N-CSRS 1 primary-document.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington
, D.C. 20549
 

FORM N-CSR

 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
 
Investment Company Act file number                            811-08918                                                                           
HC Capital Trust
(Exact name of registrant as specified in charter)
 
Five Tower Bridge, 300 Barr Harbor Drive, 5th Floor, West Conshohocken, PA 19428
(Address of principal executive offices) (Zip code)
 
Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219
(Name and address of agent for service)
 
Registrant’s telephone number, including area code:   800-242-9596     
 
Date of fiscal year end: June 30
 
Date of reporting period: December 31, 2023
 
Item 1. Reports to Stockholders.
 
 
Semiannual
Report
(Unaudited)
December
31,
2023
The
Value
Equity
Portfolio
The
Growth
Equity
Portfolio
The
Institutional
U.S.
Equity
Portfolio
The
Small
Capitalization-Mid
Capitalization
Equity
Portfolio
The
ESG
Growth
Portfolio
The
Catholic
SRI
Growth
Portfolio
The
International
Equity
Portfolio
The
Institutional
International
Equity
Portfolio
The
Emerging
Markets
Portfolio
The
Core
Fixed
Income
Portfolio
The
Corporate
Opportunities
Portfolio
The
U.S.
Government
Fixed
Income
Securities
Portfolio
The
U.S.
Corporate
Fixed
Income
Securities
Portfolio
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
The
Short-Term
Municipal
Bond
Portfolio
The
Intermediate
Term
Municipal
Bond
Portfolio
December
31,
2023
We
are
pleased
to
present
the
December
31,
2023
Semiannual
Report
for
the
HC
Capital
Trust
(the
“Trust”).
The
Trust
is
an
open-end
management
investment
company.
As
of
December
31,
2023
,
the
Trust
consisted
of
sixteen
separate
investment
portfolios
(the
“Portfolios”).
Day-to-day
portfolio
management
services
are
provided
to
each
of
the
Trust’s
Portfolios
by
one
or
more
independent
money
management
organizations
(“Specialist
Managers”).
Each
Specialist
Manager
is
subject
to
the
supervision
of
HC
Capital
Solutions,
an
operating
division
of
Hirtle
Callaghan
&
Co.,
LLC,
which
serves
as
the
Trust’s
primary
investment
adviser
and
to
the
general
oversight
of
the
Trust’s
Board
of
Trustees.
The
Value
Equity
Portfolio
,
seeks
total
return
by
investing
in
a
diversified
portfolio
of
equity
securities
of
large
companies
with
relatively
low
price-earnings
ratios
and
high
dividend
yields.
The
Growth
Equity
Portfolio
,
seeks
capital
appreciation
by
investing
in
a
diversified
portfolio
of
equity
securities
of
large
and
mid-
capitalization
companies
with
superior
prospects
for
earnings
growth.
The
Institutional
U.S.
Equity
Portfolio
,
seeks
capital
appreciation
by
investing
in
a
diversified
portfolio
of
equity
securities
of
large
and
mid-capitalization
companies
with
superior
prospects
for
earnings
growth.
The
Small
Capitalization-Mid
Capitalization
Equity
Portfolio,
seeks
long-term
capital
appreciation
by
investing
in
a
diversified
portfolio
of
equity
securities
of
small
and
mid-capitalization
companies.
The
ESG
Growth
Portfolio,
seeks
to
maximize
total
return
subject
to
emphasizing
environmental,
social
and
governance
(“ESG”)
focused
investments.
The
Catholic
SRI
Growth
Portfolio,
seeks
to
maximize
total
return
integrating
a
range
of
social
and
moral
concerns
into
its
security
selection
process.
The
International
Equity
Portfolio,
seeks
to
maximize
total
return
by
investing
in
a
diversified
portfolio
of
equity
securities
of
companies
based
in
countries
other
than
the
United
States
of
America.
The
Institutional
International
Equity
Portfolio,
seeks
to
maximize
total
return
by
investing
in
a
diversified
portfolio
of
equity
securities
of
companies
based
in
countries
other
than
the
United
States
of
America.
The
Emerging
Markets
Portfolio,
seeks
total
return,
primarily
through
capital
appreciation,
by
investing
in
a
diversified
portfolio
of
securities
issued
by
companies
domiciled,
or
doing
a
substantial
portion
of
their
business,
in
countries
with
a
developing
or
emerging
economy
or
securities
market.
The
Core
Fixed
Income
Portfolio,
seeks
current
income,
consistent
with
the
preservation
of
capital,
by
investing
in
a
diversified
portfolio
of
debt
securities,
including
U.S.
and
non-U.S.
government
securities,
corporate
debt
securities,
and
asset-backed
issues.
The
Corporate
Opportunities
Portfolio,
seeks
to
achieve
above-average
total
return
by
investing
in
high
yield
securities
(commonly
referred
to
as
“junk
bonds”).
The
U.S.
Government
Fixed
Income
Securities
Portfolio,
seeks
to
provide
a
moderate
and
sustainable
level
of
current
income,
consistent
with
the
preservation
of
capital
by
investing
primarily
in
a
diversified
portfolio
of
U.S.
Treasury
and
government
related
fixed
income
securities.
The
U.S.
Corporate
Fixed
Income
Securities
Portfolio,
seeks
to
provide
a
moderate
and
sustainable
level
of
current
income,
consistent
with
the
preservation
of
capital
by
investing
primarily
in
a
diversified
portfolio
of
investment
grade
fixed
income
securities
issued
by
U.S.
corporations.
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio,
seeks
to
provide
a
moderate
and
sustainable
level
of
current
income,
consistent
with
the
preservation
of
capital
by
investing
primarily
in
a
diversified
portfolio
of
publicly
issued
mortgage
and
asset
backed
securities.
The
Short-Term
Municipal
Bond
Portfolio,
seeks
a
high
level
of
current
income
exempt
from
Federal
income
tax,
consistent
with
preservation
of
capital,
by
investing
primarily
in
securities
issued
by
municipalities
and
related
securities.
The
Intermediate
Term
Municipal
Bond
Portfolio,
seeks
a
high
level
of
current
income,
consistent
with
the
preservation
of
capital,
exempt
from
Federal
income
tax
by
investing
in
securities
issued
by
municipalities
and
related
entities.
Table
of
Contents
Semiannual
Report
(Unaudited)
HC
CAPITAL
TRUST
December
31,
2023
Portfolio
of
Investments
1
Statements
of
Assets
and
Liabilities
206
Statements
of
Operations
211
Statements
of
Change
in
Net
Assets
216
Financial
Highlights
222
Notes
to
Financial
Statements
229
Additional
Information
259
HC
CAPITAL
TRUST
The
Value
Equity
Portfolio
Portfolio
of
Investments
—
December
31,2023
(Unaudited)
1
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
—
99.62%
Aerospace
&
Defense
—
1.57%
3,065
HEICO
Corp.
.....................
$
548
1,057
L3Harris
Technologies,
Inc.
..........
223
5,411
Lockheed
Martin
Corp.
..............
2,452
747
Northrop
Grumman
Corp.
............
350
18,437
RTX
Corp.
.......................
1,551
5,412
The
Boeing
Co.(a)
.................
1,411
4,420
TransDigm
Group,
Inc.
..............
4,471
11,006
Air
Freight
&
Logistics
—
0.57%
305
Expeditors
International
of
Washington,
Inc.
39
4,786
FedEx
Corp.
.....................
1,211
1,886
GXO
Logistics,
Inc.(a)
..............
115
16,845
United
Parcel
Service,
Inc.,
Class
-
B
....
2,648
4,013
Automobile
Components
—
0.41%
585
Gentex
Corp.
.....................
19
12,500
Lear
Corp.
.......................
1,765
75,708
QuantumScape
Corp.(a)
.............
526
37,827
The
Goodyear
Tire
&
Rubber
Co.(a)
....
542
2,852
Automobiles
—
1.31%
36,906
Tesla,
Inc.(a)
.....................
9,170
Banks
—
3.75%
225,733
Bank
of
America
Corp.
..............
7,600
16,687
Bank
OZK
.......................
832
7,844
Citigroup,
Inc.
....................
403
1,826
Citizens
Financial
Group,
Inc.
.........
61
5,616
Columbia
Banking
System,
Inc.
.......
150
15,989
Comerica,
Inc.
....................
892
688
Commerce
Bancshares,
Inc.
..........
37
1,552
Cullen/Frost
Bankers,
Inc.
............
168
3,013
East
West
Bancorp,
Inc.
.............
217
13,076
Fifth
Third
Bancorp
................
451
591
First
Citizens
BancShares,
Inc.,
Class
-
A
.
839
6,815
First
Hawaiian,
Inc.
................
156
41,225
Huntington
Bancshares,
Inc.
..........
524
52,407
JPMorgan
Chase
&
Co.
.............
8,914
3,497
M&T
Bank
Corp.
..................
479
42,174
Synovus
Financial
Corp.
.............
1,588
8,270
The
PNC
Financial
Services
Group,
Inc.
.
1,281
13,406
Wells
Fargo
&
Co.
.................
660
16,779
Western
Alliance
Bancorp
............
1,104
26,356
Beverages
—
1.66%
4,600
Brown-Forman
Corp.,
Class
-
B
.......
263
2,846
Constellation
Brands,
Inc.,
Class
-
A
....
688
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Beverages
(continued)
6,891
Keurig
Dr.
Pepper,
Inc.
..............
$
230
9,060
Monster
Beverage
Corp.(a)
...........
522
28,839
PepsiCo,
Inc.
.....................
4,898
85,987
The
Coca-Cola
Co.
.................
5,066
11,667
Biotechnology
—
2.15%
34,760
AbbVie,
Inc.
.....................
5,386
2,223
Alnylam
Pharmaceuticals,
Inc.(a)
......
426
14,171
Amgen,
Inc.
......................
4,082
17,938
United
Therapeutics
Corp.(a)
.........
3,944
3,143
Vertex
Pharmaceuticals,
Inc.(a)
........
1,279
15,117
Broadline
Retail
—
3.49%
154,380
Amazon.com,
Inc.(a)
...............
23,457
15,760
eBay,
Inc.
.......................
687
5,126
Ollie's
Bargain
Outlet
Holdings,
Inc.(a)
..
389
24,533
Building
Products
—
0.74%
10,045
A.O.
Smith
Corp.
..................
828
21,311
Carrier
Global
Corp.
................
1,224
13,273
Johnson
Controls
International
PLC
.....
765
6,549
Masco
Corp.
.....................
439
7,831
Trane
Technologies
PLC
.............
1,910
5,166
Capital
Markets
—
2.75%
4,496
Affiliated
Managers
Group,
Inc.
.......
681
2,506
Ameriprise
Financial,
Inc.
............
952
2,656
Ares
Management
Corp.,
Class
-
A
.....
316
4,582
BlackRock,
Inc.
...................
3,720
1,669
CME
Group,
Inc.
..................
351
7,651
Coinbase
Global,
Inc.,
Class
-
A(a)
.....
1,331
4,721
Evercore,
Inc.
....................
808
16,955
Franklin
Resources,
Inc.
.............
505
2,293
Interactive
Brokers
Group,
Inc.
........
190
3,061
Intercontinental
Exchange,
Inc.
........
393
9,972
Invesco
Ltd.
......................
178
17,093
Jefferies
Financial
Group,
Inc.
.........
691
9,493
KKR
&
Co.,
Inc.
..................
786
20,369
Morgan
Stanley
...................
1,899
686
Morningstar,
Inc.
..................
196
1,887
Nasdaq,
Inc.
.....................
110
269
S&P
Global,
Inc.
..................
118
7,695
State
Street
Corp.
..................
596
7,780
T.
Rowe
Price
Group,
Inc.
............
838
25,629
The
Charles
Schwab
Corp.
...........
1,763
2
HC
CAPITAL
TRUST
The
Value
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Capital
Markets
(continued)
7,506
The
Goldman
Sachs
Group,
Inc.
.......
$
2,896
19,318
Chemicals
—
1.56%
7,464
Air
Products
&
Chemicals,
Inc.
........
2,044
4,923
Axalta
Coating
Systems
Ltd.(a)
........
167
1,640
Celanese
Corp.
....................
255
30,439
CF
Industries
Holdings,
Inc.
..........
2,421
9,311
Corteva,
Inc.
.....................
446
9,217
Dow,
Inc.
.......................
505
13,063
DuPont
de
Nemours,
Inc.
............
1,005
2,671
Linde
PLC
.......................
1,097
7,173
LyondellBasell
Industries
N.V.,
Class
-
A
.
682
24,876
Olin
Corp.
.......................
1,342
6,716
PPG
Industries,
Inc.
................
1,004
10,968
Commercial
Services
&
Supplies
—
1.38%
11,948
Clean
Harbors,
Inc.(a)
..............
2,086
109,396
Copart,
Inc.(a)
....................
5,361
1,577
RB
Global,
Inc.
...................
105
1,270
Republic
Services,
Inc.
..............
209
2,747
Stericycle,
Inc.(a)
..................
136
1,167
Veralto
Corp.
.....................
96
9,682
Waste
Management,
Inc.
.............
1,734
9,727
Communications
Equipment
—
0.69%
90,637
Cisco
Systems,
Inc.
................
4,579
774
Motorola
Solutions,
Inc.
.............
242
4,821
Construction
&
Engineering
—
0.11%
3,578
AECOM
........................
331
841
Arcosa,
Inc.
......................
70
1,667
Quanta
Services,
Inc.
...............
359
760
Construction
Materials
—
0.18%
1,351
Martin
Marietta
Materials,
Inc.
........
674
2,578
Vulcan
Materials
Co.
...............
585
1,259
Consumer
Finance
—
1.20%
20,855
American
Express
Co.
..............
3,907
20,025
Capital
One
Financial
Corp.
..........
2,626
6,409
Discover
Financial
Services
..........
720
14,450
OneMain
Holdings,
Inc.
.............
711
44,363
SoFi
Technologies,
Inc.(a)
............
441
8,405
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Consumer
Staples
Distribution
&
Retail
—
1.89%
3,254
Casey's
General
Stores,
Inc.
..........
$
894
3,889
Costco
Wholesale
Corp.
.............
2,568
952
Dollar
General
Corp.
...............
129
4,169
Dollar
Tree,
Inc.(a)
.................
592
9,412
Sysco
Corp.
......................
688
17,745
Target
Corp.
.....................
2,527
9,040
The
Kroger
Co.
...................
413
34,781
Walmart,
Inc.
.....................
5,484
13,295
Containers
&
Packaging
—
0.33%
262
AptarGroup,
Inc.
..................
32
27
Avery
Dennison
Corp.
..............
5
22,939
Ball
Corp.
.......................
1,320
10,608
International
Paper
Co.
..............
384
2,050
Packaging
Corp.
of
America
..........
334
2,320
Silgan
Holdings,
Inc.
...............
105
2,452
Sonoco
Products
Co.
...............
137
2,317
Distributors
—
0.08%
3,827
Genuine
Parts
Co.
.................
530
Diversified
Consumer
Services
—
0.08%
7,498
H&R
Block,
Inc.
..................
363
3,097
Service
Corp.
International
...........
212
575
Diversified
Telecommunication
Services
—
0.26%
4,671
GCI
Liberty,
Inc.(a)(b)
..............
–
48,780
Verizon
Communications,
Inc.
.........
1,839
1,839
Electric
Utilities
—
1.47%
1,604
Alliant
Energy
Corp.
...............
82
30,034
American
Electric
Power
Co.,
Inc.
......
2,438
3,035
Constellation
Energy
Corp.
...........
355
7,685
Duke
Energy
Corp.
.................
746
1,914
Edison
International
................
137
9,746
Eversource
Energy
.................
602
9,106
Exelon
Corp.
.....................
327
70,548
Hawaiian
Electric
Industries,
Inc.
......
1,001
35,480
NextEra
Energy,
Inc.
...............
2,155
32,159
The
Southern
Co.
..................
2,255
4,017
Xcel
Energy,
Inc.
..................
249
10,347
Electrical
Equipment
—
0.82%
3,350
AMETEK,
Inc.
...................
552
12,355
Eaton
Corp.
PLC
..................
2,976
16,658
Emerson
Electric
Co.
...............
1,621
3
HC
CAPITAL
TRUST
The
Value
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Electrical
Equipment
(continued)
3,984
Regal
Rexnord
Corp.
...............
$
590
5,739
Electronic
Equipment,
Instruments
&
Components
—
0.02%
1,050
Keysight
Technologies,
Inc.(a)
........
167
Energy
Equipment
&
Services
—
0.58%
26,930
Halliburton
Co.
...................
974
6,095
Helmerich
&
Payne,
Inc.
.............
221
23,556
Patterson-UTI
Energy,
Inc.
...........
254
42,009
Schlumberger
N.V.
.................
2,185
21,429
TechnipFMC
PLC
.................
432
4,066
Entertainment
—
0.85%
430
Atlanta
Braves
Holdings,
Inc.(a)
.......
17
14,871
Liberty
Media
Corp.-Liberty
Formula
One(a)
.....................
939
636
Liberty
Media
Corp.-Liberty
Live(a)
....
24
4,935
Netflix,
Inc.(a)
....................
2,403
28,322
The
Walt
Disney
Co.
...............
2,557
5,940
Financial
Services
—
3.51%
8,213
Apollo
Global
Management,
Inc.
.......
765
23,877
Berkshire
Hathaway,
Inc.,
Class
-
B(a)
...
8,517
14,613
Equitable
Holdings,
Inc.
.............
487
3,316
Fiserv,
Inc.(a)
.....................
440
4,425
Global
Payments,
Inc.
...............
562
18,311
Mastercard,
Inc.,
Class
-
A
...........
7,810
23,246
Visa,
Inc.,
Class
-
A
................
6,052
43
WEX,
Inc.(a)
.....................
8
24,641
Food
Products
—
0.71%
13,782
Archer-Daniels-Midland
Co.
..........
995
3,437
Campbell
Soup
Co.
................
149
16,807
Conagra
Brands,
Inc.
...............
482
5,689
Flowers
Foods,
Inc.
................
128
12,760
General
Mills,
Inc.
.................
831
2,450
Hormel
Foods
Corp.
................
79
10,284
Kellogg
Co.
......................
575
9,502
Mondelez
International,
Inc.,
Class
-
A
...
688
1,277
Post
Holdings,
Inc.(a)
...............
112
1,964
The
Hershey
Co.
..................
366
13,887
The
Kraft
Heinz
Co.
................
514
2,571
WK
Kellogg
Co.
..................
34
4,953
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Gas
Utilities
—
0.01%
808
Atmos
Energy
Corp.
................
$
94
Ground
Transportation
—
1.25%
4,011
CSX
Corp.
.......................
139
2,655
Knight-Swift
Transportation
Holdings,
Inc.
153
5,345
Norfolk
Southern
Corp.
.............
1,264
1,462
Old
Dominion
Freight
Line,
Inc.
.......
593
1,886
RXO,
Inc.(a)
.....................
44
7,527
Ryder
System,
Inc.
.................
866
13,196
Uber
Technologies,
Inc.(a)
...........
812
327
U-Haul
Holding
Co.(a)
..............
23
2,943
U-Haul
Holding
Co.
................
207
18,473
Union
Pacific
Corp.
................
4,538
1,886
XPO,
Inc.(a)
.....................
165
8,804
Health
Care
Equipment
&
Supplies
—
2.16%
48,674
Abbott
Laboratories
................
5,358
5,533
Align
Technology,
Inc.(a)
............
1,516
4,797
Becton
Dickinson
&
Co.
.............
1,170
5,314
Dexcom,
Inc.(a)
...................
659
9,953
Edwards
Lifesciences
Corp.(a)
........
759
1,648
Enovis
Corp.(a)
...................
92
19,348
Envista
Holdings
Corp.(a)
............
466
2,648
GE
HealthCare
Technologies,
Inc.
......
205
9,518
ICU
Medical,
Inc.(a)
...............
949
1,653
IDEXX
Laboratories,
Inc.(a)
..........
917
2,647
Intuitive
Surgical,
Inc.(a)
............
893
74
Medtronic
PLC
...................
6
26,890
Novocure
Ltd.(a)
..................
401
1,434
Penumbra,
Inc.(a)
..................
361
1,498
STERIS
PLC
.....................
329
22,278
Tandem
Diabetes
Care,
Inc.(a)
.........
659
1,671
Teleflex,
Inc.
.....................
417
15,157
Health
Care
Providers
&
Services
—
2.91%
3,127
AmerisourceBergen
Corp.
............
642
24,101
Centene
Corp.(a)
..................
1,789
14,322
CVS
Health
Corp.
.................
1,131
4,252
Elevance
Health,
Inc.
...............
2,005
4,756
HCA
Healthcare,
Inc.
...............
1,287
2,789
Humana,
Inc.
.....................
1,277
2,131
Laboratory
Corp.
of
America
Holdings
...
484
4,072
McKesson
Corp.
..................
1,885
992
Molina
Healthcare,
Inc.(a)
...........
358
2,928
Quest
Diagnostics,
Inc.
..............
404
11,241
The
Cigna
Group
..................
3,366
11,048
UnitedHealth
Group,
Inc.
............
5,817
20,445
4
HC
CAPITAL
TRUST
The
Value
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Health
Care
REITs
—
0.07%
5,701
Welltower,
Inc.
....................
$
514
Health
Care
Technology
—
0.39%
20,543
Teladoc
Health,
Inc.(a)
..............
443
11,861
Veeva
Systems,
Inc.,
Class
-
A(a)
.......
2,283
2,726
Hotel
&
Resort
REITs
—
0.05%
24,850
Park
Hotels
&
Resorts,
Inc.
...........
380
Hotels,
Restaurants
&
Leisure
—
2.16%
3,359
Airbnb,
Inc.,
Class
-
A(a)
............
457
7,828
Caesars
Entertainment,
Inc.(a)
.........
367
2,249
Darden
Restaurants,
Inc.
.............
370
23,594
DraftKings,
Inc.(a)
.................
832
148
Hilton
Worldwide
Holdings,
Inc.
.......
27
3,826
Hyatt
Hotels
Corp.,
Class
-
A
.........
499
1,434
Marriott
International,
Inc./MD,
Class
-
A
323
20,166
McDonald's
Corp.
.................
5,979
51,410
Norwegian
Cruise
Line
Holdings
Ltd.(a)
.
1,030
16,947
Royal
Caribbean
Cruises
Ltd.(a)
.......
2,194
30,827
Starbucks
Corp.
...................
2,960
546
Vail
Resorts,
Inc.
..................
117
15,155
Household
Durables
—
0.61%
3,443
D.R.
Horton,
Inc.
..................
523
3,121
Garmin
Ltd.
......................
401
3,252
Leggett
&
Platt,
Inc.
................
85
6,964
Lennar
Corp.,
Class
-
A
..............
1,038
83
Lennar
Corp.,
Class
-
B
.............
11
4,132
PulteGroup,
Inc.
...................
427
17,676
Toll
Brothers,
Inc.
.................
1,817
4,302
Household
Products
—
1.45%
2,171
Church
&
Dwight
Co.,
Inc.
...........
205
16,240
Kimberly-Clark
Corp.
...............
1,973
1,218
The
Clorox
Co.
...................
174
53,465
The
Procter
&
Gamble
Co.
...........
7,835
10,187
Industrial
Conglomerates
—
0.62%
7,946
General
Electric
Co.
................
1,014
16,050
Honeywell
International,
Inc.
.........
3,366
4,380
Industrial
REITs
—
0.50%
11,771
Americold
Realty
Trust,
Inc.
..........
356
20,968
Prologis,
Inc.
.....................
2,795
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Industrial
REITs
(continued)
6,543
Rexford
Industrial
Realty,
Inc.
.........
$
367
3,518
Insurance
—
2.04%
23,465
Aflac,
Inc.
.......................
1,936
560
Aon
PLC,
Class
-
A
................
163
3,589
Arthur
J.
Gallagher
&
Co.
............
807
1,195
Assurant,
Inc.
....................
201
1,709
Brown
&
Brown,
Inc.
...............
122
3,252
Cincinnati
Financial
Corp.
...........
336
52,976
Fidelity
National
Financial,
Inc.
.......
2,703
2,577
Marsh
&
McLennan
Cos.,
Inc.
........
488
26,353
MetLife,
Inc.
.....................
1,743
7,077
Old
Republic
International
Corp.
.......
208
6,114
Prudential
Financial,
Inc.
............
634
3,014
RenaissanceRe
Holdings
Ltd.
.........
591
26,534
The
Allstate
Corp.
.................
3,714
2,945
The
Progressive
Corp.
..............
469
3,246
W.R.
Berkley
Corp.
................
230
14,345
Interactive
Media
&
Services
—
5.88%
125,340
Alphabet,
Inc.,
Class
-
A(a)
...........
17,509
91,660
Alphabet,
Inc.,
Class
-
C(a)
...........
12,918
7,722
IAC,
Inc.(a)
......................
404
29,543
Meta
Platforms,
Inc.,
Class
-
A(a)
......
10,457
41,288
IT
Services
—
1.31%
4,055
Accenture
PLC,
Class
-
A
............
1,423
3,168
Akamai
Technologies,
Inc.(a)
.........
375
1,853
Cognizant
Technology
Solutions
Corp.,
Class
-
A
....................
140
8,471
EPAM
Systems,
Inc.(a)
..............
2,518
13,957
GoDaddy,
Inc.,
Class
-
A(a)
...........
1,482
2,117
International
Business
Machines
Corp.
...
346
13,322
Okta,
Inc.(a)
.....................
1,206
4,262
Snowflake,
Inc.,
Class
-
A(a)
..........
848
4,247
VeriSign,
Inc.(a)
...................
875
9,213
Leisure
Products
—
0.10%
1,780
Brunswick
Corp.
..................
172
1,159
Hasbro,
Inc.
......................
59
10,271
Mattel,
Inc.(a)
....................
194
3,276
Polaris,
Inc.
......................
311
736
Life
Sciences
Tools
&
Services
—
1.08%
4,371
Agilent
Technologies,
Inc.
............
608
398
Bio-Rad
Laboratories,
Inc.,
Class
-
A(a)
..
129
5
HC
CAPITAL
TRUST
The
Value
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Life
Sciences
Tools
&
Services
(continued)
1,294
Bruker
Corp.
.....................
$
95
438
Charles
River
Laboratories
International,
Inc.(a)
......................
104
3,501
Danaher
Corp.
....................
810
2,131
Fortrea
Holdings,
Inc.(a)
.............
74
710
IQVIA
Holdings,
Inc.(a)
.............
164
2,796
Mettler-Toledo
International,
Inc.(a)
....
3,391
2,339
QIAGEN
N.V.(a)
..................
102
485
Revvity,
Inc.
.....................
53
3,456
Thermo
Fisher
Scientific,
Inc.
.........
1,834
720
Waters
Corp.(a)
...................
237
7,601
Machinery
—
1.70%
11,054
AGCO
Corp.
.....................
1,342
12,196
Caterpillar,
Inc.
...................
3,606
5,428
Cummins,
Inc.
....................
1,300
53
Donaldson
Co.,
Inc.
................
3
4,752
Dover
Corp.
......................
731
1,648
Esab
Corp.
.......................
143
28
IDEX
Corp.
......................
6
6,910
Ingersoll
Rand,
Inc.
................
534
1,442
ITT,
Inc.
........................
172
1,244
Nordson
Corp.
....................
329
17,062
Oshkosh
Corp.
....................
1,850
7,507
Otis
Worldwide
Corp.
...............
672
1,693
Parker-Hannifin
Corp.
..............
780
2,490
The
Timken
Co.
...................
200
1,711
Westinghouse
Air
Brake
Technologies
Corp.
217
485
Xylem,
Inc.
......................
55
11,940
Media
—
0.76%
84,982
Comcast
Corp.,
Class
-
A
............
3,726
4,889
Fox
Corp.,
Class
-
A
................
145
3,789
Omnicom
Group,
Inc.
...............
328
45,955
Paramount
Global,
Class
-
B
..........
680
14,641
The
Interpublic
Group
of
Cos.,
Inc.
.....
478
5,357
Metals
&
Mining
—
0.58%
49,484
Alcoa
Corp.
......................
1,683
18,550
Newmont
Corp.
...................
768
8,225
Nucor
Corp.
......................
1,431
1,912
Steel
Dynamics,
Inc.
................
226
4,108
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.07%
18,648
Annaly
Capital
Management,
Inc.
......
361
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Mortgage
Real
Estate
Investment
Trusts
(REITs)
(continued)
15,165
Rithm
Capital
Corp.
................
$
162
523
Multi-Utilities
—
0.64%
2,674
Ameren
Corp.
....................
193
1,937
CMS
Energy
Corp.
.................
112
1,642
Consolidated
Edison,
Inc.
............
149
1,144
Dominion
Energy,
Inc.
..............
54
1,043
DTE
Energy
Co.
..................
115
72,854
NiSource,
Inc.
....................
1,935
5,865
Public
Service
Enterprise
Group,
Inc.
....
359
1,902
Sempra
Energy
...................
142
17,371
WEC
Energy
Group,
Inc.
............
1,462
4,521
Oil,
Gas
&
Consumable
Fuels
—
2.98%
19,551
Antero
Midstream
Corp.
.............
245
7,263
Cheniere
Energy,
Inc.
...............
1,240
19,851
Chevron
Corp.
....................
2,961
5,077
ConocoPhillips
...................
589
63,641
Coterra
Energy,
Inc.
................
1,624
30,851
Devon
Energy
Corp.
................
1,398
521
DT
Midstream,
Inc.
................
29
3,995
EOG
Resources,
Inc.
...............
483
7,396
EQT
Corp.
.......................
286
35,550
Exxon
Mobil
Corp.
................
3,554
16,993
Hess
Corp.
.......................
2,450
11,538
Marathon
Petroleum
Corp.
...........
1,712
26,124
Occidental
Petroleum
Corp.
..........
1,560
6,401
ONEOK,
Inc.
.....................
449
6,951
Targa
Resources
Corp.
..............
604
41,203
The
Williams
Cos.,
Inc.
.............
1,435
2,242
Valero
Energy
Corp.
................
291
2,011
Vitesse
Energy,
Inc.
................
44
20,954
Paper
&
Forest
Products
—
0.01%
964
Sylvamo
Corp.
....................
47
Passenger
Airlines
—
0.09%
28,157
American
Airlines
Group,
Inc.(a)
.......
387
2,097
Copa
Holdings
SA,
Class
-
A
..........
223
610
Personal
Care
Products
—
0.04%
1,700
The
Estee
Lauder
Cos.,
Inc.
..........
249
Pharmaceuticals
—
3.63%
23,725
Bristol-Myers
Squibb
Co.
............
1,217
14,968
Eli
Lilly
&
Co.
....................
8,726
6
HC
CAPITAL
TRUST
The
Value
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Pharmaceuticals
(continued)
1,000
Jazz
Pharmaceuticals
PLC(a)
.........
$
123
44,819
Johnson
&
Johnson
................
7,025
58,424
Merck
&
Co.,
Inc.
.................
6,369
3,348
Organon
&
Co.
...................
48
64,849
Pfizer,
Inc.
.......................
1,867
8,046
Viatris,
Inc.
......................
87
25,462
Professional
Services
—
0.82%
1,081
Equifax,
Inc.
.....................
267
717
Jacobs
Solutions,
Inc.
...............
93
1,829
Leidos
Holdings,
Inc.
...............
198
6,910
Paychex,
Inc.
.....................
823
8,321
Paycom
Software,
Inc.
..............
1,720
825
Robert
Half
International,
Inc.
.........
73
10,910
Verisk
Analytics,
Inc.
...............
2,606
5,780
Real
Estate
Management
&
Development
—
0.47%
1,691
CBRE
Group,
Inc.,
Class
-
A(a)
........
157
26,820
CoStar
Group,
Inc.(a)
...............
2,345
4,563
Howard
Hughes
Holdings,
Inc.(a)
......
390
2,009
Jones
Lang
LaSalle,
Inc.(a)
...........
379
3,271
Residential
REITs
—
0.31%
3,688
American
Homes
4
Rent,
Class
-
A
.....
133
7,024
Camden
Property
Trust
..............
697
2,122
Equity
LifeStyle
Properties,
Inc.
.......
150
507
Essex
Property
Trust,
Inc.
............
126
10,627
Invitation
Homes,
Inc.
..............
362
2,029
Mid-America
Apartment
Communities,
Inc.
273
1,913
Sun
Communities,
Inc.
..............
256
4,609
UDR,
Inc.
.......................
176
2,173
Retail
REITs
—
0.35%
27,975
Brixmor
Property
Group,
Inc.
.........
651
1,385
Federal
Realty
Investment
Trust
.......
143
19,277
Realty
Income
Corp.
...............
1,107
35,601
The
Macerich
Co.
.................
549
2,450
Semiconductors
&
Semiconductor
Equipment
—
6.60%
11,746
Advanced
Micro
Devices,
Inc.(a)
.......
1,731
3,728
Analog
Devices,
Inc.
...............
740
21,151
Applied
Materials,
Inc.
..............
3,428
2,918
Broadcom,
Inc.
...................
3,257
63,964
Intel
Corp.
.......................
3,214
3,090
KLA
Corp.
......................
1,796
1,129
Lam
Research
Corp.
................
884
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
6,026
Marvell
Technology,
Inc.
............
$
363
4,803
Micron
Technology,
Inc.
.............
410
46,667
NVIDIA
Corp.
....................
23,111
7,270
QUALCOMM,
Inc.
................
1,051
3,842
Skyworks
Solutions,
Inc.
............
432
23,905
Texas
Instruments,
Inc.
..............
4,076
6,964
Universal
Display
Corp.
.............
1,332
10,456
Wolfspeed,
Inc.(a)
.................
455
46,280
Software
—
11.28%
12,361
Adobe,
Inc.(a)
....................
7,375
10,190
Autodesk,
Inc.(a)
..................
2,481
512
Dolby
Laboratories,
Inc.,
Class
-
A
.....
44
26,160
Manhattan
Associates,
Inc.(a)
.........
5,633
133,290
Microsoft
Corp.
...................
50,123
56,988
Oracle
Corp.
.....................
6,008
41
Roper
Technologies,
Inc.
.............
22
4,904
Salesforce,
Inc.(a)
.................
1,290
8,243
ServiceNow,
Inc.(a)
................
5,824
668
Synopsys,
Inc.(a)
..................
344
79,144
Specialized
REITs
—
0.99%
5,297
American
Tower
Corp.
..............
1,144
2,473
Crown
Castle,
Inc.
.................
285
5,913
CubeSmart
......................
274
9,861
Digital
Realty
Trust,
Inc.
.............
1,327
1,956
Equinix,
Inc.
.....................
1,575
5,142
Extra
Space
Storage,
Inc.
............
824
5,259
Iron
Mountain,
Inc.
................
368
846
Lamar
Advertising
Co.,
Class
-
A
.......
90
2,688
Public
Storage
....................
820
8,362
VICI
Properties,
Inc.
...............
267
6,974
Specialty
Retail
—
2.47%
2,829
AutoNation,
Inc.(a)
................
425
22
AutoZone,
Inc.(a)
..................
57
6,524
Bath
&
Body
Works,
Inc.
............
282
7,757
Best
Buy
Co.,
Inc.
.................
607
4,609
Dick's
Sporting
Goods,
Inc.
...........
677
923
Five
Below,
Inc.(a)
.................
197
36,426
Floor
&
Decor
Holdings,
Inc.,
Class
-
A(a)
4,063
3,541
Lowe's
Cos.,
Inc.
..................
788
7,287
Penske
Automotive
Group,
Inc.
........
1,170
17,296
The
Home
Depot,
Inc.
..............
5,993
21,249
The
TJX
Cos.,
Inc.
.................
1,993
2,059
Tractor
Supply
Co.
.................
443
2,174
Victoria's
Secret
&
Co.(a)
............
58
7
See
accompanying
notes
to
financial
statements.
HC
CAPITAL
TRUST
The
Value
Equity
Portfolio
Portfolio
of
Investments
(concluded)
—
December
31,2023
(Unaudited)
As
of
December
31,
2023,
100%
of
the
Portfolio’s
net
assets
were
managed
by
Parametric
Portfolio
Associates,
LLC.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Specialty
Retail
(continued)
3,016
Williams-Sonoma,
Inc.
..............
$
609
17,362
Technology
Hardware,
Storage
&
Peripherals
—
7.61%
263,016
Apple,
Inc.
......................
50,638
83,952
HP,
Inc.
.........................
2,526
2,448
NetApp,
Inc.
.....................
216
53,380
Textiles,
Apparel
&
Luxury
Goods
—
0.26%
6,619
Capri
Holdings
Ltd.(a)
..............
333
9,230
NIKE,
Inc.,
Class
-
B
...............
1,002
1,533
Ralph
Lauren
Corp.
................
221
7,801
Tapestry,
Inc.
.....................
287
1,843
Tobacco
—
0.29%
36,600
Altria
Group,
Inc.
..................
1,477
6,325
Philip
Morris
International,
Inc.
........
595
2,072
Trading
Companies
&
Distributors
—
0.40%
13,428
Fastenal
Co.
......................
870
1,130
Watsco,
Inc.
......................
484
8,335
WESCO
International,
Inc.
...........
1,449
2,803
Water
Utilities
—
0.02%
1,178
American
Water
Works
Co.,
Inc.
.......
155
Wireless
Telecommunication
Services
—
0.54%
23,667
T-Mobile
US,
Inc.
.................
3,795
Total
Common
Stocks
..............
699,645
Investment
Company
—
0.27%
Money
Market
Funds
—
0.27%
1,917,965
State
Street
Institutional
Treasury
Plus
Money
Market
Fund,
Trust
Class,
5.25%(c)
....................
1,918
Total
Investment
Company
..........
1,918
Total
Investments
(cost
$282,032)
—
99.89%
.....................
701,563
Other
assets
in
excess
of
liabilities
—
0.11%
......................
794
Net
Assets
-
100.00%
$
702,357
Amounts
designated
as
"—"
are
$0
or
have
been
rounded
to
$0.
(a)
Represents
non-income
producing
security.
(b)
Security
was
valued
using
significant
unobservable
inputs
as
of
December
31,
2023.
(c)
Annualized
7-day
yield
as
of
period-end.
REIT—Real
Estate
Investment
Trust
HC
CAPITAL
TRUST
The
Growth
Equity
Portfolio
Portfolio
of
Investments
—
December
31,2023
(Unaudited)
8
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
—
99.70%
Aerospace
&
Defense
—
1.04%
5,461
General
Dynamics
Corp.
.............
$
1,418
391
HEICO
Corp.
.....................
70
728
HEICO
Corp.,
Class
-
A
.............
104
4,826
L3Harris
Technologies,
Inc.
..........
1,016
1,511
Northrop
Grumman
Corp.
............
707
33,522
RTX
Corp.
.......................
2,820
8,212
The
Boeing
Co.(a)
.................
2,141
475
TransDigm
Group,
Inc.
..............
481
8,757
Air
Freight
&
Logistics
—
0.09%
4,946
Expeditors
International
of
Washington,
Inc.
630
1,658
GXO
Logistics,
Inc.(a)
..............
101
731
Automobile
Components
—
0.07%
13,083
Mobileye
Global,
Inc.,
Class
-
A(a)
.....
567
Automobiles
—
2.06%
125,379
Dr.
Ing
hc
F
Porsche
AG,
ADR
........
1,096
71,725
Ford
Motor
Co.
...................
874
77,833
Rivian
Automotive,
Inc.,
Class
-
A(a)
....
1,826
54,246
Tesla,
Inc.(a)
.....................
13,479
17,275
Banks
—
1.70%
10,612
Bank
of
America
Corp.
..............
357
13,206
Bank
OZK
.......................
658
13,240
Citizens
Financial
Group,
Inc.
.........
439
40,559
Comerica,
Inc.
....................
2,264
1,150
Cullen/Frost
Bankers,
Inc.
............
125
29,928
East
West
Bancorp,
Inc.
.............
2,153
86,090
First
Horizon
Corp.
................
1,219
36,888
Huntington
Bancshares,
Inc.
..........
469
23,824
JPMorgan
Chase
&
Co.
.............
4,052
106,556
Regions
Financial
Corp.
.............
2,065
10,848
Zions
Bancorp
NA
.................
476
14,277
Beverages
—
1.29%
7,236
Brown-Forman
Corp.,
Class
-
B
.......
413
17,862
Monster
Beverage
Corp.(a)
...........
1,029
29,046
PepsiCo,
Inc.
.....................
4,933
74,917
The
Coca-Cola
Co.
.................
4,415
10,790
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Biotechnology
—
1.74%
9,107
Alnylam
Pharmaceuticals,
Inc.(a)
......
$
1,743
15,151
Amgen,
Inc.
......................
4,364
19,253
Moderna
,
Inc.(a)
..................
1,915
14,430
Natera
,
Inc.(a)
....................
904
800
Neurocrine
Biosciences,
Inc.(a)
........
105
2,019
Regeneron
Pharmaceuticals,
Inc.(a)
.....
1,773
9,275
Vertex
Pharmaceuticals,
Inc.(a)
........
3,774
14,578
Broadline
Retail
—
5.55%
275,969
Amazon.com,
Inc.(a)
...............
41,931
2,945
MercadoLibre
,
Inc.(a)
...............
4,628
46,559
Building
Products
—
0.27%
404
Armstrong
World
Industries,
Inc.
.......
40
17,452
Carrier
Global
Corp.
................
1,003
48,582
Resideo
Technologies,
Inc.(a)
.........
914
1,218
Trane
Technologies
PLC
.............
297
2,254
Capital
Markets
—
2.42%
2,335
Cboe
Global
Markets,
Inc.
...........
417
6,242
CME
Group,
Inc.
..................
1,315
1,203
FactSet
Research
Systems,
Inc.
........
574
2,582
Intercontinental
Exchange,
Inc.
........
332
143,372
Invesco
Ltd.
......................
2,558
18,395
Janus
Henderson
Group
PLC
.........
555
713
LPL
Financial
Holdings,
Inc.
..........
162
349
MarketAxess
Holdings,
Inc.
..........
102
3,978
Moody's
Corp.
....................
1,554
31,488
Morgan
Stanley
...................
2,936
390
Morningstar,
Inc.
..................
112
838
MSCI,
Inc.
......................
474
36,398
Robinhood
Markets,
Inc.,
Class
-
A(a)
...
464
9,178
S&P
Global,
Inc.
..................
4,042
2,032
T.
Rowe
Price
Group,
Inc.
............
219
16,324
The
Charles
Schwab
Corp.
...........
1,123
8,808
The
Goldman
Sachs
Group,
Inc.
.......
3,397
20,336
Chemicals
—
1.58%
3,430
Air
Products
&
Chemicals,
Inc.
........
939
13,075
CF
Industries
Holdings,
Inc.
..........
1,039
30,407
Ecolab,
Inc.
......................
6,032
999
FMC
Corp.
......................
63
9
HC
CAPITAL
TRUST
The
Growth
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Chemicals
(continued)
28,629
LyondellBasell
Industries
N.V.,
Class
-
A
.
$
2,722
19,809
The
Chemours
Co.
.................
625
5,811
The
Scotts
Miracle-
Gro
Co.
..........
370
4,752
The
Sherwin-Williams
Co.
...........
1,482
13,272
Commercial
Services
&
Supplies
—
0.33%
1,845
Cintas
Corp.
.....................
1,112
26,608
Copart
,
Inc.(a)
....................
1,304
3,906
Veralto
Corp.
.....................
321
2,737
Communications
Equipment
—
0.77%
4,776
Arista
Networks,
Inc.(a)
.............
1,125
101,754
Cisco
Systems,
Inc.
................
5,140
825
F5,
Inc.(a)
.......................
148
153
Motorola
Solutions,
Inc.
.............
48
6,461
Construction
&
Engineering
—
0.01%
374
Quanta
Services,
Inc.
...............
81
Consumer
Finance
—
0.33%
95
Credit
Acceptance
Corp.(a)
...........
51
141,214
SLM
Corp.
......................
2,700
2,751
Consumer
Staples
Distribution
&
Retail
—
1.92%
16,483
Costco
Wholesale
Corp.
.............
10,879
939
Dollar
General
Corp.
...............
128
4,517
Dollar
Tree,
Inc.(a)
.................
642
8,706
Sysco
Corp.
......................
637
1,413
Walgreens
Boots
Alliance,
Inc.
........
37
23,869
Walmart,
Inc.
.....................
3,763
16,086
Containers
&
Packaging
—
0.13%
1,280
AptarGroup,
Inc.
..................
158
747
Avery
Dennison
Corp.
..............
151
841
Packaging
Corp.
of
America
..........
137
14,972
Silgan
Holdings,
Inc.
...............
678
1,124
Distributors
—
0.07%
2,966
Genuine
Parts
Co.
.................
411
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Distributors
(continued)
381
Pool
Corp.
.......................
$
152
563
Diversified
Consumer
Services
—
0.01%
1,727
Service
Corp.
International
...........
118
Diversified
Telecommunication
Services
—
0.06%
19,117
Frontier
Communications
Parent,
Inc.(a)
.
484
4,099
GCI
Liberty,
Inc.(a)(b)
..............
–
484
Electric
Utilities
—
0.71%
15,796
Edison
International
................
1,129
60,365
FirstEnergy
Corp.
..................
2,212
4,256
NextEra
Energy,
Inc.
...............
259
36,550
NRG
Energy,
Inc.
..................
1,890
12,422
OGE
Energy
Corp.
.................
434
5,924
Electrical
Equipment
—
0.34%
5,157
AMETEK,
Inc.
...................
850
13,294
Emerson
Electric
Co.
...............
1,294
1,210
Hubbell,
Inc.
.....................
398
931
Rockwell
Automation,
Inc.
...........
289
2,831
Electronic
Equipment,
Instruments
&
Components
—
0.29%
12,210
Amphenol
Corp.,
Class
-
A
...........
1,210
6,738
Keysight
Technologies,
Inc.(a)
........
1,072
2,343
Vontier
Corp.
.....................
81
376
Zebra
Technologies
Corp.(a)
..........
103
2,466
Entertainment
—
0.88%
13,321
Netflix,
Inc.(a)
....................
6,486
9,543
Roku,
Inc.(a)
.....................
875
248
The
Walt
Disney
Co.
...............
22
7,383
Financial
Services
—
5.15%
18,726
Berkshire
Hathaway,
Inc.,
Class
-
B(a)
...
6,679
34,972
Equitable
Holdings,
Inc.
.............
1,165
756
Fiserv,
Inc.(a)
.....................
100
1,270
FleetCor
Technologies,
Inc.(a)
.........
359
7,975
Global
Payments,
Inc.
...............
1,013
1,598
Jack
Henry
&
Associates,
Inc.
.........
261
10
HC
CAPITAL
TRUST
The
Growth
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Financial
Services
(continued)
19,193
Mastercard
,
Inc.,
Class
-
A
...........
$
8,186
34,688
PayPal
Holdings,
Inc.(a)
.............
2,130
80,632
Visa,
Inc.,
Class
-
A
................
20,993
31,527
Voya
Financial,
Inc.
................
2,300
43,186
Food
Products
—
0.85%
70,463
Conagra
Brands,
Inc.
...............
2,019
5,224
Hormel
Foods
Corp.
................
168
413
Lamb
Weston
Holdings,
Inc.
..........
45
5,092
McCormick
&
Co.,
Inc./MD
..........
348
56,218
Mondelez
International,
Inc.,
Class
-
A
...
4,072
1,045
The
Hershey
Co.
..................
195
2,332
The
J.M.
Smucker
Co.
..............
295
7,142
Gas
Utilities
—
0.20%
33,223
National
Fuel
Gas
Co.
..............
1,667
Ground
Transportation
—
1.85%
124,263
CSX
Corp.
.......................
4,307
1,274
Landstar
System,
Inc.
...............
247
562
Old
Dominion
Freight
Line,
Inc.
.......
228
67,333
Uber
Technologies,
Inc.(a)
...........
4,146
8,244
U-Haul
Holding
Co.
................
581
916
U-Haul
Holding
Co.(a)
..............
66
24,231
Union
Pacific
Corp.
................
5,951
15,526
Health
Care
Equipment
&
Supplies
—
2.22%
34,185
Abbott
Laboratories
................
3,763
10,657
Baxter
International,
Inc.
............
412
4,799
Becton
Dickinson
&
Co.
.............
1,170
10,892
Boston
Scientific
Corp.(a)
............
630
15,477
Edwards
Lifesciences
Corp.(a)
........
1,180
960
Embecta
Corp.
....................
18
3,887
GE
HealthCare
Technologies,
Inc.
......
301
2,690
IDEXX
Laboratories,
Inc.(a)
..........
1,493
16,847
Intuitive
Surgical,
Inc.(a)
............
5,684
4,072
ResMed
,
Inc.
.....................
700
9,642
Stryker
Corp.
.....................
2,887
3,346
Zimmer
Biomet
Holdings,
Inc.
........
407
18,645
Health
Care
Providers
&
Services
—
2.75%
22,388
Acadia
Healthcare
Co.,
Inc.(a)
.........
1,741
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Health
Care
Providers
&
Services
(continued)
1,650
Centene
Corp.(a)
..................
$
122
22,394
CVS
Health
Corp.
.................
1,768
5,215
Elevance
Health,
Inc.
...............
2,459
3,283
Henry
Schein,
Inc.(a)
...............
249
1,952
Laboratory
Corp.
of
America
Holdings
...
444
4,595
McKesson
Corp.
..................
2,127
2,799
Quest
Diagnostics,
Inc.
..............
386
26,170
UnitedHealth
Group,
Inc.
............
13,778
23,074
Health
Care
REITs
—
0.35%
120,666
Medical
Properties
Trust,
Inc.
.........
592
10,405
Omega
Healthcare
Investors,
Inc.
......
319
40,605
Ventas,
Inc.
......................
2,024
2,935
Health
Care
Technology
—
0.06%
2,596
Veeva
Systems,
Inc.,
Class
-
A(a)
.......
500
Hotels,
Restaurants
&
Leisure
—
2.35%
10,025
Airbnb,
Inc.,
Class
-
A(a)
............
1,365
1,179
Booking
Holdings,
Inc.(a)
............
4,182
31,802
Carnival
Corp.(a)
..................
590
577
Chipotle
Mexican
Grill,
Inc.(a)
........
1,320
1,046
Choice
Hotels
International,
Inc.
.......
119
11,667
Marriott
International,
Inc./MD,
Class
-
A
2,631
98,020
Starbucks
Corp.
...................
9,410
310
Vail
Resorts,
Inc.
..................
66
19,683
Household
Durables
—
0.04%
2,470
Garmin
Ltd.
......................
317
Household
Products
—
1.01%
5,143
Church
&
Dwight
Co.,
Inc.
...........
486
9,514
Colgate-Palmolive
Co.
..............
758
7,129
Kimberly-Clark
Corp.
...............
866
2,554
The
Clorox
Co.
...................
364
41,123
The
Procter
&
Gamble
Co.
...........
6,027
8,501
Independent
Power
and
Renewable
Electricity
Producers
—
0.24%
51,268
Vistra
Corp.
......................
1,975
Industrial
Conglomerates
—
0.45%
12,543
3M
Co.
.........................
1,371
11
HC
CAPITAL
TRUST
The
Growth
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Industrial
Conglomerates
(continued)
11,662
General
Electric
Co.
................
$
1,489
4,278
Honeywell
International,
Inc.
.........
897
3,757
Insurance
—
2.00%
9,715
Aflac,
Inc.
.......................
801
7,992
Aon
PLC,
Class
-
A
................
2,327
1,155
Arthur
J.
Gallagher
&
Co.
............
260
16,505
Axis
Capital
Holdings
Ltd.
...........
914
11,297
Chubb
Ltd.
......................
2,554
171
Erie
Indemnity
Co.,
Class
-
A
.........
57
43,476
Lincoln
National
Corp.
..............
1,173
11,845
Marsh
&
McLennan
Cos.,
Inc.
........
2,244
22,534
Principal
Financial
Group,
Inc.
........
1,773
4,893
Prudential
Financial,
Inc.
............
507
7,591
Reinsurance
Group
of
America,
Inc.
....
1,228
5,565
The
Progressive
Corp.
..............
886
6,974
The
Travelers
Cos.,
Inc.
.............
1,328
15,794
Unum
Group
.....................
714
16,766
Interactive
Media
&
Services
—
6.48%
114,165
Alphabet,
Inc.,
Class
-
A(a)
...........
15,947
155,858
Alphabet,
Inc.,
Class
-
C(a)
...........
21,965
646
IAC,
Inc.(a)
......................
34
1,412
Match
Group,
Inc.(a)
...............
52
46,211
Meta
Platforms,
Inc.,
Class
-
A(a)
......
16,357
54,355
IT
Services
—
1.33%
12,354
Accenture
PLC,
Class
-
A
............
4,334
2,241
Cognizant
Technology
Solutions
Corp.,
Class
-
A
....................
169
6,031
MongoDB,
Inc.(a)
.................
2,466
18,740
Okta
,
Inc.(a)
.....................
1,697
12,470
Snowflake,
Inc.,
Class
-
A(a)
..........
2,482
11,148
Leisure
Products
—
0.02%
1,422
Polaris,
Inc.
......................
135
Life
Sciences
Tools
&
Services
—
1.19%
4,564
Bio-
Techne
Corp.
..................
352
440
Bruker
Corp.
.....................
32
11,718
Danaher
Corp.
....................
2,711
1,952
Fortrea
Holdings,
Inc.(a)
.............
68
758
Mettler
-Toledo
International,
Inc.(a)
....
919
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Life
Sciences
Tools
&
Services
(continued)
239
Revvity
,
Inc.
.....................
$
26
9,568
Thermo
Fisher
Scientific,
Inc.
.........
5,080
2,297
Waters
Corp.(a)
...................
756
9,944
Machinery
—
1.68%
9,555
Caterpillar,
Inc.
...................
2,824
4,840
Deere
&
Co.
.....................
1,935
3,369
Dover
Corp.
......................
518
5,857
Fortive
Corp.
.....................
431
1,569
Graco
,
Inc.
......................
136
2,179
IDEX
Corp.
......................
473
8,257
Illinois
Tool
Works,
Inc.
.............
2,163
6,973
Ingersoll
Rand,
Inc.
................
539
506
Nordson
Corp.
....................
134
8,726
Otis
Worldwide
Corp.
...............
781
11,372
The
Middleby
Corp.(a)
..............
1,674
927
The
Toro
Co.
.....................
89
14,765
Westinghouse
Air
Brake
Technologies
Corp.
1,874
4,438
Xylem,
Inc.
......................
508
14,079
Media
—
0.34%
11,755
Liberty
Media
Corp.-Liberty
SiriusXM
(a)
338
4,935
Omnicom
Group,
Inc.
...............
427
17,241
The
Interpublic
Group
of
Cos.,
Inc.
.....
563
21,302
The
Trade
Desk,
Inc.,
Class
-
A(a)
......
1,533
2,861
Metals
&
Mining
—
0.08%
12,963
United
States
Steel
Corp.
............
631
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.28%
183,185
Rithm
Capital
Corp.
................
1,957
20,515
Starwood
Property
Trust,
Inc.
.........
431
2,388
Multi-Utilities
—
0.49%
84,210
CenterPoint
Energy,
Inc.
.............
2,406
15,797
DTE
Energy
Co.
..................
1,742
4,148
Oil,
Gas
&
Consumable
Fuels
—
2.64%
54,988
Antero
Midstream
Corp.
.............
689
24,368
ConocoPhillips
...................
2,828
79,339
Devon
Energy
Corp.
................
3,595
12
HC
CAPITAL
TRUST
The
Growth
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
7,898
DT
Midstream,
Inc.
................
$
433
21,212
EQT
Corp.
.......................
820
10,924
Exxon
Mobil
Corp.
................
1,092
114,575
Marathon
Oil
Corp.
................
2,768
13,944
ONEOK,
Inc.
.....................
979
4,640
Pioneer
Natural
Resources
Co.
........
1,043
95,111
Range
Resources
Corp.
..............
2,896
28,597
Targa
Resources
Corp.
..............
2,484
73,536
The
Williams
Cos.,
Inc.
.............
2,561
22,188
Passenger
Airlines
—
0.14%
10,129
Alaska
Air
Group,
Inc.(a)
............
396
18,665
Delta
Air
Lines,
Inc.
................
751
1,147
Personal
Care
Products
—
0.39%
23,397
L'Oreal
SA,
ADR
..................
2,326
6,209
The
Estee
Lauder
Cos.,
Inc.
..........
908
3,234
Pharmaceuticals
—
4.49%
38,065
AstraZeneca
PLC,
ADR
.............
2,564
31,704
Eli
Lilly
&
Co.
....................
18,480
31,287
Johnson
&
Johnson
................
4,904
55,581
Merck
&
Co.,
Inc.
.................
6,059
44,268
Novo
Nordisk
A/S,
ADR
.............
4,580
11,882
Viatris
,
Inc.
......................
129
4,740
Zoetis,
Inc.
......................
936
37,652
Professional
Services
—
1.65%
51,574
Automatic
Data
Processing,
Inc.
.......
12,015
2,371
Broadridge
Financial
Solutions,
Inc.
....
488
2,353
Equifax,
Inc.
.....................
582
1,391
SS&C
Technologies
Holdings,
Inc.
.....
85
2,931
Verisk
Analytics,
Inc.
...............
700
13,870
Real
Estate
Management
&
Development
—
0.05%
1,272
CBRE
Group,
Inc.,
Class
-
A(a)
........
118
3,010
CoStar
Group,
Inc.(a)
...............
263
381
Residential
REITs
—
0.01%
1,608
Equity
LifeStyle
Properties,
Inc.
.......
113
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Retail
REITs
—
0.08%
52,271
SITE
Centers
Corp.
................
$
712
Semiconductors
&
Semiconductor
Equipment
—
8.58%
126,542
Advanced
Micro
Devices,
Inc.(a)
.......
18,655
8,866
Analog
Devices,
Inc.
...............
1,760
6,209
Applied
Materials,
Inc.
..............
1,006
15,221
ARM
Holdings
PLC,
ADR^(a)
........
1,144
2,831
ASML
Holding
N.V.,
NYS
...........
2,143
9,116
Broadcom,
Inc.
...................
10,176
4,234
First
Solar,
Inc.(a)
.................
729
63,448
Intel
Corp.
.......................
3,188
1,378
KLA
Corp.
......................
801
1,153
Lam
Research
Corp.
................
903
28,189
Marvell
Technology,
Inc.
............
1,700
3,708
Microchip
Technology,
Inc.
...........
334
21,034
Micron
Technology,
Inc.
.............
1,795
46,732
NVIDIA
Corp.
....................
23,143
3,257
ON
Semiconductor
Corp.(a)
..........
272
30,091
QUALCOMM,
Inc.
................
4,352
72,101
Software
—
12.80%
9,439
Adobe,
Inc.(a)
....................
5,631
1,974
ANSYS,
Inc.(a)
...................
716
908
Atlassian
Corp.,
Class
-
A(a)
..........
216
9,731
Cadence
Design
Systems,
Inc.(a)
.......
2,650
10,498
Crowdstrike
Holdings,
Inc.,
Class
-
A(a)
.
2,680
6,515
Fortinet,
Inc.(a)
...................
381
1,928
HubSpot
,
Inc.(a)
..................
1,119
5,422
Intuit,
Inc.
.......................
3,389
178,736
Microsoft
Corp.
...................
67,213
11,315
Oracle
Corp.
.....................
1,193
3,209
Palo
Alto
Networks,
Inc.(a)
...........
947
2,476
Roper
Technologies,
Inc.
.............
1,350
63,697
Salesforce,
Inc.(a)
.................
16,761
4,191
ServiceNow
,
Inc.(a)
................
2,961
151
Synopsys,
Inc.(a)
..................
78
566
Workday,
Inc.,
Class
-
A(a)
...........
156
107,441
Specialized
REITs
—
1.61%
12,389
American
Tower
Corp.
..............
2,674
13,472
Equinix
,
Inc.
.....................
10,851
13,525
13
See
accompanying
notes
to
financial
statements.
HC
CAPITAL
TRUST
The
Growth
Equity
Portfolio
Portfolio
of
Investments
(concluded)
—
December
31,2023
(Unaudited)
The
following
table
reflects
the
percentage
of
total
net
assets
of
the
Portfolio
attributable
to
each
Specialist
Manager
as
of
December
31,
2023.
Amounts
designated
as
“—”
indicate
the
Specialist
Manager
did
not
manage
any
holdings
in
that
category.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Specialty
Retail
—
3.31%
854
Advance
Auto
Parts,
Inc.
............
$
52
597
AutoZone,
Inc.(a)
..................
1,544
5,882
Best
Buy
Co.,
Inc.
.................
460
376
Burlington
Stores,
Inc.(a)
............
73
41,191
Lowe's
Cos.,
Inc.
..................
9,167
4,013
O'Reilly
Automotive,
Inc.(a)
..........
3,813
9,045
Ross
Stores,
Inc.
..................
1,252
12,230
The
Home
Depot,
Inc.
..............
4,238
67,138
The
TJX
Cos.,
Inc.
.................
6,298
1,256
Tractor
Supply
Co.
.................
270
1,253
Ulta
Beauty,
Inc.(a)
................
614
27,781
Technology
Hardware,
Storage
&
Peripherals
—
6.77%
295,456
Apple,
Inc.
......................
56,884
Textiles,
Apparel
&
Luxury
Goods
—
1.56%
1
Kontoor
Brands,
Inc.
...............
–
9,342
Lululemon
Athletica
,
Inc.(a)
..........
4,776
19,488
LVMH
Moet
Hennessy
Louis
Vuitton
SE,
ADR
.......................
3,166
47,567
NIKE,
Inc.,
Class
-
B
...............
5,165
13,107
Tobacco
—
0.20%
17,508
Philip
Morris
International,
Inc.
........
1,647
Trading
Companies
&
Distributors
—
0.35%
23,095
Air
Lease
Corp.
...................
969
14,448
Fastenal
Co.
......................
936
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Trading
Companies
&
Distributors
(continued)
1,221
W.W.
Grainger,
Inc.
................
$
1,011
2,916
Total
Common
Stocks
..............
836,467
Investment
Companies
—
0.21%
Money
Market
Funds
—
0.21%
1,193,258
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
5.00%^^(c)
1,193
576,329
State
Street
Institutional
Treasury
Plus
Money
Market
Fund,
Trust
Class,
5.25%(c)
....................
576
Total
Investment
Companies
.........
1,769
Total
Investments
(cost
$242,402)
—
99.91%
.....................
838,236
Other
assets
in
excess
of
liabilities
—
0.09%
......................
778
Net
Assets
-
100.00%
$
839,014
Amounts
designated
as
"—"
are
$0
or
have
been
rounded
to
$0.
^
All
or
part
of
this
security
was
on
loan
as
of
December
31,
2023.
^^
Purchased
with
cash
collateral
held
from
securities
lending.
The
value
of
the
collateral
could
include
collateral
held
for
securities
that
were
sold
on
or
before
December
31,
2023.
(a)
Represents
non-income
producing
security.
(b)
Security
was
valued
using
significant
unobservable
inputs
as
of
December
31,
2023.
(c)
Annualized
7-day
yield
as
of
period-end.
ADR—American
Depositary
Receipt
REIT—Real
Estate
Investment
Trust
The
Growth.
Equity
Portfolio
Jennison
Associates,
LLC
Parametric
Portfolio
Associates,
LLC
Total
Common
Stocks
...........................................................................................................................................................
25.34
%
74.36
%
99.70
%
Investment
Companies
.................................................................................................................................................
0.14
0.07
%
0.21
%
Other
Assets
(Liabilities)
.............................................................................................................................................
-0.01
%
0.10
%
0.09
%
Total
Net
Assets
......................................................................................................................................................
25.47
%
74.53
%
100.00
%
HC
CAPITAL
TRUST
The
Institutional
U.S.
Equity
Portfolio
Portfolio
of
Investments
—
December
31,2023
(Unaudited)
14
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
—
69.51%
Aerospace
&
Defense
—
1.19%
1,790
Axon
Enterprise,
Inc.(a)
.............
$
463
692
BWX
Technologies,
Inc.
.............
53
290
Curtiss-Wright
Corp.
...............
65
8,478
General
Dynamics
Corp.
.............
2,202
1,550
HEICO
Corp.
.....................
277
2,763
HEICO
Corp.,
Class
-
A
.............
393
636
Hexcel
Corp.
.....................
47
10,056
Howmet
Aerospace,
Inc.
.............
544
3,758
Huntington
Ingalls
Industries,
Inc.
......
977
8,678
L3Harris
Technologies,
Inc.
..........
1,827
7,550
Lockheed
Martin
Corp.
..............
3,421
373
Mercury
Systems,
Inc.(a)
............
14
5,391
Northrop
Grumman
Corp.
............
2,524
43,213
RTX
Corp.
.......................
3,636
791
Spirit
AeroSystems
Holdings,
Inc.,
Class
-
A(a)
.......................
25
5,171
Textron,
Inc.
.....................
416
18,845
The
Boeing
Co.(a)
.................
4,912
8,248
TransDigm
Group,
Inc.
..............
8,343
440
Woodward,
Inc.
...................
60
30,199
Air
Freight
&
Logistics
—
0.24%
8,566
C.H.
Robinson
Worldwide,
Inc.
........
740
5,188
Expeditors
International
of
Washington,
Inc.
660
6,118
FedEx
Corp.
.....................
1,548
884
GXO
Logistics,
Inc.(a)
..............
54
19,481
United
Parcel
Service,
Inc.,
Class
-
B
....
3,063
6,065
Automobile
Components
—
0.06%
7,257
Aptiv
PLC(a)
.....................
652
6,321
BorgWarner,
Inc.
..................
226
1,782
Gentex
Corp.
.....................
58
1,589
Lear
Corp.
.......................
224
6,677
Mobileye
Global,
Inc.,
Class
-
A(a)
.....
289
354
Phinia
,
Inc.
......................
11
1,955
QuantumScape
Corp.(a)
.............
14
1,474
Automobiles
—
1.29%
63,936
Dr.
Ing
hc
F
Porsche
AG,
ADR
........
559
100,448
Ford
Motor
Co.
...................
1,225
35,232
General
Motors
Co.
................
1,266
1,020
Harley-Davidson,
Inc.
..............
38
23,319
Lucid
Group,
Inc.^(a)
...............
98
16,685
Rivian
Automotive,
Inc.,
Class
-
A(a)
....
392
117,749
Tesla,
Inc.(a)
.....................
29,257
392
Thor
Industries,
Inc.
................
46
32,881
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Banks
—
1.68%
182,472
Bank
of
America
Corp.
..............
$
6,144
848
Bank
OZK
.......................
42
220
BOK
Financial
Corp.
...............
19
49,499
Citigroup,
Inc.
....................
2,546
12,207
Citizens
Financial
Group,
Inc.
.........
405
1,570
Columbia
Banking
System,
Inc.
.......
42
991
Comerica,
Inc.
....................
55
905
Commerce
Bancshares,
Inc.
..........
48
442
Cullen/Frost
Bankers,
Inc.
............
48
1,073
East
West
Bancorp,
Inc.
.............
77
17,611
Fifth
Third
Bancorp
................
607
279
First
Citizens
BancShares
,
Inc.,
Class
-
A
.
396
969
First
Hawaiian,
Inc.
................
22
4,013
First
Horizon
Corp.
................
57
2,714
FNB
Corp.
.......................
37
36,994
Huntington
Bancshares,
Inc.
..........
470
76,186
JPMorgan
Chase
&
Co.
.............
12,960
23,572
KeyCorp
........................
339
4,287
M&T
Bank
Corp.
..................
587
5,373
New
York
Community
Bancorp,
Inc.
....
55
17,436
NU
Holdings
Ltd.,
Class
-
A(a)
........
145
568
Pinnacle
Financial
Partners,
Inc.
.......
50
534
Popular,
Inc.
.....................
44
664
Prosperity
Bancshares,
Inc.
...........
45
23,857
Regions
Financial
Corp.
.............
462
1,092
Synovus
Financial
Corp.
.............
41
380
TFS
Financial
Corp.
................
6
10,187
The
PNC
Financial
Services
Group,
Inc.
.
1,577
34,015
Truist
Financial
Corp.
...............
1,256
39,547
U.S.
Bancorp
.....................
1,712
1,311
Webster
Financial
Corp.
.............
67
247,065
Wells
Fargo
&
Co.
.................
12,161
802
Western
Alliance
Bancorp
............
53
454
Wintrust
Financial
Corp.
.............
42
1,117
Zions
Bancorp
NA
.................
49
42,666
Beverages
—
1.07%
345
Brown-Forman
Corp.,
Class
-
A
........
21
15,944
Brown-Forman
Corp.,
Class
-
B
.......
910
4,012
Celsius
Holdings,
Inc.(a)
.............
219
6,551
Constellation
Brands,
Inc.,
Class
-
A
....
1,583
51,723
Fomento
Economico
Mexicano
SAB
de
CV,
ADR
.......................
6,743
49,588
Keurig
Dr.
Pepper,
Inc.
..............
1,652
16,063
Molson
Coors
Beverage
Co.,
Class
-
B
...
983
24,763
Monster
Beverage
Corp.(a)
...........
1,426
39,799
PepsiCo,
Inc.
.....................
6,759
72
The
Boston
Beer
Co.,
Inc.,
Class
-
A(a)
..
25
15
HC
CAPITAL
TRUST
The
Institutional
U.S.
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Beverages
(continued)
116,546
The
Coca-Cola
Co.
.................
$
6,869
27,190
Biotechnology
—
1.22%
51,246
AbbVie,
Inc.
.....................
7,942
3,216
Alnylam
Pharmaceuticals,
Inc.(a)
......
615
16,701
Amgen,
Inc.
......................
4,810
753
Apellis
Pharmaceuticals,
Inc.(a)
.......
45
3,741
Biogen,
Inc.(a)
....................
969
8,582
BioMarin
Pharmaceutical,
Inc.(a)
......
828
4,512
Exact
Sciences
Corp.(a)
.............
334
2,426
Exelixis
,
Inc.(a)
...................
58
41,406
Gilead
Sciences,
Inc.
...............
3,355
15,798
Incyte
Corp.(a)
....................
992
1,071
Ionis
Pharmaceuticals,
Inc.(a)
.........
54
269
Karuna
Therapeutics,
Inc.(a)
..........
85
338
Mirati
Therapeutics,
Inc.(a)
...........
20
8,541
Moderna
,
Inc.(a)
..................
850
782
Natera
,
Inc.(a)
....................
49
7,876
Neurocrine
Biosciences,
Inc.(a)
........
1,038
3,440
Regeneron
Pharmaceuticals,
Inc.(a)
.....
3,021
2,631
Roivant
Sciences
Ltd.(a)
.............
30
676
Sarepta
Therapeutics,
Inc.(a)
..........
65
506
Ultragenyx
Pharmaceutical,
Inc.(a)
.....
24
4,156
United
Therapeutics
Corp.(a)
.........
913
11,920
Vertex
Pharmaceuticals,
Inc.(a)
........
4,849
30,946
Broadline
Retail
—
2.47%
84,492
Alibaba
Group
Holding
Ltd.,
ADR
.....
6,549
337,662
Amazon.com,
Inc.(a)
...............
51,303
8,281
Coupang
,
Inc.(a)
..................
134
13,869
eBay,
Inc.
.......................
605
3,320
Etsy,
Inc.(a)
......................
269
834
Kohl's
Corp.
.....................
24
2,044
Macy's,
Inc.
......................
41
2,319
MercadoLibre
,
Inc.(a)
...............
3,645
848
Nordstrom,
Inc.
...................
16
473
Ollie's
Bargain
Outlet
Holdings,
Inc.(a)
..
36
62,622
Building
Products
—
0.27%
3,344
A.O.
Smith
Corp.
..................
275
517
Advanced
Drainage
Systems,
Inc.
......
73
2,370
Allegion
PLC
....................
300
344
Armstrong
World
Industries,
Inc.
.......
34
3,293
Builders
FirstSource
,
Inc.(a)
..........
550
1,714
Carlisle
Cos.,
Inc.
..................
536
21,678
Carrier
Global
Corp.
................
1,246
3,427
Fortune
Brands
Innovations,
Inc.
.......
261
834
Hayward
Holdings,
Inc.(a)
...........
11
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Building
Products
(continued)
17,423
Johnson
Controls
International
PLC
.....
$
1,004
808
Lennox
International,
Inc.
............
361
5,694
Masco
Corp.
.....................
381
2,265
Owens
Corning
...................
335
941
The
AZEK
Co.,
Inc.(a)
..............
36
5,834
Trane
Technologies
PLC
.............
1,424
835
Trex
Co.,
Inc.(a)
...................
69
6,896
Capital
Markets
—
2.46%
269
Affiliated
Managers
Group,
Inc.
.......
41
2,660
Ameriprise
Financial,
Inc.
............
1,010
4,124
Ares
Management
Corp.,
Class
-
A
.....
490
3,838
BlackRock,
Inc.
...................
3,116
18,222
Blackstone,
Inc.
...................
2,386
3,200
Blue
Owl
Capital,
Inc.
..............
48
6,564
Cboe
Global
Markets,
Inc.
...........
1,172
12,238
CME
Group,
Inc.
..................
2,577
4,344
Coinbase
Global,
Inc.,
Class
-
A(a)
.....
756
277
Evercore
,
Inc.
....................
47
1,669
FactSet
Research
Systems,
Inc.
........
796
8,030
Franklin
Resources,
Inc.
.............
239
375
Houlihan
Lokey
,
Inc.
...............
45
754
Interactive
Brokers
Group,
Inc.
........
63
17,299
Intercontinental
Exchange,
Inc.
........
2,222
2,832
Invesco
Ltd.
......................
51
1,031
Janus
Henderson
Group
PLC
.........
31
1,500
Jefferies
Financial
Group,
Inc.
.........
61
113,489
KKR
&
Co.,
Inc.
..................
9,401
826
Lazard
Ltd.,
Class
-
A
...............
29
2,006
LPL
Financial
Holdings,
Inc.
..........
456
1,581
MarketAxess
Holdings,
Inc.
..........
463
5,403
Moody's
Corp.
....................
2,111
31,666
Morgan
Stanley
...................
2,953
189
Morningstar,
Inc.
..................
54
2,011
MSCI,
Inc.
......................
1,137
11,930
Nasdaq,
Inc.
.....................
694
5,243
Northern
Trust
Corp.
...............
443
5,180
Raymond
James
Financial,
Inc.
........
578
13,397
Robinhood
Markets,
Inc.,
Class
-
A(a)
...
171
24,409
S&P
Global,
Inc.
..................
10,751
4,773
SEI
Investments
Co.
................
304
8,227
State
Street
Corp.
..................
637
775
Stifel
Financial
Corp.
...............
54
5,792
T.
Rowe
Price
Group,
Inc.
............
624
21,696
The
Bank
of
New
York
Mellon
Corp.
....
1,129
5,781
The
Carlyle
Group,
Inc.
.............
235
153,815
The
Charles
Schwab
Corp.
...........
10,582
9,934
The
Goldman
Sachs
Group,
Inc.
.......
3,832
484
TPG,
Inc.
.......................
21
6,739
Tradeweb
Markets,
Inc.,
Class
-
A
......
613
16
HC
CAPITAL
TRUST
The
Institutional
U.S.
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Capital
Markets
(continued)
715
Virtu
Financial,
Inc.,
Class
-
A
.........
$
14
2,509
XP,
Inc.,
Class
-
A
.................
65
62,502
Chemicals
—
0.80%
6,968
Air
Products
&
Chemicals,
Inc.
........
1,907
2,994
Albemarle
Corp.
..................
432
384
Ashland,
Inc.
.....................
32
1,675
Axalta
Coating
Systems
Ltd.(a)
........
57
2,580
Celanese
Corp.
....................
401
11,356
CF
Industries
Holdings,
Inc.
..........
903
28,294
Corteva
,
Inc.
.....................
1,355
22,286
Dow,
Inc.
.......................
1,222
11,764
DuPont
de
Nemours,
Inc.
............
905
2,987
Eastman
Chemical
Co.
..............
268
6,499
Ecolab,
Inc.
......................
1,289
1,710
Element
Solutions,
Inc.
..............
40
10,681
FMC
Corp.
......................
673
11,599
Ginkgo
Bioworks
Holdings,
Inc.(a)
.....
20
1,319
Huntsman
Corp.
...................
33
6,592
International
Flavors
&
Fragrances,
Inc.
..
534
13,016
Linde
PLC
.......................
5,348
8,718
LyondellBasell
Industries
N.V.,
Class
-
A
.
829
43
NewMarket
Corp.
.................
23
975
Olin
Corp.
.......................
53
6,001
PPG
Industries,
Inc.
................
897
4,935
RPM
International,
Inc.
.............
551
1,117
The
Chemours
Co.
.................
35
8,367
The
Mosaic
Co.
...................
299
306
The
Scotts
Miracle-
Gro
Co.
..........
20
6,911
The
Sherwin-Williams
Co.
...........
2,156
995
Westlake
Corp.
...................
139
20,421
Commercial
Services
&
Supplies
—
0.38%
2,307
Cintas
Corp.
.....................
1,390
387
Clean
Harbors,
Inc.(a)
..............
68
22,277
Copart
,
Inc.(a)
....................
1,092
472
Driven
Brands
Holdings,
Inc.(a)
.......
7
280
MSA
Safety,
Inc.
..................
47
1,372
RB
Global,
Inc.
...................
92
9,714
Republic
Services,
Inc.
..............
1,602
19,785
Rollins,
Inc.
......................
864
695
Stericycle,
Inc.(a)
..................
34
399
Tetra
Tech,
Inc.
...................
67
5,832
Veralto
Corp.
.....................
479
892
Vestis
Corp.
......................
19
9,268
Waste
Connections,
Inc.
.............
1,383
14,577
Waste
Management,
Inc.
.............
2,611
9,755
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Communications
Equipment
—
0.37%
6,672
Arista
Networks,
Inc.(a)
.............
$
1,572
1,117
Ciena
Corp.(a)
....................
50
110,362
Cisco
Systems,
Inc.
................
5,576
1,499
F5,
Inc.(a)
.......................
268
14,714
Juniper
Networks,
Inc.
..............
434
517
Lumentum
Holdings,
Inc.(a)
..........
27
4,696
Motorola
Solutions,
Inc.
.............
1,470
31
Ubiquiti,
Inc.
.....................
4
886
Viasat
,
Inc.(a)
....................
25
9,426
Construction
&
Engineering
—
0.05%
3,321
AECOM
........................
307
354
EMCOR
Group,
Inc.
...............
76
462
MasTec
,
Inc.(a)
...................
35
1,532
MDU
Resources
Group,
Inc.
..........
30
3,766
Quanta
Services,
Inc.
...............
813
159
Valmont
Industries,
Inc.
.............
37
1,486
WillScot
Mobile
Mini
Holdings
Corp.(a)
.
66
1,364
Construction
Materials
—
0.06%
271
Eagle
Materials,
Inc.
................
55
1,575
Martin
Marietta
Materials,
Inc.
........
786
3,467
Vulcan
Materials
Co.
...............
787
1,628
Consumer
Finance
—
0.23%
7,304
Ally
Financial,
Inc.
.................
255
15,794
American
Express
Co.
..............
2,960
9,878
Capital
One
Financial
Corp.
..........
1,295
50
Credit
Acceptance
Corp.(a)
...........
27
6,386
Discover
Financial
Services
..........
717
870
OneMain
Holdings,
Inc.
.............
43
1,816
SLM
Corp.
......................
35
6,931
SoFi
Technologies,
Inc.(a)
............
69
10,828
Synchrony
Financial
................
413
5,814
Consumer
Staples
Distribution
&
Retail
—
1.28%
9,291
Albertsons
Cos.,
Inc.,
Class
-
A
........
213
281
Casey's
General
Stores,
Inc.
..........
77
15,403
Costco
Wholesale
Corp.
.............
10,168
10,634
Dollar
General
Corp.
...............
1,446
8,692
Dollar
Tree,
Inc.(a)
.................
1,235
669
Grocery
Outlet
Holding
Corp.(a)
.......
18
1,153
Performance
Food
Group
Co.(a)
.......
80
17,496
Sysco
Corp.
......................
1,280
11,798
Target
Corp.
.....................
1,680
36,627
The
Kroger
Co.
...................
1,674
154,720
U.S.
Foods
Holding
Corp.(a)
..........
7,025
17
HC
CAPITAL
TRUST
The
Institutional
U.S.
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Consumer
Staples
Distribution
&
Retail
(continued)
37,494
Walgreens
Boots
Alliance,
Inc.
........
$
979
42,659
Walmart,
Inc.
.....................
6,725
32,600
Containers
&
Packaging
—
0.45%
69,907
Amcor
PLC
......................
673
497
AptarGroup,
Inc.
..................
61
1,131
Ardagh
Metal
Packaging
SA
..........
4
2,062
Avery
Dennison
Corp.
..............
417
12,099
Ball
Corp.
.......................
697
922
Berry
Global
Group,
Inc.
............
62
81,574
Crown
Holdings,
Inc.
...............
7,512
2,319
Graphic
Packaging
Holding
Co.
.......
57
19,753
International
Paper
Co.
..............
715
5,150
Packaging
Corp.
of
America
..........
839
1,105
Sealed
Air
Corp.
..................
40
638
Silgan
Holdings,
Inc.
...............
29
738
Sonoco
Products
Co.
...............
41
6,424
Westrock
Co.
.....................
267
11,414
Distributors
—
0.06%
6,230
Genuine
Parts
Co.
.................
863
6,719
LKQ
Corp.
......................
321
986
Pool
Corp.
.......................
393
1,577
Diversified
Consumer
Services
—
0.01%
1,585
ADT,
Inc.
.......................
11
436
Bright
Horizons
Family
Solutions,
Inc.(a)
41
232
Grand
Canyon
Education,
Inc.(a)
.......
31
1,154
H&R
Block,
Inc.
..................
56
605
Mister
Car
Wash,
Inc.(a)
.............
5
1,134
Service
Corp.
International
...........
77
221
Diversified
REITs
—
0.16%
194,445
Empire
State
Realty
Trust,
Inc.
........
1,884
40,842
Essential
Properties
Realty
Trust,
Inc.
...
1,044
16,026
WP
Carey,
Inc.
....................
1,039
3,967
Diversified
Telecommunication
Services
—
0.36%
229,567
AT&T,
Inc.
......................
3,852
1,857
Frontier
Communications
Parent,
Inc.(a)
.
47
942
Iridium
Communications,
Inc.
.........
39
12,506
Liberty
Global
Ltd.,
Class
-
C(a)
.......
233
129,881
Verizon
Communications,
Inc.
.........
4,897
9,068
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Electric
Utilities
—
1.24%
20,907
Alliant
Energy
Corp.
...............
$
1,073
22,320
American
Electric
Power
Co.,
Inc.
......
1,813
538
Avangrid
,
Inc.
....................
17
62,289
Constellation
Energy
Corp.
...........
7,281
28,481
Duke
Energy
Corp.
.................
2,764
18,363
Edison
International
................
1,313
12,135
Entergy
Corp.
....................
1,228
19,496
Evergy
,
Inc.
......................
1,018
20,707
Eversource
Energy
.................
1,278
41,258
Exelon
Corp.
.....................
1,481
32,660
FirstEnergy
Corp.
..................
1,197
825
Hawaiian
Electric
Industries,
Inc.
......
12
382
IDACORP,
Inc.
...................
38
59,705
NextEra
Energy,
Inc.
...............
3,626
10,246
NRG
Energy,
Inc.
..................
529
1,514
OGE
Energy
Corp.
.................
53
71,759
PG&E
Corp.
.....................
1,294
856
Pinnacle
West
Capital
Corp.
..........
61
42,747
PPL
Corp.
.......................
1,159
38,667
The
Southern
Co.
..................
2,710
26,272
Xcel
Energy,
Inc.
..................
1,627
31,572
Electrical
Equipment
—
0.58%
243
Acuity
Brands,
Inc.
................
50
7,085
AMETEK,
Inc.
...................
1,168
1,919
ChargePoint
Holdings,
Inc.(a)
.........
4
10,280
Eaton
Corp.
PLC
..................
2,476
15,913
Emerson
Electric
Co.
...............
1,549
459
Generac
Holdings,
Inc.(a)
............
59
2,020
Hubbell,
Inc.
.....................
665
1,253
nVent
Electric
PLC
.................
74
3,939
Plug
Power,
Inc.(a)
.................
18
494
Regal
Rexnord
Corp.
...............
73
2,933
Rockwell
Automation,
Inc.
...........
910
1,147
Sensata
Technologies
Holding
PLC
.....
43
1,580
Sunrun
,
Inc.(a)
....................
31
160,428
Vertiv
Holdings
Co.,
Class
-
A
.........
7,706
14,826
Electronic
Equipment,
Instruments
&
Components
—
0.28%
15,167
Amphenol
Corp.,
Class
-
A
...........
1,505
440
Arrow
Electronics,
Inc.(a)
............
54
690
Avnet,
Inc.
.......................
35
3,428
CDW
Corp.
......................
779
1,318
Cognex
Corp.
....................
55
900
Coherent
Corp.(a)
.................
39
20,656
Corning,
Inc.
.....................
629
357
Crane
NXT
Co.
...................
20
226
IPG
Photonics
Corp.(a)
..............
25
18
HC
CAPITAL
TRUST
The
Institutional
U.S.
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Electronic
Equipment,
Instruments
&
Components
(continued)
3,460
Jabil,
Inc.
.......................
$
441
8,086
Keysight
Technologies,
Inc.(a)
........
1,286
183
Littelfuse
,
Inc.
....................
49
356
TD
SYNNEX
Corp.
................
38
5,650
TE
Connectivity
Ltd.
...............
794
1,210
Teledyne
Technologies,
Inc.(a)
........
540
6,422
Trimble,
Inc.(a)
...................
341
1,197
Vontier
Corp.
.....................
41
1,292
Zebra
Technologies
Corp.(a)
..........
353
7,024
Energy
Equipment
&
Services
—
0.17%
35,138
Baker
Hughes
Co.
.................
1,201
22,921
Halliburton
Co.
...................
828
2,968
NOV,
Inc.
.......................
60
42,423
Schlumberger
N.V.
.................
2,208
3,316
TechnipFMC
PLC
.................
67
4,364
Entertainment
—
0.94%
1,515
AMC
Entertainment
Holdings,
Inc.(a)
...
9
11,116
Electronic
Arts,
Inc.
................
1,521
4,943
Liberty
Media
Corp.-Liberty
Formula
One(a)
.....................
312
159
Liberty
Media
Corp.-Liberty
Formula
One(a)
.....................
9
355
Liberty
Media
Corp.-Liberty
Live(a)
....
13
148
Liberty
Media
Corp.-Liberty
Live(a)
....
5
4,061
Live
Nation
Entertainment,
Inc.(a)
......
380
141
Madison
Square
Garden
Sports
Corp.(a)
..
26
30,243
Netflix,
Inc.(a)
....................
14,724
178
Playtika
Holding
Corp.(a)
............
2
11,095
ROBLOX
Corp.,
Class
-
A(a)
.........
508
3,291
Roku,
Inc.(a)
.....................
302
1,062
Spotify
Technology
SA(a)
............
200
5,057
Take-Two
Interactive
Software,
Inc.(a)
...
814
47,090
The
Walt
Disney
Co.
...............
4,251
464
TKO
Group
Holdings,
Inc.
...........
38
59,492
Warner
Bros.
Discovery,
Inc.(a)
........
677
23,791
Financial
Services
—
3.36%
1,678
Affirm
Holdings,
Inc.(a)
.............
82
86,561
Apollo
Global
Management,
Inc.
.......
8,067
39,090
Berkshire
Hathaway,
Inc.,
Class
-
B(a)
...
13,942
14,142
Block,
Inc.(a)
.....................
1,094
1,748
Corebridge
Financial,
Inc.
............
38
8,825
Equitable
Holdings,
Inc.
.............
294
358
Euronet
Worldwide,
Inc.(a)
...........
36
135,275
Fidelity
National
Information
Services,
Inc.
8,126
69,152
Fiserv,
Inc.(a)
.....................
9,186
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Financial
Services
(continued)
1,798
FleetCor
Technologies,
Inc.(a)
.........
$
508
6,645
Global
Payments,
Inc.
...............
844
4,946
Jack
Henry
&
Associates,
Inc.
.........
809
45,134
Mastercard
,
Inc.,
Class
-
A
...........
19,250
2,240
MGIC
Investment
Corp.
.............
43
487
NCR
Atleos
Corp.(a)
...............
12
27,313
PayPal
Holdings,
Inc.(a)
.............
1,677
860
Rocket
Cos.,
Inc.,
Class
-
A(a)
.........
12
383
Shift4
Payments,
Inc.,
Class
-
A(a)
......
28
2,823
The
Western
Union
Co.
..............
34
8,686
Toast,
Inc.,
Class
-
A(a)
..............
159
703
UWM
Holdings
Corp.
..............
5
80,295
Visa,
Inc.,
Class
-
A
................
20,905
738
Voya
Financial,
Inc.
................
54
330
WEX,
Inc.(a)
.....................
64
85,269
Food
Products
—
1.09%
21,064
Archer-Daniels-Midland
Co.
..........
1,521
8,741
Bunge
Global
SA
..................
883
25,762
Campbell
Soup
Co.
................
1,114
40,948
Conagra
Brands,
Inc.
...............
1,173
4,315
Darling
Ingredients,
Inc.(a)
...........
215
1,421
Flowers
Foods,
Inc.
................
32
345
Freshpet
,
Inc.(a)
...................
30
27,971
General
Mills,
Inc.
.................
1,822
33,476
Hormel
Foods
Corp.
................
1,075
497
Ingredion,
Inc.
....................
54
22,596
Kellogg
Co.
......................
1,263
77,282
Lamb
Weston
Holdings,
Inc.
..........
8,353
17,919
McCormick
&
Co.,
Inc./MD
..........
1,226
44,508
Mondelez
International,
Inc.,
Class
-
A
...
3,224
353
Pilgrim's
Pride
Corp.(a)
.............
10
409
Post
Holdings,
Inc.(a)
...............
36
2
Seaboard
Corp.
...................
7
7,962
The
Hershey
Co.
..................
1,485
10,232
The
J.M.
Smucker
Co.
..............
1,293
45,375
The
Kraft
Heinz
Co.
................
1,679
21,093
Tyson
Foods,
Inc.,
Class
-
A
..........
1,133
483
WK
Kellogg
Co.
..................
6
27,634
Gas
Utilities
—
0.05%
10,113
Atmos
Energy
Corp.
................
1,173
665
National
Fuel
Gas
Co.
..............
33
1,588
UGI
Corp.
.......................
39
1,245
Ground
Transportation
—
1.19%
154
Avis
Budget
Group,
Inc.
.............
27
91,280
Canadian
Pacific
Kansas
City
Ltd.
......
7,217
19
HC
CAPITAL
TRUST
The
Institutional
U.S.
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Ground
Transportation
(continued)
57,979
CSX
Corp.
.......................
$
2,010
1,015
Hertz
Global
Holdings,
Inc.(a)
........
11
2,524
JB
Hunt
Transport
Services,
Inc.
.......
504
7,104
Knight-Swift
Transportation
Holdings,
Inc.
409
271
Landstar
System,
Inc.
...............
52
2,316
Lyft,
Inc.,
Class
-
A(a)
..............
35
7,040
Norfolk
Southern
Corp.
.............
1,664
2,557
Old
Dominion
Freight
Line,
Inc.
.......
1,036
346
Ryder
System,
Inc.
.................
40
201
Saia,
Inc.(a)
......................
88
410
Schneider
National,
Inc.,
Class
-
B
......
10
203,398
Uber
Technologies,
Inc.(a)
...........
12,523
2,657
U-Haul
Holding
Co.
................
188
68
U-Haul
Holding
Co.(a)
..............
5
17,508
Union
Pacific
Corp.
................
4,301
860
XPO,
Inc.(a)
.....................
75
30,195
Health
Care
Equipment
&
Supplies
—
1.56%
48,894
Abbott
Laboratories
................
5,382
1,878
Align
Technology,
Inc.(a)
............
514
30,833
Baxter
International,
Inc.
............
1,192
10,449
Becton
Dickinson
&
Co.
.............
2,548
165,410
Boston
Scientific
Corp.(a)
............
9,562
9,176
DENTSPLY
SIRONA,
Inc.
...........
327
9,905
Dexcom
,
Inc.(a)
...................
1,229
15,670
Edwards
Lifesciences
Corp.(a)
........
1,195
384
Enovis
Corp.(a)
...................
22
1,234
Envista
Holdings
Corp.(a)
............
30
10,282
GE
HealthCare
Technologies,
Inc.
......
795
897
Globus
Medical,
Inc.(a)
.............
48
13,031
Hologic
,
Inc.(a)
...................
931
153
ICU
Medical,
Inc.(a)
...............
15
2,119
IDEXX
Laboratories,
Inc.(a)
..........
1,176
217
Inspire
Medical
Systems,
Inc.(a)
.......
44
1,749
Insulet
Corp.(a)
...................
379
549
Integra
LifeSciences
Holdings
Corp.(a)
..
24
13,258
Intuitive
Surgical,
Inc.(a)
............
4,473
360
Masimo
Corp.(a)
..................
42
40,710
Medtronic
PLC
...................
3,353
784
Novocure
Ltd.(a)
..................
12
270
Penumbra,
Inc.(a)
..................
68
403
QuidelOrtho
Corp.(a)
...............
30
4,822
ResMed
,
Inc.
.....................
830
274
Shockwave
Medical,
Inc.(a)
..........
52
3,426
STERIS
PLC
.....................
753
8,891
Stryker
Corp.
.....................
2,663
484
Tandem
Diabetes
Care,
Inc.(a)
.........
14
1,656
Teleflex,
Inc.
.....................
413
1,266
The
Cooper
Cos.,
Inc.
...............
479
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
(continued)
7,939
Zimmer
Biomet
Holdings,
Inc.
........
$
966
39,561
Health
Care
Providers
&
Services
—
1.87%
675
Acadia
Healthcare
Co.,
Inc.(a)
.........
52
2,205
agilon
health,
Inc.(a)
................
28
243
Amedisys
,
Inc.(a)
..................
