
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Indiana (continued)
$ 140,000 Lawrence Indiana Multi-Family
Revenue, Mandatory Put 1/1/08
@100, AMT (FNMA)................. 5.150 6/1/24 $ 137,374
1,270,000 Lawrence Indiana Multi-Family
Revenue, AMT (FNMA).............. 5.050 1/1/08 1,276,350
65,000 Monroe County Indiana Hospital
Authority........................ 4.750 5/1/06 64,919
5,000 Vigo County Indiana Hospital
Authority Revenue, ETM........... 6.875 4/1/04 5,294
-----------
2,355,706
-----------
Iowa -- 0.19%
90,000 Des Moines Iowa Hospital Revenue,
Fairview Community, Iowa Lutheran
Hospital, ETM.................... 9.500 11/15/02 98,325
100,000 Iowa Financial Authority Small
Business District, Terrace
Center........................... 7.500 3/1/22 107,500
-----------
205,825
-----------
Kansas -- 0.21%
25,000 Kansas State Development Finance
Authority Multi-Family, AMT
(LOC)............................ 5.300 10/1/07 25,063
65,000 Kansas State Development Finance
Authority Multi-Family, Mandatory
Put 10/1/07 @100, AMT (LOC)...... 5.600 10/1/19 65,162
15,000 Labette County Kansas Single
Family (GNMA).................... 7.650 12/1/11 15,750
35,000 Manhattan Kansas Tax Increment
Revenue, AMT (Insured - Asset
GTY)............................. 5.200 12/1/03 35,437
45,000 Manhattan Kansas Tax Increment
Revenue, Central Business
District Redevelopment, AMT
(Insured - Asset GTY)............ 5.000 12/1/02 45,394
15,000 Reno County Kansas Mortgage
Revenue.......................... 8.700 9/1/11 15,825
10,000 Saline County Kansas Single Family
Mortgage Revenue................. 9.500 10/1/11 10,500
15,000 Wichita Kansas Single Family
Mortgage......................... 7.100 9/1/09 15,694
-----------
228,825
-----------
Kentucky -- 0.29%
65,000 Ashland Kentucky Environmental
Imports, Allied Chemical
Corporation Project, ETM......... 5.800 3/1/03 66,381
25,000 Greater Kentucky Housing
Assistance Corporation, Section
8, Assisted Project (FHA/MBIA)... 7.625 1/1/25 25,649
35,000 Greater Kentucky Housing
Assistance Corporation, Section
8, Series C (FHA/MBIA)........... 5.350 7/1/07 35,306
115,000 Kentucky State Turnpike Authority
Resource Recovery, ETM........... 6.125 7/1/07 119,025
25,000 Kentucky State Turnpike Authority
Resource Recovery, Recovery Road
Revenue, ETM..................... 6.625 7/1/08 27,063
15,000 Lakeland Wesley Village Inc
Kentucky Mortgage, ELD Section 8,
Assistance Project (FHA)......... 7.125 11/1/02 15,694
20,000 Owensboro Kentucky Electric
Lighting & Power Revenue, ETM.... 10.500 1/1/04 22,825
-----------
311,943
-----------
Louisiana -- 0.82%
50,000 Iberia Home Mortgage Authority
Louisiana Single Family.......... 7.375 1/1/11 53,625
10,000 Jefferson Parish Louisiana
Hospital Services Development
Revenue, ETM..................... 7.125 1/1/02 10,363
30,000 Louisiana Housing Finance Agency
Mortgage Revenue (GNMA/FNMA)..... 4.625 6/1/09 30,070
40,000 Louisiana Housing Finance Agency
Mortgage Revenue, AMT (GNMA)..... 6.450 9/1/27 41,900
105,000 Louisiana Housing Finance Agency
Mortgage Revenue, AMT (GNMA)..... 6.500 9/1/38 109,988
25,000 Louisiana Public Facility
Authority Revenue, Single
Family........................... 7.375 10/1/12 25,500
29,252 Louisiana Public Facility
Authority Revenue................ 8.450 12/1/12 30,824
20,000 Louisiana Public Facility
Authority Revenue (AXA).......... 5.750 3/15/03 20,775
20,000 Louisiana Public Facility
Authority Revenue (AXA).......... 5.850 3/15/04 20,775
20,000 Louisiana Public Facility
Authority Revenue (AXA).......... 5.950 3/15/05 20,775
50,000 Louisiana Public Facility
Authority Revenue, Mandatory Put
6/1/05 @100 (FNMA)............... 5.800 8/15/15 52,313
105,000 Louisiana Public Facility
Authority Revenue, Series A-1,
Mandatory Put 6/1/02 @100
(AMBAC).......................... 5.000 6/1/15 106,838
335,000 Louisiana Public Services
Authority Revenue, Mandatory Put
6/1/05 @100 (FNMA)............... 5.800 6/1/25 350,493
-----------
874,239
-----------
</TABLE>
See accompanying notes to financial statements.
58
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
---------- ----------- -------- -------- ----------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Maine -- 0.95%
$1,000,000 Maine Finance Authority Revenue, AMT
(FSA)............................... 5.200 7/1/18 $1,005,000
10,000 Maine Health & Higher Educational
Facilities, Cedar Nursing,
Prerefunded 2/1/00 @102............. 7.900 8/1/02 10,439
----------
1,015,439
----------
Maryland -- 0.38%
10,000 Annapolis Maryland Economic
Development Revenue................. 4.600 10/1/02 9,963
15,000 Annapolis Maryland Economic
Development Revenue................. 4.700 10/1/03 14,888
5,000 Annapolis Maryland Economic
Development Revenue................. 4.800 10/1/04 4,956
15,000 Annapolis Maryland Economic
Development Revenue................. 5.000 10/1/06 14,869
15,000 Annapolis Maryland Economic
Development Revenue................. 5.000 10/1/07 14,700
15,000 Annapolis Maryland Economic
Development Revenue................. 5.000 10/1/08 14,606
115,000 Cecil County Maryland County Commerce
Economic............................ 6.875 1/15/08 125,062
35,000 Cecil County Maryland County Commerce
Economic............................ 6.875 1/15/10 38,063
75,000 Maryland State Economic Development
Corp. (GNMA)........................ 5.400 12/20/27 72,375
105,000 Maryland State Economic Development
Corp. (GNMA)........................ 5.450 12/20/37 101,062
----------
410,544
----------
Massachusetts -- 1.60%
130,000 Boston Massachusetts Industrial
Development Finance Authority,
Northend Community, Series A (FHA).. 6.450 8/1/37 138,775
40,000 Dartmouth, Massachusetts Housing
Development Corporation Mortgage
Revenue (FHA/MBIA).................. 4.850 7/1/09 39,300
40,000 Massachusetts Education Loan
Authority, Issue D Series A, AMT
(MBIA).............................. 7.250 1/1/09 41,600
20,000 Massachusetts State Health &
Education Facilities Authority, Beth
Israel Hospital, ETM................ 5.750 7/1/06 20,375
5,000 Massachusetts State Health &
Education Facilities Authority,
Massachusetts Institute
of Technology....................... 8.000 7/1/00 5,218
840,000 Massachusetts State Housing Finance
Agency (Insured - Asset GTY)........ 4.850 9/1/13 789,599
15,000 Massachusetts State Housing Finance
Agency, Series A, AMT (MBIA)........ 6.125 12/1/11 15,525
30,000 Massachusetts State Individual
Finance Agency, AMT (GNMA).......... 5.400 8/20/12 29,738
465,000 Massachusetts State Individual
Finance Agency, AMT (GNMA).......... 6.450 8/20/39 489,994
145,000 Massachusetts State Individual
Finance Agency, Higher Education,
Hampshire College Project........... 5.800 10/1/17 142,825
----------
1,712,949
----------
Michigan -- 0.88%
500,000 Avondale School District............. 5.800 5/1/07 523,125
30,000 Battle Creek Michigan Economic
Development......................... 5.125 2/1/09 30,025
50,000 Dickinson County Michigan Economic
Development......................... 6.550 3/1/07 51,762
20,000 Michigan State Building Authority
Revenue, ETM........................ 7.400 4/1/01 20,400
40,000 Michigan State Hospital Financial
Authority Revenue, ETM.............. 6.200 1/1/03 41,100
30,000 Michigan State Hospital Financial
Authority Revenue, ETM.............. 7.000 7/1/05 32,025
5,000 Michigan State Housing Development
Authority, AMT (AMBAC).............. 5.050 12/1/07 4,950
5,000 Michigan State Housing Development
Authority, AMT (AMBAC).............. 5.150 12/1/08 4,956
5,000 Michigan State Housing Development
Authority, AMT (AMBAC).............. 5.250 12/1/09 4,963
5,000 Michigan State Housing Development
Authority, AMT (AMBAC).............. 5.350 12/1/10 4,963
55,000 Michigan State Strategic Fund, Ltd.,
ETM................................. 7.875 8/15/05 60,019
55,000 Petoskey Michigan Hospital Finance
Authority, ETM...................... 6.700 3/1/07 58,231
90,000 Saginaw Michigan Hospital Finance
Authority, ETM...................... 7.500 11/1/10 102,149
----------
938,668
----------
Minnesota -- 0.22%
30,000 Cambridge Minnesota Mortgage Revenue
(GNMA).............................. 5.400 11/20/05 30,900
10,000 Dakota County Minnesota Housing &
Redevelopment Authority, AMT
(GNMA/FNMA)......................... 5.550 10/1/02 10,188
</TABLE>
See accompanying notes to financial statements.
59
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
---------- ----------- -------- -------- ----------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Minnesota (continued)
$ 10,000 Dakota County Minnesota Housing &
Redevelopment Authority, AMT
(GNMA/FNMA)......................... 5.750 10/1/04 $ 10,225
80,000 Fridley Minnesota Community
Development Revenue, Mandatory Put
9/1/01 @100, AMT (LOC).............. 5.375 9/1/16 81,000
30,000 Monticello Minnesota Pollution
Control Revenue..................... 5.375 2/1/03 30,032
75,000 Rochester Minnesota Hospital Revenue,
ETM................................. 5.750 10/1/07 76,780
----------
239,125
----------
Mississippi -- 8.02%
2,000,000 Jackson Mississippi Housing
Authority, AMT...................... 5.400 4/1/39 1,927,499
1,190,000 Jackson Mississippi Housing
Authority, AMT (FSA)................ 5.300 4/1/19 1,146,862
250,000 Lincoln County Mississippi Hospital
Revenue (Insured -- Asset GTY)...... 5.500 4/1/18 245,625
2,155,000 Mississippi Business Finance Corp.
(GNMA).............................. 5.450 5/20/34 2,041,862
20,000 Mississippi Business Finance Corp.,
AMT (LOC)........................... 5.450 9/1/01 20,250
20,000 Mississippi Business Finance Corp.,
AMT (LOC)........................... 5.600 9/1/02 20,325
20,000 Mississippi Business Finance Corp.,
AMT (LOC)........................... 5.800 9/1/04 20,475
25,000 Mississippi Business Finance Corp.,
AMT (LOC)........................... 5.900 9/1/05 25,563
2,695,000 Mississippi Business Finance Corp.,
Series A (GNMA)..................... 5.450 5/20/34 2,553,512
60,000 Mississippi Home Corp. Single Family
(GNMA/FNMA)......................... 5.125 12/1/17 58,725
20,000 Mississippi Home Corp. Single Family
Revenue, AMT (GNMA)................. 5.000 6/1/04 20,275
195,000 Mississippi Home Corp. Single Family
Revenue, AMT (GNMA/FNMA)............ 7.375 6/1/28 220,594
300,000 Perry County Mississippi Pollution
Control............................. 5.200 10/1/12 288,375
----------
8,589,942
----------
Missouri -- 2.33%
160,000 Boone County Missouri Industrial
Development Authority, Otscon Inc.
