HC Capital Trust

0001193125-12-466273.txt : 20121113 0001193125-12-466273.hdr.sgml : 20121112 20121113111640 ACCESSION NUMBER: 0001193125-12-466273 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 8 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: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-87762 FILM NUMBER: 121196877 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 S000009382 The Core Fixed Income Portfolio

C000025697 HC Strategic Shares HCIIX

C000085461 HC Advisors Shares HCFNX

0000934563 S000029852 The U.S. Government Fixed Income Securities Portfolio

C000091786 HC Strategic Shares HCUSX

C000091787 HC Advisors Shares HCUAX

497 1 d433236d497.htm HC CAPITAL TRUST HC Capital Trust

Kristin Schantz

Assistant Vice President

100 Summer St.
Suite 1500
Boston, MA 02110

LOGO

November 13, 2012

VIA EDGAR

U.S. Securities and Exchange Commission

Division of Investment Management

100 F Street, N. E.

Washington, D.C. 20549

HC Capital Trust (“Registrant”)

1933 Act Registration No. 33-87762

1940 Act Registration No. 811-8918

Filing pursuant to Rule 497(c)

Dear Sir or Madam:

As Administrator on behalf of the Registrant, we are filing the interactive data file included as an exhibit to this filing, that relates to the amended prospectuses for The Core Fixed Income Portfolio and The U.S. Government Fixed Income Securities Portfolio that were filed with the Securities and Exchange Commission pursuant to Rule 497(c) under the Securities Act of 1933, as amended, on November 2, 2012 (Accession No.0001193125-12-448388), which is incorporated herein by reference.

Questions related to this filing may be directed to my attention at (617) 824-1514.

Sincerely,

/s/ Kristin Schantz

Kristin Schantz

Assistant Vice President

cc:	Laura Corsell, Esq – Montgomery, McCracken, Walker & Rhoads LLP

Robert Zion – Hirtle Callaghan & Co, Inc.

