N-CSR/A 1 dncsra.htm THE HIRTLE CALLAGHAN TRUST The Hirtle Callaghan Trust
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number 811-08918

 

The Hirtle Callaghan Trust

(Exact name of registrant as specified in charter)

 

Five Tower Bridge, 300 Barr Harbor Drive, Suite 500,

West Conshohocken, PA 19428

(Address of principal executive offices) (Zip code)

 

Citi Fund Services, 3435 Stelzer Road, Columbus, OH 43219

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 242-9596

Date of fiscal year end: 06/30/07

Date of reporting period: 06/30/07

 

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Item 1. Reports to Stockholders.

Table of Contents
THE HIRTLE CALLAGHAN TRUST     Annual Report

 

June 30, 2007

 

We are pleased to present the June 30, 2007 Annual Report for The Hirtle Callaghan Trust (the “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 nine separate investment portfolios (the “Portfolios”). Day-to-day portfolio management services are provided to each of the Trust’s Portfolios by one or more independent money management organizations (“Specialist 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 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 long-term 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 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 Fixed Income II 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 Fixed Income Opportunity Portfolio, seeks to achieve above-average total return by investing in high yield securities (commonly referred to as “junk bonds”).

 

The Short-Term Municipal Bond Portfolio, seeks current income exempt from Federal income tax, consistent with preservation of capital, by investing primarily in securities issued by municipalities and related securities.

 

The Intermediate Term Municipal Bond Portfolio, seeks current income exempt from Federal income tax by investing in securities issued by municipalities and related entities.

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THE HIRTLE CALLAGHAN TRUST     Annual Report

 

June 30, 2007

 

Table of Contents

Management Discussion and Analysis

    1

Shareholder Letter

    22

Portfolio of Investments

    23

Statements of Assets and Liabilities

    120

Statements of Operations

    122

Statements of Changes in Net Assets

    124

Financial Highlights

    127

Notes to Financial Statements

    136

Report of Independent Registered Public Accounting Firm

    148

Additional Fund Information

    149

Trustees and Officers

    159

Table of Contents

Fiscal Year 2007 Summary

 

General Market

 

Fiscal year 2007 was an exceptional year for global financial markets. Equity markets extended their rally of the past few years and delivered extraordinary performance. International equities led the way with the MSCI EAFE Index delivering a return of 23.00% in local currencies, and 27.54% in $US, reflecting continued weakness of the $US versus foreign currencies. This once again highlights the benefits of international diversification.

 

Within the US equity markets the major asset categories all delivered exceptional returns. US Large Cap Value stocks led the way with a return of 21.87%, modestly surpassing the 19.04% return of US Large Cap Growth Stocks, primarily because of the higher energy component within the US Large Cap Value Index. For the first time in several years US Small Cap stocks as measured by the Russell 2000 Index trailed larger capitalization stocks, but still advanced 16.43% for the fiscal year.

 

     Fiscal ‘07

Russell 1000® Value Index1

    21.87%

Russell 1000® Growth Index1

    19.04%

Russell 2000® Index1

    16.43%

MSCI EAFE Index2

    27.54%

Lehman Brothers Aggregate Bond Index3

   6.12%

CSFB High Yield Bond Index4

    12.14%

Merrill Lynch Muni 1-3 Year Index5

    3.84%

Lehman 5 Year GO Muni Index6

    3.80%

 

Benchmark performance is shown for comparison purposes only; it is not possible to invest directly in a securities index. All of the referenced benchmark indices are unmanaged, which means that the indices result do not reflect the impact of expenses associated with investing securities, such as brokerage commission and transactions costs.

1

  

Each of the Russell indices is a market cap-weighted index of common stocks domiciled in the US. Unlike the S&P 500 Stock Index however, the basket of securities included in the various Russell indices is reconstituted each year. The Russell 3000® 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® Index and the next 2,000 stocks are included in the Russell 2000® Index. The Russell 1000® Growth Index is designed to measure the performance of those companies included in the Russell 1000 Index® that have relatively higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Value® Index is designed to measure the performance of those companies included in the Russell 1000® Index that have relatively lower price-to-book ratios and lower forecasted growth values.

2

  

The Morgan Stanley Capital International Europe, Australia, and Far East 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.

3

  

The Lehman Brothers Aggregate Bond Index is an unmanaged index that includes more than 5,000 taxable government, investment-grade corporate and mortgage backed securities.

4

  

The Credit Suisse / First Boston (“CSFB”) High Yield Index is an unmanaged index designed to mirror the investable universe of the US dollar-denominated high yield debt market. It is comprised of over 1,600 corporate debt issues, including cash-pay, zero-coupon, stepped-rate and pay-in-kind (“PIK”) bonds. Floating-rate, convertible and preferred stock issues are not included.

5

  

Merrill Lynch 1-3 Year Municipal Total Return Index – an equal-weighted index that tracks the total return performance of the domestic United States municipal market. The index consists of investment grade, publicly traded, fixed-rate and coupon bearing municipal securities with a maturity of one to three years.

6

  

The Lehman Brothers 5-Year General Obligations Index is an unmanaged index of government bonds.

 

1

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Past Performance does not guarantee future results.

 

Bond markets returns for the year were a bit more subdued. For the most part interest rates remained flat, but volatile, and bond returns primarily reflected their income or yield levels. The taxable bond market as defined by the Lehman Brothers Aggregate Bond Index returned 6.12% for the fiscal year. The Lehman Brothers 5 Year GO Muni Index which serves as a proxy for the tax-exempt bond market returned 3.80%. Returns in the high yield area of the bond market were considerably better as credit spreads continued to narrow. The CSFB High Yield Bond Index returned 12.14% for the fiscal year with the lowest credit quality bonds within the index registering the best returns. The credit spread (interest rate differential between high yield bonds and higher quality US treasury bonds) remains at extraordinarily low levels. Historically this spread has varied considerably reflecting the cyclical nature and impact of the credit cycle. Should spreads widen in the future to levels more consistent with history, high yield bonds would be adversely impacted.

 

The Hirtle Callaghan Trust also had excellent results for the fiscal year reflecting the strong financial market performance and the skills of the underlying portfolio advisors. The table below highlights the fiscal year performance for each of the Portfolios. Several of the Portfolios surpassed their performance benchmarks for the year, and a more detailed discussion of the Portfolios and the results are contained within the following sections.

 

     Fiscal ’07

The Value Equity Portfolio

    22.40%

The Growth Equity Portfolio

    15.02%

The Small Capitalization Equity Portfolio

    16.68%

The International Equity Portfolio

    25.81%

The Fixed Income Portfolio

    6.23%

The Fixed Income II Portfolio

    5.22%

The Fixed Income Opportunity Portfolio

    10.40%

The Short Term Municipal Bond Portfolio

    3.44%

The Intermediate Term Municipal Bond Portfolio

    4.38%

 

2

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Portfolio Update

 

There have been very few issues or changes related to the sub-advisors or portfolio allocations within the Fund this fiscal year.

 

The most notable was the replacement of W.R. Huff as the manager of the Fixed Income Opportunity Fund with Seix Advisors. W. R. Huff experienced significant and material personnel turnover during the year. After reviewing and evaluating the changes we felt it was prudent to re-assign management responsibility for the account to a new investment manager with a very similar investment style, but with a deeper, and more stable portfolio management team. The change occurred on December 18, 2006.

 

At the time of this writing we are also sad to report that Rob Lyon, CEO and Chief Investment Officer of Institutional Capital Management (ICAP), a sub-advisor within The Value Equity Portfolio passed away on July 5, 2007. ICAP has been an advisor to the Portfolio for several years, and Rob has led an investment team with a distinguished long term record and reputation. Jerry Senser, a long time member of that team has been appointed CEO and Chief Investment Officer of the firm. There have been no other personnel changes at the firm. ICAP continues to have a very deep and experienced investment team and we expect that the firm will continue to deliver excellent investment management results and oversight to the Portfolio. We will, however, continue to monitor and evaluate the firm, and the Portfolio, to ensure that we have the best, and most appropriate, management teams employed on your behalf.

 

The following sections contain a more detailed description of each of the portfolios over the fiscal year.

 

3

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The Value Equity Portfolio

 

The Value Equity Portfolio posted strong absolute results with a return of 22.40% after all fees for the fiscal year. The Portfolio outperformed the Russell 1000® Value Index1 which was up 21.87% for the fiscal year and bested the average manager in The Lipper2 manager universe of value equity managers at 20.80%.

 

The strong absolute results were driven by continued investor enthusiasm for value stocks, especially energy and oil stocks which represent a large component, roughly 14% of the index. In addition, favorable performance by Institutional Capital Management and JS Asset Management helped the Portfolio surpass the Russell 1000® Value Index for the period.

 

Institutional Capital Management employs a relative value management approach that focuses on the larger capitalization segment of stocks within the Russell 1000® Value Index. Hirtle Callaghan’s investment analysis and research indicates that this is currently an attractive segment of the Russell 1000® Value Index that should prove advantageous to Institutional Capital Management.

 

JS Asset Management also contributed positively to the portfolio with a return of 25.10% for the fiscal year. JS Asset Management was added to the portfolio last year as a means of initiating an allocation to a more traditional value driven investment style. It is expected that assets to this manager will increase over time.

 

 

 

1

  

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. This index is “unmanaged” which means that the index results do not reflect the impact of expenses associated with any investment in securities, such as brokerage commission or other transaction costs. Benchmark performance is shown for comparison purposes only; it is not possible to invest directly in a securities index.

2

  

Lipper, Inc. is an independent statistical monitoring organization. The Lipper organization compiles performance on mutual funds and further categorizes them by investment objective.

 

4

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LOGO

 

LOGO

 

The chart represents historical performance of a hypothetical investment of $10,000 in The Value Equity Portfolio from 7/1/97 to 6/30/07, and represents the reinvestment of dividends and capital gains in the Portfolio.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call (800) 242-9596.

 

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, or the deduction of taxes. An investor cannot invest directly in an index. The performance of The Value Equity Portfolio reflects the deduction of fees for these value-added services, but does not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or redemptions of the Portfolio’s shares.

 

Expense Ratio (As of 11/1/06) — 0.45%

 

The expense ratio above reflects the expenses currently in effect. This information is included in the most current prospectus available to current and prospective shareholders of the Fund.

 

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The Growth Equity Portfolio

 

The Growth Equity Portfolio returned 15.02% for the fiscal year lagging the Russell 1000® Growth Index1 at 19.04% and 16.40% for the The Lipper2 manager universe of growth managers for the fiscal year.

 

Growth stocks, which have lagged value stocks over the past few years, finally started to show some improvement in the first half of calendar year 2007 as investor sentiment has started to shift away from sectors weighted heavily in value indices such as financials and utilities towards growth stocks that offer better value and earnings growth prospects.

 

Jennison and Sustainable Growth Advisors have delivered strong absolute results over the period but have not kept up with some of the smaller capitalization, more cyclical materials and energy sectors and stocks that are currently driving the performance of the index. Both of these managers have focused their portfolio holdings on larger cap, and higher quality, in terms of both balance sheet and earnings variability, companies. They believe these companies are at very attractive valuations and offer better long term return opportunities with less risk than the more cyclical or commodity related areas of the market.

 

1

  

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. This index is “unmanaged” which means that the index results do not reflect the impact of expenses associated with any investment in securities, such as brokerage commission or other transaction costs. Benchmark performance is shown for comparison purposes only; it is not possible to invest directly in a securities index.

2

  

Lipper, Inc. is an independent statistical monitoring organization. The Lipper organization compiles performance on mutual funds and further categorizes them by investment objective.

 

6

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LOGO

 

LOGO

 

The chart represents historical performance of a hypothetical investment of $10,000 in The Growth Equity Portfolio from 7/1/97 to 6/30/07, and represents the reinvestment of dividends and capital gains in the Portfolio.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call (800) 242-9596.

 

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, or the deduction of taxes. An investor cannot invest directly in an index. The performance of The Growth Equity Portfolio reflects the deduction of fees for these value-added services, but does not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or redemptions of the Portfolio’s shares.

 

Expense Ratio (As of 11/1/06) — 0.33%

 

The expense ratio above reflects the expenses currently in effect. This information is included in the most current prospectus available to current and prospective shareholders of the Fund.

 

7

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The Small Capitalization Equity Portfolio

 

The Small Capitalization Equity Portfolio had good absolute results with a return of 16.68% after all fees for the fiscal year. This portfolio also out-performed the Russell 2000® Index1 that returned 16.43% and The Lipper2 universe of other small capitalization managers with an average return of 16.50%.

 

The Small Capitalization Equity Portfolio benefited from its earnings driven focus during a period where superior earnings growth and profitability have been the primary factors driving stock prices and investment performance. The portfolio is diversified across five different investment managers of diverse investment styles including value oriented, growth driven, and core investment approaches that incorporate a multi-style driven approach. The managers with primarily earnings/cash flow driven approaches, Frontier, Sterling Johnston and Ironbridge, provided the best performance over the period, and surpassed their benchmarks. The managers with more valuation sensitive approaches, Geewax, Terker and Franklin Portfolio Associates lagged for the period.

 

The portfolio is diversified across multiple managers and strategies to ensure proper portfolio diversification and with the goal of providing long term superior returns in as stable and consistent a manner as possible. As a result, it is expected that some managers and styles will be leading at times, while others are lagging, and vice versa.

 

1

  

Russell 2000® Index measures the performance of smaller capitalization U.S. companies. The largest 1,000 stocks become the Russell 1000® Index and the next 2,000 stocks are included in the Russell 2000® Index. This index is “unmanaged” which means that the index results do not reflect the impact of expenses associated with any investment in securities, such as brokerage commission or other transaction costs. Benchmark performance is shown for comparison purposes only; it is not possible to invest directly in a securities index.

2

  

Lipper, Inc. is an independent statistical monitoring organization. The Lipper organization compiles performance on mutual funds and further categorizes them by investment objective.

 

 

8

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LOGO

 

LOGO

 

The chart represents historical performance of a hypothetical investment of $10,000 in The Small Capitalization Equity Portfolio from 7/1/97 to 6/30/07, and represents the reinvestment of dividends and capital gains in the Portfolio.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call (800) 242-9596.

 

The Portfolio’s performance above 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, or the deduction of taxes. An investor cannot invest directly in an index. The performance of The Small Capitalization Equity Portfolio reflects the deduction of fees for these value added services, but does not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or redemptions of the Portfolio’s shares.

 

Expense Ratio (As of 11/1/06) — 0.65%

 

The expense ratio above reflects the expenses currently in effect. This information is included in the most current prospectus available to current and prospective shareholders of the Fund.

 

9

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The International Equity Portfolio

 

The International Equity Portfolio posted strong absolute results with a return of 25.81% for the fiscal year. This modestly lagged the MSCI EAFE Index1 at 27.54% and The Lipper2 universe of international managers that had an average return of 26.00%.

 

Both Artisan and Capital Guardian performed comparably with returns of 25.60% and 25.90% respectively. Causeway Capital Management was new to the portfolio in fiscal year 2007 and only had partial year results. As discussed in the past, both Artisan and Capital Guardian employ earnings driven investment processes. In fiscal year 2007, earnings or growth-driven investment processes as measured by the EAFE Growth Index trailed value driven investment processes as measured by the EAFE Value at 25.70% versus 29.30% contributing to the shortfall.

 

Currency returns accounted for nearly 10% of the Portfolio’s return this past year as the Portfolio’s international holdings returned only about 15% in local currency returns. The currency return reflects the continued strength of international currencies versus the US dollar and is one of the benefits and risks of international diversification.

 

1

  

The Morgan Stanley Capital International Europe, Australasia, and Far East Index (“MSCI 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. This index is “unmanaged” which means that the index results do not reflect the impact of expenses associated with any investment in securities, such as brokerage commission or other transaction costs. Benchmark performance is shown for comparison purposes only; it is not possible to invest directly in a securities index.

2

  

Lipper, Inc. is an independent statistical monitoring organization. The Lipper organization compiles performance on mutual funds and further categorizes them by investment objective.

 

 

10

Table of Contents

LOGO

 

LOGO

 

The chart represents historical performance of a hypothetical investment of $10,000 in The International Equity Portfolio from 7/1/97 to 6/30/07, and represents the reinvestment of dividends and capital gains in the Portfolio.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call (800) 242-9596.

 

The Portfolio’s performance above is compared to the MSCI EAFE Index, which represents the performance of the major stock markets in those regions. The index is unmanaged and does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees, or the deduction of taxes. An investor cannot invest directly in an index. The performance of The International Equity Portfolio reflects the deduction of fees for these value-added services, but does not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or redemptions of the Portfolio’s shares.

 

Expense Ratio (As of 11/1/06) — 0.86%

 

The expense ratio above reflects the expenses currently in effect. This information is included in the most current prospectus available to current and prospective shareholders of the Fund.

 

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The Fixed Income Portfolio

 

The Fixed Income Portfolio managed by Aberdeen Asset Management returned 6.23% for the fiscal year modestly surpassing the benchmark, the Lehman Brothers Aggregate Bond Index1 with a return of 6.12% and surpassing the average fixed income manager in The Lipper2 universe at 5.50%.

 

The Portfolio benefited from superior security selection versus the universe. Overall, Aberdeen maintains a portfolio duration or interest rate sensitivity of the portfolio close to the portfolio benchmark, and seeks to add value primarily through sector and relative value opportunities, as well as, proper positioning of the portfolio along the yield curve.

 

 

 

1

  

The Lehman Brothers Aggregate Bond Index. This index is “unmanaged” which means that the index results do not reflect the impact of expenses associated with any investment in securities, such as brokerage commission or other transaction costs. Benchmark performance is shown for comparison purposes only; it is not possible to invest directly in a securities index.

2

  

Lipper, Inc. is an independent statistical monitoring organization. The Lipper organization compiles performance on mutual funds and further categorizes them by investment objective.

 

 

12

Table of Contents

LOGO

 

LOGO

 

The chart represents historical performance of a hypothetical investment of $10,000 in The Fixed Income Portfolio from 7/1/98 to 6/30/07, and represents the reinvestment of dividends and capital gains in the Portfolio.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call (800) 242-9596.

 

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, or the deduction of taxes. An investor cannot invest directly in an index. The performance of The Fixed Income Portfolio reflects the deduction of fees for these value-added services, but does not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or redemptions of the Portfolio’s shares.

 

Expense Ratio (As of 11/1/06) — 0.36%

 

The expense ratio above reflects the expenses currently in effect. This information is included in the most current prospectus available to current and prospective shareholders of the Fund.

 

13

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The Fixed Income II Portfolio

 

The Fixed Income Portfolio managed by BlackRock, Inc. returned 5.22% for the fiscal year lagging the benchmark, the Lehman Brothers Aggregate Bond Index1 with a return of 6.12% and lagging the average fixed income manager in The Lipper2 universe at 5.50%.

 

The Portfolio has been conservatively positioned in expectation of rising interest rates and credit spreads. In the short term this has not worked to the manager’s favor but interest rates and credit spreads remain at historically low levels and BlackRock continues to believe the current market environment favors a more conservative approach.

 

 

 

1

  

The Lehman Brothers Aggregate Bond Index includes more than 5,000 taxable government, investment-grade corporate and mortgage backed securities. This index is “unmanaged” which means that the index results do not reflect the impact of expenses associated with any investment in securities, such as brokerage commission or other transaction costs. Benchmark performance is shown for comparison purposes only; it is not possible to invest directly in a securities index.

2

  

Lipper, Inc. is an independent statistical monitoring organization. The Lipper organization compiles performance on mutual funds and further categorizes them by investment objective.

 

14

Table of Contents

LOGO

 

LOGO

 

The chart represents historical performance of a hypothetical investment of $10,000 in The Fixed Income II Portfolio from 9/26/00 to 6/30/07, and represents the reinvestment of dividends and capital gains in the Portfolio.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call (800) 242-9596.

 

The Portfolio’s performance above 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, or the deduction of taxes. The performance of The Fixed Income II Portfolio reflects the deduction of fees for these value-added services, but does not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or redemptions of the Portfolio’s shares.

 

Expense Ratio (As of 11/1/06) — 0.37%

 

The expense ratio above reflects the expenses currently in effect. This information is included in the most current prospectus available to current and prospective shareholders of the Fund.

 

15

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The Fixed Income Opportunity Portfolio

 

The Fixed Income Opportunity Fund is designed to provide investors with higher returns over time than traditional fixed income investments primarily through investment in a diversified portfolio of high yield bonds. The portfolio may also invest up to 50% of its assets, opportunistically, in Treasury Inflation Protection securities, convertible bonds, and international bonds. Over the fiscal year the portfolio has remained focused on high yield bonds, exclusively, because the risk premiums in the other fixed income areas have not offered sufficient opportunity.

 

For the year the Fund had a return of 10.40%, easily surpassing the return on traditional fixed income investments, but lagging its primary high yield bond benchmark, the CSFB High Yield Bond Index1, which returned 12.14%. The Fund continues to focus on the higher quality segment of the High Yield Universe while the index incorporates broader exposure to lower credit quality, distressed, and more speculative issues that have provided superior returns in the current environment.

 

During the year Seix Advisors was appointed to replace W.R. Huff as the manager of the Fixed Income Opportunity Fund. The change was precipitated by material personnel turnover at W. R. Huff during the year. Seix Advisors was selected because of their similar investment style, good long term results, and a deeper and more stable portfolio management team. The change occurred on December 18, 2006.

 

1

  

The Credit Suisse First Boston (“CSFB”) High Yield Bond Index is designed to mirror the investable universe of the US dollar-denominated high yield debt market. It is comprised of over 1,600 corporate debt issues, including cash-pay, zero-coupon, stepped-rate and pay-in-kind (“PIK”) bonds; floating-rate and convertible issues, as well as preferred stock are not included. This index is “unmanaged” which means that the index results do not reflect the impact of expenses associated with any investment in securities, such as brokerage commission or other transaction costs. Benchmark performance is shown for comparison purposes only; it is not possible to invest directly in a securities index.

 

 

16

Table of Contents

LOGO

 

LOGO

 

The chart represents historical performance of a hypothetical investment of $10,000 in The Fixed Income Opportunity Portfolio from 9/26/00 to 6/30/07, and represents the reinvestment of dividends and capital gains in the Portfolio.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call (800) 242-9596.

 

The Portfolio’s performance is compared to the CSFB High Yield 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, or the deduction of taxes. The performance of The Fixed Income Opportunity Portfolio reflects the deduction of fees for these value-added services, but does not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or redemptions of the Portfolio’s shares.

 

Expense Ratio (As of 11/1/06) — 0.66%

 

The expense ratio above reflects the expenses currently in effect. This information is included in the most current prospectus available to current and prospective shareholders of the Fund.

 

17

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The Short-Term Municipal Bond Portfolio

 

The Short Duration Municipal Bond Portfolio managed by Breckenridge Asset Management returned 3.44% for the fiscal year compared to 3.84% for the Portfolio’s benchmark, the Merrill Lynch 1-3 Year Muni Index1. The Portfolio lagged the benchmark modestly because it has maintained a more defensive position, with a modestly shorter duration and higher quality, than the benchmark because of the relatively flat yield curve and historically tight credit spreads in the municipal bond market.

 

1

  

Merrill Lynch Muni 1-3 Year Index – an equal-weighted index that tracks the total return performance of the domestic United States municipal market. The index consists of investment grade, publicly traded, fixed-rate and coupon bearing municipal securities with a maturity of one to three years.

 

 

18

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LOGO

1

  

Merrill Lynch Muni 1-3 Year Index – an equal-weighted index that tracks the total return performance of the domestic United States municipal market. The index consists of investment grade, publicly traded, fixed-rate and coupon bearing municipal securities with a maturity of one to three years.

 

 

LOGO

 

The chart represents historical performance in The Short-Term Municipal Bond Portfolio from 3/1/06 to 6/30/07, and represents the reinvestment of dividends and capital gains in the Portfolio.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call (800) 242-9596.

 

The Portfolio’s performance is compared to the Merrill Lynch Muni 1-3 Year 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, or the deduction of taxes. The performance of The Short-Term Municipal Bond Portfolio reflects the deduction of fees for these value-added services, but does not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or redemptions of the Portfolio’s shares.

 

Expense Ratio (As of 11/1/06) — 0.28%

 

The expense ratio above reflects the expenses currently in effect. This information is included in the most current prospectus available to current and prospective shareholders of the Fund.

 

19

Table of Contents

The Intermediate Term Municipal Bond Portfolio

 

The Intermediate Term Municipal Bond Portfolio returned 4.38% for the fiscal year surpassing its benchmark the Lehman Brothers 5 Year GO Bond Index1 with a return of 3.80%. Interest rates remained essentially flat for the year and returns reflect the income or yield level of the Portfolio. Schroders, the manager of the fund, continues to deliver strong performance through emphasis on superior security selection.

 

 

 

 

1

  

The Lehman Brothers 5-Year General Obligations Bond Index. This index is “unmanaged” which means that the index results do not reflect the impact of expenses associated with any investment in securities, such as brokerage commission or other transaction costs. Benchmark performance is shown for comparison purposes only; it is not possible to invest directly in a securities index.

 

20

Table of Contents

LOGO

 

LOGO

 

The chart represents historical performance of a hypothetical investment of $10,000 in The Intermediate Term Municipal Bond Portfolio from 7/1/98 to 6/30/07, and represents the reinvestment of dividends and capital gains in the Portfolio.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call (800) 242-9596.

 

The Portfolio’s performance is compared to the Lehman Brothers 5 Year GO 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, or the deduction of taxes. An investor cannot invest directly in an index. The performance of The Intermediate Term Municipal Bond Portfolio reflects the deduction of fees for these value-added services, but does not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or redemptions of the Portfolio’s shares.

 

Expense Ratio (As of 11/1/06) — 0.35%

 

The expense ratio above reflects the expenses currently in effect. This information is included in the most current prospectus available to current and prospective shareholders of the Fund.

 

21

Table of Contents

Conclusion

 

Overall, Fiscal Year 2007 was a good year. Equity market returns were very strong and fixed income returns generally matched yield or income levels. Several of the Portfolios surpassed both their benchmarks and respective peer universes for the period, while a few others lagged modestly as we might expect over shorter periods of time. Given the nature of active management, it is critical to view performance results over long time periods where an investment manager has had the benefit of a full market cycle to demonstrate their investment skill.

 

The Portfolios continue to be positioned consistent with objectives. In addition, we continue to provide ongoing investment and compliance oversight and review of the Portfolios and the sub-advisory firms. In 2007, this resulted in the replacement of W.R. Huff in the Fixed Income Opportunity Fund. We will continue to monitor the structure and sub-advisors for each Portfolio, and will make changes as appropriate to meet the overall objectives of the Portfolio. In addition, we remain focused on costs, and continue to seek out and pursue initiatives aimed at ensuring the best overall cost for each of the Portfolios.

 

We appreciate your ongoing confidence and support, and remain committed to providing you with quality investment vehicles with which to implement your investment strategy.

 

Sincerely,

 

LOGO

Donald E. Callaghan

President

 

22

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Value Equity Portfolio

Portfolio of Investments — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks — 97.77%

  

Institutional Capital Corp. — 76.85%

  

Banking — 7.51%

438,000   

Bank of New York Co., Inc.

    $      18,150,720
665,150   

Bank of America Corp.

      32,519,183
129,100   

Wachovia Corp.

      6,616,375
846,900   

Wells Fargo & Co.

      29,785,473
         
        87,071,751
         
  

Beverages — 4.28%

441,350   

Coca-Cola Co.

      23,087,019
408,900   

Pepsico, Inc.

      26,517,164
         
        49,604,183
         
  

Building Products — 1.11%

209,550   

Temple – Inland, Inc. (a)

      12,893,612
         
  

Chemicals — 2.38%

543,800   

E.I. du Pont de Nemours & Co. (a)

      27,646,792
         
  

Computer Systems — 1.72%

447,700   

Hewlett Packard Co.

      19,976,374
         
  

Construction Materials & Supplies — 1.55%

633,000   

Masco Corp.

      18,021,510
         
  

Defense — 1.17%

123,600   

Textron, Inc.

      13,609,596
         
  

Electronics — 1.84%

567,550   

Texas Instruments, Inc.

      21,356,907
         
  

Financial Services — 7.93%

798,564   

Citigroup, Inc.

      40,958,347
633,600   

J.P. Morgan Chase & Co.

      30,697,920
240,372   

Morgan Stanley

      20,162,403
         
        91,818,670
         
  

Hotels & Motels — 0.64%

301,650   

InterContinental Hotels Group PLC ADR (a)

      7,474,898
         
  

Household Products — 2.29%

433,600   

Procter & Gamble Co.

      26,531,984
         
  

Insurance — 2.54%

421,050   

American International Group, Inc.

      29,486,132
         
  

Leisure — 0.73%

364,300   

Host Marriott Corp.

      8,422,616
         
  

Media — 1.35%

376,350   

Viacom, Inc., Class – B (b)

      15,667,451
         
  

Metals — 1.93%

73,225   

Rio Tinto PLC – ADR (a)

      22,415,637
         
  

Motorcycle Manufacturers — 0.60%

116,200   

Harley-Davidson, Inc. (a)

      6,926,682
         
Shares   

Security
Description

    Value
  

Networking — 2.09%

869,250   

Cisco Systems, Inc. (b)

    $      24,208,613
         
  

Non-Defense Capital Spending — 4.37%

774,600   

General Electric Co.

      29,651,687
374,250   

Honeywell International, Inc.

      21,062,790
         
        50,714,477
         
  

Oil & Gas — 9.77%

264,400   

Exxon Mobil Corp.

      22,177,872
253,650   

Hess Corp.

      14,955,204
388,350   

Occidental Petroleum Corp.

      22,477,698
102,750   

Schlumberger Ltd.

      8,727,585
292,950   

Total SA – ADR

      23,723,090
351,850   

XTO Energy, Inc.

      21,146,185
         
        113,207,634
         
  

Paper Products — 1.32%

392,600   

International Paper Co. (a)

      15,331,030
         
  

Pharmaceuticals — 7.03%

748,550   

Bristol-Myers Squibb Co.

      23,624,238
221,700   

Hospira, Inc. (b)

      8,655,168
451,500   

Merck & Co., Inc.

      22,484,700
478,450   

Novartis AG – ADR

      26,826,691
         
        81,590,797
         
  

Railroads — 1.36%

301,050   

Norfolk Southern Corp.

      15,826,199
         
  

Retail — 3.89%

543,150   

CVS Corp.

      19,797,818
312,400   

Office Depot, Inc. (a)(b)

      9,465,720
250,200   

Target Corp.

      15,912,720
         
        45,176,258
         
  

Telecommunications — 5.46%

864,408   

AT&T, Inc.

      35,872,931
408,850   

Corning, Inc. (b)

      10,446,118
963,750   

Motorola, Inc.

      17,058,375
         
        63,377,424
         
  

Utilities — 1.99%

267,550   

Dominion Resources, Inc. (a)

      23,092,241
         
        891,449,468
         
  

JS Asset Management — 5.51%

  

Airlines & Services — 0.29%

23,730   

AMR Corp. (b)

      625,286
67,080   

UAL Corp. (b)

      2,722,777
         
        3,348,063
         
  

Automobile Production — 0.07%

80,200   

Ford Motor Co.

      755,484
         
  

Business Services — 0.18%

293,430   

BearingPoint, Inc. (b)

      2,144,973
         

 

See accompanying notes to financial statements

 

23

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Value Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

JS Asset Management (continued)

  

Computer Software & Services — 0.20%

83,100   

Dell, Inc. (b)

    $        2,372,505
         
  

Conglomerates — 0.10%

29,890   

General Electric Co.

      1,144,189
         
  

Electric Utility — 0.44%

52,000   

Mirant Corp. (b)

      2,217,800
107,460   

Reliant Energy, Inc. (b)

      2,896,047
         
        5,113,847
         
  

Electronic Components & Instruments — 0.09%

316,700   

Sanmina-SCI Corp. (b)

      991,271
         
  

Financial Services — 1.77%

13,100   

Capital One Financial Corp.

      1,027,564
41,450   

Citigroup, Inc.

      2,125,971
94,500   

Countrywide Financial Corp.

      3,435,075
62,880   

Fannie Mae

      4,107,950
64,460   

Freddie Mac

      3,912,722
19,430   

J.P. Morgan Chase & Co.

      941,384
11,950   

MGIC Investment Corp.

      679,477
155,400   

W Holding Co., Inc.

      410,256
88,800   

Washington Mutual, Inc.

      3,786,432
         
        20,426,831
         
  

Food – Retail — 0.02%

8,430   

Safeway, Inc.

      286,873
         
  

Food Processing — 0.15%

75,200   

Tyson Foods, Inc., Class – A

      1,732,608
         
  

Homebuilding/Development — 0.26%

81,700   

D.R. Horton, Inc.

      1,628,281
63,600   

Pulte Homes, Inc.

      1,427,820
         
        3,056,101
         
  

Insurance — 0.20%

67,200   

Genworth Financial, Inc.,
Class – A

      2,311,680
         
  

Manufacturing — 0.41%

143,946   

AU Optronics Corp. – ADR

      2,475,871
68,640   

Tyco International Ltd.

      2,319,346
         
        4,795,217
         
  

Oil & Gas — 0.03%

19,300   

Aegean Marine Petroleum Network, Inc.

      367,086
         
  

Paper Products — 0.21%

843,610   

Abitibi-Consolidated, Inc. (b)

      2,480,213
         
  

Pharmaceuticals — 0.21%

60,560   

Sanofi-Aventis – ADR

      2,438,751
         
  

Telecommunications — 0.66%

245,950   

Alcatel, SA – ADR

      3,443,300
Shares   

Security
Description

    Value
  

Telecommunications (continued)

51,300   

Motorola, Inc.

    $           908,010
21,983   

Nortel Networks Corp. (b)

      528,691
129,850   

Sprint Nextel Corp.

      2,689,194
         
        7,569,195
         
  

Utilities — 0.22%

53,400   

Peabody Energy Corp.

      2,583,492
         
        63,918,379
         
  

SSgA Funds Management, Inc. — 15.41%

  

Advertising/Marketing — 0.00%

4,200   

Interpublic Group of Cos.,
Inc. (b)

      47,880
         
  

Aerospace/Defense — 0.06%

100   

Alliant Techsystems, Inc. (b)

      9,915
600   

DRS Technologies

      34,362
7,540   

Northrop Grumman Corp.

      587,140
400   

Spirit Aerosystems Holdings, Inc.,
Class – A (b)

      14,420
         
        645,837
         
  

Airlines & Services — 0.03%

2,100   

Northwest Airlines Corp. (b)

      46,620
14,389   

Southwest Airlines Co.

      214,540
1,100   

UAL Corp. (b)

      44,649
1,900   

US Airways Group, Inc. (b)

      57,513
         
        363,322
         
  

Auto Parts — 0.03%

712   

Autoliv, Inc.

      40,491
1,100   

BorgWarner, Inc.

      94,644
4,167   

Genuine Parts Co.

      206,684
1,000   

TRW Automotive Holdings
Corp. (b)

      36,830
         
        378,649
         
  

Automobile Production — 0.07%

42,221   

Ford Motor Co.

      397,722
11,191   

General Motors Corp., Class – H

      423,020
         
        820,742
         
  

Banking — 1.69%

3,800   

American Capital Strategies

      161,576
2,985   

Associated Banc-Corp.

      97,610
2,051   

Astoria Financial Corp.

      51,357
1,800   

BanCorpSouth, Inc.

      44,028
103,349   

Bank of America Corp.

      5,052,732
815   

Bank of Hawaii Corp.

      42,087
17,461   

Bank of New York Co., Inc.

      723,583
12,789   

BB&T Corp.

      520,257
524   

BOK Financial Corp.

      27,992
9,690   

Capital One Financial Corp.

      760,083

 

See accompanying notes to financial statements

 

24

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Value Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

SSgA Funds Management, Inc. (continued)

  

Banking (continued)

200   

Capitol Federal Financial

    $               7,384
4,500   

CIT Group, Inc.

      246,735
984   

City National Corp.

      74,873
3,955   

Colonial BankGroup, Inc.

      98,756
3,587   

Comerica, Inc.

      213,319
3,200   

Commerce Bancorp, Inc.

      118,368
1,699   

Commerce Bancshares, Inc.

      76,965
3,072   

Compass Bancshares, Inc.

      211,907
1,366   

Cullen/Frost Bankers, Inc.

      73,040
1,400   

East-West BanCorp, Inc.

      54,432
12,800   

Fifth Third BanCorp

      509,056
100   

First Citizens BancShares, Class – A

      19,440
3,971   

Fulton Financial Corp.

      57,262
7,200   

Hudson City BanCorp, Inc.

      87,984
6,000   

Huntington Bancshares, Inc.

      136,440
931   

Janus Capital Group, Inc.

      25,919
2,900   

Jefferies Group, Inc.

      78,242
9,100   

KeyCorp

      312,403
1,636   

M & T Bank Corp.

      174,888
6,048   

Marshall & Ilsley Corp.

      288,066
525   

Mellon Financial Corp.

      23,100
11,947   

National City Corp.

      398,074
757   

Northern Trust Corp.

      48,630
7,990   

PNC Bank Corp.

      571,924
6,610   

Popular, Inc.

      106,223
2,600   

Sky Financial Group, Inc.

      72,436
9,447   

Sovereign BanCorp, Inc.

      199,710
8,297   

SunTrust Banks, Inc.

      711,385
3,700   

Synovus Financial Corp.

      113,590
3,014   

TCF Financial Corp.

      83,789
40,549   

U.S. Bancorp

      1,336,089
1,103   

UnionBanCal Corp.

      65,849
3,092   

Valley National BanCorp

      69,539
44,594   

Wachovia Corp.

      2,285,442
2,060   

Washington Federal, Inc.

      50,079
1,200   

Webster Financial Corp.

      51,204
78,198   

Wells Fargo & Co.

      2,750,223
1,450   

Whitney Holding Corp.

      43,645
1,741   

Wilmington Trust Corp.

      72,269
2,560   

Zions BanCorp.

      196,890
         
        19,596,874
         
  

Beverages — 0.16%

6,500   

Anheuser-Busch Cos., Inc.

      339,040
500   

Brown-Forman Corp., Class – B

      36,540
7,400   

Coca-Cola Enterprises, Inc.

      177,600
4,360   

Constellation Brands, Inc., Class – A (b)

      105,861
Shares   

Security
Description

    Value
  

Beverages (continued)

1,320   

Molson Coors Brewing Co.,
Class – B

    $           122,047
2,500   

Pepsi Bottling Group, Inc.

      84,200
1,607   

PepsiAmericas, Inc.

      39,468
18,344   

The Coca-Cola Co.

      959,575
         
        1,864,331
         
  

Biotechnology — 0.04%

6,400   

Biogen Idec, Inc. (b)

      342,400
1,100   

Charles River Laboratories International, Inc. (b)

      56,782
3,502   

Millennium Pharmaceuticals (b)

      37,016
         
        436,198
         
  

Broadcasting — 0.06%

3,400   

Cablevision Systems Corp. (b)

      123,046
1   

Citadel Broadcasting Co.

      4
9,053   

Clear Channel Communications, Inc.

      342,385
2,884   

Discovery Holding Co., Class – A (b)

      66,303
600   

Hearst – Argyle Television, Inc.

      14,460
4,418   

Liberty Global, Inc., Class – A (b)

      181,315
         
        727,513
         
  

Business Services — 0.02%

800   

Cintas Corp.

      31,544
1,200   

Fair Isaac Corp.

      48,144
734   

Fidelity National Information Services, Inc.

      39,842
600   

Getty Images, Inc. (b)

      28,686
800   

Hewitt Associates, Inc. (b)

      25,600
500   

IMS Health, Inc.

      16,065
1,300   

ServiceMaster Co.

      20,098
100   

The Brink’s Co.

      6,189
         
        216,168
         
  

Cable — 0.08%

26,594   

Comcast Corp., Class – A (b)

      747,823
1,600   

Time Warner Cable, Inc., Class – A (b)

      62,672
7,018   

Virgin Media, Inc.

      171,029
         
        981,524
         
  

Casinos/Gaming — 0.02%

1,883   

Harrah’s Entertainment, Inc.

      160,545
400   

Station Casinos, Inc.

      34,720
         
        195,265
         
  

Chemicals — 0.30%

2,621   

Air Products & Chemicals, Inc.

      210,650

 

See accompanying notes to financial statements

 

25

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Value Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

SSgA Funds Management, Inc. (continued)

  

Chemicals (continued)

100   

Airgas, Inc.

    $               4,790
1,352   

Ashland, Inc.

      86,460
395   

Cabot Corp.

      18,834
900   

Celanese Corp., Series – A

      34,902
5,500   

Chemtura Corp.

      61,105
1,000   

Cytec Industries, Inc.

      63,770
22,249   

Dow Chemical Co.

      983,851
18,079   

E.I. du Pont de Nemours & Co.

      919,136
1,986   

Eastman Chemical Co.

      127,759
900   

FMC Corp.

      80,451
2,100   

Huntsman Corp.

      51,051
700   

International Flavors & Fragrance, Inc.

      36,498
3,900   

KBR, Inc. (b)

      102,297
1,219   

Lubrizol Corp.

      78,686
3,792   

PPG Industries, Inc.

      288,609
1,582   

Rohm & Haas Co.

      86,504
1,750   

Sigma-Aldrich Corp.

      74,673
2,100   

The Mosaic Co. (b)

      81,942
2,132   

Valspar Corp.

      60,570
300   

Westlake Chemical Corp.

      8,436
         
        3,460,974
         
  

Clothing/Apparel — 0.05%

14,000   

Gap, Inc.

      267,400
2,800   

Jones Apparel Group, Inc.

      79,100
2,292   

Liz Claiborne, Inc.

      85,492
2,200   

VF Corp.

      201,476
         
        633,468
         
  

Computer Software & Services — 0.15%

1,400   

Affiliated Computer Services, Inc.,
Class – A (b)

      79,408
3,500   

Applera Corp.

      106,890
3,600   

CA, Inc.

      92,988
4,700   

Cadence Design Systems, Inc. (b)

      103,212
361   

Ceridian Corp. (b)

      12,635
4,157   

Computer Sciences Corp. (b)

      245,887
1,310   

Compuware Corp. (b)

      15,537
5,025   

Electronic Data Systems Corp.

      139,343
2,500   

Integrated Device Technology, Inc. (b)

      38,175
3,594   

NCR Corp. (b)

      188,829
7,100   

Novell, Inc. (b)

      55,309
2,200   

SanDisk Corp. (b)

      107,668
17,970   

Symantec Corp. (b)

      362,993
7,969   

Unisys Corp. (b)

      72,837
3,600   

Western Digital Corp. (b)

      69,660
         
        1,691,371
         
Shares   

Security
Description

    Value
  

Computer Systems — 0.12%

3,200   

Ingram Micro, Inc. (b)

    $             69,472
7,093   

International Business Machines Corp.

      746,538
1,000   

Lexmark International Group,
Inc. (b)

      49,310
7,900   

Seagate Technology

      171,983
62,000   

Sun Microsystems, Inc. (b)

      326,120
1,221   

Tech Data Corp. (b)

      46,960
         
        1,410,383
         
  

Conglomerates — 1.18%

1,100   

3M Co.

      95,469
21,050   

Altria Group, Inc.

      1,476,447
3,200   

Dover Corp.

      163,680
3,600   

Fortune Brands, Inc.

      296,532
213,012   

General Electric Co.

      8,154,098
2,000   

Hawaiian Electric Industries, Inc.

      47,380
2,657   

Honeywell International, Inc.

      149,536
3,757   

IAC/Interactive Corp. (a)

      130,030
3,702   

ITT Industries, Inc.

      252,773
2,310   

Pentair, Inc.

      89,097
4,979   

Raytheon Co.

      268,318
1,367   

SPX Corp.

      120,036
949   

Teleflex, Inc.

      77,609
2,508   

Temple – Inland, Inc.

      154,317
46,200   

Tyco International Ltd.

      1,561,098
9,000   

United Technologies Corp.

      638,370
300   

W.W. Grainger, Inc.

      27,915
         
        13,702,705
         
  

Construction Materials & Supplies — 0.05%

1,100   

Carlisle Cos., Inc.

      51,161
2,700   

Louisiana-Pacific Corp.

      51,084
8,305   

Masco Corp.

      236,443
2,600   

Owens Corning, Inc. (b)

      87,438
388   

RPM International, Inc.

      8,967
1,836   

Timken Co.

      66,298
1,500   

United Rentals, Inc. (b)

      48,810
         
        550,201
         
  

Consumer Products & Services — 0.02%

600   

Jarden Corp. (b)

      25,806
5,100   

Mattel, Inc.

      128,979
806   

The Scotts Co.

      34,610
         
        189,395
         
  

Containers & Packaging — 0.03%

400   

Avery Dennison Corp.

      26,592
2,572   

Bemis Co., Inc.

      85,339
3,200   

Sealed Air Corp.

      99,264
2,454   

Sonoco Products Co.

      105,056
         
        316,251
         

 

See accompanying notes to financial statements

 

26

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Value Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

SSgA Funds Management, Inc. (continued)

  

Education Services — 0.00%

100   

Laureate Education, Inc. (b)

    $               6,166
         
  

Electronic Components & Instruments — 0.22%

1,260   

Arrow Electronics, Inc. (b)

      48,422
9,800   

Atmel Corp. (b)

      54,488
1,638   

Avnet, Inc. (b)

      64,930
420   

AVX Corp.

      7,031
100   

Beckman Coulter, Inc.

      6,468
3,000   

Eaton Corp.

      279,000
3,106   

Emerson Electric Co.

      145,361
251   

Energizer Holdings, Inc. (b)

      25,000
8,074   

General Dynamics Corp.

      631,549
946   

Hubbell, Inc., Class – B

      51,292
1,300   

International Rectifier Corp. (b)

      48,438
1,400   

Intersil Holding Corp.

      44,044
1,600   

Jabil Circuit, Inc.

      35,312
942   

Johnson Controls, Inc.

      109,055
11,900   

Micron Technology, Inc. (b)

      149,107
1,400   

Molex, Inc.

      42,014
2,686   

Parker-Hannifin Corp.

      262,986
2,100   

PerkinElmer, Inc.

      54,726
8,500   

Sanmina-SCI Corp. (b)

      26,605
10,600   

Solectron Corp. (b)

      39,008
1,430   

Tektronix, Inc.

      48,248
1,300   

Teradyne, Inc. (b)

      22,854
4,900   

Thermo Electron Corp. (b)

      253,428
3,355   

Vishay Intertechnology, Inc. (b)

      53,076
         
        2,502,442
         
  

Entertainment — 0.10%

6,000   

Carnival Corp.

      292,620
25,925   

The Walt Disney Co.

      885,080
1,100   

Warner Music Group Corp.

      15,895
         
        1,193,595
         
  

Financial Services — 1.98%

220   

A.G. Edwards, Inc.

      18,601
3,730   

Allied Capital Corp.

      115,481
2,410   

AMBAC Financial Group, Inc.

      210,128
2,308   

Americredit Corp. (b)

      61,277
5,500   

Ameriprise Financial, Inc.

      349,635
2,800   

Bear Stearns Cos., Inc.

      392,000
600   

Blackrock, Inc.

      93,954
932   

CapitalSource, Inc.

      22,918
115,185   

Citigroup, Inc.

      5,907,838
3,100   

Convergys Corp. (b)

      75,144
13,854   

Countrywide Credit Industries, Inc.

      503,593
6,200   

E*TRADE Group, Inc. (b)

      136,958
22,700   

Fannie Mae

      1,482,991
Shares   

Security
Description

    Value
  

Financial Services (continued)

14,800   

First Data Corp.

    $           483,516
3,000   

First Horizon National Corp.

      117,000
9,337   

Freddie Mac

      566,756
5,336   

Goldman Sachs Group, Inc.

      1,156,578
7,419   

Hartford Financial Services Group, Inc.

      730,846
1,494   

IndyMac Mortgage Holdings, Inc.

      43,580
3,085   

iStar Financial, Inc.

      136,758
79,540   

J.P. Morgan Chase & Co.

      3,853,712
1,800   

Legg Mason, Inc.

      177,084
12,426   

Lehman Brothers Holdings, Inc.

      925,986
15,195   

Merrill Lynch & Co., Inc.

      1,269,998
2,024   

MGIC Investment Corp.

      115,085
23,186   

Morgan Stanley

      1,944,842
1,200   

Nationwide Financial Services, Inc.

      75,864
7,649   

New York Community BanCorp

      130,186
100   

NVR, Inc. (b)

      67,975
1,600   

Peoples United Financial, Inc.

      28,368
5,897   

Principal Financial Group

      343,736
2,287   

Raymond James Financial, Inc.

      70,668
16,433   

Regions Financial Corp.

      543,932
100   

Student Loan Corp.

      20,390
2,000   

TFS Financial Corp. (b)

      23,080
20,561   

Washington Mutual, Inc.

      876,721
1,000   

Western Union Co.

      20,830
         
        23,094,009
         
  

Food – Retail — 0.06%

6,052   

Kroger Co.

      170,243
10,300   

Safeway, Inc.

      350,508
4,949   

Supervalu, Inc.

      229,238
         
        749,989
         
  

Food Processing — 0.35%

15,245   

Archer-Daniels-Midland Co.

      504,457
2,800   

Bunge Ltd.

      236,600
2,281   

Campbell Soup Co.

      88,526
11,591   

ConAgra Foods, Inc.

      311,334
1,700   

Corn Products International, Inc.

      77,265
3,150   

Dean Foods Co.

      100,391
5,000   

Del Monte Foods Co.

      60,800
7,399   

General Mills, Inc.

      432,250
3,537   

H.J. Heinz Co.

      167,901
1,809   

Hormel Foods Corp.

      67,566
1,400   

J.M. Smucker Co.

      89,124
1,500   

Kellogg Co.

      77,685
37,347   

Kraft Foods, Inc.

      1,316,481
648   

McCormick & Co., Inc.

      24,741
8,755   

Sara Lee Corp.

      152,337

 

See accompanying notes to financial statements

 

27

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Value Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

SSgA Funds Management, Inc. (continued)

  

Food Processing (continued)

2,774   

Smithfield Foods, Inc. (b)

    $           85,411
1,200   

The Hershey Co.

      60,744
5,418   

Tyson Foods, Inc., Class – A

      124,831
700   

William Wrigley Jr. Co.

      38,717
         
        4,017,161
         
  

Funeral Services — 0.01%

7,040   

Service Corp. International

      89,971
         
  

Furniture & Fixtures — 0.02%

1,227   

Hillenbrand Industry, Inc.

      79,755
4,140   

Leggett & Platt, Inc.

      91,287
1,172   

Mohawk Industries, Inc. (b)

      118,126
         
        289,168
         
  

Health Care — 0.09%

2,000   

Community Health Systems, Inc. (b)

      80,900
5,600   

Health Management Associates, Inc.,
Class – A

      63,616
540   

McKesson Corp.

      32,206
2,476   

Omnicare, Inc.

      89,285
3,400   

Tenet Healthcare Corp. (b)

      22,134
1,825   

Triad Hospitals, Inc. (b)

      98,112
800   

Universal Health Services, Inc.

      49,200
7,819   

WellPoint, Inc. (b)

      624,190
         
        1,059,643
         
  

Homebuilding/Development — 0.05%

500   

Armstrong World Industries, Inc. (b)

      25,075
2,700   

Centex Corp.

      108,270
7,272   

D.R. Horton, Inc.

      144,930
1,800   

KB Home

      70,866
3,148   

Lennar Corp.

      115,091
769   

MDC Holdings, Inc.

      37,189
3,168   

Pulte Homes, Inc.

      71,122
2,400   

Toll Brothers, Inc. (b)

      59,952
         
        632,495
         
  

Hotels & Motels — 0.01%

4,012   

Wyndham Worldwide Corp. (b)

      145,475
         
  

Household Products & Appliances — 0.26%

1,418   

Alberto – Culver Co.

      33,635
800   

Avon Products, Inc.

      29,400
287   

Clorox Co.

      17,823
900   

Colgate-Palmolive Co.

      58,365
2,730   

Newell Rubbermaid, Inc.

      80,344
44,300   

Procter & Gamble Co.

      2,710,717
490   

Whirlpool Corp.

      54,488
         
        2,984,772
         
Shares   

Security
Description

    Value
  

Insurance — 1.14%

7,200   

ACE Ltd.

    $           450,144
2,264   

Aetna, Inc.

      111,842
1,000   

AFLAC, Inc.

      51,400
120   

Alleghany Corp. (b)

      48,780
1,400   

Allied World Assurance Holdings Ltd.

      71,750
14,185   

Allstate Corp.

      872,519
2,013   

American Financial Group, Inc.

      68,744
48,525   

American International Group, Inc.

      3,398,205
400   

American National Insurance Co.

      61,040
6,883   

Aon Corp.

      293,285
1,200   

Arch Capital Group Ltd. (b)

      87,048
1,500   

Arthur J. Gallagher & Co.

      41,820
3,000   

Assurant, Inc.

      176,760
3,600   

Axis Capital Holdings Ltd.

      146,340
9,350   

Chubb Corp.

      506,209
3,817   

Cincinnati Financial Corp.

      165,658
500   

CNA Financial Corp.

      23,845
3,600   

Conseco, Inc. (b)

      75,204
1,400   

Endurance Specialty Holdings Ltd.

      56,056
900   

Erie Indemnity, Inc.

      48,636
1,500   

Everest Re Group Ltd.

      162,960
5,189   

Fidelity National Title Group, Inc., Class – A

      122,979
2,200   

First American Financial Corp.

      108,900
1,100   

Hanover Insurance Group, Inc.

      53,669
1,206   

HCC Insurance Holdings, Inc.

      40,292
4,098   

Leucadia National Corp.

      144,455
6,341   

Lincoln National Corp.

      449,894
10,188   

Loews Corp.

      519,384
204   

Markel Corp. (b)

      98,850
12,900   

Marsh & McLennan Cos., Inc.

      398,352
3,056   

MBIA, Inc.

      190,144
600   

Mercury General Corp.

      33,066
11,031   

MetLife, Inc.

      711,279
5,435   

Old Republic International Corp.

      115,548
1,000   

PartnerRe Ltd.

      77,500
300   

Philadelphia Consolidated Holding Corp. (b)

      12,540
2,066   

PMI Group, Inc.

      92,288
17,120   

Progressive Corp.

      409,682
1,631   

Protective Life Corp.

      77,978
1,980   

Radian Group, Inc.

      106,920
800   

Reinsurance Group of America, Inc.

      48,192
1,700   

RenaissanceRe Holdings Ltd.

      105,383
2,500   

SAFECO Corp.

      155,650
1,400   

StanCorp Financial Group, Inc.

      73,472

 

See accompanying notes to financial statements

 

28

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Value Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

SSgA Funds Management, Inc. (continued)

  

Insurance (continued)

2,270   

Torchmark Corp.

    $           152,090
427   

Transatlantic Holdings, Inc.

      30,373
15,511   

Travelers Companies, Inc.

      829,839
1,069   

Unitrin, Inc.

      52,573
8,295   

UnumProvident Corp.

      216,582
2,855   

W.R. Berkley

      92,902
10,100   

Wentworth Financial, Inc., Class – A

      347,440
47   

Wesco Financial Corp.

      18,095
200   

White Mountains Insurance Group Ltd.

      121,204
3,800   

XL Capital Ltd., Class – A

      320,302
         
        13,246,062
         
  

Machinery, Tools & Engineering — 0.10%

700   

AGCO Corp. (b)

      30,387
700   

Black & Decker Corp.

      61,817
1,200   

Crane Co.

      54,540
5,034   

Deere & Co.

      607,805
100   

Flowserve Corp.

      7,160
2,900   

Illinois Tool Works, Inc.

      157,151
400   

Kennametal, Inc.

      32,812
1,000   

Novellus Systems (b)

      28,370
260   

Pall Corp.

      11,957
200   

Shaw Group, Inc. (b)

      9,258
1,221   

Snap-On, Inc.

      61,673
1,300   

Stanley Works

      78,910
         
        1,141,840
         
  

Manufacturing — 0.07%

300   

Carpenter Technology Corp.

      39,093
2,900   

Cooper Industries Ltd., Class – A

      165,561
1,200   

Gardner Denver, Inc. (b)

      51,060
6,600   

Ingersoll-Rand Co., Ltd. Class – A

      361,812
1,400   

Lennox International

      47,922
300   

Lincoln Electric Holdings, Inc.

      22,272
1,100   

URS Corp. (b)

      53,405
1,900   

USG Corp. (b)

      93,176
         
        834,301
         
  

Media — 0.26%

14,947   

CBS Corp., Class – B

      498,034
3,005   

Liberty Media Capital Corp. – Capital (b)

      353,628
6,111   

Liberty Media Holding Corp. – Interactive (b)

      136,459
18,428   

News Corp., Class – A

      390,858
75,102   

Time Warner, Inc.

      1,580,146
         
        2,959,125
         
Shares   

Security
Description

    Value
  

Medical Equipment & Supplies — 0.09%

7,700   

Amgen, Inc. (b)

    $           425,733
977   

Bausch & Lomb, Inc.

      67,843
31,000   

Boston Scientific Corp. (b)

      475,540
700   

Invitrogen Corp. (b)

      51,625
500   

The Cooper Cos., Inc.

      26,660
         
        1,047,401
         
  

Metals — 0.18%

20,238   

Alcoa, Inc.

      820,246
3,000   

Commercial Metals Co.

      101,310
1,583   

Freeport-McMoran Copper & Gold, Inc., Class – B

      131,104
5,800   

Newmont Mining Corp.

      226,548
5,400   

Nucor Corp.

      316,710
1,400   

Reliance Steel & Aluminum Co.

      78,764
760   

Rowan Cos., Inc.

      31,145
1,500   

Steel Dynamics

      62,865
2,752   

United States Steel Corp.

      299,280
         
        2,067,972
         
  

Motion Pictures & Services — 0.00%

300   

Dreamworks Animation SKG, Inc. (b)

      8,652
         
  

Office Equipment — 0.04%

970   

Pitney Bowes, Inc.

      45,415
210   

Steelcase, Inc.

      3,885
21,800   

Xerox Corp. (b)

      402,864
         
        452,164
         
  

Oil & Gas — 2.10%

1,900   

AGL Resources, Inc.

      76,912
10,800   

Anadarko Petroleum Corp.

      561,492
7,690   

Apache Corp.

      627,427
2,200   

Atmos Energy Corp.

      66,132
4,500   

Chesapeake Energy Corp.

      155,700
50,074   

ChevronTexaco Corp.

      4,218,234
1,900   

Cimarex Energy Co.

      74,879
38,101   

ConocoPhillips

      2,990,929
10,316   

Devon Energy Corp.

      807,640
29,388   

Duke Energy Corp.

      537,800
1,700   

Energen Corp.

      93,398
5,700   

EOG Resources, Inc.

      416,442
348   

Equitable Resources, Inc.

      17,247
104,475   

Exxon Mobil Corp.

      8,763,363
1,800   

Forest Oil Corp. (b)

      76,068
1,300   

Frontier Oil Corp.

      56,901
400   

Helix Energy Solutions Group, Inc. (b)

      15,964
2,400   

Helmerich & Payne, Inc.

      85,008
6,620   

Hess Corp.

      390,315
5,223   

Lyondell Chemical Co.

      193,878

 

See accompanying notes to financial statements

 

29

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Value Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

SSgA Funds Management, Inc. (continued)

  

Oil & Gas (continued)

16,024   

Marathon Oil Corp.

    $           960,799
4,391   

MDU Resources Group, Inc.

      123,124
4,400   

Murphy Oil Corp.

      261,536
800   

Nabors Industries Ltd. (b)

      26,704
3,078   

Newfield Exploration Co. (b)

      140,203
3,460   

Noble Energy, Inc.

      215,869
19,406   

Occidental Petroleum Corp.

      1,123,219
2,800   

ONEOK, Inc.

      141,148
3,700   

Patterson-UTI Energy, Inc.

      96,977
3,000   

Pioneer Natural Resources Co.

      146,130
1,700   

Plains Exploration & Production Co. (b)

      81,277
1,356   

Pogo Producing Co.

      68,871
670   

Pride International, Inc. (b)

      25,098
500   

Seacor Holdings, Inc. (b)

      46,680
2,580   

Southern Union Co.

      84,082
15,044   

Spectra Energy Corp.

      390,542
1,500   

St. Mary Land & Exploration Co.

      54,930
2,400   

UGI Corp.

      65,472
2,718   

Valero Energy Corp.

      200,751
1,903   

Vectren Corp.

      51,248
         
        24,530,389
         
  

Paper Products — 0.14%

5,197   

Domtar Corp. (b)

      57,999
10,184   

International Paper Co.

      397,684
5,913   

Kimberly-Clark Corp.

      395,521
4,593   

MeadWestvaco Corp.

      162,225
1,662   

Rayonier, Inc.

      75,023
6,600   

Smurfit-Stone Container Corp. (b)

      87,846
5,006   

Weyerhaeuser Co.

      395,114
         
        1,571,412
         
  

Pharmaceuticals — 0.78%

2,414   

AmerisourceBergen Corp.

      119,421
11,800   

Eli Lilly & Co.

      659,384
42,200   

Johnson & Johnson, Inc.

      2,600,364
6,100   

King Pharmaceuticals, Inc. (b)

      124,806
1,300   

Lifepoint Hospitals, Inc. (b)

      50,284
8,809   

Merck & Co., Inc.

      438,688
163,500   

Pfizer, Inc.

      4,180,695
978   

Watson Pharmaceuticals, Inc. (b)

      31,814
14,900   

Wyeth

      854,366
         
        9,059,822
         
  

Photography/Imaging Technology — 0.02%

6,930   

Eastman Kodak Co.

      192,862
         
  

Publishing & Printing — 0.10%

2,100   

E.W. Scripps Co., Class A

      95,949
Shares   

Security
Description

    Value
  

Publishing & Printing (continued)

5,487   

Gannett Co., Inc.

    $           301,511
3,627   

Idearc, Inc.

      128,142
1,213   

McClatchy Co., Class – A

      30,701
2,538   

New York Times Co., Class – A

      64,465
1,700   

R. H. Donnelley Corp. (b)

      128,826
5,222   

R.R. Donnelley & Sons Co.

      227,209
1,987   

Tribune Co.

      58,418
114   

Washington Post Co., Class – B

      88,474
         
        1,123,695
         
  

Railroads — 0.08%

500   

Burlington Northern Santa Fe Corp.

      42,570
8,410   

CSX Corp.

      379,123
700   

Kansas City Southern Industries, Inc. (b)

      26,278
4,480   

Norfolk Southern Corp.

      235,514
100   

Trinity Industries, Inc.

      4,354
2,449   

Union Pacific Corp.

      282,002
         
        969,841
         
  

Real Estate — 0.04%

2,401   

AMB Property Corp.

      127,781
4,983   

Kimco Realty Corp.

      189,703
3,803   

Plum Creek Timber Co., Inc.

      158,433
600   

Ryland Group, Inc.

      22,422
         
        498,339
         
  

Real Estate Investment Trusts — 0.36%

6,352   

Annaly Mortgage Management, Inc.

      91,596
2,104   

Apartment Investment & Management Co.

      106,084
5,300   

Archstone-Smith Trust

      313,283
1,900   

AvalonBay Communities, Inc.

      225,872
2,366   

Boston Properties, Inc.

      241,640
2,100   

Brandywine Realty Trust

      60,018
1,258   

BRE Properties, Class – A

      74,587
700   

Brookdale Senior Living, Inc.

      31,899
1,400   

Camden Property Trust

      93,758
1,500   

CBL & Associates Properties, Inc.

      54,075
1,200   

Colonial Properties Trust

      43,740
2,916   

Developers Diversified Realty Corp.

      153,702
2,400   

Douglas Emmett, Inc.

      59,376
900   

Duke Realty Corp.

      32,103
6,771   

Equity Residential Properties Trust

      308,961
300   

Essex Property Trust, Inc.

      34,890
700   

Federal Realty Investment Trust

      54,082
1,999   

General Growth Properties, Inc.

      105,847

 

See accompanying notes to financial statements

 

30

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Value Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

SSgA Funds Management, Inc. (continued)

  

Real Estate Investment Trusts (continued)

4,796   

Health Care Property Investors, Inc.

    $           138,748
1,900   

Health Care REIT, Inc.

      76,684
2,250   

Hospitality Properties Trust

      93,353
12,149   

Host Marriott Corp.

      280,885
5,200   

HRPT Properties Trust

      54,080
2,213   

Liberty Property Trust

      97,217
1,667   

Mack-Cali Realty Corp.

      72,498
741   

ProLogis Trust

      42,163
2,700   

Public Storage, Inc.

      207,414
1,700   

Regency Centers Corp.

      119,850
2,417   

Simon Property Group, Inc.

      224,878
1,397   

SL Green Realty Corp.

      173,074
600   

Taubman Centers, Inc.

      29,766
2,800   

Thornburg Mortgage, Inc.

      73,304
3,200   

Vornado Realty Trust

      351,487
         
        4,120,914
         
  

Recreation — 0.04%

1,763   

Brunswick Corp.

      57,527
4,530   

Expedia, Inc. (b)

      132,684
2,459   

Hasbro, Inc.

      77,237
800   

International Speedway Corp.

      42,168
3,100   

Royal Caribbean Cruises Ltd.

      133,238
         
        442,854
         
  

Rental & Leasing — 0.01%

1,556   

Avis Budget Group, Inc. (b)

      44,237
2,600   

Hertz Global Holdings, Inc. (b)

      69,082
         
        113,319
         
  

Restaurants — 0.10%

22,084   

McDonald’s Corp.

      1,120,984
         
  

Retail — 0.31%

100   

AnnTaylor Stores Corp. (b)

      3,542
4,017   

AutoNation, Inc. (b)

      90,141
1,000   

Barnes & Noble, Inc.

      38,470
1,700   

BJ’s Wholesale Club, Inc. (b)

      61,251
2,227   

Circuit City Stores, Inc.

      33,583
3,253   

Costco Wholesale Cos.

      190,366
16,936   

CVS Corp.

      617,317
1,400   

Dillards, Inc., Class – A

      50,302
3,174   

Foot Locker, Inc.

      69,193
19,300   

Home Depot, Inc.

      759,455
10,520   

Macy’s, Inc.

      418,486
904   

Officemax, Inc.

      35,527
700   

RadioShack Corp.

      23,198
12,500   

Rite Aid Corp. (b)

      79,750
471   

Saks, Inc.

      10,056
1,888   

Sears Holding Corp. (b)

      320,016
Shares   

Security
Description

    Value
  

Retail (continued)

1,100   

United Auto Group, Inc.

    $             23,419
14,900   

Wal-Mart Stores, Inc.

      716,839
         
        3,540,911
         
  

Semiconductors — 0.02%

7,600   

Advanced Micro Devices, Inc. (b)

      108,680
1,500   

Cree Research, Inc. (b)

      38,775
1,300   

Fairchild Semiconductor International (b)

      25,116
7,272   

LSI Logic Corp. (b)

      54,613
200   

Rambus, Inc. (b)

      3,596
         
        230,780
         
  

Telecommunications — 1.14%

2,728   

ADC Telecommunications, Inc. (b)

      50,004
7,998   

Alltel Corp.

      540,265
143,599   

AT&T, Inc.

      5,959,359
7,800   

Avaya, Inc. (b)

      131,352
2,576   

CenturyTel, Inc.

      126,353
6,560   

Citizens Communications Co.

      100,171
1,000   

Crown Castle International Corp. (b)

      36,270
3,585   

Embarq Corp.

      227,181
2,200   

JDS Uniphase Corp. (b)

      29,546
3,700   

Juniper Networks, Inc. (b)

      93,129
1,900   

L-3 Communications Holdings, Inc.

      185,041
53,900   

Motorola, Inc.

      954,030
37,500   

Qwest Communications International, Inc. (b)

      363,750
65,509   

Sprint Nextel Corp.

      1,356,691
1,326   

Telephone & Data Systems, Inc.

      82,968
10,989   

Tellabs, Inc. (b)

      118,242
157   

U.S. Cellular Corp. (b)

      14,224
67,653   

Verizon Communications, Inc.

      2,785,274
4,999   

Windstream Corp.

      73,785
         
        13,227,635
         
  

Tobacco — 0.04%

1,000   

Carolina Group

      77,270
4,002   

Reynolds American, Inc.

      260,930
1,745   

UST, Inc.

      93,724
         
        431,924
         
  

Transportation — 0.05%

1,100   

Alexander & Baldwin, Inc.

      58,421
1,200   

FedEx Corp.

      133,164
500   

GATX Corp.

      24,625
2,100   

Laidlaw International, Inc.

      72,555
700   

Overseas Shipholding Group, Inc.

      56,980

 

See accompanying notes to financial statements

 

31

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Value Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

 

Security
Description

    Value
  

Common Stocks (continued)

  

SSgA Funds Management, Inc. (continued)

  

Transportation (continued)

1,587   

Ryder Systems, Inc.

    $             85,381
900   

Teekay Corp.

      52,119
566   

Tidewater, Inc.

      40,118
1,400   

YRC Worldwide, Inc. (b)

      51,520
         
        574,883
         
  

Utilities — 0.86%

2,871   

Alliant Energy Corp.

      111,538
4,990   

Ameren Corp.

      244,560
9,310   

American Electric Power, Inc.

      419,322
2,916   

Aqua America, Inc.

      65,581
5,500   

CMS Energy Corp.

      94,600
6,288   

Consolidated Edison, Inc.

      283,715
933   

Constellation Energy Group, Inc.

      81,330
4,067   

Detroit Edison Co.

      196,111
8,138   

Dominion Resources, Inc.

      702,390
1,242   

DPL, Inc.

      35,198
6,612   

Dynegy, Inc., Class – A (b)

      62,417
7,626   

Edison International

      427,971
16,315   

El Paso Energy Corp.

      281,107
4,033   

Energy East Corp.

      105,221
4,594   

Entergy Corp.

      493,166
8,550   

Exelon Corp.

      620,729
7,150   

FirstEnergy Corp.

      462,820
9,508   

Florida Power & Light, Inc.

      539,484
2,000   

Great Plains Energy, Inc.

      58,240
1,800   

Integrys Energy Group, Inc.

      91,314
4,290   

KeySpan Corp.

      180,094
1,889   

Mirant Corp. (b)

      80,566
2,100   

National Fuel Gas Co.

      90,951
6,612   

NiSource, Inc.

      136,935
3,798   

Northeast Utilities

      107,711
1,100   

NRG Energy, Inc. (b)

      45,727
2,638   

NSTAR

      85,603
2,207   

OGE Energy Corp.

      80,887
4,783   

Pepco Holdings, Inc.

      134,881
8,200   

PG&E Corp.

      371,460
2,398   

Pinnacle West Capital Corp.

      95,560
2,316   

PPL Corp.

      108,366
5,970   

Progress Energy, Inc.

      272,172
2,700   

Progress Energy, Inc. (b)(c)

      0
5,949   

Public Service Enterprise Group, Inc.

      522,203
2,883   

Puget Energy, Inc.

      69,711
2,636   

Questar Corp.

      139,313
8,264   

Reliant Resources, Inc. (b)

      222,715
2,798   

SCANA Corp.

      107,135
6,117   

Sempra Energy

      362,310
4,400   

Sierra Pacific Resources (b)

      77,264
Shares
or
Principal
Amount		   

Security
Description

    Value
  

Utilities (continued)

  17,502   

Southern Co.