Project, Mandatory Put 5/1/05 @100,
AMT (LOC)........................... 5.125 5/1/18 156,200
530,000 Joplin Missouri Industrial
Development Authority, Prerefunded
12/15/01 @102....................... 8.250 12/15/14 590,287
290,000 Kansas City Missouri Industrial
Development Authority, Coves North
Duplexes Project, Mandatory Put
9/1/05 @100 (FNMA).................. 5.600 9/1/25 295,075
495,000 Kansas City Missouri Industrial
Development Authority, Royal Woods
Apartments Project, Mandatory Put
1/1/10 @100, AMT (FNMA)............. 5.600 1/1/30 503,044
785,000 Missouri State Development Financing
Board, Recreational Facilities, YMCA
Greater St. Louis Project, Series A
(LOC)............................... 4.750 9/1/07 769,299
60,000 Missouri State Development Financing
Board, Recreational Facilities, YMCA
Greater St. Louis Project, Series A
(LOC)............................... 4.900 9/1/10 58,350
25,000 Missouri State Housing Development
Community Mortgage, Single Family,
AMT (GNMA).......................... 6.625 12/1/17 26,063
50,000 St Louis County Missouri Regional
Convention And Sports Complex,
Series B............................ 6.500 8/15/01 2,063
40,000 St Louis Missouri Land Clearance
Redevelopment Authority, Westminster
Place Apartments, Mandatory Put
4/1/07 @100 (FNMA).................. 5.950 7/1/22 42,050
----------
2,492,431
----------
Montana -- 0.26%
240,000 Great Falls Montana Multi-Family
Revenue, Mandatory Put 1/2/08 @100,
AMT (LOC)........................... 4.900 1/1/38 234,000
40,000 Missoula County Hospital, ETM........ 7.125 6/1/07 43,000
----------
277,000
----------
Nebraska -- 0.17%
130,000 Nebraska Investment Financial
Authority Multi-Family Housing, Old
Cheney Apartments, Mandatory Put
12/1/05 @100 (FNMA)................. 5.500 12/1/25 133,900
45,000 Nebraska Investment Financial
Authority Multi-Family Housing, Tara
Hills Village (FNMA)................ 4.875 1/1/08 44,438
----------
178,338
----------
</TABLE>
See accompanying notes to financial statements.
60
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
---------- ----------- -------- -------- ----------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Nevada -- 1.28%
$ 35,000 Nevada Housing Division............. 5.450 4/1/10 $ 34,869
40,000 Nevada Housing Division, AMT........ 6.450 10/1/07 41,450
30,000 Nevada Housing Division, AMT........ 6.000 10/1/09 30,600
40,000 Nevada housing Division, AMT
(FNMA)............................. 5.900 4/1/06 41,150
30,000 Nevada housing Division, AMT
(FNMA)............................. 5.500 10/1/09 29,813
1,250,000 Nevada housing Division, AMT (LOC).. 5.450 10/1/18 1,195,312
----------
1,373,194
----------
New Hampshire -- 0.92%
45,000 New Hampshire Higher Education &
Health Facilities, Franklin Pierce
College (ACA)...................... 4.900 10/1/08 43,875
30,000 New Hampshire Higher Education &
Health Facilities, Franklin Pierce
College (ACA)...................... 5.000 10/1/09 29,288
55,000 New Hampshire Higher Education &
Health Facilities, Franklin Pierce
College (ACA)...................... 5.100 10/1/10 54,175
55,000 New Hampshire Higher Education &
Health Facilities, Kendal at
Hanover Issue (LOC)................ 5.200 10/1/06 55,206
40,000 New Hampshire Higher Education &
Health Facilities, Kendal at
Hanover Issue (LOC)................ 5.300 10/1/07 40,200
10,000 New Hampshire Higher Education &
Health Facilities, Rivier College.. 4.650 1/1/04 9,863
10,000 New Hampshire Higher Education &
Health Facilities, Rivier College.. 4.750 1/1/05 9,813
10,000 New Hampshire Higher Education &
Health Facilities, Rivier College.. 4.850 1/1/07 9,713
15,000 New Hampshire Higher Education &
Health Facilities, Rivier College.. 4.900 1/1/08 14,531
500,000 New Hampshire Higher Education &
Health Facilities, Rivier College.. 5.550 1/1/18 476,874
250,000 New Hampshire Higher Education &
Health Facilities, St. Anselm
College............................ 5.150 7/1/29 233,750
5,000 New Hampshire Higher Educational &
Health Facilities, Crotched Mental
Rehabilitation Center, Prerefunded
1/1/00 @102........................ 7.500 1/1/09 5,191
----------
982,479
----------
New Jersey -- 0.82%
10,000 Church Street Corp. Keansburg New
Jersey............................. 5.000 3/1/01 10,050
10,000 Deptford Township New Jersey Fire
District........................... 5.600 10/15/06 10,575
15,000 Deptford Township New Jersey Fire
District........................... 5.850 10/15/07 16,163
575,000 New Jersey Economic Development
Authority Revenue, Optional Put
12/1/02 @100....................... 4.950 12/1/28 575,000
15,000 New Jersey Economic Development
Authority Revenue (ACA)............ 4.600 7/1/02 15,019
20,000 New Jersey Economic Development
Authority Revenue (ACA)............ 4.750 7/1/03 20,050
20,000 New Jersey Economic Development
Authority Revenue (ACA)............ 4.850 7/1/04 20,100
40,000 New Jersey Economic Development
Authority Revenue, AMT (LOC)....... 5.000 10/1/05 40,350
75,000 New Jersey State Educational
Facilities......................... 7.250 7/1/25 79,500
80,000 New Jersey State Turnpike Authority
Turnpike Revenue, ETM.............. 10.375 1/1/03 89,199
----------
876,006
----------
New Mexico -- 0.34%
475,000 Albuquerque New Mexico
Collateralized (FGIC).............. 4.540 5/15/11 209,000
100,000 Bernalillo County New Mexico Multi-
Family, Mandatory Put 11/1/06 @100
(AXA).............................. 5.800 11/1/25 104,625
15,000 New Mexico Mortgage Financing
Authority (GNMA/FNMA).............. 5.500 7/1/17 14,850
35,000 New Mexico Mortgage Financing
Authority (GNMA/FNMA).............. 5.600 7/1/28 34,431
1,628 Santa Fe New Mexico Single Family
Mortgage........................... 8.450 12/1/11 1,722
----------
364,628
----------
New York -- 4.06%
165,000 Albany New York Housing Authority,
Housing Revenue, Lark Drive
Association Project, AMT (LOC)..... 5.200 12/1/13 160,050
150,000 Albany New York Housing Authority,
Housing Revenue, Lark Drive
Association Project, AMT (LOC)..... 5.400 12/1/18 144,938
600,000 Albany New York Housing Authority,
Housing Revenue, Lark Drive
Association Project, AMT (LOC)..... 5.500 12/1/28 576,749
</TABLE>
See accompanying notes to financial statements.
61
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
---------- ----------- -------- -------- ----------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
New York (continued)
$ 15,000 Amherst New York Industrial
Development Agency, Multisurface
Rink Complex (LOC)................. 4.750 10/1/02 $ 15,019
25,000 Amherst New York Industrial
Development Agency, Multisurface
Rink Complex (LOC)................. 5.180 10/1/06 24,938
35,000 Capital District Youth Center New
York (LOC)......................... 6.000 2/1/17 35,481
350,000 Dutchess County New York Resource
Recovery Agency, Solid Waste
Systems, Series C, AMT (MBIA)....... 5.000 1/1/10 344,312
35,000 Nassau County New York General
Imports, Series X (AMBAC)........... 5.000 11/1/05 35,744
35,000 Nassau County New York General
Imports, Series X (AMBAC)........... 5.000 11/1/06 35,613
110,000 New York City Housing Authority
Multi-Family Housing, SEC Assisted,
Series A (AMBAC).................... 5.450 7/1/08 113,988
30,000 New York City Industrial Development
Agency, College of Aeronautics
Project............................. 5.000 5/1/06 29,400
20,000 New York City Industrial Development
Agency, College of Aeronautics
Project............................. 5.200 5/1/09 19,500
175,000 New York City Industrial Development
Agency, Series C, Mandatory Put
11/1/99 @100, AMT (LOC)............. 7.625 11/1/09 175,532
255,000 New York New York, Series B
(AMBAC)............................. 7.250 8/15/07 294,844
250,000 New York New York, Series L (MBIA).. 8.000 8/1/06 297,500
720,000 New York State Dormitory Authority
Lease Revenue, State University
Dormitory Facilities, Series A
(AMBAC)............................. 5.250 7/1/12 724,499
5,000 New York State Dormitory Authority
Revenue, Zero Coupon, ETM........... 4.210 7/1/04 3,869
195,000 New York State Dormitory Authority
Revenue, Hunts Point Multi Service
Center.............................. 5.625 7/1/22 197,925
215,000 New York State Dormitory Authority
Revenue, Long Island University
(Insured - Asset GTY), Prerefunded
5/1/05 @102......................... 6.000 9/1/08 234,081
85,000 New York State Dormitory Authority
Revenue, St. Mary's Hospital
Amsterdam (MBIA).................... 5.250 5/1/05 87,550
10,000 New York State Power Authority
Revenue & General Obligation, Series
C, ETM.............................. 9.500 1/1/01 10,400
325,000 New York State Urban Development
Corporation Revenue, (AMBAC)........ 5.625 1/1/07 340,843
55,000 Oneida County New York Industrial
Development Agency Revenue, Civic
Facilities-Mohawk Valley, Series A
(FSA)............................... 4.550 2/1/04 55,069
45,000 Oneida County New York Industrial
Development Agency Revenue, Civic
Facilities-Mohawk Valley, Series A
(FSA)............................... 4.650 2/1/05 45,056
60,000 Oneida County New York Industrial
Development Agency Revenue, Civic
Facilities-Mohawk Valley, Series A
(FSA)............................... 4.700 2/1/06 59,925
65,000 Oneida County New York Industrial
Development Agency Revenue, Civic
Facilities-Mohawk Valley, Series A
(FSA)............................... 5.000 1/1/13 63,700
65,000 Oneida County New York Industrial
Development Agency Revenue, Civic
Facilities-Mohawk Valley, Series A
(FSA)............................... 5.200 2/1/13 65,163
155,000 Syracuse New York Housing Authority
Revenue (FHA)....................... 5.000 8/1/07 154,031
----------
4,345,719
----------
North Carolina -- 0.03%
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 30,048
----------
North Dakota -- 2.21%
125,000 North Dakota State Housing Finance
Agency Revenue, Homemortgage
Finance, Series E, AMT.............. 4.500 7/1/07 121,719
95,000 North Dakota State Housing Finance
Agency Revenue, Homemortgage
Finance, Series E, AMT.............. 4.550 1/1/08 91,794
150,000 North Dakota State Housing Finance
Agency Revenue, Homemortgage
Finance, Series E, AMT.............. 4.850 7/1/11 143,625
155,000 North Dakota State Housing Finance
Agency Revenue, Homemortgage
Finance, Series E, AMT.............. 4.950 1/1/12 148,994
100,000 North Dakota State Housing Finance
Agency Revenue, Series D, AMT....... 4.500 1/1/07 97,250
90,000 North Dakota State Housing Finance
Agency Revenue, Series D, AMT....... 4.550 1/1/08 86,738
</TABLE>
See accompanying notes to financial statements.