EX-101.INS 2 hcct-20121102.xml XBRL INSTANCE DOCUMENT 0000934563 hcct:S000009382Member hcct:HcAdvisorsSharesMember hcct:C000085461Member 2011-11-02 2012-11-01 0000934563 hcct:S000029852Member hcct:HcStrategicSharesMember hcct:C000091786Member 2011-11-02 2012-11-01 0000934563 hcct:S000029852Member hcct:HcAdvisorsSharesMember 2011-11-02 2012-11-01 0000934563 hcct:S000009382Member hcct:HcStrategicSharesMember 2011-11-02 2012-11-01 0000934563 hcct:S000009382Member hcct:HcStrategicSharesMember hcct:C000025697Member 2011-11-02 2012-11-01 0000934563 hcct:S000029852Member hcct:HcAdvisorsSharesMember hcct:C000091787Member 2011-11-02 2012-11-01 0000934563 hcct:S000009382Member hcct:HcAdvisorsSharesMember 2011-11-02 2012-11-01 0000934563 hcct:S000029852Member hcct:HcStrategicSharesMember 2011-11-02 2012-11-01 0000934563 hcct:S000029852Member hcct:HcStrategicSharesMember rr:AfterTaxesOnDistributionsMember hcct:C000091786Member 2011-11-02 2012-11-01 0000934563 hcct:S000029852Member hcct:HcStrategicSharesMember rr:AfterTaxesOnDistributionsAndSalesMember hcct:C000091786Member 2011-11-02 2012-11-01 0000934563 hcct:S000029852Member hcct:HcStrategicSharesMember hcct:BarclaysCapitalUSGovernmentIndexMember 2011-11-02 2012-11-01 0000934563 hcct:S000029852Member hcct:HcAdvisorsSharesMember hcct:BarclaysCapitalUSGovernmentIndexMember 2011-11-02 2012-11-01 0000934563 hcct:S000029852Member hcct:HcAdvisorsSharesMember rr:AfterTaxesOnDistributionsAndSalesMember hcct:C000091787Member 2011-11-02 2012-11-01 0000934563 hcct:S000029852Member hcct:HcAdvisorsSharesMember rr:AfterTaxesOnDistributionsMember hcct:C000091787Member 2011-11-02 2012-11-01 0000934563 2011-11-02 2012-11-01 0000934563 hcct:S000009382Member hcct:HcStrategicSharesMember rr:AfterTaxesOnDistributionsMember hcct:C000025697Member 2011-11-02 2012-11-01 0000934563 hcct:S000009382Member hcct:HcStrategicSharesMember rr:AfterTaxesOnDistributionsAndSalesMember hcct:C000025697Member 2011-11-02 2012-11-01 0000934563 hcct:S000009382Member hcct:HcStrategicSharesMember hcct:BarclaysCapitalUSAggregateBondIndexMember 2011-11-02 2012-11-01 0000934563 hcct:S000009382Member hcct:HcAdvisorsSharesMember rr:AfterTaxesOnDistributionsMember hcct:C000085461Member 2011-11-02 2012-11-01 0000934563 hcct:S000009382Member hcct:HcAdvisorsSharesMember rr:AfterTaxesOnDistributionsAndSalesMember hcct:C000085461Member 2011-11-02 2012-11-01 0000934563 hcct:S000009382Member hcct:HcAdvisorsSharesMember hcct:BarclaysCapitalUSAggregateBondIndexMember 2011-11-02 2012-11-01 pure iso4217:USD 2012-09-30 2012-09-30 <div style="display:none">~ http://www.hccapital.com/role/ScheduleShareholderFeesTheU.S.GovernmentFixedIncomeSecuritiesPortfolio column period compact * ~</div> <div style="display:none">~ http://www.hccapital.com/role/ScheduleShareholderFeesTheCoreFixedIncomePortfolioHCStrategicShares column period compact * ~</div> 2012-09-30 2012-09-30 163 Example: 107 Example: <div style="display:none">~ http://www.hccapital.com/role/ScheduleShareholderFeesTheCoreFixedIncomePortfolio column period compact * ~</div> Example: Example: <div style="display:none">~ http://www.hccapital.com/role/ScheduleShareholderFeesTheU.S.GovernmentFixedIncomeSecuritiesPortfolioHCStrategicShares column period compact * ~</div> 0.0346 The Core Fixed Income Portfolio The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s performance. During the most recent fiscal year, the Portfolio’s turnover was 64.20% of the average value of its portfolio. 246 <a name="toc414138_1"></a>The Core Fixed Income Portfolio The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s performance. During the most recent fiscal year, the Portfolio’s turnover was 64.20% of the average value of its portfolio. 302 0.042 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualOperatingExpensesTheUSGovernmentFixedIncomeSecuritiesPortfolio column period compact * ~</div> 0.0192 The U.S. Government Fixed Income Securities Portfolio The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s performance. During the most recent fiscal year, the Portfolio’s turnover was 89.01% of the average value of its portfolio. 0.043 The U.S. Government Fixed Income Securities Portfolio The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s performance. During the most recent fiscal year, the Portfolio’s turnover was 89.01% of the average value of its portfolio. 0.0192 0 30 Shareholder Fees (fees paid directly from your investment) Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 19 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. 45 Shareholder Fees (fees paid directly from your investment) Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0 2010-12-06 2010-12-06 2010-12-06 2010-12-06 2010-12-06 2010-12-06 2010-12-06 2010-12-06 55 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 yearly performance for each of the last ten full calendar years. 2010-07-06 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheCoreFixedIncomePortfolioHCStrategicShares column period compact * ~</div> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheCoreFixedIncomePortfolio column period compact * ~</div> Shareholder Fees (fees paid directly from your investment, expressed as a percentage of offering price) Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 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’s yearly performance for each full calendar year since the Portfolio’s inception on December 6, 2010. Shareholder Fees (fees paid directly from your investment, expressed as a percentage of offering price) Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualFundOperatingExpensesTheU.S.GovernmentFixedIncomeSecuritiesPortfolioHCStrategicShares column period compact * ~</div> 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's HC Strategic Shares yearly