<PAGE>
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Annual Report
THE HIRTLE CALLAGHAN TRUST
June 30, 2000
We are pleased to present the June 30, 2000 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 six 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 six separate Portfolios, as listed below:
------------------------------------------------------------
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The Portfolios
The Value Equity Portfolio, seeks total return by investing in a
diversified portfolio of equity securities of large companies with
relatively low price-earnings ratios and high dividend yields.
The Growth Equity Portfolio, seeks capital appreciation by
investing in a diversified portfolio of equity securities of large
and mid-capitalization companies with superior prospects for
earnings growth.
The Small Capitalization Equity Portfolio, seeks capital
appreciation by investing in a diversified portfolio of equity
securities of small-capitalization companies.
The International Equity Portfolio, seeks total return by investing
in a diversified portfolio of equity securities of companies based
in developed countries other than the United States of America.
The Fixed Income Portfolio, seeks current income by investing in a
diversified portfolio of debt securities, including U.S. and non-
U.S. government securities, corporate debt securities, and asset-
backed issues.
The Intermediate Term Municipal Bond Portfolio, seeks current
income exempt from Federal income tax by investing in securities
issued by municipalities and related entities.
--------------------------------------------------------------------------------
<PAGE>
The following discussion summarizes those factors, including relevant market
conditions and the investment strategies and techniques of each of the
Investment Managers that materially affected the performance of the respective
Portfolios during the Trust's fiscal year ended June 30, 2000.
Economic/Capital Markets Commentary
During the Trust's fiscal year, the big news may well be what did not happen.
Firstly, there was no worldwide economic meltdown or major financial crisis.
The previous two years were hit with the Russian financial turmoil (Fiscal
1999) and the Asian liquidity problems (Fiscal 1998). Secondly, the Y2K scare
produced little or no damage. Thirdly, the Federal Reserve tightening did not
trigger a liquidity crisis. Some of fiscal 1999's trends did continue,
especially the dominance of the technology sector within the broader markets
and high levels of initial public offerings (IPO's) by very early-stage
companies. This IPO activity in the last year was truly unique in its
character, with a massive surge of offerings, especially in the fiscal second
quarter, by companies with no operating history and no visible profit
potential. Two quarters later, this "irrational exuberance" was brought to a
stunning halt with the dot.com market's collapse. As we enter fiscal 2001,
this sector of the market is showing signs of resilience, but from much lower
levels of valuation. The equity markets, in general, appear to be entering a
much more discerning phase, where earnings potential and quality of earnings
matter.
We now face a market environment concerned with Federal Reserve policy and
election-year uncertainty. It is clear that the Fed will continue to lean into
the wind of economic strength and try to engineer a "soft landing" to mitigate
inflation pressures. It is much less clear what policy changes will emerge
from our federal government.
<TABLE>
<CAPTION>
1FQ00 2FQ00 3FQ00 4FQ00 Fiscal 00
------ ------ ------ ------ ---------
<S> <C> <C> <C> <C> <C>
S&P 500 Stock Index/1/ ............. -6.25% 14.88% 2.29% -2.66% 7.25%
Russell 1000 Stock Index/2/ ........ -6.60% 16.05% 4.37% -3.43% 9.24%
Russell 2000 Stock Index/2/ ........ -6.32% 18.45% 7.08% -3.78% 14.33%
MSCI EAFE Index/3/ ................. 4.39% 16.99% -0.11% -3.96% 17.16%
Lehman Aggregate Bond Index/4/ ..... 0.68% -0.12% 2.21% 1.74% 4.56%
</TABLE>
Volatility continued to build during the fiscal year, while market leadership
changed somewhat. Growth equities continued to dominate the performance of the
broader indices, but small capitalization and international equities took over
from large capitalization U.S. stocks. This may signal a shift from momentum
driven strategies to one more focused on earnings and sustainability.
In this report, performance comparisons for each Portfolio are provided
relative to their appropriate benchmarks. In addition, the discussion includes
comparisons between the performance achieved by the Portfolios against an
indicator, compiled by an independent statistical monitoring organization,
Lipper Inc. The Lipper organization compiles performance on mutual funds and
further categorizes them by investment objective.
--------
/1/The S&P 500 Stock Index is an unmanaged index of 500 blue-chip stocks.
/2/Each of the Russell indices is a market cap-weighted index of common stocks
domiciled in the US. These and other stock indices are widely used in
investment management as a performance standard for active managers and as
a proxy for asset allocation purposes. The Russell 3000(R) Index is
constructed by ranking US common stocks ranked from largest to smallest
market capitalization, and including in the index the top 3,000 stocks. The
largest 1,000 stocks become the Russell 1000(R) Index and the next 2,000
stocks are included in the Russell 2000(R) Index. Unlike the S&P 500 Stock
Index, however, the Russell indices are reconstituted each year.
/3/The Morgan Stanley Capital International EAFE Index, which covers Europe,
Australia, and the Far East, is an unmanaged, market value weighted index
designed to measure the overall condition of developed overseas equities
markets.
/4/The Lehman Brothers Aggregate Bond Index includes more than 5,000 taxable
government, investment-grade corporate and mortgage backed securities.
1
<PAGE>
The Value Equity Portfolio
The investment objective of this Portfolio is to provide total return
consisting of capital appreciation and current income. In accordance with its
investment policies, this Portfolio is oriented toward large capitalization
equities with relatively lower price-earnings ratios and higher dividend
income than the average range for stocks included in the Standard & Poors 500
Stock Index. The Value Equity Portfolio is benchmarked against the Russell
1000 Value Index/5/. As of June 30, 2000, the Portfolio's managers were
Geewax, Terker & Company (Geewax Terker) and Institutional Capital Corporation
(ICAP).
Geewax Terker employs a quantitative approach to structuring the portfolio
with a view to assembling a portfolio of investments similar in terms of risk,
capitalization and represented market sectors to the Russell 1000 Value Index.
ICAP is a bottom-up stock picker, and constructs the portfolio with less
sensitivity to the structure of the index, while still adhering to basic
value-oriented strategies.
As can be seen from the table below*, both managers have constructed
portfolios whose characteristics are consistent with the Trust's policies.
<TABLE>
<CAPTION>
P/E Ratio Yield Average Market Cap
--------- ----- ------------------
<S> <C> <C> <C>
Russell 1000 Value Index................ 23.6x 2.0% $70.0 billion
Total Portfolio......................... 24.5x 1.8% $73.0 billion
Geewax Terker........................... 26.5x 1.7% $88.1 billion
ICAP.................................... 22.5x 1.9% $57.7 billion
</TABLE>
*Source: Evaluation Associates as of June 30, 2000
For the fiscal year ended June 30, 2000, the Hirtle Callaghan (HC) Value
Equity Portfolio had a total return of -5.14%, which compares to the Russell
1000 Value Index of -8.92%.
We present below a chart comparing the HC Trust Value Equity Portfolio
compared to the Russell 1000 Value Index and the Lipper peer group. The
comparison below is an average performance result for a group of value
managers who are considered to be a peer group of the HC Trust Value Equity
Portfolio managers.
[BAR GRAPH]
Russell
HC Trust 1000 Lipper Average
Value Value Large Cap
Portfolio Index Value
-5.14% -8.92% -0.93%
--------
/5/The Russell 1000 Value Index measures the performance of those companies
included in the Russell 1000 Stock Index with lower price-to-book ratios
and lower forecasted growth rates.
2
<PAGE>
This fiscal year produced good performance relative to the Russell 1000 Value
Index, with ICAP outperforming Geewax Terker. This was a consistent theme
within the Trust portfolios, with the bottom-up stock pickers outperforming
their more quantitative peers.
Value Equity Portfolio
[GRAPH LINE]
Value Equity Portfolio Russell 1000 Value Index
8/25/1995 10,000 10,000
12/31/1995 10,960 11,049
6/30/1996 11,728 11,876
12/31/1996 13,288 13,440
6/30/1997 15,867 15,817
12/31/1997 17,390 18,169
6/30/1998 19,582 20,377
12/31/1998 18,980 21,008
6/30/1999 21,357 23,712
12/31/1999 21,047 22,552
6/30/2000 20,260 21,597
The chart represents historical performance of a hypothetical investment of
$10,000 in the Hirtle Callaghan Value Equity Portfolio from 8/25/95 to
6/30/00, and represents the reinvestment of dividends and capital gains in the
Portfolio.
The Portfolio's performance above is compared to the Russell 1000 Value Index.
The index is unmanaged and does not reflect the deduction of fees associated
with a mutual fund, such as investment management and fund accounting fees. An
investor cannot invest directly in an index. The performance of the Hirtle
Callaghan Value Equity Portfolio reflects the deduction of fees for these
value-added services. Past performance is not predictive of future results.
The investment return and NAV will fluctuate, so that an investor's shares,
when redeemed, may be worth more or less than the original cost.
3
<PAGE>
The Growth Equity Portfolio
The investment objective of this Portfolio is to provide capital appreciation,
with income as a secondary consideration. In accordance with its investment
policies, this Portfolio is oriented toward large capitalization, equity
securities with an emphasis on long-term earnings growth potential and
relatively higher price-earnings ratios and lower dividend yields than the
average range for stocks included in the Standard & Poors 500 Stock Index. The
Growth Equity Portfolio is benchmarked against the Russell 1000 Growth
Index/6/. As of June 30, 2000, the Portfolio's managers were Jennison
Associates (Jennison) and Goldman Sachs Asset Management (Goldman).
As can be seen from the table below*, both managers have constructed
portfolios whose characteristics are consistent with the Trust's policies.
However, Jennison and Goldman have differing assignments within the growth
segment of the large capitalization arena. Jennison concentrates on the
largest, fastest growing multinational companies in the large capitalization
growth area, while Goldman focuses on the entire large capitalization growth
segment. Goldman employs a highly quantitative methodology to structure its
portfolio so that it is aligned with the assigned index with regard to
capitalization, industry, and sector weightings, also known as a top-down
methodology, while Jennison is a bottom-up stock picker.
<TABLE>
<CAPTION>
P/E Ratio Yield Average Market Cap
--------- ----- ------------------
<S> <C> <C> <C>
Russell 1000 Growth Index............... 49.6x 0.3% $176.3 billion
Total Portfolio......................... 47.1x 0.4% $148.8 billion
Jennison................................ 49.7x 0.3% $135.6 billion
Goldman................................. 44.6x 0.4% $164.6 billion
</TABLE>
*Source: Evaluation Associates as of June 30, 2000
For the fiscal year ended June 30, 2000, the HC Growth Equity Portfolio had a
total return of 27.71%, which compares to the Russell 1000 Growth Index return
of 25.65%.
We present below a chart comparing the HC Trust Growth Equity Portfolio
compared to the Russell 1000 Growth Index and the Lipper peer group. The
comparison below is an average performance result for a group of growth
managers who are considered to be a peer group of the HC Trust Growth Equity
Portfolio managers.
[BAR GRAPH]
Russell
HC Trust 1000 Lipper Average
Growth Growth Large Cap
Portfolio Index Growth
27.71% 25.65% 26.35%
--------
/6/The Russell 1000 Growth Index measures the performance of those companies
included in the Russell 1000 Stock Index with higher price-to-book ratios
and higher forecasted growth rates.
4
<PAGE>
This fiscal year produced good performance relative to the Russell 1000 Growth
Index. Within the Growth Portfolio, Jennison, the bottom-up stock picker,
outperformed Goldman, its quantitative co-manager. The Goldman managed section
of the Portfolio has proven to be more defensive than the Jennison one because
of the latter's focus on technology. Jennison's technology and high growth
emphasis has added a great deal of value to the Portfolio, but the volatility
emerges in market corrections.
Growth Equity Portfolio
[GRAPH LINE]
Growth Equity Portfolio Russell 1000 Growth Index
8/08/1995 10,000 10,000
12/31/1995 10,240 10,949
6/30/1996 11,169 12,271
12/31/1996 12,299 13,481
6/30/1997 13,830 16,117
12/31/1997 15,748 17,591
6/30/1998 18,947 21,176
12/31/1998 20,872 24,400
6/30/1999 24,019 26,950
12/31/1999 29,672 32,491
6/30/2000 30,675 33,867
Average Annual Total Return
As of June 30, 2000
Since
Inception
1 Year (8/8/95)
27.71% 25.73%
The chart represents historical performance of a hypothetical investment of
$10,000 in the Hirtle Callaghan Growth Equity Portfolio from 8/8/95 to
6/30/00, and represents the reinvestment of dividends and capital gains in the
Portfolio.
The Portfolio's performance above is compared to the Russell 1000 Growth
Index. The index is unmanaged and does not reflect the deduction of fees
associated with a mutual fund, such as investment management and fund
accounting fees. An investor cannot invest directly in an index. The
performance of the Hirtle Callaghan Growth Equity Portfolio reflects the
deduction of fees for these value-added services. Past performance is not
predictive of future results. The investment return and NAV will fluctuate, so
that an investor's shares, when redeemed, may be worth more or less than the
original cost.
5
<PAGE>
The Small Capitalization Equity Portfolio+
The investment objective of this Portfolio is to provide long term capital
appreciation by investing primarily in equity securities of smaller companies
and the Portfolio is benchmarked against the Russell 2000 Stock Index. As of
June 30, 2000, the Portfolio's managers were Frontier Capital Management
Company (Frontier) and Geewax Terker. Geewax Terker is the quantitative (top-
down) manager in this portfolio, while Frontier is a bottom-up stock picker.
Both managers are concentrating on the smaller capitalization sector of the
U.S. equities market.
As can be seen from the table below*, both managers have constructed portfolios
whose characteristics are consistent with the Trust's policies.
<TABLE>
<CAPTION>
P/E Ratio Yield Average Market Cap
--------- ----- ------------------
<S> <C> <C> <C>
Russell 2000 Index...................... 22.0x 1.4% $0.9 billion
Total Portfolio......................... 29.4x 0.6% $2.5 billion
Geewax Terker........................... 29.5x 0.8% $2.1 billion
Frontier................................ 29.3x 0.5% $2.8 billion
</TABLE>
*Source: Evaluation Associates as of June 30, 2000
For the fiscal year ended June 30, 2000, the HC Small Capitalization Equity
Portfolio had a total return of 24.21%, which compares to the Russell 2000
Index return of 14.33%.
We present below a chart comparing the HC Trust Small Capitalization Equity
Portfolio compared to the Russell 2000 Index and the Lipper peer group. The
comparison below is an average performance result for a group of small
capitalization managers who are considered to be a peer group of the HC Trust
Small Capitalization Equity Portfolio managers.
[BAR GRAPH]
HC Trust Russell Lipper Average
Small Cap 2000 Small Cap
Portfolio Index Core
24.21% 14.33% 27.14%
--------
+ Small capitalization funds typically carry additional risks since smaller
companies generally have a higher risk of failure.
6
<PAGE>
This fiscal year produced excellent performance relative to the Russell 2000
Index. Within the Portfolio, Frontier, the bottom-up stock picker,
outperformed Geewax Terker, its quantitative co-manager. Frontier's success
can be attributed to excellent securities selection, with their portfolio
containing companies that delivered earnings growth well in excess of the
index composite. The Geewax Terker approach in the small capitalization sector
emphasizes earnings and balance sheet quality. During much of the fiscal year,
however, companies without these fundamental qualities outperformed.
Small Capitalization Equity Portfolio
[GRAPH LINE]
Small Capitalization Equity Portfolio Russell 2000 Index
9/05/1995 10,000 10,000
12/31/1995 9,981 10,399
6/30/1996 11,182 11,477
12/31/1996 12,623 12,114
6/30/1997 13,406 13,350
12/31/1997 15,020 14,823
6/30/1998 15,102 15,553
12/31/1998 14,408 14,445
6/30/1999 15,817 15,786
12/31/1999 14,967 17,515
6/30/2000 19,646 18,047
Average Annual Total Return
As of June 30, 2000
Since
Inception
1 Year (9/5/95)
24.21% 15.04%
The chart represents historical performance of a hypothetical investment of
$10,000 in the Hirtle Callaghan Small Capitalization Equity Portfolio from
9/5/95 to 6/30/00, and represents the reinvestment of dividends and capital
gains in the Portfolio.
The Portfolio's performance is compared to the Russell 2000 Index, which
represents the performance of domestically traded common stocks of small to
mid-sized companies. The index is unmanaged and does not reflect the deduction
of fees associated with a mutual fund, such as investment management and fund
accounting fees. An investor cannot invest directly in an index. The
performance of the Hirtle Callaghan Small Capitalization Equity Portfolio
reflects the deduction of fees for these value added services. Past
performance is not predictive of future results. The investment return and NAV
will fluctuate, so that an investor's shares, when redeemed, may be worth more
or less than the original cost.
Equity securities of smaller companies may involve greater risk than is
customarily associated with investments in larger, more established companies.
7
<PAGE>
The International Equity Portfolio++
The investment objective of this Portfolio is to maximize total return,
consisting of capital appreciation and current income, by investing primarily
in a diversified portfolio of equity securities of non-U.S. issuers. The
International Equity Portfolio is benchmarked against the Morgan Stanley
Capital International Europe, Australasia and Far East Index (MSCI EAFE
Index). As of June 30, 2000, the managers of the HC International Equity
Portfolio were Artisan Partners (Artisan) and Capital Guardian Trust Company
(CapGuardian). The following table lists key portfolio statistics relevant to
the assignment:
<TABLE>
<CAPTION>
P/E Ratio Yield Average Market Cap
--------- ----- ------------------
<S> <C> <C> <C>
MSCI EAFE Index......................... 30.5x 1.7% $60.4 billion
Total Portfolio......................... 38.6x 1.2% $43.1 billion
Artisan................................. 42.0x 1.3% $32.1 billion
CapGuardian............................. 35.3x 1.1% $55.6 billion
</TABLE>
*Source: Evaluation Associates as of June 30, 2000
For the fiscal year ended June 30, 2000, the HC International Equity Portfolio
had a total return of 23.14%, which compares to the MSCI EAFE Index return of
17.16%.
We present below a chart comparing the HC Trust International Equity Portfolio
compared to the MSCI EAFE Index and the Lipper peer group. The comparison
below is an average performance result for a group of developed international
managers who are considered to be a peer group of the HC Trust International
Equity Portfolio managers.
[BAR GRAPH]
HC Trust MSCI
International EAFE Lipper Average
Portfolio Index International
23.14% 17.16% 24.48%
--------
++International investing involves increased risk and volatility.
8
<PAGE>
This fiscal year produced excellent performance relative to the MSCI EAFE
Index. Within the Portfolio, Artisan, the bottom-up stock picker, dramatically
outperformed its benchmark.
As of July 26, 1999, Brinson Partners' (Brinson) top-down and value oriented
investment approach was supplemented by the bottom-up and growth oriented
investment philosophy of Artisan. Artisan's approach focuses on identifying
individual companies that seem well positioned for strong, sustainable growth,
based on analysis of the financial statements and other fundamental factors of
individual issuers.
As of April 28, 2000, CapGuardian replaced Brinson. While Brinson has provided
good performance relative to the assigned index, there have been several major
changes at the firm that Hirtle Callaghan has been monitoring for some time.
There have been changes in firm management, and it was felt that these changes
were likely to alter the firm's investment approach.
CapGuardian, the principal offices of which are located at 333 South Hope
Street, Los Angeles, CA 90071, is a trust company and is organized as a
corporation under California law. It is an indirect, wholly-owned subsidiary
of The Capital Group Companies, Inc. (Capital Group) and Capital Group
maintains offices throughout the world. As of December 31, 1999, CapGuardian
and its affiliated companies managed total assets of in excess of $123
billion, including approximately $4.4 billion in assets of registered
investment companies. CapGuardian has extensive experience in managing
investments in both developed and emerging economies. Their heavy emphasis on
original research and the depth of experience of their portfolio managers, who
have an average of 22 years with the company, has produced not only a superior
track record, but also a very consistent one.
International Equity Portfolio
[GRAPH LINE]
Morgan Stanley Europe
International Equity Portfolio Australasia & Far East
8/17/1995 10,000 10,000
12/31/1995 10,714 10,518
6/30/1996 11,515 11,115
12/31/1996 12,198 11,294
6/30/1997 13,773 12,578
12/31/1997 12,872 11,527
6/30/1998 14,589 13,361
12/31/1998 14,875 13,871
6/30/1999 15,345 14,441
12/31/1999 19,303 17,636
6/30/2000 18,897 16,919
Average Annual Total Return
As of June 30, 2000
Since
Inception
1 Year (8/17/95)
23.14% 13.96%
The chart represents historical performance of a hypothetical investment of
$10,000 in the Hirtle Callaghan International Equity Portfolio from 8/17/95 to
6/30/00, and represents the reinvestment of dividends and capital gains in the
Portfolio.
The Portfolio's performance is compared to the Morgan Stanley Capital
International Europe, Australasia and Far East Index, which represents the
performance of the major stock markets in those regions. The index is
unmanaged and does not reflect the deduction of fees associated with a mutual
fund, such as investment management and fund accounting fees. An investor
cannot invest directly in an index. The performance of the Hirtle Callaghan
International Equity Portfolio reflects the deduction of fees for these value
added services. Past performance is not predictive of future results. The
investment return and NAV will fluctuate, so that an investor's shares, when
redeemed, may be worth more or less than the original cost.
Investments in securities of foreign issuers may involve risks not ordinarily
associated with investment in domestic securities.
9
<PAGE>
The Fixed Income Portfolio
The investment objective of this Portfolio is to provide a high level of
current income consistent with the preservation of capital. The Portfolio
seeks to achieve this objective by investing primarily in a diversified
portfolio of intermediate-term fixed income securities, but may purchase
securities with any stated maturity.
As of June 30, 2000, the Fixed Income Portfolio was managed by Deutsche Asset
Management (Deutsche), formerly Morgan Grenfell Capital Management. The
following table lists key portfolio statistics relevant to the assignment:
<TABLE>
<CAPTION>
Average
Maturity Duration 30 Day Yield Credit Rating
--------- --------- ------------ -------------
<S> <C> <C> <C> <C>
Lehman Bros. Aggregate
Bond Index............... 8.8 Years 4.9 Years N/A AA+
Deutsche................. 8.2 Years 5.1 Years 6.89% AA+
</TABLE>
*Source: Evaluation Associates as of June 30, 2000
For the fiscal year ended June 30, 2000, the Fixed Income Portfolio had a
total return of 4.49%, which compares to the Lehman Brothers Aggregate Bond
Index return of 4.56%.
We present below a chart comparing the HC Trust Fixed Income Portfolio
compared to the Lehman Aggregate Bond Index and the Lipper peer group. The
comparison below is an average performance result for a group of fixed income
managers who are considered to be a peer group of the HC Trust Fixed Income
Portfolio manager.
[BAR GRAPH]
HC Trust Lehman Bros. Lipper Average
Fixed Income Aggregate Bond Intermediate
Portfolio Index Taxable
4.49% 4.56% 3.42%
10
<PAGE>
Given the very conservative, risk adverse intent of this Portfolio, we are
pleased with the Portfolio's performance. You will note that Deutsche
outperformed its peer group. This is consistent with Deutsche's methodologies,
especially during periods of bond market volatility (such as in the past
year), when they emphasize very high quality issues and do not attempt to
market time the sector weights within the index.
Fixed Income Portfolio
[GRAPH LINE]
Lehman Brothers Aggregate
Fixed Income Bond Index
7/01/1998 10,000 10,000
9/30/1998 10,445.33 10,423
12/31/1998 10,456.37 10,458
3/31/1999 10,376.43 10,405
6/30/1999 10,288.16 10,313
9/30/1999 10,373 10,384
12/31/1999 10,332 10,371
3/31/2000 10,615 10,600
6/30/2000 10,750 10,784
Average Annual Total Return
As of June 30, 2000
Since
Inception
1 Year (7/1/98)
4.49% 3.69%
The chart represents historical performance of a hypothetical investment of
$10,000 in the Hirtle Callaghan Fixed Income Portfolio from 7/1/98 to 6/30/00,
and represents the reinvestment of dividends and capital gains in the
Portfolio.
The Portfolio's performance is compared to the Lehman Brothers Aggregate Bond
Index. The index is unmanaged and does not reflect the deduction of fees
associated with a mutual fund, such as investment management and fund
accounting fees. An investor cannot invest directly in an index. The
performance of the Hirtle Callaghan Fixed Income Portfolio reflects the
deduction of fees for these value-added services. Past performance is not
predictive of future results. The investment return and NAV will fluctuate, so
that an investor's shares, when redeemed, may be worth more or less than the
original cost.
11
<PAGE>
The Intermediate Term Municipal Bond Portfolio
The investment objective of this Portfolio is to provide a high level of
current income exempt from Federal income tax, consistent with the
preservation of capital. The Portfolio seeks to achieve this objective by
investing primarily in a diversified portfolio of intermediate-term fixed
income securities issued by municipalities and related entities, the interest
on which is exempt from regular Federal income tax, which are referred to as
"Municipal Securities."
As of June 30, 2000, the Intermediate Term Municipal Bond Portfolio was
managed by Deutsche. The following table lists key portfolio statistics
relevant to the assignment:
<TABLE>
<CAPTION>
Average
Maturity Duration 30 Day Yield Credit Rating
--------- --------- ------------ -------------
<S> <C> <C> <C> <C>
Lehman 5 Year GO
Index/7/ ................ 4.9 Years 4.0 Years N/A AA+
Deutsche................. 7.2 Years 5.2 Years 4.89% AA+
</TABLE>
*Source: Evaluation Associates as of June 30, 2000
For the fiscal year ended June 30, 2000, the Intermediate Term Municipal Bond
Portfolio had a total return of 2.45%, which compares to the Lehman Bros. 5
Year GO Index return of 3.50%.
We present below a chart comparing the HC Trust Intermediate Term Municipal
Bond Portfolio compared to the Lehman 5 Year GO Municipal Bond Index and the
Lipper peer group. The comparison below is an average performance result for a
group of municipal bond managers who are considered to be a peer group of the
HC Trust Intermediate Term Municipal Bond Portfolio manager.
[BAR GRAPH]
HC Trust
Intermediate Term Lehman Brother Lipper Average
Municipal 5 Year GO Intermediate
Bond Porrtfolio Muni Index Municipal
2.45% 3.50% 2.50%
--------
/7/The Lehman Bros. 5 year Government Index (Lehman 5 year GO Index) is an
unmanaged index of municipal securities that is widely recognized as an
indicator of performance of types of securities in which this portfolio
invests.
12
<PAGE>
Given the very conservative, risk-adverse intent of this Portfolio, we are
pleased with the Portfolio's performance. Deutsche's slightly longer than
index maturity structure during the fiscal year produced a very competitive
Federal tax-exempt yield, while this same maturity structure was impacted by a
rising interest rate environment in general as the Federal Reserve System
tightened.
Intermediate Term Municipal Bond Portfolio
[GRAPH LINE]
Intermediate Lehman 5 Year GO Index
7/01/1998 10,000 10,000
9/30/1998 10,234.66 10,263.06
12/31/1998 10,283.36 10,347.44
3/31/1999 10,368.3 10,456.07
6/30/1999 10,243.85 10,325.42
9/30/1999 10,237 10,417
12/31/1999 10,178 10,415
3/31/2000 10,367 10,536
6/30/2000 10,494 10,687
Average Annual Total Return
As of June 30, 2000
Since
Inception
1 Year (7/1/98)
2.45% 2.45%
The chart represents historical performance of a hypothetical investment of
$10,000 in the Hirtle Callaghan Intermediate Term Municipal Bond Portfolio
from 7/1/98 to 6/30/00, and represents the reinvestment of dividends and
capital gains in the Portfolio.
The Portfolio's performance is compared to the Lehman 5 year GO Index. The
index is unmanaged and does not reflect the deduction of fees associated with
a mutual fund, such as investment management and fund accounting fees. An
investor cannot invest directly in an index. The performance of the Hirtle
Callaghan Intermediate Term Municipal Bond Portfolio reflects the deduction of
fees for these value-added services. Past performance is not predictive of
future results. The investment return and NAV will fluctuate, so that an
investor's shares, when redeemed, may be worth more or less than the original
cost.
13
<PAGE>
Conclusion
We are very pleased with the investment management teams we have retained on
behalf of our shareholders. With the exception of the Bond Portfolios, our
management teams have outperformed their benchmarks in a very difficult active
manager environment, many by substantial amounts. While we are happy with this
result, you can rest assured that we are in a constant search for better, more
efficient structures and managers. The supervision aspects of our business
present constant challenges, and we are devoting substantial resources to this
effort.
In addition, we have continued to concentrate on cost control. Each Portfolio
is now operating well within the projected expense ratios, with total assets
at the end of the fiscal year of $1.6 billion. We are optimistic about our
ability to continue to drive down the expenses of these Portfolios. Every
basis point of savings will go directly to our shareholders.
We remain grateful for your confidence in us and for your continuing support.
We assure you that we will continue to work on your behalf to deliver the best
long-term investment solutions available in the marketplace.
Sincerely,
/s/ Donald E. Callaghan
Donald E. Callaghan
President
--------
The views expressed in this letter reflect those of the President through the
end of the period covered by the report, as stated on the cover. The
President's views are subject to change based on market and other conditions.
14
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Value Equity Portfolio
Portfolio of Investments -- June 30, 2000
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks -- 95.01%
Geewax, Terker & Co. -- 47.16%
Advertising/Marketing -- 0.11%
5,500 Interpublic Group of Companies, Inc.................... $ 236,500
1,000 Valassis Communications, Inc. (b)...................... 38,125
------------
274,625
------------
Aerospace/Defense -- 0.47%
2,700 General Motors Corp., Class - H (b).................... 236,925
800 Litton Industries, Inc. (b)............................ 33,600
1,300 Northrop Grumman Corp.................................. 86,125
13,380 United Technologies Corp............................... 787,748
------------
1,144,398
------------
Airlines & Services -- 0.20%
3,400 Delta Air Lines, Inc................................... 171,913
15,900 Southwest Airlines Co.................................. 301,106
------------
473,019
------------
Auto Parts -- 0.21%
3,420 Dana Corp.............................................. 72,461
1,900 Eaton Corp............................................. 127,300
7,100 Genuine Parts Co....................................... 142,000
2,800 TRW, Inc............................................... 121,450
3,674 Visteon Corp........................................... 44,547
------------
507,758
------------
Automobile Production -- 0.77%
28,060 Ford Motor Co.......................................... 1,206,580
11,400 General Motors Corp.................................... 661,913
------------
1,868,493
------------
Banking -- 3.39%
26,700 Bank of New York Co., Inc.............................. 1,241,550
4,975 Charter One Financial, Inc............................. 114,425
38,500 Chase Manhattan Corp................................... 1,773,405
1,300 City National Corp..................................... 45,175
1,470 Commerce Bancshares, Inc............................... 43,733
1,700 Compass Bancshares, Inc................................ 29,006
2,700 Fifth Third Bancorp.................................... 170,775
21,256 Firstar Corp........................................... 447,705
19,800 FleetBoston Financial Corp............................. 673,200
4,100 Huntington Bancshares, Inc............................. 64,831
9,000 KeyCorp................................................ 158,625
100 M & T Bank Corp........................................ 45,000
8,600 MBNA Corp.............................................. 233,275
13,500 Mellon Financial Corp.................................. 491,906
1,100 Mercantile Bankshares Corp............................. 32,794
5,200 North Fork Bancorp, Inc................................ 78,650
7,100 PNC Bank Corp.......................................... 332,813
2,600 State Street Corp...................................... 275,763
4,970 Suntrust Banks, Inc.................................... 227,067
6,800 Synovus Financial Corp................................. 119,850
1,900 TCF Financial Corp..................................... 48,806
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Banking (continued)
38,800 Wells Fargo Co......................................... $ 1,503,500
1,200 Wilmington Trust Corp.................................. 51,300
------------
8,203,154
------------
Beverages -- 1.11%
4,750 Anheuser-Busch Co., Inc................................ 354,766
1,400 Brown-Forman Corp., Class - B.......................... 75,250
12,320 Coca-Cola Co........................................... 707,630
1,300 Pepsi Bottling Group, Inc.............................. 37,944
33,900 PepsiCo, Inc........................................... 1,506,431
------------
2,682,021
------------
Biotechnology -- 0.34%
2,900 Cardinal Health, Inc................................... 214,600
1,200 Celgene Corp. (b)...................................... 70,650
2,200 Genzyme Corp. (b)...................................... 130,763
1,600 PE Corp. - Celera Genomics Group (b)................... 149,600
1,800 Quest Diagnostics, Inc. (b)............................ 134,550
2,100 Watson Pharmaceutical, Inc. (b)........................ 112,875
------------
813,038
------------
Broadcasting -- 1.44%
1,400 Adelphia Communications Corp., Class - A (b)........... 65,625
5,500 AMFM, Inc. (b)......................................... 379,500
85,700 AT&T Corp. - Liberty Media Group, Class - A............ 2,078,224
1,500 Cablevision Systems Corp. (b).......................... 101,813
3,400 Clear Channel Communications, Inc. (b)................. 255,000
1,010 Comcast Corp., Class - A............................... 40,905
1,000 Hispanic Broadcasting Corp.,
Class - A (b)......................................... 33,125
3,380 Infinity Broadcasting Corp. (b)........................ 123,159
3,400 NTL, Inc. (b).......................................... 203,575
2,700 UnitedGlobalCom, Inc. (b).............................. 126,225
3,400 USA Networks, Inc. (b)................................. 73,525
------------
3,480,676
------------
Building Products -- 0.04%
3,700 Georgia-Pacific Group.................................. 97,125
------------
Business Equipment & Services -- 0.03%
2,800 Comdisco, Inc.......................................... 62,475
------------
Casinos/Gaming -- 0.09%
3,000 Harrah's Entertainment, Inc. (b)....................... 62,813
1,700 Mandalay Resort Group (b).............................. 34,000
9,600 Park Place Entertainment Corp. (b)..................... 117,000
------------
213,813
------------
Chemicals -- 0.34%
12,240 Dow Chemical Co........................................ 369,495
1,500 Engelhard Corp......................................... 25,594
</TABLE>
See accompanying notes to financial statements.
15
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Value Equity Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Chemicals (continued)
800 FMC Corp. (b)........................................ $ 46,400
5,600 PPG Industries, Inc.................................. 248,150
6,100 Sherwin-Williams Co.................................. 129,244
------------
818,883
------------
Clothing/Apparel -- 0.14%
2,500 Liz Claiborne, Inc................................... 88,125
4,000 Nike, Inc., Class - B................................ 159,249
2,500 Nordstrom, Inc. ..................................... 60,313
500 Talbots, Inc......................................... 27,469
------------
335,156
------------
Computer Software & Services -- 0.65%
1,400 Adobe Systems, Inc................................... 182,000
800 Affiliated Computer Services, Inc. (b)............... 26,450
4,700 Automatic Data Processing, Inc....................... 251,744
4,400 Cadence Design Systems, Inc. (b)..................... 89,650
1,000 Computer Sciences Corp. (b).......................... 74,688
700 Convergys Corp. (b).................................. 36,313
2,800 DST Systems, Inc. (b)................................ 213,150
10,800 First Data Corp...................................... 535,949
1,600 Intuit, Inc. (b)..................................... 66,200
700 SanDisk Corp. (b).................................... 42,831
800 Symantec Corp. (b)................................... 43,150
------------
1,562,125
------------
Computer Systems -- 0.37%
3,400 3Com Corp. (b)....................................... 195,925
1,740 Apple Computer, Inc. (b)............................. 91,133
350 Brocade Communications Systems, Inc. (b)............. 64,220
10,610 Compaq Computer Corp................................. 271,217
2,900 Ingram Micro, Inc. (b)............................... 50,569
2,500 Reynolds & Reynolds Co............................... 45,625
3,600 Safeguard Scientifics, Inc. (b)...................... 115,425
1,200 Tech Data Corp. (b).................................. 52,275
------------
886,389
------------
Conglomerates -- 1.22%
6,000 Dover Corp........................................... 243,375
30,200 General Electric Co.................................. 1,600,600
5,130 Honeywell International, Inc......................... 172,817
8,620 Minnesota Mining & Manufacturing Co.................. 711,150
4,000 Textron, Inc......................................... 217,250
------------
2,945,192
------------
Construction Materials & Supplies -- 0.02%
700 Dycom Industries, Inc. (b)........................... 32,200
1,000 Lafarge Corp......................................... 21,000
------------
53,200
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Containers/Packaging -- 0.03%
1,300 Bemis Co., Inc......................................... $ 43,712
1,400 Sonoco Products Co..................................... 28,788
------------
72,500
------------
Control & Filter Services -- 0.01%
1,500 Pall Corp.............................................. 27,750
------------
Electronic Components & Instruments -- 2.69%
2,036 Agilent Technologies, Inc. (b)......................... 150,155
800 Analog Devices, Inc. (b)............................... 60,800
5,200 Applied Materials, Inc. (b)............................ 471,250
3,600 Arrow Electronics, Inc. (b)............................ 111,600
3,590 Atmel Corp. (b)........................................ 132,381
1,300 Avnet, Inc............................................. 77,025
1,400 Cypress Semiconductor Corp. (b)........................ 59,150
2,800 Dallas Semiconductor, Corp............................. 114,100
1,800 Diebold, Inc........................................... 50,175
14,200 Emerson Electric Co.................................... 857,324
3,300 General Dynamics Corp.................................. 172,425
13,260 Hewlett Packard Co..................................... 1,655,842
7,680 International Business Machines Corp................... 841,440
1,100 International Rectifier Corp. (b)...................... 61,600
3,000 Johnson Controls, Inc.................................. 153,938
900 Lattice Semiconductor Corp. (b)........................ 62,213
3,000 Level 3 Communications, Inc. (b)....................... 264,000
5,400 LSI Logic Corp. (b).................................... 292,275
2,925 Molex, Inc............................................. 140,766
2,900 National Semiconductor Corp. (b)....................... 164,575
1,200 Pentair, Inc........................................... 42,600
2,400 PerkinElmer, Inc....................................... 158,700
1,300 SCI Systems, Inc. (b).................................. 50,944
570 SDL, Inc. (b).......................................... 162,557
600 Virata Corp. (b)....................................... 35,175
4,050 Vishay Intertechnology, Inc. (b)....................... 153,647
------------
6,496,657
------------
Entertainment -- 0.73%
45,600 The Walt Disney Co..................................... 1,769,850
------------
Financial Services -- 6.20%
1,500 Allmerica Financial Corp............................... 78,563
29,380 American Express Co.................................... 1,531,433
36,000 BankAmerica Corp....................................... 1,547,999
4,250 Bear Stearns Companies, Inc............................ 176,906
94,510 Citigroup, Inc......................................... 5,694,227
3,800 Countrywide Credit Industries, Inc..................... 115,188
20,600 Fannie Mae............................................. 1,075,063
1,600 FirstMerit Corp........................................ 34,200
1,000 Franklin Resources, Inc................................ 30,375
6,000 Freddie Mac............................................ 243,000
4,160 Golden West Financial Corp............................. 169,780
2,200 Goldman Sachs Group.................................... 208,725
</TABLE>
See accompanying notes to financial statements.
