0001193125-12-466160.txt : 20121113 0001193125-12-466160.hdr.sgml : 20121112 20121113104139 ACCESSION NUMBER: 0001193125-12-466160 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121113 DATE AS OF CHANGE: 20121113 EFFECTIVENESS DATE: 20121113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HC CAPITAL TRUST CENTRAL INDEX KEY: 0000934563 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-87762 FILM NUMBER: 121196681 BUSINESS ADDRESS: STREET 1: 300 BARR HARBOR DRIVE, SUITE 500 CITY: WEST CONSHOHOCKEN STATE: PA ZIP: 19428 BUSINESS PHONE: 610-828-7200 MAIL ADDRESS: STREET 1: 300 BARR HARBOR DRIVE, SUITE 500 CITY: WEST CONSHOHOCKEN STATE: PA ZIP: 19428 FORMER COMPANY: FORMER CONFORMED NAME: HIRTLE CALLAGHAN TRUST DATE OF NAME CHANGE: 20100305 FORMER COMPANY: FORMER CONFORMED NAME: HC CAPITAL TRUST DATE OF NAME CHANGE: 20100305 FORMER COMPANY: FORMER CONFORMED NAME: HIRTLE CALLAGHAN TRUST DATE OF NAME CHANGE: 19941222 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HC CAPITAL TRUST CENTRAL INDEX KEY: 0000934563 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-08918 FILM NUMBER: 121196682 BUSINESS ADDRESS: STREET 1: 300 BARR HARBOR DRIVE, SUITE 500 CITY: WEST CONSHOHOCKEN STATE: PA ZIP: 19428 BUSINESS PHONE: 610-828-7200 MAIL ADDRESS: STREET 1: 300 BARR HARBOR DRIVE, SUITE 500 CITY: WEST CONSHOHOCKEN STATE: PA ZIP: 19428 FORMER COMPANY: FORMER CONFORMED NAME: HIRTLE CALLAGHAN TRUST DATE OF NAME CHANGE: 20100305 FORMER COMPANY: FORMER CONFORMED NAME: HC CAPITAL TRUST DATE OF NAME CHANGE: 20100305 FORMER COMPANY: FORMER CONFORMED NAME: HIRTLE CALLAGHAN TRUST DATE OF NAME CHANGE: 19941222 0000934563 S000009376 The Intermediate Term Municipal Bond Portfolio C000025691 HC Strategic Shares HCIMX C000085455 HC Advisors Shares HCIBX 0000934563 S000009378 The Value Equity Portfolio C000025693 HC Strategic Shares HCVEX C000085457 HC Advisors Shares HCVPX 0000934563 S000009379 The Growth Equity Portfolio C000025694 HC Strategic Shares HCEGX C000085458 HC Advisors Shares HCGWX 0000934563 S000009380 The Small Capitalization Equity Portfolio C000025695 HC Strategic Shares HCCEX C000085459 HC Advisors Shares HCSAX 0000934563 S000009381 The International Equity Portfolio C000025696 HC Strategic Shares HCIEX C000085460 HC Advisors Shares HCIAX 0000934563 S000009382 The Core Fixed Income Portfolio C000025697 HC Strategic Shares HCIIX C000085461 HC Advisors Shares HCFNX 0000934563 S000009383 The Fixed Income Opportunity Portfolio C000025698 HC Strategic Shares HCHYX C000085462 HC Advisors Shares HCFOX 0000934563 S000009384 The Short-Term Municipal Bond Portfolio C000025699 HC Strategic Shares HCSBX C000085463 HC Advisors Shares HCSTX 0000934563 S000021772 The Institutional Value Equity Portfolio C000062555 HC Strategic Shares HCIVX C000085464 HC Advisors Shares HCEIX 0000934563 S000021773 The Institutional Growth Equity Portfolio C000062556 HC Strategic Shares HCIGX C000085465 HC Advisors Shares HCIWX 0000934563 S000022549 The Institutional Small Capitalization Equity Portfolio C000065217 HC Strategic Shares HCSCX C000085466 HC Advisors Shares HCISX 0000934563 S000022550 The Institutional International Equity Portfolio C000065218 HC Strategic Shares HCINX C000085467 HC Advisors Shares HCITX 0000934563 S000022579 The Emerging Markets Portfolio C000065289 HC Strategic Shares HCEMX C000085468 HC Advisors Shares HCEPX 0000934563 S000023669 The Real Estate Securities Portfolio C000069687 HC Strategic Shares HCREX C000085469 HC Advisors Shares HCRSX 0000934563 S000028077 THE INTERMEDIATE TERM MUNICIPAL BOND II PORTFOLIO C000085451 HC STRATEGIC SHARES HCBSX C000085452 HC ADVISORS SHARES HCBAX 0000934563 S000028206 The Commodity Returns Strategy Portfolio C000086271 HC Advisors Shares HCCAX C000086272 HC Strategic Shares HCCSX 0000934563 S000029852 The U.S. Government Fixed Income Securities Portfolio C000091786 HC Strategic Shares HCUSX C000091787 HC Advisors Shares HCUAX 0000934563 S000029853 The U.S. Corporate Fixed Income Securities Portfolio C000091788 HC Strategic Shares HCXSX C000091789 HC Advisors Shares HCXAX 0000934563 S000029854 The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio C000091790 HC Strategic Shares HCASX C000091791 HC Advisors Shares HCAAX 485BPOS 1 d425695d485bpos.htm HC CAPITAL TRUST HC CAPITAL TRUST

As filed with the Securities and Exchange Commission on November 13, 2012

1933 Act Registration No. 033-87762

1940 Act Registration No. 811-08918

 

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-1A

 

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

    x     
  Pre-Effective Amendment No.    ¨     
  Post-Effective Amendment No. 62    x     

and/or

 

 

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940

    x     
  Amendment No. 63    x     

 

 

HC Capital Trust

(Exact Name of Registrant as Specified in Charter)

 

 

Five Tower Bridge, 300 Barr Harbor, Suite 500

West Conshohocken, PA 19428-2970

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code:

610-828-7200

 

 

Copies of communications to:

 

Laura Anne Corsell, Esq.

Montgomery, McCracken, Walker &

Rhoads LLP

123 South Broad Street

Avenue of the Arts

Philadelphia, PA 19109

(Name and Address of Agent for Service)

 

 

It is proposed that this filing will become effective (check appropriate box):

  x Immediately upon filing pursuant to paragraph (b)
  ¨ On November 1, 2011 pursuant to paragraph (b)
  ¨ 60 days after filing pursuant to paragraph (a) (1)
  ¨ On (date) pursuant to paragraph (a) (1)
  ¨ 75 days after filing pursuant to paragraph (a) (2)
  ¨ On (date) pursuant to paragraph (a) (2) of Rule 485.

If appropriate, check the following box:

 

  ¨ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment No. 62 to its Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has caused of this Post-Effective Amendment to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of West Conshohocken and State of Pennsylvania on the 12th day of November, 2012.

 

HC Capital Trust

                *

Robert J. Zion

President and Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

 

                *

      Trustee, Treasurer and Vice-President      November 12, 2012   

Robert J. Zion

      (Principal Financial Officer)   

                *

      Trustee      November 12, 2012   

Jarrett Burt Kling

        

                *

      Trustee      November 12, 2012   

Harvey Magarick

        

                *

      Trustee      November 12, 2012   

R. Richard Williams

        

                *

      Trustee      November 12, 2012   

Richard W. Wortham, III

        

 

*By:

  

/s/ Colette Bull

  Colette Bull
  As Attorney-in-fact
  November 12, 2012

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned, a Trustee of HC Capital Trust, a Delaware statutory trust (the “Trust”), does hereby constitute and appoint Robert J. Zion and Colette Bull, and each of them, his true and lawful attorney and agent to do any and all acts and things and to execute any and all instruments which said attorney and agent may deem necessary or advisable to enable the Trust to comply with the Securities Act of 1933, as amended (“Securities Act”), the Investment Company Act of 1940, as amended (“1940 Act”) and any rules, regulations and requirements of the Securities and Exchange Commission (“SEC”), in connection with the registration under the Securities Act of the shares of beneficial interest of the Trust (the “Securities”) and in connection with the registration of the Trust under the 1940 Act, including specifically, but without limiting the generality of the foregoing, the power and authority to sign for on behalf of the Trust and the undersigned, the name of the undersigned as Trustee or an officer, as appropriate, of the Trust to a Registration Statement or to any amendment thereto filed with the SEC with respect to the Securities or with respect to the Trust and to any instrument or document filed as part of, as an exhibit to or in connection with any Registration Statement or amendment. This power of attorney supersedes and replaces the previous power of attorney executed by the undersigned as a Trustee of the Trust on or about June 8, 2010.

IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of June 12, 2012.

 

/s/ Harvey G. Magarick

    

/s/ R. Richard Williams

Harvey G. Magarick, Trustee     R. Richard Williams, Trustee

/s/ Jarret Burt Kling

    

/s/ Richard W. Wortham

Jarrett Burt Kling, Trustee     Richard W. Wortham III, Trustee

/s/ Robert J. Zion

    
Robert J. Zion, Trustee    

HC CAPITAL TRUST

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned, being a Trustee and officer of HC Capital Trust, a statutory trust organized under the laws of the State of Delaware (the “Trust”), does hereby make, constitute and appoint COLETTE BULL and MARK HAUSMANN, and each of them, attorneys-in-fact and agents of the undersigned with full power and authority of substitution and re-substitution, in any and all capacities, to execute for an on behalf of the undersigned any and all filings and amendments to the Registration Statement on Form N-1A relating to the shares of beneficial interest of the Trust and any other documents and instruments incidental thereto, and to deliver and file the same, with all exhibits thereto, and all documents and instruments in connection therewith, with the U.S. Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing that said attorneys-in-fact and agents, and each of them, deem advisable or necessary to enable the Trust to effectuate the intents and purposes hereof, and the undersigned hereby fully ratifies and confirms all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute or substitutes, shall do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has subscribed his or her name this 12th day of June, 2012.

 

/s/ Robert J. Zion

Robert J. Zion

HC CAPITAL TRUST

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned, being a Trustee and officer of HC Capital Trust, a statutory trust organized under the laws of the State of Delaware (the “Trust”), does hereby make, constitute and appoint ROBERT J. ZION and MARK HAUSMANN, and each of them, attorneys-in-fact and agents of the undersigned with full power and authority of substitution and re-substitution, in any and all capacities, to execute for an on behalf of the undersigned any and all filings and amendments to the Registration Statement on Form N-1A relating to the shares of beneficial interest of the Trust and any other documents and instruments incidental thereto, and to deliver and file the same, with all exhibits thereto, and all documents and instruments in connection therewith, with the U.S. Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing that said attorneys-in-fact and agents, and each of them, deem advisable or necessary to enable the Trust to effectuate the intents and purposes hereof, and the undersigned hereby fully ratifies and confirms all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute or substitutes, shall do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has subscribed his or her name this 12th day of June, 2012.

 

/s/ Colette Bull

Colette Bull

Exhibit Index

 

