<PAGE>
- --------------------------------------------------------------------------------
Semi-Annual Report
THE HIRTLE CALLAGHAN TRUST
December 31, 1999
We are pleased to present the December 31, 1999 semi-annual report for The
Hirtle Callaghan Trust.
The Hirtle Callaghan Trust (the Trust), a diversified open-end management
investment company, was organized by Hirtle, Callaghan & Co., Inc. to enhance
Hirtle Callaghan's ability to acquire the services of independent, specialist
money management organizations for the clients Hirtle Callaghan serves. The
Trust currently consists of seven separate investment portfolios. Day-to-day
portfolio management services are provided to each of the Trust's Portfolios by
one or more independent money management organizations (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:
- --------------------------------------------------------------------------------
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 HIRTLE CALLAGHAN TRUST
Value Equity Portfolio
Portfolio of Investments -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks -- 95.71%
Geewax, Terker & Co. -- 32.31%
Aerospace/Defense -- 0.33%
5,500 Boeing Co.............................................. $ 228,594
600 Cordant Technologies, Inc.............................. 19,800
3,800 General Dynamics Corp.................................. 200,450
800 Litton Industries, Inc. (b)............................ 39,900
900 Northrop Grumman Corp.................................. 48,656
5,200 Raytheon Co., Class - B................................ 138,125
------------
675,525
------------
Airlines & Services -- 0.13%
2,000 Delta Air Lines, Inc................................... 99,625
10,000 Southwest Airlines Co.................................. 161,875
------------
261,500
------------
Auto Parts -- 0.39%
1,300 Autoliv, Inc........................................... 38,025
400 Borg-Warner Automotive, Inc............................ 16,200
2,000 Cooper Tire & Rubber Co................................ 31,125
4,300 Dana Corp.............................................. 128,731
6,569 Delphi Automotive Systems Corp......................... 103,462
1,900 Eaton Corp............................................. 137,988
3,300 Genuine Parts Co....................................... 81,881
1,700 Lear Corp. (b)......................................... 54,400
1,900 Paccar, Inc............................................ 84,194
2,400 TRW, Inc............................................... 124,650
------------
800,656
------------
Automobile Production -- 0.93%
23,200 Ford Motor Co.......................................... 1,239,750
9,200 General Motors Corp.................................... 668,725
------------
1,908,475
------------
Banking -- 3.00%
7,490 Banc One Corp.......................................... 240,148
10,300 Bank of New York Co., Inc.............................. 411,999
2,200 CCB Financial Corp..................................... 95,838
3,675 Charter One Financial, Inc............................. 70,284
15,600 Chase Manhattan Corp................................... 1,211,924
1,100 City National Corp..................................... 36,231
1,470 Commerce Bancshares, Inc............................... 49,796
1,400 Compass Bancshares, Inc................................ 31,238
1,700 Cullen/Frost Bankers, Inc.............................. 43,775
1,700 Fifth Third Bancorp.................................... 124,738
2,900 First Tennessee National Corp.......................... 82,650
700 First Virginia Banks, Inc.............................. 30,100
12,236 Firstar Corp........................................... 258,486
8,900 FleetBoston Financial Corp............................. 309,831
2,800 Huntington Bancshares, Inc............................. 66,850
100 M & T Bank Corp........................................ 41,425
2,700 Marshall & Ilsley Corp................................. 169,594
9,500 Mellon Financial Corp.................................. 323,594
900 Mercantile Bankshares Corp............................. 28,744
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Banking (continued)
1,600 National Commerce Bancorp............................. $ 36,300
3,200 North Fork Bancorp., Inc.............................. 56,000
800 People's Bank......................................... 16,900
5,100 PNC Bank Corp......................................... 226,950
4,000 SouthTrust Corp....................................... 151,250
1,900 Sovereign Bancorp, Inc................................ 14,161
5,500 Suntrust Banks, Inc................................... 378,468
1,300 TCF Financial Corp.................................... 32,338
1,700 Trustmark Corp........................................ 36,736
6,700 U.S. Bancorp.......................................... 159,544
1,700 Union Bank of San Francisco........................... 67,044
1,575 Valley National Bancorp............................... 44,100
2,900 Wachovia Corp......................................... 197,200
26,200 Wells Fargo Co........................................ 1,059,462
1,200 Wilmington Trust Corp................................. 57,900
------------
6,161,598
------------
Beverages -- 0.18%
4,150 Anheuser-Busch Co., Inc............................... 294,131
1,400 Brown-Forman Corp., Class - B......................... 80,150
------------
374,281
------------
Biotechnology -- 0.02%
900 Genzyme Corp. (b)..................................... 40,500
------------
Broadcasting -- 0.17%
4,634 CBS Corp. (b)......................................... 296,286
1,000 USA Networks, Inc. (b)................................ 55,250
------------
351,536
------------
Building Products -- 0.08%
2,500 Georgia-Pacific Group................................. 126,875
800 Valspar Corp.......................................... 33,500
------------
160,375
------------
Business Equipment & Services -- 0.08%
2,200 Comdisco, Inc......................................... 81,950
1,800 Pitney Bowes, Inc..................................... 86,963
------------
168,913
------------
Casinos/Gaming -- 0.02%
1,400 Harrah's Entertainment, Inc. (b)...................... 37,013
------------
Chemicals -- 0.74%
5,700 Dow Chemical Co....................................... 761,662
1,400 Eastman Chemical Co................................... 66,763
1,500 Engelhard Corp........................................ 28,313
800 FMC Corp. (b)......................................... 45,850
2,300 Goodrich B.F. Co...................................... 63,250
1,200 Great Lakes Chemical Corp............................. 45,825
2,100 Mallinckrodt, Inc..................................... 66,806
3,500 PPG Industries, Inc................................... 218,968
2,100 RPM, Inc.............................................. 21,394
4,400 Sherwin-Williams Co................................... 92,400
</TABLE>
See accompanying notes to financial statements.
1
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Value Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Aerospace/Defense -- 0.33%
2,000 Sigma-Aldrich Corp................................... $ 60,125
3,300 Solutia, Inc......................................... 50,944
------------
1,522,300
------------
Clothing/Apparel -- 0.03%
1,500 Liz Claiborne, Inc................................... 56,438
------------
Computer Software & Services -- 0.44%
1,000 ACNielsen Corp. (b).................................. 24,625
1,400 Adobe Systems, Inc................................... 94,150
800 Affiliated Computer Services, Inc. (b)............... 36,800
1,900 DST Systems, Inc. (b)................................ 144,994
4,900 Electronic Data Systems Corp......................... 327,994
4,500 First Data Corp...................................... 221,906
900 Sterling Software, Inc. (b).......................... 28,350
300 Synopsys, Inc. (b)................................... 20,025
------------
898,844
------------
Computer Systems -- 0.13%
8,400 Compaq Computer Corp................................. 227,325
1,300 Reynolds & Reynolds Co............................... 29,250
------------
256,575
------------
Conglomerates -- 0.49%
4,300 Dover Corp........................................... 195,113
10,050 Honeywell International, Inc......................... 579,759
2,900 Textron, Inc......................................... 222,394
------------
997,266
------------
Construction Materials & Supplies -- 0.18%
1,800 Carlisle Cos., Inc................................... 64,800
2,200 Centex Corp.......................................... 54,313
4,700 Leggett & Platt, Inc................................. 100,756
4,900 Masco Corp........................................... 124,337
900 York International Corp.............................. 24,694
------------
368,900
------------
Containers/Packaging -- 0.04%
500 Ball Corp............................................ 19,688
1,000 Bemis Co., Inc....................................... 34,875
1,400 Sonoco Products Co................................... 31,850
------------
86,413
------------
Electronic Components & Instruments -- 2.11%
1,800 Adaptec, Inc. (b).................................... 89,775
1,800 American Power Conversion Corp. (b).................. 47,475
400 Analog Devices, Inc. (b)............................. 37,200
2,600 Applied Materials, Inc. (b).......................... 329,388
2,600 Atmel Corp. (b)...................................... 76,863
1,000 Avnet, Inc........................................... 60,500
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Electronic Components & Instruments (continued)
1,800 Diebold, Inc............................................ $ 42,300
10,500 Emerson Electric Co..................................... 602,437
4,900 Hewlett Packard Co...................................... 558,294
11,700 International Business Machines Corp.................... 1,263,599
2,200 Johnson Controls, Inc................................... 125,125
3,000 Level 3 Communications, Inc. (b)........................ 245,625
2,100 LSI Logic Corp. (b)..................................... 141,750
1,900 Micron Technology, Inc. (b)............................. 147,725
1,700 Molex, Inc.............................................. 96,369
2,900 National Semiconductor Corp. (b)........................ 124,156
900 Pentair, Inc............................................ 34,650
400 SCI Systems, Inc. (b)................................... 32,875
3,400 United Technologies Corp................................ 221,000
1,500 Vishay Intertechnology, Inc. (b)........................ 47,438
-----------
4,324,544
-----------
Financial Services -- 4.61%
1,500 Allmerica Financial Corp................................ 83,438
5,800 American Express Co..................................... 964,249
5,646 Associates First Capital Corp........................... 154,912
26,900 BankAmerica Corp........................................ 1,350,043
3,150 Bear Stearns Companies, Inc............................. 134,663
58,250 Citigroup, Inc.......................................... 3,236,515
3,000 Countrywide Credit Industries, Inc...................... 75,750
9,700 Fannie Mae.............................................. 605,643
800 Financial Securities Assurance.......................... 41,700
1,300 Finova Group, Inc....................................... 46,150
4,600 First Security Corp..................................... 117,444
1,600 Firstmerit Corp......................................... 36,800
1,000 Franklin Resources, Inc................................. 32,063
6,800 Freddie Mac............................................. 320,025
3,600 Golden West Financial Corp.............................. 120,600
200 H & R Block............................................. 8,750
2,900 J.P. Morgan & Co........................................ 367,213
1,700 Legg Mason, Inc......................................... 61,625
1,900 Lehman Brothers Holdings, Inc........................... 160,906
4,900 Merrill Lynch & Co., Inc................................ 409,150
7,300 Morgan Stanley Dean Witter & Co......................... 1,042,074
950 PMI Group, Inc.......................................... 46,372
1,100 Protective Life Corp.................................... 34,994
700 Provident Financial Group............................... 25,113
-----------
9,476,192
-----------
Food -- Retail -- 0.11%
3,100 Supervalu, Inc.......................................... 62,000
3,500 SYSCO Corp.............................................. 138,469
1,000 U.S. Foodservice (b).................................... 16,750
-----------
217,219
-----------
Food Processing -- 0.30%
1,900 Bestfoods............................................... 99,869
6,300 Conagra, Inc............................................ 142,144
</TABLE>
See accompanying notes to financial statements.
2
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Value Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Food Processing (continued)
5,100 H.J. Heinz Co.......................................... $ 203,043
1,300 Hormel Foods Corp...................................... 52,813
2,100 IBP, Inc............................................... 37,800
2,400 McCormick & Co., Inc................................... 71,400
------------
607,069
------------
Footwear -- 0.02%
700 Payless Shoesource, Inc. (b)........................... 32,900
------------
Holding Companies -- Diversified -- 0.07%
4,100 Fortune Brands, Inc.................................... 135,556
------------
Hotels & Lodging -- 0.01%
300 MGM Grand, Inc. (b).................................... 15,094
------------
Household Products & Appliances -- 0.07%
1,200 Alberto-Culver Co., Class - B.......................... 30,975
1,800 Whirlpool Corp......................................... 117,113
------------
148,088
------------
Insurance -- 2.33%
16,600 Allstate Corp.......................................... 398,399
1,800 Ambac, Inc............................................. 93,938
3,800 American General Corp.................................. 288,324
20,875 American International Group........................... 2,257,108
4,850 AON Corp............................................... 194,000
2,200 Chubb Corp............................................. 123,888
3,000 Cigna Corp............................................. 241,688
1,000 Everest Reinsurance Holdings........................... 22,313
400 Hartford Life, Inc..................................... 17,600
3,000 Jefferson Pilot Corp................................... 204,750
4,400 Marsh & Mclennan Co.................................... 421,024
1,800 MBIA, Inc.............................................. 95,063
1,300 MGIC Investment Corp................................... 78,244
2,800 Torchmark Corp......................................... 81,375
600 Transatlantic Holding.................................. 46,838
2,700 Travelers Property Casualty............................ 92,475
1,500 Unitrin, Inc........................................... 56,438
2,000 UNUMProvident.......................................... 64,125
------------
4,777,590
------------
Machinery, Tools & Engineering -- 0.18%
800 Black & Decker Corp.................................... 41,800
400 Briggs & Stratton Corp................................. 21,450
1,131 Illinois Tool Works, Inc............................... 76,413
3,100 Ingersoll Rand Co...................................... 170,693
1,000 Pall Corp.............................................. 21,563
2,700 Thermo Electron Corp. (b).............................. 40,500
------------
372,419
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Media -- 0.52%
4,900 Media One Group, Inc. (b)............................ $ 376,381
4,000 Time Warner, Inc..................................... 289,750
6,700 Viacom, Inc., Class - B (b).......................... 404,932
------------
1,071,063
------------
Medical Equipment & Supplies -- 0.13%
4,300 Baxter International, Inc............................ 270,094
------------
Metals -- 0.06%
600 AK Steel Holding Corp................................ 11,325
1,000 Nucor Corp........................................... 54,813
1,800 USX-U.S. Steel Group................................. 59,400
------------
125,538
------------
Oil & Gas -- 3.41%
2,400 Baker Hughes, Inc.................................... 50,550
2,900 Burlington Industries................................ 95,881
12,000 Chevron Corp......................................... 1,039,500
4,300 Coastal Corp......................................... 152,381
2,900 Consolidated Natural Gas Co.......................... 188,319
900 Dynegy, Inc.......................................... 21,881
11,400 Enron Corp........................................... 505,875
1,500 ENSCO International, Inc............................. 34,313
50,173 Exxon Mobil Corp..................................... 4,042,061
1,400 Global Marine, Inc. (b).............................. 23,275
3,300 Halliburton Co....................................... 132,825
700 National Fuel Gas Co................................. 32,550
900 Noble Affiliates, Inc................................ 19,294
1,700 Noble Drilling Corp. (b)............................. 55,675
5,800 Ocean Energy, Inc. (b)............................... 44,950
8,700 Texaco, Inc.......................................... 472,519
600 Tidewater, Inc....................................... 21,600
1,200 Ultramar Diamond Shamrock Corp....................... 27,225
3,900 Union Pacific Resources Group........................ 49,725
------------
7,010,399
------------
Paper Products -- 0.40%
700 Avery Dennison Corp.................................. 51,013
1,700 Consolidated Papers, Inc............................. 54,081
3,400 International Paper Co............................... 191,888
5,500 Kimberly Clark Corp.................................. 358,874
2,600 Mead Corp............................................ 112,938
500 St. Joe Corp......................................... 12,156
1,200 Westvaco Corp........................................ 39,150
------------
820,100
------------
Personal Services -- 0.01%
300 Sabre Group Holdings, Inc. (b)....................... 15,375
------------
Pharmaceuticals -- 1.29%
7,400 Abbott Laboratories.................................. 268,713
12,700 American Home Products Corp.......................... 500,856
4,700 Bristol-Myers Squibb Co.............................. 301,681
</TABLE>
See accompanying notes to financial statements.
3
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Value Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Pharmaceuticals (continued)
500 Chiron Corp. (b)....................................... $ 21,188
7,100 Columbia/HCA Healthcare Corp........................... 208,119
5,600 Johnson & Johnson...................................... 521,499
278 Lifepoint Hospitals, Inc. (b).......................... 3,284
5,300 Merck & Co., Inc....................................... 355,431
10,200 Pharmacia & Upjohn, Inc................................ 459,000
278 Triad Hospitals, Inc. (b).............................. 4,205
------------
2,643,976
------------
Publishing & Printing -- 0.59%
1,900 Belo (A.H.) Corp....................................... 36,219
700 Central Newspapers, Inc................................ 27,563
2,100 Deluxe Corp............................................ 57,619
300 E.W. Scripps, Class - A................................ 13,444
4,600 Gannett Co., Inc....................................... 375,187
2,000 Knight-Ridder, Inc..................................... 119,000
400 McClatchy Co........................................... 17,300
3,600 McGraw-Hill Companies, Inc............................. 221,849
2,900 R.R. Donnelley & Sons Co............................... 71,956
3,000 Tribune Co............................................. 165,188
200 Washington Post Co..................................... 111,175
------------
1,216,500
------------
Railroads -- 0.10%
4,800 Union Pacific Corp..................................... 209,400
------------
Raw Materials -- 0.42%
5,600 Alcoa, Inc............................................. 464,799
3,700 Du Pont (E.I) De Nemours............................... 243,738
3,100 Praxair, Inc........................................... 155,969
------------
864,506
------------
Recreation -- 0.03%
2,400 Brunswick Corp......................................... 53,400
------------
Restaurants -- 0.32%
1,300 Brinker International, Inc. (b)........................ 31,200
14,200 McDonald's Corp........................................ 572,438
2,400 Wendy's International, Inc............................. 49,500
------------
653,138
------------
Retail -- 0.59%
4,600 Albertson's, Inc....................................... 148,350
3,800 BJ's Wholesale Club, Inc. (b).......................... 138,700
1,800 Costco Companies, Inc. (b)............................. 164,250
5,900 Federated Department Stores, Inc. (b).................. 298,318
800 Hannaford Brothers Co.................................. 55,450
1,200 Harcourt General, Inc.................................. 48,300
6,350 May Department Stores, Inc............................. 204,788
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Retail (continued)
361 Neiman Marcus Group, Inc. (b)......................... $ 9,724
5,000 Sears Roebuck & Co.................................... 152,188
-------------
1,220,068
-------------
Retail -- Specialty -- 0.07%
1,500 Tiffany & Co.......................................... 133,875
-------------
Staffing & Outsourcing Services -- 0.01%
1,200 Modis Professional Services, Inc. (b)................. 17,100
-------------
Telecommunications -- 5.21%
5,600 Alltel Corp........................................... 463,050
42,236 AT&T Corp............................................. 2,143,476
9,062 Bell Atlantic Corp.................................... 557,879
27,600 BellSouth Corp........................................ 1,292,025
3,500 CenturyTel, Inc....................................... 165,813
13,000 GTE Corp.............................................. 917,313
17,400 MCI WorldCom, Inc. (b)................................ 923,288
9,400 Motorola, Inc......................................... 1,384,149
400 Panamsat Corp. (b).................................... 23,750
2,400 Qualcomm, Inc. (b).................................... 423,000
46,346 SBC Communications, Inc............................... 2,259,367
900 Scientific-Atlanta, Inc............................... 50,063
700 Telephone And Data Systems, Inc....................... 88,200
300 U.S. Cellular Corp. (b)............................... 30,281
-------------
10,721,654
-------------
Textiles -- 0.01%
1,400 Shaw Industries, Inc.................................. 21,613
-------------
Tobacco -- 0.03%
2,200 UST, Inc.............................................. 55,413
-------------
Toys & Games -- 0.08%
3,000 Hasbro, Inc........................................... 57,188
2,400 Mattel, Inc........................................... 31,500
5,500 Toys "R" Us, Inc. (b)................................. 78,718
-------------
167,406
-------------
Transportation -- 0.01%
800 CNF Transportation, Inc............................... 27,600
-------------
Utilities -- 1.83%
3,700 Allegheny Energy, Inc................................. 99,669
2,800 Ameren Corp........................................... 91,700
3,000 American Water Works Co............................... 63,750
1,900 Carolina Power And Light Co........................... 57,831
3,900 Cinergy Corp.......................................... 94,088
6,500 Citizens Utilities Co. (b)............................ 92,219
2,600 CMS Energy Corp....................................... 81,088
2,700 Conectiv, Inc......................................... 45,394
4,100 Consolidated Edison, Inc.............................. 141,450
2,400 Constellation Energy Group............................ 69,600
3,400 Detroit Edison Co..................................... 106,675
4,100 Dominion Resources, Inc............................... 160,925
</TABLE>
See accompanying notes to financial statements.
4
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Value Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Utilities (continued)
4,100 DPL, Inc............................................ $ 70,981
2,800 DQE, Inc............................................ 96,950
6,900 Duke Power Co., Inc................................. 345,862
4,500 Edison International................................ 117,844
5,400 El Paso Energy Corp................................. 209,587
3,200 Entergy Corp........................................ 82,400
4,100 Florida Power & Light, Inc.......................... 175,531
2,400 Florida Progress Corp............................... 101,550
3,200 General Public Utilities Corp....................... 95,800
1,900 Kansas City Power & Light Co........................ 41,919
3,700 LG&E Energy Corp.................................... 64,519
900 MidAmerican Energy Holdings Co...................... 30,319
1,100 Minnesota Power, Inc................................ 18,631
1,500 New England Electric System......................... 77,625
1,200 NSTAR............................................... 48,600
900 OGE Energy Corp..................................... 17,100
4,800 PG&E Corp........................................... 98,400
2,200 Pinnacle West Capital............................... 67,238
2,900 Potomac Electric Power Co........................... 66,519
3,600 Public Service Enterprise Group, Inc................ 125,325
11,700 Southern Co......................................... 274,949
3,830 Texas Utilities Co.................................. 136,204
3,300 Unicom Corp......................................... 110,550
1,550 Utilicorp United, Inc............................... 30,128
1,100 Western Resources, Inc.............................. 18,700
4,100 Williams Cos., Inc.................................. 125,306
------------
3,752,926
------------
Total -- Geewax, Terker & Co. (Cost $61,039,019).... 66,304,923
------------
Institutional Capital Corp. -- 63.40%
Aerospace/Defense -- 1.84%
37,600 General Dynamics Corp............................... 1,983,400
34,600 TRW, Inc............................................ 1,797,038
------------
3,780,438
------------
Airlines & Services -- 1.77%
34,350 AMR Corp. (b)....................................... 2,301,450
59,600 Northwest Airlines Corp. (b)........................ 1,326,100
------------
3,627,550
------------
Aluminum -- 1.16%
57,600 Alcan Aluminum Ltd.................................. 2,372,400
------------
Automobile Production -- 3.93%
83,100 Ford Motor Co....................................... 4,440,656
50,000 General Motors Corp................................. 3,634,375
------------
8,075,031
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Banking -- 2.02%
109,200 U.S. Bancorp......................................... $ 2,600,325
38,400 Wells Fargo & Co..................................... 1,552,800
------------
4,153,125
------------
Cable -- 0.74%
19,700 Media One Group, Inc. (b)............................ 1,513,206
------------
Chemicals -- 2.61%
57,200 Akzo Nobel NV - ADR.................................. 2,845,700
479 Celanese AG (b)...................................... 8,682
37,500 Union Carbide Corp................................... 2,503,125
------------
5,357,507
------------
Computer Software & Services -- 1.56%
47,900 Electronic Data Systems Corp......................... 3,206,306
------------
Computer Systems -- 1.85%
35,100 International Business Machines Corp................. 3,790,800
------------
Electronic Components & Instruments -- 3.05%
46,356 Koninklijke Philips Electric......................... 6,258,060
------------
Entertainment -- 1.76%
80,600 Seagram Co. Ltd...................................... 3,621,963
------------
Financial Services -- 6.03%
110,400 Associates First Capital Corp........................ 3,029,100
70,250 Citigroup, Inc....................................... 3,903,265
86,700 Household International, Inc......................... 3,229,575
24,200 Providian Financial Corp............................. 2,203,713
------------
12,365,653
------------
Home Products -- 2.29%
34,700 Avon Products, Inc................................... 1,145,100
54,400 Kimberly-Clark Corp.................................. 3,549,600
------------
4,694,700
------------
Insurance -- 1.11%
48,150 Hartford Financial Services Group, Inc............... 2,281,106
------------
Media -- 1.85%
113,600 News Corp. Ltd. - ADR................................ 3,798,500
------------
Medical Equipment & Supplies -- 2.21%
45,150 Baxter International, Inc............................ 2,835,984
63,300 Becton, Dickinson & Co............................... 1,693,275
------------
4,529,259
------------
Oil & Gas -- 4.47%
115,900 Conoco, Inc.......................................... 2,883,013
16,500 Exxon Mobil Corp..................................... 1,329,281
43,500 Texaco, Inc.......................................... 2,362,594
37,570 TOTAL FINA S.A....................................... 2,601,621
------------
9,176,509
------------
</TABLE>
See accompanying notes to financial statements.
5
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Value Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Institutional Capital Corp. (continued)
Paper Products -- 2.84%
48,300 International Paper Co............................... $ 2,725,931
43,200 Weyerhaeuser Co...................................... 3,102,300
------------
5,828,231
------------
Pharmaceuticals -- 4.57%
79,900 American Home Products Corp.......................... 3,151,056
69,844 Aventis S.A.......................................... 3,972,474
35,050 Bristol-Myers Squibb Co.............................. 2,249,772
------------
9,373,302
------------
Restaurants -- 0.79%
42,200 TRICON Global Restaurants, Inc. (b).................. 1,629,975
------------
Retail -- 3.05%
43,500 Dayton Hudson Corp................................... 3,194,531
60,650 Federated Department Stores, Inc. (b)................ 3,066,616
------------
6,261,147
------------
Telecommunications -- 11.60%
58,061 AT&T Corp............................................ 2,946,596
63,352 Bell Atlantic Corp................................... 3,900,108
38,100 Cable & Wireless Communications plc.................. 2,016,919
37,650 General Motors Corp.,
Class - H (b)....................................... 3,614,400
29,866 Motorola, Inc........................................ 4,397,768
20,150 Nortel Networks Corp................................. 2,035,150
67,550 U S West, Inc........................................ 4,863,599
------------
23,774,540
------------
Toys & Games -- 0.30%
43,500 Toys "R" Us, Inc. (b)................................ 622,594
------------
Total -- Institutional Capital Corp. (Cost
$110,952,755)....................................... 130,091,902
------------
Total -- Common Stocks (Cost $171,991,774)........... 196,396,825
------------
Depositary Receipts -- 2.74%
Geewax, Terker & Co. -- 2.74%
17,100 S&P 400 Mid-Cap Depositary Receipt................... 1,387,238
28,900 S&P 500 Depositary Receipt........................... 4,244,687
------------
Total -- Depositary Receipts (Cost $5,362,805)....... 5,631,925
------------
</TABLE>
<TABLE>
<CAPTION>
Principal Security Value
Amount Description (Note 2)
--------- ----------- --------
<C> <S> <C>
U.S. Government Agency Mortgages -- 0.49%
Institutional Capital Corp. -- 0.49%
Cash & Equivalents -- 0.49%
$1,000,000 Federal Home Loan Mortgage Corp., 1.40%, 1/3/00....... $ 999,922
------------
Total -- U.S. Government Agency Mortgages (Cost
$999,922)............................................ 999,922
------------
Repurchase Agreements -- 0.87%
Geewax, Terker & Co. -- 0.87%
Cash & Equivalents -- 0.87%
1,795,167 Deutsche Bank., Repurchase Agreement, Dated 12/31/99,
due 01/03/00 at 1.95% with maturity value of
$1,795,454, (Collateralized by $1,816,000 U. S.
Treasury Bond 8.25%, 5/15/05, market value
$1,828,201).......................................... 1,795,167
------------
Total -- Repurchase Agreements (Cost $1,795,167)...... 1,795,167
------------
Short-Term Investments -- 0.14%
Institutional Capital Corp. -- 0.14%
Cash & Equivalents -- 0.14%
283,523 Deutsche Bank Cash Sweep.............................. 283,523
------------
Total -- Short-Term Investments (Cost $283,523)....... 283,523
------------
Total Investments (Cost $180,433,191) (a) -- 99.95%... 205,107,362
------------
Other assets in excess of
liabilities -- 0.05%................................. 109,746
------------
Total Net Assets -- 100.00%........................... $205,217,108
------------
</TABLE>
- --------
ADR -- American Depository Receipt
(a) Represents cost for federal income tax and financial reporting purposes
and differs from value of net unrealized appreciation of securities as
follows:
<TABLE>
<S> <C>
Unrealized appreciation......................................... $32,418,726
Unrealized depreciation......................................... (7,744,555)
-----------
Net unrealized appreciation..................................... $24,674,171
===========
</TABLE>
(b)Non-income producing securities.
See accompanying notes to financial statements.
6
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Growth Equity Portfolio
Portfolio of Investments -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks -- 97.19%
Jennison Associates LLP -- 68.99%
Advertising/Marketing -- 1.28%
38,400 Omnicom Group, Inc................................. $ 3,840,000
------------
Banking -- 1.07%
41,200 Chase Manhattan Corp............................... 3,200,725
------------
Biotechnology -- 0.91%
45,600 Amgen, Inc. (b).................................... 2,738,850
------------
Broadcasting -- 6.15%
65,700 AT&T - Liberty Media Group (b)..................... 3,728,475
104,700 CBS Corp. (b)...................................... 6,694,256
48,200 Clear Channel Communications, Inc. (b)............. 4,301,850
36,300 Univision Communications, Inc. (b)................. 3,709,406
------------
18,433,987
------------
Cellular/Wireless Telecommunications -- 1.62%
98,550 Vodafone AirTouch PLC - ADR........................ 4,878,225
------------
Communications Equipment -- 5.87%
33,990 Lucent Technologies, Inc........................... 2,542,877
27,800 Metromedia Fiber Network, Inc. (b)................. 1,332,663
26,400 Motorola, Inc...................................... 3,887,399
36,900 Nokia Corp. - ADR.................................. 7,010,999
44,400 Tellabs, Inc. (b).................................. 2,849,925
------------
17,623,863
------------
Computer Hardware -- 3.80%
60,600 Dell Computer Corp. (b)............................ 3,090,600
48,200 Hewlett Packard Co................................. 5,491,788
36,400 Sun Microsystems, Inc. (b)......................... 2,818,725
------------
11,401,113
------------
Computer Software -- 3.90%
89,700 Microsoft Corp. (b)................................ 10,472,475
8,600 VERITAS Software Corp. (b)......................... 1,230,875
------------
11,703,350
------------
Computer Software/Services -- 2.04%
44,800 America Online, Inc. (b)........................... 3,379,600
24,600 EQUANT N.V. (b).................................... 2,755,200
------------
6,134,800
------------
Computer Systems/Peripherals -- 1.37%
37,600 EMC Corp. (b)...................................... 4,107,800
------------
Electronic Equipment -- 2.40%
46,600 General Electric Co................................ 7,211,350
------------
Financial Services -- 2.28%
123,425 Citigroup, Inc..................................... 6,857,802
------------
Financial Services Diversified -- 2.45%
14,900 American Express Co................................ 2,477,125
34,250 Morgan Stanley Dean Witter & Co.................... 4,889,188
------------
7,366,313
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Health Care -- Drugs/Pharmaceuticals -- 2.85%
15,100 Eli Lilly & Co....................................... $ 1,004,150
15,600 Genentech, Inc. (b).................................. 2,098,200
37,000 Glaxo Welcome PLC.................................... 2,067,375
33,300 Merck & Co., Inc..................................... 2,233,182
27,500 Schering-Plough Corp................................. 1,160,156
------------
8,563,063
------------
Health Care Diversified -- 3.49%
79,500 American Home Products Corp.......................... 3,135,281
35,900 Bristol-Myers Squibb Co.............................. 2,304,331
61,600 Warner Lambert Co.................................... 5,047,351
------------
10,486,963
------------
Insurance -- 1.95%
54,275 American International Group, Inc.................... 5,868,484
------------
Media -- 1.40%
33,725 NTL, Inc. (b)........................................ 4,207,194
------------
Metals/Mining -- 0.46%
17,000 Level 3 Communications, Inc. (b)..................... 1,391,875
------------
Networking -- 3.47%
83,550 Cisco Systems, Inc. (b).............................. 8,950,294
4,300 Juniper Networks, Inc. (b)........................... 1,462,000
------------
10,412,294
------------
Personal Care -- 0.59%
35,000 Estee Lauder Companies, Inc. -Class A................ 1,765,313
------------
Restaurants -- 0.93%
69,100 McDonald's Corp...................................... 2,785,594
------------
Retail -- Apparel--1.30%
84,950 Gap, Inc............................................. 3,907,700
------------
Retail -- Building--2.77%
121,350 Home Depot, Inc...................................... 8,320,059
------------
Retail -- Department Stores--1.12%
46,500 Kohl's Corp. (b)..................................... 3,356,719
------------
Retail -- General Merchandise Chain--1.25%
54,300 Wal-Mart Stores, Inc................................. 3,753,488
------------
Retail -- Specialty--0.76%
25,700 Tiffany & Co......................................... 2,293,725
------------
Semiconductors -- 7.14%
25,100 Applied Materials, Inc. (b).......................... 3,179,856
8,200 Broadcom Corp., - Class A (b)........................ 2,233,475
61,800 Intel Corp........................................... 5,086,912
17,800 JDS Uniphase Corp. (b)............................... 2,871,363
21,200 KLA Tencor Corp. (b)................................. 2,361,150
58,600 Texas Instruments, Inc............................... 5,676,874
------------
21,409,630
------------
Telephone Long Distance -- 4.37%
24,700 Allegiance Telecom, Inc. (b)......................... 2,278,575
69,750 MCI WorldCom, Inc. (b)............................... 3,701,109
</TABLE>
See accompanying notes to financial statements.