16
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Value Equity Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Financial Services (continued)
10,390 Household International, Inc........................... $ 431,834
2,890 J.P. Morgan & Co....................................... 318,261
2,000 John Hancock Financial Services, Inc. (b).............. 47,375
2,800 Legg Mason, Inc........................................ 140,000
2,800 Lehman Brothers Holdings, Inc.......................... 264,775
6,760 Merrill Lynch & Co., Inc............................... 777,400
25,600 Morgan Stanley Dean Witter & Co........................ 2,131,199
------------
15,016,303
------------
Food -- Retail -- 0.31%
9,890 Kroger Co. (b)......................................... 218,198
5,480 Safeway, Inc. (b)...................................... 247,285
3,100 Supervalu, Inc......................................... 59,094
5,600 SYSCO Corp............................................. 235,900
------------
760,477
------------
Food Processing -- 0.31%
9,100 Conagra, Inc........................................... 173,469
6,800 H.J. Heinz Co.......................................... 297,500
3,700 Hormel Foods Corp...................................... 62,206
2,100 IBP, Inc............................................... 32,419
4,000 McCormick & Co., Inc................................... 130,000
5,200 Tyson Foods, Inc., Class - A........................... 45,500
------------
741,094
------------
Holding Companies -- Diversified -- 0.06%
5,800 Fortune Brands, Inc.................................... 133,763
------------
Hotels & Lodging -- 0.12%
10,500 Hilton Hotels Corp..................................... 98,438
600 MGM Grand, Inc......................................... 19,275
5,400 Starwood Hotels & Resorts.............................. 175,837
------------
293,550
------------
Household Products & Appliances -- 0.58%
2,790 American Standard Companies (b)........................ 114,390
6,270 Avon Products, Inc..................................... 279,015
5,580 Clorox Co.............................................. 250,054
2,080 Colgate-Palmolive Co................................... 124,540
1,810 Gillette Co............................................ 63,237
9,020 Procter & Gamble Co.................................... 516,394
1,340 Whirlpool Corp......................................... 62,478
------------
1,410,108
------------
Insurance -- 2.19%
6,400 AFLAC, Inc............................................. 294,000
2,300 Ambac, Inc............................................. 126,069
5,600 American General Corp.................................. 341,600
28,175 American International Group........................... 3,310,562
3,800 Cigna Corp............................................. 355,299
4,400 Jefferson Pilot Corp................................... 248,325
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Insurance (continued)
1,900 MGIC Investment Corp................................. $ 86,450
3,300 Old Republic International Corp...................... 54,450
1,850 PMI Group, Inc. ..................................... 87,875
1,600 Protective Life Corp................................. 42,600
3,800 Torchmark Corp....................................... 93,813
600 Transatlantic Holding................................ 50,250
2,700 Unitrin, Inc......................................... 79,313
1,700 WellPoint Health Networks, Inc. (b).................. 123,144
------------
5,293,750
------------
Iron & Steel -- 0.02%
2,900 USX - US Steel Group................................. 53,831
------------
Machinery, Tools & Engineering -- 0.42%
1,300 Black & Decker Corp.................................. 51,106
1,500 Crane Co............................................. 36,469
3,100 Danaher Corp......................................... 153,256
6,100 Deere & Co........................................... 225,700
5,200 Illinois Tool Works, Inc............................. 296,401
4,200 Ingersoll Rand Co.................................... 169,050
4,100 Thermo Electron Corp. (b)............................ 86,356
------------
1,018,338
------------
Media -- 0.88%
2,700 Knight-Ridder, Inc................................... 143,606
6,500 Time Warner, Inc..................................... 494,000
21,812 Viacom, Inc., Class - B.............................. 1,487,306
------------
2,124,912
------------
Medical Equipment & Supplies -- 0.23%
6,700 Baxter International, Inc............................ 471,093
2,200 Biomet, Inc.......................................... 84,563
------------
555,656
------------
Metals -- 0.05%
3,100 Allegheny Technologies, Inc.......................... 55,800
1,600 Nucor Corp........................................... 53,100
------------
108,900
------------
Office Equipment -- 0.01%
1,300 Herman Miller, Inc................................... 33,638
------------
Oil & Gas -- 5.53%
1,400 Anadarko Petroleum Corp.............................. 69,038
5,500 Baker Hughes, Inc.................................... 176,000
2,115 BP Amoco PLC - ADR................................... 119,630
4,100 Burlington Industries................................ 156,825
19,100 Chevron Corp......................................... 1,619,918
4,300 Coastal Corp......................................... 261,763
12,520 Conoco, Inc., Class - B.............................. 307,522
500 Cooper Cameron Corp. (b)............................. 33,000
2,721 Dynegy, Inc.......................................... 185,878
16,730 Enron Corp........................................... 1,079,084
3,800 ENSCO International, Inc............................. 136,088
</TABLE>
See accompanying notes to financial statements.
17
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Value Equity Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Oil & Gas (continued)
1,500 Equitable Resources, Inc............................... $ 72,375
92,343 Exxon Mobil Corp....................................... 7,248,925
1,400 Global Marine, Inc. (b)................................ 39,463
3,400 Grant Prideco, Inc. (b)................................ 85,000
3,300 Halliburton Co......................................... 155,719
4,000 Hanover Compressor Co. ................................ 152,000
1,000 Helmerich & Payne, Inc................................. 35,500
1,800 Nabors Industries, Inc. (b)............................ 74,813
1,100 National Fuel Gas Co................................... 53,625
1,200 Noble Affiliates, Inc.................................. 44,700
2,400 Noble Drilling Corp. (b)............................... 98,850
8,300 Ocean Energy, Inc. (b)................................. 117,756
14,200 Texaco, Inc............................................ 756,149
600 Tidewater, Inc......................................... 21,600
1,900 Ultramar Diamond Shamrock Corp......................... 47,144
5,600 Union Pacific Resources Group.......................... 123,200
3,400 Weatherford International, Inc. (b).................... 135,363
------------
13,406,928
------------
Paper Products -- 0.17%
4,600 International Paper Co................................. 137,138
800 St. Joe Corp. ......................................... 24,000
1,800 Westvaco Corp.......................................... 44,663
4,800 Weyerhaeuser Co........................................ 206,399
------------
412,200
------------
Pharmaceuticals -- 3.53%
32,700 Abbott Laboratories.................................... 1,457,194
8,740 American Home Products Corp............................ 513,475
3,300 Bristol-Myers Squibb Co................................ 192,225
1,300 Chiron Corp. (b)....................................... 61,750
32,150 Johnson & Johnson...................................... 3,275,281
27,730 Merck & Co., Inc....................................... 2,124,811
17,746 Pharmacia Corp......................................... 917,246
------------
8,541,982
------------
Photography -- 0.12%
4,800 Eastman Kodak Co....................................... 285,600
------------
Publishing & Printing -- 0.44%
2,900 Belo (A.H.) Corp....................................... 50,206
700 E.W. Scripps, Class - A................................ 34,475
8,000 Gannett Co., Inc....................................... 478,500
5,500 McGraw-Hill Companies, Inc............................. 297,000
5,500 Tribune Co............................................. 192,500
------------
1,052,681
------------
Railroads -- 0.11%
7,050 Union Pacific Corp..................................... 262,172
------------
Raw Materials -- 0.33%
14,400 Alcoa, Inc............................................. 417,600
3,900 Du Pont (E.I.) De Nemours.............................. 170,625
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Raw Materials (continued)
5,300 Praxair, Inc........................................... $ 198,419
------------
786,644
------------
REITS -- 0.27%
2,190 AvalonBay Communities, Inc............................. 91,433
9,300 Equity Office Properties Trust......................... 256,331
4,500 Equity Residential Properties Trust.................... 207,000
4,800 Simon Property Group, Inc.............................. 106,500
------------
661,264
------------
Restaurants -- 0.26%
1,800 Brinker International, Inc. (b)........................ 52,650
16,100 McDonald's Corp........................................ 530,294
2,000 Wendy's International, Inc............................. 35,625
------------
618,569
------------
Retail -- 1.00%
6,700 BJ's Wholesale Club, Inc. (b).......................... 221,100
5,400 Costco Companies, Inc. (b)............................. 178,200
6,900 CVS Corp............................................... 276,000
2,500 Family Dollar Stores, Inc.............................. 48,906
3,400 Federated Department Stores, Inc. (b).................. 114,750
1,600 Harcourt General, Inc.................................. 87,000
4,650 May Department Stores, Inc............................. 111,600
5,000 Sears Roebuck & Co..................................... 163,125
3,980 Staples, Inc........................................... 61,193
490 Target Corp............................................ 28,420
15,850 Wal-Mart Stores, Inc................................... 913,356
6,700 Walgreen Co............................................ 215,656
------------
2,419,306
------------
Retail -- Specialty -- 0.06%
2,100 Tiffany & Co........................................... 141,750
------------
Staffing & Outsourcing Services -- 0.04%
3,100 Manpower, Inc.......................................... 99,200
------------
Telecommunications -- 6.77%
800 Advanced Fibre Communications, Inc. (b)................ 36,250
6,700 Alltel Corp. .......................................... 414,981
2,390 American Tower Corp. (b)............................... 99,633
58,334 AT&T Corp.............................................. 1,844,811
35,562 Bell Atlantic Corp. (b)................................ 1,806,994
47,260 BellSouth Corp......................................... 2,014,457
5,300 CenturyTel, Inc........................................ 152,375
9,800 Citizens Communications Co. (b)........................ 169,050
2,100 Commscope, Inc. (b).................................... 86,100
21,670 GTE Corp. ............................................. 1,348,958
1,500 L-3 Communications Holdings, Inc. (b).................. 85,594
24,090 Motorola, Inc.......................................... 700,116
1,700 Nextel Partners, Inc., Class - A (b)................... 55,356
</TABLE>
See accompanying notes to financial statements.
18
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Value Equity Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Telecommunications (continued)
4,400 Nextlink Communications, Inc.,
Class - A (b)......................................... $ 166,925
1,900 Qualcomm, Inc. (b)..................................... 114,000
1,700 Qwest Communications International, Inc. (b)........... 84,469
75,256 SBC Communications, Inc................................ 3,254,821
3,000 Scientific-Atlanta, Inc................................ 223,500
1,800 SpectraSite Holdings, Inc. (b)......................... 51,075
11,600 Sprint Corp............................................ 591,600
2,200 Telephone and Data Systems, Inc........................ 220,550
300 U.S. Cellular Corp. (b)................................ 18,900
7,600 US West, Inc. ......................................... 651,700
2,600 VoiceStream Wireless Corp. (b)......................... 302,372
41,360 WorldCom, Inc. (b)..................................... 1,897,390
------------
16,391,977
------------
Textiles -- 0.01%
1,400 Shaw Industries, Inc................................... 17,500
------------
Toys & Games -- 0.03%
4,100 Hasbro, Inc............................................ 61,756
------------
Transportation -- 0.63%
12,000 Burlington Northern Santa Fe Corp...................... 275,250
1,600 C.H. Robinson Worldwide, Inc........................... 79,200
19,900 United Parcel Service, Inc., Class - B................. 1,174,100
------------
1,528,550
------------
Utilities -- 2.08%
5,200 Allegheny Energy, Inc.................................. 142,350
4,100 Ameren Corp............................................ 138,375
4,990 American Water Works Co................................ 124,750
6,700 Consolidated Edison, Inc............................... 198,488
3,400 Constellation Energy Group............................. 110,713
2,800 CP & L Energy, Inc. ................................... 89,425
70 Detroit Edison Co...................................... 2,139
11,711 Dominion Resources, Inc................................ 502,108
5,400 DPL, Inc............................................... 118,463
4,100 DQE, Inc. ............................................. 161,950
11,200 Duke Power Co., Inc.................................... 631,399
7,500 El Paso Energy Corp.................................... 382,031
6,300 Florida Power & Light, Inc............................. 311,850
2,700 Florida Progress Corp.................................. 126,563
4,800 General Public Utilities Corp.......................... 129,900
4,400 KeySpan Corp........................................... 135,300
3,700 Kinder Morgan, Inc..................................... 127,881
3,900 Montana Power Co....................................... 137,719
2,700 NRG Energy, Inc........................................ 49,275
2,700 NSTAR.................................................. 109,856
2,900 Pinnacle West Capital.................................. 98,238
5,500 Potomac Electric Power Co.............................. 137,500
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Utilities (continued)
5,100 Public Service Enterprise Group, Inc................ $ 176,588
6,730 TXU Corp............................................ 209,051
4,500 Unicom Corp......................................... 174,094
1,950 Utilicorp United, Inc............................... 38,756
10,920 Williams Cos., Inc.................................. 455,227
------------
5,019,989
------------
Total -- Geewax, Terker & Co. (cost $109,990,897)... 114,040,685
------------
Institutional Capital Corp. -- 47.85%
Aerospace/Defense -- 1.47%
42,250 General Dynamics Corp............................... 2,207,563
30,950 TRW, Inc............................................ 1,342,456
------------
3,550,019
------------
Aluminium -- 0.72%
56,100 Alcan Aluminum Ltd.................................. 1,739,100
------------
Automobile -- 0.06%
11,181 Visteon Corp........................................ 135,578
------------
Automobile Production -- 2.99%
85,400 Ford Motor Co....................................... 3,672,200
61,155 General Motors Corp................................. 3,550,812
------------
7,223,012
------------
Banking -- 1.22%
76,200 Wells Fargo & Co.................................... 2,952,750
------------
Chemicals -- 1.06%
51,550 Union Carbide Corp.................................. 2,551,725
------------
Computer Software & Services -- 2.09%
53,350 Computer Associates International, Inc.............. 2,730,853
56,100 Electronic Data Systems Corp........................ 2,314,125
------------
5,044,978
------------
Computer Systems -- 1.90%
19,850 Gateway, Inc. (b)................................... 1,126,488
31,550 International Business Machines Corp................ 3,456,696
------------
4,583,184
------------
Conglomerates -- 1.18%
60,400 Tyco International Ltd.............................. 2,861,450
------------
Electronic Components & Instruments -- 2.21%
112,624 Koninklijke Philips Electric........................ 5,349,640
------------
Entertainment -- 1.18%
49,100 Seagram Co. Ltd..................................... 2,847,800
------------
Financial Services -- 4.59%
118,300 Associates First Capital Corp....................... 2,639,569
58,150 Citigroup, Inc...................................... 3,503,537
</TABLE>
See accompanying notes to financial statements.
19
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Value Equity Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Institutional Capital Corp. (continued)
Financial Services (continued)
52,250 Fannie Mae........................................... $ 2,726,797
54,200 Household International, Inc......................... 2,252,688
------------
11,122,591
------------
Home Products -- 1.22%
47,900 Kimberly-Clark Corp.................................. 2,748,262
7,450 Newell Rubbermaid, Inc............................... 191,838
------------
2,940,100
------------
Insurance -- 2.24%
26,150 Aetna, Inc........................................... 1,678,503
50,500 Allstate Corp........................................ 1,123,625
124,600 MetLife, Inc. (b).................................... 2,624,388
------------
5,426,516
------------
Media -- 1.95%
26,550 Knight-Ridder, Inc................................... 1,412,128
69,500 News Corp. Ltd. - ADR................................ 3,301,250
------------
4,713,378
------------
Medical Equipment & Supplies -- 1.62%
63,500 Becton, Dickinson & Co............................... 1,821,656
54,500 Biomet, Inc.......................................... 2,094,844
------------
3,916,500
------------
Oil & Gas -- 4.33%
84,050 Conoco, Inc. (b)..................................... 2,064,478
43,850 Exxon Mobil Corp..................................... 3,442,226
63,000 Texaco, Inc.......................................... 3,354,750
63,750 USX - Marathon Group................................. 1,597,734
------------
10,459,188
------------
Paper Products -- 0.86%
48,600 Weyerhaeuser Co...................................... 2,089,800
------------
Pharmaceuticals -- 3.86%
66,500 Abbott Laboratories.................................. 2,963,406
58,500 Bristol-Myers Squibb Co.............................. 3,407,625
57,310 Pharmacia Corp....................................... 2,962,211
------------
9,333,242
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Restaurants -- 0.53%
45,200 TRICON Global Restaurants, Inc. (b).................. $ 1,276,900
------------
Retail -- 1.87%
55,100 Federated Department Stores, Inc. (b)................ 1,859,625
46,100 Target Corp.......................................... 2,673,800
------------
4,533,425
------------
Telecommunications -- 7.13%
110,761 AT&T Corp............................................ 3,502,817
76,552 Bell Atlantic Corp. (b).............................. 3,889,798
11,350 Cable & Wireless Communications PLC.................. 568,209
6,200 Lucent Technologies, Inc............................. 367,350
106,898 Motorola, Inc........................................ 3,106,723
36,100 U S West, Inc. ...................................... 3,095,575
65,150 Vodafone AirTouch PLC................................ 2,699,653
1,000 WorldCom, Inc. (b)................................... 45,875
------------
17,276,000
------------
Transportation -- 0.07%
6,900 Burlington Northern Santa Fe Corp.................... 158,269
------------
Utilities -- 1.50%
84,200 Edison International................................. 1,726,100
38,300 Florida Power & Light Co............................. 1,895,850
------------
3,621,950
------------
Total -- Institutional Capital Corp. (cost
$111,281,014)....................................... 115,707,095
------------
Total Common Stocks (cost $221,271,911).............. 229,747,780
------------
Depositary Receipts -- 2.59%
Geewax, Terker & Co. -- 2.59%
43,090 S&P 500 Depositary Receipt........................... 6,260,169
------------
Total Depositary Receipts (cost $5,818,534).......... 6,260,169
------------
</TABLE>
See accompanying notes to financial statements.
20
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Value Equity Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Principal Security Value
Amount Description (Note 2)
--------- ----------- --------
<C> <S> <C>
Short-Term Investments -- 3.70%
Geewax, Terker & Co. -- 1.12%
Repurchase Agreements -- 1.12%
$2,698,980 Deutsche Bank Repurchase Agreement, dated 6/30/00, due
7/3/00 at 5.25% with maturity value of $2,700,141
(Collateralized by $2,415,000 U.S. Treasury bond
10.750%, 2/15/03; value $2,758,026).................. $ 2,698,980
------------
Institutional Capital Corp. -- 2.58%
Cash & Equivalents -- 0.39%
952,053 Deutsche Bank Cash Sweep.............................. 952,053
------------
</TABLE>
<TABLE>
<CAPTION>
Principal Security Value
Amount Description (Note 2)
--------- ----------- --------
<C> <S> <C>
U.S. Government Agency -- 2.19%
$5,300,000 Federal Home Loan Bank Discount Corp., 6.55%,
7/3/00............................................ $ 5,298,071
------------
6,250,124
------------
Total Short-Term Investments (cost $8,949,104)..... 8,949,104
------------
Total Investments (cost $236,039,549) (a) --
101.30%.......................................... 244,957,053
------------
Liabilities in excess of other
assets -- 1.30%................................... (3,154,315)
------------
Total Net Assets -- 100.00%........................ $241,802,738
============
</TABLE>
--------
(a) Represents cost for financial reporting purposes and differs from cost
basis for federal income tax purposes by the amount of losses recognized
for financial reporting in excess of federal income tax reporting of
$959,378. Cost for federal income tax and financial reporting purposes
differs from value by net unrealized appreciation of securities as
follows:
<TABLE>
<S> <C>
Unrealized appreciation......................................... $ 22,039,246
Unrealized depreciation......................................... (14,081,120)
------------
Net unrealized appreciation..................................... $ 7,958,126
============
</TABLE>
(b) Non-income producing securities.
ADR -- American Depository Receipt
PLC -- Public Liability Company
See accompanying notes to financial statements.
21
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Growth Equity Portfolio
Portfolio of Investments -- June 30, 2000
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks -- 98.80%
Jennison Associates LLP -- 53.73%
Advertising/Marketing -- 0.60%
24,200 Omnicom Group, Inc..................................... $ 2,155,313
------------
Biotechnology -- 0.87%
44,900 Amgen, Inc. (b)........................................ 3,154,225
------------
Broadcasting -- 2.49%
129,000 AT&T - Liberty Media Group (b)......................... 3,128,250
46,000 Clear Channel Communications, Inc. (b)................. 3,450,000
23,400 Univision Communications, Inc. (b)..................... 2,421,900
------------
9,000,150
------------
Cellular/Wireless Telecommunications -- 2.15%
21,800 Nextel Communications, Inc. - Class A (b).............. 1,333,888
155,659 Vodafone AirTouch PLC - ADR............................ 6,450,119
------------
7,784,007
------------
Communications Equipment -- 5.64%
10,500 Corning, Inc........................................... 2,833,687
27,500 General Motors Corp. - Class H......................... 2,413,125
132,900 LM Ericsson Telephone Co. - ADR........................ 2,658,000
41,200 Metromedia Fiber Network, Inc. (b)..................... 1,635,125
64,700 Motorola, Inc.......................................... 1,880,344
135,000 Nokia Corp. - ADR...................................... 6,741,562
32,800 Nortel Networks Corp. - ADR............................ 2,238,600
------------
20,400,443
------------
Computer Hardware -- 4.10%
78,300 Compaq Computer Corp................................... 2,001,544
45,300 Dell Computer Corp. (b)................................ 2,233,856
54,400 Hewlett Packard Co..................................... 6,793,199
8,400 Juniper Networks, Inc. (b)............................. 1,222,725
28,200 Sun Microsystems, Inc. (b)............................. 2,564,438
------------
14,815,762
------------
Computer Services -- 0.96%
41,200 America Online, Inc. (b)............................... 2,173,300
7,300 VeriSign, Inc. (b)..................................... 1,288,450
------------
3,461,750
------------
Computer Software -- 1.39%
43,700 Microsoft Corp. (b).................................... 3,496,000
13,600 VERITAS Software Corp. (b)............................. 1,537,013
------------
5,033,013
------------
Computer Systems/Peripherals -- 1.18%
55,300 EMC Corp. (b).......................................... 4,254,644
------------
Electronic Equipment -- 1.03%
70,000 General Electric Co.................................... 3,710,000
------------
Entertainment -- 2.20%
24,900 Time Warner, Inc....................................... 1,892,400
89,076 Viacom, Inc. - Class B................................. 6,073,870
------------
7,966,270
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Financial Services -- 1.89%
113,525 Citigroup, Inc........................................... $ 6,839,881
------------
Financial Services Diversified -- 3.75%
76,500 American Express Co...................................... 3,987,563
37,000 Merrill Lynch & Co....................................... 4,255,000
63,800 Morgan Stanley Dean Witter & Co.......................... 5,311,350
------------
13,553,913
------------
Health Care -- Drugs/Pharmaceuticals -- 5.22%
15,500 Eli Lilly & Co........................................... 1,548,063
13,500 Genentech, Inc. (b)...................................... 2,322,000
41,400 Merck & Co., Inc......................................... 3,172,275
162,250 Pfizer, Inc.............................................. 7,787,999
78,376 Pharmacia Corp........................................... 4,051,059
------------
18,881,396
------------
Health Care Diversified -- 1.05%
64,700 American Home Products Corp.............................. 3,801,125
------------
Insurance -- 1.25%
38,575 American International Group, Inc........................ 4,532,563
------------
Networking -- 1.87%
106,800 Cisco Systems, Inc. (b).................................. 6,761,775
------------
Oil & Gas -- 0.63%
30,600 Schlumberger Ltd......................................... 2,283,525
------------
Personal Care -- 0.33%
24,400 Estee Lauder Companies, Inc. - Class A................... 1,206,275
------------
Retail -- Apparel -- 0.50%
57,350 Gap, Inc................................................. 1,792,188
------------
Retail -- Building -- 1.81%
130,850 Home Depot, Inc.......................................... 6,534,322
------------
Retail -- Department Stores -- 1.14%
74,200 Kohl's Corp. (b)......................................... 4,127,375
------------
Retail -- General Merchandise Chain -- 1.24%
7,000 Costco Wholesale Corp. (b)............................... 231,000
73,700 Wal-Mart Stores, Inc..................................... 4,246,963
------------
4,477,963
------------
Retail -- Specialty -- 0.61%
32,600 Tiffany & Co............................................. 2,200,500
------------
Semiconductors -- 5.84%
31,600 Applied Materials, Inc. (b).............................. 2,863,750
13,500 Applied Micro Circuits Corp. (b)......................... 1,333,125
32,000 ASM Lithography Holding N.V. (b)......................... 1,412,000
5,400 Broadcom Corp. - Class A (b)............................. 1,182,600
58,500 Intel Corp............................................... 7,820,718
17,700 JDS Uniphase Corp. (b)................................... 2,121,788
64,300 Texas Instruments, Inc................................... 4,416,606
------------
21,150,587
------------
</TABLE>
See accompanying notes to financial statements.
22
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Growth Equity Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Jennison Associates LLP (continued)
Telephone Long Distance -- 3.99%
29,050 Allegiance Telecom, Inc. (b)............................ $ 1,859,200
87,400 Global Crossing Ltd. (b)................................ 2,299,713
10,200 Level 3 Communications, Inc. (b)........................ 897,600
31,200 Nextlink Communications, Inc. (b)....................... 1,183,650
43,131 NTL, Inc. (b)........................................... 2,582,468
112,600 Qwest Communications International (b).................. 5,594,812
------------
14,417,443
------------
Total -- Jennison Associates LLP (cost $115,475,916).... 194,296,408
------------
Goldman Sachs Asset Management -- 45.07%
Advertising -- 0.13%
2,800 DoubleClick, Inc. (b)................................... 106,750
2,700 Interpublic Group of Companies., Inc.................... 116,100
1,300 Omnicom Group, Inc...................................... 115,781
1,700 TMP Worldwide, Inc. (b)................................. 125,482
------------
464,113
------------
Aerospace/Defense -- 0.11%
9,400 Boeing Co............................................... 393,038
------------
Apparel -- 0.78%
4,600 Footstar, Inc. (b)...................................... 152,950
25,100 Intimate Brands, Inc.................................... 495,725
63,100 Limited, Inc............................................ 1,364,537
8,800 Nike, Inc. - Class B.................................... 350,350
8,200 Talbots, Inc............................................ 450,488
------------
2,814,050
------------
Banking -- 0.00%
1 BankAmerica Corp........................................ 43
------------
Chemicals -- 0.36%
4,600 Air Products & Chemicals, Inc........................... 141,738
25,500 Dow Chemical Co......................................... 769,781
10,400 Praxair, Inc............................................ 389,350
------------
1,300,869
------------
Communications Equipment -- 1.97%
17,500 ADC Telecommunications, Inc. (b)........................ 1,467,812
1,500 Advanced Fibre Communications, Inc. (b)................. 67,969
2,900 CIENA Corp.............................................. 483,394
1,200 Copper Mountain Networks, Inc. (b)...................... 105,750
12,900 Corning, Inc............................................ 3,481,387
3,800 Ditech Communications Corp. (b)......................... 359,338
300 Efficient Networks, Inc. (b)............................ 22,069
800 Harmonic, Inc. (b)...................................... 20,000
4,600 Juniper Networks, Inc. (b).............................. 669,587
4,600 Powerwave Technologies, Inc. (b)........................ 202,400
2,200 Sycamore Networks, Inc. (b)............................. 242,825
------------
7,122,531
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Computer Hardware -- 6.99%
5,600 3Com Corp. (b)........................................... $ 322,700
30,600 Apple Computer, Inc. (b)................................. 1,602,675
2,600 Brocade Communications Systems, Inc. (b)................. 477,059
8,300 Cabletron Systems, Inc. (b).............................. 209,575
139,700 Cisco Systems, Inc. (b).................................. 8,844,755
17,600 Dell Computer Corp. (b).................................. 867,900
29,000 EMC Corp. (b)............................................ 2,231,188
400 Extreme Networks, Inc. (b)............................... 42,144
20,900 Hewlett Packard Co....................................... 2,609,888
16,400 International Business Machines Corp..................... 1,796,825
21,600 Network Appliance, Inc. (b).............................. 1,738,800
2,500 Redback Networks, Inc. (b)............................... 445,000
9,000 SanDisk Corp. (b)........................................ 550,688
39,200 Sun Microsystems, Inc. (b)............................... 3,564,749
------------
25,303,946
------------
Computer Services -- 2.45%
800 Akamai Technologies, Inc. (b)............................ 94,988
500 Alteon WebSystems, Inc. (b).............................. 50,031
3,800 Amazon.Com, Inc. (b)..................................... 137,988
53,600 American Online, Inc. (b)................................ 2,827,399
1,500 At Home Corp. (b)........................................ 31,125
4,900 Automatic Data Processing, Inc........................... 262,456
1,200 CheckFree Holdings Corp. (b)............................. 61,875
4,600 CMGI, Inc. (b)........................................... 210,738
500 CNET, Inc................................................ 12,281
11,600 Computer Sciences Corp. (b).............................. 866,374
100 Critical Path, Inc. (b).................................. 5,831
561 EarthLink Networks, Inc. (b)............................. 8,660
2,500 eBay, Inc. (b)........................................... 135,781
20,000 Electronic Data Systems Corp............................. 824,999
9,200 Exodus Communications, Inc. (b).......................... 423,775
3,500 Fiserv, Inc. (b)......................................... 151,375
200 Healtheon/WebMD Corp. (b)................................ 2,963
1,000 homestore.com, Inc. (b).................................. 29,188
3,400 InfoSpace.Com, Inc. (b).................................. 187,850
1,900 Inktomi Corp. (b)........................................ 224,675
1,200 InterNAP Network Services Corp. (b)...................... 49,819
2,300 Lycos, Inc. (b).......................................... 124,200
692 MarchFirst, Inc. (b)..................................... 12,629
1,000 Priceline.Com, Inc. (b).................................. 37,984
2,400 PSINet, Inc. (b)......................................... 60,300
1,200 RealNetworks, Inc. (b)................................... 60,675
1,000 Sapient Corp. (b)........................................ 106,938
1,100 Scient Corp. (b)......................................... 48,538
5,000 TeleTech Holdings, Inc. (b).............................. 155,313
1,000 Verio, Inc. (b).......................................... 55,484
4,545 Verisign, Inc. (b)....................................... 802,193
2,200 VerticalNet, Inc. (b).................................... 81,263
5,900 Yahoo!, Inc. (b)......................................... 730,863
------------
8,876,551
------------
</TABLE>
See accompanying notes to financial statements.
23
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Growth Equity Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Goldman Sachs Asset Management (continued)
Computer Software -- 4.98%
4,800 Adobe Systems, Inc....................................... $ 623,999
300 Agile Software Corp. (b)................................. 21,206
3,800 Ariba, Inc. (b).......................................... 372,578
1,000 Art Technology Group, Inc. (b)........................... 100,938
9,000 BEA Systems, Inc. (b).................................... 444,938
4,400 BroadVision, Inc. (b).................................... 223,575
3,200 Commerce One, Inc. (b)................................... 145,400
400 E.piphany, Inc. (b)...................................... 42,875
700 Echelon Corp. (b)........................................ 40,556
600 Entrust Technologies, Inc. (b)........................... 49,650
2,400 i2 Technologies, Inc. (b)................................ 250,238
3,100 Intuit, Inc. (b)......................................... 128,263
800 ISS Group, Inc. (b)...................................... 78,988
1,400 Kana Communications, Inc. (b)............................ 86,625
600 Liberate Technologies (b)................................ 17,588
1,300 Macromedia, Inc. (b)..................................... 125,694
80,600 Microsoft Corp. (b)...................................... 6,447,999
1,700 Network Associates, Inc. (b)............................. 34,638
58,000 Oracle Corp. (b)......................................... 4,875,624
600 Phone.Com, Inc. (b)...................................... 39,075
2,400 Portal Software, Inc. (b)................................ 153,600
1,100 Proxicom, Inc. (b)....................................... 52,663
1,000 Red Hat, Inc. (b)........................................ 27,063
800 RSA Security, Inc. (b)................................... 55,400
3,800 Siebel Systems, Inc. (b)................................. 621,537
900 Software.com, Inc. (b)................................... 116,888
2,700 Tibco Software, Inc. (b)................................. 289,533
19,475 Veritas Software Corp. (b)............................... 2,200,978
4,800 Vignette Corp. (b)....................................... 249,675
1,200 Vitria Technology, Inc. (b).............................. 73,350
------------
17,991,134
------------
Department Stores -- 0.93%
17,900 Federated Department Stores (b).......................... 604,125
2,900 Kohl's Corp.............................................. 161,313
12,100 Neiman Marcus Group, Inc. - Class A...................... 357,706
11,200 Target Corp.............................................. 649,600
27,300 Wal-Mart Stores, Inc..................................... 1,573,162
------------
3,345,906
------------
Drugs -- 5.12%
9,300 Abbott Laboratories...................................... 414,431
14,400 ALPHARMA, Inc............................................ 896,400
2,000 Andrx Corp. (b).......................................... 127,844
3,400 Eli Lilly & Co........................................... 339,575
5,900 Forest Laboratories, Inc. - Class A (b).................. 595,900
5,100 Genentech, Inc........................................... 877,200
18,600 Johnson & Johnson........................................ 1,894,875
6,300 MedImmune, Inc. (b)...................................... 466,200
42,700 Merck & Co., Inc......................................... 3,271,888
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Drugs (continued)
4,600 Millennium Pharmaceuticals, Inc. (b)..................... $ 514,625
1,600 PE Corp. - Celera Genomics Group (b)..................... 149,600
180,900 Pfizer, Inc.............................................. 8,683,199
1,100 Protein Design Labs, Inc. (b)............................ 181,448
2,100 Schering-Plough Corp..................................... 106,050
------------
18,519,235
------------
Electric Utility -- 0.15%
8,000 Calpine Corp. (b)........................................ 526,000
------------
Electronic Equipment -- 2.91%
9,343 Agilent Technologies, Inc. (b)........................... 689,046
4,600 American Power Conversion Corp. (b)...................... 187,738
6,600 Amphenol Corp. - Class A (b)............................. 436,838
10,300 AVX Corp................................................. 236,256
3,900 General Motors Corp. - Class H (b)....................... 342,225
5,400 Integrated Device Technology, Inc. (b)................... 323,325
23,400 JDS Uniphase Corp. (b)................................... 2,805,075
11,700 KEMET Corp. (b).......................................... 293,231
47,800 Lucent Technologies Corp................................. 2,832,150
3,375 Molex, Inc............................................... 162,422
2,900 Power-One, Inc. (b)...................................... 330,419
14,200 Rockwell International Corp.............................. 447,300
3,400 Teradyne, Inc. (b)....................................... 249,900
31,100 Vishay Intertechnology, Inc. (b)......................... 1,179,856
------------
10,515,781
------------
Energy -- 0.07%
4,000 Enron Corp............................................... 258,000
------------
Entertainment -- 0.41%
38,600 The Walt Disney Co....................................... 1,498,163
------------
Financial Services -- 3.58%
300 Ameritrade Holding Corp. (b)............................. 3,488
24,100 Charles Schwab Corp...................................... 810,363
2,600 E*Trade Group, Inc. (b).................................. 42,900
178,400 General Electric Co...................................... 9,455,199
12,100 Lehman Brothers Holdings, Inc............................ 1,144,206
9,200 Merrill Lynch & Co., Inc................................. 1,058,000
5,300 Morgan Stanley Dean Witter & Co.......................... 441,225
------------
12,955,381
------------
Food & Beverages -- 1.29%
5,600 Coca Cola Co............................................. 321,650
25,100 ConAgra, Inc............................................. 478,469
9,400 IBP, Inc................................................. 145,113
4,000 Keebler Foods Co......................................... 148,500
7,800 Nabisco Holdings Corp. - Class A......................... 409,500
44,600 Pepsi Bottling Group, Inc................................ 1,301,763
38,400 Pepsico, Inc............................................. 1,706,399
16,700 Tyson Foods, Inc. - Class A.............................. 146,125
------------
4,657,519
------------
</TABLE>
See accompanying notes to financial statements.
24
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Growth Equity Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Goldman Sachs Asset Management (continued)
Health Care -- 0.92%
21,500 Allergan, Inc............................................ $ 1,601,750
24,400 Amgen, Inc. (b).......................................... 1,714,100
------------
3,315,850
------------
Industrial Services -- 0.14%
18,300 Hertz Corp............................................... 513,544
------------
Insurance -- 0.16%
6,800 UnitedHealth Group, Inc.................................. 583,100
------------
Media -- 0.85%
6,200 Dow Jones & Co., Inc..................................... 454,150
21,300 Infinity Broadcasting Corp. (b).......................... 776,119
2,300 Knight-Ridder, Inc....................................... 122,331
2,400 Macrovision Corp. (b).................................... 153,413
20,700 Time Warner, Inc......................................... 1,573,200
------------
3,079,213
------------
Medical Products -- 0.25%
5,700 Baxter International, Inc................................ 400,781
3,000 CYTYC Corp. (b).......................................... 160,125
6,800 Medtronic, Inc........................................... 338,725
------------
899,631
------------
Medical Providers -- 0.38%
14,900 Cardinal Health, Inc..................................... 1,102,600
3,400 Quest Diagnostics, Inc. (b).............................. 254,150
------------
1,356,750
------------
Oil & Gas -- 0.27%
5,900 Apache Corp.............................................. 346,994
9,000 Devon Energy Corp........................................ 504,000
1,700 Exxon Mobil Corp......................................... 133,450
------------
984,444
------------
Oil Services -- 0.04%
2,400 BJ Services Co. (b)...................................... 150,000
------------
Retail -- Specialty -- 0.84%
6,000 Barnes & Noble, Inc. (b)................................. 133,500
6,800 Circuit City Stores, Inc................................. 225,675
32,400 Home Depot, Inc.......................................... 1,617,975
11,500 Tiffany & Co............................................. 776,250
8,100 Zale Corp. (b)........................................... 295,650
------------
3,049,050
------------
Semiconductors -- 5.97%
19,300 Advanced Micro Devices, Inc. (b)......................... 1,490,925
6,200 Analog Devices, Inc. (b)................................. 471,200
2,700 Applied Materials, Inc................................... 244,688
13,300 Applied Micro Circuits Corp. (b)......................... 1,313,375
3,400 Broadcom Corp. - Class A (b)............................. 744,600
4,400 Credence Systems Corp. (b)............................... 242,825
</TABLE>
<TABLE>
<CAPTION>
Shares or
Principal Security Value
Amount Description (Note 2)
--------- ----------- --------
<C> <S> <C>
Semiconductors (continued)
900 GlobeSpan, Inc. (b)................................. $ 109,870
83,300 Intel Corp.......................................... 11,136,168
1,700 LSI Logic Corp. (b)................................. 92,013
20,500 Micron Technology, Inc. (b)......................... 1,805,280
2,100 PMC-Sierra, Inc. (b)................................ 373,144
1,500 QLogic Corp. (b).................................... 99,094
1,500 RF Micro Devices, Inc. (b).......................... 131,438
3,200 SDL, Inc. (b)....................................... 912,600
26,800 Texas Instruments, Inc.............................. 1,840,824
6,900 Xilinx, Inc. (b).................................... 570,113
------------
21,578,157
------------
Telecommunications -- 2.93%
14,100 AT&T Corp........................................... 445,913
19,000 BCE, Inc............................................ 452,438
26,100 Bell Atlantic Corp. ................................ 1,326,206
17,800 BellSouth Corp...................................... 758,725
4,600 Level 3 Communications, Inc. (b).................... 404,800
27,300 Motorola, Inc....................................... 793,406
5,000 NEXTLINK Communications, Inc. (b)................... 189,688
23,274 Nortel Networks Corp. - ADR......................... 1,588,450
22,700 QUALCOMM, Inc. (b).................................. 1,362,000
22,400 Scientific-Atlanta, Inc............................. 1,668,799
2,900 Sprint Corp. - FON Group............................ 147,900
3,500 Sprint Corp. - PCS Group (b)........................ 208,250
1,700 Telephone & Data Systems, Inc....................... 170,425
23,250 WorldCom, Inc. (b).................................. 1,066,594
------------
10,583,594
------------
Transportation & Shipping -- 0.09%
5,700 United Parcel Service, Inc. - Class B............... 336,300
------------
Total -- Goldman Sachs Asset Management
(cost $130,841,487)................................ 162,971,893
------------
Total Common Stocks (cost $246,317,403)............. 357,268,301
------------
Short-Term Investments -- 7.11%
Jennison Associates LLP -- 0.68%
Cash & Equivalents -- 0.01%
$ 49,578 Deutsche Bank Cash Sweep............................ 49,578
------------
Commercial Paper -- 0.67%
2,420,000 American Express, 6.88%, 7/3/00..................... 2,420,000
------------
Total -- Jennison Associates LLP (cost $2,469,578).. 2,469,578
------------
Goldman Sachs Asset Management -- 6.43%
Cash & Equivalents -- 0.00%
489 Deutsche Bank Cash Sweep............................ 489
------------
489
------------
</TABLE>
See accompanying notes to financial statements.
25
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Growth Equity Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Principal Security Value
Amount Description (Note 2)
--------- ----------- --------
<C> <S> <C>
Repurchase Agreements -- 6.43%
$23,235,000 Deutsche Bank Repurchase Agreement, dated 6/30/00,
due 7/3/00 at 6.30% with maturity value of
$23,247,198 (Collateralized by $23,364,000 U.S.
Treasury bonds 5.125%, 8/31/00; value
$23,334,795)....................................... $ 23,235,000
------------
Total -- Goldman Sachs Asset Management
(cost $23,335,489)................................ 23,235,489
------------
Total Short-Term Investments (cost $25,705,067).... 25,705,067
------------
Total Investments (cost $272,022,470) (a) --
105.91%.......................................... 382,973,368
------------
Liabilities in excess of other assets -- 5.91%..... (21,366,325)
------------
Total Net Assets -- 100.00% $361,607,043
============
</TABLE>
--------
ADR -- American Depository Receipt
(a) Represents cost for financial reporting purposes and differs from cost
basis for federal income tax purposes by the amount of losses recognized
for financial reporting in excess of federal income tax reporting of
1,475,468. Cost for financial reporting and federal income tax purposes
differs from value by net unrealized appreciation of securities as
follows:
<TABLE>
<S> <C>
Unrealized appreciation......................................... $117,707,231
Unrealized depreciation......................................... (8,222,681)
------------
Net unrealized appreciation..................................... $109,484,550
============
</TABLE>
(b) Non-income producing securities.