62
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
----------- ----------- -------- -------- -----------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
North Dakota (continued)
$ 405,000 North Dakota State Housing Finance
Agency Revenue, Series D, AMT.... 4.550 7/1/08 $ 389,813
120,000 North Dakota State Housing Finance
Agency Revenue, Series D, AMT.... 4.650 1/1/09 115,650
475,000 North Dakota State Housing Finance
Agency Revenue, Series D, AMT.... 4.850 7/1/11 454,812
475,000 North Dakota State Housing Finance
Agency Revenue, Series D, AMT.... 4.950 1/1/12 456,593
275,000 North Dakota State Housing Finance
Agency Revenue, Series D, AMT.... 5.000 1/1/13 264,000
-----------
2,370,988
-----------
Ohio -- 2.20%
118,234 Bridlewood Apartments, Put Option
9/1/01 @100...................... 5.600 9/1/21 118,234
85,000 Cuyahoga County Ohio Multi-Family
Housing, AMT (GNMA).............. 6.250 12/20/36 89,463
800,000 Franklin County Ohio Housing
Revenue, Rosewind Limited
Partnership Project, AMT......... 4.900 1/1/02 804,999
80,000 Hancock County Ohio Multi-Family
Housing, Crystal Glen Apartments,
AMT (LOC)........................ 5.050 1/1/10 78,100
25,000 Jefferson County Ohio (Insured -
Asset GTY)...................... 6.625 12/1/05 26,813
100,000 Lorain County Ohio Health Care
Facilities, Put.................. 4.750 2/1/22 99,125
70,000 Lorain County Ohio Hospital
Revenue, Humility of Mary Health
Care, ETM........................ 7.125 12/15/06 74,550
65,000 Lorain County Ohio Hospital
Revenue, Humility of Mary Health
Care, ETM........................ 7.200 12/15/11 69,469
385,000 Lorain County Ohio Hospital
Revenue, Humility of Mary Health
Care, Prerefunded 6/15/05 @100.... 5.900 12/15/08 407,619
20,000 Lucas-Palmer Housing Development
Corporation of Ohio (FHA/MBIA).... 5.900 7/1/07 20,825
25,000 Ohio Capital Corporation For
Housing, Mortgage Revenue, Section
8 Assisted Project (FHA/MBIA)..... 5.700 1/1/05 25,781
135,000 Ohio Capital Corporation For
Housing, Mortgage Revenue, Section
8 Assisted Project (FHA/MBIA)..... 5.100 7/1/09 134,494
20,000 Ohio Capital Corporation For
Housing, Mortgage Revenue, Section
8 Assisted Project,
Series A (FHA/MBIA)............... 4.500 1/1/03 19,925
25,000 Ohio State Mortgage Revenue
(FHA)............................. 5.600 8/1/06 25,469
15,000 Ohio State Pollution Control
Revenue, General Motors
Corporation Project............... 6.500 3/1/06 15,030
340,000 Sandusky County Ohio Health Care
Facilities Revenue (FNMA)......... 5.150 7/1/09 343,825
-----------
2,353,721
-----------
Oklahoma -- 1.34%
105,000 Cleveland County Oklahoma Home
Loan.............................. 8.375 8/1/12 111,037
5,000 Grand River Dam Authority Oklahoma
Revenue, ETM...................... 6.250 11/1/08 5,150
90,000 Mc Alester Oklahoma Public Works
Authority, ETM (FSA).............. 8.250 12/1/04 106,538
50,000 Mc Alester Oklahoma Public Works
Authority, ETM (FSA).............. 8.250 12/1/05 60,250
10,000 Mc Alester Oklahoma Public Works
Authority, ETM (FSA).............. 8.250 12/1/06 12,250
60,000 Oklahoma Housing Finance Agency
Multi-Family (FNMA)............... 5.100 12/1/07 60,256
15,000 Payne County Oklahoma Home
Financial Authority............... 8.625 3/1/11 15,656
1,000,000 Tulsa Oklahoma Municipal Airport,
AMT............................... 7.600 12/1/30 1,065,000
-----------
1,436,137
-----------
Oregon -- 1.26%
730,000 Cow Creek Band Umpqua Tribe Of
Indians, Series B (AMBAC)......... 5.100 7/1/12 730,000
640,000 Oregon State Health Housing,
Educational & Cultural Facilities,
Cedar West Housing Project, Series
A, AMT (LOC)...................... 4.650 1/2/08 620,800
-----------
1,350,800
-----------
Pennsylvania -- 11.18%
50,000 Aliquippa Pennsylvania, Partially
ETM (Asset GTY)................... 8.250 9/15/01 52,625
120,000 Allegheny County Pennsylvania
Hospital Development Authority
(MBIA)............................ 5.000 11/1/23 111,450
65,000 Allegheny County Pennsylvania
Industrial Development, HVL Plaza
Project, AMT (LOC)................ 6.000 10/1/04 65,089
30,000 Allegheny County Pennsylvania
Residential Finance Authority
(GNMA)............................ 6.500 11/1/14 30,600
</TABLE>
See accompanying notes to financial statements.
63
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
---------- ----------- -------- -------- ----------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Pennsylvania (continued)
$ 150,000 Allegheny County Pennsylvania
Residential Finance Authority,
Single Family Mortgage, Series DD-2,
AMT (GNMA).......................... 4.950 5/1/09 $ 145,688
35,000 Allentown Pennsylvania Area Hospital
Authority, Sacred Heart Hospital of
Allentown........................... 6.200 11/15/03 36,575
25,000 Cambria County Pennsylvania (FGIC)... 5.000 8/15/08 25,156
5,000 Chester County, Pennsylvania Health &
Education Finance Authority,
Immaculata College.................. 4.200 10/15/99 5,006
15,000 Chester County, Pennsylvania Health &
Education Finance Authority,
Immaculata College.................. 4.500 10/15/00 14,981
15,000 Chester County, Pennsylvania Health &
Education Finance Authority,
Immaculata College.................. 4.650 10/15/01 14,963
20,000 Chester County, Pennsylvania Health &
Education Finance Authority,
Immaculata College.................. 4.750 10/15/02 19,900
20,000 Chester County, Pennsylvania Health &
Education Finance Authority,
Immaculata College.................. 4.850 10/15/03 19,850
25,000 Chester County, Pennsylvania Health &
Education Finance Authority,
Immaculata College.................. 4.900 10/15/04 24,719
25,000 Chester County, Pennsylvania Health &
Education Finance Authority,
Immaculata College.................. 5.000 10/15/07 24,250
10,000 Chester County, Pennsylvania Health &
Education Finance Authority,
Immaculata College.................. 5.100 10/15/08 9,700
20,000 Chester County, Pennsylvania Health &
Education Finance Authority,
Immaculata College.................. 5.125 10/15/09 19,275
25,000 Chester County, Pennsylvania Health &
Education Finance Authority,
Immaculata College.................. 5.300 10/15/11 24,000
40,000 Dauphin County Pennsylvania,
Mandatory Put 6/1/01 @100........... 6.250 6/1/26 41,131
200,000 Dauphin County Pennsylvania,
Mandatory Put 6/1/04 @100........... 6.700 6/1/26 211,499
45,000 Dauphin County Pennsylvania,
Mandatory Put 6/1/09 @100........... 6.850 6/1/26 47,813
95,000 Delaware County Pennsylvania
Authority Hospital Revenue, Riddle
Memorial Hospital, ETM.............. 5.900 1/1/02 98,444
10,000 Delaware County Pennsylvania
Authority Revenue, Dunwoody Village
Project............................. 5.625 4/1/09 10,113
100,000 Delaware County Pennsylvania
Authority University Revenue,
Villanova University, ETM........... 9.625 8/1/02 108,500
350,000 Delaware County Pennsylvania
Authority, Eastern College, Series
B................................... 5.500 10/1/19 334,249
5,000 Delaware River Port Authority,
Pennsylvania & New Jersey, ETM...... 6.500 1/15/11 5,363
25,000 Downington, Pennsylvania, Municipal
Water Authority (FSA)............... 4.750 9/1/10 24,406
10,000 Erie, Pennsylvania Higher Education
Building Authority, Mercyhurst
College Project..................... 5.750 3/15/12 9,975
30,000 Erie, Pennsylvania Higher Education
Building Authority, Mercyhurst
College Project..................... 5.850 3/15/17 30,113
200,000 Falls Township, Pennsylvania Hospital
Authority, Hospital Revenue,
Delaware Valley Medical (FHA)....... 6.900 8/1/11 205,749
20,000 Fayette County, Pennsylvania Hospital
Authority, Hospital Revenue, The
Uniontown Hospital, (AMBAC)......... 5.200 6/15/04 20,550
75,000 Fayette County, Pennsylvania Hospital
Authority, Hospital Revenue, The
Uniontown Hospital, (AMBAC)......... 5.400 6/15/06 77,719
40,000 Fayette County, Pennsylvania Hospital
Authority, Hospital Revenue, The
Uniontown Hospital, (AMBAC)......... 5.450 6/15/07 41,300
90,000 Fayette County, Pennsylvania Hospital
Authority, Hospital Revenue, The
Uniontown Hospital, (AMBAC)......... 5.550 6/15/08 93,600
100,000 Fayette County, Pennsylvania Hospital
Authority, Hospital Revenue, The
Uniontown Hospital, (AMBAC)........ 5.650 6/15/09 102,500
940,000 Franklin County Pennsylvania
Industrial Development Authority,
Chambersburg Hospital, (AMBAC)...... 5.000 7/1/08 942,349
15,000 Geisinger Authority Pennsylvania
Health Systems, Series B,
Prerefunded 7/1/99 @102............. 7.375 7/1/02 15,300
85,000 Greene County Pennsylvania Industrial
Development Authority Monongahela
Power Company, Series B, (MBIA)..... 5.100 2/1/12 84,363
65,000 Greene County Pennsylvania Industrial
Development Authority, Monongahela
Power Company, Series B (MBIA)...... 4.750 2/1/07 64,675
400,000 Greene County Pennsylvania Industrial
Development Authority, West Penn
Power Company, Series B (MBIA)...... 4.750 2/1/07 397,999
55,000 Hazelton Pennsylvania Area School
District, Series A (FGIC)........... 4.750 3/1/08 54,381
40,000 Hazleton Pennsylvania Area School
District, Series A (FGIC)........... 4.650 3/1/07 39,600
60,000 Hazleton Pennsylvania Area School
District, Series A (FGIC)........... 4.900 3/1/09 59,775
50,000 Hazleton Pennsylvania Area School
District, Series A (FGIC)........... 5.000 3/1/10 49,813
</TABLE>
See accompanying notes to financial statements.
64
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
---------- ----------- -------- -------- ----------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Pennsylvania (continued)
$ 40,000 Hazleton Pennsylvania Area School
District, Series A (FGIC).......... 5.000 3/1/11 $ 39,550
10,000 Hazleton Pennsylvania Area School
District, Series B (FGIC).......... 4.500 3/1/05 9,938
25,000 Indiana County Pennsylvania
Industrial Development Authority,
Pollution Control Revenue (MBIA).... 6.000 6/1/06 26,844
165,000 Kennett Square Pennsylvania
Guaranteed Sewer Revenue (FSA)...... 5.300 12/15/27 161,700
110,000 Lebanon County Pennsylvania Good
Samaritan Hospital Authority, ETM... 6.800 11/1/01 114,126
150,000 Lehigh County Pennsylvania General
Purpose Authority, Muhlenberg
Continuing Care, Prerefunded 3/15/00
@102 (LOC).......................... 7.800 3/15/20 155,139
65,000 Lehigh County Pennsylvania General
Purpose Authority, Muhlenberg
Hospital Center, ETM................ 4.800 7/15/00 65,621
45,000 Lehigh County Pennsylvania General
Purpose Authority, Muhlenberg
Hospital Center, ETM................ 4.800 7/15/00 45,430
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 15,619
20,000 Montgomery County Pennsylvania
Higher Education & Health Authority
Revenue, Prerefunded 1/1/01 @100.... 5.000 1/1/03 19,900
25,000 Montgomery County Pennsylvania
Industrial Development Authority
Health Facilities Revenue........... 6.400 6/1/03 25,813
165,000 Montgomery County Pennsylvania
Industrial Development Authority
Revenue, 1st Mortgage Meadowood
Corporation Project, Prerefunded
12/1/00 @102........................ 10.250 12/1/20 182,325
20,000 Penn Cambria School District
(Insured - Asset GTY)............... 4.000 8/15/99 20,014
25,000 Pennsylvania Housing Finance Agency,
Rental Housing (FNMA)............... 5.150 7/1/03 25,594
335,000 Pennsylvania Housing Finance Agency,
Rental Housing (FNMA)............... 6.500 7/1/23 352,587
15,000 Pennsylvania Housing Finance Agency,
Single Family Mortgage, Series 1991
31A, AMT............................ 7.000 10/1/05 15,694
100,000 Pennsylvania Housing Finance Agency,
Single Family Mortgage, Series 58A,
AMT................................. 5.000 10/1/04 99,875
685,000 Pennsylvania Housing Finance Agency,
Single Family Mortgage, Series 65A,
AMT................................. 4.600 10/1/08 664,449
125,000 Pennsylvania Housing Finance Agency,
Single Family Mortgage, Series W,
AMT, Prerefunded 10/1/99 @102....... 7.800 10/1/20 127,773
1,355,000 Pennsylvania State Certificates of
Participation, Series A (AMBAC)..... 5.400 7/1/09 1,351,612
300,000 Pennsylvania State Finance Authority
Revenue, Municipal Capital Imports
Program,
(Inv Ag Sun America)................ 6.600 11/1/09 326,250
85,000 Pennsylvania State Higher
Educational Facilities,............. 5.000 11/1/08 82,450
145,000 Pennsylvania State Higher
Educational Facilities, Gwynedd-
Mercy College
(Insured - Asset GTY)............... 4.550 11/1/09 137,388
205,000 Pennsylvania State Higher
Educational Facilities, Gwynedd-
Mercy College
(Insured - Asset GTY)............... 4.650 11/1/10 194,494
200,000 Pennsylvania State Higher
Educational Facilities, Gwynedd-
Mercy College
(Insured - Asset GTY)............... 4.900 11/1/12 190,750
135,000 Pennsylvania State Higher
Educational Facilities, Gwynedd-
Mercy College
(Insured - Asset GTY)............... 5.000 11/1/13 128,925
500,000 Pennsylvania State Higher
Educational Facilities, University
of Pennsylvania, Series A........... 7.000 1/1/09 545,624
10,000 Pennsylvania State Higher
Educational Facilities, University
of the Arts
(Insured - Asset GTY)............... 4.750 3/15/05 9,913
20,000 Pennsylvania State Higher
Educational Facilities, University
of the Arts
(Insured - Asset GTY)............... 4.850 3/15/06 20,025
20,000 Pennsylvania State Higher
Educational Facilities, University
of the Arts
(Insured - Asset GTY)............... 5.100 3/15/09 19,600
20,000 Pennsylvania State Higher
Educational Facilities, University
of the Arts
(Insured - Asset GTY)............... 5.200 3/15/10 19,900
</TABLE>
See accompanying notes to financial statements.