7
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Growth Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Jennison Associates LLP (continued)
Telephone Long Distance (continued)
22,200 Nextlink Communications, Inc. (b)..................... $ 1,843,988
123,400 Qwest Communications International (b)................ 5,306,200
------------
13,129,872
------------
Total -- Jennison Associates LLP (Cost $113,482,245) 207,150,151
------------
Goldman Sachs Asset Management -- 28.20%
Advertising -- 0.08%
300 DoubleClick, Inc. (b)................................. 75,919
300 TMP Worldwide, Inc. (b)............................... 42,600
1,700 Young & Rubicam, Inc.................................. 120,275
------------
238,794
------------
Aerospace/Defense -- 0.22%
12,700 General Dynamics Corp................................. 669,925
------------
Apparel -- 0.40%
11,300 Intimate Brands, Inc.................................. 487,313
16,600 Limited, Inc.......................................... 718,987
------------
1,206,300
------------
Banking -- 0.00%
1 BankAmerica Corp...................................... 50
------------
Business Equipment & Services -- 0.11%
7,100 Pitney Bowes, Inc..................................... 343,019
------------
Chemicals -- 0.28%
6,400 Dow Chemical Co....................................... 855,200
------------
Commercial Services -- 0.39%
4,900 DST Systems, Inc. (b)................................. 373,931
6,000 Marriott International, Inc. - Class A................ 189,375
11,700 Royal Caribbean Cruises Ltd........................... 576,957
400 Sabre, Inc. (b)....................................... 20,500
------------
1,160,763
------------
Computer Hardware -- 4.09%
45,800 Cisco Systems, Inc. (b)............................... 4,906,324
600 Covad Communications Group (b)........................ 33,563
6,200 Dell Computer Corp. (b)............................... 316,200
12,100 EMC Corp. (b)......................................... 1,321,925
2,000 Hewlett Packard Co.................................... 227,875
23,600 International Business Machines Corp.................. 2,548,799
8,200 Lexmark International Group, Inc. (b)................. 742,100
28,200 Sun Microsystems, Inc. (b)............................ 2,183,738
------------
12,280,524
------------
Computer Services -- 1.49%
2,000 Amazon.Com, Inc. (b).................................. 152,250
26,200 American Online, Inc. (b)............................. 1,976,462
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Computer Services (continued)
1,700 At Home Corp. (b)....................................... $ 72,888
4,900 Automatic Data Processing............................... 263,987
400 CheckFree Holdings Corp. (b)............................ 41,800
900 CMGI, Inc. (b).......................................... 249,187
600 CNET, Inc. (b).......................................... 34,050
2,200 Computer Sciences Corp. (b)............................. 208,174
100 Critical Path, Inc. (b)................................. 9,438
100 EarthLink Network, Inc. (b)............................. 4,250
400 eBay, Inc. (b).......................................... 50,075
1,800 Exodus Communications, Inc. (b)......................... 159,863
260 go.Com (b).............................................. 6,191
300 InfoSpace.Com, Inc. (b)................................. 64,200
1,000 Inktomi Corp. (b)....................................... 88,750
700 Lycos, Inc. (b)......................................... 55,694
100 Mindspring Enterprises, Inc. (b)........................ 2,641
200 Network Solutions, Inc. (b)............................. 43,513
400 Priceline.Com, Inc. (b)................................. 18,950
400 PSINet, Inc. (b)........................................ 24,700
400 RealNetworks, Inc. (b).................................. 48,125
400 Rhythms NetConnections, Inc. (b)........................ 12,400
1,100 USWeb Corp. (b)......................................... 48,881
900 Verio, Inc. (b)......................................... 41,569
1,000 Verisign, Inc. (b)...................................... 190,938
1,400 Yahoo!, Inc. (b)........................................ 605,762
------------
4,474,738
------------
Computer Software -- 2.68%
8,200 Adobe Systems, Inc...................................... 551,450
1,600 Intuit, Inc. (b)........................................ 95,900
300 Macromedia, Inc. (b).................................... 21,938
48,200 Microsoft Corp. (b)..................................... 5,627,349
500 Network Associates, Inc. (b)............................ 13,344
8,000 Oracle Corp. (b)........................................ 896,499
700 Sterling Commerce, Inc. (b)............................. 23,844
5,550 Veritas Software Corp. (b).............................. 794,344
200 Vignette Corp. (b)...................................... 32,600
------------
8,057,268
------------
Department Stores -- 0.59%
11,600 Dayton-Hudson Corp...................................... 851,875
17,900 Federated Department Stores (b)......................... 905,069
------------
1,756,944
------------
Drugs -- 2.17%
9,300 Abbott Laboratories..................................... 337,706
7,500 American Home Products Corp............................. 295,781
32,600 Bristol-Myers Squibb Co................................. 2,092,513
1,000 Eli Lilly & Co.......................................... 66,500
36,400 Merck & Co., Inc........................................ 2,441,076
23,500 Pfizer, Inc............................................. 762,281
9,100 Schering-Plough Corp.................................... 383,906
1,600 Warner Lambert Co....................................... 131,100
------------
6,510,863
------------
</TABLE>
See accompanying notes to financial statements.
8
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Growth Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Goldman Sachs Asset Management (continued)
Electric Utility -- 0.07%
3,200 Calpine Corp. (b)......................................... $ 204,800
------------
Electronic Equipment -- 2.12%
8,300 General Motors Corp. Class H (b).......................... 796,800
11,700 Integrated Device Technology, Inc. (b).................... 339,300
6,600 JDS Uniphase Corp. (b).................................... 1,064,663
31,300 Lucent Technologies Corp.................................. 2,341,631
11,000 Solectron Corp. (b)....................................... 1,046,375
12,000 Whirlpool Corp............................................ 780,750
------------
6,369,519
------------
Energy -- 0.03%
2,000 Enron Corp................................................ 88,750
------------
Financial Services -- 2.40%
400 Ameritrade Holding Corp. (b).............................. 8,675
7,800 Charles Schwab Corp....................................... 299,325
1,800 E*Trade Group, Inc. (b)................................... 47,025
34,000 General Electric Co....................................... 5,261,500
9,600 Lehman Brothers Holdings, Inc............................. 813,000
9,200 Merrill Lynch & Co., Inc.................................. 768,200
------------
7,197,725
------------
Food & Beverages -- 0.95%
1,000 Anheuser Busch Cos., Inc.................................. 70,875
14,200 Coca Cola Co.............................................. 827,149
8,700 ConAgra, Inc.............................................. 196,294
9,400 IBP, Inc.................................................. 169,200
20,900 Nabisco Group Holdings Corp............................... 222,063
4,100 Nabisco Holdings Corp. - Class A.......................... 129,663
23,200 Pepsi Bottling Group, Inc................................. 384,250
22,300 Pepsico, Inc.............................................. 786,075
5,000 Tyson Foods, Inc. - Class A............................... 81,250
------------
2,866,819
------------
Forest Products & Papers -- 0.03%
2,000 Georgia Pacific Group..................................... 101,500
------------
Grocery -- 0.21%
3,600 Kroger Co. (b)............................................ 67,950
11,200 Safeway, Inc. (b)......................................... 398,300
8,300 SUPERVALU, Inc............................................ 166,000
------------
632,250
------------
Health Care -- 0.53%
2,600 Allergan, Inc............................................. 129,350
24,400 Amgen, Inc. (b)........................................... 1,465,525
------------
1,594,875
------------
Household Products -- 0.92%
2,300 Fortune Brands, Inc....................................... 76,044
6,000 Lancaster Colony Corp..................................... 198,750
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Household Products (continued)
22,600 Procter & Gamble Co.................................... $ 2,476,112
------------
2,750,906
------------
Industrial Parts -- 0.06%
2,600 United Technologies Corp............................... 169,000
------------
Industrial Services -- 0.31%
18,300 Hertz Corp............................................. 917,288
------------
Insurance -- 0.32%
11,000 AXA Financial, Inc..................................... 372,625
9,600 Loews Corp............................................. 582,600
------------
955,225
------------
Machinery & Equipment -- 0.11%
6,300 Parker Hannifin Corp................................... 323,269
------------
Media -- 0.56%
900 Clear Channel Communications, Inc. (b)................. 80,325
6,200 Dow Jones & Co., Inc................................... 421,600
22,000 Infinity Broadcasting Corp. (b)........................ 796,124
1,100 MediaOne Group, Inc. (b)............................... 84,494
8,200 Metro-Goldwyn-Mayer, Inc. (b).......................... 193,213
1,300 Time Warner, Inc....................................... 94,169
------------
1,669,925
------------
Medical Products -- 1.16%
12,500 Baxter International, Inc.............................. 785,156
22,300 Johnson & Johnson...................................... 2,076,687
16,300 Tyco International Ltd................................. 633,663
------------
3,495,506
------------
Medical Providers -- 0.18%
6,800 United Healthcare Corp................................. 361,250
2,500 Wellpoint Health Networks (b).......................... 164,844
------------
526,094
------------
Oil & Gas -- 0.03%
2,000 Apache Corp............................................ 73,875
755 Transocean Sedco Forex, Inc............................ 25,435
------------
99,310
------------
Oil Services -- 0.07%
3,900 Schlumberger Ltd....................................... 219,375
------------
Pharmaceuticals -- 0.11%
4,000 Biogen, Inc. (b)....................................... 338,000
------------
Photography -- 0.26%
11,600 Eastman Kodak Co....................................... 768,500
------------
Property Insurance -- 0.13%
1,225 American International Group........................... 132,453
7,600 Travelers Property Casualty Corp....................... 260,300
------------
392,753
------------
</TABLE>
See accompanying notes to financial statements.
9
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Growth Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Security Value
or Shares Description (Note 2)
--------- ----------- --------
<C> <S> <C>
Common Stocks (continued)
Goldman Sachs Asset Management (continued)
Restaurants -- 0.03%
2,000 TRICON Global Restaurants, Inc. (b)................... $ 77,250
------------
Retail -- Specialty -- 1.14%
4,200 Circuit City Stores, Inc.............................. 189,263
26,700 Home Depot, Inc....................................... 1,830,618
1,600 Tiffany & Co.......................................... 142,800
18,400 Wal-Mart Stores, Inc.................................. 1,271,900
------------
3,434,581
------------
Semiconductors -- 1.41%
700 Broadcom Corp. - Class A (b).......................... 190,663
40,700 Intel Corp............................................ 3,350,118
1,500 Linear Technology Corp................................ 107,344
6,100 Texas Instruments, Inc................................ 590,938
------------
4,239,063
------------
Telecommunications -- 2.44%
6,500 Applied Micro Circuits Corp. (b)...................... 827,125
12,200 AT&T Corp............................................. 619,150
3,200 Level 3 Communications, Inc. (b)...................... 262,000
24,150 MCI Worldcom, Inc. (b)................................ 1,281,458
1,000 NEXTLINK Communications, Inc. (b)..................... 83,063
12,800 QUALCOMM, Inc. (b).................................... 2,255,999
18,000 Qwest Communications International, Inc. (b).......... 774,000
700 RCN Corp. (b)......................................... 33,950
10,700 Scientific-Atlanta, Inc............................... 595,188
4,700 Telephone & Data Systems, Inc......................... 592,200
------------
7,324,133
------------
Tobacco -- 0.12%
15,000 Philip Morris, Inc.................................... 347,813
------------
Total -- Goldman Sachs Asset Management
(Cost $53,161,568) 84,658,617
------------
Total -- Common Stocks
(Cost $166,643,813) 291,808,768
------------
Time Deposit -- 1.69%
Goldman Sachs Asset Management -- 1.69%
$5,070,000 Deutsche Bank, 4.00%, 01/03/00........................ 5,070,000
------------
Total -- Time Deposit
(Cost $5,070,000) 5,070,000
------------
</TABLE>
<TABLE>
<CAPTION>
Principal Security Value
Amount Description (Note 2)
--------- ----------- --------
<C> <S> <C>
U.S. Treasury Bills -- 0.50%
Jennison Associates LLP -- 0.50%
$1,500,000 U.S. Treasury Bills,
1/27/00................. $ 1,495,301
------------
Total -- U.S. Treasury
Bills
(Cost $1,495,093) 1,495,301
------------
Short-Term Investments -- 0.62%
Jennison Associates LLP -- 0.55%
Cash & Equivalents -- 0.55%
1,641,772 Deutsche Bank Cash
Sweep................... 1,641,772
------------
Goldman Sachs Asset Management --
0.07%
Cash & Equivalents -- 0.07%
471 Deutsche Bank Cash
Sweep................... 471
210,000 Morgan Stanley
Collateral
Account (c)............ 210,000
------------
210,471
------------
Total -- Short-Term
Investments (Cost
$1,852,243) 1,852,243
------------
Total Investments (Cost
$175,061,149) (a) --
100.00% 300,226,312
------------
Liabilities in excess of
other assets -- 0.00% (7,346)
------------
Total Net Assets --
100.00% $300,218,966
============
</TABLE>
- --------
ADR -- American Depository Receipt
(a) Represents cost for federal income tax and financial reporting purposes
and differs from value of net unrealized appreciation of securities as
follows:
<TABLE>
<S> <C>
Unrealized appreciation......................................... $127,163,719
Unrealized depreciation......................................... (1,998,556)
------------
Net unrealized appreciation..................................... $125,165,163
============
</TABLE>
(b) Non-income producing securities.
(c) Principal amount of securities pledged as collateral for open future
contracts.
FUTURES
<TABLE>
<CAPTION>
Number of Contract Expiration Unrealized
Contracts Value Date Gain
--------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Goldman Sachs Asset
Management
S&P 500 Futures -- 10 $3,710,500 March 2000 $95,988
</TABLE>
See accompanying notes to financial statements.
10
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks -- 97.08%
Frontier Capital Management Co. -- 54.63%
Aerospace -- 0.33%
42,900 Orbital Sciences Corp. (b)............................ $ 796,331
------------
Agriculture -- 0.19%
72,900 Seminis, Inc., Class - A (b).......................... 460,181
------------
Building Materials & Components -- 0.83%
26,200 Cameron Ashley Building Products (b).................. 262,000
43,950 Elcor Corp............................................ 1,323,994
36,200 U.S. Aggregates, Inc.................................. 434,400
------------
2,020,394
------------
Business Equipment & Services -- 1.17%
11,200 Black Box Corp. (b)................................... 750,400
15,200 Comdisco, Inc......................................... 566,200
32,800 Interim Services, Inc. (b)............................ 811,800
37,300 Snyder Communications, Inc. (b)....................... 718,025
------------
2,846,425
------------
Chemicals -- 0.38%
97,300 Hexcel Corp. (b)...................................... 541,231
22,900 IMC Global, Inc....................................... 374,988
------------
916,219
------------
Commercial Services -- 2.43%
72,100 Bright Horizons Family Solutions,
Inc. (b)............................................. 1,351,874
40,700 Gerald Stevens, Inc. (b).............................. 340,863
115,200 Global Vacation Group, Inc. (b)....................... 331,200
56,200 NOVA Corp. (b)........................................ 1,773,812
57,600 Paxar Corp. (b)....................................... 486,000
24,000 Quanta Services, Inc. (b)............................. 678,000
46,000 SITEL Corp. (b)....................................... 322,000
13,900 Sykes Enterprises, Inc. (b)........................... 609,863
------------
5,893,612
------------
Computer Equipment -- 3.98%
30,000 Analog Devices, Inc. (b).............................. 2,789,999
49,100 Artesyn Technologies, Inc. (b)........................ 1,031,100
60,200 In Focus Systems, Inc. (b)............................ 1,395,888
124,000 ISG International Software Group
Ltd. (b)............................................. 1,952,999
12,800 Sandisk Corp. (b)..................................... 1,232,000
26,968 Seagate Technology, Inc. (b).......................... 1,255,698
------------
9,657,684
------------
Computer Services -- 0.72%
18,800 CIBER, Inc. (b)....................................... 517,000
19,600 Integrated Measurement Systems,
Inc. (b)............................................. 276,850
14,700 Keane, Inc. (b)....................................... 466,725
19,800 Mastech Corp. (b)..................................... 490,050
------------
1,750,625
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ------------ --------
<C> <S> <C>
Computer Software -- 4.59%
49,100 3DO Co. (b)........................................... $ 446,503
121,000 Ansoft Corp. (b)...................................... 726,000
39,700 Ardent Software, Inc. (b)............................. 1,548,300
30,100 Documentum, Inc., (b)................................. 1,802,237
27,700 Hyperion Solutions Corp. (b).......................... 1,204,950
110,000 Information Resources, Inc. (b)....................... 1,017,500
32,300 Informix Corp. (b).................................... 367,413
19,200 Parametric Technology Corp. (b)....................... 519,600
44,600 Project Software Corp. (b)............................ 2,475,299
14,000 Sterling Commerce, Inc. (b)........................... 476,875
34,100 Sybase, Inc. (b)...................................... 579,700
------------
11,164,377
------------
Construction -- 0.26%
46,600 Chicago Bridge & Iron Co. N.V......................... 640,750
------------
Drugs & Pharmaceuticals -- 1.61%
39,400 DUSA Pharmaceuticals, Inc. (b)........................ 1,122,900
60,200 Guilford Pharmaceuticals, Inc. (b).................... 1,023,400
47,000 ICN Pharmaceuticals, Inc. (b)......................... 1,189,688
22,800 Mylan Laboratories, Inc............................... 574,275
------------
3,910,263
------------
Electrical & Electronics -- 6.28%
48,900 Aavid Thermal Technologies, Inc. (b).................. 1,201,106
29,700 Applied Science & Technology, Inc. (b)................ 987,061
41,600 Arrow Electronics, Inc. (b)........................... 1,055,600
19,300 Benchmark Electronics, Inc. (b)....................... 442,694
41,300 Cypress Semiconductor Corp. (b)....................... 1,337,088
30,400 Galileo Technology Ltd. (b)........................... 733,400
17,600 Harman International Industries, Inc.................. 987,800
110,200 LoJack Corp. (b)...................................... 743,850
24,900 LSI Logic Corp. (b)................................... 1,680,749
48,800 Pioneer-Standard Electronics, Inc..................... 704,550
171,800 Trimble Navigation Ltd. (b)........................... 3,715,174
93,500 UCAR International, Inc. (b).......................... 1,665,469
------------
15,254,541
------------
Electronic Components & Instruments -- 6.47%
82,400 Atmel Corp. (b)....................................... 2,435,949
125,700 Checkpoint Systems, Inc. (b).......................... 1,280,569
67,400 Cirrus Logic, Inc. (b)................................ 897,263
25,800 Exar Corp. (b)........................................ 1,518,974
56,400 FVC.COM, Inc. (b)..................................... 659,175
37,100 Itron, Inc. (b)....................................... 227,238
11,800 Lam Research Corp. (b)................................ 1,316,438
28,800 Lattice Semiconductor Corp. (b)....................... 1,357,200
38,400 Protein Design Labs, Inc. (b)......................... 2,687,999
17,500 Sawtek, Inc. (b)...................................... 1,164,844
</TABLE>
See accompanying notes to financial statements.
11
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ------------ --------
<C> <S> <C>
Common Stocks (continued)
Frontier Capital Management Co. (continued)
Electronic Components & Instruments (continued)
22,900 SBS Technologies, Inc. (b)............................ $ 835,850
54,600 SIPEX Corp. (b)....................................... 1,341,113
------------
15,722,612
------------
Energy -- 1.23%
107,000 American Superconductor Corp. (b)..................... 2,996,000
------------
Engineering & Construction -- 1.41%
46,500 Insituform Technologies, Class -A (b)................. 1,313,625
49,600 Layne Christensen Co. (b)............................. 359,600
103,500 Stone & Webster, Inc.................................. 1,740,094
------------
3,413,319
------------
Financial Services -- 0.61%
39,300 Investment Technology Group, Inc...................... 1,129,875
12,900 Waddell & Reed Financial, Inc......................... 349,913
------------
1,479,788
------------
Footwear -- 0.33%
73,300 Wolverine World Wide, Inc............................. 801,719
------------
Forest Products & Papers -- 0.62%
41,638 Albany International Corp., Class -
A (b)................................................ 645,396
35,000 Smurfit-Stone Container Corp. (b)..................... 857,500
------------
1,502,896
------------
Health Care -- 1.42%
57,700 Centennial HealthCare Corp. (b)....................... 173,100
11,700 Express Scripts, Inc., Class - A (b).................. 748,800
193,700 HEALTHSOUTH Corp. (b)................................. 1,041,137
23,400 MedPartners, Inc. (b)................................. 185,738
102,200 Mid Atlantic Medical Services, Inc. (b)............... 849,538
37,500 Omnicare, Inc......................................... 450,000
------------
3,448,313
------------
Hospital Management & Services -- 0.84%
67,800 Visible Genetics, Inc. (b)............................ 2,034,000
------------
Insurance -- 0.45%
83,400 HCC Insurance Holdings, Inc........................... 1,099,838
------------
Leisure & Tourism -- 0.32%
69,200 American Coin Merchandising (b)....................... 190,300
28,500 International Game Technology......................... 578,906
------------
769,206
------------
Medical Biotechnology -- 1.00%
26,400 Celgene Corp. (b)..................................... 1,848,000
63,200 North American Scientific, Inc. (b)................... 568,800
------------
2,416,800
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Medical Supplies -- 1.11%
94,700 Endocardial Solutions, Inc. (b)....................... $ 828,625
40,200 Haemonetics Corp. (b)................................. 957,263
23,500 Mentor Corp........................................... 606,594
28,900 STERIS Corp. (b)...................................... 298,031
------------
2,690,513
------------
Metals -- 0.42%
72,900 Northwest Pipe Co. (b)................................ 1,020,600
------------
Oil & Gas -- 0.82%
11,800 Cooper Cameron Corp. (b).............................. 577,463
24,400 Noble Drilling Corp. (b).............................. 799,100
12,300 Transocean Sedco Forex, Inc........................... 414,356
18,700 Varco International, Inc. (b)......................... 190,506
------------
1,981,425
------------
Packaging/Containers -- 1.92%
62,100 American National Can Group, Inc...................... 807,300
17,000 AptarGroup, Inc....................................... 427,125
22,800 Crown Cork & Seal Co., Inc............................ 510,150
151,200 Gaylord Container Corp., Class -A (b)................. 1,030,050
94,600 U.S. Can Corp. (b).................................... 1,880,175
------------
4,654,800
------------
Publishing & Printing -- 0.86%
80,400 Mail-Well, Inc. (b)................................... 1,085,400
14,700 Meredith Corp. (b).................................... 612,806
6,100 Scholastic Corp. (b).................................. 379,344
------------
2,077,550
------------
Railroads -- 0.74%
101,480 Westinghouse Air Brake Co............................. 1,801,270
------------
Real Estate -- 0.56%
22,700 Boston Properties, Inc................................ 706,537
35,200 Healthcare Realty Trust, Inc.......................... 550,000
7,700 Jones Lang LaSalle, Inc. (b).......................... 91,438
------------
1,347,975
------------
Recreation -- 0.47%
49,100 Action Performance Companies, Inc. (b)................ 564,650
33,000 Callaway Golf Co...................................... 583,688
------------
1,148,338
------------
Restaurants -- 0.19%
77,800 CKE Restaurants, Inc.................................. 457,075
------------
Rubber & Plastics -- 0.01%
3,600 U.S. Plastic Lumber Corp. (b)......................... 27,675
------------
Steel -- 3.07%
129,573 AK Steel Holding Corp................................. 2,445,689
79,450 Allegheny Technologies, Inc........................... 1,782,659
21,700 Carpenter Technology Corp............................. 595,394
21,300 Cleveland-Cliffs, Inc................................. 662,963
</TABLE>
See accompanying notes to financial statements.
12
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ------------ --------
<C> <S> <C>
Common Stocks (continued)
Frontier Capital Management Co. (continued)
Steel (continued)
56,100 Oregon Steel Mills, Inc............................ $ 445,294
20,400 Precision Castparts Corp........................... 535,500
30,100 USX-U. S. Steel Group.............................. 993,300
------------
7,460,799
------------
Telecommunications -- 2.85%
11,218 Adelphia Communications Corp.,
Class - A (b)..................................... 736,181
38,900 Digital Microwave Corp. (b)........................ 911,719
57,700 InterVoice, Inc. (b)............................... 1,341,524
63,700 P-Com, Inc. (b).................................... 563,347
8,700 Voicestream Wireless Corp. (b)..................... 1,238,119
16,200 Western Wireless Corp., Class -
A (b)............................................. 1,081,350
13,800 WinStar Communications, Inc. (b)................... 1,033,275
------------
6,905,515
------------
Telecommunications Equipment -- 1.32%
47,600 Pairgain Technologies, Inc. (b).................... 675,325
10,600 REMEC, Inc. (b).................................... 270,300
65,400 Tollgrade Communications, Inc. (b)................. 2,256,300
------------
3,201,925
------------
Textiles & Apparel -- 0.75%
90,600 Unifi, Inc. (b).................................... 1,115,513
40,700 WestPoint Stevens, Inc............................. 712,250
------------
1,827,763
------------
Toys -- 0.52%
24,000 Hasbro, Inc........................................ 457,500
60,940 Mattel, Inc........................................ 799,838
------------
1,257,338
------------
Waste Disposal -- 0.83%
139,500 Republic Services, Inc. (b)........................ 2,005,313
------------
Wholesale Distribution --Pharmaceuticals -- 0.30%
23,300 Amerisource Health Corp., Class -
A (b)............................................. 353,869
24,400 Bindley Western Industries, Inc.................... 367,525
------------
721,394
------------
Wire & Cable -- 0.42%
44,550 Cable Design Technologies Corp. (b)................ 1,024,650
------------
Total -- Frontier Capital Management Co. (Cost
$93,740,714)...................................... 132,607,811
------------
Geewax, Terker & Co. -- 42.45%
Advertising -- 0.40%
2,300 Catalina Marketing Corp. (b)....................... 266,225
1,708 Doubleclick, Inc. (b).............................. 432,231
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ------------ --------
<C> <S> <C>
Advertising (continued)
5,900 True North Communications, Inc........................ $ 263,657
------------
962,113
------------
Aerospace/Defense -- 0.12%
4,200 Alliant Techsystems, Inc. (b)......................... 261,712
1,700 Scott Technologies, Inc. (b).......................... 32,088
------------
293,800
------------
Airlines -- 0.14%
9,720 Alaska Air Group, Inc. (b)............................ 341,415
------------
Aluminium -- 0.02%
5,650 Kaiser Aluminum Corp. (b)............................. 43,434
------------
Appliances & Household Products -- 0.08%
11,700 Windmere-Durable Holdings,
Inc. (b)............................................. 198,900
------------
Auto Parts -- 0.26%
4,000 Borg-Warner Auto, Inc................................. 162,000
4,600 CLARCOR, Inc.......................................... 82,800
1,400 Dura Automotive Systems, Inc. (b)..................... 24,414
1,925 Monaco Coach Corp. (b)................................ 49,208
9,000 O'Reilly Automotive, Inc. (b)......................... 193,500
4,100 Superior Industries International, Inc................ 109,931
------------
621,853
------------
Auto Related -- 0.28%
3,800 Arvin Industries, Inc................................. 107,825
1,100 Detroit Diesel Corp................................... 21,106
3,900 Smith (A.O.) Corp..................................... 85,313
20,000 Tower Automotive, Inc. (b)............................ 308,750
10,300 Wabash National Corp.................................. 154,500
------------
677,494
------------
Automobiles -- Retail -- 0.04%
6,300 Group 1 Automotive, Inc. (b).......................... 87,806
------------
Banking -- 2.31%
18,400 BancWest Corp......................................... 358,799
3,600 Bank United Corp...................................... 98,100
12,772 BOK Financial Corp. (b)............................... 258,033
1,000 Cathay Bancorp, Inc................................... 41,000
2,000 Chittenden Corp....................................... 59,250
3,387 Citizens Banking Corp................................. 75,784
5,100 Commerce Bancorp...................................... 206,231
10,600 Cullen/Frost Bankers, Inc............................. 272,949
5,200 CVB Financial Corp.................................... 120,250
8,200 Dime Community Bancshares............................. 151,700
3,296 F&M National Corp..................................... 90,846
3,600 First Charter Corp.................................... 53,550
700 First Citizens BancShares, Inc.,
Class - A............................................ 48,825
8,500 First Federal Capital Corp............................ 124,313
1,200 First Midwest Bancorp, Inc............................ 31,800
</TABLE>
See accompanying notes to financial statements.
13
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ------------ --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Banking (continued)
12,200 First Sentinel Bancorp, Inc........................... $ 95,313
2,500 First Washington Bancorp, Inc......................... 36,875
3,800 Greater Bay Bancorp................................... 162,928
1,400 Hamilton Bancorp, Inc. (b)............................ 24,850
4,738 Hudson United Bancorp................................. 121,115
12,050 Independence Community Bank Corp...................... 150,625
6,600 Irwin Financial Corp.................................. 117,563
1,600 JSB Financial, Inc.................................... 83,000
3,300 MAF Bancorp, Inc...................................... 69,094
1,751 Mid-America Bancorp................................... 49,904
2,835 National Penn Bancshares, Inc......................... 71,229
2,200 OceanFirst Financial Corp............................. 38,088
7,000 One Valley Bancorp, Inc............................... 214,375
5,150 Oriental Financial Group, Inc......................... 113,622
8,200 PFF Bancorp, Inc...................................... 158,875
2,800 Provident Bankshares Corp............................. 48,475
4,600 Queens County Bancorp, Inc............................ 124,775
1,300 Reliance Bancorp, Inc................................. 44,850
11,880 Republic Bancorp, Inc................................. 144,231
10,500 Richmond County Financial Corp........................ 189,656
4,100 S & T Bancorp, Inc.................................... 95,069
1,500 Silicon Valley Bancshares (b)......................... 74,250
3,400 St. Francis Capital Corp.............................. 63,325
6,000 Staten Island Bancorp, Inc............................ 108,000
10,900 Sterling Bancshares, Inc.............................. 121,944
8,900 Texas Regional Bancshares, Inc........................ 258,099
13,150 Triangle Bancorp, Inc................................. 254,781
2,200 UMB Financial Corp.................................... 83,050
4,900 United Bancshares, Inc................................ 116,988
2,438 United National Bancorp............................... 54,093
7,700 Washington Federal, Inc............................... 152,075
8,200 Webster Financial Corp................................ 193,213
------------
5,625,760
------------
Beverages -- 0.15%
4,200 Canandaigua Wine Co., Class -
A (b)................................................ 214,200
4,100 Robert Mondavi Corp. (b).............................. 142,475
------------
356,675
------------
Broadcasting & Publishing -- 0.55%
1,000 Emmis Communication Corp., Class -A (b)............... 124,641
3,300 Entercom Communications Corp. (b)..................... 217,800
6,000 Jones Intercable, Inc., Class - A (b)................. 415,875
8,400 Price Communications Corp. (b)........................ 233,625
4,400 Westwood One, Inc. (b)................................ 334,400
------------
1,326,341
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ------------ --------
<C> <S> <C>
Building Materials & Components -- 0.75%
12,400 AMCOL International Corp.............................. $ 199,949
3,700 Centex Construction Products, Inc..................... 144,300
13,200 Dal-Tile International, Inc. (b)...................... 133,650
1,900 Elcor Corp............................................ 57,238
6,200 Group Maintenance America
Corp. (b)............................................ 66,263
3,000 Hughes Supply, Inc.................................... 64,688
2,200 Justin Industries, Inc................................ 32,725
3,800 Lilly Industries, Inc., Class - A..................... 51,063
5,600 Metals USA, Inc. (b).................................. 47,600
11,900 Mueller Industries, Inc. (b).......................... 431,374
6,300 NCI Building Systems, Inc. (b)........................ 116,550
1,900 Nortek, Inc. (b)...................................... 53,200
9,100 OMNOVA Solutions, Inc................................. 70,525
4,600 Texas Industries, Inc................................. 195,788
2,200 TJ International, Inc................................. 92,400
4,800 Universal Forest Products, Inc........................ 70,800
------------
1,828,113
------------
Business Equipment & Services -- 0.52%
3,400 ChoicePoint, Inc. (b)................................. 140,675
5,600 Insight Enterprises, Inc. (b)......................... 227,500
2,200 John H. Harland Co.................................... 40,288
4,300 Maximus, Inc. (b)..................................... 145,931
3,800 NCO Group, Inc. (b)................................... 114,475
6,100 Profit Recovery Group International, Inc. (b)......... 162,031
8,800 Provant, Inc. (b)..................................... 222,200
2,500 Standard Register Co.................................. 48,438
9,400 Wallace Computer Services, Inc........................ 156,275
------------
1,257,813
------------
Casinos & Gaming -- 0.37%
6,900 Aztar Corp. (b)....................................... 75,038
15,000 Hollywood Park, Inc. (b).............................. 336,563
15,600 Station Casinos, Inc. (b)............................. 350,024
9,950 WMS Industries, Inc. (b).............................. 130,594
------------
892,219
------------
Chemicals -- 1.10%
13,800 Airgas, Inc. (b)...................................... 131,100
8,700 Brady Corp............................................ 295,256
1,400 Bush Boake Allen, Inc. (b)............................ 34,388
5,200 Cambrex Corp.......................................... 179,075
5,500 Chemfirst, Inc........................................ 120,313
7,700 Cytec Industries, Inc. (b)............................ 178,063
9,600 Dexter Corp........................................... 381,599
7,400 Ferro Corp............................................ 162,800
3,650 Geon Co............................................... 118,625
2,600 Georgia Gulf Corp..................................... 79,138
7,000 Minerals Technologies, Inc............................ 280,438
5,500 OM Group, Inc......................................... 189,406
4,100 Schulman, Inc......................................... 66,881
</TABLE>
See accompanying notes to financial statements.
14
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Chemicals (continued)
4,900 Spartech Corp......................................... $ 158,025
21,600 W.R. Grace & Co. (b).................................. 299,699
------------
2,674,806
------------
Commercial Services -- 0.42%
950 ABM Industries, Inc................................... 19,356
6,900 Copart, Inc. (b)...................................... 300,150
1,700 Daisytek International Corp. (b)...................... 39,631
3,800 Kelly Services, Class - A............................. 95,475
6,200 Lason, Inc. (b)....................................... 68,200
2,100 NFO Worldwide, Inc. (b)............................... 46,988
5,050 Pierce Leahy Corp. (b)................................ 218,413
5,450 Pre-Paid Legal Services, Inc. (b)..................... 130,800
3,500 Professional Detailing, Inc. (b)...................... 104,781
------------
1,023,794
------------
Computer Equipment -- 1.00%
7,700 Actel Corp. (b)....................................... 184,800
700 Advanced Digital Information
Corp. (b)............................................ 34,038
12,200 Artesyn Technologies, Inc. (b)........................ 256,200
5,200 Cybex Computer Products Corp. (b)..................... 210,600
5,300 Emulex Corp. (b)...................................... 596,249
3,600 MIPS Technologies, Inc. (b)........................... 187,200
5,900 National Instruments Corp. (b)........................ 225,675
3,200 Network Appliance, Inc. (b)........................... 265,800
1,800 PMC-Sierra, Inc. (b).................................. 288,563
2,900 Zebra Technologies Corp., Class -
A (b)................................................ 169,650
------------
2,418,775
------------
Computer Services -- 1.06%
800 Allaire Corp. (b)..................................... 117,050
930 Computer Sciences Corp. (b)........................... 88,001
4,500 Go2net, Inc. (b)...................................... 391,500
2,700 Gtech Holdings Corp. (b).............................. 59,400
6,300 Imation Corp. (b)..................................... 211,444
6,500 Lycos, Inc. (b)....................................... 517,156
500 Sykes Enterprises, Inc (b)............................ 21,938
11,500 TeleTech Holdings, Inc. (b)........................... 387,586
4,800 VerticalNet, Inc. (b)................................. 786,900
------------
2,580,975
------------
Computer Software -- 3.86%
18,200 Acclaim Entertainment, Inc. (b)....................... 93,275
9,400 Activision, Inc. (b).................................. 143,938
200 Aspect Development, Inc. (b).......................... 13,700
3,000 BindView Development Corp. (b)........................ 149,063
7,600 Broadvision, Inc. (b)................................. 1,292,474
2,300 Clarify, Inc. (b)..................................... 289,800
2,000 Comverse Technology, Inc. (b)......................... 289,500
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Computer Software (continued)
6,400 Concord Communications, Inc. (b)...................... $ 284,000
6,200 Electronics For Imaging, Inc. (b)..................... 360,375
2,300 Gerber Scientific, Inc................................ 50,456
900 Hyperion Solutions Corp. (b).......................... 39,150
10,000 Intervoice, Inc. (b).................................. 232,500
1,200 ISS Group, Inc. (b)................................... 85,350
6,900 Kronos, Inc. (b)...................................... 414,000
3,800 Legato Systems, Inc. (b).............................. 261,488
7,700 Mercury Interactive Corp. (b)......................... 831,118
6,700 Micromuse, Inc. (b)................................... 1,138,999
3,800 Micros Systems, Inc. (b).............................. 281,200
3,900 MicroStrategy, Inc. (b)............................... 818,999
5,600 Peregrine Systems, Inc. (b)........................... 471,450
7,000 Pinnacle Systems, Inc. (b)............................ 284,813
3,100 QRS Corp. (b)......................................... 323,369
4,462 Razorfish, Inc. (b)................................... 424,448
4,900 Remedy Corp. (b)...................................... 233,363
3,400 Structural Dynamics Research
Corp. (b)............................................ 43,350
13,100 Sybase, Inc. (b)...................................... 222,700
6,750 THQ, Inc. (b)......................................... 156,516
4,200 Wind River Systems, Inc. (b).......................... 154,350
------------
9,383,744
------------
Construction -- 0.20%
7,300 Granite Construction, Inc............................. 134,594
4,100 Jacobs Engineering Group, Inc. (b).................... 133,250
9,600 Morrison Knudsen Corp. (b)............................ 75,000
3,000 NVR, Inc. (b)......................................... 143,250
------------
486,094
------------
Defense -- 0.06%
3,300 AAR Corp.............................................. 59,194
9,100 Gencorp, Inc.......................................... 89,862
------------
149,056
------------
Electric Utility -- 0.68%
2,900 Black Hills Corp...................................... 64,344
4,400 Cleco Corp............................................ 141,075
7,500 Energen Corp.......................................... 135,469
7,200 Hawaiian Electric Industries, Inc..................... 207,900
2,500 Idacorp, Inc.......................................... 67,031
14,300 MDU Resources Group, Inc.............................. 286,000
14,800 Minnesota Power, Inc.................................. 250,675
5,300 Northwestern Corp..................................... 116,600
4,800 Public Service Co. of New Mexico...................... 78,000
17,124 Sierra Pacific Resources.............................. 296,459
------------
1,643,553
------------
Electrical & Electronics -- 0.61%
9,700 AMETEK, Inc........................................... 184,906
20,200 Amkor Technologies, Inc. (b).......................... 570,650
6,400 Cable Design Technologies Corp. (b)................... 147,200
</TABLE>
See accompanying notes to financial statements.
