NOTES TO FINANCIAL STATEMENT
The Hirtle Callaghan Trust (The "Trust") was organized in Delaware on December 15, 1994. The Trust has had
no operations other than those relating to organizational matters and the issuance to the IRA of Donald E.
Callaghan, of Common shares as shown in the Statement of Assets and Liabilities. The Trust, which currently
comprises five portfolios (the "Funds"), is registered under the Investment Company Act of 1940, as amended
(the "1940 Act") as an open-ended management investment company. Each Fund operates as a diversified fund.
The Trust has entered into an agreement (the "HCCI Consulting Agreement") with Hirtle Callaghan & Co., Inc.
("HCCI"). The HCCI Consulting Agreement provides that HCCI monitors the performance of various investment
management organizations, including the Investment Managers. HCCI will make its officers available to serve as
officers and/or Trustees of the Trust and maintain office space sufficient for the Trust's principal office. The HCCI
Consulting Agreement provides that HCCI be paid an annual fee of 0.05% of the Fund's average net assets.
The Trust has entered into various investment advisory contracts relating to individual Portfolios of the Trust. The
International Equity Portfolio entered into an Investment Advisory Agreement with Brinson Partners, Inc.
("Brinson") at an annual rate of 0.40% of the average daily net assets. The Small Capitalization Equity Portfolio
entered into separate Investment Advisory Agreements with Clover Capital Management, Inc. ("Clover Capital")
and Frontier Capital Management Company ("Frontier') at an annual rate of 0.45% each, of the average daily net
assets. The Value Equity Portfolio entered into separate Investment Advisory Agreements with Cowen Asset
Management, a division of Cowen & Company ("Cowen"), and Institutional Capital Management Corporation
("ICAP") at an annual rate of 0.30% each, of the average daily net assets. The Limited Duration Municipal Bond
Portfolio entered in