65
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- -----------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Pennsylvania (continued)
$ 20,000 Pennsylvania State Higher
Educational Facilities, University
of the Arts
(Insured - Asset GTY)............. 5.250 3/15/11 $ 19,800
20,000 Pennsylvania State Higher
Educational Facilities, University
of the Arts
(Insured - Asset GTY)............. 5.300 3/15/12 19,775
10,000 Pennsylvania State Higher
Educational Facilities, Ursinus
College........................... 5.000 1/1/02 10,063
10,000 Pennsylvania State Higher
Educational Facilities, Ursinus
College........................... 5.100 1/1/03 10,075
15,000 Pennsylvania State Higher
Educational Facilities, Ursinus
College........................... 5.200 1/1/04 15,150
15,000 Pennsylvania State Higher
Educational Facilities, Ursinus
College........................... 5.300 1/1/05 15,188
15,000 Pennsylvania State Higher
Educational Facilities, Ursinus
College........................... 5.400 1/1/06 15,244
85,000 Pennsylvania State Higher
Educational Facilities, Ursinus
College........................... 5.850 1/1/17 85,106
40,000 Philadelphia Pennsylvania Authority
For Industrial Development (FHA).. 4.750 2/1/08 38,950
60,000 Philadelphia Pennsylvania Authority
For Industrial Development, Jeanes
Physicians' Office................ 9.375 7/1/10 61,121
170,000 Philadelphia Pennsylvania Authority
For Industrial Development,
National Board of
Medical Examiners Project,
Prerefunded 5/1/02 @102........... 6.500 5/1/05 182,750
35,000 Philadelphia Pennsylvania Authority
For Industrial Development,
National Board of
Medical Examiners Project,
Prerefunded 5/1/02 @102........... 6.750 5/1/12 37,844
20,000 Philadelphia Pennsylvania Authority
For Industrial Development, PGH
Development Corporation, ETM...... 7.000 7/1/99 20,000
10,000 Philadelphia Pennsylvania Hospital
& Higher Educational Facilities,
St. Agnes Medical Center Project,
(ETM)............................. 6.750 8/15/01 10,213
230,000 Philadelphia Pennsylvania Hospitals
& Higher Education Facilities,
Health Systems, Series A (FHA).... 5.375 1/1/28 217,924
135,000 Philadelphia Pennsylvania Hospitals
& Higher Educational Facilities,
Friends Hospital, (ACA)........... 6.200 5/1/11 142,594
250,000 Philadelphia Pennsylvania Hospitals
& Higher Educational Facilities,
Temple University Children's
Medical Center.................... 4.400 6/15/01 246,874
25,000 Pittsburgh Pennsylvania Urban
Redevelopment Authority, Oliver
Garage Project (FGIC)............. 5.200 6/1/11 24,781
15,000 Pittsburgh Pennsylvania Urban
Redevelopment Authority, Series C,
AMT (GNMA/FNMA)................... 5.950 10/1/29 15,225
1,080,000 Pottsville Pennsylvania Hospital
Authority......................... 5.625 7/1/24 1,069,199
50,000 Pottsville Pennsylvania Hospital
Authority, Pottsville Hospital &
Warne Clinic...................... 4.700 7/1/01 49,375
55,000 Pottsville Pennsylvania Hospital
Authority, Pottsville Hospital &
Warne Clinic...................... 4.800 7/1/02 53,900
60,000 Pottsville Pennsylvania Hospital
Authority, Pottsville Hospital &
Warne Clinic...................... 5.150 7/1/09 55,575
150,000 Pottsville Pennsylvania Hospital
Authority, Pottsville Hospital &
Warne Clinic...................... 5.500 7/1/18 135,938
40,000 Pottsville Pennsylvania Hospital
Authority, Pottsville Hospital &
Warne Clinic, Prerefunded 7/1/04
@102.............................. 7.250 7/1/24 45,400
15,000 Scranton-Lackawanna Pennsylvania
Health & Welfare.................. 6.625 4/15/07 15,087
115,000 Seneca Valley Pennsylvania School
District, Series A (FGIC)......... 5.250 7/1/07 118,306
40,000 Somerset County Pennsylvania
Hospital Authority, Somerset
Community Hospital,
District B (Insured - Asset GTY).. 5.200 3/1/10 39,600
10,000 Somerset County Pennsylvania
Hospital Authority, Somerset
Community Hospital,
District B (Insured - Asset GTY).. 5.300 3/1/11 9,900
5,000 St. Mary Hospital Authority, Bucks
County, ETM....................... 6.625 7/1/04 5,269
30,000 York County Pennsylvania Industrial
Authority, Personal Care
Facilities Fox Ridge, Prerefunded
10/1/02 @100...................... 9.500 10/1/19 34,613
75,000 York Pennsylvania Housing
Corporation, Revenue Mortgage
Series A.......................... 6.875 11/1/09 76,654
-----------
11,963,396
-----------
</TABLE>
See accompanying notes to financial statements.
66
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- ------------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Rhode Island -- 0.97%
$ 20,000 Central Falls Rhode Island,
Prerefunded 11/15/00 @103......... 9.250 11/15/10 $ 21,975
1,000,000 Rhode Island Health and
Educational Board, Higher
Educational Facilities (AMBAC).... 5.000 11/15/24 922,500
25,000 Rhode Island State Industrial
Development Facilities
Corporation, Crystal
Thermoplastics Project........... 6.900 8/1/14 26,156
60,000 West Warwick Rhode Island Series
A, IBCC (Insured - Asset GTY)..... 7.300 7/15/08 66,375
------------
1,037,006
------------
South Carolina -- 1.44%
210,000 South Carolina Jobs Economic
Development Authority Revenue,
AMT............................... 5.050 6/1/08 205,800
50,000 South Carolina State Housing
Finance & Development............. 5.500 12/1/05 51,625
200,000 South Carolina State Housing
Finance & Development, Mandatory
Put 6/1/05 @100 (FNMA)........... 5.700 6/1/25 211,000
25,000 South Carolina State Housing
Finance & Development (FHA)....... 6.050 7/1/27 25,531
65,000 South Carolina State Housing
Finance & Development Authority
Multi-Family Revenue, Mandatory
Put 6/1/10 @100, AMT............. 6.750 6/1/25 68,088
1,000,000 York County South Carolina
Industrial Revenue, AMT........... 5.700 1/1/24 982,500
------------
1,544,544
------------
South Dakota -- 0.07%
65,000 South Dakota Housing Development
Authority......................... 7.000 4/1/12 68,250
10,000 South Dakota State Building
Authority, Prerefunded to various
dates............................. 10.500 9/1/00 10,613
------------
78,863
------------
Tennessee -- 0.87%
55,000 Greenville Tennessee Health &
Educational Facilities, ETM....... 8.700 10/1/09 64,694
55,000 Metro Government Nashville &
Davidson County (Insured - Asset
GTY).............................. 5.500 5/1/23 54,656
140,000 Metro Government Nashville &
Davidson County Multi-Family
Housing, Welch Bend Apartments,
Mandatory Put 1/1/07 @100
(FNMA)........................... 5.500 1/1/22 144,025
15,000 Metro Government Nashville &
Davidson County, CI Homes Inc.
Project, Series A, Prerefunded
10/1/07 @105..................... 9.000 10/1/07 19,388
85,000 Shelby County Tennessee Health
Education & Multi-Family Housing,
Windsor Apartments (Insured -
Asset GTY)...................... 6.500 10/1/07 89,675
30,000 Shelby County Tennessee Health
Education & Multi-Family Housing,
Windsor Apartments (Insured -
Asset GTY)...................... 6.750 10/1/17 31,800
525,000 Tennessee Energy Acquisition
Corporation, Series B (AMBAC)..... 5.000 9/1/07 529,593
------------
933,831
------------
Texas -- 2.60%
200,000 Austin Texas Hotel Occupancy Tax,
Series A.......................... 5.125 11/15/14 195,999
45,000 Austin Texas Water, Sewer &
Electric.......................... 14.000 11/15/01 50,681
115,000 Bexar County Texas Housing Finance
Corp. Residual, Revenue Capital
Appreciation...................... 3.900 3/1/15 41,831
10,000 Bexar County Texas Housing Finance
Corp. Revenue, AMT (GNMA)......... 7.750 9/1/15 10,428
115,000 Bryan Texas Higher Education
Authority......................... 7.300 12/1/16 118,881
137,808 Capital Area Housing Finance
Corp.............................. 6.500 11/1/19 140,392
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 10/1/27 235,293
10,000 Del Rio Texas (Insured - Asset
GTY).............................. 7.500 4/1/03 10,975
15,000 Del Rio Texas (Insured - Asset
GTY).............................. 7.500 4/1/04 16,744
5,000 Del Rio Texas (Insured - Asset
GTY).............................. 7.500 4/1/08 5,838
15,000 Del Rio Texas (Insured - Asset
GTY).............................. 7.500 4/1/09 17,419
5,000 Del Rio Texas (Insured - Asset
GTY).............................. 6.500 4/1/10 5,438
</TABLE>
See accompanying notes to financial statements.
67
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- ------------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Texas (continued)
$ 5,000 Del Rio Texas (Insured - Asset
GTY)............................... 5.550 4/1/11 $ 5,063
5,000 Del Rio Texas (Insured - Asset
GTY)............................... 5.650 4/1/13 5,100
5,000 Del Rio Texas (Insured - Asset
GTY)............................... 5.750 4/1/16 5,150
15,000 Del Rio Texas (Insured - Asset
GTY)............................... 5.750 4/1/17 15,450
10,000 Denison Texas Hospital Authority
Hospital Revenue, ETM.............. 7.125 7/1/08 10,975
70,000 Gregg County Texas Housing Finance
Corp. (AXA), Mandatory Put 3/1/06
@100............................... 6.400 3/1/25 73,150
35,000 Gulf Coast Waste Disposal Authority
Texas, Prerefunded 8/01/03 @100.... 6.500 2/1/06 36,881
75,000 Harris County Texas (MBIA)......... 3.830 8/15/01 68,531
15,000 Harris County Texas Housing Finance
Corp., Mandatory Put 9/1/99 @100
(LOC).............................. 5.600 12/31/19 15,035
20,000 Harris County Texas Housing Finance
Corp., AMT (FSA)................... 5.700 6/1/06 20,525
120,000 Houston Texas Housing & Finance
Corp. Single-family, Zero Coupon... 4.270 6/1/14 40,050
140,000 Houston Texas Housing Finance Corp.