23
4,299
AmerisourceBergen
Corp.
............
883
116,346
Brookdale
Senior
Living,
Inc.(a)
.......
677
12,940
Cardinal
Health,
Inc.
...............
1,304
22,462
Centene
Corp.(a)
..................
1,667
111
Chemed
Corp.
....................
65
42,247
CVS
Health
Corp.
.................
3,336
8,322
DaVita,
Inc.(a)
....................
871
7,385
Elevance
Health,
Inc.
...............
3,483
743
Encompass
Health
Corp.
.............
50
5,494
HCA
Healthcare,
Inc.
...............
1,487
11,243
Henry
Schein,
Inc.(a)
...............
850
4,689
Humana,
Inc.
.....................
2,147
4,695
Laboratory
Corp.
of
America
Holdings
...
1,067
5,173
McKesson
Corp.
..................
2,395
3,061
Molina
Healthcare,
Inc.(a)
...........
1,106
893
Premier,
Inc.,
Class
-
A
..............
20
8,326
Quest
Diagnostics,
Inc.
..............
1,149
1,155
R1
RCM,
Inc.(a)
..................
12
762
Tenet
Healthcare
Corp.(a)
............
58
9,803
The
Cigna
Group
..................
2,935
40,977
UnitedHealth
Group,
Inc.
............
21,573
2,474
Universal
Health
Services,
Inc.,
Class
-
B
.
378
47,616
Health
Care
REITs
—
0.39%
62,027
CareTrust
REIT,
Inc.
...............
1,387
18,883
Global
Medical
REIT,
Inc.
...........
210
38,319
Healthcare
Realty
Trust,
Inc.
..........
661
33,545
Healthpeak
Properties,
Inc.
...........
664
4,504
Medical
Properties
Trust,
Inc.
.........
22
1,782
Omega
Healthcare
Investors,
Inc.
......
55
36,006
Ventas,
Inc.
......................
1,795
55,938
Welltower
,
Inc.
....................
5,043
9,837
Health
Care
Technology
—
0.03%
881
Certara
,
Inc.(a)
....................
15
848
Doximity
,
Inc.,
Class
-
A(a)
...........
24
1,218
Teladoc
Health,
Inc.(a)
..............
26
3,828
Veeva
Systems,
Inc.,
Class
-
A(a)
.......
737
802
Hotel
&
Resort
REITs
—
0.07%
17,895
Host
Hotels
&
Resorts,
Inc.
...........
349
20
HC
CAPITAL
TRUST
The
Institutional
U.S.
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Hotel
&
Resort
REITs
(continued)
1,690
Park
Hotels
&
Resorts,
Inc.
...........
$
26
13,442
Ryman
Hospitality
Properties,
Inc.
......
1,479
1,854
Hotels,
Restaurants
&
Leisure
—
1.46%
15,911
Airbnb,
Inc.,
Class
-
A(a)
............
2,165
1,784
Aramark
........................
50
928
Booking
Holdings,
Inc.(a)
............
3,292
555
Boyd
Gaming
Corp.
................
35
5,756
Caesars
Entertainment,
Inc.(a)
.........
270
25,281
Carnival
Corp.(a)
..................
469
122
Cava
Group,
Inc.(a)
................
5
1,003
Chipotle
Mexican
Grill,
Inc.(a)
........
2,294
229
Choice
Hotels
International,
Inc.
.......
26
541
Churchill
Downs,
Inc.
...............
73
3,056
Darden
Restaurants,
Inc.
.............
502
2,064
Domino's
Pizza,
Inc.
................
850
6,947
DoorDash
,
Inc.,
Class
-
A(a)
..........
687
10,550
DraftKings
,
Inc.(a)
.................
372
3,541
Expedia
Group,
Inc.(a)
..............
538
45,609
Hilton
Worldwide
Holdings,
Inc.
.......
8,305
7,079
Hyatt
Hotels
Corp.,
Class
-
A
.........
924
9,568
Las
Vegas
Sands
Corp.
..............
471
14,420
Marriott
International,
Inc./MD,
Class
-
A
3,252
284
Marriott
Vacations
Worldwide
Corp.
....
24
21,226
McDonald's
Corp.
.................
6,294
7,390
MGM
Resorts
International(a)
.........
330
3,172
Norwegian
Cruise
Line
Holdings
Ltd.(a)
.
64
1,172
Penn
Entertainment,
Inc.(a)
...........
30
633
Planet
Fitness,
Inc.,
Class
-
A(a)
.......
46
6,218
Royal
Caribbean
Cruises
Ltd.(a)
.......
805
29,267
Starbucks
Corp.
...................
2,810
505
Texas
Roadhouse,
Inc.
..............
62
1,293
The
Wendy's
Co.
..................
25
560
Travel
+
Leisure
Co.
................
22
971
Vail
Resorts,
Inc.
..................
207
226
Wingstop
,
Inc.
....................
58
635
Wyndham
Hotels
&
Resorts,
Inc.
.......
51
2,785
Wynn
Resorts
Ltd.
.................
254
11,122
Yum!
Brands,
Inc.
.................
1,453
37,115
Household
Durables
—
0.19%
7,828
D.R.
Horton,
Inc.
..................
1,190
3,901
Garmin
Ltd.
......................
501
1,009
Leggett
&
Platt,
Inc.
................
26
6,374
Lennar
Corp.,
Class
-
A
..............
951
112
Lennar
Corp.,
Class
-
B
.............
15
399
Mohawk
Industries,
Inc.(a)
...........
41
2,863
Newell
Brands,
Inc.
................
25
83
NVR,
Inc.(a)
.....................
581
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Household
Durables
(continued)
5,755
PulteGroup,
Inc.
...................
$
594
1,261
Tempur
Sealy
International,
Inc.
.......
64
6,265
Toll
Brothers,
Inc.
.................
644
242
TopBuild
Corp.(a)
.................
91
404
Whirlpool
Corp.
...................
49
4,772
Household
Products
—
0.66%
1,016
BJ's
Wholesale
Club
Holdings,
Inc.(a)
...
68
15,130
Church
&
Dwight
Co.,
Inc.
...........
1,430
30,838
Colgate-Palmolive
Co.
..............
2,458
15,545
Kimberly-Clark
Corp.
...............
1,889
412
Reynolds
Consumer
Products,
Inc.
.....
11
302
Spectrum
Brands
Holdings,
Inc.
.......
24
9,054
The
Clorox
Co.
...................
1,291
65,886
The
Procter
&
Gamble
Co.
...........
9,655
16,826
Independent
Power
and
Renewable
Electricity
Producers
—
0.04%
968
Brookfield
Renewable
Corp.,
Class
-
A
..
28
261
Clearway
Energy,
Inc.,
Class
-
A
.......
7
618
Clearway
Energy,
Inc.,
Class
-
C
.......
17
16,860
The
AES
Corp.
...................
324
18,297
Vistra
Corp.
......................
705
1,081
Industrial
Conglomerates
—
0.65%
18,729
3M
Co.
.........................
2,048
82,716
General
Electric
Co.
................
10,557
18,529
Honeywell
International,
Inc.
.........
3,885
16,490
Industrial
REITs
—
0.60%
2,038
Americold
Realty
Trust,
Inc.
..........
62
9,398
EastGroup
Properties,
Inc.
...........
1,725
999
First
Industrial
Realty
Trust,
Inc.
.......
53
58,383
Plymouth
Industrial
REIT,
Inc.
........
1,405
88,036
Prologis,
Inc.
.....................
11,735
1,562
Rexford
Industrial
Realty,
Inc.
.........
88
1,356
STAG
Industrial,
Inc.
...............
53
15,121
Insurance
—
1.57%
20,279
Aflac,
Inc.
.......................
1,673
5,734
American
Financial
Group,
Inc.
........
682
18,363
American
International
Group,
Inc.
.....
1,244
6,184
Aon
PLC,
Class
-
A
................
1,799
15,488
Arch
Capital
Group
Ltd.(a)
...........
1,151
6,861
Arthur
J.
Gallagher
&
Co.
............
1,543
4,999
Assurant,
Inc.
....................
843
21
HC
CAPITAL
TRUST
The
Institutional
U.S.
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Insurance
(continued)
437
Assured
Guaranty
Ltd.
..............
$
33
590
Axis
Capital
Holdings
Ltd.
...........
33
514
Brighthouse
Financial,
Inc.(a)
.........
27
8,024
Brown
&
Brown,
Inc.
...............
571
13,013
Chubb
Ltd.
......................
2,940
6,429
Cincinnati
Financial
Corp.
...........
664
207
CNA
Financial
Corp.
...............
9
2,542
Erie
Indemnity
Co.,
Class
-
A
.........
852
2,444
Everest
Group
Ltd.
.................
865
6,532
Fidelity
National
Financial,
Inc.
.......
334
765
First
American
Financial
Corp.
........
49
5,969
Globe
Life,
Inc.
...................
727
482
Kemper
Corp.
....................
23
165
Kinsale
Capital
Group,
Inc.
...........
55
1,287
Lincoln
National
Corp.
..............
35
11,078
Loews
Corp.
.....................
771
699
Markel
Group,
Inc.(a)
...............
993
14,202
Marsh
&
McLennan
Cos.,
Inc.
........
2,690
19,069
MetLife,
Inc.
.....................
1,261
2,054
Old
Republic
International
Corp.
.......
60
278
Primerica,
Inc.
....................
57
6,240
Principal
Financial
Group,
Inc.
........
491
9,292
Prudential
Financial,
Inc.
............
964
507
Reinsurance
Group
of
America,
Inc.
....
82
374
RenaissanceRe
Holdings
Ltd.
.........
73
304
RLI
Corp.
.......................
40
692
Ryan
Specialty
Holdings,
Inc.(a)
.......
30
10,918
The
Allstate
Corp.
.................
1,529
268
The
Hanover
Insurance
Group,
Inc.
.....
33
13,718
The
Hartford
Financial
Services
Group,
Inc.
1,103
19,515
The
Progressive
Corp.
..............
3,107
9,656
The
Travelers
Cos.,
Inc.
.............
1,839
1,503
Unum
Group
.....................
68
13,783
W.R.
Berkley
Corp.
................
975
19
White
Mountains
Insurance
Group
Ltd.
..
29
31,270
Willis
Towers
Watson
PLC
...........
7,541
39,888
Interactive
Media
&
Services
—
3.63%
219,714
Alphabet,
Inc.,
Class
-
A(a)
...........
30,692
151,058
Alphabet,
Inc.,
Class
-
C(a)
...........
21,288
583
IAC,
Inc.(a)
......................
31
7,522
Match
Group,
Inc.(a)
...............
274
88,049
Meta
Platforms,
Inc.,
Class
-
A(a)
......
31,165
223,538
Pinterest,
Inc.,
Class
-
A(a)
...........
8,280
18,366
Snap,
Inc.,
Class
-
A(a)
..............
311
775
TripAdvisor,
Inc.(a)
................
17
2,357
ZoomInfo
Technologies,
Inc.(a)
........
44
92,102
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
IT
Services
—
1.11%
16,197
Accenture
PLC,
Class
-
A
............
$
5,683
7,113
Akamai
Technologies,
Inc.(a)
.........
842
901
Amdocs
Ltd.
.....................
79
7,185
Cloudflare
,
Inc.,
Class
-
A(a)
..........
599
13,159
Cognizant
Technology
Solutions
Corp.,
Class
-
A
....................
994
1,745
DXC
Technology
Co.(a)
.............
40
1,454
EPAM
Systems,
Inc.(a)
..............
433
1,999
Gartner,
Inc.(a)
...................
902
309
Globant
SA(a)
....................
74
74,949
GoDaddy
,
Inc.,
Class
-
A(a)
...........
7,956
27,745
International
Business
Machines
Corp.
...
4,537
1,550
Kyndryl
Holdings,
Inc.(a)
............
32
4,898
MongoDB,
Inc.(a)
.................
2,002
4,155
Okta
,
Inc.(a)
.....................
376
13,815
Snowflake,
Inc.,
Class
-
A(a)
..........
2,750
4,315
Twilio
,
Inc.,
Class
-
A(a)
.............
327
2,398
VeriSign,
Inc.(a)
...................
494
28,120
Leisure
Products
—
0.02%
548
Brunswick
Corp.
..................
53
6,770
Hasbro,
Inc.
......................
346
2,666
Mattel,
Inc.(a)
....................
50
2,337
Peloton
Interactive,
Inc.,
Class
-
A(a)
....
14
417
Polaris,
Inc.
......................
40
654
YETI
Holdings,
Inc.(a)
..............
34
537
Life
Sciences
Tools
&
Services
—
1.23%
698
10X
Genomics,
Inc.,
Class
-
A(a)
.......
39
7,495
Agilent
Technologies,
Inc.
............
1,042
17,071
Avantor
,
Inc.(a)
...................
389
518
Azenta
,
Inc.(a)
....................
34
595
Bio-Rad
Laboratories,
Inc.,
Class
-
A(a)
..
192
4,237
Bio-
Techne
Corp.
..................
327
813
Bruker
Corp.
.....................
60
1,286
Charles
River
Laboratories
International,
Inc.(a)
......................
304
49,283
Danaher
Corp.
....................
11,402
672
Fortrea
Holdings,
Inc.(a)
.............
23
616
ICON
PLC(a)
....................
174
4,022
Illumina,
Inc.(a)
...................
560
4,684
IQVIA
Holdings,
Inc.(a)
.............
1,084
833
Maravai
LifeSciences
Holdings,
Inc.,
Class
-
A(a)
.......................
5
176
Medpace
Holdings,
Inc.(a)
...........
54
573
Mettler
-Toledo
International,
Inc.(a)
....
695
1,720
QIAGEN
N.V.(a)
..................
75
1,448
Repligen
Corp.(a)
..................
260
3,148
Revvity
,
Inc.
.....................
344
750
Sotera
Health
Co.(a)
................
13
22
HC
CAPITAL
TRUST
The
Institutional
U.S.
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Life
Sciences
Tools
&
Services
(continued)
24,262
Thermo
Fisher
Scientific,
Inc.
.........
$
12,879
1,515
Waters
Corp.(a)
...................
498
1,936
West
Pharmaceutical
Services,
Inc.
.....
682
31,135
Machinery
—
0.90%
471
AGCO
Corp.
.....................
57
699
Allison
Transmission
Holdings,
Inc.
....
41
14,096
Caterpillar,
Inc.
...................
4,166
25,262
CNH
Industrial
N.V.
................
308
357
Crane
Co.
.......................
42
4,783
Cummins,
Inc.
....................
1,146
7,656
Deere
&
Co.
.....................
3,061
921
Donaldson
Co.,
Inc.
................
60
3,623
Dover
Corp.
......................
558
430
Esab
Corp.
.......................
37
987
Flowserve
Corp.
...................
41
9,230
Fortive
Corp.
.....................
680
912
Gates
Industrial
Corp.
PLC(a)
.........
12
4,271
Graco
,
Inc.
......................
370
3,221
IDEX
Corp.
......................
700
8,699
Illinois
Tool
Works,
Inc.
.............
2,277
10,323
Ingersoll
Rand,
Inc.
................
798
633
ITT,
Inc.
........................
76
425
Lincoln
Electric
Holdings,
Inc.
........
92
1,337
Nordson
Corp.
....................
354
498
Oshkosh
Corp.
....................
54
13,524
Otis
Worldwide
Corp.
...............
1,211
17,046
PACCAR,
Inc.
....................
1,664
3,279
Parker-Hannifin
Corp.
..............
1,510
4,441
Pentair
PLC
......................
323
214
RBC
Bearings,
Inc.(a)
..............
61
2,578
Snap-on,
Inc.
.....................
746
3,882
Stanley
Black
&
Decker,
Inc.
.........
381
406
The
Middleby
Corp.(a)
..............
60
464
The
Timken
Co.
...................
37
5,551
The
Toro
Co.
.....................
533
4,649
Westinghouse
Air
Brake
Technologies
Corp.
590
6,211
Xylem,
Inc.
......................
710
22,756
Marine
Transportation
—
0.00%
453
Kirby
Corp.(a)
....................
36
Media
—
0.70%
44
Cable
One,
Inc.
...................
24
19,018
Charter
Communications,
Inc.,
Class
-
A(a)
7,391
110,970
Comcast
Corp.,
Class
-
A
............
4,867
1,900
DISH
Network
Corp.,
Class
-
A(a)
......
11
22,910
Fox
Corp.,
Class
-
A
................
680
18,464
Fox
Corp.,
Class
-
B
................
510
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Media
(continued)
132
Liberty
Broadband
Corp.,
Class
-
A(a)
...
$
11
2,954
Liberty
Broadband
Corp.,
Class
-
C(a)
...
238
569
Liberty
Media
Corp.-Liberty
SiriusXM
(a)
16
4,393
Liberty
Media
Corp.-Liberty
SiriusXM
(a)
127
10,330
News
Corp.,
Class
-
A
...............
254
897
News
Corp.,
Class
-
B
..............
23
258
Nexstar
Media
Group,
Inc.
...........
40
8,643
Omnicom
Group,
Inc.
...............
748
70
Paramount
Global,
Class
-
A
..........
1
13,858
Paramount
Global,
Class
-
B
..........
205
114,179
Sirius
XM
Holdings,
Inc.^
...........
625
9,714
The
Interpublic
Group
of
Cos.,
Inc.
.....
317
1,232
The
New
York
Times
Co.,
Class
-
A
.....
60
22,519
The
Trade
Desk,
Inc.,
Class
-
A(a)
......
1,621
17,769
Metals
&
Mining
—
0.25%
1,341
Alcoa
Corp.
......................
46
12,799
Cleveland-Cliffs,
Inc.(a)
.............
261
36,645
Freeport-McMoRan,
Inc.
............
1,559
785
MP
Materials
Corp.(a)
..............
16
50,367
Newmont
Corp.
...................
2,085
6,372
Nucor
Corp.
......................
1,109
2,189
Reliance
Steel
&
Aluminum
Co.
.......
612
497
Royal
Gold,
Inc.
...................
60
648
Southern
Copper
Corp.
..............
56
1,562
SSR
Mining,
Inc.
..................
17
4,141
Steel
Dynamics,
Inc.
................
489
1,703
United
States
Steel
Corp.
............
83
6,393
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.02%
4,327
AGNC
Investment
Corp.
............
42
17,906
Annaly
Capital
Management,
Inc.
......
347
3,639
Rithm
Capital
Corp.
................
39
2,215
Starwood
Property
Trust,
Inc.
.........
47
475
Multi-Utilities
—
0.55%
16,344
Ameren
Corp.
....................
1,182
37,682
CenterPoint
Energy,
Inc.
.............
1,077
21,168
CMS
Energy
Corp.
.................
1,230
17,523
Consolidated
Edison,
Inc.
............
1,594
37,678
Dominion
Energy,
Inc.
..............
1,771
12,279
DTE
Energy
Co.
..................
1,354
36,899
NiSource,
Inc.
....................
979
22,717
Public
Service
Enterprise
Group,
Inc.
....
1,389
24,537
Sempra
Energy
...................
1,834
23
HC
CAPITAL
TRUST
The
Institutional
U.S.
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Multi-Utilities
(continued)
17,775
WEC
Energy
Group,
Inc.
............
$
1,496
13,906
Office
REITs
—
0.15%
4,246
Alexandria
Real
Estate
Equities,
Inc.
....
538
3,803
Boston
Properties,
Inc.
..............
266
1,145
Cousins
Properties,
Inc.
.............
28
788
Highwoods
Properties,
Inc.
...........
18
36,321
Kilroy
Realty
Corp.
................
1,447
105
NET
Lease
Office
Properties
..........
2
35,100
SL
Green
Realty
Corp.
..............
1,586
1,338
Vornado
Realty
Trust
...............
38
3,923
Oil,
Gas
&
Consumable
Fuels
—
2.02%
2,550
Antero
Midstream
Corp.
.............
32
2,151
Antero
Resources
Corp.(a)
...........
49
7,738
APA
Corp.
.......................
278
362,860
Cenovus
Energy,
Inc.
...............
6,042
9,240
Cheniere
Energy,
Inc.
...............
1,577
6,633
Chesapeake
Energy
Corp.
............
510
49,891
Chevron
Corp.
....................
7,442
34,392
ConocoPhillips
...................
3,992
37,206
Coterra
Energy,
Inc.
................
950
16,316
Devon
Energy
Corp.
................
739
4,398
Diamondback
Energy,
Inc.
...........
682
735
DT
Midstream,
Inc.
................
40
17,932
EOG
Resources,
Inc.
...............
2,169
9,745
EQT
Corp.
.......................
376
109,151
Exxon
Mobil
Corp.
................
10,913
7,169
Hess
Corp.
.......................
1,034
11,470
HF
Sinclair
Corp.
..................
637
81,206
Kinder
Morgan,
Inc.
................
1,433
15,513
Marathon
Oil
Corp.
................
374
12,271
Marathon
Petroleum
Corp.
...........
1,821
418
New
Fortress
Energy,
Inc.
............
16
18,910
Occidental
Petroleum
Corp.
..........
1,129
14,923
ONEOK,
Inc.
.....................
1,047
6,796
Ovintiv
,
Inc.
.....................
299
15,542
Phillips
66
.......................
2,069
5,994
Pioneer
Natural
Resources
Co.
........
1,348
1,786
Range
Resources
Corp.
..............
54
8,345
Southwestern
Energy
Co.(a)
..........
55
5,598
Targa
Resources
Corp.
..............
487
257
Texas
Pacific
Land
Corp.
............
403
46,128
The
Williams
Cos.,
Inc.
.............
1,607
12,584
Valero
Energy
Corp.
................
1,636
51,240
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Paper
&
Forest
Products
—
0.00%
485
Louisiana-Pacific
Corp.
.............
$
34
Passenger
Airlines
—
0.03%
949
Alaska
Air
Group,
Inc.(a)
............
37
4,899
American
Airlines
Group,
Inc.(a)
.......
67
7,977
Delta
Air
Lines,
Inc.
................
321
7,396
Southwest
Airlines
Co.
..............
214
2,474
United
Airlines
Holdings,
Inc.(a)
.......
102
741
Personal
Care
Products
—
0.40%
2,665
Coty,
Inc.,
Class
-
A(a)
..............
33
377,272
Kenvue
,
Inc.
.....................
8,123
11,935
L'Oreal
SA,
ADR
..................
1,186
943
Olaplex
Holdings,
Inc.(a)
............
2
6,034
The
Estee
Lauder
Cos.,
Inc.
..........
883
10,227
Pharmaceuticals
—
2.32%
19,476
AstraZeneca
PLC,
ADR
.............
1,312
69,443
Bristol-Myers
Squibb
Co.
............
3,563
4,864
Catalent
,
Inc.(a)
...................
219
3,702
Elanco
Animal
Health,
Inc.(a)
.........
55
40,047
Eli
Lilly
&
Co.
....................
23,343
61
Jazz
Pharmaceuticals
PLC(a)
.........
8
5,013
Jazz
Pharmaceuticals
PLC(a)
.........
616
67,585
Johnson
&
Johnson
................
10,593
73,675
Merck
&
Co.,
Inc.
.................
8,032
22,581
Novo
Nordisk
A/S,
ADR
.............
2,336
1,927
Organon
&
Co.
...................
28
1,019
Perrigo
Co.
PLC
..................
33
170,896
Pfizer,
Inc.
.......................
4,920
30,400
Royalty
Pharma
PLC,
Class
-
A
........
854
58,538
Viatris
,
Inc.
......................
634
11,854
Zoetis,
Inc.
......................
2,340
58,886
Professional
Services
—
0.74%
11,108
Automatic
Data
Processing,
Inc.
.......
2,589
8,408
Booz
Allen
Hamilton
Holding
Corp.
....
1,075
3,562
Broadridge
Financial
Solutions,
Inc.
....
733
171
CACI
International,
Inc.,
Class
-
A(a)
...
55
3,974
Ceridian
HCM
Holding,
Inc.(a)
........
267
3,580
Clarivate
PLC(a)
..................
33
322
Concentrix
Corp.
..................
32
1,907
Dun
&
Bradstreet
Holdings,
Inc.
.......
22
3,192
Equifax,
Inc.
.....................
789
256
FTI
Consulting,
Inc.(a)
..............
51
1,353
Genpact
Ltd.
.....................
47
4,097
Jacobs
Solutions,
Inc.
...............
532
1,034
KBR,
Inc.
.......................
57
24
HC
CAPITAL
TRUST
The
Institutional
U.S.
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Professional
Services
(continued)
9,582
Leidos
Holdings,
Inc.
...............
$
1,037
381
ManpowerGroup
,
Inc.
..............
30
8,298
Paychex,
Inc.
.....................
988
1,403
Paycom
Software,
Inc.
..............
290
461
Paycor
HCM,
Inc.(a)
...............
10
1,183
Paylocity
Holding
Corp.(a)
...........
195
2,890
Robert
Half
International,
Inc.
.........
255
417
Science
Applications
International
Corp.
.
52
5,608
SS&C
Technologies
Holdings,
Inc.
.....
342
117,335
TransUnion
......................
8,062
5,137
Verisk
Analytics,
Inc.
...............
1,227
18,770
Real
Estate
Management
&
Development
—
0.24%
24,127
CBRE
Group,
Inc.,
Class
-
A(a)
........
2,246
36,822
Corp.
Inmobiliaria
Vesta
Sab
de
CV,
ADR
1,459
10,390
CoStar
Group,
Inc.(a)
...............
908
254
Howard
Hughes
Holdings,
Inc.(a)
......
22
362
Jones
Lang
LaSalle,
Inc.(a)
...........
68
120,175
Tricon
Residential,
Inc.
..............
1,094
427
Zillow
Group,
Inc.,
Class
-
A(a)
........
24
4,146
Zillow
Group,
Inc.,
Class
-
C(a)
........
240
6,061
Residential
REITs
—
0.72%
79,417
American
Homes
4
Rent,
Class
-
A
.....
2,856
1,135
Apartment
Income
REIT
Corp.
........
39
23,582
AvalonBay
Communities,
Inc.
.........
4,416
8,025
Camden
Property
Trust
..............
797
10,295
Equity
LifeStyle
Properties,
Inc.
.......
726
15,581
Equity
Residential
.................
953
17,183
Essex
Property
Trust,
Inc.
............
4,261
23,039
Invitation
Homes,
Inc.
..............
786
6,261
Mid-America
Apartment
Communities,
Inc.
841
5,545
Sun
Communities,
Inc.
..............
740
17,169
UDR,
Inc.
.......................
657
83,228
Veris
Residential,
Inc.
...............
1,310
18,382
Retail
REITs
—
0.50%
672
Agree
Realty
Corp.
................
42
121,187
Brixmor
Property
Group,
Inc.
.........
2,821
609
Federal
Realty
Investment
Trust
.......
63
16,616
Kimco
Realty
Corp.
................
354
15,418
Kite
Realty
Group
Trust
.............
352
1,373
NNN
REIT,
Inc.
...................
59
34,566
Phillips
Edison
&
Co.,
Inc.
...........
1,261
29,074
Realty
Income
Corp.
...............
1,669
6,342
Regency
Centers
Corp.
..............
425
30,099
Simon
Property
Group,
Inc.
..........
4,294
1,055
Spirit
Realty
Capital,
Inc.
............
46
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Retail
REITs
(continued)
50,694
Tanger
,
Inc.
......................
$
1,405
12,791
Semiconductors
&
Semiconductor
Equipment
—
4.85%
124,159
Advanced
Micro
Devices,
Inc.(a)
.......
18,302
503
Allegro
MicroSystems
,
Inc.(a)
.........
15
12,839
Analog
Devices,
Inc.
...............
2,549
65,616
Applied
Materials,
Inc.
..............
10,633
7,788
ARM
Holdings
PLC,
ADR^(a)
........
585
1,453
ASML
Holding
N.V.,
NYS
...........
1,100
14,170
Broadcom,
Inc.
...................
15,818
416
Cirrus
Logic,
Inc.(a)
................
35
3,430
Enphase
Energy,
Inc.(a)
.............
453
3,802
Entegris
,
Inc.
.....................
456
2,627
First
Solar,
Inc.(a)
.................
453
592
GLOBALFOUNDRIES,
Inc.(a)
.......
36
108,316
Intel
Corp.
.......................
5,443
3,522
KLA
Corp.
......................
2,047
3,414
Lam
Research
Corp.
................
2,674
3,713
Lattice
Semiconductor
Corp.(a)
........
256
21,958
Marvell
Technology,
Inc.
............
1,324
13,854
Microchip
Technology,
Inc.
...........
1,250
35,019
Micron
Technology,
Inc.
.............
2,989
501
MKS
Instruments,
Inc.
..............
52
1,177
Monolithic
Power
Systems,
Inc.
.......
742
89,739
NVIDIA
Corp.
....................
44,439
4,658
NXP
Semiconductors
N.V.
...........
1,070
11,003
ON
Semiconductor
Corp.(a)
..........
919
2,475
Qorvo
,
Inc.(a)
....................
279
28,766
QUALCOMM,
Inc.
................
4,161
4,055
Skyworks
Solutions,
Inc.
............
455
3,960
Teradyne,
Inc.
....................
430
23,366
Texas
Instruments,
Inc.
..............
3,983
353
Universal
Display
Corp.
.............
68
934
Wolfspeed
,
Inc.(a)
.................
41
123,057
Software
—
7.24%
26,625
Adobe,
Inc.(a)
....................
15,885
455
Alteryx
,
Inc.,
Class
-
A(a)
............
21
2,264
ANSYS,
Inc.(a)
...................
822
1,660
AppLovin
Corp.,
Class
-
A(a)
.........
66
1,806
Aspen
Technology,
Inc.(a)
............
398
4,016
Atlassian
Corp.,
Class
-
A(a)
..........
955
5,471
Autodesk,
Inc.(a)
..................
1,332
5,156
Bentley
Systems,
Inc.,
Class
-
B
.......
269
2,638
BILL
Holdings,
Inc.(a)
..............
215
11,926
Cadence
Design
Systems,
Inc.(a)
.......
3,249
1,519
CCC
Intelligent
Solutions
Holdings,
Inc.(a)
17
4,606
Confluent,
Inc.,
Class
-
A(a)
..........
108
11,184
Crowdstrike
Holdings,
Inc.,
Class
-
A(a)
.
2,855
25
HC
CAPITAL
TRUST
The
Institutional
U.S.
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Software
(continued)
6,755
Datadog
,
Inc.,
Class
-
A(a)
...........
$
820
5,077
DocuSign,
Inc.(a)
..................
302
449
Dolby
Laboratories,
Inc.,
Class
-
A
.....
39
1,050
DoubleVerify
Holdings,
Inc.(a)
........
39
7,015
Dropbox,
Inc.,
Class
-
A(a)
...........
206
6,249
Dynatrace
,
Inc.(a)
.................
342
587
Elastic
N.V.(a)
....................
66
647
Fair
Isaac
Corp.(a)
.................
753
531
Five9,
Inc.(a)
.....................
42
16,960
Fortinet,
Inc.(a)
...................
993
36,546
Gen
Digital,
Inc.
..................
834
663
Gitlab
,
Inc.,
Class
-
A(a)
.............
42
622
Guidewire
Software,
Inc.(a)
..........
68
701
HashiCorp
,
Inc.,
Class
-
A(a)
..........
17
2,204
HubSpot
,
Inc.(a)
..................
1,280
279
Informatica
,
Inc.,
Class
-
A(a)
.........
8
7,165
Intuit,
Inc.
.......................
4,478
3,159
Kinaxis
,
Inc.(a)
...................
355
1,576
Manhattan
Associates,
Inc.(a)
.........
339
226,479
Microsoft
Corp.
...................
85,161
31,564
Money
Forward,
Inc.(a)
.............
968
528
nCino
,
Inc.(a)
....................
18
974
NCR
Voyix
Corp.(a)
................
16
1,742
Nutanix
,
Inc.,
Class
-
A(a)
............
83
99,747
Oracle
Corp.
.....................
10,516
47,695
Palantir
Technologies,
Inc.,
Class
-
A(a)
..
819
35,431
Palo
Alto
Networks,
Inc.(a)
...........
10,448
314
Pegasystems
,
Inc.
..................
15
592
Procore
Technologies,
Inc.(a)
.........
41
3,052
PTC,
Inc.(a)
......................
534
646
RingCentral,
Inc.,
Class
-
A(a)
.........
22
3,436
Roper
Technologies,
Inc.
.............
1,873
63,844
Salesforce,
Inc.(a)
.................
16,801
1,746
SentinelOne
,
Inc.,
Class
-
A(a)
........
48
7,413
ServiceNow
,
Inc.(a)
................
5,238
964
Smartsheet
,
Inc.,
Class
-
A(a)
.........
46
4,122
Splunk
,
Inc.(a)
....................
628
3,919
Synopsys,
Inc.(a)
..................
2,018
776
Teradata
Corp.(a)
..................
34
4,558
The
Descartes
Systems
Group,
Inc.(a)
...
383
1,074
Tyler
Technologies,
Inc.(a)
...........
449
9,881
UiPath
,
Inc.,
Class
-
A(a)
............
245
6,594
Unity
Software,
Inc.(a)
..............
270
33,564
Workday,
Inc.,
Class
-
A(a)
...........
9,265
6,100
Zoom
Video
Communications,
Inc.,
Class
-
A(a)
.......................
439
2,233
Zscaler
,
Inc.(a)
....................
495
184,088
Specialized
REITs
—
1.45%
26,067
American
Tower
Corp.
..............
5,628
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Specialized
REITs
(continued)
14,706
Crown
Castle,
Inc.
.................
$
1,694
42,275
CubeSmart
......................
1,960
25,497
Digital
Realty
Trust,
Inc.
.............
3,431
36,579
EPR
Properties
...................
1,772
8,780
Equinix
,
Inc.
.....................
7,070
25,879
Extra
Space
Storage,
Inc.
............
4,150
14,912
Gaming
and
Leisure
Properties,
Inc.
....
736
38,077
Iron
Mountain,
Inc.
................
2,665
656
Lamar
Advertising
Co.,
Class
-
A
.......
70
603
National
Storage
Affiliates
Trust
.......
25
10,945
Public
Storage
....................
3,338
1,105
Rayonier,
Inc.
....................
37
3,907
SBA
Communications
Corp.
..........
991
79,737
VICI
Properties,
Inc.
...............
2,542
19,061
Weyerhaeuser
Co.
.................
662
36,771
Specialty
Retail
—
1.08%
449
Advance
Auto
Parts,
Inc.
............
27
230
AutoNation,
Inc.(a)
................
35
673
AutoZone,
Inc.(a)
..................
1,740
5,953
Bath
&
Body
Works,
Inc.
............
257
4,967
Best
Buy
Co.,
Inc.
.................
389
1,636
Burlington
Stores,
Inc.(a)
............
318
4,099
CarMax,
Inc.(a)
...................
315
1,526
Dick's
Sporting
Goods,
Inc.
...........
225
414
Five
Below,
Inc.(a)
.................
88
783
Floor
&
Decor
Holdings,
Inc.,
Class
-
A(a)
87
2,036
GameStop
Corp.,
Class
-
A(a)
.........
36
206
Lithia
Motors,
Inc.
.................
68
14,951
Lowe's
Cos.,
Inc.
..................
3,328
149
Murphy
USA,
Inc.
.................
53
3,240
O'Reilly
Automotive,
Inc.(a)
..........
3,078
152
Penske
Automotive
Group,
Inc.
........
24
610
Petco
Health
&
Wellness
Co.,
Inc.(a)
....
2
123
Restoration
Hardware
Co.(a)
..........
36
8,628
Ross
Stores,
Inc.
..................
1,194
1,475
The
Gap,
Inc.
.....................
31
29,930
The
Home
Depot,
Inc.
..............
10,370
43,733
The
TJX
Cos.,
Inc.
.................
4,103
3,796
Tractor
Supply
Co.
.................
817
1,292
Ulta
Beauty,
Inc.(a)
................
633
1,302
Valvoline,
Inc.(a)
..................
49
615
Victoria's
Secret
&
Co.(a)
............
16
598
Wayfair,
Inc.,
Class
-
A(a)
............
37
503
Williams-Sonoma,
Inc.
..............
101
27,457
Technology
Hardware,
Storage
&
Peripherals
—
3.60%
458,012
Apple,
Inc.
......................
88,181
4,686
Dell
Technologies,
Inc.,
Class
-
C
......
358
26
HC
CAPITAL
TRUST
The
Institutional
U.S.
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Technology
Hardware,
Storage
&
Peripherals
(continued)
33,475
Hewlett
Packard
Enterprise
Co.
........
$
569
22,957
HP,
Inc.
.........................
691
5,457
NetApp,
Inc.
.....................
481
2,163
Pure
Storage,
Inc.,
Class
-
A(a)
........
77
3,503
Seagate
Technology
Holdings
PLC
.....
299
857
Super
Micro
Computer,
Inc.(a)
........
244
8,152
Western
Digital
Corp.(a)
.............
427
91,327
Textiles,
Apparel
&
Luxury
Goods
—
0.40%
227
Birkenstock
Holding
PLC(a)
..........
11
930
Capri
Holdings
Ltd.(a)
..............
47
283
Carter's,
Inc.
.....................
21
273
Columbia
Sportswear
Co.
............
22
459
Crocs,
Inc.(a)
.....................
43
675
Deckers
Outdoor
Corp.(a)
............
452
6,454
Lululemon
Athletica
,
Inc.(a)
..........
3,300
10,030
LVMH
Moet
Hennessy
Louis
Vuitton
SE,
ADR
.......................
1,629
37,595
NIKE,
Inc.,
Class
-
B
...............
4,081
478
PVH
Corp.
......................
58
307
Ralph
Lauren
Corp.
................
44
1,015
Skechers
USA,
Inc.,
Class
-
A(a)
.......
63
1,791
Tapestry,
Inc.
.....................
66
1,429
Under
Armour
,
Inc.,
Class
-
A(a)
.......
13
1,440
Under
Armour
,
Inc.,
Class
-
C(a)
.......
12
9,114
V.F.
Corp.
.......................
171
10,033
Tobacco
—
0.54%
64,621
Altria
Group,
Inc.
..................
2,607
119,101
Philip
Morris
International,
Inc.
........
11,205
13,812
Trading
Companies
&
Distributors
—
0.48%
95,445
AerCap
Holdings
N.V.(a)
............
7,093
149
AerCap
Holdings
N.V.(a)
............
11
788
Air
Lease
Corp.
...................
33
1,024
Core
&
Main,
Inc.,
Class
-
A(a)
........
41
17,352
Fastenal
Co.
......................
1,124
5,777
Ferguson
PLC
....................
1,115
350
MSC
Industrial
Direct
Co.,
Inc.
........
35
337
SiteOne
Landscape
Supply,
Inc.(a)
......
55
1,748
United
Rentals,
Inc.
................
1,003
1,544
W.W.
Grainger,
Inc.
................
1,280
841
Watsco
,
Inc.
......................
360
338
WESCO
International,
Inc.
...........
59
12,209
Water
Utilities
—
0.08%
8,708
American
Water
Works
Co.,
Inc.
.......
1,150
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Water
Utilities
(continued)
21,086
Essential
Utilities,
Inc.
..............
$
787
1,937
Wireless
Telecommunication
Services
—
0.11%
17,076
T-Mobile
US,
Inc.
.................
2,738
Total
Common
Stocks
..............
1,765,292
Contingent
Right
—
0.00%
Biotechnology
—
0.00%
14
Oncternal
Therapeutics,
Inc.
CVR,
12/31/49(a)(b)
................
–
Total
Contingent
Right
.............
–
Investment
Companies
—
28.76%
Domestic
Equity
Funds
—
27.51%
1,594,300
Invesco
S&P
500
Low
Volatility
ETF
....
99,899
248,710
iShares
Core
S&P
500
ETF
...........
118,791
216,860
iShares
Core
S&P
Total
U.S.
Stock
Market
ETF
.......................
22,820
8,350
iShares
Russell
1000
ETF
............
2,190
660,001
SPDR
S&P
500
ETF
Trust
...........
313,706
271,010
Vanguard
S&P
500
ETF
.............
118,377
96,060
Vanguard
Total
Stock
Market
ETF
......
22,787
698,570
Money
Market
Funds
—
1.25%
1,305,654
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
5.00%^^(c)
1,306
30,654,258
State
Street
Institutional
Treasury
Plus
Money
Market
Fund,
Trust
Class,
5.25%(c)
....................
30,654
31,960
Total
Investment
Companies
.........
730,530
Purchased
Options
on
Futures
—
0.02%
Total
Purchased
Options
on
Futures
...
417
Total
Investments
(cost
$1,793,902)
—
98.29%
.....................
2,496,239
Other
assets
in
excess
of
liabilities
—
1.71%
......................
43,411
Net
Assets
-
100.00%
$
2,539,650
Amounts
designated
as
"—"
are
$0
or
have
been
rounded
to
$0.
^
All
or
part
of
this
security
was
on
loan
as
of
December
31,
2023.
27
HC
CAPITAL
TRUST
The
Institutional
U.S.
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
The
following
table
reflects
the
percentage
of
total
net
assets
of
the
Portfolio
attributable
to
each
Specialist
Manager
as
of
December
31,
2023
.
Amounts
designated
as
"—"
indicate
the
Specialist
Manager
did
not
manage
any
holdings
in
that
category. 
^^
Purchased
with
cash
collateral
held
from
securities
lending.
The
value
of
the
collateral
could
include
collateral
held
for
securities
that
were
sold
on
or
before
December
31,
2023.
(a)
Represents
a
security
purchased
under
Rule
144A
or
Section
4(2)
and
is
exempt
from
registration
under
the
Securities
Act
of
1933,
as
amended,
or
is
otherwise
restricted
to
resale.
Certain
of
these
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
These
securities
have
been
deemed
liquid
by
the
Specialist
Manager.
(b)
Represents
non-income
producing
security.
(c)
Security
was
valued
using
significant
unobservable
inputs
as
of
December
31,
2023.
(d)
Annualized
7-day
yield
as
of
period-end.
ADR—American
Depositary
Receipt
ETF—Exchange-Traded
Fund
REIT—Real
Estate
Investment
Trust
The
Institutional
U.S.
Equity
Portfolio
Echo
Street
Capital
Management,
LLC
Jennison
Associates,
LLC
Mellon
Investments
Corporation
Parametric
Portfolio
Associates,
LLC
Wellington
Management
Company,
LLC
Rhumbline
Advisers
Monashee
Investment
Management,
LLC
Total
Common
Stocks
.............................
0.07
%
4.30
%
49.13
%
—
2.79
%
13.22
%
—
69.51
%
Contingent
Right
............................
—
—
0.00
%
—
—
—
—
0.00
%
Investment
Companies
...................
12.35
%
0.02
%
0.04
%
5.01
%
0.02
%
0.13
%
11.19
%
28.76
%
Purchased
Options
on
Futures
.......
—
—
—
—
—
—
0.02
%
0.02
%
Other
Assets
(Liabilities)
...............
0.06
%
—
0.15
%
0.13
%
0.01
%
—
1.36
%
1.71
%
Total
Net
Assets
........................
12.48
%
4.32
%
49.32
%
5.14
%
2.82
%
13.35
%
12.57
%
100.00
The
following
table
reflects
the
open
derivative
positions
held
by
the
Portfolio
as
of
December
31,
2023
.
Futures
Contracts
Purchased
*
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
and
Unrealized
Appreciation/
(Depreciation)
(000)
E-Mini
S&P
500
Future
.........................
383
3/15/24
$
92,305
$
2,931
Russell
2000
Mini
Index
Future
...................
6
3/15/24
614
44
$
92,919
$
2,975
Total
Unrealized
Appreciation
.....................
$
2,975
Total
Unrealized
Depreciation
.....................
—
Total
Net
Unrealized
Appreciation/(Depreciation)
.......
$
2,975
*
Cash
has
been
pledg
ed
as
collateral
for
futures
contracts
held
by
the
Portfolio.
Options
on
Futures
Contracts
Exchange-traded
options
on
futures
contacts
written
as
of
December
31,
2023
were
as
follows:
Description
Put/Call
Number
of
Contracts
Notional
Amount
(000)
Exercise
Price
Expiration
Date
Value
(000)
E-Mini
S&P
500
Future
Option
.............
Call
17
$
4,089
$
4,810.00
1/15/24
$
(37)
E-Mini
S&P
500
Future
Option
.............
Put
31
6,084
3,925.00
1/19/24
(1)
28
HC
CAPITAL
TRUST
The
Institutional
U.S.
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Options
on
Futures
Contracts
(continued)
Description
Put/Call
Number
of
Contracts
Notional
Amount
(000)
Exercise
Price
Expiration
Date
Value
(000)
E-Mini
S&P
500
Future
Option
.............
Put
33
$
6,394
$
3,875.00
1/19/24
$
(1)
E-Mini
S&P
500
Future
Option
.............
Put
69
13,713
3,975.00
1/19/24
(3)
E-Mini
S&P
500
Future
Option
.............
Put
29
5,873
4,050.00
1/19/24
(1)
E-Mini
S&P
500
Future
Option
.............
Put
17
4,055
4,770.00
1/19/24
(23)
E-Mini
S&P
500
Future
Option
.............
Put
57
11,258
3,950.00
1/19/24
(2)
E-Mini
S&P
500
Future
Option
.............
Put
45
8,663
3,850.00
1/19/24
(1)
E-Mini
S&P
500
Future
Option
.............
Put
17
4,097
4,820.00
1/19/24
(39)
E-Mini
S&P
500
Future
Option
.............
Put
17
4,072
4,790.00
1/19/24
(29)
E-Mini
S&P
500
Future
Option
.............
Put
34
6,503
3,825.00
1/19/24
(1)
E-Mini
S&P
500
Future
Option
.............
Put
34
6,418
3,775.00
1/19/24
(1)
E-Mini
S&P
500
Future
Option
.............
Put
87
16,312
3,750.00
1/19/24
(2)
E-Mini
S&P
500
Future
Option
.............
Put
31
5,890
3,800.00
1/19/24
(1)
E-Mini
S&P
500
Future
Option
.............
Put
57
11,899
4,175.00
1/31/24
(6)
E-Mini
S&P
500
Future
Option
.............
Put
86
18,059
4,200.00
1/31/24
(10)
E-Mini
S&P
500
Future
Option
.............
Put
5
1,063
4,250.00
1/31/24
(1)
E-Mini
S&P
500
Future
Option
.............
Put
17
3,910
4,600.00
1/31/24
(11)
E-Mini
S&P
500
Future
Option
.............
Put
43
8,815
4,100.00
1/31/24
(4)
E-Mini
S&P
500
Future
Option
.............
Put
51
10,328
4,050.00
1/31/24
(4)
E-Mini
S&P
500
Future
Option
.............
Put
58
11,600
4,000.00
1/31/24
(4)
E-Mini
S&P
500
Future
Option
.............
Put
37
8,556
4,625.00
1/31/24
(28)
E-Mini
S&P
500
Future
Option
.............
Put
26
5,993
4,610.00
1/31/24
(18)
E-Mini
S&P
500
Future
Option
.............
Put
23
4,744
4,125.00
1/31/24
(2)
E-Mini
S&P
500
Future
Option
.............
Put
17
4,016
4,725.00
1/31/24
(26)
E-Mini
S&P
500
Future
Option
.............
Put
17
4,038
4,750.00
1/31/24
(31)
E-Mini
S&P
500
Future
Option
.............
Put
17
4,046
4,760.00
1/31/24
(33)
E-Mini
S&P
500
Future
Option
.............
Put
81
17,009
4,200.00
2/19/24
(20)
E-Mini
S&P
500
Future
Option
.............
Put
29
6,416
4,425.00
2/19/24
(16)
E-Mini
S&P
500
Future
Option
.............
Put
57
13,139
4,610.00
2/19/24
(74)
E-Mini
S&P
500
Future
Option
.............
Put
58
13,311
4,590.00
2/19/24
(69)
E-Mini
S&P
500
Future
Option
.............
Put
57
12,896
4,525.00
2/19/24
(50)
E-Mini
S&P
500
Future
Option
.............
Put
46
9,545
4,150.00
2/19/24
(10)
E-Mini
S&P
500
Future
Option
.............
Put
20
4,450
4,450.00
2/19/24
(13)
E-Mini
S&P
500
Future
Option
.............
Put
46
10,212
4,440.00
2/19/24
(28)
E-Mini
S&P
500
Future
Option
.............
Put
29
6,308
4,350.00
2/19/24
(12)
E-Mini
S&P
500
Future
Option
.............
Put
29
6,054
4,175.00
2/19/24
(7)
E-Mini
S&P
500
Future
Option
.............
Put
57
12,113
4,250.00
2/19/24
(17)
E-Mini
S&P
500
Future
Option
.............
Put
83
17,740
4,275.00
2/19/24
(27)
E-Mini
S&P
500
Future
Option
.............
Put
17
3,766
4,430.00
2/19/24
(10)
E-Mini
S&P
500
Future
Option
.............
Put
81
17,110
4,225.00
2/19/24
(22)
E-Mini
S&P
500
Future
Option
.............
Put
37
8,001
4,325.00
2/19/24
(14)
E-Mini
S&P
500
Future
Option
.............
Put
46
9,890
4,300.00
2/19/24
(16)
E-Mini
S&P
500
Future
Option
.............
Put
57
12,896
4,525.00
2/29/24
(70)
E-Mini
S&P
500
Future
Option
.............
Put
47
10,281
4,375.00
2/29/24
(32)
E-Mini
S&P
500
Future
Option
.............
Put
29
6,271
4,325.00
2/29/24
(17)
E-Mini
S&P
500
Future
Option
.............
Put
29
6,235
4,300.00
2/29/24
(16)
E-Mini
S&P
500
Future
Option
.............
Put
36
7,605
4,225.00
2/29/24
(15)
E-Mini
S&P
500
Future
Option
.............
Put
54
11,475
4,250.00
2/29/24
(25)
E-Mini
S&P
500
Future
Option
.............
Put
58
12,398
4,275.00
2/29/24
(29)
E-Mini
S&P
500
Future
Option
.............
Put
29
6,453
4,450.00
2/29/24
(26)
E-Mini
S&P
500
Future
Option
.............
Put
72
15,929
4,425.00
2/29/24
(59)
E-Mini
S&P
500
Future
Option
.............
Put
17
3,868
4,550.00
2/29/24
(23)
29
See
accompanying
notes
to
financial
statements.
HC
CAPITAL
TRUST
The
Institutional
U.S.
Equity
Portfolio
Portfolio
of
Investments
(concluded)
—
December
31,2023
(Unaudited)
Options
on
Futures
Contracts
(continued)
Description
Put/Call
Number
of
Contracts
Notional
Amount
(000)
Exercise
Price
Expiration
Date
Value
(000)
E-Mini
S&P
500
Future
Option
.............
Put
29
$
6,489
$
4,475.00
2/29/24
$
(29)
E-Mini
S&P
500
Future
Option
.............
Put
58
12,760
4,400.00
2/29/24
(44)
E-Mini
S&P
500
Future
Option
.............
Put
43
9,514
4,425.00
3/15/24
(52)
E-Mini
S&P
500
Future
Option
.............
Put
87
19,139
4,400.00
3/15/24
(96)
E-Mini
S&P
500
Future
Option
.............
Put
17
3,719
4,375.00
3/15/24
(17)
E-Mini
S&P
500
Future
Option
.............
Put
69
14,920
4,325.00
3/15/24
(60)
E-Mini
S&P
500
Future
Option
.............
Put
43
9,353
4,350.00
3/15/24
(41)
$
(1,376)
Exchanged-traded
options
on
futures
contacts
purchased
as
of
December
31,
2023
were
as
follows:
Description
Put/Call
Number
of
Contracts
Notional
Amount
(000)
Exercise
Price
Expiration
Date
Value
(000)
E-Mini
S&P
500
Future
Option
.............
Call
17
$
4,046
$
4,760.00
1/15/24
$
66
E-Mini
S&P
500
Future
Option
.............
Call
34
8,364
4,920.00
1/15/24
11
E-Mini
S&P
500
Future
Option
.............
Put
17
4,080
4,800.00
1/15/24
25
E-Mini
S&P
500
Future
Option
.............
Put
29
6,018
4,150.00
1/19/24
2
E-Mini
S&P
500
Future
Option
.............
Put
57
12,183
4,275.00
1/19/24
4
E-Mini
S&P
500
Future
Option
.............
Put
29
6,344
4,375.00
1/19/24
3
E-Mini
S&P
500
Future
Option
.............
Put
58
13,049
4,500.00
1/19/24
8
E-Mini
S&P
500
Future
Option
.............
Put
29
6,598
4,550.00
1/19/24
6
E-Mini
S&P
500
Future
Option
.............
Put
29
6,090
4,200.00
1/19/24
2
E-Mini
S&P
500
Future
Option
.............
Put
46
9,775
4,250.00
1/19/24
3
E-Mini
S&P
500
Future
Option
.............
Put
29
6,453
4,450.00
1/31/24
8
E-Mini
S&P
500
Future
Option
.............
Put
52
11,439
4,400.00
1/31/24
11
E-Mini
S&P
500
Future
Option
.............
Put
29
6,525
4,500.00
1/31/24
10
E-Mini
S&P
500
Future
Option
.............
Put
29
6,598
4,550.00
1/31/24
13
E-Mini
S&P
500
Future
Option
.............
Put
29
6,235
4,300.00
1/31/24
4
E-Mini
S&P
500
Future
Option
.............
Put
29
6,815
4,700.00
1/31/24
36
E-Mini
S&P
500
Future
Option
.............
Put
29
6,779
4,675.00
2/19/24
53
E-Mini
S&P
500
Future
Option
.............
Put
29
6,888
4,750.00
2/19/24
78
E-Mini
S&P
500
Future
Option
.............
Put
29
6,815
4,700.00
2/29/24
74
$
417
HC
CAPITAL
TRUST
The
Small
Capitalization-Mid
Capitalization
Equity
Portfolio
Portfolio
of
Investments
—
December
31,2023
(Unaudited)
30
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
—
99.48%
Aerospace
&
Defense
—
0.96%
1,081
AAR
Corp.(a)
....................
$
67
327
AeroVironment,
Inc.(a)
..............
41
2,293
Archer
Aviation,
Inc.,
Class
-
A(a)
......
14
609
Cadre
Holdings,
Inc.
................
20
700
Curtiss-Wright
Corp.
...............
156
1,094
Ducommun,
Inc.(a)
................
57
9,052
Kratos
Defense
&
Security
Solutions,
Inc.(a)
185
64
Moog,
Inc.,
Class
-
A
...............
9
460
National
Presto
Industries,
Inc.
........
37
8,730
Rocket
Lab
USA,
Inc.(a)
............
48
4,770
Triumph
Group,
Inc.(a)
..............
79
1,128
V2X,
Inc.(a)
.....................
52
765
Air
Freight
&
Logistics
—
0.11%
1,765
Air
Transport
Services
Group,
Inc.(a)
....
31
586
Hub
Group,
Inc.,
Class
-
A(a)
.........
54
85
Automobile
Components
—
1.60%
1,571
Adient
PLC(a)
....................
57
2,008
American
Axle
&
Manufacturing
Holdings,
Inc.(a)
......................
18
12,225
Dana,
Inc.
.......................
179
554
Dorman
Products,
Inc.(a)
............
46
1,023
Gentherm,
Inc.(a)
..................
54
10,286
Modine
Manufacturing
Co.(a)
.........
614
930
Patrick
Industries,
Inc.
..............
93
817
Stoneridge,
Inc.(a)
.................
16
3,211
The
Goodyear
Tire
&
Rubber
Co.(a)
....
46
872
Visteon
Corp.(a)
...................
109
708
XPEL,
Inc.(a)
....................
38
1,270
Automobiles
—
0.05%
522
Winnebago
Industries,
Inc.
...........
38
Banks
—
10.06%
894
1st
Source
Corp.
..................
49
1,715
Ameris
Bancorp
...................
91
1,712
Axos
Financial,
Inc.(a)
..............
93
3,234
Banc
of
California,
Inc.
.............
43
1,048
BancFirst
Corp.
...................
102
3,321
Bank
of
Marin
Bancorp
.............
73
6,251
BankUnited,
Inc.
..................
203
1,471
Bankwell
Financial
Group,
Inc.
........
44
2,970
BCB
Bancorp,
Inc.
.................
38
4,171
Berkshire
Hills
Bancorp,
Inc.
.........
104
418
Byline
Bancorp,
Inc.
................
10
5,139
Cadence
Bank
....................
152
3,999
Capitol
Federal
Financial,
Inc.
.........
26
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Banks
(continued)
2,951
Cathay
General
Bancorp
.............
$
132
1,054
Central
Valley
Community
Bancorp
.....
24
1,445
Colony
Bankcorp,
Inc.
..............
19
3,735
Columbia
Banking
System,
Inc.
.......
100
3,488
Columbia
Financial,
Inc.(a)
...........
67
1,092
Community
Bank
System,
Inc.
........
57
1,095
Community
Trust
Bancorp,
Inc.
........
48
2,630
ConnectOne
Bancorp,
Inc.
...........
60
777
Cullen/Frost
Bankers,
Inc.
............
84
9,064
CVB
Financial
Corp.
...............
183
710
Dime
Community
Bancshares,
Inc.
.....
19
688
Enterprise
Financial
Services
Corp.
.....
31
6,060
FB
Financial
Corp.
.................
241
851
Financial
Institutions,
Inc.
............
18
2,460
First
Bancorp
.....................
91
24,739
First
Bancorp
.....................
408
2,341
First
Bank
.......................
34
3,516
First
Busey
Corp.
..................
87
3,703
First
Commonwealth
Financial
Corp.
....
57
3,478
First
Financial
Bancorp
..............
83
22,418
First
Foundation,
Inc.
...............
217
5,034
First
Horizon
Corp.
................
71
3,590
First
Merchants
Corp.
...............
133
1,077
First
Mid
Bancshares,
Inc.
...........
37
6,458
Fulton
Financial
Corp.
..............
106
1,287
German
American
Bancorp,
Inc.
.......
42
561
Glacier
Bancorp,
Inc.
...............
23
3,205
Hancock
Whitney
Corp.
.............
156
868
Hilltop
Holdings,
Inc.
...............
31
18,862
HomeStreet,
Inc.
..................
194
4,173
Hope
Bancorp,
Inc.
................
50
3,570
Independent
Bank
Corp.
.............
235
1,662
Independent
Bank
Group,
Inc.
.........
85
129
International
Bancshares
Corp.
........
7
4,010
Lakeland
Bancorp,
Inc.
..............
59
1,193
Lakeland
Financial
Corp.
............
78
2,021
Live
Oak
Bancshares,
Inc.
...........
92
1,295
Midland
States
Bancorp,
Inc.
.........
36
1,943
National
Bank
Holdings
Corp.,
Class
-
A
.
72
695
NBT
Bancorp,
Inc.
.................
29
2,678
New
York
Community
Bancorp,
Inc.
....
27
663
Nicolet
Bankshares,
Inc.
.............
53
1,622
Northrim
BanCorp,
Inc.
.............
93
3,969
Northwest
Bancshares,
Inc.
...........
50
6,060
OceanFirst
Financial
Corp.
...........
105
3,649
OFG
Bancorp
....................
137
2,194
Old
Second
Bancorp,
Inc.
............
34
1,467
Origin
Bancorp,
Inc.
................
52
1,149
Orrstown
Financial
Services,
Inc.
......
34
1,042
Pacific
Premier
Bancorp,
Inc.
.........
30
286
Pathward
Financial,
Inc.
.............
15
31
HC
CAPITAL
TRUST
The
Small
Capitalization-Mid
Capitalization
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Banks
(continued)
2,435
Peoples
Bancorp,
Inc.
...............
$
82
1,889
Pinnacle
Financial
Partners,
Inc.
.......
165
2,873
Popular,
Inc.
.....................
236
3,360
Premier
Financial
Corp.
.............
81
3,750
Provident
Bancorp,
Inc.(a)
...........
38
8,896
Provident
Financial
Services,
Inc.
......
160
1,157
QCR
Holdings,
Inc.
................
68
670
Renasant
Corp.
...................
23
635
Sandy
Spring
Bancorp,
Inc.
...........
17
1,467
Seacoast
Banking
Corp.
of
Florida
......
42
990
ServisFirst
Bancshares,
Inc.
..........
66
3,954
Simmons
First
National
Corp.,
Class
-
A
.
78
921
Southside
Bancshares,
Inc.
...........
29
3,405
Sterling
Bancorp,
Inc.(a)
.............
20
1,311
Stock
Yards
Bancorp,
Inc.
............
68
510
Texas
Capital
Bancshares,
Inc.(a)
......
33
17,852
The
Bancorp,
Inc.(a)
................
689
2,444
The
Bank
of
N.T.
Butterfield
&
Son
Ltd.
.
78
1,425
The
First
Bancshares,
Inc.
............
42
3,235
Towne
Bank
.....................
96
393
TriCo
Bancshares
..................
17
240
Triumph
Financial,
Inc.(a)
............
19
596
TrustCo
Bank
Corp.
NY
.............
19
2,275
United
Bankshares,
Inc.
.............
85
3,391
United
Community
Banks,
Inc.
........
99
2,044
Univest
Financial
Corp.
.............
45
2,879
Veritex
Holdings,
Inc.
...............
67
4,326
WesBanco,
Inc.
...................
136
279
Westamerica
Bancorp
...............
16
623
Western
New
England
Bancorp,
Inc.
....
6
963
Wintrust
Financial
Corp.
.............
89
1,135
WSFS
Financial
Corp.
..............
52
8,015
Beverages
—
0.30%
1,320
Celsius
Holdings,
Inc.(a)
.............
72
6,267
Primo
Water
Corp.
.................
94
4,539
The
Duckhorn
Portfolio,
Inc.(a)
........
45
341
The
Vita
Coco
Co.,
Inc.(a)
...........
9
7,651
Zevia
PBC,
Class
-
A(a)
.............
15
235
Biotechnology
—
7.17%
16,564
2seventy
bio,
Inc.(a)
................
71
15,105
4D
Molecular
Therapeutics,
Inc.(a)
.....
306
10,211
Adicet
Bio,
Inc.(a)
.................
19
892
Agios
Pharmaceuticals,
Inc.(a)
........
20
665
Alkermes
PLC(a)
..................
18
7,310
Allakos,
Inc.(a)
...................
20
5,570
Altimmune,
Inc.(a)
.................
63
1,323
Anavex
Life
Sciences
Corp.(a)
........
12
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Biotechnology
(continued)
468
Apellis
Pharmaceuticals,
Inc.(a)
.......
$
28
695
Arcellx,
Inc.(a)
...................
39
987
Arcus
Biosciences,
Inc.(a)
............
19
7,407
Arcutis
Biotherapeutics,
Inc.(a)
........
24
2,416
Arrowhead
Pharmaceuticals,
Inc.(a)
.....
74
1,790
Aurinia
Pharmaceuticals,
Inc.(a)
.......
16
11,191
BioAtla,
Inc.(a)
...................
28
2,743
BioCryst
Pharmaceuticals,
Inc.(a)
......
16
769
Biohaven
Ltd.(a)
..................
33
29,713
Bioxcel
Therapeutics,
Inc.^(a)
.........
88
1,111
Blueprint
Medicines
Corp.(a)
.........
102
15,620
Bridgebio
Pharma,
Inc.(a)
............
632
1,190
Catalyst
Pharmaceuticals,
Inc.(a)
.......
20
1,889
Cogent
Biosciences,
Inc.(a)
...........
11
455
Crinetics
Pharmaceuticals,
Inc.(a)
......
16
10,820
Cue
Biopharma,
Inc.(a)
..............
29
1,049
Cytokinetics,
Inc.(a)
................
88
1,214
Day
One
Biopharmaceuticals,
Inc.(a)
....
18
28,268
Design
Therapeutics,
Inc.(a)
..........
75
5,831
Dynavax
Technologies
Corp.(a)
........
82
13,864
Emergent
BioSolutions,
Inc.(a)
........
33
2,140
Enanta
Pharmaceuticals,
Inc.(a)
........
20
7,862
Erasca,
Inc.(a)
....................
17
7,188
Geron
Corp.(a)
....................
15
4,978
Halozyme
Therapeutics,
Inc.(a)
........
184
3,401
ImmunoGen,
Inc.(a)
................
101
385
Immunovant,
Inc.(a)
................
16
1,019
Insmed,
Inc.(a)
....................
32
2,089
Intellia
Therapeutics,
Inc.(a)
..........
64
4,834
Iovance
Biotherapeutics,
Inc.(a)
.......
39
704
Keros
Therapeutics,
Inc.(a)
...........
28
442
Kiniksa
Pharmaceuticals
Ltd.,
Class
-
A(a)
8
9,060
Kodiak
Sciences,
Inc.(a)
.............
28
388
Krystal
Biotech,
Inc.(a)
..............
48
4,749
Larimar
Therapeutics,
Inc.(a)
.........
22
36,586
MacroGenics,
Inc.(a)
...............
352
2,208
Madrigal
Pharmaceuticals,
Inc.(a)
......
511
3,976
MannKind
Corp.(a)
................
14
5,968
Monte
Rosa
Therapeutics,
Inc.(a)
......
34
636
Morphic
Holding,
Inc.(a)
............
18
66
Mural
Oncology
PLC(a)
.............
–
1,311
Myriad
Genetics,
Inc.(a)
.............
25
432
Natera,
Inc.(a)
....................
27
30,739
Nkarta,
Inc.(a)
....................
203
2,923
Nurix
Therapeutics,
Inc.(a)
...........
30
612
Nuvalent,
Inc.,
Class
-
A(a)
...........
45
6,995
Olema
Pharmaceuticals,
Inc.(a)
........
98
2,087
PDL
BioPharma,
Inc.(a)
.............
3
7,030
Poseida
Therapeutics,
Inc.(a)
..........
24
2,301
Prime
Medicine,
Inc.^(a)
............
20
7,525
ProKidney
Corp.(a)
................
13
32
HC
CAPITAL
TRUST
The
Small
Capitalization-Mid
Capitalization
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Biotechnology
(continued)
913
Protagonist
Therapeutics,
Inc.(a)
.......
$
21
17,196
Protalix
BioTherapeutics,
Inc.^(a)
......
31
2,729
Prothena
Corp.
PLC(a)
..............
99
1,755
PTC
Therapeutics,
Inc.(a)
............
48
1,996
Recursion
Pharmaceuticals,
Inc.,
Class
-
A(a)
.......................
20
2,123
Relay
Therapeutics,
Inc.(a)
...........
23
3,305
REVOLUTION
Medicines,
Inc.(a)
.....
95
745
Rhythm
Pharmaceuticals,
Inc.(a)
.......
34
2,459
Rocket
Pharmaceuticals,
Inc.(a)
........
74
1,372
SpringWorks
Therapeutics,
Inc.(a)
......
50
3,817
Stoke
Therapeutics,
Inc.(a)
...........
20
2,137
Syndax
Pharmaceuticals,
Inc.(a)
.......
46
12,178
Tenaya
Therapeutics,
Inc.(a)
..........
39
2,710
TG
Therapeutics,
Inc.(a)
.............
46
574
Twist
Bioscience
Corp.(a)
............
21
604
United
Therapeutics
Corp.(a)
.........
133
8,199
Vanda
Pharmaceuticals,
Inc.(a)
........
35
3,598
Vaxcyte,
Inc.(a)
...................
226
1,163
Veracyte,
Inc.(a)
...................
32
1,839
Vericel
Corp.(a)
...................
65
1,455
Verve
Therapeutics,
Inc.(a)
...........
20
16,422
Viking
Therapeutics,
Inc.(a)
..........
306
1,039
Viridian
Therapeutics,
Inc.(a)
.........
23
1,954
Xencor,
Inc.(a)
....................
41
1,004
XOMA
Corp.(a)
...................
19
14,136
Y-mAbs
Therapeutics,
Inc.(a)
.........
96
5,702
Broadline
Retail
—
0.53%
2,932
Big
Lots,
Inc.
.....................
23
331
Etsy,
Inc.(a)
......................
27
15,740
Groupon,
Inc.^(a)
..................
201
8,527
Macy's,
Inc.
......................
172
423
Building
Products
—
1.89%
1,948
Apogee
Enterprises,
Inc.
.............
104
2,770
AZZ,
Inc.
.......................
161
1,565
Builders
FirstSource,
Inc.(a)
..........
261
354
CSW
Industrials,
Inc.
...............
73
441
Gibraltar
Industries,
Inc.(a)
...........
35
1,230
Griffon
Corp.
.....................
75
443
Insteel
Industries,
Inc.
...............
17
1,297
JELD-WEN
Holding,
Inc.(a)
..........
24
841
Masonite
International
Corp.(a)
........
71
2,456
Masterbrand,
Inc.(a)
................
36
2,244
Resideo
Technologies,
Inc.(a)
.........
42
84
Simpson
Manufacturing
Co.,
Inc.
......
17
3,006
Trex
Co.,
Inc.(a)
...................
249
2,155
UFP
Industries,
Inc.
................
272
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Building
Products
(continued)
2,342
Zurn
Elkay
Water
Solutions
Corp.
......
$
69
1,506
Capital
Markets
—
1.64%
1,338
Artisan
Partners
Asset
Management,
Inc.,
Class
-
A
....................
59
1,459
AssetMark
Financial
Holdings,
Inc.(a)
...
44
13,347
BGC
Group,
Inc.,
Class
-
A
...........
96
1,179
Brightsphere
Investment
Group,
Inc.
....
23
979
Cohen
&
Steers,
Inc.
...............
74
1,431
Evercore,
Inc.
....................
246
3,056
Federated
Hermes,
Inc.
..............
103
184
Hamilton
Lane,
Inc.,
Class
-
A
.........
21
75
Houlihan
Lokey,
Inc.
...............
9
671
LPL
Financial
Holdings,
Inc.
..........
153
128
Moelis
&
Co.,
Class
-
A
.............
7
2,110
Open
Lending
Corp.(a)
..............
18
1,413
P10,
Inc.,
Class
-
A
.................
14
1,702
Patria
Investments
Ltd.,
Class
-
A
......
26
242
Piper
Sandler
Cos.
.................
42
437
PJT
Partners,
Inc.,
Class
-
A
..........
45
1,512
Stifel
Financial
Corp.
...............
105
616
StoneX
Group,
Inc.(a)
..............
45
2,045
Victory
Capital
Holdings,
Inc.,
Class
-
A
.
70
157
Virtus
Investment
Partners,
Inc.
........
38
9,720
WisdomTree,
Inc.
..................
67
1,305
Chemicals
—
1.58%
1,381
American
Vanguard
Corp.
............
15
828
Avient
Corp.
.....................
34
695
Balchem
Corp.
....................
103
48
Cabot
Corp.
......................
4
769
Core
Molding
Technologies,
Inc.(a)
.....
14
3,052
FMC
Corp.
......................
193
497
Hawkins,
Inc.
....................
35
158
Huntsman
Corp.
...................
4
1,018
Innospec,
Inc.
....................
125
3,245
Kronos
Worldwide,
Inc.
.............
32
8,091
Livent
Corp.(a)
...................
146
1,019
Minerals
Technologies,
Inc.
...........
73
129
NewMarket
Corp.
.................
70
1,544
Orion
SA
........................
43
11,049
Perimeter
Solutions
SA(a)
............
51
434
Quaker
Chemical
Corp.
.............
93
898
Sensient
Technologies
Corp.
..........
59
1,404
Stepan
Co.
.......................
133
2,158
Tronox
Holdings
PLC
..............
31
1,258
33
HC
CAPITAL
TRUST
The
Small
Capitalization-Mid
Capitalization
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Commercial
Services
&
Supplies
—
1.42%
2,075
ABM
Industries,
Inc.
...............
$
93
2,893
ACCO
Brands
Corp.
...............
18
984
ACV
Auctions,
Inc.,
Class
-
A(a)
.......
15
2,183
Brady
Corp.,
Class
-
A
..............
128
5,706
BrightView
Holdings,
Inc.(a)
.........
48
1,307
Casella
Waste
Systems,
Inc.(a)
........
112
222
Cimpress
PLC(a)
..................
18
5,910
CoreCivic,
Inc.(a)
.................
86
2,401
Deluxe
Corp.
.....................
52
2,331
Healthcare
Services
Group,
Inc.(a)
......
24
3,253
HNI
Corp.
.......................
135
4,306
MillerKnoll,
Inc.
..................
115
1,713
Montrose
Environmental
Group,
Inc.(a)
..
55
5,037
Quad/Graphics,
Inc.(a)
..............
27
612
SP
Plus
Corp.(a)
...................
31
741
The
Brink's
Co.
...................
65
1,472
The
GEO
Group,
Inc.(a)
.............
16
469
UniFirst
Corp.
....................
86
48
VSE
Corp.
.......................
3
1,127
Communications
Equipment
—
0.29%
421
Calix,
Inc.(a)
.....................
18
673
Clearfield,
Inc.(a)
..................
20
7,058
Comtech
Telecommunications
Corp.
....
59
2,944
Extreme
Networks,
Inc.(a)
...........
52
2,782
KVH
Industries,
Inc.(a)
.............
15
6,928
Viavi
Solutions,
Inc.(a)
..............
70
234
Construction
&
Engineering
—
1.67%
2,405
AECOM
........................
222
1,692
Ameresco,
Inc.,
Class
-
A(a)
..........
54
74
Comfort
Systems
USA,
Inc.
..........
15
1,585
Dycom
Industries,
Inc.(a)
............
182
940
EMCOR
Group,
Inc.
...............
203
2,153
Fluor
Corp.(a)
....................
84
3,323
Granite
Construction,
Inc.
............
169
211
IES
Holdings,
Inc.(a)
...............
17
2,960
MasTec,
Inc.(a)
...................
223
218
MYR
Group,
Inc.(a)
................
32
2,938
WillScot
Mobile
Mini
Holdings
Corp.(a)
.
131
1,332
Construction
Materials
—
0.51%
1,173
Eagle
Materials,
Inc.
................
238
4,373
Summit
Materials,
Inc.,
Class
-
A(a)
....
168
406
Consumer
Finance
—
0.30%
2,878
Consumer
Portfolio
Services,
Inc.(a)
....
27
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Consumer
Finance
(continued)
324
Enova
International,
Inc.(a)
...........
$
18
3,434
LendingClub
Corp.(a)
...............
30
1,275
LendingTree,
Inc.(a)
................
39
875
Navient
Corp.
....................
16
351
Nelnet,
Inc.,
Class
-
A
...............
31
1,936
Upstart
Holdings,
Inc.(a)
.............
79
240
Consumer
Staples
Distribution
&
Retail
—
0.59%
205
Casey's
General
Stores,
Inc.
..........
56
1,696
Ingles
Markets,
Inc.,
Class
-
A
.........
147
828
Performance
Food
Group
Co.(a)
.......
57
202
PriceSmart,
Inc.
...................
15
1,063
SpartanNash
Co.
..................
24
1,208
The
Andersons,
Inc.
................
70
3,462
United
Natural
Foods,
Inc.(a)
.........
56
714
Weis
Markets,
Inc.
.................
46
471
Containers
&
Packaging
—
0.25%
693
AptarGroup,
Inc.
..................
86
2,133
Graphic
Packaging
Holding
Co.
.......
53
3,245
Myers
Industries,
Inc.
...............
63
202
Diversified
Consumer
Services
—
1.12%
3,247
Adtalem
Global
Education,
Inc.(a)
......
191
1,517
Chegg,
Inc.(a)
....................
17
4,561
Coursera,
Inc.(a)
..................
88
150
Duolingo,
Inc.(a)
..................
34
455
Frontdoor,
Inc.(a)
..................
16
17,039
Perdoceo
Education
Corp.
............
299
2,069
Strategic
Education,
Inc.
.............
191
312
Stride,
Inc.(a)
.....................
19
1,467
Udemy,
Inc.(a)
....................
22
782
Universal
Technical
Institute,
Inc.(a)
....
10
887
Diversified
REITs
—
0.68%
4,168
Alexander
&
Baldwin,
Inc.
...........
79
1,205
Alpine
Income
Property
Trust,
Inc.
.....
20
1,529
American
Assets
Trust,
Inc.
...........
34
6,752
Armada
Hoffler
Properties,
Inc.
........
84
7,907
Broadstone
Net
Lease,
Inc.
...........
137
1,323
Essential
Properties
Realty
Trust,
Inc.
...
34
3,709
Gladstone
Commercial
Corp.
.........
49
8,885
Global
Net
Lease,
Inc.
..............
88
711
One
Liberty
Properties,
Inc.
..........
16
541
34
HC
CAPITAL
TRUST
The
Small
Capitalization-Mid
Capitalization
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Diversified
Telecommunication
Services
—
0.53%
439
Anterix,
Inc.(a)
...................
$
15
1,115
ATN
International,
Inc.
..............
43
2,728
EchoStar
Corp.,
Class
-
A(a)
..........
45
3,094
IDT
Corp.,
Class
-
B(a)
..............
105
256
Iridium
Communications,
Inc.
.........
11
19,781
Liberty
Latin
America
Ltd.,
Class
-
C(a)
..
145
2,631
Shenandoah
Telecommunications
Co.
...
57
421
Electric
Utilities
—
0.54%
1,915
ALLETE,
Inc.
....................
117
3,048
Genie
Energy
Ltd.,
Class
-
B
..........
86
1,439
MGE
Energy,
Inc.
.................
104
846
Otter
Tail
Corp.
...................
72
337
PNM
Resources,
Inc.
...............
14
464
Portland
General
Electric
Co.
.........
20
1,727
Via
Renewables,
Inc.(a)
.............
16
429
Electrical
Equipment
—
1.02%
8,245
Array
Technologies,
Inc.(a)
...........
139
8,949
Blink
Charging
Co.^(a)
..............
30
4,130
Bloom
Energy
Corp.,
Class
-
A(a)
......
61
20,842
Dragonfly
Energy
Holdings
Corp.^(a)
...
11
73
Encore
Wire
Corp.
.................
16
2,360
EnerSys
.........................
237
7,897
Enovix
Corp.(a)
...................
99
9,097
NuScale
Power
Corp.^(a)
............
30
1,604
Plug
Power,
Inc.^(a)
................
7
522
Regal
Rexnord
Corp.
...............
77
1,334
Shoals
Technologies
Group,
Inc.,
Class
-
A(a)
.......................
21
5,044
Stem,
Inc.^(a)
....................
20
3,289
SunPower
Corp.(a)
.................
16
970
Vicor
Corp.(a)
....................
44
808
Electronic
Equipment,
Instruments
&
Components
—
2.47%
809
Advanced
Energy
Industries,
Inc.
......
88
1,155
Arlo
Technologies,
Inc.(a)
............
11
521
Badger
Meter,
Inc.
.................
80
544
Belden,
Inc.
......................
42
983
CTS
Corp.
.......................
43
824
ePlus,
Inc.(a)
.....................
66
2,761
Fabrinet(a)
.......................
525
7,503
Flex
Ltd.(a)
......................
229
1,005
Insight
Enterprises,
Inc.(a)
...........
178
548
IPG
Photonics
Corp.(a)
..............
59
5,296
Iteris,
Inc.(a)
.....................
28
1,575
Jabil,
Inc.
.......................
201
414
Kimball
Electronics,
Inc.(a)
..........
11
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Electronic
Equipment,
Instruments
&
Components
(continued)
3,591
Lightwave
Logic,
Inc.^(a)
............
$
18
368
Littelfuse,
Inc.
....................
98
1,108
Methode
Electronics,
Inc.
............
25
111
Novanta,
Inc.(a)
...................
19
1,841
PC
Connection,
Inc.
................
124
51
Plexus
Corp.(a)
...................
6
2,462
Richardson
Electronics
Ltd.
..........
33
326
Rogers
Corp.(a)
...................
43
86
Sanmina
Corp.(a)
..................
4
34
TD
SYNNEX
Corp.
................
4
1,116
TTM
Technologies,
Inc.(a)
...........
18
6,850
Vuzix
Corp.^(a)
...................
14
1,967
Energy
Equipment
&
Services
—
2.21%
7,609
Archrock,
Inc.
....................
117
835
Atlas
Energy
Solutions,
Inc.
..........
14
10,703
Borr
Drilling
Ltd.(a)
................
79
1,098
Bristow
Group,
Inc.(a)
..............
31
460
Cactus,
Inc.,
Class
-
A
...............
21
4,798
ChampionX
Corp.
.................
140
2,868
Core
Laboratories,
Inc.
..............
51
13,231
Diamond
Offshore
Drilling,
Inc.(a)
.....
172
12,375
Expro
Group
Holdings
N.V.(a)
........
197
655
Helmerich
&
Payne,
Inc.
.............
24
1,519
KLX
Energy
Services
Holdings,
Inc.(a)
..
17
747
Kodiak
Gas
Services,
Inc.
............
15
5,195
Liberty
Energy,
Inc.
................
94
1,352
Noble
Corp.
PLC
..................
65
1,775
Oceaneering
International,
Inc.(a)
......
38
16,833
Patterson-UTI
Energy,
Inc.
...........
182
6,712
ProPetro
Holding
Corp.(a)
...........
56
2,487
Ranger
Energy
Services,
Inc.
..........
25
4,931
RPC,
Inc.
.......................
36
875
Seadrill
Ltd.(a)
....................
41
2,189
Solaris
Oilfield
Infrastructure,
Inc.,
Class
-
A
17
4,093
Tidewater,
Inc.(a)
..................
296
433
Valaris
Ltd.(a)
....................
30
1,758
Entertainment
—
0.23%
2,567
Atlanta
Braves
Holdings,
Inc.(a)
.......
101
1,640
Atlanta
Braves
Holdings,
Inc.(a)
.......
70
682
Cinemark
Holdings,
Inc.(a)
...........
10
181
Financial
Services
—
1.61%
589
A-Mark
Precious
Metals,
Inc.
.........
18
23,967
AvidXchange
Holdings,
Inc.(a)
........
296
861
Banco
Latinoamericano
de
Comercio
Exterior
SA,
Class
-
E
..........
21
35
HC
CAPITAL
TRUST
The
Small
Capitalization-Mid
Capitalization
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Financial
Services
(continued)
800
Cannae
Holdings,
Inc.(a)
............
$
16
429
Cass
Information
Systems,
Inc.
........
19
2,141
EVERTEC,
Inc.
...................
88
143
Federal
Agricultural
Mortgage
Corp.,
Class
-
C
.........................
27
25,070
Finance
of
America
Cos.,
Inc.,
Class
-
A(a)
28
2,945
Flywire
Corp.(a)
..................
68
708
I3
Verticals,
Inc.,
Class
-
A(a)
.........
15
254
Jack
Henry
&
Associates,
Inc.
.........
42
1,100
Jackson
Financial,
Inc.,
Class
-
A
.......
56
4,727
Marqeta,
Inc.,
Class
-
A(a)
...........
33
228
MGIC
Investment
Corp.
.............
4
1,030
Mr
Cooper
Group,
Inc.(a)
............
67
4,643
Pagseguro
Digital
Ltd.,
Class
-
A(a)
.....
58
2,840
Payoneer
Global,
Inc.(a)
.............
15
871
PennyMac
Financial
Services,
Inc.
.....
77
661
Remitly
Global,
Inc.(a)
..............
13
2,184
Repay
Holdings
Corp.(a)
............
19
6,150
StoneCo.
Ltd.,
Class
-
A(a)
...........
111
1,294
Walker
&
Dunlop,
Inc.
..............
144
1,342
Waterstone
Financial,
Inc.
............
19
155
WEX,
Inc.(a)
.....................
30
1,284
Food
Products
—
1.01%
1,495
B&G
Foods,
Inc.
..................
16
5,127
BRC,
Inc.,
Class
-
A^(a)
.............
19
283
Cal-Maine
Foods,
Inc.
..............
16
1,587
Darling
Ingredients,
Inc.(a)
...........
79
572
Fresh
Del
Monte
Produce,
Inc.
........
15
365
Freshpet,
Inc.(a)
...................
32
682
J
&
J
Snack
Foods
Corp.
.............
114
2,078
John
B.
Sanfilippo
&
Son,
Inc.
........
213
5,504
Sovos
Brands,
Inc.(a)
...............
121
1,116
The
Simply
Good
Foods
Co.(a)
........
44
1,580
Tootsie
Roll
Industries,
Inc.
...........
53
786
TreeHouse
Foods,
Inc.(a)
............
33
4,691
Westrock
Coffee
Co.^(a)
.............
48
803
Gas
Utilities
—
0.48%
1,491
Brookfield
Infrastructure
Corp.,
Class
-
A
.
53
480
Chesapeake
Utilities
Corp.
...........
51
329
New
Jersey
Resources
Corp.
..........
15
3,782
Northwest
Natural
Holding
Co.
........
146
1,034
Southwest
Gas
Holdings,
Inc.
.........
66
2,134
UGI
Corp.
.......................
52
383
Ground
Transportation
—
0.73%
168
ArcBest
Corp.
....................
20
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Ground
Transportation
(continued)
119
Avis
Budget
Group,
Inc.
.............
$
21
3,213
Daseke,
Inc.(a)
....................
26
3,966
Knight-Swift
Transportation
Holdings,
Inc.
229
1,818
Marten
Transport
Ltd.
...............
38
412
P.A.M.
Transportation
Services,
Inc.(a)
..
9
549
Saia,
Inc.(a)
......................
240
583
Health
Care
Equipment
&
Supplies
—
3.52%
397
AtriCure,
Inc.(a)
..................
14
3,450
Axogen,
Inc.(a)
...................
24
694
Axonics,
Inc.(a)
...................
43
8,907
Beyond
Air,
Inc.^(a)
................
17
42
CONMED
Corp.
..................
5
799
CVRx,
Inc.(a)
....................
25
873
Embecta
Corp.
....................
17
698
Glaukos
Corp.(a)
..................
55
434
Haemonetics
Corp.(a)
...............
37
524
Inari
Medical,
Inc.(a)
...............
34
2,424
Inmode
Ltd.(a)
....................
54
883
Inspire
Medical
Systems,
Inc.(a)
.......
180
1,118
Insulet
Corp.(a)
...................
243
479
Integer
Holdings
Corp.(a)
............
47
933
iRhythm
Technologies,
Inc.(a)
.........
100
1,206
Lantheus
Holdings,
Inc.(a)
...........
75
271
LeMaitre
Vascular,
Inc.
..............
15
4,151
Merit
Medical
Systems,
Inc.(a)
........
315
4,795
Neogen
Corp.(a)
..................
96
1,347
Omnicell,
Inc.(a)
..................
51
49,211
OraSure
Technologies,
Inc.(a)
.........
404
549
OrthoPediatrics
Corp.(a)
.............
18
4,033
Outset
Medical,
Inc.(a)
..............
22
138
Shockwave
Medical,
Inc.(a)
..........
26
492
SI-BONE,
Inc.(a)
..................
10
1,911
Silk
Road
Medical,
Inc.(a)
...........
23
2,374
STAAR
Surgical
Co.(a)
.............
74
19,385
Tactile
Systems
Technology,
Inc.(a)
.....
277
1,621
Tandem
Diabetes
Care,
Inc.(a)
.........
48
629
The
Cooper
Cos.,
Inc.
...............
238
693
TransMedics
Group,
Inc.(a)
...........
55
1,214
Varex
Imaging
Corp.(a)
.............
25
7,594
Zimvie,
Inc.(a)
....................
135
2,802
Health
Care
Providers
&
Services
—
2.10%
2,680
Acadia
Healthcare
Co.,
Inc.(a)
.........
209
1,962
Accolade,
Inc.(a)
..................
24
1,765
AdaptHealth
Corp.(a)
...............
13
158
Addus
HomeCare
Corp.(a)
...........
15
5,414
Agiliti,
Inc.(a)
....................
43
9,348
Alignment
Healthcare,
Inc.(a)
.........
80
36
HC
CAPITAL
TRUST
The
Small
Capitalization-Mid
Capitalization
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Health
Care
Providers
&
Services
(continued)
590
AMN
Healthcare
Services,
Inc.(a)
......
$
44
3,253
Apollo
Medical
Holdings,
Inc.(a)
......
125
3,865
Cano
Health,
Inc.^(a)
...............
23
6,483
CareMax,
Inc.(a)
..................
3
13
Chemed
Corp.
....................
8
153
CorVel
Corp.(a)
...................
38
2,550
DocGo,
Inc.(a)
....................
14
47
Encompass
Health
Corp.
.............
3
2,339
Fulgent
Genetics,
Inc.(a)
.............
68
7,660
LifeStance
Health
Group,
Inc.(a)
.......
60
380
ModivCare,
Inc.(a)
.................
17
717
National
HealthCare
Corp.
...........
66
340
National
Research
Corp.
.............
13
2,556
NeoGenomics,
Inc.(a)
...............
41
1,813
Option
Care
Health,
Inc.(a)
...........
61
1,478
Owens
&
Minor,
Inc.(a)
.............
28
3,683
Patterson
Cos.,
Inc.
................
105
2,369
Privia
Health
Group,
Inc.(a)
..........
55
1,623
Progyny,
Inc.(a)
...................
60
2,950
RadNet,
Inc.(a)
...................
103
1,380
Select
Medical
Holdings
Corp.
........
32
1,068
Surgery
Partners,
Inc.(a)
.............
34
2,414
Tenet
Healthcare
Corp.(a)
............
182
195
The
Ensign
Group,
Inc.
..............
22
1,540
The
Joint
Corp.(a)
.................
15
690
US
Physical
Therapy,
Inc.
............
64
1,668
Health
Care
REITs
—
0.61%
9,184
CareTrust
REIT,
Inc.
...............
206
522
Community
Healthcare
Trust,
Inc.
......
14
6,912
Global
Medical
REIT,
Inc.
...........
77
686
National
Health
Investors,
Inc.
........
38
6,550
Sabra
Health
Care
REIT,
Inc.
.........
93
1,247
Universal
Health
Realty
Income
Trust
...
54
482
Health
Care
Technology
—
0.69%
3,175
Definitive
Healthcare
Corp.(a)
.........
32
1,740
Evolent
Health,
Inc.,
Class
-
A(a)
.......
57
2,266
OptimizeRx
Corp.(a)
...............
32
1,615
Phreesia,
Inc.(a)
...................
37
9,828
Schrodinger,
Inc.(a)
................
353
496
Simulations
Plus,
Inc.
...............
22
1,587
Veradigm,
Inc.(a)
..................
17
550
Hotel
&
Resort
REITs
—
0.71%
6,486
Braemar
Hotels
&
Resorts,
Inc.
........
16
4,816
Chatham
Lodging
Trust
.............
52
9,262
DiamondRock
Hospitality
Co.
.........
87
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Hotel
&
Resort
REITs
(continued)
1,105
Pebblebrook
Hotel
Trust
.............
$
18
6,433
RLJ
Lodging
Trust
.................
75
1,766
Ryman
Hospitality
Properties,
Inc.
......
195
7,641
Summit
Hotel
Properties,
Inc.
.........
51
4,401
Sunstone
Hotel
Investors,
Inc.
.........
47
1,773
Xenia
Hotels
&
Resorts,
Inc.
..........
24
565
Hotels,
Restaurants
&
Leisure
—
2.27%
162
BJ's
Restaurants,
Inc.(a)
.............
6
805
Bloomin'
Brands,
Inc.
...............
23
3,538
Boyd
Gaming
Corp.
................
221
363
Caesars
Entertainment,
Inc.(a)
.........
17
3,327
Century
Casinos,
Inc.(a)
.............
16
398
Chuy's
Holdings,
Inc.(a)
.............
15
333
Cracker
Barrel
Old
Country
Store,
Inc.
...
26
1,221
Dave
&
Buster's
Entertainment,
Inc.(a)
..
66
1,018
Dine
Brands
Global,
Inc.
............
51
2,169
First
Watch
Restaurant
Group,
Inc.(a)
...
44
3,564
Full
House
Resorts,
Inc.(a)
...........
19
428
Golden
Entertainment,
Inc.
...........
17
1,218
Hilton
Grand
Vacations,
Inc.(a)
........
49
391
Jack
in
the
Box,
Inc.
................
32
6,830
Krispy
Kreme,
Inc.
.................
103
999
Light
&
Wonder,
Inc.(a)
.............
82
3,896
Lindblad
Expeditions
Holdings,
Inc.(a)
..
44
217
Monarch
Casino
&
Resort,
Inc.
........
15
5,928
Noodles
&
Co.(a)
..................
19
731
Papa
John's
International,
Inc.
.........
56
3,005
Planet
Fitness,
Inc.,
Class
-
A(a)
.......
218
3,075
PlayAGS,
Inc.(a)
..................
26
242
RCI
Hospitality
Holdings,
Inc.
........
16
2,856
Red
Robin
Gourmet
Burgers,
Inc.(a)
....
36
3,161
Red
Rock
Resorts,
Inc.,
Class
-
A
......
169
5,856
Sabre
Corp.(a)
....................
26
5,395
Super
Group
SGHC
Ltd.(a)
...........
17
3,025
Sweetgreen,
Inc.,
Class
-
A(a)
.........
34
1,280
Target
Hospitality
Corp.(a)
...........
12
581
Texas
Roadhouse,
Inc.
..............
71
145
Vail
Resorts,
Inc.
..................
31
884
Wingstop,
Inc.
....................
226
1,803
Household
Durables
—
2.56%
201
Cavco
Industries,
Inc.(a)
.............
70
844
Century
Communities,
Inc.
...........
77
3,080
Cricut,
Inc.,
Class
-
A
...............
20
4,095
Dream
Finders
Homes,
Inc.,
Class
-
A(a)
.
145
4,688
Green
Brick
Partners,
Inc.(a)
..........
243
891
Hamilton
Beach
Brands
Holding
Co.,
Class
-
A
........................
16
37
HC
CAPITAL
TRUST
The
Small
Capitalization-Mid
Capitalization
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Household
Durables
(continued)
481
Helen
of
Troy
Ltd.(a)
...............
$
58
1,134
Hooker
Furnishings
Corp.
............
30
370
Installed
Building
Products,
Inc.
.......
68
384
iRobot
Corp.(a)
...................
15
1,777
Landsea
Homes
Corp.(a)
............
23
705
Legacy
Housing
Corp.(a)
............
18
748
LGI
Homes,
Inc.(a)
................
100
2,390
M/I
Homes,
Inc.(a)
.................
328
1,482
MDC
Holdings,
Inc.