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 -- 6 $2,202,150 Sept 2000 $9,120
</TABLE>
The aggregate value of cash pledged to cover margin requirements for open
futures positions at June 30, 2000 was $1,150,000.
See accompanying notes to financial statements.
26
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments -- June 30, 2000
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks -- 95.39%
Frontier Capital Management Co. -- 62.07%
Aerospace -- 0.32%
64,600 BE Aerospace, Inc. (b)................................ $ 444,125
37,700 Orbital Sciences Corp. (b)............................ 459,469
------------
903,594
------------
Agriculture -- 0.81%
71,700 Delta Pine & Land Co.................................. 1,796,982
181,400 Seminis, Inc., Class - A (b).......................... 476,175
------------
2,273,157
------------
Broadcasting & Television -- 0.22%
64,800 Salem Communications Corp.,
Class - A (b)........................................ 601,425
------------
Building Materials & Components -- 0.60%
44,700 Kaydon Corp........................................... 938,700
41,000 U.S. Aggregates, Inc.................................. 743,125
------------
1,681,825
------------
Business Equipment & Services -- 1.14%
45,900 Interim Services, Inc. (b)............................ 814,725
57,500 Ritchie Bros. Auctioneers, Inc. (b)................... 1,376,407
42,400 Snyder Communications, Inc. (b)....................... 1,007,000
------------
3,198,132
------------
Chemicals -- 1.36%
110,900 Hexcel Corp. (b)...................................... 1,053,550
120,200 IMC Global, Inc....................................... 1,562,600
52,200 TETRA Technology, Inc. (b)............................ 1,194,075
------------
3,810,225
------------
Commercial Services -- 2.37%
85,100 Bright Horizons Family Solutions, Inc. (b)............ 1,819,012
63,600 NOVA Corp. (b)........................................ 1,776,825
65,500 Paxar Corp. (b)....................................... 781,906
17,800 Quanta Services, Inc. (b)............................. 979,000
199,900 SITEL Corp. (b)....................................... 987,006
22,100 Sykes Enterprises, Inc. (b)........................... 284,538
------------
6,628,287
------------
Computer Equipment -- 4.97%
55,900 Analog Devices, Inc. (b).............................. 4,248,400
69,200 Artesyn Technologies, Inc. (b)........................ 1,924,625
41,200 Identix, Inc. (b)..................................... 646,325
56,800 InFocus Corp. (b)..................................... 1,828,250
79,600 Ingram Micro, Inc. (b)................................ 1,388,025
87,300 ISG International Software Group Ltd. (b)............. 1,031,231
18,700 SanDisk Corp. (b)..................................... 1,144,206
30,768 Seagate Technology, Inc. (b).......................... 1,692,240
------------
13,903,302
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Computer Services -- 0.75%
20,500 Acxiom Corp. (b)...................................... $ 572,719
58,200 MarchFirst, Inc. (b).................................. 1,062,150
34,400 Zomax, Inc. (b)....................................... 451,500
------------
2,086,369
------------
Computer Software -- 4.85%
140,500 3DO Co. (b)........................................... 1,102,047
135,400 Ansoft Corp. (b)...................................... 1,354,000
28,300 Caminus Corp. (b)..................................... 693,350
34,200 Documentum, Inc. (b).................................. 3,056,624
31,500 Hyperion Solutions Corp. (b).......................... 1,021,781
22,500 iGate Capital Corp. (b)............................... 309,375
171,400 Information Resources, Inc. (b)....................... 674,888
194,850 Informix Corp. (b).................................... 1,449,197
138,100 Parametric Technology Corp. (b)....................... 1,519,099
44,600 Progress Software Corp. (b)........................... 800,013
38,500 Project Software Corp. (b)............................ 693,000
38,700 Sybase, Inc. (b)...................................... 890,100
------------
13,563,474
------------
Construction -- 0.55%
105,400 Chicago Bridge & Iron Co.............................. 1,548,063
------------
Drugs & Pharmaceuticals -- 1.04%
60,600 Guilford Pharmaceuticals, Inc. (b).................... 912,788
55,200 ICN Pharmaceuticals, Inc.............................. 1,535,250
26,000 Mylan Laboratories, Inc............................... 474,500
------------
2,922,538
------------
Electrical & Electronics -- 6.88%
45,800 Arrow Electronics, Inc. (b)........................... 1,419,800
23,000 Benchmark Electronics, Inc. (b)....................... 840,938
28,300 Cypress Semiconductor Corp. (b)....................... 1,195,675
34,700 Galileo Technology Ltd. (b)........................... 746,050
19,800 Harman International Industries, Inc.................. 1,207,800
183,300 LoJack Corp. (b)...................................... 1,271,644
43,100 LSI Logic Corp. (b)................................... 2,332,787
33,700 Pentair, Inc.......................................... 1,196,350
125,000 Trimble Navigation Ltd. (b)........................... 6,101,562
145,000 UCAR International, Inc. (b).......................... 1,894,062
39,700 York International Corp............................... 1,002,425
------------
19,209,093
------------
Electronic Components & Instruments -- 6.45%
63,400 Atmel Corp. (b)....................................... 2,337,875
153,400 Checkpoint Systems, Inc. (b).......................... 1,150,500
96,100 Cirrus Logic, Inc. (b)................................ 1,537,600
37,800 Exar Corp. (b)........................................ 3,295,687
80,600 FVC.COM, Inc. (b)..................................... 624,650
93,900 Indigo N.V. (b)....................................... 545,794
16,000 Innovex, Inc. (b)..................................... 156,000
40,700 Itron, Inc. (b)....................................... 335,775
</TABLE>
See accompanying notes to financial statements.
27
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C> <C>
Common Stocks (continued)
Frontier Capital Management Co. (continued)
Electronic Components & Instruments (continued)
27,400 Lam Research Corp. (b)............................ $ 1,027,500
34,700 Lattice Semiconductor Corp. (b)................... 2,398,637
11,900 Protein Design Labs, Inc. (b)..................... 1,962,942
32,300 Sage, Inc. (b).................................... 417,881
26,200 SBS Technologies, Inc. (b)........................ 967,763
46,300 SIPEX Corp. (b)................................... 1,281,931
------------
18,040,535
------------
Energy -- 1.00%
58,000 American Superconductor Corp. (b)................. 2,798,500
------------
Engineering & Construction -- 1.21%
52,900 Fluor Corp........................................ 1,672,962
53,100 Insituform Technologies,
Class - A (b).................................... 1,440,338
59,600 Layne Christensen Co. (b)......................... 268,200
------------
3,381,500
------------
Financial Services -- 1.36%
32,600 E*Trade Group, Inc. (b)........................... 537,900
44,900 Investment Technology Group, Inc. (b)............. 1,773,550
22,100 Knight Trading Group, Inc. (b).................... 658,856
25,350 Waddell & Reed Financial, Inc..................... 831,797
------------
3,802,103
------------
Footwear -- 0.42%
119,000 Wolverine World Wide, Inc......................... 1,175,125
------------
Forest Products & Papers -- 0.69%
89,038 Albany International Corp.,
Class - A (b).................................... 1,274,356
51,600 Smurfit-Stone Container Corp. (b)................. 664,350
------------
1,938,706
------------
Health Care -- 1.74%
18,000 Express Scripts, Inc., Class - A (b).............. 1,118,250
220,500 HEALTHSOUTH Corp. (b)............................. 1,584,844
130,700 Mid Atlantic Medical Services, Inc. (b)........... 1,764,450
42,700 Omnicare, Inc..................................... 386,969
------------
4,854,513
------------
Hospital Management & Services -- 0.70%
43,300 Visible Genetics, Inc. (b)........................ 1,953,913
------------
Insurance -- 1.39%
94,900 HCC Insurance Holdings, Inc....................... 1,791,237
47,700 HSB Group, Inc.................................... 1,484,663
11,300 XL Capital Ltd.................................... 611,613
------------
3,887,513
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Leisure & Tourism -- 0.03%
34,500 American Coin Merchandising (b)....................... $ 86,250
------------
Medical -- Biotechnology -- 0.46%
72,100 North American Scientific, Inc. (b)................... 1,293,294
------------
Medical Supplies -- 1.18%
160,600 Endocardial Solutions, Inc. (b)....................... 1,365,100
45,600 Haemonetics Corp. (b)................................. 957,600
25,800 Mentor Corp........................................... 701,438
32,800 STERIS Corp. (b)...................................... 291,100
------------
3,315,238
------------
Metals -- 0.43%
82,800 Northwest Pipe Co. (b)................................ 983,250
19,600 RTI International Metals, Inc. (b).................... 222,950
------------
1,206,200
------------
Multi-Media -- 0.19%
22,800 Imax Corp. (b)........................................ 518,700
------------
Oil & Gas -- 4.32%
44,700 Anadarko Petroleum Corp............................... 2,204,268
13,500 Cooper Cameron Corp. (b).............................. 891,000
50,200 EOG Resources, Inc.................................... 1,681,700
57,800 Friede Goldman Halter, Inc. (b)....................... 516,588
32,600 Noble Drilling Corp. (b).............................. 1,342,713
98,900 Ocean Energy, Inc. (b)................................ 1,403,144
22,800 Swift Energy Co. (b).................................. 646,950
51,200 Talisman Energy, Inc. (b)............................. 1,695,999
31,700 Transocean Sedco Forex, Inc........................... 1,693,968
------------
12,076,330
------------
Packaging/Containers -- 2.16%
93,800 American National Can Group, Inc...................... 1,582,875
51,100 AptarGroup, Inc....................................... 1,379,700
135,100 Packaging Corporation of America (b).................. 1,367,888
97,800 US Can Corp. (b)...................................... 1,699,275
------------
6,029,738
------------
Publishing & Printing -- 0.65%
91,900 Mail-Well, Inc. (b)................................... 792,637
16,700 Meredith Corp......................................... 563,625
7,700 Scholastic Corp. (b).................................. 470,663
------------
1,826,925
------------
Railroads -- 0.69%
186,480 Wabtec Corp........................................... 1,934,730
------------
Real Estate -- 0.42%
26,700 Boston Properties, Inc................................ 1,031,287
11,100 Jones Lang LaSalle, Inc. (b).......................... 148,463
------------
1,179,750
------------
</TABLE>
See accompanying notes to financial statements.
28
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Frontier Capital Management Co. (continued)
Recreation -- 1.64%
68,900 Action Performance Companies, Inc. (b).............. $ 499,525
98,300 Callaway Golf Co.................................... 1,603,519
100,800 Six Flags, Inc. (b)................................. 2,293,200
8,900 Speedway Motorsports, Inc. (b)...................... 204,700
------------
4,600,944
------------
Retail -- 0.42%
61,500 Claire's Stores, Inc................................ 1,183,875
------------
Steel -- 2.97%
147,473 AK Steel Holding Corp............................... 1,179,784
122,250 Allegheny Technologies, Inc......................... 2,200,500
24,600 Carpenter Technology Corp........................... 519,675
83,700 Precision Castparts Corp............................ 3,787,424
34,200 USX - US Steel Group................................ 634,838
------------
8,322,221
------------
Telecommunications -- 1.83%
14,118 Adelphia Communications Corp.,
Class - A (b)...................................... 661,781
29,900 Digital Microwave Corp. (b)......................... 1,139,938
52,500 InterVoice, Inc. (b)................................ 344,531
82,600 P-Com, Inc. (b)..................................... 469,788
8,000 Voicestream Wireless Corp. (b)...................... 930,375
18,500 Western Wireless Corp.,
Class - A (b)...................................... 1,008,250
16,750 WinStar Communications, Inc. (b).................... 567,406
------------
5,122,069
------------
Telecommunications Equipment -- 0.82%
26,200 Brooktrout, Inc. (b)................................ 571,488
73,400 Glenayre Technologies, Inc. (b)..................... 775,288
29,300 Harris Corp......................................... 959,574
------------
2,306,350
------------
Textiles & Apparel -- 1.19%
226,900 Unifi, Inc. (b)..................................... 2,807,887
46,500 WestPoint Stevens, Inc.............................. 517,313
------------
3,325,200
------------
Toys -- 0.47%
27,100 Hasbro, Inc. (b).................................... 408,194
69,240 Mattel, Inc......................................... 913,102
------------
1,321,296
------------
Transportation -- 0.18%
23,900 Kirby Corp. (b)..................................... 507,875
------------
Waste Disposal -- 0.91%
158,800 Republic Services, Inc. (b)......................... 2,540,800
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Wholesale Distribution --
Pharmaceuticals -- 0.29%
26,500 Amerisource Health Corp.,
Class - A (b)....................................... $ 821,500
------------
Total -- Frontier Capital Management Co. (cost
$133,722,531)....................................... 173,681,177
------------
Geewax, Terker & Co. -- 33.32%
Advertising -- 0.16%
3,700 Advo, Inc. (b)....................................... 155,400
1,155 Interpublic Group of Companies, Inc.................. 49,665
2,300 Netcentives, Inc. (b)................................ 42,838
4,300 True North Communications, Inc....................... 189,200
------------
437,103
------------
Agriculture -- 0.06%
6,200 Delta And Pine Land Co............................... 155,387
------------
Airlines -- 0.03%
3,120 Alaska Air Group, Inc. (b)........................... 84,630
------------
Auto Parts -- 0.10%
3,700 American Axle & Manufacturing Holdings, Inc. (b)..... 52,494
4,600 CLARCOR, Inc......................................... 91,425
2,800 MascoTech, Inc....................................... 30,275
4,100 Superior Industries International, Inc............... 105,575
------------
279,769
------------
Auto Related -- 0.10%
3,800 Arvin Industries, Inc. .............................. 66,025
17,600 Tower Automotive, Inc. (b)........................... 220,000
------------
286,025
------------
Banking -- 1.20%
3,400 American Financial Holdings, Inc..................... 53,975
3,490 Associated Banc-Corp................................. 76,126
6,600 Astoria Financial Corp............................... 169,949
3,600 Bank United Corp..................................... 126,675
2,672 BOK Financial Corp. (b).............................. 46,927
12,600 Colonial Bancgroup, Inc.............................. 113,400
3,750 Commerce Bancorp..................................... 172,499
2,600 Corus Bankshares, Inc................................ 68,738
10,300 Cullen/Frost Bankers, Inc............................ 271,018
3,296 F&M National Corp.................................... 69,216
3,600 First Charter Corp................................... 56,700
400 First Indiana Corp................................... 7,950
1,200 First Midwest Bancorp, Inc........................... 27,900
12,200 First Sentinel Bancorp, Inc. ........................ 100,269
1,155 FNB Corp............................................. 23,822
2,000 Fulton Financial Corp................................ 35,375
</TABLE>
See accompanying notes to financial statements.
29
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Banking (continued)
3,800 Greater Bay Bancorp................................... $ 177,649
12,050 Independence Community Bank Corp...................... 159,663
3,300 MAF Bancorp, Inc...................................... 60,019
2,835 National Penn Bancshares, Inc......................... 58,472
2,500 Provident Financial Group, Inc........................ 59,531
4,600 Queens County Bancorp, Inc............................ 84,813
11,880 Republic Bancorp, Inc................................. 106,178
6,900 Richmond County Financial Corp........................ 131,963
1,600 S & T Bancorp, Inc.................................... 29,200
900 Silicon Valley Bancshares (b)......................... 38,363
23,800 Sovereign Bankcorp, Inc............................... 167,343
6,000 Staten Island Bancorp, Inc............................ 105,750
1,700 Susquehanna Bancshares, Inc........................... 24,225
8,900 Texas Regional Bancshares, Inc........................ 225,837
1,000 UCBH Holdings, Inc.................................... 26,688
700 UMB Financial Corp.................................... 22,969
7,700 Washington Federal, Inc............................... 140,525
8,200 Webster Financial Corp................................ 181,937
4,000 Whitney Holding Corp.................................. 136,750
------------
3,358,414
------------
Beverages -- 0.08%
3,400 Canandaigua Wine Co.,
Class - A (b)........................................ 171,487
1,400 Robert Mondavi Corp. (b).............................. 42,963
------------
214,450
------------
Broadcasting & Cable TV -- 0.34%
2,700 Citadel Communications Corp. (b)...................... 94,331
1,600 Emmis Communication Corp.,
Class - A............................................ 66,200
3,200 Insight Communications Co.,
Inc. (b)............................................. 50,000
800 LodgeNet Entertainment Corp. (b)...................... 19,400
4,000 Pegasus Communications Corp. (b)...................... 196,250
3,300 Salem Communications Corp. (b)........................ 30,628
6,800 Spanish Broadcasting System, Inc. (b)................. 139,825
7,600 Westwood One, Inc. (b)................................ 259,350
3,400 Wink Communications, Inc. (b)......................... 103,700
------------
959,684
------------
Building Materials & Components -- 0.40%
2,400 Carlisle Companies, Inc............................... 108,000
11,900 Mueller Industries, Inc. (b).......................... 333,200
2,600 Nortek, Inc. (b)...................................... 51,350
1,000 Shaw Group, Inc. (b).................................. 47,125
7,500 Snap-On, Inc.......................................... 199,688
4,600 Texas Industries, Inc................................. 132,825
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Building Materials & Components (continued)
400 Valmont Industries, Inc................................ $ 7,950
7,000 Valspar Corp........................................... 236,250
------------
1,116,388
------------
Business Equipment & Services -- 0.21%
7,700 Insight Enterprises, Inc. (b).......................... 456,705
4,300 Maximus, Inc. (b)...................................... 95,138
1,700 NCO Group, Inc. (b).................................... 39,313
------------
591,156
------------
Casino & Gambling -- 0.03%
3,400 Gtech Holdings Corp. (b)............................... 77,138
------------
Casinos & Gaming -- 0.09%
6,900 Aztar Corp. (b)........................................ 106,950
2,900 Isle of Capris Casinos, Inc. (b)....................... 39,331
4,100 Station Casinos, Inc. (b).............................. 102,500
------------
248,781
------------
Chemicals -- 0.81%
3,400 Brady Corp............................................. 110,500
6,100 Calgon Carbon Corp..................................... 47,275
5,200 Cambrex Corp........................................... 234,000
3,300 Chemfirst, Inc......................................... 79,613
14,800 Crompton Corp.......................................... 181,300
9,900 Cytec Industries, Inc. (b)............................. 244,405
5,000 Dexter Corp............................................ 240,000
2,600 Georgia Gulf Corp...................................... 54,113
4,000 Minerals Technologies, Inc. ........................... 184,000
4,200 Olin Corp.............................................. 69,300
5,500 OM Group, Inc. (b)..................................... 241,999
6,400 Spartech Corp.......................................... 172,800
2,300 Symyx Technologies, Inc. (b)........................... 98,002
10,900 Valence Technology, Inc. (b)........................... 200,969
7,900 W.R. Grace & Co. (b)................................... 95,788
------------
2,254,064
------------
Commercial Services -- 0.09%
1,600 CDI Corp. (b).......................................... 32,600
4,200 Copart, Inc. (b)....................................... 67,200
1,200 Predictive Systems, Inc. (b)........................... 43,125
3,500 Professional Detailing, Inc. (b)....................... 119,219
------------
262,144
------------
Computer Equipment -- 1.09%
14,000 Actel Corp. (b)........................................ 638,749
8,500 Advanced Digital Information Corp. (b)................. 135,469
4,200 Avocent Corp. (b)...................................... 183,750
4,800 Black Box Corp. (b).................................... 380,025
4,200 Cybex Computer Products Corp. (b)...................... 180,600
4,100 InFocus Corp. (b)...................................... 131,969
3,200 IntraNet Solutions, Inc. (b)........................... 122,800
1,900 Micron Electronics, Inc. (b)........................... 23,750
</TABLE>
See accompanying notes to financial statements.
30
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax Terker & Co. (continued)
Computer Equipment (continued)
4,300 National Instruments Corp. (b)........................ $ 187,588
11,600 SanDisk Corp. (b)..................................... 709,774
2,600 SonicWALL, Inc. (b)................................... 228,963
2,900 Titan Corp............................................ 129,775
------------
3,053,212
------------
Computer Services -- 0.99%
4,100 24/7 Media, Inc. (b).................................. 64,063
12,700 ACNielsen Corp. (b)................................... 279,399
708 Akamai Technologies, Inc. (b)......................... 84,064
5,000 Allaire Corp. (b)..................................... 183,750
1,700 AnswerThink, Inc. (b)................................. 28,263
4,180 AppNet, Inc. (b)...................................... 150,480
3,400 Ask Jeeves, Inc. (b).................................. 61,413
1,600 Digital Insight Corp. (b)............................. 54,400
7,500 Digital Island, Inc. (b).............................. 364,687
4,400 FactSet Research Systems, Inc......................... 124,300
4,800 Go2net, Inc. (b)...................................... 241,500
2,400 High Speed Access Corp. (b)........................... 15,750
6,300 Imation Corp. (b)..................................... 185,063
6,200 iXL Enterprises, Inc. (b)............................. 89,900
2,600 Keynote Systems, Inc. (b)............................. 183,463
1,800 PurchasePro.com, Inc. (b)............................. 73,800
4,100 TeleTech Holdings, Inc. (b)........................... 127,356
12,200 VerticalNet, Inc. (b)................................. 450,637
------------
2,762,288
------------
Computer Services/Software -- 0.09%
4,100 Macrovision Corp. (b)................................. 262,080
------------
Computer Software -- 3.72%
6,600 Advent Software, Inc. (b)............................. 425,699
1,600 Allscripts, Inc. (b).................................. 36,800
3,700 Aspect Communications Corp. (b)....................... 145,456
3,600 Aspen Technologies, Inc. (b).......................... 138,600
2,700 BARRA, Inc. (b)....................................... 133,819
4,400 Broadbase Software, Inc. (b).......................... 134,750
28,730 Broadvision, Inc. (b)................................. 1,459,842
3,300 Clarent Corp. (b)..................................... 235,950
2,000 Clarus Corp. (b)...................................... 77,750
4,900 Documentum, Inc. (b).................................. 437,937
1,500 Entrust Technologies, Inc. (b)........................ 124,125
5,400 Exchange Applications, Inc. (b)....................... 143,775
3,800 FutureLink Corp. (b).................................. 27,313
3,900 Informatica Corp. (b)................................. 319,556
9,400 InterTrust Technologies Corp. (b)..................... 193,288
500 InterWorld Corp. (b).................................. 10,250
4,700 Interwoven, Inc. (b).................................. 516,926
2,700 ISS Group, Inc. (b)................................... 266,583
5,600 Mercator Software, Inc. (b)........................... 385,000
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Computer Software (continued)
18,300 Mercury Interactive Corp. (b)......................... $ 1,770,524
2,500 Micromuse, Inc. (b)................................... 413,711
2,200 Netegrity, Inc. (b)................................... 165,688
4,500 NetIQ Corp. (b)....................................... 268,313
1,300 OnDisplay, Inc. (b)................................... 105,869
4,400 Peregrine Systems, Inc. (b)........................... 152,625
7,100 Pinnacle Systems, Inc. (b)............................ 159,639
2,600 Proxicom, Inc. (b).................................... 124,475
4,400 Puma Technology, Inc. (b)............................. 117,975
6,300 Remedy Corp. (b)...................................... 351,225
3,800 RSA Security, Inc. (b)................................ 263,150
1,200 SilverStream Software, Inc. (b)....................... 69,300
13,100 Sybase, Inc. (b)...................................... 301,300
4,900 USinternetworking, Inc. (b)........................... 100,144
5,100 Verity, Inc. (b)...................................... 193,800
8,600 Viant Corp. (b)....................................... 254,775
9,900 Wind River Systems, Inc. (b).......................... 374,963
------------
10,400,895
------------
Construction -- 0.31%
2,900 Dycom Industries, Inc. (b)............................ 133,400
2,100 Insituform Technologies, Class - A.................... 56,963
2,400 NVR, Inc. (b)......................................... 136,800
9,750 Quanta Services, Inc. (b)............................. 536,250
------------
863,413
------------
Education Services -- 0.05%
2,300 Learning Tree International, Inc. (b)................. 140,875
------------
Electric Utility -- 0.44%
9,300 Avista Corp........................................... 162,169
2,900 Black Hills Corp...................................... 65,431
4,400 Cleco Corp............................................ 147,400
7,500 Energen Corp.......................................... 163,594
5,900 Hawaiian Electric Industries, Inc..................... 194,331
9,683 MDU Resources Group, Inc.............................. 209,395
4,100 Northwestern Corp..................................... 94,813
7,024 Sierra Pacific Resources.............................. 88,239
3,700 WPS Resources Corp.................................... 111,231
------------
1,236,603
------------
Electrical & Electronics -- 0.74%
6,200 Amkor Technologies, Inc. (b).......................... 218,938
7,200 Cable Design Technologies Corp. (b)................... 241,200
7,900 Coherent, Inc. (b).................................... 662,613
10,000 Tektronix, Inc. (b)................................... 739,999
4,500 Varian, Inc. (b)...................................... 207,563
------------
2,070,313
------------
Electronic Components & Instruments -- 6.54%
2,300 Advanced Energy Industries, Inc. (b).................. 135,556
4,900 Aeroflex, Inc. (b).................................... 243,469
5,400 Alpha Industries, Inc. (b)............................ 237,938
</TABLE>
See accompanying notes to financial statements.
31
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Electronic Components & Instruments (continued)
4,200 Amphenol Corp., Class - A (b).......................... $ 277,988
4,600 ANADIGICS, Inc. (b).................................... 156,688
7,100 Asyst Technologies, Inc. (b)........................... 243,175
3,400 ATMI, Inc. (b)......................................... 158,100
9,200 Belden, Inc............................................ 235,750
3,000 Burr-Brown Corp. (b)................................... 260,063
2,600 C&D Technologies, Inc.................................. 146,900
6,300 C-Cube Microsystems, Inc. (b).......................... 123,638
1,400 Caliper Technologies Corp. (b)......................... 64,400
10,600 Cirrus Logic, Inc. (b)................................. 169,600
3,800 Cognex Corp. (b)....................................... 196,650
5,260 Credence Systems Corp. (b)............................. 290,286
2,000 Cree, Inc. (b)......................................... 267,000
7,100 Cymer, Inc. (b)........................................ 339,025
8,500 Cypress Semiconductor Corp. (b)........................ 359,125
9,700 Dallas Semiconductor Corp.............................. 395,275
5,200 Elantec Semiconductor, Inc. (b)........................ 362,050
9,400 Electro Scientific Industries, Inc. (b)................ 413,894
1,200 ESCO Technologies, Inc. (b)............................ 20,400
1,000 Franklin Electric Co., Inc............................. 67,750
2,000 GaSonics International Corp. (b)....................... 78,875
7,800 General Semiconductor, Inc. (b)........................ 115,050
2,100 Genlyte Group, Inc. (b)................................ 44,231
4,600 Harman International Industries, Inc................... 280,600
4,000 Helix Technology Corp.................................. 156,000
25,400 Integrated Device Technology, Inc. (b)................. 1,520,824
10,200 Intergrated Silicon Solution, Inc. (b)................. 387,600
1,600 International Rectifier Corp. (b)...................... 89,600
11,200 Kemet Corp. (b)........................................ 280,700
15,800 Kent Electronics Corp. (b)............................. 471,037
3,300 Kopin Corp. (b)........................................ 228,525
3,900 Kulicke & Soffa Industries, Inc. (b)................... 231,563
19,500 Lam Research Corp. (b)................................. 731,249
6,900 Lattice Semiconductor Corp. (b)........................ 476,962
3,800 Littelfuse, Inc. (b)................................... 186,200
13,400 LTX Corp. (b).......................................... 468,163
7,800 Mark IV Industries, Inc................................ 162,825
3,700 Mattson Technology, Inc. (b)........................... 120,250
7,700 Methode Electronics, Inc............................... 297,413
7,900 Micrel, Inc. (b)....................................... 343,156
12,400 MRV Communications, Inc. (b)........................... 833,899
6,700 National Computer Systems, Inc......................... 329,975
2,800 NVIDIA Corp. (b)....................................... 177,975
1,600 Park Electrochemical Corp.............................. 57,700
2,000 Pericom Semiconductor Corp. (b)........................ 136,000
9,000 PerkinElmer, Inc....................................... 595,124
1,000 Photronics, Inc. (b)................................... 28,375
5,000 Pioneer Standard Electronics, Inc...................... 73,750
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Electronic Components & Instruments (continued)
5,200 Plexus Corp. (b)...................................... $ 587,599
2,450 PRI Automation, Inc. (b).............................. 160,207
5,300 Robotic Vision Systems, Inc. (b)...................... 95,400
1,200 Sawtek, Inc. (b)...................................... 69,075
4,500 Semtech Corp. (b)..................................... 344,180
2,000 Silicon Image, Inc. (b)............................... 99,750
4,600 Technitrol, Inc....................................... 445,625
3,400 Telcom Semiconductor, Inc. (b)........................ 136,213
6,500 Three-Five Systems, Inc. (b).......................... 383,500
8,500 TranSwitch Corp. (b).................................. 656,093
2,280 Trimble Navigation Ltd. (b)........................... 111,293
5,400 Triquint Semiconductor, Inc. (b)...................... 516,712
1,800 Universal Electronics, Inc. (b)....................... 44,213
6,300 Varian Semiconductor Equipment Associates, Inc. (b)... 395,719
3,000 Zoran Corp. (b)....................................... 197,813
------------
18,311,733
------------
Electronics/Technology -- 0.10%
4,200 Alliant Techsystems, Inc. (b)......................... 283,238
------------
Financial Services -- 0.74%
2,400 Advanta Corp., Class - A.............................. 29,250
10,300 Allied Capital Corp................................... 175,100
11,400 AmeriCredit Corp. (b)................................. 193,800
4,200 Eaton Vance Corp. .................................... 194,250
7,900 Financial Federal Corp. (b)........................... 137,263
9,100 Investment Technology Group, Inc. (b)................. 359,449
10,200 Investors Financial Services Corp..................... 404,812
3,300 John Nuveen Co., Class - A............................ 138,394
1,000 Jones Lang LaSalle, Inc. (b).......................... 13,375
2,700 LaBranche & Co., Inc. (b)............................. 38,813
8,300 Metris Co., Inc....................................... 208,538
7,650 Raymond James Financial, Inc.......................... 172,125
------------
2,065,169
------------
Food Processing -- 0.52%
3,300 Agribrands International, Inc. (b).................... 138,394
7,800 Corn Products International, Inc...................... 208,163
6,300 Dean Foods Co......................................... 199,631
3,300 Hain Celestial Group, Inc. (b)........................ 121,069
6,500 Performance Food Group Co. (b)........................ 208,000
6,300 Ralcorp Holdings, Inc. (b)............................ 77,175
10,000 Suiza Foods Corp. (b)................................. 488,749
------------
1,441,181
------------
Footwear -- 0.17%
2,800 Payless ShoeSource, Inc. (b).......................... 143,500
6,900 Reebok International Ltd. (b)......................... 109,969
2,300 Timberland Co., Class - A (b)......................... 162,868
6,700 Wolverine World Wide, Inc............................. 66,163
------------
482,500
------------
</TABLE>
See accompanying notes to financial statements.
32
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Forest Products & Papers -- 0.02%
2,300 Buckeye Technologies, Inc. (b)........................ $ 50,456
------------
Health Care -- 0.30%
5,500 Advance Paradigm, Inc. (b)............................ 112,750
3,100 Apria Healthcare Group, Inc. (b)...................... 37,975
7,300 Coventry Health Care, Inc. (b)........................ 97,295
12,300 Orthodontic Centers of
America, Inc. (b).................................... 278,288
8,500 Quorum Health Group, Inc. (b)......................... 87,656
8,800 Renal Care Group, Inc. (b)............................ 215,188
------------
829,152
------------
Homebuilders -- 0.17%
7,400 Centex Corp........................................... 173,900
4,100 Kaufman & Broad Home Corp............................. 81,231
6,600 Lennar Corp........................................... 133,650
2,300 Ryland Group, Inc..................................... 50,888
2,000 Toll Brothers, Inc. (b)............................... 41,000
------------
480,669
------------
Hotel & Motel -- 0.02%
6,100 Extended Stay America, Inc. (b)....................... 56,425
------------
Household Products -- 0.09%
10,900 Tupperware Corp....................................... 239,800
------------
Human Resources -- 0.12%
1,900 Administaff, Inc. (b)................................. 120,650
4,100 Modis Professional Services, Inc. (b)................. 31,263
4,400 On Assignment, Inc. (b)............................... 134,199
1,800 Volt Information Sciences, Inc. (b)................... 59,288
------------
345,400
------------
Insurance -- 0.57%
600 Allegheny Corp. (b)................................... 100,800
3,800 Arthur J. Gallagher & Co.............................. 159,600
1,020 Commerce Group, Inc................................... 30,090
6,800 Fidelity National Financial, Inc...................... 124,525
10,950 First American Financial Corp......................... 156,722
5,100 First Health Group Corp. (b).......................... 167,344
12,400 Foundation Health Systems, Inc.,
Class - A (b)........................................ 161,200
6,300 Leucadia National Corp................................ 143,719
4,100 Mid Atlantic Medical
Services, Inc. (b)................................... 55,350
1,800 Nanogen, Inc. (b)..................................... 76,388
8,300 Radian Group, Inc..................................... 429,524
------------
1,605,262
------------
Machinery & Engineering -- 0.27%
10,600 AGCO Corp............................................. 129,850
2,700 Applied Power, Inc., Class - A........................ 90,450
3,900 Kennametal, Inc....................................... 83,606
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Machinery & Engineering (continued)
9,600 Lone Star Technologies, Inc. (b)...................... $ 444,000
------------
747,906
------------
Manufacturing -- 0.61%
2,300 Applica, Inc. (b)..................................... 26,019
8,200 Aptargroup, Inc....................................... 221,399
6,300 Blyth Industries, Inc................................. 185,850
4,750 Donaldson Co., Inc.................................... 93,813
5,900 Harsco Corp........................................... 150,450
3,800 Idex Corp............................................. 119,938
3,100 Lennox International, Inc............................. 41,075
1,840 Manitowoc Co., Inc.................................... 49,220
6,900 Mettler - Toledo International, Inc. (b).............. 275,999
1,900 Milacron, Inc......................................... 27,550
2,100 Salton, Inc. (b)...................................... 77,438
4,400 Simpson Manufacturing Co., Inc. (b)................... 210,375
3,400 Toro Co............................................... 111,988
4,200 York International Corp............................... 106,050
------------
1,697,164
------------
Medical -- Biotechnology -- 1.53%
2,400 Abgenix, Inc. (b)..................................... 287,663
1,400 Affymetrix, Inc. (b).................................. 231,175
4,150 Aurora Biosciences Corp. (b).......................... 282,978
2,200 Avigen, Inc. (b)...................................... 96,525
6,400 Celgene Corp. (b)..................................... 376,799
800 Cerus Corp. (b)....................................... 40,950
7,450 CuraGen Corp. (b)..................................... 283,566
2,800 Human Genome Sciences, Inc. (b)....................... 373,450
5,000 Immunomedics, Inc. (b)................................ 122,500
900 IntraBiotics Pharmaceuticals, Inc. (b)................ 24,019
6,100 Maxim Pharmaceuticals, Inc. (b)....................... 313,388
3,800 Maxygen, Inc. (b)..................................... 215,709
1,000 Myriad Genetics, Inc. (b)............................. 148,078
2,100 Protein Design Labs, Inc. (b)......................... 346,402
7,700 Quest Diagnostics, Inc. (b)........................... 575,574
1,000 Syncor International Corp. (b)........................ 72,000
2,800 TECHNE Corp. (b)...................................... 364,000
2,700 Titan Pharmaceutical, Inc. (b)........................ 116,100
------------
4,270,876
------------
Medical Supplies -- 0.57%
2,500 Arthrocare Corp. (b).................................. 133,125
4,900 Conmed Corp. (b)...................................... 126,788
4,100 Datascope Corp........................................ 147,600
1,400 Inhale Therapeutic Systems, Inc. (b).................. 142,056
4,800 Invacare Corp......................................... 126,000
5,500 Medicis Pharmaceutical Corp. (b)...................... 313,499
2,000 Patterson Dental Co. (b).............................. 102,000
1,200 Polymedica Corp. (b).................................. 51,900
1,000 Respironics, Inc. (b)................................. 18,000
</TABLE>
See accompanying notes to financial statements.
33
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Medical Supplies (continued)
6,800 Varian Medical Systems, Inc........................... $ 266,050
4,900 Vital Signs, Inc...................................... 88,813
1,500 Zoll Medical Corp. (b)................................ 73,500
------------
1,589,331
------------
Natural Gas Utilities -- 0.40%
1,950 Equitable Resources, Inc.............................. 94,088
6,400 Laclede Gas Co........................................ 123,200
4,100 New Jersey Resources Corp............................. 156,056
3,800 Northwest Natural Gas Co. ............................ 85,025
2,000 NUI Corp.............................................. 54,000
6,800 Oneok, Inc............................................ 176,375
3,700 Piedmont Natural Gas Co., Inc......................... 98,281
1,600 South Jersey Industries, Inc.......................... 41,600
4,300 UGI Corp.............................................. 88,150
8,300 Washington Gas Light Co............................... 199,719
------------
1,116,494
------------
Office Furniture & Business Equipment -- 0.03%
3,500 Hon Industries, Inc................................... 82,250
------------
Oil & Gas -- 1.15%
1,350 Cabot Oil & Gas Corp.................................. 28,603
2,200 Comstock Resources, Inc. (b).......................... 17,600
10,150 Forest Oil Corp. (b).................................. 161,766
5,700 Hanover Compressor Co. (b)............................ 216,600
6,500 Helmerich & Payne, Inc................................ 230,750
18,200 Key Energy Services, Inc. (b)......................... 175,175
1,100 Louis Dreyfus Natural Gas Corp. (b)................... 34,444
1,300 Midcoast Energy Resources, Inc........................ 20,475
2,300 Newfield Exploration Co. (b).......................... 89,988
2,300 Nuevo Energy Co. (b).................................. 43,413
3,500 Oceaneering International, Inc. (b)................... 66,500
1,300 Patina Oil & Gas Corp................................. 26,975
12,600 Pennzoil-Quaker State Co.............................. 151,988
18,500 Pioneer Natural Resources Co. (b)..................... 235,874
12,100 Pogo Producing Co..................................... 267,712
1,400 Pure Resources, Inc. (b).............................. 25,025
3,600 SEACOR SMIT, Inc. (b)................................. 139,275
5,300 Stone Energy Corp. (b)................................ 316,674
11,400 Superior Energy Services, Inc. (b).................... 118,275
7,000 Swift Energy Co. (b).................................. 198,625
8,600 Tesoro Petroleum Corp. (b)............................ 87,075
5,900 Tom Brown, Inc. (b)................................... 136,069
9,200 Unit Corp. (b)........................................ 124,200
13,400 Vintage Petroleum, Inc................................ 302,337
------------
3,215,418
------------
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Packaging/Containers -- 0.08%
3,800 Ball Corp............................................. $ 122,312
2,300 Packaging Corporation of America (b).................. 23,288
6,200 Paxar Corp. (b)....................................... 74,013
------------
219,613
------------
Paper Products -- 0.19%
2,800 Caraustar Industries, Inc............................. 42,350
7,700 Glatfelter (P.H.) Co.................................. 78,444
5,000 Potlatch Corp......................................... 165,625
5,000 Rayonier, Inc......................................... 179,375
8,700 Wausau-Mosinee Paper Corp............................. 74,494
------------
540,288
------------
Pharmaceuticals -- 1.22%
5,400 Alkermes, Inc. (b).................................... 254,474
4,700 Alpharma, Inc......................................... 292,574
3,450 Barr Laboratories, Inc. (b)........................... 154,603
4,500 Bindley Western Industries, Inc....................... 118,969
2,000 Cor Therapeutics, Inc. (b)............................ 170,625
7,900 Cubist Pharmaceuticals, Inc. (b)...................... 389,074
11,300 Dura Pharmaceuticals, Inc. (b)........................ 162,438
2,400 Emisphere Technology, Inc. (b)........................ 102,263
5,920 Enzon, Inc. (b)....................................... 251,600
2,200 GelTex Pharmaceuticals, Inc. (b)...................... 44,963
1,850 King Pharmaceuticals, Inc. (b)........................ 81,169
6,600 Mentor Corp........................................... 179,438
3,600 Millennium Pharmaceuticals, Inc. (b).................. 402,749
3,700 Noven Pharmaceuticals, Inc. (b)....................... 111,231
12,400 Omnicare, Inc......................................... 112,375
700 Praecis Pharmaceuticals, Inc. (b)..................... 19,513
1,900 Sangstat Medical Corp. (b)............................ 54,863
2,300 Supergen, Inc. (b).................................... 83,375
2,200 Trimeris, Inc. (b).................................... 153,863
2,500 United Therapeutics Corp. (b)......................... 270,937
------------
3,411,096
------------
Photographic Equipment & Supplies -- 0.05%
100 Concord Camera Corp. (b).............................. 2,088
7,200 Polaroid Corp......................................... 130,050
------------
132,138
------------
Prod/Technology
Equipment -- 0.55%
16,400 Celera Genomics Group (b)............................. 1,533,400
------------
Publishing & Printing -- 0.29%
5,600 American Greetings Corp., Class - A................... 106,400
2,800 Journal Register Co. (b).............................. 51,100
3,300 Scholastic Corp. (b).................................. 201,713
</TABLE>
See accompanying notes to financial statements.