Single-family...................... 8.000 6/1/14 144,900
5,000 Houston Texas Sewer System Revenue,
ETM................................ 5.400 10/1/04 5,206
25,000 Houston Texas Sewer Systems
Revenue, ETM....................... 6.375 10/1/08 27,375
15,000 McAllen Texas Development Corp.
(FSA).............................. 4.70 2/15/08 14,756
15,000 McAllen, Texas Development Corp.
(FSA).............................. 4.80 2/15/09 14,794
125,000 Northeast Hospital Authority Texas
Revenue, ETM....................... 8.000 7/1/08 140,469
13,242 Odessa Texas Housing & Finance
Corp. Single-family (FNMA)......... 8.450 11/1/11 13,953
30,000 Panhandle Texas Regulation Housing
& Finance, AMT (GNMA).............. 7.500 5/1/24 30,825
10,000 Panhandle-Plains Texas Higher
Education, Series D, AMT........... 5.100 9/1/03 10,150
10,000 Panhandle-Plains Texas Higher
Education, Series D, AMT........... 5.250 3/1/05 10,150
10,000 Port Houston Authority Texas
Harris............................. 5.750 5/1/02 10,137
130,000 Tarrant County Texas Housing
Finance Corp., Multi-Family
Housing, Summit Project A,
Mandatory Put 9/1/07 @100 (FNMA).. 5.080 9/1/27 130,000
15,000 Texarkana Texas Housing Finance
Corporation Mortgage, Summer Hill
Series A (GNMA)................... 5.550 1/20/07 15,375
75,000 Texas State Department Housing &
Community Affairs Volente Project,
AMT (FNMA)......................... 5.000 7/1/08 74,156
100,000 Texas State Department Housing &
Community Affairs, Meadow Ridge
Apartments Project, AMT (FNMA).... 5.050 8/1/08 100,125
60,000 Travis County Texas Housing Finance
Corporation, Broadmoor Apartments
Project, AMT (FSA)................ 5.700 6/1/06 61,575
145,000 Washington County Texas Health
(ACA).............................. 4.250 6/1/00 146,004
310,000 Washington County Texas Health
(ACA).............................. 4.500 6/1/01 310,387
50,000 Webb County Texas Certificates of
Participation, Series A,
Prerefunded 10/1/07 @101 (Asset
GTY).............................. 5.200 10/1/08 51,313
50,000 Webb County Texas Certificates of
Participation, Series A,
Prerefunded 10/1/07 @101 (Asset
GTY).............................. 5.300 10/1/09 51,688
50,000 Webb County Texas Certificates of
Participation, Series A, ETM
(Insured -- Asset GTY)............. 5.100 10/1/07 50,813
5,000 Willow Fork Drain District Texas
(AMBAC)............................ 4.600 9/1/05 4,994
15,000 Willow Fork Drain District Texas
(AMBAC)............................ 4.600 9/1/06 14,888
30,000 Willow Fork Drain District Texas
(AMBAC)............................ 4.650 9/1/07 29,663
20,000 Willow Fork Drain District Texas
(AMBAC)............................ 4.700 9/1/08 19,725
25,000 Willow Fork Drain District Texas
(AMBAC)............................ 4.800 9/1/09 24,656
30,000 Willow Fork Drain District Texas
(AMBAC)............................ 4.900 9/1/10 29,550
35,000 Willow Fork Drain District Texas
(AMBAC)............................ 4.900 9/1/11 34,213
------------
2,784,538
------------
Utah -- 0.52%
20,000 Brigham City Utah Special
Assessment, Special Imports
District No. 22,
Prerefunded 8/1/00 @ 102.......... 9.000 8/1/04 21,496
20,000 Hildale Utah....................... 7.500 12/15/03 21,350
40,000 Provo City Utah Housing Authority,
Multi-Family, Lookout Pointe
Apartments (GNMA)................. 6.000 7/20/08 42,200
</TABLE>
See accompanying notes to financial statements.
68
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- ------------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Utah (continued)
$ 15,000 Salt Lake City Utah Individual
Development Revenue, Hermes
Association Project (LOC)......... 5.900 9/1/99 $ 15,038
5,000 Utah State Housing Finance Agency,
Single Family Mortgage, Issue B-2,
AMT (FHA)......................... 7.600 1/1/22 5,150
145,000 Utah State Housing Finance Agency,
Single Family Mortgage, Mezz D2,
AMT............................... 5.400 7/1/20 140,651
25,000 Utah State Housing Finance Agency,
Single Family Mortgage, Series F1
CL I.............................. 5.500 7/1/16 24,625
25,000 Utah State Housing Finance Agency,
Single Family Mortgage, Sub-D2,
AMT............................... 5.250 7/1/12 24,375
65,000 Utah State Housing Financial
Agency, Single Family Mortgage, A2
CL II, AMT........................ 5.400 7/1/16 63,213
35,000 Utah State Housing Financial
Agency, Single Family Mortgage, A2
CL III, AMT....................... 5.200 7/1/11 34,125
35,000 Utah State Housing Financial
Agency, Single Family Mortgage, B2
CL III, AMT....................... 5.250 7/1/11 34,344
40,000 Utah State Housing Financing
Agency, Sub-Single Family
Mortgage, Issue F1................ 5.850 7/1/07 41,550
85,000 Weber County Utah Municipal
Building Authority (Insured --
Asset GTY)....................... 6.750 12/15/04 93,606
------------
561,723
------------
Vermont -- 0.11%
45,000 Vermont Educational & Health
Buildings Financing Agency,
Norwich University Project....... 5.750 7/1/13 45,113
5,000 Vermont Educational & Health
Buildings Financing, Norwich
University Project................ 4.300 7/1/00 5,022
15,000 Vermont Educational & Health
Buildings Financing, Norwich
University Project................ 4.750 7/1/04 14,831
25,000 Vermont Educational & Health
Buildings Financing, Norwich
University Project................ 5.000 7/1/06 24,781
25,000 Vermont Educational & Health
Buildings Financing, Norwich
University Project................ 5.000 7/1/07 24,500
------------
114,247
------------
Virginia -- 1.39%
195,000 Alexandria Virginia Redevelopment
& Housing Authority, AMT.......... 6.625 5/1/24 203,288
780,000 Chesterfield County Virginia
Individual Development (LOC)...... 5.000 7/1/14 745,874
300,000 Chesterfield Field County Virginia
Individual Development Authority
(LOC)............................. 5.200 7/1/19 285,000
75,000 Newport News Virginia Industrial
Development Authority (GNMA)...... 7.250 8/1/16 80,906
110,000 Richmond Virginia Metro Authority
Expressway Revenue, Partially
Prerefunded, Balance ETM......... 7.000 10/15/13 117,700
50,000 Virginia State Housing Development
Authority, Multi-Family Housing,
Series D.......................... 6.800 11/1/09 53,313
------------
1,486,081
------------
Washington -- 3.37%
30,000 Grays Harbor County Washington
Public Utility, ETM............... 5.375 1/1/06 30,188
15,000 King County Washington Housing
Authority, Multi-Family Housing... 7.000 8/1/03 15,325
45,000 King County Washington Housing
Authority, Multi-Family Mortgage.. 7.000 8/1/03 46,260
95,000 Seattle Washington Housing
Authority (GNMA).................. 7.400 11/20/36 107,230
40,000 Spokane Washington Housing
Authority Revenue, Valley 206
Apartments, Junior Lien A
(Standby LOC).................... 5.750 4/1/28 38,950
65,000 Spokane Washington Housing
Authority Revenue, Valley 206
Apartments, Senior Lien A........ 5.625 4/1/28 62,238
1,000,000 Washington State Health Care
Facilities Authority Revenue
(LOC)............................. 7.875 12/1/09 1,050,000
55,000 Washington State Health Care
Facilities, Prerefunded 10/1/99
@102.............................. 7.875 12/31/10 56,663
2,100,000 Washington State Housing Finance
Community, Family Mortgage
Revenue, Weekly Floater (LOC).... 3.550 1/1/10 2,100,000
95,000 Washington State Housing Finance
Community (GNMA/FNMA)............. 6.900 7/1/16 96,543
5,000 Washington State Housing Finance
Community, Series A (FNMA)........ 7.000 7/1/99 5,000
------------
3,608,397
------------
West Virginia -- 0.60%
15,000 Beckley West Virginia Nursing
Facility Revenue Refunding,
Beckley Health Care Corporation
Project, (Standby LOC)........... 5.550 9/1/08 15,075
15,000 Beckley West Virginia Nursing
Facility Revenue Refunding,
Beckley Health Care Corporation
Project, (Standby LOC)........... 5.700 9/1/09 15,150
</TABLE>
See accompanying notes to financial statements.
69
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 1999
<TABLE>
<CAPTION>
Principal
Amount Security Maturity Value
or Shares Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- ------------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
West Virginia (continued)
$ 185,000 Harrison County West Virginia,
Series B, Zero Coupon (AMBAC).... 4.610 10/20/10 $ 83,481
195,000 Marshall County West Virginia
Mortgage Revenue Capital
Appreciation (MBIA).............. 4.330 5/1/14 63,619
55,000 Mason County, Refunding, 1st
Mortgage, Pt. Pleasant Haven
(LOC)............................ 6.200 12/1/05 56,788
350,000 Preston County West Virginia
Pollution Control, County
Commission Monongahela........... 4.500 3/1/03 346,500
140,000 Raleigh, Fayette, & Nicholas
Counties, Compounding Interest,
Series B (AMBAC), Zero Coupon... 4.910 6/20/10 60,725
------------
641,338
------------
Wisconsin -- 0.63%
35,000 Oshkosh Wisconsin Hospital
Facility Revenue, Mercy Medical
Center, Prerefunded 7/1/07 @
100............................. 7.375 7/1/09 39,156
5,000 Pewaukee Wisconsin Individual
Development Revenue, Lae Country
Development Project, AMT (LOC).. 5.800 6/1/04 5,138
5,000 Pewaukee Wisconsin Individual
Development Revenue, Lake
Country Development Project, AMT
(LOC)........................... 5.900 6/1/05 5,150
10,000 Pewaukee Wisconsin Individual
Development Revenue, Lake
Country Development Project, AMT
(LOC)........................... 6.000 6/1/06 10,338
10,000 West Bend Wisconsin Refunding 6.400 2/1/05 10,588
15,000 Whitewater Wisconsin Waterworks
Systems Mortgage................. 7.500 7/1/16 16,800
25,000 Wisconsin Housing and Economic
Development Authority, Series B,
AMT.............................. 4.950 9/1/09 24,438
230,000 Wisconsin State Health &
Educational Facilities, Richland
Hospital Income Project,
Series A (ACA).................. 5.375 6/1/28 218,499
75,000 Wisconsin State Health &
Educational Facilities, Sisters
Sorrowful Mother,
Series A (MBIA)................. 5.100 8/15/07 76,406
110,000 Wisconsin State Health &
Educational Facilities, Sisters
Sorrowful Mother,
Series A (MBIA)................. 5.200 8/15/08 112,199
75,000 Wisconsin State Health &
Educational Facilities, Sisters
Sorrowful Mother,
Series A (MBIA) 5.300 8/15/09 76,969
5,000 Wisconsin State Health &
Educational Facilities, Viterbo
College Income Project (LOC)..... 5.250 2/1/04 5,081
5,000 Wisconsin State Health &
Educational Facilities, Viterbo
College Income Project (LOC) 5.400 2/1/05 5,100
35,000 Wisconsin State Health &
Educational Facilities, Viterbo
College Income Project (LOC)..... 5.750 2/1/12 34,913
35,000 Wisconsin State Health &
Educational Facilities, Viterbo
College Income Project (LOC)..... 6.000 2/1/17 35,438
------------
676,213
------------
Wyoming -- 1.17%
65,000 Cheyenne, Wyoming Federal Mineral
Reality Revenue, Second Lien..... 6.200 6/1/09 67,356
1,000,000 Green River-Sweetwater County
Wyoming, Refunding, Series B
(FSA)............................ 4.500 3/1/14 991,250
20,000 Teton County Wyoming Hospital
District, Hospital Refunding &
Imports (ACA).................... 5.000 12/1/03 20,250
150,000 Teton County Wyoming, Teton
County School District No 1
Project (MBIA)................... 5.000 6/1/05 152,625
15,000 Wyoming Community Development
Authority Housing Revenue, Series
5, AMT........................... 5.700 12/1/07 15,544
10,000 Wyoming Community Development
Authority, Single Family
Mortgage, Series B, AMT.......... 8.125 6/1/21 10,322
------------
1,257,347
------------
Total -- Municipal Bonds (cost
$99,190,624)..................... 96,913,720
------------
Money Market Mutual Funds --
9.52%
5,240,000 Provident Institutional Muni-Cash
Fund............................. 5,240,000
4,952,187 SEI Tax-Exempt Trust Money Market
Fund............................. 4,952,187
------------
Total -- Money Market Mutual
Funds (cost $10,192,187)......... 10,192,187
------------
Total Investments (cost
$109,382,811) (a) -- 100.00%..... 107,105,907
------------
Liabilities in Excess of Other
Assets -- 0.00%.................. (1,282)
------------
Total Net Assets -- 100.00%...... $107,104,625
============
</TABLE>
See accompanying notes to financial statements.