15
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Electrical & Electronics (continued)
8,300 Coherent, Inc. (b).................................... $ 222,025
9,400 Tektronix, Inc........................................ 365,425
------------
1,490,206
------------
Electronic Components &
Instruments -- 4.98%
2,450 Amphenol Corp., Class - A (b)......................... 163,078
300 ANADIGICS, Inc. (b)................................... 14,156
7,800 Belden, Inc........................................... 163,800
3,900 Burr-Brown Corp. (b).................................. 140,888
6,100 C-Cube Microsystems, Inc. (b)......................... 379,725
3,000 Credence Systems Corp. (b)............................ 259,500
7,300 CTS Corp.............................................. 550,237
25,700 Cypress Semiconductor Corp. (b)....................... 832,037
6,850 Dallas Semiconductor Corp............................. 441,397
6,400 DII Group, Inc. (b)................................... 454,199
1,800 Electro Scientific Industries, Inc. (b)............... 131,400
2,000 Franklin Electric Co., Inc............................ 140,375
15,600 General Semiconductor, Inc. (b)....................... 221,325
6,500 Hadco Corp. (b)....................................... 331,500
4,600 Harman International Industries, Inc.................. 258,175
7,500 Hussmann International, Inc........................... 112,969
2,700 Hutchinson Technology, Inc. (b)....................... 57,375
24,700 Integrated Device Technology,
Inc. (b)............................................. 716,299
12,600 Kemet Corp. (b)....................................... 567,787
16,400 Kent Electronics Corp. (b)............................ 373,100
3,800 Kopin Corp. (b)....................................... 159,600
3,400 Lam Research Corp. (b)................................ 379,313
8,500 Lattice Semiconductor Corp. (b)....................... 400,563
3,000 LTX Corp. (b)......................................... 67,125
5,700 Mark IV Industries, Inc............................... 100,819
5,900 Methode Electronics, Inc.............................. 189,538
5,700 Micrel, Inc. (b)...................................... 324,544
600 National Computer Systems, Inc........................ 22,575
1,200 NVIDIA Corp. (b)...................................... 56,325
1,300 Optical Coating Laboratory, Inc....................... 384,800
3,800 Park Electrochemical Corp............................. 100,938
10,900 PerkinElmer, Inc...................................... 454,393
5,000 Pioneer Standard Electronics, Inc..................... 72,188
800 Plexus Corp. (b)...................................... 35,200
800 PRI Automation, Inc. (b).............................. 53,700
2,600 Progress Software Corp. (b)........................... 147,550
3,300 Regal-Beloit Corp..................................... 68,063
5,200 Sawtek, Inc. (b)...................................... 346,125
6,500 Semtech Corp. (b)..................................... 338,813
1,020 Solectron Corp. (b)................................... 97,028
4,300 Technitrol, Inc....................................... 191,350
7,400 TranSwitch Corp. (b).................................. 536,962
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Electronic Components & Instruments (continued)
3,350 Triquint Semiconductor, Inc. (b)...................... $ 372,688
7,150 Ucar International, Inc. (b).......................... 127,359
8,175 Vishay Intertechnology, Inc. (b)...................... 258,534
1,700 Woodward Governor Co.................................. 46,750
6,100 Xircom, Inc. (b)...................................... 457,499
------------
12,099,664
------------
Environmental Services -- 0.06%
9,800 Tetra Tech, Inc. (b).................................. 150,675
------------
Financial Services -- 0.82%
2,400 Advanta Corp., Class - A.............................. 43,800
6,500 Allied Capital Corp................................... 119,031
5,300 Amcore Financial, Inc................................. 127,200
13,550 AmeriCredit Corp. (b)................................. 250,675
12,400 Doral Financial Corp.................................. 152,675
9,000 Financial Federal Corp. (b)........................... 205,313
5,600 Investors Financial Services Corp..................... 257,600
3,300 John Nuveen Co. Class - A............................. 119,006
3,500 Metris Co., Inc....................................... 124,906
11,100 Morgan Keegan, Inc.................................... 186,619
7,650 Raymond James Financial, Inc.......................... 142,959
900 SEI Investments Co.................................... 107,114
7,260 Sky Financial Group, Inc.............................. 146,108
------------
1,983,006
------------
Food Processing -- 0.91%
4,000 Agribrands International, Inc. (b).................... 184,000
13,400 Corn Products International, Inc...................... 438,850
12,700 International Home Foods, Inc. (b).................... 220,663
6,400 J. M. Smucker Co...................................... 124,800
6,500 Performance Food Group Co. (b)........................ 158,438
6,300 Ralcorp Holdings, Inc. (b)............................ 125,606
1,400 Riviana Foods, Inc.................................... 24,850
3,200 Smithfield Foods, Inc. (b)............................ 76,800
12,000 Suiza Foods Corp. (b)................................. 475,499
18,200 Universal Foods Corp.................................. 370,825
------------
2,200,331
------------
Footwear -- 0.11%
5,500 Reebok International Ltd. (b)......................... 45,031
4,000 Timberland Co., Class - A (b)......................... 211,500
------------
256,531
------------
Forest Products & Papers -- 0.01%
750 Deltic Timber Corp.................................... 16,406
------------
Grocery -- 0.12%
10,200 Casey's General Stores, Inc........................... 106,463
6,500 Great Atlantic And Pacific Tea, Inc................... 181,187
------------
287,650
------------
Health Care -- 0.18%
9,400 Advance Paradigm, Inc. (b)............................ 202,688
11,800 CareMatrix Corp. (b).................................. 29,500
</TABLE>
See accompanying notes to financial statements.
16
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Health Care (continued)
7,300 Coventry Health Care, Inc. (b)........................ $ 49,275
2,100 Hooper Holmes, Inc.................................... 54,075
7,000 Res-Care, Inc. (b).................................... 89,250
------------
424,788
------------
Homebuilders -- 0.41%
16,000 D. R. Horton, Inc..................................... 221,000
11,100 Kaufman and Broad Home Corp........................... 268,480
6,600 Lennar Corp........................................... 107,250
8,300 Pulte Corp............................................ 186,750
2,300 Ryland Group, Inc..................................... 53,044
4,900 Toll Brothers, Inc. (b)............................... 91,263
2,900 Webb (Del) Corp. (b).................................. 72,319
------------
1,000,106
------------
Hotel & Motel -- 0.18%
3,200 Choice Hotels International, Inc. (b)................. 54,800
30,900 Extended Stay America, Inc. (b)....................... 235,614
12,300 Sunterra Corp. (b).................................... 141,450
------------
431,864
------------
Household Products -- 0.25%
18,800 Playtex Products, Inc. (b)............................ 289,050
18,200 Tupperware Corp....................................... 308,263
------------
597,313
------------
Human Resources -- 0.27%
20,900 Interim Services, Inc. (b)............................ 517,275
4,900 On Assignment, Inc. (b)............................... 146,388
------------
663,663
------------
Insurance -- 0.71%
600 Allegheny Corp. (b)................................... 111,300
1,700 American Annuity Group, Inc........................... 30,600
1,900 E.W. Blanch Holdings, Inc............................. 116,375
10,950 First American Financial Corp......................... 136,191
5,950 HSB Group, Inc........................................ 201,184
6,300 Leucadia National Corp................................ 145,688
3,800 Liberty Financial Cos., Inc........................... 87,163
4,100 Mid Atlantic Medical Services,
Inc. (b)............................................. 34,081
9,900 MONY Group, Inc....................................... 288,956
11,900 Radian Group, Inc..................................... 568,225
------------
1,719,763
------------
Machinery & Engineering -- 0.20%
6,900 Applied Industrial Tech., Inc......................... 114,713
7,500 Applied Power, Inc., Class - A........................ 275,624
1,800 Columbus McKinnon Corp................................ 18,225
1,400 NACCO Industries, Inc................................. 77,788
------------
486,350
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Manufacturing -- 1.74%
13,800 Apogee Enterprises, Inc............................... $ 69,863
10,300 Aptargroup, Inc....................................... 258,788
2,700 Briggs & Stratton Corp................................ 144,788
12,400 Church & Dwight Co., Inc.............................. 330,924
13,750 Donaldson Co., Inc.................................... 330,859
10,000 Ethan Allen Interiors, Inc............................ 320,625
12,150 Furniture Brands International,
Inc. (b)............................................. 267,300
9,200 Idex Corp............................................. 279,450
15,400 JLG Industries, Inc................................... 245,438
3,100 Kimball International, Inc.,
Class - A............................................ 51,150
13,250 La-Z-Boy, Inc......................................... 222,766
3,200 Lincoln Electric Holding, Inc......................... 66,000
7,940 Manitowoc Co., Inc.................................... 269,960
10,000 Mettler-Toledo International,
Inc. (b)............................................. 381,874
3,100 Milacron, Inc......................................... 47,663
6,650 Roper Industries, Inc................................. 251,453
4,400 Simpson Manufacturing Co., Inc. (b)................... 192,500
4,300 Specialty Equipment Cos., Inc. (b).................... 102,931
2,700 SPS Technologies, Inc. (b)............................ 86,231
3,300 Stewart & Stevenson Services, Inc..................... 39,084
2,900 Toro Co............................................... 108,206
6,700 Valhi, Inc............................................ 70,350
6,500 Watsco, Inc........................................... 75,156
------------
4,213,359
------------
Medical Biotechnology -- 1.31%
1,000 Abgenix, Inc. (b)..................................... 132,500
7,200 Biomatrix, Inc. (b)................................... 138,600
8,300 Celera Genomics Group (b)............................. 1,236,699
5,200 Gilead Sciences, Inc. (b)............................. 281,450
5,500 Human Genome Sciences, Inc. (b)....................... 839,438
700 ImClone Systems, Inc. (b)............................. 27,738
9,600 TECHNE Corp. (b)...................................... 528,600
------------
3,185,025
------------
Medical Supplies -- 0.61%
650 Bacou USA, Inc. (b)................................... 9,791
4,900 Conmed Corp. (b)...................................... 126,788
4,100 Datascope Corp. (b)................................... 164,000
2,000 Gliatech, Inc. (b).................................... 33,250
3,600 Haemonetics Corp. (b)................................. 85,725
9,700 Hanger Orthopedic Group, Inc. (b)..................... 97,000
1,100 Medicis Pharmaceutical Corp. (b)...................... 46,819
5,800 Patterson Dental Co. (b).............................. 247,224
2,000 Resmed, Inc. (b)...................................... 83,500
1,400 Thermo Bioanalysis Corp. (b).......................... 25,725
4,900 Vital Signs, Inc...................................... 112,088
7,800 Wesley Jessen Visioncare, Inc. (b).................... 295,424
5,300 West Pharmaceutical Services, Inc..................... 163,969
------------
1,491,303
------------
</TABLE>
See accompanying notes to financial statements.
17
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Mining -- 0.02%
1,700 Stillwater Mining Co. (b)............................. $ 54,188
------------
Natural Gas Utilities -- 0.68%
4,000 Eastern Enterprises................................... 229,750
5,350 Equitable Resources, Inc.............................. 178,556
9,600 Laclede Gas Co........................................ 207,600
4,100 New Jersey Resources Corp............................. 160,156
3,800 Northwest Natural Gas Co.............................. 83,363
2,000 NUI Corp.............................................. 52,750
6,800 Oneok, Inc............................................ 170,850
3,400 People's Energy Corp.................................. 113,900
3,700 Piedmont Natural Gas Co., Inc......................... 111,925
900 South Jersey Industries, Inc.......................... 25,594
4,300 UGI Corp.............................................. 87,881
8,300 Washington Gas Light Co............................... 228,250
------------
1,650,575
------------
Oil & Gas -- 1.35%
6,050 Barrett Resources Corp. (b)........................... 178,096
6,350 Cabot Oil & Gas Corp.................................. 101,997
3,700 Cal Dive International, Inc (b)....................... 122,563
21,950 Cross Timbers Oil Co.................................. 198,921
3,150 Devon Energy Corporation.............................. 103,556
5,100 Evergreen Resources, Inc. (b)......................... 100,725
10,150 Forest Oil Corp. (b).................................. 133,853
7,900 Global Industries Ltd. (b)............................ 68,138
6,500 Helmerich & Payne, Inc................................ 141,781
5,400 Houston Exploration Co. (b)........................... 106,988
7,500 Louis Dreyfus Natural Gas Corp. (b)................... 135,938
9,200 Marine Drilling Companies, Inc. (b)................... 206,424
2,200 McMoRan Exploration Co. (b)........................... 46,475
13,200 Newfield Exploration Co. (b).......................... 353,099
2,300 Nuevo Energy Co. (b).................................. 43,125
7,300 Ocean Energy, Inc. (b)................................ 56,575
3,500 Oceaneering International, Inc. (b)................... 52,281
12,600 Pennzoil-Quaker State Co.............................. 128,363
17,300 Pioneer Natural Resources Co. (b)..................... 154,619
2,400 SEACOR SMIT, Inc. (b)................................. 124,200
4,000 Stone Energy Corp. (b)................................ 142,500
8,600 Tesoro Petroleum Corp. (b)............................ 99,438
5,900 Tom Brown, Inc. (b)................................... 78,913
8,700 Valero Energy Corp.................................... 172,913
10,300 Varco International, Inc. (b)......................... 104,931
9,900 Vintage Petroleum, Inc................................ 119,419
------------
3,275,831
------------
Packaging/Containers -- 0.13%
2,500 Ball Corp............................................. 98,438
11,350 Shorewood Packaging Corp. (b)......................... 214,940
------------
313,378
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Paper Products -- 0.50%
4,300 Caraustar Industries, Inc............................. $ 103,200
7,700 Glatfelter (P.H.) Co.................................. 112,131
6,100 Longview Fibre Co..................................... 86,925
15,600 Polymer Group, Inc.................................... 284,700
6,100 Potlatch Corp......................................... 272,213
5,000 Rayonier, Inc......................................... 241,563
8,700 Wausau-Mosinee Paper Corp............................. 101,681
------------
1,202,413
------------
Pharmaceuticals -- 1.86%
22,700 Alpharma, Inc......................................... 698,024
7,700 ChiRex, Inc. (b)...................................... 112,613
11,300 Dura Pharmaceuticals, Inc. (b)........................ 157,494
10,320 Enzon, Inc. (b)....................................... 447,629
2,200 GelTex Pharmaceuticals, Inc. (b)...................... 28,188
9,600 IDEC Pharmaceuticals Corp. (b)........................ 943,199
9,600 Jones Pharma, Inc..................................... 417,000
7,800 King Pharmaceuticals, Inc. (b)........................ 437,288
1,700 Medimmune, Inc. (b)................................... 281,988
6,600 Mentor Corp........................................... 170,363
6,400 Millenium Pharmaceuticals, Inc. (b)................... 780,799
4,000 NBTY, Inc. (b)........................................ 46,250
------------
4,520,835
------------
Photographic Equipment & Supplies -- 0.11%
5,100 Matthews International Corp.,
Class - A............................................ 140,250
7,300 Polaroid Corp......................................... 137,331
------------
277,581
------------
Publishing & Printing -- 0.42%
8,500 Houghton Mifflin Co................................... 358,594
2,000 Lee Enterprises, Inc.................................. 63,875
1,900 Media General, Inc., Class - A........................ 98,800
3,300 Scholastic Corp. (b).................................. 205,219
7,200 Valassis Communications, Inc. (b)..................... 304,200
------------
1,030,688
------------
Railroads -- 0.23%
7,100 ABC-NACO, Inc. (b).................................... 58,575
9,400 Florida East Coast Industries, Inc.................... 392,450
3,600 Trinity Industries, Inc............................... 102,375
------------
553,400
------------
Real Estate -- 1.51%
3,000 Alexandria Real Estate Equities, Inc.................. 95,438
6,200 Bedford Property Investors, Inc....................... 105,788
5,700 BRE Properties, Inc................................... 129,319
5,400 Cabot Industrial Trust................................ 99,225
4,800 Camden Property Trust................................. 131,400
3,400 Chelsea GCA Realty, Inc............................... 101,150
10,400 Developers Diversified Realty Corp.................... 133,900
4,000 EastGroup Properties, Inc............................. 74,000
</TABLE>
See accompanying notes to financial statements.
18
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Real Estate (continued)
4,500 Forest City Enterprises, Inc.,
Class - A............................................ $ 126,000
7,100 Glenborough Realty Trust, Inc......................... 94,963
6,400 Health Care REIT, Inc................................. 96,800
7,000 Healthcare Realty Trust, Inc.......................... 109,375
14,100 IndyMac Mortgage Holdings, Inc........................ 179,775
10,300 Innkeepers USA Trust.................................. 84,331
9,800 LNR Property Corp..................................... 194,774
16,400 MeriStar Hospitality Corp............................. 262,399
8,300 Nationwide Health Properties, Inc..................... 114,125
5,300 Pacific Gulf Properties, Inc.......................... 107,325
3,700 Parkway Properties, Inc............................... 106,606
8,600 Prentiss Properties Trust............................. 180,600
8,200 PS Business Parks, Inc................................ 186,550
11,900 Regency Realty Corp................................... 237,999
5,400 RFS Hotel Investors, Inc.............................. 56,363
6,300 Sl Green Realty Corp.................................. 137,025
7,319 Starwood Financial, Inc............................... 123,964
6,700 Summit Properties, Inc................................ 119,763
12,200 U.S. Restaurant Properties, Inc....................... 174,613
4,900 Walden Residential Properties, Inc.................... 105,963
------------
3,669,533
------------
Recreation -- 0.40%
700 Anchor Gaming (b)..................................... 30,406
4,300 Boyd Gaming Corp. (b)................................. 24,994
12,200 Callaway Golf Co...................................... 215,787
12,500 Fairfield Communities, Inc. (b)....................... 134,375
2,800 Macrovision Corp. (b)................................. 207,200
2,500 Midway Games, Inc. (b)................................ 59,844
2,000 Polaris Industries, Inc............................... 72,500
4,600 Trendwest Resorts, Inc (b)............................ 103,500
5,900 Winnebago Industries, Inc............................. 118,369
------------
966,975
------------
Rental & Leasing -- 0.30%
7,900 Aaron Rents, Inc...................................... 140,225
10,700 Avis Rent A Car, Inc. (b)............................. 273,518
1,400 Interpool, Inc........................................ 10,413
2,500 McGrath Rent Corp..................................... 43,750
7,100 Rent-A-Center Inc. (b)................................ 140,669
2,800 XTRA Corp. (b)........................................ 119,350
------------
727,925
------------
Restaurants -- 0.82%
10,400 Applebee's International, Inc......................... 306,799
5,700 Bob Evans Farms, Inc.................................. 87,994
9,900 CEC Entertainment, Inc. (b)........................... 280,913
5,500 Cheesecake Factory, Inc. (b).......................... 192,500
7,200 IHOP Corp. (b)........................................ 120,150
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Restaurants (continued)
5,500 Lone Star Steakhouse & Saloon,
Inc. (b)............................................. $ 49,070
1,300 Luby's, Inc........................................... 14,788
7,800 NPC International, Inc. (b)........................... 61,425
7,500 RARE Hospitality International,
Inc. (b)............................................. 162,305
13,150 Ruby Tuesday, Inc..................................... 239,166
16,950 Sonic, Inc. (b)....................................... 483,074
------------
1,998,184
------------
Retail -- 1.75%
4,000 99 Cents Only Stores (b).............................. 153,000
12,450 Ann Taylor Stores Corp. (b)........................... 428,746
21,100 Borders Group, Inc. (b)............................... 338,919
4,400 Buckle, Inc. (b)...................................... 65,175
9,200 Burlington Coat Factory Warehouse Corp................ 127,650
9,300 Cato Corp............................................. 117,413
1,300 Footstar, Inc. (b).................................... 39,650
10,900 Guitar Center, Inc. (b)............................... 109,681
12,000 Gymboree Corp. (b).................................... 67,500
6,000 Haverty Furniture Co., Inc............................ 75,750
9,800 Hollywood Entertainment Corp. (b)..................... 142,100
1,500 Lands' End, Inc. (b).................................. 52,125
7,050 Linens 'N Things, Inc. (b)............................ 208,856
11,400 Men's Wearhouse, Inc. (b)............................. 334,875
5,300 Michaels Stores, Inc. (b)............................. 151,050
12,600 Micro Warehouse, Inc. (b)............................. 233,100
12,900 Musicland Stores Corp. (b)............................ 108,844
14,200 OfficeMax, Inc. (b)................................... 78,100
5,900 Pacific Sunwear Of California,
Inc. (b)............................................. 189,906
7,300 Pep Boys-Manny Moe & Jack, Inc........................ 66,613
5,400 Petco Animal Supplies, Inc. (b)....................... 80,325
7,500 Ruddick Corp.......................................... 116,250
6,800 Shopko Stores, Inc. (b)............................... 156,400
17,000 Sunglass Hut International, Inc. (b).................. 191,250
9,000 Talbots, Inc.......................................... 401,624
6,900 Trans World Entertainment
Corp. (b)............................................ 72,450
4,900 Urban Outfitters, Inc. (b)............................ 142,713
------------
4,250,065
------------
Rubber & Plastics -- 0.02%
1,300 Rogers Corp. (b)...................................... 49,725
------------
Security Services -- 0.33%
10,700 Pittway Corp., Class - A.............................. 479,494
18,100 Sensormatic Electronics Corp. (b)..................... 315,619
------------
795,113
------------
Shipbuilding -- 0.05%
4,400 Newport News Shipbuilding............................. 121,000
------------
</TABLE>
See accompanying notes to financial statements.
19
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Steel -- 0.44%
9,400 AK Steel Holding Corp............................... $ 177,425
2,200 Commercial Metals Co................................ 74,663
7,700 Gibraltar Steel Corp. (b)........................... 179,988
1,400 Intermet Corp....................................... 16,275
2,200 Quanex Corp......................................... 56,100
5,250 Reliance Steel & Aluminum Co........................ 123,047
3,500 Ryerson Tull, Inc................................... 68,031
7,100 Steel Dynamics, Inc. (b)............................ 113,156
15,900 Worthington Industries, Inc......................... 263,343
------------
1,072,028
------------
Telecommunications -- 1.59%
5,700 Adtran, Inc. (b).................................... 293,194
1,600 Aware, Inc. (b)..................................... 58,200
3,300 Commonwealth Telephone Enterprises, Inc. (b)........ 174,488
15,700 Commscope, Inc. (b)................................. 632,906
11,300 Intermedia Communications, Inc. (b)................. 438,581
5,500 MasTec, Inc. (b).................................... 244,750
8,400 Omnipoint Corp. (b)................................. 1,013,249
1,800 Powertel, Inc. (b).................................. 180,675
4,900 Powerwave Technologies, Inc. (b).................... 286,038
8,100 Western Wireless Corp., Class -
A (b).............................................. 540,675
------------
3,862,756
------------
Telecommunications Equipment -- 0.34%
11,460 Advanced Fibre Communication,
Inc. (b)........................................... 512,119
1,000 Ancor Communications, Inc. (b)...................... 67,875
2,400 ANTEC Corp. (b)..................................... 87,600
1,300 Harmonic, Inc. (b).................................. 123,419
300 Proxim, Inc. (b).................................... 33,000
------------
824,013
------------
Textiles & Apparel -- 0.11%
3,600 bebe stores, Inc. (b)............................... 97,200
1,100 Kellwood Co......................................... 21,381
3,100 Nautica Enterprises, Inc. (b)....................... 35,069
7,250 Quiksilver, Inc. (b)................................ 112,375
------------
266,025
------------
Tobacco -- 0.03%
3,600 Universal Corp...................................... 82,125
------------
Toys -- 0.05%
6,600 JAKKS Pacific, Inc. (b)............................. 123,338
------------
Transportation -- 1.24%
21,900 AirTran Holdings, Inc. (b).......................... 99,234
7,900 Alexander & Baldwin, Inc............................ 180,219
11,100 American Freightways Corp. (b)...................... 179,681
4,600 Amtran, Inc. (b).................................... 89,125
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Transportation (continued)
3,900 Atlas Air, Inc. (b)................................... $ 107,006
12,100 CH Robinson Worldwide, Inc............................ 480,974
4,700 Eagle USA Airfreight, Inc. (b)........................ 202,688
3,700 Fritz Companies, Inc. (b)............................. 38,850
5,000 Landstar System, Inc. (b)............................. 214,063
9,700 Mesaba Holdings, Inc. (b)............................. 110,944
9,550 Midwest Express Holdings, Inc. (b).................... 304,406
4,600 MS Carriers, Inc. (b)................................. 109,825
3,600 Overseas Shipholding Group, Inc....................... 53,325
5,800 Pittston BAX Group.................................... 127,600
3,800 Roadway Express, Inc.................................. 82,175
9,550 Swift Transportation Co., Inc. (b).................... 168,319
5,900 U.S. Freightways Corp................................. 282,463
7,050 Werner Enterprises, Inc............................... 99,141
5,100 Wisconsin Central Transportation Corp. (b)............ 68,531
------------
2,998,569
------------
Transportation -- Shipping -- 0.05%
3,000 Airborne Freight Corp................................. 66,000
2,600 Circle International Group, Inc....................... 57,850
------------
123,850
------------
Waste Disposal -- 0.00%
800 IMCO Recycling, Inc................................... 10,100
------------
Water Utility -- 0.27%
3,500 American States Water Co.............................. 126,000
1,700 California Water Sevice Group......................... 51,531
3,900 E'Town Corp........................................... 242,775
6,900 Philadelphia Suburban Corp............................ 142,744
700 SJW Corp.............................................. 84,175
------------
647,225
------------
Total -- Geewax, Terker & Co. (Cost $91,615,944)...... 103,039,974
------------
Total -- Common Stocks
(Cost $185,356,658).................................. 235,647,785
------------
Depositary Receipts -- 1.76%
Geewax, Terker & Co. -- 1.76%
5,000 Amex Basic Industries Select Spdr..................... 146,406
5,400 Amex Basic Industries Spdr............................ 143,100
48,936 S&P 400 Mid-Cap Depositary Receipt.................... 3,969,933
------------
Total -- Depositary Receipts
(Cost $3,989,528).................................... 4,259,439
------------
Investment Company -- 0.06%
Geewax, Terker & Co. -- 0.06%
800 Nasdaq-100 Shares (b)................................. 146,200
------------
Total -- Investment Company
(Cost $127,754)...................................... 146,200
------------
</TABLE>
See accompanying notes to financial statements.
20
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Security Value
or Shares Description (Note 2)
--------- ----------- --------
<C> <S> <C>
Preferred Stocks -- 0.05%
Geewax, Terker & Co. -- 0.05%
Banking -- 0.05%
8,600 Harbor Florida Bancshares, Inc...................... $ 111,263
------------
Total -- Preferred Stocks
(Cost $104,088).................................... 111,263
------------
Short-Term Investments -- 0.81%
Frontier Capital Management Co. -- 0.76%
$1,850,202 Deutsche Bank, Repurchase Agreement, Dated 12/31/99,
due 1/3/00 at 1.95% with maturity value of
$1,850,503, (Collaterized by $1,872,000 U.S.
Treasury Bond 8.25%, 5/15/05, market value
$1,884,578)........................................ 1,850,202
------------
</TABLE>
<TABLE>
<CAPTION>
Principal Security Value
Amount Description (Note 2)
--------- ----------- --------
<C> <S> <C>
Geewax, Terker & Co. -- 0.05%
$ 114,491 Deutsche Bank, Repurchase Agreement, Dated 12/31/99,
due 1/3/00 at 1.95% with maturity value of
$114,509, (Collaterized by $116,000 U.S. Treasury
Bond 8.25%, 5/15/05, market value $116,779)........ $ 114,491
------------
Total -- Short-Term Investments (Cost $1,964,693)... 1,964,693
------------
Total Investments (Cost $191,542,721) (a) --
99.76%............................................ 242,129,380
Other assets in excess of
liabilities -- 0.24%............................... 571,035
------------
Total Net Assets -- 100.00%......................... $242,700,415
============
</TABLE>
- --------
(a) Represents cost for federal income tax and financial reporting purposes
and differs from value of net unrealized appreciation of securities as
follows:
<TABLE>
<S> <C>
Unrealized appreciation........................................ $ 67,508,402
------------
Unrealized depreciation........................................ (16,921,743)
------------
Net unrealized appreciation.................................... $ 50,586,659
============
</TABLE>
(b) Non-income producing securities.
See accompanying notes to financial statements.
21
<PAGE>
THE HIRTLE CALLAGHAN TRUST
International Equity Portfolio
Portfolio of Investments -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common/Preferred Stocks, Rights & Warrants -- 95.14%
Artisan Partners LP -- 30.26%
Australia -- 0.77%
251,700 Cable & Wireless Optus Ltd. (Telecommunications)
(b)................................................ $ 837,793
234,200 Colonial Ltd. (Financial)........................... 1,042,965
750,000 LibertyOne Ltd. (Software) (b)...................... 823,960
------------
2,704,718
------------
Austria -- 0.05%
3,300 Bank Austria AG (Banking)........................... 186,168
------------
Brazil -- 0.58%
8,800 Telecomunicacoes Brasileiras SA -ADR (Telephone).... 1,130,800
16,700 Telecomunicacoes de Sao Paulo SA -ADR (Telephone)... 408,106
11,800 Telesp Celular Participacoes SA -ADR
(Telecommunications)............................... 500,025
------------
2,038,931
------------
Canada -- 4.84%
100,000 AT&T Canada, Inc. (Telecommunications) (b).......... 4,025,001
2,000 BCE Emergis, Inc. (Software) (b).................... 106,911
37,700 BCE, Inc. (Telecommunications)...................... 3,410,370
5,700 Certicom Corp. (Software) (b)....................... 338,116
62,500 Clearnet Communications, Inc., Class - A
(Telecommunications) (b)........................... 2,148,438
9,100 Cognos, Inc. (Software) (b)......................... 419,738
35,067 Corus Entertainment, Inc., Class - B (Media) (b).... 713,530
31,200 Nortel Networks Corp. (Telecommunication
Equipment)......................................... 3,151,200
30,800 Shaw Communications, Inc.,
Class - B (Media).................................. 1,012,291
47,700 Telesystem International Wireless, Inc.
(Telecommunications) (b)........................... 1,747,048
------------
17,072,643
------------
Finland -- 1.29%
1,000 Comptel PLC (Software).............................. 70,357
8,800 Helsingin Puhelin Oyj (Telephone)................... 733,149
7,750 Nokia Corp. - ADR (Telecommunications Equipment).... 1,472,500
4,900 PMJ Automec Oyj (Electronics)....................... 57,606
19,600 Sonera Group Oyj (Telecommunications)............... 1,343,656
13,900 Tietoenator Oyj (Software).......................... 868,181
------------
4,545,449
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
France -- 1.94%
3,760 AXA SA (Insurance).................................. $ 524,237
2,730 Bouygues (Engineering & Construction)............... 1,735,385
2,972 Dexia-Strips (Banking).............................. 150
3,275 Groupe Danone (Food)................................ 772,024
4,350 Hacette Fillipacchi Medias (Media).................. 276,079
4,100 Havas Advertising SA (Advertising).................. 1,747,142
3,400 Suez Lyonnaise DES Eaux SA (Water).................. 544,945
11,500 Unilog SA (Computers)............................... 1,254,672
------------
6,854,634
------------
Germany -- 1.69%
3,475 1&1 Aktiengesellschaft & Co. (Advertising) (b)...... 518,108
6,200 Deutsche Bank AG (Banking).......................... 523,719
2,500 LHS Group, Inc. (Software) (b)...................... 61,406
14,600 Mannesmann AG (Machinery -Diversified).............. 3,522,592
4,100 PrimaCom AG (Media) (b)............................. 248,648
2,000 ProSieben Media AG (Media) (b)...................... 116,254
400 SAP AG (Software)................................... 240,971
12,100 Software AG (Software) (b).......................... 737,470
------------
5,969,168
------------
Hong Kong -- 0.74%
352,300 China Telecom (Hong Kong) Ltd. (Telecommunications)
(b)................................................ 2,202,583
338,300 Founder Hong Kong Ltd. (Computers) (b).............. 413,437
------------
2,616,020
------------
Ireland -- 0.06%
25,700 Bank of Ireland (Banking)........................... 204,533
------------
Italy -- 3.16%
89,100 Autogrill SpA (retail).............................. 1,121,997
76,900 Autostrade Concessioni e Costruzioni Autostrade SpA
(Transportation)................................... 523,693
24,600 Bipop-Carire SpA (Banking).......................... 2,177,112
21,800 Class Editorial SpA (Media)......................... 379,933
27,900 Finmatica SpA (Software) (b)........................ 885,357
12,830 Gucci Group NV (Apparel)............................ 1,469,035
312,200 Olivetti SpA (Telecommunications) (b)............... 904,221
224,400 Telecom Italia Mobile SpA (Telecommunications)...... 2,507,023
241,700 Unicredito Italiano SpA (Banking)................... 1,188,229
------------
11,156,600
------------
</TABLE>
See accompanying notes to financial statements.