EXHIBIT
NUMBER		    DESCRIPTION
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EX-101.SCH    XBRL Taxonomy Extension Schema Document
EX-101.CAL    XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF    XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB    XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE    XBRL Taxomony Extension Presentation Linkbase
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size="2"><b><u>Example</u>:</b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Example:</b></font> 280 <font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Example</u>:</b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Example</u>:</b></font> 291 <font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Example</u>:</b></font> 401 <font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Example</u>:</b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Example:</b></font> 307 <font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Example</u>:</b></font> 466 <font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Example</u>:</b></font> 184 <font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Example</u>:</b></font> 401 <font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Example</u>:</b></font> 285 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Example:</b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Example</u>:</b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Example</u>:</b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Example</u>:</b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Example</u>:</b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Example</u>:</b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Example</u>:</b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Example</u>:</b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Example</u>:</b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Example</u>:</b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Example</u>:</b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Example</u>:</b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Example</u>:</b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Example</u>:</b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Example</u>:</b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Example</u>:</b></font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleShareholderFeesTheIntermediateTermMunicipalBondPortfolioHCStrategicShares column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Example</u>:</b></font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleShareholderFeesTheInstitutionalSmallCapitalizationEquityPortfolioHCStrategicShares column period compact * ~</div> <div style="display:none">~ http://www.hccapital.com/role/ScheduleShareholderFeesTheSmallCapitalizationEquityPortfolioHCStrategicShares column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Example</u>:</b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Example</u>:</b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Example</u>:</b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Example</u>:</b></font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleShareholderFeesTheU.S.Mortgage/AssetBackedFixedIncomeSecuritiesPortfolioHCStrategicShares column period compact * ~</div> <div style="display:none">~ http://www.hccapital.com/role/ScheduleShareholderFeesTheU.S.CorporateFixedIncomeSecuritiesPortfolioHCStrategicShares column period compact * ~</div> <div style="display:none">~ http://www.hccapital.com/role/ScheduleShareholderFeesTheShort-TermMunicipalBondPortfolioHCStrategicShares column period compact * ~</div> <div style="display:none">~ http://www.hccapital.com/role/ScheduleShareholderFeesTheCoreFixedIncomePortfolioHCStrategicShares column period compact * ~</div> <div style="display:none">~ http://www.hccapital.com/role/ScheduleShareholderFeesTHEINTERMEDIATETERMMUNICIPALBONDIIPORTFOLIOHCStrategicShares column period compact * ~</div> <div style="display:none">~ http://www.hccapital.com/role/ScheduleShareholderFeesTheInstitutionalValueEquityPortfolio column period compact * ~</div> <div style="display:none">~ http://www.hccapital.com/role/ScheduleShareholderFeesTheGrowthEquityPortfolio column period compact * ~</div> <div style="display:none">~ http://www.hccapital.com/role/ScheduleShareholderFeesTheInternationalEquityPortfolio column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Example</u>:</b></font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleShareholderFeesTheInstitutionalSmallCapitalizationEquityPortfolio column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Example</u>:</b></font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleShareholderFeesTheInstitutionalValueEquityPortfolioHCStrategicShares column period compact * ~</div> <div style="display:none">~ http://www.hccapital.com/role/ScheduleShareholderFeesTheInternationalEquityPortfolioHCStrategicShares column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The Intermediate Term Municipal Bond Portfolio</i></b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The Real Estate Securities Portfolio</i></b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The Value Equity Portfolio </i></b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s turnover was 16.99% of the average value of its portfolio. </font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s turnover was 70.31% of the average value of its portfolio. </font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s turnover was 108.58% of the average value of its portfolio. </font> 0.0458 0.1312 <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The Institutional Growth Equity Portfolio </i></b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s turnover was 83.80% of the average value of its portfolio. </font> 0.1909 <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio</i></b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s turnover was 28.67% of the average value of its portfolio. </font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s turnover was 89.01% of the average value of its portfolio. </font> <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The U.S. Government Fixed Income Securities Portfolio </i></b></font> 0.0192 0.0341 0.1434 <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The Institutional International Equity Portfolio </i></b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s turnover was 68.64% of the average value of its portfolio. </font> <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The Short-Term Municipal Bond Portfolio </i></b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s turnover was 22.24% of the average value of its portfolio. </font> 0.1548 <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The Small Capitalization Equity Portfolio</i></b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The Intermediate Term Municipal Bond II Portfolio </i></b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The Fixed Income Opportunity Portfolio</i></b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s turnover was 104.25% of the average value of its portfolio. </font> 0.1187 0.0282 <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The Commodity Returns Strategy Portfolio </i></b></font> 0.1359 <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s turnover was 83.66% of the average value of its portfolio. </font> <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The Value Equity Portfolio </i></b></font> 0.015 <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s turnover was 56.04% of the average value of its portfolio. </font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s turnover was 12.31% of the average value of its portfolio. </font> 0.0503 0.0751 <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The U.S. Corporate Fixed Income Securities Portfolio </i></b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The Emerging Markets Portfolio</i></b></font> 0.2961 <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s turnover was 52.27% of the average value of its portfolio. </font> 509 0.0933 <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The Core Fixed Income Portfolio </i></b></font> 335 0.042 654 <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s turnover was 64.20% of the average value of its portfolio. </font> 307 <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The International Equity Portfolio </i></b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The Institutional Small Capitalization Equity Portfolio</i></b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s turnover was 68.87% of the average value of its portfolio. </font> 317 <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The Institutional Value Equity Portfolio</i></b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#8217;s performance During the most recent fiscal year, the Portfolio&#8217;s turnover was 81.04% of the average value of its portfolio. </font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s turnover was 128.77% of the average value of its portfolio. </font> 0.159 <font style="font-family:Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#146;s performance. During the most recent fiscal year, the Portfolio&#146;s turnover was 108.58% of the average value of its portfolio. </font> 542 0.1338 0.1312 <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s turnover was 64.59% of the average value of its portfolio. </font> 0.1402 390 0.1815 302 263 <font style="font-family:Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#146;s performance. During the most recent fiscal year, the Portfolio&#146;s turnover was 68.64% of the average value of its portfolio. </font> 163 <font style="font-family:Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#146;s performance. During the most recent fiscal year, the Portfolio&#146;s turnover was 64.59% of the average value of its portfolio. </font> 471 <font style="font-family:Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#146;s performance. During the most recent fiscal year, the Portfolio&#146;s turnover was 70.31% of the average value of its portfolio. </font> 373 157 <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#146;s performance. During the most recent fiscal year, the Portfolio&#146;s turnover was 83.80% of the average value of its portfolio. </font> 520 <font style="font-family:Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#146;s performance During the most recent fiscal year, the Portfolio&#146;s turnover was 81.04% of the average value of its portfolio. </font> <font style="font-family:Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#146;s performance. During the most recent fiscal year, the Portfolio&#146;s turnover was 52.27% of the average value of its portfolio. </font> 329 0.1821 0.3146 0.19 <font style="font-family:Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#146;s performance. During the most recent fiscal year, the Portfolio&#146;s turnover was 57.28% of the average value of its portfolio. </font> <font style="font-family:Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#146;s performance. During the most recent fiscal year, the Portfolio&#146;s turnover was 83.66% of the average value of its portfolio. </font> 0.1434 0.1559 0.0493 <font style="FONT-FAMILY: Times New Roman" size="2"> The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#146;s performance. During the most recent fiscal year, the Portfolio&#146;s turnover was 16.99% of the average value of its portfolio. </font> 0.0933 0.0458 0.1402 406 0.5009 0.0445 263 <font style="font-family:Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#146;s performance. During the most recent fiscal year, the Portfolio&#146;s turnover was 104.25% of the average value of its portfolio. </font> 152 0.1349 0.1202 0.2301 169 <font style="font-family:Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#146;s performance. During the most recent fiscal year, the Portfolio&#146;s turnover was 28.67% of the average value of its portfolio. </font> 141 <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#146;s performance. During the most recent fiscal year, the Portfolio&#146;s turnover was 89.01% of the average value of its portfolio. </font> 152 0.0192 0.015 0.0341 <font style="font-family:Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#146;s performance. During the most recent fiscal year, the Portfolio&#146;s turnover was 22.24% of the average value of its portfolio. </font> 197 <font style="font-family:Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#146;s performance. During the most recent fiscal year, the Portfolio&#146;s turnover was 56.04% of the average value of its portfolio. </font> 169 <font style="font-family:Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#146;s performance. During the most recent fiscal year, the Portfolio&#146;s turnover was 64.20% of the average value of its portfolio. </font> 0.0751 0.0346 0.043 <font style="FONT-FAMILY: Times New Roman" size="2"> The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#146;s performance. During the most recent fiscal year, the Portfolio&#146;s turnover was 12.31% of the average value of its portfolio. </font> 0.0282 146 <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s turnover was 57.28% of the average value of its portfolio. </font> 252 <font style="font-family:Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#146;s performance. During the most recent fiscal year, the Portfolio&#146;s turnover was 68.87% of the average value of its portfolio. </font> 179 <font style="font-family:Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#146;s performance. During the most recent fiscal year, the Portfolio&#146;s turnover was 128.77% of the average value of its portfolio. </font> 0.3273 0.1338 0.1603 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="2">The chart and table below show how The Intermediate Term Municipal Bond Portfolio has performed, and how its performance has varied from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#8217;s HC Advisors Shares yearly performance for each full calendar year since the Portfolio&#8217;s HC Advisors Shares inception on July 6, 2010.</font> <font style="FONT-FAMILY: Times New Roman" size="2">The chart and table below show how The Real Estate Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#8217;s HC Advisors Shares yearly performance for each full calendar year since the Portfolio&#8217;s HC Advisors Shares inception on July 6, 2010.</font> <font style="FONT-FAMILY: Times New Roman" size="2">The chart and table below show how The Value Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#8217;s HC Advisors Shares yearly performance for each full calendar year since the Portfolio&#8217;s HC Advisors Shares inception on July 6, 2010. </font> 2010-07-06 2010-07-06 2010-07-06 2010-07-06 0 112 2010-07-06 2010-07-06 2010-07-06 2010-07-06 0 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> 0 58 53 <font style="FONT-FAMILY: Times New Roman" size="2">The chart and table below show how The Institutional Growth Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#8217;s HC Advisors Shares yearly performance for each full calendar year since the Portfolio&#8217;s HC Advisors Shares inception on July 6, 2010.</font> 0 54 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment, expressed as a percentage of offering price)</font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment, expressed as a percentage of offering price) </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="2">The chart and table below show how The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#8217;s HC Strategic Shares yearly performance for each full calendar year since the Portfolio&#8217;s HC Strategic Shares inception on December 6, 2010. </font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheValueEquityPortfolio column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2">The chart and table below show how The U.S. Government Fixed Income Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#8217;s HC Strategic Shares yearly performance for each full calendar year since the Portfolio&#8217;s HC Strategic Shares inception on December 6, 2010. </font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheRealEstateSecuritiesPortfolio column period compact * ~</div> 0 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheInstitutionalGrowthEquityPortfolio column period compact * ~</div> 51 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheIntermediateTermMunicipalBondPortfolio column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="2">The chart and table below show how The Institutional International Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#8217;s HC Advisors Shares yearly performance for each full calendar year since the Portfolio&#8217;s HC Advisors Shares inception on July 6, 2010.</font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheU.S.GovernmentFixedIncomeSecuritiesPortfolio column period compact * ~</div> 0 53 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> 0 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> 0 74 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> 56 <font style="FONT-FAMILY: Times New Roman" size="2">The chart and table below show how The Fixed Income Opportunity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#8217;s HC Advisors Shares yearly performance for each full calendar year since the Portfolio&#8217;s HC Advisors Shares inception on July 6, 2010.</font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="2">The chart and table below show how The Short-Term Municipal Bond Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio's HC Strategic Shares yearly performance for each full calendar year since the Portfolio's HC Strategic Shares inception on March 1, 2006.</font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> 0 0 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> 86 <font style="FONT-FAMILY: Times New Roman" size="2">The chart and table below show how The Commodity Returns Strategy Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#8217;s HC Advisors Shares yearly performance for each full calendar year since the Portfolio&#8217;s HC Advisors Shares inception on July 6, 2010.</font> 0 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheInstitutionalInternationalEquityPortfolio column period compact * ~</div> 33 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheShort-TermMunicipalBondPortfolio column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="1">Based on estimated amounts for the current fiscal year.</font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheU.S.Mortgage/AssetBackedFixedIncomeSecuritiesPortfolio column period compact * ~</div> 74 <font style="FONT-FAMILY: Times New Roman" size="2">The chart and table below show how The Intermediate Term Municipal Bond II Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#8217;s HC Advisors Shares yearly performance for each full calendar year since the Portfolio&#8217;s HC Advisors Shares inception on October 5, 2010.</font> <font style="FONT-FAMILY: Times New Roman" size="2">The chart and table below show how The U.S. Corporate Fixed Income Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#8217;s HC Strategic Shares yearly performance for each full calendar year since the Portfolio&#8217;s HC Strategic Shares inception on December 6, 2010.</font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> 0 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> 0 52 0 94 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> 61 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheSmallCapitalizationEquityPortfolio column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2">The chart and table below show how The Emerging Markets Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#8217;s HC Advisors Shares yearly performance for each full calendar year since the Portfolio&#8217;s HC Advisors Shares inception on July 6, 2010. </font> 0 121 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheFixedIncomeOpportunityPortfolio column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2">The chart and table below show how The Core Fixed Income Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio's HC Advisors Shares yearly performance for each full calendar year since the Portfolio's HC Advisors Shares inception on July 6, 2010.</font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheValueEquityPortfolioHCStrategicShares column period compact * ~</div> 0 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheEmergingMarketsPortfolio column period compact * ~</div> 56 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheU.S.CorporateFixedIncomeSecuritiesPortfolio column period compact * ~</div> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheIntermediateTermMunicipalBondIIPortfolio column period compact * ~</div> <font style="font-family:Times New Roman" size="2">The chart and table below show how The Value Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#146;s yearly performance for each of the last ten full calendar years.</font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheCoreFixedIncomePortfolio column period compact * ~</div> 0 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheCommodityReturnsStrategyPortfolio column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> 57 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="2">The chart and table below show how The International Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#8217;s HC Advisors Shares yearly performance for each full calendar year since the Portfolio&#8217;s HC Advisors Shares inception on July 6, 2010.</font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="2"> The chart and table below show how The Institutional Value Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#8217;s HC Advisors Shares yearly performance for each full calendar year since the Portfolio&#8217;s HC Advisors Shares inception on July 6, 2010.</font> 0 <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The Growth Equity Portfolio</i></b></font> 100 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> 0 <font style="FONT-FAMILY: Times New Roman" size="2">The chart and table below show how The Growth Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#8217;s HC Advisors Shares yearly performance for each full calendar year since the Portfolio&#8217;s HC Advisors Shares inception on July 6, 2010.</font> 72 0 55 <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The Institutional International Equity Portfolio </i></b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The Growth Equity Portfolio</i></b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> 0 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> 48 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The Real Estate Securities Portfolio</i></b></font> 0 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> 30 <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The Small Capitalization Equity Portfolio </i></b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The Emerging Markets Portfolio </i></b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> 0 <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The Institutional Growth Equity Portfolio</i></b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> 0 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> 87 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> 0 0 0 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> 68 <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The Institutional Small Capitalization Equity Portfolio </i></b></font> 29 <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The Commodity Returns Strategy Portfolio </i></b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> 96 60 <font style="font-family:Times New Roman" size="2">The chart and table below show how The Growth Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#146;s yearly performance for each of the last ten full calendar years.</font> <font style="FONT-FAMILY: Times New Roman" size="2">The chart and table below show how The Real Estate Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#146;s yearly performance for each full calendar year since the Portfolio&#146;s inception on May 21, 2009.</font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheGrowthEquityPortfolioHCStrategicShares column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The Intermediate Term Municipal Bond Portfolio </i></b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="2"> The chart and table below show how The Institutional Growth Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#146;s yearly performance for each full calendar year since the Portfolio&#146;s inception on August 8, 2008.</font> <font style="font-family:Times New Roman" size="2">The chart and table below show how The Institutional Small Capitalization Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#146;s yearly performance for each full calendar year since the Portfolio&#146;s inception on August 15, 2008. </font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheInstitutionalGrowthEquityPortfolioHCStrategicShares column period compact * ~</div> <font style="font-family:Times New Roman" size="2">The chart and table below show how The Institutional International Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#146;s yearly performance for each full calendar year since the Portfolio&#146;s inception on November 20, 2009.</font> <font style="font-family:Times New Roman" size="2">The chart and table below show how The Commodity Returns Strategy Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#146;s yearly performance for each full calendar year since the Portfolio&#146;s inception on June 8, 2010.</font> <font style="FONT-FAMILY: Times New Roman" size="2"> The chart and table below show how The Small Capitalization Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#146;s yearly performance for each of the last ten full calendar years.</font> <font style="FONT-FAMILY: Times New Roman" size="2"> The chart and table below show how The Intermediate Term Municipal Bond Portfolio has performed, and how its performance has varied from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#146;s yearly performance for each of the last ten full calendar years.</font> <font style="font-family:Times New Roman" size="2">The chart and table below show how The Emerging Markets Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#146;s yearly performance for each full calendar year since the Portfolio&#146;s inception on December 10, 2009. </font> 0 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheCommodityReturnsStrategyPortfolioHCStrategicShares column period compact * ~</div> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheRealEstateSecuritiesPortfolioHCStrategicShares column period compact * ~</div> 75 <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The Fixed Income Opportunity Portfolio </i></b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> 0 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> 48 0 28 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheEmergingMarketsPortfolioHCStrategicShares column period compact * ~</div> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheInstitutionalInternationalEquityPortfolioHCStrategicShares column period compact * ~</div> <font style="font-family:Times New Roman" size="2">The chart and table below show how The Fixed Income Opportunity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#146;s yearly performance for each of the last ten full calendar years.</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio</i></b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment, expressed as a percentage of offering price)</font> 0 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> 31 <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The U.S. Government Fixed Income Securities Portfolio</i></b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment, expressed as a percentage of offering price)</font> 0 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheFixedIncomeOpportunityPortfolioHCStrategicShares column period compact * ~</div> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheIntermediateTermMunicipalBondPortfolioHCStrategicShares column period compact * ~</div> 26 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheU.S.GovernmentFixedIncomeSecuritiesPortfolioHCStrategicShares column period compact * ~</div> 0 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheInstitutionalSmallCapitalizationEquityPortfolioHCStrategicShares column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2">The chart and table below show how The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#146;s yearly performance for each full calendar year since the Portfolio&#146;s inception on December 6, 2010.</font> 28 <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The Short-Term Municipal Bond Portfolio </i></b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheSmallCapitalizationEquityPortfolioHCStrategicShares column period compact * ~</div> 0 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment, expressed as a percentage of offering price) </font> <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The U.S. Corporate Fixed Income Securities Portfolio </i></b></font> 36 <font style="FONT-FAMILY: Times New Roman" size="2">The chart and table below show how The U.S. Government Fixed Income Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#146;s yearly performance for each full calendar year since the Portfolio&#146;s inception on December 6, 2010.</font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> 0 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> 31 <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The Intermediate Term Municipal Bond II Portfolio </i></b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> <font style="font-family:Times New Roman" size="2">The chart and table below show how The Short-Term Municipal Bond Portfolio has performed, and how its performance has varied from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#146;s yearly performance for each full calendar year since the Portfolio&#146;s inception on March 1, 2006.</font> <font style="FONT-FAMILY: Times New Roman" size="2">The chart and table below show how The U.S. Corporate Fixed Income Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#146;s yearly performance for each full calendar year since the Portfolio&#146;s inception on December 6, 2010.</font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheU.S.CorporateFixedIncomeSecuritiesPortfolioHCStrategicShares column period compact * ~</div> <font style="font-family:Times New Roman" size="2">The chart and table below show how The Core Fixed Income Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#146;s yearly performance for each of the last ten full calendar years.