34
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Publishing & Printing (continued)
5,200 Valassis Communications, Inc. (b)..................... $ 198,250
10,100 Wiley (John) & Sons .................................. 227,250
3,800 Ziff-Davis, Inc. (b).................................. 34,200
------------
818,913
------------
Real Estate -- 1.08%
700 Alexandria Real Estate Equities, Inc.................. 24,019
4,700 Bedford Property Investors, Inc....................... 87,244
5,700 BRE Properties, Inc................................... 164,588
4,800 Camden Property Trust................................. 141,000
4,300 Catellus Development Corp. (b)........................ 64,500
3,400 Chelsea GCA Realty, Inc............................... 117,513
10,400 Developers Diversified Realty Corp.................... 155,350
4,000 EastGroup Properties, Inc............................. 84,250
4,500 Forest City Enterprises, Inc.,
Class - A ........................................... 150,188
7,100 Glenborough Realty Trust, Inc......................... 123,806
6,400 Health Care REIT, Inc................................. 104,000
7,000 Healthcare Realty Trust, Inc.......................... 119,438
11,500 IndyMac Mortgage Holdings, Inc. (b)................... 155,969
4,600 LNR Property Corp..................................... 89,700
14,500 MeriStar Hospitality Corp............................. 304,499
8,300 Nationwide Health Properties, Inc..................... 115,681
5,300 Pacific Gulf Properties, Inc.......................... 132,831
3,700 Parkway Properties, Inc............................... 112,850
8,600 Prentiss Properties Trust............................. 206,400
6,000 PS Business Parks, Inc................................ 144,000
11,900 Regency Realty Corp................................... 273,699
6,700 Summit Properties, Inc. (b)........................... 140,700
------------
3,012,225
------------
Recreation -- 0.19%
700 Anchor Gaming (b)..................................... 33,556
17,900 Callaway Golf Co...................................... 291,994
4,500 Polaris Industries, Inc............................... 144,000
4,600 Trendwest Resorts, Inc (b)............................ 74,175
------------
543,725
------------
Rental & Leasing -- 0.04%
2,400 Avis Rent a Car, Inc. (b)............................. 45,000
10,900 Rollins Truck Leasing, Inc............................ 75,619
------------
120,619
------------
Restaurants -- 0.36%
3,100 Applebee's International, Inc......................... 93,969
8,900 CBRL Group, Inc....................................... 130,719
4,800 CEC Entertainment, Inc. (b)........................... 123,000
5,250 Cheesecake Factory, Inc. (b).......................... 144,375
5,937 IHOP Corp. (b)........................................ 99,445
6,300 Jack in the Box, Inc. (b)............................. 155,137
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Restaurants (continued)
400 Krispy Kreme Doughnuts, Inc. (b)...................... $ 29,400
11,514 Ruby Tuesday, Inc. (b)................................ 144,644
3,250 Sonic, Inc. (b)....................................... 95,469
------------
1,016,158
------------
Retail -- 0.72%
3,233 99 Cents Only Stores (b).............................. 128,916
5,500 Barnes & Noble, Inc. (b).............................. 122,375
8,000 Borders Group, Inc. (b)............................... 124,500
6,300 Cato Corp............................................. 73,238
18,300 Charming Shoppes, Inc. (b)............................ 93,216
3,600 Cost Plus, Inc. (b)................................... 103,275
1,300 Footstar, Inc. (b).................................... 43,225
1,000 Fred's, Inc........................................... 18,000
7,500 Linens 'N Things, Inc. (b)............................ 203,438
5,200 Men's Wearhouse, Inc. (b)............................. 116,025
6,400 Michaels Stores, Inc. (b)............................. 293,199
2,700 Pacific Sunwear of California, Inc. (b)............... 50,625
17,400 Pier 1 Imports, Inc................................... 169,650
6,800 Shopko Stores, Inc. (b)............................... 104,550
4,800 Talbots, Inc.......................................... 263,700
11,600 Venator Group, Inc. (b)............................... 118,900
------------
2,026,832
------------
Rubber & Plastics -- 0.11%
10,600 Cooper Tire & Rubber Co............................... 117,925
4,200 Rogers Corp. (b)...................................... 147,000
2,600 Tredegar Corp......................................... 49,400
------------
314,325
------------
Security Services -- 0.10%
18,400 Sensormatic Electronics Corp. (b)..................... 290,950
------------
Steel -- 0.10%
3,700 Commercial Metals Co.................................. 101,750
5,250 Reliance Steel & Aluminum Co.......................... 100,406
7,700 Worthington Industries, Inc........................... 80,850
------------
283,006
------------
Telecommunications -- 0.99%
1,400 Adtran, Inc. (b)...................................... 83,825
1,300 Alaska Communications Systems Group, Inc. (b)......... 13,488
6,200 CapRock Communications Corp. (b)...................... 120,900
1,400 Commonwealth Telephone
Enterprises, Inc. (b)................................ 65,888
9,590 Commscope, Inc. (b)................................... 393,189
9,800 ICG Communications, Inc. (b).......................... 216,213
4,000 IDT Corp. (b)......................................... 135,750
10,600 Intermedia Communications, Inc. (b)................... 315,349
</TABLE>
See accompanying notes to financial statements.
35
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common Stocks (continued)
Geewax, Terker & Co. (continued)
Telecommunications (continued)
2,350 MasTec, Inc. (b)...................................... $ 89,741
2,200 Plantronics, Inc. (b)................................. 254,100
5,800 Powertel, Inc. (b).................................... 411,437
6,600 Powerwave Technologies, Inc. (b)...................... 290,400
5,300 Primus Telecommunications Group, Inc. (b)............. 131,838
4,700 SBA Communications Corp. (b).......................... 244,106
------------
2,766,224
------------
Telecommunications
Equipment -- 1.48%
8,360 Advanced Fibre Communication, Inc. (b)................ 378,813
3,400 Allied Riser Communications Corp. (b)................. 48,025
3,100 Anaren Microwave, Inc. (b)............................ 406,826
1,000 Andrew Corp. (b)...................................... 33,563
1,300 Carrier Access Corp. (b).............................. 68,738
14,300 Digital Microwave Corp. (b)........................... 545,187
1,200 DSP Group, Inc. (b)................................... 67,200
3,187 Harmonic, Inc. (b).................................... 79,675
5,600 Illuminet Holdings, Inc. (b).......................... 284,900
2,100 ITXC Corp. (b)........................................ 74,353
4,400 Natural Microsystems Corp. (b)........................ 494,724
1,900 Paradyne Network, Inc. (b)............................ 61,869
4,500 Proxim, Inc. (b)...................................... 445,358
5,700 Remec, Inc. (b)....................................... 238,688
2,800 Tekelec (b)........................................... 134,925
4,100 Terayon Communication Systems, Inc. (b)............... 263,361
2,900 Tollgrade Communications, Inc. (b).................... 384,250
1,100 ViaSat, Inc. (b)...................................... 59,675
3,800 Westell Technologies, Inc. (b)........................ 57,000
------------
4,127,130
------------
Textiles & Apparel -- 0.02%
4,250 Quiksilver, Inc. (b).................................. 66,141
------------
Tobacco -- 0.04%
5,100 Universal Corp........................................ 107,738
------------
Toys -- 0.03%
6,400 JAKKS Pacific, Inc. (b)............................... 94,400
------------
</TABLE>
<TABLE>
<CAPTION>
Shares or
Principal Security Value
Amount Description (Note 2)
--------- ----------- --------
<C> <S> <C>
Transportation -- 0.51%
7,800 American Freightways Corp. (b).................... $ 113,100
1,700 Arkansas Best Corp. (b)........................... 16,894
2,700 Atlas Air, Inc.................................... 96,863
6,600 CH Robinson Worldwide, Inc........................ 326,699
3,255 Iron Mountain, Inc. (b)........................... 110,670
4,700 Kirby Corp. (b)................................... 99,875
700 Landstar System, Inc. (b)......................... 41,694
4,550 Midwest Express Holdings, Inc. (b)................ 97,825
3,600 Overseas Shipholding Group, Inc................... 88,650
3,800 Roadway Express, Inc.............................. 89,063
3,500 Skywest, Inc...................................... 129,719
5,900 U.S. Freightways Corp............................. 144,918
7,050 Werner Enterprises, Inc........................... 81,516
-------------
1,437,486
-------------
Water Utility -- 0.12%
3,500 American States Water Co.......................... 104,125
2,400 California Water Sevice Group..................... 58,200
8,200 Philadelphia Suburban Corp........................ 168,100
-------------
330,425
-------------
Total -- Geewax, Terker & Co. (cost $78,863,361).. 93,218,068
-------------
Total Common Stocks (cost $212,585,892)........... 266,899,245
-------------
Short-Term Investments -- 5.19%
Frontier Capital Management Co. -- 4.59%
Repurchase Agreements -- 4.59%
$12,836,549 Deutsche Bank, Repurchase Agreement, Dated
6/30/00, due 7/3/00 at 6.10% with maturity value
of $12,843,074, (Collateralized by $12,908,000
U.S.Treasury Bond 5.13%, 7/3/00, value
$12,891,865)..................................... 12,836,549
-------------
</TABLE>
See accompanying notes to financial statements.
36
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Small Capitalization Equity Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Principal Security Value
Amount Description (Note 2)
--------- ----------- --------
<C> <S> <C>
Short-Term Investments (continued)
Geewax, Terker & Co. -- 0.60%
Repurchase Agreements -- 0.60%
$1,682,544 Deutsche Bank, Repurchase Agreement, Dated 6/30/00,
due 7/3/00 at 5.25% with maturity value of
$1,683,268, (Collateralized by $1,505,000
U.S.Treasury Bond 10.75%, 2/15/03, value
$1,718,770)....................................... $ 1,682,544
------------
Total -- Short-Term Investments (cost
$14,519,093)...................................... 14,519,093
------------
Total Investments (cost $227,104,985) (a) --
100.58%.......................................... 281,418,338
Liabilities in Excess of Other Assets -- 0.58%..... (1,633,952)
------------
Total Net Assets -- 100.00%........................ $279,784,386
============
</TABLE>
--------
(a) Represents cost for financial reporting purposes and differs from cost
basis for federal income tax purposes by the amount of losses recognized
for financial reporting in excess of federal income tax reporting of
$524,590. Cost for federal income tax and financial reporting purposes
differs from value by net unrealized appreciation of securities as
follows:
<TABLE>
<S> <C>
Unrealized appreciation........................................ $ 73,344,688
Unrealized depreciation........................................ (19,555,925)
------------
Net unrealized appreciation.................................... $ 53,788,763
============
</TABLE>
(b) Non-income producing securities
See accompanying notes to financial statements.
37
<PAGE>
THE HIRTLE CALLAGHAN TRUST
International Equity Portfolio
Portfolio of Investments -- June 30, 2000
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common/Preferred Stocks -- 93.28%
Artisan Partners LP -- 48.99%
Australia -- 0.51%
658,200 Cable & Wireless Optus Ltd. (Telecommunications
Services) (b)......................................... $ 1,968,080
------------
Belgium -- 0.68%
217,600 Global Telesystems Group, Inc. (Telephone) (b)......... 2,624,800
------------
Brazil -- 0.50%
1,803 Tele Norte Leste Participacoes SA -
ADR (Telecommunications Services)..................... 42,596
3,080 Tele Sudeste Celular Participacoes SA -
ADR (Telecommunications Services)..................... 93,940
15,400 Telecominicacoes de Sao Paulo SA -
ADR (Telecommunications Services)..................... 284,900
15,400 Telecomunicacoes Brasileiras SA - ADR
(Telecommunications Services)......................... 1,495,725
------------
1,917,161
------------
Canada -- 4.54%
177,500 AT&T Canada, Inc. (Telecommunications Services) (b).... 5,890,781
88 BCE, Inc. (Telecommunications Services)................ 2,076
93,050 Clearnet Communications, Inc., Class -
A (Telecommunications Services) (b)................... 2,583,591
54,540 Cognos, Inc. (Software)................................ 2,256,593
61,067 Corus Entertainment, Inc., Class - B (Media) (b)....... 1,627,993
137 Nortel Networks Corp. (Telecommunications Equipment)... 9,496
52,300 Nortel Networks Corp. - ADR (Telecommunications
Equipment)............................................ 3,569,475
16,000 Open Text Corp. (Software)............................. 344,000
39,900 Rogers Communications, Inc., Class - B
(Telecommunications Services)......................... 1,129,675
------------
17,413,680
------------
Finland -- 1.37%
15,400 Helsingin Puhelin (Telephone).......................... 1,514,610
53,000 Nokia Corp. - ADR (Telecommunications Equipment)....... 2,646,687
24,200 Sonera (Telecommunications Services)................... 1,107,699
------------
5,268,996
------------
France -- 4.01%
2,002 Bouygues SA (Engineering & Building Construction)...... 1,343,368
27,500 Club Mediterranee SA (Commercial/Leisure Time
Services)............................................. 3,740,658
27,800 Equant NV (Computers).................................. 1,134,173
24,535 Lagardere SA (Diversified Operations).................. 1,881,520
37,300 Schneider Electric SA (Machinery/Hand-machine Tools)... 2,610,144
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
France (continued)
3,773 SPIR Communication (Publishing & Printing)............. $ 284,277
17,425 Suez Lyonnaise DES Eaux SA (Building Materials)........ 3,065,079
13,573 Unilog SA (Computers).................................. 1,325,815
------------
15,385,034
------------
Germany -- 2.18%
49,400 Dresdner Bank AG (Banking)............................. 2,055,178
1,300 Endeman!! Internet AG (Internet Software).............. 61,685
31,900 ProSieben Media AG (Media) (b)......................... 4,005,851
21,300 Software AG (Software) (b)............................. 1,970,334
2,275 United Internet AG (Advertising) (b)................... 280,232
------------
8,373,280
------------
Hong Kong -- 1.56%
680,200 China Telecom (Hong Kong) Ltd. (Cellular
Telecommunications Services) (b)...................... 5,999,174
------------
Ireland -- 0.46%
281,800 Bank of Ireland (Banking).............................. 1,770,706
------------
Italy -- 3.00%
153,700 Autogrill SpA (Retail - Restaurants)................... 1,645,735
132,800 Autostrade Concessioni e Costruzioni SpA
(Transportation)...................................... 998,038
49,200 Class Editorial SpA (Media)............................ 723,475
139,600 Finanziaria Di Partecipazioni SpA (Diversified
Operations)........................................... 1,164,227
22,830 Gucci Group NV (Apparel)............................... 2,163,143
709,200 Olivetti SpA (Telecommunications Services) (b)......... 2,590,159
459,300 Unicredito Italiano SpA (Banking)...................... 2,205,804
------------
11,490,581
------------
Japan -- 9.18%
30,000 Asatsu-Dk, Inc (Advertising)........................... 1,233,442
84,900 Banyu Pharmaceutical Co. Ltd. (Pharmaceuticals)........ 2,082,347
25,100 Canon, Inc. (Business Equipment)....................... 1,252,610
75,600 Daiwa Securities Group, Inc. (Diversified Financial
Services)............................................. 1,000,364
22,200 Focus Systems Corp. (Software)......................... 898,059
109,600 Fujitsu Ltd. (Computers)............................... 3,801,761
109,700 NEC Corp. (Electronics)................................ 3,452,701
33,900 Nihon Unisys Ltd. (Software)........................... 687,282
407 Nippon Telegraph & Telephone Corp. (Telephone)......... 5,424,024
2,000 Nippon Television Network Corp. (Media)................ 1,304,329
38 NTT Mobile Communications Network, Inc. (Cellular
Telecom).............................................. 1,030,798
</TABLE>
See accompanying notes to financial statements.
38
<PAGE>
THE HIRTLE CALLAGHAN TRUST
International Equity Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common/Preferred Stocks (continued)
Artisan Partners LP (continued)
Japan (continued)
51,800 Promise Co. Ltd. (Diversified Financial Services)...... $ 4,102,815
20,200 Takefuji Corp. (Diversified Financial Services)........ 2,445,731
6,400 Toho Co. Ltd. (Media).................................. 1,092,461
88,000 Tokyo Broadcasting System Inc. (Media)................. 3,809,398
28,200 Toyo Information Systems Co. Ltd (Information
Technology Services).................................. 1,569,902
------------
35,188,024
------------
Luxembourg -- 0.20%
6,000 Compagnie Luxembourgeoise pour l'Audio-Visual et la
Finance (Media/Television)............................ 776,458
------------
Mexico -- 0.51%
11,600 Grupo Iusacell SA de CV - ADR (Telecommunications
Services)............................................. 181,250
757,600 Wal-Mart De Mexico (Retail) (b)........................ 1,777,937
------------
1,959,187
------------
Netherlands -- 2.35%
11,100 ASR Verzekeringsgroep NV (Insurance)................... 577,771
24,200 Koninklijke KPN NV (Telecommunications Services)....... 1,086,820
94,100 UnitedGlobalCom, Inc. - ADR (Media).................... 4,399,176
33,400 VNU NV (Media)......................................... 1,732,114
46,000 Wolters Kluwer NV (Publishing & Printing).............. 1,230,254
------------
9,026,135
------------
New Zealand -- 0.10%
272,300 Contact Energy Ltd. (Electric Utility)................. 365,332
------------
Portugal -- 0.20%
66,800 Portugal Telecom SA - Registered (Telecommunications
Services)............................................. 753,038
------------
Singapore -- 0.90%
175,450 DBS Group Holdings Ltd. (Banking)...................... 2,252,770
172,900 Oversea-Chinese Banking Corp. Ltd. (Banking)........... 1,190,015
------------
3,442,785
------------
South Korea -- 0.44%
46,300 SK Telecom Co. Ltd. - ADR (Cellular Telecommunication
Services)............................................. 1,681,269
------------
Spain -- 1.81%
147,700 Altadis SA (Tobacco)................................... 2,278,082
120,299 Banco Bilbao Vizcaya Argentaria SA (Banking)........... 1,804,717
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Spain (continued)
143,100 Banco Santander Central Hispano SA (Banking)............ $ 1,515,775
85,300 Centros Comerciales Pryca SA (Retail)................... 1,225,698
5,000 Grupo Prisa SA (Media).................................. 116,469
------------
6,940,741
------------
Sweden -- 0.72%
47,528 Pharmacia Corp. (Pharmaceuticals)....................... 2,456,604
14,100 Utfors AB (Telecommunications Services)................. 313,486
------------
2,770,090
------------
Switzerland -- 3.80%
32,100 ABB Ltd. - (Engineering & Construction)................. 3,854,412
15,850 Charles Voegele Holding AG Registered (Retail).......... 3,128,934
2,885 Geberit Internatinal AG (Building Materials) (b)........ 966,951
652 Julius Baer Holding AG, Class - B (Banking)............. 2,586,243
27,410 UBS AG (Banking)........................................ 4,028,739
------------
14,565,279
------------
United Kingdom -- 9.97%
332,200 Abbey National PLC (Banking)............................ 3,973,053
174,800 Alliance & Leicester PLC (Banking)...................... 1,521,622
34,100 Cable & Wireless PLC (Telecommunications Services)...... 579,222
178,625 Carlton Communications PLC (Media)...................... 2,297,223
134,200 Compass Group PLC (Food Services)....................... 1,768,556
281,200 Diageo PLC (Food & Beverages)........................... 2,518,069
417,300 Granada Group PLC (Diversified Operations).............. 4,169,557
272,300 Kingfisher PLC (Retail)................................. 2,479,596
596,800 Lloyds TSB Group PLC (Banking).......................... 5,655,886
182,700 Northern Rock PLC (Banking) ............................ 940,405
51,900 NTL, Inc. (Telecommunications Services)................. 3,107,513
139,300 Reckitt & Benckiser PLC (Household Products)............ 1,560,560
281,000 Royal & Sun Alliance Insurance Group PLC (Insurance).... 1,817,548
433,900 Saatchi & Saatchi PLC (Advertising)..................... 2,788,463
68,900 Schroders PLC (Financial Services)...................... 1,239,177
30,600 TI Group PLC (Manufacturing -Diversified)............... 165,150
405,659 Vodafone AirTouch PLC (Telecommunications Services)..... 1,639,721
------------
38,221,321
------------
Total -- Artisan Partners LP (cost $177,646,920)........ 187,901,152
------------
</TABLE>
See accompanying notes to financial statements.
39
<PAGE>
THE HIRTLE CALLAGHAN TRUST
International Equity Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common/Preferred Stocks (continued)
Capital Gaurdian Trust Company -- 44.29%
Australia -- 1.46%
144,000 Australia & New Zealand Banking Group Ltd. (Banking)
(b)................................................... $ 1,107,560
150,300 Broken Hill Proprietary Co. Ltd.
(Metals - Diversified)................................ 1,782,303
5,900 Broken Hill Proprietary Co. Ltd. - ADR (Metals -
Diversified) ........................................ 140,125
154,000 Cable & Wireless Optus Ltd. (Telecommunications
Services)............................................. 460,475
30,000 News Corp. Ltd. (Multimedia)........................... 414,290
32,876 News Corp. Ltd. Pfd. (Multimedia)...................... 398,046
178,000 Westpac Banking Corp. (Financial)...................... 1,287,842
------------
5,590,641
------------
Brazil -- 0.15%
32,000 Telecominicacoes de Sao Paulo SA -
ADR (Telecommunications Services)..................... 592,000
------------
Canada -- 1.63%
43,400 Bank of Nova Scotia (Banking).......................... 1,066,203
18,000 Bombardier, Inc., Class - B (Manufacturing -
Diversified)......................................... 488,368
52,000 Inco Ltd. (Metals - Diversified)....................... 796,669
21,100 Manulife Financial Corp. (Insurance)................... 371,682
18,000 Nortel Networks Corp. (Telecommunication Equipment).... 1,228,500
42,000 Thomson Corp. (Publishing & Printing).................. 1,435,747
35,000 Toronto-Dominion Bank (Banking)........................ 850,392
------------
6,237,561
------------
Finland -- 1.57%
12,500 Nokia Corp. - ADR (Telecommunications Equipment) (b)... 624,219
88,100 Nokia, Class - A (Telecommunications Services)......... 4,513,947
34,800 UPM-Kymmene (Paper Products)........................... 867,332
------------
6,005,498
------------
France -- 3.23%
5,900 Banque Nationale de Paris (Financial).................. 570,093
3,000 Bouygues SA (Construction) (b)......................... 2,013,038
6,000 Carrefour SA (Food - Retail)........................... 411,810
6,336 Cie de St. Gobain (Compagniede)........................ 860,025
6,880 Groupe Danone (Food Products & Services)............... 916,719
1,200 Louis Vuitton Moet Hennessy (Beverages) (b)............ 496,818
4,800 Michelin, Class - B (Tire & Rubber).................... 154,648
7,000 Pechiney Cert. D'Invest (Metals)....................... 293,233
3,000 Peugeot SA (Auto Related).............................. 604,487
34,400 Sanofi-Synthelabo SA (Pharmaceuticals) (b)............. 1,645,477
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
France (continued)
11,000 Societe BIC SA (Office Products) (b)................... $ 540,932
12,000 Societe Television Francaise 1 (Media)................. 839,725
6,000 STMicroelectronics NV (Semiconductors)................. 379,602
27,000 STMicroelectronics NV - ADR (Semiconductors)........... 1,733,062
10,571 Vivendi (Commercial Services) (b)...................... 936,819
------------
12,396,488
------------
Germany -- 2.96%
5,600 Aixtron AG (Semiconductors)............................ 770,323
2,000 Allianz AG Holdings (Multi-Line Insurance) (b)......... 728,528
21,400 Bayerische Motoren Werke AG (Auto Manufacturers)....... 648,237
6,000 DaimlerChrysler AG (Automobiles)....................... 316,047
10,400 Deutsche Telecom AG (Telecommunications Services)...... 594,172
3,000 Epcos AG (Electronic Components)....................... 300,489
13,100 Infineon Technologies AG (Semiconductors).............. 1,042,275
43,600 Infineon Technologies AG - ADR (Semiconductors)........ 3,455,300
1,700 Intershop Communications AG (Telecommunications
Services)............................................. 777,158
18,000 Siemens AG (Manufacturing)............................. 2,717,602
------------
11,350,131
------------
Hong Kong -- 0.73%
150,000 Hong Kong Telecommunications (Telecommunicatons
Services)............................................. 330,018
111,100 Hutchison Whampoa (Diversified Operations)............. 1,396,761
105,500 Johnson Electric Holdings Ltd. (Electronic Components)
(b)................................................... 998,152
15,000 Li & Fung Ltd. (Wholesale Distribution)................ 75,048
------------
2,799,979
------------
Ireland -- 0.37%
67,000 Allied Irish Banks PLC (Banking)....................... 603,720
44,000 CRH PLC (Construction) (b)............................. 799,272
------------
1,402,992
------------
Italy -- 1.05%
16,750 Assic Generali (Insurance)............................. 576,424
125,000 Credito Italiano (Financial - Banking)................. 600,317
400 ENI - ADR (Oil)........................................ 23,275
329,000 Ente Nazionale Idrocarburi (Insurance)................. 1,908,025
30,000 Telecom Italia (Telecommunications Services)........... 414,111
50,000 Telecom Italia Mobile de Risp (Telecommunications
Services)............................................. 512,846
------------
4,034,998
------------
</TABLE>
See accompanying notes to financial statements.
40
<PAGE>
THE HIRTLE CALLAGHAN TRUST
International Equity Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common/Preferred Stocks (continued)
Capital Gaurdian Trust Company (continued)
Japan -- 13.17%
9,000 Advantest Corp. (Electrical & Electronics) (b)......... $ 2,011,786
7,200 AIFUL Corp. (Financial Services)....................... 665,548
5,400 Benesse Corp. (Commercial Services).................... 375,136
40,000 Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals) (b)... 758,023
7,400 Fanuc Co. (Electronic Components)...................... 754,677
10,000 Fuji Soft ABC, Inc. (Software)......................... 594,510
3,000 Fujitsu Support & Service, Inc. (Computer Services).... 297,727
10,900 Hirose Electric Co. Ltd. (Electrical & Electronics)
(b)................................................... 1,700,912
37,000 Hitachi Ltd. (Electrical & Electronics)................ 535,059
81,000 Jusco Co. Ltd. (Retail) (b)............................ 1,538,825
22,000 Kao Corp. (Food & Household Products).................. 673,714
3,200 Keyence Corp. (Electrical & Electronics)............... 1,058,586
6,000 Kokusai Securities Co. Ltd. (Financial Services)....... 83,307
5,000 Mabuchi Motor Co. Ltd. (Electronic Components) (b)..... 647,439
205,000 Mitsubishi Heavy Industries Ltd. (Manufacturing -
Diversified) (b)..................................... 910,668
335,000 Mitsubishi Motors Corp. (Automobiles).................. 1,434,337
127,000 Mitsui Chemicals, Inc. (Chemicals) (b)................. 889,467
75,000 Mitsui Marine & Fire Insurance Co. Ltd. (Insurance)
(b)................................................... 361,526
13,000 Murata Manufacturing Co. Ltd. (Electronics)............ 1,870,106
158,000 NEC Corp. (Electronics)................................ 4,972,898
82,000 Nikon Corp. (Photo Equipment) (b)...................... 3,045,892
7,800 Nintendo (Toys)........................................ 1,365,349
91,000 Nippon Sheet Glass Co. Ltd. (Building Materials) (b)... 1,267,789
65 Nippon Telegraph & Telephone Corp. (Telephone)......... 866,245
257,000 Nissan Motor Co. Ltd. (Automobiles) (b)................ 1,518,173
124 NTT Mobile Communications Network, Inc.
(Telecommunications Services)......................... 3,363,658
6,600 Orix Corp. (Financial Services)........................ 976,262
6,500 Rohm Co. (Semiconductors).............................. 1,904,510
104,000 Sakura Bank Ltd. (Banking) (b)......................... 720,519
20,000 Sanwa Bank Ltd. (Banking).............................. 159,922
95,000 Sekisui House (Manufacturing/Housing).................. 880,848
15,000 Shin-Etsu Chemical Co. Ltd. (Chemicals)................ 762,749
</TABLE>
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Japan (continued)
74,000 Shionogi & Co. Ltd. (Pharmaceuticals).................. $ 1,409,337
2,400 Softbank Corp. (Software).............................. 326,649
35,500 Sony Corp. (Electrical & Electronics).................. 3,321,786
62,000 Sumitomo Marine & Fire Insurance Co. Ltd. (Insurance)
(b)................................................... 361,564
31,000 Suzuki Motor Corp.
(Auto - Related) (b).................................. 400,826
19,000 THK Co. Ltd. (Machinery)............................... 962,557
28,000 Tokyo Electron Ltd. (Semiconductors)................... 3,842,668
2,400 Tokyo Seimitsu Co. Ltd. (Electrical & Electronics)..... 322,113
132,000 Toray Industries (Chemicals)........................... 536,476
2,000 Ushio, Inc. (Manufacturing)............................ 55,198
------------
50,505,341
------------
Korea -- 0.78%
500 Korea Telecom Corp. - ADR (Telecommunications Services)
(b)................................................... 24,188
120 Samsung Electronics - GDR (Electronics)................ 23,160
15,320 Samsung Electronics - GDR (c) (Electronics)............ 2,956,760
------------
3,004,108
------------
Mexico -- 0.70%
47,000 Telefonos de Mexico SA de CV - ADR (Telecommunications
Services)............................................. 2,684,875
------------
Netherlands -- 2.91%
92,397 ABN Amro Holding NV (Financial)........................ 2,272,727
64,234 Aegon NV (Insurance)................................... 2,294,865
60,000 Asm Lithography Holding NV (Health Care)............... 2,589,343
38,350 Heineken NV (Brewery) (b).............................. 2,343,573
15,192 ING Groep NV (Financial)............................... 1,031,053
23,400 United Pan-Europe Communications NV (Media)............ 614,385
342 Wolters Kluwer CVA (Publishing & Printing) (b)......... 9,147
------------
11,155,093
------------
Norway -- 0.32%
7,000 Norsk Hydro ASA (Manufacturing -Diversified)........... 294,824
22,000 Norsk Hydro ASA - ADR (Manufacturing - Diversified).... 925,375
------------
1,220,199
------------
Portugal -- 0.28%
81,000 Portugal Telecom (Telecommunications Services)......... 913,114
15,000 Portugal Telecom SA - ADR (Telecommunications
Services)............................................. 168,750
------------
1,081,864
------------
</TABLE>
See accompanying notes to financial statements.
41
<PAGE>
THE HIRTLE CALLAGHAN TRUST
International Equity Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C>
Common/Preferred Stocks (continued)
Capital Gaurdian Trust Company (continued)
Singapore -- 0.25%
56,000 Chartered Semiconductor Manufacturing Ltd.
(Semiconductors)...................................... $ 489,075
23,000 Development Bank of Singapore Ltd. (Banking) (b)....... 295,319
18,000 Singapore Airlines Ltd. (Airlines) (b)................. 178,024
------------
962,418
------------
Spain -- 0.88%
56,000 Banco Bilbao Vizcaya Argentaria SA (Banking) (b)....... 840,108
110,496 Telefonica SA (Telecommunications Services) (b)........ 2,383,207
2,600 Telefonica SA - ADR (Telecommunications Services)...... 166,563
------------
3,389,878
------------
Sweden -- 0.98%
58,000 ForeningsSparbanken AB (Banking) (b)................... 853,065
49,000 Svenska Handelsbanken AB, Class - A (Banking) (b)...... 715,106
110,080 Telefonaktiebolaget LM Ericsson AB (Telecommunications
Equipment)............................................ 2,190,123
------------
3,758,294
------------
Switzerland -- 2.37%
1,000 Adecco SA (Human Resources/Employment Services)........ 852,364
630 Compagnie Financiere Richemont AG, Class - A
(Tobacco)............................................. 1,702,792
250 Holderbank (Building Materials & Components)........... 307,491
536 Nestle SA (Food Processing)............................ 1,076,242
1,261 Novartis AG (Pharmaceuticals).......................... 2,003,872
700 PubliGroupe SA (Advertising)........................... 525,194
75 Roche Holding SA - Genusshein (Pharmaceuticals)........ 732,443
470 Schw Rueckversicherungs (Insurance).................... 961,062
2,672 Swisscom AG (Telecommunications Services).............. 928,425
------------
9,089,885
------------
Taiwan -- 1.26%
57,120 Asustek Computer, Inc. - GDR (Computers)............... 471,069
20,000 Hon Hai Precision Industry Co. Ltd. -GDR
(Electronics)......................................... 361,050
102,940 Taiwan Semiconductor Manufacturing Co. Ltd. - ADR
(Semiconductors)...................................... 3,988,925
------------
4,821,044
------------
</TABLE>
<TABLE>
<CAPTION>
Shares or
Principal Security Value
Amount Description (Note 2)
--------- ----------- --------
<C> <S> <C>
United Kingdom -- 7.15%
18,251 Astrazeneca PLC (Pharmaceuticals).................... $ 852,668
75,000 Astrazeneca PLC (Pharmaceuticals).................... 3,505,982
174,000 British Aerospace PLC (Aerospace/Defense)............ 1,084,627
122,000 British Airways PLC (Airlines)....................... 702,306
20,000 Cable & Wireless PLC (Telecommunications Services)... 339,719
157,000 Cadbury Schweppes PLC (Beverages) (b)................ 1,032,136
113,000 Dixons Group PLC (Electronics)....................... 457,615
70,000 Enterprise Oil PLC (Oil & Gas)....................... 591,065
71,000 GKN PLC (Auto Related) (b)........................... 904,503
25,800 Glaxo Welcome PLC (Pharmaceuticals).................. 752,660
14,400 Halifax Group PLC (Financial Services)............... 138,213
400,000 Invensys PLC (Electronics) (b)....................... 1,500,276
78,000 Land Securities PLC (Real Estate) (b)................ 932,866
121,000 Laporte PLC (Chemicals).............................. 879,274
270,200 Lloyds TSB Group PLC (Financial)..................... 2,560,692
73,000 Reuters Group PLC (Multimedia)....................... 1,248,817
48,000 Royal Bank of Scotland Group PLC (Banking) (b)....... 803,700
153,000 Shell Transport & Trading Co. PLC (Oil & Gas)........ 1,287,846
44,000 South African Breweries PLC (Beverages).............. 322,400
190,800 Tesco (Retail - Grocery)............................. 592,870
125,000 Unilever PLC (Consumer Goods)........................ 753,639
1,531,019 Vodafone (Telecommunications)........................ 6,188,559
------------
27,432,433
------------
United States -- 0.09%
15,000 Creative Technologies Corp. (Consumer Goods)......... 358,125
------------
Total -- Capital Guardian Trust Company (cost
$151,930,619)....................................... 169,873,844
------------
Total -- Common/Preferred Stocks
(cost $329,577,539) ................................ 357,774,996
------------
Convertible Bonds -- 0.08%
Capital Gaurdian Trust Company -- 0.08%
Japan -- 0.08%
$ 311,125 Sanwa International Finance Berm Trust (Banking)..... 311,125
------------
Total -- Convertible Bonds (cost $317,921)........... 311,125
------------
</TABLE>
See accompanying notes to financial statements.
42
<PAGE>
THE HIRTLE CALLAGHAN TRUST
International Equity Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Shares or
Principal Security Value
Amount Description (Note 2)
--------- ----------- --------
<C> <S> <C>
Money Market Mutual Funds -- 2.88%
Artisan Partners LP -- 2.88%
United States -- 2.88%
11,048,362 Deutsche Bank Institutional Liquid Assets Fund.... $ 11,048,362
------------
Total -- Money Market Mutual Funds (cost
$11,048,362)..................................... 11,048,362
------------
Short-Term Investments -- 4.15%
Capital Gaurdian Trust Company -- 4.15%
United States -- 4.15%
$15,936,329 Deutsche Bank Cash Sweep.......................... 15,936,329
------------
Total -- Short-Term Investments (cost
$15,936,329)..................................... 15,936,329
------------
Total Investments (cost $356,880,151) (a) --
100.39%......................................... 385,070,812
Liabilities in excess of other
assets -- 0.39%.................................. (1,498,502)
------------
Total Net Assets -- 100.00%....................... $383,572,310
============
</TABLE>
--------
(a) Represents cost for financial reporting purposes and differs from cost
basis for federal income tax purposes by the amount of losses recognized
for financial reporting in excess of federal income tax reporting of
$395,620 and by the amount of market to market adjustment for passive
foreign investment companies of $1,103,548. Cost for federal income tax and
financial reporting purposes differs from value by net unrealized
appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation........................................ $ 42,301,107
Unrealized depreciation........................................ (15,609,614)
------------
Net unrealized appreciation.................................... $ 26,691,493
============
</TABLE>
(b) Non-income producing securities
(c) Represents a restricted security, purchased under rule 144A, which is
exampt from registration under the Securities Act of 1933, as amended.
ADR -- American Depository Receipt
GDR -- Global Depository Receipt
PLC -- Public Liability Company
See accompanying notes to financial statements.
43
<PAGE>
THE HIRTLE CALLAGHAN TRUST
International Equity Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Contract Value on
Amount Forward Exchange Settlement Origination Value on Appreciation
(Local Currency) Contracts Date Date 6/30/00 (Depreciation)
---------------- ---------------- ---------- ------------ ------------ --------------
<C> <S> <C> <C> <C> <C>
Currency Purchased
558,606 Australian Dollar....... 7/3/00 $ 335,021 $ 335,232 $ 211
248,931 British Pound........... 7/3/00 374,192 376,892 2,700
215,649 British Pound........... 7/5/00 326,707 326,499 (208)
64,823 British Pound........... 7/6/00 98,511 98,154 (357)
183,323 British Pound........... 7/7/00 278,294 277,573 (721)
3,400,000 Euro.................... 8/18/00 3,293,850 3,265,277 (28,573)
1,709,218 Euro.................... 8/10/00 1,533,905 1,640,734 106,829
939,545 Euro.................... 11/27/00 862,759 907,798 45,039
1,410,276 Euro.................... 9/1/00 1,306,684 1,355,488 48,804
328,465 Euro.................... 9/7/00 311,942 315,817 3,875
39,042 Euro.................... 7/17/00 36,976 37,447 471
246,713 Euro.................... 7/31/00 233,860 236,760 2,900
1,019,508 Euro.................... 7/3/00 971,275 977,383 6,108
452,441 Euro.................... 7/31/00 431,561 434,102 2,541
124,738 Euro.................... 7/5/00 119,312 119,594 282
45,800,000 Swedish Krone........... 8/18/00 5,396,171 5,233,893 (162,278)
1,100,000 Swiss Franc............. 8/18/00 687,564 679,142 (8,422)
595,000,000 Yen..................... 8/18/00 5,789,872 5,690,115 (99,757)
14,081,544 Yen..................... 7/3/00 133,687 133,194 (493)
------------ ------------ ---------
Total Currency Purchased $ 22,522,143 $ 22,441,094 $ (81,049)
============ ============ =========
Currency Sold
(1,311,931) Australian Dollar....... 8/10/00 $ (760,200) $ (783,879) $ (23,679)
(107,629) British Pound........... 8/10/00 (164,184) (163,109) 1,075
(886,443) British Pound........... 9/1/00 (1,306,684) (1,343,848) (37,164)
(912,882) Canadian Dollar......... 8/10/00 (609,521) (616,194) (6,673)
(461,000) Canadian Dollar......... 9/7/00 (311,942) (311,370) 572
(58,940) Canadian Dollar......... 7/5/00 (39,803) (39,780) 23
(3,400,000) Euro.................... 8/18/00 (3,272,671) (3,265,277) 7,394
(1,116,304) Euro.................... 7/31/00 (1,054,304) (1,071,191) (16,887)
(45,800,000) Swedish Krone........... 8/18/00 (5,299,639) (5,233,893) 65,746
(1,100,000) Swiss Franc............. 8/18/00 (668,530) (679,142) (10,612)
(47,303) Singapore dollar........ 7/3/00 (27,261) (27,359) (98)
(77,426) Singapore dollar........ 7/5/00 (44,633) (44,781) (148)
(90,055,340) Yen..................... 11/27/00 (862,759) (877,308) (14,549)
(495,000,000) Yen..................... 8/18/00 (4,656,413) (4,733,793) (77,380)
(100,000,000) Yen..................... 8/18/00 (959,675) (956,322) 3,353
(2,609,345) Yen..................... 7/3/00 (24,735) (24,663) 72
------------ ------------ ---------
Total Currency Sold $(20,062,954) $(20,171,909) $(108,955)
============ ============ =========
Net Unrealized Loss $(190,004)
=========
</TABLE>
See accompanying notes to financial statements.