22
<PAGE>
THE HIRTLE CALLAGHAN TRUST
International Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common/Preferred Stocks,
Rights & Warrants (continued)
Artisan Partners LP (continued)
Japan -- 4.91%
12,500 Asatsu-Dk, Inc (Advertising)........................ $ 840,889
30,100 Banyu Pharmaceutical Co. (Pharmaceuticals).......... 465,131
21,400 Daiwa Securities Group, Inc. (Diversified Financial
Services).......................................... 333,612
33,600 Fujitsu Ltd. (Computers)............................ 1,526,528
8,500 KDD Corp. (Telecommunications)...................... 1,173,443
37,100 NEC Corp. (Electronics)............................. 880,750
9,700 Nihon Unisys Ltd. (Software)........................ 332,885
129 Nippon Telephone & Telegraph Corp. (Telephone)...... 2,200,936
190 Nippon Television Network Corp. (Media)............. 222,287
56 NTT Mobile Communications Network, Inc.
(Telecommunications)............................... 2,145,657
22,300 Promise Co. Ltd. (Diversified Financial Services)... 1,130,545
10,000 Takefuji Corp. (Diversified Financial Services)..... 1,246,953
26,000 Tokyo Broadcasting System (Media)................... 877,060
10,600 Toyo Information Systems Co., Ltd. (Commercial
Services).......................................... 744,077
7,600 Trans Cosmos, Inc. (Software)....................... 3,230,575
------------
17,351,328
------------
Mexico -- 0.23%
400,100 Cifra SA (Retail) (b)............................... 801,761
------------
Netherlands -- 2.66%
6,700 ASR Verzekeringsgroep NV (Insurance)................ 426,575
7,800 Athlon Groep NV (Auto Manufacturers)................ 169,335
5,000 Benckiser NV (Chemicals)............................ 274,518
22,900 MIH Ltd. ADR (Media) (b)............................ 1,351,100
23,900 Royal KPN NV (Telephone)............................ 2,333,058
33,700 UnitedGlobalCom, Inc. ADR (Media) (b)............... 2,380,062
41,000 Versatel Telecom International NV (Telephone) (b)... 1,445,625
19,100 VNU NV (Media)...................................... 1,004,018
------------
9,384,291
------------
New Zealand -- 0.08%
155,000 Contact Energy Ltd. (Electric)...................... 270,527
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Portugal -- 0.04%
2,500 PT Multimedia Servicos de Telecomunicacoes e
Multimedia, S.G.P.S., SA (Telecommunications) (b).. $ 142,220
------------
Singapore -- 0.66%
91,450 DBS Group Holdings Ltd. (Banking)................... 1,498,550
91,900 Oversea-Chinese Banking Corporation Ltd. (Banking).. 843,980
------------
2,342,530
------------
South Korea -- 0.08%
7,622 Sk Telecom - ADR (Telecommunications)............... 292,494
------------
Spain -- 0.33%
22,100 Argentaria, Caja Postal y Banco Hipotecario de
Espana SA (Banking)................................ 519,411
58,400 Banco Santander Central Hispano SA (Banking)........ 661,276
------------
1,180,687
------------
Sweden -- 1.08%
2,400 Alfaskop AB (Computer Services) (b)................. 32,628
5,500 Connecta AB (Computer Services) (b)................. 187,738
6,725 Information Highway AB (Computer Services) (b)...... 1,116,097
11,400 Pharmacia & Upjohn, Inc. (Pharmaceuticals).......... 513,000
30,000 Telefonakiebolaget LM Ericsson - ADR
(Telecommunication Equipment)...................... 1,970,624
------------
3,820,087
------------
Switzerland -- 0.87%
12,400 ABB Ltd. (Engineering & Construction) (b)........... 1,516,517
1,285 Geberit Internatinal AG (Building Materials) (b).... 439,792
367 Julius Baer Holding AG (Banking).................... 1,108,559
------------
3,064,868
------------
United Kingdom -- 3.43%
93,700 Carlton Communications PLC (Media).................. 912,176
54,300 Colt Telecom Group PLC (Telecommunications) (b)..... 2,778,073
19,600 Easynet Group PLC (Software) (b).................... 551,380
10,346 Energis PLC (Telecom Services) (b).................. 496,747
</TABLE>
See accompanying notes to financial statements.
23
<PAGE>
THE HIRTLE CALLAGHAN TRUST
International Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common/Preferred Stocks,
Rights & Warrants (continued)
Artisan Partners LP (continued)
United Kingdom (continued)
26,500 Granada Group PLC (Commercial Services)............. $ 268,461
24,600 Pearson PLC (Media)................................. 795,893
40,200 Railtrack Group PLC (Transportation)................ 674,965
53,100 Reckitt & Colman PLC (Household Products)........... 497,644
173,100 Saatchi & Saatchi PLC (Advertising)................. 1,040,987
36,600 Schroders PLC (Banking)............................. 736,243
367,400 Stagecoach Holdings PLC (Transportation)............ 946,066
207,354 Telewest Communications PLC (Media) (b)............. 1,105,546
59,500 Thus PLC (Telecommunications) (b)................... 372,710
58,300 WPP Group PLC (Advertising)......................... 923,335
------------
12,100,226
------------
United States -- 0.77%
78,500 Global Telesystems Group, Inc. (Telephone) (b)...... 2,718,063
------------
Total -- Artisan Partners LP
(Cost $73,575,904) 106,817,946
------------
Brinson Partners Inc. -- 64.88%
Australia -- 2.66%
38,500 Amcor Ltd. (Forest Products)........................ 179,610
42,000 Amp Ltd. (Insurance)................................ 462,242
122,400 Boral Ltd. (Building Materials)..................... 188,899
11,000 Brambles Industries Ltd. (Services)................. 303,004
62,600 Broken Hill Proprietary Co. Ltd. (Metals -
Diversified)...................................... 818,770
514 Coca-Cola Amatil Ltd. (Beverages)................... 1,398
106,200 CSR Ltd. (Industrial)............................... 256,958
35,382 Lend Lease Corp. Ltd. (Real Estate)................. 493,756
68,200 National Australia Bank Ltd. (Financial)............ 1,039,145
116,274 News Corp Ltd. (Publishing & Printing).............. 1,124,570
40,876 News Corp. Ltd. (Publishing & Printing)............. 348,831
52,337 Qantas Airways Ltd. (Transportation)................ 130,055
74,231 QBE Insurance Group Ltd. (Insurance)................ 344,651
28,050 Rio Tinto Ltd. (Mining)............................. 600,199
89,500 Santos Ltd. (Oil & Gas)............................. 242,888
264,400 Telstra Corp. (Telecommunications).................. 1,431,618
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Australia (continued)
128,200 Westpac Banking Corp. (Financial)................... $ 880,851
40,800 WMC Ltd. (Metals - Diversified)..................... 224,117
91,600 Woolworths Ltd. (Food - Retail)..................... 313,879
------------
9,385,441
------------
Austria -- 0.08%
5,700 Austria Tabakwerke AG (Tobacco)..................... 275,626
------------
Belgium -- 0.75%
2,280 Electrabel NPV (Utilities).......................... 746,487
49,130 Fortis, Class - B (Financial Services).............. 1,772,867
2,134 KBC Bancassurance (Financial Services).............. 115,014
------------
2,634,368
------------
Canada -- 1.34%
33,800 Agrium, Inc.
(Agriculture - Supplier) (b)....................... 261,112
11,400 Alcan Aluminium Ltd.
(Metals - Diversified) (b)......................... 467,071
7,000 Bank of Montreal (Financial) (b).................... 238,033
14,000 Canadian National Railway Co. (Railroad) (b)........ 368,878
20,900 Canadian Pacific Ltd. (Transportation - Rail) (b)... 447,610
30,500 Hudson's Bay Co. (Retail - Department Stores)
(b)................................................ 359,739
11,300 Imasco Ltd. (Tobacco) (b)........................... 311,767
10,200 Imperial Oil Canada Ltd.
(Oil & Gas) (b).................................... 218,099
6,500 Magna International, Inc., Class - A (Auto Related)
(b)................................................ 275,055
16,800 Newbridge Networks Corp. (Telecommunication
Services) (b)...................................... 378,921
12,862 Nova Corp. (Chemicals) (b).......................... 247,517
4,000 Potash Corp. of Saskatchewan (Agriculture) (b)...... 191,751
11,100 Royal Bank of Canada (Financial) (b)................ 487,702
9,500 Shaw Communications, Inc.,
Class - B (Cable TV) (b)........................... 312,233
9,012 Transcanada Pipelines Ltd. (Utilities) (b).......... 78,633
6,200 Westcoast Energy, Inc. (Utilities) (b).............. 99,855
------------
4,743,976
------------
Denmark -- 0.34%
16,080 Tele Danmark A/S, Class - B (Telecommunications).... 1,195,385
------------
</TABLE>
See accompanying notes to financial statements.
24
<PAGE>
THE HIRTLE CALLAGHAN TRUST
International Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common/Preferred Stocks,
Rights & Warrants (continued)
Brinson Partners Inc. (continued)
Finland -- 1.99%
153,100 Merita Ltd. (Banking)................................ $ 902,267
18,400 Nokia Oyj, Class - A (Telecommunications)............ 3,336,523
36,100 Sampo Insurance Co. (Insurance)...................... 1,261,945
37,700 UPM-Kymmene (Paper Products)......................... 1,519,166
------------
7,019,901
------------
France -- 6.34%
38,340 Air France (Airlines) (b)............................ 733,854
10,065 Air Liquide (Chemicals - Specialty).................. 1,685,189
5,050 ALCATEL (Telecommunications)......................... 1,159,925
23,628 AVENTIS (Pharmaceuticals) (b)........................ 1,373,430
6,000 AXA (Insurance)...................................... 836,549
29,921 Banque Nationale de Paris (Financial)................ 2,761,057
5,590 Carrefour SA (Food - Retail)......................... 1,031,108
6,306 Cie de St. Gobain (Compagniede)...................... 1,186,048
25,960 France Telecom SA (Telecommunications)............... 3,433,787
4,490 Groupe Danone
(Food Products & Services).......................... 1,058,440
11,374 Michelin, Class - B
(Tire & Rubber)..................................... 446,871
11,380 Schneider Electric SA
(Hand/Machine Tools)................................ 893,639
6,964 Societe Generale (Financial)......................... 1,620,595
38,580 Thomson CSF (Defense)................................ 1,274,405
14,293 TOTAL FINA (Oil & Gas)............................... 1,907,845
10,801 Vivendi (Commercial Services) (b).................... 975,479
------------
22,378,221
------------
Germany -- 5.85%
5,223 Allianz AG Holdings (Multi-Line Insurance) (b)....... 1,754,768
54,890 Bayer AG (Chemicals)................................. 2,598,932
25,950 Bayerische Motoren Werke AG (Auto Manufacturers)..... 792,107
36,800 Continental AG (Tire & Rubber)....................... 735,889
18,161 DaimlerChrysler AG (Automobiles)..................... 1,412,410
20,431 Deutsche Bank AG (Banking)........................... 1,725,824
25,950 Deutsche Telekom AG (Telecommunications)............. 1,848,250
21,300 Dresdner Bank AG (Registered)........................ 1,158,717
9,480 Mannesmann AG (Banking).............................. 2,287,271
1,600 SAP AG (Business & Public Services).................. 788,193
29,250 Siemens AG (Manufacturing)........................... 3,721,630
37,882 Veba AG (Utilities).................................. 1,841,340
------------
20,665,331
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Hong Kong -- 0.11%
59,000 Henderson Land Development (Real Estate)............. $ 378,735
------------
Italy -- 2.01%
30,750 Assic Generali (Insurance)........................... 1,016,068
95,903 Beni Stabili SpA (Real Estate) (b)................... 33,815
400 ENI - ADR (Oil)...................................... 22,050
295,000 Ente Nazionale Idrocarburi (Insurance)............... 1,622,627
89,700 Rinascente
(Retail - Department Stores)........................ 575,620
83,903 San Paolo - Imi SpA (Banking)........................ 1,140,232
85,000 Telecom Italia (Telecommunications).................. 1,198,811
134,000 Telecom Italia Mobile de Risp (Telecommunications)... 1,497,063
------------
7,106,286
------------
Japan -- 21.13%
12,000 Acom Co. Ltd. (Financial Services)................... 1,171,103
99,000 Asahi Bank Ltd. (Banking)............................ 608,073
102,000 Bank Of Tokyo - Mitsubishi (Financial - Banking)..... 1,416,087
3,800 Benesse Corp. (Commercial Services).................. 911,378
32,000 Bridgestone Corp. (Industrial Components)............ 701,960
50,000 Canon, Inc. (Business Equipment)..................... 1,979,136
35,000 Dai Nippon Printing
(Printing & Publishing)............................. 556,206
61,000 Dai-Ichi Kangyo Bank (Banking)....................... 567,954
32,000 Daiichi Pharmaceuticals (Pharmaceuticals)............ 414,624
39,000 Daikin Kogyo Co.
(Machinery & Engineering)........................... 528,517
27,000 Denso Corp. (Auto Parts)............................. 642,293
178 East Japan Railway Co. (Railroads)................... 956,206
24,900 Fanuc Co. (Electronic Components).................... 3,158,320
47,000 Fuji Bank (Banking).................................. 455,016
104,000 Fujitsu (Computer Equipment)......................... 4,724,967
44,000 Honda Motor Co. (Auto Related)....................... 1,630,106
14,000 Hoya Corp. (Electrical Components)................... 1,098,762
11,000 Ito Yokado Co. (Retail - Grocery).................... 1,190,407
97,000 Kamigumi Co. Ltd. (Commerical Services).............. 406,649
40,000 Kao Corp.
(Food & Household Products)......................... 1,136,785
67,000 Kirin Brewery Co. Ltd. (Brewery)..................... 702,203
20,000 Kokuyo (Office/Business)............................. 265,185
75,000 Kuraray Co. Ltd. (Chemicals)......................... 756,800
74,000 Matsushita Electric Co. (Electronic Components)...... 2,041,728
</TABLE>
See accompanying notes to financial statements.
25
<PAGE>
THE HIRTLE CALLAGHAN TRUST
International Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common/Preferred Stocks,
Rights & Warrants (continued)
Brinson Partners Inc. (continued)
Japan (continued)
64,000 Mitsubishi Corp. (Distribution/Wholesale)............ $ 492,308
117,000 Mitsubishi Estate Co. Ltd. (Real Estate)............. 1,137,262
5,000 Murata Manufacturing Co. Ltd. (Electronics).......... 1,169,933
100,000 NEC Corp. (Electronics).............................. 2,373,989
64,000 NGK Insulators (Industrial Components)............... 473,589
11,400 Nintendo (Toys)...................................... 1,887,218
414,000 Nippon Steel Corp. (Steel)........................... 964,668
267 Nippon Telegraph & Telephone Corp. (Telephone)....... 4,555,425
20,100 Nissin Food Products (Food).......................... 471,293
104,000 Nomura Securities Co. Ltd. (Financial Services)...... 1,870,722
52 NTT Mobile Communications Network, Inc............... 1,992,395
97,000 Obayashi Corp. (Building & Construction)............. 456,771
11,400 Orix Corp. (Financial Services)...................... 2,558,526
265,000 Osaka Gas Corp. (Utilities).......................... 635,566
2,600 Rohm Co. (Semiconductors)............................ 1,064,639
45,000 Sankyo Pharmaceutical (Pharmaceuticals).............. 921,322
23,000 Santen Pharmaceutical (Pharmaceuticals).............. 377,840
22,000 Secom Co. Ltd.
(Business & Public Services)........................ 2,412,986
42,000 Sekisui House (Manufacturing/Housing)................ 370,576
8,000 Seven-Eleven Japan (Retail).......................... 1,263,527
1,700 Softbank Corp. (Software)............................ 1,620,942
15,600 Sony Corp.
(Electrical & Electronics).......................... 4,608,364
71,000 Sumitomo Bank Ltd. (Banking)......................... 968,402
155,000 Sumitomo Chemical Co. (Chemicals).................... 725,358
42,000 Sumitomo Electric (Metal Fabricate/Hardware)......... 483,592
37,000 Takeda Chemical Industries (Pharmaceuticals)......... 1,821,683
4,900 Takefuji Corp. (Financial Services).................. 611,007
13,000 TDK Corp.
(Electrical & Electronics).......................... 1,788,340
55,000 Tokio Marine & Fire (Insurance)...................... 640,782
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Japan (continued)
24,600 Tokyo Electric Power (Utilities).................... $ 657,151
8,000 Tokyo Electron Ltd. (Semiconductors)................ 1,091,937
55,000 Toyota Motor Corp. (Auto Related)................... 2,654,284
37,000 Yamato Transport Co. Ltd. (Transport - Services).... 1,428,488
------------
74,571,350
------------
Netherlands -- 3.13%
42,732 ABN Amro Holding NV (Financial)..................... 1,067,600
111,700 Elsevier (Publishing & Printing).................... 1,334,571
51,692 ING Groep NV (Financial)............................ 3,121,361
26,147 Koninklijke KPN NV (Telecommunications)............. 2,552,405
21,780 Royal Dutch Petroleum
(Oil & Gas)........................................ 1,335,126
28,000 TNT Post Group NV
(Transport - Services) (b)......................... 802,498
15,264 Unilever NV (Consumer Goods)........................ 843,276
------------
11,056,837
------------
New Zealand -- 0.28%
67,200 Auckland International Airport Ltd. (Business &
Public Services)................................... 101,532
111,000 Carter Holt Harvey
(Forest Products & Papers)......................... 144,576
237,700 Fletcher Challenge Paper Ltd. - ADR (Forest Products
& Papers).......................................... 165,947
78,300 Lion Nathan Ltd. (Brewery).......................... 181,533
86,200 Telecom Corp. of New Zealand (Telecommunications)... 404,189
------------
997,777
------------
Norway -- 0.19%
12,700 Norske Skogindustrier ASA
(Paper & Related Products)......................... 659,732
------------
Portugal -- 0.43%
41,600 Electricidade De Portugal SA (Utilities)............ 726,266
73,200 Portugal Telecom (Telephone)........................ 803,050
------------
1,529,316
------------
Singapore -- 0.62%
58,671 Singapore Press Holdings Ltd. (Broadcasting &
Publishing)........................................ 1,271,322
104,760 United Overseas Bank (Banking)...................... 924,353
------------
2,195,675
------------
</TABLE>
See accompanying notes to financial statements.
26
<PAGE>
THE HIRTLE CALLAGHAN TRUST
International Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common/Preferred Stocks,
Rights & Warrants (continued)
Brinson Partners Inc. (continued)
Spain -- 2.09%
125,172 Altadis SA (Tobacco)................................. $ 1,790,603
22,206 Banco Popular Espanol (Financial).................... 1,448,485
118,443 Banco Santander Central Hisp (Banking)............... 1,341,157
38,231 Endesa-Empresa Nacional de Electric (Utilities)...... 759,112
81,117 Telefonica SA (Telephone) (b)........................ 2,026,598
------------
7,365,955
------------
Sweden -- 2.08%
70,640 Electroloux AB, Class - B (Appliances)............... 1,779,324
49,800 Ericsson LM, Class - B (Telecommunications).......... 3,206,324
67,020 Investor AB, Class - B (Investment Company).......... 946,621
88,130 Nordbanken Holding AB (Holding Company).............. 518,662
254,180 Swedish Match AB (Tobacco)........................... 888,563
------------
7,339,494
------------
Switzerland -- 2.50%
1,255 Adecco SA (Human Resources/ Employment Services)..... 977,267
995 Nestle SA (Food Processing).......................... 1,822,667
1,538 Novartis AG (Pharmaceuticals)........................ 2,258,129
195 Roche Holding AS - Genusshein (Pharmaceuticals)...... 2,314,431
3,558 Swisscom AG-REG (Telecommunications)................. 1,438,930
------------
8,811,424
------------
United Kingdom -- 10.96%
74,150 Allied Zurich PLC (Insurance)........................ 873,290
23,251 Astrazeneca PLC (Pharmaceuticals).................... 963,959
38,000 Barclays PLC (Banking)............................... 1,093,234
270,266 BP Amoco PLC
(Oil & Gas Producers)............................... 2,716,142
51,755 British Aerospace PLC (Aerospace/Defense)............ 342,577
96,000 British Airways PLC (Airlines)....................... 626,144
116,000 British Telecom PLC (Telecommunications)............. 2,833,470
158,053 Charter (Multi - Industries)......................... 680,020
159,161 Diageo PLC (Wine & Spirits).......................... 1,279,640
385,000 FKI PLC (Electronics)................................ 1,491,742
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
United Kingdom (continued)
76,800 Glaxo Welcome PLC (Pharmaceuticals)................. $ 2,169,807
101,700 Greenalls Group PLC (Hotels/Restaurants)............ 484,356
180,200 House of Fraser
(Retail - Department Stores)....................... 215,282
72,000 HSBC Holdings PLC (Banking)......................... 1,003,148
192,700 Lloyds TSB Group PLC (Financial).................... 2,409,489
120,700 Marconi PLC (Telecommunication Equipment)........... 2,134,723
185,100 Marks & Spencer PLC
(Retail - Department Stores)....................... 880,810
195,000 National Power PLC (Utilities)...................... 1,128,614
131,000 Nycomed Amersham PLC
(Health & Personal Care)........................... 815,300
42,305 Peninsular & Oriental Steam Navigation Co.
(Transportation)................................... 705,527
103,000 Powergen PLC (Electric)............................. 739,978
95,500 Prudential Corp. PLC (Insurance).................... 1,880,984
57,000 Reckitt & Colman (Household Products) (b)........... 534,194
161,000 Reed International PLC
(Publishing - Books)............................... 1,204,751
65,100 Rio Tinto PLC (Mining).............................. 1,571,245
151,500 RJB Mining PLC (Mining)............................. 80,714
101,163 Royal & Sun Alliance Insurance Group PLC (Insurance)
(b)................................................ 770,061
160,400 Scottish Hydro
(Utilities - Electrical)........................... 1,279,891
402,800 Tesco (Retail - Grocery)............................ 1,224,183
50,466 Thames Water PLC (Utilities)........................ 628,982
85,517 Trinity Mirror PLC (Media).......................... 913,971
113,000 Unilever PLC (Consumer Goods)....................... 830,976
115,000 United News & Media PLC (Publishing - Newspapers)... 1,464,862
129,000 Yorkshire Water PLC (Utilities)..................... 728,919
------------
38,700,985
------------
Total -- Brinson Partners Inc. (Cost $173,118,586) 229,011,815
------------
Total -- Common/Preferred Stocks, Rights & Warrants
(Cost $246,694,490) 335,829,761
------------
</TABLE>
See accompanying notes to financial statements.
27
<PAGE>
THE HIRTLE CALLAGHAN TRUST
International Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Security Value
or Shares Description (Note 2)
--------- ----------- --------
<C> <S> <C>
Money Market Mutual Funds -- 4.63%
Artisan Partners LP -- 4.63%
United States -- 4.63%
16,338,718 Deutsche Bank Institutional Liquid Assets Fund..... $ 16,338,718
------------
Total -- Money Market Mutual Funds (Cost
$16,338,718) 16,338,718
------------
Short-Term Investments -- 0.50%
Brinson Partners Inc. -- 0.50%
United States -- 0.50%
$1,778,721 Deutsche Bank, Cash Sweep.......................... 1,778,721
------------
Total -- Short-Term Investments (Cost $1,778,721) 1,778,721
------------
Total Investments (Cost $264,811,929) (a) --
100.27% 353,947,200
------------
Liabilities in excess of other
assets -- 0.27% (949,866)
------------
Total Net Assets -- 100.00% $352,997,334
============
</TABLE>
- --------
ADR -- American Depository Receipt
PLC -- Public Liability Company
(a) Represents cost for federal income tax and financial reporting purposes
and differs from value of net unrealized appreciation of securities as
follows:
<TABLE>
<S> <C>
Unrealized appreciation........................................ $ 99,504,748
Unrealized depreciation........................................ (10,369,477)
------------
Net unrealized appreciation.................................... $ 89,135,271
============
</TABLE>
(b) Non-income producing securities.
See accompanying notes to financial statements.
28
<PAGE>
THE HIRTLE CALLAGHAN TRUST
International Equity Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Contract Value on
Amount Settlement Origination Value on Appreciation
(Local Currency) Forward Exchange Contracts Date Date 12/31/99 (Depreciation)
---------------- -------------------------- ---------- ------------ ------------ --------------
<C> <S> <C> <C> <C> <C>
Currency Purchased
13,600,000 Australian Dollar 02/18/00 $ 8,803,514 $ 8,899,359 $ 95,845
5,800,000 British Pound 02/18/00 9,378,292 9,364,959 (13,333)
37,977 British Pound 01/06/00 61,345 61,313 (32)
5,000,000 Canadian Dollar 02/18/00 3,383,683 3,452,323 68,640
25,700,000 Euro 02/18/00 27,340,570 25,972,976 (1,367,594)
58,000,000 Swedish Krone 02/18/00 7,095,669 6,846,647 (249,022)
5,600,000 Swiss Franc 02/18/00 3,759,134 3,534,461 (224,673)
------------ ------------ -----------
Total Currency Purchased $ 59,822,207 $ 58,132,038 $(1,690,169)
------------ ------------ -----------
Currency Sold
(14,950,000) British Pound 02/18/00 $(24,094,414) $(24,138,989) $ (44,575)
(8,700,000) Euro 02/18/00 (9,175,067) (8,792,408) 382,659
(629,659) Euro 01/04/00 (638,726) (634,466) 4,260
(208,612) Euro 01/05/00 (210,009) (210,220) (211)
(2,707,000,000) Japanese Yen 02/18/00 (25,051,440) (26,575,692) (1,524,252)
(3,830,136) Japanese Yen 01/05/00 (37,471) (37,368) 103
------------ ------------ -----------
Total Currency Sold $(59,207,127) $(60,389,143) $(1,182,016)
------------ ------------ -----------
Net Unrealized Loss $(2,872,185)
===========
</TABLE>
See accompanying notes to financial statements.
29
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Limited Duration Municipal Bond Portfolio
Portfolio of Investments -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds -- 87.79%
Alabama -- 0.50%
$ 90,000 Birmingham, Alabama North Medical
Clinic, ETM.......................... 6.625 4/1/00 $ 90,555
40,000 Pell City Alabama Industrial
Development, Shelby Steel
Fabricators, AMT (LOC)............... 7.700 9/1/01 40,096
-----------
130,651
-----------
Arizona -- 0.30%
50,000 Maricopa County Arizona Industrial
Development Authority, Housing
Facility Revenue, ETM............... 6.750 12/1/03 51,188
25,000 Phoenix Health Facilities Authority
Hospital, ETM........................ 6.250 9/1/11 26,125
-----------
77,313
-----------
Arkansas -- 1.50%
20,000 Arkansas State Development Finance
Authority (FHA)...................... 8.000 8/15/11 20,900
120,000 Rogers Arkansas Sales & Use Tax
Revenue.............................. 5.000 11/1/15 119,400
174,198 Springdale Arkansas Residential
Housing, Series A (FNMA)............. 7.650 9/1/11 179,424
70,000 Washington County Hospital Revenue,
ETM (AMBAC).......................... 6.500 1/1/00 70,000
-----------
389,724
-----------
California -- 3.26%
850,000 Los Angeles California Multi-Family
Housing, Earthquake Rehabilitation
Projects, Series A, AMT (FNMA)...... 4.850 7/1/02 848,938
-----------
Colorado -- 1.38%
50,000 Aurora Colorado Housing Authority,
Single Family Mortgage Revenue....... 7.300 5/1/10 51,063
40,000 Colorado Housing Finance Authority,
AMT.................................. 6.850 8/1/22 40,124
95,000 Colorado Housing Financial Authority,
Single Family Mortgage............... 4.375 10/1/06 90,606
160,000 Colorado Housing Financial Authority,
Single Family Mortgage............... 4.875 4/1/07 156,600
20,000 Commerce City Colorado Single Family
Housing, Series A.................... 6.875 3/1/12 20,475
-----------
358,868
-----------
Delaware -- 0.08%
20,000 Delaware Transit Authority, ETM...... 9.000 7/1/01 20,800
-----------
Florida -- 1.28%
85,000 Dade County, Florida Health
Facilities, Prerefunded 2/1/00 @102.. 7.600 8/1/24 86,911
240,517 Dade County, Florida Housing Finance
Authority Single Mortgage Revenue,
AMT (GNMA/FNMA)..................... 6.100 4/1/27 245,627
-----------
332,538
-----------
Georgia -- 0.75%
70,000 Cobb County, Georgia Water & Sewer,
ETM.................................. 9.500 1/1/02 73,938
25,000 Fulton County Georgia Housing
Authority, Single Family Revenue, AMT
(GNMA)............................... 6.200 3/1/13 25,313
95,000 Gwinnett County, Development
Authority, AMT (LOC)................. 4.050 3/1/00 94,969
-----------
194,220
-----------
Idaho -- 0.82%
215,000 Idaho Single Family Housing Revenue,
Refunding, Single Family Mortgage Sub
H-2, AMT............................. 5.850 1/1/14 213,925
-----------
Illinois -- 20.49%
85,000 Bloomingdale, Illinois Water & Sewer
(MBIA)............................... 7.800 5/1/06 86,001
1,200,000 Chicago Illinois Gas Supply Revenue.. 7.500 3/1/15 1,229,196
1,245,000 Chicago Illinois Gas Supply Revenue.. 7.500 3/1/15 1,275,291
2,162,000 Illinois Health Facilities Authority,
Prerefunded 8/15/00 @102, (FSA)...... 7.600 8/15/10 2,249,517
175,000 Illinois Health Facilities Authority
Revenue, Community Hospital of Ottawa
Project.............................. 6.750 8/15/14 179,156
</TABLE>
See accompanying notes to financial statements.
30
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Limited Duration Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Illinois (continued)
$ 160,000 Palatine Illinois Tax Increment
Revenue, (AMBAC)................... 5.250 1/1/17 $ 148,200
160,000 St. Clair County Public Building
Revenue, ETM (MBIA)................ 8.000 12/1/05 162,242
-----------
5,329,603
-----------
Indiana -- 1.37%
70,000 Adams County Industrial Economic
Development Revenue, AMT (LOC)..... 7.450 6/1/00 70,724
295,000 Clark County Indiana Hospitals
Association (MBIA)................. 4.650 3/1/07 285,044
-----------
355,768
-----------
Iowa -- 1.56%
415,000 Iowa Finance Authority Commercial
Development Revenue (LOC).......... 4.350 8/1/03 404,625
-----------
Kansas -- 0.77%
200,000 Manhattan Kansas Tax Increment
Revenue, Central Business District
Redevelopment, AMT (Asset GTY).... 5.000 12/1/02 200,500
-----------
Kentucky -- 0.54%
125,000 Henderson Kentucky Electric Light
And Power Revenue.................. 5.700 3/1/03 125,237
15,000 Kentucky State Pollution Authority,
ETM................................ 5.900 8/1/03 15,244
-----------
140,481
-----------
Louisiana -- 2.69%
25,000 Calcasieu Parish Louisiana Public
Transportation Authority........... 6.375 11/1/02 25,625
5,000 East Baton Rouge Parish Hospital,
ETM................................ 6.200 10/1/02 5,069
560,000 Louisiana Public Facility Authority
Revenue, Series A-1, Mandatory Put
6/1/02 @100, (AMBAC).............. 5.000 12/1/15 564,900
105,000 Parish of Ouachita Louisiana
Industrial Development (LOC)....... 4.800 8/1/02 104,344
-----------
699,938
-----------
Maine -- 0.11%
30,000 Maine Finance Authority Revenue,
AMT (FSA).......................... 5.200 7/1/18 28,650
-----------
Massachusetts -- 0.77%
135,000 Massachusetts Finance Agency,
Prerefunded 11/15/00 @ 102......... 8.400 11/15/08 140,770
65,000 Massachusetts State Development
Financial Agency (Asset GTY)....... 4.550 9/1/08 60,531
-----------
201,301
-----------
Michigan -- 1.76%
5,000 Michigan State Hospital Financial
Authority Revenue, ETM............. 7.000 7/1/05 5,231
150,000 Michigan State Housing Development
Authority.......................... 10.375 4/1/10 156,054
275,000 Michigan State Housing Development
Authority, Home Improvement, Series
B, AMT............................. 7.650 12/1/12 280,500
15,000 Michigan State Strategic Fund, AMT
(FHA).............................. 6.000 2/1/00 15,014
-----------
456,799
-----------
Minnesota -- 1.41%
365,000 Fridley Minnesota Community
Development Revenue, Mandatory Put
9/1/01 @100, AMT (LOC)............ 5.375 9/1/16 366,369
-----------
Mississippi -- 0.54%
135,000 Gulfport Mississippi Hospital
Facility Renovation, Refunding,
Memorial Hospital at Gulf Port,
ETM............................... 6.250 7/1/02 140,063
-----------
Missouri -- 0.28%
70,000 St. Louis County, Single Family
Mortgage Revenue (AMBAC)........... 9.250 10/1/16 72,713
-----------
</TABLE>
See accompanying notes to financial statements.
31
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Limited Duration Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Nebraska -- 3.93%
$ 30,000 Clay County Nebraska Individual
Development Revenue, AMT (LOC)...... 3.900 3/15/00 $ 29,958
65,000 Clay County Nebraska Individual
Development Revenue, AMT (LOC)...... 4.100 3/15/01 64,431
100,000 Clay County Nebraska Individual
Development Revenue, AMT (LOC)...... 4.200 3/15/02 98,250
120,000 Clay County Nebraska Individual
Development Revenue, AMT (LOC)...... 4.300 3/15/03 117,150
320,000 Clay County Nebraska Individual
Development Revenue, AMT (LOC)...... 4.750 3/15/09 299,599
55,000 Consumer Public Power............... 5.100 1/1/03 55,073
45,000 Fillmore County Nebraska Individual
Development Revenue, AMT (LOC)...... 3.900 12/1/00 44,730
50,000 Fillmore County Nebraska Individual
Development Revenue, AMT (LOC)...... 4.200 12/1/03 48,375
50,000 Fillmore County Nebraska Individual
Development Revenue, AMT (LOC)...... 4.300 12/1/04 47,938
55,000 Fillmore County Nebraska Individual
Development Revenue, AMT (LOC)...... 4.400 12/1/05 52,181
55,000 Fillmore County Nebraska Individual
Development Revenue, AMT (LOC)...... 4.500 12/1/06 51,838
60,000 Fillmore County Nebraska Individual
Development Revenue, AMT (LOC)...... 4.600 12/1/07 56,100
60,000 Fillmore County Nebraska Individual
Development Revenue, AMT (LOC)...... 4.700 12/1/08 55,800
-----------
1,021,423
-----------
Nevada -- 0.06%
15,000 Washoe Nevada Housing and Finance
(MBIA) FHA221 (D) 4)................ 6.875 7/1/21 15,394
-----------
New Jersey -- 10.03%
525,000 New Jersey Economic Development
Authority Revenue, Optional Put
12/1/02 @100........................ 4.950 12/1/28 525,000
1,985,000 New Jersey Health Care Facility,
Health, Hospital and Nursing Home
Improvements, Prerefunded 2/15/01 @
102................................ 7.250 2/15/21 2,081,768
-----------
2,606,768
-----------
New York -- 1.06%
135,000 Amherst New York Individual
Development Agency (LOC)............ 4.500 10/1/00 135,382
140,000 Amherst New York Individual
Development Agency (LOC)............ 4.650 10/1/01 140,350
-----------
275,732
-----------
North Carolina -- 0.18%
45,000 Surry County North Carolina
Industrial Facility & Pollution
Control Authority Revenue........... 9.250 12/1/02 47,700
-----------
Ohio -- 0.28%
30,000 Ohio State Air Quality Development
Authority Revenue, ETM.............. 7.875 11/1/00 30,446
40,000 Ohio State Water Development
Authority Revenue, ETM.............. 8.000 12/1/04 42,550
-----------
72,996
-----------
Oklahoma -- 1.09%
75,000 Oklahoma State Industrial Authority
Revenue, ETM........................ 6.250 10/1/02 75,281
40,000 Tulsa Oklahoma Industrial Authority
Revenue, ETM........................ 6.500 4/1/07 40,269
160,000 Tulsa Oklahoma Municipal Airport,
AMT................................. 7.600 12/1/30 167,000
-----------
282,550
-----------
Oregon -- 2.64%
700,000 Oregon Economic Development, Revenue
Bond, Industrial Improvements....... 6.250 4/1/03 687,750
-----------
Pennsylvania -- 7.18%
40,000 Allegheny County Pennsylvania
Hospital............................ 7.500 8/1/13 38,400
45,000 Allegheny County Pennsylvania
Residential Finance Authority
Revenue, AMT (GNMA)................. 4.800 11/1/07 43,313
30,000 Athens Pennsylvania Area School
Authority, ETM...................... 6.250 4/1/02 31,013
60,000 Beaver County Pennsylvania
Industrial Development Authority.... 6.000 5/1/07 60,043
35,000 Catasauqua Pennsylvania Area School
Authority, ETM...................... 8.400 2/15/01 35,963
270,000 Clearfield Pennsylvania Hospital
Authority Revenue, Clearfield
Hospital Project.................... 6.875 6/1/16 268,649
500,000 Dauphin County Pennsylvania General
Authority, Sub-Series QQQ1-10,
Mandatory, Tender 6/1/00 (AMBAC)... 4.250 6/1/26 500,424
</TABLE>
See accompanying notes to financial statements.