    $           600,144
  5,100   

Teco Energy, Inc.

      87,618
  2,900   

TXU Corp.

      195,170
  2,311   

Williams Cos., Inc.

      73,074
  2,810   

Wisconsin Energy Corp.

      124,286
  9,770   

Xcel Energy, Inc.

      199,992
         
        9,948,662
         
  

Waste Disposal — 0.03%

  5,740   

Allied Waste Industries, Inc. (b)

      77,260
  235   

Republic Services, Inc.

      7,200
  5,261   

Waste Management, Inc.

      205,443
         
        289,903
         
        178,740,583
         
  

Total Common Stocks
(cost $930,247,994)

      1,134,108,430
         
  

Securities Held as Collateral for Securities on Loan — 4.29%

  49,689,834   

State Street Navigator Securities Lending Prime Portfolio

      49,689,834
$ 76,873   

Various U.S. Treasury Bonds and Notes 0.875% to 3.875%, 4/15/10 to 4/15/29

      95,686
         
  

Total Securities Held as Collateral for Securities on Loan
(cost $49,785,520)

      49,785,520
         
  

Commercial Paper — 1.19%

  

Institutional Capital Corp. — 1.19%

  13,800,000   

United Parcel Service CP, Zero Coupon, 5.21%, 7/5/07*

      13,792,118
         
  

Total Commercial Paper
(cost $13,792,118)

      13,792,118
         
  

Time Deposit — 0.44%

  

Institutional Capital Corp. — 0.05%

  529,431   

Liquidity Management Control System Time Deposit

      529,431
         
  

JS Asset Management — 0.39%

  4,541,195   

Liquidity Management Control System Time Deposit

      4,541,195
         
  

Total Time Deposit
(cost $5,070,626)

      5,070,626
         
  

Money Market Funds — 0.43%

  

SSgA Funds Management, Inc. — 0.43%

  1,892,976   

Alliance Money Market Fund Prime Portfolio, 5.29% (d)

      1,892,976
  3,037,638   

Federated Prime Obligations, 5.17% (d)

      3,037,638
         
  

Total Money Market Funds
(cost $4,930,614)

      4,930,614
         

 

See accompanying notes to financial statements

 

32

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Value Equity Portfolio

Portfolio of Investments (concluded) — June 30, 2007

Principal
Amount		   

Security
Description

    Value  
  

Treasury Bills — 0.03%

 

  

SSgA Funds Management, Inc. — 0.03%

 

$ 405,000   

U.S. Treasury Bills,
4.76%, 9/6/07 (e)*

    $           401,529  
           
  

Total Treasury Bills
(cost $401,499)

      401,529  
           
  

Total Investments
(cost $1,004,228,371) — 104.15%

      1,208,088,837  
  

Liabilities in excess of other assets — (4.15)%

      (48,083,426 )
           
  

Net Assets — 100.00%

    $ 1,160,005,411  
           

 

(a)   All or part of this security has been placed on loan as of June 30, 2007.

 

(b)   Represents non-income producing security.

 

(c)   Escrow Security due to bankruptcy.

 

(d)   Variable rate security. The rate reflected in the Portfolio of Investments is the rate in effect on June 30, 2007. The maturity date represents the actual maturity date.

 

(e)   All or part of this security has been pledged as collateral for Futures contracts held by the Fund.

 

*   Rate disclosed represents effective yield at purchase.

 

ADR — American Depositary Receipt

 

Futures

 

SSgA Funds Management, Inc.

 

Number
of

Contracts

   

Futures Contracts Long Positions

    Market
Value		    Expiration   

Unrealized

Gain/(Loss)

  
34   

S&P 500 E-mini Future

    $ 2,576,180    Sep-07    $ 13,153  
3   

S&P 400 E-mini Future

      271,260    Sep-07      (2,137 )
3   

Russell 1000 Future

      1,237,425    Sep-07      (6,466 )
3   

Russell 1000 Value Future

      1,296,225    Sep-07      (11,791 )
                 
  

Total Unrealized Loss

          $ (7,241 )
                 

 

See accompanying notes to financial statements

 

33

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Growth Equity Portfolio

Portfolio of Investments — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks — 97.61%

  

Sustainable Growth Advisers, L.P. — 22.06%

  

Banking — 0.90%

217,600   

State Street Corp.

    $      14,883,840
         
  

Beverages-Non-Alcoholic — 0.69%

218,200   

Coca-Cola Co.

      11,414,042
         
  

Biotechnology — 1.20%

307,200   

Genzyme Corp. (a)

      19,783,680
         
  

Communications Equipment — 0.86%

326,100   

Qualcomm, Inc.

      14,149,479
         
  

Consumer Products — 0.84%

213,800   

Colgate-Palmolive Co.

      13,864,930
         
  

Data Processing & Reproduction — 1.34%

456,300   

Automatic Data Processing, Inc.

      22,116,861
         
  

E-Commerce — 0.65%

336,100   

eBay, Inc. (a)

      10,815,698
         
  

Food & Beverages — 2.40%

277,200   

PepsiCo, Inc.

      17,976,420
428,500   

Starbucks Corp. (a)

      11,243,840
275,000   

Whole Foods Market, Inc. (b)

      10,532,500
         
        39,752,760
         
  

Food Products – Distribution — 0.87%

434,800   

Sysco Corp.

      14,344,052
         
  

Household Products — 1.06%

286,500   

Procter & Gamble Co.

      17,530,935
         
  

Industrial Conglomerates — 1.43%

616,800   

General Electric Co.

      23,611,104
         
  

Insurance — 0.66%

155,000   

American International Group, Inc.

      10,854,650
         
  

Medical Products — 1.46%

276,000   

Medtronic, Inc.

      14,313,360
154,400   

Stryker Corp. (b)

      9,741,096
         
        24,054,456
         
  

Pharmaceuticals — 1.85%

235,500   

Johnson & Johnson

      14,511,510
391,100   

Teva Pharmaceutical Industries Ltd. – ADR

      16,132,875
         
        30,644,385
         
  

Retail – Specialty — 2.60%

197,500   

Costco Wholesale Corp.

      11,557,700
446,500   

Lowe’s Cos., Inc.

      13,703,085
753,700   

Staples, Inc.

      17,885,301
         
        43,146,086
         
Shares   

Security
Description

    Value
  

Software — 2.33%

249,100   

Electronic Arts, Inc. (a)

    $      11,787,412
569,500   

Microsoft Corp.

      16,783,165
193,900   

SAP AG – ADR (b)

      9,902,473
         
        38,473,050
         
  

Transportation & Shipping — 0.92%

137,100   

FedEx Corp.

      15,213,987
         
        364,653,995
         
  

Jennison Associates LLC — 35.36%

  

Aerospace/Defense — 1.56%

138,400   

Boeing Co.

      13,308,544
175,800   

United Technologies Corp.

      12,469,494
         
        25,778,038
         
  

Apparel — 1.62%

282,900   

Coach, Inc. (a)

      13,406,631
151,800   

Nike, Inc., Class – B

      8,848,422
214,500   

Saks, Inc. (b)

      4,579,575
         
        26,834,628
         
  

Banking — 0.66%

182,700   

UBS AG

      10,963,827
         
  

Biotechnology — 1.80%

146,600   

Genentech, Inc. (a)

      11,091,756
482,600   

Gilead Sciences, Inc. (a)

      18,710,402
         
        29,802,158
         
  

Casinos/Gaming — 0.40%

166,500   

International Game Technology, Inc.

      6,610,050
         
  

Chemicals — 0.56%

137,800   

Monsanto Co.

      9,307,012
         
  

Communications Equipment — 0.94%

359,700   

Qualcomm, Inc.

      15,607,383
         
  

Computer Hardware — 2.93%

97,300   

Akamai Technologies (a)(b)

      4,732,672
138,300   

Apple, Inc. (a)

      16,878,132
272,200   

Hewlett Packard Co.

      12,145,564
237,900   

Juniper Networks, Inc. (a)(b)

      5,987,943
43,600   

Research In Motion Ltd. (a)

      8,719,564
         
        48,463,875
         
  

Computer Software — 0.52%

104,500   

Ciena Corp. (a)(b)

      3,775,585
116,400   

NVIDIA Corp. (a)

      4,808,484
         
        8,584,069
         
  

Consumer Finance — 0.37%

100,900   

American Express Co.

      6,173,062
         

 

See accompanying notes to financial statements

 

34

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Growth Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

Jennison Associates LLC (continued)

  

Consumer Products — 0.70%

177,500   

Colgate-Palmolive Co.

    $      11,510,875
         
  

Department Stores — 0.95%

31,600   

J.C. Penney Co., Inc.

      2,287,208
79,400   

Kohl’s Corp. (a)

      5,639,782
121,400   

Target Corp.

      7,721,040
         
        15,648,030
         
  

Electronic Forms — 1.05%

433,100   

Adobe Systems, Inc. (a)

      17,388,965
         
  

Equipment & Services — 0.13%

60,600   

Suntech Power Holdings Co., Ltd., – ADR (a)(b)

      2,210,082
         
  

Financial Services — 2.09%

494,900   

Charles Schwab Corp.

      10,155,348
47,300   

Goldman Sachs Group, Inc.

      10,252,275
128,600   

Lazard Ltd., Class – A (b)

      5,790,858
113,000   

NYSE Euronext (b)

      8,319,060
         
        34,517,541
         
  

Food & Beverages — 1.05%

268,600   

PepsiCo, Inc.

      17,418,710
         
  

Food & Staples Retailing — 0.22%

61,700   

Costco Wholesale Corp.

      3,610,684
         
  

Health Care – Drugs/Pharmaceuticals — 0.47%

254,600   

Schering-Plough Corp.

      7,750,024
         
  

Health Care Equipment & Supplies — 1.18%

83,800   

Alcon, Inc.

      11,305,458
196,700   

St. Jude Medical, Inc. (a)

      8,161,083
         
        19,466,541
         
  

Hotels/Motels — 0.54%

205,000   

Marriott International, Inc.,
Class – A

      8,864,200
         
  

Household Products — 0.53%

142,162   

Procter & Gamble Co.

      8,698,893
         
  

Industrial Conglomerates — 1.05%

451,900   

General Electric Co.

      17,298,732
         
  

Insurance — 0.78%

184,700   

American International Group, Inc.

      12,934,541
         
  

Media — 1.85%

547,800   

News Corp., Class – A

      11,618,838
555,200   

The Walt Disney Co.

      18,954,528
         
        30,573,366
         
  

Medical Products — 0.73%

159,500   

Baxter International, Inc.

      8,986,230
Shares   

Security
Description

    Value
  

Medical Products (continued)

141,700   

Elan Corp., PLC (a)

    $        3,107,481
         
        12,093,711
         
  

Networking Products — 1.03%

609,300   

Cisco Systems, Inc. (a)

      16,969,005
         
  

Oil & Gas — 0.92%

124,100   

Occidental Petroleum Corp.

      7,182,908
94,600   

Schlumberger Ltd.

      8,035,324
         
        15,218,232
         
  

Pharmaceuticals — 3.69%

219,600   

Abbott Laboratories

      11,759,580
138,700   

Merck & Co., Inc.

      6,907,260
133,800   

Novartis AG – ADR

      7,502,166
172,600   

Roche Holdings AG – ADR

      15,308,118
176,900   

Teva Pharmaceutical Industries
Ltd. – ADR

      7,297,125
209,900   

Wyeth

      12,035,666
         
        60,809,915
         
  

Publishing & Printing — 0.31%

76,300   

McGraw-Hill Cos., Inc.

      5,194,504
         
  

Semiconductors — 0.93%

97,700   

Broadcom Corp., Class – A (a)

      2,857,725
523,600   

Marvell Technology Group Ltd. (a)(b)

      9,534,756
79,800   

Microchip Technology, Inc.

      2,955,792
         
        15,348,273
         
  

Semiconductors & Semiconductor
Equipment — 0.86%

599,800   

Intel Corp.

      14,251,248
         
  

Software — 0.78%

436,900   

Microsoft Corp.

      12,875,443
         
  

Telecommunications — 0.38%

77,600   

NII Holdings, Inc. (a)

      6,265,424
         
  

Web Portals — 1.78%

56,200   

Google, Inc., Class – A (a)

      29,413,956
         
        584,454,997
         
  

SSgA Funds Management, Inc. — 40.19%

  

Advertising — 0.17%

3,300   

Clear Channel Outdoor Holdings, Inc. (a)

      93,522
25,006   

Interpublic Group of Cos., Inc. (a)

      285,068
7,516   

Lamar Advertising Co.

      471,704
11,211   

Monster Worldwide, Inc. (a)

      460,772
28,638   

Omnicom Group, Inc.

      1,515,524
         
        2,826,590
         

 

See accompanying notes to financial statements

 

35

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Growth Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

SSgA Funds Management, Inc. (continued)

  

Aerospace/Defense — 1.15%

2,442   

Alliant Techsystems, Inc. (a)

    $           242,124
2,600   

Armor Holdings, Inc. (a)

      225,862
8,000   

BE Aerospace, Inc. (a)

      330,400
668,199   

Boeing Co.

      6,558,016
200   

Drs Technologies, Inc.

      11,454
4,900   

General Dynamics Corp.

      383,278
10,100   

Goodrich Corp.

      601,556
30,500   

Lockheed Martin Corp.

      2,870,965
2,300   

Northrop Grumman Corp.

      179,101
12,000   

Precision Castparts Corp.

      1,456,320
14,900   

Rockwell Collins, Inc.

      1,052,536
3,700   

Spirit Aerosystems Holdings, Inc., Class – A (a)

      133,385
10,600   

Textron, Inc.

      1,167,166
52,526   

United Technologies Corp.

      3,725,669
         
        18,937,832
         
  

Airlines — 0.10%

2,100   

Aircastle Ltd.

      83,601
20,800   

AMR Corp. (a)

      548,080
1,500   

Copa Holdings SA Class – A

      100,860
20,800   

Delta Air Lines, Inc. (a)

      409,760
15,100   

Northwest Airlines Corp. (a)

      335,220
5,900   

UAL Corp. (a)

      239,481
         
        1,717,002
         
  

Apparel — 0.49%

7,640   

Abercrombie & Fitch Co.

      557,567
15,000   

American Eagle Outfitters, Inc.

      384,900
32,116   

Coach, Inc. (a)

      1,521,977
6,900   

Crocs, Inc. (a)

      296,907
4,700   

GUESS?, Inc.

      225,788
8,362   

Hanesbrands, Inc. (a)

      226,025
30,741   

Limited Brands

      843,840
30,844   

Nike, Inc., Class – B

      1,797,898
4,800   

Phillips-Van Heusen Corp.

      290,736
5,400   

Polo Ralph Lauren Corp.

      529,794
12,190   

Ross Stores, Inc.

      375,452
39,850   

TJX Cos., Inc.

      1,095,875
         
        8,146,759
         
  

Auto/Related Products — 0.20%

   
300   

BorgWarner, Inc.

      25,812
5,900   

Copart, Inc. (a)

      180,481
18,900   

Goodyear Tire & Rubber Co. (a)

      656,964
13,600   

Johnson Controls, Inc.

      1,574,472
6,700   

Oshkosh Truck Corp.

      421,564
9,000   

RPM International, Inc.

      207,990
3,500   

Thor Industries, Inc.

      157,990
         
        3,225,273
         
Shares   

Security
Description

    Value
  

Automotive Rental — 0.03%

1,130   

Avis Budget Group, Inc. (a)

    $             32,126
18,100   

Hertz Global Holdings, Inc. (a)

      480,917
         
        513,043
         
  

Banking — 0.32%

4,722   

Commerce Bancorp, Inc.

      174,667
18,768   

Hudson City Bancorp, Inc.

      229,345
33,000   

Mellon Financial Corp.

      1,452,000
16,100   

Northern Trust Corp.

      1,034,264
35,611   

SLM Corp.

      2,050,481
9,020   

Synovus Financial Corp.

      276,914
         
        5,217,671
         
  

Beverages – Non-Alcoholic — 0.43%

132,052   

Coca-Cola Co.

      6,907,640
5,600   

Hansen Natural Corp. (a)

      240,688
         
        7,148,328
         
  

Biotechnology — 0.94%

71,835   

Amgen, Inc. (a)

      3,971,758
2,900   

Applera Corp. – Applied Biosystems Group

      88,566
33,140   

Celgene Corp. (a)

      1,899,916
5,585   

Cephalon, Inc. (a)

      448,978
4,700   

Gen-Probe, Inc. (a)

      283,974
40,274   

Genentech, Inc. (a)

      3,047,131
23,180   

Genzyme Corp. (a)

      1,492,792
80,624   

Gilead Sciences, Inc. (a)

      3,125,792
5,700   

ImClone Systems, Inc. (a)

      201,552
1,447   

Invitrogen Corp. (a)

      106,716
8,622   

Pharmaceutical Product Development, Inc.

      329,964
3,600   

Techne Corp. (a)

      205,956
10,900   

Vertex Pharmaceuticals, Inc. (a)

      311,304
         
        15,514,399
         
  

Brokerage Services — 0.07%

4,700   

CBOT Holding, Inc.,
Class – A (a)

      971,020
7,800   

Nasdaq Stock Market, Inc. (a)

      231,738
         
        1,202,758
         
  

Business Services — 0.79%

51,400   

Accenture Ltd., Class – A

      2,204,545
6,775   

Alliance Data Systems Corp. (a)

      523,572
5,230   

CDW Corp. (a)

      444,393
6,739   

ChoicePoint, Inc. (a)

      286,071
8,971   

Cintas Corp.

      353,727
5,416   

Dun & Bradstreet Corp.

      557,740
15,540   

Ecolab, Inc.

      663,558
12,004   

Equifax, Inc.

      533,218
516   

Fair, Isaac and Co., Inc.

      20,702

 

See accompanying notes to financial statements

 

36

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Growth Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

SSgA Funds Management, Inc. (continued)

  

Business Services (continued)

14,013   

Fidelity National Information Services, Inc.

    $           760,626
2,100   

Getty Images, Inc. (a)

      100,401
6,100   

Global Payments, Inc.

      241,865
5,100   

Hewitt Associates, Inc., Class –A (a)

      163,200
15,626   

Iron Mountain, Inc. (a)

      408,307
7,300   

Manpower, Inc.

      673,352
6,900   

Mastercard, Inc., Class – A

      1,144,503
5,600   

Neustar, Inc. (a)

      162,232
30,099   

Paychex, Inc.

      1,177,472
15,600   

Pitney Bowes, Inc.

      730,392
12,749   

Robert Half International, Inc.

      465,339
7,500   

Salesforce.com, Inc. (a)

      321,450
5,600   

Scientific Games Corp., Class –A (a)

      195,720
3,100   

The Corporate Executive Board Co.

      201,221
20,400   

The ServiceMaster Co.

      315,384
4,500   

W.W. Grainger, Inc.

      418,725
         
        13,067,715
         
  

Casinos/Gaming — 0.23%

9,300   

Harrah’s Entertainment, Inc.

      792,918
28,760   

International Game Technology, Inc.

      1,141,772
10,280   

MGM Mirage, Inc. (a)

      847,894
6,500   

Penn National Gaming, Inc. (a)

      390,585
2,200   

Station Casinos, Inc.

      190,960
4,500   

Wynn Resorts Ltd.

      403,605
         
        3,767,734
         
  

Chemicals — 0.55%

8,800   

Air Products & Chemicals, Inc.

      707,256
5,400   

Airgas, Inc.

      258,660
6,900   

Albemarle Corp.

      265,857
4,000   

Cabot Corp.

      190,720
7,500   

Celanese Corp., Class – A

      290,850
12,700   

E.I. du Pont de Nemours & Co.

      645,668
5,700   

International Flavors & Fragrance, Inc.

      297,198
1,600   

Lubrizol Corp.

      103,280
47,100   

Monsanto Co.

      3,181,134
5,700   

Mosaic Co. (a)

      222,414
12,500   

Nalco Holding Co.

      343,125
27,600   

Praxair, Inc.

      1,986,924
7,100   

Rohm & Haas Co.

      388,228
3,400   

Sigma-Aldrich Corp.

      145,078
         
        9,026,392
         
Shares   

Security
Description

    Value
  

Communications Equipment — 0.71%

36,227   

American Tower Corp., Class – A (a)

    $         1,521,534
10,100   

Avaya, Inc. (a)

      170,084
7,400   

Ciena Corp. (a)

      267,362
5,300   

Commscope, Inc. (a)

      309,255
16,450   

Crown Castle International Corp. (a)

      596,642
12,100   

Harris Corp.

      660,055
35,142   

Juniper Networks, Inc. (a)

      884,524
3,600   

L-3 Communications Holdings, Inc.

      350,604
4,400   

Leap Wireless International, Inc. (a)

      371,800
144,320   

Qualcomm, Inc.

      6,262,044
8,700   

SBA Communications Corp. (a)

      292,233
         
        11,686,137
         
  

Computer Hardware — 2.57%

74,900   

Apple Computer, Inc. (a)

      9,140,796
34,700   

Brocade Communications Systems, Inc. (a)

      271,354
196,731   

Dell, Inc. (a)

      5,616,670
181,773   

EMC Corp. (a)

      3,290,091
231,800   

Hewlett Packard Co.

      10,342,916
102,337   

International Business Machines Corp.

      10,770,969
4,474   

Lexmark International, Inc. (a)

      220,613
4,650   

National Instruments Corp.

      151,451
8,000   

NAVTEQ (a)

      338,720
32,537   

Network Appliance, Inc. (a)

      950,080
11,700   

SanDisk Corp. (a)

      572,598
17,800   

Seagate Technology

      387,506
32,736   

Solectron Corp. (a)

      120,468
78,800   

Sun Microsystems, Inc. (a)

      414,488
5,700   

Western Digital Corp. (a)

      110,295
         
        42,699,015
         
  

Computer Services — 0.71%

6,600   

Acxiom Corp.

      174,570
3,395   

Affiliated Computer Services, Inc., Class – A (a)

      192,564
14,100   

Akamai Technologies, Inc. (a)

      685,824
26,400   

Amazon.com, Inc. (a)

      1,806,024
11,100   

Ceridian Corp. (a)

      388,500
5,700   

Cerner Corp. (a)

      316,179
12,200   

Cognizant Tech Solutions Corp. (a)

      916,098
4,751   

DST Systems, Inc. (a)

      376,327
25,300   

Electronic Data Systems Corp.

      701,569
3,400   

F5 Networks, Inc. (a)

      274,040
3,700   

FactSet Research Systems, Inc.

      252,895

 

See accompanying notes to financial statements

 

37

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Growth Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

SSgA Funds Management, Inc. (continued)

  

Computer Services (continued)

10,332   

First Data Corp.

    $           337,546
14,560   

Fiserv, Inc. (a)

      827,008
15,214   

IMS Health, Inc.

      488,826
1,900   

NCR Corp. (a)

      99,826
3,603   

Total System Services, Inc.

      106,325
4,100   

Verifone Holdings, Inc. (a)

      144,525
20,163   

Verisign, Inc. (a)

      639,772
104,778   

Yahoo!, Inc. (a)

      2,842,627
5,875   

Zebra Technologies Corp., Class – A (a)

      227,598
         
        11,798,643
         
  

Computer Software — 0.78%

23,666   

Activision, Inc. (a)

      441,844
20,700   

Autodesk, Inc. (a)

      974,556
34,393   

BEA Systems, Inc. (a)

      470,840
17,411   

BMC Software, Inc. (a)

      527,553
22,300   

CA, Inc.

      576,009
6,615   

Cadence Design Systems, Inc. (a)

      145,265
16,529   

Citrix Systems, Inc. (a)

      556,531
21,200   

Compuware Corp. (a)

      251,432
29,148   

Intuit, Inc. (a)

      876,772
13,100   

McAfee, Inc. (a)

      461,120
333,929   

Oracle Corp. (a)

      6,581,742
17,600   

Red Hat, Inc. (a)

      392,128
11,215   

Symantec Corp. (a)

      226,543
12,520   

Synopsys, Inc. (a)

      330,904
         
        12,813,239
         
  

Computer Systems/Peripherals — 0.02%

4,600   

Diebold, Inc.

      240,120
900   

Riverbed Technology, Inc. (a)

      39,438
         
        279,558
         
  

Conglomerates — 0.66%

104,000   

Altria Group, Inc.

      7,294,560
5,700   

Dover Corp.

      291,555
57,800   

Honeywell International, Inc.

      3,252,984
         
        10,839,099
         
  

Construction — 0.02%

6,300   

Helix Energy Solutions Group, Inc. (a)

      251,433
         
  

Construction Services — 0.32%

15,914   

American Standard Cos., Inc.

      938,608
500   

Centex Corp.

      20,050
5,300   

Corrections Corp. of America (a)

      334,483
4,075   

Florida Rock Industries, Inc.

      275,063
7,900   

Fluor Corp.

      879,823
Shares   

Security
Description

    Value
  

Construction Services (continued)

10,600   

Jacobs Engineering Group, Inc. (a)

    $           609,606
3,700   

Martin Marietta Materials, Inc.

      599,474
1,900   

Masco Corp.

      54,093
121   

NVR, Inc. (a)

      82,250
6,500   

Pulte Homes, Inc.

      145,925
10,000   

Quanta Services, Inc. (a)

      306,700
8,400   

Vulcan Materials Co.

      962,135
         
        5,208,210
         
  

Consumer Finance — 0.33%

89,680   

American Express Co.

      5,486,622
         
  

Consumer Products — 0.48%

1,600   

Alberto-Culver Co.

      37,952
4,100   

Autoliv, Inc.

      233,167
3,000   

Black & Decker Corp.

      264,930
5,400   

Church & Dwight Co., Inc.

      261,684
12,100   

Clorox Co.

      751,410
4,500   

Coldwater Creek, Inc. (a)

      104,535
40,959   

Colgate-Palmolive Co.

      2,656,191
15,000   

Crown Holdings, Inc. (a)

      374,550
3,500   

Energizer Holdings, Inc. (a)

      348,600
2,500   

Jarden Corp. (a)

      107,525
17,613   

Kimberly-Clark Corp.

      1,178,134
12,500   

Newell Rubbermaid, Inc.

      367,875
2,800   

Nutri/System, Inc. (a)

      195,552
9,755   

The Estee Lauder Cos., Inc., Class – A

      443,950
719   

The Scotts Co., Class – A

      30,874
2,300   

The Stanley Works

      139,610
3,400   

Toro Co.

      200,226
3,347   

Weight Watchers International, Inc.

      170,161
         
        7,866,926
         
  

Cosmetics & Toiletries — 0.01%

3,400   

Bare Escentuals, Inc. (a)

      116,110
         
  

Data Processing & Reproduction — 0.14%

47,950   

Automatic Data Processing, Inc.

      2,324,137
         
  

Department Stores — 0.95%

9,800   

Big Lots, Inc. (a)

      288,316
19,600   

J.C. Penney Co., Inc.

      1,418,648
27,774   

Kohl’s Corp. (a)

      1,972,787
74,070   

Target Corp.

      4,710,852
153,240   

Wal-Mart Stores, Inc.

      7,372,377
         
        15,762,980
         
  

Drugs — 1.51%

   
26,656   

Allergan, Inc.

      1,536,452
10,200   

Amylin Pharmaceuticals, Inc. (a)

      419,832

 

See accompanying notes to financial statements

 

38

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Growth Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

SSgA Funds Management, Inc. (continued)

  

Drugs (continued)

   
9,702   

Barr Laboratories, Inc. (a)

    $           487,331
170,420   

Bristol-Myers Squibb Co.

      5,378,455
42,033   

Eli Lilly & Co.

      2,348,804
11,800   

Endo Pharmaceuticals Holdings, Inc. (a)

      403,914
27,742   

Forest Laboratories, Inc., Class – A (a)

      1,266,422
4,400   

Herbalife Ltd.

      174,460
155,091   

Merck & Co., Inc.

      7,723,533
13,151   

Millennium Pharmaceuticals, Inc. (a)

      139,006
20,718   

Mylan Laboratories, Inc.

      376,860
4,800   

NBTY, Inc. (a)

      207,360
128,997   

Schering-Plough Corp.

      3,926,669
9,900   

Sepracor, Inc. (a)

      406,098
5,200   

Watson Pharmaceuticals, Inc. (a)

      169,156
         
        24,964,352
         
  

E-Commerce — 0.28%

6,100   

aQuantive, Inc. (a)

      389,180
98,996   

eBay, Inc. (a)

      3,185,691
14,091   

Health Corp. (a)

      197,415
977   

IAC/Interactive Corp. (a)

      33,814
33,825   

Liberty Interactive Group (a)

      755,312
         
        4,561,412
         
  

Electric Utilities — 0.12%

58,730   

AES Corp. (a)

      1,285,012
14,200   

Allegheny Energy, Inc. (a)

      734,708
         
        2,019,720
         
  

Electric Utility — 0.07%

24,900   

PPL Corp.

      1,165,071
         
  

Electrical Equipment — 0.02%

4,100   

Wesco International, Inc. (a)

      247,845
         
  

Electronic Components & Instruments — 0.61%

34,949   

Agilent Technologies, Inc. (a)

      1,343,440
4,375   

Beckman Coulter, Inc.

      282,975
21,112   

Danaher Corp.

      1,593,955
1,500   

Eaton Corp.

      139,500
6,100   

Foster Wheeler Ltd. (a)

      652,639
5,766   

Harman International Industries, Inc.

      673,469
19,400   

MEMC Electronic Materials, Inc. (a)

      1,185,728
3,244   

Mettler-Toledo International, Inc. (a)

      309,834
4,555   

Millipore Corp. (a)

      342,035
9,700   

Pall Corp.

      446,103
Shares   

Security
Description

    Value
  

Electronic Components & Instruments (continued)

2,589   

PerkinElmer, Inc.

    $             67,469
19,200   

Raytheon Co.

      1,034,688
17,566   

Thermo Electron Corp. (a)

      908,514
5,200   

Thomas & Betts Corp. (a)

      301,600
10,300   

Trimble Navigation Ltd. (a)

      331,660
9,110   

Waters Corp. (a)

      540,770
         
        10,154,379
         
  

Electronic Equipment — 0.42%

9,450   

AMETEK, Inc.

      374,976
16,200   

Amphenol Corp., Class – A

      577,530
5,900   

Arrow Electronics, Inc. (a)

      226,737
7,600   

Avnet, Inc. (a)

      301,264
2,400   

AVX Corp.

      40,176
3,100   

Dolby Laboratories, Inc., Class – A (a)

      109,771
57,200   

Emerson Electric Co.

      2,676,960
10,000   

Garmin Ltd.

      739,700
1,300   

Hubbell, Inc., Class – B

      70,486
6,700   

Integrated Device Technology, Inc. (a)

      102,309
9,955   

Jabil Circuit, Inc.

      219,707
6,751   

Molex, Inc.

      202,598
13,800   

Rockwell Automation, Inc.

      958,272
19,017   

Sanmina Corp. (a)

      59,523
1,400   

Tektronix, Inc.

      47,236
8,312   

Teradyne, Inc. (a)

      146,125
3,800   

Vishay Intertechnology, Inc. (a)

      60,116
         
        6,913,486
         
  

Electronic Forms — 0.12%

50,890   

Adobe Systems, Inc. (a)

      2,043,234
         
  

Energy — 0.39%

27,800   

CenterPoint Energy, Inc.

      483,720
16,100   

CONSOL Energy, Inc.

      742,371
2,900   

First Solar, Inc. (a)

      258,941
9,600   

McDermott International, Inc. (a)

      797,952
15,200   

Mirant Corp. (a)

      648,280
22,900   

Peabody Energy Corp.

      1,107,902
5,100   

Questar Corp.

      269,535
1,900   

SunPower Corp., Class – A (a)

      119,795
29,100   

TXU Corp.

      1,958,430
         
        6,386,926
         
  

Entertainment — 0.08%

15,700   

Carnival Corp.

      765,689
5,300   

Regal Entertainment Group, Class – A

      116,229
3,800   

Warner Music Group Corp.

      54,910

 

See accompanying notes to financial statements

 

39

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Growth Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

SSgA Funds Management, Inc. (continued)

  

Entertainment (continued)

26,000   

XM Satellite Radio Holdings, Inc., Class – A (a)

    $           306,020
         
        1,242,848
         
  

Financial Services — 1.58%

5,700   

A.G. Edwards, Inc.

      481,935
2,800   

Affiliated Managers Group,
Inc. (a)

      360,528
700   

AmeriCredit Corp. (a)

      18,585
1,400   

Bank of Hawaii Corp.

      72,296
3,200   

BlackRock, Inc.

      501,088
12,187   

Broadridge Financial Solutions,
Inc.

      233,015
5,181   

CapitalSource, Inc.

      127,401
87,759   

Charles Schwab Corp.

      1,800,815
5,404   

CheckFree Corp. (a)

      217,241
13,900   

E*Trade Group, Inc. (a)

      307,051
9,572   

Eaton Vance Corp.

      422,891
8,220   

Federated Investors, Inc.

      315,073
3,950   

First Marblehead Corp.

      152,628
14,400   

Franklin Resources, Inc.

      1,907,568
22,500   

Freddie Mac

      1,365,750
1,800   

Gatx Corp.

      88,650
15,500   

Goldman Sachs Group, Inc.

      3,359,624
28,644   

H & R Block, Inc.

      669,410
5,900   

InterContinental Exchange,
Inc. (a)

      872,315
4,000   

Investment Technology Group, Inc. (a)

      173,320
5,867   

Investors Financial Services Corp.

      361,818
4,500   

Lazard Ltd., Class – A

      202,635
4,700   

Legg Mason, Inc.

      462,386
18,800   

Merrill Lynch & Co., Inc.

      1,571,304
7,100   

MoneyGram International, Inc.

      198,445
20,010   

Moody’s Corp.

      1,244,622
5,200   

Morgan Stanley Dean Witter &
Co.

      436,176
7,100   

Nuveen Investments, Class – A

      441,265
8,000   

Nymex Holdings, Inc.

      1,005,040
22,900   

NYSE Euronext

      1,685,898
10,080   

People’s United Financial, Inc.

      178,718
1,400   

Principal Financial Group, Inc.

      81,606
11,600   

SEI Investments Co.

      336,864
23,000   

T. Rowe Price Group, Inc.

      1,193,470
21,500   

TD Ameritrade Holding
Corp. (a)

      430,000
3,000   

The Chicago Mercantile
Exchange

      1,603,080
Shares   

Security
Description

    Value
  

Financial Services (continued)

63,132   

Western Union Co.

    $         1,315,040
         
        26,195,551
         
  

Food & Beverages — 1.21%

41,407   

Anheuser-Busch Cos., Inc.

      2,159,789
800   

Aqua America, Inc.

      17,992
5,228   

Brown-Forman Corp., Class – B

      382,062
11,000   

Campbell Soup Co.

      426,910
2,400   

General Mills, Inc.

      140,208
15,500   

H.J. Heinz Co.

      735,785
10,270   

Hershey Foods Corp.

      519,867
13,800   

Kellogg Co.

      714,702
39,100   

Kroger Co.

      1,099,883
7,460   

McCormick & Co., Inc.

      284,823
3,039   

Pepsi Bottling Group, Inc.

      102,354
141,078   

PepsiCo, Inc.

      9,148,908
34,400   

Sara Lee Corp.

      598,560
64,162   

Starbucks Corp. (a)

      1,683,611
16,799   

Tim Hortons, Inc.

      516,569
12,776   

Whole Foods Market, Inc.

      489,321
18,225   

William Wrigley Jr., Co.

      1,008,025
         
        20,029,369
         
  

Food Products – Distribution — 0.11%

53,540   

Sysco Corp.

      1,766,285
         
  

Forest Products & Papers — 0.03%

7,870   

Avery Dennison Corp.

      523,198
         
  

Health Care — 0.69%

35,900   

Aetna, Inc.

      1,773,460
7,600   

AmerisourceBergen Corp.

      375,972
33,330   

Cardinal Health, Inc.

      2,354,432
680   

Community Health Systems, Inc. (a)

      27,506
12,680   

Coventry Health Care, Inc. (a)

      731,002
9,392   

DaVita, Inc. (a)

      506,041
20,144   

Express Scripts, Inc. (a)

      1,007,401
9,100   

Health Net, Inc. (a)

      480,480
10,300   

Laboratory Corp. of America Holdings (a)

      806,078
8,060   

Lincare Holdings, Inc. (a)

      321,191
6,733   

Manor Care, Inc.

      439,598
23,710   

McKesson Corp.

      1,414,064
1,260   

Omnicare, Inc.

      45,436
12,536   

Quest Diagnostics, Inc.

      647,484
4,500   

Sierra Health Services, Inc. (a)

      187,110
27,600   

Tenet Healthcare Corp. (a)

      179,676
400   

Triad Hospitals, Inc. (a)

      21,504
800   

Universal Health Services

      49,200
500   

Webmd Health Corp., Class – A (a)

      23,535
         
        11,391,170
         

 

See accompanying notes to financial statements

 

40

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Growth Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

SSgA Funds Management, Inc. (continued)

  

Health Care Equipment & Supplies — 0.07%

29,320   

St. Jude Medical, Inc. (a)

    $        1,216,487
         
  

Health Care Providers & Services — 0.57%

800   

Brookdale Senior Living, Inc.

      36,456
14,800   

Humana, Inc. (a)

      901,468
4,200   

Pediatrix Medical Group, Inc. (a)

      231,630
116,062   

UnitedHealth Group, Inc.

      5,935,411
3,600   

Wellcare Group, Inc. (a)

      325,836
24,011   

Wellpoint, Inc. (a)

      1,916,798
         
        9,347,599
         
  

Hotel/Gaming — 0.14%

3,900   

Boyd Gaming Corp.

      191,841
9,000   

Las Vegas Sands Corp. (a)

      687,510
3,500   

Orient-Express Hotel Ltd., Class – A ADR

      186,900
18,629   

Starwood Hotels & Resorts Worldwide, Inc.

      1,249,447
         
        2,315,698
         
  

Hotels/Motels — 0.15%

2,700   

Choice Hotels International, Inc.

      106,704
34,400   

Hilton Hotels Corp.

      1,151,368
28,616   

Marriott International, Inc., Class – A

      1,237,355
1,160   

Wyndham Worldwide Corp. (a)

      42,062
         
        2,537,489
         
  

Household Products — 0.41%

4,000   

Pool Corp.

      156,120
107,978   

Procter & Gamble Co.

      6,607,174
         
        6,763,294
         
  

Industrial Conglomerates — 0.23%

98,894   

General Electric Co.

      3,785,662
         
  

Industrial Services — 0.45%

58,412   

3M Co.

      5,069,578
6,400   

Donaldson Co., Inc.

      227,520
4,400   

Eagle Materials, Inc.

      215,820
11,174   

Fastenal Co.

      467,744
4,400   

Flowserve Corp.

      315,040
11,360   

Gentex Corp.

      223,678
5,850   

Graco, Inc.

      235,638
2,008   

ITT Industries, Inc.

      137,106
3,500   

MSC Industrial Direct Co., Inc., Class – A

      192,500
6,400   

Shaw Group, Inc. (a)

      296,256
         
        7,380,880
         
Shares   

Security
Description

    Value
  

Insurance — 0.33%

1,600   

ACE Ltd.

    $           100,032
38,833   

AFLAC, Inc.

      1,996,016
13,637   

American International Group, Inc.

      954,999
2,169   

Arthur J. Gallagher & Co.

      60,472
10,008   

Brown & Brown, Inc.

      251,601
24,900   

Cigna Corp.

      1,300,278
200   

Hanover Insurance Group, Inc.

      9,758
5,000   

HCC Insurance Holdings, Inc.

      167,050
1,100   

PartnerRe Ltd.

      85,250
3,900   

Philadelphia Consolidated Holding Corp. (a)

      163,020
925   

Transatlantic Holding, Inc.

      65,795
3,987   

W.R. Berkley Corp.

      129,737
1,900   

XL Capital Ltd., Class – A

      160,151
         
        5,444,159
         
  

Investment Company — 0.02%

12,400   

Janus Capital Group, Inc.

      345,216
         
  

Machinery — 0.50%

5,200   

AGCO Corp. (a)

      225,732
55,500   

Caterpillar, Inc.

      4,345,650
1,100   

Deere & Co.

      132,814
7,450   

IDEX Corp.

      287,123
32,000   

Illinois Tool Works, Inc.

      1,734,080
9,950   

Joy Global, Inc.

      580,384
8,900   

Terex Corp. (a)

      723,570
3,300   

Tractor Supply Co. (a)

      171,765
         
        8,201,118
         
  

Machinery & Equipment — 0.01%

1,900   

Kennametal, Inc.

      155,857
         
  

Manufacturing — 0.28%

1,500   

Carlisle Co.

      69,765
5,100   

Cooper Industries Ltd., Class – A

      291,159
9,000   

Cummins Engine, Inc.

      910,890
7,200   

Harsco Corp.

      374,400
1,600   

Ingersoll-Rand Co., Class – A

      87,712
2,500   

Lincoln Electric Holding, Inc.

      185,600
5,600   

Manitowoc Co., Inc.

      450,128
21,550   

Paccar, Inc.

      1,875,712
7,500   

Roper Industries, Inc.

      428,250
         
        4,673,616
         
  

Media — 1.02%

6,300   

Cablevision Systems, New York Group, Class – A (a)

      227,997
2,700   

Central Eurpoean Media Enterprises Ltd. (a)

      263,466
1   

Citadel Broadcasting Co.

      7

 

See accompanying notes to financial statements

 

41

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Growth Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

SSgA Funds Management, Inc. (continued)

  

Media (continued)

9,200   

Clear Channel Communications, Inc., Class – A

    $           347,944
156,750   

Comcast Corp., Class – A (a)

      4,407,810
4,500   

CTC Media, Inc. (a)

      122,130
65,270   

DirecTV Group, Inc. (a)

      1,508,390
4,916   

Dow Jones & Co., Inc.

      282,424
2,500   

Dreamworks Animation SKG, Inc. (a)

      72,100
18,520   

EchoStar Communications Corp. (a)

      803,212
4,200   

Meredith Corp.

      258,720
130,434   

News Corp., Class – A

      2,766,505
75,359   

The Walt Disney Co.

      2,572,756
47,000   

Time Warner, Inc.

      988,880
52,736   

Viacom, Inc., Class – B (a)

      2,195,400
         
        16,817,741
         
  

Medical Products — 1.26%

   
5,200   

Advanced Medical Optics, Inc. (a)

      181,376
700   

Bausch & Lomb, Inc.

      48,608
56,437   

Baxter International, Inc.

      3,179,661
21,188   

Becton, Dickinson & Co.

      1,578,506
5,627   

Biogen Idec, Inc. (a)

      301,045
21,268   

Biomet, Inc.

      972,373
9,300   

C.R. Bard, Inc.

      768,459
1,631   

Charles River Laboratories International, Inc. (a)

      84,192
1,700   

Cooper Cos., Inc.

      90,644
5,500   

Covance, Inc. (a)

      377,080
10,200   

Cytyc Corp. (a)

      439,722
7,500   

Dade Behring Holding, Inc.

      398,400
13,190   

Dentsply International, Inc.

      504,649
5,000   

Edwards Lifesciences Corp. (a)

      246,700
7,500   

Henry Schein, Inc. (a)

      400,725
900   

Hillenbrand Industry, Inc.

      58,500
2,600   

IDEXX Laboratories, Inc. (a)

      246,038
3,300   

Intuitive Surgical, Inc. (a)

      457,941
3,800   

Kinetic Concepts, Inc. (a)

      197,486
99,556   

Medtronic, Inc.

      5,162,974
12,192   

Patterson Cos., Inc. (a)

      454,396
10,600   

PDL Biopharma, Inc. (a)

      246,980
6,700   

ResMed, Inc. (a)

      276,442
6,100   

Respironics, Inc. (a)

      259,799
26,660   

Stryker Corp.

      1,681,979
11,500   

Varian Medical Systems, Inc. (a)

      488,865
20,470   

Zimmer Holdings, Inc. (a)

      1,737,698
         
        20,841,238
         
Shares   

Security
Description

    Value
  

Metals — 0.29%

   
9,000   

Allegheny Technologies, Inc.

    $           943,920
3,600   

Cleveland-Cliffs, Inc.

      279,612
3,600   

Foundation Coal Holdings, Inc.

      146,304
27,200   

Freeport-McMoRan Copper & Gold, Inc., Class – B

      2,252,704
5,900   

Nucor Corp.

      346,035
6,400   

Southern Copper Corp.

      603,264
5,877   

Titanium Metals Corp. (a)

      187,476
         
        4,759,315
         
  

Mining — 0.17%

   
9,600   

AK Steel Holding Corp. (a)

      358,752
12,300   

Arch Coal, Inc.

      428,040
7,600   

Massey Energy Co.

      202,540
21,500   

Nabors Industries, Inc. (a)

      717,670
15,400   

Newmont Mining Corp.

      601,524
13,600   

Owens-Illinois, Inc. (a)

      476,000
         
        2,784,526
         
  

Natural Gas Utilities — 0.02%

   
8,000   

Equitable Resources, Inc.

      396,480
         
  

Networking Products — 0.89%

   
525,860   

Cisco Systems, Inc. (a)

      14,645,201
         
  

Office Furnishings — 0.02%

   
4,000   

HNI Corp.

      164,000
5,200   

Steelcase, Inc., Class – A

      96,200
         
        260,200
         
  

Oil & Gas — 2.98%

   
27,710   

Baker Hughes, Inc.

      2,331,242
25,400   

BJ Services Co.

      722,376
8,400   

Cabot Oil & Gas Corp.

      309,792
9,958   

Cameron International Corp. (a)

      711,698
5,100   

Cheniere Energy, Inc. (a)

      197,829
23,300   

Chesapeake Energy Corp.

      806,180
2,100   

Cnx Gas Corp. (a)

      64,260
12,100   

Constellation Energy Group

      1,054,757
10,100   

Denbury Resources, Inc. (a)

      378,750
5,600   

Diamond Offshore Drilling, Inc.

      568,736
5,300   

DPL, Inc.

      150,202
7,400   

Dresser-Rand Group, Inc. (a)

      292,300
12,000   

Ensco International, Inc.

      732,120
26,300   

Exelon Corp.

      1,909,380
99,500   

Exxon Mobil Corp.

      8,346,059
5,600   

FMC Technologies, Inc. (a)

      443,632
8,200   

Global Industries Ltd. (a)

      219,924
19,700   

Globalsantafe Corp.

      1,423,325
11,055   

Grant Prideco, Inc. (a)

      595,091
79,166   

Halliburton Co.

      2,731,243
1   

Hugoton Royalty Trust

      18
15,348   

National-Oilwell, Inc. (a)

      1,599,876

 

See accompanying notes to financial statements

 

42

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Growth Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

SSgA Funds Management, Inc. (continued)

  

Oil & Gas (continued)

   
11,600   

Noble Corp.

    $        1,131,232
2,100   

Noble Energy, Inc.

      131,019
16,900   

NRG Energy, Inc. (a)

      702,533
10,614   

Pride International, Inc. (a)

      397,600
4,300   

Quicksilver Resources, Inc. (a)

      191,694
13,450   

Range Resources Corp.

      503,165
6,846   

Rowan Cos., Inc.

      280,549
102,100   

Schlumberger Ltd.

      8,672,373
17,520   

Smith International, Inc.

      1,027,373
14,700   

Southwestern Energy Co. (a)

      654,150
10,500   

Sunoco, Inc.

      836,640
7,800   

Superior Energy, Inc. (a)

      311,376
11,800   

Tesoro Corp.

      674,370
6,700   

Tetra Technologies, Inc. (a)

      188,940
5,400   

Todco, Class – A (a)

      254,934
25,000   

Transocean Sedco Forex, Inc. (a)

      2,649,500
3,100   

Unit Corp. (a)

      195,021
1,300   

W&T Offshore, Inc.

      36,387
29,200   

Weatherford International Ltd. (a)

      1,613,008
1,200   

Western Refining, Inc.

      69,360
43,400   

Williams Cos., Inc.

      1,372,308
32,346   

XTO Energy, Inc.

      1,943,995
         
        49,426,317
         
  

Oil – Refineries — 0.20%

   
5,000   

Frontier Oil Corp.

      218,850
3,900   

Holly Corp.

      289,341
37,500   

Valero Energy

      2,769,750
         
        3,277,941
         
  

Oil/Gas Extraction — 0.02%

   
4,900   

Oceaneering International, Inc. (a)

      257,936
         
  

Packaging — 0.07%

   
9,200   

Ball Corp.

      489,164
7,200   

Packaging Corporation of America

      182,232
12,100   

Pactiv Corp. (a)

      385,869
1,892   

Sealed Air Corp.

      58,690
         
        1,115,955
         
  

Paper & Pulp — 0.01%

   
18,700   

Domtar Corp. (a)

      208,692
500   

Rayonier, Inc.

      22,570
         
        231,262
         
  

Pharmaceuticals — 1.15%

   
133,404   

Abbott Laboratories

      7,143,784
Shares   

Security
Description

    Value
  

Pharmaceuticals (continued)

   
2,350   

Abraxis Bioscience, Inc. (a)

    $             52,241
14,100   

Hospira, Inc. (a)

      550,464
94,099   

Johnson & Johnson

      5,798,380
24,221   

Medco Health Solutions, Inc. (a)

      1,888,996
7,900   

Warner Chilcott Ltd., Class – A (a)

      142,911
61,235   

Wyeth

      3,511,215
         
        19,087,991
         
  

Publishing & Printing — 0.14%

   
3,056   

Harte-Hanks, Inc.

      78,478
3,800   

John Wiley & Sons, Inc.

      183,502
29,726   

McGraw-Hill Cos., Inc.

      2,023,746
3,100   

New York Times Co., Class – A

      78,740
         
        2,364,466
         
  

Railroads — 0.12%

   
6,300   

Trinity Industries, Inc.

      274,302
14,300   

Union Pacific Corp.

      1,646,645
         
        1,920,947
         
  

Real Estate — 0.10%

   
16,200   

CB Richard Ellis Group, Inc., Class –A (a)

      591,300
6,200   

Forest City Enterprises, Inc., Class – A

      381,176
3,000   

Jones Lang Lasalle, Inc.

      340,500
6,563   

The St. Joe Co.

      304,129
         
        1,617,105
         
  

Real Estate Investment Trusts — 0.31%

8,700   

Duke Realty Corp.

      310,329
1,000   

Essex Property Trust, Inc.

      116,300
2,700   

Federal Realty Trust

      208,602
10,330   

General Growth Properties, Inc.

      546,974
2,600   

Kilroy Realty Corp.

      184,184
19,400   

ProLogis

      1,103,859
852   

Public Storage, Inc.

      65,451
10,700   

Simon Property Group, Inc.

      995,528
2,500   

Taubman Centers, Inc.

      124,025
6,300   

The Macerich Co.

      519,246
12,000   

United Dominion Realty Trust, Inc.

      315,600
11,500   

Ventas, Inc.

      416,875
6,700   

Weingarten Realty Investors

      275,370
         
        5,182,343
         
  

Restaurants — 0.25%

   
10,500   

Brinker International, Inc.

      307,335
5,500   

Burger King Holdings, Inc.

      144,870
12,264   

Darden Restaurants, Inc.

      539,493
21,400   

McDonald’s Corp.

      1,086,264

 

See accompanying notes to financial statements

 

43

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Growth Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

SSgA Funds Management, Inc. (continued)

  

Restaurants (continued)

   
2,800   

Panera Bread Co., Class – A (a)

    $           128,968
6,733   

The Cheesecake Factory, Inc. (a)

      165,093
7,518   

Wendy’s International, Inc.

      276,287
45,400   

YUM! Brands, Inc.

      1,485,488
         
        4,133,798
         
  

Retail – Specialty — 1.97%

   
9,600   

Advance Auto Parts, Inc.

      389,088
4,800   

AnnTaylor Stores Corp. (a)

      170,016
4,040   

AutoZone, Inc. (a)

      551,945
35,000   

Avon Products, Inc.

      1,286,250
900   

Barnes & Noble, Inc.

      34,623
24,569   

Bed Bath & Beyond, Inc. (a)

      884,238
34,283   

Best Buy Co., Inc.

      1,599,988
19,202   

CarMax, Inc. (a)

      489,651
15,368   

Chico’s FAS, Inc. (a)

      374,057
6,400   

Circuit City Stores, Inc.

      96,512
27,000   

Costco Wholesale Corp.

      1,580,040
72,225   

CVS Corp.

      2,632,601
3,100   

Dick’s Sporting Goods, Inc. (a)

      180,327
26,000   

Dollar General Corp.

      569,920
8,472   

Dollar Tree Stores, Inc. (a)

      368,956
13,105   

Family Dollar Stores, Inc.

      449,764
12,500   

Gamestop Corp. (a)

      488,750
22,337   

Harley-Davidson, Inc.

      1,331,509
98,900   

Home Depot, Inc.

      3,891,714
4,900   

Kirby Corp. (a)

      188,111
130,378   

Lowe’s Cos., Inc.

      4,001,300
15,300   

Mattel, Inc.

      386,937
22,300   

Nordstrom, Inc.

      1,139,976
10,000   

O’Reilly Automotive, Inc. (a)

      365,500
23,800   

Office Depot, Inc. (a)

      721,140
3,000   

OfficeMax, Inc.

      117,900
11,890   

PETsMART, Inc.

      385,831
8,989   

RadioShack Corp.

      297,895
10,500   

Saks, Inc.

      224,175
9,600   

Sherwin-Williams Co.

      638,112
61,900   

Staples, Inc.

      1,468,887
11,781   

Tiffany & Co.

      625,100
9,556   

Urban Outfitters, Inc. (a)

      229,631
86,422   

Walgreen Co.

      3,762,814
4,900   

Whirlpool Corp.

      544,880
7,973   

Williams-Sonoma, Inc.

      251,787
         
        32,719,925
         
  

Schools — 0.10%

   
12,231   

Apollo Group, Inc., Class – A (a)

      714,657
8,800   

Career Education Corp. (a)

      297,176
3,700   

ITT Educational Services, Inc. (a)

      434,306
Shares   

Security
Description

    Value
  

Schools (continued)

   
3,300   

Laureate Education, Inc. (a)

    $           203,478
         
        1,649,617
         
  

Security System/Services — 0.01%

3,100   

The Brink’s Co.

      191,859
         
  

Semiconductors — 1.93%

   
19,527   

Advanced Micro Devices, Inc. (a)

      279,236
31,295   

Altera Corp.

      692,558
28,327   

Analog Devices, Inc.

      1,066,228
119,712   

Applied Materials, Inc.

      2,378,677
40,661   

Broadcom Corp., Class – A (a)

      1,189,334
1,800   

Cree, Inc. (a)

      46,530
11,400   

Cypress Semiconductor Corp. (a)

      265,506
4,700   

Fairchild Semiconductor International, Inc. (a)

      90,804
503,185   

Intel Corp.

      11,955,677
1,371   

International Rectifier Corp. (a)

      51,083
5,273   

Intersil Corp., Class – A

      165,889
16,600   

KLA-Tencor Corp.

      912,170
12,299   

Lam Research Corp. (a)

      632,169
22,764   

Linear Technology Corp.

      823,602
39,398   

LSI Logic Corp. (a)

      295,879
40,900   

Marvell Technology Group Ltd. (a)

      744,789
27,938   

Maxim Integrated Products, Inc.

      933,409
19,362   

Microchip Technology, Inc.

      717,168
21,400   

Micron Technology, Inc. (a)

      268,142
27,200   

National Semiconductor Corp.

      768,944
7,117   

Novellus Systems, Inc. (a)

      201,909
30,700   

NVIDIA Corp. (a)

      1,268,217
13,400   

QLogic Corp. (a)

      223,110
7,400   

Rambus, Inc. (a)

      133,052
4,700   

Silicon Laboratories, Inc. (a)

      162,667
124,195   

Texas Instruments, Inc.

      4,673,458
7,800   

Varian Semiconductor Equipment Associates, Inc. (a)

      312,468
25,795   

Xilinx, Inc.

      690,532
         
        31,943,207
         
  

Software — 1.34%

   
27,056   

Electronic Arts, Inc. (a)

      1,280,290
710,909   

Microsoft Corp.

      20,950,488
         
        22,230,778
         
  

Steel — 0.03%

   
1,300   

Carpenter Technology

      169,403
4,100   

Chaparral Steel Co.

      294,667
2,700   

Steel Dynamics, Inc.

      113,157
         
        577,227
         
  

Telecommunications — 0.55%

   
17,100   

Amdocs Ltd. (a)

      680,922

 

See accompanying notes to financial statements

 

44

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Growth Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

SSgA Funds Management, Inc. (continued)

  

Telecommunications (continued)

   
5,200   

Citizens Communications Co.

    $             79,404
136,260   

Corning, Inc. (a)

      3,481,443
13,420   

Discovery Holding Co., Class – A (a)

      308,526
4,500   

General Cable Corp. (a)

      340,875
9,762   

JDS Uniphase Corp. (a)

      131,104
124,500   

Level 3 Communications, Inc. (a)

      728,325
16,936   

Liberty Global, Inc. (a)

      695,053
5,000   

Metropcs Communications, Inc. (a)

      165,200
14,200   

NII Holdings, Inc. (a)

      1,146,508
119,000   

Sirius Satellite Radio, Inc. (a)

      359,380
4,000   

Telephone & Data Systems, Inc.

      250,280
7,400   

Time Warner Cable, Inc., Class – A (a)

      289,858
500   

United States Cellular Corp. (a)

      45,300
22,800   

Windstream Corp.

      336,528
         
        9,038,706
         
  

Tobacco — 0.05%

   
5,600   

Loews Corp. – Carolina Group

      432,712
7,700   

UST Cos., Inc.

      413,567
         
        846,279
         
  

Toys — 0.01%

   
4,700   

Hasbro, Inc.

      147,627
         
  

Transportation — 0.18%

   
29,100   

Burlington Northern Santa Fe Corp.

      2,477,574
6,500   

CSX Corp.

      293,020
4,200   

Frontline Ltd.

      192,570
         
        2,963,164
         
  

Transportation & Shipping — 0.66%

15,114   

C.H. Robinson Worldwide, Inc.

      793,787
3,100   

Con-Way, Inc.

      155,744
8,200   

Continental Airlines, Class – B (a)

      277,734
18,528   

Expeditors International of Washington, Inc.

      765,206
22,400   

FedEx Corp.

      2,485,728
8,900   

J.B. Hunt Transport Services, Inc.

      260,948
4,000   

Kansas City Southern Industries, Inc. (a)

      150,160
4,800   

Landstar System, Inc.

      231,600
17,300   

Norfolk Southern Corp.

      909,461
14,200   

Southwest Airlines Co.

      211,722
2,881   

Tidewater, Inc.

      204,205
Shares
or
Principal
Amount		   

Security
Description

    Value
  

Transportation & Shipping (continued)

  58,141   

United Parcel Service, Inc., Class – B

    $        4,244,294
  8,600   

UTI Worldwide, Inc.

      230,394
         
        10,920,983
         
  

Veterinary Diagnostics — 0.02%

  7,500   

VCA Antech, Inc. (a)

      282,675
         
  

Waste Disposal — 0.12%

  1,061   

Allied Waste Industries, Inc. (a)

      14,281
  9,800   

Covanta Holding Corp. (a)

      241,570
  12,850   

Republic Services, Inc., Class – A

      393,724
  7,400   

Stericycle, Inc. (a)

      329,004
  25,100   

Waste Management, Inc.

      980,155
         
        1,958,734
         
  

Web Portals — 0.63%

  19,900   

Google, Inc., Class – A (a)

      10,415,262
         
        664,222,331
         
  

Total Common Stocks
(cost $1,287,454,070)

      1,613,331,323
         
  

Securities Held as Collateral for Securities on Loan — 2.40%

  38,679,866   

State Street Navigator Securities Lending Prime Portfolio

      38,679,866
$ 970,151   

Various U.S. Treasury Bonds and Notes 0.875% to 3.875%, 4/15/10 to 4/15/29

      996,600
         
  

Total Securities Held as Collateral for Securities on Loan
(cost $39,676,466)

      39,676,466
         
  

Money Market Mutual Funds — 1.22%

  

SSgA Funds Management, Inc. — 1.22%

  17,674,668   

Alliance Money Market Fund Prime Portfolio, 5.29% (c)

      17,674,668
  2,572,033   

Federated Prime Obligations, 5.18% (c)

      2,572,033
         
        20,246,701
         
  

Total Money Market Mutual Funds
(cost $20,246,701)

      20,246,701
         
  

Time Deposit — 1.51%

  

Sustainable Growth Advisers, L.P. — 0.20%

  3,251,327   

Liquidity Management Control System Time Deposit

      3,251,327
         
  

Jennison Associates LLC — 1.31%

  21,723,976   

Liquidity Management Control System Time Deposit

      21,723,976
         
  

Total Time Deposit
(cost $24,975,303)

      24,975,303
         

 

See accompanying notes to financial statements

 

45

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Growth Equity Portfolio

Portfolio of Investments (concluded) — June 30, 2007

Principal
Amount		   

Security
Description

    Value  
  

U.S. Treasury Bills — 0.05%

 

  

SSgA Funds Management, Inc. — 0.05%

 

$ 895,000   

U.S. Treasury Bills,
4.76%, 9/6/07 (d)*

    $           887,329  
           
  

Total U.S. Treasury Bills
(cost $887,263)

      887,329  
           
  

Total Investments
(cost $1,373,239,803) — 102.79%

      1,699,117,122  
  

Liabilities in excess of other assets — (2.79)%

      (46,141,246 )
           
  

Net Assets — 100.00%

    $ 1,652,975,876  
           

 

(a)   Represents non-income producing security.

 

(b)   All or part of this security has been placed on loan as of June 30, 2007.

 

(c)   Variable rate security. The rate reflected in the Portfolio of Investments is the rate in effect on June 30, 2007.

 

(d)   All or part of this security has been pledged as collateral for Futures contracts held by the Fund.

 

*   Rate disclosed represents yield effective at purchase.

 

ADR — American Depositary Receipt

Futures

 

SSgA Funds Management, Inc.

 

Number
of
Contracts		   

Futures Contracts Long Positions

    Market
Value		    Expiration    Unrealized
Gain/(Loss)		  
84   

NASDAQ 100 E-mini Future

    $ 3,286,080    Sep-07    $ 36,771  
12   

Russell 1000® Future

      4,949,700    Sep-07      (24,364 )
16   

Russell 1000Growth® Future

      4,812,000    Sep-07      (1,085 )
92   

S&P 500 E-mini Future

      6,970,840    Sep-07      29,167  
                 
  

Total Unrealized Loss

          $ 40,489  
                 

 

See accompanying notes to financial statements

 

46

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Small Capitalization Equity Portfolio

Portfolio of Investments — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks — 97.06%

  

Franklin Portfolio Associates — 14.88%

  

Advertising — 0.03%

6,300   

ValueClick, Inc. (a)

    $           185,598
         
  

Aerospace/Defense — 0.13%

3,000   

BE Aerospace, Inc. (a)

      123,900
4,400   

MTC Technologies, Inc. (a)(b)

      108,064
30,900   

Orbital Sciences Corp. (a)(b)

      649,209
         
        881,173
         
  

Agriculture — 0.10%

23,100   

Imperial Sugar Co. (b)

      711,249
         
  

Airlines — 0.11%

36,900   

ExpressJet Holdings, Inc. (a)(b)

      220,662
21,700   

Skywest, Inc. (b)

      517,111
         
        737,773
         
  

Apparel Manufacturers — 0.05%

16,800   

Maidenform Brands, Inc. (a)

      333,648
         
  

Auction House — 0.13%

18,900   

Sotheby’s Holdings, Inc., Class – A (b)

      869,778
         
  

Auto Parts — 0.01%

3,900   

Modine Manufacturing Co. (b)

      88,140
         
  

Banking & Finance — 1.13%

9,900   

Advanta Corp., Class – B (b)

      308,286
24,500   

Citizens Banking Corp. (b)

      448,350
8,800   

City Holding Co. (b)

      337,304
26,700   

Community Bank System, Inc. (b)

      534,534
23,500   

Corus Bankshares, Inc. (b)

      405,610
11,500   

Financial Federal Corp. (b)

      342,930
19,200   

First Financial Bancorp. (b)

      287,808
1,800   

Firstfed Financial Corp. (a)(b)

      102,114
30,700   

FirstMerit Corp. (b)

      642,551
4,400   

Nara Bankcorp, Inc. (b)

      70,092
28,400   

Ocwen Financial Corp. (a)(b)

      378,572
7,500   

Pacific Capital Bancorp (b)

      202,350
6,700   

PFF Bancorp, Inc. (b)

      187,131
5,800   

Portfolio Recovery Associates, Inc. (b)

      348,116
4,900   

Security Bank Corp. (b)

      98,490
34,350   

Sterling Bancshares, Inc. (b)

      388,499
6,300   

Sterling Financial Corp. (b)

      182,322
31,300   

Susquehanna Bancshares, Inc. (b)

      700,180
16,600   

SWS Group, Inc. (b)

      358,892
20,400   

Trustco Bank Corp. (b)

      201,552
33,400   

UCBH Holdings, Inc. (b)

      610,218
17,700   

Umpqua Holdings Corp. (b)

      416,127
4,100   

United Community Banks, Inc. (b)

      106,149
Shares   

Security
Description

    Value
  

Banking & Finance (continued)

20,800   

Wilshire Bancorp, Inc. (b)

    $           253,344
         
        7,911,521
         
  

Brewery — 0.04%

   
7,100   

Boston Beer Company, Inc.,
Class – A (a)(b)

      279,385
         
  

Broadcasting & Cable TV — 0.04%

31,300   

Mediacom Communications Corp.,
Class – A (a)(b)

      303,297
         
  

Business Equipment — 0.23%

   
14,800   

Ennis, Inc.

      348,096
38,000   

Ikon Office Solutions, Inc. (b)

      593,180
27,700   

Knoll, Inc.

      620,480
         
        1,561,756
         
  

Business Services — 0.40%

   
4,000   

ABM Industries, Inc. (b)

      103,240
23,400   

American Greetings Corp., Class – A (b)

      662,922
25,500   

Korn/Ferry International (a)

      669,630
51,600   

MPS Group, Inc. (a)(b)

      689,892
22,400   

Spherion Corp. (a)

      210,336
4,100   

Viad Corp.

      172,897
13,800   

Volt Information Sciences, Inc. (a)(b)

      254,472
         
        2,763,389
         
  

Casino & Gambling — 0.06%

   
34,400   

Lakes Entertainment, Inc. (a)(b)

      406,264
         
  

Chemicals — 0.32%

   
30,200   

Olin Corp.

      634,200
23,700   

Sensient Technologies Corp.

      601,743
25,700   

Spartech Corp. (b)

      682,335
11,500   

Terra Industries, Inc. (a)(b)

      292,330
         
        2,210,608
         
  

Commercial Services — 0.23%

   
14,100   

Euronet Worldwide, Inc. (a)(b)

      411,156
32,800   

Newport Corp. (a)(b)

      507,744
20,800   

TeleTech Holdings, Inc. (a)(b)

      675,584
         
        1,594,484
         
  

Communication Equipment — 0.21%

56,100   

Arris Group, Inc. (a)(b)

      986,799
51,300   

Sonus Networks, Inc. (a)(b)

      437,076
         
        1,423,875
         
  

Communications Technology — 0.07%

18,300   

Novatel Wireless, Inc. (a)(b)

      476,166
         
  

Computer Equipment — 0.04%

   
15,600   

Trident Microsystems, Inc. (a)(b)

      286,260
         

 

See accompanying notes to financial statements

 

47

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Small Capitalization Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

Franklin Portfolio Associates (continued)

  

Computer Hardware — 0.20%

   
52,900   

Brocade Communications Systems, Inc. (a)(b)

    $           413,678
33,700   

Intevac, Inc. (a)(b)

      716,462
7,700   

NETGEAR, Inc. (a)(b)

      279,125
         
        1,409,265
         
  

Computer Software — 0.49%

   
15,300   

Jack Henry & Associates, Inc. (b)

      393,975
23,800   

Mentor Graphics Corp. (a)

      313,446
5,400   

MicroStrategy, Inc. (a)(b)

      510,246
56,000   

Realnetworks, Inc. (a)(b)

      457,520
14,700   

THQ, Inc. (a)(b)

      448,644
69,200   

Tibco Software, Inc. (a)

      626,260
32,700   

Vignette Corp. (a)(b)

      626,532
         
        3,376,623
         
  

Computer Software & Services — 0.57%

15,100   

Ansoft Corp. (a)

      445,299
22,600   

Aspen Technology, Inc. (a)

      316,400
17,600   

CIBER, Inc. (a)

      143,968
32,900   

COMSYS IT Partners, Inc. (a)

      750,449
44,900   

Interwoven Software, Inc. (a)(b)

      630,396
20,700   

Manhattan Associates, Inc. (a)

      577,737
9,500   

Ness Technologies, Inc. (a)(b)

      123,595
28,900   

Sykes Enterprises, Inc. (a)(b)

      548,811
38,500   

Tyler Technologies, Inc. (a)(b)

      477,785
         
        4,014,440
         
  

Construction — 0.02%

3,600   

Brookfield Homes Corp. (b)

      104,724
         
  

Consulting Services — 0.03%

14,300   

Diamond Management & Technology Consultants, Inc.

      188,760
         
  

Consumer Products — 0.14%

8,500   

Central Garden & Pet Co., Class – A (a)(b)

      99,705
25,100   

Fossil, Inc. (a)(b)

      740,199
4,100   

WD-40 Co. (b)

      134,767
         
        974,671
         
  

Consumer Products & Services — 0.22%

14,500   

CSG Systems International, Inc. (a)

      384,395
8,800   

Elizabeth Arden, Inc. (a)(b)

      213,488
6,700   

Jackson Hewitt Tax Service, Inc. (b)

      188,337
25,400   

Mannatech, Inc. (b)

      403,606
31,200   

ValueVision Media, Inc., Class – A (a)

      353,184
         
        1,543,010
         
Shares   

Security
Description

    Value
  

Distribution/Wholesale — 0.14%

17,400   

Houston Wire & Cable Co. (a)(b)

    $           494,334
14,300   

ScanSource, Inc. (a)(b)

      457,457
         
        951,791
         
  

E-Commerce — 0.13%

13,000   

Priceline.com, Inc. (a)

      893,620
         
  

Electric Utilities — 0.34%

16,800   

Avista Corp.

      362,040
14,600   

CH Energy Group, Inc. (b)

      656,562
24,900   

El Paso Electric Co. (a)

      611,544
8,000   

Plexus Corp. (a)(b)

      183,920
16,900   

Portland General Electric Co. (b)

      463,736
4,600   

Westar Energy, Inc.

      111,688
         
        2,389,490
         
  

Electrical & Electronics — 0.25%

7,400   

Benchmark Electronics, Inc. (a)

      167,388
13,700   

CommScope, Inc. (a)(b)

      799,395
7,300   

Cubic Corp. (b)

      220,314
17,600   

Methode Electronics, Inc.