44
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Fixed Income Portfolio
Portfolio of Investments -- June 30, 2000
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- ------------
<C> <S> <C> <C> <C>
Asset Backed Securities -- 15.80%
$ 643,000 Americredit Automobile Receivables
Trust,Series 1999-C, A3........... 6.840 10/5/03 $ 640,357
125,000 Americredit Automobile Receivables
Trust, Series 1999-D, A3.......... 7.020 12/12/05 124,070
305,000 Capital Auto Receivables Asset
Trust, Series 2000-1, A5.......... 7.070 9/15/05 304,668
2,370,000 Conseco Finance Mortgage, Series
2000-B, AF6....................... 7.800 5/15/20 2,357,106
121,253 Contimortgage Home Equity Loan
Trust, Series 1998-1, A3.......... 6.220 1/15/13 120,737
1,375,000 Contimortgage Home Equity Loan
Trust, Series 1998-1, A7.......... 6.870 12/15/22 1,311,475
1,805,000 Copelco Capital Funding Corp.,
Series 1999-B, A4................. 6.900 12/18/04 1,791,191
1,025,000 Diversified Reit Trust, Series
1999-1a, A2 (b)................... 6.780 3/18/11 954,852
1,560,000 Felco Funding II LLC, Series 2000-
1, A4............................. 7.720 12/15/05 1,575,113
180,000 Ford Credit Auto Owner Trust,
Series 2000-C, A4................. 7.240 2/15/04 181,044
430,000 Green Tree Home Improvement Loan
Trust, Series 1998-E, HIB1........ 7.790 2/15/15 409,390
300,000 Green Tree Home Improvement Loan
Trust, Series 1999-E, B1.......... 10.340 3/15/15 298,953
345,000 Heller Equipment Asset Receivable
Trust, Series 1992-2, A4.......... 6.790 3/14/07 340,346
649,000 Household Automobile Revolving,
Series 1999-1, A3................. 6.330 6/17/03 642,770
1,925,000 Household Automobile Revolving,
Series 1999-1, A4................. 6.650 4/17/06 1,904,363
570,000 Household Automotive Trust IV,
Series 2000-1, A4................. 7.480 12/18/06 575,666
1,835,000 Household Automotive Trust V,
Series 2000-2, A4................. 7.430 4/17/07 1,852,909
31,265 Lehman Home Equity Loan Trust,
Series 1995-7, A3................. 6.840 3/25/12 31,116
1,275,000 MMCA Automobile Trust, Series
1999-1, A4........................ 5.630 7/15/05 1,247,537
570,000 Nissan Auto Receivables Owners
Trust, Series 2000-A, A4.......... 7.170 8/15/04 571,026
575,000 Peco Energy Transition Trust,
Series 1999-A, A6................. 6.050 3/1/09 536,929
580,000 PP&L Transition Bond Co. LLC,
Series 1999-1, A8................. 7.150 6/25/09 574,780
1,000,000 Ryder, Series 1999-A, A5.......... 7.130 10/16/06 976,848
771,609 Southern Pacific Secured Assets
Corp., Series 1998-1, A5.......... 6.460 1/25/26 761,015
550,000 Toyota Auto Lease Trust, Series
1998-B, A2........................ 5.450 3/25/03 537,625
------------
Total Asset Backed Securities
(Cost $20,778,863)................ 20,621,886
------------
Collateralized Mortgage
Obligations -- 13.32%
740,000 Associates Manufactured Housing
Pass Through, 1997-2, A5.......... 6.675 3/15/28 723,824
1,643,942 Citicorp Mortgage Securities,
Inc., Series 1999-7, A3........... 7.000 5/25/11 1,579,565
870,000 Conseco, Series 1999-6, B1........ 9.200 6/1/30 815,834
450,000 FMAC Loan Receivables Trust,
Series 1998-DA, A3................ 6.729 12/15/19 409,568
190,000 GE Capital Mortgage Services,
Inc., Series 1994-10, A10......... 6.500 3/25/24 178,921
175,042 GE Capital Mortgage Services,
Inc., Series 1997-7, A7........... 7.500 8/25/27 174,416
1,910,000 GE Capital Mortgage Services,
Inc., Series 1999-14, A8.......... 6.500 8/25/29 1,607,265
1,760,000 GE Capital Mortgage Services,
Inc., Series 1999-18, A12......... 7.000 9/25/29 1,681,750
345,000 Green Tree Financial Corp., Series
1994-6, A5........................ 8.250 1/15/20 346,780
480,000 Green Tree Financial Corp., Series
1996-2, A4........................ 7.200 4/15/27 472,589
1,545,000 Green Tree Financial Corp., Series
1996-5, A5........................ 7.450 7/15/27 1,543,192
405,000 Green Tree Financial Corp., Series
1997-6, B1........................ 7.170 1/15/29 361,163
780,000 Green Tree Financial Corp., Series
1998-4, B1........................ 7.260 2/1/30 683,506
1,000,000 Green Tree Financial Corp., Series
1999-2, B1........................ 8.410 12/1/30 910,480
270,000 Green Tree Financial Corp., Series
1999-2, A3........................ 6.080 12/1/30 257,170
2,720,000 JP Morgan Commercial Mortgage
Finance Corp., 1997-C5, A2........ 7.069 9/15/29 2,686,190
530,003 Merrill Lynch Mortgage Investors,
Inc., Series 1990-C, B............ 9.700 6/15/10 553,058
71,612 Merrill Lynch Mortgage Investors,
Inc., Series 1995-C1, A........... 7.156 5/25/15 70,876
129,991 Oakwood Mortgage Investors, Inc.,
Series 1996-B, A3................. 7.100 10/15/26 129,590
1,400,000 Oakwood Mortgage Investors, Inc.,
Series 2000-A M2.................. 8.250 4/15/30 1,317,750
275,000 Prudential Home Mortgage
Securities, Series 1994-12, A7.... 6.050 4/25/24 219,502
390,000 Prudential Home Mortgage
Securities, Series 1994-17, A5.... 6.250 4/25/24 334,133
326,902 Residential Funding Mortgage,
Series 1995-S15, A2............... 7.000 10/25/10 325,231
------------
Total Collateralized Mortgage
Obligations (Cost $17,874,975).... 17,382,353
------------
</TABLE>
See accompanying notes to financial statements.
45
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Fixed Income Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- ------------
<C> <S> <C> <C> <C>
Corporate Bonds -- 34.01%
$2,214,926 Airbus, (b)....................... 8.027 10/1/19 $ 2,172,997
230,000 Allstate Corp..................... 7.200 12/1/09 219,075
1,631,497 America West Airlines, Series
1999-1............................ 7.930 1/2/19 1,625,624
550,000 American United Life Insurance Co.
(b)............................... 7.750 3/30/26 479,188
1,400,000 Archstone Community Trust......... 7.200 4/15/03 1,368,500
1,940,000 Banamex, (b)...................... 7.500 10/1/06 1,930,896
550,000 BFC Finance Corp., Series 1996-A.. 7.375 12/1/17 563,382
700,000 Colonial Realty Reit.............. 7.930 8/9/02 684,886
1,080,000 Columbus Southern Power........... 6.550 6/26/08 1,011,150
1,925,000 Deutsche Telekom.................. 8.000 6/15/10 1,940,565
890,000 Dobie Center Properties Ltd.,
(b)............................... 6.410 5/1/08 811,315
950,000 Dobie Center Properties Ltd.,
(b)............................... 6.460 5/1/09 859,821
1,680,000 DPM Trust, (b).................... 6.161 12/15/03 1,612,800
290,000 Dynex Capital, Inc., Series ACA... 7.875 7/15/02 280,279
704,000 Eastern Energy Ltd................ 6.750 12/1/06 667,040
1,550,000 ERAC USA Finance, (b)............. 6.375 5/15/03 1,484,125
825,000 Farmers Insurance Exchange, (b)... 8.625 5/1/24 790,969
400,000 First American Financial.......... 7.550 4/1/28 300,000
2,755,000 Ford Motor Credit Co.............. 7.500 6/15/03 2,742,775
90,000 Ford Motor Credit Co.............. 6.700 7/16/04 86,879
2,255,000 Heller Financial, Inc............. 8.000 6/15/05 2,246,543
1,075,000 HSBC America Capital Trust, (b)... 7.808 12/15/26 915,094
100,000 HSBC America, Inc................. 7.000 11/1/06 95,500
3,525,000 International Paper Co., (b)...... 8.000 7/8/03 3,538,218
1,255,000 National Bank of Australia, Series
A................................. 8.600 5/19/10 1,314,613
95,000 National Westmenster Bank......... 7.375 10/1/09 92,150
275,000 Ohio National Life Insurance,
(b)............................... 8.500 5/15/26 262,625
1,090,000 Oneok, Inc........................ 7.750 3/1/05 1,092,725
775,000 Paine Webber Group, MTN........... 7.300 10/15/03 762,406
2,080,000 Pemex Finance Ltd................. 6.550 2/15/08 1,978,973
1,100,000 Pemex Finance Ltd................. 7.330 5/15/12 1,073,864
310,000 PNC Funding Corp.................. 6.125 2/15/09 273,963
1,895,000 PP&L Capital Funding, Inc., MTN... 6.790 11/22/04 1,833,413
1,600,000 Prologis Trust.................... 6.700 4/15/04 1,524,722
825,000 Prologis Trust.................... 8.720 3/1/09 818,045
1,425,000 Prologis Trust.................... 7.625 7/1/17 1,293,188
345,000 Puget Sound Energy, MTN........... 6.740 6/15/18 301,444
1,150,000 Raytheon Co....................... 6.300 3/15/05 1,082,438
675,000 Raytheon Co., (b)................. 8.200 3/1/06 685,477
495,000 Union Central Life, (b)........... 8.200 11/1/26 439,931
735,000 United Mexican States............. 9.875 1/15/07 757,050
365,000 Washington Mutual Financial....... 8.250 6/15/05 368,194
------------
Total Corporate Bonds
($45,929,057)..................... 44,382,842
------------
Taxable Municipal Bond -- 5.22%
California -- 2.74%
480,000 City of Long Beach Marina Pacifica
CA, Revenue Bonds, Industrial
Improvements...................... 9.500 1/1/23 479,400
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 1,643,888
1,000,000 San Diego California Pub Jack
Murphy Stadium, Revenue,
Recreational Facility
Improvements..................... 6.850 2/1/06 971,250
------------
3,574,538
------------
</TABLE>
See accompanying notes to financial statements.
46
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Fixed Income Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- ------------
<S> <C> <C> <C> <C>
Taxable Municpal Bond (continued)
Florida -- 0.06%
$ 70,000 Dade County FL Aviation Revenue, Series C, AMBAC................................... 8.650 10/1/03 $ 72,625
------------
Georgia -- 0.08%
405,000 Atlanta GA Urban Residential Finance Authority, Revenue Bond, FNMA, Zero Coupon.... .000 10/1/16 110,363
------------
Mississippi -- 0.05%
175,000 Mississippi Home Corp. Residual Revenue, FHA, Zero Coupon.......................... .000 12/1/12 68,906
------------
New York -- 0.48%
635,000 New York City Mortgage Loan Trust, Series 1996, A3, (b)............................ 6.750 9/25/19 565,745
40,000 New York NY General Obligation Unlimited, Series F................................. 10.500 11/15/12 42,700
20,000 New York NY General Obligation Unlimited, Zero Coupon.............................. .000 11/15/13 18,550
------------
626,995
------------
Pennsylvania -- 1.52%
545,000 Allegheny County PA Residential Finance Authority, Revenue Bond, FHA, Zero Coupon.. .000 8/1/28 53,819
2,110,000 Norristown PA, Series 1998......................................................... 7.000 10/15/18 1,925,374
------------
1,979,193
------------
Utah -- 0.29%
400,000 Clearfield City Utah Multi-Family, Revenue Bond, Local Housing..................... 6.650 11/1/07 380,500
------------
Total Taxable Municipal Bond (Cost $7,293,755)..................................... 6,813,120
------------
U.S. Government Agency Mortgages -- 14.24%
145,000 Federal Home Loan Mortgage Corp., Series 1496, Class KB............................ 6.500 5/15/08 138,131
390,854 Federal Home Loan Mortgage Corp., Series 2071, Class EV............................ 6.500 4/15/09 372,050
27,078 Federal Home Loan Mortgage Corp., Series 1633, Class PE............................ 5.750 10/15/17 26,963
659,763 Federal Home Loan Mortgage Corp., Pool # C00742.................................... 6.500 4/1/29 622,856
2,480,000 Federal Home Loan Mortgage Corp., Series 2131, Class PE............................ 6.000 4/15/26 2,244,044
168,724 Federal National Mortgage Assoc., Series G93-31, Class G........................... 7.000 1/25/03 168,153
430,000 Federal National Mortgage Assoc., Series 1994-92, Class DE......................... 7.500 7/25/07 426,715
1,006,143 Federal National Mortgage Assoc., Series 1997-M2, Class B.......................... 7.350 2/17/08 1,007,624
1,255,000 Federal National Mortgage Assoc., Series 1995-2, Class H........................... 8.500 6/25/10 1,267,550
1,765,258 Federal National Mortgage Assoc., Series 1995-M1, Class B.......................... 6.840 7/25/10 1,759,639
1,845,371 Federal National Mortgage Assoc.................................................... 6.500 9/1/09 1,806,876
1,092,388 Federal National Mortgage Assoc.................................................... 6.500 9/1/28 1,037,987
792,644 Federal National Mortgage Assoc.................................................... 6.500 10/1/28 747,067
3,460,004 Federal National Mortgage Assoc.................................................... 6.500 10/1/28 3,261,055
38,238 Federal National Mortgage Assoc.................................................... 8.000 7/1/02 38,368
1,555,000 Federal National Mortgage Assoc., Series 1998-M1, A2............................... 6.250 1/25/08 1,464,932
204,421 Federal Governmental Loan Mortgage Corp............................................ 6.500 6/1/29 192,986
1,685,903 Federal Governmental Loan Mortgage Corp............................................ 6.500 9/1/29 1,591,593
400,000 Government National Mortgage Assoc., Pool # 530012................................. 8.000 6/15/30 404,248
------------
Total U.S. Government Agency Mortgages (Cost $18,876,547).......................... 18,578,837
------------
U.S. Treasury Bonds -- 10.54%
11,406,000 U.S. Treasury Bonds................................................................ 8.125 8/15/19 13,758,488
------------
Total U.S. Treasury Bonds (Cost $13,551,333)....................................... 13,758,488
------------
U.S. Treasury Notes -- 3.71%
280,000 U.S. Treasury Notes................................................................ 5.500 5/31/03 273,700
890,000 U.S. Treasury Notes................................................................ 7.875 11/15/04 942,010
3,657,000 U.S. Treasury Notes................................................................ 6.000 8/15/09 3,627,287
------------
Total U.S. Treasury Notes (Cost $4,766,227)........................................ 4,842,997
------------
</TABLE>
See accompanying notes to financial statements.
47
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Fixed Income Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- ------------
<C> <S> <C> <C> <C>
Repurchase Agreements -- 1.97%
$2,575,175 SEI Tri Party Repurchase Agreement
dated 06/30/00, due 7/3/00 at 6.75%
with a maturity value of $2,576,600
(Collateralized by $2,168,000 U. S.
Treasury Bond, 7.875%, 2/15/21,
market value $2,644,132)........... $ 2,575,175
------------
Total Repurchase Agreements (Cost
$2,575,175)........................ 2,575,175
------------
Total Investments (Cost
$131,645,932) (a) -- 98.81%........ 128,955,698
Other assets in excess of
liabilities -- 1.19%............... 1,552,103
------------
Total Net Assets -- 100.00%........ $130,507,801
============
</TABLE>
--------
(a) Represents cost for financial reporting purposes and differs from cost
basis for federal income tax purposes by the amount of losses recognized
for financial reporting in excess of federal income tax reporting of
$468,984. Cost for federal income tax and financial reporting purposes
differs from value by net unrealized depreciation of securities as follows:
<TABLE>
<CAPTION>
Unrealized appreciation........................................ $ 680,175
<S> <C>
Unrealized depreciation........................................ (3,839,393)
-----------
Net unrealized depreciation.................................... $(3,159,218)
===========
</TABLE>
(b) Represents a restricted security, purchased under rule 144A, which is
exempt from registration under the Securities Act of 1933, as amended.
AMBAC -- AMBAC Indemnity Corporation
FHA -- Federal Housing Administration
FNMA -- Federal National Mortgage Association
MTN -- Medium Term Note
See accompanying notes to financial statements.
48
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments -- June 30, 2000
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds -- 94.09%
Alabama -- 2.02%
$ 625,000 Alabama Housing Financial
Authority, AMT.................... 5.650 6/1/08 $ 629,687
25,000 Bessemer Alabama Medical Clinic.... 7.250 4/1/03 25,781
235,000 Birmingham Alabama Industrial
Development Board, AMT (LOC)...... 4.500 4/1/04 226,775
170,000 Birmingham Alabama Industrial
Development Board, AMT (LOC)...... 4.500 4/1/04 164,050
295,000 Birmingham Alabama Industrial
Development Board, AMT (LOC)...... 5.000 4/1/09 275,088
265,000 Birmingham Alabama Industrial
Development Board, AMT (LOC)...... 5.000 4/1/09 247,113
330,000 Birmingham Alabama Industrial
Development Board, AMT (LOC)...... 5.500 4/1/14 299,888
135,000 Birmingham Alabama Industrial
Development Board, AMT (LOC)...... 5.500 4/1/14 122,681
380,000 Birmingham Alabama Industrial
Development Board, AMT (LOC)...... 5.750 4/1/19 343,900
115,000 Birmingham Alabama Industrial
Development Board, AMT (LOC)...... 5.750 4/1/19 104,075
175,000 Birmingham Alabama Medical Clinic,
Revenue, ETM...................... 7.300 7/1/05 194,250
80,000 Birmingham Alabama Private
Educational Building (ACA)........ 5.500 5/1/28 74,200
1,190,000 Birmingham Alabama Special Care
Facilities, Methodist Home For
Aging (LOC)....................... 5.000 3/1/14 1,096,287
125,000 Gadsden Alabama East Medical
Clinic, Hospital Revenue, Baptist
Hospital of Gadsden, ETM.......... 6.900 7/1/07 139,531
75,000 Lauderale County & Florence
Alabama, ETM...................... 7.000 7/1/07 84,188
------------
4,027,494
------------
Arizona -- 1.26%
165,000 Coconino County Arizona United
School District (AMBAC)........... 5.000 7/1/01 166,181
15,000 Maricopa County Arizona Hospital
Revenue, ETM...................... 7.125 10/1/02 15,071
30,000 Maricopa County Arizona Hospital
Revenue, ETM...................... 6.750 1/1/04 30,900
40,000 Maricopa County Arizona Industrial
Development Authority (Asset
GTY).............................. 5.000 5/1/07 39,350
10,000 Maricopa County Arizona Industrial
Development Authority (Asset
GTY).............................. 4.900 5/1/06 9,850
95,000 Maricopa County Arizona Industrial
Development Authority (Asset
GTY).............................. 5.300 5/1/13 92,388
70,000 Maricopa County Arizona Industrial
Development Authority (FSA)....... 7.000 12/1/00 70,431
720,000 Phoenix Health Facilities Authority
Hospital, ETM..................... 6.250 9/1/11 751,499
230,000 Pinal County Arizona Community
College (AMBAC)................... 5.250 7/1/07 234,025
245,000 Pinal County Arizona Community
College (AMBAC)................... 5.250 7/1/08 249,594
95,000 Pinal County Arizona Community
College (AMBAC)................... 4.750 7/1/09 92,744
175,000 Pinal County Arizona Community
College (AMBAC)................... 4.800 7/1/09 171,500
275,000 Santa Cruz County Arizona
Industrial Development Authority,
Optional Put 8/1/07 @ 100......... 4.750 8/1/20 261,938
340,000 Yuma Arizona Industrial Development
Multi-Family (GNMA)............... 5.400 12/20/17 321,725
------------
2,507,196
------------
Arkansas -- 1.29%
1,035,000 Arkansas State Development Finance
Authority (MBIA).................. 5.100 10/1/16 993,599
45,442 Drew County Arkansas Public
Facility Board, Single Family,
Series A-2 (FNMA)................. 7.900 8/1/11 47,600
140,000 Fayetteville Arkansas Public
Facilities Board Refunding........ 7.250 4/1/11 144,550
35,000 Jefferson County Arkansas Health
Care, ETM......................... 7.400 12/1/10 39,200
2,924 Lonoke County Arkansas Residential
Housing Refunding Series B,
Facilities Board, Single Family
Mortgage Revenue.................. 7.375 4/1/11 3,049
135,000 Mississippi County Arkansas Public
Facilities Refunding Series 1..... 7.200 7/15/10 143,775
714,000 North Little Rock Arkansas
Residential Housing, Capital
Appreciation, Sub-Mortgage, Zero
Coupon............................ .000 12/1/10 352,538
625,000 Rogers Arkansas Sales & Use Tax
Revenue........................... 5.350 11/1/11 623,437
90,000 Rogers Arkansas Sales & Use Tax
Revenue........................... 5.000 11/1/15 89,573
95,000 Saline County Arkansas Residential
Housing Board..................... 7.875 3/1/11 98,919
35,824 Stuttgart Arkansas Public
Facilities Board Refunding, Single
Family Mortgage, Series B......... 7.750 9/1/11 35,989
------------
2,572,229
------------
</TABLE>
See accompanying notes to financial statements.
49
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
California -- 2.27%
$ 510,000 Abag Finance Authority for Non-
Profit Companies, American
Baptists Homes.................... 5.500 10/1/07 $ 481,313
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA)............................. 5.500 6/1/01 5,037
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA)............................. 5.500 6/1/02 5,069
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA)............................. 5.500 6/1/03 5,100
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA)............................. 5.500 6/1/04 5,119
5,000 Atwater California Redevelopment
Agency Tax Allocation, Downtown
Redevelopment Project, Series A
(ACA)............................. 5.500 6/1/05 5,138
225,000 California Statewide Communities
Development Authority, Multi-
Family, Cudahy Gardens, Series I,
AMT (LOC)......................... 5.100 10/1/12 216,000
195,000 California Statewide Communities
Development Authority, Multi-
Family, Riverside Gardens, AMT
(LOC)............................. 5.100 10/1/12 185,738
230,000 California Statewide Communities
Development Authority, Multi-
Family Revenue, Cudahy Gardens,
Series I, Mandatory Put 4/1/16 @
100, AMT (LOC).................... 5.600 4/1/29 224,538
40,000 Colton California Redevelopment
Agency, ETM....................... 7.250 8/1/11 48,850
100,000 Contra Costa County California
Multi-Family Housing Revenue,
Bollinger Crests Apartments,
Series C, AMT (FNMA).............. 4.850 5/1/11 94,625
130,000 Delta County California Home
Mortgage Finance, AMT (GNMA/FNMA)
(MBIA)............................ 6.700 6/1/24 133,575
55,000 Emeryville California Redevelopment
Agency, ETM....................... 7.500 9/1/11 62,838
50,000 Fairfield California Certificates
of Participation, Prerefunded
8/1/00 @ 100...................... 10.750 8/1/07 50,223
80,000 Fresno California Housing
Authority, Multi-Family Housing
Central Valley Coalition Projects,
AMT (FNMA)........................ 5.150 8/1/07 79,700
40,000 Fresno California Housing
Authority, Multi-Family Housing
Central Valley Coalition Projects,
AMT (FNMA)........................ 5.150 8/1/07 39,850
125,000 Fresno California Multi-Family
Housing Revenue, Woodlands
Apartments Projects (GNMA)........ 6.650 5/20/08 131,250
1,005,000 Los Angeles California Community
Redevelopment, Angelus Plaza
Project, Series A (FNMA).......... 7.400 6/15/10 1,094,193
110,000 Los Angeles California Community
Redevelopment, Monterey Hills
Redevelopment Project............. 8.650 12/1/22 121,825
300,000 Los Angeles California Multi-Family
Housing, Earthquake Rehabilitation
Projects, Series A, AMT (FNMA).... 5.700 12/1/27 303,000
5,000 Los Angeles California Regional
Airports.......................... 10.00 1/1/01 5,137
45,000 Rialto California Redevelopment
Agency Multi-Family Housing
(FNMA)............................ 5.600 11/1/06 46,688
120,000 Riverside County California Housing
Authority Breezewood Apartments
Project, Series B (MBIA).......... 5.000 6/1/19 106,800
65,000 Sacramento California Municipal
Utility District, Series M, ETM... 8.750 4/1/03 69,550
70,000 Santa Clara County California
Multi-Family Housing (GNMA)....... 5.750 5/20/05 72,800
40,000 Southern California Home Finance
Authority, AMT (GNMA/FNMA)........ 6.900 10/1/24 40,950
110,000 Turlock California Public Financing
Authority......................... 5.250 9/1/15 100,375
770,000 Vista California Multi-Family
Housing Revenue, Pepperwood
Apartments Project, Series A,
Mandatory Put 6/1/05 @ 100
(FNMA)............................ 5.700 6/1/25 785,399
------------
4,520,680
------------
Colorado -- 2.26%
80,000 Arvada Colorado Industrial
Development Revenue, AMT (LOC).... 5.600 12/1/12 77,600
120,000 Arvada Colorado Industrial
Development Revenue, AMT (LOC).... 5.800 12/1/17 115,800
310,000 Aurora Centretech Metro District
Colorado, Mandatory Put 12/1/08 @
100 (LOC)......................... 4.875 12/1/28 297,213
</TABLE>
See accompanying notes to financial statements.
50
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Colorado (continued)
$ 50,000 Aurora Colorado Housing Authority,
Single Family Mortgage Revenue... 7.300 5/1/10 $ 50,526
245,000 Castle Rock Ranch Colorado Public
Improvements Authority........... 5.900 12/1/03 252,350
55,000 Colorado Housing Financial
Authority........................ 5.000 5/1/05 54,725
50,000 Colorado Housing Financial
Authority........................ 4.750 11/1/05 48,938
235,000 Colorado Housing Financial
Authority........................ 6.500 5/1/16 244,988
370,000 Colorado Housing Financial
Authority........................ 6.550 5/1/25 387,575
350,000 Colorado Housing Financial
Authority (FHA).................. 5.700 10/1/21 338,625
10,000 Colorado Housing Financial
Authority, AMT................... 5.750 11/1/04 10,125
230,000 Colorado Housing Financial
Authority, AMT................... 5.200 12/1/05 229,138
245,000 Colorado Housing Financial
Authority, AMT................... 6.400 11/1/24 250,206
225,000 Colorado Student Obligations Board
Authority, AMT................... 7.150 9/1/06 235,406
125,000 Denver Colorado City & County
Multi-Family Housing (FHA)....... 4.700 7/1/08 119,219
70,000 Denver Colorado City & County
Multi-Family Housing, AMT (FHA).. 5.100 11/1/07 68,950
430,000 Denver Colorado City & County
Single Family Housing
(GNMA/FNMA)...................... 5.000 11/1/15 396,138
40,000 Vail Colorado Single Family
Mortgage Revenue................. 8.125 6/1/10 42,000
555,000 Westminster Colorado Multi-Family,
Mandatory Put 9/1/06 @ 100,
(AXA)............................ 5.950 9/1/06 568,874
720,000 Westminster Colorado Multi-Family,
Mandatory Put 12/1/05 @ 100,
(FNMA)........................... 5.350 12/1/25 723,599
------------
4,511,995
------------
Connecticut -- 0.65%
100,000 Connecticut State Development
Authority (Asset GTY)............ 5.000 9/1/15 93,125
365,000 Stamford Connecticut Housing
Authority, Multi-Family, AMT,
Mandatory Put 12/1/08 @ 100...... 4.750 12/1/28 335,344
445,000 Waterbury Connecticut Housing
Authority Mortgage Revenue
(AMBAC).......................... 4.850 7/1/09 425,531
470,000 Waterbury Connecticut Housing
Authority Mortgage Revenue
(AMBAC).......................... 4.850 7/1/09 449,438
------------
1,303,438
------------
Delaware -- 0.30%
5,000 Delaware State Economic
Development Authority Revenue,
1st Mortgage, Peninsula United,
Series A......................... 6.000 5/1/09 4,713
5,000 Delaware State Housing Authority
Revenue Refunding, Multi-Family
Mortgage......................... 6.600 7/1/01 5,098
205,000 Delaware State Housing Authority
Revenue, Residential Mortgage,
Series A......................... 8.750 6/1/17 205,000
15,000 Deleware State Economic
Development (MBIA)............... 7.000 10/1/03 15,230
50,000 Deleware State Economic
Development, AMT................. 7.500 10/1/17 50,949
280,000 Sussex County Deleware Single
Family Mortgage, ETM............. 7.500 3/1/10 309,750
------------
590,740
------------
District of Columbia -- 0.56%
335,000 District of Columbia Housing
Finance Agency (Asset GTY)....... 4.850 6/1/08 312,388
235,000 District of Columbia Housing
Finance Agency, Mayfair Mansions
Apartments, AMT (FHA)............ 5.000 2/1/08 223,250
570,000 District of Columbia Housing
Finance Agency, Single Family
Mortgage, Series A, AMT,
(FNMA/GNMA)...................... 6.250 12/1/28 577,124
------------
1,112,762
------------
Florida -- 2.76%
1,980,000 Boca Place Associates, LTD Florida
Revenue (LOC).................... 4.650 2/1/04 1,970,099
200,000 Brevard County Florida Health
Facilities Authority, ETM........ 7.375 11/15/04 210,500
50,000 Dade City Florida Governmental
Leasing Corp., Certificates of
Participation.................... 9.000 4/1/20 51,781
260,000 Dade County Florida Housing
Finance Authority, AMT (FNMA),
Mandatory Put 6/1/06 @ 100
(FNMA)........................... 5.900 6/1/26 264,550
100,000 Daytona Beach Florida Water &
Sewer, ETM....................... 6.750 11/15/07 102,475
</TABLE>
See accompanying notes to financial statements.
51
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Florida (continued)
$ 5,000 Duval County Florida Housing
Finance Authority, Single Family
(GNMA)........................... 7.650 9/1/10 $ 5,162
330,000 FHA Insured Trust, Series 96-I,
Class A3......................... 7.000 7/1/22 329,340
65,000 Jacksonville Florida Health
Facilities, St. Catherine Laboure
Manor, Inc., ETM................. 9.125 1/1/03 68,900
95,000 Jacksonville Florida Health
Facilities, St. Vincent's Medical
Center, Inc., ETM................ 9.125 1/1/03 100,700
300,000 Miami Beach Florida Housing
Authority Revenue, 1st Mortgage,
Elderly Housing, Section 8....... 6.625 1/15/09 305,625
455,000 Miami-Dade County Florida Housing
Finance Authority, Series A-1,
AMT (GNMA/FNMA).................. 5.900 6/1/25 457,275
410,000 Miramar Florida Water Improvement
Assessment Revenue (FGIC)........ 5.125 10/1/20 404,363
85,000 Palm Beach County Florida Airport
Systems Revenue (MBIA)........... 7.500 10/1/00 85,609
30,000 Palm Beach County Florida Health
Facilities Revenue, ETM.......... 9.500 8/1/13 37,725
630,000 Pasco County Florida Revenue, GO,
ETM (MBIA)....................... 6.375 8/1/08 689,850
245,000 Pinellas County Florida Housing
Finance Authority, Multi-County
Program, Series A, AMT (GNMA).... 6.850 3/1/29 250,513
65,000 St. Johns County Florida
Industrial Development Authority,
Series A (MBIA).................. 5.500 3/1/17 64,675
100,000 Tampa Florida Excise Tax, Revenue
Bond, ETM........................ 6.125 10/1/07 102,875
------------
5,502,017
------------
Georgia -- 1.52%
200,000 Athens Georgia Water & Sewer
Revenue, ETM..................... 6.200 7/1/08 216,000
225,000 Augusta Georgia Housing
Rehabilitation Agency............ 7.000 9/1/05 234,000
5,000 Clayton County Georgia Housing
Authority Multi-Family, AMT
(FNMA)........................... 5.750 1/1/13 4,988
55,000 Fulton County Georgia Housing
Authority, Single Family Revenue,
AMT (GNMA)....................... 6.200 3/1/13 55,963
190,000 Gwinnett County Georgia Multi-
Family, Mandatory Put 4/1/06 @
100 (FNMA)....................... 5.500 4/1/26 185,013
490,000 Houston County Georgia Development
Authority........................ 7.000 8/1/28 431,812
645,000 Marietta Georgia Housing Authority
Multi-Family, Mandatory Put
6/1/05 @ 100 (FNMA).............. 5.700 6/1/25 658,705
260,000 Savannah Georgia Economic
Development Authority............ 6.200 10/1/09 265,525
200,000 Savannah Georgia Economic
Development Authority............ 6.500 10/1/13 198,750
585,000 Savannah Georgia Economic
Development Authority (ACA)...... 6.875 11/15/11 615,712
110,000 St. Mary's Georgia Housing
Authority Multi-Family (FHA)..... 7.250 9/1/05 112,200
55,000 St. Mary's Georgia Housing
Authority Multi-Family (FHA)..... 7.250 10/1/05 55,701
------------
3,034,369
------------
Hawaii -- 0.26%
470,000 Hawaii State Housing Finance &
Development, AMT (FNMA).......... 5.200 7/1/12 442,974
65,000 Honolulu Hawaii City & County,
Multi-Family Housing, Waipahu
Towers Project, AMT (GNMA)....... 6.900 6/20/05 67,113
------------
510,087
------------
Idaho -- 0.90%
5,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes, Inc. Project,
AMT (LOC)........................ 4.600 11/1/00 4,994
55,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes, Inc. Project,
AMT (LOC)........................ 4.750 11/1/01 55,069
5,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes, Inc. Project,
AMT (LOC)........................ 4.850 11/1/02 4,969
80,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes, Inc. Project,
AMT (LOC)........................ 4.950 11/1/03 79,500
80,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes, Inc. Project,
AMT (LOC)........................ 5.050 11/1/04 79,300
</TABLE>
See accompanying notes to financial statements.
52
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Idaho (continued)
$ 95,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes, Inc. Project,
AMT (LOC)......................... 5.150 11/1/05 $ 93,575
95,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes, Inc. Project,
AMT (LOC)......................... 5.200 11/1/06 93,456
105,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes, Inc. Project,
AMT (LOC) ........................ 5.300 11/1/07 103,294
110,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes, Inc. Project,
AMT (LOC)......................... 5.400 11/1/08 108,488
110,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes, Inc. Project,
AMT (LOC)......................... 5.500 11/1/09 109,038
5,000 Bingham County Idaho Industrial
Development Corporation, Idaho
Supreme Potatoes, Inc. Project,
AMT (LOC)......................... 5.600 11/1/10 4,981
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 4,994
100,000 Idaho Housing & Financial
Assistance, Series Sub B, AMT..... 5.650 7/1/09 101,000
130,000 Idaho Housing & Financial
Assistance, Single Family
Mortgage, Series F-2, AMT......... 5.100 7/1/12 126,425
85,000 Idaho Housing & Financial
Assistance, Single Family
Mortgage, Series Sub-C 2, AMT..... 5.250 7/1/11 83,619
565,000 Idaho Housing & Financial
Assistance, State Housing, Revenue
Bond, Multi-Family Housing, Teton
Apartments, Mandatory Put 8/1/04 @
100, AMT (LOC).................... 5.150 8/1/31 562,174
5,000 Idaho Housing Agency, Single Family
Mortgage, Series C-1.............. 7.650 7/1/10 5,082
175,000 Idaho Housing Agency, Single Family
Mortgage, Sub-Series F, AMT....... 5.800 7/1/07 178,063
------------
1,803,021
------------
Illinois -- 8.96%
140,000 Alton Illinois Hospital Facilities
Revenue & Refunded, Alton Memorial
Hospital Project, ETM............. 7.000 7/1/05 146,125
530,000 Bedford Park Illinois Water
Revenue, AMT (ACA)................ 6.000 12/15/08 530,000
200,000 Berwyn Illinois GO (AMBAC)......... 5.375 11/15/10 187,250
400,000 Bolingbrook Illinois Mortgage
Revenue Capital Appreciation Sub-
Series 1, Zero Coupon............. 0.000 1/1/11 191,500
175,000 Buffalo Grove, Illinois Economic
Development Project............... 5.450 8/15/02 174,984
10,000 Chicago Illinois, Multi-Family
Housing Project, AMT (GNMA)....... 4.950 6/1/05 9,888
40,000 Chicago Illinois, Multi-Family
Housing Project, AMT (GNMA)....... 5.250 6/1/08 39,450
40,000 Chicago Illinois, Multi-Family
Housing Project, AMT (GNMA)....... 5.350 6/1/09 39,350
40,000 Chicago Illinois, Multi-Family
Housing Project, AMT (GNMA)....... 5.450 6/1/10 39,400
55,000 Chicago Illinois, Multi-Family
Housing Project, AMT (GNMA)....... 5.500 6/1/11 54,175
55,000 Chicago Illinois, Multi-Family
Housing Project, AMT (GNMA)....... 5.550 6/1/12 53,900
55,000 Des Plaines Illinois Hospital
Facility Revenue, Holy Family
Hospital, ETM..................... 7.000 1/1/07 58,163
5,000 Des Plaines Illinois Hospital
Facility Revenue, Holy Family
Hospital, ETM (FGIC).............. 7.000 1/1/07 5,288
45,000 Des Plaines Illinois Hospital
Facility Revenue, Holy Family
Hospital, ETM (MBIA).............. 7.000 1/1/07 47,588
320,000 Du Page County Illinois Community
High School (FSA)................. 5.500 12/1/14 322,800
135,000 Fairfield Illinois Economic
Development Revenue, Wayne County
Center Project.................... 6.000 12/15/05 133,988
90,000 Glenview Illinois Multi-Family
Revenue, Mandatory Put 12/1/07 @
100 (FNMA)........................ 5.200 12/1/27 89,775
215,000 Grayslake Illinois Multi-Family
Revenue, Country Squire Apartments
(FHA)............................. 6.000 6/1/05 219,300
5,000 Greater Peoria Illinois Airport
Authority, AMT (AMBAC)............ 6.500 12/1/05 5,281
145,000 Greater Peoria Illinois Airport
Authority, AMT (AMBAC)............ 6.600 12/1/06 153,338
65,000 Greater Peoria Illinois Airport
Authority, AMT (AMBAC)............ 6.700 12/1/07 68,738
160,000 Illinois Development Finance
Authority Revenue, Community
Rehabilitation Providers.......... 5.375 7/1/09 157,000
245,000 Illinois Development Finance
Authority Revenue, Catholic Health
(AMBAC)........................... 5.150 2/15/06 245,613
</TABLE>
See accompanying notes to financial statements.
53
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Illinois (continued)
$ 930,000 Illinois Development Finance
Authority Revenue, Community
Rehabilitation Providers, Series
A................................ 5.600 7/1/19 $ 781,199
170,000 Illinois Development Finance
Authority Revenue, Debt
Restructure East St. Louis....... 6.875 11/15/05 179,775
1,080,000 Illinois Development Finance
Authority Revenue, Provena
Health, Series A (MBIA).......... 5.125 5/15/23 946,349
15,000 Illinois Development Finance
Authority Revenue, Section 8,
Series A (FHA/MBIA).............. 5.200 7/1/08 14,794
440,000 Illinois Development Finance
Authority, Illinois Facilities
Project, Series A................ 7.400 9/1/04 458,700
365,000 Illinois Educational Facility
Authority Revenue................ 4.600 10/1/08 337,625
495,000 Illinois Educational Facility
Authority Revenue................ 5.000 10/1/13 450,450
85,000 Illinois Health Facilities
Authorities, Loyola University,
ETM.............................. 6.250 7/1/06 91,056
2,162,000 Illinois Health Facilities
Authority, Partial Prerefunded
8/15/00 @ 102 (FSA).............. 7.600 8/15/10 2,212,309
1,615,000 Illinois Health Facilities
Authority Revenue, Community
Hospital of Ottawa Project....... 6.750 8/15/14 1,639,224
215,000 Illinois Health Facilities
Authority Revenue, Lutheran
Social Services.................. 6.125 8/15/10 194,844
110,000 Illinois Health Facilities
Authority Revenue, Michael Reese
Hospital & Medical Center, ETM... 6.750 12/1/08 116,463
170,000 Illinois Health Facilities
Authority Revenue, Midwest Group
Ltd. (ACA)....................... 5.375 11/15/08 169,575
795,000 Illinois Health Facilities
Authority Revenue, Northwestern
Medical Foundation (MBIA)........ 5.125 11/15/28 683,699
95,000 Illinois Health Facilities
Authority Revenue, Northwestern
Memorial Hospital Project, ETM... 6.375 5/1/03 97,138
270,000 Illinois Health Facilities
Authority Revenue, Sydney R.