32
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Limited Duration Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Pennsylvania (continued)
$ 160,000 Hampton Township Pennsylvania...... 6.300 6/1/02 $ 162,877
20,000 Lehigh County Pennsylvania
Individual Development Authority
Revenue, ETM....................... 7.200 12/15/01 20,275
185,000 Pennsylvania State Finance
Authority Revenue, Municipal
Capital Improvment Program......... 6.600 11/1/09 197,025
95,000 Pennsylvania State, GO............. 6.375 9/15/12 98,563
35,000 Philadelphia Hospital & Higher
Education Authority, Moss
Rehabilitation Hospital Revenue
(AMBAC)........................... 6.900 7/1/00 35,471
5,000 Radnor Township School Authority,
ETM................................ 5.850 10/15/01 5,050
320,000 Sayre Pennsylvania Health Care
Facilities Authority (AMBAC)....... 6.800 3/1/03 333,599
35,000 William Penn School District, ETM.. 8.000 8/1/00 35,763
-----------
1,866,428
-----------
South Carolina -- 1.07%
320,000 York County South Carolina
Industrial Revenue, AMT............ 5.700 1/1/24 277,200
-----------
Tennessee -- 1.30%
130,000 Fayetteville & Lincoln Tennessee
Industrial Development Board, AMT
(LOC).............................. 5.000 6/1/01 129,837
75,000 Metro Government Nashville &
Davidson County Industrial
Development Board Revenue (FHA 221
(D) 4)............................ 6.250 7/1/02 76,406
40,000 Metro Government Nashville &
Davidson County Industrial
Development Board Revenue (FHA 221
(D) 4)............................ 6.250 7/1/02 40,800
90,000 Shelby County Tennessee Health &
Housing (Asset GTY)................ 6.000 10/1/02 92,138
-----------
339,181
-----------
Texas -- 3.40%
30,000 Austin Texas Water, Sewer &
Electric, Revenue, ETM............. 14.000 11/15/01 32,769
400,000 Port of Bay City Authority, Texas
Matagorda County, AMT.............. 6.500 5/1/26 379,000
100,000 Sportsmans World Municipal Utility
Texas, Revenue, GO, Prerefunded
8/1/00 @100, (FNMA) (GIC)......... 8.600 8/1/08 102,485
145,000 Washington County Texas Health
(ACA).............................. 4.250 6/1/00 145,135
225,000 Washington County Texas Health
(ACA).............................. 4.500 6/1/01 224,156
-----------
883,545
-----------
Virginia -- 0.35%
90,000 Virginia State Water & Sewer
Revenue, Series B, (FNMA/GIC)...... 8.700 11/1/11 91,239
-----------
Washington -- 10.02%
1,000,000 Seattle Washington Housing
Authority Low Income Revenue,
Health, Hospital and Nursing Home
Improvements...................... 4.750 12/1/24 1,000,000
1,210,000 Washington State Health Care
Facilities Authority Revenue
(LOC).............................. 7.875 12/1/09 1,253,305
370,000 Washington State Housing Finance
Community, Mandatory Put 7/1/08
@100, AMT (LOC)................... 4.900 7/1/30 353,350
-----------
2,606,655
-----------
Wisconsin -- 0.45%
10,000 Madison Wisconsin Hospital Revenue,
ETM................................ 7.000 6/1/00 10,087
100,000 New London Wisconsin Sewer System
Waterworks Revenue, Multi Utility
Improvements, Prerefunded 12/1/01
@103............................... 7.800 12/1/10 106,096
-----------
116,183
-----------
Wyoming -- 2.59%
680,000 Green River-Sweetwater County
Wyoming, Refunding, Series B
(FSA).............................. 4.500 3/1/14 672,350
-----------
Total Municipal Bonds (Cost
$23,080,859)....................... 22,826,881
-----------
</TABLE>
See accompanying notes to financial statements.
33
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Limited Duration Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Value
Shares (Note 2)
------ --------
<C> <S> <C>
Money Market Mutual Funds -- 9.88%
1,285,000 Provident Institutional Fund, Money Market............. $ 1,285,000
1,285,000 SEI Institutional, Tax-Free Money Market............... 1,285,000
-----------
Total Money Market Mutual Funds (Cost $2,570,000)...... 2,570,000
-----------
Total Investments (Cost $25,650,859) (a) -- 97.67%..... 25,396,881
Other assets in excess of liabilities -- 2.33%......... 605,564
-----------
Total Net Assets -- 100.00%............................ $26,002,445
===========
</TABLE>
- --------
(a) Represents cost for federal income tax and financial reporting purposes and
differs from value of net unrealized depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation.......................................... $ 44,885
Unrealized depreciation.......................................... (298,863)
---------
Net unrealized depreciation...................................... $(253,978)
=========
</TABLE>
AMT -- Alternative Minimum Tax
AMBAC -- AMBAC Indemnity Corporation
ETM -- Escrowed to Maturity
ACA -- American Capital Access
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.
34
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Fixed Income Portfolio
Portfolio of Investments -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- ------------
<C> <S> <C> <C> <C>
Asset Backed Securities -- 16.57%
$ 643,000 Americredit Automobile Receivables
Trust, Series 1999-C, Class A3.... 6.840 10/5/03 $ 643,463
995,000 Case Equipment Loan Trust, Series
1999-B, A4........................ 6.900 6/15/06 989,070
275,186 Contimortgage Home Equity Loan
Trust, Series 1998-1, A3.......... 6.220 1/15/13 272,635
1,375,000 Contimortgage Home Equity Loan
Trust, Series 1998-1, A7.......... 6.870 12/15/22 1,325,184
1,805,000 Copelco Capital Funding Corp.,
Series 1999-B, A4................. 6.900 12/18/04 1,796,443
1,025,000 Diversified Reit Trust, Series
1999-1a, A2....................... 6.780 3/18/11 955,172
1,650,000 Franklin Auto Loan Funding LLC,
Series 1999-1, A3................. 5.930 6/18/03 1,628,859
96,524 Green Tree Home Improvement Loan
Trust, Series 1996-F/HEA3......... 6.900 1/15/28 96,503
300,000 Green Tree Home Improvement Loan
Trust, Series 1999-E, B1.......... 10.340 3/15/15 299,955
430,000 Green Tree Home Improvements Loan
Trust, Series 1998-E, HIB1........ 7.790 2/15/15 414,606
345,000 Heller Equipment Asset Receivable
Trust, Series 1992-2, A4.......... 6.790 3/14/07 341,981
857,000 Household Automobile Revolving,
Series 1999-1, A3................. 6.330 6/17/03 850,752
425,000 Household Automobile Revolving,
Series 1999-1, A4................. 6.650 4/17/06 422,076
133,444 Lehman Home Equity Loan Trust,
Series 1995-7, A3................. 6.840 3/25/12 132,936
1,275,000 MMCA Automobile Trust, Series
1999-1, A4........................ 5.630 7/15/05 1,247,039
1,450,000 Peco Energy Transition Trust,
Series 1999-A, A6................. 6.050 3/1/09 1,340,119
1,315,000 Provident Auto Lease ABS Trust,
Series 1999-1, A2................. 7.025 1/14/12 1,303,494
1,000,000 Ryder, Series 1999-A, A5.......... 7.130 10/16/06 986,875
815,000 Southern Pacific Secured Assets
Corp., Series 1998-1, A5.......... 6.460 1/25/26 805,342
1,375,000 Union Acceptance Corp., Series
1999-A, A4........................ 5.700 6/8/04 1,335,373
677,000 Union Acceptance Corp., Series
1999-B, A4........................ 6.110 9/8/05 664,144
1,171,277 World Omni Automobile Lease,
Series 1997-B, Class A4........... 6.200 11/25/03 1,166,966
------------
Total Asset Backed Securities
(Cost $19,446,755)................ 19,018,987
------------
Collateralized Mortgage
Obligations -- 14.45%
740,000 Associates Manufactured Housing
Pass Through, 1997-2, A5.......... 6.675 3/15/28 728,870
1,693,772 Citicorp Mortgage Securities,
Inc., Series 1999-7, A3........... 7.000 5/25/11 1,641,266
450,000 FMAC Loan Receivables Trust,
Series 1998-DA, A3................ 6.729 12/15/19 418,928
190,000 GE Capital Mortgage Services,
Inc., Series 1994-10, A10......... 6.500 3/25/24 180,107
196,571 GE Capital Mortgage Services,
Inc., Series 1997-7, A7........... 7.500 8/25/27 196,496
1,910,000 GE Capital Mortgage Services,
Series 1999-14.................... 6.500 6/25/29 1,631,121
1,760,000 GE Capital Mortgage Services,
Series 1999-18.................... 7.000 10/15/26 1,660,965
1,278,058 Goldman Sachs Mortgage Securities
Corp. II 98-C1, A1................ 6.060 10/18/30 1,223,255
345,000 Green Tree Financial Corp., Series
1994-6, A5........................ 8.250 1/15/20 351,914
690,000 Green Tree Financial Corp., Series
1998-2, B1........................ 7.360 10/1/20 617,978
480,000 Green Tree Financial Corp., Series
1996-2, A4........................ 7.200 4/15/27 479,664
305,000 Green Tree Financial Corp., Series
1996-5, A5........................ 7.450 7/15/27 300,050
825,000 Green Tree Financial Corp., Series
1997-5, A6........................ 6.820 5/15/29 795,226
780,000 Green Tree Financial Corp., Series
1998-4, B1........................ 7.260 2/1/30 691,915
1,000,000 Green Tree Financial Corp., Series
1999-2, B1........................ 8.410 12/1/30 922,760
780,000 Green Tree Financial Corp., Series
1999-3, B1........................ 8.370 2/1/31 751,085
760,000 Green Tree Financial Corp., Series
1999-4, B1........................ 8.750 5/1/31 714,468
618,492 Merrill Lynch Mortgage Investors,
Inc., Series 1990-C, B............ 9.700 6/15/10 633,675
94,353 Merrill Lynch Mortgage Investors,
Inc., Series 1995-C1, A........... 7.156 5/25/15 93,653
1,270,000 Norwest Asset Securities Corp.,
Series 1997-14, A2................ 6.750 10/25/27 1,262,850
223,550 Oakwood Mortgage Investors, Inc.,
Series 1996-B, A3................. 7.100 10/15/26 223,751
275,000 Prudential Home Mortgage
Securities, Series 1994-12, A7.... 6.050 4/25/24 223,905
390,000 Prudential Home Mortgage
Securities, Series 1994-17, A5.... 6.250 4/25/24 338,126
495,933 Residential Funding Mortgage,
Series 1995-S15, A2............... 7.000 10/25/10 494,817
------------
Total Collateralized Mortgage
Obligations (Cost $17,323,886).... 16,576,845
------------
</TABLE>
See accompanying notes to financial statements.
35
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Fixed Income Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- ------------
<C> <S> <C> <C> <C>
Corporate Bonds -- 31.91%
$2,215,000 Airbus, 144A...................... 8.027 10/1/19 $ 2,223,860
1,670,000 America West Airlines, 144A....... 7.930 1/2/19 1,657,291
550,000 American United Life Insurance
Co., 144A......................... 7.750 3/30/26 506,688
1,400,000 Archstone Community Trust......... 7.200 4/15/03 1,359,750
200,000 Aristar, Inc...................... 7.375 9/1/04 197,000
1,940,000 Banamex, 144A..................... 7.500 10/1/06 1,920,600
550,000 BFC Finance Corp., Series 1996-A.. 7.375 12/1/17 532,329
1,575,000 Colonial Realty Reit.............. 7.930 8/9/02 1,556,776
1,080,000 Columbus Southern Power........... 6.550 6/26/08 1,012,500
2,300,000 Continental Airlines.............. 6.795 8/2/18 2,103,902
890,000 Dobie Center Properties, Ltd.,
144A.............................. 6.410 5/1/08 823,982
950,000 Dobie Center Properties, Ltd.,
144A.............................. 6.460 5/1/09 873,370
1,680,000 DPM Trust, 144A................... 6.161 12/15/03 1,616,999
704,000 Eastern Energy Ltd................ 6.750 12/1/06 652,960
1,550,000 ERAC USA Finance, 144A............ 6.375 5/15/03 1,491,875
620,000 Farmers Insurance Exchange, 144A.. 8.625 5/1/24 627,750
400,000 First American Financial.......... 7.550 4/1/28 351,500
1,075,000 HSBC America Capital Trust, 144A.. 7.808 12/15/26 960,781
950,000 HSBC Americas, Inc................ 7.000 11/1/06 915,563
325,000 Lehman Brothers, Inc.............. 11.625 5/15/05 374,156
165,000 National Bank Canada.............. 7.750 11/1/09 162,822
275,000 Ohio National Life Insurance,
144A.............................. 8.500 5/15/26 276,375
1,090,000 Oneok, Inc........................ 7.750 8/15/06 1,081,825
915,000 Paine Webber Group, MTN........... 6.650 10/15/02 894,413
240,000 Paine Webber Group, MTN........... 6.790 10/4/04 231,300
1,000,000 Pemex Finance Ltd................. 5.720 11/15/03 971,250
2,080,000 Pemex Finance Ltd................. 6.550 2/15/08 1,952,162
1,100,000 Pemex Finance Ltd................. 7.330 5/15/12 1,059,729
135,000 PNC Funding Corp.................. 6.125 2/15/09 120,994
1,895,000 PP&L Capital Funding, Inc., MTN... 6.790 11/22/04 1,807,356
1,600,000 Prologis Trust.................... 6.700 4/15/04 1,525,401
450,000 Prologis Trust.................... 7.100 4/15/08 416,513
825,000 Prologis Trust.................... 8.720 3/1/09 830,585
1,425,000 Prologis Trust.................... 7.625 7/1/17 1,216,594
345,000 Puget Sound Energy, MTN........... 6.740 6/15/18 306,188
645,000 Republic New York Corp............ 9.700 2/1/09 714,338
385,000 Rohm & Haas Co.................... 7.400 7/15/09 382,098
495,000 Union Central Life, 144A.......... 8.200 11/1/26 478,913
433,000 Washington Mutual Capital I....... 7.500 8/15/06 427,046
------------
Total Corporate Bonds (Cost
$38,574,661)...................... 36,615,534
------------
Private Placement -- 0.72%
870,000 Conseco, Series 1999-6, B1........ 9.200 6/1/30 822,422
------------
Total Private Placement (Cost
$840,041)......................... 822,422
------------
Taxable Municipal Bond -- 7.54%
California -- 3.10%
480,000 City Of Long Beach Marina Pacifica
CA, Revenue Bonds, Industrial
Improvements...................... 9.500 1/1/23 472,800
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 1,637,249
1,000,000 San Diego California Pub Jack
Murphy Stadium, Revenue,
Recreational Facility
Improvements...................... 6.850 2/1/06 971,250
------------
3,561,299
------------
</TABLE>
See accompanying notes to financial statements.
36
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Fixed Income Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- ------------
<C> <S> <C> <C> <C>
Taxable Municipal Bond (continued)
Florida -- 0.06%
$ 70,000 Dade County FL Aviation Revenue,
Series C, AMBAC................... 8.650 10/1/03 $ 73,325
------------
Georgia -- 0.11%
485,000 Atlanta GA Urban Residential
Finance Authority, Revenue Bonds,
FNMA, Zero Coupon................. .000 10/1/16 126,100
------------
Maryland -- 1.57%
1,800,000 Montgomery County Maryland Housing
Oppurtunities, Revenue Bonds,
Local Multi-Funding Housing....... 4.700 11/1/07 1,800,000
------------
Mississippi -- 0.09%
275,000 Mississippi Home Corp. Residual
Revenue, FHA, Zero Coupon......... .000 12/1/12 102,438
------------
New York -- 0.56%
635,000 New York City Mortgage Loan Trust,
Series 1996, A3, 144A............. 6.750 9/25/19 581,819
40,000 New York NY General Obligation
Unlimited, Series F............... 10.500 11/15/12 43,250
20,000 New York NY General Obligation
Unlimited, Zero Coupon............ .000 11/15/13 18,000
------------
643,069
------------
Pennsylvania -- 1.70%
575,000 Allegheny County PA Residential
Finance Authority, Revenue Bonds,
FHA, Zero Coupon.................. .000 8/1/28 53,188
2,110,000 Norristown PA, Series 1998........ 7.000 10/15/18 1,893,725
------------
1,946,913
------------
Utah -- 0.35%
420,000 Clearfield City Utah Multi-Family,
Revenue Bond, Local Housing....... 6.650 11/1/07 399,525
------------
Total Taxable Municipal Bond (Cost
$9,174,055)....................... 8,652,669
------------
U.S. Government Agency
Mortgages -- 15.00%
145,000 Federal Home Loan Mortgage Corp.,
Series 1496, Class KB............. 6.500 5/15/08 138,603
406,998 Federal Home Loan Mortgage Corp.,
Series 2071, Class EV............. 6.500 4/15/09 395,277
49,597 Federal Home Loan Mortgage Corp.,
Series 1633, Class PE............. 5.750 10/15/17 49,358
680,754 Federal Home Loan Mortgage Corp.,
Pool # C00742..................... 6.500 4/1/29 642,032
2,480,000 Federal Home Loan Mortgage Corp.,
Series 2131, Class PE............. 6.000 4/15/26 2,227,595
145,802 Federal National Mortgage Assoc.,
Series G92-39, Class Q............ 7.000 3/25/01 145,602
198,389 Federal National Mortgage Assoc.,
Series G93-31, Class G............ 7.000 1/25/03 197,596
430,000 Federal National Mortgage Assoc.,
Series 1994-92, Class DE.......... 7.500 7/25/07 431,858
1,106,850 Federal National Mortgage Assoc.,
Series 1997-M2, Class B........... 7.413 2/17/08 1,110,657
1,255,000 Federal National Mortgage Assoc.,
Series 1995-2, Class H............ 8.500 6/25/10 1,283,175
1,900,000 Federal National Mortgage Assoc.,
Series 1995-M1, Class B........... 6.840 7/25/10 1,886,282
365,000 Federal National Mortgage Assoc.,
Series 1997-40, Class PE.......... 6.750 7/18/19 364,883
2,053,110 Federal National Mortgage Assoc.,
Pool # 303382..................... 6.500 9/1/09 2,016,031
42,682 Federal National Mortgage Assoc.,
Pool # 303387..................... 8.000 7/1/02 43,255
3,621,556 Federal National Mortgage Assoc.,
Pool # 303380..................... 6.500 10/1/28 3,412,158
740,000 Federal National Mortgage Assoc.,
Series 1999-54, Class PG.......... 6.500 2/18/29 685,891
209,979 FGLMC, C00785..................... 6.500 12/1/29 198,036
1,715,849 FGLMC, C31226..................... 6.500 9/1/29 1,618,457
391,945 Government National Mortgage
Assoc., Pool # 464611............. 6.500 3/15/29 368,276
------------
Total U.S. Government Agency
Mortgages (Cost $17,640,472)...... 17,215,022
------------
U.S. Treasury Bonds -- 8.62%
8,687,000 U.S. Treasury Bonds............... 8.125 8/15/19 9,896,665
------------
Total U.S. Treasury Bonds (Cost
$10,411,571)...................... 9,896,665
------------
</TABLE>
See accompanying notes to financial statements.
37
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Fixed Income Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Security Maturity Value
or Shares Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- ------------
<C> <S> <C> <C> <C>
U.S. Treasury Notes -- 4.39%
$ 365,000 U.S. Treasury Notes............... 6.625 3/31/02 $ 367,621
1,260,000 U.S. Treasury Notes............... 7.875 11/15/04 1,332,844
3,450,000 U.S. Treasury Notes............... 6.000 8/15/09 3,342,188
------------
Total U.S. Treasury Notes (Cost
$5,104,180)....................... 5,042,653
------------
Money Market Mutual Funds -- 0.17%
190,630 SEI Cash Plus Government II Fund.. 190,630
------------
Total Money Market Mutual Funds
(Cost $190,630)................... 190,630
------------
Total Investments (Cost
$118,706,251) (a) -- 99.37%....... 114,031,427
------------
Other assets in excess of
liabilities -- 0.63%.............. 721,034
------------
Total Net Assets -- 100.00%....... $114,752,461
============
</TABLE>
- --------
(a) Represents cost for federal income tax and financial reporting purposes
and differs from value of net unrealized depreciation of securities
as follows:
<TABLE>
<S> <C>
Unrealized appreciation......................................... $ 4,734
Unrealized depreciation......................................... (4,679,558)
-----------
Net unrealized depreciation..................................... $(4,674,824)
===========
</TABLE>
AMBAC -- AMBAC Indemnity Corporation
FHA -- Federal Housing Authority
FNMA -- Federal National Mortgage Association
FHLB -- Federal Home Loan Bank
MTN -- Medium Term Note
See accompanying notes to financial statements.
38
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds -- 98.84%
Alabama -- 3.69%
$ 165,000 Alabama Housing Financial
Authority, AMT ............... 5.650 6/1/08 $ 167,063
210,000 Birmingham Alabama Industrial
Development Board, AMT (LOC).. 4.500 4/1/04 201,338
295,000 Birmingham Alabama Industrial
Development Board, AMT (LOC).. 4.500 4/1/04 282,831
295,000 Birmingham Alabama Industrial
Development Board, AMT (LOC).. 5.000 4/1/09 273,244
265,000 Birmingham Alabama Industrial
Development Board, AMT (LOC).. 5.000 4/1/09 245,456
135,000 Birmingham Alabama Industrial
Development Board, AMT (LOC).. 5.500 4/1/14 122,006
330,000 Birmingham Alabama Industrial
Development Board, AMT (LOC).. 5.500 4/1/14 298,237
330,000 Birmingham Alabama Industrial
Development Board, AMT (LOC).. 5.750 4/1/19 293,288
115,000 Birmingham Alabama Industrial
Development Board, AMT (LOC).. 5.750 4/1/19 102,206
330,000 Birmingham Alabama Special Care
Facilities, Methodist Home For
Aging (LOC)................... 5.000 3/1/14 300,299
25,000 Lauderale County & Florence
Alabama, ETM.................. 7.000 7/1/07 28,031
-----------
2,313,999
-----------
Arizona -- 1.98%
45,000 Coconino County Arizona United
School District (AMBAC)....... 5.000 7/1/01 45,450
15,000 Maricopa County Arizona
Hospital Revenue, ETM......... 7.125 10/1/02 15,188
10,000 Maricopa County Arizona
Industrial Development
Authority (Asset GTY)......... 5.000 5/1/07 9,600
10,000 Maricopa County Arizona
Industrial Development
Authority (Asset GTY)......... 4.900 5/1/06 9,650
25,000 Maricopa County Arizona
Industrial Development
Authority (Asset GTY)......... 5.300 5/1/13 23,688
20,000 Maricopa County Arizona
Industrial Development
Authority (FSA)............... 7.000 12/1/00 20,307
650,000 Phoenix Health Facilities
Authority Hospital, ETM....... 6.250 9/1/11 679,250
35,000 Pinal County Arizona Community
College (AMBAC)............... 5.250 7/1/05 35,656
25,000 Pinal County Arizona Community
College (AMBAC)............... 5.400 7/1/05 25,656
60,000 Pinal County Arizona Community
College (AMBAC)............... 5.250 7/1/06 61,050
25,000 Pinal County Arizona Community
College (AMBAC)............... 5.300 7/1/06 25,531
25,000 Pinal County Arizona Community
College (AMBAC)............... 5.200 7/1/07 25,156
60,000 Pinal County Arizona Community
College (AMBAC)............... 5.250 7/1/07 60,600
65,000 Pinal County Arizona Community
College (AMBAC)............... 5.250 7/1/08 65,650
25,000 Pinal County Arizona Community
College (AMBAC)............... 4.750 7/1/09 24,281
45,000 Pinal County Arizona Community
College (AMBAC)............... 4.800 7/1/09 43,875
75,000 Santa Cruz County Arizona
Industrial Development
Authority, Optional Put 8/1/07
@100.......................... 4.750 8/1/20 71,813
-----------
1,242,401
-----------
Arkansas -- 2.04%
935,000 Arkansas State Development
Finance Authority (MBIA)...... 5.100 10/1/16 863,706
7,825 Drew County Arkansas Public
Facility Board, Single Family,
Series A-2 (FNMA)............. 7.900 8/1/11 8,217
40,000 Fayetteville Arkansas Public
Facilities Board Refunding.... 7.250 4/1/11 41,200
10,000 Jefferson County Arkansas
Health Care, ETM.............. 7.400 12/1/10 10,875
3,619 Lonoke County Arkansas
Residential Housing Refunding
Series B, Facilities Board--
Single Family Mortgage
Revenue....................... 7.375 4/1/11 3,777
40,000 Mississippi County Arkansas
Public Facilities Refunding
Series 1...................... 7.200 7/15/10 42,600
225,000 North Little Rock Arkansas
Residential Housing, Capital
Appreciation, Sub-Mortgage,
Zero Coupon................... .000 12/1/10 107,437
165,000 Rogers Arkansas Sales & Use Tax
Revenue....................... 5.350 11/1/11 164,587
30,000 Saline County Arkansas
Residential Housing Board..... 7.875 3/1/11 31,313
6,255 Stuttgart Arkansas Public
Facilities Board Refunding,
Single Family Mortgage, Series
B............................. 7.750 9/1/11 6,390
-----------
1,280,102
-----------
California -- 3.07%
410,000 Abag Finance Authority for Non-
Profit Companies, American
Baptists Homes................ 5.500 10/1/07 392,575
5,000 Atwater California
Redevelopment Agency Tax
Allocation, Downtown
Redevelopment Project, Series
A (ACA)....................... 5.500 6/1/00 5,031
</TABLE>
See accompanying notes to financial statements.
39
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
California (continued)
$ 5,000 Atwater California
Redevelopment Agency Tax
Allocation, Downtown
Redevelopment Project, Series
A (ACA)....................... 5.500 6/1/01 $ 5,050
5,000 Atwater California
Redevelopment Agency Tax
Allocation, Downtown
Redevelopment Project, Series
A (ACA)....................... 5.500 6/1/02 5,063
5,000 Atwater California
Redevelopment Agency Tax
Allocation, Downtown
Redevelopment Project, Series
A (ACA)....................... 5.500 6/1/03 5,075
5,000 Atwater California
Redevelopment Agency Tax
Allocation, Downtown
Redevelopment Project, Series
A (ACA)....................... 5.500 6/1/04 5,075
5,000 Atwater California
Redevelopment Agency Tax
Allocation, Downtown
Redevelopment Project, Series
A (ACA)....................... 5.500 6/1/05 5,069
5,000 Atwater California
Redevelopment Agency Tax
Allocation, Downtown
Redevelopment Project, Series
A (ACA)....................... 4.900 6/1/06 4,894
5,000 Atwater California
Redevelopment Agency Tax
Allocation, Downtown
Redevelopment Project, Series
A (ACA)....................... 5.000 6/1/07 4,888
5,000 Atwater California
Redevelopment Agency Tax
Allocation, Downtown
Redevelopment Project, Series
A (ACA)....................... 5.050 6/1/08 4,863
5,000 Atwater California
Redevelopment Agency Tax
Allocation, Downtown
Redevelopment Project, Series
A (ACA)....................... 5.100 6/1/09 4,844
5,000 Atwater California
Redevelopment Agency Tax
Allocation, Downtown
Redevelopment Project, Series
A (ACA)....................... 5.150 6/1/10 4,813
5,000 Atwater California
Redevelopment Agency Tax
Allocation, Downtown
Redevelopment Project, Series
A (ACA)....................... 5.200 6/1/11 4,806
5,000 Atwater California
Redevelopment Agency Tax
Allocation, Downtown
Redevelopment Project, Series
A (ACA)....................... 5.300 6/1/12 4,806
5,000 Atwater California
Redevelopment Agency Tax
Allocation, Downtown
Redevelopment Project, Series
A (ACA)....................... 5.300 6/1/13 4,769
45,000 Delta County California Home
Mortgage Finance, AMT
(GNMA/FNMA) (MBIA)............ 6.700 6/1/24 46,181
15,000 Emeryville, California
Redevelopment Agency, ETM..... 7.500 9/1/11 16,950
50,000 Fairfield California
Certificates of Participation,
Prerefunded 8/1/00 @ 100...... 10.750 8/1/07 51,893
20,000 Fresno California Housing
Authority, Multi-Family
Housing Central Valley
Coalition Projects, AMT
(FNMA)........................ 5.150 8/1/07 19,625
10,000 Fresno California Housing
Authority, Multi-Family
Housing Central Valley
Coalition Projects, AMT
(FNMA)........................ 5.150 8/1/07 9,813
35,000 Fresno California Multi-Family
Housing Revenue, Woodlands
Apartments Projects (GNMA).... 6.650 5/20/08 36,706
160,000 Los Angeles California
Community Redevelopment,
Angelus Plaza Project Series A
(FNMA)........................ 7.400 6/15/10 174,600
80,000 Los Angeles California
Community Redevelopment,
Monterey Hills Redevelopment
Project....................... 8.650 12/1/22 88,600
220,000 Los Angeles California Multi-
Family Housing, Earthquake
Rehabilitation Projects,
Mandatory Put 12/1/07 @100,
AMT (FNMA).................... 5.850 12/1/27 225,774
80,000 Los Angeles California Multi-
Family Housing, Earthquake
Rehabilitation Projects,
Series A, AMT (FNMA).......... 5.700 12/1/27 80,200
10,000 Los Angeles California Regional
Airports...................... 10.000 1/1/01 10,537
205,000 Pleasant Hill California Multi-
Family Housing, Ellinswood
Apartments Projects, Mandatory
Put 10/1/05 @ 100, (FNMA)..... 5.300 10/1/20 207,305
120,000 Riverside County California
Housing Authority Breezewood
Apartments Project, Series B
(MBIA)........................ 5.000 6/1/19 105,750
60,000 Sacramento California Municipal
Utility District, Series M,
ETM........................... 8.750 4/1/03 64,425
15,000 Southern California Home
Finance Authority, AMT
(GNMA/FNMA)................... 6.900 10/1/24 15,338
110,000 Turlock California Public
Financing Authority........... 5.250 9/1/15 97,350
205,000 Vista California Multi-Family
Housing Revenue, Pepperwood
Apartments Project, Series A,
Mandatory Put 6/1/05 @100
(FNMA)........................ 5.700 6/1/25 209,612
-----------
1,922,280
-----------
</TABLE>
See accompanying notes to financial statements.
40
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Colorado -- 2.81%
$ 20,000 Arvada Colorado Industrial
Development Revenue, AMT (LOC)..... 5.600 12/1/12 $ 19,075
30,000 Arvada Colorado Industrial
Development Revenue, AMT (LOC)..... 5.800 12/1/17 28,350
65,000 Castle Rock Ranch Colorado Public
Improvements Authority............. 5.900 12/1/03 67,194
15,000 Colorado Housing Financial
Authority.......................... 5.000 5/1/05 14,794
15,000 Colorado Housing Financial
Authority.......................... 4.750 11/1/05 14,719
65,000 Colorado Housing Financial
Authority.......................... 6.500 5/1/16 68,169
100,000 Colorado Housing Financial
Authority.......................... 6.550 5/1/25 104,375
10,000 Colorado Housing Financial
Authority, AMT..................... 5.750 11/1/04 10,075
60,000 Colorado Housing Financial
Authority, AMT..................... 5.200 12/1/05 59,625
65,000 Colorado Housing Financial
Authority, AMT..................... 6.400 11/1/24 66,219
55,000 Colorado Student Obligations Board
Authority, AMT..................... 7.150 9/1/06 58,163
15,000 Commerce City Colorado Single Family
Housing, Series A.................. 6.875 3/1/12 15,356
35,000 Denver Colorado City & County Multi-
Family Housing (FHA)............... 4.700 7/1/08 33,294
20,000 Denver Colorado City & County Multi-
Family Housing, AMT (FHA).......... 5.100 11/1/07 19,475
400,000 Denver Colorado City & County Single
Family Housing (GNMA/FNMA)......... 5.000 11/1/15 363,999
15,000 Vail Colorado Single Family Mortgage
Revenue............................ 8.125 6/1/10 15,450
145,000 Westminster Colorado Multi-Family,
Mandatory Put 9/1/06 @ 100, (AXA).. 5.950 9/1/15 148,806
650,000 Westminster Colorado Multi-Family,
Mandatory Put 12/1/05 @100,
(FNMA)............................. 5.350 12/1/25 656,499
-----------
1,763,637
-----------
Connecticut -- 0.91%
365,000 Stamford Connecticut Housing
Authority, Multi-Family, AMT,
Mandatory Put 12/1/08 @100......... 4.750 12/1/28 329,869
125,000 Waterbury Connecticut Housing
Authority Mortgage Revenue
(AMBAC)............................ 4.850 7/1/09 118,906
125,000 Waterbury Connecticut Housing
Authority Mortgage Revenue
(AMBAC)............................ 4.850 7/1/09 118,906
-----------
567,681
-----------
Delaware -- 0.10%
5,000 Delaware State Economic Development
Authority Revenue, 1st Mortgage,
Peninsula United, Series A......... 6.000 5/1/09 4,806
5,000 Delaware State Housing Authority
Revenue Refunding, Multi-Family
Mortgage........................... 6.600 7/1/01 5,100
55,000 Delaware State Housing Authority
Revenue, Residential Mortgage,
Series A........................... 8.750 6/1/17 55,000
-----------
64,906
-----------
District of Columbia -- 0.34%
65,000 District of Columbia Housing
Financial Agency, Mayfair Mansions
Apartments, AMT (FHA).............. 5.000 2/1/08 60,938
150,000 District of Columbia Housing
Financial Agency, Single Family
Mortgage, Series A,
AMT (FNMA/GNMA).................... 6.250 12/1/28 152,625
-----------
213,563
-----------
Florida -- 2.83%
1,200,000 Boca Place Associates, LTD Florida
Revenue (LOC)...................... 4.650 2/1/04 1,199,999
70,000 Dade County Florida Housing Finance
Authority, AMT (FNMA), Mandatory
Put 6/1/06 @ 100 (FNMA)............ 5.900 6/1/26 70,875
10,000 Duval County Florida Housing Finance
Authority, Single Family (GNMA).... 7.650 9/1/10 10,403
15,000 Jacksonville Florida Health
Facilities, St. Catherine Laboure
Manor Inc., ETM.................... 9.125 1/1/03 16,031
45,000 Jacksonville Florida Health
Facilities, St. Vincent's Medical
Center Inc., ETM................... 9.125 1/1/03 48,094
80,000 Miami Beach Florida Housing
Authority Revenue, 1st Mortgage,
Elderly Housing, Section 8......... 6.625 1/15/09 81,500
75,000 Miami-Dade County Florida Housing
Finance Authority, Series A-1, AMT
(GNMA/FNMA)........................ 5.900 6/1/25 75,469
155,000 Miramar Florida Water Improvement
Assessment Revenue (FGIC).......... 5.125 10/1/20 153,062
</TABLE>
See accompanying notes to financial statements.