................
82
1,111
Meritage
Homes
Corp.
..............
194
1,030
Skyline
Champion
Corp.(a)
...........
76
3,670
Sonos,
Inc.(a)
....................
63
584
The
Lovesac
Co.(a)
................
15
428
TopBuild
Corp.(a)
.................
160
2,166
Tri
Pointe
Homes,
Inc.(a)
............
77
4,186
Vizio
Holding
Corp.,
Class
-
A(a)
......
32
1,813
VOXX
International
Corp.(a)
.........
19
1,868
Worthington
Enterprises,
Inc.
.........
108
2,037
Household
Products
—
0.50%
2,670
BJ's
Wholesale
Club
Holdings,
Inc.(a)
...
177
1,892
Central
Garden
&
Pet
Co.(a)
..........
95
990
Central
Garden
&
Pet
Co.,
Class
-
A(a)
..
44
1,019
Oil-Dri
Corp.
of
America
............
68
61
WD-40
Co.
......................
15
399
Independent
Power
and
Renewable
Electricity
Producers
—
0.33%
5,030
Altus
Power,
Inc.(a)
................
34
1,499
Clearway
Energy,
Inc.,
Class
-
C
.......
41
7,956
Montauk
Renewables,
Inc.(a)
.........
71
1,066
Ormat
Technologies,
Inc.
............
81
2,361
Sunnova
Energy
International,
Inc.(a)
...
36
263
Industrial
Conglomerates
—
0.03%
1,120
Brookfield
Business
Corp.,
Class
-
A
....
26
Industrial
REITs
—
0.62%
1,133
EastGroup
Properties,
Inc.
...........
208
875
Innovative
Industrial
Properties,
Inc.
....
88
3,696
Plymouth
Industrial
REIT,
Inc.
........
89
2,707
STAG
Industrial,
Inc.
...............
106
491
Insurance
—
2.06%
689
Ambac
Financial
Group,
Inc.(a)
.......
11
2,133
American
Equity
Investment
Life
Holding
Co.(a)
......................
119
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Insurance
(continued)
257
AMERISAFE,
Inc.
.................
$
12
3,379
CNO
Financial
Group,
Inc.
...........
94
658
Enstar
Group
Ltd.(a)
...............
194
35
Everest
Group
Ltd.
.................
12
7,019
Genworth
Financial,
Inc.(a)
...........
47
3,462
Goosehead
Insurance,
Inc.,
Class
-
A(a)
..
263
1,818
Hippo
Holdings,
Inc.(a)
.............
17
3,604
Horace
Mann
Educators
Corp.
.........
118
562
Kinsale
Capital
Group,
Inc.
...........
188
8,901
Maiden
Holdings
Ltd.(a)
.............
20
2,653
Oscar
Health,
Inc.,
Class
-
A(a)
........
24
1,115
ProAssurance
Corp.
................
15
3,554
Root,
Inc.,
Class
-
A^(a)
.............
37
372
Selective
Insurance
Group,
Inc.
........
37
3,408
Stewart
Information
Services
Corp.
.....
200
621
Trupanion,
Inc.(a)
.................
19
2,955
W.R.
Berkley
Corp.
................
210
1,637
Interactive
Media
&
Services
—
0.87%
3,170
Bumble,
Inc.,
Class
-
A(a)
............
47
1,296
Cargurus,
Inc.(a)
..................
31
845
Cars.com,
Inc.(a)
..................
16
8,635
DHI
Group,
Inc.(a)
.................
22
2,422
Eventbrite,
Inc.,
Class
-
A(a)
..........
20
4,468
fuboTV,
Inc.(a)
...................
14
8,634
Nextdoor
Holdings,
Inc.(a)
...........
16
2,757
Outbrain,
Inc.(a)
..................
12
772
Shutterstock,
Inc.
..................
37
14,331
TrueCar,
Inc.(a)
...................
50
6,760
Yelp,
Inc.(a)
......................
321
1,137
Ziff
Davis,
Inc.(a)
..................
76
2,146
ZipRecruiter,
Inc.(a)
................
30
692
IT
Services
—
0.30%
9,023
Brightcove,
Inc.(a)
.................
23
356
Couchbase,
Inc.(a)
.................
8
1,369
DigitalOcean
Holdings,
Inc.(a)
........
50
1,981
Fastly,
Inc.,
Class
-
A(a)
.............
35
1,737
Grid
Dynamics
Holdings,
Inc.(a)
.......
23
1,074
Perficient,
Inc.(a)
..................
71
135
The
Hackett
Group,
Inc.
.............
3
5,516
Thoughtworks
Holding,
Inc.(a)
........
27
240
Leisure
Products
—
0.30%
324
American
Outdoor
Brands,
Inc.(a)
......
3
6,670
AMMO,
Inc.(a)
...................
14
270
Johnson
Outdoors,
Inc.,
Class
-
A
......
14
356
MasterCraft
Boat
Holdings,
Inc.(a)
.....
8
38
HC
CAPITAL
TRUST
The
Small
Capitalization-Mid
Capitalization
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Leisure
Products
(continued)
4,682
Mattel,
Inc.(a)
....................
$
88
1,298
Smith
&
Wesson
Brands,
Inc.
.........
18
1,148
Topgolf
Callaway
Brands
Corp.(a)
......
16
1,461
YETI
Holdings,
Inc.(a)
..............
76
237
Life
Sciences
Tools
&
Services
—
0.84%
75
Azenta,
Inc.(a)
....................
5
102
Bruker
Corp.
.....................
7
1,404
CryoPort,
Inc.(a)
..................
22
6,376
Cytek
Biosciences,
Inc.(a)
............
58
599
Medpace
Holdings,
Inc.(a)
...........
184
29,118
Pacific
Biosciences
of
California,
Inc.(a)
.
286
493
Repligen
Corp.(a)
..................
89
8,477
Seer,
Inc.(a)
......................
16
667
Machinery
—
3.56%
3,613
3D
Systems
Corp.(a)
...............
23
183
Alamo
Group,
Inc.
.................
38
1,311
Albany
International
Corp.
...........
129
1,637
Astec
Industries,
Inc.
...............
61
3,801
Barnes
Group,
Inc.
.................
124
1,248
Chart
Industries,
Inc.(a)
.............
171
2,711
Columbus
McKinnon
Corp.
..........
106
1,745
Energy
Recovery,
Inc.(a)
............
33
220
Enpro,
Inc.
......................
34
1,328
ESCO
Technologies,
Inc.
............
155
1,773
Federal
Signal
Corp.
................
136
141
Franklin
Electric
Co.,
Inc.
............
14
2,085
Greenbrier
Cos.,
Inc.
...............
92
2,528
Helios
Technologies,
Inc.
............
115
367
Hillenbrand,
Inc.
..................
18
2,739
Hillman
Solutions
Corp.(a)
...........
25
332
IDEX
Corp.
......................
72
1,076
ITT,
Inc.
........................
128
819
John
Bean
Technologies
Corp.
.........
81
226
Kadant,
Inc.
......................
63
1,329
Kennametal,
Inc.
..................
34
771
Lincoln
Electric
Holdings,
Inc.
........
169
2,267
Luxfer
Holdings
PLC
...............
20
236
Mueller
Industries,
Inc.
..............
11
16,478
Mueller
Water
Products,
Inc.,
Class
-
A
..
238
47
Oshkosh
Corp.
....................
5
21
RBC
Bearings,
Inc.(a)
..............
6
1,356
SPX
Technologies,
Inc.(a)
............
137
948
Standex
International
Corp.
...........
150
2,819
Tennant
Co.
......................
262
2,067
Terex
Corp.
......................
119
1,276
The
Gorman-Rupp
Co.
..............
45
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Machinery
(continued)
1,145
Titan
International,
Inc.(a)
............
$
17
2,831
Marine
Transportation
—
0.48%
8,479
Costamare,
Inc.
...................
88
2,101
Kirby
Corp.(a)
....................
165
1,166
Matson,
Inc.
.....................
128
381
Media
—
0.86%
5,957
Advantage
Solutions,
Inc.(a)
..........
22
1,790
Boston
Omaha
Corp.,
Class
-
A(a)
......
28
23,868
Cardlytics,
Inc.(a)
.................
219
15,050
Integral
Ad
Science
Holding
Corp.(a)
....
217
3,824
Magnite,
Inc.(a)
...................
36
1,827
Scholastic
Corp.
...................
69
1,207
TechTarget,
Inc.(a)
.................
42
2,249
TEGNA,
Inc.
.....................
34
1,572
Townsquare
Media,
Inc.,
Class
-
A
......
17
684
Metals
&
Mining
—
2.15%
1,382
Alcoa
Corp.
......................
47
1,094
Arch
Resources,
Inc.
...............
182
17,424
ATI,
Inc.(a)
......................
792
1,962
Carpenter
Technology
Corp.
..........
139
5,219
Coeur
Mining,
Inc.(a)
...............
17
2,632
Compass
Minerals
International,
Inc.
....
67
4,547
Dakota
Gold
Corp.(a)
...............
12
759
Haynes
International,
Inc.
............
43
9,750
Hecla
Mining
Co.
..................
47
1,747
Ivanhoe
Electric,
Inc.(a)
.............
18
360
Materion
Corp.
...................
47
2,916
Ryerson
Holding
Corp.
..............
101
5,772
TimkenSteel
Corp.(a)
...............
135
137
Warrior
Met
Coal,
Inc.
..............
8
1,868
Worthington
Steel,
Inc.(a)
............
52
1,707
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
1.49%
1,212
AFC
Gamma,
Inc.
.................
15
17,446
Arbor
Realty
Trust,
Inc.^
............
266
7,810
BrightSpire
Capital,
Inc.
.............
58
2,661
Chimera
Investment
Corp.
...........
13
10,897
Claros
Mortgage
Trust,
Inc.
...........
149
1,691
Dynex
Capital,
Inc.
................
21
10,491
Ellington
Financial,
Inc.
.............
133
1,126
Franklin
BSP
Realty
Trust,
Inc.
........
15
8,332
Granite
Point
Mortgage
Trust,
Inc.
......
49
39
HC
CAPITAL
TRUST
The
Small
Capitalization-Mid
Capitalization
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Mortgage
Real
Estate
Investment
Trusts
(REITs)
(continued)
1,280
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
.......
$
35
3,913
KKR
Real
Estate
Finance
Trust,
Inc.
....
52
6,791
New
York
Mortgage
Trust,
Inc.
........
58
1,250
Nexpoint
Real
Estate
Finance,
Inc.
.....
20
13,981
PennyMac
Mortgage
Investment
Trust
...
209
2,514
Ready
Capital
Corp.
................
26
3,566
Redwood
Trust,
Inc.
................
26
3,045
Two
Harbors
Investment
Corp.
........
42
1,187
Multi-Utilities
—
0.59%
3,967
Black
Hills
Corp.
..................
213
4,182
Northwestern
Energy
Group,
Inc.
......
213
847
Unitil
Corp.
......................
45
471
Office
REITs
—
0.64%
2,920
City
Office
REIT,
Inc.
...............
18
2,446
COPT
Defense
Properties
............
62
5,145
Douglas
Emmett,
Inc.
...............
74
15,245
Easterly
Government
Properties,
Inc.
....
204
4,633
Orion
Office
REIT,
Inc.
..............
27
3,013
Paramount
Group,
Inc.
..............
16
7,836
Piedmont
Office
Realty
Trust,
Inc.,
Class
-
A
56
2,374
Postal
Realty
Trust,
Inc.,
Class
-
A
......
35
378
SL
Green
Realty
Corp.
..............
17
509
Oil,
Gas
&
Consumable
Fuels
—
4.39%
3,497
Antero
Resources
Corp.(a)
...........
79
21,728
Baytex
Energy
Corp.
...............
72
8,761
Berry
Corp.
......................
62
2,300
California
Resources
Corp.
...........
126
88
Chord
Energy
Corp.
................
15
543
Civitas
Resources,
Inc.
..............
37
8,801
Clean
Energy
Fuels
Corp.(a)
..........
34
8,222
CNX
Resources
Corp.(a)
............
164
9,016
Comstock
Resources,
Inc.
............
80
2,431
CONSOL
Energy,
Inc.
..............
244
3,996
Crescent
Energy
Co.,
Class
A
.........
53
5,132
Delek
US
Holdings,
Inc.
.............
132
2,880
DHT
Holdings,
Inc.
................
28
6,443
Encore
Energy
Corp.(a)
.............
25
24,166
Energy
Fuels,
Inc.(a)
...............
174
6,036
Equitrans
Midstream
Corp.
...........
61
4,041
Evolution
Petroleum
Corp.
...........
23
2,312
Golar
LNG
Ltd.
...................
53
2,110
Granite
Ridge
Resources,
Inc.
.........
13
2,884
Green
Plains,
Inc.(a)
................
73
2,159
Gulfport
Energy
Corp.(a)
............
287
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
1,831
HighPeak
Energy,
Inc.^
.............
$
26
635
International
Seaways,
Inc.
...........
29
4,980
Kinetik
Holdings,
Inc.
..............
166
20,751
Kosmos
Energy
Ltd.(a)
..............
139
268
Matador
Resources
Co.
..............
15
13,648
Navigator
Holdings
Ltd.
.............
199
2,578
Nordic
American
Tankers
Ltd.
.........
11
3,747
Ovintiv,
Inc.
.....................
165
592
Par
Pacific
Holdings,
Inc.(a)
..........
22
1,094
Peabody
Energy
Corp.
..............
27
14,968
Permian
Resources
Corp.
............
204
2,186
Range
Resources
Corp.
..............
67
156
REX
American
Resources
Corp.(a)
.....
7
1,012
SandRidge
Energy,
Inc.
.............
14
588
Scorpio
Tankers,
Inc.
...............
36
9,204
SFL
Corp.
Ltd.
....................
104
4,423
Sitio
Royalties
Corp.,
Class
-
A
........
104
419
SM
Energy
Co.
...................
16
27,296
Southwestern
Energy
Co.(a)
..........
179
1,008
Talos
Energy,
Inc.(a)
................
14
4,793
Uranium
Energy
Corp.(a)
............
31
2,910
VAALCO
Energy,
Inc.
..............
13
1,049
Vital
Energy,
Inc.(a)
................
48
1,079
World
Kinect
Corp.
................
25
3,496
Paper
&
Forest
Products
—
0.07%
9,911
Glatfelter
Corp.(a)
.................
19
716
Sylvamo
Corp.
....................
35
54
Passenger
Airlines
—
0.38%
525
Allegiant
Travel
Co.
................
43
8,991
Blade
Air
Mobility,
Inc.(a)
...........
32
11,473
Controladora
Vuela
Cia
de
Aviacion
SAB
de
CV,
ADR(a)
..................
109
7,362
Frontier
Group
Holdings,
Inc.(a)
.......
40
5,665
JetBlue
Airways
Corp.(a)
............
31
2,318
Joby
Aviation,
Inc.(a)
...............
15
817
Spirit
Airlines,
Inc.
.................
13
998
Sun
Country
Airlines
Holdings,
Inc.(a)
...
16
299
Personal
Care
Products
—
0.84%
301
BellRing
Brands,
Inc.(a)
.............
17
3,023
e.l.f.
Beauty,
Inc.(a)
................
436
3,095
Herbalife
Ltd.(a)
..................
47
853
Inter
Parfums,
Inc.
.................
123
836
USANA
Health
Sciences,
Inc.(a)
.......
45
668
40
HC
CAPITAL
TRUST
The
Small
Capitalization-Mid
Capitalization
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Pharmaceuticals
—
1.50%
5,164
Amphastar
Pharmaceuticals,
Inc.(a)
.....
$
318
2,574
Amylyx
Pharmaceuticals,
Inc.(a)
.......
38
286
ANI
Pharmaceuticals,
Inc.(a)
.........
16
2,745
Arvinas,
Inc.(a)
...................
113
10,606
Athira
Pharma,
Inc.(a)
..............
26
876
Axsome
Therapeutics,
Inc.(a)
.........
70
1,245
Cassava
Sciences,
Inc.^(a)
...........
28
1,709
Collegium
Pharmaceutical,
Inc.(a)
......
53
551
Corcept
Therapeutics,
Inc.(a)
.........
18
844
Cymabay
Therapeutics,
Inc.(a)
........
20
1,228
Harrow
Health,
Inc.(a)
..............
14
2,106
Intra-Cellular
Therapies,
Inc.(a)
........
151
2,523
Pacira
BioSciences,
Inc.(a)
...........
85
3,964
Pliant
Therapeutics,
Inc.(a)
...........
72
1,583
Prestige
Consumer
Healthcare,
Inc.(a)
...
97
803
Supernus
Pharmaceuticals,
Inc.(a)
......
23
483
Taro
Pharmaceutical
Industries
Ltd.(a)
...
20
1,424
Theravance
Biopharma,
Inc.(a)
........
16
2,890
Zevra
Therapeutics,
Inc.(a)
...........
19
1,197
Professional
Services
—
2.42%
9,355
Alight,
Inc.,
Class
-
A(a)
.............
80
917
ASGN,
Inc.(a)
....................
88
3,150
Asure
Software,
Inc.(a)
..............
30
703
Barrett
Business
Services,
Inc.
........
81
62
Booz
Allen
Hamilton
Holding
Corp.
....
8
20
CACI
International,
Inc.,
Class
-
A(a)
...
6
1,815
CBIZ,
Inc.(a)
.....................
114
34
Concentrix
Corp.
..................
3
10,305
Conduent,
Inc.(a)
..................
38
1,032
CSG
Systems
International,
Inc.
.......
55
2,570
ExlService
Holdings,
Inc.(a)
..........
79
846
Exponent,
Inc.
....................
74
1,713
First
Advantage
Corp.
...............
28
1,082
Forrester
Research,
Inc.(a)
...........
29
621
Heidrick
&
Struggles
International,
Inc.
..
18
1,396
HireRight
Holdings
Corp.(a)
..........
19
217
Huron
Consulting
Group,
Inc.(a)
.......
22
587
ICF
International,
Inc.
..............
79
252
Insperity,
Inc.
.....................
30
3,378
KBR,
Inc.
.......................
187
732
Kelly
Services,
Inc.,
Class
-
A
.........
16
982
Kforce,
Inc.
......................
66
1,998
Korn
Ferry
......................
119
1,668
Legalzoom.com,
Inc.(a)
.............
19
979
Maximus,
Inc.
....................
82
11,106
Mistras
Group,
Inc.(a)
..............
81
735
NV5
Global,
Inc.(a)
................
82
6,215
Planet
Labs
PBC(a)
................
15
2,541
Resources
Connection,
Inc.
...........
36
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Professional
Services
(continued)
1,018
Science
Applications
International
Corp.
.
$
127
1,863
Sterling
Check
Corp.(a)
.............
26
5,094
TTEC
Holdings,
Inc.
...............
110
1,649
Upwork,
Inc.(a)
...................
25
2,286
Verra
Mobility
Corp.(a)
.............
53
1,925
Real
Estate
Management
&
Development
—
0.73%
683
BBX
Capital,
Inc.(a)
................
6
9,353
Compass,
Inc.,
Class
-
A(a)
...........
35
2,627
Cushman
&
Wakefield
PLC(a)
........
28
2,814
DigitalBridge
Group,
Inc.
............
49
7,486
Douglas
Elliman,
Inc.
...............
22
14,871
eXp
World
Holdings,
Inc.
............
231
574
Forestar
Group,
Inc.(a)
..............
19
2,030
Marcus
&
Millichap,
Inc.
............
89
3,583
Newmark
Group,
Inc.,
Class
-
A
.......
39
9,774
Opendoor
Technologies,
Inc.(a)
........
44
589
The
RMR
Group,
Inc.,
Class
-
A
.......
17
579
Residential
REITs
—
0.43%
2,230
Apartment
Investment
and
Management
Co.(a)
......................
17
10,340
Clipper
Realty,
Inc.
................
56
1,553
Elme
Communities
.................
23
2,387
Independence
Realty
Trust,
Inc.
........
37
2,803
NexPoint
Residential
Trust,
Inc.
.......
96
3,691
UMH
Properties,
Inc.
...............
56
3,365
Veris
Residential,
Inc.
...............
53
338
Retail
REITs
—
1.00%
533
Getty
Realty
Corp.
.................
16
4,895
InvenTrust
Properties
Corp.
..........
124
3,897
Kite
Realty
Group
Trust
.............
89
2,113
NETSTREIT
Corp.
................
38
1,160
SITE
Centers
Corp.
................
16
11,883
Tanger,
Inc.
......................
328
7,560
The
Macerich
Co.
.................
117
3,762
Urban
Edge
Properties
..............
69
797
Semiconductors
&
Semiconductor
Equipment
—
3.52%
1,045
ACM
Research,
Inc.,
Class
-
A(a)
......
20
769
Aehr
Test
Systems(a)
...............
20
485
Alpha
&
Omega
Semiconductor
Ltd.(a)
..
13
451
Ambarella,
Inc.(a)
.................
28
3,622
Amkor
Technology,
Inc.
.............
121
55
Cirrus
Logic,
Inc.(a)
................
5
742
Cohu,
Inc.(a)
.....................
26
41
HC
CAPITAL
TRUST
The
Small
Capitalization-Mid
Capitalization
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
1,496
Credo
Technology
Group
Holding
Ltd.(a)
$
29
169
Diodes,
Inc.(a)
....................
14
3,557
FormFactor,
Inc.(a)
................
148
2,669
Ichor
Holdings
Ltd.(a)
..............
90
188
Impinj,
Inc.(a)
....................
17
1,640
inTEST
Corp.(a)
..................
22
1,589
Kulicke
&
Soffa
Industries,
Inc.
........
87
684
Lattice
Semiconductor
Corp.(a)
........
47
9,285
MACOM
Technology
Solutions
Holdings,
Inc.(a)
......................
864
3,156
Maxeon
Solar
Technologies
Ltd.(a)
.....
23
753
MaxLinear,
Inc.(a)
.................
18
624
MKS
Instruments,
Inc.
..............
64
631
Onto
Innovation,
Inc.(a)
.............
96
2,203
Power
Integrations,
Inc.
.............
181
2,201
Qorvo,
Inc.(a)
....................
248
358
Rambus,
Inc.(a)
...................
24
1,083
Silicon
Laboratories,
Inc.(a)
..........
143
264
SiTime
Corp.(a)
...................
32
799
Synaptics,
Inc.(a)
..................
91
2,391
Ultra
Clean
Holdings,
Inc.(a)
.........
82
1,179
Universal
Display
Corp.
.............
225
661
Veeco
Instruments,
Inc.(a)
............
21
2,799
Software
—
5.60%
1,931
ACI
Worldwide,
Inc.(a)
.............
59
1,294
Agilysys,
Inc.(a)
..................
110
416
Alarm.com
Holdings,
Inc.(a)
..........
27
1,591
Alkami
Technology,
Inc.(a)
...........
39
829
Altair
Engineering,
Inc.,
Class
-
A(a)
....
70
3,359
Amplitude,
Inc.,
Class
-
A(a)
..........
43
289
Appfolio,
Inc.,
Class
-
A(a)
...........
50
6,689
AvePoint,
Inc.(a)
..................
55
211
Blackbaud,
Inc.(a)
.................
18
378
BlackLine,
Inc.(a)
.................
24
1,089
Box,
Inc.,
Class
-
A(a)
..............
28
308
Braze,
Inc.,
Class
-
A(a)
.............
16
564
C3.ai,
Inc.,
Class
-
A^(a)
.............
16
1,263
Cerence,
Inc.(a)
...................
25
2,611
Clear
Secure,
Inc.,
Class
-
A
..........
54
574
CommVault
Systems,
Inc.(a)
..........
46
313
Digimarc
Corp.(a)
.................
11
4,639
Digital
Turbine,
Inc.(a)
..............
32
34
Dolby
Laboratories,
Inc.,
Class
-
A
.....
3
1,569
Envestnet,
Inc.(a)
..................
78
2,101
Everbridge,
Inc.(a)
.................
51
3,738
EverCommerce,
Inc.(a)
..............
41
8,416
Expensify,
Inc.,
Class
-
A(a)
..........
21
846
Guidewire
Software,
Inc.(a)
..........
92
3,676
InterDigital,
Inc.
..................
399
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Software
(continued)
2,188
Jamf
Holding
Corp.(a)
..............
$
40
5,208
LivePerson,
Inc.(a)
.................
20
1,284
LiveRamp
Holdings,
Inc.(a)
..........
49
3,930
Marathon
Digital
Holdings,
Inc.(a)
.....
92
6,497
Matterport,
Inc.(a)
.................
17
2,965
MeridianLink,
Inc.(a)
...............
73
722
MicroStrategy,
Inc.(a)
...............
456
16,199
N-able,
Inc.(a)
....................
215
55,831
NextNav,
Inc.^(a)
..................
248
3,606
Olo,
Inc.,
Class
-
A(a)
...............
21
1,896
PagerDuty,
Inc.(a)
.................
44
647
PowerSchool
Holdings,
Inc.(a)
........
15
939
Progress
Software
Corp.
.............
51
5,413
PROS
Holdings,
Inc.(a)
.............
210
868
PTC,
Inc.(a)
......................
152
680
Qualys,
Inc.(a)
....................
133
892
Rapid7,
Inc.(a)
....................
51
6,275
Rimini
Street,
Inc.(a)
...............
21
11,757
Riot
Platforms,
Inc.(a)
..............
182
3,998
Sapiens
International
Corp.
N.V.
.......
116
537
Sprout
Social,
Inc.,
Class
-
A(a)
........
33
831
SPS
Commerce,
Inc.(a)
..............
161
908
Tenable
Holdings,
Inc.(a)
............
42
408
Varonis
Systems,
Inc.(a)
.............
18
10,098
Veritone,
Inc.(a)
...................
18
18,867
Weave
Communications,
Inc.(a)
.......
216
1,438
Workiva,
Inc.(a)
...................
146
21,286
Zeta
Global
Holdings
Corp.,
Class
-
A(a)
.
188
2,296
Zuora,
Inc.,
Class
-
A(a)
.............
22
4,458
Specialized
REITs
—
0.77%
3,782
Farmland
Partners,
Inc.
..............
47
7,180
Four
Corners
Property
Trust,
Inc.
.......
182
3,239
Gladstone
Land
Corp.
...............
47
1,574
National
Storage
Affiliates
Trust
.......
65
6,761
Outfront
Media,
Inc.
................
94
1,185
PotlatchDeltic
Corp.
................
58
4,581
Safehold,
Inc.
....................
107
2,531
Uniti
Group,
Inc.
..................
15
615
Specialty
Retail
—
2.61%
670
Academy
Sports
&
Outdoors,
Inc.
......
44
1,447
American
Eagle
Outfitters,
Inc.
........
31
520
Asbury
Automotive
Group,
Inc.(a)
......
117
3,328
Boot
Barn
Holdings,
Inc.(a)
..........
256
790
Camping
World
Holdings,
Inc.,
Class
-
A
.
21
1,936
Carvana
Co.(a)
....................
102
3,803
Destination
XL
Group,
Inc.(a)
.........
17
1,779
Floor
&
Decor
Holdings,
Inc.,
Class
-
A(a)
198
42
HC
CAPITAL
TRUST
The
Small
Capitalization-Mid
Capitalization
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Specialty
Retail
(continued)
1,555
Foot
Locker,
Inc.
..................
$
48
1,806
Genesco,
Inc.(a)
...................
64
72
Group
1
Automotive,
Inc.
............
22
1,362
Guess?,
Inc.
......................
31
3,762
Leslie's,
Inc.(a)
...................
26
334
Lithia
Motors,
Inc.
.................
110
1,397
Monro,
Inc.
......................
41
324
Murphy
USA,
Inc.
.................
116
1,682
National
Vision
Holdings,
Inc.(a)
.......
35
53
Penske
Automotive
Group,
Inc.
........
9
231
Restoration
Hardware
Co.(a)
..........
67
3,973
Revolve
Group,
Inc.(a)
..............
66
4,455
RumbleON,
Inc.,
Class
-
B(a)
.........
36
1,809
Sally
Beauty
Holdings,
Inc.(a)
.........
24
708
Shoe
Carnival,
Inc.
.................
21
158
Signet
Jewelers
Ltd.
................
17
806
Sonic
Automotive,
Inc.,
Class
-
A
......
45
16,684
Sportsman's
Warehouse
Holdings,
Inc.(a)
.
71
468
The
Aaron's
Co.,
Inc.
...............
5
389
The
Buckle,
Inc.
...................
18
4,572
The
Cato
Corp.,
Class
-
A
............
33
1,585
The
ODP
Corp.(a)
.................
89
7,108
ThredUp,
Inc.,
Class
-
A(a)
...........
16
10,683
Tile
Shop
Holdings,
Inc.(a)
...........
79
5,911
Upbound
Group,
Inc.
...............
201
2,076
Technology
Hardware,
Storage
&
Peripherals
—
0.59%
9,994
Intevac,
Inc.(a)
....................
43
2,377
IonQ,
Inc.(a)
.....................
29
900
Super
Micro
Computer,
Inc.(a)
........
257
10,627
Turtle
Beach
Corp.(a)
...............
116
1,170
Xerox
Holdings
Corp.
..............
21
466
Textiles,
Apparel
&
Luxury
Goods
—
0.51%
47
Columbia
Sportswear
Co.
............
4
1,065
Crocs,
Inc.(a)
.....................
99
2,258
Figs,
Inc.,
Class
-
A(a)
..............
16
34,166
Fossil
Group,
Inc.(a)
................
50
792
G-III
Apparel
Group
Ltd.(a)
..........
27
2,897
Kontoor
Brands,
Inc.
...............
181
153
Oxford
Industries,
Inc.
..............
15
412
Steven
Madden
Ltd.
................
17
409
Tobacco
—
0.04%
2,563
Vector
Group
Ltd.
.................
29
Trading
Companies
&
Distributors
—
1.88%
63
Applied
Industrial
Technologies,
Inc.
....
11
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Trading
Companies
&
Distributors
(continued)
5,077
Beacon
Roofing
Supply,
Inc.(a)
........
$
441
186
BlueLinx
Holdings,
Inc.(a)
...........
21
563
Boise
Cascade
Co.
.................
73
200
DXP
Enterprises,
Inc.(a)
.............
7
192
GMS,
Inc.(a)
.....................
16
1,021
Herc
Holdings,
Inc.
................
152
749
McGrath
RentCorp
.................
90
22,107
MRC
Global,
Inc.(a)
................
243
1,425
NOW,
Inc.(a)
.....................
16
2,367
Rush
Enterprises,
Inc.,
Class
-
A
.......
119
548
SiteOne
Landscape
Supply,
Inc.(a)
......
89
3,875
Textainer
Group
Holdings
Ltd.
........
191
166
WESCO
International,
Inc.
...........
29
1,498
Water
Utilities
—
0.41%
1,161
American
States
Water
Co.
...........
93
943
Artesian
Resources
Corp.,
Class
-
A
.....
39
4,921
Cadiz,
Inc.(a)
.....................
14
1,811
California
Water
Service
Group
........
94
602
Global
Water
Resources,
Inc.
.........
8
626
Middlesex
Water
Co.
...............
41
361
SJW
Group
......................
24
371
The
York
Water
Co.
................
14
327
Wireless
Telecommunication
Services
—
0.16%
6,927
Telephone
and
Data
Systems,
Inc.
......
127
Total
Common
Stocks
..............
79,145
Contingent
Rights
—
0.07%
Health
Care
Equipment
&
Supplies
—
0.00%
56
ABIOMED,
Inc.
CVR,
01/02/26(a)
.....
–
Health
Care
Providers
&
Services
—
0.00%
15,971
Paratek
Pharmaceuticals,
Inc.
CVR,
01/01/26(a)
..................
1
5,589
Xeris
BioPharma
Hold
CVR,
10/06/49(a)
.
1
2
Metals
&
Mining
—
0.07%
108,208
Pan
American
Silver
Corp.
CVR,
12/31/49(a)
..................
56
Total
Contingent
Rights
............
58
43
See
accompanying
notes
to
financial
statements.
HC
CAPITAL
TRUST
The
Small
Capitalization-Mid
Capitalization
Equity
Portfolio
Portfolio
of
Investments
(concluded)
—
December
31,2023
(Unaudited)
As
of
December
31,
2023
,
100%
of
the
Portfolio’s
net
assets
were
managed
by
Parametric
Portfolio
Associates,
LLC.
Shares
Security
Description
Value
(000)
Right
—
0.01%
Broadline
Retail
—
0.01%
15,740
Groupon,
Inc.,
01/18/24(a)
...........
$
5
Total
Right
......................
5
Warrant
—
0.00%
Pharmaceuticals
—
0.00%
498
Cassava
Sciences,
Inc.,
11/15/24(a)(b)
...
–
Total
Warrant
...................
–
Investment
Companies
—
1.84%
Money
Market
Funds
—
1.84%
1,178,471
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
5.00%^^(c)
1,178
285,200
State
Street
Institutional
Treasury
Plus
Money
Market
Fund,
Trust
Class,
5.25%(c)
....................
285
Total
Investment
Companies
.........
1,463
Total
Investments
(cost
$41,970)
—
101.40%
....................
80,671
Liabilities
in
excess
of
other
assets
—
(1.40)%
....................
(1,116)
Net
Assets
-
100.00%
$
79,555
Amounts
designated
as
"—"
are
$0
or
have
been
rounded
to
$0.
^
All
or
part
of
this
security
was
on
loan
as
of
December
31,
2023.
^^
Purchased
with
cash
collateral
held
from
securities
lending.
The
value
of
the
collateral
could
include
collateral
held
for
securities
that
were
sold
on
or
before
December
31,
2023.
(a)
Represents
non-income
producing
security.
(b)
Security
was
valued
using
significant
unobservable
inputs
as
of
December
31,
2023.
(c)
Annualized
7-day
yield
as
of
period-end.
ADR—American
Depositary
Receipt
REIT—Real
Estate
Investment
Trust
HC
CAPITAL
TRUST
The
ESG
Growth
Portfolio
Portfolio
of
Investments
—
December
31,2023
(Unaudited)
44
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
—
99.71%
Australia
—
2.05%
693
Ampol
Ltd.
(Oil,
Gas
&
Consumable
Fuels)
$
17
8,826
ANZ
Group
Holdings
Ltd.
(Banks)
.....
156
2,941
APA
Group
(Gas
Utilities)
...........
17
1,807
Aristocrat
Leisure
Ltd.
(Hotels,
Restaurants
&
Leisure)
...................
50
485
ASX
Ltd.
(Capital
Markets)
..........
21
4,501
Aurizon
Holdings
Ltd.
(Ground
Transportation)
...............
12
15,056
BHP
Group
Ltd.
(Metals
&
Mining)
.....
516
1,230
BlueScope
Steel
Ltd.
(Metals
&
Mining)
.
20
4,202
Brambles
Ltd.
(Commercial
Services
&
Supplies)
....................
39
1,178
CAR
Group
Ltd.
(Interactive
Media
&
Services)
....................
25
201
Cochlear
Ltd.
(Health
Care
Equipment
&
Supplies)
....................
41
4,121
Coles
Group
Ltd.
(Consumer
Staples
Distribution
&
Retail)
...........
45
5,048
Commonwealth
Bank
of
Australia
(Banks)
384
1,781
Computershare
Ltd.
(Professional
Services)
30
1,437
CSL
Ltd.
(Biotechnology)
............
281
2,615
Dexus
(Office
REITs)
...............
14
504
EBOS
Group
Ltd.
(Health
Care
Providers
&
Services)
....................
11
4,675
Endeavour
Group
Ltd.
(Consumer
Staples
Distribution
&
Retail)
...........
17
5,009
Fortescue
Ltd.
(Metals
&
Mining)
......
99
5,131
Goodman
Group
(Industrial
REITs)
.....
88
805
IDP
Education
Ltd.
(Diversified
Consumer
Services)
....................
11
2,118
IGO
Ltd.
(Metals
&
Mining)
..........
13
7,323
Insurance
Australia
Group
Ltd.
(Insurance)
28
1,092
Macquarie
Group
Ltd.
(Capital
Markets)
.
137
7,667
Medibank
Pvt.
Ltd.
(Insurance)
........
19
567
Mineral
Resources
Ltd.
(Metals
&
Mining)
27
9,646
Mirvac
Group
(Diversified
REITs)
......
14
9,220
National
Australia
Bank
Ltd.
(Banks)
....
193
3,549
Northern
Star
Resources
Ltd.
(Metals
&
Mining)
.....................
33
1,407
Orica
Ltd.
(Chemicals)
..............
15
5,227
Origin
Energy
Ltd.
(Electric
Utilities)
...
30
7,966
Pilbara
Minerals
Ltd.
(Metals
&
Mining)
.
21
2,446
Qantas
Airways
Ltd.
(Passenger
Airlines)(a)
9
4,431
QBE
Insurance
Group
Ltd.
(Insurance)
..
45
582
Ramsay
Health
Care
Ltd.
(Health
Care
Providers
&
Services)
...........
21
172
REA
Group
Ltd.
(Interactive
Media
&
Services)
....................
21
687
Reece
Ltd.
(Trading
Companies
&
Distributors)
.................
10
1,111
Rio
Tinto
Ltd.
(Metals
&
Mining)
......
103
9,869
Santos
Ltd.
(Oil,
Gas
&
Consumable
Fuels)
(b)
........................
51
19,287
Scentre
Group
(Retail
REITs)
.........
39
923
SEEK
Ltd.
(Interactive
Media
&
Services)
17
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Australia
(continued)
1,187
Sonic
Healthcare
Ltd.
(Health
Care
Providers
&
Services)
...........
$
26
14,614
South32
Ltd.
(Metals
&
Mining)
.......
33
7,299
Stockland
(Diversified
REITs)
.........
22
3,312
Suncorp
Group
Ltd.
(Insurance)
.......
31
13,370
Telstra
Group
Ltd.
(Diversified
Telecommunication
Services)
.....
36
5,218
The
GPT
Group
(Diversified
REITs)
....
16
7,602
The
Lottery
Corp.
Ltd.
(Hotels,
Restaurants
&
Leisure)
...................
25
9,510
Transurban
Group
(Transportation
Infrastructure)
................
89
2,004
Treasury
Wine
Estates
Ltd.
(Beverages)
..
15
8,881
Vicinity
Ltd.
(Retail
REITs)(b)
........
12
760
Washington
H
Soul
Pattinson
&
Co.
Ltd.
(Financial
Services)
............
17
3,447
Wesfarmers
Ltd.
(Broadline
Retail)
.....
134
10,302
Westpac
Banking
Corp.
(Banks)
.......
161
500
WiseTech
Global
Ltd.
(Software)
.......
26
5,565
Woodside
Energy
Group
Ltd.
(Oil,
Gas
&
Consumable
Fuels)
.............
118
3,627
Woolworths
Group
Ltd.
(Consumer
Staples
Distribution
&
Retail)
...........
92
3,593
Austria
—
0.05%
1,031
Erste
Group
Bank
AG
(Banks)(b)
......
42
383
OMV
AG
(Oil,
Gas
&
Consumable
Fuels)
17
241
Verbund
AG
(Electric
Utilities)
........
22
246
voestalpine
AG
(Metals
&
Mining)
.....
8
89
Belgium
—
0.22%
444
Ageas
SA/N.V.
(Insurance)
...........
19
2,573
Anheuser-Busch
InBev
SA/N.V.
(Beverages)
..................
167
58
D'ieteren
Group
(Distributors)
.........
11
67
Elia
Group
SA/N.V.
(Electric
Utilities)(b)
8
293
Groupe
Bruxelles
Lambert
N.V.
(Financial
Services)
....................
23
752
KBC
Group
N.V.
(Banks)
............
50
1
Lotus
Bakeries
N.V.
(Food
Products)(b)
..
9
31
Sofina
SA
(Financial
Services)
........
8
206
Syensqo
SA
(Chemicals)(a)
...........
21
384
UCB
SA
(Pharmaceuticals)
...........
33
491
Umicore
SA
(Chemicals)(b)
..........
13
508
Warehouses
De
Pauw
CVA
(Industrial
REITs)
.....................
16
378
Bermuda
—
0.08%
1,078
Arch
Capital
Group
Ltd.
(Insurance)(a)
..
80
126
Everest
Group
Ltd.
(Insurance)
........
45
45
HC
CAPITAL
TRUST
The
ESG
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Bermuda
(continued)
718
Liberty
Global
Ltd.,
Class
-
C
(Diversified
Telecommunication
Services)(a)
...
$
13
138
Canada
—
3.42%
1,481
Agnico
Eagle
Mines
Ltd.
(Metals
&
Mining)
81
400
Air
Canada
(Passenger
Airlines)(a)(b)
...
6
1,765
Algonquin
Power
&
Utilities
Corp.
(Multi-
Utilities)
....................
11
2,361
Alimentation
Couche-Tard,
Inc.
(Consumer
Staples
Distribution
&
Retail)
.....
139
800
AltaGas
Ltd.
(Gas
Utilities)
...........
17
1,804
ARC
Resources
Ltd.
(Oil,
Gas
&
Consumable
Fuels)
.............
27
2,102
Bank
of
Montreal
(Banks)
............
208
5,246
Barrick
Gold
Corp.
(Metals
&
Mining)
..
95
200
BCE,
Inc.
(Diversified
Telecommunication
Services)
....................
8
1,043
Brookfield
Asset
Management
Ltd.,
Class
-
A
(Capital
Markets)
............
42
4,169
Brookfield
Corp.
(Capital
Markets)
.....
167
92
BRP,
Inc.
(Leisure
Products)
..........
7
1,136
CAE,
Inc.
(Aerospace
&
Defense)(a)
....
25
1,280
Cameco
Corp.
(Oil,
Gas
&
Consumable
Fuels)
......................
55
200
Canadian
Apartment
Properties
REIT
(Residential
REITs)(b)
..........
7
2,659
Canadian
Imperial
Bank
of
Commerce
(Banks)
.....................
128
1,660
Canadian
National
Railway
Co.
(Ground
Transportation)
...............
209
3,258
Canadian
Natural
Resources
Ltd.
(Oil,
Gas
&
Consumable
Fuels)
...........
213
2,726
Canadian
Pacific
Kansas
City
Ltd.
(Ground
Transportation)
...............
216
143
Canadian
Tire
Corp.
Ltd.,
Class
-
A
(Broadline
Retail)
.............
15
300
Canadian
Utilities
Ltd.,
Class
-
A
(Multi-
Utilities)
....................
7
471
CCL
Industries,
Inc.,
Class
-
B
(Containers
&
Packaging)(b)
..............
21
4,230
Cenovus
Energy,
Inc.
(Oil,
Gas
&
Consumable
Fuels)
.............
70
624
CGI,
Inc.
(IT
Services)(a)
............
67
60
Constellation
Software,
Inc.
(Software)
..
149
844
Dollarama,
Inc.
(Broadline
Retail)
......
61
1,216
Element
Fleet
Management
Corp.
(Commercial
Services
&
Supplies)(b)
20
868
Emera,
Inc.
(Electric
Utilities)
.........
33
400
Empire
Co.
Ltd.,
Class
-
A
(Consumer
Staples
Distribution
&
Retail)
.....
11
6,336
Enbridge,
Inc.
(Oil,
Gas
&
Consumable
Fuels)
......................
228
62
Fairfax
Financial
Holdings
Ltd.
(Insurance)
57
1,756
First
Quantum
Minerals
Ltd.
(Metals
&
Mining)
.....................
14
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Canada
(continued)
100
FirstService
Corp.
(Real
Estate
Management
&
Development)
..............
$
16
1,451
Fortis,
Inc.
(Electric
Utilities)
.........
60
599
Franco-Nevada
Corp.
(Metals
&
Mining)
.
66
195
George
Weston
Ltd.
(Consumer
Staples
Distribution
&
Retail)
...........
24
500
Gildan
Activewear,
Inc.
(Textiles,
Apparel
&
Luxury
Goods)
...............
17
817
Great-West
Lifeco,
Inc.
(Insurance)
.....
27
1,006
Hydro
One
Ltd.
(Electric
Utilities)(b)
....
30
300
iA
Financial
Corp.,
Inc.
(Insurance)
.....
20
200
IGM
Financial,
Inc.
(Capital
Markets)
...
5
622
Imperial
Oil
Ltd.
(Oil,
Gas
&
Consumable
Fuels)
......................
35
528
Intact
Financial
Corp.
(Insurance)(b)
....
81
1,879
Ivanhoe
Mines
Ltd.
(Metals
&
Mining)(a)
18
600
Keyera
Corp.
(Oil,
Gas
&
Consumable
Fuels)
......................
15
3,094
Kinross
Gold
Corp.
(Metals
&
Mining)
..
19
474
Loblaw
Cos.
Ltd.
(Consumer
Staples
Distribution
&
Retail)
...........
46
339
Lululemon
Athletica,
Inc.
(Textiles,
Apparel
&
Luxury
Goods)(a)
............
173
2,272
Lundin
Mining
Corp.
(Metals
&
Mining)(b)
19
821
Magna
International,
Inc.
(Automobile
Components)
.................
49
5,479
Manulife
Financial
Corp.
(Insurance)
....
121
825
MEG
Energy
Corp.
(Oil,
Gas
&
Consumable
Fuels)(a)(b)
..................
15
713
Metro,
Inc.
(Consumer
Staples
Distribution
&
Retail)
....................
37
972
National
Bank
of
Canada
(Banks)
......
74
858
Northland
Power,
Inc.
(Independent
Power
and
Renewable
Electricity
Producers)
16
1,476
Nutrien
Ltd.
(Chemicals)
............
83
200
Onex
Corp.
(Capital
Markets)
.........
14
804
Open
Text
Corp.
(Software)(b)
........
34
990
Pan
American
Silver
Corp.
(Metals
&
Mining)
.....................
16
400
Parkland
Corp.
(Oil,
Gas
&
Consumable
Fuels)(b)
....................
13
1,668
Pembina
Pipeline
Corp.
(Oil,
Gas
&
Consumable
Fuels)
.............
57
1,727
Power
Corp.
of
Canada
(Insurance)
.....
49
500
Quebecor,
Inc.,
Class
-
B
(Diversified
Telecommunication
Services)
.....
12
547
RB
Global,
Inc.
(Commercial
Services
&
Supplies)
....................
37
877
Restaurant
Brands
International,
Inc.
(Hotels,
Restaurants
&
Leisure)
....
69
300
RioCan
Real
Estate
Investment
Trust
(Retail
REITs)(b)
...................
4
1,078
Rogers
Communications,
Inc.,
Class
-
B
(Wireless
Telecommunication
Services)
....................
50
4,150
Royal
Bank
of
Canada
(Banks)
........
419
46
HC
CAPITAL
TRUST
The
ESG
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Canada
(continued)
691
Saputo,
Inc.
(Food
Products)(b)
........
$
14
3,631
Shopify,
Inc.,
Class
-
A
(IT
Services)(a)
..
282
339
Stantec,
Inc.
(Construction
&
Engineering)
27
1,726
Sun
Life
Financial,
Inc.
(Insurance)
.....
90
3,924
Suncor
Energy,
Inc.
(Oil,
Gas
&
Consumable
Fuels)
.............
126
3,016
TC
Energy
Corp.
(Oil,
Gas
&
Consumable
Fuels)
......................
118
1,352
Teck
Resources
Ltd.,
Class
-
B
(Metals
&
Mining)
.....................
57
1,570
TELUS
Corp.
(Diversified
Telecommunication
Services)
.....
28
250
TFI
International,
Inc.
(Ground
Transportation)
...............
34
3,581
The
Bank
of
Nova
Scotia
(Banks)
......
174
271
The
Descartes
Systems
Group,
Inc.
(Software)(a)
.................
23
5,430
The
Toronto-Dominion
Bank
(Banks)
...
350
489
Thomson
Reuters
Corp.
(Professional
Services)
....................
72
836
TMX
Group
Ltd.
(Capital
Markets)
.....
20
200
Toromont
Industries
Ltd.
(Trading
Companies
&
Distributors)
.......
18
945
Tourmaline
Oil
Corp.
(Oil,
Gas
&
Consumable
Fuels)
.............
43
794
Waste
Connections,
Inc.
(Commercial
Services
&
Supplies)
...........
119
136
West
Fraser
Timber
Co.
Ltd.
(Paper
&
Forest
Products)
...............
12
1,343
Wheaton
Precious
Metals
Corp.
(Metals
&
Mining)
.....................
66
367
WSP
Global,
Inc.
(Construction
&
Engineering)
.................
51
5,978
Cayman
Islands
—
0.01%
7,600
Sands
China
Ltd.
(Hotels,
Restaurants
&
Leisure)(a)
..................
22
Chile
—
0.02%
1,322
Antofagasta
PLC
(Metals
&
Mining)
....
28
Denmark
—
0.92%
8
A.P.
Moller
-
Maersk
A/S,
Class
-
A
(Marine
Transportation)
...............
14
16
A.P.
Moller
-
Maersk
A/S,
Class
-
B
(Marine
Transportation)
...............
29
296
Carlsberg
A/S,
Class
-
B
(Beverages)
....
37
281
Chr
Hansen
Holding
A/S
(Chemicals)(b)
.
24
416
Coloplast
A/S,
Class
-
B
(Health
Care
Equipment
&
Supplies)
.........
48
2,041
Danske
Bank
A/S
(Banks)
............
55
292
Demant
A/S
(Health
Care
Equipment
&
Supplies)(a)
..................
13
551
DSV
A/S
(Air
Freight
&
Logistics)
.....
97
193
Genmab
A/S
(Biotechnology)(a)(b)
.....
62
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Denmark
(continued)
9,685
Novo
Nordisk
A/S,
Class
-
B
(Pharmaceuticals)
.............
$
1,001
658
Novozymes
A/S,
B
shares
(Chemicals)
..
36
568
Orsted
A/S
(Electric
Utilities)(b)
.......
31
245
Pandora
A/S
(Textiles,
Apparel
&
Luxury
Goods)
.....................
34
18
ROCKWOOL
A/S,
Class
-
B
(Building
Products)
....................
5
1,216
Tryg
A/S
(Insurance)(b)
.............
26
2,997
Vestas
Wind
Systems
A/S
(Electrical
Equipment)(a)
................
95
1,607
Finland
—
0.30%
360
Elisa
Oyj
(Diversified
Telecommunication
Services)
....................
17
1,491
Fortum
Oyj
(Electric
Utilities)
.........
21
684
Kesko
Oyj,
Class
-
B
(Consumer
Staples
Distribution
&
Retail)
...........
14
1,007
Kone
Oyj,
Class
-
B
(Machinery)
.......
50
2,057
Metso
Oyj
(Machinery)(b)
...........
21
1,268
Neste
Oyj
(Oil,
Gas
&
Consumable
Fuels)
45
16,330
Nokia
Oyj
(Communications
Equipment)
.
55
10,087
Nordea
Bank
Abp
(Banks)
...........
124
243
Orion
Oyj,
Class
-
B
(Pharmaceuticals)
..
11
1,387
Sampo
Oyj,
A
Shares
(Insurance)
......
61
2,063
Stora
Enso
Oyj,
Registered
Shares
(Paper
&
Forest
Products)
...............
29
1,655
UPM-Kymmene
Oyj
(Paper
&
Forest
Products)
....................
62
1,231
Wartsila
Oyj
Abp
(Machinery)
.........
18
528
France
—
3.18%
575
Accor
SA
(Hotels,
Restaurants
&
Leisure)
22
91
Aeroports
de
Paris
(Transportation
Infrastructure)
................
12
1,586
Air
Liquide
SA
(Chemicals)
..........
308
1,742
Airbus
SE
(Aerospace
&
Defense)
......
269
834
Alstom
SA
(Machinery)
.............
11
152
Amundi
SA
(Capital
Markets)
.........
10
151
Arkema
SA
(Chemicals)
.............
17
5,434
AXA
SA
(Insurance)
...............
177
104
BioMerieux
(Health
Care
Equipment
&
Supplies)
....................
12
3,103
BNP
Paribas
SA
(Banks)
.............
214
566
Bouygues
SA
(Construction
&
Engineering)
21
910
Bureau
Veritas
SA
(Professional
Services)
(b)
........................
23
472
Capgemini
SE
(IT
Services)
..........
98
1,803
Carrefour
SA
(Consumer
Staples
Distribution
&
Retail)(b)
........
33
1,382
Cie
de
Saint-Gobain
(Building
Products)
.
102
47
HC
CAPITAL
TRUST
The
ESG
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
France
(continued)
2,057
Cie
Generale
des
Etablissements
Michelin
SCA
(Automobile
Components)
...
$
74
124
Covivio
SA
(Office
REITs)
...........
7
3,044
Credit
Agricole
SA
(Banks)
...........
43
1,918
Danone
SA
(Food
Products)
..........
124
1,989
Dassault
Systemes
SE
(Software)
......
97
755
Edenred
(Financial
Services)
..........
45
195
Eiffage
SA
(Construction
&
Engineering)(b)
21
5,423
Engie
SA
(Multi-Utilities)
............
95
893
EssilorLuxottica
SA
(Health
Care
Equipment
&
Supplies)
.........
179
133
Eurazeo
SE
(Financial
Services)
.......
11
116
Gecina
SA
(Office
REITs)(b)
..........
14
1,232
Getlink
SE
(Transportation
Infrastructure)
23
95
Hermes
International
SCA
(Textiles,
Apparel
&
Luxury
Goods)
..............
201
127
Ipsen
SA
(Pharmaceuticals)
...........
15
225
Kering
SA
(Textiles,
Apparel
&
Luxury
Goods)
.....................
99
568
Klepierre
SA
(Retail
REITs)
..........
15
256
La
Francaise
des
Jeux
SAEM
(Hotels,
Restaurants
&
Leisure)
..........
9
787
Legrand
SA
(Electrical
Equipment)
.....
82
718
L'Oreal
SA
(Personal
Care
Products)
....
358
823
LVMH
Moet
Hennessy
Louis
Vuitton
SE
(Textiles,
Apparel
&
Luxury
Goods)
667
5,633
Orange
SA
(Diversified
Telecommunication
Services)(b)
..................
64
603
Pernod
Ricard
SA
(Beverages)
........
106
689
Publicis
Groupe
SA
(Media)
..........
64
49
Remy
Cointreau
SA
(Beverages)
.......
6
593
Renault
SA
(Automobiles)
...........
24
1,017
Safran
SA
(Aerospace
&
Defense)
......
179
3,374
Sanofi
(Pharmaceuticals)
............
334
88
Sartorius
Stedim
Biotech
(Life
Sciences
Tools
&
Services)
..............
23
1,606
Schneider
Electric
SE
(Electrical
Equipment)(b)
................
322
55
SEB
SA
(Household
Durables)
........
7
2,177
Societe
Generale
SA
(Banks)
.........
58
270
Sodexo
SA
(Hotels,
Restaurants
&
Leisure)
30
151
Teleperformance
SE
(Professional
Services)
22
316
Thales
SA
(Aerospace
&
Defense)
......
47
6,786
TotalEnergies
SE
(Oil,
Gas
&
Consumable
Fuels)
......................
462
305
Unibail-Rodamco-Westfield
(Retail
REITs)
(a)
........................
23
2,067
Veolia
Environnement
SA
(Multi-Utilities)
65
1,515
Vinci
SA
(Construction
&
Engineering)
..
190
2,075
Vivendi
SE
(Media)
................
22
762
Worldline
SA
(Financial
Services)(a)
....
13
5,569
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Germany
—
2.29%
482
adidas
AG
(Textiles,
Apparel
&
Luxury
Goods)
.....................
$
98
1,212
Allianz
SE,
Registered
Shares
(Insurance)
324
2,663
BASF
SE
(Chemicals)
..............
143
2,887
Bayer
AG,
Registered
Shares
(Pharmaceuticals)
.............
107
992
Bayerische
Motoren
Werke
AG
(Automobiles)
................
110
121
Bayerische
Motoren
Werke
AG,
Preference
Shares
(Automobiles)
...........
12
275
Bechtle
AG
(IT
Services)
............
14
306
Beiersdorf
AG
(Personal
Care
Products)
..
46
414
Brenntag
SE
(Trading
Companies
&
Distributors)
.................
38
99
Carl
Zeiss
Meditec
AG,
Class
-
BR
(Health
Care
Equipment
&
Supplies)
......
11
3,162
Commerzbank
AG
(Banks)
...........
38
363
Continental
AG
(Automobile
Components)
31
585
Covestro
AG
(Chemicals)(a)
..........
34
1,595
Daimler
Truck
Holding
AG
(Machinery)
.
60
541
Delivery
Hero
SE
(Hotels,
Restaurants
&
Leisure)(a)
..................
15
5,823
Deutsche
Bank
AG,
Registered
Shares
(Capital
Markets)
..............
79
559
Deutsche
Boerse
AG
(Capital
Markets)
..
115
2,156
Deutsche
Lufthansa
AG,
Registered
Shares
(Passenger
Airlines)(a)(b)
........
19
9,683
Deutsche
Telekom
AG
(Diversified
Telecommunication
Services)(b)
...
232
2,987
DHL
Group
(Air
Freight
&
Logistics)
...
148
340
Dr.
Ing.
h.c.
F.
Porsche
AG,
Preference
Shares
(Automobiles)
...........
30
6,704
E.ON
SE
(Multi-Utilities)
............
90
515
Evonik
Industries
AG
(Chemicals)
......
11
614
Fresenius
Medical
Care
AG
&
Co.
KGaA
(Health
Care
Providers
&
Services)
.
26
1,272
Fresenius
SE
&
Co.
KGaA
(Health
Care
Providers
&
Services)
...........
39
419
GEA
Group
AG
(Machinery)
.........
17
179
Hannover
Rueck
SE
(Insurance)
.......
43
438
Heidelberg
Materials
AG
(Construction
Materials)
...................
39
459
HelloFresh
SE
(Consumer
Staples
Distribution
&
Retail)(a)
.........
7
263
Henkel
AG
&
Co.
KGaA
(Household
Products)
....................
19
564
Henkel
AG
&
Co.
KGaA,
Preference
Shares
(Household
Products)
...........
45
3,852
Infineon
Technologies
AG
(Semiconductors
&
Semiconductor
Equipment)(b)
...
161
186
Knorr-Bremse
AG
(Machinery)
........
12
193
LEG
Immobilien
SE
(Real
Estate
Management
&
Development)(a)
...
17
2,428
Mercedes-Benz
Group
AG
(Automobiles)
168
384
Merck
KGaA
(Pharmaceuticals)
.......
61
48
HC
CAPITAL
TRUST
The
ESG
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Germany
(continued)
166
MTU
Aero
Engines
AG
(Aerospace
&
Defense)
....................
$
36
408
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen,
Registered
Shares
(Insurance)
.....
169
174
Nemetschek
SE
(Software)
...........
15
330
Puma
SE
(Textiles,
Apparel
&
Luxury
Goods)(b)
...................
18
20
Rational
AG
(Machinery)
............
15
129
Rheinmetall
AG
(Aerospace
&
Defense)
.
41
1,905
RWE
AG
(Independent
Power
and
Renewable
Electricity
Producers)
..
87
3,110
SAP
SE
(Software)
.................
479
80
Sartorius
AG,
Preference
Shares
(Life
Sciences
Tools
&
Services)
.......
29
221
Scout24
SE
(Interactive
Media
&
Services)
16
2,259
Siemens
AG,
Registered
Shares
(Industrial
Conglomerates)
...............
424
1,573
Siemens
Energy
AG
(Electrical
Equipment)
(a)(b)
......................
21
848
Siemens
Healthineers
AG
(Health
Care
Equipment
&
Supplies)
.........
49
408
Symrise
AG
(Chemicals)(b)
..........
45
195
Talanx
AG
(Insurance)
..............
14
2,200
Vonovia
SE
(Real
Estate
Management
&
Development)
................
69
48
Wacker
Chemie
AG
(Chemicals)
.......
6
708
Zalando
SE
(Specialty
Retail)(a)
.......
17
4,009
Hong
Kong
—
0.62%
34,200
AIA
Group
Ltd.
(Insurance)
..........
299
11,500
BOC
Hong
Kong
Holdings
Ltd.
(Banks)
.
31
4,200
Budweiser
Brewing
Co.
APAC
Ltd.
(Beverages)
..................
8
6,500
CK
Asset
Holdings
Ltd.
(Real
Estate
Management
&
Development)
.....
33
8,500
CK
Hutchison
Holdings
Ltd.
(Industrial
Conglomerates)
...............
46
1,500
CK
Infrastructure
Holdings
Ltd.
(Electric
Utilities)
....................
8
5,000
CLP
Holdings
Ltd.
(Electric
Utilities)
...
41
4,200
ESR
Group
Ltd.
(Real
Estate
Management
&
Development)
..............
6
229
Futu
Holdings
Ltd.,
ADR
(Capital
Markets)
(a)
........................
13
7,000
Galaxy
Entertainment
Group
Ltd.
(Hotels,
Restaurants
&
Leisure)
..........
39
5,000
Hang
Lung
Properties
Ltd.
(Real
Estate
Management
&
Development)
.....
7
2,000
Hang
Seng
Bank
Ltd.
(Banks)
.........
23
4,000
Henderson
Land
Development
Co.
Ltd.
(Real
Estate
Management
&
Development)
................
12
11,000
HKT
Trust
&
HKT
Ltd.
(Diversified
Telecommunication
Services)(b)
...
13
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Hong
Kong
(continued)
35,665
Hong
Kong
&
China
Gas
Co.
Ltd.
(Gas
Utilities)
....................
$
27
3,549
Hong
Kong
Exchanges
&
Clearing
Ltd.
(Capital
Markets)
..............
122
3,800
Hongkong
Land
Holdings
Ltd.
(Real
Estate
Management
&
Development)
.....
13
8,111
Link
REIT
(Retail
REITs)
............
46
4,000
MTR
Corp.
Ltd.
(Ground
Transportation)
.
16
4,000
New
World
Development
Co.
Ltd.
(Real
Estate
Management
&
Development)
6
3,500
Power
Assets
Holdings
Ltd.
(Electric
Utilities)
....................
20
8,158
Prudential
PLC
(Insurance)
...........
92
8,518
Sino
Land
Co.
Ltd.
(Real
Estate
Management
&
Development)
.....
9
4,500
Sun
Hung
Kai
Properties
Ltd.
(Real
Estate
Management
&
Development)
.....
49
2,000
Swire
Pacific
Ltd.,
Class
-
A
(Real
Estate
Management
&
Development)
.....
17
3,000
Swire
Properties
Ltd.
(Real
Estate
Management
&
Development)
.....
6
4,000
Techtronic
Industries
Co.
Ltd.
(Machinery)
48
31,450
WH
Group
Ltd.
(Food
Products)
.......
20
6,000
Wharf
Real
Estate
Investment
Co.
Ltd.
(Real
Estate
Management
&
Development)
20
1,090
Ireland
(Republic
of)
—
1.07%
1,867
Accenture
PLC,
Class
-
A
(IT
Services)
..
656
248
AerCap
Holdings
N.V.
(Trading
Companies
&
Distributors)(a)
.............
18
322
AerCap
Holdings
N.V.
(Trading
Companies
&
Distributors)(a)
.............
24
4,074
AIB
Group
PLC
(Banks)
............
17
234
Allegion
PLC
(Building
Products)
......
30
805
Aptiv
PLC
(Automobile
Components)(a)
.
72
3,225
Bank
of
Ireland
Group
PLC
(Banks)
....
29
2,168
CRH
PLC
(Construction
Materials)
.....
150
276
DCC
PLC
(Industrial
Conglomerates)(b)
.
20
2,704
Experian
PLC
(Professional
Services)
...
110
520
Flutter
Entertainment
PLC
(Hotels,
Restaurants
&
Leisure)(a)
........
92
1,311
James
Hardie
Industries
PLC
(Construction
Materials)(a)
.................
50
487
Kerry
Group
PLC,
Class
-
A
(Food
Products)(b)
.................
42
465
Kingspan
Group
PLC
(Building
Products)
40
3,948
Medtronic
PLC
(Health
Care
Equipment
&
Supplies)
....................
326
840
Smurfit
Kappa
Group
PLC
(Containers
&
Packaging)(b)
................
33
669
Trane
Technologies
PLC
(Building
Products)
....................
164
1,873
49
HC
CAPITAL
TRUST
The
ESG
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Israel
—
0.19%
101
Azrieli
Group
Ltd.
(Real
Estate
Management
&
Development)
..............
$
7
3,649
Bank
Hapoalim
BM
(Banks)
..........
33
4,740
Bank
Leumi
Le-Israel
BM
(Banks)
.....
38
288
Check
Point
Software
Technologies
Ltd.
(Software)(a)
.................
43
125
CyberArk
Software
Ltd.
(Software)(a)
...
27
84
Elbit
Systems
Ltd.
(Aerospace
&
Defense)
18
286
Global-e
Online
Ltd.
(Broadline
Retail)(a)
11
2,505
ICL
Group
Ltd.
(Chemicals)
..........
13
1
Isracard
Ltd.
(Consumer
Finance)
......
—
4,694
Israel
Discount
Bank
Ltd.,
Class
-
A
(Banks)
24
444
Mizrahi
Tefahot
Bank
Ltd.
(Banks)
.....
17
89
Monday.com
Ltd.
(Software)(a)
........
17
181
Nice
Ltd.
(Software)(a)
..............
37
3,391
Teva
Pharmaceutical
Industries
Ltd.,
ADR
(Pharmaceuticals)(a)
...........
35
136
Wix.com
Ltd.
(IT
Services)(a)
.........
17
337
Italy
—
0.62%
466
Amplifon
SpA
(Health
Care
Providers
&
Services)
....................
16
2,886
Assicurazioni
Generali
SpA
(Insurance)
..
61
3,238
Banco
BPM
SpA
(Banks)
............
17
1,427
Davide
Campari-Milano
N.V.,
Class
-
M
(Beverages)(b)
................
16
54
DiaSorin
SpA
(Health
Care
Equipment
&
Supplies)
....................
6
23,895
Enel
SpA
(Electric
Utilities)(b)
........
179
6,796
Eni
SpA
(Oil,
Gas
&
Consumable
Fuels)
.
115
386
Ferrari
N.V.
(Automobiles)
...........
130
1,831
FinecoBank
Banca
Fineco
SpA
(Banks)
..
27
1,050
Infrastrutture
Wireless
Italiane
SpA
(Diversified
Telecommunication
Services)(b)
..................
13
47,333
Intesa
Sanpaolo
SpA
(Banks)(b)
.......
138
1,167
Leonardo
SpA
(Aerospace
&
Defense)
...
19
1,412
Mediobanca
Banca
di
Credito
Finanziario
SpA
(Banks)
.................
17
614
Moncler
SpA
(Textiles,
Apparel
&
Luxury
Goods)
.....................
38
2,061
Nexi
SpA
(Financial
Services)(a)
.......
17
1,363
Poste
Italiane
SpA
(Insurance)
.........
15
880
Prysmian
SpA
(Electrical
Equipment)
...
40
257
Recordati
Industria
Chimica
e
Farmaceutica
SpA
(Pharmaceuticals)
..........
14
7,012
Snam
SpA
(Gas
Utilities)
............
36
25,056
Telecom
Italia
SpA/Milano
(Diversified
Telecommunication
Services)(a)
...
8
4,220
Terna
-
Rete
Elettrica
Nazionale
(Electric
Utilities)
....................
35
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Italy
(continued)
4,756
UniCredit
SpA
(Banks)
..............
$
129
1,086
Japan
—
6.02%
2,400
Advantest
Corp.
(Semiconductors
&
Semiconductor
Equipment)(b)
.....
82
2,100
Aeon
Co.
Ltd.
(Consumer
Staples
Distribution
&
Retail)
...........
47
500
AGC,
Inc.
(Building
Products)
........
19
1,400
Ajinomoto
Co.,
Inc.
(Food
Products)
....
54
300
ANA
Holdings,
Inc.
(Passenger
Airlines)(a)
(b)
........................
7
1,500
Asahi
Group
Holdings
Ltd.
(Beverages)(b)
56
500
Asahi
Intecc
Co.
Ltd.
(Health
Care
Equipment
&
Supplies)
.........
10
3,200
Asahi
Kasei
Corp.
(Chemicals)
........
24
5,500
Astellas
Pharma,
Inc.
(Pharmaceuticals)
..
66
300
Azbil
Corp.
(Electronic
Equipment,
Instruments
&
Components)
......
10
1,800
Bandai
Namco
Holdings,
Inc.
(Leisure
Products)
....................
36
500
BayCurrent
Consulting,
Inc.
(Professional
Services)
....................
18
1,700
Bridgestone
Corp.
(Automobile
Components)
.................
70
800
Brother
Industries
Ltd.
(Technology
Hardware,
Storage
&
Peripherals)
..
13
3,000
Canon,
Inc.
(Technology
Hardware,
Storage
&
Peripherals)
................
77
600
Capcom
Co.
Ltd.
(Entertainment)
......
19
2,000
Central
Japan
Railway
Co.
(Ground
Transportation)
...............
51
2,000
Chubu
Electric
Power
Co.,
Inc.
(Electric
Utilities)
....................
26
2,000
Chugai
Pharmaceutical
Co.
Ltd.
(Pharmaceuticals)
.............
76
2,800
Concordia
Financial
Group
Ltd.
(Banks)
.
13
600
Dai
Nippon
Printing
Co.
Ltd.
(Commercial
Services
&
Supplies)
...........
18
1,000
Daifuku
Co.
Ltd.
(Machinery)
.........
20
2,800
Dai-ichi
Life
Holdings,
Inc.
(Insurance)
..
59
5,600
Daiichi
Sankyo
Co.
Ltd.
(Pharmaceuticals)
154
800
Daikin
Industries
Ltd.
(Building
Products)
130
200
Daito
Trust
Construction
Co.
Ltd.
(Real
Estate
Management
&
Development)
23
2,000
Daiwa
House
Industry
Co.
Ltd.
(Real
Estate
Management
&
Development)
.....
61
5
Daiwa
House
REIT
Investment
Corp.
(Diversified
REITs)
............
9
3,800
Daiwa
Securities
Group,
Inc.
(Capital
Markets)
....................
26
5,200
Denso
Corp.
(Automobile
Components)
..
78
700
Dentsu
Group,
Inc.
(Media)
..........
18
300
Disco
Corp.
(Semiconductors
&
Semiconductor
Equipment)
.......
74
50
HC
CAPITAL
TRUST
The
ESG
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Japan
(continued)
1,000
East
Japan
Railway
Co.
(Ground
Transportation)
...............
$
58
800
Eisai
Co.
Ltd.
(Pharmaceuticals)
.......
40
7,800
ENEOS
Holdings,
Inc.
(Oil,
Gas
&
Consumable
Fuels)
.............
31
2,900
FANUC
Corp.
(Machinery)
...........
85
500
Fast
Retailing
Co.
Ltd.
(Specialty
Retail)
.
124
300
Fuji
Electric
Co.
Ltd.
(Electrical
Equipment)
13
1,100
FUJIFILM
Holdings
Corp.
(Technology
Hardware,
Storage
&
Peripherals)
..
66
500
Fujitsu
Ltd.
(IT
Services)(b)
..........
75
15
GLP
J-Reit
(Industrial
REITs)(b)
.......
15
500
Hamamatsu
Photonics
KK
(Electronic
Equipment,
Instruments
&
Components)
.................
21
600
Hankyu
Hanshin
Holdings,
Inc.
(Ground
Transportation)
...............
19
100
Hikari
Tsushin,
Inc.
(Industrial
Conglomerates)
...............
17
100
Hirose
Electric
Co.
Ltd.
(Electronic
Equipment,
Instruments
&
Components)
.................
11
300
Hitachi
Construction
Machinery
Co.
Ltd.
(Machinery)
.................
8
2,800
Hitachi
Ltd.
(Industrial
Conglomerates)
..
202
13,800
Honda
Motor
Co.
Ltd.
(Automobiles)
...
144
400
Hoshizaki
Corp.
(Machinery)
.........
15
1,100
Hoya
Corp.
(Health
Care
Equipment
&
Supplies)
....................
138
800
Hulic
Co.
Ltd.
(Real
Estate
Management
&
Development)(b)
..............
8
300
Ibiden
Co.
Ltd.
(Electronic
Equipment,
Instruments
&
Components)
......
17
2,500
Idemitsu
Kosan
Co.
Ltd.
(Oil,
Gas
&
Consumable
Fuels)(b)
..........
14
400
Iida
Group
Holdings
Co.
Ltd.
(Household
Durables)
...................
6
3,000
Inpex
Corp.
(Oil,
Gas
&
Consumable
Fuels)
41
1,500
Isuzu
Motors
Ltd.
(Automobiles)
.......
19
3,500
ITOCHU
Corp.
(Trading
Companies
&
Distributors)
.................
143
400
Japan
Airlines
Co.
Ltd.
(Passenger
Airlines)
(b)
........................
8
1,500
Japan
Exchange
Group,
Inc.
(Capital
Markets)
....................
32
18
Japan
Metropolitan
Fund
Invest
(Retail
REITs)
.....................
13
4,400
Japan
Post
Bank
Co.
Ltd.
(Banks)(b)
....
45
6,600
Japan
Post
Holdings
Co.
Ltd.
(Insurance)(b)
59
500
Japan
Post
Insurance
Co.
Ltd.
(Insurance)(b)
9
3
Japan
Real
Estate
Investment
Corp.
(Office
REITs)
.....................
12
1,600
JFE
Holdings,
Inc.
(Metals
&
Mining)(b)
.
25
500
JSR
Corp.
(Chemicals)
..............
14
1,100
Kajima
Corp.
(Construction
&
Engineering)
18
1,400
Kao
Corp.
(Personal
Care
Products)
.....
58
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Japan
(continued)
500
Kawasaki
Kisen
Kaisha
Ltd.
(Marine
Transportation)
...............
$
21
4,500
KDDI
Corp.
(Wireless
Telecommunication
Services)
....................
143
14
KDX
Realty
Investment
Corp.
(Diversified
REITs)
.....................
16
500
Keisei
Electric
Railway
Co.
Ltd.
(Ground
Transportation)
...............
24
600
Keyence
Corp.
(Electronic
Equipment,
Instruments
&
Components)
......
264
400
Kikkoman
Corp.
(Food
Products)
......
24
700
Kintetsu
Group
Holdings
Co.
Ltd.
(Ground
Transportation)
...............
22
2,800
Kirin
Holdings
Co.
Ltd.
(Beverages)
....
41
400
Kobe
Bussan
Co.
Ltd.
(Consumer
Staples
Distribution
&
Retail)
...........
12
300
Koei
Tecmo
Holdings
Co.
Ltd.
(Entertainment)
...............
3
500
Koito
Manufacturing
Co.
Ltd.
(Automobile
Components)
.................
8
2,800
Komatsu
Ltd.
(Machinery)
...........
73
300
Konami
Group
Corp.
(Entertainment)
...
16
100
Kose
Corp.
(Personal
Care
Products)
....
8
3,200
Kubota
Corp.
(Machinery)
...........
48
4,000
Kyocera
Corp.
(Electronic
Equipment,
Instruments
&
Components)
......
58
700
Kyowa
Kirin
Co.
Ltd.
(Pharmaceuticals)
.
12
700
Makita
Corp.
(Machinery)
...........
19
4,500
Marubeni
Corp.
(Trading
Companies
&
Distributors)
.................
71
900
MatsukiyoCocokara
&
Co.
(Consumer
Staples
Distribution
&
Retail)
.....
16
1,500
Mazda
Motor
Corp.
(Automobiles)
.....
16
200
McDonald's
Holdings
Co.
Japan
Ltd.
(Hotels,
Restaurants
&
Leisure)
....
9
600
MEIJI
Holdings
Co.
Ltd.
(Food
Products)
14
900
MINEBEA
MITSUMI,
Inc.
(Machinery)
.
19
700
MISUMI
Group,
Inc.
(Machinery)
......
12
3,200
Mitsubishi
Chemical
Group
Corp.
(Chemicals)
..................
20
10,200
Mitsubishi
Corp.
(Trading
Companies
&
Distributors)
.................
163
5,700
Mitsubishi
Electric
Corp.
(Electrical
Equipment)
..................
81
3,200
Mitsubishi
Estate
Co.
Ltd.
(Real
Estate
Management
&
Development)
.....
44
3,200
Mitsubishi
HC
Capital,
Inc.
(Financial
Services)
....................
21
1,000
Mitsubishi
Heavy
Industries
Ltd.
(Machinery)
.................
58
33,700
Mitsubishi
UFJ
Financial
Group,
Inc.
(Banks)
.....................
290
3,900
Mitsui
&
Co.
Ltd.
(Trading
Companies
&
Distributors)
.................
147
400
Mitsui
Chemicals,
Inc.
(Chemicals)
.....
12
2,800
Mitsui
Fudosan
Co.
Ltd.
(Real
Estate
Management
&
Development)
.....
69
51
HC
CAPITAL
TRUST
The
ESG
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Japan
(continued)
900
Mitsui
O.S.K.
Lines
Ltd.
(Marine
Transportation)
...............
$
29
7,140
Mizuho
Financial
Group,
Inc.
(Banks)
...
122
600
MonotaRO
Co.
Ltd.
(Trading
Companies
&
Distributors)
.................
7
1,300
MS&AD
Insurance
Group
Holdings,
Inc.
(Insurance)
..................
51
5,100
Murata
Manufacturing
Co.
Ltd.
(Electronic
Equipment,
Instruments
&
Components)
.................
108
700
NEC
Corp.
(IT
Services)
.............
41
1,200
Nexon
Co.
Ltd.
(Entertainment)
.......
22
1,300
NIDEC
Corp.
(Electrical
Equipment)
....
53
3,100
Nintendo
Co.
Ltd.
(Entertainment)
......
162
4
Nippon
Building
Fund,
Inc.
(Office
REITs)
17
200
NIPPON
EXPRESS
HOLDINGS,
Inc.
(Air
Freight
&
Logistics)
............
11
3,000
Nippon
Paint
Holdings
Co.
Ltd.
(Chemicals)
(b)
........................
24
5
Nippon
Prologis
REIT,
Inc.
(Industrial
REITs)(b)
...................
10
600
Nippon
Sanso
Holdings
Corp.
(Chemicals)
16
2,500
Nippon
Steel
Corp.
(Metals
&
Mining)(b)
57
89,600
Nippon
Telegraph
&
Telephone
Corp.
(Diversified
Telecommunication
Services)
....................
110
1,500
Nippon
Yusen
KK
(Marine
Transportation)
47
300
Nissan
Chemical
Corp.
(Chemicals)
.....
12
7,400
Nissan
Motor
Co.
Ltd.
(Automobiles)
...
29
600
Nissin
Foods
Holdings
Co.
Ltd.
(Food
Products)(b)
.................
21
200
Nitori
Holdings
Co.
Ltd.
(Specialty
Retail)
27
500
Nitto
Denko
Corp.
(Chemicals)
........
37
8,500
Nomura
Holdings,
Inc.
(Capital
Markets)
.
38
400
Nomura
Real
Estate
Holdings,
Inc.
(Real
Estate
Management
&
Development)
11
11
Nomura
Real
Estate
Master
Fund,
Inc.
(Diversified
REITs)
............
13
1,200
Nomura
Research
Institute
Ltd.
(IT
Services)
....................
35
1,600
NTT
Data
Group
Corp.
(IT
Services)
....
23
1,600
Obayashi
Corp.
(Construction
&
Engineering)
.................
14
200
Obic
Co.
Ltd.
(IT
Services)
...........
34
1,200
Odakyu
Electric
Railway
Co.
Ltd.
(Ground
Transportation)
...............
18
2,400
Oji
Holdings
Corp.
(Paper
&
Forest
Products)
....................
9
3,700
Olympus
Corp.
(Health
Care
Equipment
&
Supplies)
....................
54
500
Omron
Corp.
(Electronic
Equipment,
Instruments
&
Components)
......
23
1,300
Ono
Pharmaceutical
Co.
Ltd.
(Pharmaceuticals)
.............
23
200
Open
House
Group
Co.
Ltd.
(Household
Durables)(b)
.................
6
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Japan
(continued)
100
Oracle
Corp.
Japan
(Software)
.........
$
8
3,200
Oriental
Land
Co.
Ltd.
(Hotels,
Restaurants
&
Leisure)
...................
119
3,600
ORIX
Corp.
(Financial
Services)
.......
68
1,000
Osaka
Gas
Co.
Ltd.
(Gas
Utilities)
......
21
300
Otsuka
Corp.
(IT
Services)
...........
12
1,200
Otsuka
Holdings
Co.
Ltd.
(Pharmaceuticals)
45
1,000
Pan
Pacific
International
Holdings
Corp.
(Broadline
Retail)
.............
24
6,600
Panasonic
Holdings
Corp.
(Household
Durables)
...................
65
5,500
Rakuten
Group,
Inc.
(Broadline
Retail)(b)
24
4,300
Recruit
Holdings
Co.
Ltd.
(Professional
Services)
....................
182
4,300
Renesas
Electronics
Corp.
(Semiconductors
&
Semiconductor
Equipment)(a)(b)
.
78
6,500
Resona
Holdings,
Inc.
(Banks)
........
33
1,600
Ricoh
Co.
Ltd.
(Technology
Hardware,
Storage
&
Peripherals)
..........
12
1,200
Rohm
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
.......
23
600
SBI
Holdings,
Inc.
(Capital
Markets)
....
13
300
SCSK
Corp.
(IT
Services)
............
6
700
Secom
Co.
Ltd.
(Commercial
Services
&
Supplies)
....................
50
800
Seiko
Epson
Corp.
(Technology
Hardware,
Storage
&
Peripherals)
..........
12
1,000
Sekisui
Chemical
Co.
Ltd.
(Household
Durables)
...................
14
2,000
Sekisui
House
Ltd.
(Household
Durables)
44
2,300
Seven
&
i
Holdings
Co.
Ltd.
(Consumer
Staples
Distribution
&
Retail)
.....
91
800
SG
Holdings
Co.
Ltd.
(Air
Freight
&
Logistics)
...................
11
500
Sharp
Corp.
(Household
Durables)(b)
...
4
800
Shimadzu
Corp.
(Electronic
Equipment,
Instruments
&
Components)
......
22
200
Shimano,
Inc.
(Leisure
Products)
.......
31
1,400
Shimizu
Corp.
(Construction
&
Engineering)
.................
9
5,400
Shin-Etsu
Chemical
Co.
Ltd.
(Chemicals)
227
900
Shionogi
&
Co.
Ltd.
(Pharmaceuticals)
..
43
1,200
Shiseido
Co.
Ltd.
(Personal
Care
Products)
36
1,000
Shizuoka
Financial
Group,
Inc.
(Banks)
..
8
100
SMC
Corp.
(Machinery)
.............
54
8,600
SoftBank
Corp.
(Wireless
Telecommunication
Services)
.....
107
3,000
SoftBank
Group
Corp.
(Wireless
Telecommunication
Services)
.....
134
800
Sompo
Holdings,
Inc.
(Insurance)
......
39
3,700
Sony
Group
Corp.
(Household
Durables)
.
352
200
Square
Enix
Holdings
Co.
Ltd.
(Entertainment)
...............
7
2,000
Subaru
Corp.
(Automobiles)
..........
37
900
SUMCO
Corp.
(Semiconductors
&
Semiconductor
Equipment)(b)
.....
13
52
HC
CAPITAL
TRUST
The
ESG
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Japan
(continued)
3,600
Sumitomo
Chemical
Co.
Ltd.
(Chemicals)
$
9
2,900
Sumitomo
Corp.
(Trading
Companies
&
Distributors)
.................
63
1,900
Sumitomo
Electric
Industries
Ltd.
(Automobile
Components)
.......
24
600
Sumitomo
Metal
Mining
Co.
Ltd.
(Metals
&
Mining)
.....................
18
3,800
Sumitomo
Mitsui
Financial
Group,
Inc.
(Banks)
.....................
185
2,000
Sumitomo
Mitsui
Trust
Holdings,
Inc.
(Banks)
.....................
38
800
Sumitomo
Realty
&
Development
Co.
Ltd.
(Real
Estate
Management
&
Development)
................
24
300
Suntory
Beverage
&
Food
Ltd.
(Beverages)
10
1,200
Suzuki
Motor
Corp.
(Automobiles)
.....
51
500
Sysmex
Corp.
(Health
Care
Equipment
&
Supplies)
....................
28
1,200
T&D
Holdings,
Inc.
(Insurance)
.......
19
500
Taisei
Corp.
(Construction
&
Engineering)
17
4,700
Takeda
Pharmaceutical
Co.
Ltd.
(Pharmaceuticals)
.............
135
1,200
TDK
Corp.
(Electronic
Equipment,
Instruments
&
Components)
......
57
2,000
Terumo
Corp.
(Health
Care
Equipment
&
Supplies)
....................
66
1,200
The
Chiba
Bank
Ltd.
(Banks)
.........
9
2,300
The
Kansai
Electric
Power
Co.,
Inc.
(Electric
Utilities)
.............
31
800
TIS,
Inc.
(IT
Services)
..............
18
500
Tobu
Railway
Co.
Ltd.
(Ground
Transportation)
...............
13
300
Toho
Co.
Ltd.
(Entertainment)
.........
10
5,300
Tokio
Marine
Holdings,
Inc.
(Insurance)
.
133
1,400
Tokyo
Electron
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
.......
251
1,000
Tokyo
Gas
Co.
Ltd.
(Gas
Utilities)
......
23
1,900
Tokyu
Corp.
(Ground
Transportation)
...
23
600
TOPPAN
Holdings,
Inc.
(Commercial
Services
&
Supplies)
...........
17
3,400
Toray
Industries,
Inc.
(Chemicals)
......
18
600
Tosoh
Corp.
(Chemicals)
............
8
300
TOTO
Ltd.
(Building
Products)
........
8
400
Toyota
Industries
Corp.
(Machinery)
....
33
31,400
Toyota
Motor
Corp.
(Automobiles)
.....
578
700
Toyota
Tsusho
Corp.
(Trading
Companies
&
Distributors)
.................
41
400
Trend
Micro,
Inc.
(Software)
..........
21
1,200
Unicharm
Corp.
(Household
Products)
...
43
500
USS
Co.
Ltd.
(Specialty
Retail)
........
10
700
West
Japan
Railway
Co.
(Ground
Transportation)(b)
.............
29
800
Yakult
Honsha
Co.
Ltd.
(Food
Products)
.
18
300
Yamaha
Corp.
(Leisure
Products)
......
7
2,400
Yamaha
Motor
Co.
Ltd.
(Automobiles)
..
21
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Japan
(continued)
800
Yamato
Holdings
Co.
Ltd.
(Air
Freight
&
Logistics)
...................
$
15
800
Yaskawa
Electric
Corp.
(Machinery)
....
33
600
Yokogawa
Electric
Corp.
(Electronic
Equipment,
Instruments
&
Components)
.................
11
6,700
Z
Holdings
Corp.
(Interactive
Media
&
Services)
....................
24
300
Zensho
Holdings
Co.
Ltd.
(Hotels,
Restaurants
&
Leisure)
..........
16
300
ZOZO,
Inc.
(Specialty
Retail)(b)
.......
7
10,546
Luxembourg
—
0.06%
1,581
ArcelorMittal
SA
(Metals
&
Mining)
....
46
422
Eurofins
Scientific
SE
(Life
Sciences
Tools
&
Services)
..................
27
1,520
Tenaris
SA
(Energy
Equipment
&
Services)
26
99
Netherlands
—
1.45%
1,484
ABN
AMRO
Bank
N.V.
(Banks)
.......
22
64
Adyen
N.V.
(Financial
Services)(a)(b)
...
82
4,651
Aegon
Ltd.
(Insurance)
..............
27
504
Akzo
Nobel
N.V.
(Chemicals)
.........
42
176
Argenx
SE
(Biotechnology)(a)
........
67
145
ASM
International
N.V.
(Semiconductors
&
Semiconductor
Equipment)
.......
75
1,199
ASML
Holding
N.V.
(Semiconductors
&
Semiconductor
Equipment)(b)
.....
903
524
ASR
Nederland
N.V.
(Insurance)
.......
25
209
BE
Semiconductor
Industries
N.V.
(Semiconductors
&
Semiconductor
Equipment)
..................
31
214
Euronext
N.V.
(Capital
Markets)
.......
19
275
EXOR
N.V.
(Financial
Services)
.......
27
1,545
Ferrovial
SE
(Construction
&
Engineering)
56
366
Heineken
Holding
N.V.
(Beverages)
....
31
877
Heineken
N.V.
(Beverages)
...........
89
178
IMCD
N.V.
(Trading
Companies
&
Distributors)(b)
...............
31
10,643
ING
Groep
N.V.
(Banks)
.............
159
425
JDE
Peet's
N.V.
(Food
Products)(b)
.....
11
2,861
Koninklijke
Ahold
Delhaize
N.V.
(Consumer
Staples
Distribution
&
Retail)
.....
82
10,003
Koninklijke
KPN
N.V.
(Diversified
Telecommunication
Services)
.....
34
734
NN
Group
N.V.
(Insurance)
...........
29
761
NXP
Semiconductors
N.V.
(Semiconductors
&
Semiconductor
Equipment)
.....
176
248
OCI
N.V.
(Chemicals)(b)
............
7
4,344
Prosus
N.V.
(Broadline
Retail)(b)
......
129
697
QIAGEN
N.V.
(Life
Sciences
Tools
&
Services)(a)
..................
30
276
Randstad
N.V.
(Professional
Services)
...
17
53
HC
CAPITAL
TRUST
The
ESG
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Netherlands
(continued)
6,592
Stellantis
N.V.
(Automobiles)
.........
$
154
2,441
Universal
Music
Group
N.V.
(Entertainment)
...............
70
751
Wolters
Kluwer
N.V.
(Professional
Services)
107
2,532
New
Zealand
—
0.07%
4,769
Auckland
International
Airport
Ltd.
(Transportation
Infrastructure)
.....
27
1,455
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
(Health
Care
Equipment
&
Supplies)
22
1,764
Mercury
NZ
Ltd.
(Electric
Utilities)
.....
7
2,860
Meridian
Energy
Ltd.
(Independent
Power
and
Renewable
Electricity
Producers)
10
5,100
Spark
New
Zealand
Ltd.
(Diversified
Telecommunication
Services)
.....
17
443
Xero
Ltd.
(Software)(a)
.............
33
116
Norway
—
0.18%
741
Adevinta
ASA
(Interactive
Media
&
Services)(a)
..................
8
1,069
Aker
BP
ASA
(Oil,
Gas
&
Consumable
Fuels)
......................
31
2,744
DNB
Bank
ASA
(Banks)
............
58
2,721
Equinor
ASA
(Oil,
Gas
&
Consumable
Fuels)
......................
86
485
Gjensidige
Forsikring
ASA
(Insurance)
..
9
217
Kongsberg
Gruppen
ASA
(Aerospace
&
Defense)
....................
10
1,453
Mowi
ASA
(Food
Products)(b)
........
26
3,388
Norsk
Hydro
ASA
(Metals
&
Mining)
...
23
1,866
Orkla
ASA
(Food
Products)
..........
14
241
Salmar
ASA
(Food
Products)
.........
14
1,828
Telenor
ASA
(Diversified
Telecommunication
Services)
.....
21
438
Yara
International
ASA
(Chemicals)
....
16
316
Portugal
—
0.05%
9,123
EDP
-
Energias
de
Portugal
SA
(Electric
Utilities)
....................
46
1,681
Galp
Energia
SGPS
SA
(Oil,
Gas
&
Consumable
Fuels)(b)
..........
25
752
Jeronimo
Martins
SGPS
SA
(Consumer
Staples
Distribution
&
Retail)(b)
...
19
90
Singapore
—
0.35%
11,741
CapitaLand
Ascendas
REIT
(Industrial
REITs)
.....................
27
12,356
CapitaLand
Integrated
Commercial
Trust
(Retail
REITs)
................
19
6,700
CapitaLand
Investment
Ltd.
(Real
Estate
Management
&
Development)
.....
16
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Singapore
(continued)
1,000
City
Developments
Ltd.
(Real
Estate
Management
&
Development)
.....
$
5
5,461
DBS
Group
Holdings
Ltd.
(Banks)
.....
137
15,700
Genting
Singapore
Ltd.
(Hotels,
Restaurants
&
Leisure)
...................
12
5,748
Grab
Holdings
Ltd.
(Ground
Transportation)
(a)
........................
19
300
Jardine
Cycle
&
Carriage
Ltd.
(Industrial
Conglomerates)
...............
7
4,100
Keppel
Corp.
Ltd.
(Industrial
Conglomerates)
...............
22
6,014
Mapletree
Logistics
Trust
(Industrial
REITs)
8
5,600
Mapletree
Pan
Asia
Commercial
Trust
(Retail
REITs)
................
7
10,390
Oversea-Chinese
Banking
Corp.
Ltd.
(Banks)
.....................
102
136,048
Seatrium
Ltd.
(Machinery)(a)
.........
12
2,700
Sembcorp
Industries
Ltd.
(Multi-Utilities)
11
4,400
Singapore
Airlines
Ltd.
(Passenger
Airlines)
(b)
........................
22
3,300
Singapore
Exchange
Ltd.
(Capital
Markets)
25
4,100
Singapore
Technologies
Engineering
Ltd.
(Aerospace
&
Defense)
.........
12
25,100
Singapore
Telecommunications
Ltd.
(Diversified
Telecommunication
Services)
....................
47
3,800
United
Overseas
Bank
Ltd.
(Banks)
.....
82
1,000
UOL
Group
Ltd.
(Real
Estate
Management
&
Development)
..............
5
5,000
Wilmar
International
Ltd.
(Food
Products)
14
611
Spain
—
0.72%
54
Acciona
SA
(Electric
Utilities)
........
8
680
ACS
Actividades
de
Construccion
y
Servicios
SA
(Construction
&
Engineering)
.................
30
231
Aena
SME
SA
(Transportation
Infrastructure)
................
42
1,338
Amadeus
IT
Group
SA
(Hotels,
Restaurants
&
Leisure)
...................
96
17,574
Banco
Bilbao
Vizcaya
Argentaria
SA
(Banks)
.....................
160
48,087
Banco
Santander
SA
(Banks)(b)
.......
201
12,123
CaixaBank
SA
(Banks)
..............
50
1,686
Cellnex
Telecom
SA
(Diversified
Telecommunication
Services)(b)
...