Forkosh Memorial Hospital,
Prerefunded 7/1/02 @ 100......... 7.000 7/1/07 279,113
175,000 Illinois Industrial Pollution
Control Authority Revenue,
Commonwealth Edison Co. Project.. 5.875 5/15/07 173,469
1,640,000 Lake County Illinois Community
School District, Zero Coupon
(FSA)............................ 0.000 12/1/17 588,349
330,000 Lake County Illinois Community
School District (FSA)............ 5.375 12/1/12 332,887
90,000 Lake County Illinois Township,
High School District No. 113,
Highland Park, GO................ 8.100 12/1/12 113,175
180,000 Lake County Illinois, School
District No. 109, Series B, GO... 6.600 12/15/18 198,225
2,190,000 Palatine Illinois Tax Increment
Revenue (AMBAC).................. 5.000 1/1/15 2,069,549
70,000 Quincy Illinois Single Family
Mortgage......................... 6.875 3/1/10 72,275
115,000 Rockford Illinois Mortgage
Revenue, Faust Landmark
Apartments, Series A, AMT (FHA).. 5.625 1/1/07 116,006
460,000 Rockford-Concord Commons Housing,
Concord Commons Project (FHA).... 6.150 11/1/22 466,325
100,000 Rockford-Concord Commons Housing,
Concord Commons Project, Series A
(FHA)............................ 5.550 11/1/06 101,625
585,000 Silvas Illinois Mortgage Revenue
(FHA)............................ 4.900 8/1/11 550,630
445,000 Silvas Illinois Mortgage Revenue
(FHA)............................ 5.200 8/1/17 413,850
40,000 Southwestern Illinois Development
Authority Hospital Revenue, Wood
River Township Hospital Project,
ETM.............................. 6.875 8/1/03 41,150
530,000 Upper Illinois River Valley
Development Authority, Solid
Waste Disposal Revenue, AMT...... 5.900 2/1/14 490,913
565,000 Woodridge Illinois Multi-Family
Revenue, Hawthorn Ridge, Series A
(GNMA)........................... 5.650 12/20/32 538,868
------------
17,892,503
------------
Indiana -- 2.18%
915,000 Clark County Indiana Hospitals
Association (MBIA)............... 4.650 3/1/07 879,543
155,000 Fort Wayne Indiana Hospital
Authority, ETM................... 6.500 1/1/05 159,650
305,000 Gary Indiana Mortgage Revenue, AMT
(FNMA)........................... 5.400 8/20/38 272,594
50,000 Gary Indiana Mortgage Revenue,
Willows on Clark Road Apartments,
AMT (GNMA)....................... 4.750 8/20/08 47,000
70,000 Gary Indiana Mortgage Revenue,
Willows on Clark Road Apartments,
AMT (GNMA)....................... 5.150 8/20/13 64,838
5,000 Indiana Bond Bank................. 5.200 8/1/07 5,069
70,000 Indiana Bond Bank................. 5.300 8/1/08 71,225
65,000 Indiana Bond Bank................. 5.400 8/1/09 66,544
165,000 Indiana Health Facilities
Financing Authority.............. 4.850 2/15/06 156,750
</TABLE>
See accompanying notes to financial statements.
54
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Indiana (continued)
$ 85,000 Indiana Health Facilities
Financing Authority.............. 4.800 2/15/07 $ 79,475
80,000 Indiana Health Facilities
Financing Authority.............. 4.850 2/15/08 74,100
80,000 Indiana Health Facilities
Financing Authority.............. 4.950 2/15/09 73,800
65,000 Indiana Health Facilities
Financing Authority (Asset GTY).. 5.000 8/15/05 63,944
95,000 Indiana Health Facilities
Financing Authority (Asset GTY).. 5.100 2/15/06 93,456
95,000 Indiana Health Facilities
Financing Authority (Asset GTY).. 5.100 8/15/06 93,338
95,000 Indiana Health Facilities
Financing Authority (Asset GTY).. 5.250 2/15/08 92,863
110,000 Indiana Health Facilities
Financing Authority (Asset GTY).. 5.350 8/15/09 107,113
420,000 Indianapolis Indiana Economic
Development Revenue, AMT (GNMA).. 5.350 4/20/17 385,875
825,000 Indianapolis Indiana Economic
Development Revenue, Mandatory
Put 12/1/04 @ 100, AMT (FNMA).... 6.375 12/1/24 857,999
55,000 Indianapolis Indiana Utilities
Revenue, ETM..................... 7.000 6/1/08 59,056
80,000 Lawrence Indiana Multi-Family
Revenue, AMT (FNMA).............. 5.050 1/1/08 78,900
530,000 Lawrence Indiana Multi-Family
Revenue, Mandatory Put 1/1/08
@100, AMT (FNMA)................. 5.150 6/1/24 480,975
65,000 Monroe County Indiana Hospital
Authority........................ 4.750 5/1/06 64,188
15,000 Vigo County Indiana Hospital
Authority Revenue, ETM........... 6.875 4/1/04 15,563
------------
4,343,858
------------
Iowa -- 0.86%
70,000 Des Moines Iowa Hospital Revenue,
Fairview Community, Iowa Lutheran
Hospital, ETM.................... 9.500 11/15/02 74,200
1,300,000 Iowa Finance Authority Commercial
Development Revenue (LOC)........ 4.350 8/1/03 1,247,999
380,000 Iowa Finance Authority Small
Business District, Terrace
Center........................... 7.500 3/1/22 399,000
------------
1,721,199
------------
Kansas -- 0.63%
85,000 Kansas State Development Finance
Authority Multi-Family, AMT
(LOC)............................ 5.300 10/1/07 82,131
255,000 Kansas State Development Finance
Authority Multi-Family, Mandatory
Put 10/1/07 @ 100, AMT (LOC)..... 5.600 10/1/19 253,088
55,000 Labette County Kansas Single
Family (GNMA).................... 7.650 12/1/11 56,650
45,000 Manhattan Kansas Tax Increment
Revenue, AMT (Asset GTY)......... 5.000 12/1/02 44,944
125,000 Manhattan Kansas Tax Increment
Revenue, AMT (Asset GTY)......... 5.200 12/1/03 125,000
390,000 McPhearson Kansas Electric
Utility, Partial Prerefunded
3/1/03 @ 100, ETM (AMBAC)........ 5.900 3/1/07 411,450
40,000 Reno County Kansas Mortgage
Revenue.......................... 8.700 9/1/11 41,550
5,000 Saline County Kansas Single Family
Mortgage Revenue................. 9.500 10/1/11 5,169
170,000 Sedgwick & Shawnee Counties Kansas
Single Family Mortgage Revenue,
AMT (GNMA)....................... 4.700 12/1/08 167,663
70,000 Wichita Kansas Single Family
Mortgage......................... 7.100 9/1/09 72,538
------------
1,260,183
------------
Kentucky -- 0.37%
185,000 Ashland Kentucky Environmental
Improvements, Allied Chemical
Corporation Project, ETM......... 5.800 3/1/03 187,081
120,000 Greater Kentucky Housing
Assistance Corporation, Section
8, Series C (FHA/MBIA)........... 5.350 7/1/07 120,000
200,000 Kentucky State Turnpike Authority
Resource Recovery, ETM........... 6.125 7/1/07 206,500
110,000 Kentucky State Turnpike Authority
Resource Recovery, Recovery Road
Revenue, ETM..................... 6.625 7/1/08 116,188
40,000 Lakeland Wesley Village, Inc.
Kentucky Mortgage, ELD Section 8,
Assistance Project (FHA)......... 7.125 11/1/02 40,850
60,000 Owensboro Kentucky Electric
Lighting & Power Revenue, ETM.... 10.500 1/1/04 66,000
------------
736,619
------------
</TABLE>
See accompanying notes to financial statements.
55
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Louisiana -- 2.55%
$ 200,000 East Baton Rouge Parish Louisiana
Hospital district No. 3, Woman's
Hospital Foundation, ETM.......... 7.200 10/1/08 $ 216,000
130,000 Iberia Home Mortgage Authority
Louisiana Single Family........... 7.375 1/1/11 137,150
50,000 Jefferson Parish Louisiana Hospital
Services Development Revenue,
ETM............................... 7.125 1/1/02 51,063
85,000 Louisiana Housing Finance Agency
Mortgage Revenue (GNMA/FNMA)...... 4.625 6/1/09 84,575
160,000 Louisiana Housing Finance Agency
Mortgage Revenue, AMT (GNMA)...... 6.450 9/1/27 163,600
395,000 Louisiana Housing Finance Agency
Mortgage Revenue, AMT (GNMA)...... 6.500 9/1/38 403,888
75,000 Louisiana Public Facility Authority
Revenue, Single Family............ 7.375 10/1/12 75,938
103,523 Louisiana Public Facility Authority
Revenue........................... 8.450 12/1/12 107,793
70,000 Louisiana Public Facility Authority
Revenue (AXA)..................... 5.750 3/15/03 71,400
80,000 Louisiana Public Facility Authority
Revenue (AXA)..................... 5.850 3/15/04 81,500
80,000 Louisiana Public Facility Authority
Revenue (AXA)..................... 5.950 3/15/05 81,600
190,000 Louisiana Public Facility Authority
Revenue, Mandatory Put 6/1/05 @
100 (FNMA)........................ 5.800 6/1/25 194,750
150,000 Louisiana Public Facility Authority
Revenue, Multi-Family Housing,
Carlyle Apartments, Mandatory Put
6/15/05 @ 100 (AXA)............... 5.950 6/15/19 152,812
2,015,000 Louisiana Public Facility Authority
Revenue, Series A-1, Mandatory Put
6/1/01 @ 100, (AMBAC)............. 5.000 12/1/15 2,025,074
1,205,000 Louisiana Public Services Authority
Revenue, Mandatory Put 6/1/05 @
100 (FNMA)........................ 5.800 6/1/25 1,235,124
------------
5,082,267
------------
Maine -- 0.36%
720,000 Maine Finance Authority Revenue,
AMT (FSA)......................... 5.200 7/1/18 711,899
------------
Maryland -- 0.47%
10,000 Annapolis Maryland Economic
Development Revenue............... 4.600 10/1/02 9,900
55,000 Annapolis Maryland Economic
Development Revenue............... 4.700 10/1/03 54,244
5,000 Annapolis Maryland Economic
Development Revenue............... 4.800 10/1/04 4,950
55,000 Annapolis Maryland Economic
Development Revenue............... 5.000 10/1/06 54,381
55,000 Annapolis Maryland Economic
Development Revenue............... 5.000 10/1/07 53,969
65,000 Annapolis Maryland Economic
Development Revenue............... 5.000 10/1/08 63,619
110,000 Baltimore County Maryland Mortgage
Revenue, Three Garden Village
Project, Series A (FHLMC)......... 4.800 1/1/13 99,550
420,000 Cecil County Maryland County
Commerce Economic Development..... 6.875 1/15/08 439,950
120,000 Cecil County Maryland County
Commerce Economic Development..... 6.875 1/15/10 126,000
40,000 Frederick County Maryland Economic
Development (FHA)................. 5.900 2/1/05 41,100
------------
947,663
------------
Massachusetts -- 2.33%
490,000 Boston Massachusetts Industrial
Development Finance Authority,
Northend Community, Series A
(FHA)............................. 6.450 8/1/37 510,213
135,000 Boston Massachusetts Revenue,
Duetsches Altenheim, Inc., Series
A (FHA)........................... 5.950 10/1/18 133,144
160,000 Dartmouth Massachusetts Housing
Development Corporation Mortgage
Revenue (FHA/MBIA)................ 4.850 7/1/09 153,600
145,000 Massachusetts Education Loan
Authority, Issue D, Series A, AMT
(MBIA)............................ 7.250 1/1/09 148,754
250,000 Massachusetts State Development
(Asset GTY)....................... 6.000 6/1/24 252,500
20,000 Massachusetts State Health &
Education Facilities Authority,
Beth Israel Hospital, ETM......... 5.750 7/1/06 20,300
5,000 Massachusetts State Health &
Education Facilities Authority,
Massachusetts Institute of
Technology........................ 8.000 7/1/00 5,000
530,000 Massachusetts State Housing Finance
Agency (Asset GTY)................ 4.850 9/1/13 486,938
55,000 Massachusetts State Housing Finance
Agency, Series A, AMT (MBIA)...... 6.125 12/1/11 56,169
110,000 Massachusetts State Individual
Finance Agency, AMT (GNMA)........ 5.400 8/20/12 107,938
</TABLE>
See accompanying notes to financial statements.
56
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Massachusetts (continued)
$1,670,000 Massachusetts State Individual
Finance Agency, AMT (GNMA)....... 6.450 8/20/39 $ 1,713,837
545,000 Massachusetts State Individual
Finance Agency, Higher Education,
Hampshire College Project........ 5.800 10/1/17 521,155
590,000 Massachusetts State Individual
Finance Agency, Revenue Bond,
Retirement Facility, AMT (GNMA).. 5.300 6/20/19 534,687
------------
4,644,235
------------
Michigan -- 1.33%
365,000 Avondale School District.......... 5.800 5/1/07 375,950
110,000 Battle Creek Michigan Economic
Development...................... 5.125 2/1/09 110,019
175,000 Detroit Water Supply System, Water
Utility Improvements, ETM........ 8.875 1/1/05 190,531
190,000 Dickinson County Michigan Economic
Development...................... 6.550 3/1/07 194,619
210,000 Grand Rapids Charter Township
Michigan......................... 5.200 7/1/14 191,625
15,000 Michigan State Building Authority
Revenue, ETM..................... 7.400 4/1/01 15,094
55,000 Michigan State Hospital Financial
Authority Revenue, ETM........... 6.200 1/1/03 55,894
160,000 Michigan State Hospital Financial
Authority Revenue, ETM........... 7.000 7/1/05 167,400
95,000 Michigan State Hospital Financial
Authority, St. Joseph Mercy
Hospital, ETM.................... 9.250 7/1/03 101,056
5,000 Michigan State Housing Development
Authority, AMT (AMBAC)........... 5.050 12/1/07 4,906
5,000 Michigan State Housing Development
Authority, AMT (AMBAC)........... 5.150 12/1/08 4,906
5,000 Michigan State Housing Development
Authority, AMT (AMBAC)........... 5.250 12/1/09 4,913
5,000 Michigan State Housing Development
Authority, AMT (AMBAC)........... 5.350 12/1/10 4,894
680,000 Michigan State Housing Development
Authority, Home Improvement,
Series B, AMT.................... 7.650 12/1/12 689,641
145,000 Michigan State Strategic Fund
Ltd., ETM........................ 7.875 8/15/05 154,969
230,000 Petoskey Michigan Hospital Finance
Authority, ETM................... 6.700 3/1/07 241,500
125,000 Saginaw Michigan Hospital Finance
Authority, ETM................... 7.500 11/1/10 139,219
------------
2,647,136
------------
Minnesota -- 0.81%
110,000 Cambridge Minnesota Mortgage
Revenue (GNMA)................... 5.400 11/20/05 110,000
105,000 Dakota County Minnesota Housing &
Redevelopment Authority, AMT
(GNMA/FNMA)...................... 5.500 10/1/01 106,050
10,000 Dakota County Minnesota Housing &
Redevelopment Authority, AMT
(GNMA/FNMA)...................... 5.550 10/1/02 10,138
10,000 Dakota County Minnesota Housing &
Redevelopment Authority, AMT
(GNMA/FNMA)...................... 5.750 10/1/04 10,188
80,000 Fridley Minnesota Community
Development Revenue, Mandatory
Put 9/1/01 @ 100, AMT (LOC)...... 5.375 9/1/16 80,100
110,000 Monticello Minnesota Pollution
Control Revenue.................. 5.375 2/1/03 110,073
165,000 Rochester Minnesota Hospital
Revenue, ETM..................... 5.750 10/1/07 168,094
1,000,000 White Earth Band of Chippewa
Indians, Revenue, Series A
(ACA)............................ 7.000 12/1/11 1,023,750
------------
1,618,393
------------
Mississippi -- 3.13%
310,000 Corinth & Alcorn County
Mississippi Hospital Revenue..... 5.000 10/1/08 274,350
200,000 Corinth & Alcorn County
Mississippi Hospital Revenue..... 5.125 10/1/10 172,750
920,000 Jackson Mississippi Housing
Authority, AMT................... 5.400 4/1/39 853,299
700,000 Jackson Mississippi Housing
Authority, AMT (FSA)............. 5.300 4/1/19 650,124
505,000 Lincoln County Mississippi
Hospital Revenue (Asset GTY)..... 5.500 4/1/18 482,906
995,000 Mississippi Business Finance Corp.
(GNMA)........................... 5.450 5/20/34 890,524
70,000 Mississippi Business Finance
Corp., AMT (LOC)................. 5.450 9/1/01 70,088
80,000 Mississippi Business Finance
Corp., AMT (LOC)................. 5.600 9/1/02 80,100
80,000 Mississippi Business Finance
Corp., AMT (LOC)................. 5.800 9/1/04 79,900
</TABLE>
See accompanying notes to financial statements.
57
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Mississippi (continued)
$ 95,000 Mississippi Business Finance
Corp., AMT (LOC)................. 5.900 9/1/05 $ 94,881
1,240,000 Mississippi Business Finance
Corp., Series A (GNMA)........... 5.450 5/20/34 1,105,149
160,000 Mississippi Home Corporation
Single Family (GNMA/FNMA)........ 5.125 12/1/17 159,200
40,000 Mississippi Home Corporation
Single Family Revenue, AMT
(GNMA)........................... 5.000 6/1/04 39,800
745,000 Mississippi Home Corporation
Single Family Revenue, AMT
(GNMA/FNMA)...................... 7.375 6/1/28 823,224
525,000 Perry County Mississippi Pollution
Control.......................... 5.200 10/1/12 479,719
------------
6,256,014
------------
Missouri -- 2.43%
600,000 Boone County Missouri Industrial
Development Authority, Otscon,
Inc. Project, Mandatory Put
5/1/05 @ 100, AMT (LOC).......... 5.125 5/1/05 575,999
40,000 Bridgeton Missouri Industrial
Development (GNMA)............... 5.250 12/20/19 36,650
1,865,000 Joplin Missouri Industrial
Development Authority,
Prerefunded 12/15/01 @ 102....... 8.250 12/15/14 1,993,218
10,000 Kansas City Missouri Industrial
Development Authority, Royal
Woods Apartments Project,
Mandatory Put 1/1/10 @ 100, AMT
(FNMA)........................... 5.600 1/1/30 10,050
615,000 Missouri State Development
Financing Board, Recreational
Facilities, YMCA Greater St.
Louis Project, Series A (LOC).... 4.750 9/1/07 587,324
230,000 Missouri State Development
Financing Board, Recreational
Facilities, YMCA Greater St.
Louis Project, Series A (LOC).... 4.900 9/1/10 216,775
95,000 Missouri State Housing Development
Community Mortgage, Single
Family, AMT (GNMA)............... 6.625 12/1/17 97,138
180,000 Pacific Missouri Industrial
Development Revenue, AMT (LOC)... 5.950 5/1/07 184,500
180,000 Pacific Missouri Industrial
Development Revenue, AMT (LOC)... 6.200 5/1/12 184,950
180,000 Pacific Missouri Industrial
Development, Clayton Corp.
Project, AMT (LOC)............... 6.450 5/1/17 184,050
360,000 St. Charles County Missouri Health
Care............................. 5.400 11/15/16 306,900
190,000 St. Louis County Missouri Regional
Convention & Sports Complex,
Series B......................... 6.500 8/15/01 193,800
150,000 St. Louis Missouri Land Clearance
Redevelopment Authority,
Westminster Place Apartments,
Mandatory Put 4/1/07 @ 100
(FNMA)........................... 5.950 7/1/22 154,688
115,000 St. Louis Missouri Parking
Facilities, Prerefunded 12/15/02
@ 102............................ 6.625 12/15/21 122,188
------------
4,848,230
------------
Montana -- 0.49%
865,000 Great Falls Montana Multi-Family
Revenue, Mandatory Put 1/2/08 @
100, AMT (LOC)................... 4.900 1/1/38 826,074
135,000 Missoula County Hospital, ETM..... 7.125 6/1/07 144,788
------------
970,862
------------
Nebraska -- 1.68%
1,000,000 Clay County Nebraska Individual
Development Revenue, AMT (LOC)... 4.750 3/15/09 914,999
390,000 Clay County Nebraska, AMT (LOC)... 5.250 3/15/14 357,337
40,000 Fillmore County Nebraska
Industrial Development Revenue,
AMT (LOC)........................ 5.000 12/1/11 36,400
50,000 Fillmore County Nebraska
Industrial Development Revenue,
AMT (LOC)........................ 5.200 12/1/13 45,063
780,000 Nebraska Help, Inc. Revenue Bond,
Student Loan Program, AMT
(MBIA)........................... 5.250 6/1/02 779,999
490,000 Nebraska Investment Financial
Authority Multi-Family Housing,
Old Cheney Apartments, Mandatory
Put 12/1/05 @ 100 (FNMA)......... 5.500 12/1/25 494,900
170,000 Nebraska Investment Financial
Authority Multi-Family Housing,
Tara Hills Village (FNMA)........ 4.875 1/1/08 164,475
400,000 Omaha Public Power District, ETM.. 5.750 2/1/03 400,227
170,000 Woolworth Nebraska Housing
Development (MBIA)............... 5.350 7/1/21 154,913
------------
3,348,313
------------
</TABLE>
See accompanying notes to financial statements.
58
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Nevada -- 1.10%
$ 150,000 Nevada Housing Division, AMT...... 6.450 10/1/07 $ 153,750
100,000 Nevada Housing Division, AMT...... 6.000 10/1/09 101,375
135,000 Nevada Housing Division, AMT
(FNMA)........................... 5.900 4/1/06 136,181
120,000 Nevada Housing Division, AMT
(FNMA)........................... 5.500 10/1/09 119,400
700,000 Nevada Housing Division, AMT
(LOC)............................ 5.450 10/1/18 652,749
110,000 Nevada Housing Division, Single
Family Mortgage, Series B-1...... 4.950 4/1/12 104,225
110,000 Nevada Housing Division, Single
Family Mortgage, Series C-1...... 5.450 4/1/10 108,213
135,000 Nevada Housing Division, Single
Family Revenue, Series A, AMT.... 6.350 10/1/07 142,088
775,000 Nevada Housing Multi-Family,
Series A (LOC)................... 5.550 10/1/28 678,124
------------
2,196,105
------------
New Hampshire -- 0.53%
45,000 New Hampshire Higher Education &
Health Facilities, Franklin
Pierce College (ACA)............. 4.900 10/1/08 42,975
120,000 New Hampshire Higher Education &
Health Facilities, Franklin
Pierce College (ACA)............. 5.000 10/1/09 115,050
205,000 New Hampshire Higher Education &
Health Facilities, Kendal at
Hanover Issue (LOC).............. 5.200 10/1/06 201,669
150,000 New Hampshire Higher Education &
Health Facilities, Kendal at
Hanover Issue (LOC).............. 5.300 10/1/07 147,750
40,000 New Hampshire Higher Education &
Health Facilities, Rivier
College.......................... 4.650 1/1/04 39,050
40,000 New Hampshire Higher Education &
Health Facilities, Rivier
College.......................... 4.750 1/1/05 38,950
10,000 New Hampshire Higher Education &
Health Facilities, Rivier
College.......................... 4.850 1/1/07 9,650
55,000 New Hampshire Higher Education &
Health Facilities, Rivier
College.......................... 4.900 1/1/08 52,800
315,000 New Hampshire Higher Education &
Health Facilities, Rivier
College.......................... 5.550 1/1/18 291,769
130,000 New Hampshire Higher Education &
Health Facilities, St. Anselm
College.......................... 5.150 7/1/29 114,075
------------
1,053,738
------------
New Jersey -- 1.99%
80,000 Church Street Corporation
Keansburg New.................... 5.000 3/1/01 79,944
200,000 Essex County New Jersey Utilities
Authority (FSA).................. 4.800 4/1/14 185,250
30,000 Glouchester County New Jersey
Improvement Authority, AMT
(County GTY)..................... 4.250 11/1/01 29,738
40,000 Glouchester County New Jersey
Improvement Authority, AMT
(County GTY)..................... 4.500 11/1/03 39,300
50,000 Glouchester County New Jersey
Improvement Authority, AMT
(County GTY)..................... 5.000 11/1/10 49,125
40,000 New Jersey Building Authority
Revenue, ETM..................... 9.625 2/1/03 42,850
2,095,000 New Jersey Economic Development
Authority Revenue, Optional Put
12/1/02 @ 100.................... 4.950 12/1/28 2,094,999
55,000 New Jersey Economic Development
Authority Revenue (ACA).......... 4.600 7/1/02 54,725
80,000 New Jersey Economic Development
Authority Revenue (ACA).......... 4.750 7/1/03 78,900
80,000 New Jersey Economic Development
Authority Revenue (ACA).......... 4.850 7/1/04 79,100
135,000 New Jersey Economic Development
Authority Revenue, AMT (LOC)..... 5.000 10/1/05 132,131
625,000 New Jersey Economic Development
Authority Revenue, Series B, AMT
(LOC)............................ 5.300 12/1/07 620,312
295,000 New Jersey State Educational
Facilities....................... 7.250 7/1/25 300,163
180,000 New Jersey State Turnpike
Authority Turnpike Revenue, ETM.. 10.375 1/1/03 194,175
------------
3,980,712
------------
New Mexico -- 0.64%
1,382,000 Albuquerque New Mexico
Collateralized (FGIC), Zero
Coupon........................... 0.000 5/15/11 649,539
370,000 Bernalillo County New Mexico
Multi-Family, Mandatory Put
11/1/06 @ 100 (AXA).............. 5.800 11/1/25 378,325
70,000 Hobbs New Mexico, Single Family
Mortgage, Revenue Refunding...... 8.750 7/1/11 75,425
50,000 New Mexico Mortgage Financing
Authority (GNMA/FNMA)............ 5.500 7/1/17 48,563
125,000 New Mexico Mortgage Financing
Authority (GNMA/FNMA)............ 5.600 7/1/28 119,063
1,039 Santa Fe New Mexico, Single Family
Mortgage......................... 8.450 12/1/11 1,082
------------
1,271,997
------------
</TABLE>
See accompanying notes to financial statements.
59
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
New York -- 5.13%
$ 125,000 Albany New York Housing Authority,
Housing Revenue, Lark Drive
Association Project, AMT (LOC)... 5.200 12/1/13 $ 117,656
110,000 Albany New York Housing Authority,
Housing Revenue, Lark Drive
Association Project, AMT (LOC)... 5.400 12/1/18 102,438
335,000 Albany New York Housing Authority,
Housing Revenue, Lark Drive
Association Project, AMT (LOC)... 5.500 12/1/28 302,756
425,000 Amherst New York Industrial
Development Agency, Lease
Revenue, Multi-Surface Rink
Complex, ETM (LOC)............... 4.500 10/1/00 425,149
55,000 Amherst New York Industrial
Development Agency, Lease
Revenue, Multi-Surface Rink
Complex, ETM (LOC)............... 4.750 10/1/02 55,206
95,000 Amherst New York Industrial
Development Agency, Lease
Revenue, Multi-Surface Rink
Complex, ETM (LOC)............... 5.180 10/1/06 96,663
125,000 Capital District Youth Center New
York (LOC)....................... 6.000 2/1/17 123,906
805,000 Dutchess County New York Resource
Recovery Agency, Solid Waste
Systems, Series C, AMT (MBIA).... 5.000 1/1/10 789,905
410,000 New York City Housing Authority
Multi-Family Housing, Section 8
Assisted, Series A (AMBAC)....... 5.450 7/1/08 415,638
110,000 New York City Industrial
Development Agency, College of
Aeronautics Project.............. 5.000 5/1/06 107,663
70,000 New York City Industrial
Development Agency, College of
Aeronautics Project.............. 5.200 5/1/09 68,688
990,000 New York New York, Series B
(AMBAC).......................... 7.250 8/15/07 1,118,699
455,000 New York State Dormitory Authority
Lease Revenue, State University
Dormitory Facilities, Series A
(AMBAC).......................... 5.250 7/1/12 455,000
5,000 New York State Dormitory Authority
Revenue, Zero Coupon, ETM........ 0.000 7/1/04 3,994
970,000 New York State Dormitory Authority
Revenue, Series C, Prerefunded
7/1/00 @ 102..................... 7.000 7/1/14 989,399
745,000 New York State Dormitory Authority
Revenue, Hunts Point Multi
Service Center................... 5.625 7/1/22 736,618
240,000 New York State Dormitory Authority
Revenue, Lutheran Social Services
(AMBAC/FHA)...................... 5.125 2/1/18 214,800
325,000 New York State Dormitory Authority
Revenue, St. Mary's Hospital
Amsterdam (MBIA)................. 5.250 5/1/05 330,281
10,000 New York State Power Authority
Revenue & General Obligation,
Series C, ETM.................... 9.500 1/1/01 10,241
1,165,000 New York State Urban Development
Corporation Revenue (AMBAC)...... 5.625 1/1/07 1,197,037
205,000 Oneida County New York Industrial
Development Agency Revenue, Civic
Facilities-Mohawk Valley, Series
A (FSA).......................... 4.550 2/1/04 203,463
175,000 Oneida County New York Industrial
Development Agency Revenue, Civic
Facilities-Mohawk Valley, Series
A (FSA).......................... 4.650 2/1/05 173,688
230,000 Oneida County New York Industrial
Development Agency Revenue, Civic
Facilities-Mohawk Valley, Series
A (FSA).......................... 4.700 2/1/06 227,988
245,000 Oneida County New York Industrial
Development Agency Revenue, Civic
Facilities-Mohawk Valley, Series
A (FSA).......................... 5.000 1/1/13 237,344
245,000 Oneida County New York Industrial
Development Agency Revenue, Civic
Facilities-Mohawk Valley, Series
A (FSA).......................... 5.200 2/1/13 241,938
300,000 Oneida County New York Industrial
Development Agency Revenue, Civic
Facilities-Mohawk Valley, Series
A (FSA).......................... 5.000 1/1/13 290,625
100,000 Onondaga County New York
Industrial Development Agency,
Civic Facilities Revenue, Lemoyne
College, Series A................ 5.500 3/1/14 97,750
40,000 Onondaga County New York
Industrial Development, Lemoyne
College.......................... 5.000 3/1/07 39,050
595,000 Syracuse New York Housing
Authority Revenue (FHA).......... 5.000 8/1/07 575,662
90,000 Triborough Bridge & Tunnel
Authority........................ 7.250 1/1/10 100,013
160,000 UFA Development Corp. New York
Mortgage (FHA)................... 5.150 7/1/03 160,800
60,000 Ulster County New York Industrial
Development (LOC)................ 4.400 11/15/01 59,925
60,000 Ulster County New York Industrial
Development (LOC)................ 4.500 11/15/02 59,100
</TABLE>
See accompanying notes to financial statements.
60
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
New York (continued)
$ 140,000 Yates County New York Industrial
Development Agency, Civic
Facilities Revenue, Soldiers &
Sailors Memorial (FHA)........... 5.500 2/1/19 $ 133,700
------------
10,262,783
------------
North Carolina -- 0.03%
50,000 North Carolina Medical Care,
Community Hospital Revenue Bond,
ETM.............................. 7.625 10/1/08 59,000
------------
North Dakota -- 0.92%
125,000 North Dakota State Housing Finance
Agency Revenue, Homemortgage
Finance, Series E, AMT........... 4.500 7/1/07 117,656
95,000 North Dakota State Housing Finance
Agency Revenue, Homemortgage
Finance, Series E, AMT........... 4.550 1/1/08 89,300
150,000 North Dakota State Housing Finance
Agency Revenue, Homemortgage
Finance, Series E, AMT........... 4.850 7/1/11 138,563
155,000 North Dakota State Housing Finance
Agency Revenue, Homemortgage
Finance, Series E, AMT........... 4.950 1/1/12 144,344
100,000 North Dakota State Housing Finance
Agency Revenue, Series D, AMT.... 4.500 1/1/07 94,375
90,000 North Dakota State Housing Finance
Agency Revenue, Series D, AMT.... 4.550 1/1/08 84,600
290,000 North Dakota State Housing Finance
Agency Revenue, Series D, AMT.... 4.550 7/1/08 271,875
120,000 North Dakota State Housing Finance
Agency Revenue, Series D, AMT.... 4.650 1/1/09 112,500
345,000 North Dakota State Housing Finance
Agency Revenue, Series D, AMT.... 4.850 7/1/11 318,694
340,000 North Dakota State Housing Finance
Agency Revenue, Series D, AMT.... 4.950 1/1/12 316,625
150,000 North Dakota State Housing Finance
Agency Revenue, Series D, AMT.... 5.000 1/1/13 138,375
------------
1,826,907
------------
Ohio -- 3.42%
115,970 Bridlewood Apartments, Put Option
9/1/01 @ ..................... 5.600 9/1/21 115,970
745,000 Cuyahoga County Ohio Mortgage
Revenue, AMT (GNMA).............. 5.200 9/20/09 714,268
325,000 Cuyahoga County Ohio Multi-Family
Housing, AMT (GNMA).............. 6.250 12/20/36 330,688
625,000 Franklin County Ohio Housing
Revenue, Rosewind Limited
Partnership Project, AMT......... 4.900 1/1/02 623,437
300,000 Hancock County Ohio Multi-Family
Housing, Crystal Glen Apartments,
AMT (LOC)........................ 5.050 1/1/10 286,500
80,000 Jefferson County Ohio (Asset
GTY)............................. 6.625 12/1/05 83,600
390,000 Lorain County Ohio Health Care
Facilities, Put Option 2/1/02 @
100.............................. 4.750 2/1/22 380,250
270,000 Lorain County Ohio Hospital
Revenue, Humility of Mary Health
Care, ETM........................ 7.125 12/15/06 282,825
245,000 Lorain County Ohio Hospital
Revenue, Humility of Mary Health
Care, ETM........................ 7.200 12/15/11 256,638
1,380,000 Lorain County Ohio Hospital
Revenue, Humility of Mary Health
Care, Prerefunded 6/15/05 @ 100.. 5.900 12/15/08 1,421,399
70,000 Lucas-Palmer Housing Development
Corporation of Ohio (FHA/MBIA)... 5.900 7/1/07 71,313
50,000 Mahoning County Ohio Water &
Sewer............................ 7.500 2/1/09 51,093
230,000 Ohio Capital Corporation For
Housing, Mortgage Revenue,
Georgetown Village Ltd., Section
8 Assisted Project (FHA)......... 6.625 7/1/22 234,025
85,000 Ohio Capital Corporation For
Housing, Mortgage Revenue,
Section 8 Assisted Project
(FHA/MBIA)....................... 5.700 1/1/05 85,956
475,000 Ohio Capital Corporation For
Housing, Mortgage Revenue,
Section 8 Assisted Project
(FHA/MBIA)....................... 5.100 7/1/09 465,500
45,000 Ohio Capital Corporation For
Housing, Mortgage Revenue,
Section 8 Assisted Project,
Series A (FHA/MBIA).............. 4.500 1/1/03 44,438
500,000 Ohio State Building Authority,
Prerefunded 9/1/00 @ 102 (MBIA).. 7.000 9/1/02 511,864
25,000 Ohio State Mortgage Revenue
(FHA)............................ 5.600 8/1/06 25,250
65,000 Ohio State Pollution Control
Revenue, General Motors Corp.
Project.......................... 6.500 3/1/06 65,075
40,000 Ohio State Water Development
Pollution Control, ETM........... 6.375 6/1/07 41,650
65,000 Portage County Ohio Hospital
Revenue, ETM..................... 6.700 12/1/07 68,738
</TABLE>
See accompanying notes to financial statements.
61
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Ohio (continued)
$ 245,000 Sandusky County Ohio Health Care
Facilities Revenue (FNMA)........ 5.150 7/1/09 $ 245,000
210,000 Stark County Ohio Health Care
Facilty Review (GNMA)............ 5.300 7/20/18 197,925
230,000 Stark County Ohio Health Care
Facilty Review (GNMA)............ 5.350 7/20/23 213,325
------------
6,816,727
------------
Oklahoma -- 1.42%
335,000 Cleveland County Oklahoma Home
Loan............................. 8.375 8/1/12 350,075
530,000 Grand River Dam Authority Oklahoma
Revenue, ETM..................... 6.250 11/1/08 547,887
90,000 Mc Alester Oklahoma Public Works
Authority, ETM (FSA)............. 8.250 12/1/04 102,150
190,000 Mc Alester Oklahoma Public Works
Authority, ETM (FSA)............. 8.250 12/1/05 220,400
40,000 Mc Alester Oklahoma Public Works
Authority, ETM (FSA)............. 8.250 12/1/06 47,250
125,000 Oklahoma Housing Finance Agency
Multi-Family (FNMA).............. 5.100 12/1/07 124,219
55,000 Payne County Oklahoma Home
Financial Authority.............. 8.625 3/1/11 56,513
125,000 Tulsa County Oklahoma Home
Financial, Mandatory Put 12/1/04
@ 100 (AXA)...................... 5.350 12/1/18 125,312
1,220,000 Tulsa Oklahoma Municipal Airport,
AMT.............................. 7.600 12/1/30 1,253,549
------------
2,827,355
------------
Oregon -- 1.49%
1,850,000 Cow Creek Band Umpqua Tribe of
Indians, Series B (AMBAC)........ 5.100 7/1/12 1,824,562
565,000 Oregon Economic Development,
Revenue Bond, Industrial
Improvements, Globe Union, Inc... 6.250 4/1/03 557,230
495,000 Oregon State Health Housing,
Educational & Cultural
Facilities, Cedar West Housing
Project, Series A, AMT (LOC)..... 4.650 1/2/08 463,444
130,000 Port St. Helen Oregon Pollution
Control, Prerefunded 2/1/02 @
100.............................. 7.750 2/1/06 135,850
------------
2,981,086
------------
Pennsylvania -- 14.44%
135,000 Aliquippa Pennsylvania, Partially
ETM (Asset GTY).................. 8.250 9/15/01 136,116
680,000 Allegheny County Pennsylvania
Hospital Development Authority
(MBIA)........................... 6.200 9/1/15 679,999
410,000 Allegheny County Pennsylvania
Hospital Development Authority
Revenue (MBIA)................... 4.650 11/1/09 384,374
460,000 Allegheny County Pennsylvania
Hospital Development Authority
Revenue (MBIA)................... 5.000 11/1/23 396,175
60,000 Allegheny County Pennsylvania
Hospital Development Authority
Revenue, ETM..................... 6.750 7/1/05 62,250
80,000 Allegheny County Pennsylvania
Industrial Development Authority
Revenue, USX Corp................ 6.700 12/1/20 80,700
245,000 Allegheny County Pennsylvania
Industrial Development, HVL Plaza
Project, AMT (LOC)............... 6.000 10/1/04 245,245
80,000 Allegheny County Pennsylvania
Residential Finance Authority
(GNMA)........................... 6.500 11/1/14 80,700
150,000 Allegheny County Pennsylvania
Residential Finance Authority,
Single Family Mortgage, Series
DD-2, AMT (GNMA)................. 4.950 5/1/09 143,625
70,000 Allegheny County Pennsylvania,
Single Family Mortgage (GNMA).... 5.200 5/1/17 64,225
150,000 Allegheny County Pennsylvania,
Single Family Mortgage (GNMA).... 5.200 5/1/17 137,438
110,000 Allentown Pennsylvania Area
Hospital Authority, Sacred Heart
Hospital of Allentown ........... 6.200 11/15/03 110,413
585,000 Beaver County Pennsylvania
Industrial Development Authority
(GNMA)........................... 4.850 5/20/10 544,780
290,000 Berks County Pennsylvania
Municipal Authority Health Care.. 5.000 3/1/28 240,700
390,000 Berks County Pennsylvania
Redevelopment Authority, Muliti-
Family Revenue (FNMA)............ 5.150 1/1/19 351,487
65,000 Chester County Pennsylvania Health
& Education Finance Authority,
Immaculata College............... 4.500 10/15/00 64,841
55,000 Chester County Pennsylvania Health
& Education Finance Authority,
Immaculata College............... 4.650 10/15/01 54,863
70,000 Chester County Pennsylvania Health
& Education Finance Authority,
Immaculata College............... 4.750 10/15/02 69,213
70,000 Chester County Pennsylvania Health
& Education Finance Authority,
Immaculata College............... 4.850 10/15/03 68,863
</TABLE>
See accompanying notes to financial statements.