70
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 1999
- --------
(a) Represents cost for federal income tax purposes and differs from value of
net unrealized depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation.......................................... $ 42,580
Unrealized depreciation.......................................... (2,319,484)
-----------
Net unrealized depreciation...................................... $(2,276,904)
===========
</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.
71
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Statements of Assets and Liabilities
June 30, 1999
<TABLE>
<CAPTION>
Small
Growth Capitalization International
Value Equity Equity Equity Equity
Portfolio Portfolio Portfolio Portfolio
------------ ------------ -------------- -------------
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value
(cost $190,797,035;
$181,533,356;
$184,462,234; and
$237,904,659
respectively)......... $218,298,658 $268,078,145 $209,019,490 $259,352,323
Repurchase Agreements,
at value.............. 2,167,354 -- 3,339,586 --
Foreign currency, at
value (cost $0; $0;
$0; and $1,309,965
respectively)......... -- -- -- 1,318,693
Unrealized appreciation
on forward exchange
contracts............. -- -- -- 1,369,027
Receivable for
investments sold...... 1,789,063 7,936,518 280,798 1,996,710
Dividends and interest
receivable............ 358,508 128,325 116,147 452,315
Variation margin
receivable............ -- 110,321 -- --
Foreign tax reclaim
receivable............ -- -- -- 468,721
Deferred organization
costs................. 7,092 7,406 7,311 6,974
------------ ------------ ------------ ------------
Total Assets......... 222,620,675 276,260,715 212,763,332 264,964,763
------------ ------------ ------------ ------------
LIABILITIES:
Payable for investments
purchased............. 5,560,436 11,255,672 1,912,430 6,926,728
Unrealized depreciation
on forward exchange
contracts............. -- -- -- 1,656,299
Advisory fees payable.. 56,879 60,887 62,151 80,950
Consulting fees
payable............... 8,545 10,148 8,193 10,391
Administrative services
fees payable.......... 1,990 2,403 1,934 2,423
Other accrued
expenses.............. 52,774 54,600 41,992 110,750
------------ ------------ ------------ ------------
Total Liabilities.... 5,680,624 11,383,710 2,026,700 8,787,541
------------ ------------ ------------ ------------
NET ASSETS.............. $216,940,051 $264,877,005 $210,736,632 $256,177,222
============ ============ ============ ============
NET ASSETS CONSIST OF:
Shares of beneficial
interest, at par
value................. $ 14,613 $ 14,749 $ 17,086 $ 19,934
Additional paid-in
capital............... 177,942,025 160,069,872 190,710,044 229,318,066
Undistributed
(distribution in
excess of) net
investment income..... 155,982 13,505 58,094 944,578
Accumulated net
realized gain/(loss)
on investments,
futures and foreign
currency
transactions.......... 11,325,808 18,187,330 (4,605,848) 4,636,473
Net unrealized
appreciation on
investments, futures
and foreign currency
transactions.......... 27,501,623 86,591,549 24,557,256 21,258,171
------------ ------------ ------------ ------------
Total Net Assets..... $216,940,051 $264,877,005 $210,736,632 $256,177,222
============ ============ ============ ============
SHARES OF BENEFICIAL
INTEREST:
Shares of beneficial
interest outstanding.. 14,612,718 14,748,983 17,086,102 19,933,882
============ ============ ============ ============
Net Asset Value,
offering and
redemption price per
share................. $ 14.85 $ 17.96 $ 12.33 $ 12.85
============ ============ ============ ============
</TABLE>
See accompanying notes to financial statements.
72
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Statements of Assets and Liabilities (continued)
June 30, 1999
<TABLE>
<CAPTION>
Limited
Duration Intermediate Term
Municipal Bond Fixed Income Municipal Bond
Portfolio Portfolio Portfolio
-------------- ------------ -----------------
<S> <C> <C> <C>
ASSETS:
Investments, at value (cost
$45,867,370; $112,215,298;
and $109,382,811
respectively)................. $45,652,980 $109,628,646 $107,105,907
Receivable for investments
sold.......................... -- 3,008,424 94
Cash........................... 1,161 -- --
Dividends and interest
receivable.................... 567,943 1,232,267 1,482,183
Deferred organization costs.... 7,882 -- --
----------- ------------ ------------
Total Assets................. 46,229,966 113,869,337 108,588,184
----------- ------------ ------------
LIABILITIES:
Dividends and income payable... 178,137 525,536 388,165
Payable for investments
purchased..................... 450,600 5,199,982 1,028,128
Advisory fees payable.......... 7,412 23,390 22,988
Consulting fees payable........ 1,853 4,253 4,180
Administrative services fees
payable....................... 361 826 829
Other accrued expenses......... 24,725 41,703 39,269
----------- ------------ ------------
Total Liabilities............ 663,088 5,795,690 1,483,559
----------- ------------ ------------
NET ASSETS...................... $45,566,878 $108,073,647 $107,104,625
=========== ============ ============
NET ASSETS CONSIST OF:
Shares of beneficial interest,
at par value.................. $ 4,574 $ 11,206 $ 10,935
Additional paid-in capital..... 46,018,555 111,599,351 109,440,820
Undistributed (distribution in
excess of) net investment
income........................ 116 -- --
Accumulated net realized (loss)
on investments................ (241,977) (950,258) (70,226)
Net unrealized (depreciation)
on investments................ (214,390) (2,586,652) (2,276,904)
----------- ------------ ------------
Total Net Assets............. $45,566,878 $108,073,647 $107,104,625
=========== ============ ============
SHARES OF BENEFICIAL INTEREST:
Shares of beneficial interest
outstanding................... 4,573,731 11,205,590 10,934,767
=========== ============ ============
Net Asset Value, offering and
redemption price per share.... $ 9.96 $ 9.64 $ 9.79
=========== ============ ============
</TABLE>
See accompanying notes to financial statements.
73
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Statements of Operations
For the Year Ended June 30, 1999
<TABLE>
<CAPTION>
Small
Capitalization International
Value Equity Growth Equity Equity Equity
Portfolio Portfolio Portfolio Portfolio
------------ ------------- -------------- -------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest................... $ 240,419 $ 164,848 $ 245,565 $ 144,069
Dividends (net of foreign
withholding tax of
$24,385;
$332; $0; and $717,803
respectively)............. 3,679,268 1,490,421 1,351,452 4,967,557
----------- ----------- ----------- -----------
Total Investment Income.. 3,919,687 1,655,269 1,597,017 5,111,626
----------- ----------- ----------- -----------
EXPENSES:
Advisory fees.............. 588,835 672,432 604,302 912,160
Consulting fees............ 88,824 112,075 79,263 116,041
Administrative services
fees...................... 198,105 250,033 177,211 258,552
Custodian fees............. 48,186 60,720 41,288 218,798
Audit and legal fees....... 23,897 31,821 22,842 30,338
Registration and filing
fees...................... 28,230 35,719 26,983 33,255
Other expenses............. 23,993 34,780 25,179 36,868
----------- ----------- ----------- -----------
Total Expenses........... 1,000,070 1,197,580 977,068 1,606,012
----------- ----------- ----------- -----------
Net Investment Income...... 2,919,617 457,689 619,949 3,505,614
----------- ----------- ----------- -----------
NET REALIZED/UNREALIZED
GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) on
investments, futures
and foreign currency
transactions.............. 11,395,574 18,674,831 (4,651,207) 6,667,389
Net change in unrealized
appreciation/(depreciation)
on investments, and
foreign currency
transactions.............. 3,419,258 36,436,342 17,190,826 2,462,581
----------- ----------- ----------- -----------
Net realized/unrealized
gain/(loss) on
investments,
futures and foreign
currency transactions..... 14,814,832 55,111,173 12,539,619 9,129,970
----------- ----------- ----------- -----------
Net increase/(decrease) in
net assets resulting from
operations................ $17,734,449 $55,568,862 $13,159,568 $12,635,584
=========== =========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
74
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Statements of Operations (continued)
For the Year Ended June 30, 1999
<TABLE>
<CAPTION>
Limited Duration Intermediate Term
Municipal Bond Fixed Income Municipal Bond
Portfolio Portfolio* Portfolio*
---------------- ------------ -----------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest....................... $2,368,072 $ 5,832,489 $ 3,103,358
Dividends...................... 114,969 60,843 114,125
---------- ----------- -----------
Total Investment Income...... 2,483,041 5,893,332 3,217,483
---------- ----------- -----------
EXPENSES:
Advisory fees.................. 97,880 256,883 175,807
Consulting fees................ 24,471 46,707 31,966
Administrative services fees... 44,730 85,423 79,611
Custodian fees................. 9,671 24,200 15,148
Audit and legal fees........... 15,930 24,520 22,707
Registration and filing fees... 15,500 12,197 12,242
Other expenses................. 16,830 16,178 11,735
---------- ----------- -----------
Total Expenses before
waivers....................... 225,012 466,108 349,216
Less: Expenses waived by
administrator................. -- -- (47,747)
---------- ----------- -----------
Net Expenses................. 225,012 466,108 301,469
---------- ----------- -----------
Net Investment Income.......... 2,258,029 5,427,224 2,916,014
---------- ----------- -----------
NET REALIZED/UNREALIZED
GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) on
investments................... 12,893 (242,734) (70,226)
Net change in unrealized
appreciation/(depreciation) on
investments................... (678,504) (2,586,652) (2,276,904)
---------- ----------- -----------
Net realized/unrealized
gain/(loss) on investments,
futures....................... (665,611) (2,829,386) (2,347,130)
---------- ----------- -----------
Net increase in net assets
resulting from operations..... $1,592,418 $ 2,597,838 $ 568,884
========== =========== ===========
</TABLE>
- --------
*Funds commenced operations on July 1, 1998.
See accompanying notes to financial statements.
75
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Small Capitalization
Value Equity Portfolio Growth Equity Portfolio Equity Portfolio
-------------------------- -------------------------- --------------------------
Year Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
June 30, June 30, June 30, June 30, June 30, June 30,
1999 1998 1999 1998 1999 1998
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income...... $ 2,919,617 $ 2,515,539 $ 457,689 $ 632,890 $ 619,949 $ 570,426
Net realized gain/(loss) on
investments, futures and
foreign currency
transactions.............. 11,395,574 23,127,424 18,674,831 40,192,942 (4,651,207) 19,676,905
Net change in unrealized
appreciation/(depreciation)
on investments, futures
and foreign currency
transactions.............. 3,419,258 4,834,455 36,436,342 18,930,310 17,190,826 (5,878,984)
------------ ------------ ------------ ------------ ------------ ------------
Net increase in net assets
resulting from
operations................ 17,734,449 30,477,418 55,568,862 59,756,142 13,159,568 14,368,347
------------ ------------ ------------ ------------ ------------ ------------
Distributions to
Shareholders from:
Net investment income...... (2,855,946) (2,581,986) (444,369) (723,410) (563,154) (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............. (19,786,472) (18,491,620) (14,825,543) (33,176,562) (14,391,002) (13,340,086)
------------ ------------ ------------ ------------ ------------ ------------
Shares of Beneficial
Interest:
Proceeds from shares
issued.................... 65,815,341 79,850,717 54,760,753 60,460,192 118,787,480 52,923,820
Proceeds from reinvestment
of dividends.............. 17,108,285 16,699,355 13,708,838 31,066,397 12,032,240 11,976,524
Cost of shares redeemed.... (40,518,732) (49,040,371) (60,464,553) (62,938,761) (69,378,364) (28,881,423)
------------ ------------ ------------ ------------ ------------ ------------
Net increase in net assets
from shares of beneficial
interest transactions..... 42,404,894 47,509,701 8,005,038 28,587,828 61,441,356 36,018,921
------------ ------------ ------------ ------------ ------------ ------------
Total increase in net
assets.................... 40,352,871 59,495,499 48,748,357 55,167,408 60,209,922 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.............. $216,940,051 $176,587,180 $264,877,005 $216,128,648 $210,736,632 $150,526,710
============ ============ ============ ============ ============ ============
</TABLE>
See accompanying notes to financial statements.