66
262
Corp.
ACCIONA
Energias
Renovables
SA
(Independent
Power
and
Renewable
Electricity
Producers)
...........
8
976
EDP
Renovaveis
SA
(Independent
Power
and
Renewable
Electricity
Producers)
20
812
Enagas
SA
(Gas
Utilities)(b)
..........
14
802
Endesa
SA
(Electric
Utilities)
.........
16
1,194
Grifols
SA
(Biotechnology)(a)
.........
20
18,129
Iberdrola
SA
(Electric
Utilities)
........
237
54
HC
CAPITAL
TRUST
The
ESG
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Spain
(continued)
3,229
Industria
de
Diseno
Textil
SA
(Specialty
Retail)
......................
$
141
262
Naturgy
Energy
Group
SA
(Gas
Utilities)
.
8
1,081
Redeia
Corp.
SA
(Electric
Utilities)
.....
18
3,991
Repsol
SA
(Oil,
Gas
&
Consumable
Fuels)
59
15,668
Telefonica
SA
(Diversified
Telecommunication
Services)
.....
61
1,255
Sweden
—
0.89%
779
Alfa
Laval
AB
(Machinery)
..........
31
3,086
Assa
Abloy
AB,
Class
-
B
(Building
Products)
....................
89
7,773
Atlas
Copco
AB,
Class
-
A
(Machinery)
..
135
4,700
Atlas
Copco
AB,
Class
-
B
(Machinery)
..
70
1,237
Beijer
Ref
AB
(Trading
Companies
&
Distributors)
.................
17
764
Boliden
AB
(Metals
&
Mining)
........
24
2,092
Epiroc
AB,
Class
-
A
(Machinery)
......
42
1,066
Epiroc
AB,
Class
-
B
(Machinery)
......
19
1,104
EQT
AB
(Capital
Markets)
...........
31
1,896
Essity
AB,
Class
-
B
(Household
Products)
47
546
Evolution
AB
(Hotels,
Restaurants
&
Leisure)
....................
65
1,608
Fastighets
AB
Balder,
B
shares
(Real
Estate
Management
&
Development)(a)
...
11
767
Getinge
AB,
B
shares
(Health
Care
Equipment
&
Supplies)
.........
17
2,002
H
&
M
Hennes
&
Mauritz
AB,
Class
-
B
(Specialty
Retail)
..............
35
6,182
Hexagon
AB,
Class
-
B
(Electronic
Equipment,
Instruments
&
Components)
.................
74
172
Holmen
AB,
B
shares
(Paper
&
Forest
Products)
....................
7
854
Husqvarna
AB,
B
shares
(Machinery)
...
7
282
Industrivarden
AB,
Class
-
A
(Financial
Services)(b)
..................
9
451
Industrivarden
AB,
Class
-
C
(Financial
Services)
....................
15
910
Indutrade
AB
(Machinery)
...........
24
321
Investment
AB
Latour,
Class
-
B
(Industrial
Conglomerates)
...............
8
5,230
Investor
AB,
Class
-
B
(Financial
Services)
122
169
L
E
Lundbergforetagen
AB,
Class
-
B
(Financial
Services)
............
9
580
Lifco
AB,
Class
-
B
(Industrial
Conglomerates)
...............
14
4,601
Nibe
Industrier
AB,
Class
-
B
(Building
Products)
....................
32
253
Saab
AB,
Class
-
B
(Aerospace
&
Defense)
15
678
Sagax
AB,
Class
-
B
(Real
Estate
Management
&
Development)
.....
19
3,271
Sandvik
AB
(Machinery)
............
71
1,789
Securitas
AB,
Class
-
B
(Commercial
Services
&
Supplies)
...........
17
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Sweden
(continued)
4,874
Skandinaviska
Enskilda
Banken
AB,
Class
-
A
(Banks)
...................
$
67
933
Skanska
AB,
Class
-
B
(Construction
&
Engineering)
.................
17
888
SKF
AB,
B
shares
(Machinery)
........
18
2,064
Svenska
Cellulosa
AB
SCA,
Class
-
B
(Paper
&
Forest
Products)
........
31
4,521
Svenska
Handelsbanken
AB,
Class
-
A
(Banks)
.....................
49
2,539
Swedbank
AB,
Class
-
A
(Banks)
.......
51
724
Swedish
Orphan
Biovitrum
AB
(Biotechnology)(a)
.............
19
1,442
Tele2
AB,
B
shares
(Wireless
Telecommunication
Services)
.....
12
9,054
Telefonaktiebolaget
LM
Ericsson,
Class
-
B
(Communications
Equipment)
.....
57
6,801
Telia
Co.
AB
(Diversified
Telecommunication
Services)(b)
...
17
648
Volvo
AB,
Class
-
A
(Machinery)
.......
17
4,503
Volvo
AB,
Class
-
B
(Machinery)
......
117
1,383
Volvo
Car
AB,
Class
-
B
(Automobiles)(a)
(b)
........................
4
1,552
Switzerland
—
3.16%
4,722
ABB
Ltd.,
Registered
Shares
(Electrical
Equipment)
..................
209
513
Adecco
Group
AG
(Professional
Services)
(b)
........................
25
1,469
Alcon,
Inc.
(Health
Care
Equipment
&
Supplies)
....................
115
214
Avolta
AG,
Registered
Shares
(Specialty
Retail)(a)(b)
.................
8
75
Bachem
Holding
AG
(Life
Sciences
Tools
&
Services)
....................
6
117
Baloise
Holding
AG,
Registered
Shares
(Insurance)
..................
18
109
Banque
Cantonale
Vaudoise,
Registered
Shares
(Banks)
................
14
13
Barry
Callebaut
AG,
Registered
Shares
(Food
Products)(b)
.............
22
77
BKW
AG
(Electric
Utilities)
..........
14
6
Chocoladefabriken
Lindt
&
Spruengli
AG,
Class
-
PC
(Food
Products)
.......
72
1,223
Chubb
Ltd.
(Insurance)
..............
275
1,538
Cie
Financiere
Richemont
SA,
Registered
Shares
(Textiles,
Apparel
&
Luxury
Goods)
.....................
212
541
Clariant
AG,
Registered
Shares
(Chemicals)
8
683
Coca-Cola
HBC
AG
(Beverages)
.......
20
596
DSM-Firmenich
AG
(Chemicals)
......
61
23
EMS-Chemie
Holding
AG
(Chemicals)
..
19
475
Garmin
Ltd.
(Household
Durables)
.....
61
107
Geberit
AG,
Registered
Shares
(Building
Products)
....................
69
28
Givaudan
SA,
Registered
Shares
(Chemicals)
..................
116
55
HC
CAPITAL
TRUST
The
ESG
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Switzerland
(continued)
31,673
Glencore
PLC
(Metals
&
Mining)(b)
....
$
191
86
Helvetia
Holding
AG,
Registered
Shares
(Insurance)
..................
12
1,549
Holcim
AG
(Construction
Materials)(b)
..
122
652
Julius
Baer
Group
Ltd.
(Capital
Markets)
.
37
163
Kuehne
+
Nagel
International
AG,
Registered
Shares
(Marine
Transportation)
...............
56
491
Logitech
International
SA,
Registered
Shares
(Technology
Hardware,
Storage
&
Peripherals)
................
47
218
Lonza
Group
AG,
Registered
Shares
(Life
Sciences
Tools
&
Services)(b)
.....
92
7,957
Nestle
SA,
Registered
Shares
(Food
Products)
....................
922
6,078
Novartis
AG,
Registered
Shares
(Pharmaceuticals)
.............
613
67
Partners
Group
Holding
AG
(Capital
Markets)
....................
97
96
Roche
Holding
AG
(Pharmaceuticals)
...
30
2,091
Roche
Holding
AG
(Pharmaceuticals)
...
607
1,222
Sandoz
Group
AG
(Pharmaceuticals)(a)
..
39
142
Schindler
Holding
AG
(Machinery)
.....
36
50
Schindler
Holding
AG,
Registered
Shares
(Machinery)
.................
12
461
SGS
SA,
Registered
Shares
(Professional
Services)(b)
..................
40
945
SIG
Group
AG
(Containers
&
Packaging)(b)
22
460
Sika
AG,
Registered
Shares
(Chemicals)(b)
150
153
Sonova
Holding
AG
(Health
Care
Equipment
&
Supplies)(b)
.......
50
2,093
STMicroelectronics
N.V.
(Semiconductors
&
Semiconductor
Equipment)
.....
105
338
Straumann
Holding
AG,
Registered
Shares
(Health
Care
Equipment
&
Supplies)
55
94
Swiss
Life
Holding
AG
(Insurance)
.....
65
190
Swiss
Prime
Site
AG,
Registered
Shares
(Real
Estate
Management
&
Development)
................
20
889
Swiss
Re
AG
(Insurance)
............
100
79
Swisscom
AG,
Registered
Shares
(Diversified
Telecommunication
Services)
....................
48
164
Temenos
AG,
Registered
Shares
(Software)
15
98
The
Swatch
Group
AG
(Textiles,
Apparel
&
Luxury
Goods)
...............
27
108
The
Swatch
Group
AG
(Textiles,
Apparel
&
Luxury
Goods)
...............
6
9,797
UBS
Group
AG
(Capital
Markets)
......
303
80
VAT
Group
AG
(Machinery)
..........
40
443
Zurich
Insurance
Group
AG
(Insurance)
..
231
5,534
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
Arab
Emirates
—
0.00%
339
NMC
Health
PLC
(Health
Care
Providers
&
Services)(a)(c)
................
$
—
United
Kingdom
—
3.77%
2,840
3i
Group
PLC
(Capital
Markets)
.......
88
5,849
abrdn
PLC
(Capital
Markets)
.........
13
776
Admiral
Group
PLC
(Insurance)
.......
27
978
Amcor
PLC
(Containers
&
Packaging)
...
9
3,739
Amcor
PLC
(Containers
&
Packaging)
...
36
3,854
Anglo
American
PLC
(Metals
&
Mining)
.
97
1,287
Ashtead
Group
PLC
(Trading
Companies
&
Distributors)
.................
90
1,040
Associated
British
Foods
PLC
(Food
Products)
....................
31
4,604
AstraZeneca
PLC
(Pharmaceuticals)(b)
..
622
2,623
Auto
Trader
Group
PLC
(Interactive
Media
&
Services)(b)
................
24
8,845
Aviva
PLC
(Insurance)
..............
49
8,941
BAE
Systems
PLC
(Aerospace
&
Defense)
127
46,181
Barclays
PLC
(Banks)(b)
............
91
2,421
Barratt
Developments
PLC
(Household
Durables)(b)
.................
17
399
Berkeley
Group
Holdings
PLC
(Household
Durables)
...................
24
50,669
BP
PLC
(Oil,
Gas
&
Consumable
Fuels)
.
301
21,107
BT
Group
PLC
(Diversified
Telecommunication
Services)
.....
33
987
Bunzl
PLC
(Trading
Companies
&
Distributors)
.................
40
1,017
Burberry
Group
PLC
(Textiles,
Apparel
&
Luxury
Goods)(b)
.............
18
17,106
Centrica
PLC
(Multi-Utilities)(b)
.......
31
2,858
CNH
Industrial
N.V.
(Machinery)
......
35
623
Coca-Cola
Europacific
Partners
PLC
(Beverages)
..................
42
5,133
Compass
Group
PLC
(Hotels,
Restaurants
&
Leisure)
....................
140
433
Croda
International
PLC
(Chemicals)(b)
.
28
6,678
Diageo
PLC
(Beverages)
............
243
466
Endeavour
Mining
PLC
(Metals
&
Mining)
10
1,947
Entain
PLC
(Hotels,
Restaurants
&
Leisure)
(b)
........................
25
113
Ferguson
PLC
(Trading
Companies
&
Distributors)
.................
22
486
Ferguson
PLC
(Trading
Companies
&
Distributors)
.................
93
12,285
GSK
PLC
(Pharmaceuticals)
..........
227
18,431
Haleon
PLC
(Personal
Care
Products)(b)
.
76
1,158
Halma
PLC
(Electronic
Equipment,
Instruments
&
Components)
......
34
823
Hargreaves
Lansdown
PLC
(Capital
Markets)
....................
8
509
Hikma
Pharmaceuticals
PLC
(Pharmaceuticals)(b)
...........
12
58,338
HSBC
Holdings
PLC
(Banks)
.........
472
56
HC
CAPITAL
TRUST
The
ESG
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
Kingdom
(continued)
3,731
Informa
PLC
(Media)
...............
$
37
503
InterContinental
Hotels
Group
PLC
(Hotels,
Restaurants
&
Leisure)
..........
45
498
Intertek
Group
PLC
(Professional
Services)
27
5,247
J
Sainsbury
PLC
(Consumer
Staples
Distribution
&
Retail)
...........
20
6,250
JD
Sports
Fashion
PLC
(Specialty
Retail)
13
5,956
Kingfisher
PLC
(Specialty
Retail)
......
18
1,659
Land
Securities
Group
PLC
(Diversified
REITs)
.....................
15
18,863
Legal
&
General
Group
PLC
(Insurance)
.
60
195,960
Lloyds
Banking
Group
PLC
(Banks)
....
119
1,249
London
Stock
Exchange
Group
PLC
(Capital
Markets)(b)
............
148
6,041
M&G
PLC
(Financial
Services)
........
17
4,007
Melrose
Industries
PLC
(Aerospace
&
Defense)
....................
29
1,214
Mondi
PLC
(Paper
&
Forest
Products)
...
24
10,823
National
Grid
PLC
(Multi-Utilities)
.....
146
16,954
NatWest
Group
PLC
(Banks)(b)
.......
47
383
Next
PLC
(Broadline
Retail)
..........
40
1,748
Ocado
Group
PLC
(Consumer
Staples
Distribution
&
Retail)(a)(b)
......
17
1,722
Pearson
PLC
(Diversified
Consumer
Services)
....................
21
488
Pentair
PLC
(Machinery)
............
35
795
Persimmon
PLC
(Household
Durables)
..
14
2,089
Phoenix
Group
Holdings
PLC
(Insurance)
14
2,107
Reckitt
Benckiser
Group
PLC
(Household
Products)
....................
146
5,559
RELX
PLC
(Professional
Services)
.....
220
7,480
Rentokil
Initial
PLC
(Commercial
Services
&
Supplies)
..................
42
3,347
Rio
Tinto
PLC
(Metals
&
Mining)
......
249
25,101
Rolls-Royce
Holdings
PLC
(Aerospace
&
Defense)(a)
..................
96
1,911
Schroders
PLC
(Capital
Markets)
......
10
3,908
Segro
PLC
(Industrial
REITs)
.........
44
838
Severn
Trent
PLC
(Water
Utilities)(b)
...
28
19,637
Shell
PLC
(Oil,
Gas
&
Consumable
Fuels)
645
2,631
Smith
&
Nephew
PLC
(Health
Care
Equipment
&
Supplies)
.........
36
939
Smiths
Group
PLC
(Industrial
Conglomerates)
...............
21
227
Spirax-Sarco
Engineering
PLC
(Machinery)
30
3,275
SSE
PLC
(Electric
Utilities)
..........
77
1,736
St.
James's
Place
PLC
(Capital
Markets)
.
15
7,078
Standard
Chartered
PLC
(Banks)
.......
60
7,703
Taylor
Wimpey
PLC
(Household
Durables)
(b)
........................
14
22,102
Tesco
PLC
(Consumer
Staples
Distribution
&
Retail)
....................
82
3,118
The
Sage
Group
PLC
(Software)
.......
47
7,377
Unilever
PLC
(Personal
Care
Products)
..
357
2,236
United
Utilities
Group
PLC
(Water
Utilities)
30
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
Kingdom
(continued)
69,908
Vodafone
Group
PLC
(Wireless
Telecommunication
Services)
.....
$
61
669
Whitbread
PLC
(Hotels,
Restaurants
&
Leisure)
....................
31
310
Willis
Towers
Watson
PLC
(Insurance)
..
75
1,866
Wise
PLC,
Class
-
A
(Financial
Services)(a)
21
3,407
WPP
PLC
(Media)
.................
33
6,611
United
States
—
67.83%
1,634
3M
Co.
(Industrial
Conglomerates)
.....
179
352
A.O.
Smith
Corp.
(Building
Products)
...
29
5,175
Abbott
Laboratories
(Health
Care
Equipment
&
Supplies)
.........
570
5,254
AbbVie,
Inc.
(Biotechnology)
.........
814
1,356
Adobe,
Inc.
(Software)(a)
............
809
4,804
Advanced
Micro
Devices,
Inc.
(Semiconductors
&
Semiconductor
Equipment)(a)
................
708
400
AECOM
(Construction
&
Engineering)
..
37
1,696
Aflac,
Inc.
(Insurance)
..............
140
864
Agilent
Technologies,
Inc.
(Life
Sciences
Tools
&
Services)
..............
120
664
Air
Products
&
Chemicals,
Inc.
(Chemicals)
182
1,266
Airbnb,
Inc.,
Class
-
A
(Hotels,
Restaurants
&
Leisure)(a)
.................
172
463
Akamai
Technologies,
Inc.
(IT
Services)(a)
55
346
Albemarle
Corp.
(Chemicals)
.........
50
945
Albertsons
Cos.,
Inc.,
Class
-
A
(Consumer
Staples
Distribution
&
Retail)
.....
22
505
Alexandria
Real
Estate
Equities,
Inc.
(Office
REITs)
.....................
64
214
Align
Technology,
Inc.
(Health
Care
Equipment
&
Supplies)(a)
.......
59
800
Alliant
Energy
Corp.
(Electric
Utilities)
..
41
662
Ally
Financial,
Inc.
(Consumer
Finance)
.
23
364
Alnylam
Pharmaceuticals,
Inc.
(Biotechnology)(a)
.............
70
17,620
Alphabet,
Inc.,
Class
-
A
(Interactive
Media
&
Services)(a)
................
2,460
15,585
Alphabet,
Inc.,
Class
-
C
(Interactive
Media
&
Services)(a)
................
2,195
27,646
Amazon.com,
Inc.
(Broadline
Retail)(a)
..
4,200
783
Ameren
Corp.
(Multi-Utilities)
........
57
1,510
American
Electric
Power
Co.,
Inc.
(Electric
Utilities)
....................
123
1,842
American
Express
Co.
(Consumer
Finance)
345
987
American
Homes
4
Rent,
Class
-
A
(Residential
REITs)
............
35
2,157
American
International
Group,
Inc.
(Insurance)
..................
146
1,388
American
Tower
Corp.
(Specialized
REITs)
300
581
American
Water
Works
Co.,
Inc.
(Water
Utilities)
....................
77
310
Ameriprise
Financial,
Inc.
(Capital
Markets)
118
57
HC
CAPITAL
TRUST
The
ESG
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
522
AmerisourceBergen
Corp.
(Health
Care
Providers
&
Services)
...........
$
107
662
AMETEK,
Inc.
(Electrical
Equipment)
...
109
1,599
Amgen,
Inc.
(Biotechnology)
.........
461
1,774
Amphenol
Corp.,
Class
-
A
(Electronic
Equipment,
Instruments
&
Components)
.................
176
1,481
Analog
Devices,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
.......
294
1,546
Annaly
Capital
Management,
Inc.
(Mortgage
Real
Estate
Investment
Trusts
(REITs))
...............
30
256
ANSYS,
Inc.
(Software)(a)
...........
93
608
Aon
PLC,
Class
-
A
(Insurance)
........
177
935
APA
Corp.
(Oil,
Gas
&
Consumable
Fuels)
34
1,171
Apollo
Global
Management,
Inc.
(Financial
Services)
....................
109
46,556
Apple,
Inc.
(Technology
Hardware,
Storage
&
Peripherals)
................
8,962
2,507
Applied
Materials,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
.......
406
1,604
Archer-Daniels-Midland
Co.
(Food
Products)
....................
116
464
Ares
Management
Corp.,
Class
-
A
(Capital
Markets)
....................
55
793
Arista
Networks,
Inc.
(Communications
Equipment)(a)
................
187
638
Arthur
J.
Gallagher
&
Co.
(Insurance)
...
143
95
Aspen
Technology,
Inc.
(Software)(a)
...
21
147
Assurant,
Inc.
(Insurance)
............
25
21,426
AT&T,
Inc.
(Diversified
Telecommunication
Services)
....................
360
452
Atlassian
Corp.,
Class
-
A
(Software)(a)
..
108
424
Atmos
Energy
Corp.
(Gas
Utilities)
.....
49
635
Autodesk,
Inc.
(Software)(a)
..........
155
1,237
Automatic
Data
Processing,
Inc.
(Professional
Services)
..........
288
54
AutoZone,
Inc.
(Specialty
Retail)(a)
.....
140
415
AvalonBay
Communities,
Inc.
(Residential
REITs)
.....................
78
2,035
Avantor,
Inc.
(Life
Sciences
Tools
&
Services)(a)
..................
46
257
Avery
Dennison
Corp.
(Containers
&
Packaging)
..................
52
204
Axon
Enterprise,
Inc.
(Aerospace
&
Defense)(a)
..................
53
2,953
Baker
Hughes
Co.
(Energy
Equipment
&
Services)
....................
101
944
Ball
Corp.
(Containers
&
Packaging)
....
54
21,269
Bank
of
America
Corp.
(Banks)
........
716
680
Bath
&
Body
Works,
Inc.
(Specialty
Retail)
29
1,504
Baxter
International,
Inc.
(Health
Care
Equipment
&
Supplies)
.........
58
871
Becton
Dickinson
&
Co.
(Health
Care
Equipment
&
Supplies)
.........
212
684
Bentley
Systems,
Inc.,
Class
-
B
(Software)
36
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
3,907
Berkshire
Hathaway,
Inc.,
Class
-
B
(Financial
Services)(a)
..........
$
1,393
598
Best
Buy
Co.,
Inc.
(Specialty
Retail)
....
47
289
BILL
Holdings,
Inc.
(Software)(a)
......
24
445
Biogen,
Inc.
(Biotechnology)(a)
.......
115
552
BioMarin
Pharmaceutical,
Inc.
(Biotechnology)(a)
.............
53
68
Bio-Rad
Laboratories,
Inc.,
Class
-
A
(Life
Sciences
Tools
&
Services)(a)
.....
22
466
Bio-Techne
Corp.
(Life
Sciences
Tools
&
Services)
....................
36
448
BlackRock,
Inc.
(Capital
Markets)
......
364
2,127
Blackstone,
Inc.
(Capital
Markets)
......
278
1,662
Block,
Inc.
(Financial
Services)(a)
......
129
106
Booking
Holdings,
Inc.
(Hotels,
Restaurants
&
Leisure)(a)
.................
376
389
Booz
Allen
Hamilton
Holding
Corp.
(Professional
Services)
..........
50
755
BorgWarner,
Inc.
(Automobile
Components)
27
473
Boston
Properties,
Inc.
(Office
REITs)
...
33
4,322
Boston
Scientific
Corp.
(Health
Care
Equipment
&
Supplies)(a)
.......
250
6,271
Bristol-Myers
Squibb
Co.
(Pharmaceuticals)
322
1,325
Broadcom,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
.......
1,478
346
Broadridge
Financial
Solutions,
Inc.
(Professional
Services)
..........
71
300
Brookfield
Renewable
Corp.,
Class
-
A
(Independent
Power
and
Renewable
Electricity
Producers)(b)
.........
9
703
Brown
&
Brown,
Inc.
(Insurance)
......
50
900
Brown-Forman
Corp.,
Class
-
B
(Beverages)
51
404
Builders
FirstSource,
Inc.
(Building
Products)(a)
..................
67
445
Bunge
Global
SA
(Food
Products)
......
45
197
Burlington
Stores,
Inc.
(Specialty
Retail)(a)
38
349
C.H.
Robinson
Worldwide,
Inc.
(Air
Freight
&
Logistics)
.................
30
823
Cadence
Design
Systems,
Inc.
(Software)(a)
224
668
Caesars
Entertainment,
Inc.
(Hotels,
Restaurants
&
Leisure)(a)
........
31
353
Camden
Property
Trust
(Residential
REITs)
35
579
Campbell
Soup
Co.
(Food
Products)
....
25
1,123
Capital
One
Financial
Corp.
(Consumer
Finance)
....................
147
692
Cardinal
Health,
Inc.
(Health
Care
Providers
&
Services)
..................
70
154
Carlisle
Cos.,
Inc.
(Building
Products)
...
48
472
CarMax,
Inc.
(Specialty
Retail)(a)
......
36
2,449
Carrier
Global
Corp.
(Building
Products)
.
141
555
Catalent,
Inc.
(Pharmaceuticals)(a)
.....
25
1,530
Caterpillar,
Inc.
(Machinery)
..........
452
315
Cboe
Global
Markets,
Inc.
(Capital
Markets)
56
931
CBRE
Group,
Inc.,
Class
-
A
(Real
Estate
Management
&
Development)(a)
...
87
58
HC
CAPITAL
TRUST
The
ESG
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
388
CDW
Corp.
(Electronic
Equipment,
Instruments
&
Components)
......
$
88
280
Celanese
Corp.
(Chemicals)
..........
44
446
Celsius
Holdings,
Inc.
(Beverages)(a)
...
24
1,632
Centene
Corp.
(Health
Care
Providers
&
Services)(a)
..................
121
1,903
CenterPoint
Energy,
Inc.
(Multi-Utilities)
.
54
449
Ceridian
HCM
Holding,
Inc.
(Professional
Services)(a)
..................
30
584
CF
Industries
Holdings,
Inc.
(Chemicals)
.
46
156
Charles
River
Laboratories
International,
Inc.
(Life
Sciences
Tools
&
Services)
(a)
........................
37
288
Charter
Communications,
Inc.,
Class
-
A
(Media)(a)
...................
112
708
Cheniere
Energy,
Inc.
(Oil,
Gas
&
Consumable
Fuels)
.............
121
341
Chesapeake
Energy
Corp.
(Oil,
Gas
&
Consumable
Fuels)
.............
26
5,407
Chevron
Corp.
(Oil,
Gas
&
Consumable
Fuels)
......................
807
83
Chipotle
Mexican
Grill,
Inc.
(Hotels,
Restaurants
&
Leisure)(a)
........
190
803
Church
&
Dwight
Co.,
Inc.
(Household
Products)
....................
76
464
Cincinnati
Financial
Corp.
(Insurance)
...
48
277
Cintas
Corp.
(Commercial
Services
&
Supplies)
....................
167
12,086
Cisco
Systems,
Inc.
(Communications
Equipment)
..................
611
5,722
Citigroup,
Inc.
(Banks)
..............
294
1,484
Citizens
Financial
Group,
Inc.
(Banks)
...
49
1,462
Cleveland-Cliffs,
Inc.
(Metals
&
Mining)(a)
30
859
Cloudflare,
Inc.,
Class
-
A
(IT
Services)(a)
72
1,082
CME
Group,
Inc.
(Capital
Markets)
.....
228
886
CMS
Energy
Corp.
(Multi-Utilities)
.....
51
1,492
Cognizant
Technology
Solutions
Corp.,
Class
-
A
(IT
Services)
..........
113
487
Coinbase
Global,
Inc.,
Class
-
A
(Capital
Markets)(a)
..................
85
2,393
Colgate-Palmolive
Co.
(Household
Products)
....................
191
12,302
Comcast
Corp.,
Class
-
A
(Media)
......
539
1,427
Conagra
Brands,
Inc.
(Food
Products)
...
41
546
Confluent,
Inc.,
Class
-
A
(Software)(a)
..
13
3,573
ConocoPhillips
(Oil,
Gas
&
Consumable
Fuels)
......................
415
1,065
Consolidated
Edison,
Inc.
(Multi-Utilities)
97
483
Constellation
Brands,
Inc.,
Class
-
A
(Beverages)
..................
117
965
Constellation
Energy
Corp.
(Electric
Utilities)
....................
113
2,502
Copart,
Inc.
(Commercial
Services
&
Supplies)(a)
..................
123
2,365
Corning,
Inc.
(Electronic
Equipment,
Instruments
&
Components)
......
72
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
2,104
Corteva,
Inc.
(Chemicals)
............
$
101
1,194
CoStar
Group,
Inc.
(Real
Estate
Management
&
Development)(a)
...
104
1,323
Costco
Wholesale
Corp.
(Consumer
Staples
Distribution
&
Retail)
...........
873
2,250
Coterra
Energy,
Inc.
(Oil,
Gas
&
Consumable
Fuels)
.............
57
675
Crowdstrike
Holdings,
Inc.,
Class
-
A
(Software)(a)
.................
172
1,282
Crown
Castle,
Inc.
(Specialized
REITs)
..
148
370
Crown
Holdings,
Inc.
(Containers
&
Packaging)
..................
34
5,986
CSX
Corp.
(Ground
Transportation)
....
208
411
Cummins,
Inc.
(Machinery)
..........
98
3,773
CVS
Health
Corp.
(Health
Care
Providers
&
Services)
....................
298
907
D.R.
Horton,
Inc.
(Household
Durables)
..
138
2,114
Danaher
Corp.
(Life
Sciences
Tools
&
Services)
....................
489
363
Darden
Restaurants,
Inc.
(Hotels,
Restaurants
&
Leisure)
..........
60
481
Darling
Ingredients,
Inc.
(Food
Products)(a)
24
772
Datadog,
Inc.,
Class
-
A
(Software)(a)
...
94
107
DaVita,
Inc.
(Health
Care
Providers
&
Services)(a)
..................
11
79
Deckers
Outdoor
Corp.
(Textiles,
Apparel
&
Luxury
Goods)(a)
.............
53
821
Deere
&
Co.
(Machinery)
............
328
755
Dell
Technologies,
Inc.,
Class
-
C
(Technology
Hardware,
Storage
&
Peripherals)
..................
58
418
Delta
Air
Lines,
Inc.
(Passenger
Airlines)
.
17
1,934
Devon
Energy
Corp.
(Oil,
Gas
&
Consumable
Fuels)
.............
88
1,169
Dexcom,
Inc.
(Health
Care
Equipment
&
Supplies)(a)
..................
145
508
Diamondback
Energy,
Inc.
(Oil,
Gas
&
Consumable
Fuels)
.............
79
185
Dick's
Sporting
Goods,
Inc.
(Specialty
Retail)
......................
27
917
Digital
Realty
Trust,
Inc.
(Specialized
REITs)
.....................
123
754
Discover
Financial
Services
(Consumer
Finance)
....................
85
612
DocuSign,
Inc.
(Software)(a)
..........
36
643
Dollar
General
Corp.
(Consumer
Staples
Distribution
&
Retail)
...........
87
623
Dollar
Tree,
Inc.
(Consumer
Staples
Distribution
&
Retail)(a)
.........
88
2,472
Dominion
Energy,
Inc.
(Multi-Utilities)
..
116
104
Domino's
Pizza,
Inc.
(Hotels,
Restaurants
&
Leisure)
....................
43
759
DoorDash,
Inc.,
Class
-
A
(Hotels,
Restaurants
&
Leisure)(a)
........
75
411
Dover
Corp.
(Machinery)
............
63
2,107
Dow,
Inc.
(Chemicals)
..............
116
59
HC
CAPITAL
TRUST
The
ESG
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
1,255
DraftKings,
Inc.
(Hotels,
Restaurants
&
Leisure)(a)
..................
$
44
766
Dropbox,
Inc.,
Class
-
A
(Software)(a)
...
23
617
DTE
Energy
Co.
(Multi-Utilities)
......
68
2,254
Duke
Energy
Corp.
(Electric
Utilities)
...
219
1,356
DuPont
de
Nemours,
Inc.
(Chemicals)
...
104
772
Dynatrace,
Inc.
(Software)(a)
.........
42
394
Eastman
Chemical
Co.
(Chemicals)
.....
35
1,194
Eaton
Corp.
PLC
(Electrical
Equipment)
.
288
1,596
eBay,
Inc.
(Broadline
Retail)
..........
70
751
Ecolab,
Inc.
(Chemicals)
.............
149
1,122
Edison
International
(Electric
Utilities)
..
80
1,771
Edwards
Lifesciences
Corp.
(Health
Care
Equipment
&
Supplies)(a)
.......
135
779
Electronic
Arts,
Inc.
(Entertainment)
....
107
703
Elevance
Health,
Inc.
(Health
Care
Providers
&
Services)
...........
332
2,396
Eli
Lilly
&
Co.
(Pharmaceuticals)
......
1,397
1,714
Emerson
Electric
Co.
(Electrical
Equipment)
167
403
Enphase
Energy,
Inc.
(Semiconductors
&
Semiconductor
Equipment)(a)
.....
53
440
Entegris,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
.......
53
638
Entergy
Corp.
(Electric
Utilities)
.......
65
1,715
EOG
Resources,
Inc.
(Oil,
Gas
&
Consumable
Fuels)
.............
207
171
EPAM
Systems,
Inc.
(IT
Services)(a)
....
51
1,165
EQT
Corp.
(Oil,
Gas
&
Consumable
Fuels)
45
359
Equifax,
Inc.
(Professional
Services)
....
89
280
Equinix,
Inc.
(Specialized
REITs)
......
226
940
Equitable
Holdings,
Inc.
(Financial
Services)
....................
31
554
Equity
LifeStyle
Properties,
Inc.
(Residential
REITs)
............
39
1,075
Equity
Residential
(Residential
REITs)
..
66
812
Essential
Utilities,
Inc.
(Water
Utilities)
..
30
167
Essex
Property
Trust,
Inc.
(Residential
REITs)
.....................
41
385
Etsy,
Inc.
(Broadline
Retail)(a)
........
31
721
Evergy,
Inc.
(Electric
Utilities)
........
38
1,042
Eversource
Energy
(Electric
Utilities)
...
64
524
Exact
Sciences
Corp.
(Biotechnology)(a)
.
39
2,947
Exelon
Corp.
(Electric
Utilities)
.......
106
454
Expeditors
International
of
Washington,
Inc.
(Air
Freight
&
Logistics)
........
58
624
Extra
Space
Storage,
Inc.
(Specialized
REITs)
.....................
100
11,931
Exxon
Mobil
Corp.
(Oil,
Gas
&
Consumable
Fuels)
......................
1,193
153
F5,
Inc.
(Communications
Equipment)(a)
.
27
111
FactSet
Research
Systems,
Inc.
(Capital
Markets)
....................
53
74
Fair
Isaac
Corp.
(Software)(a)
.........
86
1,641
Fastenal
Co.
(Trading
Companies
&
Distributors)
.................
106
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
715
FedEx
Corp.
(Air
Freight
&
Logistics)
...
$
181
676
Fidelity
National
Financial,
Inc.
(Insurance)
34
1,759
Fidelity
National
Information
Services,
Inc.
(Financial
Services)
............
106
2,086
Fifth
Third
Bancorp
(Banks)
..........
72
32
First
Citizens
BancShares,
Inc.,
Class
-
A
(Banks)
.....................
45
297
First
Solar,
Inc.
(Semiconductors
&
Semiconductor
Equipment)(a)
.....
51
1,607
FirstEnergy
Corp.
(Electric
Utilities)
....
59
1,818
Fiserv,
Inc.
(Financial
Services)(a)
......
242
208
FleetCor
Technologies,
Inc.
(Financial
Services)(a)
..................
59
331
FMC
Corp.
(Chemicals)
.............
21
11,919
Ford
Motor
Co.
(Automobiles)
........
145
1,939
Fortinet,
Inc.
(Software)(a)
...........
113
1,031
Fortive
Corp.
(Machinery)
...........
76
336
Fortune
Brands
Innovations,
Inc.
(Building
Products)
....................
26
1,024
Fox
Corp.,
Class
-
A
(Media)
..........
30
244
Fox
Corp.,
Class
-
B
(Media)
.........
7
748
Franklin
Resources,
Inc.
(Capital
Markets)
22
4,226
Freeport-McMoRan,
Inc.
(Metals
&
Mining)
180
233
Gartner,
Inc.
(IT
Services)(a)
..........
105
1,196
GE
HealthCare
Technologies,
Inc.
(Health
Care
Equipment
&
Supplies)
......
92
1,748
Gen
Digital,
Inc.
(Software)
..........
40
685
General
Dynamics
Corp.
(Aerospace
&
Defense)
....................
178
3,242
General
Electric
Co.
(Industrial
Conglomerates)
...............
414
1,713
General
Mills,
Inc.
(Food
Products)
.....
112
4,105
General
Motors
Co.
(Automobiles)
.....
147
414
Genuine
Parts
Co.
(Distributors)
.......
57
3,744
Gilead
Sciences,
Inc.
(Biotechnology)
...
303
778
Global
Payments,
Inc.
(Financial
Services)
99
391
GoDaddy,
Inc.,
Class
-
A
(IT
Services)(a)
.
42
486
Graco,
Inc.
(Machinery)
.............
42
2,649
Halliburton
Co.
(Energy
Equipment
&
Services)
....................
96
403
Hasbro,
Inc.
(Leisure
Products)
........
21
606
HCA
Healthcare,
Inc.
(Health
Care
Providers
&
Services)
...........
164
1,845
Healthpeak
Properties,
Inc.
(Health
Care
REITs)
.....................
37
133
HEICO
Corp.
(Aerospace
&
Defense)
...
24
225
HEICO
Corp.,
Class
-
A
(Aerospace
&
Defense)
....................
32
391
Henry
Schein,
Inc.
(Health
Care
Providers
&
Services)(a)
..................
30
809
Hess
Corp.
(Oil,
Gas
&
Consumable
Fuels)
117
3,805
Hewlett
Packard
Enterprise
Co.
(Technology
Hardware,
Storage
&
Peripherals)
..
65
472
HF
Sinclair
Corp.
(Oil,
Gas
&
Consumable
Fuels)
......................
26
60
HC
CAPITAL
TRUST
The
ESG
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
789
Hilton
Worldwide
Holdings,
Inc.
(Hotels,
Restaurants
&
Leisure)
..........
$
144
727
Hologic,
Inc.
(Health
Care
Equipment
&
Supplies)(a)
..................
52
1,970
Honeywell
International,
Inc.
(Industrial
Conglomerates)
...............
413
911
Hormel
Foods
Corp.
(Food
Products)
....
29
2,156
Host
Hotels
&
Resorts,
Inc.
(Hotel
&
Resort
REITs)
.....................
42
1,180
Howmet
Aerospace,
Inc.
(Aerospace
&
Defense)
....................
64
2,600
HP,
Inc.
(Technology
Hardware,
Storage
&
Peripherals)
..................
78
155
Hubbell,
Inc.
(Electrical
Equipment)
....
51
139
HubSpot,
Inc.
(Software)(a)
..........
81
370
Humana,
Inc.
(Health
Care
Providers
&
Services)
....................
169
4,354
Huntington
Bancshares,
Inc.
(Banks)
....
55
122
Huntington
Ingalls
Industries,
Inc.
(Aerospace
&
Defense)
.........
32
114
Hyatt
Hotels
Corp.,
Class
-
A
(Hotels,
Restaurants
&
Leisure)
..........
15
222
IDEX
Corp.
(Machinery)
............
48
245
IDEXX
Laboratories,
Inc.
(Health
Care
Equipment
&
Supplies)(a)
.......
136
907
Illinois
Tool
Works,
Inc.
(Machinery)
....
238
465
Illumina,
Inc.
(Life
Sciences
Tools
&
Services)(a)
..................
65
560
Incyte
Corp.
(Biotechnology)(a)
.......
35
1,189
Ingersoll
Rand,
Inc.
(Machinery)
.......
92
205
Insulet
Corp.
(Health
Care
Equipment
&
Supplies)(a)
..................
44
12,476
Intel
Corp.
(Semiconductors
&
Semiconductor
Equipment)
.......
627
1,703
Intercontinental
Exchange,
Inc.
(Capital
Markets)
....................
219
2,715
International
Business
Machines
Corp.
(IT
Services)
....................
444
759
International
Flavors
&
Fragrances,
Inc.
(Chemicals)
..................
61
1,039
International
Paper
Co.
(Containers
&
Packaging)
..................
38
836
Intuit,
Inc.
(Software)
...............
523
1,049
Intuitive
Surgical,
Inc.
(Health
Care
Equipment
&
Supplies)(a)
.......
354
1,844
Invitation
Homes,
Inc.
(Residential
REITs)
63
545
IQVIA
Holdings,
Inc.
(Life
Sciences
Tools
&
Services)(a)
................
126
858
Iron
Mountain,
Inc.
(Specialized
REITs)
.
60
393
Jabil,
Inc.
(Electronic
Equipment,
Instruments
&
Components)
......
50
221
Jack
Henry
&
Associates,
Inc.
(Financial
Services)
....................
36
374
Jacobs
Solutions,
Inc.
(Professional
Services)
....................
49
43
Jazz
Pharmaceuticals
PLC
(Pharmaceuticals)(a)
...........
5
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
152
Jazz
Pharmaceuticals
PLC
(Pharmaceuticals)(a)
...........
$
19
246
JB
Hunt
Transport
Services,
Inc.
(Ground
Transportation)
...............
49
7,141
Johnson
&
Johnson
(Pharmaceuticals)
...
1,119
2,015
Johnson
Controls
International
PLC
(Building
Products)
............
116
8,622
JPMorgan
Chase
&
Co.
(Banks)
.......
1,466
967
Juniper
Networks,
Inc.
(Communications
Equipment)
..................
29
802
Kellogg
Co.
(Food
Products)
..........
45
5,096
Kenvue,
Inc.
(Personal
Care
Products)
...
110
3,098
Keurig
Dr.
Pepper,
Inc.
(Beverages)
.....
103
2,950
KeyCorp
(Banks)
..................
42
537
Keysight
Technologies,
Inc.
(Electronic
Equipment,
Instruments
&
Components)(a)
...............
85
1,019
Kimberly-Clark
Corp.
(Household
Products)
124
2,069
Kimco
Realty
Corp.
(Retail
REITs)
.....
44
5,984
Kinder
Morgan,
Inc.
(Oil,
Gas
&
Consumable
Fuels)
.............
106
1,700
KKR
&
Co.,
Inc.
(Capital
Markets)
.....
141
412
KLA
Corp.
(Semiconductors
&
Semiconductor
Equipment)
.......
239
490
Knight-Swift
Transportation
Holdings,
Inc.
(Ground
Transportation)
.........
28
561
L3Harris
Technologies,
Inc.
(Aerospace
&
Defense)
....................
118
264
Laboratory
Corp.
of
America
Holdings
(Health
Care
Providers
&
Services)
.
60
394
Lam
Research
Corp.
(Semiconductors
&
Semiconductor
Equipment)
.......
309
429
Lamb
Weston
Holdings,
Inc.
(Food
Products)
....................
46
1,115
Las
Vegas
Sands
Corp.
(Hotels,
Restaurants
&
Leisure)
...................
55
403
Lattice
Semiconductor
Corp.
(Semiconductors
&
Semiconductor
Equipment)(a)
................
28
199
Lear
Corp.
(Automobile
Components)
...
28
388
Leidos
Holdings,
Inc.
(Professional
Services)
....................
42
746
Lennar
Corp.,
Class
-
A
(Household
Durables)
...................
111
100
Lennox
International,
Inc.
(Building
Products)
....................
45
1,449
Linde
PLC
(Chemicals)
.............
595
487
Live
Nation
Entertainment,
Inc.
(Entertainment)(a)
.............
46
802
LKQ
Corp.
(Distributors)
............
38
667
Lockheed
Martin
Corp.
(Aerospace
&
Defense)
....................
302
591
Loews
Corp.
(Insurance)
.............
41
1,718
Lowe's
Cos.,
Inc.
(Specialty
Retail)
.....
382
233
LPL
Financial
Holdings,
Inc.
(Capital
Markets)
....................
53
61
HC
CAPITAL
TRUST
The
ESG
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
2,807
Lucid
Group,
Inc.
(Automobiles)(a)
.....
$
12
779
LyondellBasell
Industries
N.V.,
Class
-
A
(Chemicals)
..................
74
503
M&T
Bank
Corp.
(Banks)
............
69
188
Manhattan
Associates,
Inc.
(Software)(a)
.
40
1,882
Marathon
Oil
Corp.
(Oil,
Gas
&
Consumable
Fuels)
.............
45
1,181
Marathon
Petroleum
Corp.
(Oil,
Gas
&
Consumable
Fuels)
.............
175
116
MarketAxess
Holdings,
Inc.
(Capital
Markets)
....................
34
750
Marriott
International,
Inc./MD,
Class
-
A
(Hotels,
Restaurants
&
Leisure)
....
169
1,474
Marsh
&
McLennan
Cos.,
Inc.
(Insurance)
279
180
Martin
Marietta
Materials,
Inc.
(Construction
Materials)
.........
90
2,629
Marvell
Technology,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
.....
159
742
Masco
Corp.
(Building
Products)
.......
50
2,501
Mastercard,
Inc.,
Class
-
A
(Financial
Services)
....................
1,067
844
Match
Group,
Inc.
(Interactive
Media
&
Services)(a)
..................
31
741
McCormick
&
Co.,
Inc./MD
(Food
Products)
....................
51
2,151
McDonald's
Corp.
(Hotels,
Restaurants
&
Leisure)
....................
638
408
McKesson
Corp.
(Health
Care
Providers
&
Services)
....................
189
7,546
Merck
&
Co.,
Inc.
(Pharmaceuticals)
....
823
1,937
MetLife,
Inc.
(Insurance)
............
128
64
Mettler-Toledo
International,
Inc.
(Life
Sciences
Tools
&
Services)(a)
.....
78
916
MGM
Resorts
International
(Hotels,
Restaurants
&
Leisure)(a)
........
41
1,594
Microchip
Technology,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
..................
144
3,294
Micron
Technology,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
.......
281
21,020
Microsoft
Corp.
(Software)
...........
7,903
373
Mid-America
Apartment
Communities,
Inc.
(Residential
REITs)
............
50
960
Moderna,
Inc.
(Biotechnology)(a)
......
95
171
Molina
Healthcare,
Inc.
(Health
Care
Providers
&
Services)(a)
.........
62
568
Molson
Coors
Beverage
Co.,
Class
-
B
(Beverages)
..................
35
4,038
Mondelez
International,
Inc.,
Class
-
A
(Food
Products)
...............
292
216
MongoDB,
Inc.
(IT
Services)(a)
.......
88
131
Monolithic
Power
Systems,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
..................
83
2,355
Monster
Beverage
Corp.
(Beverages)(a)
..
136
490
Moody's
Corp.
(Capital
Markets)
.......
191
3,747
Morgan
Stanley
(Capital
Markets)
......
349
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
504
Motorola
Solutions,
Inc.
(Communications
Equipment)
..................
$
158
1,014
Nasdaq,
Inc.
(Capital
Markets)
........
59
631
NetApp,
Inc.
(Technology
Hardware,
Storage
&
Peripherals)
..........
56
1,321
Netflix,
Inc.
(Entertainment)(a)
........
643
289
Neurocrine
Biosciences,
Inc.
(Biotechnology)(a)
.............
38
3,429
Newmont
Corp.
(Metals
&
Mining)
.....
142
1,230
News
Corp.,
Class
-
A
(Media)
........
30
6,103
NextEra
Energy,
Inc.
(Electric
Utilities)
..
371
3,672
NIKE,
Inc.,
Class
-
B
(Textiles,
Apparel
&
Luxury
Goods)
...............
399
1,317
NiSource,
Inc.
(Multi-Utilities)
........
35
154
Nordson
Corp.
(Machinery)
..........
41
669
Norfolk
Southern
Corp.
(Ground
Transportation)
...............
158
640
Northern
Trust
Corp.
(Capital
Markets)
..
54
431
Northrop
Grumman
Corp.
(Aerospace
&
Defense)
....................
202
739
Nucor
Corp.
(Metals
&
Mining)
.......
129
7,361
NVIDIA
Corp.
(Semiconductors
&
Semiconductor
Equipment)
.......
3,644
10
NVR,
Inc.
(Household
Durables)(a)
.....
70
1,974
Occidental
Petroleum
Corp.
(Oil,
Gas
&
Consumable
Fuels)
.............
118
457
Okta,
Inc.
(IT
Services)(a)
............
41
288
Old
Dominion
Freight
Line,
Inc.
(Ground
Transportation)
...............
117
598
Omnicom
Group,
Inc.
(Media)
........
52
1,275
ON
Semiconductor
Corp.
(Semiconductors
&
Semiconductor
Equipment)(a)
...
107
1,731
ONEOK,
Inc.
(Oil,
Gas
&
Consumable
Fuels)
......................
122
4,889
Oracle
Corp.
(Software)
.............
515
180
O'Reilly
Automotive,
Inc.
(Specialty
Retail)
(a)
........................
171
1,202
Otis
Worldwide
Corp.
(Machinery)
.....
108
730
Ovintiv,
Inc.
(Oil,
Gas
&
Consumable
Fuels)
32
250
Owens
Corning
(Building
Products)
....
37
1,549
PACCAR,
Inc.
(Machinery)
..........
151
243
Packaging
Corp.
of
America
(Containers
&
Packaging)
..................
40
925
Palo
Alto
Networks,
Inc.
(Software)(a)
...
273
1,520
Paramount
Global,
Class
-
B
(Media)
....
22
374
Parker-Hannifin
Corp.
(Machinery)
.....
172
954
Paychex,
Inc.
(Professional
Services)
....
114
162
Paycom
Software,
Inc.
(Professional
Services)
....................
33
128
Paylocity
Holding
Corp.
(Professional
Services)(a)
..................
21
3,128
PayPal
Holdings,
Inc.
(Financial
Services)
(a)
........................
192
4,097
PepsiCo,
Inc.
(Beverages)
............
696
16,746
Pfizer,
Inc.
(Pharmaceuticals)
.........
482
62
HC
CAPITAL
TRUST
The
ESG
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
6,020
PG&E
Corp.
(Electric
Utilities)
........
$
109
1,348
Phillips
66
(Oil,
Gas
&
Consumable
Fuels)
179
701
Pioneer
Natural
Resources
Co.
(Oil,
Gas
&
Consumable
Fuels)
.............
158
117
Pool
Corp.
(Distributors)
............
47
693
PPG
Industries,
Inc.
(Chemicals)
.......
104
2,211
PPL
Corp.
(Electric
Utilities)
..........
60
723
Principal
Financial
Group,
Inc.
(Insurance)
57
2,757
Prologis,
Inc.
(Industrial
REITs)
.......
368
1,093
Prudential
Financial,
Inc.
(Insurance)
....
113
337
PTC,
Inc.
(Software)(a)
.............
59
1,468
Public
Service
Enterprise
Group,
Inc.
(Multi-Utilities)
...............
90
470
Public
Storage
(Specialized
REITs)
.....
143
667
PulteGroup,
Inc.
(Household
Durables)
..
69
304
Qorvo,
Inc.
(Semiconductors
&
Semiconductor
Equipment)(a)
.....
34
3,328
QUALCOMM,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
.......
481
420
Quanta
Services,
Inc.
(Construction
&
Engineering)
.................
91
329
Quest
Diagnostics,
Inc.
(Health
Care
Providers
&
Services)
...........
45
609
Raymond
James
Financial,
Inc.
(Capital
Markets)
....................
68
2,196
Realty
Income
Corp.
(Retail
REITs)
.....
126
563
Regency
Centers
Corp.
(Retail
REITs)
...
38
319
Regeneron
Pharmaceuticals,
Inc.
(Biotechnology)(a)
.............
280
2,806
Regions
Financial
Corp.
(Banks)
.......
54
175
Reliance
Steel
&
Aluminum
Co.
(Metals
&
Mining)
.....................
49
158
Repligen
Corp.
(Life
Sciences
Tools
&
Services)(a)
..................
28
671
Republic
Services,
Inc.
(Commercial
Services
&
Supplies)
...........
111
430
ResMed,
Inc.
(Health
Care
Equipment
&
Supplies)
....................
74
374
Revvity,
Inc.
(Life
Sciences
Tools
&
Services)
....................
41
1,908
Rivian
Automotive,
Inc.,
Class
-
A
(Automobiles)(a)
..............
45
298
Robert
Half
International,
Inc.
(Professional
Services)
....................
26
1,364
Robinhood
Markets,
Inc.,
Class
-
A
(Capital
Markets)(a)
..................
17
334
Rockwell
Automation,
Inc.
(Electrical
Equipment)
..................
104
369
Roku,
Inc.
(Entertainment)(a)
.........
34
918
Rollins,
Inc.
(Commercial
Services
&
Supplies)
....................
40
324
Roper
Technologies,
Inc.
(Software)
....
177
1,011
Ross
Stores,
Inc.
(Specialty
Retail)
.....
140
721
Royal
Caribbean
Cruises
Ltd.
(Hotels,
Restaurants
&
Leisure)(a)
........
93
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
1,170
Royalty
Pharma
PLC,
Class
-
A
(Pharmaceuticals)
.............
$
33
384
RPM
International,
Inc.
(Chemicals)
....
43
4,366
RTX
Corp.
(Aerospace
&
Defense)
.....
367
966
S&P
Global,
Inc.
(Capital
Markets)
.....
426
2,897
Salesforce,
Inc.
(Software)(a)
.........
762
322
SBA
Communications
Corp.
(Specialized
REITs)
.....................
82
4,276
Schlumberger
N.V.
(Energy
Equipment
&
Services)
....................
223
620
Seagate
Technology
Holdings
PLC
(Technology
Hardware,
Storage
&
Peripherals)
..................
53
1,923
Sempra
Energy
(Multi-Utilities)
.......
144
608
ServiceNow,
Inc.
(Software)(a)
........
430
978
Simon
Property
Group,
Inc.
(Retail
REITs)
140
2,495
Sirius
XM
Holdings,
Inc.
(Media)
......
14
468
Skyworks
Solutions,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
.....
53
2,938
Snap,
Inc.,
Class
-
A
(Interactive
Media
&
Services)(a)
..................
50
153
Snap-on,
Inc.
(Machinery)
...........
44
834
Snowflake,
Inc.,
Class
-
A
(IT
Services)(a)
166
410
Southwest
Airlines
Co.
(Passenger
Airlines)
12
471
Splunk,
Inc.
(Software)(a)
............
72
459
Stanley
Black
&
Decker,
Inc.
(Machinery)
45
3,402
Starbucks
Corp.
(Hotels,
Restaurants
&
Leisure)
....................
327
1,005
State
Street
Corp.
(Capital
Markets)
.....
78
482
Steel
Dynamics,
Inc.
(Metals
&
Mining)
.
57
293
STERIS
PLC
(Health
Care
Equipment
&
Supplies)
....................
64
1,016
Stryker
Corp.
(Health
Care
Equipment
&
Supplies)
....................
304
387
Sun
Communities,
Inc.
(Residential
REITs)
52
1,291
Synchrony
Financial
(Consumer
Finance)
49
454
Synopsys,
Inc.
(Software)(a)
..........
234
1,505
Sysco
Corp.
(Consumer
Staples
Distribution
&
Retail)
....................
110
671
T.
Rowe
Price
Group,
Inc.
(Capital
Markets)
72
499
Take-Two
Interactive
Software,
Inc.
(Entertainment)(a)
.............
80
647
Targa
Resources
Corp.
(Oil,
Gas
&
Consumable
Fuels)
.............
56
1,406
Target
Corp.
(Consumer
Staples
Distribution
&
Retail)
....................
200
919
TE
Connectivity
Ltd.
(Electronic
Equipment,
Instruments
&
Components)
.................
129
142
Teledyne
Technologies,
Inc.
(Electronic
Equipment,
Instruments
&
Components)(a)
...............
63
143
Teleflex,
Inc.
(Health
Care
Equipment
&
Supplies)
....................
36
456
Teradyne,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
.......
49
63
HC
CAPITAL
TRUST
The
ESG
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
8,515
Tesla,
Inc.
(Automobiles)(a)
..........
$
2,115
2,701
Texas
Instruments,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
.......
460
18
Texas
Pacific
Land
Corp.
(Oil,
Gas
&
Consumable
Fuels)
.............
28
619
Textron,
Inc.
(Aerospace
&
Defense)
....
50
2,030
The
AES
Corp.
(Independent
Power
and
Renewable
Electricity
Producers)
..
39
779
The
Allstate
Corp.
(Insurance)
.........
109
2,393
The
Bank
of
New
York
Mellon
Corp.
(Capital
Markets)
..............
125
1,699
The
Boeing
Co.
(Aerospace
&
Defense)(a)
443
677
The
Carlyle
Group,
Inc.
(Capital
Markets)
28
4,507
The
Charles
Schwab
Corp.
(Capital
Markets)
....................
310
889
The
Cigna
Group
(Health
Care
Providers
&
Services)
....................
266
362
The
Clorox
Co.
(Household
Products)
...
52
12,223
The
Coca-Cola
Co.
(Beverages)
.......
720
146
The
Cooper
Cos.,
Inc.
(Health
Care
Equipment
&
Supplies)
.........
55
682
The
Estee
Lauder
Cos.,
Inc.
(Personal
Care
Products)
....................
100
976
The
Goldman
Sachs
Group,
Inc.
(Capital
Markets)
....................
377
929
The
Hartford
Financial
Services
Group,
Inc.
(Insurance)
..................
75
450
The
Hershey
Co.
(Food
Products)
......
84
2,973
The
Home
Depot,
Inc.
(Specialty
Retail)
.
1,030
1,159
The
Interpublic
Group
of
Cos.,
Inc.
(Media)
38
313
The
J.M.
Smucker
Co.
(Food
Products)
..
40
2,602
The
Kraft
Heinz
Co.
(Food
Products)
....
96
2,080
The
Kroger
Co.
(Consumer
Staples
Distribution
&
Retail)
...........
95
996
The
Mosaic
Co.
(Chemicals)
..........
36
1,217
The
PNC
Financial
Services
Group,
Inc.
(Banks)
.....................
188
7,020
The
Procter
&
Gamble
Co.
(Household
Products)
....................
1,029
1,765
The
Progressive
Corp.
(Insurance)
......
281
742
The
Sherwin-Williams
Co.
(Chemicals)
..
231
3,240
The
Southern
Co.
(Electric
Utilities)
....
227
3,381
The
TJX
Cos.,
Inc.
(Specialty
Retail)
....
317
309
The
Toro
Co.
(Machinery)
............
30
669
The
Travelers
Cos.,
Inc.
(Insurance)
.....
127
5,435
The
Walt
Disney
Co.
(Entertainment)
....
491
3,573
The
Williams
Cos.,
Inc.
(Oil,
Gas
&
Consumable
Fuels)
.............
124
1,143
Thermo
Fisher
Scientific,
Inc.
(Life
Sciences
Tools
&
Services)
..............
607
1,567
T-Mobile
US,
Inc.
(Wireless
Telecommunication
Services)
.....
251
927
Toast,
Inc.,
Class
-
A
(Financial
Services)(a)
17
326
Tractor
Supply
Co.
(Specialty
Retail)
....
70
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
328
Tradeweb
Markets,
Inc.,
Class
-
A
(Capital
Markets)
....................
$
30
164
TransDigm
Group,
Inc.
(Aerospace
&
Defense)
....................
166
576
TransUnion
(Professional
Services)
.....
40
756
Trimble,
Inc.
(Electronic
Equipment,
Instruments
&
Components)(a)
....
40
4,079
Truist
Financial
Corp.
(Banks)
.........
151
466
Twilio,
Inc.,
Class
-
A
(IT
Services)(a)
...
35
126
Tyler
Technologies,
Inc.
(Software)(a)
...
53
861
Tyson
Foods,
Inc.,
Class
-
A
(Food
Products)
46
4,519
U.S.
Bancorp
(Banks)
...............
196
5,438
Uber
Technologies,
Inc.
(Ground
Transportation)(a)
.............
335
1,007
UDR,
Inc.
(Residential
REITs)
........
39
303
U-Haul
Holding
Co.
(Ground
Transportation)
...............
21
1,134
UiPath,
Inc.,
Class
-
A
(Software)(a)
....
28
148
Ulta
Beauty,
Inc.
(Specialty
Retail)(a)
...
73
1,816
Union
Pacific
Corp.
(Ground
Transportation)
...............
446
2,155
United
Parcel
Service,
Inc.,
Class
-
B
(Air
Freight
&
Logistics)
............
339
203
United
Rentals,
Inc.
(Trading
Companies
&
Distributors)
.................
116
135
United
Therapeutics
Corp.
(Biotechnology)
(a)
........................
30
2,763
UnitedHealth
Group,
Inc.
(Health
Care
Providers
&
Services)
...........
1,454
700
Unity
Software,
Inc.
(Software)(a)
......
29
1,046
V.F.
Corp.
(Textiles,
Apparel
&
Luxury
Goods)
.....................
20
100
Vail
Resorts,
Inc.
(Hotels,
Restaurants
&
Leisure)
....................
21
1,077
Valero
Energy
Corp.
(Oil,
Gas
&
Consumable
Fuels)
.............
140
451
Veeva
Systems,
Inc.,
Class
-
A
(Health
Care
Technology)(a)
...............
87
1,208
Ventas,
Inc.
(Health
Care
REITs)
.......
60
711
Veralto
Corp.
(Commercial
Services
&
Supplies)
....................
58
281
VeriSign,
Inc.
(IT
Services)(a)
.........
58
439
Verisk
Analytics,
Inc.
(Professional
Services)
....................
105
12,503
Verizon
Communications,
Inc.
(Diversified
Telecommunication
Services)
.....
471
760
Vertex
Pharmaceuticals,
Inc.
(Biotechnology)(a)
.............
309
1,022
Vertiv
Holdings
Co.,
Class
-
A
(Electrical
Equipment)
..................
49
3,592
Viatris,
Inc.
(Pharmaceuticals)
.........
39
2,995
VICI
Properties,
Inc.
(Specialized
REITs)
95
4,791
Visa,
Inc.,
Class
-
A
(Financial
Services)
.
1,247
1,037
Vistra
Corp.
(Independent
Power
and
Renewable
Electricity
Producers)
..
40
64
HC
CAPITAL
TRUST
The
ESG
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
385
Vulcan
Materials
Co.
(Construction
Materials)
...................
$
87
639
W.R.
Berkley
Corp.
(Insurance)
........
45
136
W.W.
Grainger,
Inc.
(Trading
Companies
&
Distributors)
.................
113
2,219
Walgreens
Boots
Alliance,
Inc.
(Consumer
Staples
Distribution
&
Retail)
.....
58
4,418
Walmart,
Inc.
(Consumer
Staples
Distribution
&
Retail)
...........
696
6,856
Warner
Bros.
Discovery,
Inc.
(Entertainment)(a)
.............
78
1,208
Waste
Management,
Inc.
(Commercial
Services
&
Supplies)
...........
216
175
Waters
Corp.
(Life
Sciences
Tools
&
Services)(a)
..................
58
96
Watsco,
Inc.
(Trading
Companies
&
Distributors)
.................
41
940
WEC
Energy
Group,
Inc.
(Multi-Utilities)
79
10,851
Wells
Fargo
&
Co.
(Banks)
...........
534
1,559
Welltower,
Inc.
(Health
Care
REITs)
....
141
217
West
Pharmaceutical
Services,
Inc.
(Life
Sciences
Tools
&
Services)
.......
76
954
Western
Digital
Corp.
(Technology
Hardware,
Storage
&
Peripherals)(a)
50
536
Westinghouse
Air
Brake
Technologies
Corp.
(Machinery)
.................
68
121
Westlake
Corp.
(Chemicals)
..........
17
703
Westrock
Co.
(Containers
&
Packaging)
..
29
2,170
Weyerhaeuser
Co.
(Specialized
REITs)
..
75
628
Workday,
Inc.,
Class
-
A
(Software)(a)
...
173
681
WP
Carey,
Inc.
(Diversified
REITs)
.....
44
328
Wynn
Resorts
Ltd.
(Hotels,
Restaurants
&
Leisure)
....................
30
1,615
Xcel
Energy,
Inc.
(Electric
Utilities)
.....
100
704
Xylem,
Inc.
(Machinery)
.............
81
821
Yum!
Brands,
Inc.
(Hotels,
Restaurants
&
Leisure)
....................
107
151
Zebra
Technologies
Corp.
(Electronic
Equipment,
Instruments
&
Components)(a)
...............
41
384
Zillow
Group,
Inc.,
Class
-
C
(Real
Estate
Management
&
Development)(a)
...
22
613
Zimmer
Biomet
Holdings,
Inc.
(Health
Care
Equipment
&
Supplies)
.........
75
1,387
Zoetis,
Inc.
(Pharmaceuticals)
.........
274
710
Zoom
Video
Communications,
Inc.,
Class
-
A
(Software)(a)
...............
51
259
Zscaler,
Inc.
(Software)(a)
............
57
118,737
Uruguay
—
0.12%
136
MercadoLibre,
Inc.
(Broadline
Retail)(a)
.
214
Total
Common
Stocks
..............
174,538
Shares
Security
Description
Value
(000)
Warrant
—
0.00%
Canada
—
0.00%
60
Constellation
Software,
Inc.,
3/31/40
(Software)(a)(c)
...............
$
—
Total
Warrant
...................
—
Investment
Company
—
0.07%
Money
Market
Funds
—
0.07%
116,630
State
Street
Institutional
Treasury
Plus
Money
Market
Fund,
Trust
Class
,
5.25%(d)
....................
117
Total
Investment
Company
..........
117
Total
Investments
(cost
$122,375)
—
99.78%
.....................
174,655
Other
assets
in
excess
of
liabilities
—
0.22%
......................
378
Net
Assets
-
100.00%
$
175,033
Amounts
designated
as
"—"
are
$0
or
have
been
rounded
to
$0.
(a)
Represents
non-income
producing
security.
(b)
Represents
a
security
purchased
under
Rule
144A
or
Section
4(2)
and
is
exempt
from
registration
under
the
Securities
Act
of
1933,
as
amended,
or
is
otherwise
restricted
to
resale.
Certain
of
these
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
These
securities
have
been
deemed
liquid
by
the
Specialist
Manager.
(c)
Security
was
valued
using
significant
unobservable
inputs
as
of
December
31,
2023.
(d)
Annualized
7-day
yield
as
of
period-end.
ADR—American
Depositary
Receipt
REIT—Real
Estate
Investment
Trust
65
See
accompanying
notes
to
financial
statements.
HC
CAPITAL
TRUST
The
ESG
Growth
Portfolio
Portfolio
of
Investments
(concluded)
—
December
31,2023
(Unaudited)
The
following
table
reflects
the
percentage
of
total
net
assets
of
the
Portfolio
attributable
to
each
Specialist
Manager
as
of
December
31,
2023.
Amounts
designated
as
"—"
indicate
the
Specialist
Manager
did
not
manage
any
holdings
in
that
category. 
The
ESG
Growth
Portfolio
Mellon
Investments
Corporation
Parametric
Portfolio
Associates,
LLC
Total
Common
Stocks
..........................................................................................................................................................
99.71
%
—
99.71
%
Warrant
........................................................................................................................................................................
0.00
%
—
0.00
%
Investment
Companies
.................................................................................................................................................
0.05
%
0.02
%
0.07
%
Other
Assets
(Liabilities)
.............................................................................................................................................
0.15
%
0.07
%
0.22
%
Total
Net
Assets
......................................................................................................................................................
99.91
%
0.09
%
100.00
%
HC
CAPITAL
TRUST
The
Catholic
SRI
Growth
Portfolio
Portfolio
of
Investments
—
December
31,2023
(Unaudited)
66
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
—
99.82%
Australia
—
2.07%
109
Ampol
Ltd.
(Oil,
Gas
&
Consumable
Fuels)
$
3
1,657
ANZ
Group
Holdings
Ltd.
(Banks)
.....
29
910
APA
Group
(Gas
Utilities)
...........
5
361
Aristocrat
Leisure
Ltd.
(Hotels,
Restaurants
&
Leisure)
...................
10
125
ASX
Ltd.
(Capital
Markets)
..........
5
630
Aurizon
Holdings
Ltd.
(Ground
Transportation)
...............
2
2,864
BHP
Group
Ltd.
(Metals
&
Mining)
.....
99
248
BlueScope
Steel
Ltd.
(Metals
&
Mining)
.
4
785
Brambles
Ltd.
(Commercial
Services
&
Supplies)
....................
7
274
CAR
Group
Ltd.
(Interactive
Media
&
Services)
....................
6
35
Cochlear
Ltd.
(Health
Care
Equipment
&
Supplies)
....................
7
780
Coles
Group
Ltd.
(Consumer
Staples
Distribution
&
Retail)
...........
9
949
Commonwealth
Bank
of
Australia
(Banks)
72
306
Computershare
Ltd.
(Professional
Services)
5
551
Dexus
(Office
REITs)
...............
3
102
EBOS
Group
Ltd.
(Health
Care
Providers
&
Services)
....................
2
980
Endeavour
Group
Ltd.
(Consumer
Staples
Distribution
&
Retail)
...........
3
982
Fortescue
Ltd.
(Metals
&
Mining)
......
19
976
Goodman
Group
(Industrial
REITs)
.....
17
115
IDP
Education
Ltd.
(Diversified
Consumer
Services)
....................
2
356
IGO
Ltd.
(Metals
&
Mining)
..........
2
1,294
Insurance
Australia
Group
Ltd.
(Insurance)
5
209
Macquarie
Group
Ltd.
(Capital
Markets)
.
26
1,579
Medibank
Pvt.
Ltd.
(Insurance)
........
4
96
Mineral
Resources
Ltd.
(Metals
&
Mining)
5
2,016
Mirvac
Group
(Diversified
REITs)
......
3
1,788
National
Australia
Bank
Ltd.
(Banks)
....
37
709
Northern
Star
Resources
Ltd.
(Metals
&
Mining)
.....................
7
194
Orica
Ltd.
(Chemicals)
..............
2
902
Origin
Energy
Ltd.
(Electric
Utilities)
...
5
1,631
Pilbara
Minerals
Ltd.
(Metals
&
Mining)
.
4
503
Qantas
Airways
Ltd.
(Passenger
Airlines)(a)
2
889
QBE
Insurance
Group
Ltd.
(Insurance)
..
9
29
REA
Group
Ltd.
(Interactive
Media
&
Services)
....................
4
114
Reece
Ltd.
(Trading
Companies
&
Distributors)
.................
2
209
Rio
Tinto
Ltd.
(Metals
&
Mining)
......
19
1,699
Santos
Ltd.
(Oil,
Gas
&
Consumable
Fuels)
(b)
........................
9
3,327
Scentre
Group
(Retail
REITs)
.........
7
244
SEEK
Ltd.
(Interactive
Media
&
Services)
4
239
Sonic
Healthcare
Ltd.
(Health
Care
Providers
&
Services)
...........
5
2,634
South32
Ltd.
(Metals
&
Mining)
.......
6
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Australia
(continued)
1,290
Stockland
(Diversified
REITs)
.........
$
4
658
Suncorp
Group
Ltd.
(Insurance)
.......
6
2,429
Telstra
Group
Ltd.
(Diversified
Telecommunication
Services)
.....
7
912
The
GPT
Group
(Diversified
REITs)
....
3
1,446
The
Lottery
Corp.
Ltd.
(Hotels,
Restaurants
&
Leisure)
...................
5
1,743
Transurban
Group
(Transportation
Infrastructure)
................
16
413
Treasury
Wine
Estates
Ltd.
(Beverages)
..
3
2,104
Vicinity
Ltd.
(Retail
REITs)(b)
........
3
117
Washington
H
Soul
Pattinson
&
Co.
Ltd.
(Financial
Services)
............
3
610
Wesfarmers
Ltd.
(Broadline
Retail)
.....
24
1,998
Westpac
Banking
Corp.
(Banks)
.......
31
84
WiseTech
Global
Ltd.
(Software)
.......
4
1,080
Woodside
Energy
Group
Ltd.
(Oil,
Gas
&
Consumable
Fuels)
.............
23
685
Woolworths
Group
Ltd.
(Consumer
Staples
Distribution
&
Retail)
...........
17
625
Austria
—
0.05%
183
Erste
Group
Bank
AG
(Banks)(b)
......
7
74
OMV
AG
(Oil,
Gas
&
Consumable
Fuels)
3
39
Verbund
AG
(Electric
Utilities)
........
4
57
voestalpine
AG
(Metals
&
Mining)
.....
2
16
Belgium
—
0.25%
91
Ageas
SA/N.V.
(Insurance)
...........
4
508
Anheuser-Busch
InBev
SA/N.V.
(Beverages)
..................
33
16
D'ieteren
Group
(Distributors)
.........
3
17
Elia
Group
SA/N.V.
(Electric
Utilities)(b)
2
51
Groupe
Bruxelles
Lambert
N.V.
(Financial
Services)
....................
4
149
KBC
Group
N.V.
(Banks)
............
10
9
Sofina
SA
(Financial
Services)
........
2
39
Syensqo
SA
(Chemicals)(a)
...........
4
67
UCB
SA
(Pharmaceuticals)
...........
6
108
Umicore
SA
(Chemicals)(b)
..........
3
108
Warehouses
De
Pauw
CVA
(Industrial
REITs)
.....................
3
74
Bermuda
—
0.09%
209
Arch
Capital
Group
Ltd.
(Insurance)(a)
..
16
24
Everest
Group
Ltd.
(Insurance)
........
8
148
Liberty
Global
Ltd.,
Class
-
C
(Diversified
Telecommunication
Services)(a)
...
3
27
67
HC
CAPITAL
TRUST
The
Catholic
SRI
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Canada
—
3.75%
276
Agnico
Eagle
Mines
Ltd.
(Metals
&
Mining)
$
15
100
Air
Canada
(Passenger
Airlines)(a)(b)
...
1
343
Algonquin
Power
&
Utilities
Corp.
(Multi-
Utilities)
....................
2
435
Alimentation
Couche-Tard,
Inc.
(Consumer
Staples
Distribution
&
Retail)
.....
26
144
AltaGas
Ltd.
(Gas
Utilities)
...........
3
353
ARC
Resources
Ltd.
(Oil,
Gas
&
Consumable
Fuels)
.............
5
404
Bank
of
Montreal
(Banks)
............
40
997
Barrick
Gold
Corp.
(Metals
&
Mining)
..
18
196
Brookfield
Asset
Management
Ltd.,
Class
-
A
(Capital
Markets)
............
8
783
Brookfield
Corp.
(Capital
Markets)
.....
31
22
BRP,
Inc.
(Leisure
Products)
..........
2
240
Cameco
Corp.
(Oil,
Gas
&
Consumable
Fuels)
......................
10
46
Canadian
Apartment
Properties
REIT
(Residential
REITs)(b)
..........
2
515
Canadian
Imperial
Bank
of
Commerce
(Banks)
.....................
25
325
Canadian
National
Railway
Co.
(Ground
Transportation)
...............
41
623
Canadian
Natural
Resources
Ltd.
(Oil,
Gas
&
Consumable
Fuels)
...........
41
515
Canadian
Pacific
Kansas
City
Ltd.
(Ground
Transportation)
...............
41
31
Canadian
Tire
Corp.
Ltd.,
Class
-
A
(Broadline
Retail)
.............
3
110
Canadian
Utilities
Ltd.,
Class
-
A
(Multi-
Utilities)
....................
3
81
CCL
Industries,
Inc.,
Class
-
B
(Containers
&
Packaging)(b)
..............
4
794
Cenovus
Energy,
Inc.
(Oil,
Gas
&
Consumable
Fuels)
.............
13
114
CGI,
Inc.
(IT
Services)(a)
............
12
13
Constellation
Software,
Inc.
(Software)
..
32
162
Dollarama,
Inc.
(Broadline
Retail)
......
12
204
Element
Fleet
Management
Corp.
(Commercial
Services
&
Supplies)(b)
3
151
Emera,
Inc.
(Electric
Utilities)
.........
6
85
Empire
Co.
Ltd.,
Class
-
A
(Consumer
Staples
Distribution
&
Retail)
.....
2
1,209
Enbridge,
Inc.
(Oil,
Gas
&
Consumable
Fuels)
......................
44
12
Fairfax
Financial
Holdings
Ltd.
(Insurance)
11
346
First
Quantum
Minerals
Ltd.
(Metals
&
Mining)
.....................
3
20
FirstService
Corp.
(Real
Estate
Management
&
Development)
..............
3
277
Fortis,
Inc.
(Electric
Utilities)
.........
11
107
Franco-Nevada
Corp.
(Metals
&
Mining)
.
12
40
George
Weston
Ltd.
(Consumer
Staples
Distribution
&
Retail)
...........
5
127
GFL
Environmental,
Inc.
(Commercial
Services
&
Supplies)
...........
4
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Canada
(continued)
97
Gildan
Activewear,
Inc.
(Textiles,
Apparel
&
Luxury
Goods)
...............
$
3
157
Great-West
Lifeco,
Inc.
(Insurance)
.....
5
206
Hydro
One
Ltd.
(Electric
Utilities)(b)
....
6
53
iA
Financial
Corp.,
Inc.
(Insurance)
.....
4
50
IGM
Financial,
Inc.
(Capital
Markets)
...
1
120
Imperial
Oil
Ltd.
(Oil,
Gas
&
Consumable
Fuels)
......................
7
100
Intact
Financial
Corp.
(Insurance)(b)
....
15
339
Ivanhoe
Mines
Ltd.
(Metals
&
Mining)(a)
3
121
Keyera
Corp.
(Oil,
Gas
&
Consumable
Fuels)
......................
3
776
Kinross
Gold
Corp.
(Metals
&
Mining)
..
5
87
Loblaw
Cos.
Ltd.
(Consumer
Staples
Distribution
&
Retail)
...........
8
65
Lululemon
Athletica,
Inc.
(Textiles,
Apparel
&
Luxury
Goods)(a)
............
33
340
Lundin
Mining
Corp.
(Metals
&
Mining)(b)
3
150
Magna
International,
Inc.
(Automobile
Components)
.................
9
1,024
Manulife
Financial
Corp.
(Insurance)
....
23
163
MEG
Energy
Corp.
(Oil,
Gas
&
Consumable
Fuels)(a)(b)
..................
3
127
Metro,
Inc.
(Consumer
Staples
Distribution
&
Retail)
....................
7
185
National
Bank
of
Canada
(Banks)
......
14
158
Northland
Power,
Inc.
(Independent
Power
and
Renewable
Electricity
Producers)
3
283
Nutrien
Ltd.
(Chemicals)
............
16
42
Onex
Corp.
(Capital
Markets)
.........
3
151
Open
Text
Corp.
(Software)(b)
........
6
198
Pan
American
Silver
Corp.
(Metals
&
Mining)
.....................
3
80
Parkland
Corp.
(Oil,
Gas
&
Consumable
Fuels)(b)
....................
3
333
Pembina
Pipeline
Corp.
(Oil,
Gas
&
Consumable
Fuels)
.............
11
328
Power
Corp.
of
Canada
(Insurance)
.....
9
78
Quebecor,
Inc.,
Class
-
B
(Diversified
Telecommunication
Services)
.....
2
100
RB
Global,
Inc.
(Commercial
Services
&
Supplies)
....................
7
169
Restaurant
Brands
International,
Inc.
(Hotels,
Restaurants
&
Leisure)
....
13
72
RioCan
Real
Estate
Investment
Trust
(Retail
REITs)(b)
...................
1
185
Rogers
Communications,
Inc.,
Class
-
B
(Wireless
Telecommunication
Services)
....................
9
789
Royal
Bank
of
Canada
(Banks)
........
81
141
Saputo,
Inc.
(Food
Products)(b)
........
3
685
Shopify,
Inc.,
Class
-
A
(IT
Services)(a)
..
53
56
Stantec,
Inc.
(Construction
&
Engineering)
4
328
Sun
Life
Financial,
Inc.
(Insurance)
.....
17
742
Suncor
Energy,
Inc.
(Oil,
Gas
&
Consumable
Fuels)
.............
24
68
HC
CAPITAL
TRUST
The
Catholic
SRI
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Canada
(continued)
567
TC
Energy
Corp.
(Oil,
Gas
&
Consumable
Fuels)
......................
$
22
258
Teck
Resources
Ltd.,
Class
-
B
(Metals
&
Mining)
.....................
11
237
TELUS
Corp.
(Diversified
Telecommunication
Services)
.....
4
43
TFI
International,
Inc.
(Ground
Transportation)
...............
6
679
The
Bank
of
Nova
Scotia
(Banks)
......
33
42
The
Descartes
Systems
Group,
Inc.
(Software)(a)
.................
4
1,023
The
Toronto-Dominion
Bank
(Banks)
...
67
90
Thomson
Reuters
Corp.
(Professional
Services)
....................
13
140
TMX
Group
Ltd.
(Capital
Markets)
.....
3
47
Toromont
Industries
Ltd.
(Trading
Companies
&
Distributors)
.......
4
177
Tourmaline
Oil
Corp.
(Oil,
Gas
&
Consumable
Fuels)
.............
8
145
Waste
Connections,
Inc.
(Commercial
Services
&
Supplies)
...........
22
37
West
Fraser
Timber
Co.
Ltd.
(Paper
&
Forest
Products)
...............
3
271
Wheaton
Precious
Metals
Corp.
(Metals
&
Mining)
.....................
13
73
WSP
Global,
Inc.
(Construction
&
Engineering)
.................
10
1,137
Cayman
Islands
—
0.01%
1,200
Sands
China
Ltd.
(Hotels,
Restaurants
&
Leisure)(a)
..................
4
Chile
—
0.02%
254
Antofagasta
PLC
(Metals
&
Mining)
....
5
Denmark
—
0.34%
2
A.P.
Moller
-
Maersk
A/S,
Class
-
A
(Marine
Transportation)
...............
4
3
A.P.
Moller
-
Maersk
A/S,
Class
-
B
(Marine
Transportation)
...............
5
54
Carlsberg
A/S,
Class
-
B
(Beverages)
....
7
55
Chr
Hansen
Holding
A/S
(Chemicals)(b)
.
5
80
Coloplast
A/S,
Class
-
B
(Health
Care
Equipment
&
Supplies)
.........
9
401
Danske
Bank
A/S
(Banks)
............
11
51
Demant
A/S
(Health
Care
Equipment
&
Supplies)(a)
..................
2
103
DSV
A/S
(Air
Freight
&
Logistics)
.....
19
116
Novozymes
A/S,
B
shares
(Chemicals)
..
6
114
Orsted
A/S
(Electric
Utilities)(b)
.......
6
50
Pandora
A/S
(Textiles,
Apparel
&
Luxury
Goods)
.....................
7
5
ROCKWOOL
A/S,
Class
-
B
(Building
Products)
....................
1
192
Tryg
A/S
(Insurance)(b)
.............
4
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Denmark
(continued)
560
Vestas
Wind
Systems
A/S
(Electrical
Equipment)(a)
................
$
18
104
Finland
—
0.32%
73
Elisa
Oyj
(Diversified
Telecommunication
Services)
....................
3
234
Fortum
Oyj
(Electric
Utilities)
.........
3
138
Kesko
Oyj,
Class
-
B
(Consumer
Staples
Distribution
&
Retail)
...........
3
202
Kone
Oyj,
Class
-
B
(Machinery)
.......
10
372
Metso
Oyj
(Machinery)(b)
...........
4
249
Neste
Oyj
(Oil,
Gas
&
Consumable
Fuels)
9
3,035
Nokia
Oyj
(Communications
Equipment)
.
10
1,868
Nordea
Bank
Abp
(Banks)
...........
24
271
Sampo
Oyj,
A
Shares
(Insurance)
......
12
299
Stora
Enso
Oyj,
Registered
Shares
(Paper
&
Forest
Products)
...............
4
314
UPM-Kymmene
Oyj
(Paper
&
Forest
Products)
....................
12
235
Wartsila
Oyj
Abp
(Machinery)
.........
3
97
France
—
2.98%
84
Accor
SA
(Hotels,
Restaurants
&
Leisure)
3
16
Aeroports
de
Paris
(Transportation
Infrastructure)
................
2
298
Air
Liquide
SA
(Chemicals)
..........
58
181
Alstom
SA
(Machinery)
.............
2
30
Amundi
SA
(Capital
Markets)
.........
2
31
Arkema
SA
(Chemicals)
.............
4
1,029
AXA
SA
(Insurance)
...............
33
22
BioMerieux
(Health
Care
Equipment
&
Supplies)
....................
2
591
BNP
Paribas
SA
(Banks)
.............
41
481
Bollore
SE
(Entertainment)
...........
3
107
Bouygues
SA
(Construction
&
Engineering)
4
163
Bureau
Veritas
SA
(Professional
Services)
(b)
........................
4
90
Capgemini
SE
(IT
Services)
..........
19
320
Carrefour
SA
(Consumer
Staples
Distribution
&
Retail)(b)
........
6
257
Cie
de
Saint-Gobain
(Building
Products)
.
19
366
Cie
Generale
des
Etablissements
Michelin
SCA
(Automobile
Components)
...
13
27
Covivio
SA
(Office
REITs)
...........
1
587
Credit
Agricole
SA
(Banks)
...........
8
365
Danone
SA
(Food
Products)
..........
24
379
Dassault
Systemes
SE
(Software)
......
19
133
Edenred
(Financial
Services)
..........
8
43
Eiffage
SA
(Construction
&
Engineering)(b)
5
1,038
Engie
SA
(Multi-Utilities)
............
18
166
EssilorLuxottica
SA
(Health
Care
Equipment
&
Supplies)
.........
33
69
HC
CAPITAL
TRUST
The
Catholic
SRI
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
France
(continued)
23
Eurazeo
SE
(Financial
Services)
.......
$
2
23
Gecina
SA
(Office
REITs)(b)
..........
3
218
Getlink
SE
(Transportation
Infrastructure)
4
18
Hermes
International
SCA
(Textiles,
Apparel
&
Luxury
Goods)
..............
38
22
Ipsen
SA
(Pharmaceuticals)
...........
3
43
Kering
SA
(Textiles,
Apparel
&
Luxury
Goods)
.....................
19
138
Klepierre
SA
(Retail
REITs)
..........
4
59
La
Francaise
des
Jeux
SAEM
(Hotels,
Restaurants
&
Leisure)
..........
2
153
Legrand
SA
(Electrical
Equipment)
.....
16
137
L'Oreal
SA
(Personal
Care
Products)
....
68
155
LVMH
Moet
Hennessy
Louis
Vuitton
SE
(Textiles,
Apparel
&
Luxury
Goods)
125
1,041
Orange
SA
(Diversified
Telecommunication
Services)(b)
..................
12
118
Pernod
Ricard
SA
(Beverages)
........
21
136
Publicis
Groupe
SA
(Media)
..........
13
17
Remy
Cointreau
SA
(Beverages)
.......
2
99
Renault
SA
(Automobiles)
...........
4
309
Schneider
Electric
SE
(Electrical
Equipment)(b)
................
62
16
SEB
SA
(Household
Durables)
........
2
426
Societe
Generale
SA
(Banks)
.........
11
54
Sodexo
SA
(Hotels,
Restaurants
&
Leisure)
6
35
Teleperformance
SE
(Professional
Services)
5
1,288
TotalEnergies
SE
(Oil,
Gas
&
Consumable
Fuels)
......................
87
66
Unibail-Rodamco-Westfield
(Retail
REITs)
(a)
........................
5
376
Veolia
Environnement
SA
(Multi-Utilities)
12
299
Vinci
SA
(Construction
&
Engineering)
..
38
387
Vivendi
SE
(Media)
................
4
148
Worldline
SA
(Financial
Services)(a)
....
3
902
Germany
—
2.09%
93
adidas
AG
(Textiles,
Apparel
&
Luxury
Goods)
.....................
19
226
Allianz
SE,
Registered
Shares
(Insurance)
61
514
BASF
SE
(Chemicals)
..............
28
174
Bayerische
Motoren
Werke
AG
(Automobiles)
................
19
34
Bayerische
Motoren
Werke
AG,
Preference
Shares
(Automobiles)
...........
3
45
Bechtle
AG
(IT
Services)
............
2
81
Brenntag
SE
(Trading
Companies
&
Distributors)
.................
7
23
Carl
Zeiss
Meditec
AG,
Class
-
BR
(Health
Care
Equipment
&
Supplies)
......
3
632
Commerzbank
AG
(Banks)
...........
8
57
Continental
AG
(Automobile
Components)
5
107
Covestro
AG
(Chemicals)(a)
..........
6
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Germany
(continued)
324
Daimler
Truck
Holding
AG
(Machinery)
.
$
12
111
Delivery
Hero
SE
(Hotels,
Restaurants
&
Leisure)(a)
..................
3
1,061
Deutsche
Bank
AG,
Registered
Shares
(Capital
Markets)
..............
14
108
Deutsche
Boerse
AG
(Capital
Markets)
..
22
304
Deutsche
Lufthansa
AG,
Registered
Shares
(Passenger
Airlines)(a)(b)
........
3
1,827
Deutsche
Telekom
AG
(Diversified
Telecommunication
Services)(b)
...
45
584
DHL
Group
(Air
Freight
&
Logistics)
...
29
55
Dr.
Ing.
h.c.
F.
Porsche
AG,
Preference
Shares
(Automobiles)
...........
5
1,218
E.ON
SE
(Multi-Utilities)
............
16
105
Evonik
Industries
AG
(Chemicals)
......
2
108
Fresenius
Medical
Care
AG
&
Co.
KGaA
(Health
Care
Providers
&
Services)
.
5
134
GEA
Group
AG
(Machinery)
.........
6
34
Hannover
Rueck
SE
(Insurance)
.......
8
81
Heidelberg
Materials
AG
(Construction
Materials)
...................
7
88
HelloFresh
SE
(Consumer
Staples
Distribution
&
Retail)(a)
.........
1
70
Henkel
AG
&
Co.
KGaA
(Household
Products)
....................
5
90
Henkel
AG
&
Co.
KGaA,
Preference
Shares
(Household
Products)
...........
7
748
Infineon
Technologies
AG
(Semiconductors
&
Semiconductor
Equipment)(b)
...
31
41
Knorr-Bremse
AG
(Machinery)
........
3
41
LEG
Immobilien
SE
(Real
Estate
Management
&
Development)(a)
...
4
444
Mercedes-Benz
Group
AG
(Automobiles)
31
34
MTU
Aero
Engines
AG
(Aerospace
&
Defense)
....................
7
76
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen,
Registered
Shares
(Insurance)
.....
31
35
Nemetschek
SE
(Software)
...........
3
79
Porsche
Automobil
Holding
SE,
Preference
Shares
(Automobiles)
...........
4
61
Puma
SE
(Textiles,
Apparel
&
Luxury
Goods)(b)
...................
3
3
Rational
AG
(Machinery)
............
2
366
RWE
AG
(Independent
Power
and
Renewable
Electricity
Producers)
..
17
590
SAP
SE
(Software)
.................
92
49
Scout24
SE
(Interactive
Media
&
Services)
3
305
Siemens
Energy
AG
(Electrical
Equipment)
(a)(b)
......................
4
81
Symrise
AG
(Chemicals)(b)
..........
9
41
Talanx
AG
(Insurance)
..............
3
16
Volkswagen
AG
(Automobiles)
........
2
117
Volkswagen
AG,
Preference
Shares
(Automobiles)
................
14
70
HC
CAPITAL
TRUST
The
Catholic
SRI
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Germany
(continued)
423
Vonovia
SE
(Real
Estate
Management
&
Development)
................
$
13
10
Wacker
Chemie
AG
(Chemicals)
.......
1
121
Zalando
SE
(Specialty
Retail)(a)
.......
3
631
Hong
Kong
—
0.72%
6,492
AIA
Group
Ltd.
(Insurance)
..........
57
2,000
BOC
Hong
Kong
Holdings
Ltd.
(Banks)
.
5
1,100
Budweiser
Brewing
Co.
APAC
Ltd.
(Beverages)
..................
2
1,000
CK
Asset
Holdings
Ltd.
(Real
Estate
Management
&
Development)
.....
5
1,500
CK
Hutchison
Holdings
Ltd.
(Industrial
Conglomerates)
...............
8
500
CK
Infrastructure
Holdings
Ltd.
(Electric
Utilities)
....................
3
1,000
CLP
Holdings
Ltd.
(Electric
Utilities)
...
8
1,000
ESR
Group
Ltd.
(Real
Estate
Management
&
Development)
..............
1
30
Futu
Holdings
Ltd.,
ADR
(Capital
Markets)
(a)
........................
2
1,000
Galaxy
Entertainment
Group
Ltd.
(Hotels,
Restaurants
&
Leisure)
..........
6
1,000
Hang
Lung
Properties
Ltd.
(Real
Estate
Management
&
Development)
.....
1
400
Hang
Seng
Bank
Ltd.
(Banks)
.........
5
1,000
Henderson
Land
Development
Co.
Ltd.
(Real
Estate
Management
&
Development)
................
3
2,000
HKT
Trust
&
HKT
Ltd.
(Diversified
Telecommunication
Services)(b)
...
2
5,985
Hong
Kong
&
China
Gas
Co.
Ltd.
(Gas
Utilities)
....................
5
723
Hong
Kong
Exchanges
&
Clearing
Ltd.
(Capital
Markets)
..............
25
700
Hongkong
Land
Holdings
Ltd.
(Real
Estate
Management
&
Development)
.....
2
100
Jardine
Matheson
Holdings
Ltd.
(Industrial
Conglomerates)
...............
4
1,566
Link
REIT
(Retail
REITs)
............
9
1,000
MTR
Corp.
Ltd.
(Ground
Transportation)
.
4
1,250
New
World
Development
Co.
Ltd.
(Real
Estate
Management
&
Development)
2
779
Power
Assets
Holdings
Ltd.
(Electric
Utilities)
....................
5
1,481
Prudential
PLC
(Insurance)
...........
17
2,129
Sino
Land
Co.
Ltd.
(Real
Estate
Management
&
Development)
.....
2
1,000
SITC
International
Holdings
Co.
Ltd.
(Marine
Transportation)
.........
2
1,000
Sun
Hung
Kai
Properties
Ltd.
(Real
Estate
Management
&
Development)
.....
11
139
Swire
Pacific
Ltd.,
Class
-
A
(Real
Estate
Management
&
Development)
.....
1
600
Swire
Properties
Ltd.
(Real
Estate
Management
&
Development)
.....
1
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Hong
Kong
(continued)
757
Techtronic
Industries
Co.
Ltd.
(Machinery)
$
9
1,000
The
Wharf
Holdings
Ltd.
(Real
Estate
Management
&
Development)
.....
3
4,728
WH
Group
Ltd.
(Food
Products)
.......