41
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Florida (continued)
$ 25,000 Palm Beach County Florida Airport
Systems Revenue (MBIA)............. 7.500 10/1/00 $ 25,614
75,000 Pinellas County Florida Housing
Finance Authority, Multi-County
Program, Series A, AMT (GNMA)...... 6.850 3/1/29 77,719
15,000 St. Johns County Florida Industrial
Development Authority, Series A
(MBIA)............................. 5.500 3/1/17 14,513
-----------
1,773,279
-----------
Georgia -- 0.59%
65,000 Augusta Georgia Housing
Rehabilitation Agency.............. 7.000 9/1/05 67,681
5,000 Clayton County Georgia Housing
Authority Multi-Family, AMT
(FNMA)............................. 5.750 1/1/13 4,981
20,000 Fulton County Georgia Housing
Authority, Single Family Revenue,
AMT (GNMA)......................... 6.200 3/1/13 20,250
65,000 Marietta Georgia Housing Authority
Multi-Family, Mandatory Put 6/1/01
@100 (FNMA)........................ 6.000 6/1/07 64,919
165,000 Marietta Georgia Housing Authority
Multi-Family, Mandatory Put 6/1/05
@100 (FNMA)........................ 5.700 6/1/25 168,713
30,000 St Mary's Georgia Housing Authority
Multi-Family (FHA)................. 7.250 9/1/05 30,825
15,000 St Mary's Georgia Housing Authority
Multi-Family (FHA)................. 7.250 10/1/05 15,319
-----------
372,688
-----------
Hawaii -- 0.03%
20,000 Honolulu Hawaii City & County Multi-
Family Housing, Waipahu Towers
Project, AMT (GNMA)................ 6.900 6/20/05 20,625
-----------
Idaho -- 1.35%
5,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC).............................. 4.600 11/1/00 4,995
15,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC).............................. 4.750 11/1/01 14,963
5,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC).............................. 4.850 11/1/02 4,981
20,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC).............................. 4.950 11/1/03 19,925
20,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC).............................. 5.050 11/1/04 19,925
25,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC) ............................. 5.150 11/1/05 24,750
25,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC).............................. 5.200 11/1/06 24,656
25,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC).............................. 5.300 11/1/07 24,688
30,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC).............................. 5.400 11/1/08 29,700
30,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC).............................. 5.500 11/1/09 29,850
5,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC).............................. 5.600 11/1/10 4,988
5,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC).............................. 5.700 11/1/11 5,000
5,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes Inc. Project, AMT
(LOC).............................. 5.800 11/1/12 5,000
25,000 Idaho Housing & Financial
Assistance, Single Family Mortgage,
Series Sub-C 2, AMT................ 5.250 7/1/11 24,469
525,000 Idaho Housing & Financial
Assistance, State Housing, Revenue
Bond, Multi-Family Housing-Teton
Apts, Mandatory Put 8/1/04 @ 100,
AMT (LOC).......................... 5.150 8/1/31 519,749
10,000 Idaho Housing Agency, Single Family
Mortgage, Series C-1............... 7.650 7/1/10 10,213
50,000 Idaho Housing Agency, Single Family
Mortgage, Sub-Series F, AMT........ 5.800 7/1/07 50,624
30,000 Idaho Housing And Financial
Assistance, Series Sub B, AMT...... 5.650 7/1/09 30,338
-----------
848,814
-----------
</TABLE>
See accompanying notes to financial statements.
42
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Illinois -- 7.95%
$ 50,000 Alton Illinois Hospital Facilities
Revenue & Refunded, Alton Memorial
Hospital Project, ETM.............. 7.000 7/1/05 $ 52,313
85,000 Bethany Illinois Home & Hospital
First Mortgage, Methodist Church,
Prerefunded 4/1/00 @ 100........... 7.750 4/1/09 85,722
215,000 Bolingbrook Illinois Mortgage
Revenue Capital Appreciation Sub-
Series 1, Zero Coupon.............. .000 1/1/11 99,438
45,000 Buffalo Grove, Illinois Economic
Development Project................ 5.450 8/15/02 45,048
10,000 Chicago Illinois Multi-Family
Housing Project, AMT (GNMA)........ 4.950 6/1/05 9,825
10,000 Chicago Illinois Multi-Family
Housing Project, AMT (GNMA)........ 5.250 6/1/08 9,763
10,000 Chicago Illinois Multi-Family
Housing Project, AMT (GNMA)........ 5.350 6/1/09 9,725
10,000 Chicago Illinois Multi-Family
Housing Project, AMT (GNMA)........ 5.450 6/1/10 9,763
15,000 Chicago Illinois Multi-Family
Housing Project, AMT (GNMA)........ 5.500 6/1/11 14,606
15,000 Chicago Illinois Multi-Family
Housing Project, AMT (GNMA)........ 5.550 6/1/12 14,588
30,000 Des Plaines, Illinois Hospital
Facility Revenue, Holy Family
Hospital, ETM...................... 7.000 1/1/07 31,238
5,000 Des Plaines, Illinois Hospital
Facility Revenue, Holy Family
Hospital, ETM (FGIC)............... 7.000 1/1/07 5,206
15,000 Des Plaines, Illinois Hospital
Facility Revenue, Holy Family
Hospital, ETM (MBIA)............... 7.000 1/1/07 15,619
35,000 Fairfield, Illinois Economic
Development Revenue, Wayne County
Center Project..................... 6.000 12/15/05 34,694
65,000 Grayslake, Illinois Multi-Family
Revenue, Country Squire Apartments
(FHA).............................. 6.000 6/1/05 66,300
5,000 Greater Peoria Illinois Airport
Authority, AMT (AMBAC)............. 6.500 12/1/05 5,300
35,000 Greater Peoria Illinois Airport
Authority, AMT (AMBAC)............. 6.600 12/1/06 37,100
15,000 Greater Peoria Illinois Airport
Authority, AMT (AMBAC)............. 6.700 12/1/07 15,900
65,000 Illinois Development Finance
Authority Revenue, Catholic Health
(AMBAC)............................ 5.150 2/15/06 64,919
460,000 Illinois Development Finance
Authority Revenue, Community
Rehabilitation Providers, Series
A.................................. 5.600 7/1/19 405,374
780,000 Illinois Development Finance
Authority Revenue, Provena Health,
Series A (MBIA).................... 5.125 5/15/23 669,824
15,000 Illinois Development Finance
Authority Revenue, Section 8 Series
A (FHA/MBIA)....................... 5.200 7/1/08 14,588
100,000 Illinois Development Finance
Authority, Illinois Facilities
Project, Series A.................. 7.400 9/1/04 105,125
365,000 Illinois Educational Facility
Authority Revenue.................. 4.600 10/1/08 336,713
425,000 Illinois Educational Facility
Authority Revenue.................. 5.000 10/1/13 378,250
965,000 Illinois Health Facilities Authority
Revenue, Community Hospital of
Ottawa Project..................... 6.750 8/15/14 987,918
55,000 Illinois Health Facilities Authority
Revenue, Lutheran Social Services.. 6.125 8/15/10 51,700
25,000 Illinois Health Facilities Authority
Revenue, Michael Reese Hospital &
Medical Center, ETM................ 6.750 12/1/08 26,156
20,000 Illinois Health Facilities Authority
Revenue, Midwest Group Limited
(ACA).............................. 5.375 11/15/08 19,750
305,000 Illinois Health Facilities Authority
Revenue, Northwestern Medical
Foundation (MBIA).................. 5.125 11/15/28 257,724
90,000 Illinois Health Facilities Authority
Revenue, Northwestern Memorial
Hospital Project, ETM.............. 6.375 5/1/03 91,688
95,000 Illinois Health Facilities Authority
Revenue, Sydney R. Forkosh Memorial
Hospital, Prerefunded 7/1/02 @
100................................ 7.000 7/1/07 99,394
180,000 Lake County, Illinois, School
District No. 109, Series B......... 6.600 12/15/18 192,374
15,000 Quincy Illinois Single Family
Mortgage........................... 6.875 3/1/10 15,413
35,000 Rockford Illinois Mortgage Revenue,
Faust Landmark Apartments, Series
A, AMT (FHA)....................... 5.625 1/1/07 35,088
120,000 Rockford-Concord Commons Housing,
Concord Commons Project (FHA)...... 6.150 11/1/22 120,450
30,000 Rockford-Concord Commons Housing,
Concord Commons Project, Series A
(FHA).............................. 5.550 11/1/06 30,488
195,000 Silvas Illinois Mortgage Revenue
(FHA).............................. 4.900 8/1/11 181,349
135,000 Silvas Illinois Mortgage Revenue
(FHA).............................. 5.200 8/1/17 123,524
10,000 Southwestern Illinois Development
Authority Hospital Revenue, Wood
River Township Hospital Project,
ETM................................ 6.875 8/1/03 10,475
205,000 Woodridge Illinois Multi-Family
Revenue, Hawthorn Ridge, Series A
(GNMA)............................. 5.650 12/20/32 194,237
-----------
4,974,669
-----------
Indiana -- 1.57%
145,000 Gary Indiana Mortgage Revenue, AMT
(FNMA)............................. 5.400 8/20/38 127,238
</TABLE>
See accompanying notes to financial statements.
43
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Indiana (continued)
$ 5,000 Indiana Bond Bank................... 5.200 8/1/07 $ 5,044
20,000 Indiana Bond Bank................... 5.300 8/1/08 20,275
15,000 Indiana Bond Bank................... 5.400 8/1/09 15,225
45,000 Indiana Health Facilities Financing
Authority.......................... 4.850 2/15/06 43,200
25,000 Indiana Health Facilities Financing
Authority.......................... 4.800 2/15/07 23,656
20,000 Indiana Health Facilities Financing
Authority.......................... 4.850 2/15/08 18,800
20,000 Indiana Health Facilities Financing
Authority.......................... 4.950 2/15/09 18,525
15,000 Indiana Health Facilities Financing
Authority (Asset GTY).............. 5.000 8/15/05 14,813
25,000 Indiana Health Facilities Financing
Authority (Asset GTY).............. 5.100 2/15/06 24,688
25,000 Indiana Health Facilities Financing
Authority (Asset GTY).............. 5.100 8/15/06 24,656
25,000 Indiana Health Facilities Financing
Authority (Asset GTY).............. 5.250 2/15/08 24,469
30,000 Indiana Health Facilities Financing
Authority (Asset GTY).............. 5.350 8/15/09 29,325
110,000 Indianapolis Indiana Economic
Development Revenue, AMT (GNMA).... 5.350 4/20/17 99,275
220,000 Indianapolis Indiana Economic
Development Revenue, Mandatory Put
12/1/04 @ 100, AMT (FNMA).......... 6.375 12/1/24 229,624
60,000 Lawrence Indiana Multi-Family
Revenue, AMT (FNMA)................ 5.050 1/1/08 58,875
140,000 Lawrence Indiana Multi-Family
Revenue, Mandatory Put 1/1/08 @100,
AMT (FNMA)......................... 5.150 6/1/24 127,050
65,000 Monroe County Indiana Hospital
Authority.......................... 4.750 5/1/06 63,781
15,000 Vigo County Indiana Hospital
Authority Revenue, ETM............. 6.875 4/1/04 15,619
-----------
984,138
-----------
Iowa -- 0.29%
70,000 Des Moines Iowa Hospital Revenue,
Fairview Community, Iowa Lutheran
Hospital, ETM...................... 9.500 11/15/02 74,988
100,000 Iowa Financial Authority Small
Business District, Terrace Center.. 7.500 3/1/22 105,375
-----------
180,363
-----------
Kansas -- 0.34%
25,000 Kansas State Development Finance
Authority Multi-family, AMT (LOC).. 5.300 10/1/07 24,438
65,000 Kansas State Development Finance
Authority Multi-family, Mandatory
Put 10/1/07 @100, AMT (LOC)........ 5.600 10/1/19 63,537
15,000 Labette County Kansas Single Family
(GNMA)............................. 7.650 12/1/11 15,656
45,000 Manhattan Kansas Tax Increment
Revenue, AMT (Asset GTY)........... 5.000 12/1/02 45,113
35,000 Manhattan Kansas Tax Increment
Revenue, AMT (Asset GTY)........... 5.200 12/1/03 35,175
10,000 Reno County Kansas Mortgage
Revenue............................ 8.700 9/1/11 10,438
5,000 Saline County Kansas Single Family
Mortgage Revenue................... 9.500 10/1/11 5,181
15,000 Wichita Kansas Single Family
Mortgage........................... 7.100 9/1/09 15,469
-----------
215,007
-----------
Kentucky -- 0.56%
65,000 Ashland Kentucky Environmental
Improvements, Allied Chemical
Corporation Project, ETM........... 5.800 3/1/03 65,731
25,000 Greater Kentucky Housing Assistance
Corporation, Section 8, Assisted
Project (FHA/MBIA)................. 7.625 1/1/25 25,531
35,000 Greater Kentucky Housing Assistance
Corporation, Section 8, Series C
(FHA/MBIA)......................... 5.350 7/1/07 35,044
105,000 Kentucky State Turnpike Authority
Resource Recovery, ETM............. 6.125 7/1/07 106,706
70,000 Kentucky State Turnpike Authority
Resource Recovery, Recovery Road
Revenue, ETM....................... 6.625 7/1/08 74,200
10,000 Lakeland Wesley Village Inc.
Kentucky Mortgage, ELD Section 8,
Assistance Project (FHA)........... 7.125 11/1/02 10,313
30,000 Owensboro Kentucky Electric Lighting
& Power Revenue, ETM............... 10.500 1/1/04 33,638
-----------
351,163
-----------
Louisiana -- 1.18%
40,000 Iberia Home Mortgage Authority
Louisiana Single Family............ 7.375 1/1/11 42,350
10,000 Jefferson Parish Louisiana Hospital
Services Development Revenue, ETM.. 7.125 1/1/02 10,225
</TABLE>
See accompanying notes to financial statements.
44
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Louisiana (continued)
$ 25,000 Louisiana Housing Finance Agency
Mortgage Revenue (GNMA/FNMA)....... 4.625 6/1/09 $ 24,994
40,000 Louisiana Housing Finance Agency
Mortgage Revenue, AMT (GNMA)....... 6.450 9/1/27 40,500
105,000 Louisiana Housing Finance Agency
Mortgage Revenue, AMT (GNMA)....... 6.500 9/1/38 106,312
20,000 Louisiana Public Facility Authority
Revenue, Single Family............. 7.375 10/1/12 20,250
24,466 Louisiana Public Facility Authority
Revenue............................ 8.450 12/1/12 25,567
20,000 Louisiana Public Facility Authority
Revenue (AXA)...................... 5.750 3/15/03 20,525
20,000 Louisiana Public Facility Authority
Revenue (AXA)...................... 5.850 3/15/04 20,525
20,000 Louisiana Public Facility Authority
Revenue (AXA)...................... 5.950 3/15/05 20,525
50,000 Louisiana Public Facility Authority
Revenue, Mandatory Put 6/1/05 @ 100
(FNMA)............................. 5.800 6/1/25 51,375
105,000 Louisiana Public Facility Authority
Revenue, Series A-1, Mandatory Put
6/1/01 @ 100, (AMBAC).............. 5.000 12/1/15 105,919
245,000 Louisiana Public Services Authority
Revenue, Mandatory Put 6/1/05 @ 100
(FNMA)............................. 5.800 6/1/25 251,737
-----------
740,804
-----------
Maine -- 1.04%
670,000 Maine Finance Authority Revenue, AMT
(FSA).............................. 5.200 7/1/18 639,850
10,000 Maine Health & Higher Educational
Facilities, Cedar Nursing,
Prerefunded 2/1/00 @102............ 7.900 8/1/32 10,227
-----------
650,077
-----------
Maryland -- 0.52%
10,000 Annapolis Maryland Economic
Development Revenue................ 4.600 10/1/02 9,888
15,000 Annapolis Maryland Economic
Development Revenue................ 4.700 10/1/03 14,719
5,000 Annapolis Maryland Economic
Development Revenue................ 4.800 10/1/04 4,881
15,000 Annapolis Maryland Economic
Development Revenue................ 5.000 10/1/06 14,588
15,000 Annapolis Maryland Economic
Development Revenue................ 5.000 10/1/07 14,381
15,000 Annapolis Maryland Economic
Development Revenue................ 5.000 10/1/08 14,269
115,000 Cecil County Maryland County
Commerce Economic.................. 6.875 1/15/08 121,324
35,000 Cecil County Maryland County
Commerce Economic.................. 6.875 1/15/10 36,881
105,000 Maryland State Economic Development
Corp. (GNMA)....................... 5.450 12/20/37 92,269
-----------
323,200
-----------
Massachusetts -- 2.57%
130,000 Boston Massachusetts Industrial
Development Finance Authority,
Northend Community, Series A
(FHA).............................. 6.450 8/1/37 133,250
40,000 Dartmouth, Massachusetts Housing
Development Corporation Mortgage
Revenue (FHA/MBIA)................. 4.850 7/1/09 38,150
40,000 Massachusetts Education Loan
Authority, Issue D Series A, AMT
(MBIA)............................. 7.250 1/1/09 41,266
20,000 Massachusetts State Health &
Education Facilities Authority,
Beth Israel Hospital, ETM.......... 5.750 7/1/06 20,025
5,000 Massachusetts State Health &
Education Facilities Authority,
Massachusetts Institute of
Technology......................... 8.000 7/1/00 5,092
460,000 Massachusetts State Housing Finance
Agency (Asset GTY)................. 4.850 9/1/13 411,125
15,000 Massachusetts State Housing Finance
Agency, Series A, AMT (MBIA)....... 6.125 12/1/11 15,113
30,000 Massachusetts State Individual
Finance Agency, AMT (GNMA)......... 5.400 8/20/12 28,613
340,000 Massachusetts State Individual
Finance Agency, AMT (GNMA)......... 6.450 8/20/39 344,250
145,000 Massachusetts State Individual
Finance Agency, Higher Education,
Hampshire College Project.......... 5.800 10/1/17 133,944
490,000 Massachusetts State Individual
Financial Agency, Revenue Bond,
Retirement Facility, AMT (GNMA).... 5.300 6/20/19 437,325
-----------
1,608,153
-----------
Michigan -- 1.70%
365,000 Avondale School District............ 5.800 5/1/07 376,406
</TABLE>
See accompanying notes to financial statements.
45
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Michigan (continued)
$ 30,000 Battle Creek Michigan Economic
Development.......................... 5.125 2/1/09 $ 30,028
170,000 Detroit Water Supply System, Water
Utility Improvements, ETM............ 8.875 1/1/05 186,787
50,000 Dickinson County Michigan Economic
Development.......................... 6.550 3/1/07 51,204
20,000 Michigan State Building Authority
Revenue, ETM......................... 7.400 4/1/01 20,200
75,000 Michigan State Hospital Financial
Authority Revenue, ETM............... 6.200 1/1/03 76,219
70,000 Michigan State Hospital Financial
Authority Revenue, ETM............... 7.000 7/1/05 73,238
5,000 Michigan State Housing Development
Authority, AMT (AMBAC)............... 5.050 12/1/07 4,863
5,000 Michigan State Housing Development
Authority, AMT (AMBAC)............... 5.150 12/1/08 4,875
5,000 Michigan State Housing Development
Authority, AMT (AMBAC)............... 5.250 12/1/09 4,869
5,000 Michigan State Housing Development
Authority, AMT (AMBAC)............... 5.350 12/1/10 4,844
45,000 Michigan State Strategic Fund, Ltd.,
ETM.................................. 7.875 8/15/05 48,094
85,000 Petoskey Michigan Hospital Finance
Authority, ETM....................... 6.700 3/1/07 88,400
85,000 Saginaw Michigan Hospital Finance
Authority, ETM....................... 7.500 11/1/10 94,030
-----------
1,064,057
-----------
Minnesota -- 0.38%
30,000 Cambridge Minnesota Mortgage Revenue
(GNMA)............................... 5.400 11/20/05 30,225
10,000 Dakota County Minnesota Housing &
Redevelopment Authority, AMT
(GNMA/FNMA).......................... 5.550 10/1/02 10,113
10,000 Dakota County Minnesota Housing &
Redevelopment Authority, AMT
(GNMA/FNMA).......................... 5.750 10/1/04 10,125
80,000 Fridley Minnesota Community
Development Revenue, Mandatory Put
9/1/01 @100, AMT (LOC)............... 5.375 9/1/16 80,300
30,000 Monticello Minnesota Pollution Control
Revenue.............................. 5.375 2/1/03 30,023
75,000 Rochester Minnesota Hospital Revenue,
ETM.................................. 5.750 10/1/07 76,312
-----------
237,098
-----------
Mississippi -- 5.12%
660,000 Jackson Mississippi Housing Authority,
AMT.................................. 5.400 4/1/39 599,775
580,000 Jackson Mississippi Housing Authority,
AMT (FSA)............................ 5.300 4/1/19 527,800
185,000 Lincoln County Mississippi Hospital
Revenue (Asset GTY).................. 5.500 4/1/18 171,356
715,000 Mississippi Business Finance Corp.
(GNMA)............................... 5.450 5/20/34 622,050
890,000 Mississippi Business Finance Corp.,
Series A (GNMA)...................... 5.450 5/20/34 774,300
20,000 Mississippi Business Finance
Corporation, AMT (LOC)............... 5.450 9/1/01 20,050
20,000 Mississippi Business Finance
Corporation, AMT (LOC)............... 5.600 9/1/02 20,075
20,000 Mississippi Business Finance
Corporation, AMT (LOC)............... 5.800 9/1/04 20,075
25,000 Mississippi Business Finance
Corporation, AMT (LOC)............... 5.900 9/1/05 25,094
50,000 Mississippi Home Corporation Single
Family (GNMA/FNMA)................... 5.125 12/1/17 49,813
10,000 Mississippi Home Corporation Single
Family Revenue, AMT (GNMA)........... 5.000 6/1/04 10,000
195,000 Mississippi Home Corporation Single
Family Revenue, AMT (GNMA/FNMA)...... 7.375 6/1/28 216,450
165,000 Perry County Mississippi Pollution
Control.............................. 5.200 10/1/12 151,800
-----------
3,208,638
-----------
Missouri -- 3.00%
160,000 Boone County Missouri Industrial
Development Authority, Otscon Inc.
Project, Mandatory Put 5/1/05 @100,
AMT (LOC)............................ 5.125 5/1/18 153,400
405,000 Joplin Missouri Industrial Development
Authority, Prerefunded 12/15/01 @
102.................................. 8.250 12/15/14 440,437
210,000 Kansas City Missouri Industrial
Development Authority, Coves North
Duplexes Project, Mandatory Put
9/1/05 @100 (FNMA)................... 5.600 9/1/25 211,313
360,000 Kansas City Missouri Industrial
Development Authority, Royal Woods
Apartments Project, Mandatory Put
1/1/10 @100, AMT (FNMA).............. 5.600 1/1/30 354,599
575,000 Missouri State Development Financing
Board, Recreational Facilities, YMCA
Greater St. Louis Project, Series A
(LOC)................................ 4.750 9/1/07 547,687
</TABLE>
See accompanying notes to financial statements.
46
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Missouri (continued)
$ 60,000 Missouri State Development Financing
Board, Recreational Facilities,
YMCA Greater St. Louis Project,
Series A (LOC)..................... 4.900 9/1/10 $ 56,475
25,000 Missouri State Housing Development
Community Mortgage, Single Family,
AMT (GNMA)......................... 6.625 12/1/17 25,500
50,000 St Louis County Missouri Regional
Convention And Sports Complex,
Series B........................... 6.500 8/15/01 51,563
40,000 St Louis Missouri Land Clearance
Redevelopment Authority,
Westminster Place Apartments,
Mandatory Put 4/1/07 @100 (FNMA)... 5.950 7/1/22 41,200
-----------
1,882,174
-----------
Montana -- 0.38%
175,000 Great Falls Montana Multi-Family
Revenue, Mandatory Put 1/2/08 @100,
AMT (LOC).......................... 4.900 1/1/38 166,468
70,000 Missoula County Hospital, ETM....... 7.125 6/1/07 73,763
-----------
240,231
-----------
Nebraska -- 1.69%
880,000 Nebraska Help, Inc. Revenue Bond,
Student Loan Program, AMT (MBIA)... 5.250 6/1/02 883,299
130,000 Nebraska Investment Financial
Authority Multi-Family Housing, Old
Cheney Apartments, Mandatory Put
12/1/05 @100 (FNMA)................ 5.500 12/1/25 131,138
45,000 Nebraska Investment Financial
Authority Multi-Family Housing,
Tara Hills Village (FNMA).......... 4.875 1/1/08 43,538
-----------
1,057,975
-----------
Nevada -- 1.09%
35,000 Nevada Housing Division............. 5.450 4/1/10 34,038
40,000 Nevada Housing Division, AMT........ 6.450 10/1/07 40,850
25,000 Nevada Housing Division, AMT........ 6.000 10/1/09 25,156
35,000 Nevada Housing Division, AMT
(FNMA)............................. 5.900 4/1/06 35,219
30,000 Nevada Housing Division, AMT
(FNMA)............................. 5.500 10/1/09 28,913
570,000 Nevada Housing Division, AMT (LOC).. 5.450 10/1/18 518,699
-----------
682,875
-----------
New Hampshire -- 0.91%
45,000 New Hampshire Higher Education &
Health Facilities, Franklin Pierce
College (ACA)...................... 4.900 10/1/08 43,088
30,000 New Hampshire Higher Education &
Health Facilities, Franklin Pierce
College (ACA)...................... 5.000 10/1/09 28,650
55,000 New Hampshire Higher Education &
Health Facilities, Kendal at
Hanover Issue (LOC)................ 5.200 10/1/06 54,243
40,000 New Hampshire Higher Education &
Health Facilities, Kendal at
Hanover Issue (LOC)................ 5.300 10/1/07 39,500
10,000 New Hampshire Higher Education &
Health Facilities, Rivier College.. 4.650 1/1/04 9,738
10,000 New Hampshire Higher Education &
Health Facilities, Rivier College.. 4.750 1/1/05 9,650
10,000 New Hampshire Higher Education &
Health Facilities, Rivier College.. 4.850 1/1/07 9,525
15,000 New Hampshire Higher Education &
Health Facilities, Rivier College.. 4.900 1/1/08 14,213
275,000 New Hampshire Higher Education &
Health Facilities, Rivier College.. 5.550 1/1/18 244,062
130,000 New Hampshire Higher Education &
Health Facilities, St. Anselm
College............................ 5.150 7/1/29 111,312
5,000 New Hampshire Higher Educational &
Health Facilities, Crotched Mental
Rehabilitation Center, Prerefunded
1/1/00 @ 102....................... 7.500 1/1/09 5,100
-----------
569,081
-----------
New Jersey -- 2.05%
10,000 Church Street Corporation Keansburg
New................................ 5.000 3/1/01 9,988
10,000 Deptford Township New Jersey Fire
District........................... 5.600 10/15/06 10,350
15,000 Deptford Township New Jersey Fire
District........................... 5.850 10/15/07 15,788
420,000 New Jersey Economic Development
Authority Revenue, Optional Put
12/1/02 @100....................... 4.950 12/1/28 420,000
15,000 New Jersey Economic Development
Authority Revenue (ACA)............ 4.600 7/1/02 14,906
20,000 New Jersey Economic Development
Authority Revenue (ACA)............ 4.750 7/1/03 19,850
</TABLE>
See accompanying notes to financial statements.
47
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
New Jersey (continued)
$ 20,000 New Jersey Economic Development
Authority Revenue (ACA)............ 4.850 7/1/04 $ 19,825
35,000 New Jersey Economic Development
Authority Revenue, AMT (LOC)....... 5.000 10/1/05 34,606
585,000 New Jersey Economic Development
Authority Revenue, Series B, AMT
(LOC).............................. 5.300 12/1/07 572,569
75,000 New Jersey State Educational
Facilities......................... 7.250 7/1/25 76,406
80,000 New Jersey State Turnpike Authority
Turnpike Revenue, ETM.............. 10.375 1/1/03 87,400
-----------
1,281,688
-----------
New Mexico -- 0.55%
442,000 Albuquerque New Mexico
Collateralized (FGIC), Zero
Coupon............................. .000 5/15/11 201,109
100,000 Bernalillo County New Mexico Multi-
Family, Mandatory Put 11/1/06 @100
(AXA).............................. 5.800 11/1/25 102,250
10,000 New Mexico Mortgage Financing
Authority (GNMA/FNMA).............. 5.500 7/1/17 9,475
35,000 New Mexico Mortgage Financing
Authority (GNMA/FNMA).............. 5.600 7/1/28 32,419
1,322 Santa Fe New Mexico Single Family
Mortgage........................... 8.450 12/1/11 1,383
-----------
346,636
-----------
New York -- 4.83%
125,000 Albany New York Housing Authority,
Housing Revenue, Lark Drive
Association Project, AMT (LOC)..... 5.200 12/1/13 116,250
110,000 Albany New York Housing Authority,
Housing Revenue, Lark Drive
Association Project, AMT (LOC)..... 5.400 12/1/18 100,513
265,000 Albany New York Housing Authority,
Housing Revenue, Lark Drive
Association Project, AMT (LOC)..... 5.500 12/1/28 237,174
15,000 Amherst New York Industrial
Development Agency, Multisurface
Rink Complex (LOC)................. 4.750 10/1/02 15,038
25,000 Amherst New York Industrial
Development Agency, Multisurface
Rink Complex (LOC)................. 5.180 10/1/06 25,188
35,000 Capital District Youth Center New
York (LOC)......................... 6.000 2/1/17 33,600
255,000 Dutchess County New York Resource
Recovery Agency, Solid Waste
Systems, Series C, AMT (MBIA)...... 5.000 1/1/10 245,755
35,000 Nassau County New York General
Improvements, Series X (AMBAC)..... 5.000 11/1/05 35,088
35,000 Nassau County New York General
Improvements, Series X (AMBAC)..... 5.000 11/1/06 34,913
110,000 New York City Housing Authority
Multi-Family Housing, Section 8
Assisted, Series A (AMBAC)......... 5.450 7/1/08 111,100
30,000 New York City Industrial Development
Agency, College of Aeronautics
Project............................ 5.000 5/1/06 28,875
20,000 New York City Industrial Development
Agency, College of Aeronautics
Project............................ 5.200 5/1/09 19,025
185,000 New York New York, Series B
(AMBAC)............................ 7.250 8/15/07 208,356
185,000 New York New York, Series L (MBIA).. 8.000 8/1/06 214,137
395,000 New York State Dormitory Authority
Lease Revenue, State University
Dormitory Facilities, Series A
(AMBAC)............................ 5.250 7/1/12 383,643
5,000 New York State Dormitory Authority
Revenue, Zero Coupon, ETM.......... .000 7/1/04 3,894
195,000 New York State Dormitory Authority
Revenue, Hunts Point Multi Service
Center............................. 5.625 7/1/22 182,325
210,000 New York State Dormitory Authority
Revenue, Long Island University
(Asset GTY), Prerefunded 5/1/05 @
102................................ 6.000 9/1/08 223,912
85,000 New York State Dormitory Authority
Revenue, St. Mary's Hospital
Amsterdam (MBIA)................... 5.250 5/1/05 86,275
50,000 New York State Power Authority
Revenue & General Obligation,
Series C, ETM...................... 9.500 1/1/01 51,136
235,000 New York State Urban Development
Corporation Revenue (AMBAC)........ 5.625 1/1/07 240,580
55,000 Oneida County New York Industrial
Development Agency Revenue, Civic
Facilities-Mohawk Valley, Series A
(FSA).............................. 4.550 2/1/04 54,588
45,000 Oneida County New York Industrial
Development Agency Revenue, Civic
Facilities-Mohawk Valley, Series A
(FSA).............................. 4.650 2/1/05 44,550
60,000 Oneida County New York Industrial
Development Agency Revenue, Civic
Facilities-Mohawk Valley, Series A
(FSA).............................. 4.700 2/1/06 59,175
</TABLE>
See accompanying notes to financial statements.
48
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
New York (continued)
$ 65,000 Oneida County New York Industrial
Development Agency Revenue, Civic
Facilities-Mohawk Valley, Series A
(FSA).............................. 5.000 1/1/13 $ 60,613
65,000 Oneida County New York Industrial
Development Agency Revenue, Civic
Facilities-Mohawk Valley, Series A
(FSA).............................. 5.200 2/1/13 61,750
155,000 Syracuse New York Housing Authority
Revenue (FHA)...................... 5.000 8/1/07 150,350
-----------
3,027,803
-----------
North Dakota -- 2.91%
125,000 North Dakota State Housing Finance
Agency Revenue, Homemortgage
Finance, Series E, AMT............. 4.500 7/1/07 118,125
95,000 North Dakota State Housing Finance
Agency Revenue, Homemortgage
Finance, Series E, AMT............. 4.550 1/1/08 89,063
150,000 North Dakota State Housing Finance
Agency Revenue, Homemortgage
Finance, Series E, AMT............. 4.850 7/1/11 138,000
155,000 North Dakota State Housing Finance
Agency Revenue, Homemortgage
Finance, Series E, AMT............. 4.950 1/1/12 142,794
100,000 North Dakota State Housing Finance
Agency Revenue, Series D, AMT...... 4.500 1/1/07 94,500
90,000 North Dakota State Housing Finance
Agency Revenue, Series D, AMT...... 4.550 1/1/08 84,375
295,000 North Dakota State Housing Finance
Agency Revenue, Series D, AMT...... 4.550 7/1/08 275,825
120,000 North Dakota State Housing Finance
Agency Revenue, Series D, AMT...... 4.650 1/1/09 111,750
345,000 North Dakota State Housing Finance
Agency Revenue, Series D, AMT...... 4.850 7/1/11 317,400
345,000 North Dakota State Housing Finance
Agency Revenue, Series D, AMT...... 4.950 1/1/12 317,830
150,000 North Dakota State Housing Finance
Agency Revenue, Series D, AMT...... 5.000 1/1/13 137,063
-----------
1,826,725
-----------
Ohio -- 4.08%
117,498 Bridlewood Apartments, Put Option
9/1/01 @ 100....................... 5.600 9/1/21 117,498
695,000 Cuyahoga County Ohio Mortgage
Revenue, AMT (GNMA)................ 5.200 9/20/09 661,118
85,000 Cuyahoga County Ohio Multi-Family
Housing, AMT (GNMA)................ 6.250 12/20/36 85,425
585,000 Franklin County Ohio Housing
Revenue, Rosewind Limited
Partnership Project, AMT........... 4.900 1/1/02 584,268
80,000 Hancock County Ohio Multi-Family
Housing, Crystal Glen Apartments,
AMT (LOC).......................... 5.050 1/1/10 75,600
20,000 Jefferson County Ohio (Asset GTY)... 6.625 12/1/05 20,975
100,000 Lorain County Ohio Health Care
Facilities, Put Option 2/1/02 @
100................................ 4.750 2/1/22 97,875
70,000 Lorain County Ohio Hospital Revenue,
Humility of Mary Health Care, ETM.. 7.125 12/15/06 73,500
65,000 Lorain County Ohio Hospital Revenue,
Humility of Mary Health Care, ETM.. 7.200 12/15/11 68,575
280,000 Lorain County Ohio Hospital Revenue,
Humility of Mary Health Care,
Prerefunded 6/15/05 @ 100.......... 5.900 12/15/08 288,750
20,000 Lucas-Palmer Housing Development
Corporation of Ohio (FHA/MBIA)..... 5.900 7/1/07 20,350
25,000 Ohio Capital Corporation For
Housing, Mortgage Revenue, Section
8 Assisted Project (FHA/MBIA) ..... 5.700 1/1/05 25,313
130,000 Ohio Capital Corporation For
Housing, Mortgage Revenue, Section
8 Assisted Project (FHA/MBIA)...... 5.100 7/1/09 126,100
20,000 Ohio Capital Corporation For
Housing, Mortgage Revenue, Section
8 Assisted Project, Series A
(FHA/MBIA)......................... 4.500 1/1/03 19,725
25,000 Ohio State Mortgage Revenue (FHA)... 5.600 8/1/06 25,156
15,000 Ohio State Pollution Control
Revenue, General Motors Corporation
Project............................ 6.500 3/1/06 15,023
250,000 Sandusky County Ohio Health Care
Facilities Revenue (FNMA).......... 5.150 7/1/09 248,750
-----------
2,554,001
-----------
Oklahoma -- 1.71%
90,000 Cleveland County Oklahoma Home
Loan............................... 8.375 8/1/12 94,049
50,000 Grand River Dam Authority Oklahoma
Revenue, ETM....................... 6.250 11/1/08 50,500
</TABLE>
See accompanying notes to financial statements.