      275,440
8,800   

MKS Instruments, Inc. (a)(b)

      243,760
         
        1,706,297
         
  

Electronic Components — 0.10%

42,700   

GrafTech International Ltd. (a)

      719,068
         
  

Electronic Components & Instruments — 0.08%

2,800   

Regal-Beloit Corp. (b)

      130,312
45,800   

Silicon Image, Inc. (a)

      392,964
         
        523,276
         
  

Energy — 0.28%

6,186   

Cimarex Energy Co. (b)

      243,790
3,700   

Comstock Resources, Inc. (a)(b)

      110,889
23,800   

EXCO Resources, Inc. (a)(b)

      415,072
37,900   

Headwaters, Inc. (a)(b)

      654,533
14,300   

Mariner Energy, Inc. (a)

      346,775
6,800   

PetroQuest Energy, Inc. (a)(b)

      98,872
4,300   

Rosetta Resources, Inc. (a)(b)

      92,622
         
        1,962,553
         
  

Energy Equipment & Services — 0.04%

18,400   

Grey Wolf, Inc. (a)(b)

      151,616
3,100   

ULI Holdings Corp. (b)

      102,610
         
        254,226
         
  

Fertilizers — 0.17%

20,200   

CF Industries Holdings, Inc. (b)

      1,209,778
         
  

Finance – Brokers — 0.11%

45,900   

Knight Capital Group, Inc., Class – A (a)(b)

      761,940
         

 

See accompanying notes to financial statements

 

48

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Small Capitalization Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

Franklin Portfolio Associates (continued)

  

Financial Services — 0.05%

18,700   

BankUnited Financial Corp., Class – A (b)

    $           375,309
         
  

Food & Household Products — 0.08%

20,900   

Tempur-Pedic International, Inc. (b)

      541,310
         
  

Footwear — 0.24%

17,500   

K-Swiss, Inc., Class – A (b)

      495,775
13,500   

Steven Madden Ltd.

      442,260
26,800   

Wolverine World Wide, Inc. (b)

      742,628
         
        1,680,663
         
  

Health Care — 0.31%

14,500   

Amerigroup Corp. (a)

      345,100
16,300   

Apria Healthcare Group, Inc. (a)(b)

      468,951
16,800   

Greatbatch, Inc. (a)(b)

      544,320
13,000   

MedCath Corp. (a)(b)

      413,400
11,500   

Molina Healthcare, Inc. (a)(b)

      350,980
         
        2,122,751
         
  

Hotel/Gaming — 0.12%

17,600   

Great Wolf Resorts, Inc. (a)(b)

      250,800
20,000   

Pinnacle Entertainment, Inc. (a)(b)

      563,000
         
        813,800
         
  

Insurance — 0.54%

11,850   

American Physicians Capital, Inc. (a)(b)

      479,925
24,600   

Commerce Group, Inc. (b)

      854,112
3,500   

Delphi Financial Group, Inc., Class – A

      146,370
17,000   

Odyssey Re Holdings Corp. (b)

      729,130
51,800   

Phoenix Co., Inc.

      777,518
11,500   

Presidential Life Corp. (b)

      226,090
4,800   

RLI Corp. (b)

      268,560
5,000   

Seabright Insurance Holdings (a)

      87,400
5,600   

Zenith National Insurance Corp. (b)

      263,704
         
        3,832,809
         
  

Internet Services — 0.01%

5,400   

Internap Network Services (a)(b)

      77,868
         
  

Lasers – Systems/Components — 0.14%

12,900   

Coherent, Inc. (a)(b)

      393,579
15,800   

Palomar Medical Technologies, Inc. (a)(b)

      548,418
         
        941,997
         
Shares   

Security
Description

    Value
  

Machinery & Engineering — 0.13%

20,900   

Applied Industrial Technologies, Inc. (b)

    $           616,550
6,600   

Astec Industries, Inc. (a)(b)

      278,652
         
        895,202
         
  

Manufacturing — 0.28%

1,500   

Actuant Corp., Class – A (b)

      94,590
8,800   

Acuity Brands, Inc.

      530,464
3,700   

American Woodmark (b)

      128,020
13,000   

Ceradyne, Inc. (a)(b)

      961,480
14,300   

Federal Signal Corp. (b)

      226,798
         
        1,941,352
         
  

Media — 0.17%

25,700   

Belo Corp., Class – A

      529,163
4,400   

Media General, Inc., Class – A (b)

      146,388
34,700   

Sinclair Broadcast Group, Inc. (b)

      493,434
         
        1,168,985
         
  

Medical – Biomedical/Genetic — 0.21%

38,500   

Applera Corp. – Celera Group (a)

      477,400
2,200   

Digene Corp. (a)

      132,110
8,500   

LifeCell Corp. (a)(b)

      259,590
46,600   

Savient Pharmaceuticals, Inc. (a)(b)

      578,772
         
        1,447,872
         
  

Medical Equipment & Supplies — 0.20%

61,000   

Bruker BioSciences Corp. (a)

      549,610
28,900   

Conceptus, Inc. (a)(b)

      559,793
21,300   

Stereotaxis, Inc. (a)(b)

      278,178
         
        1,387,581
         
  

Medical Products — 0.15%

18,500   

Mentor Corp. (b)

      752,580
6,300   

West Pharmaceutical Services, Inc. (b)

      297,045
         
        1,049,625
         
  

Medical Supplies — 0.04%

11,100   

Zoll Medical Corp. (a)

      247,641
         
  

Medical Systems — 0.05%

12,500   

Aspect Medical Systems, Inc. (a)(b)

      187,000
5,500   

SonoSite, Inc. (a)(b)

      172,865
         
        359,865
         
  

Metal Processors & Fabrication — 0.11%

16,250   

Quanex Corp. (b)

      791,375
         
  

Metals — 0.19%

10,600   

Cleveland-Cliffs, Inc. (b)

      823,302

 

See accompanying notes to financial statements

 

49

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Small Capitalization Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

Franklin Portfolio Associates (continued)

  

Metals (continued)

56,400   

Hecla Mining Co. (a)(b)

    $           481,656
         
        1,304,958
         
  

Miscellaneous Equipment Rental & Leasing — 0.03%

7,600   

H&E Equipment Services, Inc. (a)(b)

      210,824
         
  

Natural Gas Utilities — 0.07%

7,200   

New Jersey Resources Corp. (b)

      367,344
4,500   

Piedmont Natural Gas Co., Inc.

      110,925
         
        478,269
         
  

Nutritional Products — 0.10%

15,500   

NBTY, Inc. (a)(b)

      669,600
         
  

Oil & Gas — 0.20%

12,300   

Delek US Holdings, Inc. (b)

      327,795
7,800   

Holly Corp. (b)

      578,682
4,000   

Lufkin Industries, Inc.

      258,200
3,500   

Western Refining, Inc. (b)

      202,300
         
        1,366,977
         
  

Oil-Field Services — 0.23%

20,700   

Oil States International, Inc. (a)(b)

      855,738
16,300   

Trico Marine Services, Inc. (a)(b)

      666,344
1,600   

W-H Energy Services, Inc. (a)

      99,056
         
        1,621,138
         
  

Pharmaceuticals — 0.65%

22,600   

Albany Molecular Research, Inc. (a)(b)

      335,610
34,700   

BioMarin Pharmaceutical, Inc. (a)(b)

      622,518
55,400   

Enzon, Inc. (a)(b)

      434,890
21,600   

Geron Corp. (a)(b)

      152,064
14,100   

GTx, Inc. (a)(b)

      228,279
23,600   

Medicines Co. (a)(b)

      415,832
19,800   

OSI Pharmaceuticals, Inc. (a)(b)

      716,958
28,500   

Pain Therapeutics, Inc. (a)(b)

      248,235
11,800   

Prestige Brands Holdings, Inc. (a)(b)

      153,164
22,700   

Salix Pharmaceuticals Ltd. (a)(b)

      279,210
29,300   

Sciele Pharma, Inc. (a)(b)

      690,308
6,800   

Usna Health Sciences, Inc. (a)(b)

      304,232
         
        4,581,300
         
  

Physical Fitness Facilities — 0.04%

23,400   

Nautilus, Inc. (b)

      281,736
         
  

Plastics Products — 0.02%

3,100   

AEP Industries, Inc. (a)(b)

      139,531
         
Shares   

Security
Description

    Value
  

Power Conversion/Supply Equipment — 0.12%

36,000   

Advanced Energy Industries, Inc. (a)

    $           815,760
         
  

Printing – Commercial — 0.06%

18,500   

Cenveo, Inc. (a)(b)

      429,015
         
  

Real Estate Investment Trust — 1.10%

17,575   

Affordable Residential Communities (a)(b)

      207,737
47,400   

Ashford Hospitality Trust (b)

      557,424
20,300   

Cousins Properties, Inc.

      588,903
39,800   

Deerfield Triarc Capital Corp.

      582,274
3,400   

Entertainment Properties Trust (b)

      182,852
41,700   

Extra Space Storage, Inc. (b)

      688,050
22,000   

Felcor Lodging Trust, Inc. (b)

      572,660
26,000   

Inland Real Estate Corp. (b)

      441,480
20,000   

Investors Real Estate Trust (b)

      206,600
16,200   

Kite Realty Group Trust (b)

      308,124
12,900   

LaSalle Hotel Properties (b)

      560,118
30,400   

National Retail Properties, Inc.

      664,544
29,200   

Nationwide Health Properties, Inc.

      794,240
18,500   

Omega Healthcare Investors, Inc. (b)

      292,855
19,400   

Ramco-Gershenson Properties Trust (b)

      697,042
5,700   

Resource Capital Corp. (b)

      79,686
6,500   

Saul Centers, Inc.

      294,775
         
        7,719,364
         
  

Residential Lighting Fixtures — 0.08%

6,900   

Genlyte Group, Inc. (a)

      541,926
         
  

Resorts/Theme Parks — 0.06%

   
5,400   

Avatar Holdings, Inc. (a)(b)

      415,476
         
  

Restaurants — 0.26%

   
9,400   

Buffalo Wild Wings, Inc. (a)(b)

      390,946
9,300   

Jack in the Box, Inc. (a)

      659,742
27,400   

Ruby Tuesday, Inc. (b)

      721,442
         
        1,772,130
         
  

Retail — 0.50%

   
25,300   

Asbury Automotive Group, Inc.

      631,235
10,800   

Big Lots, Inc. (a)(b)

      317,736
16,900   

Cabela’s, Inc., Class – A (a)(b)

      373,997
38,800   

Casual Male Retail Group, Inc. (a)(b)

      391,880
4,200   

Charlotte Russe Holding, Inc. (a)(b)

      112,854
26,100   

Dress Barn, Inc. (a)(b)

      535,572
8,100   

DSW, Inc., Class – A (a)(b)

      282,042
16,200   

Haverty Furniture Cos., Inc. (b)

      189,054

 

See accompanying notes to financial statements

 

50

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Small Capitalization Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

Franklin Portfolio Associates (continued)

  

Retail (continued)

   
3,000   

Ingles Markets, Inc., Class – A

    $           103,350
17,700   

Systemax, Inc. (b)

      368,337
6,900   

West Marine, Inc. (a)(b)

      94,944
2,900   

Wild Oats Markets, Inc. (a)(b)

      48,604
         
        3,449,605
         
  

Retail – Apparel — 0.07%

   
12,000   

Aeropostale, Inc. (a)

      500,160
         
  

Retail – Major Department Store — 0.05%

10,000   

School Specialty, Inc. (a)(b)

      354,400
         
  

Rubber & Plastics — 0.06%

   
55,200   

Polyone Corp. (a)(b)

      396,888
         
  

Schools — 0.02%

   
3,600   

DeVry, Inc.

      122,472
         
  

Semiconductors — 0.32%

   
42,700   

Amkor Technologies, Inc. (a)(b)

      672,525
20,900   

Brooks Automation, Inc. (a)

      379,335
11,000   

Cymer, Inc. (a)(b)

      442,200
55,500   

Micrel, Inc. (b)

      705,960
         
        2,200,020
         
  

State banks, federal reserve — 0.06%

10,900   

Hancock Holding Co. (b)

      409,295
         
  

Steel — 0.14%

   
6,600   

Freightcar America, Inc. (b)

      315,744
15,700   

Steel Dynamics, Inc. (b)

      657,987
         
        973,731
         
  

Telecommunications Equipment — 0.45%

36,400   

Alaska Communications Systems Group, Inc. (b)

      576,576
19,200   

Anaren, Inc. (a)

      338,112
20,600   

C-COR, Inc. (a)

      289,636
22,600   

InterDigital Communications
Corp. (a)(b)

      727,042
33,300   

Oplink Communications, Inc. (a)

      499,500
21,500   

RCN Corp.

      403,985
56,300   

UTStarcom, Inc. (a)(b)

      315,843
         
        3,150,694
         
  

Textile/Apparel — 0.06%

12,800   

Perry Ellis International, Inc. (a)(b)

      411,776
         
  

Toys — 0.07%

19,400   

Marvel Entertainment, Inc. (a)(b)

      494,312
         
  

Transportation & Shipping — 0.27%

8,900   

Horizon Lines, Inc., Class – A

      291,564
Shares   

Security
Description

    Value
  

Transportation & Shipping (continued)

23,300   

Pacer International, Inc.

    $           548,016
19,200   

Saia, Inc. (a)

      523,392
13,900   

Wabtec Corp.

      507,767
         
        1,870,739
         
  

Wire & Cable Products — 0.13%

4,700   

Belden CDT, Inc. (b)

      260,145
8,800   

General Cable Corp. (a)(b)

      666,600
         
        926,745
         
        103,292,742
         
  

Frontier Capital Management Co. — 24.67%

  

Aerospace/Defense — 0.42%

32,900   

BFGoodrich Corp.

      1,959,524
46,073   

Orbital Sciences Corp. (a)(b)

      967,994
         
        2,927,518
         
  

Apparel Manufacturers — 0.05%

23,800   

Quiksilver, Inc. (a)(b)

      336,294
         
  

Auction House — 0.32%

48,300   

Sotheby’s Holdings, Inc., Class – A (b)

      2,222,766
         
  

Audio/Video Products — 0.13%

157,000   

TiVo, Inc. (a)(b)

      909,030
         
  

Auto Related — 0.41%

27,600   

Autoliv, Inc.

      1,569,612
29,900   

Intermec, Inc. (a)(b)

      756,769
8,500   

Oshkosh Truck Corp. (b)

      534,820
         
        2,861,201
         
  

Banking & Finance — 0.60%

53,300   

E*Trade Group, Inc. (a)

      1,177,397
15,800   

Portfolio Recovery Associates, Inc. (b)

      948,316
14,100   

Ritchie Bros. Auctioneers, Inc.

      882,942
26,800   

Thomas Weisel Partners Group, Inc. (a)(b)

      446,220
28,000   

Waddell & Reed Financial, Inc.

      728,280
         
        4,183,155
         
  

Building Products — 0.16%

22,700   

NCI Building Systems, Inc. (a)(b)

      1,119,791
         
  

Business Equipment — 0.26%

34,700   

Diebold, Inc. (b)

      1,811,340
         
  

Business Services — 0.79%

72,100   

Amdocs Ltd. (a)(b)

      2,871,022
33,200   

AMN Healthcare Services, Inc. (a)(b)

      730,400
80,600   

CV Therapeutics (a)(b)

      1,064,726
23,700   

Polycom, Inc. (a)

      796,320
         
        5,462,468
         

 

See accompanying notes to financial statements

 

51

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Small Capitalization Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

Frontier Capital Management Co. (continued)

  

Chemicals — 0.41%

85,700   

Chemtura Corp.

    $           952,127
10,000   

FMC Corp.

      893,900
38,100   

Hercules, Inc. (a)

      748,665
22,400   

US BioEnergy Corp. (a)(b)

      254,464
         
        2,849,156
         
  

Chemicals-Specialty — 0.07%

12,000   

Albemarle Corp.

      462,360
         
  

Coal — 0.08%

21,100   

Massey Energy Co. (b)

      562,315
         
  

Communication Equipment — 0.68%

15,500   

Arris Group, Inc. (a)(b)

      272,645
25,843   

Avid Technology, Inc. (a)(b)

      913,550
33,900   

Foundry Networks, Inc. (a)

      564,774
93,400   

Harmonic, Inc. (a)(b)

      828,458
7,600   

Harris Corp.

      414,580
203,500   

Sonus Networks, Inc. (a)(b)

      1,733,820
         
        4,727,827
         
  

Computer Equipment — 0.15%

30,268   

Seagate Technology Escrow (a)(c)

      0
55,300   

Western Digital Corp. (a)

      1,070,055
         
        1,070,055
         
  

Computer Software & Services — 0.44%

79,000   

BEA Systems, Inc. (a)

      1,081,510
31,900   

Manhattan Associates, Inc. (a)

      890,329
27,600   

Perot Systems Corp., Class – A (a)(b)

      470,304
83,200   

SeaChange International, Inc. (a)(b)

      645,632
         
        3,087,775
         
  

Construction — 1.12%

81,800   

Chicago Bridge & Iron Co.

      3,087,132
23,500   

Fluor Corp. (b)

      2,617,195
35,800   

Jacobs Engineering Group, Inc. (a)(b)

      2,058,858
         
        7,763,185
         
  

Consumer Products & Services — 0.10%

33,440   

Digital Theater Systems, Inc. (a)(b)

      727,989
         
  

Containers & Packaging — 0.72%

172,900   

Crown Holdings, Inc. (a)(b)

      4,317,313
50,000   

Smurfit-Stone Container Corp. (a)

      665,500
         
        4,982,813
         
  

Data Processing & Outsourced Services — 0.08%

14,200   

Global Payments, Inc.

      563,030
         
Shares   

Security
Description

    Value
  

Distribution/Wholesale — 0.08%

9,800   

Watsco, Inc. (b)

    $           533,120
         
  

Electrical & Electronics — 3.33%

69,100   

Actel Corp. (a)

      961,181
12,400   

CommScope, Inc. (a)(b)

      723,540
60,700   

Cree, Inc. (a)(b)

      1,569,095
157,100   

Dexcom, Inc. (a)(b)

      1,286,649
49,000   

Fairchild Semiconductor International, Inc. (a)

      946,680
16,500   

Franklin Electric Co., Inc. (b)

      778,470
9,200   

Harman International Industries, Inc. (b)

      1,074,560
14,500   

Hubbell, Inc., Class – B (b)

      786,190
72,680   

Integrated Device Technology, Inc. (a)

      1,109,824
27,000   

Itron, Inc. (a)(b)

      2,104,379
28,200   

MEMC Electronic Materials, Inc. (a)(b)

      1,723,584
57,300   

Microsemi Corp. (a)(b)

      1,372,335
56,600   

National Semiconductor Corp. (b)

      1,600,082
11,300   

Pentair, Inc. (b)

      435,841
145,700   

PMC-Sierra, Inc. (a)(b)

      1,126,261
17,100   

Rogers Corp. (a)(b)

      632,700
36,100   

Silicon Laboratories, Inc. (a)(b)

      1,249,421
16,200   

SiRF Technology Holdings, Inc. (a)(b)

      335,988
184,100   

Skyworks Solutions, Inc. (a)(b)

      1,353,135
15,800   

Synopsys, Inc. (a)

      417,594
6,900   

Thomas & Betts Corp. (a)

      400,200
33,270   

Trimble Navigation Ltd. (a)

      1,071,294
         
        23,059,003
         
  

Energy Equipment & Services — 1.25%

28,700   

Core Laboratories NV (a)(b)

      2,918,503
16,538   

ENSCO International, Inc. (b)

      1,008,983
10,200   

GlobalSantaFe Corp. (b)

      736,950
12,900   

National-Oilwell, Inc. (a)

      1,344,696
17,100   

Noble Corp.

      1,667,592
9,500   

Transocean Sedco Forex, Inc. (a)(b)

      1,006,810
         
        8,683,534
         
  

Entertainment — 0.06%

21,100   

Netflix, Inc. (a)(b)

      409,129
         
  

Financial Services — 0.15%

24,000   

Investment Technology Group, Inc. (a)(b)

      1,039,920
         
  

Forest Products & Papers — 0.45%

49,200   

Albany International Corp., Class – A (b)

      1,989,648

 

See accompanying notes to financial statements

 

52

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Small Capitalization Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

Frontier Capital Management Co. (continued)

  

Forest Products & Papers (continued)

39,200   

Electronics for Imaging, Inc. (a)(b)

    $        1,106,224
         
        3,095,872
         
  

Health Care — 2.34%

54,300   

Cross Country Healthcare, Inc. (a)(b)

      905,724
16,100   

DaVita, Inc. (a)

      867,468
73,700   

Eclipsys Corp. (a)(b)

      1,459,260
39,600   

Express Scripts, Inc., Class – A (a)

      1,980,396
15,500   

Healthways, Inc. (a)(b)

      734,235
17,700   

Magellan Health Services, Inc. (a)

      822,519
31,500   

Matria Healthcare, Inc. (a)(b)

      953,820
59,500   

Omnicare, Inc. (b)

      2,145,569
27,600   

Pall Corp. (b)

      1,269,324
27,600   

PAREXEL International Corp. (a)

      1,160,856
25,000   

Pediatrix Medical Group, Inc. (a)

      1,378,750
22,300   

Radiation Therapy Services, Inc. (a)(b)

      587,382
177,300   

Regeneration Technologies, Inc. (a)(b)

      1,994,625
         
        16,259,928
         
  

Insurance — 0.15%

33,700   

Montpelier Re Holdings Ltd. –ADR (b)

      624,798
16,700   

OneBeacon Insurance Group Ltd. (b)

      423,011
         
        1,047,809
         
  

Manufacturing — 0.89%

17,900   

A.O. Smith Corp. (b)

      714,031
16,900   

Carlisle Cos., Inc.

      786,019
35,500   

Kaydon Corp. (b)

      1,850,260
42,900   

Navistar International Corp. (a)(b)

      2,831,400
         
        6,181,710
         
  

Media — 0.26%

60,100   

Macrovision Corp. (a)(b)

      1,806,606
         
  

Medical – Biomedical/Genetic — 1.01%

29,732   

Charles River Laboratories International, Inc. (a)(b)

      1,534,766
60,500   

Genomic Health, Inc. (a)(b)

      1,137,400
42,600   

Illumina, Inc. (a)(b)

      1,729,134
8,900   

Millipore Corp. (a)(b)

      668,301
62,500   

Momenta Pharmaceuticals, Inc. (a)(b)

      630,000
Shares   

Security
Description

    Value
  

Medical – Biomedical/Genetic (continued)

54,800   

Wright Medical Group, Inc. (a)

    $        1,321,776
         
        7,021,377
         
  

Medical Equipment & Supplies — 0.11%

63,700   

Helicos Biosciences Corp. (a)

      577,122
13,000   

Insulet Corp. (a)(b)

      184,600
         
        761,722
         
  

Medical Products — 0.22%

26,800   

Advanced Medical Optics, Inc. (a)(b)

      934,784
11,600   

Cooper Cos., Inc. (b)

      618,512
         
        1,553,296
         
  

Medical Supplies — 0.07%

38,100   

Merit Medical Systems, Inc. (a)(b)

      455,676
         
  

Medical Systems — 0.44%

36,500   

Alkermes, Inc. (a)(b)

      532,900
83,900   

Cyberonics (a)(b)

      1,411,198
35,500   

STERIS Corp.

      1,086,300
         
        3,030,398
         
  

Metals — 0.73%

25,200   

Brush Engineered Materials, Inc. (a)(b)

      1,058,148
21,100   

Freeport-McMoRan Copper & Gold, Inc., Class – B (b)

      1,747,502
84,700   

Hecla Mining Co. (a)(b)

      723,338
20,400   

RTI International Metals, Inc. (a)

      1,537,548
         
        5,066,536
         
  

Movies & Entertainment — 0.10%

39,400   

Cinemark Holdings, Inc. (a)(b)

      704,866
         
  

Oil & Gas — 0.49%

32,600   

Interoil Corp. (a)(b)

      617,444
142,200   

Talisman Energy, Inc.

      2,748,726
         
        3,366,170
         
  

Oilfield Services & Equipment — 0.15%

23,200   

Dril-Quip, Inc. (a)

      1,042,840
         
  

Paper & Related Products — 0.11%

24,000   

Kadant, Inc. (a)(b)

      748,800
         
  

Pharmaceuticals — 0.54%

49,600   

ICON PLC – ADR (a)

      2,169,504
41,300   

Pharmaceutical Product Development, Inc. (b)

      1,580,551
         
        3,750,055
         
  

Pollution Control — 0.38%

23,400   

Clean Harbors, Inc. (a)(b)

      1,156,428

 

See accompanying notes to financial statements

 

53

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Small Capitalization Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

Frontier Capital Management Co. (continued)

  

Pollution Control (continued)

49,350   

Republic Services, Inc.

    $        1,512,084
         
        2,668,512
         
  

Production Technology — 0.19%

36,700   

Cognex Corp. (b)

      826,117
28,900   

Teradyne, Inc. (a)(b)

      508,062
         
        1,334,179
         
  

Real Estate Investment Trust — 0.28%

38,800   

CapitalSource, Inc. (b)

      954,092
37,900   

Providence Service Corp. (a)(b)

      1,012,688
         
        1,966,780
         
  

Restaurants — 0.25%

20,000   

The Cheesecake Factory, Inc. (a)(b)

      490,400
10,700   

Panera Bread Co., Class – A (a)(b)

      492,842
46,000   

Triarc Cos., Inc., Class – B (b)

      722,200
         
        1,705,442
         
  

Retail — 0.47%

46,200   

CarMax, Inc. (a)(b)

      1,178,100
47,600   

Dollar Tree Stores, Inc. (a)

      2,072,980
         
        3,251,080
         
  

Semiconductors — 0.91%

16,000   

Cabot Microelectronics Corp. (a)(b)

      567,840
43,300   

Cymer, Inc. (a)(b)

      1,740,660
21,000   

Cypress Semiconductor Corp. (a)(b)

      489,090
21,900   

International Rectifier Corp. (a)(b)

      815,994
284,400   

Mindspeed Technologies (a)(b)

      628,524
39,500   

Netlogic Microsystems, Inc. (a)(b)

      1,257,680
30,500   

Saifun Semiconductors Ltd. (a)(b)

      362,340
27,400   

Semtech Corp. (a)(b)

      474,842
         
        6,336,970
         
  

Technology — 0.23%

38,100   

ATMI, Inc. (a)(b)

      1,143,000
22,800   

Hutchinson Technology, Inc. (a)(b)

      428,868
         
        1,571,868
         
  

Telecommunications Equipment — 1.23%

44,100   

ADTRAN, Inc. (b)

      1,145,277
38,100   

Anaren, Inc. (a)

      670,941
79,400   

C-COR, Inc. (a)

      1,116,364
23,800   

Ciena Corp. (a)(b)

      859,894
Shares   

Security
Description

    Value
  

Telecommunications Equipment (continued)

118,700   

ECI Telecom Ltd. (a)(b)

    $        1,086,105
20,700   

Global Crossing Ltd. (a)(b)

      390,816
24,587   

JDS Uniphase Corp. (a)(b)

      330,203
207,739   

Level 3 Communications, Inc. (a)(b)

      1,215,273
19,800   

NII Holdings, Class – B (a)

      1,598,653
8,000   

OpNext, Inc. (a)(b)

      105,920
         
        8,519,446
         
  

Transportation & Shipping — 0.69%

34,200   

Kansas City Southern (a)(b)

      1,283,868
41,600   

Kirby Corp. (a)

      1,597,024
39,500   

Landstar System, Inc.

      1,905,875
         
        4,786,767
         
  

Utilities — 0.12%

53,900   

Citizens Communications Co. (b)

      823,053
         
        171,212,532
         
  

Geewax, Terker & Co. — 18.41%

  

Aerospace/Defense — 0.58%

41,115   

Kaman Corp. (b)

      1,282,377
39,720   

Moog, Inc., Class – A (a)(b)

      1,752,048
21,500   

Teledyne Technologies, Inc. (a)(b)

      987,925
         
        4,022,350
         
  

Agriculture — 0.33%

27,060   

Andersons, Inc. (b)

      1,226,630
24,570   

Lindsay Corp. (b)

      1,088,205
         
        2,314,835
         
  

Auto Parts — 0.31%

39,700   

American Axle & Manufacturing Holdings, Inc. (b)

      1,175,914
31,850   

Noble International Ltd. (b)

      651,014
10,000   

Sauer-Danfoss, Inc. (b)

      297,600
         
        2,124,528
         
  

Banking & Finance — 0.20%

6,300   

Cash America International, Inc. (b)

      249,795
9,320   

City Bank (b)

      293,673
9,600   

First State Bancorp. (b)

      204,384
29,190   

Ocwen Financial Corp. (a)(b)

      389,103
9,400   

Sterling Financial Corp. (b)

      272,036
         
        1,408,991
         
  

Broadcasting & Cable TV — 0.03%

32,770   

Crown Media Holdings, Inc., Class – A (a)(b)

      235,944
         
  

Building Products — 0.28%

87,140   

Goodman Global, Inc. (a)(b)

      1,936,251
         

 

See accompanying notes to financial statements

 

54

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Small Capitalization Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

Geewax, Terker & Co. (continued)

  

Building Products – Heating/Plumbing — 0.15%

39,640   

Interline Brands, Inc. (a)(b)

    $        1,033,811
         
  

Business Equipment — 0.14%

42,870   

Knoll, Inc.

      960,288
         
  

Business Services — 0.43%

13,490   

CRA International, Inc. (a)(b)

      650,218
53,820   

MPS Group, Inc. (a)(b)

      719,573
16,240   

PAETEC Holding Corp. (a)

      183,350
22,495   

Vertrue, Inc. (a)(b)

      1,097,306
6,600   

Watson Wyatt Worldwide, Inc. (b)

      333,168
         
        2,983,615
         
  

Chemicals — 0.41%

30,000   

Arch Chemicals, Inc. (b)

      1,054,200
14,000   

Cabot Microelectronics Corp. (a)(b)

      496,860
17,100   

H.B. Fuller Co. (b)

      511,119
38,300   

Hercules, Inc. (a)

      752,595
         
        2,814,774
         
  

Commercial Services — 0.07%

10,000   

CDI Corp. (b)

      322,000
6,600   

First Advantage Corp., Class – A (a)(b)

      151,866
         
        473,866
         
  

Communication Equipment — 0.26%

103,490   

Arris Group, Inc. (a)(b)

      1,820,389
         
  

Communications Technology — 0.21%

44,980   

Brocade Communications Systems, Inc. (a)(b)

      351,744
14,740   

Comtech Telecommunications Corp. (a)(b)

      684,230
4,920   

CPI International, Inc. (a)(b)

      97,564
11,580   

Digi International, Inc. (a)(b)

      170,689
4,990   

Novatel Wireless, Inc. (a)(b)

      129,840
         
        1,434,067
         
  

Computer Hardware — 0.01%

13,110   

Actuate Corp. (a)

      89,017
         
  

Computer Services — 0.03%

60,730   

Quantum Corp. (a)(b)

      192,514
         
  

Computer Software — 0.30%

18,400   

ANSYS, Inc. (a)(b)

      487,600
31,000   

Echelon Corp. (a)(b)

      484,530
6,430   

QAD, Inc. (b)

      53,369
34,400   

THQ, Inc. (a)(b)

      1,049,888
         
        2,075,387
         
Shares   

Security
Description

    Value
  

Computer Software & Services — 0.14%

16,240   

CIBER, Inc. (a)(b)

    $           132,843
15,430   

Ness Technologies, Inc. (a)(b)

      200,744
31,000   

SYNNEX Corp. (a)(b)

      638,911
         
        972,498
         
  

Consumer Products — 0.04%

8,040   

WD-40 Co. (b)

      264,275
         
  

Consumer Products & Services — 0.32%

14,770   

Kellwood Co. (b)

      415,332
24,700   

Pantry, Inc. (a)(b)

      1,138,670
12,210   

Silgan Holdings, Inc.

      674,969
         
        2,228,971
         
  

Cosmetics — 0.12%

10,730   

Elizabeth Arden, Inc. (a)(b)

      260,310
33,300   

Nu Skin Enterprises, Inc., Class – A (b)

      549,450
         
        809,760
         
  

Distribution — 0.18%

18,590   

United Stationers, Inc. (a)

      1,238,838
         
  

Distribution/Wholesale — 0.23%

50,270   

Houston Wire & Cable Co. (a)(b)

      1,428,171
6,817   

LKQ Corp. (a)(b)

      168,107
         
        1,596,278
         
  

Diversified Financial Services — 0.33%

64,830   

Leucadia National Corp. (b)

      2,285,258
         
  

Drugs & Pharmaceuticals — 0.05%

5,790   

Chattem, Inc. (a)(b)

      366,970
         
  

E-Commerce — 0.03%

10,180   

Shutterfly, Inc. (a)(b)

      219,379
         
  

Electric Utilities — 0.24%

71,200   

Aquila, Inc. (a)

      291,208
42,460   

Unisource Energy Corp. (b)

      1,396,509
         
        1,687,717
         
  

Electrical & Electronics — 0.43%

24,330   

Anixter International, Inc. (a)(b)

      1,829,860
41,280   

PNM Resources, Inc. (b)

      1,147,171
         
        2,977,031
         
  

Electrical Components & Equipment — 0.14%

12,290   

Genlyte Group, Inc. (a)(b)

      965,257
         
  

Electrical Equipment — 0.01%

1,960   

Powell Industries, Inc. (a)(b)

      62,250
         
  

Electronic Components — 0.13%

25,710   

Synaptics, Inc. (a)(b)

      920,161
         
  

Electronic Components & Instruments — 0.68%

4,300   

Baldor Electric Co. (b)

      211,904

 

See accompanying notes to financial statements

 

55

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Small Capitalization Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

Geewax, Terker & Co. (continued)

  

Electronic Components & Instruments (continued)

22,460   

EDO Corp. (b)

    $           738,260
3,590   

Electro Scientific Industries, Inc. (a)(b)

      74,672
26,990   

OSI Systems, Inc. (a)(b)

      738,177
29,190   

Regal-Beloit Corp. (b)

      1,358,503
79,430   

Zoran Corp. (a)

      1,591,776
         
        4,713,292
         
  

Electronics – Semiconductors — 0.07%

17,800   

Excel Technology, Inc. (a)

      497,332
         
  

Energy — 0.06%

23,650   

RPC, Inc. (b)

      402,996
         
  

Energy Equipment & Services — 0.34%

29,550   

Basic Energy Services, Inc. (a)(b)

      755,594
42,720   

Complete Production Services, Inc. (a)(b)

      1,104,312
13,800   

Metretek Technologies, Inc. (a)(b)

      213,072
19,160   

Union Drilling, Inc. (a)(b)

      314,607
         
        2,387,585
         
  

Engineering Services — 0.02%

6,640   

Stanley, Inc. (a)

      116,997
         
  

Entertainment — 0.00%

2,400   

Magna Entertainment Corp. (a)(b)

      7,008
         
  

Finance — 0.08%

12,070   

National Financial Partners Corp. (b)

      558,962
         
  

Financial Services — 0.05%

7,400   

First Cash Financial Services, Inc. (a)(b)

      173,456
14,600   

Online Resources Corp. (a)(b)

      160,308
700   

QC Holdings, Inc. (b)

      10,500
         
        344,264
         
  

Food Processing — 0.06%

15,800   

Hain Celestial Group, Inc. (a)(b)

      428,812
         
  

Forest Products & Papers — 0.01%

2,800   

Schweitzer-Mauduit International, Inc.

      86,800
         
  

Gas Transmission & Distribution —  0.09%

14,100   

Nicor, Inc. (b)

      605,172
         
  

Glass Containers — 0.12%

30,000   

Apogee Enterprises, Inc.

      834,600
         
  

Health Care — 0.41%

21,170   

Capital Senior Living Corp. (a)(b)

      199,421
Shares   

Security
Description

    Value
  

Health Care (continued)

10,100   

Gentiva Health Services, Inc. (a)(b)

    $           202,606
4,000   

IMS Health, Inc. (b)

      128,520
20,200   

LHC Group, Inc. (a)(b)

      529,240
9,400   

MedCath Corp. (a)(b)

      298,920
73,670   

Option Care, Inc. (b)

      1,134,519
13,160   

Radiation Therapy Services, Inc. (a)(b)

      346,634
         
        2,839,860
         
  

Household Products — 0.15%

50,580   

Lifetime Brands, Inc. (b)

      1,034,361
         
  

Industrial Products — 0.03%

11,850   

Smith & Wesson Holding Corp. (a)(b)

      198,488
         
  

Information Technology — 0.07%

14,660   

ManTech International Corp., Class –A (a)

      451,968
         
  

Instruments-Controls — 0.01%

3,600   

Zygo Corp. (a)

      51,444
         
  

Insurance — 1.15%

20,030   

ACA Capital Holdings, Inc. (a)(b)

      238,357
11,780   

AmTrust Financial Services, Inc. (b)

      221,346
29,610   

Argonaut Group, Inc. (b)

      924,128
19,361   

Crawford & Co., Class – B (b)

      130,880
12,510   

HCC Insurance Holdings, Inc. (b)

      417,959
9,070   

Hilb Rogal and Hobbs Co. (b)

      388,740
3,200   

James River Group, Inc. (b)

      106,336
2,700   

Kansas City Life Insurance Co. (b)

      125,604
98,925   

Meadowbrook Insurance Group, Inc. (a)(b)

      1,084,218
4,270   

The Midland Co. (b)

      200,434
13,960   

Navigators Group, Inc. (a)

      752,444
29,210   

ProAssurance Corp. (a)(b)

      1,626,121
6,500   

Reinsurance Group of America, Inc. (b)

      391,560
6,300   

RLI Corp. (b)

      352,485
32,830   

Seabright Insurance Holdings (a)(b)

      573,868
13,040   

Tower Group, Inc. (b)

      415,976
         
        7,950,456
         
  

Insurance – Property, Casualty, Health — 0.05%

34,980   

Fremont General Corp. (b)

      376,385
         
  

Investment Companies — 0.45%

62,651   

Apollo Investment Corp. (b)

      1,348,249

 

See accompanying notes to financial statements

 

56

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Small Capitalization Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

Geewax, Terker & Co. (continued)

  

Investment Companies (continued)

43,100   

Harris & Harris Group, Inc. (a)(b)

    $           482,720
28,190   

MCG Capital Corp. (b)

      451,604
31,110   

Waddell & Reed Financial, Inc. (b)

      809,171
         
        3,091,744
         
  

Machinery & Engineering — 0.29%

9,800   

Altra Holdings, Inc. (a)(b)

      169,344
55,000   

Applied Industrial Technologies, Inc. (b)

      1,622,500
3,400   

Lincoln Electric Holding, Inc.

      252,416
         
        2,044,260
         
  

Machinery – Industrial/Specialty — 0.12%

26,780   

Kadant, Inc. (a)

      835,536
         
  

Manufacturing — 1.34%

22,380   

Actuant Corp., Class – A (b)

      1,411,283
18,830   

Ameron International Corp. (b)

      1,698,277
18,270   

Barnes Group, Inc. (b)

      578,794
30,100   

Briggs & Stratton Corp. (b)

      949,956
38,600   

EnPro Industries, Inc. (a)(b)

      1,651,694
42,100   

Gardner Denver, Inc. (a)

      1,791,354
29,270   

Trinity Industries, Inc. (b)

      1,274,416
         
        9,355,774
         
  

Medical – Biomedical/Genetic — 0.07%

12,840   

Kendle International, Inc. (a)(b)

      472,127
         
  

Medical Equipment & Supplies — 0.14%

80,340   

Alliance Imaging, Inc. (a)(b)

      754,392
13,970   

Symmetry Medical, Inc. (a)(b)

      223,660
         
        978,052
         
  

Medical Products — 0.20%

9,800   

Air Methods Corp. (a)(b)

      359,366
29,200   

Owens & Minor, Inc. (b)

      1,020,248
         
        1,379,614
         
  

Medical Supplies — 0.01%

7,200   

Hanger Orthopedic Group, Inc. (a)(b)

      77,760
         
  

Metal Processors & Fabrication — 0.28%

19,400   

NN, Inc.

      228,920
35,070   

Quanex Corp. (b)

      1,707,909
         
        1,936,829
         
  

Metals — 0.16%

15,040   

RTI International Metals, Inc. (a)

      1,133,565
         
Shares   

Security
Description

    Value
  

Miscellaneous Equipment Rental & Leasing — 0.09%

22,225   

H&E Equipment Services, Inc. (a)(b)

    $           616,522
         
  

Natural Gas Utilities — 0.25%

7,500   

New Jersey Resources Corp. (b)

      382,650
14,360   

Northwest Natural Gas Co. (b)

      663,288
24,800   

UGI Corp.

      676,544
         
        1,722,482
         
  

Nursing Homes — 0.04%

19,000   

Sun Healthcare Group, Inc. (a)(b)

      275,310
         
  

Nutritional Products — 0.02%

10,480   

Mannatech, Inc. (b)

      166,527
         
  

Oil & Gas — 0.68%

20,450   

Berry Petroleum Co., Class – A (b)

      770,556
11,730   

Denbury Resources, Inc. (a)(b)

      439,875
17,050   

Lufkin Industries, Inc. (b)

      1,100,577
59,840   

Parker Drilling Co. (a)(b)

      630,714
19,000   

Rosetta Resources, Inc. (a)(b)

      409,260
23,700   

Western Refining, Inc. (b)

      1,369,859
         
        4,720,841
         
  

Oil-Field Services — 0.08%

9,000   

W-H Energy Services, Inc. (a)

      557,190
         
  

Packaging — 0.05%

5,500   

Grief Inc., Class – A (b)

      327,855
         
  

Pharmaceuticals — 0.79%

29,670   

Alexion Pharmaceuticals, Inc. (a)(b)

      1,336,930
117,430   

Indevus Pharmaceuticals, Inc. (a)(b)

      790,304
25,200   

K-V Pharmaceutical Co., Class – A (a)(b)

      686,448
108,940   

Sciele Pharma, Inc. (a)(b)

      2,566,626
17,750   

SuperGen, Inc. (a)(b)

      98,690
         
        5,478,998
         
  

Plastics Products — 0.06%

15,670   

Spartech Corp.

      416,039
         
  

Printing – Commercial — 0.06%

17,150   

Cenveo, Inc. (a)(b)

      397,709
         
  

Prod/Technology Equipment — 0.11%

15,400   

Esterline Technologies Corp. (a)(b)

      743,974
         
  

Real Estate Investment Trust — 1.23%

53,250   

Anthracite Capital, Inc. (b)

      623,025
21,870   

Arbor Realty Trust, Inc.

      564,465

 

See accompanying notes to financial statements

 

57

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Small Capitalization Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

Geewax, Terker & Co. (continued)

  

Real Estate Investment Trust (continued)

8,080   

Capital Trust, Inc., Class – A (b)

    $           275,851
37,090   

CapitalSource, Inc. (b)

      912,043
7,700   

Entertainment Properties Trust (b)

      414,106
30,090   

First Industrial Realty Trust, Inc. (b)

      1,166,288
5,700   

Getty Realty Corp. (b)

      149,796
15,400   

iStar Financial, Inc.

      682,682
24,620   

Jer Investors Trust, Inc. (b)

      369,300
54,770   

KKR Financial Holdings LLC (b)

      1,364,320
44,000   

Newcastle Investment Corp. (b)

      1,103,080
46,040   

Senior Housing Properties Trust (b)

      936,914
         
        8,561,870
         
  

Rental & Leasing — 0.07%

5,700   

McGrath Rentcorp (b)

      192,033
13,400   

Williams Scotsman International, Inc. (a)(b)

      319,054
         
        511,087
         
  

Restaurants — 0.11%

7,200   

Carrols Restaurant Group, Inc. (a)(b)

      109,800
13,000   

CKE Restaurants, Inc. (b)

      260,910
9,900   

McCormick & Schmick’s Seafood Restaurants, Inc. (a)(b)

      256,806
7,250   

Morton’s Restaurant Group, Inc. (a)(b)

      131,298
         
        758,814
         
  

Retail — 0.50%

39,300   

Asbury Automotive Group, Inc. (b)

      980,535
24,260   

Bon-Ton Stores, Inc. (b)

      971,856
28,000   

Conn’s, Inc. (a)(b)

      799,680
14,800   

Suburban Propane Partners LP (b)

      708,476
         
        3,460,547
         
  

Rubber & Plastics — 0.07%

21,400   

Myers Industries, Inc. (b)

      473,154
         
  

Semiconductors — 0.01%

8,800   

IXYS Corp. (a)(b)

      73,480
         
  

Telecommunications Equipment — 0.72%

20,200   

Anaren, Inc. (a)(b)

      355,722
16,860   

C-COR, Inc. (a)(b)

      237,052
13,560   

Centennial Communications Corp. (a)(b)

      128,684
Shares   

Security
Description

    Value
  

Telecommunications Equipment (continued)

32,206   

Ditech Networks, Inc. (a)(b)

    $           263,767
39,280   

Dobson Communications Corp., Class – A (a)(b)

      436,401
27,120   

Golden Telecom, Inc.

      1,491,870
13,000   

NTELOS Holdings Corp. (b)

      359,320
71,840   

Oplink Communications, Inc. (a)(b)

      1,077,600
6,000   

ParkerVision, Inc. (a)(b)

      71,700
29,400   

Time Warner Telecom, Inc., Class – A (a)(b)

      590,940
         
        5,013,056
         
  

Tobacco & Tobacco Products — 0.18%

126,730   

Alliance One International, Inc. (a)(b)

      1,273,637
         
  

Transportation & Shipping — 0.52%

26,560   

Genesee & Wyoming, Inc., Class – A (a)(b)

      792,550
3,200   

Greenbrier Cos., Inc. (b)

      96,704
9,020   

GulfMark Offshore, Inc. (a)(b)

      462,004
16,200   

Horizon Lines, Inc., Class – A (b)

      530,712
9,700   

Kirby Corp. (a)

      372,383
36,490   

Wabtec Corp. (b)

      1,332,981
         
        3,587,334
         
  

Utilities — 0.00%

1,400   

Connecticut Water Service, Inc. (b)

      34,118
         
  

Water Utilities — 0.08%

6,600   

American States Water Co. (b)

      234,762
8,750   

California Water Sevice Group (b)

      328,038
         
        562,800
         
  

Wire & Cable Products — 0.05%

6,000   

Belden CDT, Inc. (b)

      332,100
         
        127,772,757
         
  

IronBridge Capital Management, LLC — 22.47%

  

Aerospace/Defense — 0.59%

45,410   

Moog, Inc., Class – A (a)

      2,003,034
59,063   

Orbital Sciences Corp. (a)(b)

      1,240,914
14,220   

United Industrial Corp. (b)

      852,916
         
        4,096,864
         
  

Aircraft — 0.23%

23,944   

Triumph Group, Inc. (b)

      1,567,614
         
  

Auto Parts — 0.11%

35,285   

Superior Industries International, Inc. (b)

      767,802
         

 

See accompanying notes to financial statements

 

58

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Small Capitalization Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

IronBridge Capital Management, LLC (continued)

  

Banking & Finance — 2.50%

31,923   

A.G. Edwards, Inc.

    $        2,699,089
67,603   

Cathay General Bancorp, Inc. (b)

      2,267,405
40,803   

Community Bank System, Inc. (b)

      816,876
49,095   

First Midwest Bancorp, Inc. (b)

      1,743,363
2,250   

Frontier Financial Corp. (b)

      50,693
90,774   

Jefferies Group, Inc.

      2,449,083
53,100   

Pacific Capital Bancorp (b)

      1,432,638
54,711   

PFF Bancorp, Inc. (b)

      1,528,078
104,535   

Sterling Bancshares, Inc. (b)

      1,182,291
51,748   

United Bankshares, Inc. (b)

      1,645,586
35,059   

Westamerica Bancorporation (b)

      1,551,010
         
        17,366,112
         
  

Building Products — 0.47%

51,850   

Apogee Enterprises, Inc. (b)

      1,442,467
42,390   

Universal Forest Products, Inc. (b)

      1,791,401
         
        3,233,868
         
  

Business Services — 0.77%

43,189   

eFunds Corp. (a)(b)

      1,524,140
44,370   

ICF International, Inc. (a)(b)

      892,724
39,895   

Perficient, Inc. (a)(b)

      825,827
46,394   

Phase Forward, Inc. (a)

      780,811
38,554   

Polycom, Inc. (a)

      1,295,414
         
        5,318,916
         
  

Chemicals — 0.96%

29,345   

FCM Corp. (b)

      2,623,150
35,992   

Lubrizol Corp.

      2,323,284
50,995   

Methanex Corp.

      1,282,014
39,046   

Symyx Technologies, Inc. (a)(b)

      449,419
         
        6,677,867
         
  

Commercial Services — 0.13%

29,322   

Quanta Services, Inc. (a)(b)

      899,306
         
  

Communication Equipment — 0.17%

37,744   

ViaSat, Inc. (a)

      1,211,582
         
  

Computer Hardware  — 0.14%

45,452   

Intevac, Inc. (a)(b)

      966,310
         
  

Computer Software & Services — 0.57%

38,180   

Manhattan Associates, Inc. (a)(b)

      1,065,604
134,841   

Parametric Technology Corp. (a)(b)

      2,913,914
         
        3,979,518
         
  

Consumer Products — 0.27%

   
46,650   

Peet’s Coffee and Tea, Inc. (a)(b)

      1,148,990
Shares   

Security
Description

    Value
  

Consumer Products (continued)

   
22,398   

WD-40 Co. (b)

    $           736,222
         
        1,885,212
         
  

Consumer Products & Services — 0.29%

45,146   

Oxford Industries, Inc. (b)

      2,001,774
         
  

E-Commerce — 0.11%

54,405   

Stamps.com, Inc. (a)(b)

      749,701
         
  

Electric Utilities — 0.50%

88,204   

Avista Corp.

      1,900,796
39,098   

Black Hills Corp. (b)

      1,554,146
         
        3,454,942
         
  

Electrical & Electronics — 1.02%

12,144   

Analogic Corp.

      892,705
26,439   

Thomas & Betts Corp. (a)

      1,533,462
83,690   

Trimble Navigation Ltd. (a)(b)

      2,694,818
36,595   

Woodward Governor Co. (b)

      1,964,054
         
        7,085,039
         
  

Electronic Components — 0.12%

41,244   

Gentex Corp. (b)

      812,094
         
  

Electronic Components & Instruments — 0.30%

45,060   

Flir Systems, Inc. (a)(b)

      2,084,025
         
  

Food Processing — 0.32%

49,597   

Corn Products International, Inc. (b)

      2,254,184
         
  

Footwear — 0.33%

82,538   

Wolverine World Wide, Inc. (b)

      2,287,128
         
  

Golf — 0.29%

112,600   

Callaway Golf Co. (b)

      2,005,406
         
  

Instruments – Controls — 0.61%

12,063   

IDEXX Laboratories, Inc. (a)

      1,141,522
33,838   

iRobot Corp. (a)(b)

      671,684
38,944   

National Instruments Corp. (b)

      1,268,406
31,241   

NovAtel, Inc. (a)

      1,134,048
         
        4,215,660
         
  

Insurance — 0.85%

48,821   

Argonaut Group, Inc. (b)

      1,523,703
30,878   

FBL Financial Group, Inc., Class – A (b)

      1,214,123
35,307   

Midland Co. (b)

      1,657,310
29,344   

Selective Insurance Group, Inc. (b)

      788,767
18,161   

Stewart Information Services Corp. (b)

      723,353
         
        5,907,256
         
  

Lasers – Systems/Components — 0.26%

26,294   

Rofin-Sinar Technologies, Inc. (a)(b)

      1,814,286
         

 

See accompanying notes to financial statements

 

59

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Small Capitalization Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

IronBridge Capital Management, LLC (continued)

  

Machinery & Engineering — 0.93%

43,391   

Astec Industries, Inc. (a)(b)

    $        1,831,968
57,465   

IDEX Corp.

      2,214,701
32,572   

Lincoln Electric Holding, Inc.

      2,418,145
         
        6,464,814
         
  

Manufacturing — 0.36%

47,848   

Kaydon Corp. (b)

      2,493,838
         
  

Media — 0.11%

23,098   

Media General, Inc., Class – A (b)

      768,470
         
  

Medical – Biomedical/Genetic — 0.34%

70,603   

Exelixis, Inc. (a)(b)

      854,296
26,826   

Varian, Inc. (a)(b)

      1,470,870
         
        2,325,166
         
  

Medical Products — 1.02%

68,882   

ABIOMED, Inc. (a)(b)

      742,548
92,375   

Cepheid, Inc. (a)(b)

      1,348,676
48,096   

Foxhollow Technologies, Inc. (a)(b)

      1,021,559
32,554   

Owens & Minor, Inc. (b)

      1,137,437
29,575   

Respironics, Inc. (a)

      1,259,599
12,721   

Techne Corp. (a)

      727,768
47,119   

Thoratec Corp. (a)(b)

      866,518
         
        7,104,105
         
  

Medical Systems — 0.61%

50,324   

Cerner Corp. (a)(b)

      2,791,472
46,248   

SonoSite, Inc. (a)(b)

      1,453,575
         
        4,245,047
         
  

Metals — 0.29%

27,412   

Commercial Metals Co.

      925,703
14,370   

RTI International Metals, Inc. (a)

      1,083,067
         
        2,008,770
         
  

Oil & Gas — 0.91%

40,807   

AGL Resources, Inc.

      1,651,867
67,520   

Cabot Oil & Gas Corp., Class – A

      2,490,138
12,518   

Lufkin Industries, Inc. (b)

      808,037
22,191   

Unit Corp. (a)

      1,396,036
         
        6,346,078
         
  

Oil-Field Services — 0.72%

22,480   

FMC Technologies, Inc. (a)

      1,780,865
29,940   

Oceaneering International, Inc. (a)

      1,576,042
40,337   

Oil States International, Inc. (a)(b)

      1,667,532
         
        5,024,439
         
Shares   

Security
Description

    Value
  

Optical Supplies — 0.40%

98,794   

Oakley, Inc. (b)

    $        2,805,750
         
  

Pharmaceuticals — 0.19%

50,580   

Allscripts Healthcare Solution, Inc. (a)(b)

      1,288,778
         
  

Plastics Products — 0.12%

23,727   

Raven Industries, Inc. (b)

      847,291
         
  

Real Estate Investment Trust — 1.07%

124,714   

Annaly Mortgage Management (b)

      1,798,376
54,866   

Corporate Office Properties (b)

      2,250,055
27,833   

First Industrial Realty Trust, Inc. (b)

      1,078,807
43,878   

Mid-America Apartment Communities, Inc.

      2,302,717
         
        7,429,955
         
  

Restaurants — 0.24%

76,307   

California Pizza Kitchen, Inc. (a)(b)

      1,639,064
         
  

Retail — 0.93%

51,677   

Men’s Wearhouse, Inc. (b)

      2,639,144
68,210   

Stage Stores, Inc. (b)

      1,429,682
45,621   

Tractor Supply Co. (a)(b)

      2,374,573
         
        6,443,399
         
  

Schools — 0.25%

13,394   

Strayer Education, Inc. (b)

      1,764,124
         
  

Semiconductors — 1.06%

46,857   

Cohu, Inc. (b)

      1,042,568
107,215   

Cypress Semiconductor Corp. (a)(b)

      2,497,037
59,097   

Varian Semiconductor Equipment Associates, Inc. (a)(b)

      2,367,426
69,877   

Veeco Instruments, Inc. (a)(b)

      1,449,249
         
        7,356,280
         
  

Storage/Warehousing — 0.22%

53,075   

Mobile Mini, Inc. (a)(b)

      1,549,790
         
  

Superconductor Products and Systems — 0.18%

63,437   

American Superconductor Corp. (a)(b)

      1,224,968
         
  

Telecommunications Equipment — 0.16%

76,883   

Tekelec (a)(b)

      1,108,653
         
  

Toys — 0.21%

140,931   

Leapfrog Enterprises, Inc. (a)(b)

      1,444,543
         
  

Transportation & Shipping — 0.24%

31,036   

Alexander & Baldwin, Inc. (b)

      1,648,322
         
        155,974,110
         

 

See accompanying notes to financial statements

 

60

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Small Capitalization Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

Sterling Johnston Capital Management, Inc. — 16.63%

  

Advertising — 0.10%

19,400   

inVentiv Health, Inc. (a)(b)

    $           710,234
         
  

Aerospace/Defense — 0.96%

58,900   

AAR Corp. (a)(b)

      1,944,288
40,650   

Curtiss-Wright Corp. (b)

      1,894,697
103,550   

Taser International, Inc. (a)(b)

      1,445,558
23,300   

United Industrial Corp. (b)

      1,397,534
         
        6,682,077
         
  

Agriculture — 0.51%

52,250   

Andersons, Inc. (b)

      2,368,492
27,000   

Lindsay Corp. (b)

      1,195,830
         
        3,564,322
         
  

Aircraft — 0.17%

17,600   

Triumph Group, Inc. (b)

      1,152,272
         
  

Auto Parts — 0.26%

54,150   

Spartan Motors, Inc.

      921,633
28,250   

Titan International, Inc. (b)

      892,983
         
        1,814,616
         
  

Auto Related — 0.17%

33,750   

Tenneco, Inc. (a)(b)

      1,182,600
         
  

Banking & Finance — 0.32%

42,374   

Advanta Corp., Class – B (b)

      1,319,557
22,450   

Cash America International, Inc. (b)

      890,143
         
        2,209,700
         
  

Broadcasting & Cable TV — 0.10%

69,450   

Mediacom Communications Corp., Class – A (a)(b)

      672,971
         
  

Business Services — 0.32%

50,100   

Forrester Research, Inc. (a)

      1,409,313
73,133   

PAETEC Holding Corp. (a)(b)

      825,672
         
        2,234,985
         
  

Casino & Gambling — 0.17%

43,900   

Bally Technologies, Inc. (a)(b)

      1,159,838
         
  

Chemicals — 0.18%

29,900   

Zoltek Cos., Inc. (a)(b)

      1,241,747
         
  

Coal — 0.34%

41,600   

Alpha Natural Resources, Inc. (a)(b)

      864,864
245,700   

International Coal Group, Inc. (a)(b)

      1,469,286
         
        2,334,150
         
Shares   

Security
Description

    Value
  

Commercial Services — 0.47%

93,150   

DynCorp International, Inc., Class – A (a)(b)

    $        2,048,368
41,600   

Healthcare Services Group, Inc. (b)

      1,227,200
         
        3,275,568
         
  

Communication Equipment — 0.33%

66,750   

Arris Group, Inc. (a)(b)

      1,174,133
57,100   

Switch and Data Facilities Co. (a)(b)

      1,095,749
         
        2,269,882
         
  

Computer Software — 0.75%

36,450   

3D Systems Corp. (a)(b)

      906,512
110,450   

Lawson Software, Inc. (a)(b)

      1,092,350
19,350   

SPSS, Inc. (a)(b)

      854,109
48,850   

Take-Two Interactive Software, Inc. (a)(b)

      975,535
40,200   

Transaction Systems Architecture, Inc. (a)(b)

      1,353,131
         
        5,181,637
         
  

Computer Software & Services — 0.55%

35,800   

Ansoft Corp. (a)

      1,055,742
60,400   

Aspen Technology, Inc. (a)(b)

      845,600
18,950   

Blackboard, Inc. (a)(b)

      798,174
84,800   

Ness Technologies, Inc. (a)(b)

      1,103,247
         
        3,802,763
         
  

Consulting Services — 0.22%

40,400   

FTI Consulting, Inc. (a)(b)

      1,536,412
         
  

Consumer Products — 0.20%

82,800   

Smith & Wesson Holding Corp. (a)(b)

      1,386,900
         
  

Consumer Products & Services — 0.11%

21,200   

Monro Muffler Brake, Inc. (b)

      793,940
         
  

Data Processing & Reproduction — 0.29%

17,350   

Arbitron, Inc. (b)

      894,046
64,200   

Commvault Systems, Inc. (a)(b)

      1,108,734
         
        2,002,780
         
  

Distribution/Wholesale — 0.17%

46,750   

LKQ Corp. (a)(b)

      1,152,855
         
  

E-Commerce — 0.09%

145,450   

Move, Inc. (a)(b)

      651,616
         
  

Educational Software — 0.10%

72,250   

SkillSoft PLC – ADR (a)(b)

      671,203
         
  

Electrical Equipment — 0.42%

95,450   

EnerSys (a)(b)

      1,746,735

 

See accompanying notes to financial statements

 

61

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Small Capitalization Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security
Description

    Value
  

Common Stocks (continued)

  

Sterling Johnston Capital Management, Inc. (continued)

  

Electrical Equipment (continued)

31,750   

Superior Essex, Inc. (a)(b)

    $         1,185,863
         
        2,932,598
         
  

Electronic Components — 0.29%

95,500   

GrafTech International Ltd. (a)(b)

      1,608,220
26,050   

Universal Display Corp. (a)(b)

      409,246
         
        2,017,466
         
  

Electronic Equipment — 0.38%

81,600   

Cogent, Inc. (a)(b)

      1,198,704
35,100   

ITC Holdings Corp. (b)

      1,426,113
         
        2,624,817
         
  

Energy — 0.92%

12,500   

Carrizo Oil & Gas, Inc. (a)(b)

      518,375
38,200   

Energy Conversion Devices, Inc. (a)(b)

      1,177,324
105,650   

Evergreen Solar, Inc. (a)(b)

      982,545
85,700   

PetroQuest Energy, Inc. (a)(b)

      1,246,078
51,600   

Rosetta Resources, Inc. (a)(b)

      1,111,464
90,450   

Toreador Resources Corp. (a)(b)

      1,356,749
         
        6,392,535
         
  

Entertainment — 0.18%

114,200   

Lions Gate Entertainment Corp. (a)(b)

      1,259,626
         
  

Equipment Providers — 0.08%

45,400   

Sirenza Microdevices, Inc. (a)(b)

      538,898
         
  

Fertilizers — 0.19%

44,000   

UAP Holding Corp. (b)

      1,326,160
         
  

Financial Services — 0.19%

26,450   

Dollar Financial Corp. (a)(b)

      753,825
15,900   

Federal Agricultural Mortgage Corp., Class – C (b)

      544,098
         
        1,297,923
         
  

Food & Beverage — 0.19%

69,950   

Chiquita Brands International, Inc. (b)

      1,326,252
         
  

Forest Products & Papers — 0.31%

53,800   

Albany International Corp., Class – A (b)

      2,175,672
         
  

Health Care — 0.78%

26,600   

Amedisys, Inc. (a)(b)

      966,378
63,750   

Eclipsys Corp. (a)(b)

      1,262,249
47,300   

LHC Group, Inc. (a)(b)

      1,239,260
Shares   

Security
Description

    Value
  

Health Care (continued)

21,950   

PAREXEL International Corp. (a)(b)

    $           923,217
28,050   

Psychiatric Solutions, Inc. (a)(b)

      1,017,093
         
        5,408,197
         
  

Instruments – Controls — 0.20%

95,850   

X-Rite, Inc. (b)

      1,415,705
         
  

Internet Services — 0.15%

114,100   

Ixia (a)(b)

      1,056,566
         
  

Machinery & Engineering — 0.51%

19,600   

Middleby Corp. (a)(b)

      1,172,472
9,400   

Nacco Industries, Inc. (b)

      1,461,605
27,900   

Tesco Corp. (a)(b)

      880,245
1   

TurboChef Technologies, Inc. (a)

      14
         
        3,514,336
         
  

Manufacturing — 0.42%

54,800   

Input/Output, Inc. (a)(b)

      855,428
15,100   

Kaydon Corp.

      787,012
25,550   

Volcom, Inc. (a)(b)

      1,280,822
         
        2,923,262
         
  

Medical – Biomedical/Genetic — 0.35%

14,800   

Illumina, Inc. (a)(b)

      600,732
20,400   

Myriad Genetics, Inc. (a)(b)

      758,676
44,300   

Wright Medical Group, Inc. (a)(b)

      1,068,516
         
        2,427,924
         
  

Metal Processors & Fabrication — 0.17%

14,000   

Haynes International, Inc. (a)(b)

      1,182,020
         
  

Metals — 0.25%

47,500   

A.M. Castle & Co. (b)

      1,705,725
         
  

Nursing Homes — 0.14%

66,350   

Sun Healthcare Group, Inc. (a)(b)

      961,412
         
  

Oil & Gas — 0.42%

32,350   

Berry Petroleum Co., Class – A (b)

      1,218,948
497,600   

Gastar Exploration Ltd. (a)(b)

      1,035,008
360,850   

Transmeridian Exploration, Inc. (a)(b)

      635,096
         
        2,889,052
         
  

Optical Supplies — 0.13%

31,850   

Oakley, Inc. (b)

      904,540
         
  

Pharmaceuticals — 0.66%

63,050   

American Oriental Bioengineering, Inc. (a)(b)

      561,145
37,300   

Aspreva Pharmaceuticals Corp. (a)(b)

      645,290

 

See accompanying notes to financial statements

 

62

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Small Capitalization Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

 

Security
Description

    Value
  

Common Stocks (continued)

  

Sterling Johnston Capital Management, Inc. (continued)

  

Pharmaceuticals (continued)

67,850   

BioMarin Pharmaceutical, Inc. (a)(b)

    $         1,217,228
15,900   

HealthExtras, Inc. (a)(b)

      470,322
78,850   

Keryx Biopharmaceuticals, Inc. (a)(b)

      770,365
22,950   

Polymedica Corp. (b)

      937,507
         
        4,601,857
         
  

Plastics — 0.12%

61,550   

Landec Corp. (a)(b)

      824,770
         
  

Real Estate Investment Trust — 0.22%

189,700   

Meruelo Maddux Properties, Inc. (a)

      1,547,952
         
  

Retail — 0.33%

95,150   

Retail Ventures, Inc. (a)(b)

      1,534,770
20,200   

Zumiez, Inc. (a)(b)

      763,156
         
        2,297,926
         
  

Retail – Apparel — 0.17%

54,100   

Pacific Sunwear of California,
Inc. (a)(b)

      1,190,200
         
  

Semiconductors — 0.51%

77,550   

ANADIGICS, Inc. (a)

      1,069,414
114,350   

Cirrus Logic, Inc. (a)(b)

      949,105
32,750   

Iconix Brand Group, Inc. (a)(b)

      727,705
140,150   

Lattice Semiconductor Corp. (a)

      801,658
         
        3,547,882
         
  

Steel — 0.14%

   
46,000   

Claymont Steel Holdings, Inc. (a)(b)

      983,940
         
  

Telecommunications Equipment — 0.35%

37,750   

GeoEye, Inc. (a)(b)

      820,308
39,450   

Global Crossing Ltd. (a)(b)

      744,816
47,000   

RCN Corp.

      883,130
         
        2,448,254
         
  

Transportation & Shipping — 0.41%

43,650   

Danaos Corp. (b)

      1,372,793
7,850   

Horizon Lines, Inc., Class – A (b)

      257,166
74,650   

Quintana Maritime Ltd. – ADR (b)

      1,180,963
         
        2,810,922
         
Shares
or
Principal
Amount		   

Security
Description

    Value
  

Waste Disposal — 0.17%

  130,800   

Darling International, Inc. (a)(b)

    $        1,195,512
         
        115,414,969
         
  

Total Common Stocks
(cost $541,845,982)

      673,667,110
         
  

Mutual Funds — 0.11%

  

Geewax, Terker & Co. — 0.11%

  3,000   

iShares Russell 2000 Index Fund (b)

      248,820
  6,300   

iShares Russell 2000 Value Index Fund (b)

      518,868
         
        767,688
         
  

Total Mutual Funds
(cost $770,266)

      767,688
         
  

Repurchase Agreement — 1.59%

  

Frontier Capital Management Co. — 1.46%

$ 10,131,474   

Bankers Trust Co., Repurchase Agreement, dated 6/29/07, due 7/2/07 at 3.75% with a maturity value of $10,134,639 (Collateralized by U.S. Treasury Notes, 4.625%, 2/29/12, with a market value of $10,357,268)

      10,131,474
         
  

Geewax, Terker & Co. — 0.13%

  921,083   

Bankers Trust Co., Repurchase Agreement, dated 6/29/07, due 7/2/07 at 3.75% with a maturity value of $921,371 (Collateralized by U.S. Treasury Notes, 4.625%, 2/29/12, with a market value of $941,844)

      921,083
         
  

Total Repurchase Agreement
(cost $11,052,557)

      11,052,557
         
  

Securities Held as Collateral for Securities on Loan — 67.93%

  470,728,520   

State Street Navigator Securities Lending Prime Portfolio

      470,728,520
$ 679,989   

Various U.S. Treasury Bonds and Notes 0.875% to 3.875%, 4/15/10 to 4/15/29

      701,376
         
  

Total Securities Held as Collateral for Securities on Loan
(cost $471,429,896)

      471,429,896
         

 

See accompanying notes to financial statements

 

63

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Small Capitalization Equity Portfolio

Portfolio of Investments (concluded) — June 30, 2007

Principal   

Security
Description

    Value
  

Time Deposit — 1.06%

  

Franklin Portfolio Associates — 0.10%

  

Time Deposit — 0.10%

$ 661,475   

Liquidity Management Control System Time Deposit

    $           661,475
         
  

IronBridge Capital Management, LLC — 0.84%

  

Time Deposit — 0.84%

  5,829,667   

Liquidity Management Control System Time Deposit

      5,829,667
         
  

Sterling Johnston Capital Management, Inc. — 0.12%

  

Time Deposit — 0.12%

  830,554   

Liquidity Management Control System Time Deposit

      830,554
         
  

Total Time Deposit
(cost $7,321,696)

      7,321,696
         
Shares   

Security
Description

    Value  
  

Warrant — 0.07%

 

  

Sterling Johnston Capital Management, Inc. — 0.07%

  

  

Telecommunications Equipment — 0.07%

 

111,350   

XO Holdings, Inc., Warrant, 0.00%, 1/16/10 (b)

    $           496,621  
           
  

Total Warrant
(cost $493,038)

      496,621  
           
  

Total Investments
(cost $1,032,913,435) — 167.82%

      1,164,735,568  
  

Liabilities in excess of other assets — (67.82)%

      (470,706,966 )
           
  

Net Assets — 100.00%

    $ 694,028,602  
           
(a)   Represents non-income producing security.

 

(b)   All or part of this security has been placed on loan as of June 30, 2007.

 

(c)   Escrow Security due to bankruptcy.