62
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Pennsylvania (continued)
$ 85,000 Chester County Pennsylvania Health
& Education Finance Authority,
Immaculata College............... 4.900 10/15/04 $ 84,044
105,000 Chester County Pennsylvania Health
& Education Finance Authority,
Immaculata College............... 5.000 10/15/07 101,063
10,000 Chester County Pennsylvania Health
& Education Finance Authority,
Immaculata College............... 5.100 10/15/08 9,550
70,000 Chester County Pennsylvania Health
& Education Finance Authority,
Immaculata College............... 5.125 10/15/09 66,500
95,000 Chester County Pennsylvania Health
& Education Finance Authority,
Immaculata College............... 5.300 10/15/11 90,013
955,000 Chester County Pennsylvania Health
& Education, Health, Hospital,
Nursing Home Improvements,
Barclay Friends-Series B,
Mandatory Put 8/1/02 @ 100
(LOC)............................ 4.600 8/1/25 945,449
60,000 Chester County Pennsylvania Health
& Education, Immaculata College.. 5.000 10/15/06 58,875
1,035,000 Clearfield Pennsylvania Hospital
Authority Revenue, Clearfield
Hospital Project................. 6.875 6/1/16 1,019,474
290,000 Cumberland County Pennsylvania
Municipal Authority Revenue,
Presbyterian Homes, Inc.
Project.......................... 6.000 12/1/26 243,238
40,000 Dauphin County Pennsylvania,
Mandatory Put 6/1/01 @ 100....... 6.250 6/1/26 40,292
200,000 Dauphin County Pennsylvania,
Mandatory Put 6/1/04 @ 100....... 6.700 6/1/26 206,750
175,000 Dauphin County Pennsylvania,
Mandatory Put 6/1/09 @ 100....... 6.850 6/1/26 181,344
50,000 Delaware County Pennsylvania
Authority College Revenue,
Eastern College.................. 4.750 10/1/06 47,688
80,000 Delaware County Pennsylvania
Authority College Revenue,
Eastern College.................. 4.950 10/1/08 75,000
50,000 Delaware County Pennsylvania
Authority College Revenue,
Eastern College, Series B........ 4.850 10/1/07 47,313
95,000 Delaware County Pennsylvania
Authority Hospital Revenue,
Riddle Memorial Hospital, ETM.... 5.900 1/1/02 96,544
40,000 Delaware County Pennsylvania
Authority Revenue, Dunwoody
Village Project.................. 5.625 4/1/09 40,150
80,000 Delaware County Pennsylvania
Authority University Revenue,
Villanova University, ETM........ 9.625 8/1/02 84,100
840,000 Delaware County Pennsylvania
Authority, Eastern College,
Series B......................... 5.500 10/1/19 734,999
200,000 Erie Pennsylvania Higher Education
Building Authority, College
Revenue, Gannon University
Project.......................... 5.200 7/15/16 179,000
150,000 Erie Pennsylvania Higher Education
Building Authority, College
Revenue, Gannon University
Project, Series A................ 5.750 3/15/13 148,688
330,000 Erie Pennsylvania Higher Education
Building Authority, College
Revenue, Gannon University
Project, Series B................ 5.750 3/15/13 327,113
10,000 Erie Pennsylvania Higher Education
Building Authority, Mercyhurst
College Project.................. 5.750 3/15/12 9,913
110,000 Erie Pennsylvania Higher Education
Building Authority, Mercyhurst
College Project.................. 5.850 3/15/17 107,113
780,000 Falls Township Pennsylvania
Hospital Authority, Hospital
Revenue, Delaware Valley Medical
(FHA)............................ 6.900 8/1/11 784,874
70,000 Fayette County Pennsylvania
Hospital Authority, Hospital
Revenue, The Uniontown Hospital,
(AMBAC).......................... 5.200 6/15/04 70,613
275,000 Fayette County Pennsylvania
Hospital Authority, Hospital
Revenue, The Uniontown Hospital,
(AMBAC).......................... 5.400 6/15/06 280,156
150,000 Fayette County Pennsylvania
Hospital Authority, Hospital
Revenue, The Uniontown Hospital,
(AMBAC).......................... 5.450 6/15/07 153,188
350,000 Fayette County Pennsylvania
Hospital Authority, Hospital
Revenue, The Uniontown Hospital,
(AMBAC).......................... 5.550 6/15/08 359,188
370,000 Fayette County Pennsylvania
Hospital Authority, Hospital
Revenue, The Uniontown Hospital,
(AMBAC).......................... 5.650 6/15/09 381,563
65,000 Greene County Pennsylvania
Industrial Development Authority,
Monongahela Power Co., Series B
(MBIA)........................... 4.750 2/1/07 64,188
</TABLE>
See accompanying notes to financial statements.
63
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Pennsylvania (continued)
$ 85,000 Greene County Pennsylvania
Industrial Development Authority,
Monongahela Power Co., Series B
(MBIA)........................... 5.100 2/1/12 $ 83,513
65,000 Greene County Pennsylvania
Industrial Development Authority,
West Penn Power Co., Series B
(MBIA)........................... 4.750 2/1/07 64,188
50,000 Hazleton Pennsylvania Area School
District, Series A (FGIC)........ 5.000 3/1/10 49,625
40,000 Hazleton Pennsylvania Area School
District, Series A (FGIC)........ 5.000 3/1/11 39,250
25,000 Indiana County Pennsylvania
Industrial Development Authority,
Pollution Control Revenue
(MBIA)........................... 6.000 6/1/06 26,375
75,000 Lebanon County Pennsylvania Good
Samaritan Hospital Authority,
ETM.............................. 6.800 11/1/01 76,343
60,000 Lehigh County Pennsylvania General
Purpose Authority, Muhlenberg
Hospital Center, ETM............. 4.800 7/15/00 59,999
165,000 Monroeville Pennsylvania Hospital
Authority, East Suburban Health
Center Project, Prerefunded
7/1/04 @ 100..................... 7.600 7/1/04 177,581
65,000 Montgomery County Pennsylvania
(LOC)............................ 6.750 11/15/04 67,519
70,000 Montgomery County Pennsylvania
Higher Education & Health
Authority Revenue................ 5.000 1/1/03 67,988
75,000 Montgomery County Pennsylvania
Industrial Development Authority
Health Facilities Revenue........ 6.400 6/1/03 75,375
625,000 Montgomery County Pennsylvania
Industrial Development Authority
Revenue, 1st Mortgage Meadowood
Corp. Project, Prerefunded
12/1/00 @ 102.................... 10.250 12/1/00 651,255
60,000 Montgomery County Pennsylvania,
ETM.............................. 9.000 8/15/04 64,275
40,000 Northampton County Pennsylvania
Industrial Development Authority
Revenue, ETM..................... 7.200 12/15/01 41,050
95,000 Pennsylvania Housing Finance
Agency, Rental Housing (FNMA).... 5.150 7/1/03 95,831
1,205,000 Pennsylvania Housing Finance
Agency, Rental Housing (FNMA).... 6.500 7/1/23 1,245,668
55,000 Pennsylvania Housing Finance
Agency, Single Family Mortgage,
Series 1991 31A, AMT............. 7.000 10/1/05 56,788
100,000 Pennsylvania Housing Finance
Agency, Single Family Mortgage,
Series 58A, AMT.................. 5.000 10/1/04 99,375
540,000 Pennsylvania Housing Finance
Agency, Single Family Mortgage,
Series 65A, AMT.................. 4.600 10/1/08 510,974
380,000 Pennsylvania Housing Finance
Agency, Zero Coupon, Bonds
Convert to 5.25% on 10/1/08...... 0.000 4/1/30 193,800
660,000 Pennsylvania State Finance
Authority Revenue, Municipal
Capital Improvement Program...... 6.600 11/1/09 698,774
200,000 Pennsylvania State Higher
Education Facilities, Authority
College & University Revenue
(Asset GTY)...................... 5.150 3/15/20 179,250
50,000 Pennsylvania State Higher
Education Facilities Authority
Health Services Revenue (MBIA)... 5.400 11/15/07 50,125
240,000 Pennsylvania State Higher
Educational Facilities Authority
Health Services Revenue (MBIA)... 5.600 11/15/09 241,500
540,000 Pennsylvania State Higher
Educational Facilities Authority
Health Services Revenue (MBIA)... 5.700 11/15/11 536,625
205,000 Pennsylvania State Higher
Educational Facilities, Gwynedd-
Mercy College (Asset GTY)........ 4.650 11/1/10 191,675
200,000 Pennsylvania State Higher
Educational Facilities, Gwynedd-
Mercy College (Asset GTY)........ 4.900 11/1/12 186,000
135,000 Pennsylvania State Higher
Educational Facilities, Gwynedd-
Mercy College (Asset GTY)........ 5.000 11/1/13 126,056
310,000 Pennsylvania State Higher
Educational Facilities, Gwynedd-
Mercy College (Asset GTY)........ 5.000 11/1/08 293,338
145,000 Pennsylvania State Higher
Educational Facilities, Gwynedd-
Mercy College (Asset GTY)........ 4.550 11/1/09 135,031
350,000 Pennsylvania State Higher
Educational Facilities, Heath
Services (MBIA).................. 5.875 11/15/18 342,562
1,265,000 Pennsylvania State Higher
Educational Facilities,
University of Pennsylvania,
Series A......................... 7.000 1/1/09 1,293,462
40,000 Pennsylvania State Higher
Educational Facilities,
University of the Arts (Asset
GTY)............................. 4.750 3/15/05 39,200
70,000 Pennsylvania State Higher
Educational Facilities,
University of the Arts (Asset
GTY)............................. 4.850 3/15/06 69,038
80,000 Pennsylvania State Higher
Educational Facilities,
University of the Arts (Asset
GTY)............................. 5.100 3/15/09 78,800
80,000 Pennsylvania State Higher
Educational Facilities,
University of the Arts (Asset
GTY)............................. 5.200 3/15/10 79,100
80,000 Pennsylvania State Higher
Educational Facilities,
University of the Arts (Asset
GTY)............................. 5.250 3/15/11 78,500
</TABLE>
See accompanying notes to financial statements.
64
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Pennsylvania (continued)
$ 80,000 Pennsylvania State Higher
Educational Facilities,
University of the Arts (Asset
GTY)............................. 5.300 3/15/12 $ 78,500
200,000 Pennsylvania State Higher
Educational Facilities, UPMC
Health System (FSA).............. 5.250 8/1/10 198,250
200,000 Pennsylvania State Higher
Educational Facilities, UPMC
Health System (FSA).............. 5.250 8/1/11 197,000
40,000 Pennsylvania State Higher
Educational Facilities, Ursinus
College.......................... 5.000 1/1/02 40,000
40,000 Pennsylvania State Higher
Educational Facilities, Ursinus
College.......................... 5.100 1/1/03 40,000
55,000 Pennsylvania State Higher
Educational Facilities, Ursinus
College.......................... 5.200 1/1/04 55,000
55,000 Pennsylvania State Higher
Educational Facilities, Ursinus
College.......................... 5.300 1/1/05 55,138
55,000 Pennsylvania State Higher
Educational Facilities, Ursinus
College.......................... 5.400 1/1/06 55,275
315,000 Pennsylvania State Higher
Educational Facilities, Ursinus
College.......................... 5.850 1/1/17 309,094
60,000 Philadelphia Pennsylvania
Authority For Industrial
Development, Development
Reviews.......................... 5.000 8/15/09 53,325
145,000 Philadelphia Pennsylvania
Authority For Industrial
Development (FHA)................ 4.750 2/1/08 136,844
210,000 Philadelphia Pennsylvania
Authority For Industrial
Development, Jeanes Physicians'
Office........................... 9.375 7/1/10 212,575
170,000 Philadelphia Pennsylvania
Authority For Industrial
Development, National Board of
Medical Examiners Project,
Prerefunded 5/1/02 @ 102......... 6.500 5/1/05 178,500
35,000 Philadelphia Pennsylvania
Authority For Industrial
Development, National Board of
Medical Examiners Project,
Prerefunded 5/1/02 @ 102......... 6.750 5/1/12 36,881
70,000 Philadelphia Pennsylvania
Authority Industrial Development
Revenue, Simpson House Project... 5.000 8/15/10 61,425
60,000 Philadelphia Pennsylvania
Authority Industrial Development
Revenue, Simpson House Project... 5.100 8/15/11 52,425
2,425,000 Philadelphia Pennsylvania Gas
Works............................ 5.700 7/1/00 2,425,000
110,000 Philadelphia Pennsylvania
Hospitals & Higher Education
Facilities, Moss Rehabilitation
Hospital Revenue (AMBAC)......... 6.900 7/1/00 110,000
1,005,000 Philadelphia Pennsylvania
Hospitals & Higher Education
Facilities, Friends Hospital
(ACA)............................ 6.200 5/1/11 1,043,943
810,000 Philadelphia Pennsylvania
Hospitals & Higher Education
Facilities, Health Systems,
Series A (FHA)................... 5.375 1/1/28 720,899
5,000 Philadelphia Pennsylvania
Hospitals & Higher Education
Facilities, St. Agnes Medical
Center Project, ETM.............. 6.750 8/15/01 5,056
185,000 Philadelphia Pennsylvania
Hospitals & Higher Education
Facilities, Temple University
Children's Medical Center........ 4.400 6/15/01 181,692
190,000 Philadelphia Pennsylvania
Redevelopment Authority Housing
Revenue, Multi-Family (FHA)...... 5.450 2/1/23 176,463
25,000 Pittsburgh Pennsylvania Urban
Redevelopment Authority, Oliver
Garage Project (FGIC)............ 5.200 6/1/11 23,969
55,000 Pittsburgh Pennsylvania Urban
Redevelopment Authority, Series
C, AMT (GNMA/FNMA)............... 5.950 10/1/29 53,350
60,000 Potter County Pennsylvania
Hospital Authority Revenue (Asset
GTY)............................. 5.100 8/1/02 60,150
550,000 Pottsville Pennsylvania Hospital
Authority Pottsville Hospital &
Warne Clinic (ACA)............... 5.625 7/1/24 510,813
200,000 Pottsville Pennsylvania Hospital
Authority,....................... 4.700 7/1/01 198,026
205,000 Pottsville Hospital & Warne Clinic
Pottsville Pennsylvania Hospital
Authority,....................... 4.800 7/1/02 197,056
220,000 Pottsville Hospital & Warne Clinic
Pottsville Pennsylvania Hospital
Authority,....................... 5.150 7/1/09 190,025
540,000 Pottsville Hospital & Warne Clinic
Pottsville Pennsylvania Hospital
Authority,....................... 5.500 7/1/18 426,600
150,000 Pottsville Hospital & Warne Clinic
Pottsville Pennsylvania Hospital
Authority, Pottsville Hospital &
Warne Clinic, Prerefunded 7/1/04
@ 102............................ 7.250 7/1/04 165,375
150,000 Rose Tree Media Pennsylvania
School District (FGIC)........... 4.400 2/15/11 136,688
50,000 Scranton-Lackawanna Pennsylvania
Health & Welfare................. 6.625 4/15/07 50,287
150,000 Somerset County Pennsylvania
Hospital Authority, Somerset
Community Hospital, District B
(Asset GTY)...................... 5.200 3/1/10 147,750
10,000 Somerset County Pennsylvania
Hospital Authority, Somerset
Community Hospital, District B
(Asset GTY)...................... 5.300 3/1/11 9,850
</TABLE>
See accompanying notes to financial statements.
65
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Pennsylvania (continued)
$ 15,000 St. Mary Hospital Authority, Bucks
County, ETM....................... 6.625 7/1/04 $ 15,488
105,000 William Penn School District, ETM.. 8.000 8/1/00 105,247
280,000 Williamsport Pennsylvania Housing
Authority Multi-Family
(FHA/MBIA)........................ 5.250 1/1/15 260,750
180,000 York County Pennsylvania Hospital
Authority Review (AMBAC).......... 4.600 12/1/09 169,875
80,000 York County Pennsylvania Industrial
Authority, Personal Care
Facilities Fox Ridge, Prerefunded
10/1/02 @ 100..................... 9.500 10/1/19 87,900
270,000 York Pennsylvania Housing
Corporation, Revenue Mortgage,
Series A.......................... 6.875 11/1/09 270,338
20,000 York Township Water & Sewer, ETM... 6.000 8/1/13 20,675
------------
28,843,295
------------
Rhode Island -- 0.91%
50,000 Central Falls Rhode Island,
Prerefunded 11/15/00 @ 103........ 9.250 11/15/10 52,304
510,000 Rhode Island Health & Educational
Board, Higher Educational
Facilities (AMBAC)................ 5.000 11/15/24 444,338
360,000 Rhode Island Housing & Mortgage
Finance, Series 2................. 7.700 10/1/10 366,750
50,000 Rhode Island State Industrial
Development Facilities Corp. IRBA
INSD, AMT......................... 5.100 4/1/09 49,000
50,000 Rhode Island State Industrial
Development Facilities Corp.,
Crystal Thermoplastics............ 5.900 8/1/03 49,563
95,000 Rhode Island State Industrial
Development Facilities Corp.,
Crystal Thermoplastics Project,
IRBA INSD, AMT.................... 6.900 8/1/14 95,356
40,000 Rhode Island State Industrial
Development Facilities Corp., IRBA
INSD, AMT......................... 4.700 4/1/05 39,150
40,000 Rhode Island State Industrial
Development Facilities Corp., IRBA
INSD, AMT......................... 4.800 4/1/06 39,050
50,000 Rhode Island State Industrial
Development Facilities Corp., IRBA
INSD, AMT......................... 5.200 4/1/10 48,188
60,000 Rhode Island State Industrial
Development Facilities Corp., IRBA
INSD, AMT......................... 5.250 4/1/11 57,675
60,000 Rhode Island State Industrial
Development Facilities Corp., IRBA
INSD, AMT......................... 5.300 4/1/12 57,600
60,000 Rhode Island State Industrial
Development Facilities Corp., IRBA
INSD, AMT......................... 5.350 4/1/13 57,150
90,000 Rhode Island State Industrial
Development Facilities Corp., IRBA
INSD, AMT......................... 5.600 4/1/24 73,688
40,000 Rhode Island State Industrial
Development Facilities Corp.,
IRBA, AMT......................... 5.000 4/1/08 39,150
80,000 Rhode Island State Industrial
Development Facilities Revenue,
AKL Flexo Tech USA Project, IRBA
INSD, AMT......................... 5.500 4/1/19 67,400
50,000 Rhode Island State Industrial
Development Facilities, IRBA INSD,
AMT............................... 4.900 4/1/07 49,188
205,000 West Warwick Rhode Island, Series
A, (Asset GTY).................... 7.300 7/15/08 221,913
------------
1,807,463
------------
South Carolina -- 2.14%
220,000 Myrtle Beach Convention Center,
ETM............................... 6.750 7/1/02 224,125
180,000 South Carolina Jobs Economic
Development Authority Economic
Development, Westminster
Presbyterian...................... 5.125 11/15/08 162,900
300,000 South Carolina Jobs Economic
Development Authority Revenue,
AMT............................... 5.050 6/1/08 285,375
155,000 South Carolina State Educational
Assistance, Student Loan, AMT..... 5.800 9/1/04 157,713
170,000 South Carolina State Housing
Finance & Development............. 5.500 12/1/05 171,913
760,000 South Carolina State Housing
Finance & Development, Mandatory
Put 6/1/05 @ 100 (FNMA)........... 5.700 6/1/25 780,899
105,000 South Carolina State Housing
Finance & Development (FHA)....... 6.050 7/1/27 104,344
245,000 South Carolina State Housing
Finance & Development Authority
Multi-Family Revenue, Mandatory
Put 6/1/10 @ 100, AMT............. 6.750 6/1/25 250,513
2,435,000 York County South Carolina
Industrial Revenue, AMT........... 5.700 1/1/24 2,127,580
------------
4,265,362
------------
South Dakota -- 0.16%
245,000 South Dakota Housing Development
Authority......................... 7.000 4/1/12 253,575
60,000 South Dakota State Building
Authority, Prerefunded To Various
Dates............................. 10.500 9/1/00 60,484
------------
314,059
------------
</TABLE>
See accompanying notes to financial statements.
66
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Tennessee -- 1.37%
$ 110,000 Greenville Tennessee Health &
Educational Facilities, ETM....... 8.700 10/1/09 $ 127,325
200,000 Knox County Tennessee Health
Education and Housing, Facilities
Revenue Bond, St. Mary's Medical
Center, ETM....................... 7.250 8/1/03 206,500
210,000 Metro Government Nashville &
Davidson County (Asset GTY)....... 5.500 5/1/23 192,938
530,000 Metro Government Nashville &
Davidson County Multi-Family
Housing, Welch Bend Apartments,
Mandatory Put 1/1/07 @ 100
(FNMA)............................ 5.500 1/1/27 535,299
390,000 Metro Government Nashville &
Davidson County Tennessee,
Mandatory Put 2/1/06 @ 100
(FNMA)............................ 5.200 2/1/21 392,438
65,000 Metro Government Nashville &
Davidson County, CI Homes, Inc.
Project, Series A, Prerefunded
10/1/07 @ 105..................... 9.000 10/1/07 79,706
325,000 Shelby County Tennessee Health
Education & Multi-Family Housing,
Windsor Apartments (Asset GTY).... 6.500 10/1/07 336,781
120,000 Shelby County Tennessee Health
Education & Multi-Family Housing,
Windsor Apartments (Asset GTY).... 6.750 10/1/17 124,950
370,000 Shelby County Tennessee Health
Education (MBIA).................. 5.200 8/1/13 361,675
385,000 Tennessee Energy Acquisition Corp.,
Series B (AMBAC).................. 5.000 9/1/07 366,713
------------
2,724,325
------------
Territory of American Samoa --
0.30%
300,000 Territory of American Samoa (ACA).. 6.000 9/1/06 304,125
300,000 Territory of American Samoa (ACA).. 6.000 9/1/07 303,444
------------
607,569
------------
Texas -- 4.95%
530,000 Austin Texas Hotel Occupancy Tax,
Series A.......................... 5.125 11/15/14 512,774
105,000 Austin Texas Water, Sewer &
Electric Revenue.................. 14.000 11/15/01 112,219
5,000 Austin Texas Water, Sewer &
Electric Revenue, ETM............. 14.000 11/15/01 5,338
435,000 Bexar County Texas Housing Finance
Corp. Residual, Revenue Capital
Appreciation, Zero Coupon......... .000 3/1/15 168,019
5,000 Bexar County Texas Housing Finance
Corp. Revenue, AMT (GNMA)......... 7.750 9/1/15 5,113
80,000 Bryan Texas Higher Education
Authority, Allen Academy.......... 6.500 12/1/06 79,100
435,000 Bryan Texas Higher Education
Authority, Allen Academy.......... 7.300 12/1/16 429,019
419,539 Capital Area Housing Finance Corp.,
AMT............................... 6.500 11/1/19 379,683
245,000 Collin County Texas Housing Finance
Corporation Multi-Family Revenue,
Mandatory Put 9/1/03.............. 6.500 9/1/22 251,738
10,000 Del Rio Texas (Asset GTY).......... 7.500 4/1/03 10,625
55,000 Del Rio Texas (Asset GTY).......... 7.500 4/1/04 59,538
5,000 Del Rio Texas (Asset GTY).......... 7.500 4/1/08 5,731
55,000 Del Rio Texas (Asset GTY).......... 7.500 4/1/09 62,494
5,000 Del Rio Texas (Asset GTY).......... 6.500 4/1/10 5,369
5,000 Del Rio Texas (Asset GTY).......... 5.550 4/1/11 5,056
5,000 Del Rio Texas (Asset GTY).......... 5.650 4/1/13 5,044
5,000 Del Rio Texas (Asset GTY).......... 5.750 4/1/16 5,069
65,000 Del Rio Texas (Asset GTY).......... 5.750 4/1/17 65,650
40,000 Denison Texas Hospital Authority
Hospital Revenue, ETM............. 7.125 7/1/08 43,450
130,000 Edgewood Texas Independent School
District.......................... 4.900 8/15/08 124,475
130,000 Edgewood Texas Independent School
District.......................... 5.000 8/15/09 124,638
140,000 Edgewood Texas Independent School
District.......................... 5.000 8/15/10 133,000
160,000 Edgewood Texas Independent School
District.......................... 5.250 8/15/13 149,400
220,000 Gregg County Texas Housing Finance
Corp. (AXA), Mandatory Put 3/1/06
@ 100............................. 6.400 9/1/25 225,775
185,000 Gulf Coast Waste Disposal Authority
Texas, Prerefunded 8/01/03 @ 100.. 6.500 2/1/06 190,319
</TABLE>
See accompanying notes to financial statements.
67
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Texas (continued)
$ 70,000 Harris County Texas Housing
Finance Corp., AMT (FSA)......... 5.700 6/1/06 $ 70,700
285,000 Harris County Texas Housing
Finance Corp., Zero Coupon
(MBIA)........................... 0.000 8/15/01 270,394
450,000 Houston Texas Housing Finance
Corp. Single Family, Zero
Coupon........................... 0.000 6/1/14 161,438
220,000 Houston Texas Housing Finance
Corp. Single Family.............. 8.000 6/1/14 227,975
5,000 Houston Texas Sewer System
Revenue, ETM..................... 5.400 10/1/04 5,119
25,000 Houston Texas Sewer System
Revenue, ETM..................... 6.375 10/1/08 26,406
65,000 Mc Allen Texas Development Corp.
(FSA)............................ 4.700 2/15/08 63,213
65,000 Mc Allen Texas Development Corp.
(FSA)............................ 4.800 2/15/09 63,456
290,000 Northeast Hospital Authority Texas
Revenue, ETM..................... 8.000 7/1/08 320,813
40,780 Odessa Texas Housing Finance Corp.
Single Family (FNMA)............. 8.450 11/1/11 42,462
95,000 Panhandle Texas Regulation Housing
Finance, AMT (GNMA).............. 7.500 5/1/24 96,133
10,000 Panhandle-Plains Texas Higher
Education, Series D, AMT......... 5.100 9/1/03 10,025
10,000 Panhandle-Plains Texas Higher
Education, Series D, AMT......... 5.250 3/1/05 10,038
35,000 Port Houston Authority Texas,
Harris County Revenue............ 5.750 5/1/02 35,438
1,250,000 Port of Bay City Authority, Texas
Matagorda County, AMT............ 6.500 5/1/26 1,198,437
2,220,000 Southeast Texas Housing Financal
Corp., Zero Coupon............... 0.000 9/1/17 887,999
40,000 Tarrant County Texas Health
Facilities Development Revenue,
South Central Nursing Homes
(FHA/MBIA)....................... 6.000 1/1/37 40,000
490,000 Tarrant County Texas Housing
Finance Corp., Multi-Family
Housing, Summit Project A,
Mandatory Put 9/1/07 @ 100
(FNMA)........................... 5.080 9/1/27 483,263
55,000 Texarkana Texas Housing Finance
Corp. Mortgage, Summer Hill,
Series A (GNMA).................. 5.550 1/20/07 55,275
390,000 Texas State Department Housing &
Community Affairs, Meadow Ridge
Apartments Project, AMT (FNMA)... 5.050 8/1/08 383,663
285,000 Texas State Department Housing &
Community Affairs, Volente
Project, AMT (FNMA).............. 5.000 7/1/08 273,956
1,015,000 Texas Water Resource Financial
Authority Revenue, Refunding
(AMBAC).......................... 4.600 8/15/08 966,787
230,000 Travis County Texas Housing
Finance Corp., Broadmoor
Apartments Project, AMT (FSA).... 5.700 6/1/06 232,875
245,000 Washington County Texas Health,
Revenue Bond, Health Hospital,
Nursing Home Improvements (ACA).. 4.750 6/1/03 241,938
5,000 Willow Fork Drain District Texas
(AMBAC).......................... 4.600 9/1/05 4,944
55,000 Willow Fork Drain District Texas
(AMBAC).......................... 4.600 9/1/06 54,175
110,000 Willow Fork Drain District Texas
(AMBAC).......................... 4.650 9/1/07 107,938
70,000 Willow Fork Drain District Texas
(AMBAC).......................... 4.700 9/1/08 68,338
105,000 Willow Fork Drain District Texas
(AMBAC).......................... 4.800 9/1/09 102,506
110,000 Willow Fork Drain District Texas
(AMBAC).......................... 4.900 9/1/10 107,663
125,000 Willow Fork Drain District Texas
(AMBAC).......................... 4.900 9/1/11 121,406
------------
9,893,409
------------
Utah -- 1.02%
70,000 Brigham City Utah Special
Assessment, Special Improvements
District No. 22, Prerefunded
8/1/00 @ 102..................... 9.000 8/1/04 71,603
70,000 Hildale Utah...................... 7.500 12/15/03 72,538
150,000 Provo City Utah Housing Authority
Multi-Family, Lookout Pointe
Apartments (GNMA)................ 6.000 7/20/08 154,500
230,000 Utah State Housing Finance Agency,
Single Family Mortgage, A2 CL II,
AMT.............................. 5.400 7/1/16 217,063
110,000 Utah State Housing Finance Agency,
Single Family Mortgage, A2 CL
III, AMT......................... 5.200 7/1/11 107,388
120,000 Utah State Housing Finance Agency,
Single Family Mortgage, A2 Cl
III, AMT......................... 5.050 7/1/12 116,850
120,000 Utah State Housing Finance Agency,
Single Family Mortgage, B2 CL
III, AMT......................... 5.250 7/1/11 117,600
540,000 Utah State Housing Finance Agency,
Single Family Mortgage, Mezz D2,
AMT.............................. 5.400 7/1/20 502,200
105,000 Utah State Housing Finance Agency,
Single Family Mortgage, Series F1
CL I............................. 5.500 7/1/16 101,850
85,000 Utah State Housing Finance Agency,
Single Family Mortgage, Sub-D2,
AMT.............................. 5.250 7/1/12 82,344
</TABLE>
See accompanying notes to financial statements.
68
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
Utah (continued)
$ 145,000 Utah State Housing Finance Agency,
Sub-Single Family Mortgage, Issue
F1................................ 5.850 7/1/07 $ 148,988
315,000 Weber County Utah Municipal
Building Authority (Asset GTY).... 6.750 12/15/04 337,838
------------
2,030,762
------------
Vermont -- 0.21%
5,000 Vermont Educational & Health
Buildings Financing Agency,
Norwich University Project........ 4.300 7/1/00 5,000
55,000 Vermont Educational & Health
Buildings Financing Agency,
Norwich University Project........ 4.750 7/1/04 53,900
95,000 Vermont Educational & Health
Buildings Financing Agency,
Norwich University Project........ 5.000 7/1/06 93,813
95,000 Vermont Educational & Health
Buildings Financing Agency,
Norwich University Project........ 5.000 7/1/07 93,219
175,000 Vermont Educational & Health
Buildings Financing Agency,
Norwich University Project........ 5.750 7/1/13 175,219
------------
421,151
------------
Virginia -- 1.23%
745,000 Alexandria Virginia Redevelopment &
Housing Authority, AMT............ 6.625 5/1/24 764,555
610,000 Chesterfield County Virginia
Individual Development Authority
(LOC)............................. 5.000 7/1/14 558,912
165,000 Chesterfield County Virginia
Individual Development Authority
(LOC)............................. 5.200 7/1/19 149,944
295,000 Newport News Virginia Industrial
Development Authority (GNMA)...... 7.250 8/1/16 313,069
445,000 Richmond Virginia Metro Authority
Expressway Revenue, Partially
Prerefunded, Balance ETM.......... 7.000 10/15/13 457,700
200,000 Virginia State Housing Development
Authority, Multi-Family Housing,
Series D.......................... 6.800 11/1/09 209,000
------------
2,453,180
------------
Washington -- 2.94%
85,000 Grays Harbor County Washington
Public Utility, ETM............... 5.375 1/1/06 85,531
40,000 King County Washington Housing
Authority, Multi-Family Housing... 7.000 8/1/03 40,038
145,000 King County Washington Housing
Authority, Multi-Family Mortgage.. 7.000 8/1/03 145,180
365,000 Seattle Washington Housing
Authority (GNMA).................. 7.400 11/20/36 403,325
145,000 Spokane Washington Housing
Authority Revenue, Valley 206
Apartments, Junior Lien A (Standby
LOC).............................. 5.750 4/1/28 128,325
245,000 Spokane Washington Housing
Authority Revenue, Valley 206
Apartments, Senior Lien A......... 5.625 4/1/28 213,150
2,470,000 Washington State Health Care
Facilities Authority Revenue,
Prerefunded 12/1/00 @ 102 (LOC)... 7.875 12/1/09 2,551,163
365,000 Washington State Housing Finance
Community (GNMA/FNMA)............. 6.900 7/1/16 370,019
1,150,000 Washington State Housing Finance
Community, AMT (LOC), Mandatory
Put 7/1/08 @ 100.................. 4.900 7/1/30 1,075,249
590,000 Washington State Housing Financial
Commonwealth, Bonds Convert 6/1/08
to 5.60%, AMT, (GNMA/FNMA), Zero
Coupon............................ 0.000 12/1/20 331,875
135,000 Washington State Housing Revenue,
Crista Ministries Project (LOC)... 5.100 7/1/10 125,381
240,000 Washington State Housing Revenue,
Presbyterian Ministries (ACA)..... 5.100 1/1/14 219,600
200,000 Washington State Housing Revenue,
Presbyterian Ministries (ACA)..... 5.300 1/1/19 178,750
------------
5,867,586
------------
West Virginia -- 0.69%
55,000 Beckley West Virginia Nursing
Facility Revenue Refunding,
Beckley Health Care Corp. Project
(Standby LOC)..................... 5.550 9/1/08 53,350
</TABLE>
See accompanying notes to financial statements.
69
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Principal Security Maturity Value
Amount Description Rate (%) Date (Note 2)
--------- ----------- -------- -------- --------
<C> <S> <C> <C> <C>
Municipal Bonds (continued)
West Virginia (continued)
$ 55,000 Beckley West Virginia Nursing
Facility Revenue Refunding,
Beckley Health Care Corp. Project
(Standby LOC).................... 5.700 9/1/09 $ 53,831
695,000 Harrison County West Virginia,
Series B, Zero Coupon (AMBAC).... 0.000 10/20/10 336,206
745,000 Marshall County West Virginia
Mortgage Revenue Capital
Appreciation, Zero Coupon
(MBIA)........................... 0.000 5/1/14 260,161
215,000 Mason County, Refunding, 1st
Mortgage, Pt. Pleasant Haven
(LOC)............................ 6.200 12/1/05 215,000
540,000 Raleigh, Fayette, & Nicholas
Counties, Compounding Interest,
Series B, Zero Coupon (AMBAC).... 0.000 6/20/10 252,056
206,000 West Virginia State Board Regents
Revenue, Series A, ETM........... 5.900 4/1/04 213,210
------------
1,383,814
------------
Wisconsin -- 1.28%
75,000 Oshkosh Wisconsin Hospital
Facility Revenue, Mercy Medical
Center, Prerefunded 7/1/07 @
100.............................. 7.375 7/1/07 81,094
5,000 Pewaukee Wisconsin Individual
Development Revenue, Lake Country
Development Project, AMT (LOC)... 5.800 6/1/04 5,019
5,000 Pewaukee Wisconsin Individual
Development Revenue, Lake Country
Development Project, AMT (LOC)... 5.900 6/1/05 5,019
10,000 Pewaukee Wisconsin Individual
Development Revenue, Lake Country
Development Project, AMT (LOC)... 6.000 6/1/06 10,063
315,000 Shell Lake Wisconsin Nursing Home
Revenue, Terraceview Living
(GNMA)........................... 5.300 9/20/18 290,193
10,000 West Bend Wisconsin Refunding..... 6.400 2/1/05 10,400
65,000 Whitewater Wisconsin Waterworks
Systems Mortgage Revenue......... 7.500 7/1/16 70,444
95,000 Wisconsin Housing and Economic
Development Authority, Series B,
AMT.............................. 4.950 9/1/09 90,844
810,000 Wisconsin State Health &
Educational Facilities, Richland
Hospital Income Project, Series A
(ACA)............................ 5.375 6/1/28 706,724
285,000 Wisconsin State Health &
Educational Facilities, Sisters
Sorrowful Mother, Series A
(MBIA)........................... 5.100 8/15/07 286,425
410,000 Wisconsin State Health &
Educational Facilities, Sisters
Sorrowful Mother, Series A
(MBIA)........................... 5.200 8/15/08 411,025
295,000 Wisconsin State Health &
Educational Facilities, Sisters
Sorrowful Mother, Series A
(MBIA)........................... 5.300 8/15/09 297,213
5,000 Wisconsin State Health &
Educational Facilities, Viterbo
College Income Project (LOC)..... 5.250 2/1/04 5,056
5,000 Wisconsin State Health &
Educational Facilities, Viterbo
College Income Project (LOC)..... 5.400 2/1/05 5,088
135,000 Wisconsin State Health &
Educational Facilities, Viterbo
College Income Project (LOC)..... 5.750 2/1/12 137,700
135,000 Wisconsin State Health &
Educational Facilities, Viterbo
College Income Project (LOC)..... 6.000 2/1/17 136,350
------------
2,548,657
------------
Wyoming -- 1.15%
245,000 Cheyenne Wyoming Federal Mineral
Reality Revenue, Second Lien..... 6.200 6/1/09 252,350
1,210,000 Green River-Sweetwater County
Wyoming, Refunding, Series B
(FSA)............................ 4.500 3/1/14 1,201,202
80,000 Teton County Wyoming Hospital
District, Hospital Refunding &
Imports (ACA).................... 5.000 12/1/03 79,700
150,000 Teton County Wyoming, Teton County
School District No 1 Project
(MBIA)........................... 5.000 6/1/05 150,563
55,000 Wyoming Community Development
Authority Housing Revenue, Series
5, AMT........................... 5.700 12/1/07 55,825
590,000 Wyoming Community Development
Authority, Multi-Family Revenue,
Aspen Court Apartments, Mandatory
Put 12/1/08 @ 100, AMT (LOC)..... 4.750 12/1/30 546,488
10,000 Wyoming Community Development
Authority, Single Family
Mortgage, Series B, AMT.......... 8.125 6/1/21 10,249
------------
2,296,377
------------
Total -- Municipal Bonds (Cost
$188,700,649).................... 187,758,821
------------
</TABLE>
See accompanying notes to financial statements.
70
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Security Value
Shares Description (Note 2)
------ ----------- --------
<C> <S> <C> <C> <C>
Money Market Mutual Funds -- 5.26%
9,900,000 Provident Institutional Fund........ $ 9,900,000
604,995 SEI Institutional Fund.............. 604,995
------------
Total -- Money Market Mutual Funds
(Cost $10,504,995)................. 10,504,995
------------
Total Investments (Cost
$199,205,644) (a) -- 99.35%........ 198,263,816
Other assets in excess of
liabilities -- 0.65%............... 1,302,521
------------
Total Net Assets -- 100.00%......... $199,566,337
============
</TABLE>
--------
(a) Represents cost for financial reporting purposes and differs from cost
basis for federal income tax purposes by the amount of losses recognized
for financial reporting in excess of federal income tax reporting of
$26,148. Cost for federal income tax and financial reporting purposes
differs from value by net unrealized depreciation of securities as
follows:
<TABLE>
<S> <C>
Unrealized appreciation.......................................... $ 1,302,260
Unrealized depreciation.......................................... (2,270,236)
-----------
Net unrealized depreciation...................................... $ (967,976)
===========
</TABLE>
ACA -- American Capital Access
AMT -- Alternative Minimum Tax
AMBAC -- AMBAC Indemnity Corp.
AXA -- AXA Reinsurance UK
ETM -- Escrowed to Maturity
FGIC -- Financial Guaranty Insurance Co.
FHA -- Federal Housing Administration
FHLMC -- Federal Home Loan Mortgage Corp.
FNMA -- Federal National Mortgage Association
FSA -- Financial Security Assurance, Inc.
GNMA -- Government National Mortgage Association
GO -- General Obligations
GTY -- Guaranteed
IRBA -- Industrial Reconstruction Building Authority
LOC -- Letter of Credit
MBIA -- Municipal Bond Insurance Association
MGIC -- Mortgage Guaranty Insurance Co.
See accompanying notes to financial statements.