76
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Statements of Changes in Net Assets (continued)
<TABLE>
<CAPTION>
Limited Duration Intermediate
International Municipal Bond Fixed Income Term Municipal
Equity Portfolio Portfolio Portfolio* Bond Portfolio*
-------------------------- ------------------------ ------------ ----------------
Year Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
June 30, June 30, June 30, June 30, June 30, June 30,
1999 1998 1999 1998 1999 1998
------------ ------------ ----------- ----------- ------------ ----------------
<S> <C> <C> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income...... $ 3,505,614 $ 3,503,049 $ 2,258,029 $ 2,187,862 $ 5,427,224 $ 2,916,014
Net realized gain/(loss) on
investments, futures and
foreign currency
transactions.............. 6,667,389 6,336,894 12,893 (91,196) (242,734) (70,226)
Net change in unrealized
appreciation/(depreciation)
on investments, futures
and foreign currency
transactions.............. 2,462,581 1,112,830 (678,504) 373,857 (2,586,652) (2,276,904)
------------ ------------ ----------- ----------- ------------ ------------
Net increase in net assets
resulting
from operations........... 12,635,584 10,952,773 1,592,418 2,470,523 2,597,838 568,884
------------ ------------ ----------- ----------- ------------ ------------
Distributions to
Shareholders from:
Net investment income...... (4,076,034) (7,034,223) (2,258,029) (2,187,862) (5,427,224) (2,916,014)
Net realized gain on
investments, futures and
foreign currency
transactions.............. (4,961,778) (4,217,931) -- -- (707,524) --
------------ ------------ ----------- ----------- ------------ ------------
Net decrease in net assets
resulting
from distributions........ (9,037,812) (11,252,154) (2,258,029) (2,187,862) (6,134,748) (2,916,014)
------------ ------------ ----------- ----------- ------------ ------------
Shares of Beneficial
Interest:
Proceeds from shares
issued.................... 51,664,586 104,993,738 88,167,469 77,839,730 25,850,995 101,818,978
Proceeds from securities
transferred in-kind....... -- -- -- -- 87,605,935 35,196,203
Proceeds from reinvestment
of dividends.............. 7,791,624 10,125,963 1,628,930 1,797,773 5,546,812 2,502,027
Cost of shares redeemed.... (36,751,680) (31,067,352) (90,240,867) (74,205,989) (7,393,185) (30,065,453)
------------ ------------ ----------- ----------- ------------ ------------
Net increase (decrease) in
net assets from shares of
beneficial interest
transactions.............. 22,704,530 84,052,349 (444,468) 5,431,514 111,610,557 109,451,755
------------ ------------ ----------- ----------- ------------ ------------
Total increase (decrease)
in net assets............. 26,302,302 83,752,968 (1,110,079) 5,714,175 108,073,647 107,104,625
Net Assets:
Beginning of period........ 229,874,920 146,121,952 46,676,957 40,962,782 -- --
------------ ------------ ----------- ----------- ------------ ------------
End of period.............. $256,177,222 $229,874,920 $45,566,878 $46,676,957 $108,073,647 $107,104,625
============ ============ =========== =========== ============ ============
</TABLE>
- --------
*Funds commenced operations on July 1, 1998.
See accompanying notes to financial statements.
77
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Notes to Financial Statements -- June 30, 1999
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"), The Growth Equity
Portfolio ("Growth Portfolio"), The Small Capitalization Equity Portfolio
("Small Cap Portfolio"), The International Equity Portfolio ("International
Portfolio"), The Limited Duration Municipal Bond Portfolio ("Limited Duration
Portfolio"), The Intermediate Term Municipal Bond Portfolio ("Intermediate
Municipal Portfolio"), and The Fixed Income Portfolio ("Fixed Income
Portfolio").
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.
Dividends and distributions to shareholders which exceed net investment
income and net realized capital gains for financial reporting purposes but
not for tax purposes are reported as dividends in excess of net investment
income or distributions in excess of net realized gains. To the extent they
exceed net investment income and net realized gains for tax purposes, they
are reported as distributions of capital.
78
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Notes to Financial Statements (continued) -- June 30, 1999
As of June 30, 1999, the following reclassifications have been made to
increase/(decrease) such accounts with offsetting adjustments made to
capital:
<TABLE>
<CAPTION>
Undistributed Net
Undistributed Net Realized Gain/(Loss)
Investment Income on Investments
----------------- --------------------
<S> <C> <C>
Value Portfolio....................... 18 (18)
Growth Portfolio...................... 5 (5)
Small Cap Portfolio................... (45,351) 45,351
International Portfolio............... 1,154,204 (1,154,204)
</TABLE>
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 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. In the event any of the
initial shares of these Portfolios are redeemed during the amortization
period, 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. Costs incurred in connection with the organization
of the Intermediate Municipal and Fixed Income Portfolios were expensed as
incurred.
F. Allocation 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.
Dividends and interest from non-U.S. sources received by the Fund are
generally subject to non-U.S. withholding taxes at rates ranging up to 30%.
Such withholding taxes may be reduced or eliminated under the terms of
applicable U.S. income tax treaties, and the Fund intends to undertake any
procedural steps required to claim the benefits of such treaties. If the
value of more than 50% of the Fund's total assets at the close of any
taxable year consists of stock or securities of non-U.S. corporations, the
Fund is permitted and may elect to treat any non-U.S. taxes paid by it as
paid by its shareholders.
79
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Notes to Financial Statements (continued) -- June 30, 1999
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.
I. Transfers In-Kind. Upon commencement of the Intermediate Municipal
Portfolio and the Fixed Income Portfolio investment operations, a number of
separate managed accounts managed by Morgan Grenfell, transferred
appreciated securities in exchange for Fund shares. The securities
contributed were subject to a taxable event prior to the in-kind transfer
to the Fund and had the same market value as of the date of transfer.
Accordingly, for purposes of generally accepted accounting principles, the
book cost of any securities transferred in-kind to the Fund was equal to
the market value of such securities on their respective dates of
contribution to the Fund resulting in no difference between book cost and
tax cost.
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 year ended June 30, 1999, the Value Portfolio paid the following
investment advisory fees:
<TABLE>
<CAPTION>
Amount
Adviser Earned Fee
- ------- -------- -----
<S> <C> <C> <C>
Hotchkis & Wiley........ $132,479 0.30% For the period from 07/01/98 to 03/07/99
Geewax, Terker & Co..... 65,021 0.30% For the period from 03/08/99 to 06/30/99
Institutional Capital
Corp.................... 391,335 0.35%
-------- -----
$588,835 0.33%
======== =====
</TABLE>
For the year ended June 30, 1999, the Growth Portfolio paid the following
investment advisory fees:
<TABLE>
<CAPTION>
Amount
Adviser Earned Fee
- ------- -------- -----
<S> <C> <C>
Jennison Associates LLC......................................... $455,190 0.30%
Goldman Sachs Asset Management.................................. 217,242 0.30%*
-------- -----
$672,432 0.30%
======== =====
</TABLE>
For the year ended June 30, 1999, the Small Cap Portfolio paid the following
investment advisory fees:
<TABLE>
<CAPTION>
Amount
Adviser Earned Fee
- ------- -------- -----
<S> <C> <C>
Frontier Capital Management Co................................... $386,207 0.45%
Geewax, Terker & Co.............................................. 218,095 0.30%
-------- -----
$604,302 0.38%
======== =====
</TABLE>
For the year ended June 30, 1999, the International Portfolio paid the
following investment advisory fees:
<TABLE>
<CAPTION>
Amount
Adviser Earned Fee
- ------- -------- -----
<S> <C> <C>
Brinson Partners, Inc......................................... $912,160 0.40%**
</TABLE>
80
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Notes to Financial Statements (continued) -- June 30, 1999
For the year ended June 30, 1999, the following Portfolios paid investment
advisory fees to Morgan Grenfell Capital Management, Inc.:
<TABLE>
<CAPTION>
Amount
Portfolio Earned Fee
- --------- -------- -----
<S> <C> <C>
Limited Duration............................................... $ 97,880 0.20%
Intermediate Municipal......................................... $175,807 0.275%
Fixed Income................................................... $256,883 0.275%
</TABLE>
- --------
* Under the amendment ("Performance Fee Amendment") to the Portfolio
Management Contract between Goldman Sachs Asset Management ("GSAM") and the
Trust relating to the Growth Portfolio, GSAM will be compensated based, in
part, on the investment results achieved by it. It is anticipated that the
Performance Fee arrangement will apply with respect to periods after
October 1, 1999. The Performance Fee arrangement 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.
** 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. As of July 26,
1999, a second Investment Manager was engaged for The International Equity
Portfolio. See Subsequent Events at the end of the footnotes.
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 June
30, 1999, BISYS agreed to voluntarily waive fees in the Intermediate Municipal
Portfolio in the amount of $47,747, of which $20,275 were out-of-pocket
expenses.
81
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Notes to Financial Statements (continued) -- June 30, 1999
4. PURCHASE AND SALE TRANSACTIONS. The aggregate amount of purchases and
sales of investment securities, other than short-term securities, for the year
ended June 30, 1999, were as follows:
<TABLE>
<CAPTION>
Purchases Sales
------------ ------------
<S> <C> <C>
Value........................................... $212,837,758 $189,035,581
Growth.......................................... 156,115,025 162,714,509
Small Cap....................................... 245,035,363 195,300,273
International................................... 144,464,762 127,571,078
Limited Duration................................ 52,178,287 54,988,360
Intermediate Municipal.......................... 123,184,727 26,166,990
Fixed Income.................................... 239,077,864 132,606,272
</TABLE>
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 year ended June 30, 1999, were as follows:
<TABLE>
<CAPTION>
Intermediate
Limited Fixed Term
Value Growth Small Cap International Duration Income 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........... 4,699,295 3,383,198 10,517,309 4,146,130 8,742,217 2,632,128 10,165,621
Shares issued in
exchange for securities
transferred in-kind.... -- -- -- -- -- 8,760,594 3,519,620
Shares issued in
reinvestment of
dividends and
distributions.......... 1,344,463 975,914 1,161,041 633,339 161,282 553,186 249,423
Shares redeemed......... (2,828,658) (3,777,919) (6,056,292) (2,944,892) (8,948,461) (740,318) (2,999,897)
---------- ---------- ---------- ---------- ---------- ---------- ----------
Net increase in shares.. 3,215,100 581,193 5,622,058 1,834,577 (44,962) 11,205,590 10,934,767
---------- ---------- ---------- ---------- ---------- ---------- ----------
Ending balance.......... 14,612,718 14,748,983 17,086,102 19,933,882 4,573,731 11,205,590 10,934,767
========== ========== ========== ========== ========== ========== ==========
</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
Portfolio as unrealized appreciation or depreciation. When the forward is
closed, the Portfolio records a realized gain or loss equal to the fluctuation
in value during the period the forward was open. The Portfolio 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 Portfolio'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 June 30, 1999 are
recorded for financial reporting purposes as unrealized gains and losses by
the Portfolio.
82
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Notes to Financial Statements (continued) -- June 30, 1999
The Portfolios 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 Portfolio 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 Portfolio's activities in futures contracts are
conducted through regulated exchanges that minimize counterparty credit risks.
7. FEDERAL INCOME TAXES. It is the policy of each Portfolio 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.
FEDERAL INCOME TAXES INFORMATION (Unaudited).