 

ADR — American Depositary Receipt

 

See accompanying notes to financial statements

 

64

Table of Contents

THE HIRTLE CALLAGHAN TRUST

International Equity Portfolio

Portfolio of Investments — June 30, 2007

 

Shares

   

Security

Description

    Value
  

Common/Preferred Stocks — 97.96%

  

Artisan Partners LP — 32.34%

  

Argentina — 0.10%

   
43,161   

Tenaris S.A. (Steel)

    $        1,063,064
18,300   

Tenaris S.A. – ADR (Steel)

      895,968
         
        1,959,032
         
  

Australia — 0.34%

   
394,053   

Publishing & Broadcasting Ltd. (Media)

      6,546,397
         
  

Austria — 0.25%

   
67,794   

Wiener Staedtische Versicherung AG (Insurance)*

      4,844,198
         
  

Belgium — 0.85%

   
243,193   

Dexia SA (Banking)

      7,638,761
202,268   

Fortis (Diversified Financial Services)

      8,630,736
365   

Umicore (Chemicals)

      79,661
         
        16,349,158
         
  

Brazil — 0.06%

   
215,467   

Vivo Participacoes SA Preferred – ADR (Wireless Telecommunication Services)

      1,079,490
         
  

Canada — 0.77%

   
31,200   

Cameco Corp. (Oil, Gas & Consumable Fuels)

      1,583,088
100,901   

Canadian Pacific Railway Ltd. (Transportation)

      6,944,007
266,300   

Nortel Networks Corp. (Diversified Telecommunication Services) (a)

      6,404,515
         
        14,931,610
         
  

China — 1.32%

   
2,873,800   

China Construction Bank (Banking)

      1,977,394
10,000   

China High Speed Transmission Equipment Group Co., Ltd. (Machinery) (a)*

      9,146
1,009,000   

China Life Insurance Co. Ltd. (Insurance)

      3,626,201
664,800   

China Merchants Holdings International Co., Ltd. (Transportation Infrastructure)

      3,218,187
355,200   

China Mobile Ltd. (Wireless Telecommunication Services)

      3,813,713
1,122,000   

China Netcom Group Corp. (Hong Kong) Ltd. (Telecommunications)

      3,099,566
274,000   

China Petroleum & Chemical Corp. (Sinopec) (Oil & Gas)

      303,124

Shares

   

Security

Description

    Value
  

China (continued)

   
1,902,900   

China Resources Land Ltd. (Real Estate)*

    $        2,876,655
3,225,400   

China Unicom Ltd. (Telecommunications)

      5,552,429
2,333,400   

Denway Motors Ltd. (Automobiles)

      1,104,194
         
        25,580,609
         
  

Denmark — 0.22%

   
350   

AP Moller – Maersk A/S Series B (Shipping)

      4,233,666
         
  

Finland — 0.89%

   
549,527   

Fortum Oyj (Electric Utilities)

      17,245,925
         
  

France — 4.32%

   
66,845   

Alstom (Electrical Equipment) (a)

      11,237,175
200,822   

Bouygues SA (Wireless Telecommunication Services)

      16,901,628
139,496   

Carrefour SA (Food & Staples Retailing)

      9,843,045
142,750   

Electricite de France (Electric Utilities)

      15,508,871
92,078   

LVMH Moet Hennessy Louis Vuitton SA (Textiles, Apparel & Luxury Goods)

      10,659,132
117,301   

Technip SA (Energy Equipment & Services)

      9,731,032
128,359   

Vinci SA (Road Construction)

      9,637,391
         
        83,518,274
         
  

Germany — 5.84%

   
83,112   

Allianz SE (Insurance)*

      19,413,383
143,801   

Bayer AG (Chemicals)

      10,861,020
9,404   

Celesio AG (Pharmaceuticals)

      612,909
119,096   

DaimlerChrysler AG (Automobiles)

      11,000,097
336,453   

Deutsche Post AG (Air Freight & Logistics)*

      10,900,471
471,065   

Deutsche Telekom AG (Telecommunications Services)

      8,695,447
115,780   

Fraport AG (Transportation Infrastructure)

      8,258,920
52,519   

IVG Immobilien AG (Real Estate Management & Development)

      2,071,108
74,587   

Linde AG (Manufacturing)

      8,980,560
58,570   

RWE AG (Multi-Utilities)

      6,222,958
48,850   

Siemens AG (Industrial Conglomerates)

      7,010,870
166,836   

United Internet AG (Web Portals)

      3,467,989
65,872   

Wacker Chemie AG (Chemicals)

      15,600,395
         
        113,096,127
         

 

See accompanying notes to financial statements

 

65

Table of Contents

THE HIRTLE CALLAGHAN TRUST

International Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares

   

Security

Description

    Value
  

Common/Preferred Stocks (continued)

  

Artisan Partners LP (continued)

  

Hong Kong — 1.83%

   
902,200   

Bank of East Asia Ltd. (Commercial Banks)

    $        5,077,031
817,900   

Hutchison Whampoa Ltd. (Industrial Conglomerates)

      8,122,618
191,500   

MTR Corp., Ltd. (Road & Rail)

      453,591
1,626,530   

NWS Holdings Ltd. (Industrial Conglomerates)

      4,056,496
731,600   

Sun Hung Kai Properties Ltd. (Real Estate Management & Development)

      8,804,762
786,286   

Swire Pacific Ltd., Class A (Real Estate Management & Development)

      8,738,858
46,000   

Tencent Holdings Ltd. (Software)

      185,320
         
        35,438,676
         
  

Italy — 1.14%

   
301,423   

Hera SpA (Utilities – Electric)

      1,263,527
738,859   

Intesa Sanpaolo (Commercial Banks)

      5,529,469
248,208   

Mediobanca SpA (Capital Markets)

      5,663,306
1,076,194   

UniCredito Italiano SpA (Commercial Banks)

      9,656,078
         
        22,112,380
         
  

Japan — 4.55%

   
245,600   

Chugai Pharmaceutical Co., Ltd. (Pharmaceuticals)

      4,418,845
395,200   

Credit Saison Co., Ltd. (Consumer Finance)

      10,304,541
2,201   

Japan Tobacco, Inc. (Tobacco)

      10,870,018
9,550   

Jupiter Telecommunications Co., Ltd. (Media) (a)*

      7,912,436
10,600   

Keyence Corp. (Electrical Equipment & Instruments)

      2,318,723
275,200   

Kirin Brewery Co., Ltd. (Brewery)

      4,119,841
197,800   

Mitsubishi Estate Co., Ltd. (Real Estate Management & Development)

      5,382,422
2,257,700   

Mitsubishi Heavy Industries Ltd. (Machinery)

      14,506,056
176,800   

Mitsui Fudosan Co., Ltd. (Real Estate Management & Development)

      4,968,955
904   

NTT Data Corp. (IT Services)

      4,295,671
40,640   

ORIX Corp. (Consumer Finance)

      10,712,110

Shares

   

Security

Description

    Value
  

Japan (continued)

   
272,800   

Tokyu Land Corp. (Real Estate)

    $        2,909,483
287,700   

Urban Corp. (Real Estate)

      5,246,418
         
        87,965,519
         
  

Luxembourg — 0.07%

   
12,173   

RTL Group (Media)

      1,399,616
         
  

Mexico — 0.19%

   
132,000   

Grupo Televisa SA – ADR (Media)

      3,644,520
         
  

Netherlands — 0.68%

   
429,640   

ASML Holding NV (Semiconductors & Semiconductor Equipment) (a)

      11,919,424
41,600   

ASML Holding NV – NY Shares (Semiconductors & Semiconductor Equipment) (a)

      1,141,920
         
        13,061,344
         
  

Norway — 0.97%

   
286,489   

Orkla ASA (Food)

      5,443,602
101,900   

Renewable Energy Corp. AS (Semiconductors & Semiconductor Equipment) (a)*

      3,976,147
435,300   

SeaDrill Ltd. (Energy Equipment & Services) (a)*

      9,397,381
         
        18,817,130
         
  

Russia — 0.58%

   
20,271   

AOA TMK – GDR (Insurance) (a)

      733,810
62,582   

Lukoil – ADR (oil, Gas & Consumable Fuels)

      4,800,039
4,700   

Mining and Metallurgical Company Norilsk Nickel

      982,300
16,000   

NovaTek OAO – GDR (Oil, Gas Consumable Fuels)

      832,000
29,291   

RAO Unified Energy System – GDR (Electric Utilities) (a)

      3,968,931
         
        11,317,080
         
  

South Africa — 0.12%

   
118,054   

MTN Group Ltd. (Telecommunications)

      1,612,527
27,317   

Naspers Ltd. (Multimedia)

      704,455
         
        2,316,982
         
  

South Korea — 0.62%

   
67,185   

Hana Financial Group, Inc. (Commercial Banks)

      3,277,406
61,632   

Kookmin Bank (Commercial Banks)

      5,412,404
18,190   

NHN Corp. (Web Portals) (a)

      3,318,912
         
        12,008,722
         

 

See accompanying notes to financial statements

 

66

Table of Contents

THE HIRTLE CALLAGHAN TRUST

International Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares

   

Security

Description

    Value
  

Common/Preferred Stocks (continued)

  

Artisan Partners LP (continued)

  

Spain — 0.80%

   
13,510   

Bolsas Y Mercados Espanoles (Financial Services)

    $           794,405
215,704   

Gamesa Corporacion Tecnologica SA (Electrical Equipment)

      7,881,678
115,513   

Industria de Diseno Textil SA (Specialty Retail)*

      6,842,331
         
        15,518,414
         
  

Switzerland — 3.77%

   
90,978   

Adecco SA (Commercial Services & Supplies)

      7,073,666
44,645   

Nestle SA (Food Products)

      17,036,169
14,883   

Roche Holding AG (Pharmaceuticals)

      2,978,550
59,112   

Roche Holding AG Genusscheine (Pharmaceuticals)

      10,523,214
145,948   

Swiss Re (Insurance)

      13,373,388
363,800   

UBS AG (Capital Markets)

      21,925,713
         
        72,910,700
         
  

United Kingdom — 2.06%

   
1,022,876   

Lloyds TSB Group plc (Commercial Banks)

      11,419,373
877,758   

National Grid plc (Utilities – Electric)

      13,006,956
159,660   

Standard Chartered plc (Commercial Banks)

      5,225,504
1,688,945   

William Morrison Supermarkets plc (Food & Staples Retailing)

      10,258,536
         
        39,910,369
         
        625,805,938
         
  

Capital Guardian Trust Co. — 58.83%

  

Australia — 1.68%

   
296,800   

Amcor Ltd. (Containers & Packaging)

      1,879,213
143,692   

Asciano Ltd. – Stapled Security (Transportation Services) (a)

      1,233,768
20   

BHP Billiton Ltd. (Metals & Mining)

      594
314,196   

Brambles Ltd. (Commercial Services & Supplies) (a)

      3,243,692
478,639   

Foster’s Group Ltd. (Beverages)

      2,588,334
488,469   

Insurance Australia Group Ltd. (Insurance)

      2,359,954
55,091   

Macquarie Bank Ltd. (Capital Markets)

      3,969,092
60,764   

News Corp. (Media)

     1,292,226
131,424   

QBE Insurance Group Ltd. (Insurance)

      3,475,529

Shares

   

Security

Description

    Value
  

Australia (continued)

   
555,553   

Telstra Corp., Ltd. (Diversified Telecommunication Services)

    $        2,161,373
143,692   

Toll Holdings Ltd. (Road & Rail)

      1,764,788
26,100   

Wienerberger AG (Building & Construction)

      1,932,077
292,216   

Woolworths Ltd. (Food & Staples Retailing)

      6,687,433
         
        32,588,073
         
  

Austria — 0.36%

   
23,600   

OMV AG (Oil & Gas)

      1,580,615
22,100   

Raiffeisen International Bank Holding AG (Commercial Banks)

      3,520,185
75,300   

Telekom Austria AG (Diversified Telecommunications Services)

      1,885,226
         
        6,986,026
         
  

Belgium — 0.12%

   
37,894   

UCB SA (Pharmaceuticals)

      2,248,727
         
  

Bermuda — 0.12%

   
372,500   

Kerry Properties Ltd. (Real Estate)

      2,339,172
         
  

Brazil — 0.23%

   
69,200   

Companhia Vale do Rio Doce – ADR (Metals – Diversified)

      3,082,860
28,600   

Companhia Vale do Rio Doce – ADR (Metals – Diversified)

      1,274,130
         
        4,356,990
         
  

Canada — 4.83%

   
110,300   

Alcan, Inc. (Metals & Mining)

      9,000,066
327,200   

Barrick Gold Corp. (Metals & Mining)

      9,511,704
266,400   

Cameco Corp. (Oil, Gas & Consumable Fuels)

      13,507,606
25,800   

Canadian Imperial Bank of Commerce (Commercial Banks)

      2,325,392
164,400   

Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels)

      10,926,039
75,500   

EnCana Corp. (Oil, Gas & Consumable Fuels)

      4,644,845
108,600   

Finning International, Inc. (Trading Companies & Distributors)

      3,087,707
53,800   

Manulife Financial Corp. (Insurance)

      2,012,575
98,100   

Methanex Corp. (Chemicals)

      2,435,459
258,600   

Potash Corp. of Saskatchewan, Inc. (Chemicals)

      20,221,791

 

See accompanying notes to financial statements

 

67

Table of Contents

THE HIRTLE CALLAGHAN TRUST

International Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares

   

Security

Description

    Value
  

Common/Preferred Stocks (continued)

  

Capital Guardian Trust Co. (continued)

  

Canada (continued)

   
49,400   

Rogers Communications, Inc., Class – B (Wireless Telecommunications Services)

    $        2,106,806
45,000   

Royal Bank of Canada (Commercial Banks)

      2,392,394
26,400   

Sun Life Financial, Inc. (Insurance)

      1,258,276
59,300   

Suncor Energy, Inc. (Oil, Gas & Consumable Fuels)

      5,343,125
57,200   

Teck Cominco Ltd., Class – B (Diversified Minerals)

      2,427,643
32,200   

Toronto-Dominion Bank (Commercial Banks)

      2,202,903
         
        93,404,331
         
  

China — 0.15%

   
836,000   

China Shenhua Energy Co., Ltd., Class – H (Coal)

      2,918,927
         
  

Denmark — 0.30%

   
53,800   

Novo Nordisk A/S (Pharmaceuticals)

      5,871,653
         
  

Finland — 0.64%

   
48,300   

Neste Oil Oyj (Oil, Gas & Consumable Fuels)

      1,904,076
85,700   

Nokia Oyj (Communications Equipment)

      2,413,513
120,600   

Stora Enso Oyj (Paper & Forest Products)

      2,281,661
234,600   

UPM-Kymmene Oyj (Paper & Forest Products)

      5,809,996
         
        12,409,246
         
  

France — 7.46%

   
37,600   

Accor SA (Hotels, Restaurants & Leisure)

      3,344,122
49,006   

Air Liquide SA (Chemicals)

      6,462,242
94,000   

Axa (Insurance)

      4,072,023
87,320   

BNP Paribas (Commercial Banks)

      10,441,578
220,238   

Bouygues SA (Wireless Telecommunication Services)

      18,535,722
58,300   

Carrefour SA (Food & Staples Retailing)

      4,113,735
41,000   

Dassault Systems SA (Software)

      2,594,508
23,900   

Electricite de France (Electric Utilities)

      2,596,582
104,120   

Groupe DANONE (Food Processing)

      8,457,205
79,500   

L’Oreal SA (Personal Products)

      9,446,226
46,500   

Lafarge SA (Construction Materials)

      8,520,564

Shares

   

Security

Description

    Value
  

France (continued)

   
55,940   

PagesJaunes SA (Media)

    $        1,178,712
10,700   

Pernod Ricard SA (Beverages)

      2,374,061
64,100   

PSA Peugeot Citroen (Automobiles)

      5,185,739
211,000   

Sanofi-Aventis (Pharmaceuticals)

      17,161,436
67,700   

Schneider Electric SA (Electrical Equipment)

      9,540,283
39,075   

Societe Generale (Commercial Banks)

      7,272,657
178,740   

Total SA (Oil, Gas & Consumable Fuels)

      14,576,310
75,600   

Veolia Environnement (Multi Utilities)

      5,937,055
58,200   

Vivendi Universal SA (Media)

      2,513,312
         
        144,324,072
         
  

Germany — 3.43%

   
41,400   

Allianz AG (Insurance)

      9,670,253
65,100   

Bayer AG (Chemicals)

      4,916,881
28,200   

Bayerische Motoren Werke AG (Automobiles)

      1,818,862
102,600   

Commerzbank AG (Commercial Banks)

      4,894,442
12,800   

Continental AG (Auto Components)

      1,801,004
143,800   

DaimlerChrysler AG (Automobiles)

      13,281,841
73,800   

Deutsche Bank AG (Capital Markets)

      10,706,508
38,600   

Metro AG (Retail)

      3,196,947
86,800   

SAP AG (Software)

      4,447,306
12,500   

SAP AG – ADR (Software)

      638,375
76,100   

Siemens AG (Industrial Conglomerates)

      10,921,745
         
        66,294,164
         
  

Greece — 0.01%

   
5,380   

OPAP SA (Hotels, Restaurants & Leisure)

      190,757
         
  

Hong Kong — 1.15%

   
806,600   

Bank of East Asia Ltd. (Commercial Banks)

      4,539,053
974,000   

Hang Lung Properties Ltd. (Real Estate Management & Development)*

      3,357,160
737,000   

Hong Kong & China Gas Co., Ltd. (Utilities – Natural Gas)

      1,553,385
1,322,200   

Li & Fung Ltd. (Distributors)

      4,760,251
723,500   

Swire Pacific Ltd. (Real Estate Management & Development)

      8,041,048
         
        22,250,897
         

 

See accompanying notes to financial statements

 

68

Table of Contents

THE HIRTLE CALLAGHAN TRUST

International Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares

   

Security

Description

    Value
  

Common/Preferred Stocks (continued)

  

Capital Guardian Trust Co. (continued)

  

Ireland — 0.53%

   
160,800   

CRH PLC (Construction Materials)

    $        7,971,126
126,400   

Depfa Bank PLC (Commercial Banks)

      2,228,888
         
        10,200,014
         
  

Israel — 0.09%

   
44,000   

Teva Pharmaceutical Industries Ltd. – ADR (Pharmaceuticals)

      1,815,000
         
  

Italy — 0.39%

   
694,639   

Banca Intesa SpA (Commercial Banks)

      5,198,536
65,000   

ENI SpA (Oil, Gas & Consumable Fuels)

      2,366,259
         
        7,564,795
         
  

Japan — 14.67%

   
45,500   

Advantest Corp. (Semiconductors & Semiconductor Equipment)

      1,984,688
662,600   

AEON Co., Ltd. (Food & Staples Retailing)

      12,325,190
86,800   

Canon, Inc. (Office Electronics)

      5,097,588
107,000   

Citizen Holdings Co. Ltd. (Jewelry)

      965,616
137,000   

Daiwa House Industries Co., Ltd. (Household Durables)

      1,960,799
252   

East Japan Railway Co. (Transportation)

      1,944,602
108,100   

Fanuc Ltd. (Machinery)

      11,169,133
74,600   

FUJIFILM Holdings Corp. (Photo Equipment)

      3,338,851
360,000   

Hankyu Hanshin Holdings, Inc. (Industrial Conglomerates)

      1,903,663
17,900   

Hirose Electric Co., Ltd. (Electronic Equipment & Instruments)

      2,358,362
188,700   

Hoya Corp. (Electronic Equipment & Instruments)

      6,269,052
21,600   

Idemitsu Kosan Co., Ltd. (Oil Gas & Consumable Fuels)*

      2,421,249
811   

INPEX Holdings, Inc. (Oil Gas & Consumable Fuels)

      7,575,745
459   

Japan Tobacco, Inc. (Tobacco)

      2,266,851
78,700   

JS Group Corp. (Manufacturing – Diversified)

      1,598,164
8,600   

Keyence Corp. (Electronic Equipment & Instruments)

      1,881,228
65,500   

Millea Holdings, Inc. (Insurance)

      2,692,145
343,200   

Mitsubishi Corp. (Trading Companies & Distributors)

      9,004,435

Shares

   

Security

Description

    Value
  

Japan (continued)

   
175,000   

Mitsubishi Estate Co., Ltd. (Real Estate Management & Development)

    $        4,762,001
261,000   

Mitsubishi Heavy Industries Ltd. (Machinery)

      1,676,964
671   

Mitsubishi UFJ Financial Group, Inc. (Commercial Banks)

      7,412,558
103,000   

Mitsui & Co., Ltd. (Trading Companies & Distributors)

      2,053,976
227,000   

Mitsui O.S.K. Lines Ltd. (Marine Cargo Handling)

      3,086,654
1,651   

Mizuho Financial Group, Inc. (Commercial Banks)

      11,439,388
36,800   

Murata Manufacturing Co., Ltd. (Electronic Equipment & Instruments)

      2,776,964
95,000   

NGK SPARK PLUG Co., Ltd. (Auto Components)

      1,655,227
8,000   

Nikon Corp. (Leisure Equipment & Products)

      223,540
18,600   

Nintendo Co., Ltd. (Software)

      6,813,906
205,000   

Nippon Electric Glass Co., Ltd. (Electronic Equipment & Instruments)

      3,621,761
522,400   

Nissan Motor Co., Ltd. (Automobiles)

      5,605,478
108,000   

Nomura Holdings, Inc. (Capital Markets)

      2,105,434
1,400   

NTT DoCoMo, Inc. (Telecommunications Services)

      2,217,529
1,614   

NTT Urban Development Corp. (Real Estate Management & Development)

      3,133,344
9,800   

Oracle Corp. Japan (Software)

      433,044
7,500   

ORIX Corp. (Consumer Finance)

      1,976,891
26,900   

Rohm Co. (Semiconductors & Semiconductor Equipment)

      2,392,616
14,100   

Shimamura Co., Ltd. (Specialty Retail)

      1,507,237
72,600   

Shin-Etsu Chemical Co., Ltd. (Chemicals)

      5,195,402
42,000   

SMC Corp. (Machinery)

      5,594,996
1,015,000   

Softbank Corp. (Wireless Telecommunication Services)

      21,930,795
51,200   

Sompo Japan Insurance, Inc. (Insurance)

      627,575
100,400   

SONY Corp. (Household Durables)

      5,162,310
223,000   

Sumitomo Chemical Co., Ltd. (Chemicals)

      1,499,829

 

See accompanying notes to financial statements

 

69

Table of Contents

THE HIRTLE CALLAGHAN TRUST

International Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security

Description

    Value
  

Common/Preferred Stocks (continued)

  

Capital Guardian Trust Co. (continued)

  

Japan (continued)

   
439,100   

Sumitomo Corp. (Trading Companies & Distributors)

    $        8,025,140
506,000   

Sumitomo Metal Industries Ltd. (Metals & Mining)

      2,983,966
2,382   

Sumitomo Mitsui Financial Group, Inc. (Commercial Banks)

      22,250,834
157,000   

Sumitomo Realty & Development Co., Ltd. (Real Estate Management & Development)

      5,126,635
369,800   

Suzuki Motor Corp. (Automobiles)

      10,513,362
55,300   

Takeda Pharmaceutical Co., Ltd. (Pharmaceuticals)

      3,575,567
106,300   

Tokyo Electric Power Co., Inc. (Electric Utilities)

      3,419,284
47,500   

Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)

      3,503,371
737,000   

Tokyo Gas Co., Ltd. (Gas Utilities)

      3,496,125
467,000   

Tokyu Corp. (Road & Rail)

      3,125,725
1,281,000   

Toshiba Corp. (Computers & Peripherals)

      11,185,728
99,500   

Trend Micro, Inc. (Software)

      3,216,717
29,400   

Uni-Charm Corp. (Household Products)

      1,669,288
70,000   

Ushio, Inc. (Electrical Equipment)

      1,555,113
21,566   

Yahoo Japan Corp. (Internet Software & Services)

      7,331,144
72,750   

Yamada Denki Co., Ltd. (Specialty Retail)

      7,611,242
267,500   

Yamato Holdings Co., Ltd. (Air Freight & Logistics)

      3,787,284
         
        284,039,305
         
  

Luxembourg — 0.16%

   
142,800   

SES Global – FDR (Media)

      3,092,038
         
  

Mexico — 0.84%

   
262,000   

America Movil SA de CV, Series L – ADR (Wireless Telecommunications Services)

      16,225,660
         
  

Netherlands — 4.24%

   
116,863   

ABN AMRO Holding NV (Commercial Banks)

      5,385,064
162,626   

Aegon NV (Insurance)

      3,222,016
46,900   

Akzo Nobel NV (Chemicals)

      4,059,551

Shares

   

Security

Description

    Value
  

Netherlands (continued)

   
91,200   

Fortis AG (Diversified Financial Services)

    $        3,891,486
26,800   

Heineken Holding NV, Class A (Beverages)

      1,390,903
14,958   

Heineken NV (Beverages)

      880,359
419,438   

ING Groep NV (Diversified Financial Services)

      18,612,551
312,000   

Koninklijke KPN NV (Diversified Telecommunications Services)

      5,201,900
42,475   

Koninklijke Numico NV (Food Products)

      2,214,772
92,500   

Reed Elsevier NV (Media)

      1,770,059
768,612   

Royal Dutch Shell PLC, A Shares (Oil, Gas & Consumable Fuels)

      31,402,700
128,600   

Unilever NV (Food Products)

      4,013,257
         
        82,044,618
         
  

Norway — 0.39%

   
154,900   

DNB NOR ASA (Commercial Banks)

      2,002,474
279,900   

Telenor ASA (Diversified Telecommunication Services)

      5,496,475
         
        7,498,949
         
  

Singapore — 0.40%

   
110,000   

DBS Group Holdings Ltd. (Commercial Banks)

      1,638,787
906,350   

Singapore Telecommunications Ltd. (Diversified Telecommunications Services)*

      2,013,585
289,360   

United Overseas Bank Ltd. (Commercial Banks)

      4,159,644
         
        7,812,016
         
  

South Africa — 0.35%

   
83,900   

Harmony Gold Mining Co., Ltd. (Gold Mining) (a)

      1,192,016
94,800   

Harmony Gold Mining Co., Ltd. – ADR (Gold Mining) (a)

      1,352,796
110,100   

Sasol Ltd. (Oil, Gas & Consumable Fuels)

      4,149,713
         
        6,694,525
         
  

South Korea — 0.77%

   
27,100   

Kookmin Bank (Commercial Banks)

      2,379,870
12,182   

Samsung Electronics Co., Ltd. (Semiconductors & Semiconductor Equipment)

      7,466,174
4,770   

Samsung Electronics Co., Ltd., – GDR (Semiconductors & Semiconductor Equipment)

      1,470,353

 

See accompanying notes to financial statements

 

70

Table of Contents

THE HIRTLE CALLAGHAN TRUST

International Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares   

Security

Description

    Value
  

Common/Preferred Stocks (continued)

  

Capital Guardian Trust Co. (continued)

  

South Korea (continued)

   
1,020   

SK Telecom Co., Ltd. (Telecommunications)

    $           235,257
125,600   

SK Telecom Co., Ltd. – ADR (Telecommunications)

      3,435,160
         
        14,986,814
         
  

Spain — 1.75%

   
433,000   

Banco Bilbao Vizcaya Argentaria SA (Commercial Banks)

      10,664,881
472,900   

Banco Santander Central Hispano SA (Commercial Banks)

      8,761,319
22,200   

Grupo Ferrovial SA (Construction & Engineering)

      2,194,673
35,900   

Industria de Diseno Textil SA (Specialty Retail)

      2,126,511
166,400   

Repsol YPF SA (Oil, Gas & Consumable Fuels)

      6,586,821
155,774   

Telefonica SA (Diversified Telecommunications Services)

      3,486,801
         
        33,821,006
         
  

Sweden — 0.89%

   
84,800   

Assa Abloy AB, Class B (Building Products)

      1,879,070
120,300   

AstraZeneca PLC (Pharmaceuticals)

      6,457,525
119,600   

Atlas Copco AB – A Shares (Machinery)

      2,011,701
38,100   

Atlas Copco AB – B Shares (Machinery)

      601,843
836,200   

TeliaSonera AB (Diversified Telecommunication Services)

      6,176,408
         
        17,126,547
         
  

Switzerland — 4.61%

   
34,604   

Adecco SA (Commerical Services & Supplies)

      2,690,509
50,510   

Credit Suisse Group (Capital Markets)

      3,612,880
92,320   

Holcim Ltd., Class B (Construction Materials)(b)

      10,039,384
23,433   

Nestle SA (Food Products)

      8,941,842
294,030   

Novartis AG (Pharmaceuticals)

      16,613,224
252,430   

Richemont AG INH A Units (Textiles, Apparel & Luxury Goods)

      15,192,929
62,349   

Roche Holding AG (Pharmaceuticals)

      11,099,470
135,586   

Swiss Re (Insurance)

      12,423,906
Shares   

Security

Description

    Value
  

Switzerland (continued)

   
14,562   

Swisscom AG (Diversified Telecommunications Services)

    $        4,993,316
16,150   

Synthes, Inc. (Health Care Equipment & Supplies)

      1,942,708
28,750   

UBS AG (Capital Markets)

      1,732,722
         
        89,282,890
         
  

Taiwan — 0.46%

   
11,885   

High Tech Computer Corp. – GDR (Computers)

      849,083
19,415   

High Tech Computer Corp. – GDR (Computers) (a)

      1,387,039
594,415   

Taiwan Semiconductor Manufacturing Co., Ltd. – ADR (Semiconductors & Semiconductor Equipment)

      6,615,853
         
        8,851,975
         
  

United Kingdom — 7.81%

   
519,300   

ARM Holdings PLC (Semiconductors & Semiconductor Equipment)

      1,527,568
1,745,100   

BAE Systems PLC (Aerospace & Defense)

      14,191,223
241,000   

Barclays PLC (Commercial Banks)

      3,367,990
404,988   

Billiton PLC (Metals & Mining)

      11,303,201
166,891   

Brambles Ltd. (Commercial Services & Supplies) (a)

      1,725,777
79,300   

British Land Co., PLC (Real Estate Management & Development)

      2,133,647
163,595   

Cadbury Schweppes PLC (Food Products)

      2,233,693
41,700   

Carnival PLC (Hotels, Restaurants & Leisure)

      1,996,958
89,300   

Daily Mail & General Trust (Media)

      1,372,591
524,200   

HBOS PLC (Commercial Banks)

      10,372,851
232,100   

HSBC Holdings PLC (Commercial Banks)

      4,264,231
323,800   

Lloyds TSB Group PLC (Commercial Banks)

      3,614,899
328,000   

National Grid Group PLC (Utilities – Electric)

      4,860,430
421,500   

Reed Elsevier PLC (Media)

      5,471,553
339,700   

Reuters Group PLC (Multimedia)

      4,222,121
62,600   

Rio Tinto PLC (Metals & Mining)

      4,810,357
1,704,000   

Royal Bank of Scotland Group PLC (Commercial Banks)*

      21,657,972

 

See accompanying notes to financial statements

 

71

Table of Contents

THE HIRTLE CALLAGHAN TRUST

International Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares

   

Security

Description

    Value
  

Common/Preferred Stocks (continued)

  

Capital Guardian Trust Co. (continued)

  

United Kingdom (continued)

   
95,266   

Royal Dutch Shell PLC, B Shares (Oil, Gas & Consumable Fuels)

    $        3,984,480
337,800   

SABMiller PLC (Beverages)

      8,586,929
287,400   

Scottish & Southern Energy (Electric Utilities)

      8,361,797
255,900   

Standard Chartered PLC (Commercial Banks)

      8,375,339
400,200   

Tesco PLC (Food & Staples Retailing)

      3,362,924
2,753,826   

Vodafone Group PLC (Wireless Telecommunication Services)

      9,278,397
99,333   

Xstrata PLC (Metals & Mining)

      5,957,626
443,500   

Yell Group PLC (Media)

      4,116,376
         
        151,150,930
         
        1,138,390,117
         
  

Causeway Capital — 6.79%

   
  

Canada — 0.05%

   
23,920   

Manulife Financial Corp. (Insurance)

      894,810
         
  

Finland — 0.09%

   
70,461   

UPM-Kymmene Oyj (Paper & Forest Products)

      1,745,005
         
  

France — 1.32%

   
25,889   

Accor SA (Hotels, Restaurants & Leasure)

      2,302,552
10,134   

Air Liquide SA (Chemicals)

      1,336,334
99,051   

Axa (Insurance)

      4,290,829
18,544   

BNP Paribas (Commercial Banks)

      2,217,460
14,164   

Electricite de France (Electric Utilities)

      1,538,828
101,353   

France Telecom SA (Diversified Telecommunication Services)

      2,798,102
52,339   

Publicis Groupe (Media)

      2,312,625
33,747   

Sanofi-Aventis (Pharmaceuticals)

      2,744,772
54,310   

Technip SA (Energy Equipment & Services)

      4,505,438
21,000   

Vinci SA (Road Construction)

      1,576,712
         
        25,623,652
         
  

Germany — 0.83%

   
38,338   

Bayer AG (Chemicals)

      2,895,597
26,564   

Bayerische Motoren Werke AG (Automobiles)

      1,713,343
100,074   

Deutsche Post AG (Air Freight & Logistics)

      3,242,217
21,197   

E.ON AG (Electric Utilities)

      3,545,312

Shares

   

Security

Description

    Value
  

Germany (continued)

   
32,575   

Siemens AG (Industrial Conglomerates)

    $        4,675,110
         
        16,071,579
         
  

Hong Kong — 0.14%

   
1,580,250   

CNOOC Ltd. (Oil & Gas)

      1,790,663
138,000   

Henderson Land Development Co., Ltd. (Real Estate Management & Development)

      939,838
         
        2,730,501
         
  

Ireland — 0.33%

   
86,054   

Allied Irish Banks PLC (Commercial Banks)

      2,366,418
81,548   

CRH PLC (Construction Materials)

      4,040,264
         
        6,406,682
         
  

Japan — 0.52%

   
52,000   

Astellas Pharma, Inc. (Pharmaceuticals)

      2,263,992
80,500   

Honda Motor Co., Ltd. (Automobiles)

      2,942,490
215   

Mitsubishi UFJ Financial Group, Inc. (Commercial Banks)

      2,375,112
7,500   

Sankyo Co., Ltd. (Leisure Equipment & Products)

      316,181
71,500   

Yamaha Motor Co., Ltd. (Automobiles)

      2,079,197
         
        9,976,972
         
  

Netherlands — 0.45%

   
80,802   

ING Groep NV (Insurance)

      3,585,587
48,107   

Koninklijke (Royal) Philips Electronics NV (Electronic Equipment & Instruments)

      2,054,669
86,758   

Reed Elsevier NV (Media)

      1,660,182
31,304   

TNT NV (Air Freight & Logistics)

      1,416,227
         
        8,716,665
         
  

Norway — 0.10%

   
37,700   

Aker Kvaerner ASA (Building – Heavy Construction)

      959,385
51,400   

Telenor ASA (Diversified Telecommunication Services)

      1,009,357
         
        1,968,742
         
  

South Korea — 0.25%

   
5,082   

Samsung Electronics Co., Ltd. (Semiconductors & Semiconductor Equipment)

      3,114,686

 

See accompanying notes to financial statements

 

72

Table of Contents

THE HIRTLE CALLAGHAN TRUST

International Equity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Shares

   

 

Security

Description

    Value
  

Common/Preferred Stocks (continued)

  

Causeway Capital (continued)

   
  

South Korea (continued)

   
27,468   

Shinhan Financial Group Ltd. (Commercial Banks)

    $        1,671,577
         
        4,786,263
         
  

Spain — 0.18%

   
158,309   

Telefonica SA (Diversified Telecommunication Services)

      3,543,544
         
  

Sweden — 0.17%

   
831,000   

Ericsson LM, B Shares (Telecommunications)

      3,337,613
         
  

Switzerland — 0.47%

   
40,122   

Credit Suisse Group (Capital Markets)

      2,869,847
31,629   

Novartis AG (Pharmaceuticals)

      1,787,095
10,289   

Syngenta AG (Chemicals)

      2,015,336
7,539   

Zurich Financial Services AG (Insurance)

      2,341,276
         
        9,013,554
         
  

United Kingdom — 1.89%

386,454   

BAE Systems PLC (Aerospace & Defense)

      3,142,659
216,923   

BP PLC (Oil Gas & Consumable Fuels)

      2,626,440
146,169   

British American Tobacco PLC (Tobacco)

      4,983,534
319,160   

Compass Group PLC (Food & Staples Retailing)

      2,215,721
92,044   

GlaxoSmithKline PLC (Pharmaceuticals)

      2,411,851
120,627   

HBOS PLC (Commercial Banks)

      2,386,963
149,600   

HSBC Holdings PLC (Commercial Banks)

      2,726,470
494,736   

Kingfisher PLC (Specialty Retail)

      2,250,019
27,034   

Rio Tinto PLC (Metals & Mining)

      2,077,367
238,250   

Royal Bank of Scotland Group PLC (Commercial Banks)

      3,028,176

Shares

or

Principal
Amount

   

Security

Description

    Value
  

United Kingdom (continued)

  59,440   

Royal Dutch Shell PLC, B Shares (Oil, Gas & Consumable Fuels)

    $        2,486,066
  114,147   

Unilever PLC (Food Products)

      3,701,532
  724,796   

Vodafone Group PLC (Wireless Telecommunication Services)

      2,442,037
         
        36,478,835
         
        131,294,417
         
  

Total Common/Preferred Stocks (cost $1,376,619,377)

      1,895,490,472
         
  

Time Deposit — 1.75%

   
$ 33,800,312   

Eurodollar Time Deposit 4.50%, 7/2/07

      33,800,312
         
  

Total Time Deposit
(cost $33,800,312)

      33,800,312
         
  

Total Investments
(cost $1,410,419,689) — 99.71%

      1,929,290,784
  

Other assets in excess of
liabilities — 0.29%

      5,597,269
         
  

Net Assets — 100.00%

    $ 1,934,888,053
         
(a)   Represents non-income producing security.

 

(b)   On June 30, 2007 the Portfolio owned the following restricted security constituting 0.01% of net assets which may not be publicly sold without registration under the Securities Act of 1933. This security is valued at fair value as determined in good faith under consistently applied procedures under the general supervision of the Trust’s Board of Trustees. Additional information on the security is as follows:

 

Holcim Ltd., Class B

Acquisition Cost: $4,086,450

Value: $10,039,384

 

*   Represents a restricted security, purchased under rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. These securities may by resold in transactions exempt from registration, normally to qualified institutional buyers.

 

ADR — American Depositary Receipt

FDR — Fiduciary Depositary Receipt

GDR — Global Depositary Receipt

 

See accompanying notes to financial statements

 

73

Table of Contents

THE HIRTLE CALLAGHAN TRUST

International Equity Portfolio

Portfolio of Investments (concluded) — June 30, 2007

 

Foreign Currency Contracts

 

Contract
Amount
(Local Currency)		   

Currency

    Trade
Date		    Settlement
Date		    Value on
Trade Date		    Value on
6/30/2007		    Unrealized
Gain/(Loss)		  
  

Currencies Purchased

               
3,086,028   

British Pound

    4/16/2007    7/18/2007    $ 6,138,108    $ 6,195,227    $ 57,119  
2,879,815   

British Pound

    5/1/2007    7/18/2007      5,752,895      5,781,252      28,357  
266,796   

British Pound

    6/27/2007    7/2/2007      532,928      535,702      2,774  
596,693   

British Pound

    6/29/2007    7/3/2007      1,198,070      1,198,106      36  
65,369   

Euro

    6/28/2007    7/3/2007      88,024      88,465      441  
788,091   

Euro

    6/29/2007    7/3/2007      1,066,681      1,066,530      (151 )
71,515   

Hong Kong Dollar

    6/26/2007    7/3/2007      9,155      9,147      (8 )
83,410   

Hong Kong Dollar

    6/28/2007    7/3/2007      10,671      10,669      (2 )
390,246   

Hong Kong Dollar

    6/28/2007    7/3/2007      49,925      49,911      (14 )
3,065,836   

Hong Kong Dollar

    6/29/2007    7/3/2007      392,156      392,137      (19 )
434,422   

Hong Kong Dollar

    6/29/2007    7/3/2007      55,571      55,560      (11 )
29,384,797   

Japanese Yen

    6/27/2007    7/2/2007      239,905      238,687      (1,218 )
7,503,422   

Japanese Yen

    6/28/2007    7/3/2007      60,942      60,948      6  
13,314,278   

Japanese Yen

    6/29/2007    7/3/2007      108,075      108,149      74  
1,393,990   

Norwegian Krone

    6/27/2007    7/2/2007      235,488      236,494      1,006  
129,927   

Norwegian Krone

    6/28/2007    7/3/2007      22,002      22,044      42  
1,577,663   

Norwegian Krone

    6/29/2007    7/3/2007      267,627      267,671      44  
                               
  

Total Currency Purchased

          $ 16,228,223    $ 16,316,700    $ 88,476  
                               
  

Currencies Sold

               
794,694   

Australian Dollar

    6/27/2007    7/2/2007    $ 664,313    $ 672,503    $ (8,190 )
125,527   

Australian Dollar

    6/28/2007    7/3/2007      106,221      106,388      (167 )
29,248   

Australian Dollar

    6/29/2007    7/5/2007      24,805      24,787      18  
753,731   

British Pound

    6/28/2007    7/3/2007      1,507,989      1,513,424      (5,435 )
397,461   

Euro

    6/27/2007    7/2/2007      534,521      537,887      (3,366 )
873,494   

Euro

    6/28/2007    7/3/2007      1,174,448      1,182,106      (7,658 )
1,017,770   

Euro

    6/29/2007    7/5/2007      1,377,632      1,377,452      180  
73,583   

Euro

    6/28/2007    7/2/2007      98,933      99,581      (648 )
39,544   

Euro

    6/28/2007    7/2/2007      53,248      53,516      (268 )
727,376,886   

Japanese Yen

    4/16/2007    7/18/2007      6,137,886      5,920,201      217,685  
682,832,934   

Japanese Yen

    5/1/2007    7/18/2007      5,752,895      5,557,759      195,136  
1,414,007   

Mexican Peso

    6/27/2007    7/2/2007      130,642      130,890      (248 )
1,578,995   

Mexican Peso

    6/28/2007    7/3/2007      146,068      146,138      (70 )
1,259,282   

Mexican Peso

    6/29/2007    7/5/2007      116,471      116,535      (64 )
91,840   

Swiss Franc

    6/28/2007    7/3/2007      74,542      75,222      (680 )
118,821   

Swiss Franc

    6/29/2007    7/5/2007      97,223      97,337      (114 )
                               
  

Total Currency Sold

          $ 17,997,837    $ 17,611,726    $ 386,111  
                               
  

Net Unrealized Gain/(Loss)

                $ 474,587  
                       

 

See accompanying notes to financial statements

 

74

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Fixed Income Portfolio

Portfolio of Investments — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

Collateralized Mortgage Obligations — 41.43%

         
$ 590,000   

Adjustable Rate Mortgage Trust, Series 2005-10, Class 3A31 (a)

    5.42    1/25/36    $ 574,920
    1,770,000   

Banc of America Commercial Mortgage, Inc., Series 2005-1, Class A3

    4.88    11/10/42          1,746,421
  1,090,225   

Banc of America Funding Corp., Series 2006-E, Class 2A1 (a)

    5.86    6/20/36      1,089,073
  3,046,103   

Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1

    4.63    2/25/36      2,975,785
  976,692   

Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-4, Class 2A1 (a)

    5.83    10/25/36      974,520
  1,850,000   

Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A2 (a)

    5.66    6/11/40      1,860,145
  1,325,000   

Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class AAB (a)

    5.71    6/11/40      1,331,356
  2,058,911   

Chase Mortgage Finance Corp, Series 2005-A1, Class 3A1 (a)

    5.27    12/25/35      2,029,222
  398,004   

CitiCorp Mortgage Securities, Inc., Series 2003-5, Class 1A1

    5.50    4/25/33      396,627
  845,919   

CitiCorp Mortgage Securities, Inc., Series 2004-8, Class 1A1

    5.50    10/25/34      840,279
  642,375   

Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 1CB2

    6.75    8/25/34      648,497
  741,012   

Citigroup Mortgage Loan Trust, Inc., Series 2006-19CB, Class A15 (a)

    6.00    8/25/36      742,385
  494,788   

Citigroup Mortgage Loan Trust, Inc., Series 2006-AR1, Class 1A1 (a)

    4.90    10/25/35      487,824
  1,473,489   

Citigroup Mortgage Loan Trust, Inc., Series 2006-AR1, Class 2A1 (a)

    4.70    3/25/36      1,449,193
  1,169,304   

Citigroup Mortgage Loan Trust, Inc., Series 2007-AR4, Class 1A1A (a)

    5.80    3/25/37      1,159,927
  1,320,000   

Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD3, Class AAB

    5.61    10/15/48      1,307,649
  1,890,000   

Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A2B

    5.21    12/11/49      1,855,352
  1,320,000   

Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A4

    5.32    12/11/49      1,266,213
  1,081,800   

CitiMortgage Alternative Loan Trust, Series 2006-A2, Class A1

    6.00    5/25/36      1,082,447
  140,374   

Countrywide Alternative Loan Trust, Series 2004-J1, Class 1A1

    6.00    2/25/34      139,699
  1,116,973   

Countrywide Alternative Loan Trust, Series 2006-25CB, Class A8

    6.00    10/25/36      1,117,986
  903,172   

Countrywide Home Loans, Series 2002-34, Class A15

    4.75    1/25/33      885,709
  1,772,411   

Countrywide Home Loans, Series 2005-29, Class A1

    5.75    12/25/35      1,717,843
  1,467,483   

Countrywide Home Loans, Series 2006-1, Class A2

    6.00    3/25/36      1,440,197
  986,822   

Countrywide Home Loans, Series 2006-HYB1, Class 2A1 (a)

    5.36    3/20/36      977,103
  1,345,000   

Countrywide Home Loans, Series 2006-HYB1, Class 2A2C (a)

    5.24    3/20/36      1,325,672
  1,882,940   

Countrywide Home Loans, Series 2007-HY1, Class 1A1 (a)

    5.73    4/25/37      1,874,561
  1,037,725   

Credit Suisse Mortgage Capital Certificate, Series 2006-9, Class 3A1

    6.00    11/25/36      1,020,051
  1,210,000   

Credit Suisse Mortgage Capital Certificate, Series 2006-C5, Class AAB

    5.31    12/15/39      1,176,144
  430,552   

CS First Boston Mortgage Securities Corp., Series 1997-C2, Class A3

    6.55    1/17/35      431,026
  999,351   

CS First Boston Mortgage Securities Corp., Series 1998-C2, Class A2

    6.30    11/15/30      1,007,202
  730,891   

CS First Boston Mortgage Securities Corp., Series 2004-4, Class 1A11

    5.50    8/25/34      726,544
  675,000   

CW Capital Cobalt, Series 2006-C1, Class AAB

    5.22    8/15/48      652,120
  621,288   

Deutsche Mortgage & Asset Receiving Corp., Series 1998-C1, Class A2

    6.54    6/15/31      621,770
  1,310,000   

Deutsche Mortgage Securities, Inc., Series 2005-WF1, Class 1A2 (a)*

    5.05    6/26/35      1,272,305
  607,977   

DLJ Commercial Mortgage Corp., Series 1998-CF1, Class A1B

    6.41    2/18/31      608,924
  1,585,421   

First Horizon Mortgage Pass-Through Trust, Series 2006-AR4, Class 1A2 (a)

    5.52    1/25/37      1,570,517
  1,917,114   

First Horizon Mortgage Pass-Through Trust, Series 2007-AR1, Class 1A1 (a)

    5.87    5/25/37      1,915,617
  2,015,000   

GE Capital Commercial Mortgage Corp., Series 2007-C1, Class A2 (a)

    5.42    12/10/49      1,992,137
  1,350,000   

GE Capital Commercial Mortgage Corp., Series 2007-C1, Class A4 (a)

    5.54    12/10/49      1,314,711
  771,000   

GMAC Commercial Mortgage Securities, Inc., Series 1997-C2, Class C

    6.91    4/15/29      771,856
  938,971   

GMAC Mortgage Corp. Loan Trust, Series 2005-AR6, Class 4A1 (a)

    5.46    11/19/35      914,042
  1,230,000   

GS Mortgage Securities Corp. II, Series 2006-GG8, Class A2

    5.48    11/10/39      1,222,751
  1,920,000   

GS Mortgage Securities Corp. II, Series 2007-GG10, Class A2 (a)

    5.78    8/10/45      1,919,962
  1,890,000   

GS Mortgage Securities Corp. II, Series 2007-GG10, Class AAB (a)

    5.99    8/10/45      1,887,116
  1,278,000   

GS Mortgage Securities Corp. II, Series 2007-GG10, Class J (a)

    5.99    8/10/45      1,135,353
  894,000   

GS Mortgage Securities Corp. II, Series 2007-GG10, Class K (a)

    5.99    8/10/45      755,714
  2,488,793   

GSR Mortgage Loan Trust, Series 2007-AR1, Class 2A1 (a)

    6.03    3/25/37      2,490,048
  1,155,876   

Indymac Inda Mortgage Loan Trust, Series 2006-AR3, Class 1A1 (a)

    5.38    12/25/36      1,141,787
  1,964,713   

Indymac Inda Mortgage Loan Trust, Series 2007-AR3, Class 1A1 (a)

    5.99    6/25/37      1,964,959
  1,820,000   

JP Morgan Chase Commercial Mortgage Securities Co., Series 2005-LDP4, Class A3A1

    4.87    10/15/42      1,770,291

 

See accompanying notes to financial statements

 

75

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Fixed Income Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

Collateralized Mortgage Obligations (continued)

         
$   1,120,000   

JP Morgan Chase Commercial Mortgage Securities Co., Series 2007-CB19, Class ASB (a)

    5.73    2/12/49    $     1,125,565
  1,930,000   

JP Morgan Chase Commercial Mortgage Securities Co., Series 2007-LD11, Class ASB (a)

    6.01    6/15/49      1,933,002
  1,228,110   

JP Morgan Mortgage Trust, Series 2006-A5, Class 2A1 (a)

    5.85    8/25/36      1,230,136
  1,915,000   

JP Morgan Mortgage Trust, Series 2005-A8, Class 2A7 (a)

    4.95    11/25/35      1,869,530
  700,000   

JP Morgan Mortgage Trust, Series 2006-A6, Class 2A4L (a)

    5.58    10/25/36      687,075
  1,637,022   

JP Morgan Mortgage Trust, Series 2006-A7, Class 2A1R

    5.48    1/25/37      1,621,581
  791,329   

JP Morgan Mortgage Trust, Series 2007-A4, Class 1A1 (a)

    5.50    6/25/37      788,979
  1,267,291   

Master Adjustable Rate Mortgages Trust, Series 2004-13, Class B1 (a)

    3.81    12/21/34      1,228,255
  40,273   

Master Alternative Loans Trust, Series 2004-3, Class 8A1

    7.00    4/25/34      40,484
  254,814   

Master Alternative Loans Trust, Series 2004-5, Class 6A1

    7.00    6/25/34      257,260
  540,295   

Master Alternative Loans Trust, Series 2005-1, Class 5A1

    5.50    1/25/20      533,443
  140,876   

Master Alternative Loans Trust, Series 2005-2, Class 5A1

    6.50    12/25/34      141,074
  849,791   

Master Asset Securitization Trust, Series 2003-9, Class 2A7

    5.50    10/25/33      811,949
  170,000   

Merrill Lynch Mortgage Investors Trust, Series 2005-A5, Class A2 (a)

    4.57    6/25/35      165,446
  1,504,945   

Nationslink Funding Corp., Series 1998-2, Class A2

    6.48    8/20/30      1,512,197
  1,271,000   

Nationslink Funding Corp., Series 1998-2, Class E

    7.11    8/20/30      1,294,310
  144,651   

New York City Mortgage Loan Trust, Series 1996, Class A3*

    6.75    9/25/19      144,651
  559,116   

Residential Accredit Loans, Inc., Series 2004-QS11, Class A3

    5.50    8/25/34      555,186
  178,771   

Residential Accredit Loans, Inc., Series 2004-QS2, Class CB

    5.75    2/25/34      172,598
  1,851,171   

Residential Accredit Loans, Inc., Series 2006-QS18, Class 3A1

    5.75    12/25/21      1,842,407
  1,668,038   

Residential Funding Management, Section I, Series 2007-SA1, Class 2A2 (a)

    5.64    2/25/37      1,656,367
  1,801,915   

Sequoia Mortgage Trust, Series 2007-1, Class 2A1 (a)

    5.65    2/20/47      1,796,906
  1,400,000   

Structured Adjustable Rate Mortgage Loan, Series 2005-21, Class 6A3 (a)

    5.40    11/25/35      1,351,106
  1,320,000   

Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class A5

    5.34    12/15/43      1,267,976
  1,280,000   

Wachovia Bank Commercial Mortgage Trust, Series 2007-C32, Class A2 (a)

    5.74    6/15/49      1,279,941
  890,000   

Wachovia Bank Commercial Mortgage Trust, Series 2007-C32, Class H (a)*

    5.74    6/15/49      807,647
  890,000   

Wachovia Bank Commercial Mortgage Trust, Series 2007-C32, Class J (a)*

    5.74    6/15/49      784,095
  1,435,260   

Washington Mutual Mortgage Pass-Through Certificates, Series 2007-HY2, Class 1A1 (a)

    5.65    12/25/36      1,427,080
  1,085,631   

Washington Mutual Mortgage Pass-Through Certificates, Series 2007-HY3, Class 4A1 (a)

    5.36    3/25/37      1,075,549
  1,860,006   

Washington Mutual Mortgage Pass-Through Certificates, Series 2007-HY4, Class 1A1 (a)

    5.58    4/25/37      1,844,973
  1,314,253   

Washington Mutual Mortgage Pass-Through Certificates, Series 2007-HY5, Class 1A1 (a)

    5.56    6/25/37      1,303,082
  1,230,000   

Washington Mutual, Series 2005-AR16, Class 1A3 (a)

    5.11    12/25/35      1,206,165
  1,204,847   

Washington Mutual, Series 2006-AR18, Class 1A1 (a)

    5.36    1/25/37      1,189,188
  1,320,000   

Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR14, Class A4 (a)

    5.39    8/25/35      1,272,460
  28,483   

Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR16, Class 4A4 (a)

    4.99    10/25/35      28,338
  1,660,101   

Wells Fargo Mortgage Backed Securities Trust, Series 2006-3, Class A1

    5.50    3/25/36      1,642,631
  1,176,092   

Wells Fargo Mortgage Backed Securities Trust, Series 2006-6, Class 1A3

    5.75    5/25/36      1,170,674
  2,364,530   

Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR10, Class 5A6 (a)

    5.61    7/25/36      2,348,965
  1,831,000   

Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR11, Class A6 (a)

    5.53    8/25/36      1,796,814
               
  

Total Collateralized Mortgage Obligations (cost $107,969,594)

            106,784,637
               
  

U.S. Government Agency Mortgages — 18.92%

         
  2,267,938   

Fannie Mae, Pool #255321

    5.50    7/1/24      2,215,927
  746,328   

Fannie Mae, Pool #255493

    5.50    11/1/24      729,212
  493,506   

Fannie Mae, Pool #255550

    5.50    12/1/24      482,189
  1,083,557   

Fannie Mae, Pool #256116

    6.00    2/1/26      1,081,673

 

See accompanying notes to financial statements

 

76

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THE HIRTLE CALLAGHAN TRUST

Fixed Income Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

U.S. Government Agency Mortgages (continued)

         
$   1,429,961   

Fannie Mae, Pool #380433

    6.49    8/1/08    $     1,434,294
  1,768,201   

Fannie Mae, Pool #555591

    5.50    7/1/33      1,705,412
  697   

Fannie Mae, Pool #560912

    9.50    10/1/30      760
  9,801   

Fannie Mae, Pool #564235

    9.00    11/1/30      10,661
  389,427   

Fannie Mae, Pool #725231

    5.00    2/1/34      366,829
  1,531,570   

Fannie Mae, Pool #725419

    4.50    10/1/33      1,392,468
  1,194,779   

Fannie Mae, Pool #725424

    5.50    4/1/34      1,152,352
  297,236   

Fannie Mae, Pool #725456

    5.00    5/1/34      279,678
  724,582   

Fannie Mae, Pool #727437

    6.00    3/1/25      726,336
  1,158,639   

Fannie Mae, Pool #728720

    5.00    7/1/33      1,091,397
  394,787   

Fannie Mae, Pool #741897

    5.00    10/1/33      371,877
  739,564   

Fannie Mae, Pool #744131

    6.50    12/1/24      746,582
  1,988,903   

Fannie Mae, Pool #745150

    4.50    6/1/20      1,892,286
  17,905   

Fannie Mae, Pool #747631

    6.50    11/1/33      18,194
  869,974   

Fannie Mae, Pool #872891

    6.50    6/1/36      878,435
  1,636,490   

Fannie Mae, Pool #888013

    4.50    6/1/19      1,559,305
  1,201,254   

Fannie Mae, Pool #888105

    5.00    8/1/20      1,165,186
  1,039,430   

Fannie Mae, Pool #892916

    6.50    8/1/36      1,049,539
  339,383   

Fannie Mae, Pool #919157

    6.50    4/1/37      342,604
  698,542   

Fannie Mae, Pool #923096

    5.50    3/1/37      669,685
  30,084   

Fannie Mae, Series 1998-36, Class J

    6.00    7/18/28      30,080
  96,076   

Fannie Mae, Series 1998-M1, Class A2

    6.25    1/25/08      95,955
  171,389   

Fannie Mae, Series 1998-M6, Class A2

    6.32    8/15/08      172,206
  643,604   

Fannie Mae, Series 2001-14, Class Z

    6.00    5/25/31      642,211
  54,414   

Fannie Mae, Series 2002-11, Class QC

    5.50    3/25/17      54,146
  9,572   

Fannie Mae, Series 2002-56, Class VD

    6.00    4/25/20      9,550
  2,276,000   

Fannie Mae, Series 2005-12, Class JE

    5.00    9/25/33      2,145,413
  1,150,000   

Fannie Mae, Series 2005-22, Class HE

    5.00    10/25/33      1,084,179
  455,000   

Fannie Mae, Series 2005-29, Class QD

    5.00    8/25/33      428,040
  555,000   

Fannie Mae, Series 2005-44, Class PE

    5.00    7/25/33      523,254
  555,000   

Fannie Mae, TBA

    5.50    7/15/37      535,231
  46,170   

Freddie Mac, Gold Pool #A15401

    6.50    11/1/33      46,953
  25,385   

Freddie Mac, Series 1977, Class E

    7.00    7/15/12      25,681
  38,431   

Freddie Mac, Series 2278, Class H

    6.50    1/15/31      39,014
  1,112,212   

Freddie Mac, Series 2378, Class PE

    5.50    11/15/16      1,108,793
  35,000   

Freddie Mac, Series 2390, Class CH

    5.50    12/15/16      34,734
  7,014   

Freddie Mac, Series 2497, Class BM

    5.00    2/15/22      6,900
  1,565,000   

Freddie Mac, Series 2512, Class PE

    5.50    2/15/22      1,564,279
  495,000   

Freddie Mac, Series 2533, Class PE

    5.50    12/15/21      490,892
  1,192,000   

Freddie Mac, Series 2734, Class PG

    5.00    7/15/32      1,136,708
  950,000   

Freddie Mac, Series 2783, Class PD

    5.00    1/15/33      902,059
  1,065,000   

Freddie Mac, Series 2836, Class YD

    5.00    2/15/33      1,010,567
  2,080,000   

Freddie Mac, Series 2844, Class PD

    5.00    12/15/32      1,973,669
  1,700,000   

Freddie Mac, Series 2864, Class PE

    5.00    6/15/33      1,615,893
  250,000   

Freddie Mac, Series 2869, Class BG

    5.00    7/15/33      237,373
  1,186,000   

Freddie Mac, Series 2915, Class KD

    5.00    9/15/33      1,121,936
  1,700,000   

Freddie Mac, Series 2921, Class NE

    5.00    9/15/33      1,609,098
  2,215,000   

Freddie Mac, Series 2938, Class ND

    5.00    10/15/33      2,092,773
  1,845,000   

Freddie Mac, Series 2950, Class ND

    5.00    6/15/33      1,738,247
  1,187,476   

Freddie Mac, Series 3145, Class LN

    4.50    10/15/34      1,131,689
  714,827   

Freddie Mac, Series 3197, Class AB

    5.50    8/15/13      710,972
  1,775,324   

Freddie Mac, Series 3203, Class VM

    5.00    8/15/17      1,720,125

 

See accompanying notes to financial statements

 

77

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Fixed Income Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

U.S. Government Agency Mortgages (continued)

         
$   1,314,965   

Government National Mortgage Association, Pool #616571

    6.50    8/20/34    $     1,339,993
               
  

Total U.S. Government Agency Mortgages (cost $50,096,888)

            48,741,494
               
  

Corporate Bonds — 18.09%

         
  380,000   

21st Century Insurance (Insurance)

    5.90    12/15/13      384,475
  206,000   

Alto Parana SA (Forest Products & Paper)*

    6.38    6/9/17      205,485
  187,194   

America West Airlines, Series 1999-1 (Airlines)

    7.93    1/2/19      201,599
  615,000   

American General Corp., Series B (Insurance)*

    8.13    3/15/46      742,164
  1,540,000   

American General Finance, Series I (Diversified Financial Solutions)

    4.88    7/15/12      1,483,804
  460,000   

Andina De Fomento Corp. (Multi-National) (b)

    5.75    1/12/17      451,581
  545,000   

Arizona Public Service Co. (Electric)

    5.63    5/15/33      482,952
  716,000   

Baltimore Gas & Electric Co. (Electric)*

    6.35    10/1/36      709,055
  387,000   

Banco Mercantile Del Norte (Banks)*

    6.86    10/13/21      386,604
  555,000   

Broadridge Financial Solutions, Inc. (Software)

    6.13    6/1/17      542,840
  880,000   

Canadian Natural Resources (Oil & Gas) (b)

    6.50    2/15/37      863,711
  718,000   

Celulosa Arauco (Forest Products & Paper)

    5.63    4/20/15      693,790
  50,000   

Cleveland Electric Illumination (Electric)

    7.43    11/1/09      51,961
  625,000   

Commonwealth Edison Corp. (Electric)

    6.15    3/15/12      627,959
  88,000   

Commonwealth Edison Corp. (Electric)

    6.95    7/15/18      87,099
  990,000   

Consumers Energy Corp. (Electric)

    4.00    5/15/10      949,534
  431,000   

CVS Caremark Corp. (Retail)

    6.25    6/1/27      417,618
  1,183,000   

CVS Caremark Corp. (Retail) (b)

    6.30    6/1/37      1,164,461
  1,200,000   

Delhaize Group (Food)*

    6.50    6/15/17      1,204,730
  50,000   

Dominion Resources, Inc. (Electric)

    7.50    6/30/66      52,547
  1,480,000   

Dominion Resources, Inc. (Electric) (b)

    6.30    9/30/66      1,488,540
  400,000   

Dresdner Funding Trust I (Banks)*

    8.15    6/30/31      460,705
  350,000   

Energy East Corp. (Electric)

    6.75    9/15/33      359,868
  390,000   

Energy East Corp. (Electric)

    6.75    7/15/36      404,052
  177,000   

Enterprise Products Operating LP (Oil & Gas)

    7.50    2/1/11      186,586
  890,000   

ERAC USA Finance Co. (Commercial Services)*

    8.00    1/15/11      949,820
  690,000   

Farmers Exchange Capital (Diversified Financial Services)*

    7.20    7/15/48      676,552
  535,000   

FBL Financial Group, Inc. (Insurance)*

    5.88    3/15/17      512,439
  930,000   

FPL Group Capital, Inc. (Electric)

    6.35    10/1/66      905,544
  980,000   

Gaz Capital (Oil & Gas) (b)*

    6.21    11/22/16      954,520
  786,000   

GE Electric Capital Corp. (Diversified Financial Services)

    5.00    4/10/12      767,156
  635,000   

Glen Meadow Pass Through (Diversified Financial Services)*

    6.51    2/12/67      633,425
  795,000   

Goldman Sachs Capital Trust II (Diversified Financial Services)

    5.75    12/29/49      784,831
  165,000   

Goldman Sachs Group, Inc. (Diversified Financial Services) (b)

    5.95    1/15/27      155,035
  1,020,000   

JP Morgan Chase & Co. (Diversified Financial Services) (b)

    5.13    9/15/14      979,465
  1,190,000   

Lehman Bros Capital Trust VII (Diversified Financial Services)

    5.86    11/29/49      1,165,674
  940,000   

Lloyds TSB Group PLC (Banks) (a)*

    6.27    12/31/49      891,761
  260,000   

Mangrove Bay Pass-Through Trust (Diversified Financial Services)*

    6.10    7/15/33      251,514
  710,000   

Merrill Lynch & Co. (Diversified Financial Services) (b)

    6.22    9/15/26      691,759
  255,000   

Merrill Lynch & Co. (Diversified Financial Services) (b)

    6.11    1/29/37      239,272
  680,000   

MMG Fiduciary (AES el Salvador) (Electric)*

    6.75    2/1/16      672,786
  995,000   

MUFG Capital Finance 1 Ltd. (Diversified Financial Solutions)

    6.35    7/29/49      977,663
  357,000   

Nextel Communications (Telecommunications)

    7.38    8/1/15      356,847
  1,860,000   

Oil Insurance Ltd. (Insurance) (a)*

    7.56    12/29/49      1,922,886
  827,000   

Partnerre Finance (Insurance) (a)

    6.44    12/1/66      785,327
  1,145,000   

PP&L Capital Funding, Inc., Series A (Electric) (a)(b)

    6.70    3/30/67      1,102,546
  301,000   

Quest Diagnostics, Inc. (Healthcare-Services) (b)

    6.95    7/1/37      304,406
  218,000   

Qwest Corp. (Telecommunications)

    7.50    10/1/14      223,450

 

See accompanying notes to financial statements

 

78

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Fixed Income Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

Corporate Bonds (continued)

         
$ 597,000   

Qwest Corp. (Telecommunications)

    7.63    6/15/15    $        616,403
  640,000   

Sierra Pacific Power Co. (Electric)

    6.75    7/1/37      649,686
  635,000   

SPI Electricity & Gas Australia Holdings (Electric)*

    6.15    11/15/13      642,089
  620,000   

Stancorp Financial Group (Insurance)

    6.90    5/29/67      608,430
    1,250,000   

Stoneheath RE (Insurance) (a)

    6.87    12/29/49      1,243,250
  238,000   

Suntrust Preferred Capital I (Banks)

    5.85    12/31/49      236,564
  941,000   

TCI Communications, Inc. (Media)

    8.75    8/1/15      1,088,172
  295,000   

TCI Communications, Inc. (Media)

    10.13    4/15/22      383,523
  120,000   

TCI Communications, Inc. (Media)

    9.88    6/15/22      154,013
  306,000   

Telecom Italia Capital SA (Telecommunications)

    5.25    11/15/13      291,579
  370,000   

Telecom Italia Capital SA (Telecommunications)

    4.95    9/30/14      342,815
  298,000   

Time Warner Cable, Inc. (Media)*

    6.55    5/1/37      288,019
  419,000   

Time Warner, Inc. (Media)

    7.63    4/15/31      448,904
  740,000   

Trans-Canadian Pipelines (Pipelines) (b)

    6.35    5/15/67      711,405
  250,000   

Travelers Cos., Inc. (Insurance) (a)(b)

    6.25    3/15/67      240,238
  370,000   

United Dominion Realty Trust, Series E (REITS)

    3.90    3/15/10      353,603
  561,000   

Viacom, Inc. (Media)

    5.75    4/30/11      560,188
  293,000   

Viacom, Inc. (Media)

    6.88    4/30/36      283,074
  1,925,000   

Wachovia Capital Trust III (Banks)

    5.80    3/15/42      1,916,610
  760,000   

Westar Energy, Inc. (Electric)

    5.95    1/1/35      694,752
  1,130,000   

Wisconsin Energy Corp. (Electric) (a)

    6.25    5/15/67      1,086,924
  500,000   

Woori Bank (Banks)*

    6.21    5/2/37      477,773
  790,000   

WPS Resources Corp. (Electric)

    6.11    12/1/66      757,536
  1,090,000   

XL Capital Ltd. (Insurance) (a)

    6.50    12/31/49      1,023,713
               
  

Total Corporate Bonds (cost $47,310,067)

            46,607,661
               
  

Taxable Municipal Bonds — 3.83%

         
  800,000   

Calexico California, Community Redevelopment Agency Tax Allocation, Series B (AMBAC)

    4.22    8/1/12      778,640
  25,000   

Clearfield City Utah Multi-Family Revenue, Local Housing (FHA)

    6.65    11/1/07      25,075
  125,000   

Denver Colorado City & County Special Facilities Airport Revenue, Series B (MBIA)

    7.25    1/1/10      130,318
  1,235,000   

Escondido California JT Powers Funding Authority Lease Revenue, Series B (FGIC)

    5.53    9/1/18      1,224,304
  40,000   

Indiana Bond Bank, Revenue, Series 4 (MBIA)

    4.37    7/15/14      37,151
  70,000   

Los Angeles California Community Redevelopment Agency (MBIA)

    5.60    7/1/18      68,595
  795,000   

Missouri State Development Finance Board, Infrastructure Facilities Revenue, Series C

    6.10    4/1/23      780,094
  645,000   

Pico Rivera California, Water Authority (MBIA)

    6.45    5/1/09      659,009
  1,210,000   

Reading Pennsylvania (FSA)

    5.35    11/15/21      1,157,329
  1,045,000   

Riverside California Public Funding Authority Tax Allocation Revenue, Series B (MBIA)

    5.82    8/1/28      1,027,998
  1,000,000   

University of Alabama Revenue, Series B (XLCA)

    5.90    7/1/23      988,790
  589,000   

Waterbury Connecticut, GO, Series B (FSA)

    5.43    4/1/09      589,277
  1,235,000   

Whittier California Redevelopment Agency (FGIC)

    6.09    11/1/38      1,235,864
  1,145,000   

Wichita Falls Texas, Series B (MBIA)

    6.00    9/1/21      1,148,893
  25,000   

York County Pennsylvania Industrial Development Authority, Economic Development Revenue (FGIC)

    6.43    10/1/08      25,694
               
  

Total Taxable Municipal Bonds (cost $10,034,005)

            9,877,031
               
  

Asset Backed Securities — 2.96%

         
  35,661   

Advanta Mortgage Loan Trust, Series 2000-2, Class A6 (a)

    7.72    3/25/15      35,548
  48,251   

Centex Home Equity, Series 2002-A, Class AF6

    5.54    1/25/32      47,992
  1,170,000   

Countrywide Asset Backed Certificates, Series 2006-11, Class 1AF6 (a)

    6.15    9/25/46      1,164,141
  405,000   

Countrywide Asset Backed Certificates, Series 2006-15, Class A6 (a)

    5.83    10/25/36      396,080
  256,738   

Credit-Based Asset Servicing & Securities, Series 2005-CB8, Class AF1B (a)

    5.45    12/25/35      255,622

 

See accompanying notes to financial statements

 

79

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THE HIRTLE CALLAGHAN TRUST

Fixed Income Portfolio

Portfolio of Investments (concluded) — June 30, 2007

 

Principal
Amount/
Shares		          Rate %    Maturity
Date		    Value  
  

Asset Backed Securities (continued)

         
$ 603,336   

Credit-Based Asset Servicing & Securities, Series 2006-CB2, Class AF1 (a)

    5.72    12/25/36    $ 601,157  
  1,234,544   

First Franklin Mortgage Loan Asset Backed Certificate of Participation, Series 2007-FFC, Class A2A (a)

    5.47    6/25/27      1,234,656  
  65,175   

Green Tree Financial Corp., Series 1996-2, Class A4

    7.20    4/15/27      66,423  
  40,000   

Greenpoint Manufactured Housing, Series 1999-3, Class 1A7

    7.27    6/15/29      41,135  
  985,114   

Renaissance Home Equity Loan Trust, Series 2005-3, Class AF2 (a)

    4.72    11/25/35      980,125  
  1,023,199   

Renaissance Home Equity Loan Trust, Series 2006-3, Class AF1 (a)

    5.92    11/25/36      1,020,352  
  930,467   

Soundview Home Equity Loan Trust, Series 2006-WF1, Class A1F

    6.00    10/25/36      927,896  
  402,887   

WFS Financial Owner Trust, Series 2004-4, Class C

    3.21    5/17/12      396,428  
  451,128   

WFS Financial Owner Trust, Series 2005-1, Class D

    4.09    8/17/12      447,176  
                 
  

Total Asset Backed Securities (cost $7,646,605)

            7,614,731  
                 
  

U.S. Treasury Notes — 13.15%

         
  13,218,000   

U.S. Treasury Note (b)

    4.63    12/31/11      13,053,806  
  3,865,000   

U.S. Treasury Note (b)

    4.63    2/29/12      3,815,482  
  4,694,000   

U.S. Treasury Note (b)

    8.75    8/15/20      6,268,691  
  9,836,000   

U.S. Treasury Note (b)

    6.00    2/15/26      10,736,604  
                 
  

Total U.S. Treasury Notes (cost $33,823,930)

            33,874,583  
                 
  

Money Market — 4.04%

         
  10,417,388   

SSgA Prime Money Market Fund (a)

    5.18         10,417,388  
                 
  

Total Money Market (cost $10,417,388)

            10,417,388  
                 
  

Securities Held as Collateral for Securities on Loan — 14.64%

         
  37,718,461   

State Street Navigator Securities Lending Prime Portfolio

    5.29         37,718,461  
                 
  

Total Securities Held as Collateral for Securities on Loan (cost $37,718,461)

            37,718,461  
                 
  

Total Investments (cost $305,016,938) — 117.06%

            301,635,986  
  

Liabilities in excess of other assets — (17.06)%

            (43,966,134 )
                 
  

Net Assets — 100.00%

          $ 257,669,852  
                 
(a)   Variable rate security. The rate reflected in the Portfolio of Investments is the rate in effect on June 30, 2007. The maturity date represents the actual maturity date.