49
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Oklahoma (continued)
$ 90,000 Mc Alester Oklahoma Public Works
Authority, ETM (FSA)................ 8.250 12/1/04 $ 104,062
50,000 Mc Alester Oklahoma Public Works
Authority, ETM (FSA)................ 8.250 12/1/05 58,938
10,000 Mc Alester Oklahoma Public Works
Authority, ETM (FSA)................ 8.250 12/1/06 11,988
60,000 Oklahoma Housing Finance Agency
Multi-Family (FNMA)................. 5.100 12/1/07 59,920
15,000 Payne County Oklahoma Home Financial
Authority........................... 8.625 3/1/11 15,431
650,000 Tulsa Oklahoma Municipal Airport,
AMT................................. 7.600 12/1/30 678,438
-----------
1,073,326
-----------
Oregon -- 3.21%
1,640,000 Cow Creek Band Umpqua Tribe Of
Indians, Series B (AMBAC)........... 5.100 7/1/12 1,574,400
465,000 Oregon State Health Housing,
Educational & Cultural Facilities,
Cedar West Housing Project, Series
A, AMT (LOC)........................ 4.650 1/2/08 438,263
-----------
2,012,663
-----------
Pennsylvania -- 14.56%
35,000 Aliquippa Pennsylvania, Partially ETM
(Asset GTY)......................... 8.250 9/15/01 35,941
120,000 Allegheny County Pennsylvania
Hospital Development Authority
(MBIA).............................. 5.000 11/1/23 100,350
65,000 Allegheny County Pennsylvania
Industrial Development, HVL Plaza
Project, AMT (LOC).................. 6.000 10/1/04 65,057
25,000 Allegheny County Pennsylvania
Residential Finance Authority
(GNMA).............................. 6.500 11/1/14 25,250
150,000 Allegheny County Pennsylvania
Residential Finance Authority,
Single Family Mortgage, Series DD-2,
AMT (GNMA).......................... 4.950 5/1/09 143,063
30,000 Allentown Pennsylvania Area Hospital
Authority, Sacred Heart Hospital of
Allentown........................... 6.200 11/15/03 30,188
15,000 Chester County, Pennsylvania Health &
Education Finance Authority,
Immaculata College.................. 4.500 10/15/00 14,963
15,000 Chester County, Pennsylvania Health &
Education Finance Authority,
Immaculata College.................. 4.650 10/15/01 14,850
20,000 Chester County, Pennsylvania Health &
Education Finance Authority,
Immaculata College.................. 4.750 10/15/02 19,750
20,000 Chester County, Pennsylvania Health &
Education Finance Authority,
Immaculata College.................. 4.850 10/15/03 19,625
25,000 Chester County, Pennsylvania Health &
Education Finance Authority,
Immaculata College.................. 4.900 10/15/04 24,344
25,000 Chester County, Pennsylvania Health &
Education Finance Authority,
Immaculata College.................. 5.000 10/15/07 23,719
10,000 Chester County, Pennsylvania Health &
Education Finance Authority,
Immaculata College.................. 5.100 10/15/08 9,475
20,000 Chester County, Pennsylvania Health &
Education Finance Authority,
Immaculata College.................. 5.125 10/15/09 18,775
25,000 Chester County, Pennsylvania Health &
Education Finance Authority,
Immaculata College.................. 5.300 10/15/11 23,281
365,000 Chester County, Pennsylvania Health &
Education, Health, Hospital, Nursing
Home Improvements, Barclay Friends-
Series B, Mandatory Put 8/1/02 @ 100
(LOC)............................... 4.600 8/1/25 361,805
40,000 Dauphin County Pennsylvania,
Mandatory Put 6/1/01 @ 100.......... 6.250 6/1/26 40,630
200,000 Dauphin County Pennsylvania,
Mandatory Put 6/1/04 @ 100.......... 6.700 6/1/26 208,249
45,000 Dauphin County Pennsylvania,
Mandatory Put 6/1/09 @ 100.......... 6.850 6/1/26 46,969
95,000 Delaware County Pennsylvania
Authority Hospital Revenue, Riddle
Memorial Hospital, ETM.............. 5.900 1/1/02 97,138
10,000 Delaware County Pennsylvania
Authority Revenue, Dunwoody Village
Project............................. 5.625 4/1/09 10,025
80,000 Delaware County Pennsylvania
Authority University Revenue,
Villanova University, ETM........... 9.625 8/1/02 85,100
190,000 Delaware County Pennsylvania
Authority, Eastern College, Series
B................................... 5.500 10/1/19 167,675
5,000 Delaware River Port Authority,
Pennsylvania & New Jersey, ETM...... 6.500 1/15/11 5,244
25,000 Downington, Pennsylvania, Municipal
Water Authority (FSA)............... 4.750 9/1/10 23,625
10,000 Erie, Pennsylvania Higher Education
Building Authority, Mercyhurst
College Project..................... 5.750 3/15/12 9,650
30,000 Erie, Pennsylvania Higher Education
Building Authority, Mercyhurst
College Project..................... 5.850 3/15/17 27,900
200,000 Falls Township, Pennsylvania Hospital
Authority, Hospital Revenue,
Delaware Valley Medical (FHA)....... 6.900 8/1/11 201,999
20,000 Fayette County, Pennsylvania Hospital
Authority, Hospital Revenue, The
Uniontown Hospital, (AMBAC)......... 5.200 6/15/04 20,250
</TABLE>
See accompanying notes to financial statements.
50
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Pennsylvania (continued)
$ 75,000 Fayette County, Pennsylvania
Hospital Authority, Hospital
Revenue, The Uniontown Hospital,
(AMBAC)............................ 5.400 6/15/06 $ 76,125
40,000 Fayette County, Pennsylvania
Hospital Authority, Hospital
Revenue, The Uniontown Hospital,
(AMBAC)............................ 5.450 6/15/07 40,550
90,000 Fayette County, Pennsylvania
Hospital Authority, Hospital
Revenue, The Uniontown Hospital,
(AMBAC)............................ 5.550 6/15/08 91,350
100,000 Fayette County, Pennsylvania
Hospital Authority, Hospital
Revenue, The Uniontown Hospital,
(AMBAC)............................ 5.650 6/15/09 101,875
685,000 Franklin County Pennsylvania
Industrial Development Authority,
Chambersburg Hospital, (AMBAC)..... 5.000 7/1/08 670,443
85,000 Greene County Pennsylvania
Industrial Development Authority
Monongahela Power Company, Series B
(MBIA)............................. 5.100 2/1/12 80,431
65,000 Greene County Pennsylvania
Industrial Development Authority,
Monongahela Power Company, Series B
(MBIA)............................. 4.750 2/1/07 63,619
290,000 Greene County Pennsylvania
Industrial Development Authority,
West Penn Power Company, Series B
(MBIA)............................. 4.750 2/1/07 283,837
50,000 Hazleton Pennsylvania Area School
District, Series A (FGIC).......... 5.000 3/1/10 48,688
40,000 Hazleton Pennsylvania Area School
District, Series A (FGIC).......... 5.000 3/1/11 38,600
25,000 Indiana County Pennsylvania
Industrial Development Authority,
Pollution Control Revenue (MBIA)... 6.000 6/1/06 26,313
75,000 Lebanon County Pennsylvania Good
Samaritan Hospital Authority, ETM.. 6.800 11/1/01 76,958
150,000 Lehigh County Pennsylvania General
Purpose Authority, Muhlenberg
Continuing Care, Prerefunded
3/15/00 @ 102 (LOC)................ 7.800 3/15/20 153,461
20,000 Lehigh County Pennsylvania General
Purpose Authority, Muhlenberg
Hospital Center, ETM............... 4.800 7/15/00 20,040
35,000 Lehigh County Pennsylvania General
Purpose Authority, Muhlenberg
Hospital Center, ETM............... 4.800 7/15/00 35,070
45,000 Monroeville Pennsylvania Hospital
Authority, East Suburban Health
Center Project, Prerefunded 7/1/04
@ 100.............................. 7.600 7/1/08 48,938
15,000 Montgomery County Pennsylvania
(LOC).............................. 6.750 11/15/04 15,619
20,000 Montgomery County Pennsylvania
Higher Education & Health Authority
Revenue............................ 5.000 1/1/03 19,475
25,000 Montgomery County Pennsylvania
Industrial Development Authority
Health Facilities Revenue.......... 6.400 6/1/03 25,125
165,000 Montgomery County Pennsylvania
Industrial Development Authority
Revenue, 1st Mortgage Meadowood
Corporation Project, Prerefunded
12/1/00 @ 102...................... 10.250 12/1/20 176,944
25,000 Pennsylvania Housing Finance Agency,
Rental Housing (FNMA).............. 5.150 7/1/03 25,250
245,000 Pennsylvania Housing Finance Agency,
Rental Housing (FNMA).............. 6.500 7/1/23 252,962
15,000 Pennsylvania Housing Finance Agency,
Single Family Mortgage, Series 1991
31A, AMT........................... 7.000 10/1/05 15,544
100,000 Pennsylvania Housing Finance Agency,
Single Family Mortgage, Series 58A,
AMT................................ 5.000 10/1/04 99,125
500,000 Pennsylvania Housing Finance Agency,
Single Family Mortgage, Series 65A,
AMT................................ 4.600 10/1/08 471,874
880,000 Pennsylvania State Certificates of
Participation, Series A (AMBAC).... 5.400 7/1/09 882,199
220,000 Pennsylvania State Finance Authority
Revenue, Municipal Capital Impvt
Program, (Inv Ag Sun America)...... 6.600 11/1/09 234,300
205,000 Pennsylvania State Higher
Educational Facilities, Gwynedd-
Mercy College (Asset GTY).......... 4.650 11/1/10 188,855
200,000 Pennsylvania State Higher
Educational Facilities, Gwynedd-
Mercy College (Asset GTY).......... 4.900 11/1/12 181,749
135,000 Pennsylvania State Higher
Educational Facilities, Gwynedd-
Mercy College (Asset GTY).......... 5.000 11/1/13 123,019
145,000 Pennsylvania State Higher
Educational Facilities, Gwynedd-
Mercy College (Asset GTY).......... 4.550 11/1/09 133,763
80,000 Pennsylvania State Higher
Educational Facilities, Gwynedd-
Mercy College (Asset GTY).......... 5.000 11/1/08 75,800
365,000 Pennsylvania State Higher
Educational Facilities, University
of Pennsylvania, Series A.......... 7.000 1/1/09 385,074
10,000 Pennsylvania State Higher
Educational Facilities, University
of the Arts (Asset GTY)............ 4.750 3/15/05 9,825
20,000 Pennsylvania State Higher
Educational Facilities, University
of the Arts (Asset GTY)............ 4.850 3/15/06 19,600
20,000 Pennsylvania State Higher
Educational Facilities, University
of the Arts (Asset GTY)............ 5.100 3/15/09 19,450
</TABLE>
See accompanying notes to financial statements.
51
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments -- December 31, 1999 (Unaudited)
<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
(Asset GTY)......................... 5.200 3/15/10 $ 19,475
20,000 Pennsylvania State Higher Educational
Facilities, University of the Arts
(Asset GTY)......................... 5.250 3/15/11 19,375
20,000 Pennsylvania State Higher Educational
Facilities, University of the Arts
(Asset GTY)......................... 5.300 3/15/12 19,250
10,000 Pennsylvania State Higher Educational
Facilities, Ursinus College......... 5.000 1/1/02 9,988
10,000 Pennsylvania State Higher Educational
Facilities, Ursinus College......... 5.100 1/1/03 9,963
15,000 Pennsylvania State Higher Educational
Facilities, Ursinus College......... 5.200 1/1/04 14,925
15,000 Pennsylvania State Higher Educational
Facilities, Ursinus College......... 5.300 1/1/05 14,925
15,000 Pennsylvania State Higher Educational
Facilities, Ursinus College......... 5.400 1/1/06 14,963
85,000 Pennsylvania State Higher Educational
Facilities, Ursinus College......... 5.850 1/1/17 80,644
35,000 Philadelphia Pennsylvania Authority
For Industrial Development (FHA).... 4.750 2/1/08 33,075
60,000 Philadelphia Pennsylvania Authority
For Industrial Development, Jeanes
Physicians' Office.................. 9.375 7/1/10 60,837
170,000 Philadelphia Pennsylvania Authority
For Industrial Development, National
Board of Medical Examiners Project,
Prerefunded 5/1/02 @ 102............ 6.500 5/1/05 179,775
35,000 Philadelphia Pennsylvania Authority
For Industrial Development, National
Board of Medical Examiners Project,
Prerefunded 5/1/02 @ 102............ 6.750 5/1/12 37,231
5,000 Philadelphia Pennsylvania Hospital &
Higher Educational Facilities,
St. Agnes Medical Center Project
(ETM)............................... 6.750 8/15/01 5,050
160,000 Philadelphia Pennsylvania Hospitals &
Higher Education Facilities,
Health Systems, Series A (FHA)...... 5.375 1/1/28 139,600
135,000 Philadelphia Pennsylvania Hospitals &
Higher Educational Facilities,
Friends Hospital (ACA).............. 6.200 5/1/11 139,725
185,000 Philadelphia Pennsylvania Hospitals &
Higher Educational Facilities,
Temple University Children's Medical
Center.............................. 4.400 6/15/01 181,299
25,000 Pittsburgh Pennsylvania Urban
Redevelopment Authority, Oliver
Garage Project (FGIC)............... 5.200 6/1/11 23,938
15,000 Pittsburgh Pennsylvania Urban
Redevelopment Authority, Series C,
AMT (GNMA/FNMA)..................... 5.950 10/1/29 14,363
420,000 Pottsville Pennsylvania Hospital
Authority Pottsville Hospital &
Warne Clinic (ACA).................. 5.625 7/1/24 380,099
50,000 Pottsville Pennsylvania Hospital
Authority, Pottsville Hospital &
Warne Clinic........................ 4.700 7/1/01 49,000
55,000 Pottsville Pennsylvania Hospital
Authority, Pottsville Hospital &
Warne Clinic........................ 4.800 7/1/02 53,144
60,000 Pottsville Pennsylvania Hospital
Authority, Pottsville Hospital &
Warne Clinic........................ 5.150 7/1/09 52,650
110,000 Pottsville Pennsylvania Hospital
Authority, Pottsville Hospital &
Warne Clinic........................ 5.500 7/1/18 89,238
40,000 Pottsville Pennsylvania Hospital
Authority, Pottsville Hospital &
Warne Clinic,
Prerefunded 7/1/04 @ 102............ 7.250 7/1/24 44,400
15,000 Scranton-Lackawanna Pennsylvania
Health & Welfare.................... 6.625 4/15/07 15,078
115,000 Seneca Valley Pennsylvania School
District, Series A (FGIC)........... 5.250 7/1/07 115,863
40,000 Somerset County Pennsylvania Hospital
Authority, Somerset Community
Hospital,
District B (Asset GTY).............. 5.200 3/1/10 38,650
10,000 Somerset County Pennsylvania Hospital
Authority, Somerset Community
Hospital,
District B (Asset GTY).............. 5.300 3/1/11 9,650
5,000 St. Mary Hospital Authority, Bucks
County, ETM......................... 6.625 7/1/04 5,188
80,000 York County Pennsylvania Industrial
Authority, Personal Care Facilities
Fox Ridge, Prerefunded 10/1/02 @
100................................. 9.500 10/1/19 89,700
70,000 York Pennsylvania Housing
Corporation, Revenue Mortgage Series
A................................... 6.875 11/1/09 70,263
-----------
9,118,064
-----------
Rhode Island -- 0.69%
20,000 Central Falls Rhode Island,
Prerefunded 11/15/00 @ 103.......... 9.250 11/15/10 21,431
390,000 Rhode Island Health and Educational
Board, Higher Educational Facilities
(AMBAC)............................. 5.000 11/15/24 328,088
25,000 Rhode Island State Industrial
Development Facilities Corporation,
Crystal Thermoplastics Project...... 6.900 8/1/14 25,094
55,000 West Warwick Rhode Island, Series A,
IBCC (Asset GTY).................... 7.300 7/15/08 59,675
-----------
434,288
-----------
</TABLE>
See accompanying notes to financial statements.
52
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
South Carolina -- 1.49%
$ 210,000 South Carolina Jobs Economic
Development Authority Revenue,
AMT................................ 5.050 6/1/08 $ 198,713
45,000 South Carolina State Housing Finance
& Development...................... 5.500 12/1/05 45,506
200,000 South Carolina State Housing Finance
& Development,
Mandatory Put 6/1/05 @ 100 (FNMA).. 5.700 6/1/25 206,500
25,000 South Carolina State Housing Finance
& Development (FHA)................ 6.050 7/1/27 25,000
65,000 South Carolina State Housing Finance
& Development Authority Multi-
Family Revenue, Mandatory Put
6/1/10 @ 100, AMT.................. 6.750 6/1/25 66,300
455,000 York County South Carolina
Industrial Revenue, AMT............ 5.700 1/1/24 394,144
-----------
936,163
-----------
South Dakota -- 0.12%
65,000 South Dakota Housing Development
Authority.......................... 7.000 4/1/12 67,193
10,000 South Dakota State Building
Authority, Prerefunded to various
dates.............................. 10.500 9/1/00 10,312
-----------
77,505
-----------
Tennessee -- 1.20%
50,000 Greenville Tennessee Health &
Educational Facilities, ETM........ 8.700 10/1/09 57,063
55,000 Metro Government Nashville &
Davidson County (Insured-Asset
GTY)............................... 5.500 5/1/23 49,088
140,000 Metro Government Nashville &
Davidson County Multi-Family
Housing, Welch Bend Apartments,
Mandatory Put 1/1/07 @ 100 (FNMA).. 5.500 1/1/27 140,700
15,000 Metro Government Nashville &
Davidson County, CI Homes Inc.
Project, Series A, Prerefunded
10/1/07 @ 105...................... 9.000 10/1/22 18,506
85,000 Shelby County Tennessee Health
Education & Multi-Family Housing,
Windsor Apartments (Asset GTY)..... 6.500 10/1/07 88,294
30,000 Shelby County Tennessee Health
Education & Multi-Family Housing,
Windsor Apartments (Asset GTY)..... 6.750 10/1/17 31,313
385,000 Tennessee Energy Acquisition
Corporation, Series B (AMBAC)...... 5.000 9/1/07 368,155
-----------
753,119
-----------
Texas -- 5.83%
200,000 Austin Texas Hotel Occupancy Tax,
Series A........................... 5.125 11/15/14 183,999
30,000 Austin Texas Water, Sewer &
Electric........................... 14.000 11/15/01 32,813
5,000 Austin, Texas Water, Sewer &
Electric, Revenue, ETM............. 14.000 11/15/01 5,425
115,000 Bexar County Texas Housing Finance
Corporation Residual, Revenue
Capital Appreciation, Zero Coupon.. .000 3/1/15 42,694
5,000 Bexar County Texas Housing Finance
Corporation Revenue, AMT (GNMA).... 7.750 9/1/15 5,133
115,000 Bryan Texas Higher Education
Authority.......................... 7.300 12/1/16 113,274
119,070 Capital Area Housing Finance
Corporation........................ 6.500 11/1/19 111,032
65,000 Collin County Texas Housing Finance
Corporation Multi-Family Revenue,
Mandatory Put 9/1/03............... 6.500 9/1/22 66,788
170,000 De Soto Texas Housing Financial
Corporation, Mandatory Put 10/1/07
@ 100 (FNMA)....................... 5.125 10/1/27 166,174
10,000 Del Rio Texas (Asset GTY)........... 7.500 4/1/03 10,788
15,000 Del Rio Texas (Asset GTY)........... 7.500 4/1/04 16,444
5,000 Del Rio Texas (Asset GTY)........... 7.500 4/1/08 5,719
15,000 Del Rio Texas (Asset GTY)........... 7.500 4/1/09 17,025
5,000 Del Rio Texas (Asset GTY)........... 6.500 4/1/10 5,344
5,000 Del Rio Texas (Asset GTY)........... 5.550 4/1/11 4,994
5,000 Del Rio Texas (Asset GTY)........... 5.650 4/1/13 4,950
5,000 Del Rio Texas (Asset GTY)........... 5.750 4/1/16 4,975
15,000 Del Rio Texas (Asset GTY)........... 5.750 4/1/17 14,775
10,000 Denison Texas Hospital Authority
Hospital Revenue, ETM.............. 7.125 7/1/08 10,750
70,000 Gregg County Texas Housing Finance
Corporation (AXA), Mandatory Put
3/1/06 @ 100....................... 6.400 3/1/25 71,838
</TABLE>
See accompanying notes to financial statements.
53
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Texas (continued)
$ 160,000 Gulf Coast Waste Disposal Authority
Texas, Prerefunded 8/01/03 @ 100... 6.500 2/1/06 $ 165,199
20,000 Harris County Texas Housing Finance
Corporation, AMT (FSA)............. 5.700 6/1/06 20,075
75,000 Harris County Texas, Zero Coupon
(MBIA)............................. .000 8/15/01 69,563
120,000 Houston Texas Housing Finance
Corporation Single Family, Zero
Coupon............................. .000 6/1/14 41,550
60,000 Houston Texas Housing Finance
Corporation Single Family.......... 8.000 6/1/14 61,050
5,000 Houston Texas Sewer System Revenue,
ETM................................ 5.400 10/1/04 5,125
20,000 Houston Texas Sewer System Revenue,
ETM................................ 6.375 10/1/08 21,425
15,000 Mc Allen Texas Development
Corporation (FSA).................. 4.700 2/15/08 14,513
15,000 Mc Allen Texas Development
Corporation (FSA).................. 4.800 2/15/09 14,494
160,000 Northeast Hospital Authority Texas
Revenue, ETM....................... 8.000 7/1/08 175,999
11,807 Odessa Texas Housing Finance
Corporation Single Family (FNMA)... 8.450 11/1/11 12,294
30,000 Panhandle Texas Regulation Housing
Finance, AMT (GNMA)................ 7.500 5/1/24 30,563
10,000 Panhandle-Plains Texas Higher
Education, Series D, AMT........... 5.100 9/1/03 10,075
10,000 Panhandle-Plains Texas Higher
Education, Series D, AMT........... 5.250 3/1/05 10,063
10,000 Port Houston Authority Texas
Harris............................. 5.750 5/1/02 10,073
130,000 Tarrant County Texas Housing Finance
Corporation, Multi-Family Housing,
Summit Project A, Mandatory Put
9/1/07 @ 100 (FNMA)................ 5.080 9/1/27 126,912
15,000 Texarkana Texas Housing Finance
Corporation Mortgage, Summer Hill
Series A (GNMA).................... 5.550 1/20/07 15,038
75,000 Texas State Department Housing &
Community Affairs Volente Project,
AMT (FNMA)......................... 5.000 7/1/08 72,188
100,000 Texas State Department Housing &
Community Affairs, Meadow Ridge
Apartments Project, AMT (FNMA)..... 5.050 8/1/08 98,374
1,225,000 Texas Water Resource Financial
Authority Revenue, Refunding
(AMBAC)............................ 4.600 8/15/08 1,174,469
60,000 Travis County Texas Housing Finance
Corporation, Broadmoor Apartments
Project,
AMT (FSA).......................... 5.700 6/1/06 60,225
245,000 Washington County, Texas Health,
Revenue Bond, Health Hospital,
Nursing Home Improvements (ACA).... 4.750 6/1/03 242,855
50,000 Webb County Texas Certificates of
Participation, Series A,
Prerefunded 10/1/07 @ 101 (Asset
GTY)............................... 5.200 10/1/08 50,500
50,000 Webb County Texas Certificates of
Participation, Series A,
Prerefunded 10/1/07 @ 101 (Asset
GTY)............................... 5.300 10/1/09 50,813
50,000 Webb County Texas Certificates of
Participation, Series A, ETM (Asset
GTY)............................... 5.100 10/1/07 50,000
5,000 Willow Fork Drain District Texas
(AMBAC)............................ 4.600 9/1/05 4,931
15,000 Willow Fork Drain District Texas
(AMBAC)............................ 4.600 9/1/06 14,738
30,000 Willow Fork Drain District Texas
(AMBAC)............................ 4.650 9/1/07 29,325
20,000 Willow Fork Drain District Texas
(AMBAC)............................ 4.700 9/1/08 19,425
25,000 Willow Fork Drain District Texas
(AMBAC)............................ 4.800 9/1/09 24,094
30,000 Willow Fork Drain District Texas
(AMBAC)............................ 4.900 9/1/10 28,763
35,000 Willow Fork Drain District Texas
(AMBAC)............................ 4.900 9/1/11 33,513
-----------
3,653,158
-----------
Utah -- 0.82%
20,000 Brigham City Utah Special
Assessment, Special Improvements
District No. 22,
Prerefunded 8/1/00 @ 102........... 9.000 8/1/04 20,927
20,000 Hildale Utah........................ 7.500 12/15/03 20,900
40,000 Provo City Utah Housing Authority
Multi-Family, Lookout Pointe
Apartments (GNMA).................. 6.000 7/20/08 41,100
5,000 Utah State Housing Finance Agency,
Single Family Mortgage, Issue B-2,
AMT (FHA).......................... 7.600 1/1/22 5,113
145,000 Utah State Housing Finance Agency,
Single Family Mortgage, Mezz D2,
AMT................................ 5.400 7/1/20 132,130
25,000 Utah State Housing Finance Agency,
Single Family Mortgage, Series F1
CL I............................... 5.500 7/1/16 23,531
25,000 Utah State Housing Finance Agency,
Single Family Mortgage, Sub-D2,
AMT................................ 5.250 7/1/12 24,219
60,000 Utah State Housing Financial Agency,
Single Family Mortgage, A2 CL II,
AMT................................ 5.400 7/1/16 55,500
30,000 Utah State Housing Financial Agency,
Single Family Mortgage, A2 CL III,
AMT................................ 5.200 7/1/11 29,213
</TABLE>
See accompanying notes to financial statements.
54
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Utah (continued)
$ 35,000 Utah State Housing Financial Agency,
Single Family Mortgage, B2 CL III,
AMT................................ 5.250 7/1/11 $ 34,081
35,000 Utah State Housing Financing Agency,
Sub-Single Family Mortgage, Issue
F1................................. 5.850 7/1/07 35,788
85,000 Weber County Utah Municipal Building
Authority (Asset GTY).............. 6.750 12/15/04 91,906
-----------
514,408
-----------
Vermont -- 0.18%
45,000 Vermont Educational & Health
Buildings Financing Agency, Norwich
University Project................. 5.750 7/1/13 42,862
5,000 Vermont Educational & Health
Buildings Financing, Norwich
University Project................. 4.300 7/1/00 4,999
15,000 Vermont Educational & Health
Buildings Financing, Norwich
University Project................. 4.750 7/1/04 14,625
25,000 Vermont Educational & Health
Buildings Financing, Norwich
University Project................. 5.000 7/1/06 24,313
25,000 Vermont Educational & Health
Buildings Financing, Norwich
University Project................. 5.000 7/1/07 24,000
-----------
110,799
-----------
Virginia -- 1.77%
195,000 Alexandria Virginia Redevelopment &
Housing Authority, AMT............. 6.625 5/1/24 200,850
570,000 Chesterfield County Virginia
Individual Development (LOC)....... 5.000 7/1/14 517,987
165,000 Chesterfield Field County Virginia
Individual Development Authority
(LOC).............................. 5.200 7/1/19 146,850
75,000 Newport News Virginia Industrial
Development Authority (GNMA)....... 7.250 8/1/16 78,750
110,000 Richmond Virginia Metro Authority
Expressway Revenue, Partially
Prerefunded,
Balance ETM........................ 7.000 10/15/13 115,114
50,000 Virginia State Housing Development
Authority, Multi-Family Housing,
Series D........................... 6.800 11/1/09 52,563
-----------
1,112,114
-----------
Washington -- 0.60%
30,000 Grays Harbor County Washington
Public Utility, ETM................ 5.375 1/1/06 29,738
15,000 King County Washington Housing
Authority, Multi-Family Housing.... 7.000 8/1/03 15,141
40,000 King County Washington Housing
Authority, Multi-Family Mortgage... 7.000 8/1/03 40,500
95,000 Seattle Washington Housing Authority
(GNMA)............................. 7.400 11/20/36 104,737
40,000 Spokane Washington Housing Authority
Revenue, Valley 206 Apartments,
Junior Lien A (Standby LOC)........ 5.750 4/1/28 35,300
65,000 Spokane Washington Housing Authority
Revenue, Valley 206 Apartments,
Senoir Lien A...................... 5.625 4/1/28 56,306
95,000 Washington State Housing Finance
Community (GNMA/FNMA).............. 6.900 7/1/16 95,594
-----------
377,316
-----------
West Virginia -- 0.88%
15,000 Beckley West Virginia Nursing
Facility Revenue Refunding,
Beckley Health Care Corporation
Project (Standby LOC).............. 5.550 9/1/08 14,663
15,000 Beckley West Virginia Nursing
Facility Revenue Refunding,
Beckley Health Care Corporation
Project (Standby LOC).............. 5.700 9/1/09 14,700
185,000 Harrison County West Virginia,
Series B, Zero Coupon (AMBAC)....... .000 10/20/10 86,487
195,000 Marshall County West Virginia
Mortgage Revenue Capital
Appreciation,
Zero Coupon (MBIA)................. .000 5/1/14 65,813
55,000 Mason County, Refunding, 1st
Mortgage, Pt. Pleasant Haven (LOC).. 6.200 12/1/05 55,344
255,000 Preston County West Virginia
Pollution Control, County Commission
Monongahela......................... 4.500 3/1/03 249,262
140,000 Raleigh, Fayette, & Nicholas
Counties, Compounding Interest,
Series B, Zero Coupon (AMBAC)...... .000 6/20/10 63,017
-----------
549,286
-----------
Wisconsin -- 0.91%
35,000 Oshkosh Wisconsin Hospital Facility
Revenue, Mercy Medical Center,
Prerefunded 7/1/07 @ 100........... 7.375 7/1/09 38,019
5,000 Pewaukee Wisconsin Individual
Development Revenue, Lake Country
Development Project, AMT (LOC)..... 5.800 6/1/04 5,044
</TABLE>
See accompanying notes to financial statements.
55
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Wisconsin (continued)
$ 5,000 Pewaukee Wisconsin Individual
Development Revenue,
Lake Country Development Project,
AMT (LOC).......................... 5.900 6/1/05 $ 5,044
10,000 Pewaukee Wisconsin Individual
Development Revenue,
Lake Country Development Project,
AMT (LOC).......................... 6.000 6/1/06 10,100
10,000 West Bend Wisconsin Refunding....... 6.400 2/1/05 10,438
15,000 Whitewater Wisconsin Waterworks
Systems Mortgage.................... 7.500 7/1/16 16,125
25,000 Wisconsin Housing and Economic
Development Authority, Series B,
AMT................................. 4.950 9/1/09 23,875
140,000 Wisconsin State Health & Educational
Facilities,
Richland Hospital Income Project,
Series A (ACA)..................... 5.375 6/1/28 122,499
75,000 Wisconsin State Health & Educational
Facilities,
Sisters Sorrowful Mother, Series A
(MBIA)............................. 5.100 8/15/07 75,281
110,000 Wisconsin State Health & Educational
Facilities,
Sisters Sorrowful Mother, Series A
(MBIA)............................. 5.200 8/15/08 110,000
75,000 Wisconsin State Health & Educational
Facilities,
Sisters Sorrowful Mother, Series A
(MBIA)............................. 5.300 8/15/09 75,281
5,000 Wisconsin State Health & Educational
Facilities, Viterbo College Income
Project (LOC)....................... 5.250 2/1/04 5,044
5,000 Wisconsin State Health & Educational
Facilities, Viterbo College Income
Project (LOC)....................... 5.400 2/1/05 5,069
35,000 Wisconsin State Health & Educational
Facilities, Viterbo College Income
Project (LOC)....................... 5.750 2/1/12 34,431
35,000 Wisconsin State Health & Educational
Facilities, Viterbo College Income
Project (LOC)....................... 6.000 2/1/17 34,694
-----------
570,944
-----------
Wyoming -- 0.42%
65,000 Cheyenne, Wyoming Federal Mineral
Reality Revenue, Second Lien........ 6.200 6/1/09 66,138
20,000 Teton County Wyoming Hospital
District, Hospital Refunding &
Imports (ACA)....................... 5.000 12/1/03 20,000
150,000 Teton County Wyoming, Teton County
School District No 1 Project
(MBIA).............................. 5.000 6/1/05 150,562
15,000 Wyoming Community Development
Authority Housing Revenue, Series 5,
AMT................................. 5.700 12/1/07 15,150
10,000 Wyoming Community Development
Authority, Single Family Mortgage,
Series B, AMT....................... 8.125 6/1/21 10,248
-----------
262,098
-----------
Total Municipal Bonds (Cost
$65,236,364)........................ 61,945,782
-----------
</TABLE>
See accompanying notes to financial statements.
56
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Value
Shares (Note 2)
------ --------
<C> <S> <C>
Money Market Mutual Funds -- 0.02%
9,907 Provident Institutional Fund.............................. $ 9,907
Total Money Market Mutual Funds (Cost $9,907)............. 9,907
Total Investments (Cost $65,246,271) (a) -- 98.86%........ 61,955,689
Other assets in excess of liabilities -- 1.14%............ 717,256
Total Net Assets -- 100.00%............................... $62,672,945
</TABLE>
- --------
(a) Represents cost for federal income tax and financial reporting purposes and
differs from value of net unrealized depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation........................................ $ 25,509
Unrealized depreciation........................................ (3,316,091)
-----------
Net unrealized depreciation.................................... $(3,290,582)
===========
</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.
57
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Statements of Assets and Liabilities
December 31, 1999 (Unaudited)
<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
$178,638,024;
$175,061,149;
$189,578,028;
and $264,811,929
respectively)............. $203,312,195 $300,226,312 $240,164,687 $353,947,200
Repurchase agreements, at
cost....................... 1,795,167 -- 1,964,693 --
------------ ------------ ------------ ------------
Total Investments......... 205,107,362 300,226,312 242,129,380 353,947,200
------------ ------------ ------------ ------------
Foreign currency, at value
(cost $0; $0; $0; and
$658,599 respectively)..... -- -- -- 659,697
Dividends and interest
receivable................. 217,304 130,932 205,085 217,304
Receivable for capital
shares issued.............. 470 410 5,037 377
Receivable for investments
sold....................... -- -- 523,507 1,077,478
Net receivable for variation
margin on futures
contracts.................. -- 8,500 -- --
Foreign tax reclaim
receivable................. -- -- -- 404,051
Deferred organization
costs...................... 3,964 4,278 4,183 3,846
Other assets................ -- 52 -- --
------------ ------------ ------------ ------------
Total Assets.............. 205,329,100 300,370,484 242,867,192 356,309,953
------------ ------------ ------------ ------------
LIABILITIES:
Payable for investments
purchased.................. -- -- 45,900 256,968
Unrealized depreciation on
forward foreign exchange
contracts.................. -- -- -- 2,872,185
Advisory fees payable....... 57,762 73,218 72,581 111,509
Consulting fees payable..... 8,672 12,203 9,507 14,065
Administrative fees
payable.................... 2,537 3,738 2,971 4,362
Other accrued expenses...... 43,021 62,359 35,818 53,530
------------ ------------ ------------ ------------
Total Liabilities......... 111,992 151,518 166,777 3,312,619
------------ ------------ ------------ ------------
NET ASSETS................... $205,217,108 $300,218,966 $242,700,415 $352,997,334
============ ============ ============ ============
NET ASSETS CONSIST OF:
Shares of beneficial
interest, at par value..... $ 14,884 $ 14,994 $ 17,343 $ 22,508
Additional paid-in capital.. 181,281,566 165,180,737 193,929,483 264,475,390
Undistributed/(distributions
in excess of) net
investment income.......... 24,902 (5,272) 5,225 232,313
Undistributed/(distributions
in excess of) net realized
gain on investment
transactions............... (778,415) 9,767,356 (1,838,295) 2,024,575
Net unrealized appreciation
on foreign currency,
futures, and
investment transactions.... 24,674,171 125,261,151 50,586,659 86,242,548
------------ ------------ ------------ ------------
Total Net Assets.......... $205,217,108 $300,218,966 $242,700,415 $352,997,334
============ ============ ============ ============
SHARES OF BENEFICIAL
INTEREST:
Shares of beneficial
interest outstanding....... 14,884,108 14,994,037 17,343,190 22,507,523
============ ============ ============ ============
Net Asset Value, offering
and redemption price per
share...................... $ 13.79 $ 20.02 $ 13.99 $ 15.68
============ ============ ============ ============
</TABLE>
See accompanying notes to financial statements.