3
1,000
Wharf
Real
Estate
Investment
Co.
Ltd.
(Real
Estate
Management
&
Development)
3
1,000
Xinyi
Glass
Holdings
Ltd.
(Building
Products)
....................
1
217
Ireland
(Republic
of)
—
1.15%
359
Accenture
PLC,
Class
-
A
(IT
Services)
..
125
37
AerCap
Holdings
N.V.
(Trading
Companies
&
Distributors)(a)
.............
3
92
AerCap
Holdings
N.V.
(Trading
Companies
&
Distributors)(a)
.............
7
770
AIB
Group
PLC
(Banks)
............
3
50
Allegion
PLC
(Building
Products)
......
6
162
Aptiv
PLC
(Automobile
Components)(a)
.
15
599
Bank
of
Ireland
Group
PLC
(Banks)
....
5
421
CRH
PLC
(Construction
Materials)
.....
29
504
Experian
PLC
(Professional
Services)
...
21
100
Flutter
Entertainment
PLC
(Hotels,
Restaurants
&
Leisure)(a)
........
18
259
James
Hardie
Industries
PLC
(Construction
Materials)(a)
.................
10
83
Kingspan
Group
PLC
(Building
Products)
7
747
Medtronic
PLC
(Health
Care
Equipment
&
Supplies)
....................
62
163
Smurfit
Kappa
Group
PLC
(Containers
&
Packaging)(b)
................
6
130
Trane
Technologies
PLC
(Building
Products)
....................
32
349
Israel
—
0.18%
16
Azrieli
Group
Ltd.
(Real
Estate
Management
&
Development)
..............
1
818
Bank
Hapoalim
BM
(Banks)
..........
7
842
Bank
Leumi
Le-Israel
BM
(Banks)
.....
7
56
Check
Point
Software
Technologies
Ltd.
(Software)(a)
.................
9
23
CyberArk
Software
Ltd.
(Software)(a)
...
5
56
Global-e
Online
Ltd.
(Broadline
Retail)(a)
2
362
ICL
Group
Ltd.
(Chemicals)
..........
2
—
Isracard
Ltd.
(Consumer
Finance)
......
—
727
Israel
Discount
Bank
Ltd.,
Class
-
A
(Banks)
4
97
Mizrahi
Tefahot
Bank
Ltd.
(Banks)
.....
4
13
Monday.com
Ltd.
(Software)(a)
........
2
34
Nice
Ltd.
(Software)(a)
..............
7
28
Wix.com
Ltd.
(IT
Services)(a)
.........
3
53
71
HC
CAPITAL
TRUST
The
Catholic
SRI
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Italy
—
0.68%
62
Amplifon
SpA
(Health
Care
Providers
&
Services)
....................
$
2
580
Assicurazioni
Generali
SpA
(Insurance)
..
12
617
Banco
BPM
SpA
(Banks)
............
3
265
Davide
Campari-Milano
N.V.,
Class
-
M
(Beverages)(b)
................
3
13
DiaSorin
SpA
(Health
Care
Equipment
&
Supplies)
....................
1
4,705
Enel
SpA
(Electric
Utilities)(b)
........
34
1,359
Eni
SpA
(Oil,
Gas
&
Consumable
Fuels)
.
23
73
Ferrari
N.V.
(Automobiles)
...........
25
344
FinecoBank
Banca
Fineco
SpA
(Banks)
..
5
208
Infrastrutture
Wireless
Italiane
SpA
(Diversified
Telecommunication
Services)(b)
..................
3
8,539
Intesa
Sanpaolo
SpA
(Banks)(b)
.......
25
318
Mediobanca
Banca
di
Credito
Finanziario
SpA
(Banks)
.................
4
123
Moncler
SpA
(Textiles,
Apparel
&
Luxury
Goods)
.....................
8
360
Nexi
SpA
(Financial
Services)(a)
.......
3
367
Poste
Italiane
SpA
(Insurance)
.........
4
133
Prysmian
SpA
(Electrical
Equipment)
...
6
49
Recordati
Industria
Chimica
e
Farmaceutica
SpA
(Pharmaceuticals)
..........
3
1,265
Snam
SpA
(Gas
Utilities)
............
6
4,827
Telecom
Italia
SpA/Milano
(Diversified
Telecommunication
Services)(a)
...
2
946
Terna
-
Rete
Elettrica
Nazionale
(Electric
Utilities)
....................
8
907
UniCredit
SpA
(Banks)
..............
25
205
Japan
—
6.00%
400
Advantest
Corp.
(Semiconductors
&
Semiconductor
Equipment)(b)
.....
14
400
Aeon
Co.
Ltd.
(Consumer
Staples
Distribution
&
Retail)
...........
9
100
AGC,
Inc.
(Building
Products)
........
4
100
Aisin
Corp.
(Automobile
Components)
..
3
100
ANA
Holdings,
Inc.
(Passenger
Airlines)(a)
(b)
........................
2
100
Asahi
Intecc
Co.
Ltd.
(Health
Care
Equipment
&
Supplies)
.........
2
800
Asahi
Kasei
Corp.
(Chemicals)
........
6
100
Azbil
Corp.
(Electronic
Equipment,
Instruments
&
Components)
......
3
300
Bandai
Namco
Holdings,
Inc.
(Leisure
Products)
....................
6
100
BayCurrent
Consulting,
Inc.
(Professional
Services)
....................
4
333
Bridgestone
Corp.
(Automobile
Components)
.................
14
100
Brother
Industries
Ltd.
(Technology
Hardware,
Storage
&
Peripherals)
..
2
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Japan
(continued)
600
Canon,
Inc.
(Technology
Hardware,
Storage
&
Peripherals)
................
$
15
100
Capcom
Co.
Ltd.
(Entertainment)
......
3
500
Central
Japan
Railway
Co.
(Ground
Transportation)
...............
13
400
Chubu
Electric
Power
Co.,
Inc.
(Electric
Utilities)
....................
5
700
Concordia
Financial
Group
Ltd.
(Banks)
.
3
100
Dai
Nippon
Printing
Co.
Ltd.
(Commercial
Services
&
Supplies)
...........
3
190
Daifuku
Co.
Ltd.
(Machinery)
.........
4
586
Dai-ichi
Life
Holdings,
Inc.
(Insurance)
..
12
120
Daikin
Industries
Ltd.
(Building
Products)
20
300
Daiwa
House
Industry
Co.
Ltd.
(Real
Estate
Management
&
Development)
.....
9
1
Daiwa
House
REIT
Investment
Corp.
(Diversified
REITs)
............
2
900
Daiwa
Securities
Group,
Inc.
(Capital
Markets)
....................
6
1,024
Denso
Corp.
(Automobile
Components)
..
15
100
Dentsu
Group,
Inc.
(Media)
..........
3
5
Disco
Corp.
(Semiconductors
&
Semiconductor
Equipment)
.......
1
200
East
Japan
Railway
Co.
(Ground
Transportation)
...............
12
1,700
ENEOS
Holdings,
Inc.
(Oil,
Gas
&
Consumable
Fuels)
.............
7
545
FANUC
Corp.
(Machinery)
...........
16
100
Fast
Retailing
Co.
Ltd.
(Specialty
Retail)
.
25
100
Fuji
Electric
Co.
Ltd.
(Electrical
Equipment)
4
200
FUJIFILM
Holdings
Corp.
(Technology
Hardware,
Storage
&
Peripherals)
..
12
52
Fujitsu
Ltd.
(IT
Services)(b)
..........
8
3
GLP
J-Reit
(Industrial
REITs)(b)
.......
3
100
Hamamatsu
Photonics
KK
(Electronic
Equipment,
Instruments
&
Components)
.................
4
100
Hankyu
Hanshin
Holdings,
Inc.
(Ground
Transportation)
...............
3
27
Hikari
Tsushin,
Inc.
(Industrial
Conglomerates)
...............
4
42
Hirose
Electric
Co.
Ltd.
(Electronic
Equipment,
Instruments
&
Components)
.................
5
100
Hitachi
Construction
Machinery
Co.
Ltd.
(Machinery)
.................
3
2,700
Honda
Motor
Co.
Ltd.
(Automobiles)
...
28
100
Hoshizaki
Corp.
(Machinery)
.........
4
200
Hoya
Corp.
(Health
Care
Equipment
&
Supplies)
....................
25
200
Hulic
Co.
Ltd.
(Real
Estate
Management
&
Development)(b)
..............
2
100
Ibiden
Co.
Ltd.
(Electronic
Equipment,
Instruments
&
Components)
......
6
760
Idemitsu
Kosan
Co.
Ltd.
(Oil,
Gas
&
Consumable
Fuels)(b)
..........
4
72
HC
CAPITAL
TRUST
The
Catholic
SRI
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Japan
(continued)
100
Iida
Group
Holdings
Co.
Ltd.
(Household
Durables)
...................
$
1
600
Inpex
Corp.
(Oil,
Gas
&
Consumable
Fuels)
8
300
Isuzu
Motors
Ltd.
(Automobiles)
.......
4
700
ITOCHU
Corp.
(Trading
Companies
&
Distributors)
.................
29
48
Japan
Airlines
Co.
Ltd.
(Passenger
Airlines)
(b)
........................
1
300
Japan
Exchange
Group,
Inc.
(Capital
Markets)
....................
6
4
Japan
Metropolitan
Fund
Invest
(Retail
REITs)
.....................
3
800
Japan
Post
Bank
Co.
Ltd.
(Banks)(b)
....
8
1,400
Japan
Post
Holdings
Co.
Ltd.
(Insurance)(b)
13
100
Japan
Post
Insurance
Co.
Ltd.
(Insurance)(b)
2
1
Japan
Real
Estate
Investment
Corp.
(Office
REITs)
.....................
4
300
JFE
Holdings,
Inc.
(Metals
&
Mining)(b)
.
5
200
Kajima
Corp.
(Construction
&
Engineering)
3
227
Kao
Corp.
(Personal
Care
Products)
.....
9
100
Kawasaki
Kisen
Kaisha
Ltd.
(Marine
Transportation)
...............
4
874
KDDI
Corp.
(Wireless
Telecommunication
Services)
....................
28
100
Keisei
Electric
Railway
Co.
Ltd.
(Ground
Transportation)
...............
5
134
Keyence
Corp.
(Electronic
Equipment,
Instruments
&
Components)
......
59
100
Kikkoman
Corp.
(Food
Products)
......
6
100
Kintetsu
Group
Holdings
Co.
Ltd.
(Ground
Transportation)
...............
3
500
Kirin
Holdings
Co.
Ltd.
(Beverages)
....
7
100
Kobe
Bussan
Co.
Ltd.
(Consumer
Staples
Distribution
&
Retail)
...........
3
100
Koei
Tecmo
Holdings
Co.
Ltd.
(Entertainment)
...............
1
168
Koito
Manufacturing
Co.
Ltd.
(Automobile
Components)
.................
3
500
Komatsu
Ltd.
(Machinery)
...........
13
100
Konami
Group
Corp.
(Entertainment)
...
5
43
Kose
Corp.
(Personal
Care
Products)
....
3
600
Kubota
Corp.
(Machinery)
...........
9
800
Kyocera
Corp.
(Electronic
Equipment,
Instruments
&
Components)
......
12
200
Kyowa
Kirin
Co.
Ltd.
(Pharmaceuticals)
.
3
300
M3,
Inc.
(Health
Care
Technology)
.....
5
100
Makita
Corp.
(Machinery)
...........
3
800
Marubeni
Corp.
(Trading
Companies
&
Distributors)
.................
13
300
MatsukiyoCocokara
&
Co.
(Consumer
Staples
Distribution
&
Retail)
.....
5
300
Mazda
Motor
Corp.
(Automobiles)
.....
3
200
MINEBEA
MITSUMI,
Inc.
(Machinery)
.
4
200
MISUMI
Group,
Inc.
(Machinery)
......
3
1,800
Mitsubishi
Corp.
(Trading
Companies
&
Distributors)
.................
29
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Japan
(continued)
1,100
Mitsubishi
Electric
Corp.
(Electrical
Equipment)
..................
$
16
600
Mitsubishi
Estate
Co.
Ltd.
(Real
Estate
Management
&
Development)
.....
8
500
Mitsubishi
HC
Capital,
Inc.
(Financial
Services)
....................
3
200
Mitsubishi
Heavy
Industries
Ltd.
(Machinery)
.................
12
6,879
Mitsubishi
UFJ
Financial
Group,
Inc.
(Banks)
.....................
59
700
Mitsui
&
Co.
Ltd.
(Trading
Companies
&
Distributors)
.................
26
100
Mitsui
Chemicals,
Inc.
(Chemicals)
.....
3
500
Mitsui
Fudosan
Co.
Ltd.
(Real
Estate
Management
&
Development)
.....
12
200
Mitsui
O.S.K.
Lines
Ltd.
(Marine
Transportation)
...............
6
1,410
Mizuho
Financial
Group,
Inc.
(Banks)
...
24
200
MonotaRO
Co.
Ltd.
(Trading
Companies
&
Distributors)
.................
2
230
MS&AD
Insurance
Group
Holdings,
Inc.
(Insurance)
..................
9
1,011
Murata
Manufacturing
Co.
Ltd.
(Electronic
Equipment,
Instruments
&
Components)
.................
21
130
NEC
Corp.
(IT
Services)
.............
8
200
Nexon
Co.
Ltd.
(Entertainment)
.......
4
200
NIDEC
Corp.
(Electrical
Equipment)
....
8
550
Nintendo
Co.
Ltd.
(Entertainment)
......
29
1
Nippon
Building
Fund,
Inc.
(Office
REITs)
4
600
Nippon
Paint
Holdings
Co.
Ltd.
(Chemicals)
(b)
........................
5
1
Nippon
Prologis
REIT,
Inc.
(Industrial
REITs)(b)
...................
2
100
Nippon
Sanso
Holdings
Corp.
(Chemicals)
3
500
Nippon
Steel
Corp.
(Metals
&
Mining)(b)
11
17,950
Nippon
Telegraph
&
Telephone
Corp.
(Diversified
Telecommunication
Services)
....................
22
300
Nippon
Yusen
KK
(Marine
Transportation)
9
1,300
Nissan
Motor
Co.
Ltd.
(Automobiles)
...
5
100
Nitto
Denko
Corp.
(Chemicals)
........
7
2,000
Nomura
Holdings,
Inc.
(Capital
Markets)
.
9
100
Nomura
Real
Estate
Holdings,
Inc.
(Real
Estate
Management
&
Development)
3
3
Nomura
Real
Estate
Master
Fund,
Inc.
(Diversified
REITs)
............
4
235
Nomura
Research
Institute
Ltd.
(IT
Services)
....................
7
400
NTT
Data
Group
Corp.
(IT
Services)
....
6
400
Obayashi
Corp.
(Construction
&
Engineering)
.................
3
200
Odakyu
Electric
Railway
Co.
Ltd.
(Ground
Transportation)
...............
3
500
Oji
Holdings
Corp.
(Paper
&
Forest
Products)
....................
2
73
HC
CAPITAL
TRUST
The
Catholic
SRI
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Japan
(continued)
700
Olympus
Corp.
(Health
Care
Equipment
&
Supplies)
....................
$
10
147
Omron
Corp.
(Electronic
Equipment,
Instruments
&
Components)
......
7
49
Oracle
Corp.
Japan
(Software)
.........
4
600
Oriental
Land
Co.
Ltd.
(Hotels,
Restaurants
&
Leisure)
...................
22
700
ORIX
Corp.
(Financial
Services)
.......
13
200
Osaka
Gas
Co.
Ltd.
(Gas
Utilities)
......
4
34
Otsuka
Corp.
(IT
Services)
...........
1
168
Pan
Pacific
International
Holdings
Corp.
(Broadline
Retail)
.............
4
1,300
Panasonic
Holdings
Corp.
(Household
Durables)
...................
13
1,000
Rakuten
Group,
Inc.
(Broadline
Retail)(b)
4
800
Recruit
Holdings
Co.
Ltd.
(Professional
Services)
....................
34
1,000
Renesas
Electronics
Corp.
(Semiconductors
&
Semiconductor
Equipment)(a)(b)
.
18
1,300
Resona
Holdings,
Inc.
(Banks)
........
7
400
Ricoh
Co.
Ltd.
(Technology
Hardware,
Storage
&
Peripherals)
..........
3
184
Rohm
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
.......
4
200
SBI
Holdings,
Inc.
(Capital
Markets)
....
4
100
SCSK
Corp.
(IT
Services)
............
2
100
Secom
Co.
Ltd.
(Commercial
Services
&
Supplies)
....................
7
200
Seiko
Epson
Corp.
(Technology
Hardware,
Storage
&
Peripherals)
..........
3
200
Sekisui
Chemical
Co.
Ltd.
(Household
Durables)
...................
3
300
Sekisui
House
Ltd.
(Household
Durables)
7
467
Seven
&
i
Holdings
Co.
Ltd.
(Consumer
Staples
Distribution
&
Retail)
.....
19
200
SG
Holdings
Co.
Ltd.
(Air
Freight
&
Logistics)
...................
3
300
Sharp
Corp.
(Household
Durables)(b)
...
2
300
Shimizu
Corp.
(Construction
&
Engineering)
.................
2
1,000
Shin-Etsu
Chemical
Co.
Ltd.
(Chemicals)
42
300
Shizuoka
Financial
Group,
Inc.
(Banks)
..
3
1,700
SoftBank
Corp.
(Wireless
Telecommunication
Services)
.....
21
618
SoftBank
Group
Corp.
(Wireless
Telecommunication
Services)
.....
28
200
Sompo
Holdings,
Inc.
(Insurance)
......
10
700
Sony
Group
Corp.
(Household
Durables)
.
67
100
Square
Enix
Holdings
Co.
Ltd.
(Entertainment)
...............
4
400
Subaru
Corp.
(Automobiles)
..........
7
200
SUMCO
Corp.
(Semiconductors
&
Semiconductor
Equipment)(b)
.....
3
600
Sumitomo
Corp.
(Trading
Companies
&
Distributors)
.................
13
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Japan
(continued)
400
Sumitomo
Electric
Industries
Ltd.
(Automobile
Components)
.......
$
5
100
Sumitomo
Metal
Mining
Co.
Ltd.
(Metals
&
Mining)
.....................
3
700
Sumitomo
Mitsui
Financial
Group,
Inc.
(Banks)
.....................
34
446
Sumitomo
Mitsui
Trust
Holdings,
Inc.
(Banks)
.....................
9
200
Sumitomo
Realty
&
Development
Co.
Ltd.
(Real
Estate
Management
&
Development)
................
6
100
Suntory
Beverage
&
Food
Ltd.
(Beverages)
3
200
Suzuki
Motor
Corp.
(Automobiles)
.....
9
300
T&D
Holdings,
Inc.
(Insurance)
.......
5
100
Taisei
Corp.
(Construction
&
Engineering)
3
200
TDK
Corp.
(Electronic
Equipment,
Instruments
&
Components)
......
10
400
Terumo
Corp.
(Health
Care
Equipment
&
Supplies)
....................
13
400
The
Chiba
Bank
Ltd.
(Banks)
.........
3
400
The
Kansai
Electric
Power
Co.,
Inc.
(Electric
Utilities)
.............
5
100
TIS,
Inc.
(IT
Services)
..............
2
145
Tobu
Railway
Co.
Ltd.
(Ground
Transportation)
...............
4
45
Toho
Co.
Ltd.
(Entertainment)
.........
2
993
Tokio
Marine
Holdings,
Inc.
(Insurance)
.
25
900
Tokyo
Electric
Power
Co.
Holdings,
Inc.
(Electric
Utilities)(a)
...........
5
300
Tokyo
Electron
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
.......
54
200
Tokyo
Gas
Co.
Ltd.
(Gas
Utilities)
......
5
300
Tokyu
Corp.
(Ground
Transportation)
...
4
100
TOPPAN
Holdings,
Inc.
(Commercial
Services
&
Supplies)
...........
3
800
Toray
Industries,
Inc.
(Chemicals)
......
4
100
Tosoh
Corp.
(Chemicals)
............
1
100
TOTO
Ltd.
(Building
Products)
........
3
100
Toyota
Industries
Corp.
(Machinery)
....
8
6,150
Toyota
Motor
Corp.
(Automobiles)
.....
113
100
Trend
Micro,
Inc.
(Software)
..........
5
200
Unicharm
Corp.
(Household
Products)
...
7
100
USS
Co.
Ltd.
(Specialty
Retail)
........
2
100
Yakult
Honsha
Co.
Ltd.
(Food
Products)
.
2
100
Yamaha
Corp.
(Leisure
Products)
......
2
600
Yamaha
Motor
Co.
Ltd.
(Automobiles)
..
5
200
Yamato
Holdings
Co.
Ltd.
(Air
Freight
&
Logistics)
...................
4
100
Yaskawa
Electric
Corp.
(Machinery)
....
4
100
Yokogawa
Electric
Corp.
(Electronic
Equipment,
Instruments
&
Components)
.................
2
1,500
Z
Holdings
Corp.
(Interactive
Media
&
Services)
....................
5
74
HC
CAPITAL
TRUST
The
Catholic
SRI
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Japan
(continued)
100
ZOZO,
Inc.
(Specialty
Retail)(b)
.......
$
2
1,817
Luxembourg
—
0.04%
257
ArcelorMittal
SA
(Metals
&
Mining)
....
7
259
Tenaris
SA
(Energy
Equipment
&
Services)
5
12
Netherlands
—
1.62%
224
ABN
AMRO
Bank
N.V.
(Banks)
.......
3
12
Adyen
N.V.
(Financial
Services)(a)(b)
...
15
893
Aegon
Ltd.
(Insurance)
..............
5
91
Akzo
Nobel
N.V.
(Chemicals)
.........
8
35
Argenx
SE
(Biotechnology)(a)
........
13
28
ASM
International
N.V.
(Semiconductors
&
Semiconductor
Equipment)
.......
15
228
ASML
Holding
N.V.
(Semiconductors
&
Semiconductor
Equipment)(b)
.....
173
102
ASR
Nederland
N.V.
(Insurance)
.......
5
41
BE
Semiconductor
Industries
N.V.
(Semiconductors
&
Semiconductor
Equipment)
..................
6
44
Euronext
N.V.
(Capital
Markets)
.......
4
62
EXOR
N.V.
(Financial
Services)
.......
6
309
Ferrovial
SE
(Construction
&
Engineering)
11
71
Heineken
Holding
N.V.
(Beverages)
....
6
162
Heineken
N.V.
(Beverages)
...........
16
31
IMCD
N.V.
(Trading
Companies
&
Distributors)(b)
...............
5
2,017
ING
Groep
N.V.
(Banks)
.............
30
59
JDE
Peet's
N.V.
(Food
Products)(b)
.....
2
538
Koninklijke
Ahold
Delhaize
N.V.
(Consumer
Staples
Distribution
&
Retail)
.....
15
1,770
Koninklijke
KPN
N.V.
(Diversified
Telecommunication
Services)
.....
6
458
Koninklijke
Philips
N.V.
(Health
Care
Equipment
&
Supplies)(a)
.......
11
152
NN
Group
N.V.
(Insurance)
...........
6
148
NXP
Semiconductors
N.V.
(Semiconductors
&
Semiconductor
Equipment)
.....
34
51
OCI
N.V.
(Chemicals)(b)
............
1
841
Prosus
N.V.
(Broadline
Retail)(b)
......
25
66
Randstad
N.V.
(Professional
Services)
...
4
1,266
Stellantis
N.V.
(Automobiles)
.........
30
479
Universal
Music
Group
N.V.
(Entertainment)
...............
14
142
Wolters
Kluwer
N.V.
(Professional
Services)
20
489
New
Zealand
—
0.07%
657
Auckland
International
Airport
Ltd.
(Transportation
Infrastructure)
.....
4
304
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
(Health
Care
Equipment
&
Supplies)
5
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
New
Zealand
(continued)
634
Mercury
NZ
Ltd.
(Electric
Utilities)
.....
$
3
828
Meridian
Energy
Ltd.
(Independent
Power
and
Renewable
Electricity
Producers)
3
1,066
Spark
New
Zealand
Ltd.
(Diversified
Telecommunication
Services)
.....
3
68
Xero
Ltd.
(Software)(a)
.............
4
22
Norway
—
0.20%
161
Adevinta
ASA
(Interactive
Media
&
Services)(a)
..................
2
168
Aker
BP
ASA
(Oil,
Gas
&
Consumable
Fuels)
......................
5
533
DNB
Bank
ASA
(Banks)
............
11
526
Equinor
ASA
(Oil,
Gas
&
Consumable
Fuels)
......................
17
121
Gjensidige
Forsikring
ASA
(Insurance)
..
2
274
Mowi
ASA
(Food
Products)(b)
........
5
716
Norsk
Hydro
ASA
(Metals
&
Mining)
...
5
382
Orkla
ASA
(Food
Products)
..........
3
47
Salmar
ASA
(Food
Products)
.........
3
373
Telenor
ASA
(Diversified
Telecommunication
Services)
.....
4
93
Yara
International
ASA
(Chemicals)
....
3
60
Portugal
—
0.06%
1,828
EDP
-
Energias
de
Portugal
SA
(Electric
Utilities)
....................
9
282
Galp
Energia
SGPS
SA
(Oil,
Gas
&
Consumable
Fuels)(b)
..........
4
157
Jeronimo
Martins
SGPS
SA
(Consumer
Staples
Distribution
&
Retail)(b)
...
4
17
Singapore
—
0.41%
2,350
CapitaLand
Ascendas
REIT
(Industrial
REITs)
.....................
5
2,740
CapitaLand
Integrated
Commercial
Trust
(Retail
REITs)
................
4
1,500
CapitaLand
Investment
Ltd.
(Real
Estate
Management
&
Development)
.....
4
400
City
Developments
Ltd.
(Real
Estate
Management
&
Development)
.....
2
1,024
DBS
Group
Holdings
Ltd.
(Banks)
.....
27
3,300
Genting
Singapore
Ltd.
(Hotels,
Restaurants
&
Leisure)
...................
3
888
Grab
Holdings
Ltd.
(Ground
Transportation)
(a)
........................
3
100
Jardine
Cycle
&
Carriage
Ltd.
(Industrial
Conglomerates)
...............
2
600
Keppel
Corp.
Ltd.
(Industrial
Conglomerates)
...............
3
1,659
Mapletree
Logistics
Trust
(Industrial
REITs)
2
1,200
Mapletree
Pan
Asia
Commercial
Trust
(Retail
REITs)
................
1
75
HC
CAPITAL
TRUST
The
Catholic
SRI
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Singapore
(continued)
1,835
Oversea-Chinese
Banking
Corp.
Ltd.
(Banks)
.....................
$
19
212
Sea
Ltd.,
ADR
(Entertainment)(a)
......
9
26,285
Seatrium
Ltd.
(Machinery)(a)
.........
2
500
Sembcorp
Industries
Ltd.
(Multi-Utilities)
2
900
Singapore
Airlines
Ltd.
(Passenger
Airlines)
(b)
........................
4
500
Singapore
Exchange
Ltd.
(Capital
Markets)
4
5,100
Singapore
Telecommunications
Ltd.
(Diversified
Telecommunication
Services)
....................
10
700
United
Overseas
Bank
Ltd.
(Banks)
.....
15
300
UOL
Group
Ltd.
(Real
Estate
Management
&
Development)
..............
1
900
Wilmar
International
Ltd.
(Food
Products)
2
124
Spain
—
0.76%
18
Acciona
SA
(Electric
Utilities)
........
3
115
ACS
Actividades
de
Construccion
y
Servicios
SA
(Construction
&
Engineering)
.................
5
38
Aena
SME
SA
(Transportation
Infrastructure)
................
7
261
Amadeus
IT
Group
SA
(Hotels,
Restaurants
&
Leisure)
...................
19
3,322
Banco
Bilbao
Vizcaya
Argentaria
SA
(Banks)
.....................
30
9,004
Banco
Santander
SA
(Banks)(b)
.......
38
2,355
CaixaBank
SA
(Banks)
..............
10
321
Cellnex
Telecom
SA
(Diversified
Telecommunication
Services)(b)
...
13
33
Corp.
ACCIONA
Energias
Renovables
SA
(Independent
Power
and
Renewable
Electricity
Producers)
...........
1
152
EDP
Renovaveis
SA
(Independent
Power
and
Renewable
Electricity
Producers)
3
121
Enagas
SA
(Gas
Utilities)(b)
..........
2
189
Endesa
SA
(Electric
Utilities)
.........
4
3,386
Iberdrola
SA
(Electric
Utilities)
........
43
607
Industria
de
Diseno
Textil
SA
(Specialty
Retail)
......................
26
70
Naturgy
Energy
Group
SA
(Gas
Utilities)
.
2
223
Redeia
Corp.
SA
(Electric
Utilities)
.....
4
695
Repsol
SA
(Oil,
Gas
&
Consumable
Fuels)
10
2,771
Telefonica
SA
(Diversified
Telecommunication
Services)
.....
11
231
Sweden
—
0.97%
156
Alfa
Laval
AB
(Machinery)
..........
6
564
Assa
Abloy
AB,
Class
-
B
(Building
Products)
....................
16
1,476
Atlas
Copco
AB,
Class
-
A
(Machinery)
..
25
914
Atlas
Copco
AB,
Class
-
B
(Machinery)
..
14
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Sweden
(continued)
225
Beijer
Ref
AB
(Trading
Companies
&
Distributors)
.................
$
3
165
Boliden
AB
(Metals
&
Mining)
........
5
348
Epiroc
AB,
Class
-
A
(Machinery)
......
7
289
Epiroc
AB,
Class
-
B
(Machinery)
......
5
195
EQT
AB
(Capital
Markets)
...........
6
365
Essity
AB,
Class
-
B
(Household
Products)
9
104
Evolution
AB
(Hotels,
Restaurants
&
Leisure)
....................
12
306
Fastighets
AB
Balder,
B
shares
(Real
Estate
Management
&
Development)(a)
...
2
120
Getinge
AB,
B
shares
(Health
Care
Equipment
&
Supplies)
.........
3
377
H
&
M
Hennes
&
Mauritz
AB,
Class
-
B
(Specialty
Retail)
..............
7
1,114
Hexagon
AB,
Class
-
B
(Electronic
Equipment,
Instruments
&
Components)
.................
13
74
Holmen
AB,
B
shares
(Paper
&
Forest
Products)
....................
3
214
Husqvarna
AB,
B
shares
(Machinery)
...
2
144
Industrivarden
AB,
Class
-
A
(Financial
Services)(b)
..................
5
20
Industrivarden
AB,
Class
-
C
(Financial
Services)
....................
1
155
Indutrade
AB
(Machinery)
...........
4
81
Investment
AB
Latour,
Class
-
B
(Industrial
Conglomerates)
...............
2
963
Investor
AB,
Class
-
B
(Financial
Services)
22
50
L
E
Lundbergforetagen
AB,
Class
-
B
(Financial
Services)
............
3
127
Lifco
AB,
Class
-
B
(Industrial
Conglomerates)
...............
3
848
Nibe
Industrier
AB,
Class
-
B
(Building
Products)
....................
6
95
Sagax
AB,
Class
-
B
(Real
Estate
Management
&
Development)
.....
3
565
Sandvik
AB
(Machinery)
............
12
280
Securitas
AB,
Class
-
B
(Commercial
Services
&
Supplies)
...........
3
913
Skandinaviska
Enskilda
Banken
AB,
Class
-
A
(Banks)
...................
13
234
Skanska
AB,
Class
-
B
(Construction
&
Engineering)
.................
4
191
SKF
AB,
B
shares
(Machinery)
........
4
308
Svenska
Cellulosa
AB
SCA,
Class
-
B
(Paper
&
Forest
Products)
........
5
873
Svenska
Handelsbanken
AB,
Class
-
A
(Banks)
.....................
9
476
Swedbank
AB,
Class
-
A
(Banks)
.......
10
264
Tele2
AB,
B
shares
(Wireless
Telecommunication
Services)
.....
2
1,729
Telefonaktiebolaget
LM
Ericsson,
Class
-
B
(Communications
Equipment)
.....
11
1,249
Telia
Co.
AB
(Diversified
Telecommunication
Services)(b)
...
3
207
Volvo
AB,
Class
-
A
(Machinery)
.......
5
76
HC
CAPITAL
TRUST
The
Catholic
SRI
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Sweden
(continued)
900
Volvo
AB,
Class
-
B
(Machinery)
......
$
23
325
Volvo
Car
AB,
Class
-
B
(Automobiles)(a)
(b)
........................
1
292
Switzerland
—
2.60%
916
ABB
Ltd.,
Registered
Shares
(Electrical
Equipment)
..................
41
82
Adecco
Group
AG
(Professional
Services)
(b)
........................
4
286
Alcon,
Inc.
(Health
Care
Equipment
&
Supplies)
....................
22
66
Avolta
AG,
Registered
Shares
(Specialty
Retail)(a)(b)
.................
3
24
Baloise
Holding
AG,
Registered
Shares
(Insurance)
..................
4
16
Banque
Cantonale
Vaudoise,
Registered
Shares
(Banks)
................
2
2
Barry
Callebaut
AG,
Registered
Shares
(Food
Products)(b)
.............
3
14
BKW
AG
(Electric
Utilities)
..........
2
1
Chocoladefabriken
Lindt
&
Spruengli
AG,
Class
-
PC
(Food
Products)
.......
12
233
Chubb
Ltd.
(Insurance)
..............
53
304
Cie
Financiere
Richemont
SA,
Registered
Shares
(Textiles,
Apparel
&
Luxury
Goods)
.....................
42
100
Clariant
AG,
Registered
Shares
(Chemicals)
1
114
Coca-Cola
HBC
AG
(Beverages)
.......
3
103
DSM-Firmenich
AG
(Chemicals)
......
10
5
EMS-Chemie
Holding
AG
(Chemicals)
..
4
86
Garmin
Ltd.
(Household
Durables)
.....
11
20
Geberit
AG,
Registered
Shares
(Building
Products)
....................
13
5
Givaudan
SA,
Registered
Shares
(Chemicals)
..................
21
5,960
Glencore
PLC
(Metals
&
Mining)(b)
....
36
23
Helvetia
Holding
AG,
Registered
Shares
(Insurance)
..................
3
299
Holcim
AG
(Construction
Materials)(b)
..
23
119
Julius
Baer
Group
Ltd.
(Capital
Markets)
.
7
32
Kuehne
+
Nagel
International
AG,
Registered
Shares
(Marine
Transportation)
...............
11
96
Logitech
International
SA,
Registered
Shares
(Technology
Hardware,
Storage
&
Peripherals)
................
9
1,527
Nestle
SA,
Registered
Shares
(Food
Products)
....................
177
13
Partners
Group
Holding
AG
(Capital
Markets)
....................
19
18
Schindler
Holding
AG
(Machinery)
.....
5
19
Schindler
Holding
AG,
Registered
Shares
(Machinery)
.................
5
88
SGS
SA,
Registered
Shares
(Professional
Services)(b)
..................
8
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Switzerland
(continued)
197
SIG
Group
AG
(Containers
&
Packaging)(b)
$
5
83
Sika
AG,
Registered
Shares
(Chemicals)(b)
27
27
Sonova
Holding
AG
(Health
Care
Equipment
&
Supplies)(b)
.......
9
404
STMicroelectronics
N.V.
(Semiconductors
&
Semiconductor
Equipment)
.....
20
67
Straumann
Holding
AG,
Registered
Shares
(Health
Care
Equipment
&
Supplies)
11
16
Swiss
Life
Holding
AG
(Insurance)
.....
11
51
Swiss
Prime
Site
AG,
Registered
Shares
(Real
Estate
Management
&
Development)
................
5
171
Swiss
Re
AG
(Insurance)
............
19
13
Swisscom
AG,
Registered
Shares
(Diversified
Telecommunication
Services)
....................
8
35
Temenos
AG,
Registered
Shares
(Software)
3
39
The
Swatch
Group
AG
(Textiles,
Apparel
&
Luxury
Goods)
...............
2
15
The
Swatch
Group
AG
(Textiles,
Apparel
&
Luxury
Goods)
...............
4
1,845
UBS
Group
AG
(Capital
Markets)
......
57
14
VAT
Group
AG
(Machinery)
..........
7
82
Zurich
Insurance
Group
AG
(Insurance)
..
43
785
United
Arab
Emirates
—
0.00%
118
NMC
Health
PLC
(Health
Care
Providers
&
Services)(a)(c)
................
—
United
Kingdom
—
3.37%
575
3i
Group
PLC
(Capital
Markets)
.......
18
1,208
abrdn
PLC
(Capital
Markets)
.........
3
145
Admiral
Group
PLC
(Insurance)
.......
5
898
Amcor
PLC
(Containers
&
Packaging)
...
9
721
Anglo
American
PLC
(Metals
&
Mining)
.
18
254
Ashtead
Group
PLC
(Trading
Companies
&
Distributors)
.................
18
190
Associated
British
Foods
PLC
(Food
Products)
....................
6
483
Auto
Trader
Group
PLC
(Interactive
Media
&
Services)(b)
................
4
1,441
Aviva
PLC
(Insurance)
..............
8
8,715
Barclays
PLC
(Banks)(b)
............
17
471
Barratt
Developments
PLC
(Household
Durables)(b)
.................
3
53
Berkeley
Group
Holdings
PLC
(Household
Durables)
...................
3
9,641
BP
PLC
(Oil,
Gas
&
Consumable
Fuels)
.
57
3,512
BT
Group
PLC
(Diversified
Telecommunication
Services)
.....
6
188
Bunzl
PLC
(Trading
Companies
&
Distributors)
.................
8
214
Burberry
Group
PLC
(Textiles,
Apparel
&
Luxury
Goods)(b)
.............
4
77
HC
CAPITAL
TRUST
The
Catholic
SRI
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
Kingdom
(continued)
3,224
Centrica
PLC
(Multi-Utilities)(b)
.......
$
6
563
CNH
Industrial
N.V.
(Machinery)
......
7
128
Coca-Cola
Europacific
Partners
PLC
(Beverages)
..................
9
1,002
Compass
Group
PLC
(Hotels,
Restaurants
&
Leisure)
....................
27
86
Croda
International
PLC
(Chemicals)(b)
.
6
1,256
Diageo
PLC
(Beverages)
............
46
96
Endeavour
Mining
PLC
(Metals
&
Mining)
2
367
Entain
PLC
(Hotels,
Restaurants
&
Leisure)
(b)
........................
5
119
Ferguson
PLC
(Trading
Companies
&
Distributors)
.................
23
3,148
Haleon
PLC
(Personal
Care
Products)(b)
.
13
214
Halma
PLC
(Electronic
Equipment,
Instruments
&
Components)
......
6
176
Hargreaves
Lansdown
PLC
(Capital
Markets)
....................
2
11,110
HSBC
Holdings
PLC
(Banks)
.........
90
810
Informa
PLC
(Media)
...............
8
96
InterContinental
Hotels
Group
PLC
(Hotels,
Restaurants
&
Leisure)
..........
9
103
Intertek
Group
PLC
(Professional
Services)
6
842
J
Sainsbury
PLC
(Consumer
Staples
Distribution
&
Retail)
...........
3
1,475
JD
Sports
Fashion
PLC
(Specialty
Retail)
3
1,028
Kingfisher
PLC
(Specialty
Retail)
......
3
371
Land
Securities
Group
PLC
(Diversified
REITs)
.....................
3
3,513
Legal
&
General
Group
PLC
(Insurance)
.
11
35,323
Lloyds
Banking
Group
PLC
(Banks)
....
21
243
London
Stock
Exchange
Group
PLC
(Capital
Markets)(b)
............
29
1,248
M&G
PLC
(Financial
Services)
........
4
267
Mondi
PLC
(Paper
&
Forest
Products)
...
5
2,080
National
Grid
PLC
(Multi-Utilities)
.....
28
3,158
NatWest
Group
PLC
(Banks)(b)
.......
9
71
Next
PLC
(Broadline
Retail)
..........
7
363
Ocado
Group
PLC
(Consumer
Staples
Distribution
&
Retail)(a)(b)
......
4
399
Pearson
PLC
(Diversified
Consumer
Services)
....................
5
93
Pentair
PLC
(Machinery)
............
7
224
Persimmon
PLC
(Household
Durables)
..
4
381
Phoenix
Group
Holdings
PLC
(Insurance)
3
1,071
RELX
PLC
(Professional
Services)
.....
42
1,488
Rentokil
Initial
PLC
(Commercial
Services
&
Supplies)
..................
8
648
Rio
Tinto
PLC
(Metals
&
Mining)
......
48
400
Schroders
PLC
(Capital
Markets)
......
2
641
Segro
PLC
(Industrial
REITs)
.........
7
130
Severn
Trent
PLC
(Water
Utilities)(b)
...
4
3,758
Shell
PLC
(Oil,
Gas
&
Consumable
Fuels)
122
458
Smith
&
Nephew
PLC
(Health
Care
Equipment
&
Supplies)
.........
6
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
Kingdom
(continued)
219
Smiths
Group
PLC
(Industrial
Conglomerates)
...............
$
5
38
Spirax-Sarco
Engineering
PLC
(Machinery)
5
624
SSE
PLC
(Electric
Utilities)
..........
15
360
St.
James's
Place
PLC
(Capital
Markets)
.
3
1,286
Standard
Chartered
PLC
(Banks)
.......
11
1,778
Taylor
Wimpey
PLC
(Household
Durables)
(b)
........................
3
4,044
Tesco
PLC
(Consumer
Staples
Distribution
&
Retail)
....................
15
545
The
Sage
Group
PLC
(Software)
.......
8
1,399
Unilever
PLC
(Personal
Care
Products)
..
68
407
United
Utilities
Group
PLC
(Water
Utilities)
5
13,027
Vodafone
Group
PLC
(Wireless
Telecommunication
Services)
.....
11
107
Whitbread
PLC
(Hotels,
Restaurants
&
Leisure)
....................
5
59
Willis
Towers
Watson
PLC
(Insurance)
..
14
409
Wise
PLC,
Class
-
A
(Financial
Services)(a)
5
616
WPP
PLC
(Media)
.................
6
1,019
United
States
—
68.88%
72
A.O.
Smith
Corp.
(Building
Products)
...
6
259
Adobe,
Inc.
(Software)(a)
............
155
915
Advanced
Micro
Devices,
Inc.
(Semiconductors
&
Semiconductor
Equipment)(a)
................
135
74
AECOM
(Construction
&
Engineering)
..
7
325
Aflac,
Inc.
(Insurance)
..............
27
171
Agilent
Technologies,
Inc.
(Life
Sciences
Tools
&
Services)
..............
24
125
Air
Products
&
Chemicals,
Inc.
(Chemicals)
34
237
Airbnb,
Inc.,
Class
-
A
(Hotels,
Restaurants
&
Leisure)(a)
.................
32
86
Akamai
Technologies,
Inc.
(IT
Services)(a)
10
65
Albemarle
Corp.
(Chemicals)
.........
9
193
Albertsons
Cos.,
Inc.,
Class
-
A
(Consumer
Staples
Distribution
&
Retail)
.....
4
95
Alexandria
Real
Estate
Equities,
Inc.
(Office
REITs)
.....................
12
43
Align
Technology,
Inc.
(Health
Care
Equipment
&
Supplies)(a)
.......
12
138
Alliant
Energy
Corp.
(Electric
Utilities)
..
7
137
Ally
Financial,
Inc.
(Consumer
Finance)
.
5
73
Alnylam
Pharmaceuticals,
Inc.
(Biotechnology)(a)
.............
14
3,362
Alphabet,
Inc.,
Class
-
A
(Interactive
Media
&
Services)(a)
................
469
2,966
Alphabet,
Inc.,
Class
-
C
(Interactive
Media
&
Services)(a)
................
417
5,257
Amazon.com,
Inc.
(Broadline
Retail)(a)
..
798
147
Ameren
Corp.
(Multi-Utilities)
........
11
287
American
Electric
Power
Co.,
Inc.
(Electric
Utilities)
....................
23
78
HC
CAPITAL
TRUST
The
Catholic
SRI
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
353
American
Express
Co.
(Consumer
Finance)
$
66
45
American
Financial
Group,
Inc.
(Insurance)
5
192
American
Homes
4
Rent,
Class
-
A
(Residential
REITs)
............
7
397
American
International
Group,
Inc.
(Insurance)
..................
27
267
American
Tower
Corp.
(Specialized
REITs)
58
112
American
Water
Works
Co.,
Inc.
(Water
Utilities)
....................
15
60
Ameriprise
Financial,
Inc.
(Capital
Markets)
23
98
AmerisourceBergen
Corp.
(Health
Care
Providers
&
Services)
...........
20
133
AMETEK,
Inc.
(Electrical
Equipment)
...
22
335
Amphenol
Corp.,
Class
-
A
(Electronic
Equipment,
Instruments
&
Components)
.................
33
287
Analog
Devices,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
.......
57
259
Annaly
Capital
Management,
Inc.
(Mortgage
Real
Estate
Investment
Trusts
(REITs))
...............
5
47
ANSYS,
Inc.
(Software)(a)
...........
17
115
Aon
PLC,
Class
-
A
(Insurance)
........
33
174
APA
Corp.
(Oil,
Gas
&
Consumable
Fuels)
6
226
Apollo
Global
Management,
Inc.
(Financial
Services)
....................
21
8,870
Apple,
Inc.
(Technology
Hardware,
Storage
&
Peripherals)
................
1,707
481
Applied
Materials,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
.......
78
302
Archer-Daniels-Midland
Co.
(Food
Products)
....................
22
90
Ares
Management
Corp.,
Class
-
A
(Capital
Markets)
....................
11
151
Arista
Networks,
Inc.
(Communications
Equipment)(a)
................
36
126
Arthur
J.
Gallagher
&
Co.
(Insurance)
...
28
19
Aspen
Technology,
Inc.
(Software)(a)
...
4
30
Assurant,
Inc.
(Insurance)
............
5
4,034
AT&T,
Inc.
(Diversified
Telecommunication
Services)
....................
68
89
Atlassian
Corp.,
Class
-
A
(Software)(a)
..
21
81
Atmos
Energy
Corp.
(Gas
Utilities)
.....
9
123
Autodesk,
Inc.
(Software)(a)
..........
30
234
Automatic
Data
Processing,
Inc.
(Professional
Services)
..........
55
10
AutoZone,
Inc.
(Specialty
Retail)(a)
.....
26
81
AvalonBay
Communities,
Inc.
(Residential
REITs)
.....................
15
367
Avantor,
Inc.
(Life
Sciences
Tools
&
Services)(a)
..................
8
44
Avery
Dennison
Corp.
(Containers
&
Packaging)
..................
9
39
Axon
Enterprise,
Inc.
(Aerospace
&
Defense)(a)
..................
10
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
568
Baker
Hughes
Co.
(Energy
Equipment
&
Services)
....................
$
19
183
Ball
Corp.
(Containers
&
Packaging)
....
11
4,065
Bank
of
America
Corp.
(Banks)
........
137
119
Bath
&
Body
Works,
Inc.
(Specialty
Retail)
5
274
Baxter
International,
Inc.
(Health
Care
Equipment
&
Supplies)
.........
11
120
Bentley
Systems,
Inc.,
Class
-
B
(Software)
6
743
Berkshire
Hathaway,
Inc.,
Class
-
B
(Financial
Services)(a)
..........
265
105
Best
Buy
Co.,
Inc.
(Specialty
Retail)
....
8
59
BILL
Holdings,
Inc.
(Software)(a)
......
5
98
Bio-Techne
Corp.
(Life
Sciences
Tools
&
Services)
....................
8
84
BlackRock,
Inc.
(Capital
Markets)
......
68
397
Blackstone,
Inc.
(Capital
Markets)
......
52
315
Block,
Inc.
(Financial
Services)(a)
......
24
21
Booking
Holdings,
Inc.
(Hotels,
Restaurants
&
Leisure)(a)
.................
74
79
Booz
Allen
Hamilton
Holding
Corp.
(Professional
Services)
..........
10
123
BorgWarner,
Inc.
(Automobile
Components)
4
80
Boston
Properties,
Inc.
(Office
REITs)
...
6
851
Boston
Scientific
Corp.
(Health
Care
Equipment
&
Supplies)(a)
.......
49
251
Broadcom,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
.......
279
69
Broadridge
Financial
Solutions,
Inc.
(Professional
Services)
..........
14
63
Brookfield
Renewable
Corp.,
Class
-
A
(Independent
Power
and
Renewable
Electricity
Producers)(b)
.........
2
135
Brown
&
Brown,
Inc.
(Insurance)
......
10
178
Brown-Forman
Corp.,
Class
-
B
(Beverages)
10
74
Builders
FirstSource,
Inc.
(Building
Products)(a)
..................
12
85
Bunge
Global
SA
(Food
Products)
......
9
36
Burlington
Stores,
Inc.
(Specialty
Retail)(a)
7
69
C.H.
Robinson
Worldwide,
Inc.
(Air
Freight
&
Logistics)
.................
6
151
Cadence
Design
Systems,
Inc.
(Software)(a)
41
129
Caesars
Entertainment,
Inc.
(Hotels,
Restaurants
&
Leisure)(a)
........
6
61
Camden
Property
Trust
(Residential
REITs)
6
104
Campbell
Soup
Co.
(Food
Products)
....
4
220
Capital
One
Financial
Corp.
(Consumer
Finance)
....................
29
141
Cardinal
Health,
Inc.
(Health
Care
Providers
&
Services)
..................
14
31
Carlisle
Cos.,
Inc.
(Building
Products)
...
10
94
CarMax,
Inc.
(Specialty
Retail)(a)
......
7
594
Carnival
Corp.
(Hotels,
Restaurants
&
Leisure)(a)
..................
11
470
Carrier
Global
Corp.
(Building
Products)
.
27
290
Caterpillar,
Inc.
(Machinery)
..........
86
79
HC
CAPITAL
TRUST
The
Catholic
SRI
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
62
Cboe
Global
Markets,
Inc.
(Capital
Markets)
$
11
184
CBRE
Group,
Inc.,
Class
-
A
(Real
Estate
Management
&
Development)(a)
...
17
76
CDW
Corp.
(Electronic
Equipment,
Instruments
&
Components)
......
17
57
Celanese
Corp.
(Chemicals)
..........
9
89
Celsius
Holdings,
Inc.
(Beverages)(a)
...
5
310
Centene
Corp.
(Health
Care
Providers
&
Services)(a)
..................
23
368
CenterPoint
Energy,
Inc.
(Multi-Utilities)
.
11
88
Ceridian
HCM
Holding,
Inc.
(Professional
Services)(a)
..................
6
112
CF
Industries
Holdings,
Inc.
(Chemicals)
.
9
55
Charter
Communications,
Inc.,
Class
-
A
(Media)(a)
...................
21
135
Cheniere
Energy,
Inc.
(Oil,
Gas
&
Consumable
Fuels)
.............
23
65
Chesapeake
Energy
Corp.
(Oil,
Gas
&
Consumable
Fuels)
.............
5
1,022
Chevron
Corp.
(Oil,
Gas
&
Consumable
Fuels)
......................
152
16
Chipotle
Mexican
Grill,
Inc.
(Hotels,
Restaurants
&
Leisure)(a)
........
37
90
Cincinnati
Financial
Corp.
(Insurance)
...
9
53
Cintas
Corp.
(Commercial
Services
&
Supplies)
....................
32
2,292
Cisco
Systems,
Inc.
(Communications
Equipment)
..................
116
1,082
Citigroup,
Inc.
(Banks)
..............
56
253
Citizens
Financial
Group,
Inc.
(Banks)
...
8
286
Cleveland-Cliffs,
Inc.
(Metals
&
Mining)(a)
6
155
Cloudflare,
Inc.,
Class
-
A
(IT
Services)(a)
13
202
CME
Group,
Inc.
(Capital
Markets)
.....
43
159
CMS
Energy
Corp.
(Multi-Utilities)
.....
9
273
Cognizant
Technology
Solutions
Corp.,
Class
-
A
(IT
Services)
..........
21
93
Coinbase
Global,
Inc.,
Class
-
A
(Capital
Markets)(a)
..................
16
452
Colgate-Palmolive
Co.
(Household
Products)
....................
36
2,325
Comcast
Corp.,
Class
-
A
(Media)
......
102
284
Conagra
Brands,
Inc.
(Food
Products)
...
8
98
Confluent,
Inc.,
Class
-
A
(Software)(a)
..
2
682
ConocoPhillips
(Oil,
Gas
&
Consumable
Fuels)
......................
79
199
Consolidated
Edison,
Inc.
(Multi-Utilities)
18
94
Constellation
Brands,
Inc.,
Class
-
A
(Beverages)
..................
23
186
Constellation
Energy
Corp.
(Electric
Utilities)
....................
22
484
Copart,
Inc.
(Commercial
Services
&
Supplies)(a)
..................
24
407
Corteva,
Inc.
(Chemicals)
............
20
234
CoStar
Group,
Inc.
(Real
Estate
Management
&
Development)(a)
...
20
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
251
Costco
Wholesale
Corp.
(Consumer
Staples
Distribution
&
Retail)
...........
$
166
424
Coterra
Energy,
Inc.
(Oil,
Gas
&
Consumable
Fuels)
.............
11
127
Crowdstrike
Holdings,
Inc.,
Class
-
A
(Software)(a)
.................
32
249
Crown
Castle,
Inc.
(Specialized
REITs)
..
29
62
Crown
Holdings,
Inc.
(Containers
&
Packaging)
..................
6
1,145
CSX
Corp.
(Ground
Transportation)
....
40
78
Cummins,
Inc.
(Machinery)
..........
19
722
CVS
Health
Corp.
(Health
Care
Providers
&
Services)
....................
57
170
D.R.
Horton,
Inc.
(Household
Durables)
..
26
70
Darden
Restaurants,
Inc.
(Hotels,
Restaurants
&
Leisure)
..........
12
86
Darling
Ingredients,
Inc.
(Food
Products)(a)
4
145
Datadog,
Inc.,
Class
-
A
(Software)(a)
...
18
30
DaVita,
Inc.
(Health
Care
Providers
&
Services)(a)
..................
3
14
Deckers
Outdoor
Corp.
(Textiles,
Apparel
&
Luxury
Goods)(a)
.............
9
156
Deere
&
Co.
(Machinery)
............
62
144
Dell
Technologies,
Inc.,
Class
-
C
(Technology
Hardware,
Storage
&
Peripherals)
..................
11
79
Delta
Air
Lines,
Inc.
(Passenger
Airlines)
.
3
351
Devon
Energy
Corp.
(Oil,
Gas
&
Consumable
Fuels)
.............
16
222
Dexcom,
Inc.
(Health
Care
Equipment
&
Supplies)(a)
..................
28
102
Diamondback
Energy,
Inc.
(Oil,
Gas
&
Consumable
Fuels)
.............
16
38
Dick's
Sporting
Goods,
Inc.
(Specialty
Retail)
......................
6
176
Digital
Realty
Trust,
Inc.
(Specialized
REITs)
.....................
24
140
Discover
Financial
Services
(Consumer
Finance)
....................
16
124
DocuSign,
Inc.
(Software)(a)
..........
7
123
Dollar
General
Corp.
(Consumer
Staples
Distribution
&
Retail)
...........
17
118
Dollar
Tree,
Inc.
(Consumer
Staples
Distribution
&
Retail)(a)
.........
17
464
Dominion
Energy,
Inc.
(Multi-Utilities)
..
22
20
Domino's
Pizza,
Inc.
(Hotels,
Restaurants
&
Leisure)
....................
8
148
DoorDash,
Inc.,
Class
-
A
(Hotels,
Restaurants
&
Leisure)(a)
........
15
75
Dover
Corp.
(Machinery)
............
12
406
Dow,
Inc.
(Chemicals)
..............
22
248
DraftKings,
Inc.
(Hotels,
Restaurants
&
Leisure)(a)
..................
9
162
Dropbox,
Inc.,
Class
-
A
(Software)(a)
...
5
112
DTE
Energy
Co.
(Multi-Utilities)
......
12
436
Duke
Energy
Corp.
(Electric
Utilities)
...
42
80
HC
CAPITAL
TRUST
The
Catholic
SRI
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
254
DuPont
de
Nemours,
Inc.
(Chemicals)
...
$
20
130
Dynatrace,
Inc.
(Software)(a)
.........
7
70
Eastman
Chemical
Co.
(Chemicals)
.....
6
227
Eaton
Corp.
PLC
(Electrical
Equipment)
.
55
300
eBay,
Inc.
(Broadline
Retail)
..........
13
146
Ecolab,
Inc.
(Chemicals)
.............
29
216
Edison
International
(Electric
Utilities)
..
15
351
Edwards
Lifesciences
Corp.
(Health
Care
Equipment
&
Supplies)(a)
.......
27
142
Electronic
Arts,
Inc.
(Entertainment)
....
19
134
Elevance
Health,
Inc.
(Health
Care
Providers
&
Services)
...........
63
323
Emerson
Electric
Co.
(Electrical
Equipment)
31
81
Enphase
Energy,
Inc.
(Semiconductors
&
Semiconductor
Equipment)(a)
.....
11
84
Entegris,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
.......
10
118
Entergy
Corp.
(Electric
Utilities)
.......
12
330
EOG
Resources,
Inc.
(Oil,
Gas
&
Consumable
Fuels)
.............
40
34
EPAM
Systems,
Inc.
(IT
Services)(a)
....
10
239
EQT
Corp.
(Oil,
Gas
&
Consumable
Fuels)
9
68
Equifax,
Inc.
(Professional
Services)
....
17
53
Equinix,
Inc.
(Specialized
REITs)
......
43
179
Equitable
Holdings,
Inc.
(Financial
Services)
....................
6
100
Equity
LifeStyle
Properties,
Inc.
(Residential
REITs)
............
7
202
Equity
Residential
(Residential
REITs)
..
12
15
Erie
Indemnity
Co.,
Class
-
A
(Insurance)
.
5
147
Essential
Utilities,
Inc.
(Water
Utilities)
..
5
36
Essex
Property
Trust,
Inc.
(Residential
REITs)
.....................
9
75
Etsy,
Inc.
(Broadline
Retail)(a)
........
6
119
Evergy,
Inc.
(Electric
Utilities)
........
6
194
Eversource
Energy
(Electric
Utilities)
...
12
107
Exact
Sciences
Corp.
(Biotechnology)(a)
.
8
549
Exelon
Corp.
(Electric
Utilities)
.......
20
83
Expedia
Group,
Inc.
(Hotels,
Restaurants
&
Leisure)(a)
..................
13
88
Expeditors
International
of
Washington,
Inc.
(Air
Freight
&
Logistics)
........
11
118
Extra
Space
Storage,
Inc.
(Specialized
REITs)
.....................
19
2,267
Exxon
Mobil
Corp.
(Oil,
Gas
&
Consumable
Fuels)
......................
227
33
F5,
Inc.
(Communications
Equipment)(a)
.
6
23
FactSet
Research
Systems,
Inc.
(Capital
Markets)
....................
11
14
Fair
Isaac
Corp.
(Software)(a)
.........
16
327
Fastenal
Co.
(Trading
Companies
&
Distributors)
.................
21
133
FedEx
Corp.
(Air
Freight
&
Logistics)
...
34
142
Fidelity
National
Financial,
Inc.
(Insurance)
7
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
326
Fidelity
National
Information
Services,
Inc.
(Financial
Services)
............
$
20
365
Fifth
Third
Bancorp
(Banks)
..........
13
6
First
Citizens
BancShares,
Inc.,
Class
-
A
(Banks)
.....................
9
57
First
Solar,
Inc.
(Semiconductors
&
Semiconductor
Equipment)(a)
.....
10
315
FirstEnergy
Corp.
(Electric
Utilities)
....
12
342
Fiserv,
Inc.
(Financial
Services)(a)
......
45
41
FleetCor
Technologies,
Inc.
(Financial
Services)(a)
..................
12
77
FMC
Corp.
(Chemicals)
.............
5
2,229
Ford
Motor
Co.
(Automobiles)
........
27
382
Fortinet,
Inc.
(Software)(a)
...........
22
200
Fortive
Corp.
(Machinery)
...........
15
67
Fortune
Brands
Innovations,
Inc.
(Building
Products)
....................
5
111
Fox
Corp.,
Class
-
A
(Media)
..........
3
112
Fox
Corp.,
Class
-
B
(Media)
.........
3
144
Franklin
Resources,
Inc.
(Capital
Markets)
4
797
Freeport-McMoRan,
Inc.
(Metals
&
Mining)
34
145
Gaming
and
Leisure
Properties,
Inc.
(Specialized
REITs)
............
7
43
Gartner,
Inc.
(IT
Services)(a)
..........
19
236
GE
HealthCare
Technologies,
Inc.
(Health
Care
Equipment
&
Supplies)
......
18
357
Gen
Digital,
Inc.
(Software)
..........
8
329
General
Mills,
Inc.
(Food
Products)
.....
21
759
General
Motors
Co.
(Automobiles)
.....
27
77
Genuine
Parts
Co.
(Distributors)
.......
11
145
Global
Payments,
Inc.
(Financial
Services)
18
49
Globe
Life,
Inc.
(Insurance)
..........
6
87
GoDaddy,
Inc.,
Class
-
A
(IT
Services)(a)
.
9
105
Graco,
Inc.
(Machinery)
.............
9
505
Halliburton
Co.
(Energy
Equipment
&
Services)
....................
18
79
Hasbro,
Inc.
(Leisure
Products)
........
4
117
HCA
Healthcare,
Inc.
(Health
Care
Providers
&
Services)
...........
32
281
Healthpeak
Properties,
Inc.
(Health
Care
REITs)
.....................
6
31
HEICO
Corp.
(Aerospace
&
Defense)
...
6
39
HEICO
Corp.,
Class
-
A
(Aerospace
&
Defense)
....................
6
72
Henry
Schein,
Inc.
(Health
Care
Providers
&
Services)(a)
..................
5
158
Hess
Corp.
(Oil,
Gas
&
Consumable
Fuels)
23
724
Hewlett
Packard
Enterprise
Co.
(Technology
Hardware,
Storage
&
Peripherals)
..
12
90
HF
Sinclair
Corp.
(Oil,
Gas
&
Consumable
Fuels)
......................
5
146
Hilton
Worldwide
Holdings,
Inc.
(Hotels,
Restaurants
&
Leisure)
..........
27
131
Hologic,
Inc.
(Health
Care
Equipment
&
Supplies)(a)
..................
9
81
HC
CAPITAL
TRUST
The
Catholic
SRI
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
187
Hormel
Foods
Corp.
(Food
Products)
....
$
6
376
Host
Hotels
&
Resorts,
Inc.
(Hotel
&
Resort
REITs)
.....................
7
227
Howmet
Aerospace,
Inc.
(Aerospace
&
Defense)
....................
12
521
HP,
Inc.
(Technology
Hardware,
Storage
&
Peripherals)
..................
16
31
Hubbell,
Inc.
(Electrical
Equipment)
....
10
27
HubSpot,
Inc.
(Software)(a)
..........
16
71
Humana,
Inc.
(Health
Care
Providers
&
Services)
....................
33
756
Huntington
Bancshares,
Inc.
(Banks)
....
10
32
Hyatt
Hotels
Corp.,
Class
-
A
(Hotels,
Restaurants
&
Leisure)
..........
4
45
IDEX
Corp.
(Machinery)
............
10
48
IDEXX
Laboratories,
Inc.
(Health
Care
Equipment
&
Supplies)(a)
.......
27
172
Illinois
Tool
Works,
Inc.
(Machinery)
....
45
114
Incyte
Corp.
(Biotechnology)(a)
.......
7
242
Ingersoll
Rand,
Inc.
(Machinery)
.......
19
40
Insulet
Corp.
(Health
Care
Equipment
&
Supplies)(a)
..................
9
2,372
Intel
Corp.
(Semiconductors
&
Semiconductor
Equipment)
.......
119
324
Intercontinental
Exchange,
Inc.
(Capital
Markets)
....................
42
520
International
Business
Machines
Corp.
(IT
Services)
....................
85
140
International
Flavors
&
Fragrances,
Inc.
(Chemicals)
..................
11
182
International
Paper
Co.
(Containers
&
Packaging)
..................
7
157
Intuit,
Inc.
(Software)
...............
98
200
Intuitive
Surgical,
Inc.
(Health
Care
Equipment
&
Supplies)(a)
.......
67
349
Invitation
Homes,
Inc.
(Residential
REITs)
12
104
IQVIA
Holdings,
Inc.
(Life
Sciences
Tools
&
Services)(a)
................
24
168
Iron
Mountain,
Inc.
(Specialized
REITs)
.
12
73
Jabil,
Inc.
(Electronic
Equipment,
Instruments
&
Components)
......
9
39
Jack
Henry
&
Associates,
Inc.
(Financial
Services)
....................
6
70
Jacobs
Solutions,
Inc.
(Professional
Services)
....................
9
34
Jazz
Pharmaceuticals
PLC
(Pharmaceuticals)(a)
...........
4
44
JB
Hunt
Transport
Services,
Inc.
(Ground
Transportation)
...............
9
397
Johnson
Controls
International
PLC
(Building
Products)
............
23
1,648
JPMorgan
Chase
&
Co.
(Banks)
.......
279
165
Juniper
Networks,
Inc.
(Communications
Equipment)
..................
5
155
Kellogg
Co.
(Food
Products)
..........
9
980
Kenvue,
Inc.
(Personal
Care
Products)
...
21
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
609
Keurig
Dr.
Pepper,
Inc.
(Beverages)
.....
$
20
555
KeyCorp
(Banks)
..................
8
102
Keysight
Technologies,
Inc.
(Electronic
Equipment,
Instruments
&
Components)(a)
...............
16
192
Kimberly-Clark
Corp.
(Household
Products)
23
310
Kimco
Realty
Corp.
(Retail
REITs)
.....
7
1,135
Kinder
Morgan,
Inc.
(Oil,
Gas
&
Consumable
Fuels)
.............
20
325
KKR
&
Co.,
Inc.
(Capital
Markets)
.....
27
79
KLA
Corp.
(Semiconductors
&
Semiconductor
Equipment)
.......
46
81
Knight-Swift
Transportation
Holdings,
Inc.
(Ground
Transportation)
.........
5
50
Laboratory
Corp.
of
America
Holdings
(Health
Care
Providers
&
Services)
.
11
75
Lam
Research
Corp.
(Semiconductors
&
Semiconductor
Equipment)
.......
59
80
Lamb
Weston
Holdings,
Inc.
(Food
Products)
....................
9
206
Las
Vegas
Sands
Corp.
(Hotels,
Restaurants
&
Leisure)
...................
10
75
Lattice
Semiconductor
Corp.
(Semiconductors
&
Semiconductor
Equipment)(a)
................
5
34
Lear
Corp.
(Automobile
Components)
...
5
147
Lennar
Corp.,
Class
-
A
(Household
Durables)
...................
22
19
Lennox
International,
Inc.
(Building
Products)
....................
9
72
Liberty
Broadband
Corp.,
Class
-
C
(Media)
(a)
........................
6
114
Liberty
Media
Corp.-Liberty
Formula
One
(Entertainment)(a)
.............
7
90
Liberty
Media
Corp.-Liberty
SiriusXM
(Media)(a)
...................
3
276
Linde
PLC
(Chemicals)
.............
113
93
Live
Nation
Entertainment,
Inc.
(Entertainment)(a)
.............
9
152
LKQ
Corp.
(Distributors)
............
7
102
Loews
Corp.
(Insurance)
.............
7
326
Lowe's
Cos.,
Inc.
(Specialty
Retail)
.....
73
44
LPL
Financial
Holdings,
Inc.
(Capital
Markets)
....................
10
483
Lucid
Group,
Inc.
(Automobiles)^(a)
....
2
147
LyondellBasell
Industries
N.V.,
Class
-
A
(Chemicals)
..................
14
95
M&T
Bank
Corp.
(Banks)
............
13
35
Manhattan
Associates,
Inc.
(Software)(a)
.
8
351
Marathon
Oil
Corp.
(Oil,
Gas
&
Consumable
Fuels)
.............
8
226
Marathon
Petroleum
Corp.
(Oil,
Gas
&
Consumable
Fuels)
.............
34
7
Markel
Group,
Inc.
(Insurance)(a)
......
10
23
MarketAxess
Holdings,
Inc.
(Capital
Markets)
....................
7
82
HC
CAPITAL
TRUST
The
Catholic
SRI
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
143
Marriott
International,
Inc./MD,
Class
-
A
(Hotels,
Restaurants
&
Leisure)
....
$
32
278
Marsh
&
McLennan
Cos.,
Inc.
(Insurance)
53
35
Martin
Marietta
Materials,
Inc.
(Construction
Materials)
.........
17
479
Marvell
Technology,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
.....
29
131
Masco
Corp.
(Building
Products)
.......
9
477
Mastercard,
Inc.,
Class
-
A
(Financial
Services)
....................
203
143
Match
Group,
Inc.
(Interactive
Media
&
Services)(a)
..................
5
145
McCormick
&
Co.,
Inc./MD
(Food
Products)
....................
10
412
McDonald's
Corp.
(Hotels,
Restaurants
&
Leisure)
....................
122
77
McKesson
Corp.
(Health
Care
Providers
&
Services)
....................
36
1,262
Meta
Platforms,
Inc.,
Class
-
A
(Interactive
Media
&
Services)(a)
...........
446
364
MetLife,
Inc.
(Insurance)
............
24
13
Mettler-Toledo
International,
Inc.
(Life
Sciences
Tools
&
Services)(a)
.....
16
169
MGM
Resorts
International
(Hotels,
Restaurants
&
Leisure)(a)
........
8
312
Microchip
Technology,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
..................
28
616
Micron
Technology,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
.......
53
4,007
Microsoft
Corp.
(Software)
...........
1,506
66
Mid-America
Apartment
Communities,
Inc.
(Residential
REITs)
............
9
33
Molina
Healthcare,
Inc.
(Health
Care
Providers
&
Services)(a)
.........
12
103
Molson
Coors
Beverage
Co.,
Class
-
B
(Beverages)
..................
6
776
Mondelez
International,
Inc.,
Class
-
A
(Food
Products)
...............
56
41
MongoDB,
Inc.
(IT
Services)(a)
.......
17
26
Monolithic
Power
Systems,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
..................
16
446
Monster
Beverage
Corp.
(Beverages)(a)
..
26
93
Moody's
Corp.
(Capital
Markets)
.......
36
698
Morgan
Stanley
(Capital
Markets)
......
65
95
Motorola
Solutions,
Inc.
(Communications
Equipment)
..................
30
44
MSCI,
Inc.
(Capital
Markets)
.........
25
197
Nasdaq,
Inc.
(Capital
Markets)
........
11
118
NetApp,
Inc.
(Technology
Hardware,
Storage
&
Peripherals)
..........
10
251
Netflix,
Inc.
(Entertainment)(a)
........
122
59
Neurocrine
Biosciences,
Inc.
(Biotechnology)(a)
.............
8
643
Newmont
Corp.
(Metals
&
Mining)
.....
27
235
News
Corp.,
Class
-
A
(Media)
........
6
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
1,153
NextEra
Energy,
Inc.
(Electric
Utilities)
..
$
70
691
NIKE,
Inc.,
Class
-
B
(Textiles,
Apparel
&
Luxury
Goods)
...............
75
229
NiSource,
Inc.
(Multi-Utilities)
........
6
29
Nordson
Corp.
(Machinery)
..........
8
131
Norfolk
Southern
Corp.
(Ground
Transportation)
...............
31
120
Northern
Trust
Corp.
(Capital
Markets)
..
10
124
NRG
Energy,
Inc.
(Electric
Utilities)
....
6
140
Nucor
Corp.
(Metals
&
Mining)
.......
24
1,398
NVIDIA
Corp.
(Semiconductors
&
Semiconductor
Equipment)
.......
691
2
NVR,
Inc.
(Household
Durables)(a)
.....
14
377
Occidental
Petroleum
Corp.
(Oil,
Gas
&
Consumable
Fuels)
.............
23
92
Okta,
Inc.
(IT
Services)(a)
............
8
55
Old
Dominion
Freight
Line,
Inc.
(Ground
Transportation)
...............
22
107
Omnicom
Group,
Inc.
(Media)
........
9
245
ON
Semiconductor
Corp.
(Semiconductors
&
Semiconductor
Equipment)(a)
...
20
320
ONEOK,
Inc.
(Oil,
Gas
&
Consumable
Fuels)
......................
22
933
Oracle
Corp.
(Software)
.............
98
35
O'Reilly
Automotive,
Inc.
(Specialty
Retail)
(a)
........................
33
220
Otis
Worldwide
Corp.
(Machinery)
.....
20
147
Ovintiv,
Inc.
(Oil,
Gas
&
Consumable
Fuels)
6
54
Owens
Corning
(Building
Products)
....
8
297
PACCAR,
Inc.
(Machinery)
..........
29
51
Packaging
Corp.
of
America
(Containers
&
Packaging)
..................
8
1,031
Palantir
Technologies,
Inc.,
Class
-
A
(Software)(a)
.................
18
175
Palo
Alto
Networks,
Inc.
(Software)(a)
...
52
291
Paramount
Global,
Class
-
B
(Media)
....
4
74
Parker-Hannifin
Corp.
(Machinery)
.....
34
183
Paychex,
Inc.
(Professional
Services)
....
22
30
Paycom
Software,
Inc.
(Professional
Services)
....................
6
26
Paylocity
Holding
Corp.
(Professional
Services)(a)
..................
4
590
PayPal
Holdings,
Inc.
(Financial
Services)
(a)
........................
36
790
PepsiCo,
Inc.
(Beverages)
............
134
1,182
PG&E
Corp.
(Electric
Utilities)
........
21
253
Phillips
66
(Oil,
Gas
&
Consumable
Fuels)
34
344
Pinterest,
Inc.,
Class
-
A
(Interactive
Media
&
Services)(a)
................
13
131
Pioneer
Natural
Resources
Co.
(Oil,
Gas
&
Consumable
Fuels)
.............
29
21
Pool
Corp.
(Distributors)
............
8
133
PPG
Industries,
Inc.
(Chemicals)
.......
20
402
PPL
Corp.
(Electric
Utilities)
..........
11
134
Principal
Financial
Group,
Inc.
(Insurance)
11
83
HC
CAPITAL
TRUST
The
Catholic
SRI
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
527
Prologis,
Inc.
(Industrial
REITs)
.......
$
70
205
Prudential
Financial,
Inc.
(Insurance)
....
21
65
PTC,
Inc.
(Software)(a)
.............
11
288
Public
Service
Enterprise
Group,
Inc.
(Multi-Utilities)
...............
18
91
Public
Storage
(Specialized
REITs)
.....
28
131
PulteGroup,
Inc.
(Household
Durables)
..
14
54
Qorvo,
Inc.
(Semiconductors
&
Semiconductor
Equipment)(a)
.....
6
635
QUALCOMM,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
.......
92
82
Quanta
Services,
Inc.
(Construction
&
Engineering)
.................
18
62
Quest
Diagnostics,
Inc.
(Health
Care
Providers
&
Services)
...........
9
114
Raymond
James
Financial,
Inc.
(Capital
Markets)
....................
13
406
Realty
Income
Corp.
(Retail
REITs)
.....
23
95
Regency
Centers
Corp.
(Retail
REITs)
...
6
559
Regions
Financial
Corp.
(Banks)
.......
11
34
Reliance
Steel
&
Aluminum
Co.
(Metals
&
Mining)
.....................
10
29
Repligen
Corp.
(Life
Sciences
Tools
&
Services)(a)
..................
5
127
Republic
Services,
Inc.
(Commercial
Services
&
Supplies)
...........
21
86
ResMed,
Inc.
(Health
Care
Equipment
&
Supplies)
....................
15
361
Rivian
Automotive,
Inc.,
Class
-
A
(Automobiles)(a)
..............
8
59
Robert
Half
International,
Inc.
(Professional
Services)
....................
5
282
Robinhood
Markets,
Inc.,
Class
-
A
(Capital
Markets)(a)
..................
4
255
ROBLOX
Corp.,
Class
-
A
(Entertainment)
(a)
........................
12
65
Rockwell
Automation,
Inc.
(Electrical
Equipment)
..................
20
71
Roku,
Inc.
(Entertainment)(a)
.........
7
169
Rollins,
Inc.
(Commercial
Services
&
Supplies)
....................
7
60
Roper
Technologies,
Inc.
(Software)
....
33
191
Ross
Stores,
Inc.
(Specialty
Retail)
.....
26
136
Royal
Caribbean
Cruises
Ltd.
(Hotels,
Restaurants
&
Leisure)(a)
........
18
207
Royalty
Pharma
PLC,
Class
-
A
(Pharmaceuticals)
.............
6
79
RPM
International,
Inc.
(Chemicals)
....
9
183
S&P
Global,
Inc.
(Capital
Markets)
.....
81
551
Salesforce,
Inc.
(Software)(a)
.........
145
61
SBA
Communications
Corp.
(Specialized
REITs)
.....................
15
802
Schlumberger
N.V.
(Energy
Equipment
&
Services)
....................
42
115
Seagate
Technology
Holdings
PLC
(Technology
Hardware,
Storage
&
Peripherals)
..................
10
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
64
SEI
Investments
Co.
(Capital
Markets)
..
$
4
352
Sempra
Energy
(Multi-Utilities)
.......
26
117
ServiceNow,
Inc.
(Software)(a)
........
83
187
Simon
Property
Group,
Inc.
(Retail
REITs)
27
400
Sirius
XM
Holdings,
Inc.
(Media)^
.....
2
94
Skyworks
Solutions,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
.....
11
568
Snap,
Inc.,
Class
-
A
(Interactive
Media
&
Services)(a)
..................
10
29
Snap-on,
Inc.
(Machinery)
...........
8
161
Snowflake,
Inc.,
Class
-
A
(IT
Services)(a)
32
105
Southwest
Airlines
Co.
(Passenger
Airlines)
3
95
Splunk,
Inc.
(Software)(a)
............
14
122
SS&C
Technologies
Holdings,
Inc.
(Professional
Services)
..........
7
91
Stanley
Black
&
Decker,
Inc.
(Machinery)
9
650
Starbucks
Corp.
(Hotels,
Restaurants
&
Leisure)
....................
62
185
State
Street
Corp.
(Capital
Markets)
.....
14
93
Steel
Dynamics,
Inc.
(Metals
&
Mining)
.
11
55
STERIS
PLC
(Health
Care
Equipment
&
Supplies)
....................
12
193
Stryker
Corp.
(Health
Care
Equipment
&
Supplies)
....................
58
67
Sun
Communities,
Inc.
(Residential
REITs)
9
27
Super
Micro
Computer,
Inc.
(Technology
Hardware,
Storage
&
Peripherals)(a)
8
256
Synchrony
Financial
(Consumer
Finance)
10
85
Synopsys,
Inc.
(Software)(a)
..........
44
273
Sysco
Corp.
(Consumer
Staples
Distribution
&
Retail)
....................
20
129
T.
Rowe
Price
Group,
Inc.
(Capital
Markets)
14
95
Take-Two
Interactive
Software,
Inc.
(Entertainment)(a)
.............
15
111
Targa
Resources
Corp.
(Oil,
Gas
&
Consumable
Fuels)
.............
10
265
Target
Corp.
(Consumer
Staples
Distribution
&
Retail)
....................
38
175
TE
Connectivity
Ltd.
(Electronic
Equipment,
Instruments
&
Components)
.................
25
26
Teledyne
Technologies,
Inc.
(Electronic
Equipment,
Instruments
&
Components)(a)
...............
12
24
Teleflex,
Inc.
(Health
Care
Equipment
&
Supplies)
....................
6
94
Teradyne,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
.......
10
1,621
Tesla,
Inc.
(Automobiles)(a)
..........
402
512
Texas
Instruments,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
.......
87
4
Texas
Pacific
Land
Corp.
(Oil,
Gas
&
Consumable
Fuels)
.............
6
364
The
AES
Corp.
(Independent
Power
and
Renewable
Electricity
Producers)
..
7
151
The
Allstate
Corp.
(Insurance)
.........
21
84
HC
CAPITAL
TRUST
The
Catholic
SRI
Growth
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
448
The
Bank
of
New
York
Mellon
Corp.
(Capital
Markets)
..............
$
23
130
The
Carlyle
Group,
Inc.
(Capital
Markets)
5
842
The
Charles
Schwab
Corp.
(Capital
Markets)
....................
58
167
The
Cigna
Group
(Health
Care
Providers
&
Services)
....................
50
73
The
Clorox
Co.
(Household
Products)
...
10
2,311
The
Coca-Cola
Co.
(Beverages)
.......
136
127
The
Estee
Lauder
Cos.,
Inc.
(Personal
Care
Products)
....................
19
186
The
Goldman
Sachs
Group,
Inc.
(Capital
Markets)
....................
72
166
The
Hartford
Financial
Services
Group,
Inc.
(Insurance)
..................
13
81
The
Hershey
Co.
(Food
Products)
......
15
568
The
Home
Depot,
Inc.
(Specialty
Retail)
.
197
236
The
Interpublic
Group
of
Cos.,
Inc.
(Media)
8
63
The
J.M.
Smucker
Co.
(Food
Products)
..
8
490
The
Kraft
Heinz
Co.
(Food
Products)
....
18
397
The
Kroger
Co.
(Consumer
Staples
Distribution
&
Retail)
...........
18
186
The
Mosaic
Co.
(Chemicals)
..........
7
225
The
PNC
Financial
Services
Group,
Inc.
(Banks)
.....................
35
330
The
Progressive
Corp.
(Insurance)
......
53
137
The
Sherwin-Williams
Co.
(Chemicals)
..
43
616
The
Southern
Co.
(Electric
Utilities)
....
43
651
The
TJX
Cos.,
Inc.
(Specialty
Retail)
....
61
62
The
Toro
Co.
(Machinery)
............
6
255
The
Trade
Desk,
Inc.,
Class
-
A
(Media)(a)
18
127
The
Travelers
Cos.,
Inc.
(Insurance)
.....
24
1,033
The
Walt
Disney
Co.
(Entertainment)
....
93
691
The
Williams
Cos.,
Inc.
(Oil,
Gas
&
Consumable
Fuels)
.............
24
297
T-Mobile
US,
Inc.
(Wireless
Telecommunication
Services)
.....
48
200
Toast,
Inc.,
Class
-
A
(Financial
Services)(a)
4
62
Tractor
Supply
Co.
(Specialty
Retail)
....
13
65
Tradeweb
Markets,
Inc.,
Class
-
A
(Capital
Markets)
....................
6
31
TransDigm
Group,
Inc.
(Aerospace
&
Defense)
....................
31
116
TransUnion
(Professional
Services)
.....
8
143
Trimble,
Inc.
(Electronic
Equipment,
Instruments
&
Components)(a)
....
8
752
Truist
Financial
Corp.
(Banks)
.........
28
93
Twilio,
Inc.,
Class
-
A
(IT
Services)(a)
...
7
23
Tyler
Technologies,
Inc.
(Software)(a)
...
10
153
Tyson
Foods,
Inc.,
Class
-
A
(Food
Products)
8
874
U.S.
Bancorp
(Banks)
...............
38
1,048
Uber
Technologies,
Inc.
(Ground
Transportation)(a)
.............
65
175
UDR,
Inc.
(Residential
REITs)
........
7
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
45
U-Haul
Holding
Co.
(Ground
Transportation)
...............
$
3
230
UiPath,
Inc.,
Class
-
A
(Software)(a)
....
6
30
Ulta
Beauty,
Inc.
(Specialty
Retail)(a)
...
15
347
Union
Pacific
Corp.
(Ground
Transportation)
...............
85
410
United
Parcel
Service,
Inc.,
Class
-
B
(Air
Freight
&
Logistics)
............
64
39
United
Rentals,
Inc.
(Trading
Companies
&
Distributors)
.................
22
27
United
Therapeutics
Corp.
(Biotechnology)
(a)
........................
6
527
UnitedHealth
Group,
Inc.
(Health
Care
Providers
&
Services)
...........
277
142
Unity
Software,
Inc.
(Software)(a)
......
6
34
Universal
Health
Services,
Inc.,
Class
-
B
(Health
Care
Providers
&
Services)
.
5
208
V.F.
Corp.
(Textiles,
Apparel
&
Luxury
Goods)
.....................
4
25
Vail
Resorts,
Inc.
(Hotels,
Restaurants
&
Leisure)
....................
5
203
Valero
Energy
Corp.
(Oil,
Gas
&
Consumable
Fuels)
.............
26
85
Veeva
Systems,
Inc.,
Class
-
A
(Health
Care
Technology)(a)
...............
16
229
Ventas,
Inc.
(Health
Care
REITs)
.......
11
130
Veralto
Corp.
(Commercial
Services
&
Supplies)
....................
11
54
VeriSign,
Inc.
(IT
Services)(a)
.........
11
83
Verisk
Analytics,
Inc.
(Professional
Services)
....................
20
2,370
Verizon
Communications,
Inc.
(Diversified
Telecommunication
Services)
.....
89
199
Vertiv
Holdings
Co.,
Class
-
A
(Electrical
Equipment)
..................
10
561
VICI
Properties,
Inc.
(Specialized
REITs)
18
911
Visa,
Inc.,
Class
-
A
(Financial
Services)
.
237
199
Vistra
Corp.
(Independent
Power
and
Renewable
Electricity
Producers)
..
8
75
Vulcan
Materials
Co.
(Construction
Materials)
...................
17
115
W.R.
Berkley
Corp.
(Insurance)
........
8
26
W.W.
Grainger,
Inc.
(Trading
Companies
&
Distributors)
.................
22
415
Walgreens
Boots
Alliance,
Inc.
(Consumer
Staples
Distribution
&
Retail)
.....
11
843
Walmart,
Inc.
(Consumer
Staples
Distribution
&
Retail)
...........
133
1,278
Warner
Bros.
Discovery,
Inc.
(Entertainment)(a)
.............
15
231
Waste
Management,
Inc.
(Commercial
Services
&
Supplies)
...........
41
32
Waters
Corp.
(Life
Sciences
Tools
&
Services)(a)
..................
11
20
Watsco,
Inc.
(Trading
Companies
&
Distributors)
.................
9
181
WEC
Energy
Group,
Inc.
(Multi-Utilities)
15
85
See
accompanying
notes
to
financial
statements.
HC
CAPITAL
TRUST
The
Catholic
SRI
Growth
Portfolio
Portfolio
of
Investments
(concluded)
—
December
31,2023
(Unaudited)
As
of
December
31,
2023
,
100%
of
the
Portfolio’s
net
assets
were
managed
by
Mellon
Investments
Corporation.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
2,066
Wells
Fargo
&
Co.
(Banks)
...........
$
102
290
Welltower,
Inc.
(Health
Care
REITs)
....
26
43
West
Pharmaceutical
Services,
Inc.
(Life
Sciences
Tools
&
Services)
.......
15
183
Western
Digital
Corp.
(Technology
Hardware,
Storage
&
Peripherals)(a)
10
108
Westinghouse
Air
Brake
Technologies
Corp.
(Machinery)
.................
14
19
Westlake
Corp.
(Chemicals)
..........
3
137
Westrock
Co.
(Containers
&
Packaging)
..
6
418
Weyerhaeuser
Co.
(Specialized
REITs)
..
15
120
Workday,
Inc.,
Class
-
A
(Software)(a)
...
33
123
WP
Carey,
Inc.
(Diversified
REITs)
.....
8
55
Wynn
Resorts
Ltd.
(Hotels,
Restaurants
&
Leisure)
....................
5
306
Xcel
Energy,
Inc.
(Electric
Utilities)
.....
19
138
Xylem,
Inc.
(Machinery)
.............
16
164
Yum!
Brands,
Inc.
(Hotels,
Restaurants
&
Leisure)
....................
21
30
Zebra
Technologies
Corp.
(Electronic
Equipment,
Instruments
&
Components)(a)
...............
8
80
Zillow
Group,
Inc.,
Class
-
C
(Real
Estate
Management
&
Development)(a)
...
5
122
Zimmer
Biomet
Holdings,
Inc.
(Health
Care
Equipment
&
Supplies)
.........
15
258
Zoetis,
Inc.
(Pharmaceuticals)
.........
51
129
Zoom
Video
Communications,
Inc.,
Class
-
A
(Software)(a)
...............
9
52
Zscaler,
Inc.
(Software)(a)
............
12
20,830
Uruguay
—
0.14%
26
MercadoLibre,
Inc.
(Broadline
Retail)(a)
.
41
Total
Common
Stocks
..............
30,185
Warrant
—
0.00%
Canada
—
0.00%
12
Constellation
Software,
Inc.,
3/31/40
(Software)(a)(c)
...............
—
Total
Warrant
...................
—
Investment
Companies
—
0.04%
Money
Market
Funds
—
0.04%
4,380
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares
,
5.00%^^(d)
4
7,919
State
Street
Institutional
Treasury
Plus
Money
Market
Fund,
Trust
Class
,
5.25%(d)
....................
8
Total
Investment
Companies
.........
12
Security
Description
Value
(000)
Total
Investments
(cost
$18,557
)
—
99.86%
.....................
$
30,197
Other
assets
in
excess
of
liabilities
—
0.14%
......................
43
Net
Assets
-
100.00%
$
30,240
Amounts
designated
as
"—"
are
$0
or
have
been
rounded
to
$0.
^
All
or
part
of
this
security
was
on
loan
as
of
December
31,
2023.
^^
Purchased
with
cash
collateral
held
from
securities
lending.
The
value
of
the
collateral
could
include
collateral
held
for
securities
that
were
sold
on
or
before
December
31,
2023.
(a)
Represents
non-income
producing
security.
(b)
Represents
a
security
purchased
under
Rule
144A
or
Section
4(2)
and
is
exempt
from
registration
under
the
Securities
Act
of
1933,
as
amended,
or
is
otherwise
restricted
to
resale.
Certain
of
these
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
These
securities
have
been
deemed
liquid
by
the
Specialist
Manager.
(c)
Security
was
valued
using
significant
unobservable
inputs
as
of
December
31,
2023.
(d)
Annualized
7-day
yield
as
of
period-end.
ADR—American
Depositary
Receipt
REIT—Real
Estate
Investment
Trust
HC
CAPITAL
TRUST
The
International
Equity
Portfolio
Portfolio
of
Investments
—
December
31,2023
(Unaudited)
86
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
—
88.91%
Australia
—
5.63%
4,466
Ampol
Ltd.
(Oil,
Gas
&
Consumable
Fuels)
$
110
153,655
ANZ
Group
Holdings
Ltd.
(Banks)
.....
2,713
21,823
Aristocrat
Leisure
Ltd.
(Hotels,
Restaurants
&
Leisure)
...................
607
82,839
Bendigo
&
Adelaide
Bank
Ltd.
(Banks)
..
546
85,014
BHP
Group
Ltd.
(Metals
&
Mining)
.....
2,914
70,201
BHP
Group
Ltd.
(Metals
&
Mining)
.....
2,411
43,919
Commonwealth
Bank
of
Australia
(Banks)
3,345
53,824
Fortescue
Ltd.
(Metals
&
Mining)
......
1,064
68,557
Goodman
Group
(Industrial
REITs)
.....
1,182
7,899
Macquarie
Group
Ltd.
(Capital
Markets)
.
988
174,147
National
Australia
Bank
Ltd.
(Banks)
....
3,642
41,245
Qantas
Airways
Ltd.
(Passenger
Airlines)(a)
151
55,092
QBE
Insurance
Group
Ltd.
(Insurance)
..
556
15,339
Rio
Tinto
Ltd.
(Metals
&
Mining)
......
1,418
150,128
Santos
Ltd.
(Oil,
Gas
&
Consumable
Fuels)
777
198,921
Scentre
Group
(Retail
REITs)
.........
405
18,427
Suncorp
Group
Ltd.
(Insurance)
.......
174
562,458
Tabcorp
Holdings
Ltd.
(Hotels,
Restaurants
&
Leisure)
...................
320
562,458
The
Lottery
Corp.
Ltd.
(Hotels,
Restaurants
&
Leisure)
...................
1,855
44,996
Treasury
Wine
Estates
Ltd.
(Beverages)
..
330
63,839
Wesfarmers
Ltd.
(Broadline
Retail)
.....
2,481
148,167
Westpac
Banking
Corp.
(Banks)
.......
2,312
28,099
Woodside
Energy
Group
Ltd.
(Oil,
Gas
&
Consumable
Fuels)
.............
595
35,740
Worley
Ltd.
(Construction
&
Engineering)
425
31,321
Austria
—
0.21%
23,927
Erste
Group
Bank
AG
(Banks)
........
970
4,792
OMV
AG
(Oil,
Gas
&
Consumable
Fuels)
210
1,180
Belgium
—
0.51%
40,660
Anheuser-Busch
InBev
SA/N.V.
(Beverages)
..................
2,622
8,118
Umicore
SA
(Chemicals)
............
223
2,845
Canada
—
9.57%
30,089
Air
Canada
(Passenger
Airlines)(a)
.....
424
50,883
Alimentation
Couche-Tard,
Inc.
(Consumer
Staples
Distribution
&
Retail)
.....
2,997
8,987
AltaGas
Ltd.
(Gas
Utilities)
...........
189
45,514
Bank
of
Montreal
(Banks)
............
4,503
9,632
CAE,
Inc.
(Aerospace
&
Defense)(a)
....
208
31,854
Cameco
Corp.
(Oil,
Gas
&
Consumable
Fuels)
......................
1,374
55,707
Canadian
Natural
Resources
Ltd.
(Oil,
Gas
&
Consumable
Fuels)
...........
3,649
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Canada
(continued)
3,130
Canadian
Pacific
Kansas
City
Ltd.
(Ground
Transportation)
...............
$
248
11,085
Canadian
Tire
Corp.
Ltd.,
Class
-
A
(Broadline
Retail)
.............
1,177
3,259
CCL
Industries,
Inc.,
Class
-
B
(Containers
&
Packaging)
.................
147
125,033
Cenovus
Energy,
Inc.
(Oil,
Gas
&
Consumable
Fuels)
.............
2,084
835
Constellation
Software,
Inc.
(Software)
..
2,070
11,192
Dollarama,
Inc.
(Broadline
Retail)
......
807
20,879
Enbridge,
Inc.
(Oil,
Gas
&
Consumable
Fuels)
......................
752
1,023
Fairfax
Financial
Holdings
Ltd.