71
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Statements of Assets and Liabilities
June 30, 2000
<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 $233,340,569;
$248,787,470;
$212,585,892; and
$356,880,151
respectively)......... $242,258,073 $359,738,368 $266,899,245 $385,070,812
Repurchase agreements,
at value.............. 2,698,980 23,235,000 14,519,093 --
------------ ------------ ------------ ------------
Total Investments... 244,957,053 382,973,368 281,418,338 385,070,812
------------ ------------ ------------ ------------
Cash................... -- 1,150,000 -- --
Foreign currency, at
value (cost $0; $0;
$0; and $690,847
respectively)......... -- -- -- 702,758
Unrealized appreciation
on forward exchange
contracts............. -- -- -- 297,995
Receivable for
investments sold...... 4,228,847 18,145,936 7,011,946 4,972,857
Dividends and interest
receivable............ 238,924 129,396 109,075 414,288
Receivable for Fund
shares sold........... 4,024 5,371 2,832 2,550
Variation margin
receivable on future
contracts............. -- 177,420 -- --
Foreign tax reclaim
receivable............ -- -- -- 536,052
Deferred organization
costs................. 870 1,184 1,089 752
Prepaid expenses and
other assets.......... 5,669 6,776 5,740 6,922
------------ ------------ ------------ ------------
Total Assets........ 249,435,387 402,589,451 288,549,020 392,004,986
------------ ------------ ------------ ------------
LIABILITIES:
Payable for investments
purchased............. 7,522,418 40,838,095 8,624,343 7,738,970
Unrealized depreciation
on forward exchange
contracts............. -- -- -- 487,999
Advisory fees payable.. 65,323 84,498 91,373 124,438
Consulting fees
payable............... 10,045 14,083 11,439 15,555
Administrative services
fees payable.......... 1,513 2,232 1,752 2,401
Other accrued
expenses.............. 33,350 43,500 35,727 63,313
------------ ------------ ------------ ------------
Total Liabilities... 7,632,649 40,982,408 8,764,634 8,432,676
------------ ------------ ------------ ------------
NET ASSETS.............. $241,802,738 $361,607,043 $279,784,386 $383,572,310
============ ============ ============ ============
NET ASSETS CONSIST OF:
Shares of beneficial
interest, at par
value................. $ 18,315 $ 17,531 $ 18,297 $ 24,998
Additional paid-in
capital............... 228,537,143 223,712,378 210,195,719 312,563,512
Undistributed
(distribution in
excess of) net
investment income..... -- -- -- (913,789)
Accumulated net
realized gain on
investments, futures
and foreign currency
transactions.......... 4,329,776 26,917,116 15,257,017 43,903,789
Net unrealized
appreciation on
investments, futures
and foreign currency
transactions.......... 8,917,504 110,960,018 54,313,353 27,993,800
------------ ------------ ------------ ------------
Total Net Assets.... $241,802,738 $361,607,043 $279,784,386 $383,572,310
============ ============ ============ ============
SHARES OF BENEFICIAL
INTEREST:
Shares of beneficial
interest outstanding.. 18,314,678 17,530,798 18,297,221 24,998,038
============ ============ ============ ============
Net Asset Value,
offering and
redemption price per
share................. $ 13.20 $ 20.63 $ 15.29 $ 15.34
============ ============ ============ ============
</TABLE>
See accompanying notes to financial statements.
72
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Statements of Assets and Liabilities (continued)
June 30, 2000
<TABLE>
<CAPTION>
Intermediate Term
Fixed Income Municipal Bond
Portfolio Portfolio
------------ -----------------
<S> <C> <C>
ASSETS:
Investments, at value (cost $129,070,757; and
$199,205,644 respectively)................... $126,380,523 $198,263,816
Repurchase agreements, at value............... 2,575,175 --
------------ ------------
Total Investments.......................... 128,955,698 198,263,816
------------ ------------
Receivable for investments sold............... 2,667,758 222,282
Dividends and interest receivable............. 1,583,416 3,099,395
Receivable for Fund shares sold............... 3,066 --
Prepaid expenses and other assets............. 2,554 2,768
------------ ------------
Total Assets............................... 133,212,492 201,588,261
------------ ------------
LIABILITIES:
Dividends and income payable.................. 728,188 800,916
Payable for investments purchased............. 1,918,397 1,136,576
Advisory fees payable......................... 29,125 45,140
Consulting fees payable....................... 5,295 8,207
Administrative services fees payable.......... 676 1,034
Other accrued expenses........................ 23,010 30,051
------------ ------------
Total Liabilities.......................... 2,704,691 2,021,924
------------ ------------
NET ASSETS..................................... $130,507,801 $199,566,337
============ ============
NET ASSETS CONSIST OF:
Shares of beneficial interest, at par value... $ 13,827 $ 20,878
Additional paid-in capital.................... 136,419,280 202,740,040
Undistributed net investment income........... 7 --
Accumulated net realized (loss) on
investments.................................. (3,235,079) (2,252,753)
Net unrealized (depreciation) on investments.. (2,690,234) (941,828)
------------ ------------
Total Net Assets........................... $130,507,801 $199,566,337
============ ============
SHARES OF BENEFICIAL INTEREST:
Shares of beneficial interest outstanding..... 13,827,176 20,878,074
============ ============
Net Asset Value, offering and redemption price
per share.................................... $ 9.44 $ 9.56
============ ============
</TABLE>
See accompanying notes to financial statements.
73
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Statements of Operations
For the Year Ended June 30, 2000
<TABLE>
<CAPTION>
Small
Growth Capitalization International
Value Equity Equity Equity Equity
Portfolio Portfolio Portfolio Portfolio
------------ ----------- -------------- -------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest................... $ 234,345 $ 498,067 $ 294,721 $ 845,077
Dividends (net of foreign
withholding tax of $5,900;
$1,041; $0; and $560,227
respectively)............. 3,687,753 2,369,655 1,587,164 4,497,279
------------ ----------- ----------- -----------
Total Investment
Income................. 3,922,098 2,867,722 1,881,885 5,342,356
------------ ----------- ----------- -----------
EXPENSES:
Advisory fees.............. 706,095 871,472 929,450 1,300,028
Consulting fees............ 106,974 145,244 120,203 163,389
Administrative services
fees...................... 246,045 334,068 276,474 375,804
Custodian fees............. 50,586 70,551 52,176 220,761
Audit and legal fees....... 20,132 28,452 32,506 25,988
Registration and filing
fees...................... 19,976 25,031 21,090 26,448
Other expenses............. 18,164 23,319 21,368 19,327
------------ ----------- ----------- -----------
Total Expenses.......... 1,167,972 1,498,137 1,453,267 2,131,745
------------ ----------- ----------- -----------
Net Investment Income...... 2,754,126 1,369,585 428,618 3,210,611
------------ ----------- ----------- -----------
NET REALIZED/UNREALIZED
GAIN/(LOSS) ON INVESTMENTS:
Net realized gain on
investments, futures and
foreign currency
transactions.............. 5,473,014 43,643,999 21,816,787 53,579,835
Net change in unrealized
appreciation/(depreciation)
on investments, futures
and foreign currency
transactions.............. (18,584,119) 24,368,469 29,756,097 6,735,629
------------ ----------- ----------- -----------
Net realized/unrealized
gain/(loss) on
investments, futures and
foreign currency
transactions.............. (13,111,105) 68,012,468 51,572,884 60,315,464
------------ ----------- ----------- -----------
Net increase/(decrease) in
net assets resulting from
operations................ $(10,356,979) $69,382,053 $52,001,502 $63,526,075
============ =========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
74
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Statements of Operations (continued)
For the Year Ended June 30, 2000
<TABLE>
<CAPTION>
Intermediate Term
Fixed Income Municipal Bond
Portfolio Portfolio
------------ -----------------
<S> <C> <C>
INVESTMENT INCOME:
Interest.......................................... $8,198,274 $7,383,754
Dividends......................................... 10,707 81,965
---------- ----------
Total Investment Income........................ 8,208,981 7,465,719
---------- ----------
EXPENSES:
Advisory fees..................................... 323,541 387,247
Consulting fees................................... 58,825 70,408
Administrative services fees...................... 111,767 133,775
Custodian fees.................................... 18,998 23,108
Audit and legal fees.............................. 13,479 17,103
Registration and filing fees...................... 10,409 15,136
Other expenses.................................... 4,702 7,994
---------- ----------
Total Expenses................................. 541,721 654,771
---------- ----------
Net Investment Income............................. 7,667,260 6,810,948
---------- ----------
NET REALIZED/UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net realized loss on investments.................. (2,284,814) (2,182,527)
Net change in unrealized
appreciation/(depreciation) on investments....... (103,582) 1,335,076
---------- ----------
Net realized/unrealized (loss) on investments..... (2,388,396) (847,451)
---------- ----------
Net increase in net assets resulting from
operations....................................... $5,278,864 $5,963,497
========== ==========
</TABLE>
See accompanying notes to financial statements.
75
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Small Capitalization
Value Equity Portfolio Growth Equity Portfolio Equity Portfolio
-------------------------- -------------------------- --------------------------
Year Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
June 30, June 30, June 30, June 30, June 30, June 30,
2000 1999 2000 1999 2000 1999
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income...... $ 2,754,126 $ 2,919,617 $ 1,369,585 $ 457,689 $ 428,618 $ 619,949
Net realized gain/(loss) on
investment transactions
and futures............... 5,473,014 11,395,574 43,643,999 18,674,831 21,816,787 (4,651,207)
Net change in unrealized
appreciation/(depreciation)
on investment transactions
and futures............... (18,584,119) 3,419,258 24,368,469 36,436,342 29,756,097 17,190,826
------------ ------------ ------------ ------------ ------------ ------------
Net increase/(decrease) in
net assets resulting from
operations................ (10,356,979) 17,734,449 69,382,053 55,568,862 52,001,502 13,159,568
------------ ------------ ------------ ------------ ------------ ------------
Distributions to
Shareholders from:
Net investment income...... (2,767,912) (2,855,946) (1,356,963) (444,369) (401,311) (563,154)
Net realized gain on
investment transactions
and futures............... (10,405,207) (16,930,526) (27,995,307) (14,381,174) -- (13,827,848)
------------ ------------ ------------ ------------ ------------ ------------
Net decrease in net assets
resulting from
distributions............. (13,173,119) (19,786,472) (29,352,270) (14,825,543) (401,311) (14,391,002)
------------ ------------ ------------ ------------ ------------ ------------
Shares of Beneficial
Interest:
Proceeds from shares
issued.................... 98,349,586 65,815,341 127,546,023 54,760,753 72,523,298 118,787,480
Proceeds from reinvestment
of dividends.............. 11,719,217 17,108,285 26,959,447 13,708,838 300,384 12,032,240
Cost of shares redeemed.... (61,676,018) (40,518,732) (97,805,215) (60,464,553) (55,376,119) (69,378,364)
------------ ------------ ------------ ------------ ------------ ------------
Net increase in net assets
from shares of beneficial
interest transactions..... 48,392,785 42,404,894 56,700,255 8,005,038 17,447,563 61,441,356
------------ ------------ ------------ ------------ ------------ ------------
Total increase in net
assets.................... 24,862,687 40,352,871 96,730,038 48,748,357 69,047,754 60,209,922
Net Assets:
Beginning of period........ 216,940,051 176,587,180 264,877,005 216,128,648 210,736,632 150,526,710
------------ ------------ ------------ ------------ ------------ ------------
End of period.............. $241,802,738 $216,940,051 $361,607,043 $264,877,005 $279,784,386 $210,736,632
============ ============ ============ ============ ============ ============
</TABLE>
See accompanying notes to financial statements.
76
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Statements of Changes in Net Assets (continued)
<TABLE>
<CAPTION>
International Fixed Income Intermediate Term
Equity Portfolio Portfolio Municipal Bond Portfolio
-------------------------- -------------------------- --------------------------
Year Year Year Period Year Period
Ended Ended Ended Ended Ended Ended
June 30, June 30, June 30, June 30, June 30, June 30,
2000 1999 2000 1999* 2000 1999*
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income...... $ 3,210,611 $ 3,505,614 $ 7,667,260 $ 5,427,224 $ 6,810,948 $ 2,916,014
Net realized gain/(loss) on
investments and foreign
currency transactions..... 53,579,835 6,667,389 (2,284,814) (242,734) (2,182,527) (70,226)
Net change in unrealized
appreciation/(depreciation)
on investments and foreign
currency transactions..... 6,735,629 2,462,581 (103,582) (2,586,652) 1,335,076 (2,276,904)
------------ ------------ ------------ ------------ ------------ ------------
Net increase in net assets
resulting from
operations................ 63,526,075 12,635,584 5,278,864 2,597,838 5,963,497 568,884
------------ ------------ ------------ ------------ ------------ ------------
Distributions to
Shareholders from:
Net investment income...... (1,660,119) (4,076,034) (7,667,260) (5,427,224) (6,810,948) (2,916,014)
Net realized gain on
investments and foreign
currency transactions..... (8,340,626) (4,961,778) -- (707,524) -- --
------------ ------------ ------------ ------------ ------------ ------------
Net decrease in net assets
resulting from
distributions............. (10,000,745) (9,037,812) (7,667,260) (6,134,748) (6,810,948) (2,916,014)
------------ ------------ ------------ ------------ ------------ ------------
Shares of Beneficial
Interest:
Proceeds from shares
issued.................... 198,393,942 51,664,586 31,056,163 25,850,995 332,621,470 101,818,978
Value of securities
transferred in-kind....... -- -- -- 87,605,935 -- 35,196,203
Proceeds from reinvestment
of dividends.............. 8,891,761 7,791,624 7,148,248 5,546,812 5,611,150 2,502,027
Cost of shares redeemed.... (133,415,945) (36,751,680) (13,381,861) (7,393,185) (244,923,457) (30,065,453)
------------ ------------ ------------ ------------ ------------ ------------
Net increase in net assets
from shares of beneficial
interest transactions..... 73,869,758 22,704,530 24,822,550 111,610,557 93,309,163 109,451,755
------------ ------------ ------------ ------------ ------------ ------------
Total increase in net
assets.................... 127,395,088 26,302,302 22,434,154 108,073,647 92,461,712 107,104,625
Net Assets:
Beginning of period........ 256,177,222 229,874,920 108,073,647 -- 107,104,625 --
------------ ------------ ------------ ------------ ------------ ------------
End of period.............. $383,572,310 $256,177,222 $130,507,801 $108,073,647 $199,566,337 $107,104,625
============ ============ ============ ============ ============ ============
</TABLE>
--------
*Funds commenced operations on July 1, 1998.
See accompanying notes to financial statements.
77
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Notes to Financial Statements -- June 30, 2000
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 six
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 Fixed Income Portfolio ("Fixed Income Portfolio"), and The
Intermediate Term Municipal Bond Portfolio ("Intermediate Municipal
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, where
applicable, is accrued daily, as earned.
C. Dividend and Capital Gain Distributions to Shareholders. The Fixed
Income and Intermediate Municipal Portfolios declare dividends from net
investment income daily and distribute dividends on a monthly basis. The
Value, Growth, and Small Cap Portfolios declare and distribute dividends
from net investment income on a quarterly basis. The International
Portfolio declares and distributes dividends from net investment income on
a semi-annual basis. Net realized capital gains, if any, will be
distributed at least annually for each Portfolio.
Dividends and distributions to shareholders which exceed net investment
income and net realized capital gains for financial reporting purposes but
not for tax purposes are reported as dividends in excess of net investment
income or distributions in excess of net realized gains. To the extent they
exceed net investment income and net realized gains for tax purposes, they
are reported as distributions of capital.
Certain funds also utilized earnings and profits distributed to
shareholders on redemption of shares as part of the dividends paid
deduction for income tax purposes.
78
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Notes to Financial Statements (continued) -- June 30, 2000
Dividends and distributions are recorded on the ex-dividend date.
Distributions from net investment income and from net realized gains are
determined in accordance with federal income tax regulations and may differ
from generally accepted accounting principles. These "book/tax" differences
are either considered temporary or permanent in nature. To the extent these
differences are permanent in nature, such amount are reclassified within
the composition of net assets based on their federal tax basis treatment.
Temporary differences do not require reclassification.
As of June 30, 2000, the following reclassifications have been made to
increase/(decrease) such accounts with offsetting adjustments, if any, made
to paid in capital:
<TABLE>
<CAPTION>
Accumulated Net
Undistributed Net Realized Gain/(Loss)
Investment Income on Investments
----------------- --------------------
<S> <C> <C>
Value Portfolio....................... $ (142,196) $(2,063,839)
Growth Portfolio...................... (26,127) (6,918,906)
Small Cap Portfolio................... (85,401) (1,953,922)
International Portfolio............... (3,408,859) (5,971,893)
Fixed Income Portfolio................ 7 (7)
</TABLE>
D. Repurchase Agreements. Among the instruments that each of the
Portfolios may use for temporary investment purposes are repurchase
agreements. Under the terms of a typical repurchase agreement, a Portfolio
would acquire an underlying debt security for a relatively short period
(usually not more than one week), subject to an obligation of the seller to
repurchase that security and the obligation of the Portfolio to resell that
security at an agreed-upon price and time. Repurchase agreements could
involve certain risks in the event of default or insolvency of the other
party, including possible delays or restrictions upon the Portfolio's
ability to dispose of the underlying securities. The creditworthiness of
those banks and non-bank dealers with which the respective Portfolios may
enter into repurchase agreements are monitored in accordance with
guidelines adopted by the Board, as is the market value of the securities
underlying any repurchase agreement to ensure that the repurchase
obligation of the seller is collateralized by an amount at least equal to
the repurchase price including accrued interest.
E. Organizational Expenses. Costs incurred in connection with the
organization and initial registration of the Portfolios have been deferred
and are being amortized on a straight-line basis over sixty months,
beginning with each Portfolio's commencement of operations, except those of
Intermediate Municipal and Fixed Income Portfolios. In the event any of the
initial shares of these Portfolios are redeemed during the amortization
period, the redemption proceeds will be reduced by a pro rata portion of
any unamortized organization expenses in the proportion as the number of
shares being redeemed bears to the number of initial shares outstanding at
the time of redemption. Costs incurred in connection with the organization
of the Intermediate Municipal and Fixed Income Portfolios were expensed as
incurred.
F. Allocation of Expenses. Expenses directly attributable to a Portfolio
are charged to that Portfolio. Other expenses are allocated proportionately
among the Portfolios in relation to the net assets of each Portfolio or by
an other appropriate method.
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.
79
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Notes to Financial Statements (continued) -- June 30, 2000
Dividends and interest from non-U.S. sources received by a Portfolio 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 each Portfolio intends to
undertake any procedural steps required to claim the benefits of such
treaties. If the value of more than 50% of a Portfolio's total assets at
the close of any taxable year consists of stock or securities of non-U.S.
corporations, the Portfolio 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. Actual results could
very from those estimates.
I. Transfers In-Kind. Upon commencement, July 1, 1998, of the
Intermediate Municipal Portfolio and the Fixed Income Portfolio investment
operations, a number of separate managed accounts managed by Morgan
Grenfell, transferred appreciated securities in exchange for Fund shares.
The securities contributed were subject to a taxable event prior to the in-
kind transfer to the Fund and had the same market value as of the date of
transfer. Accordingly, for purposes of generally accepted accounting
principles, the book cost of any securities transferred in-kind to the Fund
was equal to the market value of such securities on their respective dates
of contribution to the Fund resulting in no difference between book cost
and tax cost.
3. INVESTMENT ADVISORY, CONSULTING AND ADMINISTRATIVE CONTRACTS. The Trust
has entered into investment advisory contracts ("Portfolio Management
Contracts") on behalf of each of the Portfolios with one or more Investment
Managers. Each Investment Manager is responsible for providing a continuous
program of investment management to, and placing all orders for, purchase and
sale of securities and other instruments on behalf of the respective
Portfolios they serve. Each Investment Manager earns a fee, accrued daily and
paid monthly, based on average net assets of that portion of the portfolio
managed.
For the year ended June 30, 2000, the Value Portfolio paid the following
investment advisory fees:
<TABLE>
<CAPTION>
Amount
Adviser Earned Fee
------- -------- -----
<S> <C> <C>
Geewax, Terker & Co.............................................. $256,377 0.30%
Institutional Capital Corp....................................... 449,718 0.35%
-------- -----
$706,095 0.33%
======== =====
</TABLE>
For the year ended June 30, 2000, the Growth Portfolio paid the following
investment advisory fees:
<TABLE>
<CAPTION>
Amount
Adviser Earned Fee
------- -------- -----
<S> <C> <C>
Jennison Associates LLC......................................... $581,880 0.30%
Goldman Sachs Asset Management.................................. 289,592 0.30%*
-------- -----
$871,472 0.30%
======== =====
</TABLE>
For the year ended June 30, 2000, the Small Cap Portfolio paid the following
investment advisory fees:
<TABLE>
<CAPTION>
Amount
Adviser Earned Fee
------- -------- -----
<S> <C> <C>
Frontier Capital Management Co................................... $624,660 0.45%
Geewax, Terker & Co.............................................. 304,790 0.30%
-------- -----
$929,450 0.39%
======== =====
</TABLE>
80
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Notes to Financial Statements (continued) -- June 30, 2000
For the year ended June 30, 2000, the International Portfolio paid the
following investment advisory fees:
<TABLE>
<CAPTION>
Amount
Adviser Earned Fee**
------- ---------- -----
<S> <C> <C> <C>
Brinson Partners, Inc................. $ 683,433 0.40% For the period from 7/1/99 to 4/27/00
Artisan Partners, LLP................. 494,601 0.40%*** For the period from 7/27/99 to 6/30/00
Capital Guardian Trust Co............. 121,994 0.40% For the period from 4/28/00 to 6/30/00
---------- -----
$1,300,028 0.40%
========== =====
</TABLE>
For the year ended June 30, 2000, the following Portfolios paid investment
advisory fees to Deutsche Asset Management, Inc. formerly Morgan Grenfell,
Inc.:
<TABLE>
<CAPTION>
Amount
Portfolio Earned Fee
--------- -------- ------
<S> <C> <C>
Fixed Income................................................... $323,541 0.275%
Intermediate Municipal......................................... $387,247 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 amendment will apply with respect to periods after October 1, 1999.
The performance fee amendment 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. GSAM's fee will not be adjusted in
accordance with the Performance Fee Amendment until the same is in effect
for 12 months.
** 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.
*** 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. 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") based on a percentage of each Portfolio's
average net assets. 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 year
ended June 30, 2000, were as follows:
81
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Notes to Financial Statements (continued) -- June 30, 2000
<TABLE>
<CAPTION>
Portfolio Purchases Sales
--------- ------------ ------------
<S> <C> <C>
Value........................................... $325,886,596 $271,755,041
Growth.......................................... 301,386,719 267,086,282
Small Cap....................................... 268,498,814 261,947,340
International................................... 491,492,687 449,097,865
Fixed Income.................................... 197,938,869 169,230,085
Intermediate Municipal.......................... 166,184,261 69,394,023
</TABLE>
5. SHARES OF BENEFICIAL INTEREST. The Trust is authorized to issue unlimited
shares of beneficial interest with a par value of $0.001 each. Transactions in
shares of the Portfolios for the year ended June 30, 2000, were as follows:
<TABLE>
<CAPTION>
Intermediate
Fixed Term
Value Growth Small Cap International Income Municipal
---------- ---------- ---------- ------------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
Beginning balance....... 14,612,718 14,748,983 17,086,102 19,933,882 11,205,590 10,934,767
---------- ---------- ---------- ---------- ---------- -----------
Shares issued........... 7,260,376 6,406,943 5,151,768 13,913,653 3,282,349 34,956,195
Shares issued in
reinvestment of
dividends and
distributions.......... 860,518 1,428,208 21,390 605,202 755,900 587,078
Shares redeemed......... (4,418,934) (5,053,336) (3,962,039) (9,454,699) (1,416,663) (25,599,966)
---------- ---------- ---------- ---------- ---------- -----------
Net increase in shares.. 3,701,960 2,781,815 1,211,119 5,064,156 2,621,586 9,943,307
---------- ---------- ---------- ---------- ---------- -----------
Ending balance.......... 18,314,678 17,530,798 18,297,221 24,998,038 13,827,176 20,878,074
========== ========== ========== ========== ========== ===========
</TABLE>
6. DERIVATIVE INSTRUMENTS. The International Portfolio and Fixed Income
Portfolio 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 currency contract ("forward") is an agreement between two parties
to buy and sell a currency at a set price on a future date. The market value
of the forward fluctuates with changes in currency exchange rates. The forward
is marked-to-market daily and the change in market value is recorded by the
Portfolio as unrealized appreciation or depreciation. When the forward is
closed, the Portfolio records a realized gain or loss equal to the fluctuation
in value during the period the forward was open. The Portfolio could be
exposed to risk if a counterparty is unable to meet the terms of a forward or
if the value of the currency changes unfavorably.
Forward foreign exchange contracts may involve market or credit risk in
excess of the amounts reflected on the Portfolio's statement of assets and
liabilities. The gain or loss from the difference between the cost of original
contracts and the amount realized upon the closing of such contracts is
included in net realized gains or losses on foreign currency transactions.
Fluctuations in the value of forward contracts held at June 30, 2000 are
recorded for financial reporting purposes as net unrealized gains or losses by
the Portfolio.
The Growth Portfolio invests in financial futures contracts for the purpose
of hedging their existing portfolio securities, or securities that they intend
to purchase, against fluctuations in fair value caused by changes in
prevailing market interest rates. Upon entering into a financial futures
contract, a Portfolio is required to pledge to the broker an amount of cash
and/or other asset equal to a certain percentage of the contract amount
(initial margin deposit). Subsequent payments, known as "variation margin"
are made or received by a Portfolio each day, depending on the daily
fluctuations in the fair market value of the underlying security. A Portfolio
recognizes a gain or loss equal to the daily variation margin. Should market
conditions move unexpectedly, the Portfolio may not achieve the anticipated
82
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Notes to Financial Statements (continued) -- June 30, 2000
benefits of the financial futures contracts and may realize a loss. The use of
futures transactions involves the risk of an imperfect correlation in
movements in the price of futures contracts, interest rates, and the
underlying hedged assets.
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.
FEDERAL INCOME TAXES INFORMATION.
As of June 30, 2000 the following Portfolios had net capital loss
carryforwards to offset future capital gains, if any, to the extent provided
by the Treasury regulations:
<TABLE>
<CAPTION>
Portfolio Amount Expires
--------- ---------- -------
<S> <C> <C>
Fixed Income................................................ $1,592,760 2008
Intermediate Municipal...................................... 18,422 2007
Intermediate Municipal...................................... 99,241 2008
</TABLE>
To the extent that these carryforwards are used to offset future capital
gains, it is probable that the gains so offset will not be distributed to
shareholders.
Capital losses incurred after October 31, within a Portfolio's fiscal year
are deemed to arise on the first business day of the following fiscal year for
tax purposes. The Fixed Income Portfolio incurred $1,173,335 in Post-October
Capital Losses and the Intermediate Municipal Portfolio incurred $2,108,942 in
Post-October Capital Losses and they will elect to defer such capital losses.
During the fiscal year ended June 30, 2000, the following Portfolios
declared long-term capital gain distributions as follows (Unaudited):
<TABLE>
<CAPTION>
Portfolio Amount
--------- -----------
<S> <C>
Value............................................................... $10,746,470
Growth.............................................................. 27,717,660
Small Cap........................................................... 1,991,637
International....................................................... 8,340,626
</TABLE>
For corporate shareholders the following percentage of the total ordinary
income distributions paid during the fiscal year ended June 30, 2000 qualify
for the corporate dividend received deduction for the following Portfolios
(Unaudited):
<TABLE>
<CAPTION>
Portfolio Percentage
--------- ----------
<S> <C>
Value................................................................ 100.00%
Growth............................................................... 15.72%
Small Cap............................................................ 100.00%
</TABLE>
During the fiscal year ended June 30, 2000, the following Portfolios
declared tax-exempt income distributions as follows (Unaudited):
<TABLE>
<CAPTION>
Portfolio Amount
--------- ----------
<S> <C>
Intermediate Municipal.............................................. $6,039,004
</TABLE>
The International Equity Portfolio may elect to pass through to shareholders
the income tax credit for taxes paid to foreign countries. The pass through of
the credit will only affect those persons who are shareholders of the fund on
a dividend record date in calendar year 2000. These shareholders will receive
more detailed information along with their 2000 Form 1099-DIV.
83
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Financial Highlights
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Value Equity Portfolio
---------------------------------------------------
Year Year Year Year Period
Ended Ended Ended Ended Ended
June 30, June 30, June 30, June 30, June 30,
2000 1999 1998 1997 1996(a)
-------- -------- -------- -------- --------
<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.. 0.17 0.22 0.24 0.23 0.22
Net realized and
unrealized gain/(loss)
on investments........ (0.92) 0.87 2.87 3.65 1.51
-------- -------- -------- -------- -------
Total from investment
operations........... (0.75) 1.09 3.11 3.88 1.73
-------- -------- -------- -------- -------
Distributions to
Shareholders from:
Net investment income.. (0.17) (0.22) (0.25) (0.21) (0.22)
Net realized gain on
investments............ (0.73) (1.51) (1.78) (0.74) (0.03)
-------- -------- -------- -------- -------
Total distribution to
shareholders......... (0.90) (1.73) (2.03) (0.95) (0.25)
-------- -------- -------- -------- -------
Net Asset Value, End of
Period.................. $ 13.20 $ 14.85 $ 15.49 $ 14.41 $ 11.48
======== ======== ======== ======== =======
Total Return............ (5.14%) 9.07% 23.42% 35.28% 17.28%(c)
Ratios to Average Net
Assets/Supplemental
Data:
Net assets, end of
period (in
thousands)............ $241,803 $216,940 $176,587 $117,092 $71,503
Ratio of expenses to
average net assets.... 0.55% 0.56% 0.52% 0.63% 0.63%(b)
Ratio of net investment
income to average net
assets................ 1.29% 1.64% 1.69% 1.89% 2.55%(b)
Ratio of expenses to
average net assets
excluding fee
waivers............... 0.55% 0.56% 0.52%* 0.65%* 0.68%*(b)
Portfolio turnover
rate.................. 128.72% 108.79% 86.45% 97.39% 92.00%
</TABLE>
--------
* During the period, certain fees were waived or reimbursed. If such fees were
not waived or reimbursed, the ratios would have been as indicated.
(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.
84
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Financial Highlights
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Growth Equity Portfolio
--------------------------------------------------
Year Year Year Year Period
Ended Ended Ended Ended Ended
June 30, June 30, June 30, June 30, June 30,
2000 1999 1998 1997 1996(a)
-------- -------- -------- -------- --------
<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.. 0.08 0.03 0.04 0.06 0.04
Net realized and
unrealized gain on
investments and
futures............... 4.69 3.76 4.37 2.58 1.13
-------- -------- -------- -------- --------
Total from investment
operations........... 4.77 3.79 4.41 2.64 1.17
-------- -------- -------- -------- --------
Distributions to
Shareholders from:
Net investment income.. (0.08) (0.03) (0.04) (0.05) (0.04)
In excess of net
investment income..... -- -- (0.02) -- --
Net realized gain on
investments and
futures............... (2.02) (1.05) (2.77) (0.05) --
-------- -------- -------- -------- --------
Total distribution to
shareholders......... (2.10) (1.08) (2.83) (0.10) (0.04)
-------- -------- -------- -------- --------
Net Asset Value, End of
Period.................. $ 20.63 $ 17.96 $ 15.25 $ 13.67 $ 11.13
======== ======== ======== ======== ========
Total Return............ 27.71% 26.76% 37.00% 23.83% 11.69%(c)
Ratios to Average Net
Assets/Supplemental
Data:
Net assets, end of
period (in
thousands)............ $361,607 $264,877 $216,129 $160,961 $110,537
Ratio of expenses to
average net assets.... 0.52% 0.53% 0.53% 0.55% 0.63%(b)
Ratio of net investment
income to average net
assets................ 0.47% 0.20% 0.33% 0.49% 0.46%(b)
Ratio of expenses to
average net assets
excluding fee
waivers............... 0.52% 0.53% 0.53%* 0.55%* 0.68%*(b)
Portfolio turnover
rate.................. 94.37% 70.61% 95.07% 80.47% 80.00%
</TABLE>
--------
* During the period, certain fees were waived or reimbursed. If such fees were
not waived or reimbursed, the ratios would have been as indicated.
(a) For the period August 8, 1995 (commencement of operations) through June 30,
1996.
(b) Annualized.
(c) Not annualized.
See accompanying notes to financial statements.
85
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Financial Highlights
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Small Capitalization Equity Portfolio
--------------------------------------------------
Year Year Year Year Period
Ended Ended Ended Ended Ended
June 30, June 30, June 30, June 30, June 30,
2000 1999 1998 1997 1996(a)
-------- -------- -------- -------- --------
<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........... 2.96 0.35 1.54 2.11 1.07
-------- -------- -------- -------- -------
Total from investment
operations........... 2.98 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 gain on
investments........... -- (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.................. $ 15.29 $ 12.33 $ 13.13 $ 12.95 $ 11.07
======== ======== ======== ======== =======
Total Return............ 24.21% 4.73% 12.66% 19.88% 11.82%(c)
Ratios to Average Net
Assets/Supplemental
Data:
Net assets, end of
period (in
thousands)............ $279,784 $210,737 $150,527 $113,480 $61,503
Ratio of expenses to
average net assets.... 0.60% 0.62% 0.70% 0.78% 0.78%(b)
Ratio of net investment
income to average net
assets................ 0.18% 0.39% 0.41% 0.68% 1.33%(b)
Ratio of expenses to
average net assets
excluding fee
waivers............... 0.60% 0.62% 0.70%* 0.78%* 0.90%*(b)
Portfolio turnover
rate.................. 111.52% 125.52% 103.41% 54.16% 38.00%
</TABLE>
--------
* During the period, certain fees were waived or reimbursed. If such fees were
not waived or reimbursed, the ratios would have been as indicated.
(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.
86
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Financial Highlights
For a share outstanding throughout each period
<TABLE>
<CAPTION>
International Equity Portfolio
--------------------------------------------------
Year Year Year Year Period
Ended Ended Ended Ended Ended
June 30, June 30, June 30, June 30, June 30,
2000 1999 1998 1997 1996(a)
-------- -------- -------- -------- --------
<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.. 0.12 0.24 0.16 0.22 0.16
Net realized and
unrealized gain on
investment and foreign
currency transactions.. 2.82 0.39 0.49 1.92 1.35
-------- -------- -------- -------- -------
Total from investment
operations........... 2.94 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 gain on
investments and
foreign currency
transactions.......... (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.................. $ 15.34 $ 12.85 $ 12.70 $ 12.84 $ 11.26
======== ======== ======== ======== =======
Total Return............ 23.14% 5.20% 5.91% 19.61% 15.15%(c)
Ratios to Average Net
Assets/Supplemental
Data:
Net assets, end of
period (in
thousands)............ $383,572 $256,177 $229,875 $146,122 $77,732
Ratio of expenses to
average net assets.... 0.65% 0.69% 0.70% 0.78% 0.81%(b)
Ratio of net investment
income to average net
assets................ 0.98% 1.51% 2.00% 1.97% 1.75%(b)
Ratio of expenses to
average net assets
excluding fee
waivers............... 0.65% 0.69% 0.71%* 0.78%* 0.92%*(b)
Portfolio turnover
rate.................. 144.41% 56.77% 36.80% 29.85% 15.00%
</TABLE>
--------
* During the period, certain fees were waived or reimbursed. If such fees were
not waived or reimbursed, the ratios would have been as indicated.
(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.
87
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Financial Highlights
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Intermediate Term
Fixed Income Municipal Bond
Portfolio Portfolio
------------------ ------------------
Year Period Year Period
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
2000 1999(a) 2000 1999(a)
-------- -------- -------- --------
<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................ 0.62 0.58 0.46 0.45
Net realized and unrealized
gain/(loss) on investments.......... (0.20) (0.28) (0.23) (0.21)
-------- -------- -------- --------
Total from investment operations.... 0.42 0.30 0.23 0.24
-------- -------- -------- --------
Distributions to Shareholders from:
Net investment income................ (0.62) (0.58) (0.46) (0.45)
Net realized gain on investments..... -- (0.08) -- --
-------- -------- -------- --------
Total distribution to shareholders.. (0.62) (0.66) (0.46) (0.45)
-------- -------- -------- --------
Net Asset Value, End of Period........ $ 9.44 $ 9.64 $ 9.56 $ 9.79
======== ======== ======== ========
Total Return.......................... 4.49% 2.88% 2.45% 2.44%
Ratios to Average Net
Assets/Supplemental Data:
Net assets, end of period (in
thousands).......................... $130,508 $108,074 $199,566 $107,105
Ratio of expenses to average net
assets.............................. 0.46% 0.50% 0.46% 0.47%
Ratio of net investment income to
average net assets.................. 6.52% 5.78% 4.84% 4.54%
Ratio of expenses to average net
assets excluding fee waivers........ 0.46% 0.50% 0.46% 0.54%*
Portfolio turnover rate.............. 147.65% 146.78% 51.34% 42.24%
</TABLE>
--------
* During the period, certain fees were waived or reimbursed. If such fees were
not waived or reimbursed, the ratios would have been as indicated.
(a) For the period July 1, 1998 (commencement of operations) through June 30,
1999.
See accompanying notes to financial statements.
88
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees of the
Hirtle Callaghan Trust:
In our opinion, the accompanying statements of assets and liabilities,
including the portfolios of investments, and the related statements of
operations and of changes in net assets and the financial highlights present
fairly, in all material respects, the financial position of the Value Equity,
Growth Equity, Small Capitalization Equity, International Equity, Fixed Income
and Intermediate Term Municipal Bond Portfolios of the Hirtle Callaghan Trust
(the "Trust") as of June 30, 2000, the results of its operations for the year
then ended and the changes in its net assets and the financial highlights for
each of the periods presented, in conformity with accounting principles
generally accepted in the United States. These financial statements and
financial highlights (hereafter referred to as "financial statements") are the
responsibility of the Trust's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with auditing standards
generally accepted in the United States which require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement
presentation. We believe that our audits, which included confirmation of
securities at June 30, 2000 by correspondence with the custodian and brokers,
provide a reasonable basis for the opinion expressed above.
PricewaterhouseCoopers LLP
Two Commerce Square
2001 Market Street
Philadelphia, Pennsylvania
August 18, 2000
89
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Supplemental Information
A new Portfolio Management Agreement between Capital Guardian Trust Company
("CapGuardian") and the Trust became effective on July 26, 2000. Pursuant to
this agreement, CapGuardian will be compensated based, in part, on the
investment results achieved by it with respect to the period beginning on
August 1, 2000. This performance fee arrangement could, under certain
circumstances, increase or decrease the fee paid to CapGuardian, when compared
to the current fixed fee arrangement and could result in the payment of
incentive compensation during periods of declining markets. CapGaurdian's fee
will not be adjusted in accordance with the Performance Fee Amendment until
the same is in effect for 12 months. See proxy information below.
Proxy:
On July 26, 2000, a Special Meeting of the shareholders of The International
Equity Portfolio ("International 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 Capital Guardian Trust Company
("CapGuardian") to provide portfolio management services to the
International Portfolio pursuant to a portfolio management agreement
between the Trust and CapGuardian. The proposed agreement calls for the
payment to CapGuardian of a performance-based fee that may increase or
decrease the advisory fees paid by the International Portfolio.
<TABLE>
<S> <C>
For 15,471,358
Against 0
Abstain 0
</TABLE>
90
<PAGE>
THE HIRTLE CALLAGHAN TRUST
Trustees
DONALD E. CALLAGHAN*
JONATHAN J. HIRTLE*
ROSS H. GOODMAN
JARRETT B. KLING
RICHARD W. WORTHAM
R. RICHARD WILLIAMS
* "Interested Person" as that term is defined in the Investment Company Act of
1940.
--------------------------------------------------------------------------------
Sponsor Counsel
Hirtle Callaghan & Co., Inc. Drinker Biddle & Reath LLP
100 Four Falls Corporate Center-- One Logan Square--18th & Cherry Streets
Suite 500 Philadelphia, Pennsylvania 19103-6996
West Conshohocken, Pennsylvania
19428-2970
Administrator and Distributor Independent Accountants
BISYS Fund Services PricewaterhouseCoopers LLP
3435 Stelzer Road Two Commerce Square, Suite 1700
Columbus, Ohio 43219 2001 Market Street
Philadelphia, Pennsylvania 19103-7042
Custodian
Deutsche Bank
16 Wall Street
New York, New York 10005
This report is for the information of the shareholders of The Hirtle Callaghan
Trust. Its use in connection with any offering of the Trust's shares is
authorized only in case of a concurrent or prior delivery of the Trust's
current prospectus.
8/00