As of June 30, 1999 the following Portfolios had net capital loss
carryforwards to offset future capital gains, if any, to the extent provided
by the Treasury regulations:
<TABLE>
<CAPTION>
Portfolio Amount Expires
- --------- ---------- -------
<S> <C> <C>
Small Cap................................................... $4,143,587 2007
Limited Duration............................................ 48,759 2004
42,671 2005
108,282 2006
33,265 2007
Intermediate Municipal...................................... 18,422 2007
</TABLE>
To the extent that these carryforwards are used to offset future capital
gains, it is probable that the gains so offset will not be distributed to
shareholders.
Capital losses incurred after October 31, within a Portfolio's fiscal year
are deemed to arise on the first business day of the following fiscal year for
tax purposes. The Limited Duration Portfolio incurred $9,000 in Post-October
Capital Losses, the Intermediate Municipal Portfolio incurred $51,803 in Post-
October Capital Losses and the Fixed Income Portfolio incurred $778,961 in
Post-October Capital Losses and they will elect to defer such capital losses.
During the fiscal year ended June 30, 1999, the following Portfolios
declared long-term capital gain distributions as follows:
<TABLE>
<CAPTION>
Portfolio Amount
- --------- -----------
<S> <C>
Value............................................................... $11,200,178
Growth.............................................................. 13,254,264
Small Cap........................................................... 10,053,708
International....................................................... 4,921,963
</TABLE>
83
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Notes to Financial Statements (continued) -- June 30, 1999
For corporate shareholders the following percentage of the total ordinary
income distributions paid during the fiscal year ended June 30, 1999 qualify
for the corporate dividend received deduction for the following Portfolios:
<TABLE>
<CAPTION>
Portfolio Percentage
- --------- ----------
<S> <C>
Value................................................................ 47.47%
Growth............................................................... 36.79%
Small Cap............................................................ 25.16%
</TABLE>
During the fiscal year ended June 30, 1999, the following Portfolios
declared tax-exempt income distributions as follows:
<TABLE>
<CAPTION>
Portfolio Amount
- --------- ----------
<S> <C>
Limited Duration.................................................... $2,259,429
Intermediate Municipal.............................................. 2,532,424
</TABLE>
SUBSEQUENT EVENT (Unaudited). As July 26, 1999, a second Investment Manager
was engaged to provide portfolio management service to The International
Equity Portfolio, pursuant to the terms of a portfolio management contract
(Artisan Agreement) between Artisan Partners Limited Partnership ("Artisan")
and the Trust. The terms and conditions of the Artisan Agreement are
substantially the same as those included in the agreement between the
International Portfolio and Brinson. However, the asset-based fee payable
under the portfolio management agreement with Brinson is calculated at a rate
of .40% of 1% on assets of $200 million or less, with reductions (often called
"break points") in the applicable rate at higher asset levels. The Artisan
Agreement provides for an advisory fee of .40% of 1% of the Portfolio's assets
assigned to Artisan, but does not include fee reductions at higher asset
levels. The Trust has also conditionally approved an amendment to the Artisan
Agreement ("Performance Fee Amendment"). Under the Performance Fee Amendment,
Artisan would be compensated based, in part, on the investment results
achieved by it. Implementation of the Performance Fee Amendment 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 Artisan, when compared to the current fixed fee arrangement and
could result in the payment of incentive compensation during periods of
declining markets.
84
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Financial Highlights
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Value Equity Portfolio Growth Equity Portfolio
-------------------------------------- --------------------------------------
Year Year Year Period Year Year Year Period
Ended Ended Ended Ended Ended Ended Ended Ended
June 30, June 30, June 30, June 30, June 30, June 30, June 30, June 30,
1999 1998 1997 1996(a) 1999 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.. 0.22 0.24 0.23 0.22 0.03 0.04 0.06 0.04
Net realized and
unrealized gain on
investments, futures
and foreign currency
transactions.......... 0.87 2.87 3.65 1.51 3.76 4.37 2.58 1.13
-------- -------- -------- ------- -------- -------- -------- --------
Total from investment
operations............ 1.09 3.11 3.88 1.73 3.79 4.41 2.64 1.17
-------- -------- -------- ------- -------- -------- -------- --------
Distributions to
Shareholders from:
Net investment income.. (0.22) (0.25) (0.21) (0.22) (0.03) (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.......... (1.73) (2.03) (0.95) (0.25) (1.08) (2.83) (0.10) (0.04)
-------- -------- -------- ------- -------- -------- -------- --------
Net Asset Value, End of
Period................. $ 14.85 $ 15.49 $ 14.41 $ 11.48 $ 17.96 $ 15.25 $ 13.67 $ 11.13
======== ======== ======== ======= ======== ======== ======== ========
Total Return............ 9.07% 23.42% 35.28% 17.28%(d) 26.76% 37.00% 23.83% 11.69%(d)
Ratios to Average Net
Assets/Supplemental
Data:
Net assets, end of
period (in
thousands)............ $216,940 $176,587 $117,092 $71,503 $264,877 $216,129 $160,961 $110,537
Ratio of expenses to
average net assets.... 0.56% 0.52% 0.63% 0.63%(c) 0.53% 0.53% 0.55% 0.63%(c)
Ratio of net investment
income to average net
assets................ 1.64% 1.69% 1.89% 2.55%(c) 0.20% 0.33% 0.49% 0.46%(c)
Ratio of expenses to
average net assets
excluding fee
waivers............... 0.56% 0.52% 0.65% 0.68%(c) 0.53% 0.53% 0.55% 0.68%(c)
Portfolio turnover
rate.................. 108.79% 86.45% 97.39% 92.00%(d) 70.61% 95.07% 80.47% 80.00%(d)
</TABLE>
- --------
(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.
85
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Financial Highlights
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Small Capitalization Equity
Portfolio International Equity Portfolio
-------------------------------------- --------------------------------------
Year Year Year Period Year Year Year Period
Ended Ended Ended Ended Ended Ended Ended Ended
June 30, June 30, June 30, June 30, June 30, June 30, June 30, June 30,
1999 1998 1997 1996(a) 1999 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.. 0.04 0.06 0.07 0.10 0.24 0.16 0.22 0.16
Net realized and
unrealized gain on
investments, futures
and foreign currency
transactions.......... 0.35 1.54 2.11 1.07 0.39 0.49 1.92 1.35
-------- -------- -------- ------- -------- -------- -------- -------
Total from investment
operations............. 0.39 1.60 2.18 1.17 0.63 0.65 2.14 1.51
-------- -------- -------- ------- -------- -------- -------- -------
Distributions to
Shareholders from:
Net investment income.. (0.04) (0.06) (0.07) (0.10) (0.21) (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........... (1.19) (1.42) (0.30) (0.10) (0.48) (0.79) (0.56) (0.25)
-------- -------- -------- ------- -------- -------- -------- -------
Net Asset Value, End of
Period................. $ 12.33 $ 13.13 $ 12.95 $ 11.07 $ 12.85 $ 12.70 $ 12.84 $ 11.26
======== ======== ======== ======= ======== ======== ======== =======
Total Return............ 4.73% 12.66% 19.88% 11.82%(d) 5.20% 5.91% 19.61% 15.15%(d)
Ratios to Average Net
Assets/ Supplemental
Data:
Net assets, end of
period (in
thousands)............ $210,737 $150,527 $113,480 $61,503 $256,177 $229,875 $146,122 $77,732
Ratio of expenses to
average net assets.... 0.62% 0.70% 0.78% 0.78%(c) 0.69% 0.70% 0.78% 0.81%(c)
Ratio of net investment
income to average net
assets................ 0.39% 0.41% 0.68% 1.33%(c) 1.51% 2.00% 1.97% 1.75%(c)
Ratio of expenses to
average net assets
excluding fee
waivers............... 0.62% 0.70% 0.78% 0.90%(c) 0.69% 0.71% 0.78% 0.92%(c)
Portfolio turnover
rate................... 125.52% 103.41% 54.16% 38.00%(d) 56.77% 36.80% 29.85% 15.00%(d)
</TABLE>
- --------
(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.
86
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Financial Highlights
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Intermediate
Term
Fixed Municipal
Limited Duration Income Bond
Municipal Bond Portfolio Portfolio Portfolio
-------------------------------------- --------- ------------
Year Year Year Period Year Year
Ended Ended Ended Ended Ended Ended
June 30, June 30, June 30, June 30, June 30, June 30,
1999 1998 1997 1996(a) 1999(b) 1999(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.. 0.47 0.47 0.48 0.35 0.58 0.45
Net realized and
unrealized gain (loss)
on
investments, futures.. (0.15) 0.07 0.04 0.01 (0.28) (0.21)
------- ------- ------- ------- -------- --------
Total from investment
operations............ 0.32 0.54 0.52 0.36 0.30 0.24
------- ------- ------- ------- -------- --------
Distributions to
Shareholders from:
Net investment income.. (0.47) (0.47) (0.48) (0.36) (0.58) (0.45)
Net realized gain on
investments, futures
and foreign currency
transactions.......... -- -- -- -- (0.08) --
------- ------- ------- ------- -------- --------
Total distribution to
shareholders.......... (0.47) (0.47) (0.48) (0.36) (0.66) (0.45)
------- ------- ------- ------- -------- --------
Net Asset Value, End of
Period................. $ 9.96 $ 10.11 $ 10.04 $ 10.00 $ 9.64 $ 9.79
======= ======= ======= ======= ======== ========
Total Return............ 3.17% 5.48% 5.34% 3.60%(d) 2.88% 2.44%
Ratios to Average Net
Assets/Supplemental
Data:
Net assets, end of
period (in
thousands)............ $45,567 $46,677 $40,963 $29,485 $108,074 $107,105
Ratio of expenses to
average net assets.... 0.46% 0.47% 0.52% 0.53%(c) 0.50% 0.47%
Ratio of net investment
income to average net
assets................ 4.61% 4.65% 4.78% 4.78%(c) 5.78% 4.54%
Ratio of expenses to
average net assets
excluding fee
waivers............... 0.46% 0.51% 0.68% 0.81%(c) 0.50% 0.54%
Portfolio turnover
rate.................. 116.22% 42.50% 44.57% 116.00%(d) 146.78% 42.24%
</TABLE>
- --------
(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 June 30,
1999.
(c) Annualized.
(d) Not annualized.
See accompanying notes to financial statements.
87
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees of the
Hirtle Callaghan Trust
In our opinion, the accompanying statements of assets and liabilities,
including the schedules of investments, and the related statements of
operations and of changes in net assets and the financial highlights present
fairly, in all material respects, the financial position of the Value Equity,
Growth Equity, Small Capitalization Equity, International Equity, Limited
Duration Municipal Bond, Intermediate Term Municipal Bond and Fixed Income
Portfolios of the Hirtle Callaghan Trust (the "Trust") as of June 30, 1999,
the results of its operations for the year then ended and the changes in its
net assets and the financial highlights for each of the periods presented, in
conformity with generally accepted accounting principles. These financial
statements and financial highlights (hereafter referred to as "financial
statements") are the responsibility of the Trust's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in
accordance with generally accepted auditing standards which require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits, which included
confirmation of securities at June 30, 1999 by correspondence with the
custodian and brokers, provide a reasonable basis for the opinion expressed
above.
PricewaterhouseCoopers LLP
2400 Eleven Penn Center
Philadelphia, Pennsylvania
August 13, 1999
88
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Trustees
DONALD E. CALLAGHAN*
JONATHAN J. HIRTLE*
ROSS H. GOODMAN
JARRETT B. KLING
DAVID M. SPUNGEN*
RICHARD W. WORTHAM
R. RICHARD WILLIAMS
* "Interested Person" as that term is defined in the Investment Company Act of
1940.
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Sponsor Counsel
Hirtle Callaghan & Co., Inc. Drinker Biddle & Reath LLP
100 Four Falls Corporate One Logan Square--18th & Cherry Streets
Center--Suite 500 Philadelphia, Pennsylvania 19103-6996
West Conshohocken, Pennsylvania
19428-2970
Administrator and Distributor Independent Accountants
BISYS Fund Services PricewaterhouseCoopers LLP
3435 Stelzer Road 2400 Eleven Penn Center
Columbus, Ohio 43219 Philadelphia, Pennsylvania 19103
Custodian
Bankers Trust Company
14 Wall Street
New York, New York 10005
</TABLE>
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.
6/99