(Insurance)
944
17,917
First
Quantum
Minerals
Ltd.
(Metals
&
Mining)
.....................
147
7,691
Franco-Nevada
Corp.
(Metals
&
Mining)
.
852
24,142
GFL
Environmental,
Inc.
(Commercial
Services
&
Supplies)
...........
833
64,358
Great-West
Lifeco,
Inc.
(Insurance)
.....
2,131
27,914
H&R
Real
Estate
Investment
Trust
(Diversified
REITs)
............
209
12,464
Hydro
One
Ltd.
(Electric
Utilities)
......
373
5,430
Intact
Financial
Corp.
(Insurance)
......
836
56,358
Keyera
Corp.
(Oil,
Gas
&
Consumable
Fuels)
......................
1,362
2,505
Lumine
Group,
Inc.
(Software)(a)
......
57
28,660
Magna
International,
Inc.
(Automobile
Components)
.................
1,694
8,370
Manulife
Financial
Corp.
(Insurance)
....
185
15,818
Methanex
Corp.
(Chemicals)
..........
748
18,402
National
Bank
of
Canada
(Banks)
......
1,403
62,155
Northland
Power,
Inc.
(Independent
Power
and
Renewable
Electricity
Producers)
1,129
3,339
Nutrien
Ltd.
(Chemicals)
............
188
1,796
Onex
Corp.
(Capital
Markets)
.........
125
7,732
Pembina
Pipeline
Corp.
(Oil,
Gas
&
Consumable
Fuels)
.............
266
66,482
Power
Corp.
of
Canada
(Insurance)
.....
1,901
6,978
Primaris
Real
Estate
Investment
Trust
(Retail
REITs)
................
73
4,162
RB
Global,
Inc.
(Commercial
Services
&
Supplies)
....................
279
1,726
Restaurant
Brands
International,
Inc.
(Hotels,
Restaurants
&
Leisure)
....
135
67,963
RioCan
Real
Estate
Investment
Trust
(Retail
REITs)
.....................
955
11,932
Royal
Bank
of
Canada
(Banks)
........
1,207
52,851
Shopify,
Inc.,
Class
-
A
(IT
Services)(a)
..
4,114
52,951
Sun
Life
Financial,
Inc.
(Insurance)
.....
2,746
5,745
Suncor
Energy,
Inc.
(Oil,
Gas
&
Consumable
Fuels)
.............
184
18,439
Teck
Resources
Ltd.,
Class
-
B
(Metals
&
Mining)
.....................
780
72,937
TELUS
Corp.
(Diversified
Telecommunication
Services)
.....
1,298
12,498
The
Toronto-Dominion
Bank
(Banks)
...
808
87
HC
CAPITAL
TRUST
The
International
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Canada
(continued)
22,457
Thomson
Reuters
Corp.
(Professional
Services)
....................
$
3,284
28,308
Wheaton
Precious
Metals
Corp.
(Metals
&
Mining)
.....................
1,397
53,272
Denmark
—
2.87%
2,246
DSV
A/S
(Air
Freight
&
Logistics)
.....
394
7,565
Genmab
A/S
(Biotechnology)(a)
.......
2,415
127,453
Novo
Nordisk
A/S,
Class
-
B
(Pharmaceuticals)
.............
13,178
15,987
Finland
—
0.86%
4,385
Mandatum
Oyj
(Insurance)(a)
.........
20
278,699
Nordea
Bank
Abp
(Banks)
...........
3,446
3,545
Orion
Oyj,
Class
-
B
(Pharmaceuticals)
..
154
4,385
Sampo
Oyj,
A
Shares
(Insurance)
......
192
44,232
Stora
Enso
Oyj,
Registered
Shares
(Paper
&
Forest
Products)
...............
612
10,204
UPM-Kymmene
Oyj
(Paper
&
Forest
Products)
....................
384
4,808
France
—
9.87%
2,230
Aeroports
de
Paris
(Transportation
Infrastructure)
................
288
21,951
Air
Liquide
SA
(Chemicals)
..........
4,267
23,149
Airbus
SE
(Aerospace
&
Defense)
......
3,572
47,723
AXA
SA
(Insurance)
...............
1,553
1,813
BioMerieux
(Health
Care
Equipment
&
Supplies)
....................
201
46,563
BNP
Paribas
SA
(Banks)
.............
3,217
4,957
Bouygues
SA
(Construction
&
Engineering)
187
1,044
Capgemini
SE
(IT
Services)
..........
218
7,205
Carrefour
SA
(Consumer
Staples
Distribution
&
Retail)
...........
132
3,697
Cie
de
Saint-Gobain
(Building
Products)
.
272
99,973
Credit
Agricole
SA
(Banks)
...........
1,418
8,570
Dassault
Systemes
SE
(Software)
......
418
1,749
Eiffage
SA
(Construction
&
Engineering)
.
187
25,532
Engie
SA
(Multi-Utilities)
............
449
18,607
EssilorLuxottica
SA
(Health
Care
Equipment
&
Supplies)
.........
3,730
2,933
Eurazeo
SE
(Financial
Services)
.......
233
1,233
Gecina
SA
(Office
REITs)
............
150
2,454
Hermes
International
SCA
(Textiles,
Apparel
&
Luxury
Goods)
..............
5,198
10,109
L'Oreal
SA
(Personal
Care
Products)
....
5,029
5,264
LVMH
Moet
Hennessy
Louis
Vuitton
SE
(Textiles,
Apparel
&
Luxury
Goods)
4,263
8,063
Pernod
Ricard
SA
(Beverages)
........
1,422
8,075
Publicis
Groupe
SA
(Media)
..........
749
7,261
Renault
SA
(Automobiles)
...........
296
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
France
(continued)
40,016
Sanofi
(Pharmaceuticals)
............
$
3,965
34,976
Schneider
Electric
SE
(Electrical
Equipment)
..................
7,017
100,509
Societe
Generale
SA
(Banks)
.........
2,665
2,211
Teleperformance
SE
(Professional
Services)
322
4,176
Thales
SA
(Aerospace
&
Defense)
......
617
27,117
TotalEnergies
SE
(Oil,
Gas
&
Consumable
Fuels)
......................
1,844
7,086
Unibail-Rodamco-Westfield
(Retail
REITs)
(a)
........................
523
15,933
Veolia
Environnement
SA
(Multi-Utilities)
502
54,904
Germany
—
7.11%
13,053
adidas
AG
(Textiles,
Apparel
&
Luxury
Goods)
.....................
2,653
10,077
Allianz
SE,
Registered
Shares
(Insurance)
2,691
1,793
Bayerische
Motoren
Werke
AG
(Automobiles)
................
199
1,065
Beiersdorf
AG
(Personal
Care
Products)
..
160
33,975
Commerzbank
AG
(Banks)
...........
404
2,692
Covestro
AG
(Chemicals)(a)
..........
157
1,439
Daimler
Truck
Holding
AG
(Machinery)
.
54
113,622
Deutsche
Bank
AG,
Registered
Shares
(Capital
Markets)
..............
1,551
21,575
Deutsche
Boerse
AG
(Capital
Markets)
..
4,441
128,506
Deutsche
Telekom
AG
(Diversified
Telecommunication
Services)
.....
3,085
69,579
DHL
Group
(Air
Freight
&
Logistics)
...
3,445
5,615
Fraport
AG
Frankfurt
Airport
Services
Worldwide
(Transportation
Infrastructure)(a)
..............
339
6,983
GEA
Group
AG
(Machinery)
.........
291
1,115
Hannover
Rueck
SE
(Insurance)
.......
266
82,230
Infineon
Technologies
AG
(Semiconductors
&
Semiconductor
Equipment)
.....
3,431
2,540
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen,
Registered
Shares
(Insurance)
.....
1,052
18,514
RWE
AG
(Independent
Power
and
Renewable
Electricity
Producers)
..
842
42,196
SAP
SE
(Software)
.................
6,496
1,461
Sartorius
AG,
Preference
Shares
(Life
Sciences
Tools
&
Services)
.......
537
28,228
Siemens
AG,
Registered
Shares
(Industrial
Conglomerates)
...............
5,294
6,087
Symrise
AG
(Chemicals)
............
669
6,109
Volkswagen
AG,
Preference
Shares
(Automobiles)
................
754
32,290
Zalando
SE
(Specialty
Retail)(a)
.......
765
39,576
Hong
Kong
—
1.30%
483,480
AIA
Group
Ltd.
(Insurance)
..........
4,213
75,055
BOC
Hong
Kong
Holdings
Ltd.
(Banks)
.
204
88
HC
CAPITAL
TRUST
The
International
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Hong
Kong
(continued)
334,000
China
Common
Rich
Renewable
Energy
Investment
Ltd.
(Independent
Power
and
Renewable
Electricity
Producers)
(a)(b)
......................
$
—
98,500
CK
Asset
Holdings
Ltd.
(Real
Estate
Management
&
Development)
.....
495
73,000
Galaxy
Entertainment
Group
Ltd.
(Hotels,
Restaurants
&
Leisure)
..........
409
15,506
Hang
Seng
Bank
Ltd.
(Banks)
.........
181
8,800
Jardine
Matheson
Holdings
Ltd.
(Industrial
Conglomerates)
...............
363
41,917
Link
REIT
(Retail
REITs)
............
235
227,000
MTR
Corp.
Ltd.
(Ground
Transportation)
.
881
14,472
Pacific
Century
Premium
Developments
Ltd.
(Real
Estate
Management
&
Development)(a)
..............
—
121,391
PCCW
Ltd.
(Diversified
Telecommunication
Services)
....................
65
24,000
Swire
Pacific
Ltd.,
Class
-
A
(Real
Estate
Management
&
Development)
.....
203
7,249
Ireland
(Republic
of)
—
1.26%
8,728
AerCap
Holdings
N.V.
(Trading
Companies
&
Distributors)(a)
.............
649
332,317
Bank
of
Ireland
Group
PLC
(Banks)
....
3,015
24,053
CRH
PLC
(Construction
Materials)
.....
1,658
25,494
Experian
PLC
(Professional
Services)
...
1,040
16,821
James
Hardie
Industries
PLC
(Construction
Materials)(a)
.................
647
7,009
Israel
—
0.27%
862
CyberArk
Software
Ltd.
(Software)(a)
...
189
6,703
Nice
Ltd.,
ADR
(Software)(a)
.........
1,337
1,526
Italy
—
1.61%
69,888
Assicurazioni
Generali
SpA
(Insurance)
..
1,474
47,935
Enel
SpA
(Electric
Utilities)
..........
356
1,561
Ferrari
N.V.
(Automobiles)
...........
526
157,139
Intesa
Sanpaolo
SpA
(Banks)
.........
459
7,820
Iveco
Group
N.V.
(Machinery)(a)
......
70
168,665
Mediobanca
Banca
di
Credito
Finanziario
SpA
(Banks)
.................
2,087
7,356
Moncler
SpA
(Textiles,
Apparel
&
Luxury
Goods)
.....................
452
166,391
Nexi
SpA
(Financial
Services)(a)
.......
1,360
9,459
Poste
Italiane
SpA
(Insurance)
.........
107
104,597
Snam
SpA
(Gas
Utilities)
............
537
180,455
Terna
-
Rete
Elettrica
Nazionale
(Electric
Utilities)
....................
1,505
8,933
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Japan
—
17.16%
8,800
Advantest
Corp.
(Semiconductors
&
Semiconductor
Equipment)
.......
$
299
6,845
AGC,
Inc.
(Building
Products)
........
254
4,500
Aisin
Corp.
(Automobile
Components)
..
157
27,300
Ajinomoto
Co.,
Inc.
(Food
Products)
....
1,053
15,300
Amada
Co.
Ltd.
(Machinery)
.........
160
6,100
Asahi
Group
Holdings
Ltd.
(Beverages)
..
228
96,800
Astellas
Pharma,
Inc.
(Pharmaceuticals)
..
1,158
3,900
Azbil
Corp.
(Electronic
Equipment,
Instruments
&
Components)
......
129
21,100
Bandai
Namco
Holdings,
Inc.
(Leisure
Products)
....................
423
15,200
Bridgestone
Corp.
(Automobile
Components)
.................
630
38,300
Canon,
Inc.
(Technology
Hardware,
Storage
&
Peripherals)
................
983
4,300
Capcom
Co.
Ltd.
(Entertainment)
......
139
293,700
Concordia
Financial
Group
Ltd.
(Banks)
.
1,343
178,200
CyberAgent,
Inc.
(Media)
............
1,119
13,388
Dai
Nippon
Printing
Co.
Ltd.
(Commercial
Services
&
Supplies)
...........
396
58,800
Daifuku
Co.
Ltd.
(Machinery)
.........
1,190
40,900
Dai-ichi
Life
Holdings,
Inc.
(Insurance)
..
868
1,279
Daito
Trust
Construction
Co.
Ltd.
(Real
Estate
Management
&
Development)
148
15,550
Daiwa
House
Industry
Co.
Ltd.
(Real
Estate
Management
&
Development)
.....
471
578
Daiwa
House
REIT
Investment
Corp.
(Diversified
REITs)
............
1,032
12,000
Denso
Corp.
(Automobile
Components)
..
181
4,800
Dentsu
Group,
Inc.
(Media)
..........
123
3,900
Fuji
Electric
Co.
Ltd.
(Electrical
Equipment)
168
8,400
FUJIFILM
Holdings
Corp.
(Technology
Hardware,
Storage
&
Peripherals)
..
505
10,900
Fujitsu
Ltd.
(IT
Services)
............
1,645
37,100
Hitachi
Ltd.
(Industrial
Conglomerates)
..
2,676
12,900
Honda
Motor
Co.
Ltd.
(Automobiles)
...
134
20,700
Hoya
Corp.
(Health
Care
Equipment
&
Supplies)
....................
2,588
39,100
Inpex
Corp.
(Oil,
Gas
&
Consumable
Fuels)
528
22,100
Isetan
Mitsukoshi
Holdings
Ltd.
(Broadline
Retail)
......................
240
21,000
Isuzu
Motors
Ltd.
(Automobiles)
.......
271
92,317
ITOCHU
Corp.
(Trading
Companies
&
Distributors)
.................
3,777
6,000
Japan
Airlines
Co.
Ltd.
(Passenger
Airlines)
118
70,600
Japan
Exchange
Group,
Inc.
(Capital
Markets)
....................
1,494
8,300
Japan
Post
Insurance
Co.
Ltd.
(Insurance)
147
5,554
JSR
Corp.
(Chemicals)
..............
158
9,200
Kawasaki
Heavy
Industries
Ltd.
(Machinery)
.................
204
101,200
KDDI
Corp.
(Wireless
Telecommunication
Services)
....................
3,220
89
HC
CAPITAL
TRUST
The
International
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Japan
(continued)
6,100
Keyence
Corp.
(Electronic
Equipment,
Instruments
&
Components)
......
$
2,688
4,400
Kikkoman
Corp.
(Food
Products)
......
269
6,345
Komatsu
Ltd.
(Machinery)
...........
166
11,600
Kyoto
Financial
Group,
Inc.
(Banks)
....
181
6,000
Lasertec
Corp.
(Semiconductors
&
Semiconductor
Equipment)
.......
1,582
22,200
Makita
Corp.
(Machinery)
...........
613
63,300
Marubeni
Corp.
(Trading
Companies
&
Distributors)
.................
1,001
6,700
MEIJI
Holdings
Co.
Ltd.
(Food
Products)
159
66,600
MISUMI
Group,
Inc.
(Machinery)
......
1,129
171,435
Mitsubishi
Corp.
(Trading
Companies
&
Distributors)
.................
2,740
34,200
Mitsubishi
Estate
Co.
Ltd.
(Real
Estate
Management
&
Development)
.....
471
9,700
Mitsubishi
Heavy
Industries
Ltd.
(Machinery)
.................
567
432,200
Mitsubishi
UFJ
Financial
Group,
Inc.
(Banks)
.....................
3,715
131,788
Mitsui
&
Co.
Ltd.
(Trading
Companies
&
Distributors)
.................
4,954
36,100
Mitsui
Fudosan
Co.
Ltd.
(Real
Estate
Management
&
Development)
.....
885
12,600
Mitsui
O.S.K.
Lines
Ltd.
(Marine
Transportation)
...............
404
109,800
Murata
Manufacturing
Co.
Ltd.
(Electronic
Equipment,
Instruments
&
Components)
.................
2,331
14,700
NEC
Corp.
(IT
Services)
.............
871
20,000
Nexon
Co.
Ltd.
(Entertainment)
.......
365
19,200
Nikon
Corp.
(Household
Durables)
.....
190
7,500
NIPPON
EXPRESS
HOLDINGS,
Inc.
(Air
Freight
&
Logistics)
............
426
6,300
Nippon
Sanso
Holdings
Corp.
(Chemicals)
169
30,800
Nippon
Steel
Corp.
(Metals
&
Mining)
..
706
910,000
Nippon
Telegraph
&
Telephone
Corp.
(Diversified
Telecommunication
Services)
....................
1,112
66,500
Nissan
Motor
Co.
Ltd.
(Automobiles)
...
261
17,800
Nomura
Research
Institute
Ltd.
(IT
Services)
....................
518
1,800
Obic
Co.
Ltd.
(IT
Services)
...........
310
79,400
Odakyu
Electric
Railway
Co.
Ltd.
(Ground
Transportation)
...............
1,211
104,100
Olympus
Corp.
(Health
Care
Equipment
&
Supplies)
....................
1,507
12,000
Omron
Corp.
(Electronic
Equipment,
Instruments
&
Components)
......
560
10,800
ORIX
Corp.
(Financial
Services)
.......
203
12,700
Pan
Pacific
International
Holdings
Corp.
(Broadline
Retail)
.............
303
156,600
Panasonic
Holdings
Corp.
(Household
Durables)
...................
1,551
243,800
Rakuten
Group,
Inc.
(Broadline
Retail)
..
1,086
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Japan
(continued)
22,400
Rohm
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
.......
$
429
16,900
SBI
Holdings,
Inc.
(Capital
Markets)
....
380
35,552
Sekisui
House
Ltd.
(Household
Durables)
790
17,000
Shin-Etsu
Chemical
Co.
Ltd.
(Chemicals)
713
37,400
Shiseido
Co.
Ltd.
(Personal
Care
Products)
1,128
12,800
Sompo
Holdings,
Inc.
(Insurance)
......
626
7,900
Sony
Group
Corp.
(Household
Durables)
.
751
28,800
Square
Enix
Holdings
Co.
Ltd.
(Entertainment)
...............
1,034
18,800
Subaru
Corp.
(Automobiles)
..........
345
30,300
SUMCO
Corp.
(Semiconductors
&
Semiconductor
Equipment)
.......
454
14,148
Sumitomo
Mitsui
Financial
Group,
Inc.
(Banks)
.....................
690
4,800
Sumitomo
Realty
&
Development
Co.
Ltd.
(Real
Estate
Management
&
Development)
................
143
8,500
T&D
Holdings,
Inc.
(Insurance)
.......
135
25,000
Takeda
Pharmaceutical
Co.
Ltd.
(Pharmaceuticals)
.............
719
22,400
The
Chiba
Bank
Ltd.
(Banks)
.........
162
29,700
Tokio
Marine
Holdings,
Inc.
(Insurance)
.
743
80,800
Tokyo
Electric
Power
Co.
Holdings,
Inc.
(Electric
Utilities)(a)
...........
423
26,400
Tokyo
Electron
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
.......
4,730
25,700
Tokyu
Fudosan
Holdings
Corp.
(Real
Estate
Management
&
Development)
.....
164
21,300
TOTO
Ltd.
(Building
Products)
........
561
17,900
Toyota
Industries
Corp.
(Machinery)
....
1,460
485,000
Toyota
Motor
Corp.
(Automobiles)
.....
8,913
6,770
Toyota
Tsusho
Corp.
(Trading
Companies
&
Distributors)
.................
399
17,027
Trend
Micro,
Inc.
(Software)
..........
912
46,400
Unicharm
Corp.
(Household
Products)
...
1,678
20,300
Welcia
Holdings
Co.
Ltd.
(Consumer
Staples
Distribution
&
Retail)
.....
355
43,300
Yakult
Honsha
Co.
Ltd.
(Food
Products)
.
973
5,700
ZOZO,
Inc.
(Specialty
Retail)
.........
128
95,499
Luxembourg
—
0.48%
27,423
ArcelorMittal
SA
(Metals
&
Mining)
....
777
2,992
Eurofins
Scientific
SE
(Life
Sciences
Tools
&
Services)
..................
195
96,377
Tenaris
SA
(Energy
Equipment
&
Services)
1,675
2,647
Netherlands
—
3.85%
57,506
ABN
AMRO
Bank
N.V.
(Banks)
.......
863
73,595
Aegon
Ltd.
(Insurance)
..............
426
24,788
Akzo
Nobel
N.V.
(Chemicals)
.........
2,047
728
Argenx
SE
(Biotechnology)(a)
........
276
90
HC
CAPITAL
TRUST
The
International
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Netherlands
(continued)
10,915
ASML
Holding
N.V.
(Semiconductors
&
Semiconductor
Equipment)
.......
$
8,214
15,440
DSM
BV
(Chemicals)
..............
1,592
4,144
EXOR
N.V.
(Financial
Services)
.......
414
14,622
ING
Groep
N.V.
(Banks)
.............
218
61,918
Koninklijke
Ahold
Delhaize
N.V.
(Consumer
Staples
Distribution
&
Retail)
.....
1,778
41,503
Prosus
N.V.
(Broadline
Retail)
.........
1,236
13,278
QIAGEN
N.V.
(Life
Sciences
Tools
&
Services)(a)
..................
577
87,671
Stellantis
N.V.
(Automobiles)
.........
2,047
1,552
Topicus.com,
Inc.
(Software)(a)
........
105
11,488
Wolters
Kluwer
N.V.
(Professional
Services)
1,632
21,425
New
Zealand
—
0.22%
198,179
Auckland
International
Airport
Ltd.
(Transportation
Infrastructure)
.....
1,102
31,069
Spark
New
Zealand
Ltd.
(Diversified
Telecommunication
Services)
.....
102
1,204
Norway
—
0.65%
11,596
DNB
Bank
ASA
(Banks)
............
247
105,375
Equinor
ASA
(Oil,
Gas
&
Consumable
Fuels)
......................
3,342
3,589
Portugal
—
0.31%
338,113
EDP
-
Energias
de
Portugal
SA
(Electric
Utilities)
....................
1,700
Singapore
—
0.70%
232,772
CapitaLand
Ascendas
REIT
(Industrial
REITs)
.....................
535
3,306
CapitaLand
Ascott
Trust
(Hotel
&
Resort
REITs)
.....................
2
175,970
CapitaLand
Integrated
Commercial
Trust
(Retail
REITs)
................
275
58,000
CapitaLand
Investment
Ltd.
(Real
Estate
Management
&
Development)
.....
139
149,100
City
Developments
Ltd.
(Real
Estate
Management
&
Development)
.....
751
57,800
DBS
Group
Holdings
Ltd.
(Banks)
.....
1,464
14,500
Oversea-Chinese
Banking
Corp.
Ltd.
(Banks)
.....................
143
58,700
Singapore
Airlines
Ltd.
(Passenger
Airlines)
292
18,700
Singapore
Exchange
Ltd.
(Capital
Markets)
139
6,600
United
Overseas
Bank
Ltd.
(Banks)
.....
142
3,882
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
South
Africa
—
0.01%
4,663
Thungela
Resources
Ltd.
(Oil,
Gas
&
Consumable
Fuels)
.............
$
38
South
Korea
—
0.05%
4,504
Samsung
Electronics
Co.
Ltd.
(Technology
Hardware,
Storage
&
Peripherals)
..
275
Spain
—
2.21%
8,052
Acciona
SA
(Electric
Utilities)
........
1,185
4,412
ACS
Actividades
de
Construccion
y
Servicios
SA
(Construction
&
Engineering)
.................
196
1,451
Aena
SME
SA
(Transportation
Infrastructure)
................
263
10,177
Amadeus
IT
Group
SA
(Hotels,
Restaurants
&
Leisure)
...................
729
620,640
Banco
Bilbao
Vizcaya
Argentaria
SA
(Banks)
.....................
5,634
28,433
Bankinter
SA
(Banks)
...............
182
62,673
CaixaBank
SA
(Banks)
..............
258
246,056
Iberdrola
SA
(Electric
Utilities)
........
3,223
11,872
Naturgy
Energy
Group
SA
(Gas
Utilities)
.
354
17,963
Repsol
SA
(Oil,
Gas
&
Consumable
Fuels)
267
12,291
Sweden
—
1.63%
1,283
Alleima
AB
(Metals
&
Mining)
........
10
10,590
Assa
Abloy
AB,
Class
-
B
(Building
Products)
....................
305
90,968
Atlas
Copco
AB,
Class
-
A
(Machinery)
..
1,566
59,272
Atlas
Copco
AB,
Class
-
B
(Machinery)
..
878
34,078
Essity
AB,
Class
-
B
(Household
Products)
845
11,977
Securitas
AB,
Class
-
B
(Commercial
Services
&
Supplies)
...........
117
51,934
Skandinaviska
Enskilda
Banken
AB,
Class
-
A
(Banks)
...................
715
32,522
Swedbank
AB,
Class
-
A
(Banks)
.......
656
107,860
Tele2
AB,
B
shares
(Wireless
Telecommunication
Services)
.....
926
117,701
Volvo
AB,
Class
-
B
(Machinery)
......
3,054
9,072
Switzerland
—
9.04%
135,931
ABB
Ltd.,
Registered
Shares
(Electrical
Equipment)
..................
6,030
6,796
Accelleron
Industries
AG
(Electrical
Equipment)
..................
212
8,475
Alcon,
Inc.
(Health
Care
Equipment
&
Supplies)
....................
662
1,838
Baloise
Holding
AG,
Registered
Shares
(Insurance)
..................
288
679
Barry
Callebaut
AG,
Registered
Shares
(Food
Products)
...............
1,146
44
Chocoladefabriken
Lindt
&
Spruengli
AG,
Class
-
PC
(Food
Products)
.......
528
91
HC
CAPITAL
TRUST
The
International
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Switzerland
(continued)
19,821
Cie
Financiere
Richemont
SA,
Registered
Shares
(Textiles,
Apparel
&
Luxury
Goods)
.....................
$
2,729
13,970
Coca-Cola
HBC
AG
(Beverages)
.......
410
16,029
DSM-Firmenich
AG
(Chemicals)
......
1,628
387,007
Glencore
PLC
(Metals
&
Mining)
......
2,328
5,080
Kuehne
+
Nagel
International
AG,
Registered
Shares
(Marine
Transportation)
...............
1,751
4,844
Logitech
International
SA,
Registered
Shares
(Technology
Hardware,
Storage
&
Peripherals)
................
460
4,467
Lonza
Group
AG,
Registered
Shares
(Life
Sciences
Tools
&
Services)
.......
1,879
8,432
Medacta
Group
SA
(Health
Care
Equipment
&
Supplies)
..................
1,260
74,089
Nestle
SA,
Registered
Shares
(Food
Products)
....................
8,593
67,717
Novartis
AG,
Registered
Shares
(Pharmaceuticals)
.............
6,835
441
Partners
Group
Holding
AG
(Capital
Markets)
....................
636
12,047
Roche
Holding
AG
(Pharmaceuticals)
...
3,503
13,543
Sandoz
Group
AG
(Pharmaceuticals)(a)
..
436
2,775
SGS
SA,
Registered
Shares
(Professional
Services)
....................
239
491
Sonova
Holding
AG
(Health
Care
Equipment
&
Supplies)
.........
160
1,212
Swisscom
AG,
Registered
Shares
(Diversified
Telecommunication
Services)
....................
729
1,098
The
Swatch
Group
AG
(Textiles,
Apparel
&
Luxury
Goods)
...............
299
191,523
UBS
Group
AG
(Capital
Markets)
......
5,945
3,139
Zurich
Insurance
Group
AG
(Insurance)
..
1,641
50,327
United
Kingdom
—
10.92%
38,163
3i
Group
PLC
(Capital
Markets)
.......
1,177
161,400
abrdn
PLC
(Capital
Markets)
.........
367
5,633
Admiral
Group
PLC
(Insurance)
.......
193
46,639
Anglo
American
PLC
(Metals
&
Mining)
.
1,171
17,119
Ashtead
Group
PLC
(Trading
Companies
&
Distributors)
.................
1,192
53,176
AstraZeneca
PLC
(Pharmaceuticals)
....
7,184
31,506
Auto
Trader
Group
PLC
(Interactive
Media
&
Services)
..................
290
221,258
Aviva
PLC
(Insurance)
..............
1,226
121,738
BAE
Systems
PLC
(Aerospace
&
Defense)
1,723
109,656
BP
PLC
(Oil,
Gas
&
Consumable
Fuels)
.
651
51,346
British
American
Tobacco
PLC
(Tobacco)
1,502
12,788
Bunzl
PLC
(Trading
Companies
&
Distributors)
.................
520
44,208
Burberry
Group
PLC
(Textiles,
Apparel
&
Luxury
Goods)
...............
798
21,955
CNH
Industrial
N.V.
(Machinery)
......
269
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
Kingdom
(continued)
10,781
Coca-Cola
Europacific
Partners
PLC
(Beverages)
..................
$
720
68,973
Compass
Group
PLC
(Hotels,
Restaurants
&
Leisure)
....................
1,886
40,786
Diageo
PLC
(Beverages)
............
1,484
38,064
Entain
PLC
(Hotels,
Restaurants
&
Leisure)
482
176,859
Haleon
PLC
(Personal
Care
Products)
...
725
235,612
HSBC
Holdings
PLC
(Banks)
.........
1,908
90,451
Imperial
Brands
PLC
(Tobacco)
.......
2,082
242,896
Informa
PLC
(Media)
...............
2,418
6,566
InterContinental
Hotels
Group
PLC
(Hotels,
Restaurants
&
Leisure)
..........
593
480,645
J
Sainsbury
PLC
(Consumer
Staples
Distribution
&
Retail)
...........
1,854
114,719
Kingfisher
PLC
(Specialty
Retail)
......
356
18,851
Land
Securities
Group
PLC
(Diversified
REITs)
.....................
169
152,198
Legal
&
General
Group
PLC
(Insurance)
.
487
129,651
National
Grid
PLC
(Multi-Utilities)
.....
1,748
4,989
Next
PLC
(Broadline
Retail)
..........
516
16,942
Pearson
PLC
(Diversified
Consumer
Services)
....................
208
56,944
RELX
PLC
(Professional
Services)
.....
2,257
66,751
Rio
Tinto
PLC
(Metals
&
Mining)
......
4,970
8,382
Severn
Trent
PLC
(Water
Utilities)
.....
275
298,341
Shell
PLC
(Oil,
Gas
&
Consumable
Fuels)
9,778
100,164
Smith
&
Nephew
PLC
(Health
Care
Equipment
&
Supplies)
.........
1,377
12,142
Smiths
Group
PLC
(Industrial
Conglomerates)
...............
273
44,660
SSE
PLC
(Electric
Utilities)
..........
1,056
33,934
The
Sage
Group
PLC
(Software)
.......
507
18,373
The
Weir
Group
PLC
(Machinery)
......
442
55,598
Unilever
PLC
(Personal
Care
Products)
..
2,692
10,568
United
Utilities
Group
PLC
(Water
Utilities)
143
4,958
Whitbread
PLC
(Hotels,
Restaurants
&
Leisure)
....................
231
87,061
WPP
PLC
(Media)
.................
835
60,735
United
States
—
0.61%
8,324
Linde
PLC
(Chemicals)
.............
3,387
Total
Common
Stocks
..............
494,681
Warrant
—
0.00%
Canada
—
0.00%
835
Constellation
Software,
Inc.,
3/31/40
(Software)(a)(b)
...............
—
Total
Warrant
...................
—
92
HC
CAPITAL
TRUST
The
International
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
The
following
table
reflects
the
percentage
of
total
net
assets
of
the
Portfolio
attributable
to
each
Specialist
Manager
as
of
December
31,
2023
.
Amounts
designated
as
"—"
indicate
the
Specialist
Manager
did
not
manage
any
holdings
in
that
category. 
Shares
Security
Description
Value
(000)
Investment
Companies
—
9.10%
International
Equity
Funds
—
8.57%
274,415
iShares
Core
MSCI
EAFE
ETF
........
$
19,305
592,104
Vanguard
FTSE
Developed
Markets
ETF
.
28,363
47,668
Money
Market
Funds
—
0.53%
2,982,056
State
Street
Institutional
Treasury
Plus
Money
Market
Fund,
Trust
Class
,
5.25%(c)
....................
2,981
2,981
Total
Investment
Companies
.........
50,649
Purchased
Options
on
Futures
—
0.01%
Total
Purchased
Options
on
Futures
...
72
Security
Description
Value
(000)
Total
Investments
(cost
$311,079
)
—
98.02%
.....................
$
545,402
Other
assets
in
excess
of
liabilities
—
1.98%
......................
11,018
Net
Assets
-
100.00%
$
556,420
Amounts
designated
as
"—"
are
$0
or
have
been
rounded
to
$0.
(a)
Represents
non-income
producing
security.
(b)
Security
was
valued
using
significant
unobservable
inputs
as
of
December
31,
2023.
(c)
Annualized
7-day
yield
as
of
period-end.
ADR—American
Depositary
Receipt
ETF—Exchange-Traded
Fund
REIT—Real
Estate
Investment
Trust
The
International
Equity
Portfolio
Monashee
Investment
Management,
LLC
Parametric
Portfolio
Associates,
LLC
Total
Common
Stocks
.......................................................................................................................................................
—
88.91
%
88.91
%
Warrant
....................................................................................................................................................................
0.00
%
—
%
0.00
%
Investment
Companies
.............................................................................................................................................
8.74
%
0.36
%
9.10
%
Purchased
Options
on
Futures
.................................................................................................................................
0.01
%
—
0.01
%
Other
Assets
(Liabilities)
.........................................................................................................................................
1.35
%
0.63
%
1.98
%
Total
Net
Assets
..................................................................................................................................................
10.10
%
89.90
%
100.00
%
93
HC
CAPITAL
TRUST
The
International
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
The
following
table
reflects
the
open
derivative
positions
held
by
the
Portfolio
as
of
December
31,
2023
.
Futures
Contracts
Purchased
*
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
and
Unrealized
Appreciation/
(Depreciation)
(000)
MSCI
EAFE
Index
Future
.......................
69
3/15/24
$
7,772
$
240
$
7,772
$
240
The
following
table
reflects
the
open
derivative
positions
held
by
the
Portfolio
as
of
December
31,
2023
.
Futures
Contracts
Sold
*
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
and
Unrealized
Appreciation/
(Depreciation)
(000)
E-Mini
S&P
500
Future
.........................
14
3/15/24
$
3,374
$
(126)
$
3,374
$
(126)
Total
Unrealized
Appreciation
.....................
$
240
Total
Unrealized
Depreciation
.....................
(126)
Total
Net
Unrealized
Appreciation/(Depreciation)
.......
$
114
*
Cash
has
been
pledged
as
collateral
for
futures
contracts
held
by
the
Portfolio.
Options
on
Futures
Contracts
Exchange-traded
options
on
futures
contacts
written
as
of
December
31,
2023
were
as
follows:
Description
Put/Call
Number
of
Contracts
Notional
Amount
(000)
Exercise
Price
Expiration
Date
Value
(000)
E-Mini
S&P
500
Future
Option
.............
Call
3
$
722
$
4,810.00
1/15/24
$
(7)
E-Mini
S&P
500
Future
Option
.............
Put
6
1,178
3,925.00
1/19/24
—
E-Mini
S&P
500
Future
Option
.............
Put
6
1,163
3,875.00
1/19/24
—
E-Mini
S&P
500
Future
Option
.............
Put
12
2,384
3,975.00
1/19/24
—
E-Mini
S&P
500
Future
Option
.............
Put
5
1,013
4,050.00
1/19/24
—
E-Mini
S&P
500
Future
Option
.............
Put
3
716
4,770.00
1/19/24
(4)
E-Mini
S&P
500
Future
Option
.............
Put
10
1,975
3,950.00
1/19/24
—
E-Mini
S&P
500
Future
Option
.............
Put
8
1,540
3,850.00
1/19/24
—
E-Mini
S&P
500
Future
Option
.............
Put
3
723
4,820.00
1/19/24
(7)
E-Mini
S&P
500
Future
Option
.............
Put
3
719
4,790.00
1/19/24
(5)
E-Mini
S&P
500
Future
Option
.............
Put
6
1,148
3,825.00
1/19/24
—
E-Mini
S&P
500
Future
Option
.............
Put
6
1,133
3,775.00
1/19/24
—
E-Mini
S&P
500
Future
Option
.............
Put
15
2,812
3,750.00
1/19/24
—
E-Mini
S&P
500
Future
Option
.............
Put
6
1,140
3,800.00
1/19/24
—
E-Mini
S&P
500
Future
Option
.............
Put
10
2,088
4,175.00
1/31/24
(1)
E-Mini
S&P
500
Future
Option
.............
Put
15
3,149
4,200.00
1/31/24
(2)
E-Mini
S&P
500
Future
Option
.............
Put
1
213
4,250.00
1/31/24
—
E-Mini
S&P
500
Future
Option
.............
Put
3
690
4,600.00
1/31/24
(2)
94
HC
CAPITAL
TRUST
The
International
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Options
on
Futures
Contracts
(continued)
Description
Put/Call
Number
of
Contracts
Notional
Amount
(000)
Exercise
Price
Expiration
Date
Value
(000)
E-Mini
S&P
500
Future
Option
.............
Put
8
$
1,640
$
4,100.00
1/31/24
$
(1)
E-Mini
S&P
500
Future
Option
.............
Put
9
1,823
4,050.00
1/31/24
(1)
E-Mini
S&P
500
Future
Option
.............
Put
10
2,000
4,000.00
1/31/24
(1)
E-Mini
S&P
500
Future
Option
.............
Put
7
1,619
4,625.00
1/31/24
(5)
E-Mini
S&P
500
Future
Option
.............
Put
4
922
4,610.00
1/31/24
(3)
E-Mini
S&P
500
Future
Option
.............
Put
4
825
4,125.00
1/31/24
—
E-Mini
S&P
500
Future
Option
.............
Put
3
709
4,725.00
1/31/24
(5)
E-Mini
S&P
500
Future
Option
.............
Put
3
713
4,750.00
1/31/24
(5)
E-Mini
S&P
500
Future
Option
.............
Put
3
714
4,760.00
1/31/24
(6)
E-Mini
S&P
500
Future
Option
.............
Put
14
2,939
4,200.00
2/19/24
(4)
E-Mini
S&P
500
Future
Option
.............
Put
5
1,106
4,425.00
2/19/24
(3)
E-Mini
S&P
500
Future
Option
.............
Put
10
2,304
4,610.00
2/19/24
(12)
E-Mini
S&P
500
Future
Option
.............
Put
10
2,294
4,590.00
2/19/24
(12)
E-Mini
S&P
500
Future
Option
.............
Put
10
2,262
4,525.00
2/19/24
(9)
E-Mini
S&P
500
Future
Option
.............
Put
8
1,660
4,150.00
2/19/24
(2)
E-Mini
S&P
500
Future
Option
.............
Put
3
668
4,450.00
2/19/24
(2)
E-Mini
S&P
500
Future
Option
.............
Put
8
1,776
4,440.00
2/19/24
(5)
E-Mini
S&P
500
Future
Option
.............
Put
5
1,088
4,350.00
2/19/24
(2)
E-Mini
S&P
500
Future
Option
.............
Put
5
1,044
4,175.00
2/19/24
(1)
E-Mini
S&P
500
Future
Option
.............
Put
10
2,125
4,250.00
2/19/24
(3)
E-Mini
S&P
500
Future
Option
.............
Put
14
2,992
4,275.00
2/19/24
(4)
E-Mini
S&P
500
Future
Option
.............
Put
3
665
4,430.00
2/19/24
(2)
E-Mini
S&P
500
Future
Option
.............
Put
14
2,957
4,225.00
2/19/24
(4)
E-Mini
S&P
500
Future
Option
.............
Put
6
1,298
4,325.00
2/19/24
(2)
E-Mini
S&P
500
Future
Option
.............
Put
8
1,720
4,300.00
2/19/24
(3)
E-Mini
S&P
500
Future
Option
.............
Put
10
2,262
4,525.00
2/29/24
(12)
E-Mini
S&P
500
Future
Option
.............
Put
8
1,750
4,375.00
2/29/24
(6)
E-Mini
S&P
500
Future
Option
.............
Put
5
1,081
4,325.00
2/29/24
(3)
E-Mini
S&P
500
Future
Option
.............
Put
5
1,075
4,300.00
2/29/24
(3)
E-Mini
S&P
500
Future
Option
.............
Put
6
1,268
4,225.00
2/29/24
(3)
E-Mini
S&P
500
Future
Option
.............
Put
9
1,913
4,250.00
2/29/24
(4)
E-Mini
S&P
500
Future
Option
.............
Put
10
2,138
4,275.00
2/29/24
(5)
E-Mini
S&P
500
Future
Option
.............
Put
5
1,113
4,450.00
2/29/24
(5)
E-Mini
S&P
500
Future
Option
.............
Put
12
2,654
4,425.00
2/29/24
(10)
E-Mini
S&P
500
Future
Option
.............
Put
3
683
4,550.00
2/29/24
(4)
E-Mini
S&P
500
Future
Option
.............
Put
5
1,119
4,475.00
2/29/24
(5)
E-Mini
S&P
500
Future
Option
.............
Put
10
2,199
4,400.00
2/29/24
(8)
E-Mini
S&P
500
Future
Option
.............
Put
7
1,549
4,425.00
3/15/24
(8)
E-Mini
S&P
500
Future
Option
.............
Put
14
3,079
4,400.00
3/15/24
(14)
E-Mini
S&P
500
Future
Option
.............
Put
3
656
4,375.00
3/15/24
(3)
E-Mini
S&P
500
Future
Option
.............
Put
12
2,594
4,325.00
3/15/24
(11)
E-Mini
S&P
500
Future
Option
.............
Put
7
1,523
4,350.00
3/15/24
(7)
$
(236)
Exchanged-traded
options
on
futures
contacts
purchased
as
of
December
31,
2023
were
as
follows:
Description
Put/Call
Number
of
Contracts
Notional
Amount
(000)
Exercise
Price
Expiration
Date
Value
(000)
E-Mini
S&P
500
Future
Option
.............
Call
3
$
714
$
4,760.00
1/15/24
$
12
E-Mini
S&P
500
Future
Option
.............
Call
6
1,476
4,920.00
1/15/24
2
E-Mini
S&P
500
Future
Option
.............
Put
3
720
4,800.00
1/15/24
4
95
See
accompanying
notes
to
financial
statements.
HC
CAPITAL
TRUST
The
International
Equity
Portfolio
Portfolio
of
Investments
(concluded)
—
December
31,2023
(Unaudited)
Options
on
Futures
Contracts
(continued)
Description
Put/Call
Number
of
Contracts
Notional
Amount
(000)
Exercise
Price
Expiration
Date
Value
(000)
E-Mini
S&P
500
Future
Option
.............
Put
5
$
1,038
$
4,150.00
1/19/24
$
—
E-Mini
S&P
500
Future
Option
.............
Put
10
2,137
4,275.00
1/19/24
1
E-Mini
S&P
500
Future
Option
.............
Put
5
1,094
4,375.00
1/19/24
—
E-Mini
S&P
500
Future
Option
.............
Put
10
2,249
4,500.00
1/19/24
1
E-Mini
S&P
500
Future
Option
.............
Put
5
1,138
4,550.00
1/19/24
1
E-Mini
S&P
500
Future
Option
.............
Put
5
1,050
4,200.00
1/19/24
—
E-Mini
S&P
500
Future
Option
.............
Put
8
1,700
4,250.00
1/19/24
1
E-Mini
S&P
500
Future
Option
.............
Put
5
1,113
4,450.00
1/31/24
1
E-Mini
S&P
500
Future
Option
.............
Put
9
1,979
4,400.00
1/31/24
2
E-Mini
S&P
500
Future
Option
.............
Put
5
1,125
4,500.00
1/31/24
2
E-Mini
S&P
500
Future
Option
.............
Put
5
1,138
4,550.00
1/31/24
2
E-Mini
S&P
500
Future
Option
.............
Put
5
1,075
4,300.00
1/31/24
1
E-Mini
S&P
500
Future
Option
.............
Put
5
1,175
4,700.00
1/31/24
6
E-Mini
S&P
500
Future
Option
.............
Put
5
1,169
4,675.00
2/19/24
9
E-Mini
S&P
500
Future
Option
.............
Put
5
1,188
4,750.00
2/19/24
14
E-Mini
S&P
500
Future
Option
.............
Put
5
1,175
4,700.00
2/29/24
13
$
72
HC
CAPITAL
TRUST
The
Institutional
International
Equity
Portfolio
Portfolio
of
Investments
—
December
31,2023
(Unaudited)
96
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
—
59.98%
Australia
—
3.85%
5,101
Ampol
Ltd.
(Oil,
Gas
&
Consumable
Fuels)
$
126
64,457
ANZ
Group
Holdings
Ltd.
(Banks)
.....
1,138
68,213
APA
Group
(Gas
Utilities)
...........
397
12,428
Aristocrat
Leisure
Ltd.
(Hotels,
Restaurants
&
Leisure)
...................
346
8,625
ASX
Ltd.
(Capital
Markets)
..........
370
84,952
Aurizon
Holdings
Ltd.
(Ground
Transportation)
...............
220
109,315
BHP
Group
Ltd.
(Metals
&
Mining)
.....
3,753
9,452
BlueScope
Steel
Ltd.
(Metals
&
Mining)
.
151
50,295
Brambles
Ltd.
(Commercial
Services
&
Supplies)
....................
466
7,131
CAR
Group
Ltd.
(Interactive
Media
&
Services)
....................
151
1,922
Cochlear
Ltd.
(Health
Care
Equipment
&
Supplies)
....................
391
49,852
Coles
Group
Ltd.
(Consumer
Staples
Distribution
&
Retail)
...........
547
36,149
Commonwealth
Bank
of
Australia
(Banks)
2,753
20,567
Computershare
Ltd.
(Professional
Services)
342
11,247
CSL
Ltd.
(Biotechnology)
............
2,197
39,932
Dexus
(Office
REITs)
...............
209
3,158
EBOS
Group
Ltd.
(Health
Care
Providers
&
Services)
....................
71
90,149
Endeavour
Group
Ltd.
(Consumer
Staples
Distribution
&
Retail)
...........
320
36,205
Fortescue
Ltd.
(Metals
&
Mining)
......
716
36,733
Goodman
Group
(Industrial
REITs)
.....
633
5,983
IDP
Education
Ltd.
(Diversified
Consumer
Services)
....................
82
14,776
IGO
Ltd.
(Metals
&
Mining)
..........
91
93,272
Insurance
Australia
Group
Ltd.
(Insurance)
360
7,864
Macquarie
Group
Ltd.
(Capital
Markets)
.
984
159,100
Medibank
Pvt.
Ltd.
(Insurance)
........
386
3,936
Mineral
Resources
Ltd.
(Metals
&
Mining)
188
85,546
Mirvac
Group
(Diversified
REITs)
......
122
67,368
National
Australia
Bank
Ltd.
(Banks)
....
1,409
37,418
Northern
Star
Resources
Ltd.
(Metals
&
Mining)
.....................
348
9,744
Orica
Ltd.
(Chemicals)
..............
106
48,023
Origin
Energy
Ltd.
(Electric
Utilities)
...
277
62,585
Pilbara
Minerals
Ltd.
(Metals
&
Mining)
.
168
20,036
Qantas
Airways
Ltd.
(Passenger
Airlines)(a)
73
31,958
QBE
Insurance
Group
Ltd.
(Insurance)
..
322
7,901
Ramsay
Health
Care
Ltd.
(Health
Care
Providers
&
Services)
...........
283
1,150
REA
Group
Ltd.
(Interactive
Media
&
Services)
....................
142
4,902
Reece
Ltd.
(Trading
Companies
&
Distributors)
.................
75
7,907
Rio
Tinto
Ltd.
(Metals
&
Mining)
......
731
69,772
Santos
Ltd.
(Oil,
Gas
&
Consumable
Fuels)
(b)
........................
361
112,940
Scentre
Group
(Retail
REITs)
.........
230
7,966
SEEK
Ltd.
(Interactive
Media
&
Services)
145
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Australia
(continued)
17,348
Sonic
Healthcare
Ltd.
(Health
Care
Providers
&
Services)
...........
$
379
96,004
South32
Ltd.
(Metals
&
Mining)
.......
218
52,015
Stockland
(Diversified
REITs)
.........
158
34,765
Suncorp
Group
Ltd.
(Insurance)
.......
328
169,310
Telstra
Group
Ltd.
(Diversified
Telecommunication
Services)
.....
457
62,002
The
GPT
Group
(Diversified
REITs)
....
196
116,775
The
Lottery
Corp.
Ltd.
(Hotels,
Restaurants
&
Leisure)
...................
385
79,996
Transurban
Group
(Transportation
Infrastructure)
................
747
31,730
Treasury
Wine
Estates
Ltd.
(Beverages)
..
233
83,889
Vicinity
Ltd.
(Retail
REITs)(b)
........
117
6,770
Washington
H
Soul
Pattinson
&
Co.
Ltd.
(Financial
Services)
............
151
25,577
Wesfarmers
Ltd.
(Broadline
Retail)
.....
994
77,311
Westpac
Banking
Corp.
(Banks)
.......
1,206
3,716
WiseTech
Global
Ltd.
(Software)
.......
191
41,099
Woodside
Energy
Group
Ltd.
(Oil,
Gas
&
Consumable
Fuels)
.............
870
33,643
Woolworths
Group
Ltd.
(Consumer
Staples
Distribution
&
Retail)
...........
853
29,663
Austria
—
0.09%
7,434
Erste
Group
Bank
AG
(Banks)(b)
......
302
3,193
OMV
AG
(Oil,
Gas
&
Consumable
Fuels)
140
1,476
Verbund
AG
(Electric
Utilities)
........
137
2,516
voestalpine
AG
(Metals
&
Mining)
.....
79
658
Belgium
—
0.43%
3,275
Ageas
SA/N.V.
(Insurance)
...........
142
18,569
Anheuser-Busch
InBev
SA/N.V.
(Beverages)
..................
1,197
487
D'ieteren
Group
(Distributors)
.........
95
1,733
Elia
Group
SA/N.V.
(Electric
Utilities)(b)
217
2,046
Groupe
Bruxelles
Lambert
N.V.
(Financial
Services)
....................
161
5,361
KBC
Group
N.V.
(Banks)
............
347
27
Lotus
Bakeries
N.V.
(Food
Products)(b)
..
245
334
Sofina
SA
(Financial
Services)
........
83
1,525
Syensqo
SA
(Chemicals)(a)
...........
159
3,955
UCB
SA
(Pharmaceuticals)
...........
345
4,241
Umicore
SA
(Chemicals)(b)
..........
117
6,017
Warehouses
De
Pauw
CVA
(Industrial
REITs)
.....................
189
3,297
Canada
—
1.16%
1,805
Agnico
Eagle
Mines
Ltd.
(Metals
&
Mining)
99
20,876
Algonquin
Power
&
Utilities
Corp.
(Multi-
Utilities)
....................
132
97
HC
CAPITAL
TRUST
The
Institutional
International
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Canada
(continued)
1,210
Alimentation
Couche-Tard,
Inc.
(Consumer
Staples
Distribution
&
Retail)
.....
$
71
1,447
AltaGas
Ltd.
(Gas
Utilities)
...........
30
8,890
Barrick
Gold
Corp.
(Metals
&
Mining)
..
161
4,684
BCE,
Inc.
(Diversified
Telecommunication
Services)
....................
184
22,560
Brookfield
Corp.
(Capital
Markets)
.....
906
11,873
Canadian
Natural
Resources
Ltd.
(Oil,
Gas
&
Consumable
Fuels)
...........
778
10,873
Canadian
Pacific
Kansas
City
Ltd.
(Ground
Transportation)
...............
861
364
Canadian
Tire
Corp.
Ltd.,
Class
-
A
(Broadline
Retail)
.............
39
8,747
Canadian
Utilities
Ltd.,
Class
-
A
(Multi-
Utilities)
....................
211
1,772
CCL
Industries,
Inc.,
Class
-
B
(Containers
&
Packaging)
.................
80
43,331
Cenovus
Energy,
Inc.
(Oil,
Gas
&
Consumable
Fuels)
.............
722
894
CGI,
Inc.
(IT
Services)(a)
............
96
2,311
Dollarama,
Inc.
(Broadline
Retail)
......
167
4,171
Element
Fleet
Management
Corp.
(Commercial
Services
&
Supplies)
.
68
6,254
Emera,
Inc.
(Electric
Utilities)
.........
237
8,039
Empire
Co.
Ltd.,
Class
-
A
(Consumer
Staples
Distribution
&
Retail)
.....
213
141
Fairfax
Financial
Holdings
Ltd.
(Insurance)
130
5,928
Fortis,
Inc.
(Electric
Utilities)
.........
244
916
Franco-Nevada
Corp.
(Metals
&
Mining)
.
101
1,808
George
Weston
Ltd.
(Consumer
Staples
Distribution
&
Retail)
...........
224
3,741
Great-West
Lifeco,
Inc.
(Insurance)
.....
124
8,512
Hydro
One
Ltd.
(Electric
Utilities)
......
255
1,267
Intact
Financial
Corp.
(Insurance)
......
195
2,821
Loblaw
Cos.
Ltd.
(Consumer
Staples
Distribution
&
Retail)
...........
273
4,489
Metro,
Inc.
(Consumer
Staples
Distribution
&
Retail)
....................
232
9,124
Northland
Power,
Inc.
(Independent
Power
and
Renewable
Electricity
Producers)
166
3,058
Power
Corp.
of
Canada
(Insurance)
.....
87
7,748
Quebecor,
Inc.,
Class
-
B
(Diversified
Telecommunication
Services)
.....
184
2,611
RB
Global,
Inc.
(Commercial
Services
&
Supplies)
....................
175
1,895
Restaurant
Brands
International,
Inc.
(Hotels,
Restaurants
&
Leisure)
....
148
4,615
Rogers
Communications,
Inc.,
Class
-
B
(Wireless
Telecommunication
Services)
....................
216
664
Royal
Bank
of
Canada
(Banks)
........
67
8,295
Saputo,
Inc.
(Food
Products)
..........
168
1,376
Stantec,
Inc.
(Construction
&
Engineering)
110
1,012
Sun
Life
Financial,
Inc.
(Insurance)
.....
52
8,087
TELUS
Corp.
(Diversified
Telecommunication
Services)
.....
144
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Canada
(continued)
1,274
The
Descartes
Systems
Group,
Inc.
(Software)(a)
.................
$
107
1,551
Thomson
Reuters
Corp.
(Professional
Services)
....................
227
8,428
TMX
Group
Ltd.
(Capital
Markets)
.....
204
546
Toromont
Industries
Ltd.
(Trading
Companies
&
Distributors)
.......
48
8,936
Cayman
Islands
—
0.02%
55,060
Sands
China
Ltd.
(Hotels,
Restaurants
&
Leisure)(a)
..................
161
Chile
—
0.02%
8,529
Antofagasta
PLC
(Metals
&
Mining)
....
183
Denmark
—
1.97%
67
A.P.
Moller
-
Maersk
A/S,
Class
-
A
(Marine
Transportation)
...............
119
103
A.P.
Moller
-
Maersk
A/S,
Class
-
B
(Marine
Transportation)
...............
185
5,024
Carlsberg
A/S,
Class
-
B
(Beverages)
....
630
2,287
Chr
Hansen
Holding
A/S
(Chemicals)(b)
.
192
5,096
Coloplast
A/S,
Class
-
B
(Health
Care
Equipment
&
Supplies)
.........
582
31,570
Danske
Bank
A/S
(Banks)
............
844
2,368
Demant
A/S
(Health
Care
Equipment
&
Supplies)(a)
..................
104
4,034
DSV
A/S
(Air
Freight
&
Logistics)
.....
708
1,405
Genmab
A/S
(Biotechnology)(a)(b)
.....
448
78,296
Novo
Nordisk
A/S,
Class
-
B
(Pharmaceuticals)
.............
8,096
7,521
Novozymes
A/S,
B
shares
(Chemicals)
..
414
4,781
Orsted
A/S
(Electric
Utilities)(b)
.......
265
2,591
Pandora
A/S
(Textiles,
Apparel
&
Luxury
Goods)
.....................
358
193
ROCKWOOL
A/S,
Class
-
B
(Building
Products)
....................
56
21,392
Tryg
A/S
(Insurance)(b)
.............
466
52,514
Vestas
Wind
Systems
A/S
(Electrical
Equipment)(a)
................
1,667
15,134
Finland
—
0.55%
5,833
Elisa
Oyj
(Diversified
Telecommunication
Services)
....................
270
9,629
Fortum
Oyj
(Electric
Utilities)
.........
139
10,049
Kesko
Oyj,
Class
-
B
(Consumer
Staples
Distribution
&
Retail)
...........
199
8,087
Kone
Oyj,
Class
-
B
(Machinery)
.......
403
13,507
Metso
Oyj
(Machinery)(b)
...........
137
9,044
Neste
Oyj
(Oil,
Gas
&
Consumable
Fuels)
322
116,046
Nokia
Oyj
(Communications
Equipment)
.
391
6,183
Nordea
Bank
Abp
(Banks)
...........
76
98
HC
CAPITAL
TRUST
The
Institutional
International
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Finland
(continued)
68,929
Nordea
Bank
Abp
(Banks)
...........
$
853
4,869
Orion
Oyj,
Class
-
B
(Pharmaceuticals)
..
211
11,404
Sampo
Oyj,
A
Shares
(Insurance)
......
498
12,295
Stora
Enso
Oyj,
Registered
Shares
(Paper
&
Forest
Products)
...............
170
11,410
UPM-Kymmene
Oyj
(Paper
&
Forest
Products)
....................
429
10,263
Wartsila
Oyj
Abp
(Machinery)
.........
149
4,247
France
—
6.82%
4,275
Accor
SA
(Hotels,
Restaurants
&
Leisure)
163
745
Aeroports
de
Paris
(Transportation
Infrastructure)
................
96
11,897
Air
Liquide
SA
(Chemicals)
..........
2,313
12,762
Airbus
SE
(Aerospace
&
Defense)
......
1,969
6,209
Alstom
SA
(Machinery)
.............
83
1,326
Amundi
SA
(Capital
Markets)
.........
90
1,288
Arkema
SA
(Chemicals)
.............
146
39,368
AXA
SA
(Insurance)
...............
1,281
4,170
BioMerieux
(Health
Care
Equipment
&
Supplies)
....................
463
22,602
BNP
Paribas
SA
(Banks)
.............
1,562
47,200
Bollore
SE
(Entertainment)
...........
294
8,063
Bouygues
SA
(Construction
&
Engineering)
303
12,702
Bureau
Veritas
SA
(Professional
Services)
(b)
........................
320
3,443
Capgemini
SE
(IT
Services)
..........
717
30,893
Carrefour
SA
(Consumer
Staples
Distribution
&
Retail)(b)
........
565
10,004
Cie
de
Saint-Gobain
(Building
Products)
.
736
14,500
Cie
Generale
des
Etablissements
Michelin
SCA
(Automobile
Components)
...
520
1,112
Covivio
SA
(Office
REITs)
...........
60
24,780
Credit
Agricole
SA
(Banks)
...........
352
17,984
Danone
SA
(Food
Products)
..........
1,164
1,737
Dassault
Aviation
SA
(Aerospace
&
Defense)(b)
..................
343
33,189
Dassault
Systemes
SE
(Software)
......
1,621
8,174
Edenred
(Financial
Services)
..........
488
1,723
Eiffage
SA
(Construction
&
Engineering)(b)
185
44,793
Engie
SA
(Multi-Utilities)
............
787
10,330
EssilorLuxottica
SA
(Health
Care
Equipment
&
Supplies)
.........
2,071
945
Eurazeo
SE
(Financial
Services)
.......
75
1,480
Gecina
SA
(Office
REITs)(b)
..........
180
19,631
Getlink
SE
(Transportation
Infrastructure)
359
1,052
Hermes
International
SCA
(Textiles,
Apparel
&
Luxury
Goods)
..............
2,228
3,470
Ipsen
SA
(Pharmaceuticals)
...........
413
1,585
Kering
SA
(Textiles,
Apparel
&
Luxury
Goods)
.....................
698
4,664
Klepierre
SA
(Retail
REITs)
..........
127
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
France
(continued)
8,424
La
Francaise
des
Jeux
SAEM
(Hotels,
Restaurants
&
Leisure)
..........
$
306
6,410
Legrand
SA
(Electrical
Equipment)
.....
666
6,875
L'Oreal
SA
(Personal
Care
Products)
....
3,420
6,932
LVMH
Moet
Hennessy
Louis
Vuitton
SE
(Textiles,
Apparel
&
Luxury
Goods)
5,614
71,779
Orange
SA
(Diversified
Telecommunication
Services)(b)
..................
816
4,934
Pernod
Ricard
SA
(Beverages)
........
870
4,903
Publicis
Groupe
SA
(Media)
..........
455
2,024
Remy
Cointreau
SA
(Beverages)
.......
257
4,148
Renault
SA
(Automobiles)
...........
169
7,307
Safran
SA
(Aerospace
&
Defense)
......
1,286
36,400
Sanofi
(Pharmaceuticals)
............
3,606
1,176
Sartorius
Stedim
Biotech
(Life
Sciences
Tools
&
Services)
..............
311
16,082
Schneider
Electric
SE
(Electrical
Equipment)(b)
................
3,227
2,310
SEB
SA
(Household
Durables)
........
288
15,684
Societe
Generale
SA
(Banks)
.........
416
2,135
Sodexo
SA
(Hotels,
Restaurants
&
Leisure)
235
2,871
Teleperformance
SE
(Professional
Services)
419
4,384
Thales
SA
(Aerospace
&
Defense)
......
648
61,693
TotalEnergies
SE
(Oil,
Gas
&
Consumable
Fuels)
......................
4,196
2,557
Unibail-Rodamco-Westfield
(Retail
REITs)
(a)
........................
189
14,381
Veolia
Environnement
SA
(Multi-Utilities)
453
11,112
Vinci
SA
(Construction
&
Engineering)
..
1,395
40,180
Vivendi
SE
(Media)
................
429
4,959
Worldline
SA
(Financial
Services)(a)
....
86
52,529
Germany
—
5.01%
7,494
adidas
AG
(Textiles,
Apparel
&
Luxury
Goods)
.....................
1,524
8,860
Allianz
SE,
Registered
Shares
(Insurance)
2,366
19,223
BASF
SE
(Chemicals)
..............
1,035
23,814
Bayer
AG,
Registered
Shares
(Pharmaceuticals)
.............
884
6,859
Bayerische
Motoren
Werke
AG
(Automobiles)
................
763
1,288
Bayerische
Motoren
Werke
AG,
Preference
Shares
(Automobiles)
...........
128
1,776
Bechtle
AG
(IT
Services)
............
89
4,068
Beiersdorf
AG
(Personal
Care
Products)
..
609
3,163
Brenntag
SE
(Trading
Companies
&
Distributors)
.................
291
873
Carl
Zeiss
Meditec
AG,
Class
-
BR
(Health
Care
Equipment
&
Supplies)
......
95
87,694
Commerzbank
AG
(Banks)
...........
1,042
2,385
Continental
AG
(Automobile
Components)
202
4,145
Covestro
AG
(Chemicals)(a)
..........
241
11,512
Daimler
Truck
Holding
AG
(Machinery)
.
432
99
HC
CAPITAL
TRUST
The
Institutional
International
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Germany
(continued)
3,968
Delivery
Hero
SE
(Hotels,
Restaurants
&
Leisure)(a)
..................
$
110
41,340
Deutsche
Bank
AG,
Registered
Shares
(Capital
Markets)
..............
564
5,476
Deutsche
Boerse
AG
(Capital
Markets)
..
1,128
14,076
Deutsche
Lufthansa
AG,
Registered
Shares
(Passenger
Airlines)(a)(b)
........
125
77,395
Deutsche
Telekom
AG
(Diversified
Telecommunication
Services)(b)
...
1,858
21,270
DHL
Group
(Air
Freight
&
Logistics)
...
1,053
3,307
Dr.
Ing.
h.c.
F.
Porsche
AG,
Preference
Shares
(Automobiles)
...........
292
62,814
E.ON
SE
(Multi-Utilities)
............
843
4,610
Evonik
Industries
AG
(Chemicals)
......
94
9,790
Fresenius
Medical
Care
AG
&
Co.
KGaA
(Health
Care
Providers
&
Services)
.
410
13,662
Fresenius
SE
&
Co.
KGaA
(Health
Care
Providers
&
Services)
...........
423
5,558
GEA
Group
AG
(Machinery)
.........
231
1,736
Hannover
Rueck
SE
(Insurance)
.......
414
3,140
Heidelberg
Materials
AG
(Construction
Materials)
...................
281
3,547
HelloFresh
SE
(Consumer
Staples
Distribution
&
Retail)(a)
.........
56
2,264
Henkel
AG
&
Co.
KGaA
(Household
Products)
....................
162
6,469
Henkel
AG
&
Co.
KGaA,
Preference
Shares
(Household
Products)
...........
520
49,452
Infineon
Technologies
AG
(Semiconductors
&
Semiconductor
Equipment)(b)
...
2,063
1,432
Knorr-Bremse
AG
(Machinery)
........
93
3,558
LEG
Immobilien
SE
(Real
Estate
Management
&
Development)(a)
...
312
17,286
Mercedes-Benz
Group
AG
(Automobiles)
1,193
3,798
Merck
KGaA
(Pharmaceuticals)
.......
604
1,153
MTU
Aero
Engines
AG
(Aerospace
&
Defense)
....................
248
3,106
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen,
Registered
Shares
(Insurance)
.....
1,286
1,267
Nemetschek
SE
(Software)
...........
110
3,320
Porsche
Automobil
Holding
SE,
Preference
Shares
(Automobiles)
...........
170
2,289
Puma
SE
(Textiles,
Apparel
&
Luxury
Goods)(b)
...................
128
111
Rational
AG
(Machinery)
............
86
1,751
Rheinmetall
AG
(Aerospace
&
Defense)
.
555
37,227
RWE
AG
(Independent
Power
and
Renewable
Electricity
Producers)
..
1,693
28,159
SAP
SE
(Software)
.................
4,334
673
Sartorius
AG,
Preference
Shares
(Life
Sciences
Tools
&
Services)
.......
248
3,839
Scout24
SE
(Interactive
Media
&
Services)
272
21,513
Siemens
AG,
Registered
Shares
(Industrial
Conglomerates)
...............
4,034
11,710
Siemens
Energy
AG
(Electrical
Equipment)
(a)(b)
......................
155
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Germany
(continued)
8,409
Siemens
Healthineers
AG
(Health
Care
Equipment
&
Supplies)
.........
$
488
5,048
Symrise
AG
(Chemicals)(b)
..........
555
2,854
Talanx
AG
(Insurance)
..............
204
88,140
Telefonica
Deutschland
Holding
AG
(Diversified
Telecommunication
Services)
....................
229
640
Volkswagen
AG
(Automobiles)
........
84
4,408
Volkswagen
AG,
Preference
Shares
(Automobiles)
................
544
15,776
Vonovia
SE
(Real
Estate
Management
&
Development)
................
497
383
Wacker
Chemie
AG
(Chemicals)
.......
48
4,937
Zalando
SE
(Specialty
Retail)(a)
.......
117
38,615
Hong
Kong
—
1.39%
328,518
AIA
Group
Ltd.
(Insurance)
..........
2,862
101,695
BOC
Hong
Kong
Holdings
Ltd.
(Banks)
.
276
38,300
Budweiser
Brewing
Co.
APAC
Ltd.
(Beverages)
..................
72
588,000
China
Common
Rich
Renewable
Energy
Investment
Ltd.
(Independent
Power
and
Renewable
Electricity
Producers)
(a)(c)
......................
—
46,700
CK
Asset
Holdings
Ltd.
(Real
Estate
Management
&
Development)
.....
235
56,410
CK
Hutchison
Holdings
Ltd.
(Industrial
Conglomerates)
...............
302
33,000
CK
Infrastructure
Holdings
Ltd.
(Electric
Utilities)
....................
183
51,719
CLP
Holdings
Ltd.
(Electric
Utilities)
...
427
49,800
ESR
Group
Ltd.
(Real
Estate
Management
&
Development)
..............
69
1,119
Futu
Holdings
Ltd.,
ADR
(Capital
Markets)
(a)
........................
61
46,000
Galaxy
Entertainment
Group
Ltd.
(Hotels,
Restaurants
&
Leisure)
..........
258
40,720
Hang
Lung
Properties
Ltd.
(Real
Estate
Management
&
Development)
.....
57
20,139
Hang
Seng
Bank
Ltd.
(Banks)
.........
235
32,845
Henderson
Land
Development
Co.
Ltd.
(Real
Estate
Management
&
Development)
................
101
206,550
HKT
Trust
&
HKT
Ltd.
(Diversified
Telecommunication
Services)(b)
...
247
356,247
Hong
Kong
&
China
Gas
Co.
Ltd.
(Gas
Utilities)
....................
273
25,800
Hong
Kong
Exchanges
&
Clearing
Ltd.
(Capital
Markets)
..............
885
50,740
Hongkong
Land
Holdings
Ltd.
(Real
Estate
Management
&
Development)
.....
176
6,300
Jardine
Matheson
Holdings
Ltd.
(Industrial
Conglomerates)
...............
259
63,834
Link
REIT
(Retail
REITs)
............
358
52,500
MTR
Corp.
Ltd.
(Ground
Transportation)
.
204
100
HC
CAPITAL
TRUST
The
Institutional
International
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Hong
Kong
(continued)
31,310
New
World
Development
Co.
Ltd.
(Real
Estate
Management
&
Development)
$
49
50,368
Power
Assets
Holdings
Ltd.
(Electric
Utilities)
....................
292
125,919
Prudential
PLC
(Insurance)
...........
1,423
127,328
Sino
Land
Co.
Ltd.
(Real
Estate
Management
&
Development)
.....
139
29,000
SITC
International
Holdings
Co.
Ltd.
(Marine
Transportation)
.........
50
31,360
Sun
Hung
Kai
Properties
Ltd.
(Real
Estate
Management
&
Development)
.....
339
9,430
Swire
Pacific
Ltd.,
Class
-
A
(Real
Estate
Management
&
Development)
.....
80
25,400
Swire
Properties
Ltd.
(Real
Estate
Management
&
Development)
.....
51
30,000
Techtronic
Industries
Co.
Ltd.
(Machinery)
358
22,000
The
Wharf
Holdings
Ltd.
(Real
Estate
Management
&
Development)
.....
71
180,856
WH
Group
Ltd.
(Food
Products)
.......
117
36,000
Wharf
Real
Estate
Investment
Co.
Ltd.
(Real
Estate
Management
&
Development)
122
39,000
Xinyi
Glass
Holdings
Ltd.
(Building
Products)
....................
44
10,675
Ireland
(Republic
of)
—
1.08%
12,239
AerCap
Holdings
N.V.
(Trading
Companies
&
Distributors)(a)
.............
910
3,509
AerCap
Holdings
N.V.
(Trading
Companies
&
Distributors)(a)
.............
261
33,654
AIB
Group
PLC
(Banks)
............
144
22,252
Bank
of
Ireland
Group
PLC
(Banks)
....
202
15,446
CRH
PLC
(Construction
Materials)
.....
1,065
13,176
CRH
PLC
(Construction
Materials)
.....
911
2,896
DCC
PLC
(Industrial
Conglomerates)(b)
.
214
44,672
Experian
PLC
(Professional
Services)
...
1,822
3,818
Flutter
Entertainment
PLC
(Hotels,
Restaurants
&
Leisure)(a)
........
674
9,536
James
Hardie
Industries
PLC
(Construction
Materials)(a)
.................
367
3,409
Kerry
Group
PLC,
Class
-
A
(Food
Products)(b)
.................
296
3,336
Kingspan
Group
PLC
(Building
Products)
289
6,818
Ryanair
Holdings
PLC,
ADR
(Passenger
Airlines)(a)
..................
909
5,626
Smurfit
Kappa
Group
PLC
(Containers
&
Packaging)(b)
................
223
8,287
Israel
—
0.35%
1,661
Azrieli
Group
Ltd.
(Real
Estate
Management
&
Development)
..............
108
27,375
Bank
Hapoalim
BM
(Banks)
..........
247
32,264
Bank
Leumi
Le-Israel
BM
(Banks)
.....
260
2,444
Check
Point
Software
Technologies
Ltd.
(Software)(a)
.................
374
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Israel
(continued)
947
CyberArk
Software
Ltd.
(Software)(a)
...
$
207
1,005
Elbit
Systems
Ltd.
(Aerospace
&
Defense)
214
1,806
Global-e
Online
Ltd.
(Broadline
Retail)(a)
72
30,132
ICL
Group
Ltd.
(Chemicals)
..........
153
1
Isracard
Ltd.
(Consumer
Finance)
......
—
25,890
Israel
Discount
Bank
Ltd.,
Class
-
A
(Banks)
130
3,229
Mizrahi
Tefahot
Bank
Ltd.
(Banks)
.....
125
553
Monday.com
Ltd.
(Software)(a)
........
104
1,551
Nice
Ltd.
(Software)(a)
..............
313
24,245
Teva
Pharmaceutical
Industries
Ltd.,
ADR
(Pharmaceuticals)(a)
...........
253
1,198
Wix.com
Ltd.
(IT
Services)(a)
.........
147
2,707
Italy
—
1.49%
5,860
Amplifon
SpA
(Health
Care
Providers
&
Services)
....................
202
24,247
Assicurazioni
Generali
SpA
(Insurance)
..
512
26,081
Banco
BPM
SpA
(Banks)
............
138
91,046
Davide
Campari-Milano
N.V.,
Class
-
M
(Beverages)(b)
................
1,027
2,783
DiaSorin
SpA
(Health
Care
Equipment
&
Supplies)
....................
286
175,407
Enel
SpA
(Electric
Utilities)(b)
........
1,304
52,652
Eni
SpA
(Oil,
Gas
&
Consumable
Fuels)
.
892
2,211
Ferrari
N.V.
(Automobiles)
...........
748
2,906
Ferrari
N.V.
(Automobiles)
...........
979
13,096
FinecoBank
Banca
Fineco
SpA
(Banks)
..
196
22,664
Infrastrutture
Wireless
Italiane
SpA
(Diversified
Telecommunication
Services)(b)
..................
286
606,559
Intesa
Sanpaolo
SpA
(Banks)(b)
.......
1,771
8,271
Leonardo
SpA
(Aerospace
&
Defense)
...
136
12,205
Mediobanca
Banca
di
Credito
Finanziario
SpA
(Banks)
.................
151
4,441
Moncler
SpA
(Textiles,
Apparel
&
Luxury
Goods)
.....................
273
12,889
Nexi
SpA
(Financial
Services)(a)
.......
105
11,327
Poste
Italiane
SpA
(Insurance)
.........
128
5,523
Prysmian
SpA
(Electrical
Equipment)
...
251
4,565
Recordati
Industria
Chimica
e
Farmaceutica
SpA
(Pharmaceuticals)
..........
246
74,135
Snam
SpA
(Gas
Utilities)
............
381
216,022
Telecom
Italia
SpA/Milano
(Diversified
Telecommunication
Services)(a)
...
70
56,350
Terna
-
Rete
Elettrica
Nazionale
(Electric
Utilities)
....................
470
34,954
UniCredit
SpA
(Banks)
..............
948
11,500
Japan
—
11.92%
16,800
Advantest
Corp.
(Semiconductors
&
Semiconductor
Equipment)(b)
.....
572
101
HC
CAPITAL
TRUST
The
Institutional
International
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Japan
(continued)
18,600
Aeon
Co.
Ltd.
(Consumer
Staples
Distribution
&
Retail)
...........
$
416
4,165
AGC,
Inc.
(Building
Products)^
........
155
3,200
Aisin
Corp.
(Automobile
Components)
..
112
12,000
Ajinomoto
Co.,
Inc.
(Food
Products)
....
463
7,000
ANA
Holdings,
Inc.
(Passenger
Airlines)(a)
(b)
........................
152
10,400
Asahi
Group
Holdings
Ltd.
(Beverages)(b)
388
4,700
Asahi
Intecc
Co.
Ltd.
(Health
Care
Equipment
&
Supplies)
.........
96
25,710
Asahi
Kasei
Corp.
(Chemicals)
........
189
44,890
Astellas
Pharma,
Inc.
(Pharmaceuticals)
..
537
2,500
Azbil
Corp.
(Electronic
Equipment,
Instruments
&
Components)
......
83
12,900
Bandai
Namco
Holdings,
Inc.
(Leisure
Products)
....................
259
2,900
BayCurrent
Consulting,
Inc.
(Professional
Services)
....................
102
12,460
Bridgestone
Corp.
(Automobile
Components)
.................
516
5,100
Brother
Industries
Ltd.
(Technology
Hardware,
Storage
&
Peripherals)
..
81
25,247
Canon,
Inc.
(Technology
Hardware,
Storage
&
Peripherals)^
...............
648
6,900
Capcom
Co.
Ltd.
(Entertainment)
......
223
20,600
Central
Japan
Railway
Co.
(Ground
Transportation)
...............
524
27,600
Chubu
Electric
Power
Co.,
Inc.
(Electric
Utilities)
....................
357
14,500
Chugai
Pharmaceutical
Co.
Ltd.
(Pharmaceuticals)
.............
549
30,900
Concordia
Financial
Group
Ltd.
(Banks)
.
141
4,439
Dai
Nippon
Printing
Co.
Ltd.
(Commercial
Services
&
Supplies)
...........
131
6,600
Daifuku
Co.
Ltd.
(Machinery)
.........
134
19,900
Dai-ichi
Life
Holdings,
Inc.
(Insurance)
..
422
40,000
Daiichi
Sankyo
Co.
Ltd.
(Pharmaceuticals)
1,099
5,700
Daikin
Industries
Ltd.
(Building
Products)
929
2,247
Daito
Trust
Construction
Co.
Ltd.
(Real
Estate
Management
&
Development)
260
12,530
Daiwa
House
Industry
Co.
Ltd.
(Real
Estate
Management
&
Development)
.....
380
138
Daiwa
House
REIT
Investment
Corp.
(Diversified
REITs)
............
247
28,900
Daiwa
Securities
Group,
Inc.
(Capital
Markets)
....................
195
40,800
Denso
Corp.
(Automobile
Components)
..
616
4,270
Dentsu
Group,
Inc.
(Media)^
..........
110
2,000
Disco
Corp.
(Semiconductors
&
Semiconductor
Equipment)
.......
496
9,000
East
Japan
Railway
Co.
(Ground
Transportation)
...............
519
7,900
Eisai
Co.
Ltd.
(Pharmaceuticals)
.......
395
88,678
ENEOS
Holdings,
Inc.
(Oil,
Gas
&
Consumable
Fuels)
.............
353
20,400
FANUC
Corp.
(Machinery)
...........
600
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Japan
(continued)
3,800
Fast
Retailing
Co.
Ltd.
(Specialty
Retail)
.
$
943
2,800
Fuji
Electric
Co.
Ltd.
(Electrical
Equipment)
121
8,110
FUJIFILM
Holdings
Corp.
(Technology
Hardware,
Storage
&
Peripherals)
..
487
3,750
Fujitsu
Ltd.
(IT
Services)(b)
..........
566
290
GLP
J-Reit
(Industrial
REITs)(b)
.......
289
3,000
Hamamatsu
Photonics
KK
(Electronic
Equipment,
Instruments
&
Components)
.................
123
7,500
Hankyu
Hanshin
Holdings,
Inc.
(Ground
Transportation)
...............
239
700
Hikari
Tsushin,
Inc.
(Industrial
Conglomerates)
...............
116
680
Hirose
Electric
Co.
Ltd.
(Electronic
Equipment,
Instruments
&
Components)
.................
77
2,200
Hitachi
Construction
Machinery
Co.
Ltd.
(Machinery)
.................
58
20,080
Hitachi
Ltd.
(Industrial
Conglomerates)
..
1,450
99,262
Honda
Motor
Co.
Ltd.
(Automobiles)
...
1,032
2,400
Hoshizaki
Corp.
(Machinery)
.........
88
7,700
Hoya
Corp.
(Health
Care
Equipment
&
Supplies)
....................
963
8,300
Hulic
Co.
Ltd.
(Real
Estate
Management
&
Development)^(b)
.............
87
2,400
Ibiden
Co.
Ltd.
(Electronic
Equipment,
Instruments
&
Components)
......
133
39,295
Idemitsu
Kosan
Co.
Ltd.
(Oil,
Gas
&
Consumable
Fuels)(b)
..........
213
3,100
Iida
Group
Holdings
Co.
Ltd.
(Household
Durables)
...................
46
20,600
Inpex
Corp.
(Oil,
Gas
&
Consumable
Fuels)
278
12,470
Isuzu
Motors
Ltd.
(Automobiles)
.......
161
25,458
ITOCHU
Corp.
(Trading
Companies
&
Distributors)
.................
1,041
5,700
Japan
Airlines
Co.
Ltd.
(Passenger
Airlines)
(b)
........................
112
11,100
Japan
Exchange
Group,
Inc.
(Capital
Markets)
....................
235
386
Japan
Metropolitan
Fund
Invest
(Retail
REITs)
.....................
279
47,400
Japan
Post
Bank
Co.
Ltd.
(Banks)(b)
....
483
61,760
Japan
Post
Holdings
Co.
Ltd.
(Insurance)(b)
552
9,700
Japan
Post
Insurance
Co.
Ltd.
(Insurance)(b)
172
71
Japan
Real
Estate
Investment
Corp.
(Office
REITs)
.....................
294
32,127
Japan
Tobacco,
Inc.
(Tobacco)^
........
830
11,500
JFE
Holdings,
Inc.
(Metals
&
Mining)(b)
.
178
3,833
JSR
Corp.
(Chemicals)
..............
109
11,600
Kajima
Corp.
(Construction
&
Engineering)
194
14,000
Kao
Corp.
(Personal
Care
Products)
.....
576
2,900
Kawasaki
Kisen
Kaisha
Ltd.
(Marine
Transportation)
...............
124
36,900
KDDI
Corp.
(Wireless
Telecommunication
Services)
....................
1,174
102
HC
CAPITAL
TRUST
The
Institutional
International
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Japan
(continued)
242
KDX
Realty
Investment
Corp.
(Diversified
REITs)
.....................
$
276
2,700
Keio
Corp.
(Ground
Transportation)
....
85
2,800
Keisei
Electric
Railway
Co.
Ltd.
(Ground
Transportation)
...............
132
4,200
Keyence
Corp.
(Electronic
Equipment,
Instruments
&
Components)
......
1,852
3,000
Kikkoman
Corp.
(Food
Products)
......
184
7,600
Kintetsu
Group
Holdings
Co.
Ltd.
(Ground
Transportation)
...............
241
26,910
Kirin
Holdings
Co.
Ltd.
(Beverages)
....
395
3,200
Kobayashi
Pharmaceutical
Co.
Ltd.
(Personal
Care
Products)
........
154
9,200
Kobe
Bussan
Co.
Ltd.
(Consumer
Staples
Distribution
&
Retail)
...........
272
8,020
Koei
Tecmo
Holdings
Co.
Ltd.
(Entertainment)
...............
91
4,500
Koito
Manufacturing
Co.
Ltd.
(Automobile
Components)
.................
70
19,790
Komatsu
Ltd.
(Machinery)
...........
518
2,300
Konami
Group
Corp.
(Entertainment)
...
120
1,100
Kose
Corp.
(Personal
Care
Products)^
...
83
21,200
Kubota
Corp.
(Machinery)
...........
319
27,680
Kyocera
Corp.
(Electronic
Equipment,
Instruments
&
Components)
......
404
10,000
Kyowa
Kirin
Co.
Ltd.
(Pharmaceuticals)
.
168
1,600
Lasertec
Corp.
(Semiconductors
&
Semiconductor
Equipment)
.......
422
9,600
M3,
Inc.
(Health
Care
Technology)
.....
159
4,900
Makita
Corp.
(Machinery)
...........
135
30,971
Marubeni
Corp.
(Trading
Companies
&
Distributors)
.................
490
13,700
MatsukiyoCocokara
&
Co.
(Consumer
Staples
Distribution
&
Retail)
.....
243
12,350
Mazda
Motor
Corp.
(Automobiles)
.....
133
6,200
McDonald's
Holdings
Co.
Japan
Ltd.
(Hotels,
Restaurants
&
Leisure)
....
268
12,300
MEIJI
Holdings
Co.
Ltd.
(Food
Products)
292
7,900
MINEBEA
MITSUMI,
Inc.
(Machinery)
.
162
6,400
MISUMI
Group,
Inc.
(Machinery)
......
108
27,710
Mitsubishi
Chemical
Group
Corp.
(Chemicals)
..................
170
74,220
Mitsubishi
Corp.
(Trading
Companies
&
Distributors)
.................
1,186
41,290
Mitsubishi
Electric
Corp.
(Electrical
Equipment)
..................
585
27,500
Mitsubishi
Estate
Co.
Ltd.
(Real
Estate
Management
&
Development)
.....
379
26,800
Mitsubishi
HC
Capital,
Inc.
(Financial
Services)
....................
180
6,897
Mitsubishi
Heavy
Industries
Ltd.
(Machinery)
.................
403
246,082
Mitsubishi
UFJ
Financial
Group,
Inc.
(Banks)
.....................
2,116
27,866
Mitsui
&
Co.
Ltd.
(Trading
Companies
&
Distributors)
.................
1,047
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Japan
(continued)
3,950
Mitsui
Chemicals,
Inc.
(Chemicals)
.....
$
117
19,000
Mitsui
Fudosan
Co.
Ltd.
(Real
Estate
Management
&
Development)
.....
466
9,200
Mitsui
O.S.K.
Lines
Ltd.
(Marine
Transportation)
...............
294
57,752
Mizuho
Financial
Group,
Inc.
(Banks)
...
988
5,400
MonotaRO
Co.
Ltd.
(Trading
Companies
&
Distributors)^
................
59
9,900
MS&AD
Insurance
Group
Holdings,
Inc.
(Insurance)
..................
389
37,200
Murata
Manufacturing
Co.
Ltd.
(Electronic
Equipment,
Instruments
&
Components)
.................
790
5,230
NEC
Corp.
(IT
Services)
.............
310
7,100
Nexon
Co.
Ltd.
(Entertainment)
.......
129
9,200
NIDEC
Corp.
(Electrical
Equipment)
....
372
25,100
Nintendo
Co.
Ltd.
(Entertainment)
......
1,310
75
Nippon
Building
Fund,
Inc.
(Office
REITs)^
325
2,100
NIPPON
EXPRESS
HOLDINGS,
Inc.
(Air
Freight
&
Logistics)
............
119
21,200
Nippon
Paint
Holdings
Co.
Ltd.
(Chemicals)
(b)
........................
171
139
Nippon
Prologis
REIT,
Inc.
(Industrial
REITs)(b)
...................
268
3,800
Nippon
Sanso
Holdings
Corp.
(Chemicals)
102
18,300
Nippon
Steel
Corp.
(Metals
&
Mining)(b)
419
767,100
Nippon
Telegraph
&
Telephone
Corp.
(Diversified
Telecommunication
Services)
....................
938
10,400
Nippon
Yusen
KK
(Marine
Transportation)
322
2,500
Nissan
Chemical
Corp.
(Chemicals)
.....
98
50,300
Nissan
Motor
Co.
Ltd.
(Automobiles)
...
198
9,600
Nissin
Foods
Holdings
Co.
Ltd.
(Food
Products)(b)
.................
335
3,000
Nitori
Holdings
Co.
Ltd.
(Specialty
Retail)
402
3,160
Nitto
Denko
Corp.
(Chemicals)
........
236
70,800
Nomura
Holdings,
Inc.
(Capital
Markets)
.
321
2,600
Nomura
Real
Estate
Holdings,
Inc.
(Real
Estate
Management
&
Development)
68
249
Nomura
Real
Estate
Master
Fund,
Inc.
(Diversified
REITs)
............
292
8,220
Nomura
Research
Institute
Ltd.
(IT
Services)
....................
239
13,500
NTT
Data
Group
Corp.
(IT
Services)
....
191
18,900
Obayashi
Corp.
(Construction
&
Engineering)
.................
164
2,100
Obic
Co.
Ltd.
(IT
Services)
...........
361
10,200
Odakyu
Electric
Railway
Co.
Ltd.
(Ground
Transportation)
...............
156
45,500
Oji
Holdings
Corp.
(Paper
&
Forest
Products)
....................
175
26,100
Olympus
Corp.
(Health
Care
Equipment
&
Supplies)
....................
378
3,800
Omron
Corp.
(Electronic
Equipment,
Instruments
&
Components)
......
177
103
HC
CAPITAL
TRUST
The
Institutional
International
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Japan
(continued)
15,600
Ono
Pharmaceutical
Co.
Ltd.
(Pharmaceuticals)
.............
$
278
1,600
Open
House
Group
Co.
Ltd.
(Household
Durables)(b)
.................
47
2,000
Oracle
Corp.
Japan
(Software)
.........
155
25,400
Oriental
Land
Co.
Ltd.
(Hotels,
Restaurants
&
Leisure)
...................
946
25,000
ORIX
Corp.
(Financial
Services)
.......
471
16,645
Osaka
Gas
Co.
Ltd.
(Gas
Utilities)
......
348
5,300
Otsuka
Corp.
(IT
Services)
...........
219
11,300
Otsuka
Holdings
Co.
Ltd.
(Pharmaceuticals)
424
10,900
Pan
Pacific
International
Holdings
Corp.
(Broadline
Retail)
.............
260
47,100
Panasonic
Holdings
Corp.
(Household
Durables)
...................
467
34,200
Rakuten
Group,
Inc.
(Broadline
Retail)^(b)
152
31,200
Recruit
Holdings
Co.
Ltd.
(Professional
Services)
....................
1,320
31,500
Renesas
Electronics
Corp.
(Semiconductors
&
Semiconductor
Equipment)(a)(b)
.
570
57,885
Resona
Holdings,
Inc.
(Banks)
........
294
11,200
Ricoh
Co.
Ltd.
(Technology
Hardware,
Storage
&
Peripherals)
..........
86
7,480
Rohm
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
.......
143
5,300
SBI
Holdings,
Inc.
(Capital
Markets)
....
119
6,300
SCSK
Corp.
(IT
Services)
............
125
6,500
Secom
Co.
Ltd.
(Commercial
Services
&
Supplies)
....................
468
6,069
Seiko
Epson
Corp.
(Technology
Hardware,
Storage
&
Peripherals)
..........
91
8,200
Sekisui
Chemical
Co.
Ltd.
(Household
Durables)
...................
118
15,725
Sekisui
House
Ltd.
(Household
Durables)
349
18,930
Seven
&
i
Holdings
Co.
Ltd.
(Consumer
Staples
Distribution
&
Retail)
.....
751
13,000
SG
Holdings
Co.
Ltd.
(Air
Freight
&
Logistics)
...................
187
13,200
Sharp
Corp.
(Household
Durables)^(b)
...
94
5,100
Shimadzu
Corp.
(Electronic
Equipment,
Instruments
&
Components)
......
143
1,700
Shimano,
Inc.
(Leisure
Products)^
......
263
19,300
Shimizu
Corp.
(Construction
&
Engineering)
.................
128
39,325
Shin-Etsu
Chemical
Co.
Ltd.
(Chemicals)
1,651
7,700
Shionogi
&
Co.
Ltd.
(Pharmaceuticals)
..
371
8,800
Shiseido
Co.
Ltd.
(Personal
Care
Products)
265
25,000
Shizuoka
Financial
Group,
Inc.
(Banks)
..
212
1,300
SMC
Corp.
(Machinery)
.............
699
76,354
SoftBank
Corp.
(Wireless
Telecommunication
Services)
.....
952
22,200
SoftBank
Group
Corp.
(Wireless
Telecommunication
Services)
.....
991
7,460
Sompo
Holdings,
Inc.
(Insurance)
......
365
36,100
Sony
Group
Corp.
(Household
Durables)
.
3,435
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Japan
(continued)
5,100
Square
Enix
Holdings
Co.
Ltd.
(Entertainment)
...............
$
183
13,254
Subaru
Corp.
(Automobiles)
..........
243
7,600
SUMCO
Corp.
(Semiconductors
&
Semiconductor
Equipment)^(b)
....
114
32,260
Sumitomo
Chemical
Co.
Ltd.
(Chemicals)
79
22,740
Sumitomo
Corp.
(Trading
Companies
&
Distributors)
.................
496
15,520
Sumitomo
Electric
Industries
Ltd.
(Automobile
Components)
.......
198
5,500
Sumitomo
Metal
Mining
Co.
Ltd.
(Metals
&
Mining)
.....................
166
44,703
Sumitomo
Mitsui
Financial
Group,
Inc.
(Banks)
.....................
2,181
17,800
Sumitomo
Mitsui
Trust
Holdings,
Inc.
(Banks)
.....................
342
6,200
Sumitomo
Realty
&
Development
Co.
Ltd.
(Real
Estate
Management
&
Development)
................
184
7,400
Suntory
Beverage
&
Food
Ltd.
(Beverages)
244
8,100
Suzuki
Motor
Corp.
(Automobiles)
.....
347
3,700
Sysmex
Corp.
(Health
Care
Equipment
&
Supplies)
....................
206
10,800
T&D
Holdings,
Inc.
(Insurance)
.......
172
5,850
Taisei
Corp.
(Construction
&
Engineering)
200
39,045
Takeda
Pharmaceutical
Co.
Ltd.
(Pharmaceuticals)
.............
1,123
8,300
TDK
Corp.
(Electronic
Equipment,
Instruments
&
Components)
......
395
14,500
Terumo
Corp.
(Health
Care
Equipment
&
Supplies)
....................
475
16,700
The
Chiba
Bank
Ltd.
(Banks)
.........
121
27,710
The
Kansai
Electric
Power
Co.,
Inc.