</font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheShort-TermMunicipalBondPortfolioHCStrategicShares column period compact * ~</div> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheU.S.Mortgage/AssetBackedFixedIncomeSecuritiesPortfolioHCStrategicShares column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The Core Fixed Income Portfolio</i></b></font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheCoreFixedIncomePortfolioHCStrategicShares column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2">The chart and table below show how The Intermediate Term Municipal Bond II Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#146;s yearly performance for each full calendar year since the Portfolio&#146;s inception on July 13, 2010.</font> 0 27 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTHEINTERMEDIATETERMMUNICIPALBONDIIPORTFOLIOHCStrategicShares column period compact * ~</div> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheInstitutionalValueEquityPortfolio column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The International Equity Portfolio </i></b></font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheGrowthEquityPortfolio column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> 0 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheInternationalEquityPortfolio column period compact * ~</div> 46 <font style="FONT-FAMILY: Times New Roman" size="3"><b><i><a name="toc414138_1"></a>The Institutional Value Equity Portfolio </i></b></font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheInstitutionalSmallCapitalizationEquityPortfolio column period compact * ~</div> 0 <font style="FONT-FAMILY: Times New Roman" size="2">The chart and table below show how The Small Capitalization Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#8217;s HC Advisors Shares yearly performance for each full calendar year since the Portfolio&#8217;s HC Advisors Shares inception on July 6, 2010.<font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder Fees </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(fees paid directly from your investment) </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual Operating Expenses </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font> 32 <font style="FONT-FAMILY: Times New Roman" size="2">The chart and table below show how The Institutional Small Capitalization Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#8217;s HC Advisors Shares yearly performance for each full calendar year since the Portfolio&#8217;s HC Advisors Shares inception on July 6, 2010.</font> <font style="FONT-FAMILY: Times New Roman" size="2"> The chart and table below show how The International Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#146;s yearly performance for each of the last ten full calendar years.</font> <font style="font-family:Times New Roman" size="2">The chart and table below show how The Institutional Value Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio&#8217;s yearly performance for each full calendar year since the Portfolio&#8217;s inception on July 18, 2008.</font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheInstitutionalValueEquityPortfolioHCStrategicShares column period compact * ~</div> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheInternationalEquityPortfolioHCStrategicShares column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio. </font> 485BPOS HC CAPITAL TRUST 2012-10-26 <font style="FONT-FAMILY: Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes the reinvestment of all dividends and distributions in shares of the Portfolio, that your investment has a 5% return each year and that the Portfolio&#8217;s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio. </font> <font style="FONT-FAMILY: Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#8217;s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> 0.103 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Advisors Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 4.58%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2nd Qtr. 2011</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3.68%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1st Qtr. 2011</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">0.79%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> <font style="FONT-FAMILY: Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio. </font> <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="FONT-FAMILY: Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#8217;s Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Non-Diversification Risk &#8211; </b>The Portfolio is classified as non-diversified for purposes of the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;). This means that, with respect to 50% of its investment portfolio, there is no limit on the percentage of assets that can be invested in a single issuer. Accordingly, an investment in a non-diversified fund may entail greater risk than would otherwise be the case because the potential for a higher percentage of investments among fewer issuers may result in greater fluctuation in the total market value of the Portfolio. </font></li></ul> <font style="FONT-FAMILY: Times New Roman" size="2">Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Advisors Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 14.34%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4th Qtr. 2011</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">15.07%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3rd Qtr. 2011</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(14.48)%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> -0.0161 <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Advisors Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 13.12%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4th Qtr. 2011</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">12.52%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3rd Qtr. 2011</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(17.06)%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> <font style="FONT-FAMILY: Times New Roman" size="2">Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> 0.0879 <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="FONT-FAMILY: Times New Roman" size="2"> Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> 350 -0.0001 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> 185 <font style="FONT-FAMILY: Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio. </font> <font style="FONT-FAMILY: Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#8217;s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> 167 <font style="FONT-FAMILY: Times New Roman" size="2">Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Advisors Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 19.09%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4th Qtr. 2011</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">10.33 %</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3rd Qtr. 2011</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(12.50 )%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> 170 <font style="FONT-FAMILY: Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio. </font> <font style="FONT-FAMILY: Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#8217;s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> 2010-07-06 2010-07-06 2010-07-06 2010-07-06 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio. </font> <font style="FONT-FAMILY: Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#8217;s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> 0.0329 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Strategic Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 1.92%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3rd Qtr. 2011</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">5.82%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1st Qtr. 2011</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(0.12)%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Strategic Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 3.41%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2nd Qtr. 2011</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2.25%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1st Qtr. 2011</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">0.58%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> <font style="FONT-FAMILY: Times New Roman" size="2"> Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> 0.0871 2010-12-06 2010-12-06 2010-12-06 2010-12-06 0.0583 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheValueEquityPortfolioBarChart column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2"> Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheRealEstateSecuritiesPortfolioBarChart column period compact * ~</div> 160 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheInstitutionalGrowthEquityPortfolioBarChart column period compact * ~</div> 2010-07-06 2010-07-06 2010-07-06 2010-07-06 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheIntermediateTermMunicipalBondPortfolioBarChart column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio. </font> <font style="FONT-FAMILY: Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#8217;s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio. </font> <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Advisors Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 15.48%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4th Qtr. 2011</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">6.58%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3rd Qtr. 2011</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(20.89)%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> <font style="FONT-FAMILY: Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#8217;s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be:</font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"> Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Strategic Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 1.50%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4th Qtr. 2008</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2.56%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4th Qtr. 2010</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(0.83)%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> 2010-12-06 2010-12-06 2010-12-06 2010-12-06 167 -0.1068 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheU.S.GovernmentFixedIncomeSecuritiesPortfolioBarChart column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> 230 <font style="FONT-FAMILY: Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio. </font> <font style="FONT-FAMILY: Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes the reinvestment of all dividends and distributions in shares of the Portfolio and that your investment has a 5% return each year and that the Portfolio&#8217;s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> 0.0459 176 <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Advisors Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 13.59%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4th Qtr. 2011</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">13.84 % </font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3rd Qtr. 2011</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(21.02 )% </font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> 2006-03-01 2006-03-01 2006-03-01 2006-03-01 <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Advisors Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 11.87%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4th Qtr. 2011</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">5.28%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3rd Qtr. 2011</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(6.65)%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="FONT-FAMILY: Times New Roman" size="2">Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> 0.0301 0.0952 2010-07-06 2010-07-06 2010-07-06 2010-07-06 <font style="FONT-FAMILY: Times New Roman" size="2">The fee table and accompanying example below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio. </font> <font style="FONT-FAMILY: Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#8217;s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> -0.0557 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> 2010-07-06 2010-07-06 2010-07-06 2010-07-06 <font style="font-family:Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio. </font> <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Advisors Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 5.03%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1st Qtr. 2011</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">7.79%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3rd Qtr. 2011</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(20.69)%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> -0.1588 <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="FONT-FAMILY: Times New Roman" size="2">Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="FONT-FAMILY: Times New Roman" size="2">Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.<font> 268 <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Non-Diversification Risk &#8211; </b>The Portfolio is classified as non-diversified for purposes of the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;). This means that, with respect to 50% of its investment portfolio, there is no limit on the percentage of assets that can be invested in a single issuer. Accordingly, an investment in a non-diversified fund may entail greater risk than would otherwise be the case because the potential for a higher percentage of investments among fewer issuers may result in greater fluctuation in the total market value of the Portfolio. </font></li></ul> -0.0001 2010-10-05 2010-10-05 2010-10-05 2010-10-05 <font style="FONT-FAMILY: Times New Roman" size="2">Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> 2010-07-06 2010-07-06 2010-07-06 2010-07-06 105 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheInstitutionalInternationalEquityPortfolioBarChart column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Advisors Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 2.82%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2nd Qtr. 2011 </font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3.26%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1st Qtr. 2011</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">0.66%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> <font style="FONT-FAMILY: Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio. </font> <font style="FONT-FAMILY: Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#8217;s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Strategic Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 7.51%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3th Qtr. 2011</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4.37%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1rd Qtr. 2011</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">0.22%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> 230 0.091 <font style="FONT-FAMILY: Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio. </font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheShort-TermMunicipalBondPortfolioBarChart column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#8217;s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> 2010-12-06 2010-12-06 2010-12-06 2010-12-06 <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="FONT-FAMILY: Times New Roman" size="2">Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="FONT-FAMILY: Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio. </font> -0.2113 <font style="FONT-FAMILY: Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#8217;s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> -0.0161 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> -0.1998 <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Advisors Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 9.33%.</font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4th Qtr. 2011</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">5.11%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3rd Qtr. 2011</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(24.17)%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> 164 <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> 293 <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Strategic Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 13.12%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3rd Qtr. 2009</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">18.27%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4th Qtr. 2008</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(22.66)%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> 192 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"> Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> <font style="FONT-FAMILY: Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes the reinvestment of all dividends and distributions in shares of the Portfolio and that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be:</font> <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> 0.0774 <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Advisors Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 4.20%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3rd Qtr. 2011</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4.15%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1st Qtr. 2011</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">0.10%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> 378 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheSmallCapitalizationEquityPortfolioBarChart column period compact * ~</div> <font style="font-family:Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="font-family:Times New Roman" size="2"> Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> 2010-07-06 2010-07-06 2010-07-06 2010-07-06 2010-07-06 2010-07-06 2010-07-06 2010-07-06 <font style="FONT-FAMILY: Times New Roman" size="2">Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.</font> <font style="FONT-FAMILY: Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio. </font> <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheFixedIncomeOpportunityPortfolioBarChart column period compact * ~</div> 176 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheEmergingMarketsPortfolioBarChart column period compact * ~</div> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheValueEquityPortfolioHCStrategicSharesBarChart column period compact * ~</div> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheU.S.CorporateFixedIncomeSecuritiesPortfolioBarChart column period compact * ~</div> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheU.S.Mortgage/AssetBackedFixedIncomeSecuritiesPortfolioBarChart column period compact * ~</div> <font style="font-family:Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#146;s Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheIntermediateTermMunicipalBondIIPortfolioBarChart column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheCoreFixedIncomePortfolioBarChart column period compact * ~</div> <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> <font style="FONT-FAMILY: Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio. </font> <font style="FONT-FAMILY: Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#8217;s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> 2010-07-06 2010-07-06 2010-07-06 2010-07-06 <font style="FONT-FAMILY: Times New Roman" size="2">The fee table below describes the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio.</font> 182 <font style="FONT-FAMILY: Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Advisors Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 15.90%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4th Qtr. 2011</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">6.87%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3rd Qtr. 2011</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(21.29)%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="FONT-FAMILY: Times New Roman" size="2">Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="FONT-FAMILY: Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio. </font> <font style="FONT-FAMILY: Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#8217;s Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Advisors Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 14.02%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4th Qtr. 2011</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">12.55%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3rd Qtr. 2011</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(20.63)%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Advisors Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 13.38%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4th Qtr. 2011</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">12.49%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3rd Qtr. 2011</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(16.85)%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> -0.0608 0.0415 <font style="FONT-FAMILY: Times New Roman" size="2"> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> <font style="FONT-FAMILY: Times New Roman" size="2"> Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> -0.1094 -0.0133 312 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheCommodityReturnsStrategyPortfolioBarChart column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio. </font> <font style="FONT-FAMILY: Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#8217;s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> 2010-07-06 2010-07-06 2010-07-06 2010-07-06 2010-07-06 2010-07-06 2010-07-06 2010-07-06 <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Advisors Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 18.15%.</font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4th Qtr. 2011</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">10.16%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3rd Qtr. 2011</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(11.77)%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> 224 <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="FONT-FAMILY: Times New Roman" size="2">Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> 2010-07-06 2010-07-06 2010-07-06 2010-07-06 173 <font style="FONT-FAMILY: Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#146;s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> 151 <font style="font-family:Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio. </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> <font style="font-family:Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#146;s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> 93 <font style="font-family:Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio. </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> <font style="font-family:Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio. </font> <font style="font-family:Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio. </font> <font style="FONT-FAMILY: Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#146;s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> 271 <font style="FONT-FAMILY: Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio. </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> 214 <font style="FONT-FAMILY: Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#146;s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be:</font> 90 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The fee table and accompanying example below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio. </font> <font style="FONT-FAMILY: Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#146;s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> <font style="font-family:Times New Roman" size="2">The fee table below describes the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio. </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Strategic Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 4.93%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1st Qtr. 2011</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">7.87 %</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3rd Qtr. 2011 </font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(20.69 )%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> <font style="font-family:Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#146;s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> 300 <font style="font-family:Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Strategic Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 18.21%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2nd Qtr. 2009</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">15.03%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4th Qtr. 2008</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(23.87)%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> <font style="FONT-FAMILY: Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> 189 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> -0.2948 0.0337 0.0415 <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> -0.1068 <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> <font style="font-family:Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="font-family:Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="font-family:Times New Roman" size="2"> Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> 2009-11-20 2009-11-20 2009-11-20 2009-11-20 <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Strategic Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 19.00%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2nd Qtr. 2009</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">15.01%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2nd Qtr. 2010</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(12.58)%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> 0.0879 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheGrowthEquityPortfolioHCStrategicSharesBarChart column period compact * ~</div> 2008-08-08 2008-08-08 2008-08-08 2008-08-08 -0.158 -0.1998 <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Strategic Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 14.34%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4th Qtr. 2011</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">15.07%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3rd Qtr. 2011</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(14.48)%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Strategic Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 4.58%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3rd Qtr. 2009</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">6.12%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4th Qtr. 2010</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(3.36)%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> <font style="font-family:Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="font-family:Times New Roman" size="2">Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.</font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Strategic Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 9.33%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3rd Qtr. 2010</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">18.88%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3rd Qtr. 2011</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(24.13)%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> <font style="FONT-FAMILY: Times New Roman" size="2">Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="font-family:Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Non-Diversification Risk &#150;</b> The Portfolio is classified as non-diversified for purposes of the Investment Company Act of 1940, as amended (the &#147;Investment Company Act&#148;). This means that, with respect to 50% of its investment portfolio, there is no limit on the percentage of assets that can be invested in a single issuer. Accordingly, an investment in a non-diversified fund may entail greater risk than would otherwise be the case because the potential for a higher percentage of investments among fewer issuers may result in greater fluctuation in the total market value of the Portfolio.</font></li></ul> <font style="font-family:Times New Roman" size="2">Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Strategic Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 15.59%.</font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3rd Qtr. 2010</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">16.22%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3rd Qtr. 2011</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(20.97)%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheInstitutionalGrowthEquityPortfolioHCStrategicSharesBarChart column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Strategic Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 14.02%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2nd Qtr. 2009</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">19.99%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3rd Qtr. 2011</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(20.63)%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> 2010-06-08 2010-06-08 2010-06-08 2010-06-08 <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> 2010-06-08 <font style="font-family:Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> 2009-12-10 <font style="FONT-FAMILY: Times New Roman" size="2"> The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio. </font> 2009-12-10 2009-12-10 2009-12-10 <font style="FONT-FAMILY: Times New Roman" size="2"> This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes the reinvestment of all dividends and distributions in shares of the Portfolio, that your investment has a 5% return each year and that the Portfolio&#146;s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> <font style="FONT-FAMILY: Times New Roman" size="2"> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="font-family:Times New Roman" size="2">Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="font-family:Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="font-family:Times New Roman" size="2">Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheRealEstateSecuritiesPortfolioHCStrategicSharesBarChart column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2"> Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> 2009-05-21 2009-05-21 2009-05-21 2009-05-21 -0.0608 <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Non-Diversification Risk &#150;</b> The Portfolio is classified as non-diversified for purposes of the Investment Company Act of 1940, as amended (the &#147;Investment Company Act&#148;). This means that, with respect to 50% of its investment portfolio, there is no limit on the percentage of assets that can be invested in a single issuer. Accordingly, an investment in a non-diversified fund may entail greater risk than would otherwise be the case because the potential for a higher percentage of investments among fewer issuers may result in greater fluctuation in the total market value of the Portfolio.