 

(b)   All or part of this security has been placed on loan as of June 30, 2007.

 

*   Represents a restricted security, purchased under rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. These securities may by resold in transactions exempt from registration, normally to qualified institutional buyers.

 

AMBAC — American Municipal Bond Assurance Corp.

FHA — Federal Housing Administration

FGIC — Financial Guaranty Insurance Co.

FSA — Financial Security Assurance, Inc.

GO — General Obligation

MBIA — Municipal Bond Insurance Association

TBA — Security is subject to delayed delivery

XLCA — Security insured by XL Capital Assurance, Inc.

 

See accompanying notes to financial statements

 

80

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Fixed Income II Portfolio

Portfolio of Investments — June 30, 2007

Principal
Amount		          Rate %   

Maturity

Date

    Value
  

U.S. Government Agency Mortgages — 54.58%

         
$      127,306   

Fannie Mae Strip, Series 317, Class 1, PO

    0.00    12/1/31    $          97,478
  523,880   

Fannie Mae Strip, Series 367, Class 2, IO

    5.50    1/25/36      142,293
  2,863,816   

Fannie Mae Strip, Series 378, Class 4, IO

    5.00    7/1/36      695,197
  31,451   

Fannie Mae, Pool #124836

    10.00    5/1/22      34,640
  11,082   

Fannie Mae, Pool #124911

    10.00    3/1/16      12,308
  7,165   

Fannie Mae, Pool #190535

    11.00    1/1/16      8,112
  1,584   

Fannie Mae, Pool #23

    8.50    8/1/11      1,590
  15,856   

Fannie Mae, Pool #252259

    5.50    2/1/14      15,749
  12,831   

Fannie Mae, Pool #253265

    7.50    5/1/30      13,401
  9,279   

Fannie Mae, Pool #253267

    8.50    5/1/30      9,960
  91,204   

Fannie Mae, Pool #253399

    8.50    8/1/30      97,895
  16,230   

Fannie Mae, Pool #253438

    8.50    9/1/30      17,420
  6,578   

Fannie Mae, Pool #253545

    7.00    12/1/30      6,822
  23,417   

Fannie Mae, Pool #253584

    7.50    1/1/31      24,458
  25,194   

Fannie Mae, Pool #253643

    7.50    2/1/31      26,314
  154,379   

Fannie Mae, Pool #254346

    6.50    6/1/32      155,844
  17,614   

Fannie Mae, Pool #254487

    7.50    9/1/32      18,350
  1,478,829   

Fannie Mae, Pool #254693

    5.50    4/1/33      1,432,825
  212,610   

Fannie Mae, Pool #255313

    5.50    8/1/34      205,060
  45,274   

Fannie Mae, Pool #303406

    10.00    2/1/25      50,166
  4,089   

Fannie Mae, Pool #313033

    10.00    7/1/17      4,466
  9,352   

Fannie Mae, Pool #313328

    10.00    7/1/18      10,486
  51,150   

Fannie Mae, Pool #323354

    6.00    11/1/28      50,985
  387,437   

Fannie Mae, Pool #357327

    5.00    1/1/18      375,804
  27,358   

Fannie Mae, Pool #357776

    5.50    4/1/20      26,973
  4,955   

Fannie Mae, Pool #359461

    10.50    12/1/17      5,476
  43,173   

Fannie Mae, Pool #378141

    10.00    4/1/19      47,893
  28,038   

Fannie Mae, Pool #397120

    10.00    5/1/21      30,576
  560   

Fannie Mae, Pool #447140

    7.50    11/1/29      585
  171,061   

Fannie Mae, Pool #482513

    5.50    1/1/14      169,909
  2,119   

Fannie Mae, Pool #50163

    10.50    11/1/18      2,421
  925   

Fannie Mae, Pool #511096

    7.50    8/1/29      968
  144,887   

Fannie Mae, Pool #514132

    7.00    8/1/29      150,240
  84,533   

Fannie Mae, Pool #514574

    7.50    1/1/30      88,427
  44,137   

Fannie Mae, Pool #534063

    7.50    3/1/30      46,163
  60,173   

Fannie Mae, Pool #535332

    8.50    4/1/30      64,562
  19,000   

Fannie Mae, Pool #535435

    8.50    8/1/30      20,394
  72,569   

Fannie Mae, Pool #535488

    8.50    9/1/30      77,893
  175,846   

Fannie Mae, Pool #535988

    7.00    6/1/31      182,255
  6,603   

Fannie Mae, Pool #536282

    8.50    7/1/30      7,088
  1,358   

Fannie Mae, Pool #54075

    8.50    12/1/08      1,370
  6,522   

Fannie Mae, Pool #541903

    7.50    6/1/30      6,812
  15,193   

Fannie Mae, Pool #545082

    7.50    6/1/31      15,869
  414,396   

Fannie Mae, Pool #545139

    7.00    8/1/31      429,779
  15,250   

Fannie Mae, Pool #545556

    7.00    4/1/32      15,806
  74,160   

Fannie Mae, Pool #545762

    6.50    7/1/32      75,473
  27,460   

Fannie Mae, Pool #546591

    8.50    6/1/30      29,474
  22,784   

Fannie Mae, Pool #548190

    7.50    10/1/30      23,796
  1,578   

Fannie Mae, Pool #549605

    8.50    8/1/30      1,679
  70,814   

Fannie Mae, Pool #555144

    7.00    10/1/32      73,441
  11,043   

Fannie Mae, Pool #555494

    5.50    5/1/18      10,920
  251,445   

Fannie Mae, Pool #555531

    5.50    6/1/33      243,623

 

See accompanying notes to financial statements

 

81

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Fixed Income II Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %   

Maturity

Date

    Value
  

U.S. Government Agency Mortgages (continued)

         
$        15,598   

Fannie Mae, Pool #557160

    8.50    12/1/30    $          16,742
  2,499   

Fannie Mae, Pool #560534

    7.00    11/1/30      2,592
  23,631   

Fannie Mae, Pool #561883

    7.50    11/1/30      24,681
  22,327   

Fannie Mae, Pool #573752

    8.50    2/1/31      23,965
  281,380   

Fannie Mae, Pool #580515

    5.50    4/1/16      278,314
  51,699   

Fannie Mae, Pool #590944

    7.00    8/1/31      53,583
  2,786   

Fannie Mae, Pool #606565

    7.00    10/1/31      2,888
  84,445   

Fannie Mae, Pool #606964

    7.00    10/1/31      87,523
  27,002   

Fannie Mae, Pool #610381

    7.00    10/1/31      27,986
  87,634   

Fannie Mae, Pool #610995

    5.50    11/1/16      86,679
  2,644   

Fannie Mae, Pool #615206

    6.50    11/1/31      2,696
  285,023   

Fannie Mae, Pool #617271

    5.50    1/1/17      281,918
  3,740   

Fannie Mae, Pool #621535

    6.50    3/1/32      3,806
  113,303   

Fannie Mae, Pool #625030

    6.50    1/1/32      115,506
  28,252   

Fannie Mae, Pool #653877

    6.50    8/1/32      28,753
  282,076   

Fannie Mae, Pool #654790

    6.50    8/1/32      284,753
  20,665   

Fannie Mae, Pool #666705

    5.50    11/1/17      20,434
  453,405   

Fannie Mae, Pool #683287

    5.50    2/1/18      448,274
  464,970   

Fannie Mae, Pool #688729

    5.50    3/1/18      458,076
  3,689,388   

Fannie Mae, Pool #725027

    5.00    11/1/33      3,475,274
  324,990   

Fannie Mae, Pool #725162

    6.00    2/1/34      323,084
  1,656,904   

Fannie Mae, Pool #725206

    5.50    2/1/34      1,605,361
  146,747   

Fannie Mae, Pool #725418

    6.50    5/1/34      148,139
  344,856   

Fannie Mae, Pool #725424

    5.50    4/1/34      332,610
  725,404   

Fannie Mae, Pool #725704

    6.00    8/1/34      721,150
  2,134,442   

Fannie Mae, Pool #725946

    5.50    11/1/34      2,066,535
  373,638   

Fannie Mae, Pool #727384

    4.50    9/1/18      354,554
  52,926   

Fannie Mae, Pool #731076

    5.50    7/1/18      52,141
  2,339,886   

Fannie Mae, Pool #735504

    6.00    4/1/35      2,329,040
  62,914   

Fannie Mae, Pool #735611

    5.50    3/1/20      62,212
  3,932,859   

Fannie Mae, Pool #735989

    5.50    2/1/35      3,811,348
  41,526   

Fannie Mae, Pool #737287

    5.00    6/1/18      40,285
  82,470   

Fannie Mae, Pool #740710

    4.50    9/1/18      78,257
  732,452   

Fannie Mae, Pool #741732

    5.00    11/1/18      710,558
  2,757,682   

Fannie Mae, Pool #745140

    5.00    11/1/35      2,590,965
  868,135   

Fannie Mae, Pool #745192

    5.50    6/1/20      855,262
  4,915,465   

Fannie Mae, Pool #745209

    5.50    9/1/19      4,860,681
  2,641,252   

Fannie Mae, Pool #745412

    5.50    12/1/35      2,557,221
  5,617,068   

Fannie Mae, Pool #745428

    5.50    1/1/36      5,417,606
  1,630,864   

Fannie Mae, Pool #745592

    5.00    1/1/21      1,582,117
  2,393,545   

Fannie Mae, Pool #745737

    5.00    3/1/21      2,322,002
  1,504,203   

Fannie Mae, Pool #745740

    5.00    7/1/36      1,409,423
  876,704   

Fannie Mae, Pool #745809

    5.50    6/1/20      863,704
  1,768,394   

Fannie Mae, Pool #761240

    4.00    6/1/19      1,640,954
  239,120   

Fannie Mae, Pool #782586

    5.00    6/1/19      231,090
  40,421   

Fannie Mae, Pool #784200

    5.00    6/1/19      39,064
  390,231   

Fannie Mae, Pool #788210

    5.50    2/1/21      384,537
  2,090,391   

Fannie Mae, Pool #819432 (a)

    4.61    3/1/35      2,059,528
  100,000   

Fannie Mae, Pool #831939

    6.00    11/1/36      98,986
  1,783,587   

Fannie Mae, Pool #838926

    5.50    8/1/35      1,724,607
  561,197   

Fannie Mae, Pool #842993

    6.00    10/1/35      555,187
  90,559   

Fannie Mae, Pool #845429

    5.50    1/1/21      89,238

 

See accompanying notes to financial statements

 

82

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Fixed Income II Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %   

Maturity

Date

    Value
  

U.S. Government Agency Mortgages (continued)

         
$      461,423   

Fannie Mae, Pool #852939

    6.00    2/1/36    $        456,482
  882,277   

Fannie Mae, Pool #882228

    6.50    9/1/36      890,858
  8,913,311   

Fannie Mae, Pool #888283

    5.00    8/1/34      8,396,027
  78,240   

Fannie Mae, Pool #891600

    6.00    6/1/36      77,403
  3,932,499   

Fannie Mae, Pool #896540

    6.50    9/1/36      3,970,746
  338,715   

Fannie Mae, Pool #900349

    6.00    9/1/36      335,088
  301,977   

Fannie Mae, Pool #901079

    6.00    8/1/36      298,743
  259,509   

Fannie Mae, Series 1996-48, Class Z

    7.00    11/25/26      268,876
  290,000   

Fannie Mae, Series 2003-16, Class BC

    5.00    3/25/18      277,761
  530,827   

Fannie Mae, Series 2004-28, Class PB

    6.00    8/25/28      532,234
  412,708   

Fannie Mae, Series 2004-88, Class HA

    6.50    7/25/34      419,228
  1,381,323   

Fannie Mae, Series 2004-99, Class AO

    5.50    1/25/34      1,367,041
  969,210   

Fannie Mae, Series 2005-27, Class PC

    5.50    5/25/34      960,890
  848,651   

Fannie Mae, Series 2005-3, Class AP

    5.50    2/25/35      843,453
  822,472   

Fannie Mae, Series 2005-58, Class EP

    5.50    7/25/35      817,348
  3,000,000   

Fannie Mae, TBA

    4.50    7/17/22      2,846,250
  718,211   

Fannie Mae, TBA

    5.50    7/12/37      692,625
  18,400,000   

Fannie Mae, TBA

    6.00    7/12/37      18,198,741
  2,398,419   

Freddie Mac Strip, Series 231, IO

    5.50    8/1/35      637,564
  747,269   

Freddie Mac, Gold Pool #A12118

    5.00    8/1/33      704,123
  259,940   

Freddie Mac, Gold Pool #A50923

    6.00    7/1/36      257,733
  2,572,724   

Freddie Mac, Gold Pool #A58383

    5.50    3/1/37      2,481,366
  404,579   

Freddie Mac, Gold Pool #B13607

    4.50    4/1/19      385,001
  368,873   

Freddie Mac, Gold Pool #B19026

    4.50    3/1/20      350,261
  7,225   

Freddie Mac, Gold Pool #C01104

    8.00    12/1/30      7,615
  31,939   

Freddie Mac, Gold Pool #C01187

    7.50    5/1/31      33,341
  41,437   

Freddie Mac, Gold Pool #C01372

    7.50    5/1/32      43,145
  268   

Freddie Mac, Gold Pool #C35806

    7.50    2/1/30      279
  15,380   

Freddie Mac, Gold Pool #C41019

    8.00    8/1/30      16,211
  21,014   

Freddie Mac, Gold Pool #C41473

    7.50    8/1/30      21,936
  29,188   

Freddie Mac, Gold Pool #C41513

    8.00    8/1/30      30,765
  5,397   

Freddie Mac, Gold Pool #C41563

    8.00    8/1/30      5,688
  8,415   

Freddie Mac, Gold Pool #C47558

    7.50    2/1/31      8,785
  5,953   

Freddie Mac, Gold Pool #C48206

    7.50    3/1/31      6,214
  53,670   

Freddie Mac, Gold Pool #C50601

    8.00    4/1/31      56,585
  34,269   

Freddie Mac, Gold Pool #C58121

    7.50    9/1/31      35,747
  23,538   

Freddie Mac, Gold Pool #C59301

    7.50    10/1/31      24,553
  7,140   

Freddie Mac, Gold Pool #C65032

    7.50    2/1/32      7,434
  11,766   

Freddie Mac, Gold Pool #C67274

    7.50    5/1/32      12,251
  44,890   

Freddie Mac, Gold Pool #C68001

    7.00    6/1/32      46,270
  31,284   

Freddie Mac, Gold Pool #D11089

    9.50    10/1/17      33,741
  177,661   

Freddie Mac, Gold Pool #E00627

    5.50    2/1/14      176,430
  143,933   

Freddie Mac, Gold Pool #E01137

    6.00    3/1/17      144,741
  525,434   

Freddie Mac, Gold Pool #E01653

    4.50    6/1/19      500,419
  52,031   

Freddie Mac, Gold Pool #E84261

    6.00    7/1/16      52,323
  11,849   

Freddie Mac, Gold Pool #E89400

    6.00    4/1/17      11,915
  59,042   

Freddie Mac, Gold Pool #E90895

    6.00    7/1/17      59,369
  120,413   

Freddie Mac, Gold Pool #E91323

    6.00    9/1/17      121,079
  3,583   

Freddie Mac, Gold Pool #G01135

    8.00    9/1/30      3,776
  4,494   

Freddie Mac, Gold Pool #G01311

    7.00    9/1/31      4,646
  35,464   

Freddie Mac, Gold Pool #G01391

    7.00    4/1/32      36,665
  3,023,597   

Freddie Mac, Gold Pool #G02086

    5.00    2/1/36      2,841,615

 

See accompanying notes to financial statements

 

83

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Fixed Income II Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %   

Maturity

Date

    Value
  

U.S. Government Agency Mortgages (continued)

         
$   3,186,402   

Freddie Mac, Gold Pool #G02870

    5.50    4/1/37    $     3,073,252
  3,183,698   

Freddie Mac, Gold Pool #G03019

    5.50    6/1/37      3,070,644
  2,005,112   

Freddie Mac, Gold Pool #G11720

    4.50    8/1/20      1,908,085
  218,527   

Freddie Mac, Gold Pool #G11742

    5.00    7/1/20      211,734
  10,512,887   

Freddie Mac, Gold Pool #G12392

    5.50    9/1/21      10,356,917
  171,706   

Freddie Mac, Gold Pool #J00106

    4.50    9/1/20      163,042
  379,653   

Freddie Mac, Gold Pool #J00773

    5.00    12/1/20      367,188
  125,569   

Freddie Mac, Gold Pool #J02720

    4.50    11/1/20      119,233
  426,757   

Freddie Mac, Gold Pool #M80813

    4.00    4/1/10      408,772
  4,000,000   

Freddie Mac, Gold TBA

    5.00    7/17/22      3,865,000
  1,000,000   

Freddie Mac, Gold TBA

    6.00    7/17/22      1,004,062
  2,000,000   

Freddie Mac, Gold TBA

    6.00    7/12/37      1,981,250
  2,000,000   

Freddie Mac, Gold TBA

    6.00    8/14/37      1,979,376
  60,886   

Freddie Mac, Pool #170199

    9.50    10/1/16      65,866
  6,982   

Freddie Mac, Pool #183455

    12.00    12/1/10      7,494
  1,621,547   

Freddie Mac, Pool #1G1678

    5.75    4/1/37      1,619,499
  1,899,955   

Freddie Mac, Pool #1J0408

    5.89    5/1/37      1,897,610
  3,812   

Freddie Mac, Pool #360019

    10.50    12/1/17      4,196
  5,788   

Freddie Mac, Pool #555285

    10.00    4/1/16      6,027
  2,160,000   

Freddie Mac, Series 2509, Class CB

    5.00    10/15/17      2,110,122
  640,000   

Freddie Mac, Series 2538, Class CB

    5.00    12/15/17      616,961
  749,395   

Freddie Mac, Series 2864, Class NA

    5.50    1/15/31      746,651
  1,023,610   

Freddie Mac, Series 2973, Class EB

    5.50    4/15/35      1,018,919
  1,161,903   

Freddie Mac, Series 3131, Class MA

    5.50    11/15/27      1,160,547
  1,756,224   

Freddie Mac, Series 3189, Class PJ

    6.00    3/15/30      1,770,007
  15,300,000   

Freddie Mac, TBA

    1.33    6/15/37      723,762
  7,018   

Government National Mortgage Association, Pool #112784

    12.00    2/15/14      7,865
  23,680   

Government National Mortgage Association, Pool #156617

    11.00    1/15/16      26,154
  9,085   

Government National Mortgage Association, Pool #36890

    10.00    11/15/09      9,484
  3,661   

Government National Mortgage Association, Pool #38484

    11.00    3/15/10      3,925
  4,024   

Government National Mortgage Association, Pool #41625

    11.00    7/15/10      4,313
  4,065   

Government National Mortgage Association, Pool #42444

    11.00    9/15/10      4,358
  7,744   

Government National Mortgage Association, Pool #42710

    11.00    9/15/10      8,301
  4,082   

Government National Mortgage Association, Pool #43080

    11.00    8/15/10      4,376
  335   

Government National Mortgage Association, Pool #43285

    11.00    8/15/10      359
  33,129   

Government National Mortgage Association, Pool #45290

    11.00    12/15/10      35,510
  12,169   

Government National Mortgage Association, Pool #488233

    6.00    4/15/29      12,150
  5,878   

Government National Mortgage Association, Pool #497630

    6.00    2/15/29      5,869
  2,641   

Government National Mortgage Association, Pool #545212

    7.00    12/15/30      2,753
  10,741   

Government National Mortgage Association, Pool #58625

    12.00    11/15/12      12,342
  223,807   

Government National Mortgage Association, Pool #604791

    5.50    11/15/33      217,656
  38,565   

Government National Mortgage Association, Pool #637301

    6.50    11/15/34      39,275
  11,537   

Government National Mortgage Association, Pool #70492

    12.00    9/15/13      13,406
  15,634   

Government National Mortgage Association, Pool #780315

    9.50    12/15/17      16,864
  10,095   

Government National Mortgage Association, Pool #780384

    11.00    12/15/17      11,094
  41,787   

Government National Mortgage Association, Pool #780554

    10.00    5/15/19      46,060
  8,802   

Government National Mortgage Association, Pool #780609

    9.50    9/15/22      9,631
  84,477   

Government National Mortgage Association, Pool #781548

    7.00    11/15/32      88,031
  7,048   

Government National Mortgage Association, Pool #80094

    5.75    7/20/27      7,093
  14,015   

Government National Mortgage Association, Pool #80114 (a)

    5.75    9/20/27      14,150
  22,659   

Government National Mortgage Association, Pool #80123 (a)

    6.13    10/20/27      22,942
  17,671   

Government National Mortgage Association, Pool #80137 (a)

    6.13    11/20/27      17,892

 

See accompanying notes to financial statements

 

84

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Fixed Income II Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %   

Maturity

Date

    Value
  

U.S. Government Agency Mortgages (continued)

         
$          6,394   

Government National Mortgage Association, Pool #80145 (a)

    6.13    12/20/27    $            6,474
  7,976   

Government National Mortgage Association, Pool #80156

    6.38    1/20/28      8,058
  766,132   

Government National Mortgage Association, Pool #80916 (a)

    3.75    5/20/34      763,439
  24,460   

Government National Mortgage Association, Pool #8585 (a)

    6.38    1/20/25      24,726
  63,079   

Government National Mortgage Association, Pool #8595 (a)

    6.38    2/20/25      63,811
  20,158   

Government National Mortgage Association, Pool #8611 (a)

    6.38    3/20/25      20,379
  32,015   

Government National Mortgage Association, Pool #8621

    5.38    4/20/25      32,179
  61,952   

Government National Mortgage Association, Pool #8631

    5.38    5/20/25      62,269
  19,618   

Government National Mortgage Association, Pool #8644 (a)

    5.38    6/20/25      19,870
  15,579   

Government National Mortgage Association, Pool #8664 (a)

    5.75    7/20/25      15,739
               
  

Total U.S. Government Agency Mortgages (cost 147,123,180)

            145,723,770
               
  

Collateralized Mortgage Obligations — 21.15%

         
  405,282   

Asset Securitization Corp., Series 1997-D5, Class A1C

    6.75    2/14/43      406,628
  1,105,745   

Banc of America Commercial Mortgage, Inc., Series 2001-1, Class A2

    6.50    4/15/36      1,134,036
  1,385,000   

Banc of America Commercial Mortgage, Inc., Series 2002-PB2, Class A4

    6.19    6/11/35      1,414,033
  1,300,000   

Banc of America Commercial Mortgage, Inc., Series 2005-1, Class A4 (a)

    5.02    11/10/42      1,273,877
  1,370,000   

Banc of America Commercial Mortgage, Inc., Series 2006-6, Class A4

    5.36    10/10/45      1,321,563
  378,265   

Bank of America Alternative Loan Trust, Series 2004-5, Class 4A1

    5.00    6/25/19      373,614
  436,286   

Bank of America Alternative Loan Trust, Series 2004-6, Class 4A1

    5.00    7/25/19      427,613
  1,500,000   

Bank of America-First Union NB, Series 2001-3, Class A2

    5.46    4/11/37      1,491,912
  1,190,000   

Bear Stearns Commercial Mortgage Securities, Inc., Series 2005-PWR7, Class A2

    4.95    2/11/41      1,158,586
  550,000   

Bear Stearns Commercial Mortgage Securities, Inc., Series 2006-PW11, Class AJ

    5.62    3/11/39      535,632
  1,744,993   

Capco America Securitization Corp., Series 1998-D7, Class A1B

    6.26    10/15/30      1,756,326
  664,698   

Chase Commercial Mortgage Securities Corp., Series 1997-2, Class A2

    6.60    12/19/29      663,855
  217,904   

Chase Commercial Mortgage Securities Corp., Series 1999-2, Class A2

    7.20    1/15/32      224,777
  1,799,834   

Chase Commercial Mortgage Securities Corp., Series 2000-1, Class A2

    7.76    4/15/32      1,876,031
  1,561,823   

Commercial Mortgage Pass-Through Certificate, Series 2000-C1, Class A2

    7.42    8/15/33      1,619,219
  493,507   

Commercial Mortgage Acceptance Corp., Series 1998-C2, Class A2

    6.03    9/15/30      493,755
  2,213,914   

Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10

    5.50    5/25/36      2,203,756
  305,200   

Countrywide Asset-Backed Certificates, Series 2005-IM3, Class A1 (a)

    5.44    3/25/36      305,222
  1,160,000   

Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C2, Class A4

    4.83    4/15/37      1,090,499
  1,970,000   

Credit Suisse Mortgage Capital Certificates, Series 2006-C5, Class A3

    5.31    12/15/39      1,888,633
  1,660,000   

CS First Boston Mortgage Securities Corp, Series 2003-C3, Class A5

    3.94    5/15/38      1,517,462
  1,660,000   

CS First Boston Mortgage Securities Corp., Series 2002-CP3, Class A3

    5.60    7/15/35      1,656,879
  260,354   

DLJ Commercial Mortgage Corp., Series 1999-CG1, Class A1B

    6.46    3/10/32      263,414
  1,570,000   

First Union National Bank Commercial Mortgage, Series 2001-C2, Class A2

    6.66    1/12/43      1,622,152
  1,625,000   

GE Capital Commercial Mortgage Corp., Series 2007-C1, Class A4

    5.54    12/10/49      1,582,523
  1,825,000   

GE Capital Commercial Mortgage Corp., Series 2002-3A, Class A2

    5.00    12/10/37      1,775,909
  216,247   

General Motors Acceptance Corp. Commercial Mortgage Securities, Inc., Series 1999-C1, Class A2

    6.18    5/15/33      217,697
  340,271   

General Motors Acceptance Corp. Commercial Mortgage Securities, Inc., Series 1999-C2, Class A2

    6.95    9/15/33      347,335
  744,056   

General Motors Acceptance Corp. Commercial Mortgage Securities, Inc., Series 1999-C3, Class A2

    7.18    8/15/36      763,668
  796,802   

General Motors Acceptance Corp. Commercial Mortgage Securities, Inc., Series 2000-C2, Class A2

    7.46    8/16/33      831,311
  939,223   

General Motors Acceptance Corp. Commercial Mortgage Securities, Inc., Series 2000-C1, Class A2

    7.72    3/15/33      979,667
  1,118,379   

GS Mortgage Securities Corp. II, Series 1998-C1, Class A3

    6.14    10/18/30      1,121,802
  985,000   

GS Mortgage Securities Corp. II, Series 2004-GG2, Class A4

    4.96    8/10/38      965,951
  1,070,000   

GS Mortgage Securities Corporation II, Series 2006- G68, Class A4

    5.56    11/10/39      1,046,638

 

See accompanying notes to financial statements

 

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Fixed Income II Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %   

Maturity

Date

    Value
  

Collateralized Mortgage Obligations (continued)

         
$   1,569,092   

GSR Mortgage Loan Trust, Series 2004-9, Class 4A1 (a)

    4.06    8/25/34    $     1,546,770
  974,167   

Homebanc Mortgage Trust, Series 2005-4, Class A1 (a)

    5.59    10/25/35      974,898
  1,636,834   

JP Morgan Chase Commercial Mortgage Securities Corp., Series 2001-CIBC, Class A3

    6.26    3/15/33      1,668,032
  1,575,000   

JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-CB18, Class A4

    5.44    6/12/47      1,522,000
  1,080,000   

JP Morgan Chase Commercial Mortgage Securities Corp., Series 2004-CBX, Class A5

    4.65    1/12/37      1,033,218
  729,720   

JP Morgan Commercial Mortgage Finance Corp., Series 2000-C10, Class A2

    7.37    8/15/32      756,719
  172   

Kidder Peabody Mortgage Assets Trust, Series B, Class A2, IO

    9.50    4/22/18      38
  664,424   

LB – UBS Commercial Mortgage Trust, Series 2000-C4, Class A2

    7.37    8/15/26      693,678
  1,150,000   

LB – UBS Commercial Mortgage Trust, Series 2001-C2, Class A2

    6.65    11/15/27      1,190,799
  825,585   

LB Commercial Conduit Mortgage Trust, Series 1998-C4, Class A1B

    6.21    10/15/35      829,994
  1,899,600   

LB Commercial Conduit Mortgage Trust, Series 1998-C4, Class A2

    6.30    10/15/35      1,913,350
  977,255   

Lehman Mortgage Trust, Series 2005-2, Class 2A3

    5.50    12/25/35      972,163
  434,568   

Master Alternative Loans Trust, Series 2004-4, Class 1A1

    5.50    5/25/34      422,597
  171,815   

Morgan Stanley Capital I, Series 1998-HF2, Class A2

    6.48    11/15/30      172,741
  937,584   

Mortgage Capital Funding, Inc., Series 1998-MC1, Class A2

    6.66    3/18/30      939,381
  1,251,108   

Nationslink Funding Corp., Series 1999-1, Class A2

    6.32    1/20/31      1,259,244
  1,525,000   

Prudential Mortgage Capital Funding, LLC, Series 20041-ROCK, Class A2

    6.61    5/10/34      1,573,913
  1,100,033   

Salomon Brothers Mortgage Securities VII, Series 1999-C1, Class A2 (a)

    7.15    5/18/32      1,116,622
  703,325   

Structured Adjustable Rate Mortgage Loan Trust, Series 2005-19X5, Class 1A1 (a)

    5.64    10/25/35      706,190
  875,000   

Wachovia Bank Commercial Mortgage Trust, Series 2003-C9, Class A4

    5.01    12/15/35      840,661
               
  

Total Collateralized Mortgage Obligations (cost 58,213,636)

            56,484,983
               
  

Corporate Bonds — 13.78%

         
  275,000   

Allstate Corp. (Multi – Line Insurance) (b)

    6.13    5/15/37      264,940
  750,000   

Anadarko Petroleum Corp. (Independent Energy)

    6.45    9/15/36      721,370
  170,000   

Associates Corp. NA (Banking)

    6.25    11/1/08      171,862
  175,000   

Avalon Bay Communities, Inc. (REITS)

    7.50    12/15/10      185,624
  545,000   

Bank of America Corp. (Banking)

    7.80    2/15/10      576,070
  620,000   

Bank of America Corp. (Banking)

    4.50    8/1/10      605,461
  350,000   

Bank of America Corp. (Banking)

    5.75    8/15/16      345,336
  275,000   

Bank of America NA (Banking)

    6.10    6/15/17      278,117
  200,000   

Belvoir Land LLC (Special Purpose)*

    5.27    12/15/47      177,866
  385,000   

Berkshire Hathaway Finance Corp. (Property & Casualty)

    4.13    1/15/10      374,310
  60,000   

Bristol-Myers Squibb (Pharmaceuticals)

    6.88    8/1/97      61,835
  250,000   

Carolina Power & Light (Electric) (b)

    6.13    9/15/33      248,263
  280,000   

CenterPoint Energy Resources Corp., Series B (Gas Pipelines)

    7.88    4/1/13      305,630
  250,000   

Chubb Corp. (Property/Casualty Insurance) (b)

    6.38    3/29/67      244,475
  1,495,000   

Citigroup, Inc. (Banking)

    3.63    2/9/09      1,456,052
  1,335,000   

Citigroup, Inc. (Banking)

    4.13    2/22/10      1,295,053
  70,000   

Citigroup, Inc. (Banking) (b)

    4.63    8/3/10      68,520
  520,000   

Citigroup, Inc. (Banking)

    5.88    5/29/37      495,740
  985,000   

Comcast Cable Communications Holdings (Media Cable) (c)

    8.38    3/15/13      1,099,565
  170,000   

Comcast Corp. (Media Cable)

    7.63    2/15/08      171,964
  75,000   

Comcast Corp. (Media Cable)

    7.05    3/15/33      77,410
  150,000   

Comcast Corp. (Media Cable)

    6.50    11/15/35      145,402
  25,000   

Consolidated Natural Gas, Series A (Gas Pipelines)

    5.00    3/1/14      23,821
  125,000   

Consolidated Natural Gas, Series C (Gas Pipelines)

    6.25    11/1/11      127,685
  1,080,000   

Credit Suisse Guernsey (Finance – Investment Banking/Brokerage)

    5.86    5/29/49      1,040,539
  200,000   

Energy East Corp. (Electric)

    6.75    7/15/36      207,206
  125,000   

Enterprise Products Operations (Gas Pipelines)

    4.00    10/15/07      124,482
  200,000   

Florida Power and Light Co. (Electric)

    4.95    6/1/35      169,734
  3,375,000   

General Electric Capital Corp. (Diversified Financial Services)

    5.00    12/1/10      3,330,099

 

See accompanying notes to financial statements

 

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Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %   

Maturity

Date

    Value
  

Corporate Bonds (continued)

         
$   2,195,000   

General Electric Capital Corp. (Diversified Financial Services)

    5.00    11/15/11    $     2,151,032
  305,000   

General Electric Capital Corp. (Diversified Financial Services)

    5.00    4/10/12      297,688
  665,000   

Goldman Sachs Capital 11 (Finance – Investment Banking/Brokerage)

    5.79    12/29/49      649,003
  1,540,000   

Goldman Sachs Group, Inc. (Finance – Investment Banking/Brokerage)

    5.25    10/15/13      1,492,928
  50,000   

GTE Corp. (Wirelines)

    6.94    4/15/28      51,425
  325,000   

Halliburton Co. (Oil Field Service)

    5.50    10/15/10      324,685
  125,000   

Halliburton Co. (Oil Field Service)*

    7.60    8/15/96      138,036
  200,000   

Irwin Land LLC (Special Purpose)*

    5.03    12/15/25      182,412
  290,000   

Irwin Land LLC (Special Purpose)*

    5.30    12/15/35      265,515
  1,075,000   

JP Morgan Chase Bank NA (Banking)

    6.00    7/5/17      1,066,604
  300,000   

Lehman Bros Capital Trust VII (Finance – Investment Banking/Brokerage)

    5.86    11/29/49      293,867
  210,000   

Lehman Brothers Holdings (Brokerage)

    7.88    8/15/10      223,926
  325,000   

Lehman Brothers Holdings (Brokerage) (b)

    5.75    7/18/11      326,091
  108,000   

Massachusetts Mutual Life (Life Insurance)*

    7.63    11/15/23      125,747
  375,000   

Mellon Capital IV (Banking)

    6.24    6/29/49      378,383
  555,000   

MetLife, Inc. (Life Insurance)

    6.40    12/15/36      514,125
  500,000   

Midamerican Energy Holdings (Electric – Integrated)*

    5.95    5/15/37      471,230
  350,000   

Morgan Stanley (Brokerage)

    5.05    1/21/11      342,764
  200,000   

Morgan Stanley (Brokerage)

    6.75    4/15/11      207,365
  120,000   

Morgan Stanley (Brokerage)

    5.55    4/27/17      115,130
  4,340,000   

Morgan Stanley (Finance – Investment Banking)

    5.60    1/9/12      4,332,066
  40,000   

New Jersey Bell Telephone (Wirelines)

    7.85    11/15/29      43,891
  225,000   

News America Holdings (Media Non Cable)

    8.50    2/23/25      264,249
  55,000   

News America Holdings (Media Non Cable)

    8.45    8/1/34      66,322
  210,000   

News America Holdings (Media Non Cable)

    8.15    10/17/36      241,408
  110,000   

News America, Inc. (Media Non Cable) (b)

    7.63    11/30/28      119,078
  150,000   

Ohana Military Communities LLC, (Special Purpose)*

    6.19    4/1/49      151,544
  60,000   

Phillips Petroleum Co. (Integrated Energy)

    7.00    3/30/29      65,227
  325,000   

Pricoa Global Funding I (Life Insurance)*

    4.35    6/15/08      320,106
  445,000   

Progressive Corp. (Property/Casualty Insurance)

    6.70    6/15/37      442,272
  350,000   

Rouse Co. (REITS)

    5.38    11/26/13      326,611
  1,400,000   

SLM Corp. (Finance – Consumer Loans) (b)

    5.52    7/26/10      1,327,977
  275,000   

Sprint Nextel Corp. (Wireless)

    6.00    12/1/16      260,880
  525,281   

Structured Asset Receivable Trust, Series 2003-2 (Life Insurance) (a)(d)*

    5.86    1/21/09      524,956
  5,000   

Suncor Energy, Inc. (Oil Comp – Integrated)

    6.50    6/15/38      5,024
  275,000   

Suntrust Bank (Banking)

    4.42    6/15/09      269,311
  250,000   

Suntrust Capital VIII (Banking) (a)

    6.10    12/15/36      228,939
  170,000   

TCI Communications, Inc. (Media Cable)

    7.88    8/1/13      186,281
  10,000   

TCI Communications, Inc. (Media Cable)

    7.88    2/15/26      11,147
  150,000   

Time Warner Entertainment (Media Cable) (b)

    8.38    3/15/23      172,191
  115,000   

Time Warner, Inc. (Entertainment) (b)

    7.57    2/1/24      122,847
  300,000   

Time Warner, Inc. (Entertainment) (b)

    6.63    5/15/29      291,283
  600,000   

Travelers Companies, Inc. (Property/Casualty Insurance) (b)

    6.25    3/15/67      576,569
  30,000   

Turner Broadcasting Co. (Entertainment)

    8.38    7/1/13      33,516
  425,000   

Verizon Virginia, Inc. (Wirelines)

    4.63    3/15/13      398,491
  400,000   

Wachovia Capital Trust III (Banking)

    5.80    3/15/42      398,257
  85,000   

Wellpoint, Inc. (Medical – HMO) (b)

    5.95    12/15/34      78,741
  155,000   

Wellpoint, Inc. (Medical – HMO) (b)

    5.85    1/15/36      141,436
  480,000   

Wells Fargo Co. (Banking)

    4.20    1/15/10      467,844
  750,000   

Wells Fargo Co. (Banking)

    4.63    8/9/10      733,401
  210,000   

Wells Fargo Co. (Banking) (b)

    4.88    1/12/11      206,117
               
  

Total Corporate Bonds (cost 37,434,378)

            36,820,369
               

 

See accompanying notes to financial statements

 

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Fixed Income II Portfolio

Portfolio of Investments (continued) — June 30, 2007

 

Principal
Amount/
Shares		          Rate %   

Maturity

Date

    Value  
  

Asset Backed Securities — 3.68%

         
1,188,185   

Capital Auto Receivables Asset Trust, Series 2005-1, Class A4

    4.05    7/15/09    $ 1,182,444  
2,000,000   

Chase Manhattan Auto Owner Trust, Series 2006-A, Class A3

    5.34    7/15/10      2,000,520  
2,150,000   

Honda Auto Receivables Owner Trust, Series 2006-1, Class A3

    5.07    2/18/10      2,145,945  
2,100,000   

MBNA Credit Card Master Note Trust, Series 2006-A1, Class A1

    4.90    7/15/11      2,087,848  
460,000   

MBNA Master Credit Card Trust, Series 1999-B, Class A

    5.90    8/15/11      464,728  
1,950,000   

Wachovia Auto Owner Trust, Series 2006-A, Class A4

    5.38    3/20/13      1,950,018  
                 
  

Total Asset Backed Securities (cost 9,841,992)

            9,831,503  
                 
  

Foreign Bonds — 2.35%

         
875,000   

Aid-Israel (Non U.S. Agency Bond Portfolio)

    5.50    4/26/24      866,881  
380,000   

Aid-Israel (Non U.S. Agency Bond Portfolio)

    5.50    9/18/33      379,285  
25,000   

Encana Holdings Financial Corp. (Independent Energy)

    5.80    5/1/14      24,880  
1,855,000   

HBOS Treasury Services PLC (Banking)*

    5.00    11/21/11      1,818,817  
225,000   

National Westminster Bank (Banking)

    7.38    10/1/09      233,786  
250,000   

Nationwide Building Society (Banking)*

    4.25    2/1/10      242,452  
75,000   

Resolution Funding Corp., Zero Coupon (Non U.S. Agency Bond Portfolio)

    0.00    7/15/18      41,718  
75,000   

Resolution Funding Corp., Zero Coupon (Non U.S. Agency Bond Portfolio)

    0.00    10/15/18      41,103  
275,000   

Scottish Power PLC (Electric)

    4.91    3/15/10      271,013  
324,060   

Small Business Administration (Non U.S. Agency Bond Portfolio)

    4.52    2/10/13      309,253  
545,069   

Small Business Administration (Non U.S. Agency Bond Portfolio)

    4.50    2/1/14      520,194  
225,000   

Teck Cominco Ltd. (Metals)

    6.13    10/1/35      208,051  
325,000   

Telecom Italia Capital (Wirelines)

    5.25    10/1/15      302,206  
25,000   

Telecom Italia Capital (Wirelines)

    6.00    9/30/34      22,523  
225,000   

Telefonica Emisiones S.A.U. (Wirelines)

    6.42    6/20/16      228,139  
200,000   

Telefonica Emisiones S.A.U. (Wirelines)

    7.05    6/20/36      207,115  
150,000   

Telefonica Europe BV (Wirelines)

    7.75    9/15/10      159,012  
290,000   

Vodafone Group PLC (Wireless)

    7.75    2/15/10      304,617  
90,000   

Vodafone Group PLC (Wireless)

    5.00    9/15/15      83,654  
                 
  

Total Foreign Bonds (cost 6,356,928)

            6,264,699  
                 
  

Short-Term Investments — 7.21%

         
62,664   

Eurodollar Time Deposit

    4.50    7/2/07      62,664  
19,200,000   

Fannie Mae Discount Note

    0.00    7/2/07      19,197,360  
                 
  

Total Short-Term Investments (cost 19,260,024)

            19,260,024  
                 
  

Securities Held as Collateral for Securities on Loan — 1.90%

         
5,080,576   

State Street Navigator Securities Lending Prime Portfolio

    5.29         5,080,576  
                 
  

Total Securities Held as Collateral for Securities on Loan (cost 5,080,576)

         
  

U.S. Treasury Notes — 0.71%

         
2,025,000   

U.S. Treasury Notes (cost 1,865,215)

    4.75    2/15/37      1,909,354  
                 
  

Total Investments (cost $285,175,929) — 105.36%

            281,375,278  
  

Liabilities in excess of other assets — (5.36)%

            (14,325,323 )
                 
  

Net Assets — 100.00%

          $ 267,049,955  
                 
(a)   Variable rate security. The rate reflected in the Portfolio of Investments is the rate in effect on June 30, 2007. The maturity date represents the actual maturity date.

 

(b)   All or part of this security has been placed on loan as of June 30, 2007.

 

(c)   All or part of this security has been pledged as collateral for Futures contracts held by the Fund.

 

(d)   This security has been deemed illiquid.

 

See accompanying notes to financial statements

 

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Portfolio of Investments (concluded) — June 30, 2007

 

*   Represents a restricted security, purchased under rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. These securities may by resold in transactions exempt from registration, normally to qualified institutional buyers.

 

IO — Interest Only

PO — Principal Only

TBA — Security in subject to delayed delivery

 

Futures

 

Number
of
Contracts		    

Futures Contracts Long Positions

    Market
Value		     Expiration    Unrealized
Gain/(Loss)		  
33    

Euro Bond.

    $ 3,654,750     Sept.-07    $ (56,507 )
(60 )  

U.S. Treasury 2 Year Note

      (12,225,000 )   Sept.-07      (31,794 )
(128 )  

U.S. Treasury 5 Year Note

      (13,322,000 )   Sept.-07      (22,300 )
92    

U.S. Treasury 10 Year Note

      9,724,688     Sept.-07      11,468  
221    

U.S. Treasury 30 Year Note

      23,812,750     Sept.-07      (10,778 )
               
 

Total Unrealized Loss

         $ (109,911 )
               

 

See accompanying notes to financial statements

 

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Fixed Income Opportunity Portfolio

Portfolio of Investments — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

Corporate Bonds — 83.46%

         
$ 415,000   

Aleris International, Inc. (Metals/Mining ex Steel)*

    9.00    12/15/14    $        418,631
  215,000   

American Railcar Industries (Diversified Capital Goods) Callable
Call 3/1/11 @ 103.75

    7.50    3/1/14      213,925
  15,000   

American Real Estate (Gaming)

    7.13    2/15/13      14,475
  730,000   

American Real Estate (Gaming)

    7.13    2/15/13      704,450
  235,000   

Americredit Corp. (Cons/Comm/Lease Financing) Callable Call 7/1/11 @ 104.25*

    8.50    7/1/15      236,763
  895,000   

Amkor Technologies, Inc. (Electronics)

    9.25    6/1/16      921,850
  325,000   

Amkor Technologies, Inc. (Electronics) (a)

    7.13    3/15/11      315,250
  275,000   

AMR Real Estate Finance (Gaming) Callable Call 6/1/08 @ 104.06*

    8.13    6/1/12      276,031
    1,030,000   

Aquila, Inc. (Electric – Integrated)

    14.88    7/1/12      1,313,250
  155,000   

Aramark Corp. (Support – Services) (b)*

    8.86    2/1/15      157,325
  1,065,000   

Aramark Corp. (Support – Services)*

    8.50    2/1/15      1,083,638
  285,000   

Asbury Automotive Group (Non Food & Drug Retailers)*

    7.63    3/15/17      280,725
  855,000   

Autonation, Inc. (Non Food & Drug Retailers) (b)

    7.36    4/15/13      852,863
  635,000   

Baldor Electic Co. (Capital Goods)

    8.63    2/15/17      671,513
  360,000   

Ball Corp. (Packaging)

    6.88    12/15/12      360,000
  930,000   

Boise Cascade LLC (Forestry/Paper) (a)

    7.13    10/15/14      883,500
  200,000   

Bombardier, Inc. (Aerospace/Defense)*

    6.30    5/1/14      190,000
  575,000   

Bombardier, Inc. (Aerospace/Defense)*

    8.00    11/15/14      595,125
  275,000   

Bristow Group, Inc. (Transportation ex Air/Rail) Callable Call 9/15/12 @ 103.75 (a)*

    7.50    9/15/17      275,688
  360,000   

Buffalo Thunder Development Authority (Gaming) Callable
Call 12/15/10 @ 104.69*

    9.38    12/15/14      360,000
  115,000   

Cablevision Systems Corp. (Media – Cable)

    8.00    4/15/12      113,563
  670,000   

Cenveo Corp. (Printing & Publishing)

    7.88    12/1/13      656,600
  130,000   

Charter Communications Opt LLC (Telecom – Integrated/Svcs)*

    8.00    4/30/12      131,625
  135,000   

Charter Communications Opt LLC (Telecom – Integrated/Svcs)*

    8.38    4/30/14      137,363
  245,000   

Cimarex Energy Company (Energy – Expl & Prod) Callable Call 5/1/12 @ 103.56

    7.13    5/1/17      238,875
  1,248,000   

Citizens Communications (Telecom – Integrated/Svcs)

    9.00    8/15/31      1,285,440
  245,000   

Clear Channel Communication (Media – Broadcast)

    5.50    9/15/14      209,368
  210,000   

Clear Channel Communication (Media – Broadcast) (a)

    5.50    12/15/16      173,032
  2,850,000   

Community Health Systems (Health Services)

    6.50    12/15/12      2,974,598
  4,365,000   

Community Health Systems (Health Services) Callable Call 7/15/11 @ 104.44*

    8.88    7/15/15      4,425,018
  970,000   

Compton Petroleum Finance Corp. (Energy – Expl & Prod) Callable
Call 12/1/09 @ 103.81

    7.63    12/1/13      957,875
  355,000   

Cott Beverages, Inc. (Beverage)

    8.00    12/15/11      358,550
  1,090,000   

Crum & Forster Holding Corp. (P&C – Insurance) Callable Call 5/1/12 @ 103.88*

    7.75    5/1/17      1,065,475
  205,000   

Delux Corp. (Printing & Publishing) Callable Call 6/1/11 @ 103.69*

    7.38    6/1/15      203,975
  1,380,000   

DirecTV Holdings/Finance (Media – Cable)

    8.38    3/15/13      1,443,825
  495,000   

Dynegy Holdings, Inc. (Electric – Generation)*

    7.50    6/1/15      465,919
  650,000   

Dynegy Holdings, Inc. (Electric – Generation)*

    7.75    6/1/19      604,500
  850,000   

Echostar DBS Corp. (Media – Cable)

    5.75    10/1/08      847,875
  2,150,000   

Echostar DBS Corp. (Media – Cable)

    7.13    2/1/16      2,101,624
  970,000   

Edison Mission Energy (Electric – Generation)*

    7.00    5/15/17      914,225
  465,000   

Embarq Corp. (Telecom – Integrated/Svcs)

    7.08    6/1/16      467,605
  485,000   

Enterprise Products Operation, Callable Call 1/15/18 @ 100.00 (b)

    7.03    1/15/68      467,538
  1,965,000   

FMG Finance Property Ltd. (Metals/Mining ex Steel) (a)*

    10.63    9/1/16      2,338,349
  95,000   

FMG Finance Property Ltd. (Metals/Mining ex Steel)*

    10.00    9/1/13      105,925
  1,375,000   

Ford Motor Credit Co. (Auto Loans)

    7.25    10/25/11      1,323,344
  750,000   

Ford Motor Credit Co. (Auto Loans)

    8.11    1/13/12      748,097
  1,120,000   

Ford Motor Credit Co. (Auto Loans) (a)

    7.00    10/1/13      1,037,676
  915,000   

Ford Motor Credit Co. (Auto Loans) (a)

    8.00    12/15/16      876,431
  1,005,000   

Freeport-McMoran C & G (Metals/Mining ex Steel)

    8.38    4/1/17      1,072,838

 

See accompanying notes to financial statements

 

90

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Fixed Income Opportunity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

Corporate Bonds (continued)

         
$ 1,150,000   

Freeport-McMoran C & G (Metals/Mining ex Steel) (a)

    8.25    4/1/15    $ 1,213,250
  355,000   

Freeport-McMoran C & G (Metals/Mining ex Steel) (a)

    8.56    4/1/15      371,863
    2,240,000   

Freescale Semiconductor (Electronics) (a)*

    10.13    12/15/16          2,105,599
  485,000   

General Cable Corp. (Building Materials) (b)*

    7.73    4/1/15      485,000
  85,000   

General Cable Corp. (Building Materials)*

    7.13    4/1/17      84,150
  1,985,000   

General Motors (Auto Parts & Equipment) (a)

    8.38    7/15/33      1,811,313
  435,000   

General Motors Acceptance Corp. (Auto Loans)

    6.63    5/15/12      420,071
  195,000   

General Motors Acceptance Corp. (Auto Loans) (a)

    6.75    12/1/14      186,743
  1,755,000   

General Motors Acceptance Corp. (Auto Loans) (a)

    8.00    11/1/31      1,794,630
  485,000   

Glencore Nickel (Metals/Mining ex Steel) (c)(d)

    0.00    12/1/14      0
  560,000   

Hanesbrands, Inc. (Apparel/Textiles) Callable Call 12/15/08 @ 102.00 (b)

    8.78    12/15/14      568,400
  515,000   

Harrahs Operating Co., Inc. (Gaming)

    5.38    12/15/13      436,463
  250,000   

Hawker Beechcraft Acquisition Co. (Aerospace/Defense)*

    8.50    4/1/15      258,125
  220,000   

Hawker Beechcraft Acquisition Co. (Aerospace/Defense)*

    8.88    4/1/15      226,600
  1,610,000   

HCA, Inc. (Health Services)*

    9.25    11/15/16      1,714,650
  1,770,000   

HCA, Inc. (Health Services)*

    9.63    11/15/16      1,902,749
  1,850,000   

Hercules, Inc. (Chemicals)

    6.75    10/15/29      1,794,500
  525,000   

Hertz Corp. (Support – Services) (a)

    10.50    1/1/16      580,125
  50,000   

Hertz Corp. (Support – Services) Callable Call 1/1/10 @ 104.44

    8.88    1/1/14      52,125
  1,055,000   

Hexion US Finance/Nova Scotia (Chemicals)

    9.75    11/15/14      1,091,925
  1,000,000   

Host Marriott LP, Series Q (Hotels)

    6.75    6/1/16      980,000
  750,000   

Hun International Holdings (P&C – Insurance) Callable Call 6/15/11 @ 104.50*

    9.00    12/15/14      735,000
  3,510,000   

IDEARC, Inc. (Printing & Publishing) Callable Call 11/15/11 @ 104.00

    8.00    11/15/16      3,545,099
  1,360,000   

Intelsat Corp. (Telecom – Integrated/Svcs)

    9.00    6/15/16      1,424,600
  240,000   

KB Home (Building & Construction)

    5.75    2/1/14      211,200
  315,000   

KB Home (Building & Construction)

    5.88    1/15/15      274,050
  255,000   

KB Home (Building & Construction) (a)

    6.25    6/15/15      224,400
  1,050,000   

Leucadia National Corp. (Diversified Capital Goods)*

    7.13    3/15/17      1,018,500
  320,000   

Level 3 Financing, Inc. (Telecom – Integrated/Svcs)

    12.25    3/15/13      367,200
  2,025,000   

Level 3 Financing, Inc. (Telecom – Integrated/Svcs)*

    8.75    2/15/17      2,002,218
  150,000   

Level 3 Financing, Inc. (Telecom – Integrated/Svcs) (a)*

    9.15    2/15/15      150,000
  750,000   

Levi Strauss & Co., Callable Call 4/1/11 @ 104.44 (a)

    8.88    4/1/16      768,750
  785,000   

LIN Television Corp., Series B (Media – Broadcast)

    6.50    5/15/13      767,338
  785,000   

Lyondell Chemical Co. (Chemicals)

    8.00    9/15/14      806,588
  1,765,000   

Lyondell Chemical Co. (Chemicals)

    8.25    9/15/16      1,844,425
  485,000   

Mariner Energy, Inc. (Energy – Expl & Prod) Callable Call 5/15/12 @ 104.00

    8.00    5/15/17      481,363
  380,000   

Markwest Energy (Gas Distribution) Callable Call 7/15/11 @ 104.25

    8.50    7/15/16      386,650
  1,460,000   

Mediacom Broadband LLC/CRP (Media – Cable) (a)

    8.50    10/15/15      1,467,300
  115,000   

Mediacom Broadband LLC/CRP (Media – Cable)*

    8.50    10/15/15      115,575
  115,000   

Mediacom LLC/Cap Corp. (Media – Cable)

    9.50    1/15/13      117,588
  190,000   

Meritage Homes Corp. (Building & Construction) Callable Call 3/15/10 @ 103.13 (a)

    6.25    3/15/15      169,100
  1,900,000   

MGM Mirage, Inc. (Gaming)

    8.50    9/15/10      1,987,874
  165,000   

MGM Mirage, Inc. (Gaming)

    6.63    7/15/15      149,944
  600,000   

Mirant Americas General, Inc. (Electric – Integrated)

    8.30    5/1/11      619,500
  178,906   

Mirant Mid-Atlantic LLC, Series B (Electric – Integrated)

    9.13    6/30/17      202,163
  1,100,000   

Mirant North America LLC (Electric – Integrated) Callable Call 12/31/09 @ 103.69

    7.38    12/31/13      1,124,750
  615,000   

Morris Publishing Group (Printing & Publishing)

    7.00    8/1/13      538,125
  170,000   

Mosaic Co. (Chemicals)*

    7.38    12/1/14      171,700
  250,000   

Mosaic Co. (Chemicals)*

    7.63    12/1/16      255,625
  650,000   

Mueller Water Products (Support – Services) Callable Call 6/1/12 @ 103.69*

    7.38    6/1/17      644,547
  350,000   

Newfield Exploration Co. (Energy – Expl & Prod)

    6.63    4/15/16      336,875

 

See accompanying notes to financial statements

 

91

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Fixed Income Opportunity Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

Corporate Bonds (continued)

         
$ 355,000   

Noranda Aluminium Acquisition (Metals/Mining ex Steel) Callable
Call 5/15/08 @ 102.00 (a)*

    9.36    5/15/15    $ 342,575
  3,575,000   

NRG Energy, Inc. (Electric – Generation)

    7.38    2/1/16      3,583,937
  140,000   

NRG Energy, Inc. (Electric – Generation)

    7.38    1/15/17      140,525
    1,100,000   

NSG Holdings LLC/NSG Holding (Electric – Generation)*

    7.75    12/15/25          1,111,000
  2,150,000   

NTL Cable PLC (Media – Cable)

    8.75    4/15/14      2,214,499
  1,095,000   

Omega Health Care Investors (Health Services)

    7.00    1/15/16      1,089,525
  90,000   

Omega Health Care Investors (Health Services) Callable Call 4/1/09 @ 103.50

    7.00    4/1/14      89,550
  1,205,000   

Owens-Brockway Glass Container, Inc. (Packaging)

    8.25    5/15/13      1,247,175
  830,000   

Petrohawk Energy Corp. (Energy – Expl & Prod)

    9.13    7/15/13      877,725
  60,000   

Pokagon Gaming Authority (Gaming) Callable Call 6/15/10 @ 105.19*

    10.38    6/15/14      66,150
  3,505,000   

Qwest Communications International (Telecom – Integrated/Svcs)

    7.25    2/15/11      3,531,287
  1,775,000   

R.H. Donnelley Corp. (Printing & Publishing)

    6.88    1/15/13      1,681,813
  265,000   

R.H. Donnelley Corp. (Printing & Publishing)

    6.88    1/15/13      251,088
  1,700,000   

R.H. Donnelley Corp. (Printing & Publishing)

    8.88    1/15/16      1,768,000
  220,000   

Reliant Energy, Inc.(Electric – Generation) Callable Call 12/15/09 @ 103.38

    6.75    12/15/14      224,400
  705,000   

Rite Aid Corp. (Food & Drug Retailers) Callable Call 1/15/10 @ 103.75

    7.50    1/15/15      696,188
  200,000   

Sabine Pass LNG LP (Gas Distribution)*

    7.25    11/30/13      198,500
  1,575,000   

Sabine Pass LNG LP (Gas Distribution)*

    7.50    11/30/16      1,567,125
  515,000   

Seitel, Inc. (Investments & Misc Finl Svcs)*

    9.75    2/15/14      509,850
  175,000   

Seminole Hard Rock Enterprise (Gaming) (a)*

    7.86    3/15/14      176,313
  135,000   

Seneca Gaming Corp. (Gaming) Callable Call 5/1/08 @ 103.63

    7.25    5/1/12      136,856
  480,000   

Shingle Springs Tribal (Gaming) Callable Call 6/15/11 @ 104.69*

    9.38    6/15/15      484,200
  215,000   

SLM Corp. (Cons/Comm/Lease Financing)

    5.45    4/25/11      199,075
  460,000   

SLM Corp. (Cons/Comm/Lease Financing)

    5.13    8/27/12      407,192
  420,000   

SLM Corp. (Cons/Comm/Lease Financing) (a)

    5.40    10/25/11      384,680
  880,000   

Smithfield Foods, Inc. (Food Wholesale) (a)

    7.75    7/1/17      880,000
  225,000   

Snoqualmie Enterprise Authority (Gaming) (b)*

    9.15    2/1/14      227,250
  105,000   

Snoqualmie Enterprise Authority (Gaming)*

    9.13    2/1/15      107,625
  310,000   

Spansion LLC (Electronics) Callable Call 6/1/08 @ 102.00 (b)*

    8.49    6/1/13      309,613
  55,000   

Standard Pacific Corp. (Building & Construction)

    7.00    8/15/15      48,400
  285,000   

Standard Pacific Corp. (Building & Construction) (a)

    6.25    4/1/14      250,800
  340,000   

Stater Brothers Holdings (Food & Drug Retailers) Callable Call 4/15/11 @ 103.88*

    7.75    4/15/15      340,850
  290,000   

Swift Energy Co. (Energy – Expl & Prod) Callable Call 6/1/12 @ 103.56

    7.13    6/1/17      276,225
  2,585,000   

Telecordia Technologies (Telecom – Integrated/Svcs) Callable
Call 7/15/08 @ 102.00 (b)*

    9.11    7/15/12      2,546,224
  385,000   

TL Acquisitions, Inc. (Printing & Publishing) Callable Call 7/15/11 @ 105.25*

    10.50    1/15/15      380,087
  100,000   

Transdigm, Inc. (Aerospace/Defense)

    7.75    7/15/14      101,000
  240,000   

Transdigm, Inc. (Aerospace/Defense)*

    7.75    7/15/14      242,400
  1,750,000   

Triad Hospitals, Inc. (Health Services)

    7.00    11/15/13      1,839,598
  105,000   

United Refining Co. (Oil Refining & Marketing) Callable Call 8/15/08 @ 105.25

    10.50    8/15/12      108,675
  230,000   

United Refining Co. (Oil Refining & Marketing) Callable Call 8/15/08 @ 105.25*

    10.50    8/15/12      238,050
  1,560,000   

United Rentals North America, Inc. (Support – Services)

    6.50    2/15/12      1,532,700
  940,000   

United Rentals North America, Inc. (Support – Services)

    7.75    11/15/13      941,175
  120,000   

Universal Hospital Services (Health Services) Callable Call 6/1/09 @ 102.00*

    8.76    6/1/15      120,000
  490,000   

Universal Hospital Services (Health Services) Callable Call 6/1/11 @ 104.25*

    8.50    6/1/15      485,100
  690,000   

US Concrete, Inc. (Building Materials) (a)

    8.38    4/1/14      688,275
  1,170,000   

Valassis Communication (Printing & Publishing) (a)

    8.25    3/1/15      1,140,750
  768,000   

Verso Paper Holdings LLC (Forestry/Paper) Callable Call 8/1/10 @ 104.56

    9.13    8/1/14      792,960
  1,715,000   

Williams Partners LP/WIL (Gas Distribution)

    7.25    2/1/17      1,723,575
  1,510,000   

Windstream Corp. (Telecom – Integrated/Svcs)

    8.63    8/1/16      1,596,825
  1,075,000   

Windstream Corp. (Telecom – Integrated/Svcs) Callable Call 3/15/12 @ 103.50

    7.00    3/15/19      1,026,625

 

See accompanying notes to financial statements

 

92

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Fixed Income Opportunity Portfolio

Portfolio of Investments (concluded) — June 30, 2007

 

Principal
Amount		          Rate %    Maturity
Date		    Value  
  

Corporate Bonds (continued)

         
$ 725,000   

WMG Acquisition Corp. (Media – Services)

    7.38    4/15/14    $ 674,250  
  1,080,000   

Wynn Las Vegas (Gaming) Callable Call 12/1/09 @ 103.31

    6.63    12/1/14      1,040,850  
                 
  

Total Corporate Bonds (cost $123,008,848)

            121,497,568  
                 
  

Foreign Bond — 9.92%

         
  305,000   

Abitibi-Consolidated, Inc. (Forestry/Paper)

    6.95    4/1/08      301,950  
  85,000   

Abitibi-Consolidated, Inc. (Forestry/Paper)

    8.85    8/1/30      71,400  
  405,000   

Abitibi-Consolidated, Inc. (Forestry/Paper) (a)

    8.55    8/1/10      386,775  
  200,000   

Abitibi-Consolidated, Inc. (Forestry/Paper) (a)

    8.38    4/1/15      175,000  
  780,000   

Bowater Canada Finance (Forestry/Paper)

    7.95    11/15/11      734,175  
  745,000   

CHC Helicopter Corp. (Transportation ex Air/Rail)

    7.38    5/1/14      709,613  
  895,000   

CIE General DE Geophysique (Oil Equipment)

    7.50    5/15/15      895,000  
  165,000   

CIE General DE Geophysique (Oil Equipment)

    7.75    5/15/17      167,063  
  790,000   

Flextronics International Ltd. (Electronics)

    6.50    5/15/13      744,575  
  2,175,000   

Ineos Group Holdings PLC (Chemicals) (a)*

    8.50    2/15/16      2,126,062  
  785,000   

Kabel Deutschland Gmbh (Media – Cable)

    10.63    7/1/14      859,575  
  1,100,000   

Nordic Telephone Co. Holdings (Telecom – Integrated/Svcs)*

    8.88    5/1/16      1,166,000  
  1,000,000   

NXP BV/NXP Funding LLC (Electronics) Callable Call 10/15/11 @ 104.75 (a)

    9.50    10/15/15      985,000  
  1,935,000   

OPTI Canada, Inc. (Energy – Expl & Prod)*

    8.25    12/15/14      1,964,025  
  1,450,000   

OPTI Canada, Inc. (Energy – Expl & Prod) Callable Call 12/15/10 @ 104.13*

    7.88    12/15/14      1,450,000  
  1,500,000   

Quebecor Media (Media – Diversified)

    7.75    3/15/16      1,522,500  
  185,000   

Quebecor World Cap Corp. (Printing & Publishing)*

    8.75    3/15/16      182,225  
                 
  

Total Foreign Bond (cost $14,682,438)

            14,440,938  
                 
  

Short Term Investments — 6.28%

         
  9,136,092   

Eurodollar Time Deposit

    4.50    7/2/07      9,136,092  
                 
  

Total Short Term Investments (cost $9,136,092)

            9,136,092  
                 
Shares                       
  

Common/Preferred Stocks and Rights — 0.79%

         
  

Media — 0.79%

         
  318,275   

Paxson Communications Corp. (c)(d)

            0  
  285,971   

Paxson Communications Corp. (c)(d)

            0  
  12,304   

Time Warner Cable, Inc., Class A (d)

            481,948  
  

Adelphia restructure Rights to Time Warner Cable Inc., Class A Stock (e)

            672,000  
                 
  

Total Common/Preferred Stocks (cost $774,677)

            1,153,948  
                 
  

Securities Held as Collateral for Securities on Loan — 14.74%

         
  21,459,932   

State Street Navigator Securities Lending Prime Portfolio

    5.29         21,459,932  
                 
  

Total Securities Held as Collateral for Securities on Loan (cost $21,459,932)

            21,459,932  
                 
  

Total Investments (cost $169,061,987) — 115.19%

            167,688,478  
  

Liabilities in excess of other assets — (15.19)%

            (22,112,434 )
                 
  

Net Assets — 100.00%

          $ 145,576,044  
                 
(a)   All or part of this security has been placed on loan as of June 30, 2007.

 

(b)   Variable rate security. The rate reflected in the Portfolio of Investments is the rate in effect on June 30, 2007. The maturity date represents the actual maturity date.

 

(c)   Escrow Security due to bankruptcy.

 

(d)   Represents non-income producing security.

 

(e)   As part of the corporate restructure of Adelphia, holders of Adelphia bonds received the right to receive shares of Time Warner, Inc., Class A Stock.

 

*   Represents a restricted security, purchased under rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. These securities may by resold in transactions exempt from registration, normally to qualified institutional buyers.

 

See accompanying notes to financial statements

 

93

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Short-Term Municipal Bond Portfolio

Portfolio of Investments — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

Municipal Bonds — 95.42%

         
  

Arizona — 6.98%

         
$ 1,000,000   

Arizona State Transportation Board Highway Revenue, Prerefunded 7/1/09 @ 100

    5.75    7/1/19    $   1,036,620
  1,000,000   

Arizona State University Revenue (FSA)

    5.25    7/1/10      1,037,450
               
              2,074,070
               
  

Florida — 7.05%

         
  1,250,000   

Florida Hurricane Catastrophe Fund Finance Corporation Revenue, Series A

    5.00    7/1/12      1,302,000
  735,000   

Lakeland Florida Light & Water Revenue, Series C (FSA)

    6.05    10/1/11      791,970
               
              2,093,970
               
  

Hawaii — 3.39%

         
  1,000,000   

Honolulu Hawaii City & County, Series A (MBIA)

    5.00    3/1/08      1,007,780
               
  

Illinois — 14.63%

         
  1,000,000   

Chicago Illinois Park District, Series C, Prerefunded 7/1/11 @ 100 (FGIC)

    5.50    1/1/21      1,055,550
  1,200,000   

Cook County Illinois High School District No. 201 J Sterling Morton Township (FGIC)

    0.00    12/1/07      1,181,640
  1,000,000   

Du Page & Will Counties Illinois Community School District No. 204, GO

    5.25    12/30/12      1,046,680
  1,000,000   

Illinois State, Series A, GO, Callable 10/1/13 @ 100

    5.25    10/1/14      1,059,290
               
              4,343,160
               
  

Indiana — 3.50%

         
  1,015,000   

East Porter County School Building Corporation (MBIA)

    5.00    1/15/10      1,041,126
               
  

Iowa — 4.49%

         
  1,300,000   

Cedar Rapids Iowa, GO

    5.25    6/1/12      1,333,566
               
  

Kansas — 4.45%

         
  500,000   

Kansas State Department of Transportation Highway Revenue, Series B-2 (a)

    3.94    9/1/20      500,000
  810,000   

Saline County Kansas Unified School District No. 305, Callable 9/1/08 @ 100 (FSA)

    5.25    9/1/11      821,923
               
              1,321,923
               
  

Kentucky — 5.26%

         
  1,500,000   

Kentucky State Property & Buildings Commission, Project No. 64 Revenue, Prerefunded 11/1/09 @ 100 (MBIA)

    5.75    5/1/12      1,563,660
               
  

Massachusetts — 3.94%

         
  1,150,000   

Massachusetts State, Series A

    5.38    8/1/08      1,169,067
               
  

Michigan — 4.04%

         
  1,150,000   

Hamilton Michigan Community School District (FSA)

    5.00    5/1/12      1,200,428
               
  

Nevada — 6.78%

         
  2,000,000   

Sparks Nevada Redevelopment Agency Tax Allocation Revenue (RADIAN)

    5.15    1/15/08      2,014,360
               
  

New Mexico — 1.68%

         
  500,000   

New Mexico State Supplementary Severence Tax, Series A, Prerefunded 7/1/07 @ 100 (MBIA)

    5.00    7/1/09      500,000
               
  

New York — 2.69%

         
  800,000   

New York City, Series B-2, GO (a)

    3.90    8/15/18      800,000
               
  

Oklahoma — 3.41%

         
  1,000,000   

Oklahoma Development Finance Authority Revenue, Prerefunded 5/1/08 @ 100

    5.50    5/1/11      1,014,140
               
  

Pennsylvania — 3.38%

         
  1,000,000   

Pennsylvania State (FGIC)

    5.00    10/1/07      1,002,770
               
  

Tennessee — 3.50%

         
  1,000,000   

Memphis Tennessee GO, Series C

    5.00    11/1/11      1,039,680
               

 

See accompanying notes to financial statements

 

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Short-Term Municipal Bond Portfolio

Portfolio of Investments (continued) — June 30, 2007

 

Principal
Amount/
Shares		          Rate %    Maturity
Date		    Value
  

Municipal Bonds (continued)

         
  

Texas — 12.75%

         
$ 1,000,000   

El Paso Texas Independent School District, GO, (PSF-GTD)

    5.00    2/15/12    $ 1,015,880
  750,000   

Mesquite Texas Independent School District No. 1 (PSF-GTD)

    5.25    8/15/09      761,528
  845,000   

Pearland Texas Independent School District, Prerefunded 2/15/08 @ 100 (PSF-GTD)

    5.75    2/15/22      855,030
  1,130,000   

University of Texas University Revenue, Series B

    5.00    8/15/09      1,155,142
               
              3,787,580
               
  

Utah — 3.50%

         
  1,000,000   

Murray City Utah School District, Prerefunded 8/1/11 @ 100 (School Building Guaranty)

    5.00    8/1/13      1,039,870
               
  

Total Municipal Bonds (cost $28,490,519)

            28,347,150
               
  

Money Market — 0.65%

         
  194,043   

SSgA Tax Free Money Market (a)

    3.20         194,043
               
  

Total Money Market (cost $194,043)

            194,043
               
  

Total Investments (cost $28,684,562) — 96.07%

            28,541,193
  

Other assets in excess of liabilities — 3.93%

            1,168,545
               
  

Net Assets — 100.00%

          $ 29,709,738
               
(a)   Variable rate security. The rate reflected in the Portfolio of Investments is the rate in effect on June 30, 2007. The maturity date represents the actual maturity date.