(Electric
Utilities)
.............
368
4,900
TIS,
Inc.
(IT
Services)
..............
108
8,400
Tobu
Railway
Co.
Ltd.
(Ground
Transportation)
...............
225
5,300
Toho
Co.
Ltd.
(Entertainment)
.........
179
40,120
Tokio
Marine
Holdings,
Inc.
(Insurance)
.
1,005
59,700
Tokyo
Electric
Power
Co.
Holdings,
Inc.
(Electric
Utilities)(a)
...........
312
15,080
Tokyo
Electron
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
.......
2,703
15,500
Tokyo
Gas
Co.
Ltd.
(Gas
Utilities)
......
356
16,700
Tokyu
Corp.
(Ground
Transportation)
...
203
5,200
TOPPAN
Holdings,
Inc.
(Commercial
Services
&
Supplies)
...........
145
30,100
Toray
Industries,
Inc.
(Chemicals)
......
157
5,600
Tosoh
Corp.
(Chemicals)
............
72
2,800
TOTO
Ltd.
(Building
Products)
........
74
3,200
Toyota
Industries
Corp.
(Machinery)
....
261
228,700
Toyota
Motor
Corp.
(Automobiles)
.....
4,203
4,600
Toyota
Tsusho
Corp.
(Trading
Companies
&
Distributors)
.................
271
4,700
Trend
Micro,
Inc.
(Software)^
.........
251
12,700
Unicharm
Corp.
(Household
Products)
...
460
104
HC
CAPITAL
TRUST
The
Institutional
International
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Japan
(continued)
8,600
USS
Co.
Ltd.
(Specialty
Retail)
........
$
173
9,000
Welcia
Holdings
Co.
Ltd.
(Consumer
Staples
Distribution
&
Retail)
.....
157
7,400
West
Japan
Railway
Co.
(Ground
Transportation)(b)
.............
309
12,600
Yakult
Honsha
Co.
Ltd.
(Food
Products)
.
283
3,000
Yamaha
Corp.
(Leisure
Products)
......
69
18,300
Yamaha
Motor
Co.
Ltd.
(Automobiles)^
..
163
13,300
Yamato
Holdings
Co.
Ltd.
(Air
Freight
&
Logistics)
...................
246
5,200
Yaskawa
Electric
Corp.
(Machinery)
....
217
4,900
Yokogawa
Electric
Corp.
(Electronic
Equipment,
Instruments
&
Components)
.................
93
57,900
Z
Holdings
Corp.
(Interactive
Media
&
Services)
....................
205
4,400
Zensho
Holdings
Co.
Ltd.
(Hotels,
Restaurants
&
Leisure)
..........
231
6,400
ZOZO,
Inc.
(Specialty
Retail)(b)
.......
144
91,862
Luxembourg
—
0.35%
43,932
ArcelorMittal
SA
(Metals
&
Mining)
....
1,246
7,715
Eurofins
Scientific
SE
(Life
Sciences
Tools
&
Services)
..................
502
54,621
Tenaris
SA
(Energy
Equipment
&
Services)
949
2,697
Netherlands
—
3.31%
11,652
ABN
AMRO
Bank
N.V.
(Banks)
.......
175
1,166
Adyen
N.V.
(Financial
Services)(a)(b)
...
1,502
38,737
Aegon
Ltd.
(Insurance)
..............
224
3,801
Akzo
Nobel
N.V.
(Chemicals)
.........
314
1,355
Argenx
SE
(Biotechnology)(a)
........
514
1,004
ASM
International
N.V.
(Semiconductors
&
Semiconductor
Equipment)
.......
521
9,814
ASML
Holding
N.V.
(Semiconductors
&
Semiconductor
Equipment)(b)
.....
7,386
6,976
ASR
Nederland
N.V.
(Insurance)
.......
328
1,660
BE
Semiconductor
Industries
N.V.
(Semiconductors
&
Semiconductor
Equipment)
..................
250
5,459
Euronext
N.V.
(Capital
Markets)
.......
474
2,794
EXOR
N.V.
(Financial
Services)
.......
279
11,050
Ferrovial
SE
(Construction
&
Engineering)
403
4,827
Heineken
Holding
N.V.
(Beverages)
....
408
16,874
Heineken
N.V.
(Beverages)
...........
1,712
1,227
IMCD
N.V.
(Trading
Companies
&
Distributors)(b)
...............
213
134,095
ING
Groep
N.V.
(Banks)
.............
2,003
13,478
JDE
Peet's
N.V.
(Food
Products)(b)
.....
363
29,819
Koninklijke
Ahold
Delhaize
N.V.
(Consumer
Staples
Distribution
&
Retail)
.....
857
167,546
Koninklijke
KPN
N.V.
(Diversified
Telecommunication
Services)
.....
576
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Netherlands
(continued)
17,210
Koninklijke
Philips
N.V.
(Health
Care
Equipment
&
Supplies)(a)
.......
$
401
8,132
NN
Group
N.V.
(Insurance)
...........
320
10,235
OCI
N.V.
(Chemicals)(b)
............
296
31,607
Prosus
N.V.
(Broadline
Retail)(b)
......
941
11,884
QIAGEN
N.V.
(Life
Sciences
Tools
&
Services)(a)
..................
517
2,592
Randstad
N.V.
(Professional
Services)
...
162
38,014
Stellantis
N.V.
(Automobiles)
.........
886
47,699
Stellantis
N.V.
(Automobiles)
.........
1,114
17,602
Universal
Music
Group
N.V.
(Entertainment)
...............
501
13,131
Wolters
Kluwer
N.V.
(Professional
Services)
1,865
25,505
New
Zealand
—
0.11%
28,587
Auckland
International
Airport
Ltd.
(Transportation
Infrastructure)
.....
159
12,606
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
(Health
Care
Equipment
&
Supplies)
188
14,981
Mercury
NZ
Ltd.
(Electric
Utilities)
.....
62
27,865
Meridian
Energy
Ltd.
(Independent
Power
and
Renewable
Electricity
Producers)
98
40,576
Spark
New
Zealand
Ltd.
(Diversified
Telecommunication
Services)
.....
133
3,165
Xero
Ltd.
(Software)(a)
.............
242
882
Norway
—
0.46%
9,942
Adevinta
ASA
(Interactive
Media
&
Services)(a)
..................
110
6,851
Aker
BP
ASA
(Oil,
Gas
&
Consumable
Fuels)
......................
199
60,866
DNB
Bank
ASA
(Banks)
............
1,295
19,436
Equinor
ASA
(Oil,
Gas
&
Consumable
Fuels)
......................
617
8,113
Gjensidige
Forsikring
ASA
(Insurance)
..
150
2,950
Kongsberg
Gruppen
ASA
(Aerospace
&
Defense)
....................
135
9,859
Mowi
ASA
(Food
Products)(b)
........
177
27,809
Norsk
Hydro
ASA
(Metals
&
Mining)
...
187
30,074
Orkla
ASA
(Food
Products)
..........
233
1,621
Salmar
ASA
(Food
Products)
.........
91
21,968
Telenor
ASA
(Diversified
Telecommunication
Services)
.....
252
3,344
Yara
International
ASA
(Chemicals)
....
119
3,565
Portugal
—
0.08%
67,084
EDP
-
Energias
de
Portugal
SA
(Electric
Utilities)
....................
337
10,204
Galp
Energia
SGPS
SA
(Oil,
Gas
&
Consumable
Fuels)(b)
..........
150
105
HC
CAPITAL
TRUST
The
Institutional
International
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Portugal
(continued)
6,126
Jeronimo
Martins
SGPS
SA
(Consumer
Staples
Distribution
&
Retail)(b)
...
$
156
643
Singapore
—
0.72%
123,638
CapitaLand
Ascendas
REIT
(Industrial
REITs)
.....................
284
115,024
CapitaLand
Integrated
Commercial
Trust
(Retail
REITs)
................
180
56,400
CapitaLand
Investment
Ltd.
(Real
Estate
Management
&
Development)
.....
135
10,900
City
Developments
Ltd.
(Real
Estate
Management
&
Development)
.....
55
39,131
DBS
Group
Holdings
Ltd.
(Banks)
.....
992
217,300
Genting
Singapore
Ltd.
(Hotels,
Restaurants
&
Leisure)
...................
164
39,246
Grab
Holdings
Ltd.
(Ground
Transportation)
(a)
........................
132
6,200
Jardine
Cycle
&
Carriage
Ltd.
(Industrial
Conglomerates)
...............
139
31,600
Keppel
Corp.
Ltd.
(Industrial
Conglomerates)
...............
169
143,190
Mapletree
Logistics
Trust
(Industrial
REITs)
189
51,100
Mapletree
Pan
Asia
Commercial
Trust
(Retail
REITs)
................
61
72,437
Oversea-Chinese
Banking
Corp.
Ltd.
(Banks)
.....................
714
7,729
Sea
Ltd.,
ADR
(Entertainment)(a)
......
313
920,887
Seatrium
Ltd.
(Machinery)(a)
.........
82
30,400
Sembcorp
Industries
Ltd.
(Multi-Utilities)
122
31,900
Singapore
Airlines
Ltd.
(Passenger
Airlines)
(b)
........................
159
35,400
Singapore
Exchange
Ltd.
(Capital
Markets)
264
70,900
Singapore
Technologies
Engineering
Ltd.
(Aerospace
&
Defense)
.........
209
207,240
Singapore
Telecommunications
Ltd.
(Diversified
Telecommunication
Services)
....................
388
27,100
United
Overseas
Bank
Ltd.
(Banks)
.....
584
10,100
UOL
Group
Ltd.
(Real
Estate
Management
&
Development)
..............
48
52,300
Wilmar
International
Ltd.
(Food
Products)
142
5,525
South
Korea
—
0.11%
563
Samsung
Electronics
Co.
Ltd.,
GDR
(Technology
Hardware,
Storage
&
Peripherals)
..................
843
Spain
—
1.45%
917
Acciona
SA
(Electric
Utilities)
........
135
4,763
ACS
Actividades
de
Construccion
y
Servicios
SA
(Construction
&
Engineering)
.................
211
1,626
Aena
SME
SA
(Transportation
Infrastructure)
................
295
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Spain
(continued)
21,269
Amadeus
IT
Group
SA
(Hotels,
Restaurants
&
Leisure)
...................
$
1,524
128,883
Banco
Bilbao
Vizcaya
Argentaria
SA
(Banks)
.....................
1,170
348,225
Banco
Santander
SA
(Banks)(b)
.......
1,453
88,602
CaixaBank
SA
(Banks)
..............
364
18,433
Cellnex
Telecom
SA
(Diversified
Telecommunication
Services)(b)
...
726
6,876
Corp.
ACCIONA
Energias
Renovables
SA
(Independent
Power
and
Renewable
Electricity
Producers)
...........
213
6,762
EDP
Renovaveis
SA
(Independent
Power
and
Renewable
Electricity
Producers)
138
16,062
Enagas
SA
(Gas
Utilities)(b)
..........
271
11,745
Endesa
SA
(Electric
Utilities)
.........
239
6,467
Grifols
SA
(Biotechnology)(a)
.........
110
137,556
Iberdrola
SA
(Electric
Utilities)
........
1,802
23,464
Industria
de
Diseno
Textil
SA
(Specialty
Retail)
......................
1,021
7,922
Naturgy
Energy
Group
SA
(Gas
Utilities)
.
236
23,606
Redeia
Corp.
SA
(Electric
Utilities)
.....
389
27,783
Repsol
SA
(Oil,
Gas
&
Consumable
Fuels)
412
115,611
Telefonica
SA
(Diversified
Telecommunication
Services)
.....
451
11,160
Sweden
—
1.65%
6,011
Alfa
Laval
AB
(Machinery)
..........
240
21,421
Assa
Abloy
AB,
Class
-
B
(Building
Products)
....................
618
58,189
Atlas
Copco
AB,
Class
-
A
(Machinery)
..
1,003
33,417
Atlas
Copco
AB,
Class
-
B
(Machinery)
..
495
8,154
Beijer
Ref
AB
(Trading
Companies
&
Distributors)
.................
109
7,368
Boliden
AB
(Metals
&
Mining)
........
229
14,328
Epiroc
AB,
Class
-
A
(Machinery)
......
287
8,455
Epiroc
AB,
Class
-
B
(Machinery)
......
148
7,587
EQT
AB
(Capital
Markets)
...........
214
18,840
Essity
AB,
Class
-
B
(Household
Products)
467
3,905
Evolution
AB
(Hotels,
Restaurants
&
Leisure)
....................
466
13,679
Fastighets
AB
Balder,
B
shares
(Real
Estate
Management
&
Development)(a)
...
97
8,143
Getinge
AB,
B
shares
(Health
Care
Equipment
&
Supplies)
.........
181
14,109
H
&
M
Hennes
&
Mauritz
AB,
Class
-
B
(Specialty
Retail)
..............
247
44,699
Hexagon
AB,
Class
-
B
(Electronic
Equipment,
Instruments
&
Components)
.................
536
4,521
Holmen
AB,
B
shares
(Paper
&
Forest
Products)
....................
191
7,775
Husqvarna
AB,
B
shares
(Machinery)
...
64
2,827
Industrivarden
AB,
Class
-
A
(Financial
Services)(b)
..................
92
106
HC
CAPITAL
TRUST
The
Institutional
International
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Sweden
(continued)
3,339
Industrivarden
AB,
Class
-
C
(Financial
Services)
....................
$
109
5,924
Indutrade
AB
(Machinery)
...........
154
3,210
Investment
AB
Latour,
Class
-
B
(Industrial
Conglomerates)
...............
84
36,850
Investor
AB,
Class
-
B
(Financial
Services)
854
2,331
L
E
Lundbergforetagen
AB,
Class
-
B
(Financial
Services)
............
127
5,067
Lifco
AB,
Class
-
B
(Industrial
Conglomerates)
...............
124
31,718
Nibe
Industrier
AB,
Class
-
B
(Building
Products)
....................
223
4,153
Saab
AB,
Class
-
B
(Aerospace
&
Defense)
250
4,205
Sagax
AB,
Class
-
B
(Real
Estate
Management
&
Development)
.....
116
22,789
Sandvik
AB
(Machinery)
............
493
16,839
Securitas
AB,
Class
-
B
(Commercial
Services
&
Supplies)
...........
164
38,470
Skandinaviska
Enskilda
Banken
AB,
Class
-
A
(Banks)
...................
529
7,376
Skanska
AB,
Class
-
B
(Construction
&
Engineering)
.................
133
7,765
SKF
AB,
B
shares
(Machinery)
........
155
18,542
Svenska
Cellulosa
AB
SCA,
Class
-
B
(Paper
&
Forest
Products)
........
278
43,138
Svenska
Handelsbanken
AB,
Class
-
A
(Banks)
.....................
468
22,817
Swedbank
AB,
Class
-
A
(Banks)
.......
460
9,004
Swedish
Orphan
Biovitrum
AB
(Biotechnology)(a)
.............
238
27,515
Tele2
AB,
B
shares
(Wireless
Telecommunication
Services)
.....
236
81,189
Telefonaktiebolaget
LM
Ericsson,
Class
-
B
(Communications
Equipment)
.....
508
116,989
Telia
Co.
AB
(Diversified
Telecommunication
Services)(b)
...
298
4,341
Volvo
AB,
Class
-
A
(Machinery)
.......
115
32,488
Volvo
AB,
Class
-
B
(Machinery)
......
844
12,919
Volvo
Car
AB,
Class
-
B
(Automobiles)(a)
(b)
........................
42
12,686
Switzerland
—
6.63%
54,950
ABB
Ltd.,
Registered
Shares
(Electrical
Equipment)
..................
2,438
3,469
Adecco
Group
AG
(Professional
Services)
(b)
........................
170
21,573
Alcon,
Inc.
(Health
Care
Equipment
&
Supplies)
....................
1,685
2,088
Avolta
AG,
Registered
Shares
(Specialty
Retail)(a)(b)
.................
82
720
Bachem
Holding
AG
(Life
Sciences
Tools
&
Services)
....................
56
3,143
Baloise
Holding
AG,
Registered
Shares
(Insurance)
..................
492
4,375
Banque
Cantonale
Vaudoise,
Registered
Shares
(Banks)
................
564
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Switzerland
(continued)
292
Barry
Callebaut
AG,
Registered
Shares
(Food
Products)(b)
.............
$
493
2,754
BKW
AG
(Electric
Utilities)
..........
489
4
Chocoladefabriken
Lindt
&
Spruengli
AG
(Food
Products)
...............
486
22
Chocoladefabriken
Lindt
&
Spruengli
AG,
Class
-
PC
(Food
Products)
.......
264
17,423
Cie
Financiere
Richemont
SA,
Registered
Shares
(Textiles,
Apparel
&
Luxury
Goods)
.....................
2,399
4,678
Clariant
AG,
Registered
Shares
(Chemicals)
69
6,264
Coca-Cola
HBC
AG
(Beverages)
.......
184
3,983
DSM-Firmenich
AG
(Chemicals)
......
404
154
EMS-Chemie
Holding
AG
(Chemicals)
..
125
751
Geberit
AG,
Registered
Shares
(Building
Products)
....................
481
226
Givaudan
SA,
Registered
Shares
(Chemicals)
..................
936
226,110
Glencore
PLC
(Metals
&
Mining)(b)
....
1,360
2,045
Helvetia
Holding
AG,
Registered
Shares
(Insurance)
..................
282
11,380
Holcim
AG
(Construction
Materials)(b)
..
894
4,475
Julius
Baer
Group
Ltd.
(Capital
Markets)
.
251
1,448
Kuehne
+
Nagel
International
AG,
Registered
Shares
(Marine
Transportation)
...............
499
3,586
Logitech
International
SA,
Registered
Shares
(Technology
Hardware,
Storage
&
Peripherals)
................
340
3,557
Lonza
Group
AG,
Registered
Shares
(Life
Sciences
Tools
&
Services)(b)
.....
1,496
67,062
Nestle
SA,
Registered
Shares
(Food
Products)
....................
7,776
55,747
Novartis
AG,
Registered
Shares
(Pharmaceuticals)
.............
5,627
484
Partners
Group
Holding
AG
(Capital
Markets)
....................
698
15,908
Roche
Holding
AG
(Pharmaceuticals)
...
4,626
3,416
Roche
Holding
AG
(Pharmaceuticals)
...
1,062
8,792
Sandoz
Group
AG
(Pharmaceuticals)(a)
..
283
1,142
Schindler
Holding
AG
(Machinery)
.....
286
509
Schindler
Holding
AG,
Registered
Shares
(Machinery)
.................
121
5,117
SGS
SA,
Registered
Shares
(Professional
Services)(b)
..................
442
11,969
SIG
Group
AG
(Containers
&
Packaging)(b)
276
6,187
Sika
AG,
Registered
Shares
(Chemicals)(b)
2,014
1,125
Sonova
Holding
AG
(Health
Care
Equipment
&
Supplies)(b)
.......
367
31,748
STMicroelectronics
N.V.
(Semiconductors
&
Semiconductor
Equipment)
.....
1,586
2,336
Straumann
Holding
AG,
Registered
Shares
(Health
Care
Equipment
&
Supplies)
377
698
Swiss
Life
Holding
AG
(Insurance)
.....
485
107
HC
CAPITAL
TRUST
The
Institutional
International
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Switzerland
(continued)
5,642
Swiss
Prime
Site
AG,
Registered
Shares
(Real
Estate
Management
&
Development)
................
$
603
8,458
Swiss
Re
AG
(Insurance)
............
951
1,346
Swisscom
AG,
Registered
Shares
(Diversified
Telecommunication
Services)
....................
810
1,379
Temenos
AG,
Registered
Shares
(Software)
128
598
The
Swatch
Group
AG
(Textiles,
Apparel
&
Luxury
Goods)
...............
163
1,141
The
Swatch
Group
AG
(Textiles,
Apparel
&
Luxury
Goods)
...............
60
101,557
UBS
Group
AG
(Capital
Markets)
......
3,153
580
VAT
Group
AG
(Machinery)
..........
291
3,690
Zurich
Insurance
Group
AG
(Insurance)
..
1,929
51,053
Taiwan
—
0.11%
7,869
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
(Semiconductors
&
Semiconductor
Equipment)
.......
818
United
Kingdom
—
8.74%
50,431
3i
Group
PLC
(Capital
Markets)
.......
1,556
42,449
abrdn
PLC
(Capital
Markets)
.........
97
12,056
Admiral
Group
PLC
(Insurance)
.......
412
27,216
Anglo
American
PLC
(Metals
&
Mining)
.
683
21,415
Ashtead
Group
PLC
(Trading
Companies
&
Distributors)
.................
1,490
7,323
Associated
British
Foods
PLC
(Food
Products)
....................
221
41,065
AstraZeneca
PLC
(Pharmaceuticals)(b)
..
5,547
31,320
Auto
Trader
Group
PLC
(Interactive
Media
&
Services)(b)
................
288
58,667
Aviva
PLC
(Insurance)
..............
325
146,648
BAE
Systems
PLC
(Aerospace
&
Defense)
2,076
773,801
Barclays
PLC
(Banks)(b)
............
1,516
20,601
Barratt
Developments
PLC
(Household
Durables)(b)
.................
148
2,368
Berkeley
Group
Holdings
PLC
(Household
Durables)
...................
141
498,377
BP
PLC
(Oil,
Gas
&
Consumable
Fuels)
.
2,961
50,382
British
American
Tobacco
PLC
(Tobacco)
1,474
160,786
BT
Group
PLC
(Diversified
Telecommunication
Services)
.....
254
15,212
Bunzl
PLC
(Trading
Companies
&
Distributors)
.................
618
8,054
Burberry
Group
PLC
(Textiles,
Apparel
&
Luxury
Goods)(b)
.............
145
150,545
Centrica
PLC
(Multi-Utilities)(b)
.......
270
6,218
Coca-Cola
Europacific
Partners
PLC
(Beverages)
..................
415
67,179
Compass
Group
PLC
(Hotels,
Restaurants
&
Leisure)
....................
1,837
6,308
Croda
International
PLC
(Chemicals)(b)
.
406
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
Kingdom
(continued)
72,843
Diageo
PLC
(Beverages)
............
$
2,652
16,091
Endeavour
Mining
PLC
(Metals
&
Mining)
360
13,508
Entain
PLC
(Hotels,
Restaurants
&
Leisure)
(b)
........................
171
146,432
GSK
PLC
(Pharmaceuticals)
..........
2,706
199,489
Haleon
PLC
(Personal
Care
Products)(b)
.
817
11,553
Halma
PLC
(Electronic
Equipment,
Instruments
&
Components)
......
337
7,712
Hargreaves
Lansdown
PLC
(Capital
Markets)
....................
72
11,609
Hikma
Pharmaceuticals
PLC
(Pharmaceuticals)(b)
...........
265
420,851
HSBC
Holdings
PLC
(Banks)
.........
3,408
23,123
Imperial
Brands
PLC
(Tobacco)
.......
532
29,827
Informa
PLC
(Media)
...............
297
3,670
InterContinental
Hotels
Group
PLC
(Hotels,
Restaurants
&
Leisure)
..........
332
6,447
Intertek
Group
PLC
(Professional
Services)
349
112,721
J
Sainsbury
PLC
(Consumer
Staples
Distribution
&
Retail)
...........
435
56,070
JD
Sports
Fashion
PLC
(Specialty
Retail)
119
84,510
Kingfisher
PLC
(Specialty
Retail)
......
262
14,172
Land
Securities
Group
PLC
(Diversified
REITs)
.....................
127
127,794
Legal
&
General
Group
PLC
(Insurance)
.
409
1,390,038
Lloyds
Banking
Group
PLC
(Banks)
....
845
19,678
London
Stock
Exchange
Group
PLC
(Capital
Markets)(b)
............
2,326
46,682
M&G
PLC
(Financial
Services)
........
132
28,892
Melrose
Industries
PLC
(Aerospace
&
Defense)
....................
209
10,527
Mondi
PLC
(Paper
&
Forest
Products)
...
206
101,215
National
Grid
PLC
(Multi-Utilities)
.....
1,365
431,847
NatWest
Group
PLC
(Banks)(b)
.......
1,207
2,685
Next
PLC
(Broadline
Retail)
..........
278
12,518
Ocado
Group
PLC
(Consumer
Staples
Distribution
&
Retail)(a)(b)
......
121
25,999
Pearson
PLC
(Diversified
Consumer
Services)
....................
320
6,947
Persimmon
PLC
(Household
Durables)
..
123
16,260
Phoenix
Group
Holdings
PLC
(Insurance)
111
20,455
Reckitt
Benckiser
Group
PLC
(Household
Products)
....................
1,413
67,017
RELX
PLC
(Professional
Services)
.....
2,655
93,522
Rentokil
Initial
PLC
(Commercial
Services
&
Supplies)
..................
526
35,830
Rio
Tinto
PLC
(Metals
&
Mining)
......
2,667
180,355
Rolls-Royce
Holdings
PLC
(Aerospace
&
Defense)(a)
..................
689
19,339
Schroders
PLC
(Capital
Markets)
......
106
45,890
Segro
PLC
(Industrial
REITs)
.........
519
14,673
Severn
Trent
PLC
(Water
Utilities)(b)
...
482
166,927
Shell
PLC
(Oil,
Gas
&
Consumable
Fuels)
5,470
23,969
Smith
&
Nephew
PLC
(Health
Care
Equipment
&
Supplies)
.........
329
108
HC
CAPITAL
TRUST
The
Institutional
International
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
Kingdom
(continued)
7,389
Smiths
Group
PLC
(Industrial
Conglomerates)
...............
$
166
2,628
Spirax-Sarco
Engineering
PLC
(Machinery)
352
31,035
SSE
PLC
(Electric
Utilities)
..........
734
11,795
St.
James's
Place
PLC
(Capital
Markets)
.
103
49,774
Standard
Chartered
PLC
(Banks)
.......
423
76,573
Taylor
Wimpey
PLC
(Household
Durables)
(b)
........................
143
225,045
Tesco
PLC
(Consumer
Staples
Distribution
&
Retail)
....................
834
43,451
The
Sage
Group
PLC
(Software)
.......
649
76,912
Unilever
PLC
(Personal
Care
Products)
..
3,724
34,840
United
Utilities
Group
PLC
(Water
Utilities)
471
573,588
Vodafone
Group
PLC
(Wireless
Telecommunication
Services)
.....
501
4,370
Whitbread
PLC
(Hotels,
Restaurants
&
Leisure)
....................
204
12,917
Wise
PLC,
Class
-
A
(Financial
Services)(a)
144
22,414
WPP
PLC
(Media)
.................
215
67,292
United
States
—
0.11%
1,319
Brookfield
Renewable
Corp.,
Class
-
A
(Independent
Power
and
Renewable
Electricity
Producers)
...........
38
49,296
Coupang,
Inc.
(Broadline
Retail)(a)
.....
798
836
Total
Common
Stocks
..............
461,959
Investment
Companies
—
38.03%
Domestic
Equity
Funds
—
1.60%
272,380
BlackRock
Health
Sciences
Term
Trust
..
3,990
498,965
BlackRock
Innovation
and
Growth
Term
Trust
.......................
3,657
687,300
Neuberger
Berman
Energy
Infrastructure
and
Income
Fund,
Inc.
..........
4,729
12,376
International
Equity
Funds
—
32.45%
270,769
Aberforth
Smaller
Companies
Trust
PLC
.
4,755
516,982
Abrdn
UK
Smaller
Cos
Growth
Trust
PLC
3,018
122,104
Argo
Investments
Ltd.
..............
745
35,247
ASA
Gold
and
Precious
Metals
Ltd.
.....
531
472,756
Asia
Dragon
Trust
PLC
.............
2,127
223,851
Australian
Foundation
Investment
Co.
Ltd.
1,136
1,614,892
AVI
Japan
Opportunity
Trust
PLC
......
2,614
2,703,535
Baillie
Gifford
European
Growth
Trust
PLC
3,204
1,366,606
Baillie
Gifford
Shin
Nippon
PLC
.......
2,299
1,050,273
Baillie
Gifford
UK
Growth
Trust
PLC
...
2,219
410,859
BlackRock
Enhanced
International
Dividend
Trust
.......................
2,165
Shares
Security
Description
Value
(000)
International
Equity
Funds
(continued)
426,879
BlackRock
Greater
Europe
Investment
Trust
PLC
.......................
$
3,079
181,428
BlackRock
Science
and
Technology
Term
Trust
.......................
3,032
78,418
CBRE
Global
Real
Estate
Income
Fund
..
426
535,029
European
Opportunities
Trust
PLC^
.....
5,973
422,147
Fidelity
Emerging
Markets
Ltd.
........
3,315
1,828,198
Fidelity
Japan
Trust
PLC
............
4,310
1,012,300
Fidelity
Special
Values
PLC
..........
3,599
2,118,994
Henderson
European
Focus
Trust
PLC
...
4,699
1,628,376
Henderson
EuroTrust
PLC
...........
2,926
507,965
iShares
Core
MSCI
EAFE
ETF
........
35,735
2,071
iShares
MSCI
EAFE
ETF
............
156
849,919
Japan
Smaller
Capitalization
Fund,
Inc.
..
6,451
1,862,113
JPMorgan
European
Discovery
Trust
PLC
9,979
7,782,827
JPMorgan
European
Growth
&
Income
PLC
9,700
893,288
JPMorgan
Japan
Small
Cap
Growth
&
Income
PLC
.................
3,569
1,525,143
JPMorgan
Japanese
Investment
Trust
PLC
9,534
1,670,107
Mercantile
Investment
Trust
PLC
......
4,714
152,510
Morgan
Stanley
China
A
Share
Fund,
Inc.
1,943
436,017
Neuberger
Berman
Next
Generation
Connectivity
Fund,
Inc.
.........
4,766
749,267
Oakley
Capital
Investments
Ltd.
.......
4,717
2,579,755
Polar
Capital
Global
Financials
Trust
PLC
4,912
190,094
Polar
Capital
Global
Healthcare
Trust
PLC
799
2,396,500
Regal
Asian
Investments
Ltd.
.........
3,429
2,692,880
Schroder
Japan
Trust
PLC
............
7,962
10,089,219
Schroders
Capital
Global
Innovation
Trust
1,884
219,097
Smithson
Investment
Trust
PLC
.......
3,951
845,841
Strategic
Equity
Capital
PLC
.........
3,455
1,151,235
Temple
Bar
Investment
Trust
PLC
......
3,492
1,841,780
Templeton
Emerging
Markets
Investment
Trust
PLC
...................
3,558
485,445
The
Baillie
Gifford
Japan
Trust
PLC
....
4,380
513,524
The
Edinburgh
Investment
Trust
PLC
...
4,483
1,725,905
The
European
Smaller
Cos.
...........
3,596
264,440
The
Monks
Investment
Trust
PLC
......
3,579
266,469
The
New
Germany
Fund,
Inc.
.........
2,329
957,596
Vanguard
FTSE
Developed
Markets
ETF
.
45,868
500,245
WAM
Global
Ltd.
.................
680
1,008,150
Worldwide
Healthcare
Trust
PLC/Fund
..
3,996
249,789
Money
Market
Funds
—
3.98%
4,712,000
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares
,
5.00%^^(d)
4,712
25,941,365
State
Street
Institutional
Treasury
Plus
Money
Market
Fund,
Trust
Class
,
5.25%(d)
....................
25,940
30,652
Total
Investment
Companies
.........
292,817
109
HC
CAPITAL
TRUST
The
Institutional
International
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
The
following
table
reflects
the
percentage
of
total
net
assets
of
the
Portfolio
attributable
to
each
Specialist
Manager
as
of
December
31,
2023
Amounts
designated
as
"—"
indicate
the
Specialist
Manager
did
not
manage
any
holdings
in
that
category. 
Security
Description
Value
(000)
Purchased
Options
on
Futures
—
0.02%
Total
Purchased
Options
on
Futures
...
$
117
Total
Investments
(cost
$624,963
)
—
98.03%
.....................
754,893
Other
assets
in
excess
of
liabilities
—
1.97%
......................
15,133
Net
Assets
-
100.00%
$
770,026
Amounts
designated
as
"—"
are
$0
or
have
been
rounded
to
$0.
^
All
or
part
of
this
security
was
on
loan
as
of
December
31,
2023.
^^
Purchased
with
cash
collateral
held
from
securities
lending.
The
value
of
the
collateral
could
include
collateral
held
for
securities
that
were
sold
on
or
before
December
31,
2023.
(a)
Represents
non-income
producing
security.
(b)
Represents
a
security
purchased
under
Rule
144A
or
Section
4(2)
and
is
exempt
from
registration
under
the
Securities
Act
of
1933,
as
amended,
or
is
otherwise
restricted
to
resale.
Certain
of
these
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
These
securities
have
been
deemed
liquid
by
the
Specialist
Manager.
(c)
Security
was
valued
using
significant
unobservable
inputs
as
of
December
31,
2023.
(d)
Annualized
7-day
yield
as
of
period-end.
ADR—American
Depositary
Receipt
ETF—Exchange-Traded
Fund
GDR—Global
Depositary
Receipt
REIT—Real
Estate
Investment
Trust
The
Institutional
International
Equity
Portfolio
City
of
London
Investment
Management
Company,
Limited
Mellon
Investments
Corporation
Parametric
Portfolio
Associates,
LLC
HC
Capital
Solutions
Monashee
Investment
Management,
LLC
Total
Common
Stocks
..............................................................................
—
59.98
%
—
—
—
59.98
%
Investment
Companies
....................................................................
24.18
%
0.08
%
3.02
%
0.01
%
10.74
%
38.03
%
Purchased
Options
on
Futures
........................................................
—
—
—
—
0.02
%
0.02
%
Other
Assets
(Liabilities)
................................................................
-0.56
%
0.43
%
0.48
%
—
1.62
%
1.97
%
Total
Net
Assets
.........................................................................
23.62
%
60.49
%
3.50
%
0.01
%
12.38
%
100.00
%
110
HC
CAPITAL
TRUST
The
Institutional
International
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
The
following
table
reflects
the
open
derivative
positions
held
by
the
Portfolio
as
of
December
31,
2023
.
Futures
Contracts
Purchased
*
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
and
Unrealized
Appreciation/
(Depreciation)
(000)
MSCI
EAFE
Index
Future
..................................
403
3/15/24
$
45,386
$
1,697
$
45,386
$
1,697
The
following
table
reflects
the
open
derivative
positions
held
by
the
Portfolio
as
of
December
31,
2023
.
Futures
Contracts
Sold
*
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
and
Unrealized
Appreciation/
(Depreciation)
(000)
E-Mini
S&P
500
Future
....................................
35
3/15/24
$
8,435
$
(314)
$
8,435
$
(314)
Total
Unrealized
Appreciation
.....................
$
1,697
Total
Unrealized
Depreciation
.....................
(314)
Total
Net
Unrealized
Appreciation/(Depreciation)
.......
$
1,383
*
Cash
has
been
pledged
as
collateral
for
futures
contracts
held
by
the
Portfolio.
Options
on
Futures
Contracts
Exchange-traded
options
on
futures
contacts
written
as
of
December
31,
2023
were
as
follows:
Description
Put/Call
Number
of
Contracts
Notional
Amount
(000)
Exercise
Price
Expiration
Date
Value
(000)
E-Mini
S&P
500
Future
Option
.............
Call
5
$
1,203
$
4,810.00
1/15/24
$
(11)
E-Mini
S&P
500
Future
Option
.............
Put
9
1,766
3,925.00
1/19/24
—
E-Mini
S&P
500
Future
Option
.............
Put
10
1,938
3,875.00
1/19/24
—
E-Mini
S&P
500
Future
Option
.............
Put
21
4,173
3,975.00
1/19/24
(1)
E-Mini
S&P
500
Future
Option
.............
Put
8
1,620
4,050.00
1/19/24
—
E-Mini
S&P
500
Future
Option
.............
Put
5
1,193
4,770.00
1/19/24
(7)
E-Mini
S&P
500
Future
Option
.............
Put
17
3,358
3,950.00
1/19/24
(1)
E-Mini
S&P
500
Future
Option
.............
Put
13
2,503
3,850.00
1/19/24
—
E-Mini
S&P
500
Future
Option
.............
Put
5
1,205
4,820.00
1/19/24
(12)
E-Mini
S&P
500
Future
Option
.............
Put
5
1,198
4,790.00
1/19/24
(9)
E-Mini
S&P
500
Future
Option
.............
Put
10
1,913
3,825.00
1/19/24
—
E-Mini
S&P
500
Future
Option
.............
Put
10
1,888
3,775.00
1/19/24
—
E-Mini
S&P
500
Future
Option
.............
Put
24
4,499
3,750.00
1/19/24
(1)
E-Mini
S&P
500
Future
Option
.............
Put
10
1,900
3,800.00
1/19/24
—
E-Mini
S&P
500
Future
Option
.............
Put
17
3,549
4,175.00
1/31/24
(2)
E-Mini
S&P
500
Future
Option
.............
Put
25
5,249
4,200.00
1/31/24
(3)
E-Mini
S&P
500
Future
Option
.............
Put
2
425
4,250.00
1/31/24
—
E-Mini
S&P
500
Future
Option
.............
Put
5
1,150
4,600.00
1/31/24
(3)
E-Mini
S&P
500
Future
Option
.............
Put
12
2,460
4,100.00
1/31/24
(1)
111
HC
CAPITAL
TRUST
The
Institutional
International
Equity
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Options
on
Futures
Contracts
(continued)
Description
Put/Call
Number
of
Contracts
Notional
Amount
(000)
Exercise
Price
Expiration
Date
Value
(000)
E-Mini
S&P
500
Future
Option
.............
Put
15
$
3,038
$
4,050.00
1/31/24
$
(1)
E-Mini
S&P
500
Future
Option
.............
Put
16
3,200
4,000.00
1/31/24
(1)
E-Mini
S&P
500
Future
Option
.............
Put
11
2,544
4,625.00
1/31/24
(8)
E-Mini
S&P
500
Future
Option
.............
Put
8
1,844
4,610.00
1/31/24
(5)
E-Mini
S&P
500
Future
Option
.............
Put
7
1,444
4,125.00
1/31/24
(1)
E-Mini
S&P
500
Future
Option
.............
Put
5
1,181
4,725.00
1/31/24
(8)
E-Mini
S&P
500
Future
Option
.............
Put
5
1,188
4,750.00
1/31/24
(9)
E-Mini
S&P
500
Future
Option
.............
Put
5
1,190
4,760.00
1/31/24
(10)
E-Mini
S&P
500
Future
Option
.............
Put
23
4,829
4,200.00
2/19/24
(6)
E-Mini
S&P
500
Future
Option
.............
Put
8
1,770
4,425.00
2/19/24
(5)
E-Mini
S&P
500
Future
Option
.............
Put
17
3,919
4,610.00
2/19/24
(22)
E-Mini
S&P
500
Future
Option
.............
Put
16
3,672
4,590.00
2/19/24
(19)
E-Mini
S&P
500
Future
Option
.............
Put
17
3,846
4,525.00
2/19/24
(15)
E-Mini
S&P
500
Future
Option
.............
Put
13
2,698
4,150.00
2/19/24
(3)
E-Mini
S&P
500
Future
Option
.............
Put
6
1,335
4,450.00
2/19/24
(4)
E-Mini
S&P
500
Future
Option
.............
Put
14
3,108
4,440.00
2/19/24
(8)
E-Mini
S&P
500
Future
Option
.............
Put
8
1,740
4,350.00
2/19/24
(3)
E-Mini
S&P
500
Future
Option
.............
Put
8
1,670
4,175.00
2/19/24
(2)
E-Mini
S&P
500
Future
Option
.............
Put
17
3,613
4,250.00
2/19/24
(5)
E-Mini
S&P
500
Future
Option
.............
Put
25
5,343
4,275.00
2/19/24
(8)
E-Mini
S&P
500
Future
Option
.............
Put
5
1,108
4,430.00
2/19/24
(3)
E-Mini
S&P
500
Future
Option
.............
Put
23
4,858
4,225.00
2/19/24
(6)
E-Mini
S&P
500
Future
Option
.............
Put
11
2,379
4,325.00
2/19/24
(4)
E-Mini
S&P
500
Future
Option
.............
Put
14
3,010
4,300.00
2/19/24
(5)
E-Mini
S&P
500
Future
Option
.............
Put
17
3,846
4,525.00
2/29/24
(21)
E-Mini
S&P
500
Future
Option
.............
Put
14
3,063
4,375.00
2/29/24
(10)
E-Mini
S&P
500
Future
Option
.............
Put
8
1,730
4,325.00
2/29/24
(5)
E-Mini
S&P
500
Future
Option
.............
Put
8
1,720
4,300.00
2/29/24
(4)
E-Mini
S&P
500
Future
Option
.............
Put
10
2,113
4,225.00
2/29/24
(4)
E-Mini
S&P
500
Future
Option
.............
Put
16
3,400
4,250.00
2/29/24
(7)
E-Mini
S&P
500
Future
Option
.............
Put
16
3,420
4,275.00
2/29/24
(8)
E-Mini
S&P
500
Future
Option
.............
Put
8
1,780
4,450.00
2/29/24
(7)
E-Mini
S&P
500
Future
Option
.............
Put
21
4,645
4,425.00
2/29/24
(17)
E-Mini
S&P
500
Future
Option
.............
Put
5
1,138
4,550.00
2/29/24
(7)
E-Mini
S&P
500
Future
Option
.............
Put
8
1,790
4,475.00
2/29/24
(8)
E-Mini
S&P
500
Future
Option
.............
Put
16
3,520
4,400.00
2/29/24
(12)
E-Mini
S&P
500
Future
Option
.............
Put
13
2,876
4,425.00
3/15/24
(16)
E-Mini
S&P
500
Future
Option
.............
Put
27
5,939
4,400.00
3/15/24
(30)
E-Mini
S&P
500
Future
Option
.............
Put
5
1,094
4,375.00
3/15/24
(5)
E-Mini
S&P
500
Future
Option
.............
Put
20
4,324
4,325.00
3/15/24
(18)
E-Mini
S&P
500
Future
Option
.............
Put
13
2,828
4,350.00
3/15/24
(12)
$
(403)
Exchanged-traded
options
on
futures
contacts
purchased
as
of
December
31,
2023
were
as
follows:
Description
Put/Call
Number
of
Contracts
Notional
Amount
(000)
Exercise
Price
Expiration
Date
Value
(000)
E-Mini
S&P
500
Future
Option
.............
Call
5
$
1,190
$
4,760.00
1/15/24
$
19
E-Mini
S&P
500
Future
Option
.............
Call
10
2,460
4,920.00
1/15/24
3
E-Mini
S&P
500
Future
Option
.............
Put
5
1,200
4,800.00
1/15/24
7
E-Mini
S&P
500
Future
Option
.............
Put
8
1,660
4,150.00
1/19/24
—
112
See
accompanying
notes
to
financial
statements.
HC
CAPITAL
TRUST
The
Institutional
International
Equity
Portfolio
Portfolio
of
Investments
(concluded)
—
December
31,2023
(Unaudited)
Options
on
Futures
Contracts
(continued)
Description
Put/Call
Number
of
Contracts
Notional
Amount
(000)
Exercise
Price
Expiration
Date
Value
(000)
E-Mini
S&P
500
Future
Option
.............
Put
17
$
3,634
$
4,275.00
1/19/24
$
1
E-Mini
S&P
500
Future
Option
.............
Put
8
1,750
4,375.00
1/19/24
1
E-Mini
S&P
500
Future
Option
.............
Put
16
3,600
4,500.00
1/19/24
2
E-Mini
S&P
500
Future
Option
.............
Put
8
1,820
4,550.00
1/19/24
2
E-Mini
S&P
500
Future
Option
.............
Put
8
1,680
4,200.00
1/19/24
1
E-Mini
S&P
500
Future
Option
.............
Put
14
2,975
4,250.00
1/19/24
1
E-Mini
S&P
500
Future
Option
.............
Put
8
1,780
4,450.00
1/31/24
2
E-Mini
S&P
500
Future
Option
.............
Put
15
3,300
4,400.00
1/31/24
3
E-Mini
S&P
500
Future
Option
.............
Put
8
1,800
4,500.00
1/31/24
3
E-Mini
S&P
500
Future
Option
.............
Put
8
1,820
4,550.00
1/31/24
4
E-Mini
S&P
500
Future
Option
.............
Put
8
1,720
4,300.00
1/31/24
1
E-Mini
S&P
500
Future
Option
.............
Put
8
1,880
4,700.00
1/31/24
10
E-Mini
S&P
500
Future
Option
.............
Put
8
1,870
4,675.00
2/19/24
15
E-Mini
S&P
500
Future
Option
.............
Put
8
1,900
4,750.00
2/19/24
22
E-Mini
S&P
500
Future
Option
.............
Put
8
1,880
4,700.00
2/29/24
20
$
117
HC
CAPITAL
TRUST
The
Emerging
Markets
Portfolio
Portfolio
of
Investments
—
December
31,2023
(Unaudited)
113
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
—
81.67%
Brazil
—
4.54%
429,922
Ambev
SA
(Beverages)
.............
$
1,216
435,636
B3
SA
-
Brasil
Bolsa
Balcao
(Capital
Markets)
....................
1,305
230,432
Banco
Bradesco
SA
(Banks)
..........
725
514,150
Banco
Bradesco
SA,
Preference
Shares
(Banks)(a)
...................
1,810
90,794
Banco
do
Brasil
SA
(Banks)
..........
1,036
159,261
BB
Seguridade
Participacoes
SA
(Insurance)
1,104
91,542
Centrais
Eletricas
Brasileiras
SA
(Electric
Utilities)
....................
800
444,892
Cia
Energetica
de
Minas
Gerais,
Preference
Shares
(Electric
Utilities)
........
1,052
98,100
Cia
Siderurgica
Nacional
SA
(Metals
&
Mining)
.....................
397
25,620
Gerdau
SA,
Preference
Shares
(Metals
&
Mining)
.....................
125
193,344
Hapvida
Participacoes
e
Investimentos
S/A
(Health
Care
Providers
&
Services)(b)
177
414,005
Itau
Unibanco
Holding
SA,
Preference
Shares
(Banks)
................
2,896
64,365
JBS
S/A
(Food
Products)
............
330
144,200
Klabin
SA
(Containers
&
Packaging)
....
660
103,765
Localiza
Rent
a
Car
SA
(Ground
Transportation)
...............
1,359
153,824
Lojas
Renner
SA
(Specialty
Retail)
.....
552
462,500
Magazine
Luiza
SA
(Broadline
Retail)(b)
.
206
97,849
Natura
&
Co.
Holding
SA
(Personal
Care
Products)(a)(b)
...............
340
651,855
Petroleo
Brasileiro
SA
(Oil,
Gas
&
Consumable
Fuels)
.............
5,233
150,533
Petroleo
Brasileiro
SA,
Preference
Shares
(Oil,
Gas
&
Consumable
Fuels)
....
1,154
93,520
PRIO
SA
(Oil,
Gas
&
Consumable
Fuels)(a)
887
223,600
Raia
Drogasil
SA
(Consumer
Staples
Distribution
&
Retail)
...........
1,354
108,800
Rumo
SA
(Ground
Transportation)(a)
...
514
41,400
Suzano
SA
(Paper
&
Forest
Products)
...
474
203,702
TIM
SA
(Wireless
Telecommunication
Services)
....................
752
225,652
Vale
SA
(Metals
&
Mining)
...........
3,587
243,850
WEG
SA
(Electrical
Equipment)
.......
1,854
31,899
Chile
—
0.44%
23,065
Banco
de
Credito
e
Inversiones
SA
(Banks)
625
293,158
Empresas
CMPC
SA
(Paper
&
Forest
Products)
....................
566
7,657,528
Enel
Americas
SA
(Electric
Utilities)(b)
..
848
7,027,795
Enel
Chile
SA
(Electric
Utilities)
.......
455
47,236
Falabella
SA
(Broadline
Retail)(b)
......
118
7,697
Sociedad
Quimica
y
Minera
de
Chile
SA,
Preference
Shares
(Electrical
Equipment)
..................
460
3,072
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
China
—
18.51%
77,365
360
Security
Technology,
Inc.,
Class
-
A
(Software)(b)
.................
$
98
7,995
3peak,
Inc.,
Class
-
A
(Semiconductors
&
Semiconductor
Equipment)
.......
165
14,000
AAC
Technologies
Holdings,
Inc.
(Electronic
Equipment,
Instruments
&
Components)
.................
42
2,150,000
Agricultural
Bank
of
China
Ltd.,
H
Shares
(Banks)
.....................
829
75,400
Air
China
Ltd.,
Class
-
A
(Passenger
Airlines)(b)
..................
78
700,000
Air
China
Ltd.,
H
Shares
(Passenger
Airlines)(b)
..................
443
43,000
Akeso,
Inc.
(Biotechnology)(b)
........
256
1,302,618
Alibaba
Group
Holding
Ltd.
(Broadline
Retail)
......................
12,612
314,000
Aluminum
Corp
of
China
Ltd.,
H
Shares
(Metals
&
Mining)
.............
157
155,700
Aluminum
Corp.
of
China
Ltd.,
Class
-
A
(Metals
&
Mining)
.............
124
6,300
Anjoy
Foods
Group
Co.
Ltd.,
Class
-
A
(Food
Products)
...............
93
111,000
ANTA
Sports
Products
Ltd.
(Textiles,
Apparel
&
Luxury
Goods)
.......
1,077
5,814
Autohome,
Inc.,
ADR
(Interactive
Media
&
Services)
....................
163
177,126
Baidu,
Inc.
(Interactive
Media
&
Services)
(b)
........................
2,634
5,524,100
Bank
of
China
Ltd.,
H
Shares
(Banks)
...
2,108
1,399,000
Bank
of
Communications
Co.
Ltd.,
H
Shares
(Banks)
.....................
873
281,350
Beijing
Dabeinong
Technology
Group
Co.
Ltd.,
Class
-
A
(Food
Products)
....
236
144,823
Beijing
Shiji
Information
Technology
Co.
Ltd.,
Class
-
A
(Software)(b)
......
199
9,449
Bilibili,
Inc.,
ADR
(Entertainment)(b)
...
115
4,040
Bilibili,
Inc.,
Class
-
Z
(Entertainment)(b)
48
32,000
BYD
Co.
Ltd.
(Automobiles)(a)
.......
879
70,553
BYD
Co.
Ltd.,
Class
-
A
(Automobiles)
..
1,970
115,500
BYD
Electronic
International
Co.
Ltd.
(Communications
Equipment)
.....
541
60,100
Chengxin
Lithium
Group
Co.
Ltd.,
Class
-
A
(Chemicals)
..................
193
432,000
China
Cinda
Asset
Management
Co.
Ltd.,
H
Shares
(Capital
Markets)(a)
......
43
134,900
China
Communications
Services
Corp.
Ltd.,
H
Shares
(Construction
&
Engineering)
.................
56
8,731,350
China
Construction
Bank
Corp.,
H
Shares
(Banks)
.....................
5,200
1,641,000
China
Everbright
Bank
Co.
Ltd.,
H
Shares
(Banks)
.....................
488
110,000
China
Feihe
Ltd.
(Food
Products)
......
60
69,200
China
Galaxy
Securities
Co.
Ltd.,
Class
-
A
(Capital
Markets)
..............
118
174,000
China
Galaxy
Securities
Co.
Ltd.,
H
Shares
(Capital
Markets)
..............
92
114
HC
CAPITAL
TRUST
The
Emerging
Markets
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
China
(continued)
53,600
China
International
Capital
Corp.
Ltd.,
Class
-
A
(Capital
Markets)
...........
$
288
50,800
China
International
Capital
Corp.
Ltd.,
H
Shares
(Capital
Markets)
........
75
1,115,000
China
Life
Insurance
Co.
Ltd.,
H
Shares
(Insurance)
..................
1,445
108,200
China
Literature
Ltd.
(Media)(a)(b)
.....
403
290,000
China
Longyuan
Power
Group
Corp.
Ltd.,
H
Shares
(Independent
Power
and
Renewable
Electricity
Producers)
..
220
77,800
China
Merchants
Bank
Co.
Ltd.,
Class
-
A
(Banks)
.....................
305
410,500
China
Merchants
Bank
Co.
Ltd.,
H
Shares
(Banks)
.....................
1,430
1,030,000
China
National
Building
Material
Co.
Ltd.,
H
Shares
(Construction
Materials)(a)
441
80,850
China
Northern
Rare
Earth
Group
High-
Tech
Co.
Ltd.,
Class
-
A
(Metals
&
Mining)
.....................
220
584,800
China
Petroleum
&
Chemical
Corp.,
Class
-
A
(Oil,
Gas
&
Consumable
Fuels)
..
460
1,643,400
China
Petroleum
&
Chemical
Corp.,
H
Shares
(Oil,
Gas
&
Consumable
Fuels)
861
479,000
China
Shenhua
Energy
Co.
Ltd.,
H
Shares
(Oil,
Gas
&
Consumable
Fuels)
....
1,641
846,000
China
Southern
Airlines
Co.
Ltd.,
H
Shares
(Passenger
Airlines)(b)
..........
359
9,400
China
Tourism
Group
Duty
Free
Corp.
Ltd.,
Class
-
A
(Specialty
Retail)
.......
111
5,316,000
China
Tower
Corp.
Ltd.,
H
Shares
(Diversified
Telecommunication
Services)
....................
558
71,100
China
Vanke
Co.
Ltd.,
H
Shares
(Real
Estate
Management
&
Development)(a)
...
66
12,400
Chongqing
Brewery
Co.
Ltd.,
Class
-
A
(Beverages)
..................
116
51,000
Chongqing
Changan
Automobile
Co.
Ltd.,
Class
-
A
(Automobiles)
.........
121
55,650
Chongqing
Zhifei
Biological
Products
Co.
Ltd.,
Class
-
A
(Biotechnology)
....
480
189,765
CITIC
Securities
Co.
Ltd.,
Class
-
A
(Capital
Markets)
....................
545
83,000
CITIC
Securities
Co.
Ltd.,
H
Shares
(Capital
Markets)
....................
169
285,000
CMOC
Group
Ltd.,
H
Shares
(Metals
&
Mining)
.....................
156
23,040
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
-
A
(Electrical
Equipment)
530
482,430
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
-
A
(Marine
Transportation)
..
652
124,800
COSCO
SHIPPING
Holdings
Co.
Ltd.,
H
Shares
(Marine
Transportation)
....
125
1,222,000
Country
Garden
Holdings
Co.
Ltd.
(Real
Estate
Management
&
Development)^(b)
.............
122
195,678
Country
Garden
Services
Holdings
Co.
Ltd.
(Real
Estate
Management
&
Development)
................
169
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
China
(continued)
118,100
CSC
Financial
Co.
Ltd.,
Class
-
A
(Capital
Markets)
....................
$
394
288,000
CSPC
Pharmaceutical
Group
Ltd.
(Pharmaceuticals)(a)
...........
268
4,307
Daqo
New
Energy
Corp.,
ADR
(Semiconductors
&
Semiconductor
Equipment)(b)
................
115
73,400
Dongfang
Electric
Corp.
Ltd.,
Class
-
A
(Electrical
Equipment)
..........
151
202,590
East
Money
Information
Co.
Ltd.,
Class
-
A
(Capital
Markets)
..............
401
79,300
ENN
Energy
Holdings
Ltd.
(Gas
Utilities)
584
55,623
Eve
Energy
Co.
Ltd.,
Class
-
A
(Electrical
Equipment)
..................
331
85,400
Fangda
Carbon
New
Material
Co.
Ltd.,
Class
-
A
(Electrical
Equipment)(b)
.
63
450,300
Focus
Media
Information
Technology
Co.
Ltd.,
Class
-
A
(Media)
..........
401
58,660
Foshan
Haitian
Flavouring
&
Food
Co.
Ltd.,
Class
-
A
(Food
Products)
........
314
67,000
Fosun
International
Ltd.
(Industrial
Conglomerates)
...............
39
25,400
Fujian
Sunner
Development
Co.
Ltd.,
Class
-
A
(Food
Products)
............
62
83,704
GDS
Holdings
Ltd.,
Class
-
A
(IT
Services)
(b)
........................
97
110,000
Genscript
Biotech
Corp.
(Life
Sciences
Tools
&
Services)(a)(b)
.........
280
112,200
GF
Securities
Co.
Ltd.,
Class
-
A
(Capital
Markets)
....................
226
85,000
GF
Securities
Co.
Ltd.,
H
Shares
(Capital
Markets)
....................
102
2,400
Ginlong
Technologies
Co.
Ltd.,
Class
-
A
(Electrical
Equipment)
..........
24
276,500
Great
Wall
Motor
Co.
Ltd.
(Automobiles)
359
37,800
Gree
Electric
Appliances,
Inc.
of
Zhuhai,
Class
-
A
(Household
Durables)
....
171
157,000
Guanghui
Energy
Co.
Ltd.,
Class
-
A
(Oil,
Gas
&
Consumable
Fuels)
.......
158
598,000
Guangzhou
Automobile
Group
Co.
Ltd.,
H
Shares
(Automobiles)
...........
278
12,766
H
World
Group
Ltd.,
ADR
(Hotels,
Restaurants
&
Leisure)
..........
427
162,000
Haidilao
International
Holding
Ltd.
(Hotels,
Restaurants
&
Leisure)
..........
302
111,100
Haier
Smart
Home
Co.
Ltd.,
Class
-
A
(Household
Durables)
...........
329
211,800
Haier
Smart
Home
Co.
Ltd.,
H
Shares
(Household
Durables)
...........
598
100
Haitong
Securities
Co.
Ltd.,
Class
-
A
(Capital
Markets)
..............
—
88,400
Haitong
Securities
Co.
Ltd.,
H
Shares
(Capital
Markets)
..............
47
160,500
Hengan
International
Group
Co.
Ltd.
(Personal
Care
Products)
........
597
45,000
Hengli
Petrochemical
Co.
Ltd.,
Class
-
A
(Chemicals)(b)
................
84
115
HC
CAPITAL
TRUST
The
Emerging
Markets
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
China
(continued)
10,100
Hithink
RoyalFlush
Information
Network
Co.
Ltd.,
Class
-
A
(Capital
Markets)
$
223
43,407
Horizon
Construction
Development
Ltd.
(Trading
Companies
&
Distributors)
(b)
........................
26
137,000
Hua
Hong
Semiconductor
Ltd.
(Semiconductors
&
Semiconductor
Equipment)(a)(b)
..............
331
25,200
Huadong
Medicine
Co.
Ltd.,
Class
-
A
(Health
Care
Providers
&
Services)
.
147
352,000
Huaneng
Power
International,
Inc.,
H
Shares
(Independent
Power
and
Renewable
Electricity
Producers)(a)(b)
.......
187
100
Huatai
Securities
Co.
Ltd.,
Class
-
A
(Capital
Markets)
....................
—
59,000
Huatai
Securities
Co.
Ltd.,
H
Shares
(Capital
Markets)
....................
75
89,400
Iflytek
Co.
Ltd.,
Class
-
A
(Software)
....
585
6,214,440
Industrial
&
Commercial
Bank
of
China
Ltd.,
H
Shares
(Banks)
..........
3,040
222,200
Inner
Mongolia
BaoTou
Steel
Union
Co.
Ltd.,
Class
-
A
(Metals
&
Mining)(b)
46
128,500
Innovent
Biologics,
Inc.
(Biotechnology)(b)
704
23,184
Inspur
Electronic
Information
Industry
Co.
Ltd.,
Class
-
A
(Technology
Hardware,
Storage
&
Peripherals)
..........
109
22,650
iQIYI,
Inc.,
ADR
(Entertainment)(b)
....
111
84,050
JD
Health
International,
Inc.
(Consumer
Staples
Distribution
&
Retail)(b)
...
421
177,057
JD.com,
Inc.
(Broadline
Retail)
........
2,551
1,180,000
Jiangsu
Expressway
Co.
Ltd.,
H
Shares
(Transportation
Infrastructure)
.....
1,061
31
Jiangsu
Hengrui
Pharmaceuticals
Co.
Ltd.,
Class
-
A
(Pharmaceuticals)
.......
—
14,100
Juewei
Food
Co.
Ltd.,
Class
-
A
(Food
Products)
....................
53
12,389
Kanzhun
Ltd.
(Interactive
Media
&
Services)
....................
206
54,155
KE
Holdings,
Inc.,
ADR
(Real
Estate
Management
&
Development)
.....
878
421,000
Kingdee
International
Software
Group
Co.
Ltd.
(Software)(b)
.............
614
62,000
Kingsoft
Corp.
Ltd.
(Entertainment)(a)
...
191
197,500
Kuaishou
Technology,
Class
-
W
(Interactive
Media
&
Services)(b)
...........
1,339
5,400
Kweichow
Moutai
Co.
Ltd.,
Class
-
A
(Beverages)
..................
1,314
124,000
Lenovo
Group
Ltd.
(Technology
Hardware,
Storage
&
Peripherals)
..........
173
46,500
Lens
Technology
Co.
Ltd.,
Class
-
A
(Electronic
Equipment,
Instruments
&
Components)
.................
87
101,414
Li
Auto,
Inc.,
Class
-
A
(Automobiles)(b)
.
1,911
229,000
Li
Ning
Co.
Ltd.
(Textiles,
Apparel
&
Luxury
Goods)
...............
613
131,819
Luxshare
Precision
Industry
Co.
Ltd.,
Class
-
A
(Electronic
Equipment,
Instruments
&
Components)
...............
640
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
China
(continued)
218,160
Meinian
Onehealth
Healthcare
Holdings
Co.
Ltd.,
Class
-
A
(Health
Care
Providers
&
Services)(b)
................
$
185
401,828
Meituan,
Class
-
W
(Hotels,
Restaurants
&
Leisure)(b)
..................
4,215
59,000
Microport
Scientific
Corp.
(Health
Care
Equipment
&
Supplies)(b)
.......
64
7,280
Muyuan
Foods
Co.
Ltd.,
Class
-
A
(Food
Products)
....................
42
168,600
NetEase,
Inc.
(Entertainment)
.........
3,036
20,200
New
China
Life
Insurance
Co.
Ltd.,
Class
-
A
(Insurance)
.................
89
171,200
New
China
Life
Insurance
Co.
Ltd.,
H
Shares
(Insurance)
.............
334
121,600
New
Oriental
Education
&
Technology
Group,
Inc.
(Diversified
Consumer
Services)(b)
..................
860
121,605
NIO,
Inc.
(Automobiles)(b)
...........
1,103
23,520
Ovctek
China,
Inc.,
Class
-
A
(Health
Care
Equipment
&
Supplies)
.........
75
111,600
Perfect
World
Co.
Ltd.,
Class
-
A
(Entertainment)
...............
186
456,300
PetroChina
Co.
Ltd.,
Class
-
A
(Oil,
Gas
&
Consumable
Fuels)
.............
454
1,264,000
PetroChina
Co.
Ltd.,
H
Shares
(Oil,
Gas
&
Consumable
Fuels)
.............
835
330,000
PICC
Property
&
Casualty
Co.
Ltd.,
H
Shares
(Insurance)
.............
392
751,517
Ping
An
Insurance
Group
Co.
of
China
Ltd.
(Insurance)
..................
3,402
71,500
Range
Intelligent
Computing
Technology
Group
Co.
Ltd.
(Machinery)
......
256
345,600
Rongsheng
Petrochemical
Co.
Ltd.,
Class
-
A
(Chemicals)
................
504
45,700
SAIC
Motor
Corp.
Ltd.,
Class
-
A
(Automobiles)
................
87
16,300
Seres
Group
Co.
Ltd.,
Class
-
A
(Automobiles)(b)
..............
175
120,299
Shandong
Buchang
Pharmaceuticals
Co.
Ltd.,
Class
-
A
(Pharmaceuticals)
...
289
136,100
Shanghai
Electric
Group
Co.
Ltd.,
Class
-
A
(Electrical
Equipment)(b)
........
80
9,000
Shanghai
Junshi
Biosciences
Co.
Ltd.,
Class
-
A
(Biotechnology)(b)
..........
53
921,300
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.,
H
Shares
(Health
Care
Providers
&
Services)
....................
1,347
6,090
Shanghai
Putailai
New
Energy
Technology
Co.
Ltd.,
Class
-
A
(Chemicals)
....
18
82,200
Shanxi
Meijin
Energy
Co.
Ltd.,
Class
-
A
(Metals
&
Mining)(b)
...........
77
57,920
Shenzhen
Kangtai
Biological
Products
Co.
Ltd.,
Class
-
A
(Biotechnology)
....
222
99,700
Shenzhou
International
Group
Holdings
Ltd.
(Textiles,
Apparel
&
Luxury
Goods)(a)
1,027
26,100
Sichuan
Kelun
Pharmaceutical
Co.
Ltd.,
Class
-
A
(Pharmaceuticals)
.......
107
116
HC
CAPITAL
TRUST
The
Emerging
Markets
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
China
(continued)
50,000
Silergy
Corp.
(Semiconductors
&
Semiconductor
Equipment)
.......
$
815
169,000
Smoore
International
Holdings
Ltd.
(Tobacco)
...................
141
233,617
Songcheng
Performance
Development
Co.
Ltd.,
Class
-
A
(Hotels,
Restaurants
&
Leisure)
....................
325
5,000
StarPower
Semiconductor
Ltd.,
Class
-
A
(Semiconductors
&
Semiconductor
Equipment)
..................
128
124,127
Sunny
Optical
Technology
Group
Co.
Ltd.
(Electronic
Equipment,
Instruments
&
Components)
.................
1,126
30,900
Suzhou
Dongshan
Precision
Manufacturing
Co.
Ltd.,
Class
-
A
(Electronic
Equipment,
Instruments
&
Components)
.................
79
13,568
Suzhou
Maxwell
Technologies
Co.
Ltd.,
Class
-
A
(Semiconductors
&
Semiconductor
Equipment)
.......
248
45,497
TAL
Education
Group,
ADR
(Diversified
Consumer
Services)(b)
..........
575
525,386
Tencent
Holdings
Ltd.
(Interactive
Media
&
Services)(a)
..................
19,754
55,429
Tencent
Music
Entertainment
Group,
ADR
(Entertainment)(b)
.............
499
38,100
Trip.com
Group
Ltd.
(Hotels,
Restaurants
&
Leisure)(b)
..................
1,355
30,940
Unisplendour
Corp.
Ltd.,
Class
-
A
(Electronic
Equipment,
Instruments
&
Components)(b)
...............
84
40,691
Vipshop
Holdings
Ltd.,
ADR
(Broadline
Retail)(b)
...................
723
81,675
Walvax
Biotechnology
Co.
Ltd.,
Class
-
A
(Biotechnology)
...............
271
8,500
Weibo
Corp.,
ADR
(Interactive
Media
&
Services)
....................
93
50,500
Weichai
Power
Co.
Ltd.,
Class
-
A
(Machinery)
.................
97
54,000
Weichai
Power
Co.
Ltd.,
H
Shares
(Machinery)
.................
90
44,260
Wens
Foodstuffs
Group
Co.
Ltd.,
Class
-
A
(Food
Products)
...............
125
134,279
Wuhan
Guide
Infrared
Co.
Ltd.,
Class
-
A
(Electronic
Equipment,
Instruments
&
Components)
.................
138
19,900
Wuliangye
Yibin
Co.
Ltd.,
Class
-
A
(Beverages)
..................
394
30,360
WUS
Printed
Circuit
Kunshan
Co.
Ltd.,
Class
-
A
(Electronic
Equipment,
Instruments
&
Components)
......
95
27,200
WuXi
AppTec
Co.
Ltd.,
Class
-
A
(Life
Sciences
Tools
&
Services)
.......
279
30,340
WuXi
AppTec
Co.
Ltd.,
H
Shares
(Life
Sciences
Tools
&
Services)
.......
309
323,500
Wuxi
Biologics
Cayman,
Inc.
(Life
Sciences
Tools
&
Services)(b)
...........
1,226
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
China
(continued)
1,203,000
Xiaomi
Corp.,
Class
-
W
(Technology
Hardware,
Storage
&
Peripherals)(a)
(b)
........................
$
2,403
51,700
Xinjiang
Goldwind
Science
&
Technology
Co.
Ltd.,
Class
-
A
(Electrical
Equipment)
..................
58
468,481
Xinyi
Solar
Holdings
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
.....
274
98,064
XPeng,
Inc.,
A
Shares
(Automobiles)(b)
..
712
366,000
Yadea
Group
Holdings
Ltd.
(Automobiles)
(a)
........................
643
30,900
Yankuang
Energy
Group
Co.
Ltd.,
Class
-
A
(Oil,
Gas
&
Consumable
Fuels)
....
86
219,000
Yankuang
Energy
Group
Co.
Ltd.,
H
Shares
(Oil,
Gas
&
Consumable
Fuels)
....
416
60,970
Yealink
Network
Technology
Corp.
Ltd.,
Class
-
A
(Communications
Equipment)
..................
254
76,440
Yintai
Gold
Co.
Ltd.,
Class
-
A
(Metals
&
Mining)
.....................
162
124,076
Yonyou
Network
Technology
Co.
Ltd.,
Class
-
A
(Software)
............
311
45,851
Yum
China
Holdings,
Inc.
(Hotels,
Restaurants
&
Leisure)
..........
1,945
27,030
Yunda
Holding
Co.
Ltd.,
Class
-
A
(Air
Freight
&
Logistics)
............
28
10,800
Yunnan
Energy
New
Material
Co.
Ltd.,
Class
-
A
(Chemicals)
...........
87
73,000
Zai
Lab
Ltd.
(Biotechnology)(b)
.......
201
13,100
Zhangzhou
Pientzehuang
Pharmaceutical
Co.
Ltd.,
Class
-
A
(Pharmaceuticals)
447
51,400
Zhejiang
Century
Huatong
Group
Co.
Ltd.,
Class
-
A
(Entertainment)(b)
......
37
13,440
Zhejiang
Dingli
Machinery
Co.
Ltd.,
Class
-
A
(Machinery)
................
97
1,509,720
Zhejiang
Expressway
Co.
Ltd.,
H
Shares
(Transportation
Infrastructure)
.....
1,007
8,200
Zhejiang
Supor
Co.
Ltd.,
Class
-
A
(Household
Durables)
...........
61
75,900
Zheshang
Securities
Co.
Ltd.,
Class
-
A
(Capital
Markets)
..............
112
29,200
ZhongAn
Online
P&C
Insurance
Co.
Ltd.,
H
Shares
(Insurance)(b)
...........
67
15,300
Zhongji
Innolight
Co.
Ltd.,
Class
-
A
(Communications
Equipment)
.....
244
63,500
Zhongsheng
Group
Holdings
Ltd.
(Specialty
Retail)
......................
152
530,500
Zijin
Mining
Group
Co.
Ltd.,
Class
-
A
(Metals
&
Mining)
.............
932
218,000
Zijin
Mining
Group
Co.
Ltd.,
H
Shares
(Metals
&
Mining)
.............
355
325,100
Zoomlion
Heavy
Industry
Science
and
Technology
Co.
Ltd.,
Class
-
A
(Machinery)
.................
299
169,800
ZTE
Corp.,
Class
-
A
(Communications
Equipment)
..................
634
96,000
ZTE
Corp.,
H
Shares
(Communications
Equipment)
..................
214
117
HC
CAPITAL
TRUST
The
Emerging
Markets
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
China
(continued)
27,491
ZTO
Express
Cayman,
Inc.,
ADR
(Air
Freight
&
Logistics)
............
$
585
130,202
Cyprus
—
0.00%
7,712
TCS
Group
Holding
PLC,
GDR
(Banks)(b)
(c)
........................
—
Czech
Republic
—
0.11%
190,434
Moneta
Money
Bank
A/S
(Banks)(a)
....
798
Egypt
—
0.10%
294,053
Commercial
International
Bank
-
Egypt
(CIB)
(Banks)
................
694
Greece
—
0.25%
51,559
Alpha
Services
and
Holdings
SA
(Banks)(b)
88
116,923
Hellenic
Telecommunications
Organization
SA
(Diversified
Telecommunication
Services)
....................
1,664
1,752
Hong
Kong
—
1.19%
348,000
Alibaba
Health
Information
Technology
Ltd.
(Consumer
Staples
Distribution
&
Retail)(a)(b)
.................
189
1,039,733
Beijing
Enterprises
Water
Group
Ltd.
(Water
Utilities)(a)
..................
232
712,182
China
Everbright
Environment
Group
Ltd.
(Commercial
Services
&
Supplies)
.
232
126,000
China
Mengniu
Dairy
Co.
Ltd.
(Food
Products)(a)
..................
339
270,000
China
Overseas
Land
&
Investment
Ltd.
(Real
Estate
Management
&
Development)
................
476
102,000
China
Resources
Beer
Holdings
Co.
Ltd.
(Beverages)
..................
447
633,761
China
Resources
Land
Ltd.
(Real
Estate
Management
&
Development)
.....
2,272
500,143
China
Resources
Power
Holdings
Co.
Ltd.
(Independent
Power
and
Renewable
Electricity
Producers)
...........
1,001
532,000
China
Ruyi
Holdings
Ltd.
(Entertainment)^(b)
............
118
112,000
China
State
Construction
International
Holdings
Ltd.
(Construction
&
Engineering)
.................
130
79,400
China
Taiping
Insurance
Holdings
Co.
Ltd.
(Insurance)(a)
................
68
1,172,000
Far
East
Horizon
Ltd.
(Financial
Services)
921
1,688,000
GCL
Technology
Holdings
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
..................
268
536,000
Geely
Automobile
Holdings
Ltd.
(Automobiles)(a)
..............
589
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Hong
Kong
(continued)
122,500
Kingboard
Holdings
Ltd.
(Electronic
Equipment,
Instruments
&
Components)
.................
$
293
332,000
Kingboard
Laminates
Holdings
Ltd.
(Electronic
Equipment,
Instruments
&
Components)(a)
...............
286
735,000
Sino
Biopharmaceutical
Ltd.
(Pharmaceuticals)(a)
...........
327
209,600
Yuexiu
Property
Co.
Ltd.
(Real
Estate
Management
&
Development)
.....
171
8,359
Hungary
—
0.27%
62,779
MOL
Hungarian
Oil
&
Gas
PLC
(Oil,
Gas
&
Consumable
Fuels)
...........
512
172
OTP
Bank
Nyrt
(Banks)
.............
8
54,565
Richter
Gedeon
Nyrt
(Pharmaceuticals)
..
1,379
1,899
India
—
14.94%
15,407
Adani
Enterprises
Ltd.
(Trading
Companies
&
Distributors)
...............
528
32,957
Adani
Green
Energy
Ltd.
(Independent
Power
and
Renewable
Electricity
Producers)(b)
.................
633
123,743
Adani
Ports
&
Special
Economic
Zone
Ltd.
(Transportation
Infrastructure)
.....
1,523
96,565
Adani
Power
Ltd.
(Independent
Power
and
Renewable
Electricity
Producers)(b)
609
212,891
Ambuja
Cements
Ltd.
(Construction
Materials)
...................
1,333
8,752
Apollo
Hospitals
Enterprise
Ltd.
(Health
Care
Providers
&
Services)
.......
600
25,951
Asian
Paints
Ltd.
(Chemicals)
.........
1,061
34,614
Aurobindo
Pharma
Ltd.
(Pharmaceuticals)
(a)
........................
451
56,857
Avenue
Supermarts
Ltd.
(Consumer
Staples
Distribution
&
Retail)(a)(b)
......
2,790
259,886
Axis
Bank
Ltd.
(Banks)(a)
...........
3,443
17,379
Bajaj
Auto
Ltd.
(Automobiles)
........
1,420
34,104
Bajaj
Finance
Ltd.
(Consumer
Finance)(a)
3,003
77,010
Bajaj
Finserv
Ltd.
(Financial
Services)
...
1,560
216,368
Bharat
Petroleum
Corp.
Ltd.
(Oil,
Gas
&
Consumable
Fuels)(a)
...........
1,172
22,755
Bharti
Airtel
Ltd.
(Wireless
Telecommunication
Services)(a)
...
282
72,438
CG
Power
&
Industrial
Solutions
Ltd.
(Electrical
Equipment)
..........
396
8,842,285
Chennai
Super
Kings
Cricket
Ltd.
(Entertainment)(b)(c)
...........
11,529
75,285
Cholamandalam
Investment
and
Finance
Co.
Ltd.
(Consumer
Finance)
.....
1,140
603,311
Coal
India
Ltd.
(Oil,
Gas
&
Consumable
Fuels)(a)
....................
2,726
45,241
DLF
Ltd.
(Real
Estate
Management
&
Development)(a)
..............
395
118
HC
CAPITAL
TRUST
The
Emerging
Markets
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
India
(continued)
33,142
Dr.
Reddy's
Laboratories
Ltd.
(Pharmaceuticals)
.............
$
2,306
17,545
Eicher
Motors
Ltd.
(Automobiles)(a)
....
874
478,101
GAIL
India
Ltd.
(Gas
Utilities)
........
931
138,532
HCL
Technologies
Ltd.
(IT
Services)
....
2,441
228,795
HDFC
Bank
Ltd.
(Banks)
............
4,700
14,600
Hindustan
Aeronautics
Ltd.
(Aerospace
&
Defense)
....................
492
46,133
Hindustan
Unilever
Ltd.
(Personal
Care
Products)(a)
..................
1,477
495,827
ICICI
Bank
Ltd.
(Banks)(a)
...........
5,939
208,399
Indian
Oil
Corp.
Ltd.
(Oil,
Gas
&
Consumable
Fuels)
.............
325
3,542
Info
Edge
India
Ltd.
(Interactive
Media
&
Services)
....................
219
233,876
Infosys
Ltd.
(IT
Services)
............
4,337
17,988
InterGlobe
Aviation
Ltd.
(Passenger
Airlines)(b)
..................
641
480,232
ITC
Ltd.
(Tobacco)(a)
...............
2,667
296,119
Jio
Financial
Services
Ltd.
(Financial
Services)(b)
..................
829
29,227
Kotak
Mahindra
Bank
Ltd.
(Banks)(a)
...
670
5,988
Larsen
&
Toubro
Ltd.
(Construction
&
Engineering)(a)
...............
254
32,674
Mahindra
&
Mahindra
Ltd.
(Automobiles)
679
2,948
Maruti
Suzuki
India
Ltd.
(Automobiles)
..
365
543,033
NTPC
Ltd.
(Independent
Power
and
Renewable
Electricity
Producers)(a)
2,031
231,740
Oil
&
Natural
Gas
Corp.
Ltd.
(Oil,
Gas
&
Consumable
Fuels)(a)
...........
571
31,703
Pidilite
Industries
Ltd.
(Chemicals)
.....
1,034
133,161
Power
Finance
Corp.
Ltd.
(Financial
Services)
....................
612
84,255
REC
Ltd.
(Financial
Services)
.........
418
296,119
Reliance
Industries
Ltd.
(Oil,
Gas
&
Consumable
Fuels)
.............
9,199
30,301
SBI
Life
Insurance
Co.
Ltd.
(Insurance)
..
522
5,875
Shree
Cement
Ltd.
(Construction
Materials)
(a)
........................
2,023
234,732
State
Bank
of
India
(Banks)(a)
........
1,811
792,468
Suzlon
Energy
Ltd.
(Electrical
Equipment)
(b)
........................
364
65,618
Tata
Consultancy
Services
Ltd.
(IT
Services)
(a)
........................
2,991
191,775
Tata
Motors
Ltd.
(Automobiles)(a)
.....
1,798
1,867,110
Tata
Steel
Ltd.
(Metals
&
Mining)
......
3,132
38,639
Titan
Co.
Ltd.
(Textiles,
Apparel
&
Luxury
Goods)
.....................
1,707
12,941
Trent
Ltd.
(Specialty
Retail)
..........
475
9,539
Tube
Investments
of
India
Ltd.
(Automobile
Components)
.................
406
22,694
UltraTech
Cement
Ltd.
(Construction
Materials)
...................
2,865
222,144
United
Spirits
Ltd.
(Beverages)
........
2,984
172,397
Vedanta
Ltd.
(Metals
&
Mining)(a)
.....
536
345,442
Wipro
Ltd.
(IT
Services)(a)
...........
1,957
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
India
(continued)
1,074,947
Yes
Bank
Ltd.
(Banks)(a)(b)
..........
$
277
391,468
Zomato
Ltd.
(Hotels,
Restaurants
&
Leisure)
(b)
........................
582
105,035
Indonesia
—
1.51%
360,200
Aneka
Tambang
Tbk
(Metals
&
Mining)
.
40
32,225,600
GoTo
Gojek
Tokopedia
Tbk
PT
(Broadline
Retail)(b)
...................
180
2,110,400
PT
Astra
International
Tbk
(Industrial
Conglomerates)
...............
775
4,904,385
PT
Bank
Central
Asia
Tbk
(Banks)
.....
2,994
5,393,700
PT
Bank
Rakyat
Indonesia
Persero
Tbk
(Banks)
.....................
2,005
833,271
PT
Barito
Pacific
Tbk
(Chemicals)
......
72
1,875,600
PT
Charoen
Pokphand
Indonesia
Tbk
(Food
Products)
....................
612
345,000
PT
Indah
Kiat
Pulp
&
Paper
Tbk
(Paper
&
Forest
Products)
...............
187
2,093,700
PT
Indofood
Sukses
Makmur
Tbk
(Food
Products)
....................
877
9,480,935
PT
Kalbe
Farma
Tbk
(Pharmaceuticals)
..
992
237,400
PT
Merdeka
Copper
Gold
Tbk
(Metals
&
Mining)(a)(b)
................
42
621,400
PT
Semen
Indonesia
Persero
Tbk
(Construction
Materials)
.........
258
5,748,850
PT
Telkom
Indonesia
Persero
Tbk
(Diversified
Telecommunication
Services)(a)
..................
1,475
63,800
PT
United
Tractors
Tbk
(Oil,
Gas
&
Consumable
Fuels)
.............
94
10,603
Ireland
(Republic
of)
—
1.00%
48,284
PDD
Holdings,
Inc.,
ADR
(Broadline
Retail)
(b)
........................
7,064
Kuwait
—
0.25%
346,467
Boubyan
Bank
KSCP
(Banks)
.........
677
469,648
Kuwait
Finance
House
KSCP
(Banks)
...
1,110
1,787
Malaysia
—
1.61%
241,900
AMMB
Holdings
Berhad
(Banks)
......
211
60,200
CELCOMDIGI
Berhad
(Wireless
Telecommunication
Services)
.....
54
1,488,900
Dialog
Group
Berhad
(Energy
Equipment
&
Services)
....................
671
1,093,800
IHH
Healthcare
Berhad
(Health
Care
Providers
&
Services)
...........
1,437
1,283,100
IOI
Corp.
Berhad
(Food
Products)
......
1,099
378,796
Malayan
Banking
Berhad
(Banks)
......
734
1,025,800
Malaysia
Airports
Holdings
Berhad
(Transportation
Infrastructure)
.....
1,644
119
HC
CAPITAL
TRUST
The
Emerging
Markets
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Malaysia
(continued)
581,500
Maxis
Berhad
(Wireless
Telecommunication
Services)(a)
..................
$
488
15,300
Petronas
Gas
Berhad
(Gas
Utilities)
.....
58
949,200
Press
Metal
Aluminium
Holdings
Berhad
(Metals
&
Mining)(a)
...........
995
1,142,400
Public
Bank
Berhad
(Banks)
..........
1,068
1,262,600
QL
Resources
Berhad
(Food
Products)
...
1,570
558,900
Sime
Darby
Berhad
(Industrial
Conglomerates)
...............
286
1,028,100
Sime
Darby
Plantation
Berhad
(Food
Products)
....................
999
11,314
Mexico
—
2.24%
1,291,300
America
Movil
SAB
de
CV,
Class
-
B
(Wireless
Telecommunication
Services)
....................
1,197
1,050,300
Cemex
SAB
de
CV
(Construction
Materials)
(b)
........................
818
138,800
Coca-Cola
Femsa
SAB
de
CV
(Beverages)
1,316
156,300
Fibra
Uno
Administracion
SA
de
CV
(Diversified
REITs)(a)
..........
281
337,562
Fomento
Economico
Mexicano
SAB
de
CV
(Beverages)
..................
4,393
43,945
Grupo
Aeroportuario
del
Sureste
SAB
de
CV,
Class
-
B
(Transportation
Infrastructure)
................
1,288
142,198
Grupo
Bimbo
SAB
de
CV,
Class
-
A
(Food
Products)
....................
720
152,000
Grupo
Financiero
Banorte
SAB
de
CV,
Class
-
O
(Banks)
..............
1,529
404,517
Grupo
Mexico
SAB
de
CV,
Class
-
B
(Metals
&
Mining)
.............
2,244
454,300
Kimberly-Clark
de
Mexico
SAB
de
CV,
Class
-
A
(Household
Products)
....
1,021
439,825
Orbia
Advance
Corp
SAB
de
CV
(Chemicals)
..................
975
15,782
Peru
—
0.44%
109,508
Cia
de
Minas
Buenaventura
SAA,
ADR
(Metals
&
Mining)
.............
1,669
9,691
Credicorp
Ltd.
(Banks)
..............
1,453
3,122
Philippines
—
0.85%
1,181,140
Aboitiz
Equity
Ventures,
Inc.
(Industrial
Conglomerates)(a)
.............
952
1,797,673
Metropolitan
Bank
&
Trust
Co.
(Banks)
..
1,666
17,765
PLDT,
Inc.
(Wireless
Telecommunication
Services)
....................
410
187,693
SM
Investments
Corp.
(Industrial
Conglomerates)
...............
2,956
5,984
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Poland
—
0.59%
97,123
Bank
Polska
Kasa
Opieki
SA
(Banks)(a)
.
$
3,756
3,287
CD
Projekt
SA
(Entertainment)
........
96
3,670
KGHM
Polska
Miedz
SA
(Metals
&
Mining)
.....................
115
13,430
Powszechny
Zaklad
Ubezpieczen
SA
(Insurance)(a)
................
161
4,128
Qatar
—
0.83%
46,759
Industries
Qatar
QSC
(Industrial
Conglomerates)
...............
166
962,524
Masraf
Al
Rayan
QSC
(Banks)
........
685
370,757
Mesaieed
Petrochemical
Holding
Co.
(Chemicals)
..................
180
121,012
Qatar
Fuel
QSC
(Oil,
Gas
&
Consumable
Fuels)
......................
543
55,762
Qatar
International
Islamic
Bank
QSC
(Banks)
.....................
161
187,807
Qatar
Islamic
Bank
SAQ
(Banks)
......
1,078
508,820
Qatar
National
Bank
QPSC
(Banks)
.....
2,244
459,841
The
Commercial
Bank
PSQC
(Banks)
...
752
5,809
Russia
—
0.00%
877,850
Gazprom
PJSC
(Oil,
Gas
&
Consumable
Fuels)(b)(c)
..................
—
280,855
Gazprom
PJSC,
ADR
(Oil,
Gas
&
Consumable
Fuels)(b)(c)
........
—
23,471
LUKOIL
PJSC
(Oil,
Gas
&
Consumable
Fuels)(c)
....................
—
32,986
LUKOIL
PJSC
(Oil,
Gas
&
Consumable
Fuels)(c)
....................
—
102,050
Novatek
PJSC
(Oil,
Gas
&
Consumable
Fuels)(c)
....................
—
38,369
Polymetal
International
PLC
(Metals
&
Mining)(b)(c)
................
—
3,734
Polyus
PJSC
(Metals
&
Mining)(b)(c)
...
—
357,956
Sberbank
of
Russia
PJSC
(Banks)(b)(c)
..
—
113,164
Severstal
PAO,
GDR
(Metals
&
Mining)(b)
(c)
........................
—
125,880
Tatneft
PJSC
(Oil,
Gas
&
Consumable
Fuels)(b)(c)
..................
—
766,486
The
Moscow
Exchange
(Capital
Markets)(c)
—
814,600,000
VTB
Bank
PJSC
(Banks)(b)(c)
........
—
31,318
Yandex
N.V.,
Class
-
A
(Interactive
Media
&
Services)(b)(c)
................
—
—
Saudi
Arabia
—
3.31%
159,310
Al
Rajhi
Bank
(Banks)
..............
3,697
4,497
Almarai
Co.
JSC
(Food
Products)
......
67
77,181
Banque
Saudi
Fransi
(Banks)
.........
823
21,193
Bupa
Arabia
for
Cooperative
Insurance
Co.
(Insurance)
..................
1,205
120
HC
CAPITAL
TRUST
The
Emerging
Markets
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Saudi
Arabia
(continued)
285,772
Dar
Al
Arkan
Real
Estate
Development
Co.
(Real
Estate
Management
&
Development)(b)
..............
$
1,061
1,354
Dr.
Sulaiman
Al
Habib
Medical
Services
Group
Co.
(Health
Care
Providers
&
Services)
....................
102
11,068
Elm
Co.
(IT
Services)
...............
2,407
17,324
Mobile
Telecommunications
Co.
Saudi
Arabia
(Wireless
Telecommunication
Services)
....................
65
172,781
Riyad
Bank
(Banks)
................
1,316
49,704
SABIC
Agri-Nutrients
Co.
(Chemicals)
..
1,832
46,591
Sahara
International
Petrochemical
Co.
(Chemicals)
..................
423
249,566
Saudi
Arabian
Mining
Co.
(Metals
&
Mining)(b)
..................
2,939
22,856
Saudi
Arabian
Oil
Co.
(Oil,
Gas
&
Consumable
Fuels)
.............
201
71,146
Saudi
Awwal
Bank
(Banks)(a)
.........
713
62,760
Saudi
Basic
Industries
Corp.
(Chemicals)
.
1,394
72,167
Saudi
Industrial
Investment
Group
(Chemicals)
..................
427
110,340
Saudi
Kayan
Petrochemical
Co.
(Chemicals)
(b)
........................
320
6,543
Saudi
Tadawul
Group
Holding
Co.
(Capital
Markets)
....................
320
121,265
Saudi
Telecom
Co.
(Diversified
Telecommunication
Services)(a)
...
1,308
221,316
The
Saudi
National
Bank
(Banks)
......
2,284
37,378
The
Savola
Group
(Food
Products)
.....
372
23,276
Singapore
—
0.01%
1,500
JOYY,
Inc.,
ADR
(Interactive
Media
&
Services)
....................
60
South
Africa
—
2.46%
43,142
Absa
Group
Ltd.
(Banks)
............
386
7,411
Anglo
American
Platinum
Ltd.
(Metals
&
Mining)
.....................
391
11,124
Aspen
Pharmacare
Holdings
Ltd.
(Pharmaceuticals)
.............
124
61,875
Bid
Corp.
Ltd.
(Consumer
Staples
Distribution
&
Retail)
...........
1,444
6,145
Capitec
Bank
Holdings
Ltd.
(Banks)
....
681
229,901
Discovery
Ltd.
(Insurance)(a)
.........
1,807
583,993
FirstRand
Ltd.
(Financial
Services)
.....
2,348
57,103
Gold
Fields
Ltd.
(Metals
&
Mining)(a)
...
867
48,655
Impala
Platinum
Holdings
Ltd.
(Metals
&
Mining)
.....................
243
221,637
MTN
Group
Ltd.
(Wireless
Telecommunication
Services)
.....
1,400
16,704
Naspers
Ltd.,
Class
-
N
(Broadline
Retail)
2,857
20,893
Nedbank
Group
Ltd.
(Banks)(a)
.......
247
144,156
Old
Mutual
Ltd.
(Insurance)
..........
103
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
South
Africa
(continued)
15,002
Remgro
Ltd.
(Financial
Services)
......
$
133
34,236
Sanlam
Ltd.
(Insurance)(a)
...........
136
54,300
Sasol
Ltd.
(Chemicals)
..............
550
9,822
Shoprite
Holdings
Ltd.
(Consumer
Staples
Distribution
&
Retail)
...........
148
455,387
Sibanye
Stillwater
Ltd.
(Metals
&
Mining)
620
198,044
Standard
Bank
Group
Ltd.
(Banks)
.....
2,254
31,869
The
Bidvest
Group
Ltd.
(Industrial
Conglomerates)
...............
440
22,743
Woolworths
Holdings
Ltd.
(Broadline
Retail)(a)
....................
90
17,269
South
Korea
—
10.19%
2,121
Amorepacific
Corp.
(Personal
Care
Products)
....................
239
7,593
Celltrion
Healthcare
Co.
Ltd.
(Health
Care
Providers
&
Services)(a)(b)
......
448
9,397
Celltrion,
Inc.
(Biotechnology)(a)
......
1,470
2,884
CJ
CheilJedang
Corp.
(Food
Products)
...
726
22,426
Coway
Co.
Ltd.
(Household
Durables)
...
996
10,846
DB
Insurance
Co.
Ltd.
(Insurance)(a)
....
705
56,450
Doosan
Enerbility
Co.
Ltd.
(Electrical
Equipment)(a)(b)
..............
697
3,001
Ecopro
BM
Co.
Ltd.
(Electrical
Equipment)
671
1,553
Ecopro
Co.
Ltd.
(Chemicals)
..........
780
1,990
GS
Holdings
Corp.
(Industrial
Conglomerates)
...............
63
14,221
Hana
Financial
Group,
Inc.
(Banks)
.....
479
2,925
Hankook
Tire
&
Technology
Co.
Ltd.
(Automobile
Components)
.......
103
25,998
Hanon
Systems
(Automobile
Components)
147
6,585
Hanwha
Solutions
Corp.
(Chemicals)(b)
.
202
9,376
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
(Machinery)(b)
880
9,227
HLB,
Inc.
(Health
Care
Equipment
&
Supplies)(b)
..................
363
16,423
HMM
Co.
Ltd.
(Marine
Transportation)
..
250
5,698
Hotel
Shilla
Co.
Ltd.
(Specialty
Retail)
..
289
20,595
Hyundai
Engineering
&
Construction
Co.
Ltd.
(Construction
&
Engineering)
..
558
8,869
Hyundai
Mobis
Co.
Ltd.
(Automobile
Components)
.................
1,632
5,485
Hyundai
Motor
Co.
(Automobiles)
.....
867
6,687
Hyundai
Motor
Co.,
Preference
Shares
(Automobiles)
................
589
11,127
Hyundai
Motor
Co.,
Series
2,
Preference
Shares
(Automobiles)
...........