</font></li></ul> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Strategic Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 13.49%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2nd Qtr. 2003</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">23.33%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4th Qtr. 2008</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(26.29)%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> <font style="font-family:Times New Roman" size="2">Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheCommodityReturnsStrategyPortfolioHCStrategicSharesBarChart column period compact * ~</div> 233 -0.2579 <font style="font-family:Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio. </font> -0.0549 <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> <font style="font-family:Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes the reinvestment of all dividends and distributions in shares of the Portfolio and that your investment has a 5% return each year and that the Portfolio&#146;s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> 0.0795 151 0.103 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> 87 <font style="font-family:Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="font-family:Times New Roman" size="2"> Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheEmergingMarketsPortfolioHCStrategicSharesBarChart column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Strategic Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 12.02%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2nd Qtr. 2009</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">11.28%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4th Qtr. 2008</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(13.06)%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> -0.0518 0.0458 2008-08-15 2008-08-15 2008-08-15 2008-08-15 <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheInstitutionalInternationalEquityPortfolioHCStrategicSharesBarChart column period compact * ~</div> <font style="font-family:Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio.</font> <font style="font-family:Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="font-family:Times New Roman" size="2">Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="font-family:Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio. </font> <font style="FONT-FAMILY: Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the HC Strategic Shares of the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#146;s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> 97 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio. </font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheFixedIncomeOpportunityPortfolioHCStrategicSharesBarChart column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the HC Strategic Shares of the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#146;s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheIntermediateTermMunicipalBondPortfolioHCStrategicSharesBarChart column period compact * ~</div> 80 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheU.S.GovernmentFixedIncomeSecuritiesPortfolioHCStrategicSharesBarChart column period compact * ~</div> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheInstitutionalSmallCapitalizationEquityPortfolioHCStrategicSharesBarChart column period compact * ~</div> 0.0871 87 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> 0.0583 <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Strategic Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 1.50%.</font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4th Qtr. 2008</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2.56 %</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4th Qtr. 2010</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(0.83 )%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Strategic Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 3.41%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2nd Qtr. 2011</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2.25%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1st Qtr. 2011</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">0.58%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Strategic Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 1.92%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3rd Qtr. 2011</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">5.82%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1st Qtr. 2011</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(0.12)%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> <font style="font-family:Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio. </font> <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheSmallCapitalizationEquityPortfolioHCStrategicSharesBarChart column period compact * ~</div> <font style="font-family:Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes the reinvestment of all dividends and distributions in shares of the Portfolio, that your investment has a 5% return each year and that the Portfolio&#146;s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> <font style="font-family:Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio. </font> <font style="font-family:Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> 2010-12-06 2010-12-06 2010-12-06 2010-12-06 <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> 113 <font style="FONT-FAMILY: Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the HC Strategic Shares of the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#146;s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> 0.091 <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Strategic Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 7.51%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3rd Qtr. 2011</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4.37%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1st Qtr. 2011</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">0.22%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> <font style="font-family:Times New Roman" size="2">Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.</font> 2010-12-06 2010-12-06 2010-12-06 2010-12-06 2010-12-06 2010-12-06 2010-12-06 2010-12-06 97 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> 0.0301 <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Strategic Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 2.82%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2nd Qtr. 2011</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3.26%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1st Qtr. 2011</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">0.66%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheU.S.Mortgage/AssetBackedFixedIncomeSecuritiesPortfolioHCStrategicSharesBarChart column period compact * ~</div> 0.0797 <font style="font-family:Times New Roman" size="2">Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="font-family:Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="font-family:Times New Roman" size="2">Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="font-family:Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheU.S.CorporateFixedIncomeSecuritiesPortfolioHCStrategicSharesBarChart column period compact * ~</div> <font style="font-family:Times New Roman" size="2">Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheShort-TermMunicipalBondPortfolioHCStrategicSharesBarChart column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Strategic Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 4.30%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3rd Qtr. 2009</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4.49%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3rd Qtr. 2008</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(2.91)%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> 2006-03-01 2006-03-01 2006-03-01 2006-03-01 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheCoreFixedIncomePortfolioHCStrategicSharesBarChart column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2"> The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio. </font> <font style="FONT-FAMILY: Times New Roman" size="2"> This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#146;s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> <font style="FONT-FAMILY: Times New Roman" size="2"> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="FONT-FAMILY: Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes the reinvestment of all dividends and distributions in shares of the Portfolio and that your investment has a 5% return each year and that the Portfolio&#146;s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> <font style="font-family:Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio. </font> <font style="FONT-FAMILY: Times New Roman" size="2"> Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> <font style="font-family:Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> 84 2010-07-13 2010-07-13 2010-07-13 2010-07-13 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTHEINTERMEDIATETERMMUNICIPALBONDIIPORTFOLIOHCStrategicSharesBarChart column period compact * ~</div> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheInstitutionalValueEquityPortfolioBarChart column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="font-family:Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio. </font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheGrowthEquityPortfolioBarChart column period compact * ~</div> -0.0001 <font style="FONT-FAMILY: Times New Roman" size="2"> This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#146;s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> 144 2010-07-06 2010-07-06 2010-07-06 2010-07-06 2010-07-06 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> <font style="font-family:Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio. </font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheInstitutionalSmallCapitalizationEquityPortfolioBarChart column period compact * ~</div> -0.0001 <font style="FONT-FAMILY: Times New Roman" size="2">Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.</font> <font style="FONT-FAMILY: Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#146;s Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: </font> 102 <font style="FONT-FAMILY: Times New Roman" size="2">Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.</font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Principal Investment Strategies </b></font> -0.1693 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheInternationalEquityPortfolioBarChart column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Strategic Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 16.03%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2nd Qtr. 2009</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">20.93%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3rd Qtr. 2011</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(21.22)%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s HC Strategic Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 13.38%. </font><br/><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="35%"></td><td valign="bottom" width="10%"></td><td></td><td></td><td></td><td valign="bottom" width="17%"></td><td></td><td></td><td valign="bottom" width="8%"></td></tr><tr bgcolor="#cceeff"><td style="BORDER-TOP: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Best quarter:</font></div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3rd Qtr. 2009</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">18.31%</font></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font></div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3rd Qtr. 2011</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(16.86)%</font></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"></font></td></tr></table> <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> <font style="font-family:Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> 2008-07-18 2008-07-18 2008-07-18 2008-07-18 <font style="font-family:Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="FONT-FAMILY: Times New Roman" size="2"> Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <font style="font-family:Times New Roman" size="2">Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans. </font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheInstitutionalValueEquityPortfolioHCStrategicSharesBarChart column period compact * ~</div> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheInternationalEquityPortfolioHCStrategicSharesBarChart column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2">The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio. </font> <center><font style="FONT-FAMILY: Times New Roman" size="2"><b>Average Annual Total Returns </b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">(for the periods ended 12/31/11) </font></center> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Investment Objective </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Fees and Expenses </b></font> 2012-06-30 0000934563 false 2012-11-01 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Investment Objective </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Fees and Expenses </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of assets) in a diversified portfolio of intermediate-term fixed income securities, the interest on which is exempt from regular Federal income tax. These securities, which include both securities issued by municipalities and so-called &#8220;private activity bonds,&#8221; are referred to as &#8220;Municipal Securities.&#8221; Municipal Securities acquired for the Portfolio will generally be rated in one of the three highest rating categories assigned by one of the major independent rating agencies, or are, in the view of the Specialist Manager, deemed to be of comparable quality. The Portfolio is, however, authorized to invest up to 15% of its assets in Municipal Securities that are rated in the fourth highest category. Fixed income securities rated in the fourth highest rating category by a rating agency may have speculative characteristics. Also, the Portfolio is authorized to invest up to 20% of its net assets in taxable instruments. It is a fundamental policy of the Portfolio that, under normal circumstances, at least 80% of its net assets will be invested in Municipal Securities. Municipal Securities purchased for the Portfolio will have varying maturities, but under normal circumstances the Portfolio will have an effective dollar weighted average portfolio maturity of between five and ten years. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio&#8217;s benchmark over time. </font> <font style="FONT-FAMILY: Times New Roman" size="2">Investing in the Portfolio involves risks common to any investment in securities. As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Call/Prepayment Risk &#8211; </b>Municipal securities held by the Portfolio may be called (prepaid) before their maturity dates. This usually occurs as interest rates are declining. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. In addition, the Portfolio may lose price appreciation if a bond it holds is called earlier than scheduled. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Credit Risk &#8211; </b>An investment in the Portfolio also involves the risk that the issuer of a Municipal Security that the Portfolio holds will not make principal or interest payments when they are due, or that the value of the Municipal Securities will decline because of a market perception that the issuer may not make payments on time. Fixed income securities rated in the fourth highest rating category by a rating agency may have speculative characteristics. Credit risk is greater for lower quality fixed income securities. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Extension Risk &#8211; </b>These securities are also subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Interest Rate Risk &#8211; </b>One of the primary risks associated with an investment in the Portfolio is the risk that the value of Municipal Securities held in the Portfolio will decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. Accordingly, the yield of the Portfolio can be expected to be somewhat more volatile in response to changes in interest rates than shorter-term investment vehicles.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Liquidity Risk &#8211; </b>At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Management Risk &#8211; </b>The risk that investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Market Risk &#8211; </b>The value of the securities held by a Portfolio may decline in response to general market and economic conditions or conditions that affect specific market sectors or individual companies. </font></li></ul><font style="FONT-FAMILY: Times New Roman" size="2"><i>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio. </i></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Investment Objective </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><center><b>Year-by-Year Total Returns as of 12/31</b></center></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Fees and Expenses </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio seeks to achieve its objective by investing primarily (i.e. at least 80% of its assets) in a portfolio of equity and debt securities issued by U.S. and non-U.S. real estate-related companies, including companies known as real estate investment trusts (REITs) and other real estate operating companies whose value is derived from ownership, development and management of underlying real estate properties. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio&#8217;s permissible investments include equity and equity-related securities of real estate-related companies, including common stock, preferred stock, convertible securities, warrants, options, depositary receipts and other similar equity equivalents. The Portfolio also may invest in equity and equity-related and fixed income securities, including debt securities, mortgage-backed securities and high yield debt. The Portfolio may also invest in companies which are located in emerging markets countries, as well as companies of any market capitalization. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">Consistent with its investment style, the Portfolio&#8217;s Specialist Manager may use instruments such as option or futures contracts in order to gain market exposure pending investment or to hedge against fluctuations in market price of the securities in which the Portfolio invests. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio&#8217;s benchmark over time. </font> <font style="FONT-FAMILY: Times New Roman" size="2">Investing in the Portfolio involves risks common to any investment in securities. As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Call/Prepayment Risk &#8211; </b>When interest rates are declining, issuers of fixed income securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. Mortgage-backed and asset-backed securities are especially sensitive to prepayment. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Credit Risk &#8211; </b>An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time. Changes in economic conditions are likely to cause issuers of these securities to be unable to meet their obligations. Credit risk is greater for lower quality or &#8220;junk bonds.&#8221; In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Derivative Risk &#8211; </b>The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Some derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Emerging Markets Risk &#8211; </b>Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Equity Market Risk &#8211; </b>The market value of an equity security and the equity markets in general can be volatile. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Extension Risk &#8211; </b>Fixed income securities held by the Portfolio are subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Foreign Currency Risk &#8211; </b>Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Foreign Securities Risk &#8211; </b>Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. Additionally, risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Interest Rate Risk &#8211; </b>One of the risks associated with an investment in the Portfolio is the risk that the value of fixed income securities held in the Portfolio will decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Liquidity Risk &#8211; </b>At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Management Risk &#8211; </b>The risk that investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Market Risk &#8211; </b>The value of the securities held by a Portfolio may decline in response to general market and economic conditions or conditions that affect specific market sectors or individual companies. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Multi-Manager Risk &#8211; </b>The risk that the Trust may be unable to (a) identify and retain Specialist Managers who achieve superior investment records relative to other similar investments, (b) pair Specialist Managers that have complementary investment styles, or (c) effectively allocate Portfolio assets among Specialist Managers to enhance the return and reduce the volatility that would typically be expected of any one management style. A multi-manager Portfolio may, under certain circumstances, incur trading costs that might not occur in a Portfolio that is served by a single Specialist Manager. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Non-Diversification Risk &#8211; </b>The Portfolio is classified as non-diversified for purposes of the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;). This means that, with respect to 50% of its investment portfolio, there is no limit on the percentage of assets that can be invested in a single issuer. Accordingly, an investment in a non-diversified fund may entail greater risk than would otherwise be the case because the potential for a higher percentage of investments among fewer issuers may result in greater fluctuation in the total market value of the Portfolio. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Real Estate Markets and REIT Risk &#8211; </b>Investments in the Portfolio will be closely linked to the performance of the real estate markets. Property values may fall due to increasing vacancies or declining rents resulting from unanticipated economic, legal, cultural or technological developments. REIT prices may also fall because of the failure of borrowers to pay their loans and/or poor management. The value of real estate (and real estate securities) may also be affected by increases in property taxes and changes in tax laws and interest rates. The value of securities of companies that service the real estate industry may also be affected by such risks. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Sector/Concentration Risk &#8211; </b>Because the Portfolio concentrates its investments in real estate securities, it may be subject to greater risks of loss as a result of economic, business or other developments than a fund representing a broader range of industries. The Portfolio may be subject to risks associated with direct ownership of real estate, such as changes in economic conditions, interest rates, availability of mortgage funds, property values, increases in property taxes and operating expenses, increased competition, environmental problems, changes in zoning laws and natural disasters. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Small/Mid Cap Risk &#8211; </b>Many companies in the investable universe are classified as small or mid cap companies. Small and mid-cap companies may be more vulnerable to adverse business or economic developments. They may also be less liquid and/or more volatile than securities of larger companies or the market averages in general. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies. Companies with a market capitalization between $500 million and $5 billion would likely be included in the &#8220;small cap&#8221; range and companies with a market capitalization between $5 billion and $15 billion would likely be included in the &#8220;mid cap&#8221; range. </font></li></ul> <font style="FONT-FAMILY: Times New Roman" size="2"><i>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio. </i></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font> </font> <font style="FONT-FAMILY: Times New Roman" size="2">As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font> <font style="FONT-FAMILY: Times New Roman" size="2">Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.</font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio is designed to implement a value-oriented investment approach. A &#8220;value investor&#8221; seeks to select securities that trade for less than the intrinsic value of the issuing company, as measured by fundamental investment considerations such as earnings, book value and dividend paying ability. The Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its assets) in a diversified portfolio of equity securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio may invest up to 20% of the total assets of the actively managed portion of the Portfolio in income-producing securities other than common stock, such as preferred stocks or bonds, including those that are convertible into common stock. These income-producing securities may be of any quality or maturity. The Portfolio may also invest in equity securities of mid capitalization issuers. As of the date of this Prospectus, companies with a market capitalization of between $5 billion and $15 billion would likely be included in the &#8220;mid cap&#8221; range. Up to 20% of the total assets of the total Portfolio may also be invested in securities issued by non-U.S. companies. The Portfolio may also invest in other instruments including option or futures contracts, and similar instruments in order to gain market exposure pending investment or to hedge against fluctuations in market price of the securities in which the Portfolio invests. Additionally, a portion of the Portfolio is managed using a &#8220;passive&#8221; or &#8220;index&#8221; investment approach designed to approximate as closely as practicable, before expenses, the performance of the Portfolio&#8217;s benchmark index and, from time to time, one or more identifiable subsets or other portions of that index. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one investment subadviser (&#8220;Specialist Manager&#8221;). The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio&#8217;s benchmark over time. </font> <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> <font style="FONT-FAMILY: Times New Roman" size="2">Investing in the Portfolio involves risks common to any investment in securities. As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Credit Risk</b> <b>&#8211;</b> Fixed income securities are subject to the risk that the issuing company may fail to make principal and interest payments when due. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Derivative Risk</b> <b>&#8211;</b> The value of derivative instruments, including option and futures contracts, may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Some derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Equity Market Risk</b> <b>&#8211;</b> The market value of an equity security and the equity markets in general can be volatile. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Foreign Currency Risk</b> <b>&#8211;</b> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Foreign Securities Risk</b> <b>&#8211;</b> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Interest Rate Risk</b> <b>&#8211;</b> Fixed income securities are subject to the risk that, if interest rates rise, the value of income-producing securities may experience a corresponding decline. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Management Risk</b> <b>&#8211;</b> The risk that investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Market Risk</b> <b>&#8211;</b> The value of the securities held by a Portfolio may decline in response to general market and economic conditions or conditions that affect specific market sectors or individual companies. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Mid Cap Risk</b> <b>&#8211;</b> These companies may have more limited financial resources, markets and depth of management than larger companies. As of the date of this Prospectus, companies with a market capitalization of between $5 billion and $15 billion would likely be included in the &#8220;mid cap&#8221; range. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Multi-Manager Risk</b> <b>&#8211;</b> The risk that the Trust may be unable to (a) identify and retain Specialist Managers who achieve superior investment records relative to other similar investments, (b) pair Specialist Managers that have complementary investment styles, or (c) effectively allocate Portfolio assets among Specialist Managers to enhance the return and reduce the volatility that would typically be expected of any one management style. A multi-manager Portfolio may, under certain circumstances, incur trading costs that might not occur in a Portfolio that is served by a single Specialist Manager. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Passive Investing Risk</b> <b>&#8211;</b> A portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio&#8217;s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio&#8217;s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio&#8217;s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Value Investing Risk</b> <b>&#8211;</b> An investment in the Portfolio cannot assure moderation of investment risk. There is no guarantee that a value stock is, in fact, undervalued, or that the market will ever recognize its true value. </font></li></ul><font style="FONT-FAMILY: Times New Roman" size="2"><i>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio. </i></font> <font style="FONT-FAMILY: Times New Roman" size="2">As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font> <font style="FONT-FAMILY: Times New Roman" size="2">Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. </font> <font style="FONT-FAMILY: Times New Roman" size="2"><center><b>Year-by-Year Total Returns as of 12/31</b></center></font> <font style="FONT-FAMILY: Times New Roman" size="2">Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.