 

FGIC — Financial Guaranty Insurance Co.

FSA — Financial Security Assurance, Inc.

GO — General Obligation

MBIA — Municipal Bond Insurance Association

RADIAN — Radian Group, Inc.

PSF-GDT — Permanent School Fund Guaranteed

 

See accompanying notes to financial statements

 

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THE HIRTLE CALLAGHAN TRUST

Intermediate Term Municipal Bond Portfolio

Portfolio of Investments — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

Municipal Bonds — 88.27%

         
  

Alabama — 0.33%

         
$ 625,000   

Alabama Housing Financial Authority, AMT

    5.65    6/1/08    $ 634,056
  565,000   

Birmingham Alabama Special Care Facilities, Methodist Home for Aging (LOC)

    5.00    3/1/14      573,119
  120,000   

Gadsden Alabama East Medical Clinic, Hospital Revenue, Baptist Hospital of Gadsden, ETM

    6.90    7/1/07      120,000
  40,000   

Lauderdale County & Florence Alabama

    7.00    7/1/07      40,000
  500,000   

Tuscaloosa Alabama Educational Building Authority Revenue (XLCA)

    5.13    8/15/13      514,215
               
                  1,881,390
               
  

Alaska — 1.60%

         
  400,000   

Anchorage Alaska, Series A (FGIC)

    4.80    4/1/13      404,696
    5,735,000   

Anchorage Alaska, Series F (FGIC)

    4.13    9/1/22      5,500,266
  3,445,000   

Anchorage Alaska, Series F (FGIC)

    4.13    9/1/23      3,286,186
               
              9,191,148
               
  

American Samoa — 0.04%

         
  220,000   

Territory of American Samoa, GO (ACA)

    6.00    9/1/07      220,673
               
  

Arizona — 2.93%

         
  2,000,000   

Maricopa County Arizona Industrial Development Authority (GNMA)

    6.00    10/20/31      2,132,619
  2,510,000   

Maricopa County Arizona Industrial Development Authority (GNMA)

    6.05    10/20/36      2,627,166
  310,000   

Navajo County Arizona School District No. 25 Cedar Impact Aid Revenue

    4.00    7/1/07      310,000
  320,000   

Navajo County Arizona School District No. 25 Cedar Impact Aid Revenue

    4.00    7/1/08      318,845
  100,000   

Navajo County Arizona School District No. 25 Cedar Impact Aid Revenue

    4.50    7/1/09      100,282
  345,000   

Navajo County Arizona School District No. 25 Cedar Impact Aid Revenue

    4.50    7/1/10      345,956
  365,000   

Navajo County Arizona School District No. 25 Cedar Impact Aid Revenue

    4.50    7/1/11      365,792
  380,000   

Navajo County Arizona School District No. 25 Cedar Impact Aid Revenue

    4.50    7/1/12      380,502
  395,000   

Navajo County Arizona School District No. 25 Cedar Impact Aid Revenue

    4.75    7/1/13      400,131
  250,000   

Navajo County Arizona School District No. 25 Cedar Impact Aid Revenue

    5.00    7/1/14      256,970
  335,000   

Navajo County Arizona School District No. 25 Cedar Impact Aid Revenue

    5.00    7/1/15      344,548
  460,000   

Navajo County Arizona School District No. 25 Cedar Impact Aid Revenue

    5.13    7/1/16      477,273
  430,000   

Navajo County Arizona School District No. 25 Cedar Impact Aid Revenue

    5.13    7/1/17      445,824
  250,000   

Oro Valley Arizona Oracle Road Improvement District

    5.00    1/1/13      252,988
  515,000   

Phoenix Health Facilities Authority Hospital, ETM

    6.25    9/1/11      525,882
  850,000   

Pinal County Arizona Certificates Participation

    3.50    12/1/08      839,664
  145,000   

Pinal County Arizona Certificates Participation

    4.00    12/1/10      142,074
  1,895,000   

Pinal County Arizona Certificates Participation

    5.00    12/1/14      1,961,268
  2,420,000   

Pinal County Arizona Certificates Participation

    5.25    12/1/15      2,536,232
  230,000   

Pinal County Arizona Community College (AMBAC)

    5.25    7/1/07      230,000
  245,000   

Pinal County Arizona Community College (AMBAC)

    5.25    7/1/08      248,582
  95,000   

Pinal County Arizona Community College (AMBAC)

    4.75    7/1/09      96,848
  175,000   

Pinal County Arizona Community College (AMBAC)

    4.80    7/1/09      178,488
  1,370,000   

Pinal County Individual Development Authority Correctional Facilities, Florence West Prison, Series A

    3.88    10/1/09      1,350,313
               
              16,868,247
               
  

Arkansas — 1.39%

         
  135,000   

Arkansas State Development Finance Authority Revenue, Series A (FSA)

    3.75    11/1/17      127,655
  860,000   

Arkansas State, Development Authority Economic Development Revenue, Series B
(ADFA/ADED)

    4.25    3/1/11      854,788
  530,000   

Arkansas State, Development Authority Economic Development Revenue, Series B
(ADFA/ADED)

    4.25    3/1/13      522,018
  970,000   

Cabot Arkansas Sales & Use Tax (XLCA)

    4.30    12/1/31      974,724
  630,000   

Fayetteville Arkansas Sales & Use Tax, Capital Improvements, Series B (MBIA)

    4.00    12/1/15      625,540

 

See accompanying notes to financial statements

 

96

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Intermediate Term Municipal Bond Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

Municipal Bonds (continued)

         
  

Arkansas (continued)

         
$ 100,000   

Jefferson County Arkansas Health Care, ETM

    7.40    12/1/10    $ 106,910
  500,000   

North Little Rock Arkansas Health Facilities Board of Health Care Revenue Baptist Health

    4.00    12/1/11      496,795
  1,025,000   

North Little Rock Arkansas Health Facilities Board of Health Care Revenue Baptist Health

    4.00    12/1/16      982,647
  500,000   

Pine Bluff Arkansas Industrial Development Revenue

    5.50    11/1/07      502,695
  380,000   

Springdale Arkansas Sales & Use Tax Revenue

    4.00    7/1/16      379,130
  3,840   

Stuttgart Arkansas Public Facilities Board Refunding, Single Family Mortgage, Series B

    7.75    9/1/11      3,860
    1,645,000   

Stuttgart Arkansas Sales & Use Tax Revenue

    4.20    10/1/31      1,565,810
  90,000   

Union County Arkansas Residential Housing Facilities Board Revenue, ETM

    7.88    10/1/10      96,705
  505,000   

Washington County Arkansas Hospital Revenue Reference Regular Medical Center, Series B

    3.88    2/1/10      498,864
  280,000   

Washington County Arkansas Hospital Revenue Reference Regular Medical Center, Series B

    5.00    2/1/11      286,698
               
                  8,024,839
               
  

California — 2.91%

         
  80,000   

ABAG Finance Authority for Non-Profit Corporations, Certificates of Participation, American Baptist Homes

    5.50    10/1/07      80,127
  500,000   

ABAG Finance Authority for Non-Profit Corporations, Insured Certificates of Participation, Rhoda Haas Goldman Plaza

    5.13    5/15/15      509,650
  800,000   

California Education Facilities Authority Revenue, University of San Diego (AMBAC)

    4.75    10/1/15      814,072
  4,400,000   

California State, Department Water Resources, Central Valley Project

    5.25    7/1/22      4,403,695
  255,000   

California State, GO

    6.25    4/1/08      259,753
  100,000   

California State, GO

    4.00    2/1/09      100,452
  100,000   

California State, GO

    5.00    3/1/09      102,064
  100,000   

California State, GO

    6.75    8/1/10      108,143
  250,000   

California State, GO

    6.30    9/1/11      271,698
  50,000   

California State, Water Residential Development

    5.10    3/1/10      50,058
  1,000,000   

California Statewide Communities Development Authority, Daughters of Charity, Series F

    5.00    7/1/07      1,000,000
  290,000   

California Statewide Communities Development Authority, Health Care, Mountain Shadows, Series A (ACA)

    4.35    7/1/12      284,737
  1,105,000   

California Statewide Communities Development Authority, Multi-Family, Pioneer Park, Series T, AMT (GNMA)

    6.10    12/20/20      1,164,029
  60,000   

Colton California Redevelopment Agency, ETM

    7.25    8/1/11      64,068
  1,215,000   

Contra Costa California Home Mortgage Finance Authority, ETM, Zero Coupon (MBIA) (a)

    6.37    9/1/17      616,722
  40,000   

Contra Costa County California Multi-Family Housing Revenue, Bollinger Crests Apartments, Series C, AMT (FNMA)

    4.85    5/1/11      40,346
  5,000   

Delta County California Home Mortgage Finance, AMT (GNMA/FNMA) (MBIA)

    6.70    6/1/24      5,049
  65,000   

Emeryville California Redevelopment Agency

    7.50    9/1/11      69,527
  5,000   

Fresno California Housing Authority, Multi-Family Housing Central Valley Coalition Projects, AMT (FNMA)

    5.15    8/1/07      5,000
  5,000   

Fresno California Housing Authority, Multi-Family Housing Central Valley Coalition Projects, AMT (FNMA)

    5.15    8/1/07      5,000
  30,000   

Fresno California Multi-Family Housing Revenue, Woodlands Apartments Projects (GNMA)

    6.65    5/20/08      30,062
  435,000   

Los Angeles California Community Redevelopment, Angeles Plaza Project, Series A (FNMA)

    7.40    6/15/10      442,295

 

See accompanying notes to financial statements

 

97

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THE HIRTLE CALLAGHAN TRUST

Intermediate Term Municipal Bond Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

Municipal Bonds (continued)

         
  

California (continued)

         
$ 170,000   

Los Angeles California Multi-Family Housing, Earthquake Rehabilitation Projects, AMT

    5.85    12/1/27    $ 171,447
    1,920,000   

Manteca California Financing Authority Sewer Revenue, Series B

    5.00    12/1/33          1,927,450
  50,000   

Modesto California Irrigation District Certificates of Participation (MBIA)

    5.00    10/1/17      50,055
  15,000   

Montclair California Redevelopment Agency Residential Mortgage Revenue, ETM

    7.75    10/1/11      16,204
  120,000   

Riverside County California Housing Authority Breezewood Apartments Project, Series B (MBIA)

    5.00    6/1/19      121,292
  25,000   

Sacramento California Municipal Utilities District Electricity Revenue, White Rock Project, ETM

    6.75    3/1/10      26,079
  245,000   

Sacramento California Municipal Utilities, ETM

    6.13    6/1/11      256,613
  80,000   

San Bernardino California Redevelopment Agency, Single Family Residential Mortgage, ETM

    7.13    1/1/11      85,094
  2,600,000   

Santa Ana California Financing Authority Revenue, South Harbor Boulevard, Series B

    5.13    9/1/19      2,689,153
  110,000   

Turlock California Public Financing Authority

    5.25    9/1/15      113,214
  760,000   

Victor California Elementary School District Certificates of Participation (MBIA)

    6.45    5/1/18      876,462
  5,000   

Villa View Community Hospital Income, California Revenue

    7.50    7/1/08      5,083
               
              16,764,693
               
  

Colorado — 2.27%

         
  80,000   

Arvada Colorado Industrial Development Revenue, AMT (LOC)

    5.60    12/1/12      80,446
  120,000   

Arvada Colorado Industrial Development Revenue, AMT (LOC)

    5.80    12/1/17      120,836
  310,000   

Aurora Centretech Metro District Colorado, Mandatory Put 12/1/08 @ 100 (LOC)

    4.88    12/1/28      313,323
  10,000   

Aurora Colorado Housing Authority

    7.30    5/1/10      10,065
  1,070,000   

Colorado Educational & Cultural Facilities Authority Revenue

    5.00    6/15/14      1,125,683
  2,355,000   

Colorado Educational & Cultural Facilities Authority Revenue

    4.10    8/15/14      2,357,802
  20,000   

Colorado Housing Financial Authority

    6.50    5/1/16      20,012
  28,000   

Colorado Housing Financial Authority

    6.55    5/1/25      28,504
  55,000   

Colorado Housing Financial Authority (FHA)

    5.70    10/1/21      55,061
  115,000   

Colorado Housing Financial Authority, AMT

    6.40    11/1/24      117,631
  30,000   

Denver Colorado City & County Multi-Family Housing (FHA)

    4.70    7/1/08      30,178
  5,000   

Denver Colorado City & County Multi-Family Housing, AMT (FHA)

    5.10    11/1/07      5,007
  750,000   

E-470 Business Metropolitan District Colorado

    5.13    12/1/17      763,793
  3,515,000   

EL Paso County Colorado Certificates of Participation, Judicial Complex Project, Series A (AMBAC)

    4.00    12/1/19      3,336,718
  2,655,000   

EL Paso County Colorado Certificates of Participation, Judicial Complex Project, Series A (AMBAC)

    4.00    12/1/20      2,513,011
  135,000   

Greeley Colorado Multi-Family Revenue Housing, Meeker Commons, AMT (GNMA)

    5.40    9/20/10      136,269
  1,750,000   

Interlocken Metropolitan District Colorado, Series A

    5.75    12/15/11      1,824,428
  200,395   

University of Colorado Registrants Participation Institutes

    6.00    12/1/13      209,934
               
              13,048,701
               
  

Connecticut — 0.51%

         
  740,000   

Connecticut State Health & Educational Facilities Authority Revenue, Griffin Hospital, Series B (RADIAN)

    5.00    7/1/15      770,643
  2,040,000   

Connecticut State Health & Educational Facilities Authority Revenue, St. Francis Hospital & Medical Center (RADIAN)

    5.50    7/1/17      2,159,708
               
              2,930,351
               
  

Delaware — 0.49%

         
  5,000   

Delaware State Economic Development Authority Revenue, 1st Mortgage, Peninsula United, Series A

    6.00    5/1/09      5,077

 

See accompanying notes to financial statements

 

98

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THE HIRTLE CALLAGHAN TRUST

Intermediate Term Municipal Bond Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

Municipal Bonds (continued)

         
  

Delaware (continued)

         
$   1,160,000   

Delaware State Economic Development Authority Revenue, Water Development, Wilmington, Series B

    6.45    12/1/07    $     1,171,181
  820,000   

Delaware State Health Facilities Authority Revenue, Beebe Medical Center, Series A

    5.00    6/1/08      825,158
  575,000   

Delaware State Health Facilities Authority Revenue, Beebe Medical Center, Series A

    5.25    6/1/09      583,292
  100,000   

Delaware State Health Facilities Authority Revenue, Nanticoke Hospital, Series A (RADIAN)

    4.50    5/1/14      99,472
  135,000   

Sussex County Delaware Single Family Mortgage, ETM

    7.50    3/1/10      142,671
               
              2,826,851
               
  

District of Columbia — 1.58%

         
  1,980,000   

District Columbia Housing Finance Agency, Multi-Family Housing Revenue, Azeeze Bates Apartments Project (FHLMC)

    4.80    11/1/36      1,924,006
  100,000   

District of Columbia Certificates Participation

    5.25    1/1/09      102,007
  140,000   

District of Columbia Hospital Revenue, Series A, ETM

    5.25    8/15/12      141,642
  50,000   

District of Columbia Housing Finance Agency (Asset GTY)

    4.85    6/1/08      50,174
  30,000   

District of Columbia Housing Finance Agency, Mayfair Mansions Apartments, AMT (FHA)

    5.00    2/1/08      29,990
  910,000   

District of Columbia Housing Finance Agency, Single Family Mortgage, Series A, AMT (FNMA/GNMA)

    6.25    12/1/28      928,519
  215,000   

District of Columbia Revenue, American Association of Advancement of Science

    5.25    1/1/16      220,566
  250,000   

District of Columbia Revenue, Georgetown University, Series A

    6.00    4/1/18      258,890
  220,000   

District of Columbia, Series B (FSA)

    5.50    6/1/14      228,109
  5,040,000   

District of Columbia, Series B, ETM (FSA)

    5.50    6/1/14      5,229,555
               
              9,113,458
               
  

Florida — 4.50%

         
  2,290,000   

Broward County Florida Educational Facilities Authority Revenue, Nova Southeastern, Series B

    6.25    4/1/15      2,460,239
  10,000   

Dade County Florida Health Facilities Authority, Hospital Revenue, ETM

    6.75    5/1/08      10,239
  30,000   

Dade County Florida Special Obligation, Miami Beach Convention Center Project, ETM

    8.63    12/1/07      30,577
  130,000   

Daytona Beach Florida Water & Sewer, ETM

    6.75    11/15/07      131,383
  2,060,000   

Daytona Beach Florida Water & Sewer, ETM (MBIA)

    6.75    11/15/07      2,081,918
  2,600,000   

Escambia County Florida Housing Finance Authority, Single Family Mortgage Revenue (FHLMC/GNMA/FNMA)

    4.63    10/1/28      2,559,596
  155,000   

Florida State Board of Regents University System (RADIAN)

    5.88    5/1/16      162,282
  1,695,000   

Florida State Correctional Facilities Revenue, Custody Recipients

    4.00    11/15/15      1,613,691
  6,750,000   

Highlands County, Florida, Health Facilities Authority, Revenue, Series A, Pre-Refunded 11/15/11 @ 101

    6.00    11/15/31      7,319,227
  675,000   

Hillsborough County Florida Educational Facilities Authority Revenue, University of Tampa (RADIAN)

    5.75    4/1/18      696,830
  1,290,000   

Jacksonville Florida Sales Tax Revenue, River City Renaissance Project (FGIC)

    5.13    10/1/18      1,293,702
  105,000   

Jacksonville Florida, Health Facilities Authority Hospital Revenue, Charity Obligation Group, Series C

    5.38    8/15/23      107,974
  25,000   

Key West Florida Utilities Board, Electricity Revenue (AMBAC)

    9.75    10/1/13      29,309
  65,000   

Key West Florida Utilities Board, Electricity Revenue, Series 1980 D, ETM

    9.00    10/1/07      65,782
  1,000,000   

Lakeland Florida Electric & Water Revenue, ETM

    5.75    10/1/19      1,050,520
  95,000   

Lee County Florida Justice Center Complex Income Improvement Revenue, Series A (MBIA)

    11.13    1/1/11      107,996
  45,000   

Martin Memorial Hospital Association Income Stuart Florida Revenue, ETM

    7.50    10/1/08      46,089
  155,000   

Miami Beach Florida Housing Authority Revenue, 1st Mortgage, Elderly Housing, Section 8

    6.63    1/15/09      156,550

 

See accompanying notes to financial statements

 

99

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Intermediate Term Municipal Bond Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

Municipal Bonds (continued)

         
  

Florida (continued)

         
$ 500,000   

Miami-Dade County Florida Special Obligation, Zero Coupon (a)

    0.00    10/1/35    $ 469,885
    1,370,000   

Okaloosa County Florida, Water and Sewer Revenue

    4.50    7/1/25      1,335,353
  145,000   

Orange County Florida Health Facilities Authority Revenue, Mayflower Retirement Center, ETM

    8.75    10/1/09      153,101
  700,000   

Orange County Florida Health Facilities Authority Revenue, Regional Healthcare System, Series D

    5.75    10/1/13      732,340
  750,000   

Osceola County Florida Housing Financial Authority Multi-Family Revenue (FHLMC)

    4.05    1/1/37      734,940
  25,000   

Palm Beach County Florida Health Facilities Revenue, ETM

    9.50    8/1/13      29,009
  235,000   

Pasco County Florida Revenue, GO, ETM (MBIA)

    6.38    8/1/08      237,987
  1,000,000   

Pinellas County Florida Health Facilities Authority Revenue

    5.75    11/15/27      1,087,310
  65,000   

St. Johns County Florida Industrial Development Authority, Series A (MBIA)

    5.50    3/1/17      66,288
  20,000   

Tampa Florida Allegany Health Systems, St. Marys, ETM

    5.75    12/1/07      20,160
  5,000   

Tampa Florida Excise Tax, Revenue Bond, ETM

    6.13    10/1/07      5,000
  60,000   

Tampa Florida Water & Sewer Revenue, ETM

    6.60    4/1/08      60,766
  40,000   

Vero Beach Florida Electricity Revenue, ETM

    6.50    12/1/07      40,439
  1,000,000   

Volusia County Florida Educational Facilities Authority Revenue

    5.00    10/15/25      1,014,820
               
                25,911,302
               
  

Georgia — 0.76%

         
  350,000   

Athens Georgia Water & Sewer Revenue, ETM

    6.20    7/1/08      356,279
  75,000   

Atlanta Georgia New Public Housing Authority

    5.00    5/1/08      75,768
  5,000   

Clayton County Georgia Housing Authority Multi-Family, AMT (FNMA)

    5.75    1/1/13      5,072
  155,000   

Emanuel County Georgia, GO

    5.15    8/1/10      156,153
  70,000   

Forsyth County Georgia Hospital Authority Revenue Anticipation Certificates, Georgia Baptist Health Care Systems Project, ETM

    6.00    10/1/08      70,864
  200,000   

Savannah Georgia Economic Development Authority

    6.20    10/1/09      204,660
  200,000   

Savannah Georgia Economic Development Authority

    6.50    10/1/13      214,072
  500,000   

Savannah Georgia Economic Development Authority (ACA)

    6.88    11/15/11      526,310
  2,685,000   

Savannah Georgia Hospital Authority Revenue, St. Joseph/Candler Health System

    5.25    7/1/23      2,774,330
               
              4,383,508
               
  

Hawaii — 0.16%

         
  640,000   

Hawaii State Housing & Community Development Corp., Multi-Family Housing Revenue, Sunset Villas (GNMA)

    5.75    1/20/36      660,569
  275,000   

Hawaii State Housing Finance & Development, AMT (FNMA)

    5.20    7/1/12      279,021
               
              939,590
               
  

Idaho — 0.86%

         
  105,000   

Bingham County Idaho Industrial Development Corp., Idaho Supreme Potatoes, Inc. Project, AMT (LOC)

    5.30    11/1/07      105,523
  110,000   

Bingham County Idaho Industrial Development Corp., Idaho Supreme Potatoes, Inc. Project, AMT (LOC)

    5.40    11/1/08      110,594
  110,000   

Bingham County Idaho Industrial Development Corp., Idaho Supreme Potatoes, Inc. Project, AMT (LOC)

    5.50    11/1/09      110,575
  5,000   

Bingham County Idaho Industrial Development Corp., Idaho Supreme Potatoes, Inc. Project, AMT (LOC)

    5.60    11/1/10      5,025
  5,000   

Bingham County Idaho Industrial Development Corp., Idaho Supreme Potatoes, Inc. Project, AMT (LOC)

    5.70    11/1/11      5,026
  5,000   

Bingham County Idaho Industrial Development Corp., Idaho Supreme Potatoes, Inc. Project, AMT (LOC)

    5.80    11/1/12      5,028
  110,000   

Caldwell Idaho Urban Renewal Agency Revenue, Series A (RADIAN)

    4.00    3/1/15      107,047
  360,000   

Caldwell Idaho Urban Renewal Agency Revenue, Series A (RADIAN)

    4.00    3/1/16      347,778
  100,000   

Caldwell Idaho Urban Renewal Agency Revenue, Series A (RADIAN)

    5.00    3/1/19      103,619

 

See accompanying notes to financial statements

 

100

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THE HIRTLE CALLAGHAN TRUST

Intermediate Term Municipal Bond Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

Municipal Bonds (continued)

         
  

Idaho (continued)

         
$ 100,000   

Caldwell Idaho Urban Renewal Agency Revenue, Series A (RADIAN)

    5.00    3/1/22    $ 103,040
  40,000   

Idaho Falls Idaho Electricity Revenue, ETM

    6.75    4/1/09      41,256
  1,650,000   

Idaho Housing & Finance Association, Single Family Mortgage Revenue, Series B, Class III

    4.60    7/1/28      1,560,701
    1,600,000   

Idaho Housing & Finance Association, Single Family Mortgage Revenue, Series G, Class III, AMT

    4.60    7/1/28      1,513,408
  10,000   

Idaho Housing & Financial Assistance, Series Sub-B, AMT

    5.65    7/1/09      10,098
  15,000   

Idaho Housing & Financial Assistance, Single Family Mortgage, AMT

    5.25    7/1/11      15,059
  30,000   

Idaho Housing & Financial Assistance, Single Family Mortgage, AMT

    5.10    7/1/12      30,217
  775,000   

Idaho Housing & Financial Assistance, Single Family Mortgage, Series E, Class III, AMT

    5.30    1/1/22      782,766
  5,000   

Idaho Housing Agency, Single Family Mortgage, Series Sub-F, AMT

    5.80    7/1/07      5,000
               
                  4,961,760
               
  

Illinois — 8.31%

         
  385,000   

Addison Illinois Single Family Mortgage Revenue, ETM

    7.50    4/1/11      414,687
  380,000   

Bedford Park Illinois Water Revenue, AMT (ACA)

    6.00    12/15/08      385,970
  555,000   

Bolingbrook Illinois Sales Tax Revenue, Zero Coupon (a)

    6.48    1/1/15      548,568
  535,000   

Chicago Illinois City Colleges, Chicago Capital Improvement

    6.00    1/1/11      565,607
  3,000,000   

Chicago Illinois Increment Allocation Revenue

    7.46    2/15/26      3,182,460
  40,000   

Chicago Illinois, Multi-Family Housing Project, AMT (GNMA)

    5.25    6/1/08      40,230
  40,000   

Chicago Illinois, Multi-Family Housing Project, AMT (GNMA)

    5.35    6/1/09      40,605
  40,000   

Chicago Illinois, Multi-Family Housing Project, AMT (GNMA)

    5.45    6/1/10      40,630
  55,000   

Chicago Illinois, Multi-Family Housing Project, AMT (GNMA)

    5.50    6/1/11      56,373
  55,000   

Chicago Illinois, Multi-Family Housing Project, AMT (GNMA)

    5.55    6/1/12      56,826
  475,000   

Chicago Illinois, O’Hare International Airport Revenue, Second Lien Passenger Facility, Series D

    5.50    1/1/17      500,061
  500,000   

Cicero Illinois Tax Increment, Series A (XLCA)

    5.00    1/1/12      517,865
  1,000,000   

Cook County Illinois School District No. 99 Cicero (FGIC)

    9.00    12/1/15      1,234,260
  990,000   

Cortland Illinois Special Tax Revenue, Shaeffer Systems Project

    5.50    3/1/17      991,901
  3,586,000   

Gilberts Illinois Special Services Area No 9 Special Tax

    4.40    3/1/25      3,428,645
  10,000   

Grant Hospital Chicago Illinois Revenue, ETM

    6.40    7/1/07      10,000
  2,455,000   

Highland Illinois Retirement Facility Revenue, Faith Care Project, Series A, SUB (GNMA)

    5.85    10/20/31      2,601,637
  5,435,000   

Highland Illinois Retirement Facility Revenue, Faith Care Project, Series A, SUB (GNMA)

    5.95    10/20/41      5,758,708
  105,000   

Illinois Development Finance Authority Revenue, Community Rehabilitation Providers

    5.38    7/1/09      104,993
  930,000   

Illinois Development Finance Authority Revenue, Community Rehabilitation Providers

    5.60    7/1/19      942,574
  5,000   

Illinois Development Finance Authority Revenue, Section 8, Series A (FHA/MBIA)

    5.20    7/1/08      5,000
  380,000   

Illinois Development Financial Authority Revenue, Community Rehabilitation Providers

    5.70    7/1/12      384,264
  380,000   

Illinois Educational Facilities Authority Revenue, Art Institute of Chicago

    4.25    3/1/34      375,645
  2,125,000   

Illinois Educational Facilities Authority Revenue, Zero Coupon (a)

    6.15    7/1/14      1,356,770
  250,000   

Illinois Educational Facility Authority Revenue

    4.60    10/1/08      250,530
  1,250,000   

Illinois Finance Authority Revenue, Metropolis Project

    5.00    12/1/24      1,239,900
  900,000   

Illinois Health Facilities Authority Revenue, Covenant Retirement Communities, Series A (RADIAN)

    4.60    12/1/12      909,405
  6,500,000   

Illinois Health Facilities Authority Revenue, Hospital Sisters Services Income, Series A

    4.50    12/1/23      6,507,864
  135,000   

Illinois Health Facilities Authority Revenue, Michael Reese Hospital & Medical Center

    6.75    12/1/08      138,055

 

See accompanying notes to financial statements

 

101

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THE HIRTLE CALLAGHAN TRUST

Intermediate Term Municipal Bond Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

Municipal Bonds (continued)

         
  

Illinois (continued)

         
$ 45,000   

Illinois Health Facilities Authority Revenue, Midwest Group Ltd. (ACA)

    5.38    11/15/08    $ 45,000
  100,000   

Illinois Health Facilities Authority Revenue, Rockford Health System (AMBAC)

    5.13    8/15/15      101,111
  645,000   

Illinois Health Facilities Authority Revenue, Sinai Health System (FHA)

    3.65    8/15/11      624,928
    1,640,000   

Lake County Illinois Community School District, Zero Coupon (FSA) (a)

    5.43    12/1/17          1,033,200
  90,000   

Lake County Illinois Township, High School District No. 113, Highland Park, GO

    8.10    12/1/12      107,243
  180,000   

Lake County Illinois, School District No. 109, Series B, GO

    6.60    12/15/18      212,254
  2,746,000   

Lakemoor Village Illinois (RADIAN)

    5.00    3/1/27      2,794,082
  325,000   

Madison & St. Clair Counties Illinois, School District No. 10 Collinsville, School Building (FGIC)

    5.50    2/1/16      341,510
  890,000   

Maywood Illinois, GO (XLCA)

    4.00    1/1/13      885,230
  2,190,000   

Palatine Illinois Tax Increment Revenue (AMBAC)

    5.00    1/1/15      2,200,906
  450,000   

Rockford – Concord Commons Housing, Concord Commons Project (FHA)

    6.15    11/1/22      456,728
  1,425,000   

Round Lake Beach Illinois Tax Increment Revenue

    3.25    12/15/08      1,385,813
  1,875,000   

Round Lake Beach Illinois Tax Increment Revenue

    4.65    12/15/13      1,841,194
  350,000   

Sauk Village Illinois, Tax Increment, Series A

    5.35    12/1/13      365,656
  1,440,000   

Schaumburg Illinois Special Assessment

    6.75    12/1/28      1,496,578
  445,000   

Silvas Illinois Mortgage Revenue (FHA)

    5.20    8/1/17      465,065
  290,000   

Upper Illinois River Valley Development Authority, Solid Waste Disposal Revenue,
AMT

    5.90    2/1/14      291,386
  605,000   

Woodridge Illinois, Multi-Family Revenue, Hawthorn Ridge, Series A (GNMA)

    5.65    12/20/32      621,002
               
              47,858,919
               
  

Indiana — 1.96%

         
  195,000   

Avon Indiana Municipal Facilities Corp. (AMBAC)

    5.00    8/1/09      196,732
  1,170,000   

Bartholomew County Indiana Building Corp. Revenue

    4.38    7/15/18      1,148,402
  1,440,000   

Bartholomew County Indiana Building Corp. Revenue

    4.50    7/15/20      1,417,666
  550,000   

Elkhart County Indiana, Corrections Complex Relief (FSA)

    4.13    12/1/21      518,804
  30,000   

Indiana Health Facilities Financing Authority, Deaconess Hospital, Inc. (MBIA)

    5.65    3/1/08      30,349
  80,000   

Indiana Health Facilities Financing Authority, Floyd Memorial Hospital & Health Services

    4.85    2/15/08      80,182
  80,000   

Indiana Health Facilities Financing Authority, Floyd Memorial Hospital & Health Services

    4.95    2/15/09      80,574
  95,000   

Indiana Health Facilities Financing Authority, Kings Daughters Hospital, (Asset GTY)

    5.25    2/15/08      95,380
  110,000   

Indiana Health Facilities Financing Authority, Kings Daughters Hospital, (Asset GTY)

    5.35    8/15/09      112,364
  230,000   

Indiana Health Facilities Financing Authority, Methodist Hospital Indiana, Series A, ETM

    5.75    9/1/15      230,741
  385,000   

Indiana Health Facilities Funding Authority Hospital Revenue, Series A , Unrefunded (MBIA)

    5.00    11/1/10      393,947
  165,000   

Indiana Health Facilities Funding Authority Hospital Revenue, Series A, Refunded (MBIA)

    5.00    11/1/10      168,927
  600,000   

Indiana State Financial Authority Economic Development Revenue, National FFA Organization Project

    4.85    1/1/27      573,750
  40,000   

Indianapolis Indiana Utilities Revenue, ETM

    7.00    6/1/08      41,152
  2,500,000   

IPS Multi-School Building Corp. (FSA)

    4.50    1/15/31      2,381,350
  1,390,000   

Jasper Indiana Hospital Authority, Hospital Facility Revenue, Memorial Hospital Center Project

    5.50    11/1/17      1,469,188
  20,000   

Lawrence Indiana, Multi-Family Revenue, AMT

    5.05    1/1/08      20,035
  530,000   

Lawrence Indiana, Multi-Family Revenue, Mandatory Put 1/1/08 @100, AMT (FNMA)

    5.15    6/1/24      532,761
  1,735,000   

Ligonier Indiana Municipal Sewer Works Revenue, Series B

    4.75    1/1/23      1,652,466
  125,000   

Mooresville Indiana School Building Corp., First Mortgage (FSA)

    5.00    7/15/15      128,990
               
              11,273,760
               

 

See accompanying notes to financial statements

 

102

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THE HIRTLE CALLAGHAN TRUST

Intermediate Term Municipal Bond Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

Municipal Bonds (continued)

         
  

Iowa — 1.71%

         
$ 965,000   

Coralville Iowa Urban Renewal Revenue, Series C

    5.00    6/1/12    $ 986,413
    1,115,000   

Coralville Iowa Urban Renewal Revenue, Series C

    5.00    6/1/14      1,141,080
  500,000   

Coralville Iowa Urban Renewal Revenue, Series C

    5.00    6/1/17      510,555
  3,900,000   

Tobacco Settlement Authority, Tobacco Settlement Revenue, Series B

    5.60    6/1/35      4,156,815
  1,775,000   

Xenia Rural Water Distribution, Iowa Water Revenue (CIFG)

    4.25    12/1/19      1,719,975
  1,400,000   

Xenia Rural Water Distribution, Iowa Water Revenue (CIFG)

    4.50    12/1/31      1,316,924
               
                  9,831,762
               
  

Kentucky — 0.99%

         
  90,000   

Kentucky State Turnpike Authority Resource Recovery

    6.13    7/1/07      90,000
  95,000   

Kentucky State Turnpike Authority Resource Recovery

    6.63    7/1/08      96,177
  300,000   

Lexington-Fayette Urban County Government Kentucky Revenue, Transylvania University Project

    5.13    8/1/18      306,693
  215,000   

Louisville Kentucky Riverfront Corp., ETM

    5.75    7/1/10      219,384
  115,000   

Louisville Kentucky Water Revenue

    6.13    11/15/13      121,402
  4,585,000   

Marshall County Kentucky Public Property Corp. Revenue, Courthouse Facility Project

    5.25    3/1/23      4,839,972
               
              5,673,628
               
  

Louisiana — 3.67%

         
  80,000   

East Baton Rouge Parish Louisiana Hospital District No. 3, Woman’s Hospital Foundation, ETM

    7.20    10/1/08      81,759
  500,000   

Houma-Terrebonne Public Financing Authority, Louisiana, Single Family Mortgage Revenue, ETM (FHA)

    7.30    4/1/10      541,550
  10,000   

Iberia Home Mortgage Authority, Louisiana Single Family

    7.38    1/1/11      10,021
  160,000   

Louisiana Housing Finance Agency Mortgage Revenue, AMT (GNMA)

    6.45    9/1/27      165,122
  395,000   

Louisiana Housing Finance Agency Mortgage Revenue, AMT (GNMA)

    6.50    9/1/38      408,355
  1,085,000   

Louisiana Housing Financial Agency Mortgage Revenue, Multi-Family Section 8-202, Project A (HUD) (FHA)

    4.15    12/1/12      1,063,452
  1,200,000   

Louisiana Housing Financial Agency Mortgage Revenue, Multi-Family Section 8-202, Project A (HUD) (FHA)

    4.25    12/1/14      1,180,500
  320,000   

Louisiana Local Government Environment Facilities, Community Development Authority Revenue, Jefferson Recreation & Cultural Project (AMBAC)

    4.13    4/1/19      309,414
  1,030,000   

Louisiana Local Government Environmental Facilities Community Development Authority, Series A (AMBAC)

    5.20    6/1/17      1,098,866
  10,000,000   

Louisiana Public Facilities Authority Revenue, Tulane University Project (MBIA) (a)*

    4.29    2/15/36      9,999,201
  235,000   

Louisiana State Health Education Authority, Lease Rent Revenue, Tulane University Medical Center, ETM

    7.88    7/1/09      243,512
  1,540,000   

Louisiana State Military Department Custody Recipients

    3.40    12/1/11      1,559,881
  2,956,000   

New Orleans Louisiana Home Mortgage Authority, ETM

    6.25    1/15/11      3,132,089
  1,235,000   

Tensas Parish Louisiana Law Enforcement District, Certificates of Participation

    7.00    9/1/18      1,296,095
               
              21,089,817
               
  

Maine — 0.04%

         
  175,000   

Maine Finance Authority Revenue, AMT

    5.20    7/1/18      178,061
  60,000   

Maine State Health Facilities Authority Revenue, Webber Hospital Association Project, ETM (AMBAC)

    6.50    5/1/09      61,814
               
              239,875
               
  

Maryland — 1.89%

         
  55,000   

Annapolis Maryland Economic Development Revenue

    5.00    10/1/07      55,034
  65,000   

Annapolis Maryland Economic Development Revenue

    5.00    10/1/08      65,228
  105,000   

Baltimore County Maryland Mortgage Revenue, Three Garden Village Project, Series A (FHLMC)

    4.80    1/1/13      106,378

 

See accompanying notes to financial statements

 

103

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THE HIRTLE CALLAGHAN TRUST

Intermediate Term Municipal Bond Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

Municipal Bonds (continued)

         
  

Maryland (continued)

         
$ 750,000   

Maryland State Health & Higher Educational Facility Authority Revenue, Greater Baltimore Medical Center

    5.00    7/1/25    $ 756,465
    1,000,000   

Morgan State University Maryland Academic & Auxiliary Fees Revenue (MBIA)

    6.05    7/1/15      1,091,240
  10,000   

Prince Georges County Maryland Housing Authority, Single Family Mortgage Revenue, Series A, AMT, SUB (FNMA/GNMA/FHLMC)

    5.89    8/1/32      10,072
  8,817,000   

Tax Exempt Municipal Infrastructure Improvement Transit Maryland (LOC)*

    3.80    5/1/08      8,766,566
               
                10,850,983
               
  

Massachusetts — 2.14%

         
  420,000   

Boston Massachusetts Industrial Development Finance Authority, Northend Community, Series A (FHA)

    6.45    8/1/37      441,063
  110,000   

Boston Massachusetts Revenue, Deutsches Altenheim, Inc., Series A (FHA)

    5.95    10/1/18      117,306
  335,000   

Massachusetts State Development Finance Agency Revenue, Series A (GNMA)

    6.70    10/20/21      385,468
  3,755,000   

Massachusetts State Health & Educational Facilities Authority Revenue, Massachusetts General Hospital, Series F

    6.25    7/1/12      3,936,479
  530,000   

Massachusetts State Housing Finance Agency (Asset GTY)

    4.85    9/1/13      535,682
  25,000   

Massachusetts State Housing Finance Agency, Housing Revenue, Series A, AMT (MBIA)

    6.13    12/1/11      25,270
  50,000   

Massachusetts State Industrial Finance Agency, AMT (GNMA)

    5.40    8/20/12      50,624
  1,670,000   

Massachusetts State Industrial Finance Agency, AMT (GNMA)

    6.45    8/20/39      1,781,756
  545,000   

Massachusetts State Industrial Finance Agency, Higher Education, Hampshire College Project

    5.80    10/1/17      558,216
  440,000   

Massachusetts State Industrial Finance Agency, Revenue Bond, Retirement Facility, AMT (GNMA)

    5.30    6/20/19      450,380
  500,000   

Massachusetts State Turnpike Authority, Metro Highway System Revenue, Series A

    5.00    1/1/11      508,030
  3,290,000   

Massachusetts State, Series D, Prerefunded 8/1/12 @ 100 (MBIA)

    5.38    8/1/22      3,494,177
               
              12,284,451
               
  

Michigan — 1.48%

         
  500,000   

Detroit/Wayne County Michigan Stadium Authority

    5.25    2/1/09      510,500
  210,000   

Grand Rapids Charter Township Michigan

    5.20    7/1/14      213,087
  285,000   

Livonia Michigan Municipal Building Authority (AMBAC)

    4.00    5/1/16      277,123
  250,000   

Livonia Michigan Municipal Building Authority (AMBAC)

    4.00    5/1/18      239,748
  760,000   

Michigan Higher Education Facility Authority Revenue, Limited Obligation, Thomas M. Cooley Law School (LOC)

    5.35    5/1/15      775,154
  2,715,000   

Michigan Municipal Board Authority Revenue, School Loan, Series A

    5.25    12/1/11      2,845,156
  220,000   

Michigan State Hospital Finance Authority Revenue, St. John Hospital, Series A, ETM (MBIA-IBC)

    6.00    5/15/13      225,991
  115,000   

Michigan State Hospital Financial Authority Revenue, Harper-Grace Hospitals

    7.13    5/1/09      119,393
  1,300,000   

Michigan State Hospital Financial Authority Revenue, Mercy Mount Clemens, Series A (MBIA)

    5.75    5/15/17      1,350,518
  70,000   

Michigan State Hospital Financial Authority Revenue, Mount Carmel Mercy Hospital Project

    7.00    8/1/08      71,145
  1,145,000   

Michigan State Housing Development Authority, Series A, AMT (FNMA)

    4.25    12/1/12      1,152,660
  540,000   

Michigan State Strategic Fund Limited Obligation Revenue, Dow Chemical Project, Series A

    5.50    12/1/28      564,289
  60,000   

Michigan State Strategic Fund Limited Obligation Revenue, International Project, Series A, Prerefunded 8/1/07 @ 101

    5.75    8/1/19      60,682
  125,000   

Saginaw Michigan Hospital Finance Authority

    7.50    11/1/10      132,294
               
              8,537,740
               

 

See accompanying notes to financial statements

 

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THE HIRTLE CALLAGHAN TRUST

Intermediate Term Municipal Bond Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

Municipal Bonds (continued)

         
  

Minnesota — 0.22%

         
$ 100,000   

Eden Prairie Minnesota, Multi-Family Housing Revenue, Rolling Hills Project (GNMA)

    6.15    8/20/31    $ 107,252
  85,000   

Moorhead Minnesota Residential Mortgage Revenue, ETM

    7.10    8/1/11      90,417
  15,000   

North Suburban Hospital District Minnanoka & Ramsey Counties, Hospital Revenue, Health Central, Inc., ETM

    7.13    5/1/09      15,347
  40,000   

Rochester Minnesota Hospital Revenue

    5.75    10/1/07      40,182
    1,000,000   

White Earth Band of Chippewa Indians, Revenue, Series A (ACA)

    7.00    12/1/11          1,034,580
               
              1,287,778
               
  

Mississippi — 0.43%

         
  140,000   

Corinth & Alcorn County Mississippi Hospital Revenue

    5.00    10/1/08      140,557
  85,000   

Corinth & Alcorn County Mississippi Hospital Revenue

    5.13    10/1/10      85,435
  980,000   

Corinth & Alcorn County Mississippi Hospital Revenue, Series A

    5.50    10/1/21      993,319
  700,000   

Jackson Mississippi Housing Authority, AMT

    5.30    4/1/19      707,700
  505,000   

Lincoln County Mississippi Hospital Revenue (Asset GTY)

    5.50    4/1/18      519,635
               
              2,446,646
               
  

Missouri — 1.03%

         
  40,000   

Bridgeton Missouri Industrial Development (GNMA)

    5.25    12/20/19      41,653
  545,000   

Grandview Missouri Certificate Participation (FGIC)

    5.25    1/1/18      574,703
  790,000   

Kansas City Missouri Industrial Development Authority, Multi-Family Housing Revenue, Walnut Grove Apartments, Section 8 Assisted, Series A, AMT

    6.55    12/15/15      836,586
  615,000   

Missouri State Development Financing Board, Recreational Facilities, YMCA Greater St. Louis Project, Series A (LOC)

    4.75    9/1/07      615,437
  230,000   

Missouri State Development Financing Board, Recreational Facilities, YMCA Greater St. Louis Project, Series A (LOC)

    4.90    9/1/10      231,734
  250,000   

Missouri State Health & Educational Facilities Authority Revenue, Jefferson Memorial Hospital

    4.13    8/15/12      247,100
  100,000   

Missouri State Health & Educational Facilities Authority, Educational Facilities Revenue, Central Institute for the Deaf

    5.70    1/1/18      100,945
  230,000   

Olive Boulevard Transportation Development District Missouri, Transportation Sales Tax

    4.50    10/1/22      224,043
  200,000   

Ozarks Public Building Corp. Missouri Leasehold Revenue, Ozarks Technical Community College Project

    5.75    3/1/16      201,596
  180,000   

Pacific Missouri Industrial Development Revenue, AMT (LOC)

    6.20    5/1/12      180,392
  180,000   

Pacific Missouri Industrial Development, Clayton Corp. Project, AMT (LOC)

    6.45    5/1/17      180,472
  65,000   

Sikeston Missouri Electrical Revenue, ETM

    6.25    6/1/08      66,442
  360,000   

St. Charles County Missouri Health Care, AMT

    5.40    11/15/16      363,258
  115,000   

St. Louis Missouri School District

    6.00    4/1/12      115,644
  885,000   

Taney County Missouri, Certificates of Participation (MBIA)

    4.00    4/1/19      835,697
  1,000,000   

Taney County Missouri, Certificates of Participation (MBIA)

    4.00    4/1/20      935,190
  100,000   

Taney County Missouri, Certificates of Participation (MBIA)

    4.13    4/1/21      94,051
  75,000   

Taney County Missouri, Certificates of Participation (MBIA)

    4.13    4/1/22      70,031
               
              5,914,974
               
  

Montana — 0.43%

         
  1,250,000   

Montana Facilities Finance Authority Revenue, Benefits Health System (Assured GTY)

    5.00    1/1/13      1,304,788
  185,000   

Montana State Board Investment Payroll Tax, Workers Compensation Project, ETM, (MBIA)

    6.88    6/1/11      190,091
  240,000   

Montana State Board Investment, Refunded 1996 Payroll Tax, ETM

    6.88    6/1/20      244,894
  360,000   

Montana State Board Investment, Refunded Balance 1996 Payroll Tax, ETM

    6.88    6/1/20      367,340
  375,000   

Montana State Board Investment, Refunded Payroll Tax, ETM

    6.88    6/1/20      382,646
               
              2,489,759
               

 

See accompanying notes to financial statements

 

105

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THE HIRTLE CALLAGHAN TRUST

Intermediate Term Municipal Bond Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

Municipal Bonds (continued)

         
  

Nebraska — 0.95%

         
$ 425,000   

Clay County Nebraska Industrial Development Revenue, AMT

    4.75    3/15/09    $ 425,999
  390,000   

Clay County Nebraska, AMT (LOC)

    5.25    3/15/14      393,428
    1,100,000   

Douglas County Nebraska Hospital Authority, No. 002 Revenue (AMBAC)

    4.75    12/15/12      1,115,675
  40,000   

Fillmore County Nebraska Industrial Development Revenue, AMT (LOC)

    5.00    12/1/11      40,060
  50,000   

Fillmore County Nebraska Industrial Development Revenue, AMT (LOC)

    5.20    12/1/13      50,095
  475,000   

Nebraska Educational Finance Authority Revenue, Dana College, Series D

    5.45    3/15/30      470,687
  765,000   

Nebraska Educational Finance Authority Revenue, Dana College, Series D

    5.55    3/15/35      757,457
  1,030,000   

Nebraska Educational Financial Authority Revenue, Series A

    5.50    3/15/20      1,058,758
  1,000,000   

Nebraska Educational Financial Authority Revenue, Series A

    5.50    3/15/25      1,022,450
  125,000   

Nebraska Investment Financial Authority, Multi-Family Housing, Tara Hills Village (FNMA)

    4.88    1/1/08      125,091
               
                  5,459,700
               
  

Nevada — 0.11%

         
  45,000   

Nevada Housing Division, AMT (FNMA)

    5.50    10/1/09      45,517
  495,000   

Nevada Housing Division, Multi-Unit Housing, Lake Vista Project, Series A, AMT (LOC)

    5.20    10/1/18      507,815
  5,000   

Nevada Housing Division, Single Family Mortgage

    5.45    4/1/10      4,996
  10,000   

Nevada Housing Division, Single Family Mortgage

    4.95    4/1/12      9,919
  5,000   

Nevada Housing Division, Single Family Mortgage, AMT

    6.35    10/1/07      5,001
  35,000   

Nevada Housing Division, Single Family Mortgage, Series C-1

    5.60    4/1/17      35,213
               
              608,461
               
  

New Hampshire — 0.50%

         
  500,000   

New Hampshire Health & Educational Facilities Authority Revenue, Portsmouth Academy

    5.00    7/1/13      505,795
  1,200,000   

New Hampshire Higher Education & Health Facilities, Franklin Pierce College

    5.13    10/1/13      1,220,592
  45,000   

New Hampshire Higher Education & Health Facilities, Franklin Pierce College (ACA)

    4.90    10/1/08      45,320
  495,000   

New Hampshire Higher Education & Health Facilities, Franklin Pierce College (ACA)

    5.00    10/1/09      502,925
  55,000   

New Hampshire Higher Education & Health Facilities, Rivier College

    4.90    1/1/08      55,075
  525,000   

New Hampshire Higher Education & Health Facilities, Rivier College

    5.55    1/1/18      536,230
               
              2,865,937
               
  

New Jersey — 5.17%

         
  70,000   

Bergen County New Jersey Improvement Authority (County GTY)

    5.00    6/1/08      70,782
  75,000   

Bergen County New Jersey Improvement Authority (County GTY)

    5.00    6/1/09      76,651
  80,000   

Bergen County New Jersey Improvement Authority (County GTY)

    5.00    6/1/10      82,570
  80,000   

Bergen County New Jersey Improvement Authority (County GTY)

    5.00    6/1/11      83,274
  85,000   

Bergen County New Jersey Improvement Authority (County GTY)

    5.00    6/1/12      89,174
  90,000   

Bergen County New Jersey Improvement Authority (County GTY)

    5.00    6/1/13      95,077
  90,000   

Bergen County New Jersey Improvement Authority (County GTY)

    5.00    6/1/14      95,659
  95,000   

Bergen County New Jersey Improvement Authority (County GTY)

    5.00    6/1/15      101,448
  100,000   

Bergen County New Jersey Improvement Authority (County GTY)

    5.00    6/1/16      107,194
  105,000   

Bergen County New Jersey Improvement Authority (County GTY)

    5.00    6/1/17      112,803
  105,000   

Bergen County New Jersey Improvement Authority (County GTY)

    5.00    6/1/18      112,952
  110,000   

Bergen County New Jersey Improvement Authority (County GTY)

    5.00    6/1/19      118,495
  115,000   

Bergen County New Jersey Improvement Authority (County GTY)

    5.00    6/1/20      124,209
  120,000   

Bergen County New Jersey Improvement Authority (County GTY)

    5.00    6/1/21      129,898
  125,000   

Bergen County New Jersey Improvement Authority (County GTY)

    5.00    6/1/22      135,556
  130,000   

Bergen County New Jersey Improvement Authority (County GTY)

    5.00    6/1/23      141,184
  135,000   

Bergen County New Jersey Improvement Authority (County GTY)

    5.00    6/1/24      146,946
  140,000   

Bergen County New Jersey Improvement Authority (County GTY)

    5.00    6/1/25      152,697

 

See accompanying notes to financial statements

 

106

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THE HIRTLE CALLAGHAN TRUST

Intermediate Term Municipal Bond Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

Municipal Bonds (continued)

         
  

New Jersey (continued)

         
$      145,000   

Bergen County New Jersey Improvement Authority (County GTY)

    5.00    6/1/26    $        158,631
  150,000   

Bergen County New Jersey Improvement Authority (County GTY)

    5.00    6/1/27      164,579
  160,000   

Bergen County New Jersey Improvement Authority (County GTY)

    5.00    6/1/28      176,038
  170,000   

Bergen County New Jersey Improvement Authority (County GTY)

    5.00    6/1/29      187,026
  175,000   

Bergen County New Jersey Improvement Authority (County GTY)

    5.00    6/1/30      192,731
  185,000   

Bergen County New Jersey Improvement Authority (County GTY)

    5.00    6/1/31      203,924
  30,000   

Bergen County New Jersey Utilities Authority, ETM

    6.40    12/15/09      30,946
  465,000   

Berkeley Twp New Jersey General Obligation

    4.50    7/1/18      471,524
  720,000   

Berkeley Twp New Jersey General Obligation

    4.50    7/1/19      727,963
  719,000   

Berkeley Twp New Jersey General Obligation

    4.50    7/1/20      725,349
  2,190,000   

Casino Reinvestment Development Authority, New Jersey Hotel Room Fee Revenue (AMBAC)

    5.00    1/1/13      2,294,769
  7,555,000   

Casino Reinvestment Development Authority, New Jersey Revenue, Series A (MBIA)

    5.00    6/1/16      7,973,319
  200,000   

Essex County New Jersey Utilities Authority (FSA)

    4.80    4/1/14      202,448
  50,000   

Glouchester County New Jersey Improvement Authority, AMT (County GTY)

    5.00    11/1/10      50,609
  1,175,000   

Jersey City New Jersey, Series C, GO (MBIA)

    4.00    9/1/12      1,176,034
  1,220,000   

Jersey City New Jersey, Series C, GO (MBIA)

    5.00    9/1/13      1,285,246
  1,275,000   

Jersey City New Jersey, Series C, GO (MBIA)

    5.00    9/1/14      1,351,156
  1,925,000   

Middlesex County New Jersey Utilities Authority, Sewage Revenue, Series A

    6.25    8/15/10      1,980,575
  135,000   

Moorestown Township New Jersey Fire District No. 1

    4.00    10/1/10      135,115
  5,500,000   

New Jersey Economic Development Authority Revenue, First Mortgage, Far Hills Country Day School, Optional Put 3/1/12 @ 100

    5.50    9/1/24      5,620,779
  1,500,000   

New Jersey Economic Development Authority Revenue, First Mortgage, Far Hills Country Day School

    4.40    9/1/24      1,484,940
  500,000   

New Jersey Economic Development Authority Revenue, Series A

    6.38    4/1/31      567,080
  260,000   

New Jersey Health Care Facilities Financing Authority Revenue, Jersey City Medical Center (AMBAC/FHA)

    4.80    8/1/21      261,355
  5,000   

New Jersey State Turnpike Authority, Turnpike Revenue

    5.88    1/1/08      5,051
  170,000   

New Jersey State Turnpike Authority, Turnpike Revenue, ETM

    5.70    5/1/13      177,665
  175,000   

Passaic County New Jersey, GO

    5.00    9/15/12      178,805
               
              29,760,226
               
  

New Mexico — 0.25%

         
  55,000   

Albuquerque New Mexico Hospital Revenue

    7.50    7/1/08      55,923
  20,000   

Albuquerque New Mexico Hospital Revenue, ETM

    7.75    8/1/08      20,413
  1,300,000   

Bernalillo County New Mexico Gross Receipts Tax Revenue, (AMBAC)

    4.00    6/15/14      1,291,408
  20,000   

New Mexico Mortgage Financing Authority (GNMA/FNMA)

    5.50    7/1/17      20,400
  40,000   

New Mexico Mortgage Financing Authority (GNMA/FNMA)

    5.60    7/1/28      40,800
               
              1,428,944
               
  

New York — 6.36%

         
  165,000   

Albany County New York Industrial Development Agency, Albany College of Pharmacy, Series A

    4.00    12/1/07      163,934
  305,000   

Albany County New York Industrial Development Agency, Albany College of Pharmacy, Series A

    4.00    12/1/08      298,976
  315,000   

Albany County New York Industrial Development Agency, Albany College of Pharmacy, Series A

    4.00    12/1/09      303,751
  185,000   

Albany County New York Industrial Development Agency, Albany College of Pharmacy, Series A

    4.00    12/1/10      176,081
  125,000   

Albany New York Housing Authority, Housing Revenue, Lark Drive Association Project, AMT (LOC)

    5.20    12/1/13      128,883

 

See accompanying notes to financial statements

 

107

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Intermediate Term Municipal Bond Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

Municipal Bonds (continued)

         
  

New York (continued)

         
$      110,000   

Albany New York Housing Authority, Housing Revenue, Lark Drive Association Project, AMT (LOC)

    5.40    12/1/18    $ 113,682
  335,000   

Albany New York Housing Authority, Housing Revenue, Lark Drive Association Project, AMT (LOC)

    5.50    12/1/28      343,951
  125,000   

Capital District Youth Center New York (LOC)

    6.00    2/1/17      126,193
  895,000   

East Rochester New York Housing Authority Revenue, Gates Senior Housing Project, (GNMA)

    6.13    4/20/43      972,149
  900,000   

East Rockaway New York Union Free School District General Obligation

    4.50    7/1/18      918,684
  1,200,000   

East Rockaway New York Union Free School District General Obligation

    4.50    7/1/19          1,220,424
  760,000   

East Rockaway New York Union Free School District General Obligation

    4.50    7/1/20      768,406
  765,000   

East Rockaway New York Union Free School District General Obligation

    4.50    7/1/21      771,755
  500,000   

Long Island Power Authority Electrical Systems Revenue, Series B

    5.00    6/1/11      517,530
  70,000   

New York City Industrial Development Agency, College of Aeronautics Project

    5.20    5/1/09      72,197
  75,000   

New York New York, Series B (AMBAC)

    7.25    8/15/07      75,284
  10,000   

New York New York, Series B, ETM (AMBAC)

    7.25    8/15/07      10,039
  760,000   

New York State Dormitory Authority Lease Revenue, Court Facilities, Series A

    5.25    5/15/11      792,809
  2,285,000   

New York State Dormitory Authority Lease Revenue, Court Facilities, Series A

    5.75    5/15/14      2,473,353
  10,000,000   

New York State Dormitory Authority Revenue

    4.70    2/15/35      9,669,199
  320,000   

New York State Dormitory Authority Revenue, D’Youville College (Asset GTY)

    4.38    7/1/08      321,677
  745,000   

New York State Dormitory Authority Revenue, Hunts Point Multi-Service Center

    5.63    7/1/22      766,329
  155,000   

New York State Dormitory Authority Revenue, Lutheran Social Services (AMBAC/FHA)

    5.13    2/1/18      158,474
  150,000   

New York State Dormitory Authority Revenue, Norwegian Christian Home & Health Center (MBIA/FHA)

    4.90    8/1/21      150,000
  3,670,000   

New York State Dormitory Authority Revenue, Norwegian Christian Home & Health Center (MBIA/FHA)

    6.10    8/1/41      4,017,365
  600,000   

New York State Dormitory Authority Revenue, Second Hospital

    5.00    2/15/10      613,518
  5,510,000   

New York State Dormitory Authority Revenue, Second Hospital

    5.75    2/15/15      5,946,997
  1,670,000   

New York State Dormitory Authority Revenue, Series C

    7.50    7/1/10      1,754,352
  65,000   

New York State Dormitory Authority Revenues (MBIA-IBC)

    5.70    8/15/09      66,389
  585,000   

New York State Housing Finance Agency Revenue, Multi-Family Housing, Northfield Apartment, Series A (SONYMA)

    4.30    8/15/14      590,008
  780,000   

New York State Housing Financial Agency Revenue, St. Philips Housing, Series A (FNMA)

    4.05    11/15/16      755,009
  300,000   

New York State Urban Development Corp. Revenue, Community Enhancement Facilities

    5.13    4/1/12      309,573
  160,000   

New York, New York City Industrial Development Agency, Civic Facility Revenue, Bank Street College Project (RADIAN)

    4.50    12/1/07      160,309
  300,000   

Oneida County New York Industrial Development Agency Revenue, Civic Facilities- Mohawk Valley, Series A (FSA)

    5.00    1/1/13      304,452
  245,000   

Oneida County New York Industrial Development Agency Revenue, Civic Facilities- Mohawk Valley, Series A (FSA)

    5.00    1/1/13      248,898
  100,000   

Onondaga County New York Industrial Development Agency, Civic Facilities Revenue, Lemoyne College, Series A

    5.50    3/1/14      102,614
  160,000   

Schenectady New York Industrial Development Agency, Civic Facilities Revenue, Schaffer Heights (GNMA)

    5.25    11/1/10      159,910
  60,000   

Triborough Bridge & Tunnel Authority

    7.25    1/1/10      62,626
  200,000   

Triborough Bridge & Tunnel Authority New York Revenue, General Purposes, Series A (General Obligation of Authority)

    5.20    1/1/20      201,604
               
              36,607,384
               

 

See accompanying notes to financial statements

 

108

Table of Contents

THE HIRTLE CALLAGHAN TRUST

Intermediate Term Municipal Bond Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

Municipal Bonds (continued)

         
  

North Carolina — 0.49%

         
$ 15,000   

Asheville North Carolina Housing Development Corp., First Lien Revenue, Section 8 Assisted, Asheville Gardens (HUD, Section 8)

    10.50    5/1/11    $ 16,667
    1,125,000   

New Hanover County North Carolina Certificates of Participation, Series B (AMBAC)

    5.00    9/1/16      1,203,356
  1,180,000   

North Carolina Medical Care Community Revenue, Health Care, Series A

    4.65    10/1/14      1,184,968
  165,000   

North Carolina Medical Care Community Revenue, North Carolina Housing Foundation, Inc.