performance for each full calendar year since the Portfolio's HC Strategic Shares inception on December 6, 2010. HC CAPITAL TRUST Other 2012-11-02 2012-06-30 93 0.0797 0.0773 Investment Objective The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio. 0.0513 0.0336 0.0336 0.0578 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: Principal Investment Strategies The Portfolio’s HC Advisors Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 4.20%. <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">Best quarter:</div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right">3rd Qtr. 2011</td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right">4.15%</td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em">Worst quarter:</div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">1st Qtr. 2011</td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">0.10%</td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"></td></tr></table> <center>Average Annual Total Returns (for the periods ended 12/31/11)</center> 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’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. 61 0.0871 As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. 141 0.0871 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. Investment Objective Principal Investment Strategies <center>Average Annual Total Returns (for the periods ended 12/31/11) </center> The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio. 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: 173 0.0774 0.0582 0.0415 The Portfolio's HC Strategic Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 4.30%. <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">Best quarter:</div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right">3rd Qtr. 2009</td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right">4.49%</td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em">Worst quarter:</div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">3rd Qtr. 2008</td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">(2.91)%</td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"></td></tr></table> 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’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. As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheU.S.GovernmentFixedIncomeSecuritiesPortfolioBarChart column period compact * ~</div> 0.0449 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. 2010-07-06 2010-07-06 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheCoreFixedIncomePortfolioHCStrategicSharesBarChart column period compact * ~</div> Investment Objective The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio. 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’s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheCoreFixedIncomePortfolioBarChart column period compact * ~</div> Principal Investment Strategies The Portfolio’s HC Strategic Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 1.92%. <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">Best quarter:</div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right">3rd Qtr. 2011</td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right">5.82%</td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em">Worst quarter:</div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">1st Qtr. 2011</td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">(0.12)%</td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"></td></tr></table> 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’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. As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. 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. Investment Objective The fee tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio. 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's operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be: Principal Investment Strategies The Portfolio's HC Strategic Shares before-tax return for the period from January 1, 2012 through September 30, 2012 (non-annualized) was 1.92%. <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">Best quarter:</div></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right">3rd Qtr. 2011</td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom"></td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" align="right">5.82%</td><td style="BORDER-TOP: #000000 1px solid" valign="bottom" nowrap="nowrap"></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="top"><div style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em">Worst quarter:</div></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">1st Qtr. 2011</td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"></td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">(0.12)%</td><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"></td></tr></table> <center>Average Annual Total Returns (for the periods ended 12/31/11) </center> 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'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. 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. As is the case with any investment, your investment in the Portfolio involves the risk that you may lose money on your investment. 0.0582 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAnnualTotalReturnsTheU.S.GovernmentFixedIncomeSecuritiesPortfolioHCStrategicSharesBarChart column period compact * ~</div> <center>Average Annual Total Returns (for the periods ended 12/31/11) </center> 2010-07-06 2012-11-01 0000934563 false 2012-11-02 0 0.0021 0.0008 0.0029 0.0432 0.0236 0.0682 -0.0067 0.0889 0.0686 The investment objective of The Core Fixed Income Portfolio is to provide a high level of current income consistent with the preservation of capital. Fees and Expenses 0 0.0773 0.0612 0.0563 0.0784 0.0011 0.0008 0.0019 Portfolio Turnover 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 (“junk bonds”) 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’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 “derivative instruments” 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. 