58
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Statements of Assets and Liabilities (continued)
December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Limited
Duration Intermediate Term
Municipal Bond Fixed Income Municipal Bond
Portfolio Portfolio Portfolio
-------------- ------------ -----------------
<S> <C> <C> <C>
ASSETS:
Investments, at value (cost
$25,650,859; $118,706,251; and
$65,246,271 respectively)..... $25,396,881 $114,031,427 $61,955,689
Cash........................... 342,576 -- --
Dividends and interest
receivable.................... 407,327 1,418,018 1,062,918
Receivable for capital shares
issued........................ -- 171 --
Deferred organization costs.... 4,754 -- --
----------- ------------ -----------
Total Assets................. 26,151,538 115,449,616 63,018,607
----------- ------------ -----------
LIABILITIES:
Dividends and income payable... 93,740 628,147 290,380
Payable for investments
purchased..................... 31,085 -- --
Advisory fees payable.......... 4,562 26,757 18,167
Consulting fees payable........ 1,140 4,865 3,303
Administrative fees payable.... 266 1,196 665
Other accrued expenses......... 18,300 36,190 33,147
----------- ------------ -----------
Total Liabilities............ 149,093 697,155 345,662
----------- ------------ -----------
NET ASSETS...................... $26,002,445 $114,752,461 $62,672,945
=========== ============ ===========
NET ASSETS CONSIST OF:
Shares of beneficial interest,
at par value.................. $ 2,644 $ 12,234 $ 6,595
Additional paid-in capital..... 26,966,912 121,472,948 68,067,185
Undistributed net investment
income........................ 116 -- --
Distributions in excess of net
realized on investment
transactions.................. (713,249) (2,057,897) (2,110,253)
Net unrealized depreciation on
investment transactions....... (253,978) (4,674,824) (3,290,582)
----------- ------------ -----------
Total Net Assets............. $26,002,445 $114,752,461 $62,672,945
=========== ============ ===========
SHARES OF BENEFICIAL INTEREST:
Shares of beneficial interest
outstanding................... 2,643,796 12,233,732 6,594,845
=========== ============ ===========
Net Asset Value, offering and
redemption price per share.... $ 9.84 $ 9.38 $ 9.50
=========== ============ ===========
</TABLE>
See accompanying notes to financial statements.
59
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Statements of Operations
For Six Months Ended December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Small
Capitalization International
Value Equity Growth Equity Equity Equity
Portfolio Portfolio Portfolio Portfolio
------------ ------------- -------------- -------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest..................... $ 99,334 $ 96,901 $ 78,200 $ 129,668
Dividends (net of foreign
withholding tax of $3,425;
$111; $0; and $205,725
respectively)............... 1,785,669 664,357 791,474 1,755,125
----------- ----------- ----------- -----------
Total Investment Income.... 1,885,003 761,258 869,674 1,884,793
----------- ----------- ----------- -----------
EXPENSES:
Advisory fees................ 342,499 399,679 409,931 575,523
Consulting fees.............. 51,460 66,612 54,152 72,797
Administrative fees.......... 118,360 153,212 124,553 167,437
Custodian fees............... 31,042 47,096 27,708 90,682
Organization fees............ 3,128 3,128 3,128 3,128
Trustees fees................ 2,653 3,990 2,925 1,387
Other expenses............... 28,056 42,168 34,349 25,985
----------- ----------- ----------- -----------
Total Expenses............. 577,198 715,885 656,746 936,939
----------- ----------- ----------- -----------
Net Investment Income........ 1,307,805 45,373 212,928 947,854
----------- ----------- ----------- -----------
NET REALIZED/UNREALIZED
GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) on
foreign currency, futures,
and investment transactions.. (1,699,017) 19,575,333 2,767,553 5,728,729
Net change in unrealized
appreciation on foreign
currency, futures, and
investment transactions..... (2,827,452) 38,669,602 26,029,403 64,984,377
----------- ----------- ----------- -----------
Net realized/unrealized
gain/(loss) from
investments................. (4,526,469) 58,244,935 28,796,956 70,713,106
----------- ----------- ----------- -----------
Change in net assets
resulting from operations... $(3,218,664) $58,290,308 $29,009,884 $71,660,960
=========== =========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
60
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Statements of Operations (continued)
For Six Months Ended December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Limited Duration Intermediate Term
Municipal Bond Fixed Income Municipal Bond
Portfolio Portfolio Portfolio
---------------- ------------ -----------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest...................... $1,003,860 $ 3,823,871 $ 2,620,876
Dividends..................... 15,178 4,012 58,337
---------- ----------- -----------
Total Investment Income..... 1,019,038 3,827,883 2,679,213
---------- ----------- -----------
EXPENSES:
Advisory fees................. 39,817 155,898 142,956
Consulting fees............... 9,954 28,345 25,992
Administrative fees........... 18,913 53,855 49,385
Custodian fees................ 5,110 18,602 15,874
Organization fees............. 3,128 -- --
Trustees fees................. 333 1,368 2,861
Other expenses................ 7,260 11,066 11,270
---------- ----------- -----------
Total Expenses.............. 84,515 269,134 248,338
---------- ----------- -----------
Net Investment Income......... 934,523 3,558,749 2,430,875
---------- ----------- -----------
NET REALIZED/UNREALIZED LOSS ON
INVESTMENTS:
Net realized loss on
investment transactions...... (471,272) (1,107,639) (2,040,027)
Net change in unrealized
depreciation on investment
transactions................. (39,588) (2,088,172) (1,013,678)
---------- ----------- -----------
Net realized/unrealized loss
from investments............. (510,860) (3,195,811) (3,053,705)
---------- ----------- -----------
Change in net assets resulting
from operations.............. $ 423,663 $ 362,938 $ (622,830)
========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
61
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Value Equity Portfolio Growth Equity Portfolio
-------------------------- --------------------------
Six Months Year Six Months Year
Ended Ended Ended Ended
December 31, June 30, December 31, June 30,
1999 1999 1999 1999
------------ ------------ ------------ ------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income..... $ 1,307,805 $ 2,919,617 $ 45,373 $ 457,689
Net realized gain/(loss)
on futures and investment
transactions............. (1,699,017) 11,395,574 19,575,333 18,674,831
Net change in unrealized
appreciation on futures
and investment
transactions............. (2,827,452) 3,419,258 38,669,602 36,436,342
------------ ------------ ------------ ------------
Change in net assets
resulting
from operations.......... (3,218,664) 17,734,449 58,290,308 55,568,862
------------ ------------ ------------ ------------
Distributions to
Shareholders from:
Net investment income..... (1,438,885) (2,855,946) (64,150) (444,369)
Net realized gain on
futures and
investments transactions.. (10,405,206) (16,930,526) (27,995,307) (14,381,174)
------------ ------------ ------------ ------------
Change in net assets
resulting from
distributions to
shareholders............. (11,844,091) (19,786,472) (28,059,457) (14,825,543)
------------ ------------ ------------ ------------
Shares of Beneficial
Interest:
Proceeds from shares
issued................... 34,617,478 65,815,341 27,878,408 54,760,753
Proceeds from reinvestment
of dividends............. 10,546,455 17,108,285 25,819,124 13,708,838
Cost of shares redeemed... (41,824,121) (40,518,732) (48,586,422) (60,464,553)
------------ ------------ ------------ ------------
Change in net assets from
shares of
beneficial interest
transactions............. 3,339,812 42,404,894 5,111,110 8,005,038
------------ ------------ ------------ ------------
Total change in net
assets................... (11,722,943) 40,352,871 35,341,961 48,748,357
Net Assets:
Beginning of period....... 216,940,051 176,587,180 264,877,005 216,128,648
------------ ------------ ------------ ------------
End of period............. $205,217,108 $216,940,051 $300,218,966 $264,877,005
============ ============ ============ ============
</TABLE>
See accompanying notes to financial statements.
62
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Statements of Changes in Net Assets (continued)
<TABLE>
<CAPTION>
Small Capitalization
Equity Portfolio International Equity Portfolio
-------------------------- --------------------------------
Six Months Year Six Months Year
Ended Ended Ended Ended
December 31, June 30, December 31, June 30,
1999 1999 1999 1999
------------ ------------ --------------------------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
From Investment
Activities:
Operations:
Net investment
income............... $ 212,928 $ 619,949 $ 947,854 $ 3,505,614
Net realized
gain/(loss) on
foreign currency and
investment
transactions......... 2,767,553 (4,651,207) 5,728,729 6,667,389
Net change in
unrealized
appreciation on
foreign currency and
investment
transactions......... 26,029,403 17,190,826 64,984,377 2,462,581
------------ ------------ --------------- ---------------
Change in net assets
resulting from
operations........... 29,009,884 13,159,568 71,660,960 12,635,584
------------ ------------ --------------- ---------------
Distributions to
Shareholders from:
Net investment
income............... (265,797) (563,154) (1,660,119) (4,076,034)
Net realized gain on
foreign currency
and investments...... -- (13,827,848) (8,340,627) (4,961,778)
------------ ------------ --------------- ---------------
Change in net assets
resulting from
distributions to
shareholders......... (265,797) (14,391,002) (10,000,746) (9,037,812)
------------ ------------ --------------- ---------------
Shares of Beneficial
Interest:
Proceeds from shares
issued............... 24,809,196 118,787,480 118,200,115 51,664,586
Proceeds from
reinvestment of
dividends............ 199,952 12,032,240 8,891,761 7,791,624
Cost of shares
redeemed............. (21,789,452) (69,378,364) (91,931,978) (36,751,680)
------------ ------------ --------------- ---------------
Change in net assets
from shares of
beneficial interest
transactions......... 3,219,696 61,441,356 35,159,898 22,704,530
------------ ------------ --------------- ---------------
Total change in net
assets............... 31,963,783 60,209,922 96,820,112 26,302,302
Net Assets:
Beginning of period... 210,736,632 150,526,710 256,177,222 229,874,920
------------ ------------ --------------- ---------------
End of period......... $242,700,415 $210,736,632 $352,997,334 $256,177,222
============ ============ =============== ===============
</TABLE>
See accompanying notes to financial statements.
63
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Statements of Changes in Net Assets (continued)
<TABLE>
<CAPTION>
Limited Duration Fixed Income Intermediate Term
Municipal Bond Portfolio Portfolio Municipal Bond Portfolio
-------------------------- -------------------------- ---------------------------
Six Months Year Six Months Period Six Months Period
Ended Ended Ended Ended Ended Ended
December 31, June 30, December 31, June 30, December 31, June 30,
1999 1999 1999 1999* 1999 1999*
------------ ------------ ------------ ------------ ------------- ------------
(Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C> <C> <C> <C>
From Investment
Activities:
Operations:
Net investment income.... $ 934,523 $ 2,258,029 $ 3,558,749 $ 5,427,224 $ 2,430,875 $ 2,916,014
Net realized gain/(loss)
on
investment transactions.. (471,272) 12,893 (1,107,639) (242,734) (2,040,027) (70,226)
Net change in unrealized
depreciation on
investment
transactions............ (39,588) (678,504) (2,088,172) (2,586,652) (1,013,678) (2,276,904)
------------ ------------ ------------ ------------ ------------- ------------
Change in net assets
resulting
from operations......... 423,663 1,592,418 362,938 2,597,838 (622,830) 568,884
------------ ------------ ------------ ------------ ------------- ------------
Distributions to
Shareholders from:
Net investment income.... (934,523) (2,258,029) (3,558,749) (5,427,224) (2,430,875) (2,916,014)
Net realized gain on
investments
transactions............ -- -- -- (707,524) -- --
------------ ------------ ------------ ------------ ------------- ------------
Change in net assets
resulting from
distributions to
shareholders............ (934,523) (2,258,029) (3,558,749) (6,134,748) (2,430,875) (2,916,014)
------------ ------------ ------------ ------------ ------------- ------------
Shares of Beneficial
Interest:
Proceeds from shares
issued.................. 34,128,222 88,167,469 12,870,076 25,850,995 75,362,880 101,818,978
Proceeds from securities
transferred
in-kind................. -- -- -- 87,605,935 -- 35,196,203
Proceeds from
reinvestment
of dividends............ 864,086 1,628,930 3,356,629 5,546,812 2,468,448 2,502,027
Cost of shares redeemed.. (54,045,881) (90,240,867) (6,352,080) (7,393,185) (119,209,303) (30,065,453)
------------ ------------ ------------ ------------ ------------- ------------
Change in net assets from
shares of beneficial
interest transactions... (19,053,573) (444,468) 9,874,625 111,610,557 (41,377,975) 109,451,755
------------ ------------ ------------ ------------ ------------- ------------
Total change in net
assets.................. (19,564,433) (1,110,079) 6,678,814 108,073,647 (44,431,680) 107,104,625
Net Assets:
Beginning of period...... 45,566,878 46,676,957 108,073,647 -- 107,104,625 --
------------ ------------ ------------ ------------ ------------- ------------
End of period............ $ 26,002,445 $ 45,566,878 $114,752,461 $108,073,647 $ 62,672,945 $107,104,625
============ ============ ============ ============ ============= ============
</TABLE>
- --------
* Commenced operations on July 1, 1998.
See accompanying notes to financial statements.
64
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Notes to Financial Statements -- December 31, 1999 (Unaudited)
1. DESCRIPTION. The Hirtle Callaghan Trust ("Trust") is registered under the
Investment Company Act of 1940, as amended ("1940 Act"), as an open-ended
management series investment company. The Trust was organized as a Delaware
business trust on December 15, 1994. The Trust currently offers seven
portfolios: The Value Equity Portfolio ("Value Portfolio"), 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, are 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.
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
65
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Notes to Financial Statements (continued) -- December 31, 1999 (Unaudited)
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.
H. Use of Estimates. Estimates and assumptions are required to be made
regarding assets, liabilities and changes in net assets resulting from
operations when financial statements are prepared. Changes in the economic
environment, financial markets, and any other parameters used in
determining these estimates could cause results to differ from these
amounts.
3. INVESTMENT ADVISORY, CONSULTING AND ADMINISTRATIVE CONTRACTS. The Trust
has entered into investment advisory contracts ("Portfolio Management
Contracts") on behalf of each of the Portfolios with one or more Investment
Managers. Each Investment Manager is responsible for providing a continuous
program of investment management to, and placing all orders for, purchase and
sale of securities and other instruments on behalf of the respective
Portfolios they serve. Each Investment Manager earns a fee, accrued daily and
paid monthly, based on average net assets of that portion of the portfolio
managed.
66
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Notes to Financial Statements (continued) -- December 31, 1999 (Unaudited)
For the six months ended December 31, 1999, the Value Portfolio paid the
following investment advisory fees:
<TABLE>
<CAPTION>
Amount
Adviser Earned Fee
- ------- -------- -----
<S> <C> <C>
Geewax, Terker & Co.............................................. $106,347 0.30%
Institutional Capital Corp....................................... 236,152 0.35%
-------- -----
$342,499 0.33%
======== =====
</TABLE>
For the six months ended December 31, 1999, the Growth Portfolio paid the
following investment advisory fees:
<TABLE>
<CAPTION>
Amount
Adviser Earned Fee
- ------- -------- -----
<S> <C> <C>
Jennison Associates LLC......................................... $277,359 0.30%
Goldman Sachs Asset Management.................................. 122,320 0.30%*
-------- -----
$399,679 0.30%
======== =====
</TABLE>
For the six months ended December 31, 1999, the Small Cap Portfolio paid the
following investment advisory fees:
<TABLE>
<CAPTION>
Amount
Adviser Earned Fee
- ------- -------- -----
<S> <C> <C>
Frontier Capital Management Co................................... $255,037 0.45%
Geewax, Terker & Co.............................................. 154,894 0.30%
-------- -----
$409,931 0.38%
======== =====
</TABLE>
For the six months ended December 31, 1999, the International Portfolio paid
the following investment advisory fees:
<TABLE>
<CAPTION>
Amount
Adviser Earned Fee
- ------- -------- -----
<S> <C> <C> <C>
Brinson Partners, Inc... $450,245 0.40%**
Artisan Partners LLP.... 125,278 0.40%*** For the period from 07/26/99 to 12/31/99
-------- -----
$575,523 0.40%
======== =====
</TABLE>
For the six months ended December 31, 1999, the following Portfolios paid
investment advisory fees to Morgan Grenfell, Inc.:
<TABLE>
<CAPTION>
Amount
Portfolio Earned Fee
- --------- -------- ------
<S> <C> <C>
Limited Duration............................................... $ 39,817 0.200%
Fixed Income................................................... $155,898 0.275%
Intermediate Municipal......................................... $142,956 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. 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.
67
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Notes to Financial Statements (continued) -- December 31, 1999 (Unaudited)
*** The Trust has 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.
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. BISYS receives compensation for providing
administration, fund accounting and transfer agency services at 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.
4. PURCHASE AND SALE TRANSACTIONS. The aggregate amount of purchases and
sales of investment securities, other than short-term securities, for the six
months ended December 31, 1999, were as follows:
<TABLE>
<CAPTION>
Purchases Sales
------------ ------------
<S> <C> <C>
Value............................................. $114,086,749 $114,583,118
Growth............................................ 104,082,591 122,458,328
Small Cap......................................... 121,421,534 118,888,631
International..................................... 154,212,073 143,153,033
Limited Duration.................................. 21,023,752 39,094,867
Fixed Income...................................... 96,050,001 82,269,805
Intermediate Municipal............................ 16,724,915 38,489,158
</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 six months ended December 31, 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....... 14,612,718 14,748,983 17,086,102 19,933,882 4,573,731 11,205,590 10,934,767
---------- ---------- ---------- ---------- ---------- ---------- -----------
Shares issued........... 2,456,550 1,532,809 2,006,240 8,757,337 3,452,665 1,343,680 7,841,353
Shares issued in
reinvestment of
dividends and
distributions.......... 773,791 1,373,302 14,910 605,202 87,196 351,445 255,032
Shares redeemed......... (2,958,951) (2,661,057) (1,764,062) (6,788,898) (5,469,796) (666,983) (12,436,307)
---------- ---------- ---------- ---------- ---------- ---------- -----------
Net increase in shares.. 271,390 245,054 257,088 2,573,641 (1,929,935) 1,028,142 (4,339,922)
---------- ---------- ---------- ---------- ---------- ---------- -----------
Ending balance.......... 14,884,108 14,994,037 17,343,190 22,507,523 2,643,796 12,233,732 6,594,845
========== ========== ========== ========== ========== ========== ===========
</TABLE>
68
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Notes to Financial Statements (continued) -- December 31, 1999 (Unaudited)
6. DERIVATIVE INSTRUMENTS. The International, Growth and Fixed Income
Portfolios may invest in various financial instruments including positions in
forward currency contracts, currency swaps and purchased foreign currency
options. A Portfolio enters into such contracts for the purpose of hedging
exposure to changes in foreign currency exchange rates on its holdings.
A forward foreign 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 currency 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 December 31, 1999 are
recorded for financial reporting purposes as unrealized gains and losses by
the Portfolio.
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 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.
69
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Financial Highlights
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Value Equity Portfolio
------------------------------------------------------
Six Months Year Year Year Period
Ended Ended Ended Ended Ended
December 31, June 30, June 30, June 30, June 30,
1999 1999 1998 1997 1996(a)
------------ -------- -------- -------- --------
(Unaudited)
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 14.85 $ 15.49 $ 14.41 $ 11.48 $ 10.00
-------- -------- -------- -------- -------
Income from Investment
Operations:
Net investment income.. 0.09 0.22 0.24 0.23 0.22
Net realized and
unrealized gain (loss)
on investments........ (0.32) 0.87 2.87 3.65 1.51
-------- -------- -------- -------- -------
Total from investment
operations............ (0.23) 1.09 3.11 3.88 1.73
-------- -------- -------- -------- -------
Distributions to
Shareholders from:
Net investment income.. (0.10) (0.22) (0.25) (0.21) (0.22)
Net realized gains..... (0.73) (1.51) (1.78) (0.74) (0.03)
-------- -------- -------- -------- -------
Total distribution to
shareholders.......... (0.83) (1.73) (2.03) (0.95) (0.25)
-------- -------- -------- -------- -------
Net Asset Value, End of
Period................. $ 13.79 $ 14.85 $ 15.49 $ 14.41 $ 11.48
======== ======== ======== ======== =======
Total Return............ (1.45)%(c) 9.07% 23.42% 35.28% 17.28%(c)
Ratios to Average Net
Assets/Supplemental
Data:
Net assets, end of
period (in
thousands)............ $205,217 $216,940 $176,587 $117,092 $71,503
Ratio of expenses to
average net assets.... 0.56%(b) 0.56% 0.52% 0.63% 0.63%(b)
Ratio of net investment
income to average net
assets................ 1.27%(b) 1.64% 1.69% 1.89% 2.55%(b)
Ratio of expenses to
average net assets
excluding fee
waivers............... 0.56%(b) 0.56% 0.52% 0.65% 0.68%(b)
Portfolio turnover
rate.................. 56.71%(c) 108.79% 86.45% 97.39% 92.00%(c)
</TABLE>
- --------
(a) For the period August 25, 1995 (commencement of operations) through June
30, 1996.
(b) Annualized.
(c) Not annualized.
See accompanying notes to financial statements.
70
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Financial Highlights
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Growth Equity Portfolio
-----------------------------------------------------
Six Months Year Year Year Period
Ended Ended Ended Ended Ended
December 31, June 30, June 30, June 30, June 30,
1999 1999 1998 1997 1996(a)
------------ -------- -------- -------- --------
(Unaudited)
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 17.96 $ 15.25 $ 13.67 $ 11.13 $ 10.00
-------- -------- -------- -------- --------
Income from Investment
Operations:
Net investment income.. --(d) 0.03 0.04 0.06 0.04
Net realized and
unrealized gain (loss)
on investments and
futures 4.08 3.76 4.37 2.58 1.13
-------- -------- -------- -------- --------
Total from investment
operations............ 4.08 3.79 4.41 2.64 1.17
-------- -------- -------- -------- --------
Distributions to
Shareholders from:
Net investment income.. --(d) (0.03) (0.04) (0.05) (0.04)
In excess of net
investment income..... -- -- (0.02) -- --
Net realized gains..... (2.02) (1.05) (2.77) (0.05) --
-------- -------- -------- -------- --------
Total distribution to
shareholders.......... (2.02) (1.08) (2.83) (0.10) (0.04)
-------- -------- -------- -------- --------
Net Asset Value, End of
Period................. $ 20.02 $ 17.96 $ 15.25 $ 13.67 $ 11.13
======== ======== ======== ======== ========
Total Return............ 23.54%(c) 26.76% 37.00% 23.83% 11.69%(c)
Ratios to Average Net
Assets/Supplemental
Data:
Net assets, end of
period (in
thousands)............ $300,219 $264,877 $216,129 $160,961 $110,537
Ratio of expenses to
average net assets.... 0.54%(b) 0.53% 0.53% 0.55% 0.63%(b)
Ratio of net investment
income to average net
assets................ 0.03%(b) 0.20% 0.33% 0.49% 0.46%(b)
Ratio of expenses to
average net assets
excluding fee
waivers............... 0.54%(b) 0.53% 0.53% 0.55% 0.68%(b)
Portfolio turnover
rate.................. 39.94%(c) 70.61% 95.07% 80.47% 80.00%(c)
</TABLE>
- --------
(a) For the period August 28, 1995 (commencement of operations) through June
30, 1996.
(b) Annualized.
(c) Not annualized.
(d) Net investment income and distribution per share were less than $0.005.
See accompanying notes to financial statements.
71
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Financial Highlights
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Small Capitalization Equity Portfolio
-----------------------------------------------------
Six Months Year Year Year Period
Ended Ended Ended Ended Ended
December 31, June 30, June 30, June 30, June 30,
1999 1999 1998 1997 1996(a)
------------ -------- -------- -------- --------
(Unaudited)
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 12.33 $ 13.13 $ 12.95 $ 11.07 $ 10.00
-------- -------- -------- -------- -------
Income from Investment
Operations:
Net investment income.. 0.02 0.04 0.06 0.07 0.10
Net realized and
unrealized gain on
investments........... 1.66 0.35 1.54 2.11 1.07
-------- -------- -------- -------- -------
Total from investment
operations............. 1.68 0.39 1.60 2.18 1.17
-------- -------- -------- -------- -------
Distributions to
Shareholders from:
Net investment income.. (0.02) (0.04) (0.06) (0.07) (0.10)
Net realized gains..... -- (1.15) (1.36) (0.23) --
-------- -------- -------- -------- -------
Total distribution to
shareholders........... (0.02) (1.19) (1.42) (0.30) (0.10)
-------- -------- -------- -------- -------
Net Asset Value, End of
Period................. $ 13.99 $ 12.33 $ 13.13 $ 12.95 $ 11.07
======== ======== ======== ======== =======
Total Return............ 13.59%(c) 4.73% 12.66% 19.88% 11.82%(c)
Ratios to Average Net
Assets/ Supplemental
Data:
Net assets, end of
period (in
thousands)............ $242,700 $210,737 $150,527 $113,480 $61,503
Ratio of expenses to
average net assets.... 0.61%(b) 0.62% 0.70% 0.78% 0.78%(b)
Ratio of net investment
income to average net
assets................ 0.20%(b) 0.39% 0.41% 0.68% 1.33%(b)
Ratio of expenses to
average net assets
excluding fee
waivers............... 0.61%(b) 0.62% 0.70% 0.78% 0.90%(b)
Portfolio turnover
rate................... 55.63%(c) 125.52% 103.41% 54.16% 38.00%(c)
</TABLE>
- --------
(a) For the period September 5, 1995 (commencement of operations) through June
30, 1996.
(b) Annualized.
(c) Not annualized.
See accompanying notes to financial statements.
72
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Financial Highlights
For a share outstanding throughout each period
<TABLE>
<CAPTION>
International Equity Portfolio
-----------------------------------------------------
Six Months Year Year Year Period
Ended Ended Ended Ended Ended
December 31, June 30, June 30, June 30, June 30,
1999 1999 1998 1997 1996(a)
------------ -------- -------- -------- --------
(Unaudited)
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 12.85 $ 12.70 $ 12.84 $ 11.26 $ 10.00
-------- -------- -------- -------- -------
Income from Investment
Operations:
Net investment income.. 0.03 0.24 0.16 0.22 0.16
Net realized and
unrealized gain on
foreign currency and
investments........... 3.25 0.39 0.49 1.92 1.35
-------- -------- -------- -------- -------
Total from investment
operations............. 3.28 0.63 0.65 2.14 1.51
-------- -------- -------- -------- -------
Distributions to
Shareholders from:
Net investment income.. (0.07) (0.21) (0.47) (0.22) (0.24)
In excess of net
investment income...... -- -- -- (0.04) --
Net realized gains..... (0.38) (0.27) (0.32) (0.30) (0.01)
-------- -------- -------- -------- -------
Total distribution to
shareholders........... (0.45) (0.48) (0.79) (0.56) (0.25)
-------- -------- -------- -------- -------
Net Asset Value, End of
Period................. $ 15.68 $ 12.85 $ 12.70 $ 12.84 $ 11.26
======== ======== ======== ======== =======
Total Return............ 25.79%(c) 5.20% 5.91% 19.61% 15.15%(c)
Ratios to Average Net
Assets/ Supplemental
Data:
Net assets, end of
period (in
thousands)............ $352,997 $256,177 $229,875 $146,122 $77,732
Ratio of expenses to
average net assets.... 0.64%(b) 0.69% 0.70% 0.78% 0.81%(b)
Ratio of net investment
income to average net
assets................ 0.65%(b) 1.51% 2.00% 1.97% 1.75%(b)
Ratio of expenses to
average net assets
excluding fee
waivers............... 0.64%(b) 0.69% 0.71% 0.78% 0.92%(b)
Portfolio turnover
rate................... 51.27%(c) 56.77% 36.80% 29.85% 15.00%(c)
</TABLE>
- --------
(a) For the period August 17, 1995 (commencement of operations) through June
30, 1996.
(b) Annualized.
(c) Not annualized.
See accompanying notes to financial statements.
73
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Financial Highlights
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Limited Duration Municipal Bond Portfolio
-----------------------------------------------------
Six Months Year Year Year Period
Ended Ended Ended Ended Ended
December 31, June 30, June 30, June 30, June 30,
1999 1999 1998 1997 1996(a)
------------ -------- -------- -------- --------
(Unaudited)
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period..... $ 9.96 $ 10.11 $ 10.04 $ 10.00 $ 10.00
------- ------- ------- ------- -------
Income from Investment
Operations:
Net investment income... 0.23 0.47 0.47 0.48 0.35
Net realized and
unrealized gain (loss)
on investments......... (0.12) (0.15) 0.07 0.04 0.01
------- ------- ------- ------- -------
Total from investment
operations............. 0.11 0.32 0.54 0.52 0.36
------- ------- ------- ------- -------
Distributions to
Shareholders from:
Net investment income... (0.23) (0.47) (0.47) (0.48) (0.36)
------- ------- ------- ------- -------
Total distribution to
shareholders........... (0.23) (0.47) (0.47) (0.48) (0.36)
------- ------- ------- ------- -------
Net Asset Value, End of
Period.................. $ 9.84 $ 9.96 $ 10.11 $ 10.04 $ 10.00
======= ======= ======= ======= =======
Total Return............. 1.15%(c) 3.17% 5.48% 5.34% 3.60%(c)
Ratios to Average Net
Assets/Supplemental
Data:
Net assets, end of
period (in thousands).. $26,002 $45,567 $46,677 $40,963 $29,485
Ratio of expenses to
average net assets..... 0.42%(b) 0.46% 0.47% 0.52% 0.53%(b)
Ratio of net investment
income to average net
assets................. 4.69% 4.61% 4.65% 4.78% 4.78%(b)
Ratio of expenses to
average net assets
excluding fee waivers.. 0.42% 0.46% 0.51% 0.68% 0.81%(b)
Portfolio turnover
rate................... 58.35% 116.22% 42.50% 44.57% 116.00%(c)
</TABLE>
- --------
(a) For the period October 10, 1995 (commencement of operations) through June
30, 1996.
(b) Annualized.
(c) Not annualized.
See accompanying notes to financial statements.
74
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Financial Highlights
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Intermediate Term
Municipal Bond
Fixed Income Portfolio Portfolio
----------------------------- ------------------------
Six Months Period Six Months Period
Ended Ended Ended Ended
December 31, June 30, December 31, June 30,
1999 1999(a) 1999 1999(a)
------------- ----------- ------------ --------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 9.64 $ 10.00 $ 9.79 $ 10.00
----------- ----------- ------- --------
Income from Investment
Operations:
Net investment income.. 0.30 0.58 0.23 0.45
Net realized and
unrealized gain (loss)
on
investments, futures.. (0.26) (0.28) (0.29) (0.21)
----------- ----------- ------- --------
Total from investment
operations............ 0.04 0.30 (0.06) 0.24
----------- ----------- ------- --------
Distributions to
Shareholders from:
Net investment income.. (0.30) (0.58) (0.23) (0.45)
Net realized gains..... -- (0.08) -- --
----------- ----------- ------- --------
Total distribution to
shareholders.......... (0.30) (0.66) (0.23) (0.45)
----------- ----------- ------- --------
Net Asset Value, End of
Period................. $ 9.38 $ 9.64 $ 9.50 $ 9.79
=========== =========== ======= ========
Total Return............ 0.42%(c) 2.88% (0.64)%(c) 2.44%
Ratios to Average Net
Assets/Supplemental
Data:
Net assets, end of
period (in
thousands)............ $ 114,752 $ 108,074 $62,673 $107,105
Ratio of expenses to
average net assets.... 0.47%(b) 0.50% 0.48%(b) 0.47%
Ratio of net investment
income to average net
assets................ 6.28%(b) 5.78% 4.68%(b) 4.53%
Ratio of expenses to
average net assets
excluding fee
waivers............... 0.47%(b) 0.50% 0.48%(b) 0.54%
Portfolio turnover
rate.................. 74.66% 146.78% 18.05% 42.24%
</TABLE>
- --------
(a) For the period July 1, 1998 (commencement of operations) through June 30,
1999.
(b) Annualized.
(c) Not annualized.
See accompanying notes to financial statements.
75
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Proxy Information
On June 15, 1999, a Special Meeting of the shareholders of The Value Equity
Portfolio was held. The matters considered at the meeting, together with the
actual vote tabulations relating to such matters are as follows:
To approve the engagement of Geewax, Terker & Company ("Geewax") to
provide portfolio management services to the Value Portfolio pursuant
to a portfolio management agreement between the Trust and Geewax
("Geewax Agreement").
<TABLE>
<S> <C>
For 11,794,334
Against 0
Abstain 0
</TABLE>
On July 23, 1999, a Special Meeting of the shareholders of The International
Equity Portfolio was held. The matters considered at the meeting, together
with the actual vote tabulations relating to such matters are as follows:
(a) To approve the engagement of Artisan Partners Limited Partnership
("Artisan Agreement") to provide portfolio management services to The
International Portfolio pursuant to a portfolio management agreement
between the Trust and Artisan ("Artisan Agreement").
<TABLE>
<S> <C>
For 13,187,318
Against 0
Abstain 542,419
</TABLE>
(b) To approve an amendment of the Artisan Agreement pursuant to
which Artisan would be compensated for its services to The
International Equity portfolio on a performance fee basis.
<TABLE>
<S> <C>
For 13,187,318
Against 0
Abstain 542,419
</TABLE>
On December 16, 1999, a Special Meeting of the shareholders of The Small
Capitalization Equity Portfolio was held. The matter considered at the
meeting, together with the actual vote tabulations relating to such matters
are as follows:
To approve a new Portfolio Management Agreement between the Trust and
Frontier Capital Management Company LLC relating to The Small
Capitalization Equity Portfolio.
<TABLE>
<S> <C>
For 12,867,644
Against 0
Abstain 0
</TABLE>
76
<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 Center One Logan Square
Suite 500 18th & Cherry Streets
West Conshohocken, Pennsylvania Philadelphia, Pennsylvania 19103-6996
19428-2970
Independent Accountants
-----------------------
PricewaterhouseCoopers LLP
Administrator and Distributor 2400 Eleven Penn Center
- ------------------------------ Philadelphia, Pennsylvania 19103
BISYS Fund Services
3435 Stelzer Road
Columbus, Ohio 43219
Custodian
- ---------
Deutsche Bank
16 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.
2/00