    6.00    8/15/10      168,548
  265,000   

North Carolina Medical Care, Community Hospital Revenue Bond, ETM

    7.63    10/1/08      271,654
               
                  2,845,193
               
  

North Dakota — 0.71%

         
  1,250,000   

Fargo North Dakota Health Systems Revenue, Meritcare Hospital, Group A (MBIA)

    5.60    6/1/13      1,283,038
  1,650,000   

Fargo North Dakota Health Systems Revenue, Meritcare Hospital, Group A (MBIA)

    5.55    6/1/16      1,693,213
  95,000   

North Dakota State Housing Finance Agency Revenue, Home Mortgage Finance, Series E, AMT

    4.50    7/1/07      95,000
  65,000   

North Dakota State Housing Finance Agency Revenue, Home Mortgage Finance, Series E, AMT

    4.55    1/1/08      64,881
  110,000   

North Dakota State Housing Finance Agency Revenue, Home Mortgage Finance, Series E, AMT

    4.85    7/1/11      111,407
  110,000   

North Dakota State Housing Finance Agency Revenue, Home Mortgage Finance, Series E, AMT

    4.95    1/1/12      111,440
  60,000   

North Dakota State Housing Finance Agency Revenue, Series D, AMT

    4.55    1/1/08      59,820
  160,000   

North Dakota State Housing Finance Agency Revenue, Series D, AMT

    4.55    7/1/08      159,952
  65,000   

North Dakota State Housing Finance Agency Revenue, Series D, AMT

    4.65    1/1/09      65,036
  190,000   

North Dakota State Housing Finance Agency Revenue, Series D, AMT

    4.85    7/1/11      190,663
  180,000   

North Dakota State Housing Finance Agency Revenue, Series D, AMT

    4.95    1/1/12      180,628
  75,000   

North Dakota State Housing Finance Agency Revenue, Series D, AMT

    5.00    1/1/13      75,088
               
              4,090,166
               
  

Ohio — 1.45%

         
  500,000   

Akron Bath Copley Ohio Joint Township Hospital District Revenue, Hospital Facilities, Summa Health System, Series A

    5.25    11/15/14      525,165
  1,000,000   

Akron Bath Copley Ohio Joint Township Hospital District Revenue, Hospital Facilities, Summa Health System, Series A (RADIAN)

    5.00    11/15/12      1,029,290
  250,000   

Hancock County Ohio, Multi-Family Housing, Crystal Glen Apartments, AMT (LOC)

    5.05    1/1/10      250,203
  575,000   

Knox County Ohio Hospital Facilities Revenue, Knox Community Hospital (Asset GTY)

    5.00    6/1/12      590,560
  170,000   

Ohio Capital Corp. for Housing, Mortgage Revenue, Georgetown Village Ltd., Section 8 Assisted Project (FHA)

    6.63    7/1/22      170,292
  2,320,000   

Ohio Housing Finance Agency Mortgage Revenue (GNMA/FNMA)

    5.80    9/1/22      2,247,290
  500,000   

Ohio State Higher Education Facility Revenue, Mount Union College Project

    5.25    10/1/21      525,355
  780,000   

Port of Greater Cincinnati Development Authority, Economic Development Revenue

    5.00    10/1/25      793,221
  30,000   

Portage County Ohio Hospital Revenue, ETM

    6.70    12/1/07      30,357
  80,000   

Sandusky County Ohio Health Care Facilities Revenue (FNMA)

    5.15    7/1/09      80,000
  210,000   

Stark County Ohio Health Care Facility Review (GNMA)

    5.30    7/20/18      216,298
  230,000   

Stark County Ohio Health Care Facility Review (GNMA)

    5.35    7/20/23      236,035
  655,000   

Summit County Ohio Port Authority, Building Fund Progress Development Revenue, Twinsburg Township Project, Series D

    5.13    5/15/25      659,605
  1,000,000   

University of Toledo Ohio, General Receipts Bonds, Series A (AMBAC)

    4.50    6/1/30      963,930
               
              8,317,601
               

 

See accompanying notes to financial statements

 

109

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THE HIRTLE CALLAGHAN TRUST

Intermediate Term Municipal Bond Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

Municipal Bonds (continued)

         
  

Oklahoma — 0.15%

         
$ 520,000   

Canadian County Oklahoma Home Financing Authority, Single Family Mortgage, Series A (GNMA)

    6.70    9/1/32    $        540,077
  210,000   

Grady County Oklahoma Industrial Authority, Lease Revenue, Correctional Facilities (MBIA)

    5.38    11/1/09      212,990
  30,000   

Grand River Dam Authority Oklahoma Revenue

    6.25    11/1/08      30,491
  85,000   

Oklahoma Housing Finance Agency, Multi-Family (FNMA)

    5.10    12/1/07      85,047
  15,000   

Tulsa County Oklahoma Public Facilities Authority Capital Improvement Revenue

    6.95    11/1/07      15,152
               
              883,757
               
  

Oregon — 0.01%

         
  70,000   

Oregon State Health Housing, Educational & Cultural Facilities, Cedar West Housing Project, Series A, AMT (LOC)

    4.65    1/2/08      70,000
               
  

Pennsylvania — 12.21%

         
  260,000   

Allegheny County Pennsylvania Hospital Development Authority Revenue (MBIA)

    5.00    11/1/23      264,186
  125,000   

Allegheny County Pennsylvania Hospital Development Authority Revenue, Pittsburgh Mercy Health System, ETM

    5.50    8/15/10      126,500
  40,000   

Allegheny County Pennsylvania Hospital UPMC, ETM

    6.75    7/1/10      41,483
  110,000   

Allegheny County Pennsylvania Residential Finance Authority, Single Family Mortgage, Series DD-2, AMT (GNMA)

    4.95    5/1/09      110,659
    1,605,000   

Allegheny County Pennsylvania Residential Finance Authority, Single Family Mortgage, Series KK-2, AMT, SUB (GNMA)

    5.75    5/1/33      1,619,588
  25,000   

Allegheny County Pennsylvania, Single Family Mortgage (GNMA)

    5.20    5/1/17      25,365
  455,000   

Ambridge Pennsylvania Area School District (FSA)

    4.50    11/1/21      456,383
  185,000   

Beaver County Pennsylvania Industrial Development Authority (GNMA)

    4.85    5/20/10      187,472
  810,000   

Berks County Pennsylvania Solid Waste Authority, County Guaranteed Revenue

    3.20    4/1/11      778,888
  50,000   

Blair County Hospital Authority, ETM

    6.90    7/1/08      50,687
  750,000   

Cambria County Pennsylvania, GO (FGIC)

    5.50    8/15/16      770,243
  1,420,000   

Chester County Pennsylvania Health & Education Facilities Authority Revenue, Devereux Foundation

    5.00    11/1/23      1,448,542
  395,000   

Chester County Pennsylvania Health & Education Facilities Authority Revenue, Devereux Foundation

    5.00    11/1/24      402,343
  105,000   

Chester County Pennsylvania Health & Education Finance Authority, Immaculata College

    5.00    10/15/07      105,113
  10,000   

Chester County Pennsylvania Health & Education Finance Authority, Immaculata College

    5.10    10/15/08      10,012
  70,000   

Chester County Pennsylvania Health & Education Finance Authority, Immaculata College

    5.13    10/15/09      70,083
  95,000   

Chester County Pennsylvania Health & Education Finance Authority, Immaculata College

    5.30    10/15/11      95,127
  1,300,000   

Chester County Pennsylvania Industrial Development Authority Revenue, Collegium Charter School Project, Series A

    4.00    4/15/13      1,233,635
  1,420,000   

Chester Pennsylvania Guaranteed Host Community Revenue, Series B

    5.80    12/1/13      1,448,485
  1,525,000   

Chester Upland School District Pennsylvania

    4.00    5/15/11      1,497,703
  1,240,000   

Chester Upland School District Pennsylvania

    4.20    5/15/13      1,227,885
  1,525,000   

Chester Upland School District Pennsylvania

    4.75    9/15/15      1,590,071
  1,065,000   

Chester Upland School District Pennsylvania

    4.90    9/15/17      1,106,439
  1,405,000   

Chester Upland School District Pennsylvania

    4.95    9/15/18      1,454,667
  125,000   

Claysburg Kimmel Pennsylvania School District

    3.38    1/15/13      119,820
  135,000   

Claysburg Kimmel Pennsylvania School District

    3.50    1/15/14      129,781
  145,000   

Claysburg Kimmel Pennsylvania School District

    3.60    1/15/15      139,494
  545,000   

Claysburg Kimmel Pennsylvania School District

    3.90    1/15/18      529,838

 

See accompanying notes to financial statements

 

110

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THE HIRTLE CALLAGHAN TRUST

Intermediate Term Municipal Bond Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

Municipal Bonds (continued)

         
  

Pennsylvania (continued)

         
$ 290,000   

Claysburg Kimmel Pennsylvania School District

    4.00    1/15/20    $ 285,502
  60,000   

Coatesville Pennsylvania Water Revenue, ETM

    6.25    10/15/13      63,653
  80,000   

Delaware County Pennsylvania Authority College Revenue, Eastern College

    4.95    10/1/08      81,128
  50,000   

Delaware County Pennsylvania Authority College Revenue, Eastern College, Series B

    4.85    10/1/07      50,153
  840,000   

Delaware County Pennsylvania Authority College Revenue, Eastern College, Series B

    5.50    10/1/19      848,190
  75,000   

Delaware County Pennsylvania Authority Health Care Revenue, Mercy Health Corp., Series A, ETM

    5.13    11/15/12      75,407
  1,050,000   

Delaware County Pennsylvania Authority Hospital Revenue, Chester Medical Center

    5.00    12/15/11          1,077,710
  1,105,000   

Delaware County Pennsylvania Authority Hospital Revenue, Chester Medical Center

    5.00    12/15/12      1,137,841
    1,155,000   

Delaware County Pennsylvania Authority Hospital Revenue, Chester Medical Center

    5.00    12/15/13      1,193,496
  1,215,000   

Delaware County Pennsylvania Authority Hospital Revenue, Chester Medical Center

    5.00    12/15/14      1,258,485
  200,000   

Delaware County Pennsylvania Authority Revenue, Dunwoody Village Project

    6.25    4/1/30      206,100
  750,000   

Delaware County Pennsylvania Authority, 1st Mortgage Revenue, White Horse Village Project, Series A, Prerefunded 7/1/10 @ 101

    7.63    7/1/30      833,430
  920,000   

Delaware Valley Pennsylvania Regional Finance Authority, Local Government Revenue

    5.50    7/1/12      976,295
  8,000,000   

Delaware Valley Pennsylvania Regional Finance Authority, Local Government Revenue, Series C (a)*

    4.33    6/1/37      7,995,679
  200,000   

Erie Pennsylvania Higher Education Building Authority, College Revenue, Gannon University Project

    5.20    7/15/16      200,850
  10,000   

Erie Pennsylvania Higher Education Building Authority, Mercyhurst College Project

    5.75    3/15/12      10,024
  110,000   

Erie Pennsylvania Higher Education Building Authority, Mercyhurst College Project

    5.85    3/15/17      110,265
  350,000   

Fayette County Pennsylvania Hospital Authority, Hospital Revenue

    5.55    6/15/08      350,508
  370,000   

Fayette County Pennsylvania Hospital Authority, Hospital Revenue

    5.65    6/15/09      374,255
  1,000,000   

Fayette County Pennsylvania Hospital Authority, Hospital Revenue

    5.75    6/15/15      1,011,580
  85,000   

Greene County Pennsylvania Industrial Development Authority, Monongahela Power Co., Series B (MBIA)

    5.10    2/1/12      86,420
  50,000   

Hazleton Pennsylvania Area School District, Series A (FGIC)

    5.00    3/1/10      50,373
  40,000   

Hazleton Pennsylvania Area School District, Series A (FGIC)

    5.00    3/1/11      40,293
  500,000   

Lancaster Pennsylvania Higher Education Authority, College Revenue, Franklin & Marshall College

    5.00    4/15/23      516,830
  375,000   

Lancaster Pennsylvania School District (FSA)

    4.25    6/1/27      345,499
  250,000   

Lancaster Pennsylvania School District, Series A (FSA)

    4.13    6/1/21      233,355
  315,000   

Lancaster Pennsylvania School District, Series A (FSA)

    4.20    6/1/23      292,862
  800,000   

Lehigh County Pennsylvania General Purpose Authority Revenues, Good Shepherd Group, Series A

    4.00    11/1/09      796,280
  340,000   

McKeesport Pennsylvania Area School District

    5.00    4/1/13      346,746
  235,000   

Mifflin County Pennsylvania Hospital Authority, Lewiston Hospital (Asset GTY)

    5.50    7/1/12      244,212
  500,000   

Mifflin County Pennsylvania Hospital Authority, Lewiston Hospital (Asset GTY)

    6.00    7/1/15      530,075
  1,300,000   

Montgomery County Pennsylvania Higher Education & Health Authority Revenue, Arcadia University (RADIAN)

    5.00    4/1/21      1,336,985
  1,800,000   

Montgomery County Pennsylvania Industrial Development Authority Revenue, Series A (MBIA)

    5.00    11/1/10      1,859,345
  90,000   

Northampton County Pennsylvania Higher Education Authority Revenue College, Moravian College

    4.70    7/1/12      90,610
  190,000   

Pennsylvania Housing Finance Agency, Rental Housing, AMT, Zero Coupon (a)

    5.25    4/1/30      178,418
  540,000   

Pennsylvania Housing Finance Agency, Single Family Mortgage, AMT

    4.60    10/1/08      541,123
  150,000   

Pennsylvania State Higher Education Facilities Authority, Health Services Revenue (MBIA)

    5.40    11/15/07      150,558
  50,000   

Pennsylvania State Higher Education Facilities, Health Services, (MBIA)

    5.88    11/15/21      50,876
  250,000   

Pennsylvania State Higher Educational Facilities Authority Revenue

    5.00    7/1/15      264,673
  680,000   

Pennsylvania State Higher Educational Facilities Authority Revenue

    5.25    11/1/18      710,410

 

See accompanying notes to financial statements

 

111

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THE HIRTLE CALLAGHAN TRUST

Intermediate Term Municipal Bond Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

Municipal Bonds (continued)

         
  

Pennsylvania (continued)

         
$   1,100,000   

Pennsylvania State Higher Educational Facilities Authority Revenue (RADIAN)

    6.00    6/1/29    $     1,163,140
  800,000   

Pennsylvania State Higher Educational Facilities Authority Revenue, Philadelphia University, Series A

    5.00    6/1/15      805,536
  310,000   

Pennsylvania State Higher Educational Facilities Authority, Health Services Revenue

    5.88    11/15/16      315,428
  740,000   

Pennsylvania State Higher Educational Facilities Authority, Health Services Revenue (MBIA)

    5.60    11/15/09      757,827
  2,000,000   

Pennsylvania State Higher Educational Facilities Authority, Health Services Revenue (MBIA)

    5.70    11/15/11      2,082,699
  100,000   

Pennsylvania State Higher Educational Facilities Authority, Health Services Revenue, Allegheny Delaware Valley Obligation Group

    5.60    11/15/09      101,654
  105,000   

Pennsylvania State Higher Educational Facilities, Gwynedd-Mercy College (Asset GTY)

    5.00    11/1/08      104,747
  145,000   

Pennsylvania State Higher Educational Facilities, Gwynedd-Mercy College (Asset GTY)

    4.55    11/1/09      146,552
  205,000   

Pennsylvania State Higher Educational Facilities, Gwynedd-Mercy College (Asset GTY)

    4.65    11/1/10      206,197
  200,000   

Pennsylvania State Higher Educational Facilities, Gwynedd-Mercy College (Asset GTY)

    4.90    11/1/12      202,216
  135,000   

Pennsylvania State Higher Educational Facilities, Gwynedd-Mercy College (Asset GTY)

    5.00    11/1/13      137,568
  350,000   

Pennsylvania State Higher Educational Facilities, Health Services (MBIA)

    5.88    11/15/18      356,129
  1,000,000   

Pennsylvania State Higher Educational Facilities, St. Joseph’s University (RADIAN)

    5.25    12/15/17      1,042,420
  1,000,000   

Pennsylvania State Higher Educational Facilities, St. Joseph’s University (RADIAN)

    5.25    12/15/18      1,039,770
  500,000   

Pennsylvania State Higher Educational Facilities, University of the Arts (Asset GTY)

    5.50    3/15/13      516,750
  375,000   

Pennsylvania State Higher Educational Facilities, Widener University

    3.45    7/15/10      359,393
  3,095,000   

Pennsylvania State University, Series A

    4.50    8/15/28      2,992,431
  1,455,000   

Philadelphia Pennsylvania Airport Authority Revenue, AMT (FGIC)

    5.38    6/15/12      1,498,751
  60,000   

Philadelphia Pennsylvania Authority for Industrial Development

    5.00    8/15/09      59,949
  15,000   

Philadelphia Pennsylvania Authority for Industrial Development (FHA)

    4.75    2/1/08      15,035
  705,000   

Philadelphia Pennsylvania Authority for Industrial Development, Arbor House, Inc. Project, Series E

    6.10    7/1/33      746,517
  100,000   

Philadelphia Pennsylvania Authority for Industrial Development, Jeanes Physicians’ Office

    9.38    7/1/10      101,443
  620,000   

Philadelphia Pennsylvania Authority for Industrial Development, Senior Living Revenue, Reider House Project, Series A

    6.10    7/1/33      656,512
  585,000   

Philadelphia Pennsylvania Authority for Industrial Development, Senior Living Revenue, Saligman House Project, Series C

    6.10    7/1/33      619,451
  70,000   

Philadelphia Pennsylvania Authority Industrial Development Revenue, Simpson House Project

    5.00    8/15/10      69,777
  60,000   

Philadelphia Pennsylvania Authority Industrial Development Revenue, Simpson House Project

    5.10    8/15/11      59,996
  250,000   

Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority Revenue, Jefferson Health Systems, Series A

    5.00    5/15/10      254,435
  2,500,000   

Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority Revenue, Jefferson Health Systems, Series A (AMBAC)

    5.13    5/15/18      2,544,824
  800,000   

Philadelphia Pennsylvania Hospitals & Higher Education Facilities, Health Systems, Series A (FHA)

    5.38    1/1/28      814,608
  950,000   

Philadelphia Pennsylvania Municipal Authority Revenue, Series B (FSA)

    5.25    11/15/15      1,008,938
  900,000   

Philadelphia Pennsylvania Parking Authority, Parking Revenue (AMBAC)

    5.25    2/1/15      926,379
    1,000,000   

Philadelphia Pennsylvania Parking Authority, Parking Revenue (FSA)

    5.63    9/1/14      1,044,270

 

See accompanying notes to financial statements

 

112

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THE HIRTLE CALLAGHAN TRUST

Intermediate Term Municipal Bond Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

Municipal Bonds (continued)

         
  

Pennsylvania (continued)

         
$ 140,000   

Philadelphia Pennsylvania Redevelopment Authority Housing Revenue, Multi-Family (FHA)

    5.45    2/1/23    $ 140,920
  735,000   

Pittsburgh Pennsylvania Urban Redevelopment Authority, Multi-Family Mortgage Revenue (GNMA)

    5.35    12/20/26      751,898
  840,000   

Pittsburgh Pennsylvania Urban Redevelopment Authority, Multi-Family Mortgage Revenue (GNMA)

    5.35    12/20/26      859,312
  25,000   

Pittsburgh Pennsylvania Urban Redevelopment Authority, Oliver Garage Project (FGIC)

    5.20    6/1/11      25,394
  35,000   

Pittsburgh Pennsylvania Urban Redevelopment Authority, Series C, AMT (GNMA/FNMA)

    5.95    10/1/29      35,611
  350,000   

Potter County Pennsylvania Hospital Authority Revenue, Charles Cole Memorial Hospital

    5.95    8/1/16      354,036
  50,000   

Rose Tree Media Pennsylvania School District (FGIC)

    4.40    2/15/11      50,269
  250,000   

Scranton-Lackawanna Pennsylvania Health & Welfare Authority Revenue

    5.13    7/1/16      252,630
  35,000   

Suburban Lancaster Pennsylvania Sewer Authority Revenue, ETM

    5.40    1/1/11      35,728
  15,000   

Unity Township Pennsylvania Municipal Authority Sewer Revenue, ETM

    6.60    5/1/08      15,344
  25,000   

Wayne Pike Pennsylvania Joint School Authority School, ETM

    6.00    12/1/07      25,153
  190,000   

Williamsport Pennsylvania Housing Authority, Multi-Family (FHA/MBIA)

    5.25    1/1/15      192,730
  500,000   

York County Pennsylvania Industrial Development Authority Water Facilities Revenue, York Water County Project

    3.60    5/15/09      493,695
  280,000   

York County Pennsylvania Industrial Development Authority, Water Facilities Revenue

    3.75    6/1/10      274,929
  100,000   

York Pennsylvania Housing Corp., Mortgage Revenue, Series A

    6.88    11/1/09      99,975
  45,000   

York Township Water & Sewer, ETM

    6.00    8/1/13      47,136
               
                70,253,088
               
  

Puerto Rico — 0.04%

         
  245,000   

University of Puerto Rico Revenues

    5.50    6/1/12      245,350
               
  

Rhode Island — 0.46%

         
  105,000   

Providence Rhode Island Housing Authority, Multi-Family Revenue, Lockwood Plaza Project, AMT (FNMA)

    5.70    9/1/16      110,654
  105,000   

Providence Rhode Island Housing Authority, Multi-Family Revenue, Lockwood Plaza Project, AMT (FNMA)

    5.70    9/1/17      110,971
  110,000   

Providence Rhode Island Housing Authority, Multi-Family Revenue, Lockwood Plaza Project, AMT (FNMA)

    5.70    9/1/18      115,676
  120,000   

Providence Rhode Island Housing Authority, Multi-Family Revenue, Lockwood Plaza Project, AMT (FNMA)

    5.70    9/1/19      125,922
  125,000   

Providence Rhode Island Housing Authority, Multi-Family Revenue, Lockwood Plaza Project, AMT (FNMA)

    5.70    9/1/20      130,423
  130,000   

Providence Rhode Island Housing Authority, Multi-Family Revenue, Lockwood Plaza Project, AMT (FNMA)

    5.70    9/1/21      134,965
  555,000   

Providence Rhode Island Redevelopment Agency, Certificates of Participation, Series A (RADIAN)

    3.13    9/1/08      546,930
    1,130,000   

Rhode Island State Economic Development Corp. Revenue, Providence Place Mall (Asset GTY)

    5.75    7/1/10      1,150,826
  270,000   

Rhode Island State Health & Educational Building Corp. Revenue, Capital Appreciation Higher Education, Project B, Zero Coupon (BIG) (a)

   6.11    11/1/12      195,161
               
              2,621,528
               

 

See accompanying notes to financial statements

 

113

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THE HIRTLE CALLAGHAN TRUST

Intermediate Term Municipal Bond Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

Municipal Bonds (continued)

         
  

South Carolina — 1.37%

         
$ 95,000   

Charleston County South Carolina Residential Recovery Revenue, Foster Wheeler Charleston, AMT

    5.10    1/1/08    $ 95,574
    1,315,000   

Columbia South Carolina Water & Sewer, ETM

    7.75    1/1/11      1,407,168
  615,000   

South Carolina Jobs Economic Development Authority Revenue, AMT

    5.05    6/1/08      619,895
  42,000   

South Carolina Jobs Economic Development Authority, Westminster Presbyterian

    5.13    11/15/08      42,385
  5,715,000   

South Carolina State, Housing Finance & Development Authority, Multi-Family Revenue (FHLMC)

    3.75    8/1/31      5,715,000
               
                  7,880,022
               
  

Tennessee — 0.76%

         
  75,000   

Greenville Tennessee Health & Educational Facilities

    8.70    10/1/09      79,144
  385,000   

Johnson City Tennessee Health & Education, ETM

    7.00    7/1/11      406,163
  175,000   

Metro Government Nashville & Davidson County Tennessee (Asset GTY)

    5.50    5/1/23      179,995
  60,000   

Metro Government Nashville & Davidson County Tennessee, CI Homes, Inc. Project, Series A, Prerefunded 10/1/07 @ 105

    9.00    10/1/22      63,680
  1,745,000   

Metro Government Nashville & Davidson County Tennessee, Health & Education Facilities Board (RADIAN)

    5.10    8/1/16      1,759,781
  1,100,000   

Metro Government Nashville & Davidson County Tennessee, Water & Sewer Revenue (FGIC)

    7.70    1/1/12      1,213,124
  640,000   

Tennessee State School Board Authority, Series B, ETM

    5.00    5/1/09      649,158
               
              4,351,045
               
  

Texas — 6.03%

         
  935,000   

Bexar County Texas Housing Finance Corp., Multi-Family Housing Revenue, Perkin Square Project, Series A-1, (GNMA)

    6.55    12/20/34      1,025,957
  385,000   

Bexar County Texas Revenue Project (MBIA)

    5.75    8/15/22      402,672
  354,000   

Blanket Texas Independent School District, Public Facility Corp. Lease Revenue

    5.90    1/1/10      356,393
  100,000   

Brazoria County Texas Municipal Utilities District No. 6

    7.00    9/1/09      106,002
  190,000   

Brenham Texas, Certificates of Obligation (FSA)

    5.38    8/15/15      199,291
  118,813   

Capital Area Housing Finance Corp., AMT

    6.50    11/1/19      119,585
  4,240,000   

Dallas Texas Independent School District, Prerefunded 2/15/12 @ 100 (PSF)

    5.50    2/15/16      4,501,522
  295,000   

Dallas Texas, GO

    5.13    2/15/12      300,163
  475,000   

Danbury Higher Education Authority Revenue, George Gervin Youth Center, Series A

    5.25    2/15/10      480,277
  5,000   

Del Rio Texas, GO (Asset GTY)

    7.50    4/1/08      5,128
  55,000   

Del Rio Texas, GO (Asset GTY)

    7.50    4/1/09      56,481
  5,000   

Del Rio Texas, GO (Asset GTY)

    6.50    4/1/10      5,099
  5,000   

Del Rio Texas, GO (Asset GTY)

    5.55    4/1/11      5,064
  5,000   

Del Rio Texas, GO (Asset GTY)

    5.65    4/1/13      5,068
  5,000   

Del Rio Texas, GO (Asset GTY)

    5.75    4/1/16      5,072
  65,000   

Del Rio Texas, GO (Asset GTY)

    5.75    4/1/17      65,930
  15,000   

Denison Texas Hospital Authority Hospital Revenue

    7.13    7/1/08      15,224
  600,000   

Eagle Mountain & Saginaw Texas Independent School District, Series B (PSF)

    4.30    8/15/24      565,200
  130,000   

Edgewood Texas Independent School District

    4.90    8/15/08      131,494
  130,000   

Edgewood Texas Independent School District

    5.00    8/15/09      131,634
  140,000   

Edgewood Texas Independent School District

    5.00    8/15/10      141,760
  160,000   

Edgewood Texas Independent School District

    5.25    8/15/13      162,442
  75,000   

Garland Texas, Certificates of Obligation

    5.75    2/15/18      77,178
  500,000   

Greater Greenspoint Texas Redevelopment Authority Tax Increment Contract

    5.25    9/1/10      515,635
  250,000   

Harlingen Texas Airport Improvement Revenue, AMT (AMBAC)

    4.70    2/15/11      250,193
  165,000   

Harris County Texas Hospital District Mortgage Revenue, (MBIA)

    7.40    2/15/10      172,988
  315,000   

Harris County Texas Housing Finance Corp., Multi-Family Housing Revenue, Copperwood Ranch Apartments, Series A, SUB, AMT (AMBAC)

    4.85    12/1/12      322,718

 

See accompanying notes to financial statements

 

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Intermediate Term Municipal Bond Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

Municipal Bonds (continued)

         
  

Texas (continued)

         
$ 120,000   

Harris County Texas Municipal Utilities District No. 368

    7.00    9/1/14    $ 130,565
  299,000   

Heart of Texas Housing Financial Corp., Waco Parkside Village, Multi-Family Housing, AMT (GNMA)

    7.40    9/20/35      321,646
  110,000   

Houston Texas Apartment Systems Revenue, ETM

    7.60    7/1/10      116,271
  65,000   

Houston Texas Sewer System Revenue

    6.38    10/1/08      66,009
  20,000   

Kleberg County Texas Hospital Revenue, ETM

    8.00    7/1/08      20,370
  400,000   

Lubbock Texas Health Facility Revenue

    5.88    3/20/37      424,220
    1,730,000   

North Texas Health Facilities Development Corp., Hospital Revenue, United Regional Health Care Systems, Inc. Project (MBIA)

    5.00    9/1/14          1,749,705
  120,000   

Northeast Hospital Authority Texas Revenue

    8.00    7/1/08      122,281
  7,374   

Odessa Texas Housing Finance Corp. Single Family (FNMA)

    8.45    11/1/11      7,429
  35,000   

Panhandle Texas Regulation Housing Finance, AMT (GNMA)

    7.50    5/1/24      35,131
  620,000   

Red River Texas, Education Financial Revenue, Reference Hockaday School Project

    4.10    5/15/17      593,383
  525,000   

Red River Texas, Education Financial Revenue, Reference Hockaday School Project

    4.13    5/15/18      500,299
  805,000   

Red River Texas, Education Financial Revenue, Reference Hockaday School Project

    4.20    5/15/19      767,712
  845,000   

Red River Texas, Education Financial Revenue, Reference Hockaday School Project

    4.25    5/15/20      807,229
  635,000   

Retama Texas Development Corp., Special Facilities Revenue, ETM

    8.75    12/15/11      720,185
  1,945,000   

Retama Texas Development Corp., Special Facilities Revenue, ETM

    10.00    12/15/17      2,649,575
  2,345,000   

Retama Texas Development Corp., Special Facilities Revenue, ETM

    8.75    12/15/18      3,017,780
  40,000   

Southeast Texas Hospital Finance, ETM

    6.50    5/1/09      41,207
  35,000   

Tarrant County Texas Health Facilities Development Revenue, South Central Nursing Homes (FHA/MBIA)

    6.00    1/1/37      36,680
  900,000   

Tarrant County Texas Housing Finance Corp. Multi-Family Revenue (FNMA)

    3.75    2/15/27      900,000
  300,000   

Texas State Public Finance Authority Building Revenue, Department of Criminal Justice, Series A

    5.25    2/1/11      302,277
  250,000   

Texas State Public Finance Authority Building Revenue, General Services, Series A (AMBAC)

    5.50    2/1/12      254,665
  500,000   

Texas State Public Finance Authority, GO

    5.25    10/1/09      504,875
  500,000   

Texas Water Development Board Revenue, Series B

    5.75    7/15/12      520,955
  1,895,000   

Waxahachie, Texas (AMBAC)

    4.00    8/1/18      1,801,027
  1,970,000   

Waxahachie, Texas (AMBAC)

    4.00    8/1/19      1,862,693
  2,050,000   

Waxahachie, Texas (AMBAC)

    4.10    8/1/20      1,936,757
  2,025,000   

Waxahachie, Texas (AMBAC)

    4.13    8/1/21      1,896,513
  585,000   

Waxahachie, Texas (AMBAC)

    4.20    8/1/22      549,391
  580,000   

Waxahachie, Texas (AMBAC)

    4.25    8/1/23      545,832
  1,240,000   

Waxahachie, Texas (AMBAC)

    4.25    8/1/24      1,168,006
  200,000   

Ysleta Texas Independent School District Public Facilities Corp. Lease Revenue

    4.75    11/15/12      202,888
               
              34,699,726
               
  

Utah — 1.24%

         
  25,000   

Provo City Utah Housing Authority, Multi-Family, Lookout Pointe Apartments (GNMA)

    6.00    7/20/08      25,001
  525,000   

Salt Lake County Utah College Revenue, Westminster College Project

    4.50    10/1/12      525,210
  410,000   

Salt Lake County Utah College Revenue, Westminster College Project

    4.50    10/1/15      406,913
  3,000,000   

Utah County Environmental Improvement Revenue, Marathon Oil Project

    5.05    11/1/17      3,098,699
  800,000   

Utah Housing Corp., Single Family Mortgage Revenue

    4.63    7/1/27      761,384
  1,385,000   

Utah Housing Corp., Single Family Mortgage Revenue, AMT

    5.25    7/1/25      1,408,447
  740,000   

Utah Housing Corp., Single Family Mortgage, Series D-2, Class III, SUB, AMT

    5.00    7/1/18      758,026
  10,000   

Utah State Housing Finance Agency, Single Family Mortgage

    5.50    7/1/16      10,094
  10,000   

Utah State Housing Finance Agency, Single Family Mortgage, AMT

    5.05    7/1/12      9,988
  50,000   

Utah State Housing Finance Agency, Single Family Mortgage, AMT

    5.40    7/1/20      50,463

 

See accompanying notes to financial statements

 

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Intermediate Term Municipal Bond Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

Municipal Bonds (continued)

         
  

Utah (continued)

         
$ 25,000   

Utah State Housing Finance Agency, Single Family Mortgage, Series A2 Class II, AMT

    5.40    7/1/16    $ 25,111
  10,000   

Utah State Housing Finance Agency, Single Family Mortgage, Series A2, Class III, AMT

    5.20    7/1/11      10,032
  20,000   

Utah State Housing Finance Agency, Single Family Mortgage, Series B2, Class III, AMT

    5.25    7/1/11      20,103
  10,000   

Utah State Housing Finance Agency, Single Family Mortgage, Series Sub-D2, AMT

    5.25    7/1/12      10,153
               
                  7,119,624
               
  

Various States — 0.80%

         
    4,689,191   

MMA Financial CDD Senior Securitization Trust, Pass Through Certificates, Series A, Mandatory Put 11/1/08 @ 100 (Compass Bank)*

    3.38    11/1/08      4,599,534
               
  

Vermont — 0.05%

         
  95,000   

Vermont Educational & Health Buildings Financing Agency, Norwich University Project

    5.00    7/1/07      95,000
  175,000   

Vermont Educational & Health Buildings Financing Agency, Norwich University Project

    5.75    7/1/13      179,967
               
              274,967
               
  

Virginia — 0.37%

         
  1,040,000   

Arlington County Virginia Industrial Development Authority, Multi-Family Revenue, Woodbury Park Project (FHLMC)

    3.73    3/1/35      1,040,000
  445,000   

Chesterfield County Virginia Industrial Development Authority (LOC)

    5.00    7/1/14      454,830
  165,000   

Chesterfield County Virginia Industrial Development Authority (LOC)

    5.20    7/1/19      168,477
  245,000   

Newport News Virginia Industrial Development Authority (GNMA)

    7.25    8/1/16      250,074
  180,000   

Richmond Virginia Metro Authority Expressway Revenue, ETM

    7.00    10/15/13      195,188
               
              2,108,569
               
  

Washington — 1.59%

         
  250,000   

Bellingham Washington Housing Authority Revenue, Cascade Meadows (MBIA)

    4.88    11/1/15      252,295
  1,775,000   

King County Washington Housing Authority Revenue, Vashon Community Center, Series A, SUB (GNMA)

    7.25    9/20/42      1,971,581
  1,340,000   

Seattle Washington New Public Housing Authority

    4.88    8/1/08      1,356,107
  1,615,000   

Seattle Washington New Public Housing Authority

    4.88    8/1/09      1,649,916
  115,000   

Spokane Washington Housing Authority Revenue, Valley 206 Apartments, Junior Lien A (Standby LOC)

    5.75    4/1/28      115,094
  245,000   

Spokane Washington Housing Authority Revenue, Valley 206 Apartments, Senior Lien A

    5.63    4/1/28      237,430
  470,000   

Spokane Washington Housing Authority, Cheney Care Center Revenue, Series A, (GNMA)

    6.35    8/20/39      509,386
  1,500,000   

Washington State Health Care Facilities Authority Revenue, Multicare Health Systems

    5.25    8/15/10      1,535,295
  725,000   

Washington State Health Facilities Authority Revenue, Grays Harbor Community Hospital (RADIAN)

    5.85    7/1/12      749,839
  135,000   

Washington State Housing Revenue, Crista Ministries Project (LOC)

    5.10    7/1/10      135,514
  240,000   

Washington State Housing Revenue, Presbyterian Ministries (ACA)

    5.10    1/1/14      244,834
  200,000   

Washington State Housing Revenue, Presbyterian Ministries (ACA)

    5.30    1/1/19      204,142
  200,000   

Washington State, Series A, GO

    5.25    7/1/12      202,458
               
              9,163,891
               
  

West Virginia — 0.90%

         
  55,000   

Beckley West Virginia Nursing Facility Revenue Refunding, Beckley Health Care Corp. Project (Standby LOC)

    5.55    9/1/08      55,038

 

See accompanying notes to financial statements

 

116

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Intermediate Term Municipal Bond Portfolio

Portfolio of Investments (continued) — June 30, 2007

Principal
Amount		          Rate %    Maturity
Date		    Value
  

Municipal Bonds (continued)

         
  

West Virginia (continued)

         
$ 55,000   

Beckley West Virginia Nursing Facility Revenue Refunding, Beckley Health Care Corp. Project (Standby LOC)

    5.70    9/1/09    $ 55,062
  155,000   

Harrison County West Virginia, County Community Special Obligation, Series A, ETM

    6.25    5/15/10      162,043
  405,000   

Kanawha County West Virginia Building Community Revenue, Charleston Area Medical Center Project, ETM

    6.60    12/1/08      413,622
  150,000   

Kanawha County West Virginia Single Family Mortgage Revenue, ETM

    7.40    12/1/10      159,560
    1,155,000   

Parkersburg West Virginia Waterworks & Sewer Systems Revenue, Series C (FGIC)

    4.00    9/1/17      1,133,205
  1,410,000   

Parkersburg West Virginia Waterworks & Sewer Systems Revenue, Series C (FGIC)

    4.00    9/1/18      1,375,202
  800,000   

Parkersburg West Virginia Waterworks & Sewer Systems Revenue, Series C (FGIC)

    4.10    9/1/20      779,304
  1,000,000   

Shepherd University Board of Governors, West Virginia Revenue, Residence Facilities Projects (MBIA)

    5.00    6/1/25      1,034,260
               
                  5,167,296
               
  

Wisconsin — 1.67%

         
  250,000   

Beloit Wisconsin School District

    5.00    10/1/12      250,620
  100,000   

Hortonville Wisconsin School District

    4.90    4/1/11      100,817
  1,500,000   

LA Crosse Wisconsin, Series B

    3.50    11/1/08      1,498,455
  25,000   

Oshkosh Wisconsin Hospital Facility Revenue, Mercy Medical Center,
Prerefunded 7/1/07 @ 100

    7.38    7/1/09      25,000
  800,000   

Plymouth Wisconsin School District (MBIA)

    4.00    4/1/13      797,928
  835,000   

Plymouth Wisconsin School District (MBIA)

    4.00    4/1/14      831,059
  975,000   

Plymouth Wisconsin School District (MBIA)

    3.75    4/1/18      917,436
  245,000   

Shell Lake Wisconsin Nursing Home Revenue, Terraceview Living (GNMA)

    5.30    9/20/18      245,167
  95,000   

Wisconsin Housing & Economic Development Authority, Series B, AMT

    4.95    9/1/09      95,418
  970,000   

Wisconsin Housing & Economic Development Authority, Series C

    4.60    11/1/11      990,913
  3,000,000   

Wisconsin State Health & Educational Facilities, Hudson Memorial Hospital, (FHA)

    5.60    7/15/22      3,144,210
  285,000   

Wisconsin State Health & Educational Facilities, Sisters Sorrowful Mother, Series A (MBIA)

    5.10    8/15/07      285,339
  170,000   

Wisconsin State Health & Educational Facilities, Sisters Sorrowful Mother, Series A (MBIA)

    5.20    8/15/08      172,280
  100,000   

Wisconsin State Health & Educational Facilities, Viterbo College Income Project (LOC)

    5.75    2/1/12      100,087
  135,000   

Wisconsin State Health & Educational Facilities. Viterbo College Income Project (LOC)

    6.00    2/1/17      134,044
               
              9,588,773
               
  

Total Municipal Bonds (cost $510,711,242)

            507,857,385
               
  

Taxable Municipal Bond — 5.34%

         
  

Georgia — 0.23%

         
  1,375,000   

Fulton County Georgia Development Authority

    5.75    3/1/14      1,349,370
               
  

Illinois — 0.92%

         
  5,250,000   

Southwestern Illinois Development Authority, Solid Waste Disposal Revenue (RADIAN)

    6.05    8/1/20      5,288,693
               
  

Ohio — 1.68%

         
  5,660,000   

Cleveland-Cuyahoga County Ohio, Port Authority Lease Revenue, Avery Dennison Project B

    5.00    10/15/15      5,290,910
  1,500,000   

Summit County Ohio Port Authority Revenue

    5.40    11/15/10      1,480,710
  3,000,000   

Summit County Ohio Port Authority, Building Fund Program, Development Revenue

    6.25    5/15/26      2,846,430
               
              9,618,050
               

 

See accompanying notes to financial statements

 

117

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Intermediate Term Municipal Bond Portfolio

Portfolio of Investments (continued) — June 30, 2007

 

Principal
Amount/
Shares		          Rate %    Maturity
Date		    Value
  

Taxable Municipal Bond (continued)

         
  

Oklahoma — 1.71%

         
$   2,045,000   

Sallisaw Oklahoma Municipal Authority Revenue (XLCA)

    4.38    1/1/18    $ 1,897,167
  520,000   

Tulsa Oklahoma Industrial Authority Tax Apportionment, Series B

    7.30    7/1/16      518,981
  1,650,000   

Tulsa Oklahoma Industrial Authority Tax Apportionment, Series B

    7.35    1/1/17      1,643,318
  5,830,000   

Tulsa Oklahoma Industrial Authority Tax Apportionment, Series B

    7.61    7/1/21      5,824,927
               
              9,884,393
  

Virginia — 0.80%

         
  4,740,000   

Poplar Hill Virginia Community Development Authority Certificates Participation Adjustment, Series A*

    5.50    9/1/34      4,626,193
               
  

Total Taxable Municipal Bond (cost $31,754,417)

            30,766,699
               
  

Corporate Bonds — 3.23%

         
  5,234,000   

AFS Energy Savings Control*

    6.35    3/1/25      5,006,322
  2,492,000   

Amerescosolutions Energy*

    6.00    5/1/22      2,415,994
  4,076,846   

ASC Equipment (b)*

    0.00    3/1/08      0
  3,575,205   

IIS/Syska Holdings Energy*

    3.90    8/15/08      3,458,295
  2,695,000   

Kidspeace National Center of Georgia*

    6.30    12/1/28      2,693,248
  3,688,186   

Landmark Leasing LLC, Series 2004, Class A*

    6.20    10/1/22      3,515,321
  1,500,000   

Staunton Hotel LLC*

    7.75    6/1/29      1,469,400
               
  

Total Corporate Bonds (cost $23,224,126)

            18,558,580
               
  

Mortgage Related — 0.91%

         
  5,526,288   

General Services Administration

    5.04    9/15/21      5,215,379
               
  

Total Mortgage Related (cost $5,526,288)

            5,215,379
               
  

Money Market Mutual Funds — 0.85%

         
  4,913,262   

BlackRock Muni Fund (c)

    3.56         4,913,262
               
  

Total Money Market Mutual Funds (cost $4,913,262)

            4,913,262
               
  

Total Investments (cost $576,129,335) — 98.60%

            567,311,305
  

Other assets in excess of liabilities — 1.40%

            8,061,710
               
  

Net Assets — 100.00%

          $ 575,373,015
               
(a)   Rate disclosed represents effective yield at purchase.

 

(b)   Issuer has defaulted on the payment of interest.

 

(c)   Variable rate security. The rate reflected is the rate in effect on June 30, 2007.

 

*   Represents a restricted security, purchased under rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

 

ACA — American Capital Access

ADFA/ADED — Arkansas Development Finance Authority

AMT — Alternative Minimum Tax

AMBAC — American Municipal Bond Assurance Corp.

BIG — Business Installations and Equipment Loan Guarantee

CIFG — CDC IXIS Financial Guaranty

ETM — Escrowed to Maturity

FHA — Federal Housing Administration

FGIC — Financial Guaranty Insurance Co.

FHLMC — Federal Home Loan Mortgage Corp.

FNMA — Federal National Mortgage Association

FSA — Financial Security Assurance, Inc.

 

See accompanying notes to financial statements

 

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Intermediate Term Municipal Bond Portfolio

Portfolio of Investments (concluded) — June 30, 2007

 

GNMA — Government National Mortgage Association

GO — General Obligation

GTY — Guaranteed

HUD — Housing and Urban Development

LOC — Letter of Credit

MBIA — Municipal Bond Insurance Association

MBIA-IBC — MBIA Insured Bond Certificate

PSF — Permanent School Fund

RADIAN — Radian Group, Inc.

SONYMA — State of New York Mortgage Agency

SUB — Subordinate Bond

UPMC — University of Pittsburgh Medical Center

XLCA — XL Capital Assurance, Inc.

 

See accompanying notes to financial statements

 

119

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THE HIRTLE CALLAGHAN TRUST

Statements of Assets and Liabilities

June 30, 2007

     Value Equity
Portfolio		    Growth
Equity
Portfolio		     Small
Capitalization
Equity
Portfolio		    International
Equity
Portfolio		  

ASSETS:

           

Investments, at value (cost $1,004,228,371, $1,373,239,803, $1,032,913,435, and $1,410,419,689, respectively)

    $ 1,208,088,837    $ 1,699,117,122     $ 1,164,735,568    $ 1,929,290,784  
                              

Total Investments

      1,208,088,837      1,699,117,122       1,164,735,568      1,929,290,784  
                              

Cash

      —      532       10,845      —  

Foreign currency, at value (cost $0; $0; $0; and $1,991,153 respectively)

      —      —       —      2,002,186  

Unrealized appreciation on forward exchange contracts

      —      —       —      502,918  

Receivable from investments sold

      14,118,294      168,525       4,578,297      12,874,230  

Dividends and interest receivable

      1,233,807      1,337,972       664,917      1,682,404  

Receivable for Fund shares sold

      314,700      271,675       171,988      158,216  

Foreign tax reclaim receivable

      —      —       —      1,379,152  

Prepaid expenses and other assets

      68,687      86,835       52,380      253,487  
                              

Total Assets

      1,223,824,325      1,700,982,661       1,170,213,995      1,948,143,377  
                              

LIABILITIES:

           

Payable for investments purchased

      13,469,588      7,447,532       4,186,126      12,630,340  

Unrealized depreciation on forward exchange contracts

      —      —       —      28,331  

Payable to custodian

      743      —       —      —  

Payable for Fund shares redeemed

      112,007      159,163       17,230      161,786  

Variation margin payable on future contracts

      5,707      20,320       —      —  

Payable for return of collateral received

      49,785,520      39,676,466       471,429,896      —  

Advisory fees payable

      297,071      510,325       449,583      50,305  

Consulting fees payable

      49,076      73,162       28,578      79,552  

Administrative services fees payable

      56,737      66,929       54,076      79,771  

Other accrued expenses

      42,465      52,888       19,904      225,239  
                              

Total Liabilities

      63,818,914      48,006,785       476,185,393      13,255,324  
                              

NET ASSETS

    $ 1,160,005,411    $ 1,652,975,876     $ 694,028,602    $ 1,934,888,053  
                              

NET ASSETS CONSIST OF:

           

Shares of beneficial interest, at par value

    $ 63,539    $ 128,681     $ 43,841    $ 126,045  

Additional paid-in capital

      874,225,298      1,412,871,351       517,427,386      1,305,533,142  

Undistributed (distributions in excess of) net investment income

      613,783      836,155       1,044,709      (5,978,055 )

Accumulated net realized loss from investments, futures and foreign currency transactions and translations

      81,249,566      (86,778,119 )     43,690,533      115,808,584  

Net unrealized appreciation/(depreciation) on investments, futures and foreign currency transactions and translations

      203,853,225      325,917,808       131,822,133      519,398,337  
                              

Net Assets

    $ 1,160,005,411    $ 1,652,975,876     $ 694,028,602    $ 1,934,888,053  
                              

SHARE OF BENEFICIAL INTEREST:

           

Shares of beneficial interest outstanding

      63,538,875      128,680,815       43,841,353      126,045,155  
                              

Net Asset Value, offering and redemption price per share

    $ 18.26    $ 12.85     $ 15.83    $ 15.35  
                              

 

See accompanying notes to financial statements.

 

120

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Statements of Assets and Liabilities (continued)

June 30, 2007

     Fixed Income
Portfolio		     Fixed Income II
Portfolio		     Fixed Income
Opportunity
Portfolio		     Short Term
Municipal Bond
Portfolio		     Intermediate Term
Municipal Bond
Portfolio		  

ASSETS:

           

Investments, at value (cost $305,016,938, $285,175,929, $169,061,987, $28,684,562 and $576,129,335, respectively)

    $ 301,635,986     $ 281,375,278     $ 167,688,478     $ 28,541,193     $ 567,311,305  
                                        

Total Investments

      301,635,986       281,375,278       167,688,478       28,541,193       567,311,305  
                                        

Cash

      285,257       —       —       26,250       —  

Foreign currency, at value (cost $0, $2,535, $0, $0 and $0; respectively)

      —       2,552       —       —       —  

Receivable from investments sold

      2,306,428       149,451,780       11,057,868       —       —  

Dividends and interest receivable

      1,927,471       1,227,820       2,379,976       435,129       7,348,644  

Receivable for Fund shares sold

      1,056,851       969,588       2,108       773,438       3,107,762  

Variation margin receivable on future contracts

      —       191,040       —       —       —  

Prepaid expenses and other assets

      28,211       26,776       19,981       15,294       42,009  
                                        

Total Assets

      307,240,204       433,244,834       181,148,411       29,791,304       577,809,720  
                                        

LIABILITIES:

           

Dividends payable

      1,050,626       1,081,625       —       76,542       2,004,020  

Payable for investments purchased

      10,741,045       159,952,527       13,753,145       —       —  

Payable for Fund shares redeemed

      —       7,607       2,203       —       268,813  

Payable for return of collateral received

      37,718,461       5,080,576       21,459,932       —       —  

Advisory fees payable

      36,020       45,826       340,135       2,626       94,377  

Consulting fees payable

      10,055       10,745       6,033       1,198       23,595  

Administrative services fees payable

      12,681       12,981       7,346       1,200       28,726  

Other accrued expenses

      1,464       2,992       3,573       —       17,174  
                                        

Total Liabilities

      49,570,352       166,194,879       35,572,367       81,566       2,436,705  
                                        

NET ASSETS

    $ 257,669,852     $ 267,049,955     $ 145,576,044     $ 29,709,738     $ 575,373,015  
                                        

NET ASSETS CONSIST OF:

           

Shares of beneficial interest, at par value

    $ 26,421     $ 27,567     $ 19,217     $ 2,993     $ 58,862  

Additional paid-in capital

      265,499,503       276,911,077       174,106,577       29,921,329       585,227,174  

Undistributed (distributions in excess of) net investment income

      78,385       (139,076 )     2,207,629       (6,683 )     (93,059 )

Accumulated net realized gain/(loss) from investments, futures and foreign currency transactions and translations

      (4,553,505 )     (5,839,051 )     (29,383,870 )     (64,532 )     (1,001,932 )

Net unrealized appreciation/(depreciation) on investments, futures and foreign currency transactions and translations

      (3,380,952 )     (3,910,562 )     (1,373,509 )     (143,369 )     (8,818,030 )
                                        

Net Assets

    $ 257,669,852     $ 267,049,955     $ 145,576,044     $ 29,709,738     $ 575,373,015  
                                        

SHARES OF BENEFICIAL INTEREST:

           

Shares of beneficial interest outstanding

      26,420,739       27,567,017       19,216,991       2,992,892       58,861,966  
                                        

Net Asset Value, offering and redemption price per share

    $ 9.75     $ 9.69     $ 7.58     $ 9.93     $ 9.77  
                                        

 

See accompanying notes to financial statements.

 

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Statements of Operations

For the Year Ended June 30, 2007

     Value Equity
Portfolio		     Growth
Equity
Portfolio		     Small
Capitalization
Equity
Portfolio		     International
Equity
Portfolio		  

INVESTMENT INCOME:

         

Interest

    $ 1,078,115     $ 799,836     $ 852,750     $ 1,989,653  

Dividends (net of foreign withholding tax of $0, $0, $0, and $3,991,074, respectively)

      24,272,650       16,955,266       6,129,160       40,624,384  

Income from securities lending

      91,657       204,861       681,041       —  
                                

Total Investment Income

      25,442,422       17,959,963       7,662,951       42,614,037  
                                

EXPENSES:

         

Advisory fees

      3,118,687       2,753,892       3,113,468       2,765,795  

Consulting fees

      514,670       732,919       314,739       845,190  

Administrative services fees

      560,645       785,480       363,554       907,033  

Custodian fees

      99,516       153,163       78,604       840,168  

Professional fees

      90,642       128,721       53,485       168,593  

Registration and filing fees

      17,896       17,921       14,271       17,628  

Trustee fees

      50,344       71,816       30,950       83,908  

Other expenses

      59,823       80,998       34,397       76,526  
                                

Total Expenses before expenses paid indirectly

      4,512,223       4,724,910       4,003,468       5,704,841  

Less: Expenses paid indirectly

      (201,067 )     (93,759 )     (82,837 )     (67,691 )
                                

Total Expenses

      4,311,156       4,631,151       3,920,631       5,637,150  
                                

Net Investment Income

      21,131,266       13,328,812       3,742,320       36,976,887  
                                

NET REALIZED/UNREALIZED GAIN/(LOSS) ON INVESTMENTS:

         

Net realized gains/(losses) from investments

      109,481,705       26,706,684       65,547,602       176,436,053  

Net realized gain from foreign currency transactions

      —       —       —       224,152  

Net realized losses from futures transactions

      746,287       2,433,263       —       —  
                                

Net realized gains/(losses) on investments, futures and foreign currency transactions

      110,227,992       29,139,947       65,547,602       176,660,205  
                                

Change in unrealized appreciation/depreciation on investments

      75,934,583       160,371,057       29,634,761       175,823,666  

Change in unrealized appreciation/depreciation on foreign currency

     —       —       —       674,654  

Change in unrealized appreciation/depreciation on futures

      (89,725 )     (222,120 )     —       —  
                                

Change in unrealized appreciation/depreciation on investments, futures and foreign currency

      75,844,858       160,148,937       29,634,761       176,498,320  
                                

Net realized/unrealized (loss) on investments, futures and foreign currency transactions and translations

      186,072,850       189,288,884       95,182,363       353,158,525  
                                

Change in net assets resulting from operations

    $ 207,204,116     $ 202,617,696     $ 98,924,683     $ 390,135,412  
                                

 

See accompanying notes to financial statements.

 

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THE HIRTLE CALLAGHAN TRUST

Statements of Operations (continued)

For the Year Ended June 30, 2007

     Fixed Income
Portfolio		     Fixed Income II
Portfolio		     Fixed Income
Opportunity
Portfolio		     Short Term
Municipal Bond
Portfolio		     Intermediate Term
Municipal Bond
Portfolio		  

INVESTMENT INCOME:

           

Interest

    $ 13,102,458     $ 13,904,823     $ 11,488,333     $ 1,113,629     $ 25,498,898  

Dividends

      298,279       —       2,157       9,703       531,539  

Income from securities lending

      25,042       3,396       41,251       —       —  
                                        

Total Investment Income

      13,425,779       13,908,219       11,531,741       1,123,332       26,030,437  
                                        

EXPENSES:

           

Advisory fees

      492,823       565,834       668,274       38,516       1,117,911  

Consulting fees

      123,208       133,099       71,469       15,407       279,483  

Administrative services fees

      147,212       159,369       85,575       18,696       334,610  

Custodian fees

      51,974       33,926       14,213       3,714       60,572  

Professional fees

      17,665       22,394       12,512       7,583       48,658  

Registration and filing fees

      8,551       6,620       7,147       5,725       9,093  

Trustee fees

      12,278       13,233       7,028       1,502       27,691  

Other expenses

      5,781       9,562       4,137       419       28,834  
                                        

Total Expenses before waivers

      859,492       944,037       870,355       91,562       1,906,852  

Less: Expenses waived by advisor

      (36,965 )     —       —       —       —  
                                        

Total Expenses

      822,527       944,037       870,355       91,562       1,906,852  
                                        

Net Investment Income

      12,603,252       12,964,182       10,661,386       1,031,770       24,123,585  
                                        

NET REALIZED/UNREALIZED GAIN/(LOSS) ON INVESTMENTS:

           

Net realized gain/(loss) from investments

      409,250       (1,155,889 )     (1,293,981 )     (20,257 )     (152,000 )

Net realized gain/(loss) from foreign currency transactions

      —       20,553       4,860       —       —  

Net realized gains from futures transactions

      —       216,748       —       —       —  

Net realized gains from options transactions

      —       (2,560 )     —       —       —  
                                        

Net realized gain/(loss) from investments, options and foreign currency transactions

      409,250       (921,148 )     (1,289,121 )     (20,257 )     (152,000 )
                                        

Change in unrealized appreciation/depreciation on investments

      1,654,881       1,314,237       4,795,159       43,850       7,350  

Change in unrealized appreciation/depreciation on futures

      —       65,784       —       —       —  

Change in unrealized appreciation/depreciation on foreign currency

      —       (24,213 )     4,464       —       —  

Change in unrealized appreciation/depreciation on options

      —       6,853       —       —       —  
                                        

Change in unrealized appreciation/depreciation on investments, options and foreign currency

      1,654,881       1,362,661       4,799,623       43,850       7,350  
                                        

Net realized/unrealized gain/(loss) on investments, options and foreign currency transactions

      2,064,131       441,513       3,510,502       23,593       (144,650 )
                                        

Change in net assets resulting from operations

    $ 14,667,383     $ 13,405,695     $ 14,171,888     $ 1,055,363     $ 23,978,935  
                                        

 

See accompanying notes to financial statements.

 

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THE HIRTLE CALLAGHAN TRUST

Statements of Changes in Net Assets

     Value Equity Portfolio     Growth Equity Portfolio     Small Capitalization
Equity Portfolio		  
     Year
Ended
June 30,
2007		     Year
Ended
June 30,
2006		     Year
Ended
June 30,
2007		     Year
Ended
June 30,
2006		     Year
Ended
June 30,
2007		     Year
Ended
June 30,
2006		  

Operations:

             

Net investment income

    $ 21,131,266     $ 14,257,759     $ 13,328,812     $ 8,932,104     $ 3,742,320     $ 1,488,972  

Net realized gain/(loss) from investment transactions and futures

      110,227,992       55,011,283       29,139,947       23,288,434       65,547,602       90,098,730  

Change in unrealized appreciation/depreciation on investment transactions and futures

      75,844,858       32,676,833       160,148,937       17,679,122       29,634,761       8,113,200  
                                                

Change in net assets resulting from operations

      207,204,116       101,945,875       202,617,696       49,899,660       98,924,683       99,700,902  
                                                

Distributions to Shareholders from:

             

Net investment income

      (21,011,939 )     (14,218,740 )     (13,066,054 )     (8,675,896 )     (3,446,484 )     (1,015,904 )

Net realized gain from investment transactions and futures

      (50,673,650 )     (38,398,284 )     —       —       (80,911,405 )     (70,835,236 )
                                                

Change in net assets resulting from distributions

      (71,685,589 )     (52,617,024 )     (13,066,054 )     (8,675,896 )     (84,357,889 )     (71,851,140 )
                                                

Shares of Beneficial Interest:

             

Proceeds from shares issued

      212,765,868       261,821,734       346,510,883       670,673,720       90,029,553       94,751,171  

Proceeds from reinvestment of dividends

      66,650,989       49,156,349       11,546,130       7,782,277       80,065,185       68,395,959  

Cost of shares redeemed

      (176,216,423 )     (124,357,276 )     (175,125,031 )     (392,473,370 )     (102,670,170 )     (91,951,580 )
                                                

Change in net assets from shares of beneficial interest transactions

      103,200,434       186,620,807       182,931,982       285,982,627       67,424,568       71,195,550  
                                                

Change in net assets

      238,718,961       235,949,658       372,483,624       327,206,391       81,991,362       99,045,312  

Net Assets:

             

Beginning of period

      921,286,450       685,336,792       1,280,492,252       953,285,861       612,037,240       512,991,928  
                                                

End of period

    $ 1,160,005,411     $ 921,286,450     $ 1,652,975,876     $ 1,280,492,252     $ 694,028,602     $ 612,037,240  
                                                

Undistributed (Distributions in excess of) net investment income

      613,783       498,171       836,155       573,397       1,044,709       777,665  

Share Transactions:

             

Issued

      12,240,790       15,897,832       28,344,366       47,270,848       5,946,180       5,984,194  

Reinvested

      3,878,532       3,165,155       940,677       673,722       5,585,971       4,673,129  

Redeemed

      (10,060,401 )     (7,236,810 )     (14,315,259 )     (23,189,184 )     (6,681,422 )     (5,738,824 )
                                                

Change in Shares

      6,058,921       11,826,177       14,969,784       24,755,386       4,850,729       4,918,499  
                                                

 

See accompanying notes to financial statements.

 

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Statements of Changes in Net Assets (continued)

 

     International
Equity Portfolio		     Fixed Income
Portfolio		     Fixed Income II
Portfolio		  
     Year
Ended
June 30,
2007		     Year
Ended
June 30,
2006		     Year
Ended
June 30,
2007		     Year
Ended
June 30,
2006		     Year
Ended
June 30,
2007		     Year
Ended
June 30,
2006		  

Operations:

             

Net investment income

    $ 36,976,887     $ 18,752,587     $ 12,603,252     $ 11,835,434     $ 12,964,182     $ 11,258,268  

Net realized gain/(loss) from investments, futures, options and foreign currency transactions

      176,660,205       99,281,935       409,250       (4,102,872 )     (921,148 )     (4,512,363 )

Change in unrealized appreciation/depreciation investments and foreign currency transactions

      176,498,320       187,496,680       1,654,881       (9,695,154 )     1,362,661       (7,392,573 )
                                                

Change in net assets resulting from operations

      390,135,412       305,531,202       14,667,383       (1,962,592 )     13,405,695       (646,668 )
                                                

Distributions to Shareholders from:

             

Net investment income

      (41,787,814 )     (30,653,512 )     (12,647,220 )     (12,476,397 )     (12,997,776 )     (12,737,975 )

Net realized gain from investments and foreign currency transactions and translations

      (67,279,747 )     —       —       (46,585 )     —       (806,823 )
                                                

Change in net assets resulting from distributions

      (109,067,561 )     (30,653,512 )     (12,647,220 )     (12,522,982 )     (12,997,776 )     (13,544,798 )
                                                

Shares of Beneficial Interest:

             

Proceeds from shares issued

      303,788,543       299,010,902       68,448,229       62,906,240       65,709,323       62,458,395  

Value of securities transferred in-kind

      64,327,003       —       —       —       —       —  

Proceeds from reinvestment of dividends

      100,135,429       27,355,289       11,681,526       11,559,822       11,152,758       11,393,729  

Cost of shares redeemed

      (325,625,057 )     (139,424,106 )     (55,695,546 )     (79,955,465 )     (66,130,816 )     (57,420,441 )
                                                

Change in net assets from shares of beneficial interest transactions

      142,625,918       186,942,085       24,434,209       (5,489,403 )     10,731,265       16,431,683  
                                                

Change in net assets

      423,693,769       461,819,775       26,454,372       (19,974,977 )     11,139,184       2,240,217  

Net Assets:

             

Beginning of period

      1,511,194,284       1,049,374,509       231,215,480       251,190,457       255,910,771       253,670,554  
                                                

End of period

    $ 1,934,888,053     $ 1,511,194,284     $ 257,669,852     $ 231,215,480     $ 267,049,955     $ 255,910,771  
                                                

Undistributed (Distributions in excess of) net investment income

      (5,978,055 )     (1,763,226 )     78,385       15,628       (139,076 )     (155,647 )

Share Transactions:

             

Issued

      24,790,213       24,434,953       6,926,381       6,333,830       6,671,327       6,301,257  

Reinvested

      7,036,788       2,210,583       1,182,379       1,166,498       1,132,878       1,151,556  

Redeemed

      (21,866,287 )     (11,341,454 )     (5,619,036 )     (8,114,539 )     (6,692,987 )     (5,852,727 )
                                                

Change in Shares

      9,960,714       15,304,082       2,489,724       (614,211 )     1,111,218       1,600,086  
                                                

 

See accompanying notes to financial statements.

 

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THE HIRTLE CALLAGHAN TRUST

Statements of Changes in Net Assets (continued)

 

     Fixed Income
Opportunity Portfolio		     Short Term
Municipal Bond Portfolio		     Intermediate Term
Municipal Bond Portfolio		  
     Year
Ended
June 30,
2007		     Year
Ended
June 30,
2006		     Year
Ended
June 30,
2007		     Period
Ended
June 30,
2006(a)		     Year
Ended
June 30,
2007		     Year
Ended
June 30,
2006		  

Operations:

             

Net investment income

    $ 10,661,386     $ 7,890,326     $ 1,031,770     $ 278,455     $ 24,123,585     $ 21,788,218  

Net realized gain/(losses) from investments and foreign currency transactions

      (1,289,121 )     2,697,581       (20,257 )     (44,275 )     (152,000 )     (921,557 )

Change in unrealized appreciation/depreciation on investments and foreign currency transactions

      4,799,623       (9,690,619 )     43,850       (187,219 )     7,350       (18,291,646 )
                                                

Change in net assets resulting from operations

      14,171,888       897,288       1,055,363       46,961       23,978,935       2,575,015  
                                                

Distributions to Shareholders from:

             

Net investment income

      (8,985,500 )     (7,786,954 )     (1,036,981 )     (282,398 )     (23,932,879 )     (21,847,816 )
                                                

Change in net assets resulting from distributions

      (8,985,500 )     (7,786,954 )     (1,036,981 )     (282,398 )     (23,932,879 )     (21,847,816 )
                                                

Shares of Beneficial Interest:

             

Proceeds from shares issued

      16,558,672       24,837,791       2,388,000       38,069,949       141,741,351       133,880,284  

Proceeds from reinvestment of dividends

      7,934,680       6,919,175       990,932       272,282       20,571,609       19,348,407  

Cost of shares redeemed

      (18,957,523 )     (23,045,967 )     (5,962,818 )     (5,831,552 )     (134,219,127 )     (81,666,410 )
                                                

Change in net assets from shares of beneficial interest transactions

      5,535,829       8,710,999       (2,583,886 )     32,510,679       28,093,833       71,562,281  
                                                

Change in net assets

      10,722,217       1,821,333       (2,565,504 )     32,275,242       28,139,889       52,289,480  

Net Assets:

             

Beginning of period

      134,853,827       133,032,494       32,275,242       —       547,233,126       494,943,646  
                                                

End of period

    $ 145,576,044     $ 134,853,827     $ 29,709,738     $ 32,275,242     $ 575,373,015     $ 547,233,126  
                                                

Undistributed (Distributions in excess of) net investment income

      2,207,629       526,884       (6,683 )     (1,472 )     (93,059 )     (54,083 )

Share Transactions:

             

Issued

      2,152,925       3,294,356       239,337       3,807,885       14,278,993       13,463,709  

Reinvested

      1,047,581       931,730       99,324       27,339       2,077,127       1,949,794  

Redeemed

      (2,470,375 )     (3,053,273 )     (596,722 )     (584,271 )     (13,528,937 )     (8,207,621 )
                                                

Change in Shares

      730,131       1,172,813       (258,061 )     3,250,953       2,827,183       7,205,882  
                                                

 

 

(a)   For the period March 1, 2006 (commencement of operations) through June 30, 2006.

 

See accompanying notes to financial statements.

 

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Financial Highlights

For a share outstanding throughout each period

     Value Equity Portfolio  
     Year
Ended
June 30,
2007		     Year
Ended
June 30,
2006		     Year
Ended
June 30,
2005		     Year
Ended
June 30,
2004		     Year
Ended
June 30,
2003		  

Net Asset Value, Beginning of Period

    $ 16.03     $ 15.01     $ 13.73     $ 11.67     $ 12.32  
                                        

Income from Investment Operations:

           

Net investment income

      0.35       0.27       0.32       0.22       0.18  

Net realized and unrealized gains/(losses) from investments and futures

      3.14       1.82       1.27       2.06       (0.65 )
                                        

Total from investment operations

      3.49       2.09       1.59       2.28       (0.47 )
                                        

Distributions to Shareholders from:

           

Net investment income

      (0.35 )     (0.27 )     (0.31 )     (0.22 )     (0.18 )

Net realized gains on investments and futures

      (0.91 )     (0.80 )     —       —       —  
                                        

Total distributions to shareholders

      (1.26 )     (1.07 )     (0.31 )     (0.22 )     (0.18 )
                                        

Net Asset Value, End of Period

    $ 18.26     $ 16.03     $ 15.01     $ 13.73     $ 11.67  
                                        

Total Return

      22.40 %     14.31 %     11.66 %     19.64 %     (3.66 %)

Ratios to Average Net Assets/Supplemental Data:

           

Net assets, end of period (in thousands)

    $ 1,160,005     $ 921,286     $ 685,337     $ 584,947     $ 416,220  

Ratio of expenses to average net assets, prior to expenses paid indirectly, waivers and reimbursements

      0.44 %     0.45 %     0.48 %     0.43 %     0.42 %

Ratio of expenses to average net assets, net of expenses paid indirectly, waivers and reimbursements

      0.42 %     0.43 %     0.43 %     0.39 %     0.37 %

Ratio of expenses to average net assets, net of waivers and reimbursements

      0.44 %     0.45 %     0.48 %     0.43 %     0.42 %

Ratio of net investment income to average net assets

      2.05 %     1.77 %     2.18 %     1.70 %     1.78 %

Portfolio turnover rate

      69.13 %     73.19 %     79.98 %     79.13 %     71.03 %

 

See accompanying notes to financial statements.

 

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THE HIRTLE CALLAGHAN TRUST

Financial Highlights

For a share outstanding throughout each period

     Growth Equity Portfolio  
     Year
Ended
June 30,
2007		     Year
Ended
June 30,
2006		     Year
Ended
June 30,
2005		     Year
Ended
June 30,
2004		     Year
Ended
June 30,
2003		  

Net Asset Value, Beginning of Period

    $ 11.26     $ 10.72     $ 10.33     $ 8.64     $ 8.78  
                                        

Income from Investment Operations:

           

Net investment income

      0.11       0.09       0.10       0.05       0.05  

Net realized and unrealized gains/(losses) on investments and futures

      1.59       0.53       0.38       1.69       (0.14 )
                                        

Total from investment operations

      1.70       0.62       0.48       1.74       (0.09 )
                                        

Distributions to Shareholders from:

           

Net investment income

      (0.11 )     (0.08 )     (0.09 )     (0.05 )     (0.05 )

Net realized gains from investments and futures

      —       —       —       —       —  
                                        

Total distributions to shareholders

      (0.11 )     (0.08 )     (0.09 )     (0.05 )     (0.05 )
                                        

Net Asset Value, End of Period

    $ 12.85     $ 11.26     $ 10.72     $ 10.33     $ 8.64  
                                        

Total Return

      15.02 %     5.90 %     4.70 %     20.12 %     (1.01 %)

Ratios to Average Net Assets/Supplemental Data:

           

Net assets, end of period (in thousands)

    $ 1,652,976     $ 1,280,492     $ 953,286     $ 683,266     $ 504,450  

Ratio of expenses to average net assets, prior to expenses paid indirectly, waivers and reimbursements

      0.32 %     0.30 %     0.35 %     0.38 %     0.39 %

Ratio of expenses to average net assets, net of expenses paid indirectly, waivers and reimbursements

      0.32 %     0.29 %     0.34 %     0.36 %     0.38 %

Ratio of expenses to average net assets, net of waivers and reimbursements

      0.32 %     0.30 %     0.35 %     0.38 %     0.39 %

Ratio of net investment income to average net assets

      0.91 %     0.78 %     0.96 %     0.47 %     0.63 %

Portfolio turnover rate

      39.88 %     60.01 %     56.20 %     49.19 %     51.06 %

 

See accompanying notes to financial statements.

 

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THE HIRTLE CALLAGHAN TRUST

Financial Highlights

For a share outstanding throughout each period

     Small Capitalization Equity Portfolio  
     Year
Ended
June 30,
2007		     Year
Ended
June 30,
2006		     Year
Ended
June 30,
2005		     Year
Ended
June 30,
2004		     Year
Ended
June 30,
2003		  

Net Asset Value, Beginning of Period

    $ 15.70     $ 15.06     $ 14.17     $ 10.81     $ 11.42  
                                        

Income from Investment Operations:

           

Net investment income

      0.09       0.04       0.03       0.02       0.03  

Net realized and unrealized gains/(losses) on investments

      2.28       2.79       1.28       3.36       (0.61 )
                                        

Total from investment operations

      2.37       2.83       1.31       3.38       (0.58 )
                                        

Distributions to Shareholders from:

           

Net investment income

      (0.08 )     (0.03 )     (0.03 )     (0.02 )     (0.03 )

Net realized gains from investments

      (2.16 )     (2.16 )     (0.39 )     —       —  
                                        

Total distributions to shareholders

      (2.24 )     (2.19 )     (0.42 )     (0.02 )     (0.03 )
                                        

Net Asset Value, End of Period

    $ 15.83     $ 15.70     $ 15.06     $ 14.17     $ 10.81  
                                        

Total Return

      16.68 %     19.99 %     9.29 %     31.28 %     (4.98 %)

Ratios to Average Net Assets/Supplemental Data:

           

Net assets, end of period (in thousands)

    $ 694,029     $ 612,037     $ 512,992     $ 591,932     $ 423,019  

Ratio of expenses to average net assets prior to expenses paid indirectly, waivers and reimbursements

      0.64 %     0.66 %     0.43 %     0.45 %     0.49 %

Ratio of expenses to average net assets, net of expenses paid indirectly, waivers and reimbursements

      0.62 %     0.63 %     0.37 %     0.39 %     0.44 %

Ratio of expenses to average net assets, net of waivers and reimbursements

      0.64 %     0.64 %     0.38 %     0.42 %     0.49 %

Ratio of net investment income to average net assets

      0.59 %     0.26 %     0.23 %     0.16 %     0.33 %

Portfolio turnover rate

      116.02 %     101.53 %     119.67 %     117.51 %     122.08 %

 

See accompanying notes to financial statements.

 

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Financial Highlights

For a share outstanding throughout each period

     International Equity Portfolio  
     Year
Ended
June 30,
2007		     Year
Ended
June 30,
2006		     Year
Ended
June 30,
2005		     Year
Ended
June 30,
2004		     Year
Ended
June 30,
2003		  

Net Asset Value, Beginning of Period

    $ 13.02     $ 10.41     $ 9.57     $ 7.58     $ 8.50  
                                        

Income from Investment Operations:

           

Net investment income

      0.30       0.17       0.18       0.12       0.14  

Net realized and unrealized gains/(losses) on investments and foreign currency transactions

      2.97       2.72       0.79       1.99       (0.96 )
                                        

Total from investment operations

      3.27       2.89       0.97       2.11       (0.82 )
                                        

Distributions to Shareholders from:

           

Net investment income

      (0.34 )     (0.28 )     (0.13 )     (0.12 )     (0.10 )

Net realized gains from investments and foreign currency transactions

      (0.60 )     —       —       —       —  
                                        

Total distributions to shareholders

      (0.94 )     (0.28 )     (0.13 )     (0.12 )     (0.10 )
                                        

Net Asset Value, End of Period

    $ 15.35     $ 13.02     $ 10.41     $ 9.57     $ 7.58  
                                        

Total Return

      25.81 %     27.93 %     10.16 %     27.76 %     (9.55 %)

Ratios to Average Net Assets/Supplemental Data:

           

Net assets, end of period (in thousands)

    $ 1,934,888     $ 1,511,194     $ 1,049,375     $ 832,251     $ 540,558  

Ratio of expenses to average net assets prior to expenses paid indirectly, waivers and reimbursements

      0.34 %     0.72 %     0.35 %     0.44 %     0.72 %

Ratio of expenses to average net assets net of expenses paid indirectly, waivers and reimbursements

      0.33 %     0.70 %     0.33 %     0.40 %     0.70 %

Ratio of expenses to average net assets, net of waivers and reimbursements

      0.34 %     0.71 %     0.35 %     0.44 %     0.72 %

Ratio of net investment income to average net assets

      2.19 %     1.43 %     1.89 %     1.46 %     1.67 %

Portfolio turnover rate

      53.77 %     37.24 %     35.48 %     46.37 %     31.74 %

 

See accompanying notes to financial statements.

 

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THE HIRTLE CALLAGHAN TRUST

Financial Highlights

For a share outstanding throughout each period

     Fixed Income Portfolio  
     Year
Ended
June 30,
2007		     Year
Ended
June 30,
2006		     Year
Ended
June 30,
2005		     Year
Ended
June 30,
2004		     Year
Ended
June 30,
2003		  

Net Asset Value, Beginning of Period

    $ 9.66     $ 10.23     $ 10.01     $ 10.38     $ 10.19  
                                        

Income from Investment Operations:

           

Net investment income

      0.50       0.46       0.44       0.42       0.53  

Net realized and unrealized gains/(losses) on investments

      0.09       (0.54 )     0.25       (0.33 )     0.33  
                                        

Total from investment operations

      0.59       (0.08 )     0.69       0.09       0.86  
                                        

Distributions to Shareholders from:

           

Net investment income

      (0.50 )     (0.49 )     (0.45 )     (0.46 )     (0.53 )

Net realized gains from investments

      —       —       (0.02 )     —       (0.14 )
                                        

Total distributions to shareholders

      (0.50 )     (0.49 )     (0.47 )     (0.46 )     (0.67 )
                                        

Net Asset Value, End of Period

    $ 9.75     $ 9.66     $ 10.23     $ 10.01     $ 10.38  
                                        

Total Return

      6.23 %     (0.77 %)     7.07 %     0.88 %     8.86 %

Ratios to Average Net Assets/Supplemental Data:

           

Net assets, end of period (in thousands)

    $ 257,670     $ 231,215     $ 251,190     $ 197,341     $ 147,172  

Ratio of expenses to average net assets prior, to waivers and reimbursements

      0.35 %     0.36 %     0.37 %     0.39 %     0.44 %

Ratio of expenses to average net assets, net of waivers and reimbursements

      0.33 %     0.35 %     0.36 %     0.39 %     0.44 %

Ratio of net investment income to average net assets

      5.11 %     4.68 %     4.32 %     4.15 %     4.85 %

Portfolio turnover rate

      169.45 %     175.82 %     200.54 %     216.92 %     181.20 %

 

See accompanying notes to financial statements.