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. Principal Investment Risks Performance Bar Chart and Table Performance. 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. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. <center>Year-by-Year Total Returns as of 12/31 </center> 0 0.0011 0.0025 0.0008 0.0044 Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. 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. Fees and Expenses Portfolio Turnover Principal Investment Risks Performance Bar Chart and Table Performance. 0.0871 0.0749 0.0564 0.0902 0.0699 0.0585 0.0528 0.0721 <center>Year-by-Year Total Returns as of 12/31</center> The investment objective of The Core Fixed Income Portfolio is to provide a high level of current income consistent with the preservation of capital. 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. <ul type="square"><li style="margin-left:-20px">Asset-Backed Security Risk – The market value and yield of asset-backed and mortgage-backed securities can vary due to market interest rate fluctuations and early prepayments of underlying instruments. Although these securities may offer yields higher than those available from other types of securities, these securities may be less effective than other types of securities as a means of “locking in” attractive long-term rates because of the prepayment feature. </li></ul><ul type="square"><li style="margin-left:-20px">Call/Prepayment Risk – 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. </li></ul><ul type="square"><li style="margin-left:-20px">Credit Risk – 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. 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. </li></ul><ul type="square"><li style="margin-left:-20px">Derivative Risk – 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. </li></ul><ul type="square"><li style="margin-left:-20px">Extension Risk – 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. </li></ul><ul type="square"><li style="margin-left:-20px">High Yield Bond Risk – Up to 20% of the Portfolio’s assets may be invested in these securities. High yield bonds are considered speculative under traditional investment standards. The prices of these securities will rise and fall primarily in response to changes in the issuer’s financial health. Change in market interest rates will also affect prices. High yield bonds may also experience reduced liquidity, and sudden and substantial decreases in price, during certain market conditions </li></ul><ul type="square"><li style="margin-left:-20px">Interest Rate Risk – 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. </li></ul><ul type="square"><li style="margin-left:-20px">Liquidity Risk – 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. </li></ul><ul type="square"><li style="margin-left:-20px">Management Risk – 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. </li></ul><ul type="square"><li style="margin-left:-20px">Market Risk – 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. </li></ul>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio. 0.0871 0.0749 0.0564 0.0902 0.0699 0.0585 0.0528 0.0721 0 The Portfolio invests primarily (i.e., 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 (“junk bonds”) 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’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 “derivative instruments” 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. 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. 0.0021 0.0025 0.0008 0.0054 Best quarter: 2011-09-30 Worst quarter: 2011-03-31 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. <ul type="square"><li>Asset-Backed Security Risk – The market value and yield of asset-backed and mortgage-backed securities can vary due to market interest rate fluctuations and early prepayments of underlying instruments. Although these securities may offer yields higher than those available from other types of securities, these securities may be less effective than other types of securities as a means of “locking in” attractive long-term rates because of the prepayment feature. </li></ul><ul type="square"><li>Call/Prepayment Risk – 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. </li></ul><ul type="square"><li>Credit Risk – 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. 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. </li></ul><ul type="square"><li>Derivative Risk – 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. </li></ul><ul type="square"><li>Extension Risk – 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. </li></ul><ul type="square"><li>High Yield Bond Risk – Up to 20% of the Portfolio’s assets may be invested in these securities. High yield bonds are considered speculative under traditional investment standards. The prices of these securities will rise and fall primarily in response to changes in the issuer’s financial health. Change in market interest rates will also affect prices. High yield bonds may also experience reduced liquidity, and sudden and substantial decreases in price, during certain market conditions. </li></ul><ul type="square"><li>Interest Rate Risk – 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.</li></ul><ul type="square"><li>Liquidity Risk – 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. </li></ul><ul type="square"><li>Management Risk – 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.