</font> <font style="FONT-FAMILY: Times New Roman" size="2"><center><b>Year-by-Year Total Returns as of 12/31</b></center></font> <font style="FONT-FAMILY: Times New Roman" size="2">before-tax return</font> <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> <font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font> 2011-06-30 2011-03-31 0.0368 2011-12-31 0.1252 <font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font> 2011-09-30 <font style="FONT-FAMILY: Times New Roman" size="2">before-tax return</font> <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. </font> 0.0025 0.0009 0.011 0.0879 -0.0025 0.1287 0.0887 0.2521 0.1705 0.1944 0.2471 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Investment Objective </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Fees and Expenses </b></font> 0.0025 0.0008 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio Turnover </b></font> 0.0058 0.0057 <font style="FONT-FAMILY: Times New Roman" size="2"><center><b>Year-by-Year Total Returns as of 12/31</b></center></font> -0.0161 -0.0182 -0.0077 0.0039 0.1275 0.1248 0.1088 0.1486 0.0025 0.0006 0.0052 <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio is designed to implement a growth-oriented investment approach. &#8220;Growth investing&#8221; means that securities acquired for the Portfolio can be expected to have above-average potential for growth in revenue and earnings. The Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its assets) in a diversified portfolio of equity securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio may invest up to 20% of the total assets of the actively managed portion of the Portfolio in income-producing securities other than common stock, such as preferred stocks or bonds, including those that are convertible into common stock. These income-producing securities may be of any quality or maturity. The Portfolio may also invest in equity securities of mid capitalization issuers. As of the date of this Prospectus, companies with a market capitalization of between $5 billion and $15 billion would likely be included in the &#8220;mid cap&#8221; range. Up to 20% of the total assets of the total Portfolio may also be invested in securities issued by non-U.S. companies. Although some of the equity securities in which the Portfolio will invest are expected to be dividend paying issues, income is a secondary consideration in the stock selection process. Accordingly, dividends paid by this Portfolio can generally be expected to be lower than those paid by The Institutional Value Equity Portfolio. Consistent with their respective investment styles, the Portfolio&#8217;s Specialist Managers may use instruments including option or futures contracts and similar instruments in order to pursue their investment objectives, gain market exposure pending investment or to hedge against fluctuations in market price of the securities in which the Portfolio invests. In accordance with applicable interpretations of the SEC, such derivative instruments may be treated as equity securities for purposes of meeting its investment objective, if these instruments have economic characteristics similar to those of equity securities. </font><br /><br /><font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio&#8217;s benchmark over time. </font> <font style="FONT-FAMILY: Times New Roman" size="2">Investing in the Portfolio involves risks common to any investment in securities. As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Credit Risk &#8211; </b>Fixed income securities are subject to the risk that the issuing company may fail to make principal and interest payments when due. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Derivative Risk &#8211; </b>The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Some derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Equity Market Risk &#8211; </b>The market value of an equity security and the equity markets in general can be volatile. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Foreign Currency Risk &#8211; </b>Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Foreign Securities Risk &#8211; </b>Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Growth Investing Risk &#8211; </b>An investment in growth stocks may be susceptible to rapid price swings, especially during periods of economic uncertainty. Growth stocks typically have little or no dividend income to cushion the effect of adverse market conditions. In addition, growth stocks may be particularly volatile in the event of earnings disappointments or other financial difficulties experienced by the issuer. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Interest Rate Risk &#8211; </b>Fixed income securities are subject to the risk that, if interest rates rise, the value of income-producing securities may experience a corresponding decline. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Liquidity Risk &#8211; </b>At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Management Risk &#8211; </b>The risk that investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Market Risk &#8211; </b>The value of the securities held by a Portfolio may decline in response to general market and economic conditions or conditions that affect specific market sectors or individual companies. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Mid Cap Risk &#8211; </b>These companies may have more limited financial resources, markets and depth of management than larger companies. As of the date of this Prospectus, companies with a market capitalization of between $5 billion and $15 billion would likely be included in the &#8220;mid cap&#8221; range. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Multi-Manager Risk &#8211; </b>The risk that the Trust may be unable to (a) identify and retain Specialist Managers who achieve superior investment records relative to other similar investments, (b) pair Specialist Managers that have complementary investment styles, or (c) effectively allocate Portfolio assets among Specialist Managers to enhance the return and reduce the volatility that would typically be expected of any one management style. A multi-manager Portfolio may, under certain circumstances, incur trading costs that might not occur in a Portfolio that is served by a single Specialist Manager. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Passive Investing Risk &#8211; </b>A portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio&#8217;s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio&#8217;s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio&#8217;s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows. </font></li></ul><font style="FONT-FAMILY: Times New Roman" size="2"><i>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio. </i></font> <font style="FONT-FAMILY: Times New Roman" size="2">As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment.</font> <font style="FONT-FAMILY: Times New Roman" size="2">Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. </font> <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> 0.103 0.1028 0.0796 0.0963 2011-12-31 0.1033 <font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font> 2011-09-30 <font style="FONT-FAMILY: Times New Roman" size="2">before-tax return</font> 0.0025 0.0007 0.0053 0.0641 0.0639 0.0597 0.0626 0.0329 0.0307 0.0243 0.0264 0.1899 0.1877 0.1623 0.1931 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Investment Objective </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Fees and Expenses </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio seeks to achieve its objective by investing primarily (i.e. at least primarily 80% of net assets) in a portfolio of publicly issued, investment grade mortgage and asset backed securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. In general the portfolio will maintain aggregate characteristics similar to the Barclays Capital U.S. Securitized Index. The Portfolio will seek to invest in U.S. dollar denominated agency and non-agency mortgage-backed securities backed by loans secured by residential, multifamily and commercial properties including, but not limited to: pass throughs, collateralized mortgage obligations (&#8220;CMOs&#8221;), real estate mortgage investment conduits (&#8220;REMICs&#8221;), stripped mortgage-backed securities (&#8220;SMBS&#8221;), project loans, construction loans, and adjustable rate mortgages. The Portfolio may also invest in U.S. Treasury and agency securities. Securities must be rated investment-grade or better by a nationally recognized credit rating agency at the time of purchase or, if not rated by an agency, of comparable credit quality as determined by the Specialist Manager at the time of purchase. The Portfolio may engage in transactions involving &#8220;derivative instruments&#8221; both in order to hedge against fluctuations in the market value of the securities in which the Portfolio invests and to achieve market exposure pending investment and, in the case of asset-backed and similar securities, for investment purposes. Securities purchased for the Portfolio will have varying maturities, but under normal circumstances the Portfolio will have an effective dollar weighted average portfolio maturity of between three and five years. <br/><br/>The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio&#8217;s benchmark over time. </font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio seeks to achieve its objective by investing primarily (i.e. at least 80% of its net assets) in a portfolio of U.S. fixed income securities issued or fully guaranteed by the U.S. Government, Federal Agencies, or sponsored agencies. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. In general the portfolio will maintain aggregate characteristics similar to the Barclays Capital U.S. Government Index. Securities held by the Portfolio will be rated investment grade or better by at least two rating agencies at the time of purchase if not rated by an agency, of comparable credit quality as determined by the Specialist Manager at the time of purchase. Overall credit quality of the Portfolio will be maintained at a level substantially equal to that of the Barclays Capital U.S. Government Index. The Portfolio will attempt to be fully invested at all times in U.S. Government fixed income securities, but may hold cash positions at times to adjust the duration of the Portfolio to more closely approximate that of the Barclays Capital U.S. Government Index, to replicate the interest rate sensitivity of the securities in the Barclays Capital U.S. Government Index, or to approximate the exposure to cash in the Barclays Capital U.S. Government Index from coupon payments, principal payments or called securities. The Portfolio intends to maintain an effective dollar weighted average portfolio maturity similar to that of the Barclays Capital U.S. Government Index. </font><br /><br /><font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio&#8217;s benchmark over time. </font> <font style="FONT-FAMILY: Times New Roman" size="2">Investing in the Portfolio involves risks common to any investment in securities. As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Call/Prepayment Risk &#8211; </b>When interest rates are declining, issuers of securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. Mortgage-backed and asset-backed securities are especially sensitive to prepayment. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Credit Risk &#8211; </b>An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Fund&#8217;s return. Changes in economic conditions are likely to cause issuers of these securities to be unable to meet their obligations. Credit risk is greater for lower quality or &#8220;junk bonds.&#8221; In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Interest Rate Risk &#8211; </b>One of the primary risks associated with an investment in the Portfolio is the risk that the value of securities held in the Portfolio will decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. Accordingly, the yield of the Portfolio can be expected to be somewhat more volatile in response to changes in interest rates than shorter-term investment vehicles.</font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Liquidity Risk &#8211; </b>At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Management Risk &#8211; </b>The risk that investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Market Risk &#8211; </b>The value of the securities held by a Portfolio may decline in response to general market and economic conditions or conditions that affect specific market sectors or individual companies. </font></li></ul> <font style="FONT-FAMILY: Times New Roman" size="2"><i>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio. </i></font> <font style="FONT-FAMILY: Times New Roman" size="2">Investing in the Portfolio involves risks common to any investment in securities. As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Call/Prepayment Risk &#8211; </b>When interest rates are declining, issuers of securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. This risk should be low for the Portfolio as it invests mainly in securities that are not callable.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Interest Rate Risk &#8211; </b>One of the primary risks associated with an investment in the Portfolio is the risk that the value of fixed income securities held in the Portfolio will decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. Accordingly, the yield of the Portfolio can be expected to be somewhat more volatile in response to changes in interest rates than shorter-term investment vehicles. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Management Risk &#8211; </b>The risk that investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Market Risk &#8211; </b>The value of the securities held by a Portfolio may decline in response to general market and economic conditions or conditions that affect specific market sectors or individual companies. </font></li></ul><font style="FONT-FAMILY: Times New Roman" size="2"><i>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio. </i></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Investment Objective </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Fees and Expenses </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><center><b>Year-by-Year Total Returns as of 12/31</b></center></font> <font style="FONT-FAMILY: Times New Roman" size="2">As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font> <font style="FONT-FAMILY: Times New Roman" size="2"><center><b>Year-by-Year Total Returns as of 12/31</b></center></font> <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. </font> <font style="FONT-FAMILY: Times New Roman" size="2">Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.</font> <font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font> <font style="FONT-FAMILY: Times New Roman" size="2">before-tax return</font> 0.0582 2011-09-30 2011-03-31 <font style="FONT-FAMILY: Times New Roman" size="2"> As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAverageAnnualTotalReturnsTransposedTheValueEquityPortfolio column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2">before-tax return</font> 2011-06-30 0.0225 <font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font> 2011-03-31 <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. </font> 0.0025 0.0008 0.005 0.0871 0.0749 0.0564 0.0902 0.0699 0.0585 0.0528 0.0721 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAverageAnnualTotalReturnsTransposedTheInstitutionalGrowthEquityPortfolio column period compact * ~</div> 2011-12-31 0.1507 <font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font> 2011-09-30 <font style="FONT-FAMILY: Times New Roman" size="2">before-tax return</font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Investment Objective </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Fees and Expenses </b></font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAverageAnnualTotalReturnsTransposedTheIntermediateTermMunicipalBondPortfolio column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio invests primarily (i.e., at least 80% of its assets) in a diversified portfolio of equity securities of issuers located in non-U.S. countries. Although the Portfolio may invest anywhere in the world, the Portfolio is expected to invest primarily in the equity markets included in the Morgan Stanley Capital International Europe, Australasia and Far East Index (&#8220;MSCI EAFE Index&#8221;). In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio&#8217;s benchmark over time. </font> <font style="FONT-FAMILY: Times New Roman" size="2">Investing in the Portfolio involves risks common to any investment is securities. As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Derivative Risk &#8211; </b>The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Some derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Emerging Markets Risk &#8211; </b>Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Equity Market Risk &#8211; </b>The market value of an equity security and the equity markets in general can be volatile. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Foreign Currency Risk &#8211; </b>Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Foreign Securities Risk &#8211; </b>Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. Additionally, risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Management Risk &#8211; </b>The risk that investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Market Risk &#8211; </b>The value of the securities held by a Portfolio may decline in response to general market and economic conditions or conditions that affect specific market sectors or individual companies. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Multi-Manager Risk &#8211; </b>The risk that the Trust may be unable to (a) identify and retain Specialist Managers who achieve superior investment records relative to other similar investments, (b) pair Specialist Managers that have complementary investment styles, or (c) effectively allocate Portfolio assets among Specialist Managers to enhance the return and reduce the volatility that would typically be expected of any one management style. A multi-manager Portfolio may, under certain circumstances, incur trading costs that might not occur in a Portfolio that is served by a single Specialist Manager. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Passive Investing Risk &#8211; </b>A portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio&#8217;s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio&#8217;s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio&#8217;s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows. </font></li></ul><font style="FONT-FAMILY: Times New Roman" size="2"><i>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio. </i></font> <font style="FONT-FAMILY: Times New Roman" size="2"><center><b>Year-by-Year Total Returns as of 12/31</b></center></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Investment Objective </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio&#8217;s principal investment strategy is to invest at least 80% of its assets in municipal bonds (i.e., debt securities issued by municipalities and related entities, the interest on which is exempt from Federal income tax) (&#8220;Tax-Exempt Securities&#8221;) so that it will qualify to pay &#8220;exempt-interest dividends.&#8221; The Portfolio intends to maintain a dollar-weighted effective average portfolio maturity of no longer than three years. The Portfolio invests primarily in securities that are rated in one of the top four rating categories of a nationally recognized statistical rating organization or, if unrated, that are determined by the Specialist Manager to be of comparable quality. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. Fixed income securities rated in the fourth highest rating category by a rating agency may have speculative characteristics. The Portfolio does not currently intend to invest in obligations, the interest on which is a preference item for purposes of the Federal alternative minimum tax.<br/><br/>The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio&#8217;s benchmark over time.</font> <font style="FONT-FAMILY: Times New Roman" size="2"> As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font> <font style="FONT-FAMILY: Times New Roman" size="2">Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. </font> <font style="FONT-FAMILY: Times New Roman" size="2">Investing in the Portfolio involves risks common to any investment in securities. As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Call/Prepayment Risk &#8211; </b>Municipal securities held by the Portfolio may be called (prepaid) before their maturity dates. This usually occurs as interest rates are declining. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. In addition, the Portfolio may lose price appreciation if a bond it holds is called earlier than scheduled.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Credit Risk &#8211; </b>An investment in the Portfolio also involves the risk that the issuer of a municipal security that the Portfolio holds will not make principal or interest payments when they are due, or that the value of the municipal securities will decline because of a market perception that the issuer may not make payments on time. Fixed income securities rated in the fourth highest rating category by a rating agency may have speculative characteristics. Credit risk is greater for lower quality fixed income securities. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Extension Risk &#8211; </b>These securities are also subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Interest Rate Risk &#8211; </b>One of the primary risks associated with an investment in the Portfolio is the risk that the value of municipal securities held in the Portfolio will decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Management Risk &#8211; </b>The risk that investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Market Risk &#8211; </b>The value of the securities held by a Portfolio may decline in response to general market and economic conditions or conditions that affect specific market sectors or individual companies. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Tax Risk &#8211; </b>Changes in Federal tax laws or regulations could change the tax-exempt status of income from any or all of the Portfolio&#8217;s municipal securities. In addition, short-term capital gains and a portion of any gain attributable to bonds purchased at market discount will be treated as ordinary income for Federal tax purposes. </font></li></ul><font style="FONT-FAMILY: Times New Roman" size="2"><i>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio. </i></font> <font style="FONT-FAMILY: Times New Roman" size="2"><center><b>Year-by-Year Total Returns as of 12/31</b></center></font> <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. </font> <font style="FONT-FAMILY: Times New Roman" size="2">before-tax return</font> 2011-12-31 0.0658 <font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font> 2011-09-30 0.0025 0.0009 0.0052 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Fees and Expenses </b></font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAverageAnnualTotalReturnsTransposedTheRealEstateSecuritiesPortfolio column period compact * ~</div> 0.0301 0.0298 0.0274 0.0236 0.0341 0.0339 0.0333 0.0353 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Investment Objective </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><center><b>Year-by-Year Total Returns as of 12/31</b></center></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Fees and Expenses </b></font> 0.0025 0.001 0.0072 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Investment Objective </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Fees and Expenses </b></font> 0.0025 0.0008 0.0055 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio Turnover </b></font> -0.1068 -0.1122 -0.0573 -0.1173 0.0569 <font style="FONT-FAMILY: Times New Roman" size="2">Under normal circumstances, the portfolio invests primarily (i.e., at least 80% of assets) in a portfolio of fixed income securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. A principal investment strategy of the Portfolio is to invest in high yield securities including &#8220;junk bonds&#8221;. Under normal circumstances, at least 50% of the Portfolio&#8217;s assets will be invested in junk bonds. These securities are fixed income securities that are rated below the fourth highest category assigned by one of the major independent rating agencies or are, in the view of the Specialist Manager, deemed to be of comparable quality. Such securities may include: corporate bonds, collateralized loan obligations (CLOs), collateralized bond obligations (CBOs) and collateralized debt obligations (CDOs) (expected to be limited to less than 15% of the Portfolio), agency and non-agency mortgage-backed securities, collateralized mortgage obligations, commercial mortgage-backed securities and asset-backed securities, REITs, foreign fixed income securities, including emerging market debt, convertible bonds, preferred stocks, treasury inflation bonds, loan participations, swaps and fixed and floating rate loans. </font><br /><br /><font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio may invest in U.S. government securities, including but not limited to treasuries, agencies and commercial paper. The Portfolio may also hold a portion of its assets in cash or money market instruments in order to maintain liquidity or in the event that the Specialist Manager determines that securities meeting the Portfolio&#8217;s investment objective and policies are not otherwise readily available for purchase. <br /><br />Consistent with its investment policies, the Portfolio may purchase and sell high yield securities. Purchases and sales of securities may be effected without regard to the effect on portfolio turnover. Securities purchased for the Portfolio will have varying maturities, but, under normal circumstances, the Portfolio will have an effective dollar weighted average portfolio maturity of between 5 and 10 years. The Portfolio may engage in transactions involving &#8220;derivative instruments&#8221; both in order to hedge against fluctuations in the market value of the securities in which the Portfolio invests and to achieve market exposure pending investment. </font><br /><br /><font style="FONT-FAMILY: Times New Roman" size="2">The performance benchmark for this Portfolio is the Barclays Capital U.S. High Yield Ba/B 2% Issuer Capped Index, an unmanaged index of high yield securities that is widely recognized as an indicator of the performance of such securities. The Specialist Managers actively manage the interest rate risk of the Portfolio relative to this benchmark. </font><br /><br /><font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio&#8217;s benchmark over time. </font> 0.0523 0.0505 0.0473 <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Call/Prepayment Risk &#8211; </b>When interest rates are declining, issuers of securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. Mortgage-backed and asset-backed securities are especially sensitive to prepayment. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Credit Risk &#8211; </b>An investment in the Portfolio also involves the risk that the issuer of a fixed income security will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the security will decline because of a market perception that the issuer may not make payments on time. Changes in economic conditions are likely to cause issuers of these securities to be unable to meet their obligations. Credit risk is greater for lower quality or &#8220;junk bonds.&#8221; In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Derivative Risk &#8211; </b>The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Some derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Emerging Markets Risk &#8211;</b> Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Extension Risk &#8211; </b>These securities are also subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Floating Rate Loans Risk &#8211; </b>The risks associated with floating rate loans are similar to the risks of below investment grade securities. Changes in economic conditions are likely to cause issuers of these securities to be unable to meet their obligations. In addition, the value of the collateral securing the loan may decline, causing a loan to be substantially unsecured. The sale and purchase of a bank loan are subject to the requirements of the underlying credit agreement governing such bank loan. These requirements may limit the eligible pool of potential bank loan holders by placing conditions or restrictions on sales and purchases of bank loans. Further, bank loans are not traded on an exchange and purchasers and sellers of bank loans rely on market makers, usually the administrative agent for a particular bank loan, to trade bank loans. These factors, in addition to overall market volatility, may negatively impact the liquidity of loans. Difficulty in selling a floating rate loan may result in a loss. Borrowers may pay back principal before the scheduled due date when interest rates decline, which may require the Portfolio to replace a particular loan with a lower-yielding security. There may be less extensive public information available with respect to loans than for rated, registered or exchange listed securities. The Portfolio may assume the credit risk of the primary lender in addition to the borrower, and investments in loan assignments may involve the risks of being a lender. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Foreign Securities Risk &#8211; </b>Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. Additionally, risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>High Yield Bond Risk &#8211; </b>High yield bonds are considered speculative under traditional investment standards. Prices of these securities will rise and fall primarily in response to changes in the issuer&#8217;s financial health, although changes in market interest rates also will affect prices. High yield bonds may also experience reduced liquidity, and sudden and substantial decreases in price, during certain market conditions. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Interest Rate Risk &#8211; </b>One of the primary risks associated with an investment in the Portfolio is the risk that the value of fixed income securities held in the Portfolio will decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. Accordingly, the yield of the Portfolio can be expected to be somewhat more volatile in response to changes in interest rates than shorter-term investment vehicles. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Liquidity Risk &#8211; </b>At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Loan Participation Risk &#8211; </b>Loan participations typically will result in a Portfolio having a contractual relationship only with the lender, not with the borrower. In connection with purchasing loan participations, a Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and a Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation. As a result, a Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. A Portfolio may have difficulty disposing of loan participations as the market for such instruments is not highly liquid. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Management Risk &#8211; </b>The risk that investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Market Risk &#8211; </b>The value of the securities held by a Portfolio may decline in response to general market and economic conditions or conditions that affect specific market sectors or individual companies. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Multi-Manager Risk &#8211; </b>The risk that the Trust may be unable to (a) identify and retain Specialist Managers who achieve superior investment records relative to other similar investments, (b) pair Specialist Managers that have complementary investment styles, or (c) effectively allocate Portfolio assets among Specialist Managers to enhance the return and reduce the volatility that would typically be expected of any one management style. A multi-manager Portfolio may, under certain circumstances, incur trading costs that might not occur in a Portfolio that is served by a single Specialist Manager. </font></li></ul><font style="FONT-FAMILY: Times New Roman" size="2"><i>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio. </i></font> <font style="FONT-FAMILY: Times New Roman" size="2"><center><b>Year-by-Year Total Returns as of 12/31</b></center></font> <font style="FONT-FAMILY: Times New Roman" size="2">before-tax return</font> <font style="FONT-FAMILY: Times New Roman" size="2"><center><b>Year-by-Year Total Returns as of 12/31</b></center></font> 2011-12-31 0.0528 <font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font> 2011-09-30 <font style="FONT-FAMILY: Times New Roman" size="2"><i>It is possible to lose money by investing in the Portfolio. </i></font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAverageAnnualTotalReturnsTransposedTheU.S.GovernmentFixedIncomeSecuritiesPortfolio column period compact * ~</div> 0.0583 0.0462 0.0377 0.0622 <font style="FONT-FAMILY: Times New Roman" size="2">Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. </font> 0.0495 0.0383 0.0356 0.0542 <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> <font style="FONT-FAMILY: Times New Roman" size="2">Investing in the Portfolio involves risks common to any investment in securities. As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment.</font><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Derivative Risk &#8211;</b> The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Some derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Equity Market Risk &#8211; </b>The market value of an equity security and the equity markets in general can be volatile. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Management Risk &#8211; </b>The risk that investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Market Risk &#8211; </b>The value of the securities held by a Portfolio may decline in response to general market and economic conditions or conditions that affect specific market sectors or individual companies. </font> </li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Multi-Manager Risk &#8211; </b>The risk that the Trust may be unable to (a) identify and retain Specialist Managers who achieve superior investment records relative to other similar investments, (b) pair Specialist Managers that have complementary investment styles, or (c) effectively allocate Portfolio assets among Specialist Managers to enhance the return and reduce the volatility that would typically be expected of any one management style. A multi-manager Portfolio may, under certain circumstances, incur trading costs that might not occur in a Portfolio that is served by a single Specialist Manager. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Mid Cap Risk &#8211; </b>These companies may have greater financial resources, markets and depth of management than companies in the small cap universe and may be less likely to experience the rapid growth that small cap investors seek. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Passive Investing Risk &#8211; </b>A portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio's investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio's return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio's return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Small Cap Risk &#8211; </b>Small cap companies may be more vulnerable to adverse business or economic developments. They may also be less liquid and/or more volatile than securities of larger companies or the market averages in general. Small cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies. </font></li></ul><font style="FONT-FAMILY: Times New Roman" size="2"><i>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.</i></font> 0.047 0.0412 <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio invests primarily (i.e., at least 80% of its assets) in a diversified portfolio of equity securities of &#8220;small cap&#8221; issuers. The Portfolio is designed to invest primarily in equity securities of U.S. issuers which have market capitalizations that are comparable to the capitalization of companies in the Russell 2000<sup>(R)</sup> Index at the time of purchase. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. Up to 20% of the total assets of the total Portfolio may also be invested in securities of &#8220;mid cap&#8221; issuers. Consistent with its objective the Portfolio will invest in both dividend paying securities and securities that do not pay dividends. Also, consistent with their respective investment styles, the Portfolio's Specialist Managers may use instruments such as option or futures contracts in order to gain market exposure pending investment or to hedge against fluctuations in market price of the securities in which the Portfolio invests. As of August 31, 2012, the market capitalization range of companies in the Russell 2000<sup>&reg;</sup> Index was between approximately $500 million and $5 billion. Companies with a market capitalization between $5 billion and $15 billion would likely be included in the &#8220;mid cap&#8221; range.<br/><br/>The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio's benchmark over time.</font> 0.0141 2011-06-30 0.0326 <font style="FONT-FAMILY: Times New Roman" size="2">before-tax return</font> <font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font> 2011-03-31 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Investment Objective </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Fees and Expenses </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font> <font <font style="FONT-FAMILY: Times New Roman" size="2">before-tax return</font> 2011-12-31 0.1384 2011-09-30 <font style="FONT-FAMILY: Times New Roman" size="2">As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment.</font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.</font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio seeks to achieve its objective by investing in a portfolio of commodity-related investments including securities issued by companies in commodity-related industries, commodity-linked structured notes (derivative debt instruments with principal and/or coupon payments linked to the performance of commodity indices) and other similar derivative instruments, investment vehicles that invest in commodities and commodity-related instruments. Securities of companies in commodities-related industries may include common stocks, depositary receipts, preferred securities, rights to subscribe for or purchase any such securities, warrants, convertible securities and other equity and commodity-linked securities issued by such companies. For this purpose, commodities are assets that have tangible properties, such as oil, metal and agricultural products. Commodity-related industries include, but are not limited to: (i) those directly engaged in the production of commodities, such as minerals, metals, agricultural commodities, chemicals, pulp and paper, building materials, oil and gas, other energy or natural resources, and (ii) companies that provide services to commodity producers. The Portfolio considers a company to be in a commodity-related industry if, as determined by the relevant Specialist Manager, at least 50% of the company&#8217;s assets, revenues or net income are derived from, or related to, such activities. The Portfolio may invest without limitation in foreign securities, including securities issued by companies in emerging markets. The Portfolio also intends to gain exposure to commodity markets by investing a portion of its assets in two wholly-owned subsidiaries organized under the laws of the Cayman Islands (the &#8220;Subsidiaries&#8221;). The Subsidiaries may invest without limitation in commodity-linked derivative instruments, such as swaps, futures and options. The Portfolio may invest in commodity swap, variance swap and total return swap agreements and the Portfolio maintains liquid assets sufficient to cover the full notional value of any such swap positions. The Subsidiaries may also invest in debt securities, some of which are intended to serve as margin or collateral for the Subsidiaries&#8217; derivatives positions, and other investment vehicles that invest in commodities and commodity-related instruments. The Subsidiaries are managed by the same Specialist Managers that advise the Portfolio. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio may invest in equity and fixed income securities and may invest in companies of any market capitalization. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio is authorized to operate on a multi-manager basis. This means that the Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio&#8217;s benchmark over time. </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Investment Objective </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">Investing in the Portfolio involves risks common to any investment in securities. As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Commodity-Related Securities Risk &#8211; </b>The securities of companies in commodity-related industries may underperform the stock market as a whole. The stock prices of such companies may also experience greater price volatility than other types of common stocks. Securities issued by companies in commodity-related industries are sensitive to changes in the supply and demand for, and thus the prices of, commodities. Additionally, the values of securities issued by commodity-related companies may be affected by factors affecting a particular industry or commodity. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Commodity-Related Investment Risk &#8211; </b>Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, interest rate changes or events affecting a particular commodity or industry, such as political instability or conflict, international economic and regulatory developments, embargoes and tariffs, and drought, floods and other weather-related events. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Counterparty Risk &#8211; </b>The Portfolio will be subject to credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Credit Risk &#8211; </b>An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds or the other party to an over the counter transaction will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time. Changes in economic conditions are likely to cause issuers of these securities to be unable to meet their obligations. Credit risk is greater for lower quality or &#8220;junk bonds&#8221; and foreign bonds. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Derivative Risk &#8211; </b>The value of derivative instruments may rise or fall more rapidly than other investments and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Some derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. Additionally, investments in commodity-linked derivatives may be subject to special risks that do not apply to all derivatives transactions. The value of a commodity-linked derivative investment is generally based on the price movements of a physical commodity. Accordingly, these investments are subject to markets risks that relate to the movement of prices in the commodities markets, which may be speculative. Also, a liquid secondary market may not exist for the types of commodity-linked derivative instruments that Portfolio buys, which may make it difficult for the Portfolio to sell them at an acceptable price. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Emerging Markets Risk &#8211; </b>Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Equity Market Risk &#8211; </b>The market value of an equity security and the equity markets in general can be volatile. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Foreign Currency Risk &#8211; </b>Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Foreign Securities Risk &#8211; </b>Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. Additionally, risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Industry Concentration Risk &#8211; </b>The Portfolio is expected to be concentrated in commodity-related industries. The focus of the Portfolio on a specific group of related industries my present more risks than if the Portfolio were more broadly diversified over numerous unrelated industries. A downturn in commodity-related industries would have a larger impact on the Portfolio than on an investment company that does not concentrate in such industries. At times, the performance of the Portfolio&#8217;s investments in commodity-related industries may lag the performance of other industries or the broader market as a whole. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Interest Rate Risk &#8211; </b>One of the risks associated with an investment in the Portfolio is the risk that the value of fixed income securities held in the Portfolio will decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Leveraging Risk &#8211; </b>The Portfolio has the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, causing the Portfolio to be more volatile than if it had not been leveraged. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Liquidity Risk &#8211; </b>At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Management Risk &#8211; </b>Investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Market Risk &#8211; </b>The value of the securities held by a Portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Multi-Manager Risk &#8211; </b>The risk that the Trust may be unable to (a) identify and retain Specialist Managers who achieve superior investment records relative to other similar investments, (b) pair Specialist Managers that have complementary investment styles, or (c) effectively allocate Portfolio assets among Specialist Managers to enhance the return and reduce the volatility that would typically be expected of any one management style. A multi-manager Portfolio may, under certain circumstances, incur trading costs that might not occur in a Portfolio that is served by a single Specialist Manager. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Non-Diversification Risk &#8211; </b>The Portfolio is classified as non-diversified for purposes of the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;). This means that, with respect to 50% of its investment portfolio, there is no limit on the percentage of assets that can be invested in a single issuer. Accordingly, an investment in a non-diversified fund may entail greater risk than would otherwise be the case because the potential for a higher percentage of investments among fewer issuers may result in greater fluctuation in the total market value of the Portfolio. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Non-Investment Grade Securities Risk </b><b>&#8211;</b> Non-investment grade securities are considered speculative under traditional investment standards. Prices of these securities will rise and fall primarily in response to changes in the issuer&#8217;s financial health, although changes in market interest rates also will affect prices. Such securities may also experience reduced liquidity, and sudden and substantial decreases in price, during certain market conditions. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Small/Mid Cap Risk &#8211; </b>Many companies in the investable universe are classified as small or mid cap companies. Small and mid-cap companies may be more vulnerable to adverse business or economic developments. They may also be less liquid and/or more volatile than securities of larger companies or the market averages in general. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Subsidiary Risk &#8211; </b>The commodity-related instruments held by the Subsidiaries are subject to the same risks that apply to similar investments if held directly by the Portfolio (see &#8220;Commodities Related Investment Risk&#8221; above). The Subsidiaries are not registered under the Investment Company Act and are not subject to all of the requirements and protections of that Act. However, the Portfolio wholly owns and controls the Subsidiaries, and the Board of Trustees has responsibility for overseeing the investment activities of the Portfolio, including its investment in the Subsidiaries. Changes in the laws of the United States and/or the Cayman Islands could adversely affect the Subsidiaries and/or the Portfolio. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Tax Risk &#8211; </b>The Portfolio has the risk that the tax treatment of derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect the character, timing and/or amount of the Portfolio&#8217;s taxable income or gains and distributions. </font></li></ul><font style="FONT-FAMILY: Times New Roman" size="2"><i>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio. </i></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Fees and Expenses </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">before-tax return</font> 2008-12-31 <font style="FONT-FAMILY: Times New Roman" size="2"><center><b>Year-by-Year Total Returns as of 12/31</b></center></font> 0.0256 <font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font> 2010-12-31 0.0025 0.001 0.0084 <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.<font> <font style="FONT-FAMILY: Times New Roman" size="2">As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font> 0.0008 0.0033 0.0032 <font style="FONT-FAMILY: Times New Roman" size="2">Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. </font> -0.0557 -0.0563 -0.0354 -0.0418 <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. </font> 0.1624 0.1616 0.1388 0.181 0.0025 0.0008 0.0072 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio Turnover </b></font> <font style="font-family:Times New Roman" size="2">The Portfolio is designed to implement a value-oriented investment approach. A &#147;value investor&#148; seeks to select securities that trade for less than the intrinsic value of the issuing company, as measured by fundamental investment considerations such as earnings, book value and dividend paying ability. The Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its assets) in a diversified portfolio of equity securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio may invest up to 20% of the total assets of the actively managed portion of the Portfolio in income-producing securities other than common stock, such as preferred stocks or bonds, including those that are convertible into common stock. These income-producing securities may be of any quality or maturity. The Portfolio may also invest in equity securities of mid capitalization issuers. As of the date of this Prospectus, companies with a market capitalization of between $5 billion and $15 billion would likely be included in the &#147;mid cap&#148; range. Up to 20% of the total assets of the total Portfolio may also be invested in securities issued by non-U.S. companies. The Portfolio may also invest in other instruments including option or futures contracts, and similar instruments in order to gain market exposure pending investment or to hedge against fluctuations in market price of the securities in which the Portfolio invests. Additionally, a portion of the Portfolio is managed using a &#147;passive&#148; or &#147;index&#148; investment approach designed to approximate as closely as practicable, before expenses, the performance of the Portfolio&#146;s benchmark index and, from time to time, one or more identifiable subsets or other portions of that index.<br/><br/>The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one investment subadviser (&#147;Specialist Manager&#148;). The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio&#146;s benchmark over time.</font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Investment Objective </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Fees and Expenses </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio Turnover </b></font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAverageAnnualTotalReturnsTransposedTheInstitutionalInternationalEquityPortfolio column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio seeks to achieve its objective by investing primarily (i.e. at least 80% of net assets) in a portfolio of investment grade fixed income securities issued by U.S. corporations. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. In general the portfolio will maintain aggregate characteristics similar to the Barclay&#8217;s Capital U.S. Corporate Index. Securities held by the Portfolio will be rated investment-grade or better by one of the established rating agencies or, if not rated by an agency, of comparable credit quality as determined by the Specialist Manager at the time of purchase. Securities held by the Portfolio which are downgraded below investment-grade by all ratings agencies may be retained up to a maximum market value of 5% of the Portfolio. Securities purchased for the Portfolio will have varying maturities, but under normal circumstances the Portfolio will have an effective dollar weighted average portfolio maturity of between nine and twelve years. The Portfolio may also invest up to 20% of its assets in municipal bonds (i.e., debt securities issued by municipalities and related entities). </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio&#8217;s benchmark over time. </font> <font style="FONT-FAMILY: Times New Roman" size="2">Investing in the Portfolio involves risks common to any investment in securities. As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment.</font> <ul type = "square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Call/Prepayment Risk &#8211; </b> When interest rates are declining, issuers of securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. Mortgage-backed and asset-backed securities are especially sensitive to prepayment.</font></li></ul> <ul type = "square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Credit Risk &#8211; </b> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio&#8217;s return. Changes in economic conditions are likely to cause issuers of these securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.</font></li></ul> <ul type = "square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Interest Rate Risk &#8211; </b> One of the primary risks associated with an investment in the Portfolio is the risk that the value of securities held in the Portfolio, including U.S. Government securities, will decline with changes in interest rates. Treasury inflation protected securities (&#8220;TIPS&#8221;) can also exhibit price movements as a result of changing inflation expectations and seasonal inflation patterns. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. Accordingly, the yield of the Portfolio can be expected to be somewhat more volatile in response to changes in interest rates than shorter-term investment vehicles. U.S. Government securities can exhibit price movements resulting from changes in interest rates.</font></li></ul> <ul type = "square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Liquidity Risk &#8211; </b> At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments.</font></li></ul> <ul type = "square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Management Risk &#8211; </b> The risk that investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments.</font></li></ul> <ul type = "square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Market Risk &#8211; </b> The value of the securities held by a Portfolio may decline in response to general market and economic conditions or conditions that affect specific market sectors or individual companies.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="2"><i>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio. </i></font> <font style="FONT-FAMILY: Times New Roman" size="2"><center><b>Year-by-Year Total Returns as of 12/31</b></center></font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio seeks to achieve its objective by investing primarily in a portfolio of municipal bonds (i.e., debt securities issued by municipalities and related entities, the interest on which is exempt from Federal income tax). It is the Portfolio&#8217;s policy that, under normal circumstances, at least 80% of its net assets will be invested in such securities (collectively, &#8220;Tax-Exempt Securities&#8221;). Tax-Exempt Securities may include general obligation bonds and notes, revenue bonds and notes (including industrial revenue bonds and municipal lease obligations), as well as participation interests relating to such securities. The Portfolio invests primarily in securities that are rated in one of the top four rating categories of a nationally recognized statistical rating organization or, if unrated, that are determined by the investment subadviser to be of comparable quality. The Portfolio intends to maintain a dollar-weighted effective average portfolio maturity of five to seven years. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. </font><br /><br /><font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio&#8217;s benchmark over time. </font> <font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAverageAnnualTotalReturnsTransposedTheU.S.Mortgage/AssetBackedFixedIncomeSecuritiesPortfolio column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2">before-tax return</font> 2011-09-30 <font style="FONT-FAMILY: Times New Roman" size="2">before-tax return</font> 2011-03-31 0.0437 2011-03-31 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAverageAnnualTotalReturnsTransposedTheShort-TermMunicipalBondPortfolio column period compact * ~</div> 0.0779 <font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font> 0.0459 0.0181 0.0297 0.0603 2011-09-30 0.1086 0.0772 0.0744 0.1024 <font style="font-family:Times New Roman" size="2">Investing in the Portfolio involves risks common to any investment in securities. As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font><ul type="square"><li><font style="font-family:Times New Roman" size="2"><b>Credit Risk &#150; </b>Fixed income securities are subject to the risk that the issuing company may fail to make principal and interest payments when due. </font></li></ul><ul type="square"><li><font style="font-family:Times New Roman" size="2"><b>Derivative Risk</b><b> &#150;</b> The value of derivative instruments, including option and futures contracts, may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Some derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio.</font></li></ul><ul type="square"><li><font style="font-family:Times New Roman" size="2"><b>Equity Market Risk</b> <b>&#150;</b> The market value of an equity security and the equity markets in general can be volatile.</font></li></ul><ul type="square"><li><font style="font-family:Times New Roman" size="2"><b>Foreign Currency Risk</b> <b>&#150;</b> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</font></li></ul><ul type="square"><li><font style="font-family:Times New Roman" size="2"><b>Foreign Securities Risk</b> <b>&#150;</b> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </font></li></ul><ul type="square"><li><font style="font-family:Times New Roman" size="2"><b>Interest Rate Risk</b> <b>&#150;</b> Fixed income securities are subject to the risk that, if interest rates rise, the value of income-producing securities may experience a corresponding decline. </font></li></ul><ul type="square"><li><font style="font-family:Times New Roman" size="2"><b>Management Risk</b> <b>&#150;</b> The risk that investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments.</font></li></ul><ul type="square"><li><font style="font-family:Times New Roman" size="2"><b>Market Risk</b> <b>&#150;</b> The value of the securities held by a Portfolio may decline in response to general market and economic conditions or conditions that affect specific market sectors or individual companies. </font></li></ul><ul type="square"><li><font style="font-family:Times New Roman" size="2"><b>Mid Cap Risk</b> <b>&#150;</b> These companies may have more limited financial resources, markets and depth of management than larger companies. As of the date of this Prospectus, companies with a market capitalization of between $5 billion and $15 billion would likely be included in the &#147;mid cap&#148; range.</font></li></ul><ul type="square"><li><font style="font-family:Times New Roman" size="2"><b>Multi-Manager Risk</b> <b>&#150;</b> The risk that the Trust may be unable to (a) identify and retain Specialist Managers who achieve superior investment records relative to other similar investments, (b) pair Specialist Managers that have complementary investment styles, or (c) effectively allocate Portfolio assets among Specialist Managers to enhance the return and reduce the volatility that would typically be expected of any one management style. A multi-manager Portfolio may, under certain circumstances, incur trading costs that might not occur in a Portfolio that is served by a single Specialist Manager. </font></li></ul><ul type="square"><li><font style="font-family:Times New Roman" size="2"><b>Passive Investing Risk</b> <b>&#150;</b> A portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio&#146;s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio&#146;s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio&#146;s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.</font></li></ul><ul type="square"><li><font style="font-family:Times New Roman" size="2"><b>Value Investing Risk</b> <b>&#150;</b> An investment in the Portfolio cannot assure moderation of investment risk. There is no guarantee that a value stock is, in fact, undervalued, or that the market will ever recognize its true value.</font></li></ul><font style="font-family:Times New Roman" size="2"><i>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio. </i></font> <font style="FONT-FAMILY: Times New Roman" size="2">Investing in the Portfolio involves risks common to any investment in securities. As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Call/Prepayment Risk &#8211; </b>Municipal Securities held by the Portfolio may be called (prepaid) before their maturity dates. This usually occurs as interest rates are declining. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. In addition, the Portfolio may lose price appreciation if a bond it holds is called earlier than scheduled. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Credit Risk &#8211; </b>An investment in the Portfolio also involves the risk that the issuer of a Municipal Security that the Portfolio holds will not make principal or interest payments when they are due, or that the value of the Municipal Securities will decline because of a market perception that the issuer may not make payments on time. Fixed income securities rated in the fourth highest rating category by a rating agency may have speculative characteristics. Credit risk is greater for lower quality fixed income securities. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Extension Risk &#8211; </b>These securities are also subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Interest Rate Risk &#8211; </b>One of the primary risks associated with an investment in the Portfolio is the risk that the value of Municipal Securities held in the Portfolio will decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. Accordingly, the yield of the Portfolio can be expected to be somewhat more volatile in response to changes in interest rates than shorter-term investment vehicles. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Liquidity Risk &#8211; </b>At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Management Risk &#8211;</b> The risk that investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Market Risk &#8211; </b>The value of the securities held by a Portfolio may decline in response to general market and economic conditions or conditions that affect specific market sectors or individual companies. </font></li></ul><font style="FONT-FAMILY: Times New Roman" size="2"><i>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio. </i></font> <font style="font-family:Times New Roman" size="2">As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font> <font style="FONT-FAMILY: Times New Roman" size="2">Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. </font> <font style="FONT-FAMILY: Times New Roman" size="2">As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment.</font> <font style="FONT-FAMILY: Times New Roman" size="2">Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.</font> <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> <font style="font-family:Times New Roman" size="2">Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. </font> <font style="FONT-FAMILY: Times New Roman" size="2"><center><b>Year-by-Year Total Returns as of 12/31</b></center></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Investment Objective </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Fees and Expenses </b></font> 0.104 -0.4001 0.0025 0.2348 0.1291 0.0008 0.0051 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Fees and Expenses </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its assets) in a diversified portfolio of securities issued by companies domiciled or, in the view of the Specialist Manager, deemed to be doing material amounts of business in countries determined by the Specialist Manager to have a developing or emerging economy or securities market. Typically 80% of the Portfolio&#8217;s assets will be invested in equity securities, equity swaps, structured equity notes, equity linked notes and depositary receipts concentrated in emerging market countries. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio invests primarily in the Morgan Stanley Capital International<font style="FONT-FAMILY: Times New Roman" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font> Emerging Market Index (&#8220;MSCI EM Index&#8221;) countries. As the MSCI EM Index introduces new emerging market countries, the Portfolio may include those countries among the countries in which it may invest. In determining securities in which to invest, the Portfolio&#8217;s management team will evaluate the countries&#8217; economic and political climates with prospects for sustained macro and micro economic growth. The Portfolio&#8217;s management team will take into account traditional securities valuation methods, including (but not limited to) an analysis of price in relation to assets, earnings, cash flows, projected earnings growth, inflation and interest rates. Liquidity and transaction costs will also be considered. The Portfolio may also invest in companies of any market capitalization. <br/><br/>The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio&#8217;s benchmark over time. </font> <font style="FONT-FAMILY: Times New Roman" size="2">Investing in the Portfolio involves risks common to any investment in securities. As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Derivative Risk &#8211; </b>The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Some derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Emerging Markets Risk &#8211; </b>Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Equity Market Risk &#8211; </b>The market value of an equity security and the equity markets in general can be volatile. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Foreign Currency Risk &#8211; </b>Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Foreign Securities Risk &#8211; </b>Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. Additionally, risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Management Risk &#8211; </b>The risk that investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Market Risk &#8211; </b>The value of the securities held by a Portfolio may decline in response to general market and economic conditions or conditions that affect specific market sectors or individual companies. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Multi-Manager Risk &#8211; </b>The risk that the Trust may be unable to (a) identify and retain Specialist Managers who achieve superior investment records relative to other similar investments, (b) pair Specialist Managers that have complementary investment styles, or (c) effectively allocate Portfolio assets among Specialist Managers to enhance the return and reduce the volatility that would typically be expected of any one management style. A multi-manager Portfolio may, under certain circumstances, incur trading costs that might not occur in a Portfolio that is served by a single Specialist Manager. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Passive Investing Risk</b> &#8211; A portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio&#8217;s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio&#8217;s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio&#8217;s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Small Cap Risk &#8211; </b>Small cap companies may be more vulnerable to adverse business or economic developments. They may also be less liquid and/or more volatile than securities of larger companies or the market averages in general. Small cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies. </font></li></ul> <font style="FONT-FAMILY: Times New Roman" size="2"><i>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio. </i></font> 0.0025 0.0011 0.0092 <font style="FONT-FAMILY: Times New Roman" size="2"><center><b>Year-by-Year Total Returns as of 12/31</b></center></font> 0.0952 0.0951 0.0699 0.0691 0.0561 0.056 0.0508 0.0435 0.0025 0.0008 0.006 <font style="FONT-FAMILY: Times New Roman" size="2">before-tax return</font> 2011-12-31 0.0511 <font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Investment Objective </b></font> 2011-09-30 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Fees and Expenses </b></font> -0.1588 -0.1626 -0.1017 -0.1332 -0.1513 0.0705 0.0764 0.0627 0.0915 0.0897 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. </font> <font style="FONT-FAMILY: Times New Roman" size="2"><center><b>Year-by-Year Total Returns as of 12/31</b></center></font> 0.091 0.0749 0.0588 0.0815 0.0758 0.0602 0.0553 0.0713 <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio invests primarily (e.g. at least 80% of its assets) in a diversified portfolio of fixed income securities. The Portfolio, under normal circumstances, will invest at least 80% of its assets in fixed income securities that, at the time of purchase, are rated in one of four highest rating categories assigned by one of the major independent rating agencies or are, in the view of the Specialist Manager, deemed to be of comparable quality. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. Securities in the fourth highest rating category may have speculative characteristics. From time to time, a substantial portion of the Portfolio may be invested in any of the following: (1) investment grade mortgage-backed or asset-backed securities; (2) securities issues or fully guaranteed by the U.S. Government, Federal Agencies, or sponsored agencies; (3) investment grade fixed income securities issued by U.S. corporations; or (4) municipal bonds (i.e., debt securities issued by municipalities and related entities). Under normal conditions, the Portfolio may invest up to 20% of its assets in high yield securities (&#8220;junk bonds&#8221;) and up to 20% of its assets in cash or money market instruments in order to maintain liquidity, or in the event that the Specialist Manager determines that securities meeting the Portfolio&#8217;s investment objective and policies are not otherwise readily available for purchase. Consistent with its investment policies, the Portfolio may purchase and sell securities without regard to the effect on portfolio turnover. The Portfolio has historically had significant portfolio turnover (e.g., over 200% annually), and it is anticipated that such portfolio turnover will continue in the future. High portfolio turnover will cause the Portfolio to incur additional transaction costs; higher transaction costs will reduce total return. High portfolio turnover also is likely to generate short-term capital gains, which, once distributed, is taxed to the shareholder as ordinary income. Securities purchased for the Portfolio will have varying maturities, but under normal circumstances the Portfolio will have an effective dollar weighted average portfolio maturity of between five and ten years. The Portfolio may engage in transactions involving &#8220;derivative instruments&#8221; both in order to hedge against fluctuations in the market value of the securities in which the Portfolio invests and to achieve market exposure pending investment and, in the case of asset-backed and similar securities, for investment purposes.<br/><br/>The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio&#8217;s benchmark over time. </font> <font style="FONT-FAMILY: Times New Roman" size="2"> As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font> <font style="FONT-FAMILY: Times New Roman" size="2"> Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. </font> -0.0161 -0.0182 -0.0077 0.0039 0.0269 0.0183 0.021 0.0389 0.0025 0.0019 0.0119 2011-09-30 0.0415 <font style="FONT-FAMILY: Times New Roman" size="2">before-tax return</font> <font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font> 2011-03-31 <font style="font-family:Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> -0.1998 -0.2034 -0.1238 -0.1817 -0.0002 -0.0057 -0.0003 0.0155 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAverageAnnualTotalReturnsTransposedTheSmallCapitalizationEquityPortfolio column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2">As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment.</font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Investment Objective </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.</font> <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> 0.0025 0.0008 0.0055 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAverageAnnualTotalReturnsTransposedTheFixedIncomeOpportunityPortfolio column period compact * ~</div> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAverageAnnualTotalReturnsTransposedTheEmergingMarketsPortfolio column period compact * ~</div> 0.0774 0.0612 0.0564 0.0784 0.0565 0.0392 0.0403 0.059 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAverageAnnualTotalReturnsTransposedTheValueEquityPortfolioHCStrategicShares column period compact * ~</div> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAverageAnnualTotalReturnsTransposedTheU.S.CorporateFixedIncomeSecuritiesPortfolio column period compact * ~</div> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAverageAnnualTotalReturnsTransposedTheIntermediateTermMunicipalBondIIPortfolio column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Fees and Expenses </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio Turnover </b></font> 0.0025 0.0007 0.0057 0.0056 <font style="FONT-FAMILY: Times New Roman" size="2"><center><b>Year-by-Year Total Returns as of 12/31</b></center></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Investment Objective </b></font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAverageAnnualTotalReturnsTransposedTheCoreFixedIncomePortfolio column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Investment Objective </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio invests primarily (i.e., at least 80% of its assets) in a diversified portfolio of equity securities of issuers located in non-U.S. countries. Although the Portfolio may invest anywhere in the world, the Portfolio is expected to invest primarily in the equity markets included in the Morgan Stanley Capital International Europe, Australasia and Far East Index (&#8220;MSCI EAFE Index&#8221;). In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. </font><br /><br /><font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio&#8217;s benchmark over time. </font> <font style="FONT-FAMILY: Times New Roman" size="2">Investing in the Portfolio involves risks common to any investment in securities. As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Derivative Risk &#8211; </b>The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Some derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Emerging Markets Risk &#8211; </b>Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Equity Market Risk &#8211; </b>The market value of an equity security and the equity markets in general can be volatile. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Foreign Currency Risk &#8211; </b>Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Foreign Securities Risk &#8211; </b>Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. Additionally, risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Management Risk &#8211; </b>The risk that investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Market Risk &#8211; </b>The value of the securities held by a Portfolio may decline in response to general market and economic conditions or conditions that affect specific market sectors or individual companies. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Multi-Manager Risk &#8211; </b>The risk that the Trust may be unable to (a) identify and retain Specialist Managers who achieve superior investment records relative to other similar investments, (b) pair Specialist Managers that have complementary investment styles, or (c) effectively allocate Portfolio assets among Specialist Managers to enhance the return and reduce the volatility that would typically be expected of any one management style. A multi-manager Portfolio may, under certain circumstances, incur trading costs that might not occur in a Portfolio that is served by a single Specialist Manager. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Passive Investing Risk</b> &#8211; A portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio&#8217;s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio&#8217;s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio&#8217;s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows. </font></li></ul><font style="FONT-FAMILY: Times New Roman" size="2"><i>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.</i></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Fees and Expenses </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font> <font style="FONT-FAMILY: Times New Roman" size="2">Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Investment Objective </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio invests primarily (i.e., at least 80% of its assets) in a diversified portfolio of equity securities of &#8220;small cap&#8221; issuers. The Portfolio is designed to invest primarily in equity securities of U.S. issuers which have market capitalizations that are comparable to the capitalization of companies in the Russell 2000</font><font style="FONT-FAMILY: Times New Roman" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">(R)</sup></font><font style="FONT-FAMILY: Times New Roman" size="2"> Index at the time of purchase. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. Up to 20% of the total assets of the total Portfolio may also be invested in securities of &#8220;mid cap&#8221; issuers. Consistent with this objective the Portfolio will invest in both dividend paying securities and securities that do not pay dividends. Also, consistent with their respective investment styles, the Portfolio&#8217;s Specialist Managers may use instruments such as option or futures contracts in order to gain market exposure pending investment or to hedge against fluctuations in market price of the securities in which the Portfolio invests. As of August 31, 2012, the market capitalization range of companies in the Russell 2000<font style="FONT-FAMILY: Times New Roman" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font> Index was between approximately $500 million and $5 billion. Companies with a market capitalization between $5 billion and $15 billion would likely be included in the &#8220;mid cap&#8221; range. </font><br /><br /><font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio&#8217;s benchmark over time. </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Fees and Expenses </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> <font style="FONT-FAMILY: Times New Roman" size="2">Investing in the Portfolio involves risks common to any investment in securities. As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment.</font><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Derivative Risk &#8211; </b>The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Some derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Equity Market Risk &#8211; </b>The market value of an equity security and the equity markets in general can be volatile.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Management Risk &#8211; </b>The risk that investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Market Risk &#8211; </b>The value of the securities held by a Portfolio may decline in response to general market and economic conditions or conditions that affect specific market sectors or individual companies.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Multi-Manager Risk &#8211; </b>The risk that the Trust may be unable to (a) identify and retain Specialist Managers who achieve superior investment records relative to other similar investments, (b) pair Specialist Managers that have complementary investment styles, or (c) effectively allocate Portfolio assets among Specialist Managers to enhance the return and reduce the volatility that would typically be expected of any one management style. A multi-manager Portfolio may, under certain circumstances, incur trading costs that might not occur in a Portfolio that is served by a single Specialist Manager.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Mid Cap Risk &#8211; </b>These companies may have greater financial resources, markets and depth of management than companies in the small cap universe and may be less likely to experience the rapid growth that small cap investors seek.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Passive Investing Risk &#8211; </b>A portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio&#8217;s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio&#8217;s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio&#8217;s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Small Cap Risk &#8211; </b>Small cap companies may be more vulnerable to adverse business or economic developments. They may also be less liquid and/or more volatile than securities of larger companies or the market averages in general. Small cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="2"><i>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.</i></font> <font style="FONT-FAMILY: Times New Roman" size="2"><center><b>Year-by-Year Total Returns as of 12/31</b></center></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio Turnover </b></font> 0.0687 2011-12-31 <font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font> 2011-09-30 <font style="FONT-FAMILY: Times New Roman" size="2">before-tax return</font> <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio is designed to implement a value-oriented investment approach. A &#8220;value investor&#8221; seeks to select securities that trade for less than the intrinsic value of the issuing company, as measured by fundamental investment considerations such as earnings, book value and dividend paying ability. The Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its assets) in a diversified portfolio of equity securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio may also invest in equity securities of mid capitalization issuers. As of the date of this Prospectus, companies with a market capitalization of between $5 billion and $15 billion would likely be included in the &#8220;mid cap&#8221; range. Up to 20% of the total assets of the actively managed portion of the Portfolio may be invested in income-producing securities other than common stock, such as preferred stocks or bonds, including those that are convertible into common stock. These income-producing securities may be of any quality or maturity. Up to 20% of the total assets of the total Portfolio may also be invested in securities issued by non-U.S. companies. Consistent with their respective investment styles, the Portfolio&#8217;s Specialist Managers may use instruments including option or futures contracts and similar instruments in order to pursue their investment objectives, gain market exposure pending investment or to hedge against fluctuations in market price of the securities in which the Portfolio invests. In accordance with applicable interpretations of the SEC, such derivative instruments may be treated as equity securities for purposes of meeting its investment objective, if these instruments have economic characteristics similar to those of equity securities. Additionally, a portion of the Portfolio is managed using a &#8220;passive&#8221; or &#8220;index&#8221; investment approach designed to approximate as closely as practicable, before expenses, the performance of the Portfolio&#8217;s benchmark index and, from time to time, one or more identifiable subsets or other portions of that index. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio&#8217;s benchmark over time. </font> <font style="FONT-FAMILY: Times New Roman" size="2">Investing in the Portfolio involves risks common to any investment in securities. As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Credit Risk</b> <b> &#8211;</b> Fixed income securities are subject to the risk that the issuing company may fail to make principal and interest payments when due.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Derivative Risk</b> <b>&#8211;</b> The value of derivative instruments, including option and futures contracts, may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Some derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Equity Market Risk</b> <b>&#8211;</b> The market value of an equity security and the equity markets in general can be volatile.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Foreign Currency Risk</b> <b>&#8211;</b> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Foreign Securities Risk</b> <b>&#8211;</b> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Interest Rate Risk</b> <b>&#8211;</b> Fixed income securities are subject to the risk that, if interest rates rise, the value of income-producing securities may experience a corresponding decline.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Liquidity Risk</b> <b>&#8211;</b> At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Management Risk</b> <b>&#8211;</b> The risk that investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Market Risk</b> <b>&#8211;</b> The value of the securities held by a Portfolio may decline in response to general market and economic conditions or conditions that affect specific market sectors or individual companies.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Mid Cap Risk</b> <b>&#8211;</b> These companies may have more limited financial resources, markets and depth of management than larger companies. As of the date of this Prospectus, companies with a market capitalization of between $5 billion and $15 billion would likely be included in the &#8220;mid cap&#8221; range.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Multi-Manager Risk</b> <b>&#8211;</b> The risk that the Trust may be unable to (a) identify and retain Specialist Managers who achieve superior investment records relative to other similar investments, (b) pair Specialist Managers that have complementary investment styles, or (c) effectively allocate Portfolio assets among Specialist Managers to enhance the return and reduce the volatility that would typically be expected of any one management style. A multi-manager Portfolio may, under certain circumstances, incur trading costs that might not occur in a Portfolio that is served by a single Specialist Manager. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Passive Investing Risk</b> <b>&#8211;</b> A portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio&#8217;s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio&#8217;s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio&#8217;s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Value Investing Risk</b> <b> &#8211; </b>An investment in the Portfolio cannot assure moderation of investment risk. There is no guarantee that a value stock is, in fact, undervalued, or that the market will ever recognize its true value. </font></li></ul><font style="FONT-FAMILY: Times New Roman" size="2"><i>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio. </i></font> <font style="FONT-FAMILY: Times New Roman" size="2"><center><b>Year-by-Year Total Returns as of 12/31</b></center></font> <font style="FONT-FAMILY: Times New Roman" size="2">As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font> <font style="FONT-FAMILY: Times New Roman" size="2">Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. </font> 0.0025 0.0009 <font style="FONT-FAMILY: Times New Roman" size="2"> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> 0.0098 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Investment Objective </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Fees and Expenses </b></font> -0.0608 -0.0613 -0.0389 -0.0418 0.1565 0.1557 0.1337 0.181 <font style="FONT-FAMILY: Times New Roman" size="2">before-tax return</font> 2011-12-31 0.1249 <font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font> 2011-09-30 <font style="FONT-FAMILY: Times New Roman" size="2">before-tax return</font> 2009-09-30 0.1827 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font> 2008-12-31 <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio is designed to implement a growth-oriented investment approach. &#8220;Growth investing&#8221; means that securities acquired for the Portfolio can be expected to have above-average potential for growth in revenue and earnings. The Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its assets) in a diversified portfolio of equity securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio may invest up to 20% of the total assets of the actively managed portion of the Portfolio in income-producing securities other than common stock, such as preferred stocks or bonds, including those that are convertible into common stock. These income-producing securities may be of any quality or maturity. The Portfolio may also invest in equity securities of mid capitalization issuers. As of the date of this Prospectus, companies with a market capitalization of between $5 billion and $15 billion would likely be included in the &#8220;mid cap&#8221; range. Up to 20% of the total assets of the total Portfolio may also be invested in securities issued by non-U.S. companies. Although some of the equity securities in which the Portfolio will invest are expected to be dividend paying issues, income is a secondary consideration in the stock selection process. Accordingly, dividends paid by this Portfolio can generally be expected to be lower than those paid by The Value Equity Portfolio. Consistent with their respective investment styles, the Portfolio&#8217;s Specialist Managers may use instruments including option or futures contracts and similar instruments in order to gain market exposure pending investment or to hedge against fluctuations in market price of the securities in which the Portfolio invests. <br/><br/>The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio&#8217;s benchmark over time. </font> <font style="FONT-FAMILY: Times New Roman" size="2">Investing in the Portfolio involves risks common to any investment in securities. As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Credit Risk &#8211; </b>Fixed income securities are subject to the risk that the issuing company may fail to make principal and interest payments when due.</font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Derivative Risk</b> <b>&#8211;</b> The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Some derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Equity Market Risk</b> <b>&#8211;</b> The market value of an equity security and the equity markets in general can be volatile. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Foreign Currency Risk</b> <b>&#8211;</b> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Foreign Securities Risk</b> <b>&#8211;</b> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Growth Investing Risk</b> <b>&#8211;</b> An investment in growth stocks may be susceptible to rapid price swings, especially during periods of economic uncertainty. Growth stocks typically have little or no dividend income to cushion the effect of adverse market conditions. In addition, growth stocks may be particularly volatile in the event of earnings disappointments or other financial difficulties experienced by the issuer. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Interest Rate Risk</b> <b>&#8211;</b> Fixed income securities are subject to the risk that, if interest rates rise, the value of income-producing securities may experience a corresponding decline.</font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Management Risk</b> <b>&#8211;</b> The risk that investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Market Risk</b> <b>&#8211;</b> The value of the securities held by a Portfolio may decline in response to general market and economic conditions or conditions that affect specific market sectors or individual companies. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Mid Cap Risk</b> <b>&#8211;</b> These companies may have more limited financial resources, markets and depth of management than larger companies. As of the date of this Prospectus, companies with a market capitalization of between $5 billion and $15 billion would likely be included in the &#8220;mid cap&#8221; range. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Multi-Manager Risk</b> <b>&#8211;</b> The risk that the Trust may be unable to (a) identify and retain Specialist Managers who achieve superior investment records relative to other similar investments, (b) pair Specialist Managers that have complementary investment styles, or (c) effectively allocate Portfolio assets among Specialist Managers to enhance the return and reduce the volatility that would typically be expected of any one management style. A multi-manager Portfolio may, under certain circumstances, incur trading costs that might not occur in a Portfolio that is served by a single Specialist Manager. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Passive Investing Risk</b> <b>&#8211;</b> A portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio&#8217;s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio&#8217;s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio&#8217;s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows. </font></li></ul> <font style="FONT-FAMILY: Times New Roman" size="2"><i>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio. </i></font> 0.0025 0.001 <font style="FONT-FAMILY: Times New Roman" size="2">As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font> 0.007 -0.0133 -0.018 -0.0025 0.0039 0.1354 0.1309 0.1155 0.1486 <font style="FONT-FAMILY: Times New Roman" size="2">Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. </font> <font style="FONT-FAMILY: Times New Roman" size="2"><center><b>Year-by-Year Total Returns as of 12/31</b></center></font> <font style="FONT-FAMILY: Times New Roman" size="2">before-tax return</font> 2011-12-31 0.1255 <font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font> 2011-09-30 2011-12-31 0.1016 <font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font> 2011-09-30 <font style="FONT-FAMILY: Times New Roman" size="2">before-tax return</font> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAverageAnnualTotalReturnsTransposedTheCommodityReturnsStrategyPortfolio column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. </font> -0.1094 -0.1107 -0.064 -0.1173 0.0561 0.0549 0.0499 0.0473 <font style="FONT-FAMILY: Times New Roman" size="2">Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. </font> 0.0025 0.0007 0.0054 0.0415 0.04 0.0289 0.0264 0.1958 0.1941 0.1674 0.1931 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Investment Objective </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Investment Objective </b></font> 0.001 0.0047 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Fees and Expenses </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Investment Objective </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio Turnover </b></font> 0.0007 0.0029 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Fees and Expenses </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Investment Objective </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Investment Objective </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Fees and Expenses </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Investment Objective </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Fees and Expenses </b></font> 0.0009 <font style="font-family:Times New Roman" size="2">The Portfolio is designed to implement a growth-oriented investment approach. &#147;Growth investing&#148; means that securities acquired for the Portfolio can be expected to have above-average potential for growth in revenue and earnings. The Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its assets) in a diversified portfolio of equity securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio may invest up to 20% of the total assets of the actively managed portion of the Portfolio in income-producing securities other than common stock, such as preferred stocks or bonds, including those that are convertible into common stock. These income-producing securities may be of any quality or maturity. The Portfolio may also invest in equity securities of mid capitalization issuers. As of the date of this Prospectus, companies with a market capitalization of between $5 billion and $15 billion would likely be included in the &#147;mid cap&#148; range. Up to 20% of the total assets of the total Portfolio may also be invested in securities issued by non-U.S. companies. Although some of the equity securities in which the Portfolio will invest are expected to be dividend paying issues, income is a secondary consideration in the stock selection process. Accordingly, dividends paid by this Portfolio can generally be expected to be lower than those paid by The Value Equity Portfolio. Consistent with their respective investment styles, the Portfolio&#146;s Specialist Managers may use instruments including option or futures contracts and similar instruments in order to gain market exposure pending investment or to hedge against fluctuations in market price of the securities in which the Portfolio invests.<br/><br/>The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio&#146;s benchmark over time. </font> 0.0085 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Fees and Expenses </b></font> <font style="font-family:Times New Roman" size="2">The Portfolio invests primarily (i.e., at least 80% of its assets) in a diversified portfolio of equity securities of issuers located in non-U.S. countries. Although the Portfolio may invest anywhere in the world, the Portfolio is expected to invest primarily in the equity markets included in the MSCI EAFE Index. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. </font><br/><br/><font style="font-family:Times New Roman" size="2">The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio&#146;s benchmark over time. </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio Turnover </b></font> 0.0011 0.0067 0.0007 0.0028 0.0019 <font style="font-family:Times New Roman" size="2">The Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its assets) in a portfolio of equity and debt securities issued by U.S. and non-U.S. real estate-related companies, including companies known as real estate investment trusts (REITs) and other real estate operating companies whose value is derived from ownership, development and management of underlying real estate properties. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio&#146;s permissible investments include equity and equity-related securities of real estate-related companies, including common stock, preferred stock, convertible securities, warrants, options, depositary receipts and other similar equity equivalents. The Portfolio also may invest in equity and equity-related and fixed income securities, including debt securities, mortgage-backed securities and high yield debt. The Portfolio may also invest in companies which are located in emerging markets countries, as well as companies of any market capitalization.<br /><br />Consistent with its investment style, the Portfolio&#146;s Specialist Manager may use instruments such as option or futures contracts in order to gain market exposure pending investment or to hedge against fluctuations in market price of the securities in which the Portfolio invests.<br /><br />The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio&#146;s benchmark over time. </font> 0.0094 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Investment Objective </b></font> 0.001 <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Fees and Expenses </b></font> <font style="font-family:Times New Roman" size="2">Investing in the Portfolio involves risks common to any investment in securities. As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Credit Risk</b> <b>&#150;</b> Fixed income securities are subject to the risk that the issuing company may fail to make principal and interest payments when due.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Derivative Risk</b><b> &#150;</b> The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Some derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Equity Market Risk</b> <b>&#150;</b> The market value of an equity security and the equity markets in general can be volatile.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Foreign Currency Risk</b> <b>&#150;</b> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Foreign Securities Risk</b> <b>&#150;</b> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Growth Investing Risk</b> <b>&#150;</b> An investment in growth stocks may be susceptible to rapid price swings, especially during periods of economic uncertainty. Growth stocks typically have little or no dividend income to cushion the effect of adverse market conditions. In addition, growth stocks may be particularly volatile in the event of earnings disappointments or other financial difficulties experienced by the issuer.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Interest Rate Risk</b><b> &#150; </b>Fixed income securities are subject to the risk that, if interest rates rise, the value of income-producing securities may experience a corresponding decline.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Management Risk</b> <b>&#150;</b> The risk that investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Market Risk</b> <b>&#150;</b> The value of the securities held by a Portfolio may decline in response to general market and economic conditions or conditions that affect specific market sectors or individual companies.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Mid Cap Risk</b> <b>&#150;</b> These companies may have more limited financial resources, markets and depth of management than larger companies. As of the date of this Prospectus, companies with a market capitalization of between $5 billion and $15 billion would likely be included in the &#147;mid cap&#148; range.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Multi-Manager Risk</b> <b>&#150;</b> The risk that the Trust may be unable to (a) identify and retain Specialist Managers who achieve superior investment records relative to other similar investments, (b) pair Specialist Managers that have complementary investment styles, or (c) effectively allocate Portfolio assets among Specialist Managers to enhance the return and reduce the volatility that would typically be expected of any one management style. A multi-manager Portfolio may, under certain circumstances, incur trading costs that might not occur in a Portfolio that is served by a single Specialist Manager.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Passive Investing Risk</b> <b>&#150;</b> A portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio&#146;s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio&#146;s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio&#146;s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="2"><i>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio. </i></font> 0.0059 <font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio is designed to implement a growth-oriented investment approach. &#147;Growth investing&#148; means that securities acquired for the Portfolio can be expected to have above-average potential for growth in revenue and earnings. The Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its assets) in a diversified portfolio of equity securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio may invest up to 20% of the total assets of the actively managed portion of the Portfolio in income-producing securities other than common stock, such as preferred stocks or bonds, including those that are convertible into common stock. These income-producing securities may be of any quality or maturity. The Portfolio may also invest in equity securities of mid capitalization issuers. As of the date of this Prospectus, companies with a market capitalization of between $5 billion and $15 billion would likely be included in the &#147;mid cap&#148; range. Up to 20% of the total assets of the total Portfolio may also be invested in securities issued by non-U.S. companies. Although some of the equity securities in which the Portfolio will invest are expected to be dividend paying issues, income is a secondary consideration in the stock selection process. Accordingly, dividends paid by this Portfolio can generally be expected to be lower than those paid by The Institutional Value Equity Portfolio. Consistent with their respective investment styles, the Portfolio&#146;s Specialist Managers may use instruments including option or futures contracts and similar instruments in order to pursue their investment objectives, gain market exposure pending investment or to hedge against fluctuations in market price of the securities in which the Portfolio invests. In accordance with applicable interpretations of the SEC, such derivative instruments may be treated as equity securities for purposes of meeting its investment objective, if these instruments have economic characteristics similar to those of equity securities. </font><br /><br /><font style="FONT-FAMILY: Times New Roman" size="2">The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio&#146;s benchmark over time.</font> <font style="font-family:Times New Roman" size="2">As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Investment Objective </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Fees and Expenses </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><center><b>Year-by-Year Total Returns as of 12/31</b></center></font> <font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font> <font style="FONT-FAMILY: Times New Roman" size="2">before-tax return</font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio Turnover </b></font> <font style="font-family:Times New Roman" size="2">Investing in the Portfolio involves risks common to any investment in securities. As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment.</font> <ul type="square"><li><font style="FONT-FAMILY:Times New Roman" size="2"><b>Derivative Risk &#150; </b>The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Some derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio.</font></li></ul> <ul type="square"><li><font style="FONT-FAMILY:Times New Roman" size="2"><b>Emerging Markets Risk &#150; </b>Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time.</font></li></ul> <ul type="square"><li><font style="FONT-FAMILY:Times New Roman" size="2"><b>Equity Market Risk &#150; </b>The market value of an equity security and the equity markets in general can be volatile.</font></li></ul> <ul type="square"><li><font style="FONT-FAMILY:Times New Roman" size="2"><b>Foreign Currency Risk &#150; </b>Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY:Times New Roman" size="2"><b>Foreign Securities Risk &#150; </b>Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. Additionally, risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations.</font></li></ul> <ul type="square"><li><font style="FONT-FAMILY:Times New Roman" size="2"><b>Management Risk &#150; </b>The risk that investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments.</font></li></ul> <ul type="square"><li><font style="FONT-FAMILY:Times New Roman" size="2"><b>Market Risk &#150; </b>The value of the securities held by a Portfolio may decline in response to general market and economic conditions or conditions that affect specific market sectors or individual companies.</font></li></ul> <ul type="square"><li><font style="FONT-FAMILY:Times New Roman" size="2"><b>Multi-Manager Risk &#150;</b>The risk that the Trust may be unable to (a) identify and retain Specialist Managers who achieve superior investment records relative to other similar investments, (b) pair Specialist Managers that have complementary investment styles, or (c) effectively allocate Portfolio assets among Specialist Managers to enhance the return and reduce the volatility that would typically be expected of any one management style. A multi-manager Portfolio may, under certain circumstances, incur trading costs that might not occur in a Portfolio that is served by a single Specialist Manager.</font></li></ul> <ul type="square"><li><font style="FONT-FAMILY:Times New Roman" size="2"><b>Passive Investing Risk &#150;</b> A portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio&#146;s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio&#146;s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio&#146;s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.</font></li></ul> <font style="font-family:Times New Roman" size="2"><i>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.</i></font> <font style="FONT-FAMILY: Times New Roman" size="2"><center><b>Year-by-Year Total Returns as of 12/31</b></center></font> 2009-06-30 0.1503 <font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font> 2008-12-31 <font style="FONT-FAMILY: Times New Roman" size="2">before-tax return</font> <font style="font-family:Times New Roman" size="2">The Portfolio invests primarily (i.e., at least 80% of its assets) in a diversified portfolio of equity securities of &#147;small cap&#148; issuers. The Portfolio is designed to invest primarily in equity securities of U.S. issuers which have market capitalizations that are comparable to the capitalization of companies in the Russell 2000<font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Index at the time of purchase. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. Up to 20% of the total assets of the total Portfolio may also be invested in securities of &#147;mid cap&#148; issuers. Consistent with this objective the Portfolio will invest in both dividend paying securities and securities that do not pay dividends. Also, consistent with their respective investment styles, the Portfolio&#146;s Specialist Managers may use instruments such as option or futures contracts in order to gain market exposure pending investment or to hedge against fluctuations in market price of the securities in which the Portfolio invests. As of August 31, 2012, the market capitalization range of companies in the Russell<font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> 2000 Index was between approximately $500 million and $5 billion. Companies with a market capitalization between $5 billion and $15 billion would likely be included in the &#147;mid cap&#148; range. </font><br/><br/><font style="font-family:Times New Roman" size="2">The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio&#146;s benchmark over time. </font> <font style="FONT-FAMILY: Times New Roman" size="2">Investing in the Portfolio involves risks common to any investment in securities. As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Credit Risk &#150;</b> Fixed income securities are subject to the risk that the issuing company may fail to make principal and interest payments when due. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Derivative Risk &#150;</b> The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Some derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Equity Market Risk</b> <b>&#150;</b> The market value of an equity security and the equity markets in general can be volatile.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Foreign Currency Risk &#150;</b> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Foreign Securities Risk &#150;</b> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Growth Investing Risk &#150;</b> An investment in growth stocks may be susceptible to rapid price swings, especially during periods of economic uncertainty. Growth stocks typically have little or no dividend income to cushion the effect of adverse market conditions. In addition, growth stocks may be particularly volatile in the event of earnings disappointments or other financial difficulties experienced by the issuer. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Interest Rate Risk &#150;</b> Fixed income securities are subject to the risk that, if interest rates rise, the value of income-producing securities may experience a corresponding decline. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Liquidity Risk &#150;</b> At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Management Risk &#150;</b> The risk that investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Market Risk &#150;</b> The value of the securities held by a Portfolio may decline in response to general market and economic conditions or conditions that affect specific market sectors or individual companies. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Mid Cap Risk &#150;</b> These companies may have more limited financial resources, markets and depth of management than larger companies. As of the date of this Prospectus, companies with a market capitalization of between $5 billion and $15 billion would likely be included in the &#147;mid cap&#148; range. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Multi-Manager Risk &#150;</b> The risk that the Trust may be unable to (a) identify and retain Specialist Managers who achieve superior investment records relative to other similar investments, (b) pair Specialist Managers that have complementary investment styles, or (c) effectively allocate Portfolio assets among Specialist Managers to enhance the return and reduce the volatility that would typically be expected of any one management style. A multi-manager Portfolio may, under certain circumstances, incur trading costs that might not occur in a Portfolio that is served by a single Specialist Manager.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Passive Investing Risk &#150;</b> A portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio&#146;s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio&#146;s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio&#146;s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows. </font></li></ul><font style="FONT-FAMILY: Times New Roman" size="2"><i>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio. </i></font> <font style="FONT-FAMILY: Times New Roman" size="2"><center><b>Year-by-Year Total Returns as of 12/31</b></center></font> 0.4151 0.1327 0.0982 -0.3723 0.4182 0.1232 0.0415 0.04 0.0289 0.0264 0.0288 0.0272 0.0243 0.026 <font style="FONT-FAMILY: Times New Roman" size="2"><center><b>Year-by-Year Total Returns as of 12/31</b></center></font> 0.103 <font style="FONT-FAMILY: Times New Roman" size="2">before-tax return</font> <font style="font-family:Times New Roman" size="2">Investing in the Portfolio involves risks common to any investment in securities. As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"> <b>Call/Prepayment Risk &#150;</b> When interest rates are declining, issuers of fixed income securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. Mortgage-backed and asset-backed securities are especially sensitive to prepayment.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Credit Risk &#150;</b> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time. Changes in economic conditions are likely to cause issuers of these securities to be unable to meet their obligations. Credit risk is greater for lower quality or &#147;junk bonds.&#148; In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"> <b>Derivative Risk</b><b> &#150;</b> The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Some derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Emerging Markets Risk</b> <b>&#150;</b> Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the Morgan Stanley Capital International Europe, Australasia and Far East Index (&#147;MSCI EAFE&#148;) Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Equity Market Risk</b> <b>&#150;</b> The market value of an equity security and the equity markets in general can be volatile.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Extension Risk</b> <b>&#150;</b> Fixed income securities held by the Portfolio are subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Foreign Currency Risk</b> <b>&#150;</b> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Foreign Securities Risk</b> <b>&#150;</b> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. Additionally, risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Interest Rate Risk</b> <b>&#150;</b> One of the risks associated with an investment in the Portfolio is the risk that the value of fixed income securities held in the Portfolio will decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Liquidity Risk &#150;</b> At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Management Risk &#150;</b> The risk that investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Market Risk &#150;</b> The value of the securities held by a Portfolio may decline in response to general market and economic conditions or conditions that affect specific market sectors or individual companies.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Multi-Manager Risk &#150;</b> The risk that the Trust may be unable to (a) identify and retain Specialist Managers who achieve superior investment records relative to other similar investments, (b) pair Specialist Managers that have complementary investment styles, or (c) effectively allocate Portfolio assets among Specialist Managers to enhance the return and reduce the volatility that would typically be expected of any one management style. A multi-manager Portfolio may, under certain circumstances, incur trading costs that might not occur in a Portfolio that is served by a single Specialist Manager.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Non-Diversification Risk &#150;</b> The Portfolio is classified as non-diversified for purposes of the Investment Company Act of 1940, as amended (the &#147;Investment Company Act&#148;). This means that, with respect to 50% of its investment portfolio, there is no limit on the percentage of assets that can be invested in a single issuer. Accordingly, an investment in a non-diversified fund may entail greater risk than would otherwise be the case because the potential for a higher percentage of investments among fewer issuers may result in greater fluctuation in the total market value of the Portfolio.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Real Estate Markets and REIT Risk &#150;</b> Investments in the Portfolio will be closely linked to the performance of the real estate markets. Property values may fall due to increasing vacancies or declining rents resulting from unanticipated economic, legal, cultural or technological developments. REIT prices may also fall because of the failure of borrowers to pay their loans and/or poor management. The value of real estate (and real estate securities) may also be affected by increases in property taxes and changes in tax laws and interest rates. The value of securities of companies that service the real estate industry may also be affected by such risks.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Sector/Concentration Risk &#150;</b> Because the Portfolio concentrates its investments in real estate securities, it may be subject to greater risks of loss as a result of economic, business or other developments than a fund representing a broader range of industries. The Portfolio may be subject to risks associated with direct ownership of real estate, such as changes in economic conditions, interest rates, availability of mortgage funds, property values, increases in property taxes and operating expenses, increased competition, environmental problems, changes in zoning laws and natural disasters.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Small/Mid Cap Risk &#150;</b> Many companies in the investable universe are classified as small or mid cap companies. Small and mid-cap companies may be more vulnerable to adverse business or economic developments. They may also be less liquid and/or more volatile than securities of larger companies or the market averages in general. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies. Companies with a market capitalization between $500 million and $5 billion would likely be included in the &#147;small cap&#148; range and companies with a market capitalization between $5 billion and $15 billion would likely be included in the &#147;mid cap&#148; range.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="2"><i>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio. </i></font> -0.1068 -0.1122 -0.0573 -0.1173 2009-06-30 0.1501 -0.0012 -0.0049 0.001 -0.0137 <font style="font-family:Times New Roman" size="2">As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font> 0.0879 -0.0025 0.1287 0.0887 <font style="FONT-FAMILY: Times New Roman" size="2">Worst quarter:</font> 0.2702 0.2191 0.2205 0.3289 2010-06-30 <font style="font-family:Times New Roman" size="2">Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. </font> <font style="font-family:Times New Roman" size="2">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">Investing in the Portfolio involves risks common to any investment in securities. As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. </font> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Derivative Risk &#150;</b> The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Some derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Equity Market Risk &#150;</b> The market value of an equity security and the equity markets in general can be volatile.</font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Management Risk &#150;</b> The risk that investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Market Risk &#150;</b> The value of the securities held by a Portfolio may decline in response to general market and economic conditions or conditions that affect specific market sectors or individual companies. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Multi-Manager Risk &#150;</b> The risk that the Trust may be unable to (a) identify and retain Specialist Managers who achieve superior investment records relative to other similar investments, (b) pair Specialist Managers that have complementary investment styles, or (c) effectively allocate Portfolio assets among Specialist Managers to enhance the return and reduce the volatility that would typically be expected of any one management style. A multi-manager Portfolio may, under certain circumstances, incur trading costs that might not occur in a Portfolio that is served by a single Specialist Manager. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Mid Cap Risk &#150;</b> These companies may have greater financial resources, markets and depth of management than companies in the small cap universe and may be less likely to experience the rapid growth that small cap investors seek. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="2"><b>Passive Investing Risk &#150;</b> A portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio&#146;s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or m