 

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Financial Highlights

For a share outstanding throughout each period

     Fixed Income II Portfolio  
     Year
Ended
June 30,
2007		     Year
Ended
June 30,
2006		     Year
Ended
June 30,
2005		     Year
Ended
June 30,
2004		     Year
Ended
June 30,
2003		  

Net Asset Value, Beginning of Period

    $ 9.67     $ 10.21     $ 9.90     $ 10.36     $ 10.17  
                                        

Income from Investment Operations:

           

Net investment income

      0.48       0.42       0.34       0.30       0.56  

Net realized and unrealized gains/(losses) on investments, futures and foreign currency transactions

      0.02       (0.45 )     0.27       (0.26 )     0.28  
                                        

Total from investment operations

      0.50       (0.03 )     0.61       0.04       0.84  
                                        

Distributions to Shareholders from:

           

Net investment income

      (0.48 )     (0.48 )     (0.30 )     (0.36 )     (0.57 )

Net realized gains from investments, futures, and foreign currency transactions

      —       (0.03 )     —       (0.14 )     (0.08 )
                                        

Total distributions to shareholders

      (0.48 )     (0.51 )     (0.30 )     (0.50 )     (0.65 )
                                        

Net Asset Value, End of Period

    $ 9.69     $ 9.67     $ 10.21     $ 9.90     $ 10.36  
                                        

Total Return

      5.22 %     (0.31 %)     6.25 %     0.46 %     8.57 %

Ratios to Average Net Assets/Supplemental Data:

           

Net assets, end of period (in thousands)

    $ 267,050     $ 255,911     $ 253,671     $ 189,211     $ 166,517  

Ratio of expenses to average net assets

      0.35 %     0.37 %     0.40 %     0.39 %     0.45 %

Ratio of net investment income to average net assets

      4.87 %     4.25 %     3.50 %     2.90 %     4.69 %

Portfolio turnover rate

      159.95 %     573.92 %     890.01 %     652.03 %     453.38 %

 

See accompanying notes to financial statements.

 

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THE HIRTLE CALLAGHAN TRUST

Financial Highlights

For a share outstanding throughout each period

     Fixed Income Opportunity Portfolio  
     Year
Ended
June 30,
2007		     Year
Ended
June 30,
2006		     Year
Ended
June 30,
2005		     Year
Ended
June 30,
2004		     Year
Ended
June 30,
2003		  

Net Asset Value, Beginning of Period

    $ 7.29     $ 7.68     $ 7.57     $ 7.46     $ 6.90  
                                        

Income from Investment Operations:

           

Net investment income

      0.57       0.45       0.48       0.46       0.49  

Net realized and unrealized gains/(losses) on investments and foreign currency transactions

      0.20       (0.40 )     0.14       0.12       0.57  
                                        

Total from investment operations

      0.77       0.05       0.62       0.58       1.06  
                                        

Distributions to Shareholders from:

           

Net investment income

      (0.48 )     (0.44 )     (0.51 )     (0.47 )     (0.50 )
                                        

Total distributions to shareholders

      (0.48 )     (0.44 )     (0.51 )     (0.47 )     (0.50 )
                                        

Net Asset Value, End of Period

    $ 7.58     $ 7.29     $ 7.68     $ 7.57     $ 7.46  
                                        

Total Return

      10.40 %     0.81 %     8.37 %     7.94 %     16.08 %

Ratios to Average Net Assets/Supplemental Data:

           

Net assets, end of period (in thousands)

    $ 145,576     $ 134,854     $ 133,032     $ 229,137     $ 199,755  

Ratio of expenses to average net assets

      0.61 %     0.66 %     0.67 %     0.67 %     0.61 %

Ratio of net investment income to average net assets

      7.46 %     5.89 %     5.81 %     5.93 %     7.73 %

Portfolio turnover rate

      139.66 %     27.34 %     37.25 %     93.45 %     60.95 %

 

See accompanying notes to financial statements.

 

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Financial Highlights

For a share outstanding throughout each period

 

     Short Term Municipal
Bond Portfolio		  
     Year
Ended
June 30,
2007		     Period
Ended
June 30,
2006(a)		  

Net Asset Value, Beginning of Period

    $ 9.93     $ 10.00  
                

Income from Investment Operations:

     

Net investment income

      0.34       0.09  

Net realized and unrealized gains/(losses) on investments

      — (b)     (0.07 )
                

Total from investment operations

      0.34       0.02  
                

Distributions to Shareholders from:

     

Net investment income

      (0.34 )     (0.09 )

Net realized gain from investments

      —       —  
                

Total distributions to shareholders

      (0.34 )     (0.09 )
                

Net Asset Value, End of Period

    $ 9.93     $ 9.93  
                

Total Return

      3.44 %     0.22 %(c)

Ratios to Average Net Assets/Supplemental Data:

     

Net assets, end of period (in thousands)

    $ 29,710     $ 32,275  

Ratio of expenses to average net assets

      0.30 %     0.60 %(d)

Ratio of net investment income to average net assets

      3.35 %     2.88 %(d)

Portfolio turnover rate

      33.45 %     29.56 %(c)
(a)   For the period March 1, 2006 (commencement of operations) through June 30, 2006.
(b)   Less than $0.01 per share.
(c)   Not annualized.
(d)   Annualized.

 

See accompanying notes to financial statements.

 

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Financial Highlights

For a share outstanding throughout each period

 

     Intermediate Term Municipal Bond Portfolio  
     Year
Ended
June 30,
2007		     Year
Ended
June 30,
2006		     Year
Ended
June 30,
2005		     Year
Ended
June 30,
2004		     Year
Ended
June 30,
2003		  

Net Asset Value, Beginning of Period

    $ 9.77     $ 10.14     $ 9.99     $ 10.35     $ 10.04  
                                        

Income from Investment Operations:

           

Net investment income

      0.43       0.42       0.42       0.44       0.45  

Net realized and unrealized gains/(losses) on investments

      — (a)     (0.37 )     0.15       (0.36 )     0.31  
                                        

Total from investment operations

      0.43       0.05       0.57       0.08       0.76  
                                        

Distributions to Shareholders from:

           

Net investment income

      (0.43 )     (0.42 )     (0.42 )     (0.44 )     (0.45 )
                                        

Total distributions to shareholders

      (0.43 )     (0.42 )     (0.42 )     (0.44 )     (0.45 )
                                        

Net Asset Value, End of Period

    $ 9.77     $ 9.77     $ 10.14     $ 9.99     $ 10.35  
                                        

Total Return

      4.38 %     0.48 %     5.80 %     0.78 %     7.70 %

Ratios to Average Net Assets/Supplemental Data:

           

Net assets, end of period (in thousands)

    $ 575,373     $ 547,233     $ 494,944     $ 352,879     $ 273,715  

Ratio of expenses to average net assets

      0.34 %     0.35 %     0.38 %     0.40 %     0.43 %

Ratio of net investment income to average net assets

      4.32 %     4.19 %     4.18 %     4.40 %     4.40 %

Portfolio turnover rate

      14.63 %     17.79 %     25.50 %     20.53 %     18.41 %
(a)   Less than $0.01 per share.

 

See accompanying notes to financial statements.

 

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Notes to Financial Statements — June 30, 2007

 

1.    DESCRIPTION.    The Hirtle Callaghan Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-ended management series investment company. The Trust is a Delaware statutory trust which was organized on December 15, 1994. The Trust currently offers nine separate investment 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”), The Fixed Income II Portfolio (“Fixed Income II Portfolio”), The Fixed Income Opportunity Portfolio (“Fixed Opportunity Portfolio”), The Short Term Municipal Bond Fund (“Short Term Municipal Portfolio”), and The Intermediate Term Municipal Bond Portfolio (“Intermediate Municipal Portfolio”) (each a “Portfolio,” and collectively the “Portfolios”). The Trust is authorized to issue unlimited shares of beneficial interest with a par value of $0.001 each.

 

As is customary, the Trust’s organizational documents permit the Trust to indemnify its officers and trustees against certain liabilities under certain circumstances. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that also permit the indemnification of parties to the contract under certain circumstances. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust.

 

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 at the close of regular trading on the New York Stock Exchange (“NYSE”), normally at 4:00 p.m. Eastern time on days the NYSE is open. 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. Readily marketable portfolio securities listed on a national securities exchange or on NASDAQ are valued at the closing price on the exchange or at the NASDAQ Official Closing Price. Securities listed on a foreign exchange are valued at the last quoted sales price available provided that where such securities are denominated in foreign currencies, such prices are converted into U.S. dollars at the bid price of such currencies against U.S. dollars last quoted by any major bank. If there have been no sales on such exchange or on NASDAQ, the security is valued at the closing bid price. Readily marketable securities traded only in the over-the-counter market and not on NASDAQ are valued at the last bid price. Values are ordinarily obtained through the use of independent pricing services, in accordance with procedures adopted by the Trust’s Board of Trustees (“Board”). In the case of fixed income securities, such independent services may use matrix pricing in arriving at securities valuations in appropriate circumstances. Short-term obligations with maturities of 60 days or less are valued at amortized cost, which constitutes fair value as determined by the Board. Pursuant to procedures adopted by 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. When reliable market quotations are not readily available for any security, the fair value of that security will be determined by a committee established by the Board in accordance with procedures adopted by the Board. The fair valuation process is designed to value the subject security at the price the Portfolio would reasonably expect to receive upon its current sale.

 

In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Financials Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements”. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current generally accepted accounting principals from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of

 

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June 30, 2007, the Trust does not believe the adoption of SFAS No. 157 will impact the financial statement amounts, however, additional disclosures will be required about the inputs used to develop the measurements and the effect of certain measurements on changes in net assets for the period.

 

B.    Securities Transactions and Investment Income.    For financial reporting purposes, portfolio security transactions are reported on trade date. However, for daily net asset-value determination, portfolio security transactions are reflected no later than in the first calculation on the first business day following trade date. Dividend income is recognized on the ex-dividend date and foreign dividends are recognized when notified. Interest income, including amortization of premium and accretion of discount on investments is accrued daily, as earned. Realized gains and losses from securities transactions are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Realized gains and losses from paydown transactions on mortgage and asset backed securities are reclassified as investment income or loss for financial reporting purposes.

 

C.    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 another appropriate method.

 

D.    Dividends and Capital Gain Distributions to Shareholders.    The Fixed Income Portfolio, Fixed Income II Portfolio, Short Term Municipal Portfolio, and Intermediate Municipal Portfolio, declare and distribute dividends from net investment income on a monthly basis. The Value Portfolio, Growth Portfolio, Small Cap Portfolio and Fixed Opportunity Portfolio declare and distribute dividends from net investment income on a quarterly basis. The International Portfolio declares and distributes dividends from net investment income on a semi-annual basis. Net realized capital gains, if any, are declared and distributed at least annually for each Portfolio.

 

E.    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. All repurchase agreements are fully collateralized by U.S. Treasury and U.S. government securities.

 

F.    TBA Purchase Commitments.    Certain of the Portfolios may enter into “TBA” (to be announced) purchase commitments to purchase securities for a fixed price at a future date, typically not exceeding 45 days. TBA purchase commitments may be considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines prior to settlement date. The risk is in addition to the risk of decline in the value of a Portfolio’s other assets. Unsettled TBA purchase commitments are valued at the current market value of the underlying securities, according to the procedures described under “Portfolio Valuation” above.

 

G.    Commission Recapture.    Certain of the Portfolios participate in a commissions recapture program. These Portfolios will utilize the recaptured commissions to pay for, in whole or in part, certain expenses of the Portfolios, excluding investment advisory fees. The expenses eligible to be paid will include, but will not be limited to, administration fees, audit fees, custodian fees, legal fees and printing expenses, as directed by the Trust. These amounts are disclosed as expenses paid indirectly on the Statements of Operations.

 

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For the year ended June 30, 2007, the following commissions were recaptured:

 

Value Portfolio

    $ 201,067

Growth Portfolio

      93,759

Small Cap Portfolio

      82,837

International Portfolio

      67,691

 

H.    Foreign Exchange Transactions.    The books and records of the Portfolios are maintained in U.S. dollars. Non-U.S. dollar denominated amounts are translated into U.S. dollars as follows, with the resultant exchange gains and losses recorded in the Statement of Operations:

 

i)    market value of investment securities and other assets and liabilities at the exchange rate on the valuation date,

 

ii)    purchases and sales of investment securities, income and expenses at the exchange rate prevailing on the respective date of such transactions.

 

Dividends and interest from non-U.S. sources received by 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.

 

I.    Derivative Instruments.    Certain of the Portfolios may invest in various financial instruments including positions in forward currency contracts and financial futures contracts. A Portfolio enters into such contracts for the purpose of hedging exposure to changes in foreign currency exchange rates on its holdings.

 

Forward Currency Contracts — 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, 2007 are recorded for financial reporting purposes as net unrealized gains or losses by the Portfolio.

 

Financial Futures Contracts — Certain of the Portfolios may invest 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 assets 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 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.

 

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J.    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 vary from those estimates.

 

3.    LOANS OF PORTFOLIO SECURITIES.    During the period the Value Portfolio, Growth Portfolio, Small Cap Portfolio, Fixed Income Portfolio, Fixed Income II Portfolio, and Fixed Opportunity Portfolio loaned their securities pursuant to a securities lending agreement (“Lending Agreement”) with State Street Bank and Trust Co. (“SSB”). Each Portfolio will limit its lending activity to 33 1/3% of its total assets. SSB, as lending agent for the Trust, must maintain collateral at all times in an amount equal to at least 100% of the current market value of the loaned securities in the form of cash or U.S. government obligations, to secure the return of the loaned securities. Initial value of loan collateral shall be no less than 102% of the market value of the loaned securities plus the accrued interest on debt securities. SSB shall, in accordance with SSB’s reasonable and customary practices, mark loaned securities and collateral to their market value each business day based upon the market value of the collateral and the loaned securities at the close of business employing the most recently available pricing information and receive and deliver collateral in order to maintain the value of the collateral at no less than 100% of the market value of the loaned securities. Cash collateral received is invested by SSB pursuant to the terms of the Lending Agreement. According to the terms of the lending agreement, each Portfolio retains 70% of the income generated from the lending of its securities. All such investments are made at the risk of the Portfolios and, as such, the Portfolios are liable for investment losses. To the extent a loan is secured by non-cash collateral, the borrower is required to pay a loan premium. Non-cash collateral received cannot be sold or re-pledged. Net income earned on the investment of cash collateral and loan premiums received on non-cash collateral are allocated between SSB and the Portfolios in accordance with the Lending Agreement.

 

In the event of bankruptcy of the borrower, the retention of the collateral may be subject to legal proceedings.

 

The value of loaned securities and related collateral outstanding at June 30, 2007 was as follows:

 

Portfolio

    Value of
Collateral		    Value of
Securities Loaned

Value Portfolio

    $ 49,785,520    $ 48,988,694

Growth Portfolio

      39,676,466      38,643,547

Small Cap Portfolio

      471,429,896      457,052,564

Fixed Income Portfolio

      37,718,461      36,435,572

Fixed Income II Portfolio

      5,080,576      4,937,169

Fixed Opportunity Portfolio

      21,459,932      20,471,056

 

Cash collateral received for securities on loan was invested in the State Street Navigator Securities Lending Prime Portfolio, a registered 2(a)-7 money market fund. Pursuant to the registration statement of that portfolio, it has been established exclusively for the investment of cash collateral on behalf of funds participating in State Street’s securities lending program. Its average duration is restricted to 90 days or less. All investments will qualify as “eligible securities” within the meaning of Rule 2(a)-7 of the Investment Companies Act of 1940. The portfolio will seek to maintain a stable net asset value per share of $1.00 by valuing its portfolio using amortized cost method and will comply with the requirements of Rule 2(a)-7. The value of the investments in the State Street Navigator Securities Lending Prime Portfolio as of June 30, 2007 was as follows:

 

Portfolio

    Fair Value

Value Portfolio

    $ 49,689,834

Growth Portfolio

      38,679,866

Small Cap Portfolio

      470,728,520

Fixed Income Portfolio

      37,718,461

Fixed Income II Portfolio

      5,080,576

Fixed Opportunity Portfolio

      21,459,932

 

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4.    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 management organizations (each, a “Specialist Manager”). For the Portfolio(s) it serves, each Specialist Manager is responsible for providing a continuous program of investment management and for placing all orders for the purchase and sale of securities and other instruments on the Portfolio’s behalf. Except as noted, each Specialist Manager earns a fee, accrued daily and paid either monthly or quarterly, based on average net assets of that portion of the portfolio managed.

 

For the year ended June 30, 2007, the Value Portfolio incurred the following investment advisory fee expense with respect to the services of the indicated Specialist Managers:

 

Specialist Manager

    Amount
Earned		      Fee

SSgA Funds Management, Inc.*

    $ 66,307      0.04%

Institutional Capital Corp.

      2,812,521      0.35%

JS Asset Management, LLC

      239,859      0.40%
             
   $ 3,118,687      0.30%
             

 

For the year ended June 30, 2007, the Growth Portfolio incurred the following investment advisory fee expense with respect to the services of the indicated Specialist Managers:

 

Specialist Manager

    Amount
Earned		      Fee  

Jennison Associates LLC

    $ 1,329,302      0.25% (a)

SSgA Funds Management, Inc.*

      238,271      0.04%  

Sustainable Growth Advisors

      1,186,319      0.35%  
               
   $ 2,753,892      0.19%  
               

 

For the year ended June 30, 2007, the Small Cap Portfolio incurred the following investment advisory fee expense with respect to the services of the indicated Specialist Managers:

 

Specialist Manager

    Amount
Earned		      Fee  

Frontier Capital Management Co.

    $ 723,213      0.45%  

Geewax, Terker & Co.

      364,459      0.30%  

Sterling Johnston Capital Management, Inc.

      761,621      0.74% (b)

IronBridge Capital Management, Inc.

      867,598      0.60% (c)

Franklin Portfolio Associates LLC

      396,577      0.40% (d)
               
   $ 3,113,468      0.49%  
               

 

For the year ended June 30, 2007, the International Portfolio incurred the following investment advisory fee expense with respect to the services of the indicated Specialist Managers:

 

Specialist Manager

    Amount
Earned		      Fee  

Artisan Partners LP

    $ 698,010      0.12% (e)

Capital Guardian Trust Co.

      1,764,582      0.17% (f)

Causeway Capital Management LLC

      303,203      0.45%  
               
   $ 2,765,795      0.16%  
               

 

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For the year ended June 30, 2007, the Fixed Income Portfolio incurred the following investment advisory fee expense with respect to the services of the indicated Specialist Manager:

 

Specialist Manager

    Amount
Earned		      Fee  

Aberdeen Asset Management, Inc.

    $ 492,823      0.20% (g)

 

For the year ended June 30, 2007, the Fixed Income II Portfolio incurred the following investment advisory fee expense with respect to the services of the indicated Specialist Manager:

 

Specialist Manager

    Amount
Earned		      Fee  

BlackRock Financial Management, Inc.

    $ 565,834      0.21% (h)

 

For the year ended June 30, 2007, the Fixed Opportunity Portfolio incurred the following investment advisory fee expenses with respect to the services of the indicated Specialist Managers:

 

Specialist Manager

    Amount
Earned		      Fee  

W.R. Huff Asset Management Co., L.L.C.(i)

    $ 324,120      0.50%  

Seix Advisors(j)

      344,154      0.25% (k)
               
     668,274      0.47%  
               

 

For the year ended June 30, 2007, the Short Term Municipal Portfolio incurred the following investment advisory fee expense with respect to the services of the indicated Specialist Manager:

 

Specialist Manager

    Amount
Earned		      Fee

Breckinridge Capital Advisors, Inc.

    $ 38,516      0.13%

 

For the year ended June 30, 2007, the Intermediate Municipal Portfolio incurred the following investment advisory fee expense with respect to the services of the indicated Specialist Manager:

 

Specialist Manager

    Amount
Earned		      Fee

Schroder Investment Management North America, Inc.

    $ 1,117,911      0.20%
*   SSgA Funds Management, Inc. is an affiliate of SSB, the custodian to the Trust.

 

(a)   Jennison Associates, LLC is entitled to receive an annual fee of no more than 0.30% of average net assets of that portion of Growth Portfolio allocated to Jennison (the “Jennison Account”). Effective November 1, 2004, the rate at which Jennison’s fee is computed may decrease based on the aggregate market value of the Jennison Account and certain other assets managed by Jennison (“Related Accounts”) (together the “Combined Assets”). For purposes of the Combined Fee Schedule, a “Related Account” is an account that is managed by Jennison in a manner similar in terms of investment objectives and strategy to the Jennison Account for the benefit of institutional investors who are clients of Hirtle Callaghan as outlined below.

 

  —   at an Annual Fee Rate of 0.75% on the first $10 million of the Combined Assets;

 

  —   at an Annual Fee Rate of 0.50% on the next $30 million of the Combined Assets;

 

  —   at an Annual Fee Rate of 0.35% on the next $25 million of the Combined Assets;

 

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  —   at an Annual Fee Rate of 0.25% on the next $335 million of the Combined Assets;

 

  —   at an Annual Fee Rate of 0.22% on the next $600 million of the Combined Assets; and

 

  —   at an Annual Fee Rate of 0.20% on the balance of the Combined Assets

 

(b)   Under the Portfolio Management Contract between the Trust and Sterling Johnston Capital Management, Inc. (“Sterling Johnston”), as amended, Sterling Johnston is compensated under the terms of a fulcrum fee arrangement. Under this agreement, Sterling Johnston receives an asset-based fee calculated at an annual rate of 0.40% (or 40 basis points) of that portion of the Portfolio allocated to it. The amount of the fee payable by the Portfolio to Sterling Johnston is subject to adjustments upwards or downwards based on the investment results achieved by it. The amount shown reflects an increase in the amount to which Sterling Johnston would have been entitled absent the fulcrum fee arrangement.

 

(c)   IronBridge Capital Management, Inc. (“IronBridge”) is entitled to receive an annual fee of 0.60% of the average net assets of that portion of Portfolio allocated to IronBridge. The Trust has conditionally approved an amendment to the Portfolio Management Contract between IronBridge and the Trust that would implement a fulcrum fee arrangement. Under the fulcrum fee arrangement, IronBridge would be compensated based, in part, on the investment results achieved by it. If the fulcrum fee arrangement is implemented, it could, under certain circumstances, increase or decrease the fee paid to IronBridge when compared to a fixed fee arrangement and could result in the payment of incentive compensation during periods of declining markets. The fulcrum fee arrangement will not become effective, however, and advisory fees will continue to be accrued at the rate shown above, until an order from the Securities and Exchange Commission permitting the arrangement is obtained.

 

(d)   Franklin is entitled to receive an annual fee of 0.40% of the average net assets of that portion of Portfolio allocated to Franklin. The Trust has conditionally approved an amendment to the Portfolio Management Contract between Franklin and the Trust that would implement a fulcrum fee arrangement. Under the fulcrum fee arrangement, Franklin would be compensated based, in part, on the investment results it achieves. If the fulcrum fee arrangement is implemented, it could, under certain circumstances, increase or decrease the fee paid to Franklin when compared to a fixed fee arrangement and could result in the payment of incentive compensation during periods of declining markets. The fulcrum fee arrangement will not become effective, however, and advisory fees will continue to be accrued at the rate shown above, until an order from the Securities and Exchange Commission permitting the arrangement is obtained.

 

(e)   Under the Portfolio Management Contract between the Trust and Artisan Partners Limited Partnership (“Artisan”), as amended, Artisan is compensated under the terms of a fulcrum fee arrangement. Under this agreement, Artisan receives an asset-based fee calculated at an annual rate of 0.40% (or 40 basis points) of that portion of the Portfolio allocated to it. The amount of the fee payable by the Portfolio to Artisan is subject to adjustments upwards or downwards based on the investment results achieved by it. The amount shown reflects an increase in the amount to which Artisan would have been entitled absent the fulcrum fee arrangement.

 

(f)   Under the Portfolio Management Contract between the Trust and Capital Guardian Trust Company (“CapGuardian”), as amended, CapGuardian is compensated under the terms of a fulcrum fee arrangement. The Portfolio Management Contract was amended effective April 2, 2007. The asset based fee received by CapGuardian was changed to an annual rate of 0.35% (or 35 basis points). Prior to the amendment, CapGuardian received an asset based fee calculated at an annual rate of 0.40% (or 40 basis points) of that portion of the Portfolio assets allocated to it. The amount of the fee payable by the Portfolio to CapGuardian is subject to adjustments upwards or downwards based on the investment results achieved by it. The amount shown reflects an increase in the amount to which CapGuardian would have been entitled absent the fulcrum fee arrangement.

 

(g)   During the period, Aberdeen voluntarily waived and reimbursed a portion of its fees.

 

(h)   BlackRock’s fee is computed in accordance with a tiered fee of 0.25% of the average daily net assets on the first $100 million, 0.20% of such assets between $100 million and $200 million, and 0.175% of such assets over $200 million.

 

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(i)   Huff was the Specialist Manager for the Fixed Opportunity Portfolio from July 1, 2006 through December 17, 2006.

 

(j)   Seix became the Specialist Manager for the Fixed Opportunity Portfolio on December 18, 2006.

 

(k)   The maximum fees payable to Seix is 0.50% of the Portfolio’s average daily net assets. Seix receives a fee, based on the average daily net assets value of the assets of the Portfolio under its management at an annual rate of 0.50% for the first $100 million in such assets, and 0.40% for those assets in excess of $100 million. The Agreement also provides that, to the extent assets of other clients of Hirtle Callaghan & Co., Inc. (“Related Accounts”) are managed by Seix, such assets will be taken into account in calculating the fee payable to Seix.

 

Pursuant to a discretionary investment advisory agreement between the Trust and Hirtle Callaghan & Company, Inc. (“Hirtle Callaghan”) is paid a fee calculated and accrued daily and paid monthly at an annual rate of 0.05% of average net assets per Portfolio. The fees that Hirtle Callaghan receives are listed as consulting fees on the Statements of Operations. Hirtle Callaghan 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 Specialist Managers. The Board of Trustees has authorized the Trust’s officers to request an order from the Securities and Exchange Commission that would permit the Trust to enter into portfolio management agreements with Specialist Managers upon the approval of the Board but without submitting such contracts for the approval of the shareholders of the relevant Portfolio.

 

BISYS Fund Services Ohio, Inc. (“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. These amounts are disclosed as administrative service fees on the Statements of Operations. The Omnibus Fee is accrued daily and payable on a monthly basis as follows:

 

For the Portfolios from July 1, 2006 through December 31, 2006:

 

Equity Portfolios:

 

Eleven one-hundredths of one percent (.11%) of the Trust’s equity Portfolios’ average daily net assets up to $1,400,000,000; and

Ten one-hundredths of one percent (.10%) of the Trust’s equity Portfolios’ average daily net assets in excess of $1,400,000,000 up to $1,750,000,000; and

Nine one-hundredths of one percent (.09%) of the Trust’s equity Portfolios’ average daily net assets in excess of $1,750,000,000 up to $2,100,000,000;

Five and one-half one-hundredths of one percent (.055%) of the Portfolios’ equity Funds’ average daily net assets in excess of $2,100,000,000 up to $2,600,000,000;

One one-hundredth of one percent (.01%) of the Trust’s equity Portfolios’ average daily net assets in excess of $2,600,000,000 up to $3,200,000,000; and

One-half of one-hundredth of one percent (.005%) of the Trust’s equity Portfolios’ average daily net assets in excess of $3,200,000,000.

 

Fixed Income Portfolios:

 

Nine one-hundredths of one percent (.09%) of the Trust’s fixed income Portfolios’ average daily net assets up to $600,000,000; and

Eight one-hundredths of one percent (.08%) of the Trust’s fixed income Portfolios’ average daily net assets in excess of $600,000,000 up to $750,000,000; and

Seven one-hundredths of one percent (.07%) of the Trust’s fixed income Portfolios’ average daily net assets in excess of $750,000,000 up to $900,000,000;

 

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Three and one-half one-hundredths of one percent (.035%) of the Trust’s fixed income Portfolios’ average daily net assets in excess of $900,000,000 up to $1,000,000,000; and

Three quarters of one-hundredth of one percent (.0075%) of the Trust’s fixed income Portfolios’ average daily net assets in excess of $1,000,000,000.

 

For All Portfolios Beginning January 1, 2007:

 

Fifty-four one-thousandths of one percent (.054%) of the Trust’s Portfolios’ average daily net assets up to $6,000,000,000; and

Five one-thousandths of one percent (.005%) of the Trust’s Portfolios’ average daily net assets in excess of $6,000,000,000

 

As such, the Hirtle Callaghan Trust paid an aggregate amount of $3,362,174 to BISYS for the year ended June 30, 2007.

 

On May 2, 2007, BISYS Group, Inc, the parent of BISYS Fund Services Ohio, Inc. and BISYS Fund Services, LP announced that it had entered into a definitive agreement to be acquired by Citi. The transaction closed on August 1, 2007 and Citi now serves as the administrator to the Trust.

 

On August 1, 2007 BISYS Fund Services, LP was acquired by Foreside Financial Group and renamed Foreside Distribution Services LP. That entity now serves as the distributor to the Trust. Since August 1, 2007 Foreside Fund Services LLC serves as distributor to the Trust.

 

5.    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, 2007, were as follows:

 

Portfolio

    Purchases    Sales

Value Portfolio

    $ 744,281,369    $ 693,486,802

Growth Portfolio

      744,920,198      569,851,818

Small Cap Portfolio

      705,225,288      715,605,735

International Portfolio

      979,742,916      888,382,967

Fixed Income Portfolio

      432,568,592      400,199,062

Fixed Income II Portfolio

      395,956,281      397,305,099

Fixed Opportunity Portfolio

      189,558,675      186,039,890

Short Term Municipal Portfolio

      9,410,902      9,045,190

Intermediate Municipal Portfolio

      135,342,287      76,962,366

 

The aggregate purchases and sales of long-term U.S. government securities for the period ended June 30, 2007 were as follows:

 

      Purchases    Sales

Fixed Income Portfolio

    $ 269,195,667    $ 282,396,547

Fixed Income II Portfolio

      346,714,022      306,777,497

 

6.    WRITTEN OPTIONS.    The Fixed Income II Portfolio had the following transactions in written call and put options during the year ended June 30, 2007:

 

      Number of
Contracts		    Premiums
Received

Options outstanding at June 30, 2006

            48    $ 27,272

Options written

    26      6,083

Options expired

    24      11,964

Options closed

    50      21,391
           

Options outstanding at June 30, 2007

    —      —

 

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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 (the “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. The Portfolios may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as a part of the dividends paid deduction for income tax purposes.

 

In July 2006, the FASB released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax return to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the period of determination. Adoption of FIN 48 is required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006. A Fund with a fiscal year ending June 30 will implement FIN 48 no later than December 28, 2007, and it is to be applied to all open tax years as of the effective date. Management is currently evaluating the impact of the adoption of FIN 48 to the financial statements.

 

A.    Unrealized Appreciation/Depreciation

 

     Tax Cost of
Securities		    Tax Unrealized
Appreciation		    Tax Unrealized
Depreciation		     Net Tax
Unrealized
Appreciation /
(Depreciation)		  

Value Portfolio

    $ 1,008,706,812    $ 208,217,147    $ (8,835,122 )   $ 199,382,025  

Growth Portfolio

      1,395,970,063      315,951,617      (12,804,558 )     303,147,059  

Small Cap Portfolio

      1,037,667,028      147,095,557      (20,027,017 )     127,068,540  

International Portfolio

      1,423,712,466      517,799,804      (12,221,486 )     505,578,318  

Fixed Income Portfolio

      305,552,847      504,685      (4,421,546 )     (3,916,861 )

Fixed Income II Portfolio

      285,234,584      819,988      (4,679,684 )     (3,859,696 )

Fixed Opportunity Portfolio

      169,101,699      1,271,079      (2,684,300 )     (1,413,221 )

Short Term Municipal Portfolio

      28,684,562      96      (143,465 )     (143,369 )

Intermediate Municipal Portfolio

      575,229,209      5,281,256      (13,199,160 )     (7,917,904 )

 

The differences between book-basis and tax-basis unrealized appreciation/depreciation are attributable primarily to: tax deferral of losses on wash sales, the difference on investments in passive foreign investment companies, and amortization/accretion.

 

B.    Tax Characteristics of Distributions Paid

 

The tax characteristics of distributions paid during the fiscal years ended June 30, 2007 and 2006 were as follows:

 

    Distributions Paid From:            

2007

   Ordinary
Income		   Net Long Term
Gains		   Total Taxable
Distributions		   Tax-Exempt
Distributions		   Total Distributions
Paid*

Value Portfolio

   $ 38,991,187   $ 38,030,517   $ 77,021,704   $ —   $ 77,021,704

Growth Portfolio

     13,066,054     —     13,066,054     —     13,066,054

Small Cap Portfolio

     22,215,273     65,693,704     87,908,977     —     87,908,977

International Portfolio

     47,731,106     71,134,182     118,865,288     —     118,865,288

Fixed Income Portfolio

     12,607,687     —     12,607,687     —     12,607,687

Fixed Income II Portfolio

     12,929,394     —     12,929,394     —     12,929,394

Fixed Opportunity Portfolio

     8,985,500     —     8,985,500     —     8,985,500

Short Term Municipal Portfolio

     488     —     488     1,034,418     1,034,906

Intermediate Municipal Portfolio

     3,525,007     —     3,525,007     20,487,229     24,012,236

 

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Notes to Financial Statements (continued) — June 30, 2007

 

    Distributions Paid From:            

2006

  

Ordinary

Income

   Net Long Term
Gains		   Total
Taxable
Distributions		   Tax-Exempt
Distributions		   Total Distributions
Paid*

Value Portfolio

   $ 26,336,202   $ 29,040,512   $ 55,376,714   $ —   $ 55,376,714

Growth Portfolio

     8,675,896     —     8,675,896     —     8,675,896

Small Cap Portfolio

     12,599,491     63,116,774     75,716,265     —     75,716,265

International Portfolio

     30,653,512     —     30,653,512     —     30,653,512

Fixed Income Portfolio

     12,312,958     46,585     12,359,543     —     12,359,543

Fixed Income II Portfolio

     12,956,078     506,482     13,462,560     —     13,462,560

Fixed Opportunity Portfolio

     7,786,954     —     7,786,954     —     7,786,954

Short Term Municipal Portfolio

     1,128     —     1,128     206,803     207,931

Intermediate Municipal Portfolio

     2,326,912     —     2,326,912     19,130,673     21,457,585
*   Total distributions paid may differ from the Statement of Changes in Net Assets because dividends for tax purposes are recognized when actually paid. Certain Portfolios utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to share holders on redemption of shares, as a part of the dividends paid deduction for income tax purposes.

 

C.    Components of Accumulated Earnings

 

As of June 30, 2007, the components of accumulated earnings/(deficit) on a tax basis were as follows:

 

    Undistributed
Ordinary
Income/ Tax
Exempt
Income		   Undistributed
Long Term
Capital Gains		   Accumulated
Earnings		   Dividends
Payable		     Accumulated
Capital and
Other Losses		    

Unrealized
Appreciation/

(Depreciation)

     Total
Accumulated
Earnings/
(Deficit)		  

Value Portfolio

   $ 20,297,429   $ 66,037,120   $ 86,334,549   $ —     $ —     $ 199,382,025     $ 285,716,574  

Growth Portfolio

     815,519     —     815,519     —       (63,986,734 )     303,147,059       239,975,844  

Small Cap Portfolio

     21,412,988     28,075,847     49,488,835     —       —       127,068,540       176,557,375  

International Portfolio

     13,011,414     110,610,298     123,621,712     —       —       505,607,154       629,228,866  

Fixed Income Portfolio

     1,129,011     —     1,129,011     (1,050,626 )     (4,017,596 )     (3,916,861 )     (7,856,072 )

Fixed Income II Portfolio

     942,549     —     942,549     (1,081,625 )     (5,833,798 )     (3,915,815 )     (9,888,689 )

Fixed Opportunity Portfolio

     2,207,629     —     2,207,629     —       (29,344,158 )     (1,413,221 )     (28,549,750 )

Short Term Portfolio

     93,994     —     93,994     (76,542 )     (64,532 )     (143,369 )     (190,449 )

Intermediate Municipal Portfolio

     1,911,161     —     1,911,161     (2,004,220 )     (1,902,058 )     (7,917,904 )     (9,913,021 )

 

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D.    Capital Loss Carryforwards

 

As of June 30, 2007, the following Portfolios had net capital loss carryforwards to offset future capital gains, if any, to the extent provided by the Code:

 

     Amount    Expires

Growth Portfolio

    $ 58,237,409    2011

Growth Portfolio

      5,749,325    2012

Fixed Income Portfolio

      804,594    2014

Fixed Income Portfolio

      3,032,440    2015

Fixed Income II Portfolio

      853,084    2014

Fixed Income II Portfolio

      3,925,912    2015

Fixed Income Opportunity Portfolio

      12,385,930    2011

Fixed Income Opportunity Portfolio

      15,624,836    2012

Fixed Income Opportunity Portfolio

      514,533    2015

Short Term Municipal Portfolio

      44,275    2014

Short Term Municipal Portfolio

      4,755    2015

Intermediate Term Municipal Portfolio

      345,683    2009

Intermediate Term Municipal Portfolio

      432,144    2013

Intermediate Term Municipal Portfolio

      422,664    2014

Intermediate Term Municipal Portfolio

      645,398    2015

 

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. During the fiscal year ended June 30, 2007, the Growth Portfolio utilized $28,579,674 of net capital loss carryforwards.

 

E.    Post October Losses

 

Under current tax law, capital losses realized after October 31 of a Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The Fixed Income Portfolio, the Fixed Income II Portfolio, the Fixed Income Opportunity Portfolio the Short Term Municipal Portfolio and the Intermediate Municipal Portfolio had deferred post October losses of $180,562, $1,054,802, $818,859, $15,502 and $56,169 respectively.

 

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Trustees and Shareholders 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 Value Equity Portfolio, Growth Equity Portfolio, Small Capitalization Equity Portfolio, International Equity Portfolio, Fixed Income Portfolio, Fixed Income II Portfolio, Fixed Income Opportunity Portfolio, Short Term Municipal Bond Portfolio, and Intermediate Term Municipal Bond Portfolio (nine portfolios constituting The Hirtle Callaghan Trust, hereafter referred to as the “Trust”) at June 30, 2007, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. 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 the standards of the Public Company Accounting Oversight Board (United States). Those standards 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, 2007 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

 

PricewaterhouseCoopers LLP

 

Columbus, Ohio

August 24, 2007

 

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Additional Fund Information — June 30, 2007 (Unaudited)

 

1.    SECURITY PROXY VOTING.    A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities and, as of August 31, 2007, information regarding how the Portfolios voted proxies related to portfolio securities during the year ended June 30, 2007, is available without charge, upon request, by calling 800-242-9596 and on the SEC’s website at http://www.sec.gov.

 

2.    SHAREHOLDER VOTES.    During the fiscal year period ended June 30, 2007, action was taken by the shareholders of the Portfolios, as follows:

 

SPECIAL MEETINGS OF THE SHAREHOLDERS

 

A special meeting of shareholders of the Value Portfolio was held on September 15, 2006. As a result of a misstatement of the total outstanding shares of the Portfolio as of the record date a motion was presented to adjourn the meeting until September 29, 2006. The motion was unanimously accepted and the meeting was adjourned until September 29, 2006. At the September 29, 2006 meeting shareholders voted and approved a new portfolio management agreement between the Trust and Institutional Capital LLC. The results of the September 29, 2006 meeting are presented below:

 

Portfolio

    Record Date
Shares		    Shares Voted    % of
Total
Shares		    For Proposal    % of
Votes
in Favor		    Against
Proposal		    Abstain

Value Portfolio

    57,429,206.277    57,429,206.277    100%    57,429,206.277    100%    0    0

 

A special meeting of the shareholders of the Fixed Income II Portfolio was held on November 15, 2006. At the meeting, shareholders voted and approved a new portfolio management agreement between the Trust and BlackRock Financial Management, Inc.

 

The results of the November 15, 2006 meeting are presented below:

 

Portfolio

    Record Date
Shares		    Shares Voted    % of
Total
Shares		    For Proposal    % of
Votes
in Favor		    Against
Proposal		    Abstain

Fixed Income II Portfolio

    26,017,352.657    25,927,259.230    99.654%    25,927,259.230    100%    0    0

 

A special meeting of the shareholders of each Portfolio of the Trust was held on November 15, 2006. At the meeting, shareholders were asked to vote for proposals, (i) authorizing the Trust to enter into portfolio management agreements without the affirmative vote of the shareholders of the Trust or of any portfolio of the Trust under certain circumstances and (ii) to approve a new investment advisory agreement between the Trust and Hirtle Callaghan that will permit Hirtle Callaghan to act as a discretionary investment adviser to the Trust and each of its separate investment portfolios. The meeting was adjourned until December 15, 2006. The December 15, 2006 meeting was adjourned until December 28, 2006.

 

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The results of the December 28, 2006 meeting are presented below:

 

Proposal #1:

 

Fund Name

   Record Date
Shares		   Total Shares
Voted		   % of
Total
Shares		   For Proposal   % of
Votes in
Favor		   Against   % of
Votes
Against		   Abstain   % of
Votes
Abstain

Fixed Income II Portfolio

   26,017,352.649   14,625,275.650   56.21%   14,602,046.650   99.841%   1,831.000   0.013%   21,398.000   0.146%

Fixed Opportunity Portfolio

   18,783,637.824   13,165,331.728   70.09%   13,140,062.728   99.808%   17,706.000   0.134%   7,563.000   0.057%

Fixed Income Portfolio

   23,648,239.373   13,401,674.202   56.67%   13,377,818.202   99.822%   2,379.000   0.018%   21,477.000   0.160%

Growth Portfolio

   118,023,973.599   65,037,087.341   55.10%   64,684,283.341   99.458%   231,423.000   0.356%   121,381.000   0.187%

Intermediate Municipal Portfolio

   54,411,066.778   28,836,295.000   53.00%   28,665,797.000   99.409%   147,226.000   0.511%   23,272.000   0.081%

International Portfolio

   115,593,572.263   70,559,996.530   61.04%   70,393,725.530   99.764%   156,623.000   0.222%   9,648.000   0.014%

Short Term Municipal Portfolio

   3,132,094.370   1,642,483.000   52.44%   1,594,600.000   97.085%   25,664.000   1.563%   22,219.000   1.353%

Small Cap Portfolio

   38,594,798.357   23,899,686.458   61.92%   23,845,388.458   99.773%   47,067.000   0.197%   7,231.000   0.030%

Value Portfolio

   58,271,758.578   31,193,580.947   53.53%   31,061,482.947   99.577%   52,804.000   0.169%   79,294.000   0.254%
                                   

Total

   456,476,493.791   262,361,410.856   57.48%   261,365,204.856   99.620%   682,723.000   0.260%   313,483.000   0.119%
                                   

 

Proposal #2:

 

Fund Name

   Record Date
Shares		   Total Shares
Voted		   % of
Total
Shares		   For Proposal   % of
Votes in
Favor		   Against   % of
Votes
Against		   Abstain   % of
Votes
Abstain

Fixed Income II Portfolio

   26,017,352.649   14,625,275.650   56.21%   14,603,877.650   99.854%   —   0.000%   21,398.000   0.146%

Fixed Opportunity Portfolio

   18,783,637.824   13,165,331.728   70.09%   13,151,449.728   99.895%   6,319.000   0.048%   7,563.000   0.057%

Fixed Income Portfolio

   23,648,239.373   13,401,674.202   56.67%   13,374,107.202   99.794%   6,090.000   0.045%   21,477.000   0.160%

Growth Portfolio

   118,023,973.599   65,037,087.341   55.10%   64,713,213.341   99.502%   202,493.000   0.311%   121,381.000   0.187%

Intermediate Municipal Portfolio

   54,411,066.778   28,836,295.000   53.00%   28,813,023.000   99.919%   —   0.000%   23,272.000   0.081%

International Portfolio

   115,593,572.263   70,559,996.530   61.04%   70,363,992.530   99.722%   186,356.000   0.264%   9,648.000   0.014%

Short Term Municipal Portfolio

   3,132,094.370   1,642,483.000   52.44%   1,620,264.000   98.647%   —   0.000%   22,219.000   1.353%

Small Cap Portfolio

   38,594,798.357   23,899,686.458   61.92%   23,825,383.458   99.689%   67,072.000   0.281%   7,231.000   0.030%

Value Portfolio

   58,271,758.578   31,193,580.947   53.53%   31,042,241.947   99.515%   72,045.000   0.231%   79,294.000   0.254%
                                   

Total

   456,476,493.791   262,361,410.856   57.48%   261,507,552.856   99.675%   540,375.000   0.206%   313,483.000   0.119%
                                   

 

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Additional Fund Information (continued) — June 30, 2007 (Unaudited)

 

A special meeting of the shareholders of each Portfolio of the Trust was held on April 30, 2007. At the meeting shareholders were asked to vote for proposals to (i) elect Robert J. Zion as a Trustee for the Trust and (ii) shareholders of the Fixed Opportunity Portfolio were asked to approve a new portfolio management agreement between the Trust and Seix Advisors. The results of the April 30, 2007 meeting are presented below:

 

Proposal #1:

 

Portfolio

    Record Date
Shares		    Shares Voted    % of Total
Shares		    For Proposal    % of
Votes in
Favor

Value Portfolio

    59,799,444.705    49,093,783.642    82.097%    49,093,783.642    100.00%

Growth Portfolio

    121,844,470.527    95,382,820.625    78.282%    95,382,820.625    100.00%

Small Cap Portfolio

    43,297,443.268    28,527,033.819    65.886%    28,527,033.819    100.00%

International Portfolio

    123,659,284,340    82,279,275.633    66.537%    82,279,275.633    100.00%

Intermediate Municipal Portfolio

    59,135,982.750    58,729,549.250    99.313%    58,729,549.250    100.00%

Fixed Income Portfolio

    25,854,250.573    22,227,657.896    85.973%    22,227,657.896    100.00%

Fixed Income II Portfolio

    28,035,401.000    22,274,506.000    79.451%    22,274,506.000    100.00%

Fixed Opportunity Portfolio

    18,738,992.920    9,696,843.195    51.747%    9,696,843.195    100.00%

Short Term Municipal Bond Portfolio

    3,044,405.309    3,036,621.000    99.744%    3,036,621.000    100.00%
                        

Total

    483,409,675.392    371,248,090.060    76.798%    371,248,090.060    100.00%
                        

 

Proposal #2:

 

Portfolio

    Record Date
Shares		    Shares Voted    % of Total
Shares		    For Proposal    % of
Votes in
Favor		    Against
Proposal		    Abstain

Fixed Opportunity Portfolio

    18,738,992.920    9,696,843.195    51.747%    9,696,843.195    100%    0    0

 

3.    EXPENSE EXAMPLE.    As a shareholder of the Trust, you incur ongoing costs, including management fees and other Portfolio expenses. This example (as set forth in the table below) is intended to help you understand your ongoing costs (in dollars) of investing in the Trust and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2007 through June 30, 2007.

 

Actual Expenses.    The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

 

Hypothetical Example for Comparison Purposes.    The table below provides information about hypothetical account values and hypothetical expenses based on each Hirtle Callaghan Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

 

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Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as, redemption fees or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

          Beginning
Account
Value,
January 1, 2007		    Ending
Account
Value,
June 30, 2007		    Expenses
Paid
During
Period2		    Annualized
Expense
Ratio		  

Value Portfolio

    Actual    $ 1,000    $ 1,079    $ 2.11    0.41 %
   Hypothetical1    $ 1,000    $ 1,048    $ 2.08    0.41 %

Growth Portfolio

    Actual    $ 1,000    $ 1,052    $ 1.58    0.31 %
   Hypothetical1    $ 1,000    $ 1,048    $ 1.58    0.31 %

Small Cap Portfolio

    Actual    $ 1,000    $ 1,107    $ 3.19    0.61 %
   Hypothetical1    $ 1,000    $ 1,047    $ 3.10    0.61 %

International Portfolio

    Actual    $ 1,000    $ 1,113    $ .37    0.07 %
   Hypothetical1    $ 1,000    $ 1,050    $ .36    0.07 %

Fixed Income Portfolio

    Actual    $ 1,000    $ 1,011    $ 1.60    0.32 %
   Hypothetical1    $ 1,000    $ 1,048    $ 1.63    0.32 %

Fixed Income II Portfolio

    Actual    $ 1,000    $ 1,008    $ 1.64    0.33 %
   Hypothetical1    $ 1,000    $ 1,048    $ 1.68    0.33 %

Fixed Opportunity Portfolio

    Actual    $ 1,000    $ 1,026    $ 2.91    0.58 %
   Hypothetical1    $ 1,000    $ 1,047    $ 2.95    0.58 %

Short Term Municipal Bond Portfolio

    Actual    $ 1,000    $ 1,012    $ 1.40    0.28 %
   Hypothetical1    $ 1,000    $ 1,049    $ 1.42    0.28 %

Intermediate Municipal Portfolio

    Actual    $ 1,000    $ 1,004    $ 1.69    0.34 %
   Hypothetical1    $ 1,000    $ 1,048    $ 1.73    0.34 %

1

  

Represents the hypothetical 5% annual return before expenses.

2

  

Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period).

 

4.    ADDITIONAL FEDERAL INCOME TAX INFORMATION

 

A.    Dividends Received Deduction.    For corporate shareholders, the following percentage of the total ordinary income distributions paid during the fiscal year ended June 30, 2007 qualify for the corporate dividend received deduction for the following Portfolios:

 

Portfolio

   

Dividends

Received

Deduction

  

Value Portfolio

    41.17 %

Growth Portfolio

    100.00 %

Small Cap Portfolio

    12.46 %

 

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B.    Foreign Tax Pass through Credit.    The International Portfolio intends to 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 Portfolio on a dividend record date in calendar year 2007. These shareholders will receive more detailed information along with their 2007 Form 1099-DIV. Foreign source income and foreign tax expense per outstanding share on June 30, 2007 are as follows:

 

Portfolio

    Foreign
Source
Income		    Foreign
Tax
Expense

International Portfolio

    $ 0.32    $ 0.03

 

C.    Qualified Dividends.    For the fiscal year ended June 30, 2007, the following dividends paid by the Portfolios may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003.

 

Portfolio

    Dividends Paid

Value Portfolio

    $ 15,642,627

Growth Portfolio

      13,066,054

Small Cap Portfolio

      2,609,926

International Portfolio

      31,705,083

 

The Portfolios intend to designate the maximum amount allowable as taxed at a maximum rate of 15%. Complete information will be reported in conjunction with your 2007 Form 1099-DIV.

 

D.    Qualified Interest Income.    For the fiscal year ended June 30, 2007 the following dividends paid by the Portfolios were designated as Qualified Interest Income as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003.

 

Portfolio

    Amount

Value Equity Portfolio

    $ 1,045,385

Growth Equity Portfolio

      1,196,294

Small Capitalization Equity Portfolio

      496,697

International Equity Portfolio

      1,634,615

Fixed Income Portfolio

      12,504,484

Fixed Income II Portfolio

      12,737,975

Fixed Income Opportunity Portfolio

      8,323,265

Short-Term Municipal Bond Portfolio

      931,528

Intermediate Term Municipal Bond Portfolio

      23,804,901

 

E.    Long Term Capital Gains.    The Portfolios declared long term distributions of realized gains qualifying for a maximum 15% capital gains tax rate for individuals as follows:

 

Portfolio

    Amount

Value Portfolio

    $ 38,030,517

Small Cap Portfolio

      65,693,704

International Portfolio

      71,134,182

 

F.    Tax Exempt Distributions.    The Portfolios declared and paid tax exempt distributions for the fiscal year ended June 30, 2007 as follows:

 

Portfolio

    Amount

Short Term Municipal Portfolio

    $ 1,034,418

Intermediate Municipal Portfolio

      20,487,229

 

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5.    ADDITIONAL PORTFOLIO HOLDINGS INFORMATION; ACCESS TO QUARTERLY HOLDINGS

 

The following tables reflect the percentage of the net assets of each Portfolio attributable to the indicated industry sector, type of security or geographic region, as appropriate for the indicated Portfolio.

 

Value Portfolio

 

Security Allocation

    Percentage of
Market Value

Consumer Discretionary

    6.53%

Consumer Staples

    9.83%

Energy

    12.24%

Financials

    26.40%

Healthcare

    8.50%

Industrials

    10.94%

Information Technology

    9.91%

Materials

    7.77%

Telecommunication Services

    4.43%

Utilities

    3.45%
    

Total

    100.00%
    

 

Growth Portfolio

 

Security Allocation

    Percentage of
Market Value

Consumer Discretionary

    14.11%

Consumer Staples

    12.57%

Energy

    4.24%

Financials

    8.49%

Healthcare

    19.28%

Industrials

    10.54%

Information Technology

    27.52%

Materials

    1.84%

Telecommunication Services

    0.74%

Utilities

    0.67%
    

Total

    100.00%
    

 

Small Cap Portfolio

 

Security Allocation

    Percentage of
Market Value

Consumer Discretionary

    11.88%

Consumer Staples

    2.58%

Energy

    7.09%

Financials

    13.08%

Healthcare

    13.32%

Industrial

    21.60%

Information Technology

    20.35%

Materials

    6.30%

Telecommunication Services

    1.46%

Utilities

    2.34%
    

Total

    100.00%
    

 

International Portfolio

 

Security Allocation

    Percentage of
Market Value

Consumer Discretionary

    9.58%

Consumer Staples

    7.72%

Energy

    7.73%

Financials

    27.45%

Healthcare

    5.01%

Industrials

    12.66%

Information Technology

    6.83%

Materials

    9.84%

Telecommunication Services

    8.27%

Utilities

    4.91%
    

Total

    100.00%
    

 

Fixed Income Portfolio

 

Security Allocation

    Percentage of
Market Value

U.S. Treasury

    13.3%

Mortgages

    60.7%

Corporates

    18.4%

Asset Backed

    3.0%

Taxable Municipal

    3.9%

Cash/Other

    0.7%
    

Total

    100.00%
    

 

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Fixed Income II Portfolio

 

Security Allocation

    Percentage of
Market Value

Treasury

    0.7%

Agency

    0.8%

Mortgage

    75.4%

Corporate

    15.2%

Taxable Municipal

    0.2%

Asset-Backed Securities

    3.8%

Cash/Other

    3.9%
    

Total

    100.00%
    

 

Fixed Opportunity Portfolio

 

Security Allocation

    Percentage of
Market Value

Automotive

    1.3%

Building

    1.8%

Cable System Operators

    9.8%

Chemicals

    3.3%

Containers & Packaging

    1.7%

Defense Technology

    0.5%

Diversified Capital Goods

    1.6%

Electronics

    3.7%

Energy

    5.7%

Environmental

    0.2%

Finance

    0.8%

Food & Drug Retailing

    0.7%

Food & Beverage

    1.5%

Health Care & Life Sciences

    9.9%

Media

    2.4%

Natural Resources

    9.0%

Paper & Forest Products

    2.3%

Publishing, Advertising & Entertainment

    10.4%

Retail

    7.1%

Support Services

    3.2%

Telecommunications Equipment

    10.0%

Power Generation

    6.9%

Cash/Other

    6.2%
    

Total

    100.00%
    

Short Term Municipal Portfolio

 

Security Allocation

    Percentage of
Market Value

Arizona

    7.17%

Florida

    7.24%

Hawaii

    3.48%

Illinois

    15.01%

Iowa

    4.61%

Indiana

    3.60%

Kansas

    4.57%

Kentucky

    5.40%

Massachusetts

    4.04%

Michigan

    4.15%

Nevada

    6.96%

New Mexico

    1.73%

New York

    2.76%

Oklahoma

    3.50%

Pennsylvania

    3.47%

Tennessee

    3.59%

Texas

    13.09%

Utah

    3.59%

Other

    2.04%
    

Total

    100.00%
    

 

Intermediate Municipal Portfolio

 

Security Allocation

    Percentage of
Market Value

Alabama

    0.33%

Alaska

    1.61%

Arizona

    2.95%

Arkansas

    1.40%

California

    2.93%

Colorado

    2.28%

Connecticut

    0.51%

Delaware

    0.49%

District of Columbia

    1.59%

Florida

    4.53%

Georgia

    1.00%

Hawaii

    0.16%

Idaho

    0.87%

Illinois

    9.28%

Indiana

    1.97%

Iowa

    1.72%

Kentucky

    0.99%

 

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Security Allocation

    Percentage of
Market Value

Louisiana

    3.68%

Maine

    0.04%

Maryland

    1.90%

Massachusetts

    2.15%

Michigan

    1.49%

Minnesota

    0.22%

Mississippi

    0.43%

Missouri

    1.03%

Montana

    0.43%

Nebraska

    0.95%

Nevada

    0.11%

New Hampshire

    0.50%

New Jersey

    5.20%

New Mexico

    0.25%

New York

    6.39%

North Carolina

    0.50%

North Dakota

    0.71%

Ohio

    3.13%

Oklahoma

    1.88%

Oregon

    0.01%

Pennsylvania

    12.27%

Puerto Rico

    0.04%

Rhode Island

    0.46%

South Carolina

    1.38%

Tennessee

    0.76%

Texas

    6.06%

Utah

    1.24%

Vermont

    0.05%

Virginia

    1.18%

Washington

    1.60%

West Virginia

    0.90%

Wisconsin

    1.67%

Other

    6.78%
    

Total

    100.00%
    

6.    BOARD APPROVAL OF INVESTMENT ADVISORY CONTRACTS

 

During the six-month period covered by this report, the Trust’s Board approved the continuation of certain of those agreements pursuant to which the Trust is provided with investment advisory services. These agreements include the agreements (“Manager Contracts”) between various Specialist Managers and the Trust, each relating to an individual Portfolio.1 During this period, the Board also approved two amendments to the portfolio management agreement with Capital Guardian Trust Company (“CapGuardian Amendments”). In accordance with regulations promulgated

 

1

  

Specialist Manager Contracts reviewed for continuation by the Board during the period include portfolio management agreements with each of: SSgA Funds Management, Inc.; Geewax, Terker & Co.; Frontier Capital Management Company, LLC; Sterling Johnston Capital Management Company, LLC, Jennison Associates, LLC; Artisan Partners Limited Partnership; Capital Guardian Trust Company; Schroder Investment Management North America, Inc.; IronBridge Capital Management, LLC; Franklin Portfolio Associates, LLC; JS Asset Management, LLC; Aberdeen Asset Management, Inc.; and Breckinridge Capital Advisers, Inc.

 

 

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by the Securities and Exchange Commission, a summary of the material factors taken into consideration by the Board has been prepared, which summary includes the Board’s conclusions with respect to these factors.

 

Overall, the Board concluded that both continuation of the Advisory Contracts and implementation of the CapGuardian Amendments would be fair and reasonable and in the best interests of the Trust and its shareholders. The Board considered the factors discussed below in evaluating the fairness and reasonableness of the Manager Contracts. The Board did not identify any particular factors that were controlling. The Board gave substantial weight to the fact that the Trust is designed primarily to serve as a vehicle through which Hirtle Callaghan implements certain asset allocation strategies on behalf of it investment advisory clients; that shares of the Trust are generally available only to such clients; and that Hirtle Callaghan recommended continuation of the Manager Contracts and implementation of the CapGuardian Amendments. During the course of its deliberations with respect to each of the Manager Contracts, the Board was informed with respect to publicly available information assembled by a third-party service provider about the performance of funds similar to the respective Portfolios managed by other investment advisers (“peer group”). While the Board found such comparisons to be useful as an indication of the range of fees and services in the peer group, the Board did not specifically rely upon such comparisons. Rather, the Board based its findings on the specific facts and circumstances of the Trust.

 

The Board also considered the overall advisory fee structure under the Manager Contracts, including the performance-based fees. Based on this review, the Board concluded that the fees as structured were reasonable. The Board noted that in some cases the fees had been structured to reflect economies of scale that were expected to be achieved in the future as asset levels grow. In other cases the Board concluded that the fees could result in economies of scale in the future. The Board determined that it would continue to review the advisory fee structure in the Portfolios to determine if further changes are warranted to achieve economies of scale.

 

Continuation of the Manager Contracts.    In connection with its deliberations with respect to the continuation of the Manager Contracts, the Board had before it information to the effect that the Specialist Managers are responsible only for day-to-day investment decisions, do not participate in the administration or distribution of shares of the Portfolios and receive limited, if any, benefit from their association with the Trust other than the fee paid to them by the respective Portfolios. The Board reviewed such portfolio management services, referencing relative performance of the Specialist Managers, the experience of their investment personnel, adherence to stated investment methodologies and related factors. The Board also considered the performance of the respective Portfolios and Specialist Managers relative to their peer groups. In concluding that continuation of the respective Manager Contracts was appropriate, the Board did not rely upon any single factor, but balanced all of the relevant factors, including the nature and quality of the Specialist Managers’ services, comparative fund performance, comparative fund fee structures and economies of scale while giving considerable weight to Hirtle Callaghan’s recommendations and its views with respect to: (i) the success and future ability of the respective Portfolios to capture the desired asset class for that firm’s clients; and (ii) in the case of multi-manager Portfolios, the contribution of each Specialist Manager to this endeavor. Based on the foregoing, the Board concluded that the performance of the Specialist Managers under the Manager Contracts was satisfactory and that continuation of such contracts was fair and reasonable and in the best interest of shareholders.

 

The Board also determined that the rate at which each of the respective Specialist Managers is compensated for its services is reasonable. In reaching this conclusion, the Board had before it certain information with respect to the costs incurred by each of the Specialist Managers in providing services under the respective Manager Contracts, the profitability of such managers and/or fees charged by such managers to other institutional clients. The Board did not specifically rely on such information, however, but instead gave substantial weight to information demonstrating that the rate at which the Specialist Managers are compensated was determined as a result of arms-length negotiations conducted by the officers of the Trust and Hirtle Callaghan, including several fulcrum fee arrangements, negotiated

 

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fee reductions and waivers and fee schedules that include breakpoints designed to recognize economies of scale in appropriate cases.

 

Implementation of the CapGuardian Amendments.    In connection with its deliberations with respect to the implementation of the CapGuardian Amendments, the Board had before it information to the effect that each of the two amendments would have the effect of reducing the fees payable by the International Portfolio to the Specialist Manager without changing or impairing the services to be provided to such Portfolio in any way. The Board concluded that such amendments were fair and reasonable.

 

The Trust files its complete schedules of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarter of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the SEC’s website at www.sec.gov. The Trust’s Form N-Q may also be reviewed and copied at the SEC’s Public reference Room in Washington, D.C. Information on the Public Reference Room can be obtained by calling 1-800-SEC-0330.

 

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Trustees and Officers of The Hirtle Callaghan Trust

 

Officers and Interested Trustees.    The table below sets forth certain information about each of the Trust’s Interested Trustees, as well as its executive officers.

 

Name, Address, and Age

  

Position(s)
Held with
Trust

  

Term of
Office; Term
Served in
Office

  

Principal Occupation(s)

During Past 5 Years

   Number of
Portfolios
in Fund
Complex
Overseen		  

Other

Directorships

Held by

Trustee**

Donald E. Callaghan*

Five Tower Bridge,

300 Barr Harbor Drive,

W. Conshohocken,
PA 19428

Age: 60

   Chairman and President  

Indefinite;

Since: 7/20/95

   For more than the past five years, Mr. Callaghan has been a Principal of Hirtle Callaghan.   9   None

Robert J. Zion*

Five Tower Bridge,

300 Barr Harbor Drive,

W. Conshohocken,
PA 19428

Age: 45

   Trustee; Vice President & Treasurer   Indefinite; Trustee since 4/30/07; Vice President and Treasurer since 7/20/95   For more than the past five years, Mr. Zion has been a Principal of Hirtle Callaghan.   9   None

Kerry Reilly

BISYS Fund Services

3435 Stelzer Road

Columbus, OH 43219

Age: 41

   Secretary   Indefinite; Since 12/12/06   Assistant Counsel, Legal Services of BISYS Fund Services (since 2006); from June 2004 to May 2005, employee of CitiStreet LLC: from June 1987 through October 2001, employee of Fidelity Investments.   9   N/A

Peter Guarino

Foreside Fund Services LLC

Two Portland Square, 1st Flr

Portland, ME 04101

Age 49

  Chief Compliance Officer   Indefinite; Since 06/30/07   Managing Director of Foreside Compliance Services, LLC Since 2004; Independent Compliance Consultant from 2002 to 2004; General Counsel and Global Compliance Director of MiFund, Inc. (mutual fund services) from 2000 to 2002   9   N/A
*   Messrs. Callaghan and Zion may each be deemed to be an “interested person,” as defined by the 1940 Act, because of their employment with Hirtle, Callaghan & Co., Inc., the overall investment adviser to the Trust.
**   The information in this column relates only to directorships in companies required to file certain reports with the SEC under various federal securities laws.

 

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Independent Trustees.    The following table sets forth certain information about the Trust’s Independent Trustees.

 

Name, Address, and Age

  

Position(s)
Held with
Trust and Age

  

Term of
Office; Term
Served in
Office

  

Principal Occupation(s)

During Past 5 Years

   Number of
Portfolios
in Fund
Complex
Overseen		  

Other

Directorships

Held by

Trustee

Ross H. Goodman

Five Tower Bridge,
300 Barr Harbor Drive,
W. Conshohocken,
PA 19428
Age: 59

   Trustee  

Indefinite;

Since: 7/20/95

   For more than the past five years, Mr. Goodman has been President and Owner of American Industrial Management & Sales, Northeast, Inc. or its predecessors (manufacturing representative).   9   None

Harvey Magarick

Five Tower Bridge,
300 Barr Harbor Drive,
W. Conshohocken,
PA 19428
Age: 68

   Trustee  

Indefinite

Since: 07/01/04

   Since July, 2004 Consultant. Prior to July 2004, Mr. Magarick was a partner in the auditing firm of BDO Seidman, LLP.   9   Atlas
Pipeline
Holdings LP

Jarrett Burt Kling

Five Tower Bridge,
300 Barr Harbor Drive,
W. Conshohocken,
PA 19428
Age: 63

   Trustee  

Indefinite;

Since: 7/20/95

   For more than the past five years, Mr. Kling has been associated with ING Clarion Real Estate Securities, L.P., a registered investment adviser and indirect, wholly owned subsidiary of ING Group.   9   ING Clarion
Real Estate
Income
Fund;
ING Clarion
Global
Real Estate
Income
Fund;
Old Mutual
Advisors
Funds

R. Richard Williams

Five Tower Bridge,
300 Barr Harbor Drive,
W. Conshohocken,
PA 19428
Age: 61

   Trustee  

Indefinite;

Since: 7/15/99

   Since early 2000, Mr. Williams has been the owner of Seaboard Advisors (consulting services).   9   None

Richard W. Wortham, III

Five Tower Bridge,
300 Barr Harbor Drive,
W. Conshohocken,
PA 19428
Age: 68

   Trustee  

Indefinite;

Since: 7/20/95

   For more than the past five years, Mr. Wortham has been President of The Wortham Foundation.   9   None

 

The Statement of Additional Information (“SAI”) includes additional information about the Trustees and officers. To obtain a copy of the SAI, without charge, call (800) 242-9596.

 

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Trustees

 

DONALD E. CALLAGHAN*

 

ROSS H. GOODMAN

 

JARRETT B. KLING

 

HARVEY G. MAGARICK

 

RICHARD W. WORTHAM III

 

R. RICHARD WILLIAMS

 

ROBERT J. ZION*

 

*   “Interested Person” as that term is defined in the Investment Company Act of 1940.

 

 

Sponsor

  

Counsel

Hirtle Callaghan & Co., Inc.

Five Tower Bridge

300 Barr Harbor Drive, Suite 500

West Conshohocken, Pennsylvania 19428

  

Drinker Biddle & Reath LLP

One Logan Square—18th & Cherry Streets

Philadelphia, Pennsylvania 19103-6996

Administrator

  

Independent Registered Public Accounting Firm

Citi Fund Services

3435 Stelzer Road

Columbus, Ohio 43219

  

PricewaterhouseCoopers LLP

100 East Broad Street

Suite 2100

Columbus, Ohio 43215

Distributor

  

Custodian

Foreside Fund Services LLC

Two Portland Square, 1st Flr

Portland, ME 04101

  

State Street Bank and Trust Company

Two World Financial Center

225 Liberty Street

New York, New York 10281

 

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. The prospectus contains more complete information, including investment objectives, risks, fees and expenses and should be read carefully before investing or sending any money.

 

8/07

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Item 2. Code of Ethics.

(a) The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of ethics is included as an Exhibit.

(b) During the period covered by the report, with respect to the registrant’s code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions; there have been no amendments to, nor any waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

 

Item 3. Audit Committee Financial Expert.

3(a)(1) The registrant’s board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

3(a)(2) The audit committee financial expert is Harvey Magarick, who is “independent” for purposes of this Item 3 of Form N-CSR. Mr. Magarick was appointed to the board effective July 1, 2004 and was determined to be an audit committee financial expert on August 26, 2004.

 

Item 4. Principal Accountant Fees and Services.

For the fiscal years ended June 30, 2007 and June 30, 2006 the aggregate fees billed by PricewaterhouseCoopers LLP for professional services rendered for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for the fiscal year for the Registrant are shown in the table below.

 

     2007
Current Year		    2006
Previous Year

Audit Fees (1)

    154,000    141,500

Audit-Related Fees

    0    0

Tax Fees (2)

    23,400    22,050

All Other Fees

    0    0
(1) Audit fees include amounts related to the audit of the Registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings.

 

(2) For the fiscal year ended June 30, 2007, the aggregate tax fees billed for professional services rendered by PricewaterhouseCoopers LLP for tax compliance, tax advice, and tax planning were $23,400. Such tax services included the review of income and excise tax returns for the Registrant. For the fiscal year ended June 30, 2006, the aggregate tax fees billed for professional services rendered by PricewaterhouseCoopers LLP for tax compliance, tax advice, and tax planning were $22,050. Such tax services included the review of income and excise tax returns for the Registrant.

(e)(1) - Except as permitted by Rule 2-01 (c)(7)(i)(c) of Regulation S-X, the Hirtle Callaghan Trust Audit Committee must pre-approve all audit and non-audit services provided by the independent accountants relating to the operations or financial reporting of the Funds. Prior to the commencement of any audit or non-audit services to a Fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

(e)(2) - None of the services summarized in (b)-(d) above, were approved by the Audit Committee pursuant to Rule 2-01 (c)(i)(c) of Regulation S-X.

(f) Not applicable.

(g) - For the fiscal years ended June 30, 2007 and June 30, 2006 the Aggregate non-audit fees billed by PricewaterhouseCoopers LLP for services rendered to the Registrant and the Advisers and any entity controlling, controlled by, or under common control with the Advisers that provided ongoing services to the Registrant were $0 and $0 respectively.

(h) Not applicable

 

Item 5. Audit Committee of Listed Registrants.

Not applicable.

 

Item 6. Schedule of Investments.

Not applicable.

 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

 

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

 

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

 

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12. Exhibits.

(a)(1)    The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto.

(a)(2)    Certifications pursuant to Rule 30a-2(a) are attached hereto.

(a)(3)    Not applicable.

 

(b)        Certifications pursuant to Rule 30a-2(b) are furnished herewith.

 

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant)   The Hirtle Callaghan Trust
By (Signature and Title)*    

/s/    Donald E. Callaghan, Principal Executive Officer

  Donald E. Callaghan, Principal Executive Officer
Date   9/5/07

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)*    

/s/    Robert J. Zion, Principal Financial Officer

  Robert J. Zion, Principal Financial Officer
Date   9/5/07
By (Signature and Title)*    

/s/    Donald E. Callaghan, Principal Executive Officer

  Donald E. Callaghan, Principal Executive Officer
Date   9/5/07