</li></ul><ul type="square"><li>Market Risk – 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. </li></ul>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio. 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 yearly performance for each of the last ten full calendar years. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. Best quarter: 2011-09-30 Worst quarter: 2011-03-31 before-tax return <div style="display:none">~ http://www.hccapital.com/role/ScheduleExpenseExampleTheUSGovernmentFixedIncomeSecuritiesPortfolio column period compact * ~</div> Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. Best quarter: Worst quarter: 2009-09-30 2008-09-30 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. <div style="display:none">~ http://www.hccapital.com/role/ScheduleAverageAnnualTotalReturnsTransposedTheU.S.GovernmentFixedIncomeSecuritiesPortfolio column period compact * ~</div> 0.0564 0.0784 0.0612 0.0774 0.0565 0.0392 0.0403 0.059 <div style="display:none">~ http://www.hccapital.com/role/ScheduleAverageAnnualTotalReturnsTransposedTheCoreFixedIncomePortfolioHCStrategicShares column period compact * ~</div> before-tax return The investment objective of The U.S. Government Fixed Income Securities Portfolio is to provide a moderate and sustainable level of current income, consistent with the preservation of capital by investing in a diversified portfolio of primarily U.S. Treasury and government related fixed income securities. Fees and Expenses Portfolio Turnover 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. 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. Principal Investment Risks 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. <ul type="square"><li style="margin-left: 20px">Call/Prepayment Risk – 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. </li></ul><ul type="square"><li style="margin-left: 20px">Interest Rate Risk – 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. </li></ul><ul type="square"><li style="margin-left: 20px">Management Risk – 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. </li></ul><ul type="square"><li style="margin-left: 20px">Market Risk – 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. </li></ul>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio. Performance Bar Chart and Table Performance. 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’s yearly performance for each full calendar year since the Portfolio’s inception on December 6, 2010. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. <center>Year-by-Year Total Returns as of 12/31</center> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAverageAnnualTotalReturnsTransposedTheCoreFixedIncomePortfolio column period compact * ~</div> Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. 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. before-tax return The investment objective of The U.S. Government Fixed Income Securities Portfolio is to provide a moderate and sustainable level of current income, consistent with the preservation of capital by investing in a diversified portfolio of primarily U.S. Treasury and government related fixed income securities. Fees and Expenses Portfolio Turnover 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. 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. Principal Investment Risks 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. <ul type="square"><li style="margin-left:-20px">Call/Prepayment Risk – 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. </li></ul><ul type="square"><li style="margin-left:-20px">Interest Rate Risk – 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.</li></ul><ul type="square"><li style="margin-left:-20px">Management Risk – 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.</li></ul><ul type="square"><li style="margin-left:-20px">Market Risk – 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.</li></ul>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio. Performance Bar Chart and Table Performance. 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’s HC Strategic Shares yearly performance for each full calendar year since the Portfolio’s HC Strategic Shares inception on December 6, 2010. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. A full calendar year of performance is not yet available for the HC Advisors Shares class. The performance shown below is that of HC Strategic Shares and has not been adjusted to reflect HC Advisors Shares expenses, which are higher. If it had been, performance would have been lower. <center>Year-by-Year Total Returns as of 12/31 </center> 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. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. before-tax return Best quarter: 2011-09-30 Worst quarter: 2011-03-31 <div style="display:none">~ http://www.hccapital.com/role/ScheduleExpenseExampleTheUSGovernmentFixedIncomeSecuritiesPortfolioHCStrategicShares column period compact * ~</div> <div style="display:none">~ http://www.hccapital.com/role/ScheduleAverageAnnualTotalReturnsTransposedTheU.S.GovernmentFixedIncomeSecuritiesPortfolioHCStrategicShares column period compact * ~</div> <div style="display:none">~ http://www.hccapital.com/role/ScheduleExpenseExampleTheCoreFixedIncomePortfolio column period compact * ~</div> <div style="display:none">~ http://www.hccapital.com/role/ScheduleExpenseExampleTheCoreFixedIncomePortfolioHCStrategicShares column period compact * ~</div> 368 0.0397 0.0587 0.0416 0.0407 0.065 243 0.642 555 677 -0.0012 0.001 0.642 -0.0291 0.8901 0.8901 -0.0012 Results shown on a calendar year basis; the Portfolio's fiscal year, however, is June 30. Results shown on a calendar year basis; the Portfolio's fiscal year, however, is June 30. 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