987
11,325
Industrial
Bank
of
Korea
(Banks)(b)
....
104
18,004
Kakao
Corp.
(Interactive
Media
&
Services)
(b)
........................
759
16,639
KakaoBank
Corp.
(Banks)
...........
368
61,371
Kangwon
Land,
Inc.
(Hotels,
Restaurants
&
Leisure)
....................
763
27,540
KB
Financial
Group,
Inc.
(Banks)
......
1,157
121
HC
CAPITAL
TRUST
The
Emerging
Markets
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
South
Korea
(continued)
25,407
Kia
Corp.
(Automobiles)
............
$
1,973
77,662
Korea
Electric
Power
Corp.
(Electric
Utilities)(b)
..................
1,140
2,360
Krafton,
Inc.
(Entertainment)(b)
.......
355
17,714
KT&G
Corp.
(Tobacco)(a)
...........
1,195
7,095
Kumho
Petrochemical
Co.
Ltd.
(Chemicals)
732
929
L&F
Co.
Ltd.
(Electrical
Equipment)
....
147
3,143
LG
Chem
Ltd.
(Chemicals)
...........
1,218
1,665
LG
Chem
Ltd.,
Preference
Shares
(Chemicals)
..................
402
25,780
LG
Display
Co.
Ltd.
(Electronic
Equipment,
Instruments
&
Components)(b)
....
255
4,131
LG
Electronics,
Inc.
(Household
Durables)
327
2,766
LG
Energy
Solution
Ltd.
(Electrical
Equipment)(b)
................
918
1,179
LG
H&H
Co.
Ltd.
(Personal
Care
Products)
325
2,237
LG
Innotek
Co.
Ltd.
(Electronic
Equipment,
Instruments
&
Components)
......
416
65,000
Mirae
Asset
Securities
Co.
Ltd.
(Capital
Markets)
....................
385
11,210
NAVER
Corp.
(Interactive
Media
&
Services)
....................
1,950
7,647
Pearl
Abyss
Corp.
(Entertainment)(b)
....
230
3,222
POSCO
Future
M
Co.
Ltd.
(Electrical
Equipment)
..................
898
6,030
POSCO
Holdings,
Inc.
(Metals
&
Mining)
2,339
2,116
Samsung
Biologics
Co.
Ltd.
(Life
Sciences
Tools
&
Services)(b)
...........
1,249
5,357
Samsung
Electro-Mechanics
Co.
Ltd.
(Electronic
Equipment,
Instruments
&
Components)
.................
637
368,770
Samsung
Electronics
Co.
Ltd.
(Technology
Hardware,
Storage
&
Peripherals)
..
22,482
57,211
Samsung
Electronics
Co.
Ltd.,
Preference
Shares
(Technology
Hardware,
Storage
&
Peripherals)
................
2,768
41,188
Samsung
Engineering
Co.
Ltd.
(Construction
&
Engineering)(a)(b)
.
928
7,638
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
(Insurance)
..................
1,560
4,007
Samsung
SDI
Co.
Ltd.
(Electronic
Equipment,
Instruments
&
Components)
.................
1,469
44,912
Shinhan
Financial
Group
Co.
Ltd.
(Banks)
1,400
45,837
SK
Hynix,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
.......
5,038
433
SK
IE
Technology
Co.
Ltd.
(Chemicals)(b)
27
6,875
SK
Innovation
Co.
Ltd.
(Oil,
Gas
&
Consumable
Fuels)(b)
..........
749
18,697
SK
Square
Co.
Ltd.
(Industrial
Conglomerates)(b)
.............
764
10,357
Woori
Financial
Group,
Inc.
(Banks)
....
105
71,673
Taiwan
—
12.77%
46,904
Airtac
International
Group
(Machinery)
..
1,544
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Taiwan
(continued)
4,000
Alchip
Technologies
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
.....
$
427
378,672
ASE
Technology
Holding
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
..................
1,666
532,971
Asia
Cement
Corp.
(Construction
Materials)
720
79,000
Asustek
Computer,
Inc.
(Technology
Hardware,
Storage
&
Peripherals)
..
1,260
110,000
Catcher
Technology
Co.
Ltd.
(Technology
Hardware,
Storage
&
Peripherals)
..
695
1,021,000
Cheng
Shin
Rubber
Industry
Co.
Ltd.
(Automobile
Components)
.......
1,494
4,428,000
China
Development
Financial
Holding
Corp.
(Insurance)(b)
............
1,811
280,000
Chunghwa
Telecom
Co.
Ltd.
(Diversified
Telecommunication
Services)
.....
1,095
972,000
Compal
Electronics,
Inc.
(Technology
Hardware,
Storage
&
Peripherals)
..
1,262
174,000
Delta
Electronics,
Inc.
(Electronic
Equipment,
Instruments
&
Components)
.................
1,778
25,000
E
Ink
Holdings,
Inc.
(Electronic
Equipment,
Instruments
&
Components)
......
161
63,000
Eclat
Textile
Co.
Ltd.
(Textiles,
Apparel
&
Luxury
Goods)
...............
1,154
12,000
eMemory
Technology,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
.....
958
94,000
Evergreen
Marine
Corp.
Taiwan
Ltd.
(Marine
Transportation)
.........
440
649,000
Far
EasTone
Telecommunications
Co.
Ltd.
(Wireless
Telecommunication
Services)
....................
1,688
785,759
Fubon
Financial
Holding
Co.
Ltd.
(Insurance)
..................
1,659
6,000
Global
Unichip
Corp.
(Semiconductors
&
Semiconductor
Equipment)
.......
340
37,000
Globalwafers
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
.......
708
946,000
Hon
Hai
Precision
Industry
Co.
Ltd.
(Electronic
Equipment,
Instruments
&
Components)
.................
3,222
937,127
Innolux
Corp.
(Electronic
Equipment,
Instruments
&
Components)(b)
....
437
438,000
Inventec
Corp.
(Technology
Hardware,
Storage
&
Peripherals)
..........
754
10,000
Largan
Precision
Co.
Ltd.
(Electronic
Equipment,
Instruments
&
Components)
.................
935
284,554
Lite-On
Technology
Corp.
(Technology
Hardware,
Storage
&
Peripherals)
..
1,085
84,962
MediaTek,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
.......
2,810
2,571,364
Mega
Financial
Holding
Co.
Ltd.
(Banks)
3,285
28,000
Nan
Ya
Printed
Circuit
Board
Corp.
(Electronic
Equipment,
Instruments
&
Components)
.................
229
185,000
Nanya
Technology
Corp.
(Semiconductors
&
Semiconductor
Equipment)(a)
...
470
122
HC
CAPITAL
TRUST
The
Emerging
Markets
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Taiwan
(continued)
58,000
Novatek
Microelectronics
Corp.
(Semiconductors
&
Semiconductor
Equipment)
..................
$
977
569,000
Pegatron
Corp.
(Technology
Hardware,
Storage
&
Peripherals)
..........
1,619
436,620
Pou
Chen
Corp.
(Textiles,
Apparel
&
Luxury
Goods)
...............
440
246,000
Quanta
Computer,
Inc.
(Technology
Hardware,
Storage
&
Peripherals)
..
1,800
776,908
Ruentex
Development
Co.
Ltd.
(Real
Estate
Management
&
Development)
.....
956
782,900
Synnex
Technology
International
Corp.
(Electronic
Equipment,
Instruments
&
Components)
.................
1,791
675,110
Taiwan
Cement
Corp.
(Construction
Materials)
...................
767
276,000
Taiwan
Mobile
Co.
Ltd.
(Wireless
Telecommunication
Services)
.....
887
1,934,000
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
.......
37,374
470,369
The
Shanghai
Commercial
&
Savings
Bank
Ltd.
(Banks)
.................
717
116,000
Unimicron
Technology
Corp.
(Electronic
Equipment,
Instruments
&
Components)
.................
665
500,000
United
Microelectronics
Corp.
(Semiconductors
&
Semiconductor
Equipment)
..................
857
567,949
Winbond
Electronics
Corp.
(Semiconductors
&
Semiconductor
Equipment)
.....
564
104,000
Wistron
Corp.
(Technology
Hardware,
Storage
&
Peripherals)
..........
334
5,000
Wiwynn
Corp.
(Technology
Hardware,
Storage
&
Peripherals)(a)
........
297
638,400
WPG
Holdings
Ltd.
(Electronic
Equipment,
Instruments
&
Components)
......
1,698
43,775
Yageo
Corp.
(Electronic
Equipment,
Instruments
&
Components)
......
852
241,000
Yang
Ming
Marine
Transport
Corp.
(Marine
Transportation)
...............
403
2,986,986
Yuanta
Financial
Holding
Co.
Ltd.
(Financial
Services)
............
2,687
89,772
Thailand
—
1.68%
264,700
Advanced
Info
Service
PCL,
Class
-
F
(Wireless
Telecommunication
Services)
....................
1,683
379,300
Airports
of
Thailand
PCL
(Transportation
Infrastructure)
................
664
691,100
Berli
Jucker
PCL
(Food
Products)
......
506
728,100
BTS
Group
Holdings
PCL
(Ground
Transportation)
...............
155
171,633
Central
Retail
Corp.
PCL
(Broadline
Retail)
206
455,000
Delta
Electronics
Thailand
PCL
-
NVDR
(Electronic
Equipment,
Instruments
&
Components)
.................
1,173
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
Thailand
(continued)
688,700
Energy
Absolute
PCL
(Independent
Power
and
Renewable
Electricity
Producers)
$
893
1,418,800
Gulf
Energy
Development
PCL
(Independent
Power
and
Renewable
Electricity
Producers)
...........
1,851
89,800
Indorama
Ventures
PCL
-
NVDR
(Chemicals)
..................
72
1,724,700
Krung
Thai
Bank
PCL,
Class
-
F
(Banks)
.
930
682,900
Minor
International
PCL
(Hotels,
Restaurants
&
Leisure)
..........
590
93,800
Muangthai
Capital
PCL
(Consumer
Finance)
124
272,575
PTT
Exploration
&
Production
PCL,
Class
-
F
(Oil,
Gas
&
Consumable
Fuels)
..
1,194
429,142
PTT
Global
Chemical
PCL,
Class
-
F
(Chemicals)
..................
484
361,600
SCB
X
PCL
-
NVDR
(Banks)
.........
1,123
98,100
Thai
Oil
PCL
(Oil,
Gas
&
Consumable
Fuels)
......................
155
11,803
Turkey
—
0.50%
159,726
Akbank
TAS
(Banks)
...............
198
871,550
Aselsan
Elektronik
Sanayi
Ve
Ticaret
A/S
(Aerospace
&
Defense)
.........
1,332
39,242
BIM
Birlesik
Magazalar
A/S
(Consumer
Staples
Distribution
&
Retail)
.....
401
266,822
Eregli
Demir
ve
Celik
Fabrikalari
TAS
(Metals
&
Mining)(b)
...........
372
1
Kardemir
Karabuk
Demir
Celik
Sanayi
ve
Ticaret
A/S
(Metals
&
Mining)
....
—
131,853
Sasa
Polyester
Sanayi
A/S
(Chemicals)(b)
163
482,245
Turkcell
Iletisim
Hizmetleri
A/S
(Wireless
Telecommunication
Services)
.....
920
32,414
Turkiye
Petrol
Rafinerileri
A/S
(Oil,
Gas
&
Consumable
Fuels)
.............
158
3,544
United
Arab
Emirates
—
0.75%
443,740
Abu
Dhabi
Commercial
Bank
PJSC
(Banks)
1,109
775,182
Dubai
Islamic
Bank
PJSC
(Banks)
......
1,207
163,297
Emirates
Telecommunications
Group
Co.
PJSC
(Diversified
Telecommunication
Services)
....................
873
517,479
First
Abu
Dhabi
Bank
PJSC
(Banks)
....
1,967
154,208
Multiply
Group
PJSC
(Industrial
Conglomerates)(b)
.............
134
5,290
United
Kingdom
—
0.13%
48,147
Anglogold
Ashanti
PLC
(Metals
&
Mining)
931
United
States
—
0.20%
52,000
BeiGene
Ltd.
(Biotechnology)(b)
......
733
2,593
Legend
Biotech
Corp.,
ADR
(Biotechnology)(b)
.............
156
123
HC
CAPITAL
TRUST
The
Emerging
Markets
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
The
following
table
reflects
the
percentage
of
total
net
assets
of
the
Portfolio
attributable
to
each
Specialist
Manager
as
of
December
31,
2023
.
Amounts
designated
as
"—"
indicate
the
Specialist
Manager
did
not
manage
any
holdings
in
that
category. 
Shares
Security
Description
Value
(000)
Common
Stocks
(continued)
United
States
(continued)
5,000
Parade
Technologies
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
.....
$
196
3,561
Southern
Copper
Corp.
(Metals
&
Mining)
306
1,391
Total
Common
Stocks
..............
574,312
Rights
—
0.00%
Brazil
—
0.00%
372
Localiza
Rent
a
Car
SA,
2/6/24
(Ground
Transportation)(b)
.............
2
Taiwan
—
0.00%
53,554
Mega
Financial
Holding
Co.,
Ltd.
RTS,
1/22/24
(Banks)(b)
.............
10
Total
Rights
.....................
12
Investment
Companies
—
16.59%
International
Equity
Funds
—
10.25%
660,700
iShares
Core
MSCI
Emerging
Markets
ETF
33,418
942,960
Vanguard
FTSE
Emerging
Markets
ETF
.
38,756
72,174
Money
Market
Funds
—
6.34%
41,591
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares
,
5.00%^^(d)
42
44,459,452
State
Street
Institutional
Treasury
Plus
Money
Market
Fund,
Trust
Class
,
5.25%(d)
....................
44,459
44,501
Total
Investment
Companies
.........
116,675
Security
Description
Value
(000)
Purchased
Options
on
Futures
—
0.02%
Total
Purchased
Options
on
Futures
...
$
116
Total
Investments
(cost
$618,855
)
—
98.28%
.....................
691,115
Other
assets
in
excess
of
liabilities
—
1.72%
......................
12,109
Net
Assets
-
100.00%
$
703,224
Amounts
designated
as
"—"
are
$0
or
have
been
rounded
to
$0.
^
All
or
part
of
this
security
was
on
loan
as
of
December
31,
2023.
^^
Purchased
with
cash
collateral
held
from
securities
lending.
The
value
of
the
collateral
could
include
collateral
held
for
securities
that
were
sold
on
or
before
December
31,
2023.
(a)
Represents
a
security
purchased
under
Rule
144A
or
Section
4(2)
and
is
exempt
from
registration
under
the
Securities
Act
of
1933,
as
amended,
or
is
otherwise
restricted
to
resale.
Certain
of
these
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
These
securities
have
been
deemed
liquid
by
the
Specialist
Manager.
(b)
Represents
non-income
producing
security.
(c)
Security
was
valued
using
significant
unobservable
inputs
as
of
December
31,
2023.
(d)
Annualized
7-day
yield
as
of
period-end.
ADR—American
Depositary
Receipt
ETF—Exchange-Traded
Fund
GDR—Global
Depositary
Receipt
NVDR—Non-Voting
Depository
Receipt
REIT—Real
Estate
Investment
Trust
The
Emerging
Markets
Portfolio
Mellon
Investments
Corporation
Monashee
Investment
Management,
LLC
Parametric
Portfolio
Associates,
LLC
XY
Investments
(HK)
Limited
Total
Common
Stocks
......................................................................................................
81.67
%
—
—
—
81.67
%
Investment
Companies
............................................................................................
0.45
%
10.54
%
5.46
%
0.14
%
16.59
%
Purchased
Options
on
Futures
................................................................................
—
0.02
%
—
—
0.02
%
Other
Assets
(Liabilities)
........................................................................................
-0.15
%
1.75
%
0.12
%
—
1.72
%
Total
Net
Assets
.................................................................................................
81.97
%
12.31
%
5.58
%
0.14
%
100.00
%
124
HC
CAPITAL
TRUST
The
Emerging
Markets
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
The
following
table
reflects
the
open
derivative
positions
held
by
the
Portfolio
as
of
December
31,
2023
.
Futures
Contracts
Purchased
*
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
and
Unrealized
Appreciation/
(Depreciation)
(000)
MSCI
Emerging
Markets
Index
Future
..............
1,135
3/15/24
$
58,662
$
2,560
$
58,662
$
2,560
The
following
table
reflects
the
open
derivative
positions
held
by
the
Portfolio
as
of
December
31,
2023
.
Futures
Contracts
Sold
*
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
and
Unrealized
Appreciation/
(Depreciation)
(000)
E-Mini
S&P
500
Future
.........................
33
3/15/24
$
7,953
$
(296)
$
7,953
$
(296)
Total
Unrealized
Appreciation
.....................
$
2,560
Total
Unrealized
Depreciation
.....................
(296)
Total
Net
Unrealized
Appreciation/(Depreciation)
.......
$
2,264
*
Cash
has
been
pledged
as
collateral
for
futures
contracts
held
by
the
Portfolio.
Options
on
Futures
Contracts
Exchange-traded
options
on
futures
contacts
written
as
of
December
31,
2023
were
as
follows:
Description
Put/Call
Number
of
Contracts
Notional
Amount
(000)
Exercise
Price
Expiration
Date
Value
(000)
E-Mini
S&P
500
Future
Option
.............
Call
5
$
1,203
$
4,810.00
1/15/24
$
(10)
E-Mini
S&P
500
Future
Option
.............
Put
9
1,766
3,925.00
1/19/24
—
E-Mini
S&P
500
Future
Option
.............
Put
9
1,744
3,875.00
1/19/24
—
E-Mini
S&P
500
Future
Option
.............
Put
18
3,578
3,975.00
1/19/24
(1)
E-Mini
S&P
500
Future
Option
.............
Put
8
1,620
4,050.00
1/19/24
—
E-Mini
S&P
500
Future
Option
.............
Put
5
1,193
4,770.00
1/19/24
(7)
E-Mini
S&P
500
Future
Option
.............
Put
16
3,160
3,950.00
1/19/24
(1)
E-Mini
S&P
500
Future
Option
.............
Put
13
2,503
3,850.00
1/19/24
—
E-Mini
S&P
500
Future
Option
.............
Put
5
1,205
4,820.00
1/19/24
(12)
E-Mini
S&P
500
Future
Option
.............
Put
5
1,198
4,790.00
1/19/24
(9)
E-Mini
S&P
500
Future
Option
.............
Put
10
1,913
3,825.00
1/19/24
—
E-Mini
S&P
500
Future
Option
.............
Put
10
1,888
3,775.00
1/19/24
—
E-Mini
S&P
500
Future
Option
.............
Put
24
4,499
3,750.00
1/19/24
(1)
E-Mini
S&P
500
Future
Option
.............
Put
9
1,710
3,800.00
1/19/24
—
E-Mini
S&P
500
Future
Option
.............
Put
16
3,340
4,175.00
1/31/24
(2)
E-Mini
S&P
500
Future
Option
.............
Put
24
5,039
4,200.00
1/31/24
(3)
E-Mini
S&P
500
Future
Option
.............
Put
2
425
4,250.00
1/31/24
—
E-Mini
S&P
500
Future
Option
.............
Put
5
1,150
4,600.00
1/31/24
(3)
125
HC
CAPITAL
TRUST
The
Emerging
Markets
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Options
on
Futures
Contracts
(continued)
Description
Put/Call
Number
of
Contracts
Notional
Amount
(000)
Exercise
Price
Expiration
Date
Value
(000)
E-Mini
S&P
500
Future
Option
.............
Put
12
$
2,460
$
4,100.00
1/31/24
$
(1)
E-Mini
S&P
500
Future
Option
.............
Put
15
3,038
4,050.00
1/31/24
(1)
E-Mini
S&P
500
Future
Option
.............
Put
16
3,200
4,000.00
1/31/24
(1)
E-Mini
S&P
500
Future
Option
.............
Put
10
2,313
4,625.00
1/31/24
(8)
E-Mini
S&P
500
Future
Option
.............
Put
7
1,614
4,610.00
1/31/24
(5)
E-Mini
S&P
500
Future
Option
.............
Put
6
1,238
4,125.00
1/31/24
(1)
E-Mini
S&P
500
Future
Option
.............
Put
5
1,181
4,725.00
1/31/24
(8)
E-Mini
S&P
500
Future
Option
.............
Put
5
1,188
4,750.00
1/31/24
(9)
E-Mini
S&P
500
Future
Option
.............
Put
5
1,190
4,760.00
1/31/24
(10)
E-Mini
S&P
500
Future
Option
.............
Put
22
4,619
4,200.00
2/19/24
(6)
E-Mini
S&P
500
Future
Option
.............
Put
8
1,770
4,425.00
2/19/24
(5)
E-Mini
S&P
500
Future
Option
.............
Put
16
3,687
4,610.00
2/19/24
(21)
E-Mini
S&P
500
Future
Option
.............
Put
16
3,672
4,590.00
2/19/24
(19)
E-Mini
S&P
500
Future
Option
.............
Put
16
3,620
4,525.00
2/19/24
(14)
E-Mini
S&P
500
Future
Option
.............
Put
13
2,698
4,150.00
2/19/24
(3)
E-Mini
S&P
500
Future
Option
.............
Put
6
1,335
4,450.00
2/19/24
(4)
E-Mini
S&P
500
Future
Option
.............
Put
12
2,664
4,440.00
2/19/24
(7)
E-Mini
S&P
500
Future
Option
.............
Put
8
1,740
4,350.00
2/19/24
(3)
E-Mini
S&P
500
Future
Option
.............
Put
8
1,670
4,175.00
2/19/24
(2)
E-Mini
S&P
500
Future
Option
.............
Put
16
3,400
4,250.00
2/19/24
(5)
E-Mini
S&P
500
Future
Option
.............
Put
23
4,915
4,275.00
2/19/24
(7)
E-Mini
S&P
500
Future
Option
.............
Put
5
1,108
4,430.00
2/19/24
(3)
E-Mini
S&P
500
Future
Option
.............
Put
22
4,647
4,225.00
2/19/24
(6)
E-Mini
S&P
500
Future
Option
.............
Put
11
2,379
4,325.00
2/19/24
(4)
E-Mini
S&P
500
Future
Option
.............
Put
12
2,580
4,300.00
2/19/24
(4)
E-Mini
S&P
500
Future
Option
.............
Put
16
3,620
4,525.00
2/29/24
(19)
E-Mini
S&P
500
Future
Option
.............
Put
13
2,844
4,375.00
2/29/24
(9)
E-Mini
S&P
500
Future
Option
.............
Put
8
1,730
4,325.00
2/29/24
(5)
E-Mini
S&P
500
Future
Option
.............
Put
8
1,720
4,300.00
2/29/24
(4)
E-Mini
S&P
500
Future
Option
.............
Put
10
2,113
4,225.00
2/29/24
(4)
E-Mini
S&P
500
Future
Option
.............
Put
16
3,400
4,250.00
2/29/24
(7)
E-Mini
S&P
500
Future
Option
.............
Put
16
3,420
4,275.00
2/29/24
(8)
E-Mini
S&P
500
Future
Option
.............
Put
8
1,780
4,450.00
2/29/24
(7)
E-Mini
S&P
500
Future
Option
.............
Put
20
4,424
4,425.00
2/29/24
(17)
E-Mini
S&P
500
Future
Option
.............
Put
5
1,138
4,550.00
2/29/24
(7)
E-Mini
S&P
500
Future
Option
.............
Put
8
1,790
4,475.00
2/29/24
(8)
E-Mini
S&P
500
Future
Option
.............
Put
16
3,520
4,400.00
2/29/24
(12)
E-Mini
S&P
500
Future
Option
.............
Put
12
2,655
4,425.00
3/15/24
(14)
E-Mini
S&P
500
Future
Option
.............
Put
24
5,279
4,400.00
3/15/24
(26)
E-Mini
S&P
500
Future
Option
.............
Put
5
1,094
4,375.00
3/15/24
(5)
E-Mini
S&P
500
Future
Option
.............
Put
19
4,108
4,325.00
3/15/24
(17)
E-Mini
S&P
500
Future
Option
.............
Put
12
2,610
4,350.00
3/15/24
(11)
$
(386)
Exchanged-traded
options
on
futures
contacts
purchased
as
of
December
31,
2023
were
as
follows:
Description
Put/Call
Number
of
Contracts
Notional
Amount
(000)
Exercise
Price
Expiration
Date
Value
(000)
E-Mini
S&P
500
Future
Option
.............
Call
5
$
1,190
$
4,760.00
1/15/24
$
19
E-Mini
S&P
500
Future
Option
.............
Call
10
2,460
4,920.00
1/15/24
3
E-Mini
S&P
500
Future
Option
.............
Put
5
1,200
4,800.00
1/15/24
7
126
See
accompanying
notes
to
financial
statements.
HC
CAPITAL
TRUST
The
Emerging
Markets
Portfolio
Portfolio
of
Investments
(concluded)
—
December
31,2023
(Unaudited)
Options
on
Futures
Contracts
(continued)
Description
Put/Call
Number
of
Contracts
Notional
Amount
(000)
Exercise
Price
Expiration
Date
Value
(000)
E-Mini
S&P
500
Future
Option
.............
Put
8
$
1,660
$
4,150.00
1/19/24
$
—
E-Mini
S&P
500
Future
Option
.............
Put
16
3,420
4,275.00
1/19/24
1
E-Mini
S&P
500
Future
Option
.............
Put
8
1,750
4,375.00
1/19/24
1
E-Mini
S&P
500
Future
Option
.............
Put
16
3,600
4,500.00
1/19/24
2
E-Mini
S&P
500
Future
Option
.............
Put
8
1,820
4,550.00
1/19/24
2
E-Mini
S&P
500
Future
Option
.............
Put
8
1,680
4,200.00
1/19/24
1
E-Mini
S&P
500
Future
Option
.............
Put
12
2,550
4,250.00
1/19/24
1
E-Mini
S&P
500
Future
Option
.............
Put
8
1,780
4,450.00
1/31/24
2
E-Mini
S&P
500
Future
Option
.............
Put
14
3,080
4,400.00
1/31/24
3
E-Mini
S&P
500
Future
Option
.............
Put
8
1,800
4,500.00
1/31/24
3
E-Mini
S&P
500
Future
Option
.............
Put
8
1,820
4,550.00
1/31/24
4
E-Mini
S&P
500
Future
Option
.............
Put
8
1,720
4,300.00
1/31/24
1
E-Mini
S&P
500
Future
Option
.............
Put
8
1,880
4,700.00
1/31/24
10
E-Mini
S&P
500
Future
Option
.............
Put
8
1,870
4,675.00
2/19/24
15
E-Mini
S&P
500
Future
Option
.............
Put
8
1,900
4,750.00
2/19/24
21
E-Mini
S&P
500
Future
Option
.............
Put
8
1,880
4,700.00
2/29/24
20
$
116
HC
CAPITAL
TRUST
The
Core
Fixed
Income
Portfolio
Portfolio
of
Investments
—
December
31,2023
(Unaudited)
127
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
Asset
Backed
Securities
—
0.20%
$
15
Capital
One
Multi-Asset
Execution
Trust,
Series
2021-A2,
Class
-
A2
.........
1.39
7/15/30
$
13
10
Carvana
Auto
Receivables
Trust,
Series
2022-P2,
Class
-
A4
................
4.68
2/10/28
10
10
CNH
Equipment
Trust,
Series
2022-C,
Class
-
A3,
Callable
1/15/27
@
100.00
...
5.15
4/17/28
10
10
Discover
Card
Execution
Note
Trust,
Series
2023-A1,
Class
-
A
..............
4.31
3/15/28
10
10
GM
Financial
Consumer
Automobile
Receivables
Trust,
Series
2023-1,
Class
-
A3,
Callable
12/16/26
@
100.00
...................................
4.66
2/16/28
10
10
Hyundai
Auto
Receivables
Trust,
Series
2022-C,
Class
-
A4,
Callable
3/15/27
@
100.00
...................................................
5.52
10/16/28
10
25
Santander
Drive
Auto
Receivables
Trust,
Series
2023-4,
Class
-
A3,
Callable
10/15/27
@
100.00
..........................................
5.73
4/17/28
25
40
Synchrony
Card
Funding
LLC,
Series
2022-A1,
Class
-
A,
Callable
4/15/25
@
100.00
...................................................
3.37
4/15/28
40
10
Toyota
Auto
Receivables
Owner
Trust,
Series
2023-A,
Class
-
A3,
Callable
3/15/27
@
100.00
................................................
4.63
9/15/27
10
10
World
Omni
Auto
Receivables
Trust,
Series
2021-C,
Class
-
A4,
Callable
9/15/25
@
100.00
...................................................
0.64
9/15/27
9
5
World
Omni
Auto
Receivables
Trust,
Series
2023-B,
Class
-
A3,
Callable
12/15/26
@
100.00
................................................
4.66
5/15/28
5
Total
Asset
Backed
Securities
.....................................
152
Collateralized
Mortgage
Obligations
—
0.78%
20
Bank,
Series
2019-BN21,
Class
-
A5,
Callable
10/15/29
@
100.00
............
2.85
10/17/52
17
20
Bank,
Series
2017-BNK9,
Class
-
ASB,
Callable
12/15/29
@
100.00
..........
3.47
11/15/54
19
25
Bank,
Series
2022-BNK41,
Class
-
A4
................................
3.79(a)
4/15/65
23
20
BBCMS
Mortgage
Trust,
Series
2020-C7,
Class
-
AS,
Callable
4/15/30
@
100.00
.
2.44
4/15/53
16
10
Benchmark
Mortgage
Trust,
Series
2020-IG1,
Class
-
AS,
Callable
1/15/30
@
100.00
2.91(a)
9/15/43
7
10
Benchmark
Mortgage
Trust,
Series
2019-B9,
Class
-
A5,
Callable
2/15/29
@
100.00
4.02
3/15/52
9
15
Citigroup
Commercial
Mortgage
Trust,
Series
2020-GC46,
Class
-
AS,
Callable
2/15/30
@
100.00
..........................................
2.92
2/15/53
12
10
Citigroup
Commercial
Mortgage
Trust,
Series
2019-C7,
Class
-
A4,
Callable
12/15/29
@
100.00
..........................................
3.10
12/15/72
9
25
COMM
Mortgage
Trust,
Series
2015-LC19,
Class
-
A4,
Callable
1/10/27
@
100.00
3.18
2/10/48
24
20
COMM
Mortgage
Trust,
Series
2015-DC1,
Class
-
A5,
Callable
2/10/25
@
100.00
3.35
2/10/48
19
10
Fannie
Mae-ACES,
Series
2020-M52,
Class
-
A2
........................
1.32(a)
10/25/30
8
19
Fannie
Mae-ACES,
Series
2020-M14,
Class
-
A2
........................
1.78
5/25/30
17
8
Fannie
Mae-ACES,
Series
2015-M8,
Class
-
A2
.........................
2.90(a)
1/25/25
8
17
Fannie
Mae-ACES,
Series
2018-M1,
Class
-
A2
.........................
2.99(a)
12/25/27
17
16
Fannie
Mae-ACES,
Series
2017-M12,
Class
-
A2
........................
3.06(a)
6/25/27
15
19
Fannie
Mae-ACES,
Series
2019-M5,
Class
-
A2
.........................
3.27
2/25/29
19
25
Fannie
Mae-ACES,
Series
2018-M10,
Class
-
A2
........................
3.36(a)
7/25/28
24
20
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates,
Series
K112,
Class
-
A2
.....................................................
1.31
5/25/30
17
20
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates,
Series
K1516,
Class
-
A2
....................................................
1.72
5/25/35
14
25
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates,
Series
K126,
Class
-
A2
.....................................................
2.07
1/25/31
22
15
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates,
Series
K749,
Class
-
A2
.....................................................
2.12(a)
3/25/29
14
10
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates,
Series
K1521,
Class
-
A2
....................................................
2.18
8/25/36
8
25
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates,
Series
K052,
Class
-
A2
.....................................................
3.15
11/25/25
24
50
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates,
Series
K091,
Class
-
A2
.....................................................
3.51
3/25/29
49
20
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates,
Series
K152,
Class
-
A2
.....................................................
3.78
11/25/32
19
128
HC
CAPITAL
TRUST
The
Core
Fixed
Income
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
Collateralized
Mortgage
Obligations
(continued)
$
25
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates,
Series
K751,
Class
-
A2
.....................................................
4.41
3/25/30
$
25
25
GS
Mortgage
Securities
Trust,
Series
2018-GS9,
Class
-
A4,
Callable
3/10/28
@
100.00
...................................................
3.99(a)
3/10/51
23
25
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2016-C4,
Class
-
A3,
Callable
4/15/27
@
100.00
....................................
3.14
12/15/49
22
25
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2017-C33,
Class
-
A5,
Callable
5/15/27
@
100.00
....................................
3.60
5/15/50
24
25
SG
Commercial
Mortgage
Securities
Trust,
Series
2016-C5,
Class
-
A4,
Callable
7/10/26
@
100.00
..........................................
3.06
10/10/48
23
20
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2022-
C62,
Class
-
A4,
Callable
4/15/32
@
100.00
..........................................
4.00(a)
4/15/55
19
25
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2018-C47,
Class
-
A4,
Callable
10/15/28
@
100.00
..........................................
4.44
9/15/61
24
Total
Collateralized
Mortgage
Obligations
...........................
590
U.S.
Government
Agency
Mortgages
—
12.52%
20
Fannie
Mae,
Pool
#MA4342
.......................................
1.50
5/1/41
17
21
Fannie
Mae,
Pool
#MA4445
.......................................
1.50
10/1/41
18
20
Fannie
Mae,
Pool
#CA7695
.......................................
1.50
11/1/50
15
15
Fannie
Mae,
Pool
#BQ5781
.......................................
1.50
11/1/35
13
20
Fannie
Mae,
Pool
#MA4122
.......................................
1.50
9/1/35
17
40
Fannie
Mae,
Pool
#MA4441
.......................................
1.50
10/1/36
35
20
Fannie
Mae,
Pool
#CA7696
.......................................
1.50
11/1/50
15
21
Fannie
Mae,
Pool
#FS1327
........................................
1.50
6/1/36
18
20
Fannie
Mae,
Pool
#MA4236
.......................................
1.50
1/1/51
16
41
Fannie
Mae,
Pool
#FM6579
.......................................
1.50
3/1/51
32
43
Fannie
Mae,
Pool
#MA4343
.......................................
1.50
5/1/51
33
21
Fannie
Mae,
Pool
#MA4280
.......................................
1.50
3/1/51
16
16
Fannie
Mae,
Pool
#MA4205
.......................................
1.50
12/1/35
14
41
Fannie
Mae,
Pool
#BR4435
.......................................
2.00
4/1/51
34
22
Fannie
Mae,
Pool
#BU7103
.......................................
2.00
12/1/51
18
30
Fannie
Mae,
Pool
#MA4128
.......................................
2.00
9/1/40
26
22
Fannie
Mae,
Pool
#BT0240
........................................
2.00
9/1/51
18
39
Fannie
Mae,
Pool
#MA4281
.......................................
2.00
3/1/51
32
21
Fannie
Mae,
Pool
#FM9579
.......................................
2.00
7/1/51
17
18
Fannie
Mae,
Pool
#CA7224
.......................................
2.00
10/1/50
15
44
Fannie
Mae,
Pool
#FM7411
.......................................
2.00
5/1/51
36
22
Fannie
Mae,
Pool
#FM4969
.......................................
2.00
12/1/50
19
6
Fannie
Mae,
Pool
#AS2673
........................................
2.00
5/1/29
6
40
Fannie
Mae,
Pool
#MA4305
.......................................
2.00
4/1/51
33
40
Fannie
Mae,
Pool
#CA8850
.......................................
2.00
2/1/51
33
20
Fannie
Mae,
Pool
#MA4119
.......................................
2.00
9/1/50
17
36
Fannie
Mae,
Pool
#BP9370
........................................
2.00
7/1/50
30
21
Fannie
Mae,
Pool
#FM6559
.......................................
2.00
3/1/51
17
39
Fannie
Mae,
Pool
#BQ3004
.......................................
2.00
10/1/50
32
36
Fannie
Mae,
Pool
#BQ7777
.......................................
2.00
3/1/36
33
38
Fannie
Mae,
Pool
#BQ8341
.......................................
2.00
12/1/50
32
20
Fannie
Mae,
Pool
#BQ9685
.......................................
2.00
1/1/51
17
20
Fannie
Mae,
Pool
#CA8893
.......................................
2.00
2/1/51
16
19
Fannie
Mae,
Pool
#MA4208
.......................................
2.00
12/1/50
15
19
Fannie
Mae,
Pool
#CA8118
.......................................
2.00
12/1/50
15
20
Fannie
Mae,
Pool
#CA8687
.......................................
2.00
1/1/51
16
20
Fannie
Mae,
Pool
#FM5308
.......................................
2.00
12/1/50
16
18
Fannie
Mae,
Pool
#MA4182
.......................................
2.00
11/1/50
15
17
Fannie
Mae,
Pool
#MA4176
.......................................
2.00
11/1/40
14
38
Fannie
Mae,
Pool
#MA4237
.......................................
2.00
1/1/51
31
129
HC
CAPITAL
TRUST
The
Core
Fixed
Income
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
39
Fannie
Mae,
Pool
#MA4255
.......................................
2.00
2/1/51
$
32
13
Fannie
Mae,
Pool
#SB8061
........................................
2.00
9/1/35
11
35
Fannie
Mae,
Pool
#MA4303
.......................................
2.00
4/1/36
31
19
Fannie
Mae,
Pool
#CA7833
.......................................
2.00
11/1/50
16
19
Fannie
Mae,
Pool
#MA4403
.......................................
2.00
8/1/36
17
22
Fannie
Mae,
Pool
#MA4437
.......................................
2.00
10/1/51
18
25
Fannie
Mae,
Pool
#FM3755
.......................................
2.00
9/1/35
22
13
Fannie
Mae,
Pool
#FM4039
.......................................
2.00
10/1/35
12
21
Fannie
Mae,
Pool
#CB0497
.......................................
2.00
5/1/51
17
22
Fannie
Mae,
Pool
#FS1621
........................................
2.00
7/1/51
18
39
Fannie
Mae,
Pool
#CA8110
.......................................
2.00
12/1/50
32
21
Fannie
Mae,
Pool
#MA4602
.......................................
2.00
5/1/37
19
45
Fannie
Mae,
Pool
#MA4511
.......................................
2.00
1/1/52
37
37
Fannie
Mae,
Pool
#FM4788
.......................................
2.00
11/1/50
31
21
Fannie
Mae,
Pool
#MA4474
.......................................
2.00
11/1/41
18
41
Fannie
Mae,
Pool
#FM6448
.......................................
2.00
3/1/51
34
21
Fannie
Mae,
Pool
#CB0684
.......................................
2.00
6/1/51
17
20
Fannie
Mae,
Pool
#BR4094
.......................................
2.00
1/1/51
16
43
Fannie
Mae,
Pool
#CB0325
.......................................
2.00
4/1/51
35
18
Fannie
Mae,
Pool
#CA7225
.......................................
2.00
10/1/50
15
34
Fannie
Mae,
Pool
#CA9183
.......................................
2.00
2/1/36
31
21
Fannie
Mae,
Pool
#BR0948
.......................................
2.00
4/1/51
17
41
Fannie
Mae,
Pool
#MA4325
.......................................
2.00
5/1/51
34
18
Fannie
Mae,
Pool
#MA4360
.......................................
2.00
6/1/36
16
22
Fannie
Mae,
Pool
#FS0317
........................................
2.00
2/1/42
19
17
Fannie
Mae,
Pool
#CA8131
.......................................
2.50
12/1/50
14
12
Fannie
Mae,
Pool
#BK2588
.......................................
2.50
5/1/50
10
14
Fannie
Mae,
Pool
#BQ0329
.......................................
2.50
7/1/50
12
17
Fannie
Mae,
Pool
#BQ5110
.......................................
2.50
11/1/50
15
23
Fannie
Mae,
Pool
#CA6074
.......................................
2.50
6/1/50
19
21
Fannie
Mae,
Pool
#FM9543
.......................................
2.50
12/1/51
18
22
Fannie
Mae,
Pool
#FS0547
........................................
2.50
2/1/52
19
21
Fannie
Mae,
Pool
#CB2868
.......................................
2.50
2/1/52
18
22
Fannie
Mae,
Pool
#FS1340
........................................
2.50
3/1/52
19
16
Fannie
Mae,
Pool
#MA4256
.......................................
2.50
2/1/51
13
20
Fannie
Mae,
Pool
#FM2881
.......................................
2.50
4/1/50
17
20
Fannie
Mae,
Pool
#MA4399
.......................................
2.50
8/1/51
17
21
Fannie
Mae,
Pool
#MA4414
.......................................
2.50
9/1/51
18
14
Fannie
Mae,
Pool
#BP5878
........................................
2.50
6/1/50
12
20
Fannie
Mae,
Pool
#MA4423
.......................................
2.50
9/1/41
18
20
Fannie
Mae,
Pool
#BO4657
.......................................
2.50
11/1/49
17
29
Fannie
Mae,
Pool
#FM4638
.......................................
2.50
10/1/50
24
21
Fannie
Mae,
Pool
#FM8997
.......................................
2.50
10/1/51
18
22
Fannie
Mae,
Pool
#BU1451
.......................................
2.50
1/1/52
19
21
Fannie
Mae,
Pool
#BU5917
.......................................
2.50
12/1/51
18
7
Fannie
Mae,
Pool
#MA3965
.......................................
2.50
3/1/40
6
6
Fannie
Mae,
Pool
#MA3765
.......................................
2.50
9/1/49
5
7
Fannie
Mae,
Pool
#MA3990
.......................................
2.50
4/1/50
6
21
Fannie
Mae,
Pool
#FM8745
.......................................
2.50
9/1/51
18
6
Fannie
Mae,
Pool
#MA3827
.......................................
2.50
11/1/34
5
20
Fannie
Mae,
Pool
#FM9033
.......................................
2.50
10/1/51
17
7
Fannie
Mae,
Pool
#MA1277
.......................................
2.50
12/1/27
6
8
Fannie
Mae,
Pool
#MA3902
.......................................
2.50
1/1/50
7
13
Fannie
Mae,
Pool
#AP4742
........................................
2.50
8/1/27
12
12
Fannie
Mae,
Pool
#BC9041
.......................................
2.50
11/1/31
12
40
Fannie
Mae,
Pool
#BR7857
.......................................
2.50
5/1/51
34
23
Fannie
Mae,
Pool
#FS0235
........................................
2.50
1/1/52
19
6
Fannie
Mae,
Pool
#MA3930
.......................................
2.50
2/1/35
6
9
Fannie
Mae,
Pool
#AS8893
........................................
2.50
2/1/32
9
130
HC
CAPITAL
TRUST
The
Core
Fixed
Income
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
22
Fannie
Mae,
Pool
#CB1828
.......................................
2.50
10/1/51
$
19
20
Fannie
Mae,
Pool
#CB1131
........................................
2.50
7/1/51
17
15
Fannie
Mae,
Pool
#MA4183
.......................................
2.50
11/1/50
13
5
Fannie
Mae,
Pool
#MA3154
.......................................
2.50
10/1/32
5
10
Fannie
Mae,
Pool
#AU6677
.......................................
2.50
9/1/28
10
13
Fannie
Mae,
Pool
#MA4096
.......................................
2.50
8/1/50
11
13
Fannie
Mae,
Pool
#AB7391
.......................................
2.50
12/1/42
11
13
Fannie
Mae,
Pool
#MA2854
.......................................
2.50
12/1/46
12
4
Fannie
Mae,
Pool
#MA2789
.......................................
2.50
10/1/36
4
15
Fannie
Mae,
Pool
#FM4231
.......................................
2.50
9/1/50
13
12
Fannie
Mae,
Pool
#MA4078
.......................................
2.50
7/1/50
10
11
Fannie
Mae,
Pool
#MA4075
.......................................
2.50
7/1/35
10
15
Fannie
Mae,
Pool
#MA4159
.......................................
2.50
10/1/50
13
10
Fannie
Mae,
Pool
#BD8046
.......................................
2.50
9/1/31
9
9
Fannie
Mae,
Pool
#BP1932
........................................
3.00
4/1/50
8
4
Fannie
Mae,
Pool
#FM1585
.......................................
3.00
9/1/49
3
7
Fannie
Mae,
Pool
#MA1307
.......................................
3.00
1/1/33
7
4
Fannie
Mae,
Pool
#MA3774
.......................................
3.00
9/1/49
4
9
Fannie
Mae,
Pool
#MA3802
.......................................
3.00
10/1/49
8
4
Fannie
Mae,
Pool
#MA3744
.......................................
3.00
8/1/49
3
6
Fannie
Mae,
Pool
#BO8947
.......................................
3.00
1/1/50
6
7
Fannie
Mae,
Pool
#AL9996
.......................................
3.00
4/1/32
7
8
Fannie
Mae,
Pool
#MA3897
.......................................
3.00
1/1/35
7
7
Fannie
Mae,
Pool
#MA3738
.......................................
3.00
8/1/34
7
9
Fannie
Mae,
Pool
#AL9263
.......................................
3.00
10/1/46
9
13
Fannie
Mae,
Pool
#QB1382
.......................................
3.00
7/1/50
11
4
Fannie
Mae,
Pool
#FM1299
.......................................
3.00
7/1/49
4
9
Fannie
Mae,
Pool
#BO9169
.......................................
3.00
12/1/49
8
9
Fannie
Mae,
Pool
#BO7242
.......................................
3.00
1/1/50
8
8
Fannie
Mae,
Pool
#BO6219
.......................................
3.00
12/1/49
7
9
Fannie
Mae,
Pool
#MA4048
.......................................
3.00
6/1/50
8
5
Fannie
Mae,
Pool
#BN7703
.......................................
3.00
8/1/49
4
8
Fannie
Mae,
Pool
#CA5519
.......................................
3.00
4/1/50
7
6
Fannie
Mae,
Pool
#BO3192
.......................................
3.00
10/1/49
5
11
Fannie
Mae,
Pool
#BP6466
........................................
3.00
7/1/50
10
8
Fannie
Mae,
Pool
#CA5668
.......................................
3.00
5/1/50
7
10
Fannie
Mae,
Pool
#FM3395
.......................................
3.00
6/1/50
9
8
Fannie
Mae,
Pool
#FM4317
.......................................
3.00
9/1/50
7
13
Fannie
Mae,
Pool
#MA3991
.......................................
3.00
4/1/50
11
14
Fannie
Mae,
Pool
#MA3937
.......................................
3.00
2/1/50
12
5
Fannie
Mae,
Pool
#FM2132
.......................................
3.00
1/1/50
4
25
Fannie
Mae,
Pool
#AS8483
........................................
3.00
12/1/46
23
11
Fannie
Mae,
Pool
#AS8276
........................................
3.00
11/1/46
10
6
Fannie
Mae,
Pool
#BO2201
.......................................
3.00
9/1/49
5
13
Fannie
Mae,
Pool
#BC9003
.......................................
3.00
11/1/46
11
5
Fannie
Mae,
Pool
#MA3127
.......................................
3.00
9/1/37
5
4
Fannie
Mae,
Pool
#MA3691
.......................................
3.00
7/1/49
3
28
Fannie
Mae,
Pool
#AO0752
.......................................
3.00
4/1/42
26
18
Fannie
Mae,
Pool
#AQ7920
.......................................
3.00
12/1/42
16
16
Fannie
Mae,
Pool
#MA2246
.......................................
3.00
4/1/30
16
7
Fannie
Mae,
Pool
#CA5423
.......................................
3.00
3/1/50
7
6
Fannie
Mae,
Pool
#MA3871
.......................................
3.00
12/1/49
5
26
Fannie
Mae,
Pool
#AB7099
.......................................
3.00
11/1/42
24
22
Fannie
Mae,
Pool
#BU8883
.......................................
3.00
3/1/52
20
5
Fannie
Mae,
Pool
#MA3237
.......................................
3.00
1/1/48
5
9
Fannie
Mae,
Pool
#MA4079
.......................................
3.00
7/1/50
8
22
Fannie
Mae,
Pool
#CB3172
.......................................
3.00
3/1/52
19
6
Fannie
Mae,
Pool
#MA3890
.......................................
3.00
1/1/40
5
13
Fannie
Mae,
Pool
#BC4764
.......................................
3.00
10/1/46
12
131
HC
CAPITAL
TRUST
The
Core
Fixed
Income
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
7
Fannie
Mae,
Pool
#AZ2936
.......................................
3.00
9/1/45
$
6
6
Fannie
Mae,
Pool
#AS8074
........................................
3.00
10/1/46
5
12
Fannie
Mae,
Pool
#MA3834
.......................................
3.00
11/1/49
11
6
Fannie
Mae,
Pool
#FM1370
.......................................
3.00
4/1/46
6
20
Fannie
Mae,
Pool
#AB8897
.......................................
3.00
4/1/43
19
6
Fannie
Mae,
Pool
#MA2863
.......................................
3.00
1/1/47
6
4
Fannie
Mae,
Pool
#AB2047
.......................................
3.00
1/1/26
4
5
Fannie
Mae,
Pool
#MA3377
.......................................
3.00
5/1/48
5
9
Fannie
Mae,
Pool
#AU3353
.......................................
3.00
8/1/43
9
4
Fannie
Mae,
Pool
#MA2523
.......................................
3.00
2/1/36
4
6
Fannie
Mae,
Pool
#MA2897
.......................................
3.00
2/1/37
6
4
Fannie
Mae,
Pool
#MA3339
.......................................
3.00
4/1/33
4
22
Fannie
Mae,
Pool
#AS0302
........................................
3.00
8/1/43
21
6
Fannie
Mae,
Pool
#MA3905
.......................................
3.00
1/1/50
5
22
Fannie
Mae,
Pool
#BU1241
.......................................
3.00
3/1/52
20
23
Fannie
Mae,
Pool
#CB3364
.......................................
3.00
4/1/52
20
22
Fannie
Mae,
Pool
#FS2122
........................................
3.00
3/1/52
20
5
Fannie
Mae,
Pool
#MA3831
.......................................
3.00
11/1/39
4
21
Fannie
Mae,
Pool
#CB2759
.......................................
3.00
2/1/52
19
4
Fannie
Mae,
Pool
#MA3057
.......................................
3.50
7/1/47
4
5
Fannie
Mae,
Pool
#FM1566
.......................................
3.50
11/1/48
5
6
Fannie
Mae,
Pool
#FM1911
.......................................
3.50
7/1/48
6
3
Fannie
Mae,
Pool
#CA4026
.......................................
3.50
5/1/49
2
7
Fannie
Mae,
Pool
#MA2706
.......................................
3.50
8/1/46
7
5
Fannie
Mae,
Pool
#FM1001
.......................................
3.50
11/1/48
4
5
Fannie
Mae,
Pool
#BM2000
.......................................
3.50
5/1/47
5
9
Fannie
Mae,
Pool
#MA3243
.......................................
3.50
1/1/38
9
9
Fannie
Mae,
Pool
#BM1568
.......................................
3.50
7/1/47
9
3
Fannie
Mae,
Pool
#BM5485
.......................................
3.50
2/1/49
3
23
Fannie
Mae,
Pool
#BU8723
.......................................
3.50
6/1/52
21
25
Fannie
Mae,
Pool
#AQ0546
.......................................
3.50
11/1/42
23
3
Fannie
Mae,
Pool
#MA3494
.......................................
3.50
10/1/48
3
45
Fannie
Mae,
Pool
#MA4600
.......................................
3.50
5/1/52
42
11
Fannie
Mae,
Pool
#ZS4618
........................................
3.50
6/1/45
10
4
Fannie
Mae,
Pool
#ZA5052
.......................................
3.50
11/1/47
4
4
Fannie
Mae,
Pool
#MA3775
.......................................
3.50
9/1/49
3
4
Fannie
Mae,
Pool
#BM4703
.......................................
3.50
2/1/48
4
3
Fannie
Mae,
Pool
#MA3597
.......................................
3.50
2/1/49
2
12
Fannie
Mae,
Pool
#AS4771
........................................
3.50
4/1/45
11
23
Fannie
Mae,
Pool
#MA4654
.......................................
3.50
7/1/52
21
2
Fannie
Mae,
Pool
#MA3614
.......................................
3.50
3/1/49
2
3
Fannie
Mae,
Pool
#MA3692
.......................................
3.50
7/1/49
3
8
Fannie
Mae,
Pool
#BP1947
........................................
3.50
4/1/50
7
4
Fannie
Mae,
Pool
#AB2052
.......................................
3.50
1/1/26
4
3
Fannie
Mae,
Pool
#MA3663
.......................................
3.50
5/1/49
3
5
Fannie
Mae,
Pool
#BC0443
.......................................
3.50
12/1/45
5
4
Fannie
Mae,
Pool
#MA3906
.......................................
3.50
1/1/50
4
5
Fannie
Mae,
Pool
#AL1717
.......................................
3.50
5/1/27
4
6
Fannie
Mae,
Pool
#MA3520
.......................................
3.50
11/1/48
6
7
Fannie
Mae,
Pool
#MA3026
.......................................
3.50
6/1/47
6
6
Fannie
Mae,
Pool
#BC1158
........................................
3.50
2/1/46
6
4
Fannie
Mae,
Pool
#BD5046
.......................................
3.50
2/1/47
4
5
Fannie
Mae,
Pool
#MA3210
.......................................
3.50
12/1/47
5
5
Fannie
Mae,
Pool
#ZM4908
.......................................
3.50
11/1/47
4
7
Fannie
Mae,
Pool
#AS0024
........................................
3.50
7/1/43
6
5
Fannie
Mae,
Pool
#BJ3716
........................................
3.50
12/1/47
5
9
Fannie
Mae,
Pool
#BJ4916
........................................
3.50
3/1/48
8
4
Fannie
Mae,
Pool
#MA3059
.......................................
3.50
7/1/37
4
3
Fannie
Mae,
Pool
#AS4236
........................................
3.50
1/1/45
3
132
HC
CAPITAL
TRUST
The
Core
Fixed
Income
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
4
Fannie
Mae,
Pool
#MA3305
.......................................
3.50
3/1/48
$
4
3
Fannie
Mae,
Pool
#AS6394
........................................
3.50
12/1/45
3
3
Fannie
Mae,
Pool
#SD8001
........................................
3.50
7/1/49
3
13
Fannie
Mae,
Pool
#MA2125
.......................................
3.50
12/1/44
12
5
Fannie
Mae,
Pool
#BK9038
.......................................
3.50
10/1/33
5
3
Fannie
Mae,
Pool
#FM0020
.......................................
3.50
7/1/49
3
3
Fannie
Mae,
Pool
#MA3745
.......................................
3.50
8/1/49
3
9
Fannie
Mae,
Pool
#BC2926
.......................................
3.50
3/1/46
8
6
Fannie
Mae,
Pool
#AS7388
........................................
3.50
6/1/46
5
4
Fannie
Mae,
Pool
#MA3148
.......................................
3.50
10/1/47
4
8
Fannie
Mae,
Pool
#AZ0862
.......................................
3.50
7/1/45
8
8
Fannie
Mae,
Pool
#MA3182
.......................................
3.50
11/1/47
8
4
Fannie
Mae,
Pool
#MA2522
.......................................
3.50
2/1/46
3
2
Fannie
Mae,
Pool
#MA3637
.......................................
3.50
4/1/49
2
3
Fannie
Mae,
Pool
#BA1893
.......................................
3.50
8/1/45
3
9
Fannie
Mae,
Pool
#MA1980
.......................................
3.50
8/1/44
8
6
Fannie
Mae,
Pool
#AS7491
........................................
3.50
7/1/46
5
6
Fannie
Mae,
Pool
#AS6102
........................................
3.50
11/1/45
6
4
Fannie
Mae,
Pool
#MA3835
.......................................
3.50
11/1/49
4
6
Fannie
Mae,
Pool
#BM2002
.......................................
4.00
10/1/47
6
5
Fannie
Mae,
Pool
#AS7558
........................................
4.00
7/1/46
5
7
Fannie
Mae,
Pool
#AS3467
........................................
4.00
10/1/44
7
3
Fannie
Mae,
Pool
#FM1571
.......................................
4.00
12/1/48
3
3
Fannie
Mae,
Pool
#BD7060
.......................................
4.00
3/1/47
3
6
Fannie
Mae,
Pool
#ZS4708
........................................
4.00
3/1/47
6
8
Fannie
Mae,
Pool
#AS3468
........................................
4.00
10/1/44
8
3
Fannie
Mae,
Pool
#BM4991
.......................................
4.00
9/1/48
3
7
Fannie
Mae,
Pool
#MA3121
.......................................
4.00
9/1/47
7
3
Fannie
Mae,
Pool
#AS8532
........................................
4.00
12/1/46
3
15
Fannie
Mae,
Pool
#AO2959
.......................................
4.00
5/1/42
14
5
Fannie
Mae,
Pool
#AS9831
........................................
4.00
6/1/47
5
3
Fannie
Mae,
Pool
#FM0021
.......................................
4.00
3/1/49
3
5
Fannie
Mae,
Pool
#BN6677
.......................................
4.00
6/1/49
4
8
Fannie
Mae,
Pool
#AS8823
........................................
4.00
2/1/47
8
5
Fannie
Mae,
Pool
#AH6242
.......................................
4.00
4/1/26
5
3
Fannie
Mae,
Pool
#BK0920
.......................................
4.00
7/1/48
3
5
Fannie
Mae,
Pool
#MA3804
.......................................
4.00
10/1/49
5
4
Fannie
Mae,
Pool
#FM1960
.......................................
4.00
5/1/49
4
3
Fannie
Mae,
Pool
#BM4306
.......................................
4.00
9/1/25
3
3
Fannie
Mae,
Pool
#MA3563
.......................................
4.00
1/1/49
3
23
Fannie
Mae,
Pool
#MA4732
.......................................
4.00
9/1/52
22
7
Fannie
Mae,
Pool
#MA2995
.......................................
4.00
5/1/47
7
4
Fannie
Mae,
Pool
#AS7600
........................................
4.00
7/1/46
4
4
Fannie
Mae,
Pool
#CA0183
.......................................
4.00
8/1/47
4
7
Fannie
Mae,
Pool
#ZA4988
.......................................
4.00
8/1/47
7
7
Fannie
Mae,
Pool
#AU8849
.......................................
4.00
11/1/43
7
4
Fannie
Mae,
Pool
#MA3183
.......................................
4.00
11/1/47
4
4
Fannie
Mae,
Pool
#MA2415
.......................................
4.00
10/1/45
3
3
Fannie
Mae,
Pool
#MA3638
.......................................
4.00
4/1/49
3
6
Fannie
Mae,
Pool
#AS9314
........................................
4.00
3/1/47
6
4
Fannie
Mae,
Pool
#AZ7362
.......................................
4.00
11/1/45
4
4
Fannie
Mae,
Pool
#MA3277
.......................................
4.00
2/1/48
4
2
Fannie
Mae,
Pool
#MA3592
.......................................
4.00
2/1/49
2
2
Fannie
Mae,
Pool
#MA3615
.......................................
4.00
3/1/49
2
3
Fannie
Mae,
Pool
#BN0334
.......................................
4.00
12/1/48
3
11
Fannie
Mae,
Pool
#BK7943
.......................................
4.00
11/1/48
10
9
Fannie
Mae,
Pool
#BM1066
.......................................
4.00
2/1/47
9
3
Fannie
Mae,
Pool
#FM1415
.......................................
4.00
12/1/48
3
3
Fannie
Mae,
Pool
#BK0909
.......................................
4.00
7/1/48
3
133
HC
CAPITAL
TRUST
The
Core
Fixed
Income
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
3
Fannie
Mae,
Pool
#MA3746
.......................................
4.00
8/1/49
$
3
3
Fannie
Mae,
Pool
#CA2316
.......................................
4.00
7/1/48
2
8
Fannie
Mae,
Pool
#AX0841
.......................................
4.00
9/1/44
8
2
Fannie
Mae,
Pool
#MA3521
.......................................
4.00
11/1/48
2
10
Fannie
Mae,
Pool
#AS9394
........................................
4.50
4/1/47
10
2
Fannie
Mae,
Pool
#BK6328
.......................................
4.50
6/1/48
2
4
Fannie
Mae,
Pool
#BM3286
.......................................
4.50
11/1/47
4
2
Fannie
Mae,
Pool
#BN4309
.......................................
4.50
1/1/49
2
6
Fannie
Mae,
Pool
#MA3747
.......................................
4.50
8/1/49
6
5
Fannie
Mae,
Pool
#AS2751
........................................
4.50
6/1/44
5
3
Fannie
Mae,
Pool
#CA0623
.......................................
4.50
10/1/47
3
16
Fannie
Mae,
Pool
#AE0954
.......................................
4.50
2/1/41
16
2
Fannie
Mae,
Pool
#MA3537
.......................................
4.50
12/1/48
2
21
Fannie
Mae,
Pool
#AE0217
.......................................
4.50
8/1/40
20
4
Fannie
Mae,
Pool
#CA1711
.......................................
4.50
5/1/48
4
44
Fannie
Mae,
Pool
#BV7928
.......................................
4.50
8/1/52
43
3
Fannie
Mae,
Pool
#BK4850
.......................................
4.50
5/1/48
3
11
Fannie
Mae,
Pool
#MA3184
.......................................
4.50
11/1/47
11
3
Fannie
Mae,
Pool
#MA3639
.......................................
4.50
4/1/49
3
—
Fannie
Mae,
Pool
#930998
........................................
4.50
4/1/29
—
23
Fannie
Mae,
Pool
#MA4761
.......................................
5.00
9/1/52
22
24
Fannie
Mae,
Pool
#MA5071
.......................................
5.00
7/1/53
24
9
Fannie
Mae,
Pool
#725238
........................................
5.00
3/1/34
9
4
Fannie
Mae,
Pool
#BM3904
.......................................
5.00
5/1/48
4
18
Fannie
Mae,
Pool
#889117
........................................
5.00
10/1/35
19
4
Fannie
Mae,
Pool
#725027
........................................
5.00
11/1/33
4
3
Fannie
Mae,
Pool
#890603
........................................
5.00
8/1/41
3
3
Fannie
Mae,
Pool
#890221
........................................
5.50
12/1/33
4
47
Fannie
Mae,
Pool
#MA5010
.......................................
5.50
5/1/53
48
24
Fannie
Mae,
Pool
#MA5072
.......................................
5.50
7/1/53
24
23
Fannie
Mae,
Pool
#FS3360
........................................
5.50
12/1/52
23
10
Fannie
Mae,
Pool
#959451
........................................
6.00
12/1/37
10
24
Fannie
Mae,
Pool
#MA5073
.......................................
6.00
7/1/53
24
50
Fannie
Mae,
15
YR
TBA
.........................................
1.50
1/25/39
43
25
Fannie
Mae,
15
YR
TBA
.........................................
4.00
1/25/54
24
25
Fannie
Mae,
15
YR
TBA
.........................................
4.50
1/25/39
25
25
Fannie
Mae,
15
YR
TBA
.........................................
5.00
1/25/39
25
25
Fannie
Mae,
30
YR
TBA
.........................................
3.50
1/25/54
23
25
Fannie
Mae,
30
YR
TBA
.........................................
4.50
1/25/54
24
50
Fannie
Mae,
30
YR
TBA
.........................................
5.00
1/25/54
50
25
Fannie
Mae,
30
YR
TBA
.........................................
5.50
1/25/54
25
25
Fannie
Mae,
30
YR
TBA
.........................................
6.00
1/25/54
25
25
Fannie
Mae,
30
YR
TBA
.........................................
6.00
2/25/54
25
75
Fannie
Mae,
30
YR
TBA
.........................................
6.50
1/25/54
76
25
Fannie
Mae,
30
YR
TBA
.........................................
6.50
2/25/54
26
25
Fannie
Mae,
30
YR
TBA
.........................................
7.00
1/25/54
26
17
Freddie
Mac,
Pool
#SB8088
.......................................
1.50
2/1/36
14
43
Freddie
Mac,
Pool
#SD8154
.......................................
1.50
7/1/51
33
42
Freddie
Mac,
Pool
#QC0962
.......................................
1.50
4/1/51
32
20
Freddie
Mac,
Pool
#RB5110
.......................................
1.50
5/1/41
17
18
Freddie
Mac,
Pool
#SB8097
.......................................
1.50
4/1/36
16
21
Freddie
Mac,
Pool
#SB8144
.......................................
1.50
3/1/37
18
21
Freddie
Mac,
Pool
#QN9521
.......................................
1.50
2/1/37
18
21
Freddie
Mac,
Pool
#SD8098
.......................................
2.00
10/1/50
17
39
Freddie
Mac,
Pool
#QB7708
.......................................
2.00
1/1/51
32
30
Freddie
Mac,
Pool
#SB8079
.......................................
2.00
12/1/35
27
40
Freddie
Mac,
Pool
#SD7537
.......................................
2.00
3/1/51
33
20
Freddie
Mac,
Pool
#SD8146
.......................................
2.00
5/1/51
17
45
Freddie
Mac,
Pool
#SD8193
.......................................
2.00
2/1/52
37
134
HC
CAPITAL
TRUST
The
Core
Fixed
Income
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
23
Freddie
Mac,
Pool
#SD8199
.......................................
2.00
3/1/52
$
19
23
Freddie
Mac,
Pool
#QD5748
.......................................
2.00
2/1/52
19
18
Freddie
Mac,
Pool
#RA3205
.......................................
2.00
8/1/50
15
42
Freddie
Mac,
Pool
#QC3697
.......................................
2.00
6/1/51
34
18
Freddie
Mac,
Pool
#SB8510
.......................................
2.00
2/1/36
16
39
Freddie
Mac,
Pool
#SB8128
.......................................
2.00
11/1/36
35
20
Freddie
Mac,
Pool
#RB5114
.......................................
2.00
6/1/41
17
45
Freddie
Mac,
Pool
#SD8188
.......................................
2.00
1/1/52
37
21
Freddie
Mac,
Pool
#QC3597
.......................................
2.00
6/1/51
18
45
Freddie
Mac,
Pool
#QD1254
.......................................
2.00
11/1/51
37
37
Freddie
Mac,
Pool
#SD8113
.......................................
2.00
12/1/50
31
44
Freddie
Mac,
Pool
#SD8177
.......................................
2.00
11/1/51
36
20
Freddie
Mac,
Pool
#SD8079
.......................................
2.00
7/1/50
17
19
Freddie
Mac,
Pool
#SB8115
.......................................
2.00
8/1/36
17
19
Freddie
Mac,
Pool
#SD8121
.......................................
2.00
1/1/51
16
43
Freddie
Mac,
Pool
#SD8160
.......................................
2.00
8/1/51
35
21
Freddie
Mac,
Pool
#RA5257
.......................................
2.00
5/1/51
17
21
Freddie
Mac,
Pool
#RA5040
.......................................
2.00
4/1/51
17
20
Freddie
Mac,
Pool
#RA4214
.......................................
2.00
12/1/50
16
20
Freddie
Mac,
Pool
#RA3328
.......................................
2.00
8/1/50
17
41
Freddie
Mac,
Pool
#QC1333
.......................................
2.00
5/1/51
34
22
Freddie
Mac,
Pool
#QC7473
.......................................
2.00
9/1/51
18
41
Freddie
Mac,
Pool
#QC0423
.......................................
2.00
4/1/51
33
38
Freddie
Mac,
Pool
#SD8128
.......................................
2.00
2/1/51
31
18
Freddie
Mac,
Pool
#RA3575
.......................................
2.00
9/1/50
15
22
Freddie
Mac,
Pool
#RA5155
.......................................
2.00
5/1/51
18
15
Freddie
Mac,
Pool
#RC1727
.......................................
2.00
12/1/35
14
18
Freddie
Mac,
Pool
#SB8107
.......................................
2.00
6/1/36
16
18
Freddie
Mac,
Pool
#RB5095
.......................................
2.00
1/1/41
16
22
Freddie
Mac,
Pool
#SD8172
.......................................
2.00
10/1/51
18
20
Freddie
Mac,
Pool
#RB5121
.......................................
2.00
8/1/41
18
18
Freddie
Mac,
Pool
#QB3926
.......................................
2.00
10/1/50
15
41
Freddie
Mac,
Pool
#QB6893
.......................................
2.00
12/1/50
33
20
Freddie
Mac,
Pool
#RA3528
.......................................
2.50
9/1/50
17
37
Freddie
Mac,
Pool
#SD8141
.......................................
2.50
4/1/51
32
23
Freddie
Mac,
Pool
#RA6136
.......................................
2.50
10/1/51
19
23
Freddie
Mac,
Pool
#SD8205
.......................................
2.50
4/1/52
19
19
Freddie
Mac,
Pool
#QC2031
.......................................
2.50
5/1/51
16
21
Freddie
Mac,
Pool
#SB0301
.......................................
2.50
4/1/35
19
30
Freddie
Mac,
Pool
#RA2634
.......................................
2.50
5/1/50
26
21
Freddie
Mac,
Pool
#RA6019
.......................................
2.50
10/1/51
18
19
Freddie
Mac,
Pool
#SD8151
.......................................
2.50
6/1/51
17
22
Freddie
Mac,
Pool
#RA6621
.......................................
2.50
1/1/52
19
44
Freddie
Mac,
Pool
#SD8194
.......................................
2.50
2/1/52
38
45
Freddie
Mac,
Pool
#RA6493
.......................................
2.50
12/1/51
38
20
Freddie
Mac,
Pool
#SD8021
.......................................
2.50
9/1/49
18
45
Freddie
Mac,
Pool
#SD1011
.......................................
2.50
4/1/52
38
16
Freddie
Mac,
Pool
#SD8129
.......................................
2.50
2/1/51
14
21
Freddie
Mac,
Pool
#RA6815
.......................................
2.50
2/1/52
18
21
Freddie
Mac,
Pool
#QC7457
.......................................
2.50
9/1/51
18
23
Freddie
Mac,
Pool
#QE2352
.......................................
2.50
5/1/52
20
16
Freddie
Mac,
Pool
#SD8122
.......................................
2.50
1/1/51
13
15
Freddie
Mac,
Pool
#QB3703
.......................................
2.50
9/1/50
13
18
Freddie
Mac,
Pool
#SD8147
.......................................
2.50
5/1/51
16
10
Freddie
Mac,
Pool
#G18470
.......................................
2.50
6/1/28
10
13
Freddie
Mac,
Pool
#SD8083
.......................................
2.50
8/1/50
11
10
Freddie
Mac,
Pool
#G18485
.......................................
2.50
10/1/28
10
11
Freddie
Mac,
Pool
#RB5054
.......................................
2.50
6/1/40
10
26
Freddie
Mac,
Pool
#SB8045
.......................................
2.50
5/1/35
24
135
HC
CAPITAL
TRUST
The
Core
Fixed
Income
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
7
Freddie
Mac,
Pool
#G07445
.......................................
2.50
7/1/43
$
6
15
Freddie
Mac,
Pool
#QB3287
.......................................
2.50
8/1/50
13
31
Freddie
Mac,
Pool
#SD8114
.......................................
2.50
12/1/50
26
14
Freddie
Mac,
Pool
#SD8099
.......................................
2.50
10/1/50
12
21
Freddie
Mac,
Pool
#SD8167
.......................................
2.50
9/1/51
18
16
Freddie
Mac,
Pool
#RA4527
.......................................
2.50
2/1/51
14
6
Freddie
Mac,
Pool
#ZS8692
.......................................
2.50
4/1/33
6
31
Freddie
Mac,
Pool
#RA2643
.......................................
2.50
6/1/50
26
15
Freddie
Mac,
Pool
#ZS4687
.......................................
2.50
11/1/46
13
7
Freddie
Mac,
Pool
#RB5043
.......................................
2.50
4/1/40
6
22
Freddie
Mac,
Pool
#SD8189
.......................................
2.50
1/1/52
19
5
Freddie
Mac,
Pool
#G18687
.......................................
2.50
5/1/33
5
40
Freddie
Mac,
Pool
#RA5832
.......................................
2.50
9/1/51
35
43
Freddie
Mac,
Pool
#SD8183
.......................................
2.50
12/1/51
37
19
Freddie
Mac,
Pool
#RA5286
.......................................
2.50
5/1/51
16
14
Freddie
Mac,
Pool
#RA2897
.......................................
2.50
6/1/50
12
13
Freddie
Mac,
Pool
#RA2595
.......................................
2.50
5/1/50
11
22
Freddie
Mac,
Pool
#RA5802
.......................................
2.50
9/1/51
18
33
Freddie
Mac,
Pool
#ZS4522
.......................................
3.00
7/1/43
31
3
Freddie
Mac,
Pool
#G18518
.......................................
3.00
7/1/29
2
9
Freddie
Mac,
Pool
#SD8074
.......................................
3.00
7/1/50
8
7
Freddie
Mac,
Pool
#G15145
.......................................
3.00
7/1/29
7
4
Freddie
Mac,
Pool
#G18601
.......................................
3.00
5/1/31
4
6
Freddie
Mac,
Pool
#J36428
........................................
3.00
2/1/32
6
16
Freddie
Mac,
Pool
#G60989
.......................................
3.00
12/1/46
14
6
Freddie
Mac,
Pool
#ZM2089
.......................................
3.00
11/1/46
6
10
Freddie
Mac,
Pool
#G18663
.......................................
3.00
10/1/32
9
7
Freddie
Mac,
Pool
#G61680
.......................................
3.00
4/1/47
6
5
Freddie
Mac,
Pool
#QA1033
.......................................
3.00
7/1/49
4
14
Freddie
Mac,
Pool
#ZS4706
.......................................
3.00
3/1/47
12
12
Freddie
Mac,
Pool
#SD8030
.......................................
3.00
12/1/49
10
10
Freddie
Mac,
Pool
#ZS4658
.......................................
3.00
4/1/46
9
6
Freddie
Mac,
Pool
#SD8056
.......................................
3.00
4/1/50
6
11
Freddie
Mac,
Pool
#G08737
.......................................
3.00
12/1/46
10
4
Freddie
Mac,
Pool
#G08635
.......................................
3.00
4/1/45
4
5
Freddie
Mac,
Pool
#G08803
.......................................
3.00
3/1/48
4
7
Freddie
Mac,
Pool
#SB8046
.......................................
3.00
5/1/35
7
5
Freddie
Mac,
Pool
#ZS4688
.......................................
3.00
11/1/46
5
8
Freddie
Mac,
Pool
#QA8065
.......................................
3.00
3/1/50
7
22
Freddie
Mac,
Pool
#QD9881
.......................................
3.00
3/1/52
20
15
Freddie
Mac,
Pool
#ZS4606
.......................................
3.00
3/1/45
14
10
Freddie
Mac,
Pool
#QA9049
.......................................
3.00
4/1/50
9
23
Freddie
Mac,
Pool
#ZS4511
.......................................
3.00
3/1/43
21
38
Freddie
Mac,
Pool
#SD8174
.......................................
3.00
10/1/51
34
13
Freddie
Mac,
Pool
#ZA2304
.......................................
3.00
6/1/33
13
2
Freddie
Mac,
Pool
#J14069
........................................
3.50
1/1/26
2
5
Freddie
Mac,
Pool
#G08620
.......................................
3.50
12/1/44
5
7
Freddie
Mac,
Pool
#G08761
.......................................
3.50
5/1/47
6
3
Freddie
Mac,
Pool
#ZS4771
.......................................
3.50
6/1/48
3
6
Freddie
Mac,
Pool
#ZS4651
.......................................
3.50
3/1/46
6
6
Freddie
Mac,
Pool
#SD8011
.......................................
3.50
9/1/49
5
3
Freddie
Mac,
Pool
#Q57871
.......................................
3.50
8/1/48
3
5
Freddie
Mac,
Pool
#V83453
.......................................
3.50
10/1/47
4
3
Freddie
Mac,
Pool
#G08770
.......................................
3.50
7/1/47
3
6
Freddie
Mac,
Pool
#Q43933
.......................................
3.50
10/1/46
5
23
Freddie
Mac,
Pool
#SD8214
.......................................
3.50
5/1/52
21
7
Freddie
Mac,
Pool
#G08687
.......................................
3.50
1/1/46
7
7
Freddie
Mac,
Pool
#SB8007
.......................................
3.50
9/1/34
7
6
Freddie
Mac,
Pool
#G08784
.......................................
3.50
10/1/47
6
136
HC
CAPITAL
TRUST
The
Core
Fixed
Income
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
7
Freddie
Mac,
Pool
#G08698
.......................................
3.50
3/1/46
$
7
4
Freddie
Mac,
Pool
#ZS4659
.......................................
3.50
4/1/46
3
4
Freddie
Mac,
Pool
#ZS4713
.......................................
3.50
4/1/47
3
8
Freddie
Mac,
Pool
#RA2469
.......................................
3.50
4/1/50
8
7
Freddie
Mac,
Pool
#G61148
.......................................
3.50
9/1/47
7
16
Freddie
Mac,
Pool
#G08554
.......................................
3.50
10/1/43
15
3
Freddie
Mac,
Pool
#G08627
.......................................
3.50
2/1/45
3
8
Freddie
Mac,
Pool
#RA1508
.......................................
3.50
10/1/49
7
4
Freddie
Mac,
Pool
#ZS4599
.......................................
3.50
1/1/45
4
22
Freddie
Mac,
Pool
#SD8038
.......................................
3.50
1/1/50
21
5
Freddie
Mac,
Pool
#J30284
........................................
3.50
11/1/29
5
14
Freddie
Mac,
Pool
#ZS4642
.......................................
3.50
12/1/45
13
15
Freddie
Mac,
Pool
#G08636
.......................................
3.50
4/1/45
14
5
Freddie
Mac,
Pool
#SD0290
.......................................
4.00
4/1/50
5
48
Freddie
Mac,
Pool
#SD8286
.......................................
4.00
1/1/53
45
9
Freddie
Mac,
Pool
#G08606
.......................................
4.00
9/1/44
9
9
Freddie
Mac,
Pool
#A96286
.......................................
4.00
1/1/41
9
13
Freddie
Mac,
Pool
#ZL7781
.......................................
4.00
2/1/44
13
9
Freddie
Mac,
Pool
#G08567
.......................................
4.00
1/1/44
8
12
Freddie
Mac,
Pool
#G08637
.......................................
4.00
4/1/45
12
3
Freddie
Mac,
Pool
#ZT1840
.......................................
4.00
9/1/48
3
5
Freddie
Mac,
Pool
#C91395
.......................................
4.00
9/1/31
5
4
Freddie
Mac,
Pool
#G08801
.......................................
4.00
2/1/48
4
7
Freddie
Mac,
Pool
#Q58680
.......................................
4.00
9/1/48
7
5
Freddie
Mac,
Pool
#ZT1320
.......................................
4.00
11/1/48
5
7
Freddie
Mac,
Pool
#SD8070
.......................................
4.00
6/1/50
7
47
Freddie
Mac,
Pool
#SD8244
.......................................
4.00
9/1/52
44
3
Freddie
Mac,
Pool
#ZT2106
.......................................
4.00
3/1/49
3
7
Freddie
Mac,
Pool
#ZS4631
.......................................
4.00
9/1/45
7
7
Freddie
Mac,
Pool
#G08775
.......................................
4.00
8/1/47
7
4
Freddie
Mac,
Pool
#G08771
.......................................
4.00
7/1/47
4
23
Freddie
Mac,
Pool
#QE5462
.......................................
4.00
7/1/52
22
2
Freddie
Mac,
Pool
#ZA6946
.......................................
4.00
5/1/49
2
23
Freddie
Mac,
Pool
#SD8266
.......................................
4.50
11/1/52
23
25
Freddie
Mac,
Pool
#SD8340
.......................................
4.50
7/1/53
24
48
Freddie
Mac,
Pool
#SD8306
.......................................
4.50
3/1/53
47
15
Freddie
Mac,
Pool
#A97692
.......................................
4.50
3/1/41
15
5
Freddie
Mac,
Pool
#Q52321
.......................................
4.50
11/1/47
5
13
Freddie
Mac,
Pool
#G01890
.......................................
4.50
10/1/35
12
3
Freddie
Mac,
Pool
#ZS4774
.......................................
4.50
5/1/48
3
23
Freddie
Mac,
Pool
#SD8245
.......................................
4.50
9/1/52
22
4
Freddie
Mac,
Pool
#G08781
.......................................
4.50
9/1/47
4
4
Freddie
Mac,
Pool
#C09059
.......................................
4.50
3/1/44
4
5
Freddie
Mac,
Pool
#Q58217
.......................................
4.50
9/1/48
4
8
Freddie
Mac,
Pool
#G04817
.......................................
5.00
9/1/38
8
6
Freddie
Mac,
Pool
#ZT1779
.......................................
5.00
3/1/49
6
9
Freddie
Mac,
Pool
#G05904
.......................................
5.00
9/1/39
9
24
Freddie
Mac,
Pool
#SD8323
.......................................
5.00
5/1/53
24
3
Freddie
Mac,
Pool
#G08838
.......................................
5.00
9/1/48
3
24
Freddie
Mac,
Pool
#SD8288
.......................................
5.00
1/1/53
23
48
Freddie
Mac,
Pool
#SD8341
.......................................
5.00
7/1/53
48
25
Freddie
Mac,
Pool
#SD8361
.......................................
5.00
9/1/53
24
8
Freddie
Mac,
Pool
#G01962
.......................................
5.00
12/1/35
8
24
Freddie
Mac,
Pool
#SD8315
.......................................
5.00
4/1/53
24
23
Freddie
Mac,
Pool
#SD8300
.......................................
5.50
2/1/53
23
24
Freddie
Mac,
Pool
#SD8342
.......................................
5.50
7/1/53
24
25
Freddie
Mac,
Pool
#SD8372
.......................................
5.50
11/1/53
25
13
Freddie
Mac,
Pool
#G01665
.......................................
5.50
3/1/34
13
24
Freddie
Mac,
Pool
#SD8331
.......................................
5.50
6/1/53
24
137
HC
CAPITAL
TRUST
The
Core
Fixed
Income
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
49
Freddie
Mac,
Pool
#SD8362
.......................................
5.50
9/1/53
$
49
1
Freddie
Mac,
Pool
#C90989
.......................................
6.00
9/1/26
1
24
Freddie
Mac,
Pool
#SD8363
.......................................
6.00
9/1/53
25
24
Freddie
Mac,
Pool
#SD8350
.......................................
6.00
8/1/53
24
23
Freddie
Mac,
Pool
#SD8325
.......................................
6.00
5/1/53
24
9
Freddie
Mac,
Pool
#G02794
.......................................
6.00
5/1/37
9
49
Freddie
Mac,
Pool
#SD8373
.......................................
6.00
11/1/53
50
25
Freddie
Mac,
Pool
#SD8374
.......................................
6.50
11/1/53
25
19
Government
National
Mortgage
Association,
Pool
#MA7417
................
2.00
6/20/51
16
21
Government
National
Mortgage
Association,
Pool
#MA7588
................
2.00
9/20/51
17
22
Government
National
Mortgage
Association,
Pool
#MA7986
................
2.00
4/20/52
19
22
Government
National
Mortgage
Association,
Pool
#MA7766
................
2.00
12/20/51
18
22
Government
National
Mortgage
Association,
Pool
#MA7935
................
2.00
3/20/52
19
33
Government
National
Mortgage
Association,
Pool
#MA6930
................
2.00
10/20/50
28
22
Government
National
Mortgage
Association,
Pool
#MA8041
................
2.00
5/20/52
19
22
Government
National
Mortgage
Association,
Pool
#MA7826
................
2.00
1/20/52
18
22
Government
National
Mortgage
Association,
Pool
#MA7880
................
2.00
2/20/52
19
17
Government
National
Mortgage
Association,
Pool
#MA7135
................
2.00
1/20/51
15
17
Government
National
Mortgage
Association,
Pool
#MA7051
................
2.00
12/20/50
15
36
Government
National
Mortgage
Association,
Pool
#MA7254
................
2.00
3/20/51
31
32
Government
National
Mortgage
Association,
Pool
#MA6864
................
2.00
9/20/50
27
43
Government
National
Mortgage
Association,
Pool
#MA7704
................
2.00
11/20/51
36
19
Government
National
Mortgage
Association,
Pool
#MA7366
................
2.00
5/20/51
16
40
Government
National
Mortgage
Association,
Pool
#MA7471
................
2.00
7/20/51
34
19
Government
National
Mortgage
Association,
Pool
#MA7311
................
2.00
4/20/51
16
20
Government
National
Mortgage
Association,
Pool
#MA6994
................
2.00
11/20/50
17
4
Government
National
Mortgage
Association,
Pool
#MA1155
................
2.50
7/20/43
4
40
Government
National
Mortgage
Association,
Pool
#MA7534
................
2.50
8/20/51
35
41
Government
National
Mortgage
Association,
Pool
#MA7649
................
2.50
10/20/51
36
33
Government
National
Mortgage
Association,
Pool
#MA7255
................
2.50
3/20/51
29
14
Government
National
Mortgage
Association,
Pool
#MA6995
................
2.50
11/20/50
12
13
Government
National
Mortgage
Association,
Pool
#MA6931
................
2.50
10/20/50
12
18
Government
National
Mortgage
Association,
Pool
#MA7136
................
2.50
1/20/51
16
39
Government
National
Mortgage
Association,
Pool
#MA7472
................
2.50
7/20/51
34
20
Government
National
Mortgage
Association,
Pool
#MA7589
................
2.50
9/20/51
18
5
Government
National
Mortgage
Association,
Pool
#MA4355
................
2.50
4/20/32
5
34
Government
National
Mortgage
Association,
Pool
#MA6865
................
2.50
9/20/50
30
17
Government
National
Mortgage
Association,
Pool
#MA7312
................
2.50
4/20/51
15
43
Government
National
Mortgage
Association,
Pool
#MA7767
................
2.50
12/20/51
37
22
Government
National
Mortgage
Association,
Pool
#MA8042
................
2.50
5/20/52
19
2
Government
National
Mortgage
Association,
Pool
#AA8341
................
2.50
2/15/28
1
42
Government
National
Mortgage
Association,
Pool
#MA6709
................
2.50
6/20/50
37
7
Government
National
Mortgage
Association,
Pool
#MA6540
................
2.50
3/20/50
6
31
Government
National
Mortgage
Association,
Pool
#MA7193
................
2.50
2/20/51
27
24
Government
National
Mortgage
Association,
Pool
#MA6819
................
2.50
8/20/50
21
22
Government
National
Mortgage
Association,
Pool
#MA7936
................
2.50
3/20/52
19
19
Government
National
Mortgage
Association,
Pool
#MA7418
................
2.50
6/20/51
17
9
Government
National
Mortgage
Association,
Pool
#MA6655
................
2.50
5/20/50
8
8
Government
National
Mortgage
Association,
Pool
#MA3936
................
3.00
9/20/46
8
3
Government
National
Mortgage
Association,
Pool
#MA3596
................
3.00
4/20/46
3
10
Government
National
Mortgage
Association,
Pool
#MA3375
................
3.00
1/20/46
9
6
Government
National
Mortgage
Association,
Pool
#MA6338
................
3.00
12/20/49
5
16
Government
National
Mortgage
Association,
Pool
#MA6656
................
3.00
5/20/50
15
8
Government
National
Mortgage
Association,
Pool
#MA6710
................
3.00
6/20/50
8
6
Government
National
Mortgage
Association,
Pool
#MA6409
................
3.00
1/20/50
5
5
Government
National
Mortgage
Association,
Pool
#MA3873
................
3.00
8/20/46
4
23
Government
National
Mortgage
Association,
Pool
#MA8098
................
3.00
6/20/52
21
10
Government
National
Mortgage
Association,
Pool
#MA2520
................
3.00
1/20/45
9
5
Government
National
Mortgage
Association,
Pool
#MA6089
................
3.00
8/20/49
5
138
HC
CAPITAL
TRUST
The
Core
Fixed
Income
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
5
Government
National
Mortgage
Association,
Pool
#MA6283
................
3.00
11/20/49
$
5
21
Government
National
Mortgage
Association,
Pool
#MA7828
................
3.00
1/20/52
19
14
Government
National
Mortgage
Association,
Pool
#MA4899
................
3.00
12/20/47
13
11
Government
National
Mortgage
Association,
Pool
#MA6474
................
3.00
2/20/50
10
10
Government
National
Mortgage
Association,
Pool
#MA6820
................
3.00
8/20/50
9
7
Government
National
Mortgage
Association,
Pool
#MA6599
................
3.00
4/20/50
6
14
Government
National
Mortgage
Association,
Pool
#MA1011
................
3.00
5/20/43
13
14
Government
National
Mortgage
Association,
Pool
#MA0851
................
3.00
3/20/43
13
7
Government
National
Mortgage
Association,
Pool
#MA3662
................
3.00
5/20/46
7
7
Government
National
Mortgage
Association,
Pool
#MA2960
................
3.00
7/20/45
7
8
Government
National
Mortgage
Association,
Pool
#MA3802
................
3.00
7/20/46
7
7
Government
National
Mortgage
Association,
Pool
#MA4195
................
3.00
1/20/47
7
18
Government
National
Mortgage
Association,
Pool
#MA6766
................
3.00
7/20/50
16
4
Government
National
Mortgage
Association,
Pool
#MA0205
................
3.00
7/20/27
4
10
Government
National
Mortgage
Association,
Pool
#MA4320
................
3.00
3/20/47
9
5
Government
National
Mortgage
Association,
Pool
#MA4068
................
3.00
11/20/46
5
5
Government
National
Mortgage
Association,
Pool
#MA4261
................
3.00
2/20/47
5
8
Government
National
Mortgage
Association,
Pool
#MA4836
................
3.00
11/20/47
7
7
Government
National
Mortgage
Association,
Pool
#MA3243
................
3.00
11/20/45
6
4
Government
National
Mortgage
Association,
Pool
#MA5815
................
3.00
3/20/49
4
10
Government
National
Mortgage
Association,
Pool
#MA3735
................
3.00
6/20/46
9
6
Government
National
Mortgage
Association,
Pool
#MA4126
................
3.00
12/20/46
6
7
Government
National
Mortgage
Association,
Pool
#AA5897
................
3.00
12/15/42
7
21
Government
National
Mortgage
Association,
Pool
#MA6218
................
3.00
10/20/49
19
12
Government
National
Mortgage
Association,
Pool
#MA5018
................
3.00
2/20/48
11
12
Government
National
Mortgage
Association,
Pool
#MA4003
................
3.00
10/20/46
11
7
Government
National
Mortgage
Association,
Pool
#MA3736
................
3.50
6/20/46
7
8
Government
National
Mortgage
Association,
Pool
#MA4510
................
3.50
6/20/47
7
5
Government
National
Mortgage
Association,
Pool
#MA3244
................
3.50
11/20/45
5
7
Government
National
Mortgage
Association,
Pool
#MA2223
................
3.50
9/20/44
7
3
Government
National
Mortgage
Association,
Pool
#MA3454
................
3.50
2/20/46
3
7
Government
National
Mortgage
Association,
Pool
#MA4586
................
3.50
7/20/47
6
8
Government
National
Mortgage
Association,
Pool
#MA4004
................
3.50
10/20/46
7
9
Government
National
Mortgage
Association,
Pool
#MA4127
................
3.50
12/20/46
8
7
Government
National
Mortgage
Association,
Pool
#MA3874
................
3.50
8/20/46
7
7
Government
National
Mortgage
Association,
Pool
#MA3803
................
3.50
7/20/46
7
7
Government
National
Mortgage
Association,
Pool
#MA3310
................
3.50
12/20/45
6
7
Government
National
Mortgage
Association,
Pool
#MA3105
................
3.50
9/20/45
6
7
Government
National
Mortgage
Association,
Pool
#MA3376
................
3.50
1/20/46
6
7
Government
National
Mortgage
Association,
Pool
#MA4321
................
3.50
3/20/47
7
7
Government
National
Mortgage
Association,
Pool
#MA3597
................
3.50
4/20/46
6
16
Government
National
Mortgage
Association,
Pool
#MA1157
................
3.50
7/20/43
15
7
Government
National
Mortgage
Association,
Pool
#MA4382
................
3.50
4/20/47
7
4
Government
National
Mortgage
Association,
Pool
#AB9211
................
3.50
11/15/42
3
4
Government
National
Mortgage
Association,
Pool
#MA4837
................
3.50
11/20/47
4
4
Government
National
Mortgage
Association,
Pool
#MA6339
................
3.50
12/20/49
4
4
Government
National
Mortgage
Association,
Pool
#MA6219
................
3.50
10/20/49
4
3
Government
National
Mortgage
Association,
Pool
#MA1574
................
3.50
1/20/29
3
4
Government
National
Mortgage
Association,
Pool
#AC3938
................
3.50
1/15/43
4
7
Government
National
Mortgage
Association,
Pool
#MA2371
................
3.50
11/20/44
7
5
Government
National
Mortgage
Association,
Pool
#MA2826
................
3.50
5/20/45
5
6
Government
National
Mortgage
Association,
Pool
#MA2961
................
3.50
7/20/45
5
9
Government
National
Mortgage
Association,
Pool
#MA3173
................
3.50
10/20/45
9
23
Government
National
Mortgage
Association,
Pool
#MA8199
................
3.50
8/20/52
21
6
Government
National
Mortgage
Association,
Pool
#MA5019
................
3.50
2/20/48
5
6
Government
National
Mortgage
Association,
Pool
#MA5875
................
3.50
4/20/49
6
3
Government
National
Mortgage
Association,
Pool
#MA5762
................
3.50
2/20/49
3
5
Government
National
Mortgage
Association,
Pool
#MA5191
................
3.50
5/20/48
4
8
Government
National
Mortgage
Association,
Pool
#MA4652
................
3.50
8/20/47
8
139
HC
CAPITAL
TRUST
The
Core
Fixed
Income
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
14
Government
National
Mortgage
Association,
Pool
#MA0699
................
3.50
1/20/43
$
13
4
Government
National
Mortgage
Association,
Pool
#MA4778
................
3.50
10/20/47
4
3
Government
National
Mortgage
Association,
Pool
#MA4653
................
4.00
8/20/47
3
23
Government
National
Mortgage
Association,
Pool
#MA8200
................
4.00
8/20/52
22
3
Government
National
Mortgage
Association,
Pool
#MA3377
................
4.00
1/20/46
3
6
Government
National
Mortgage
Association,
Pool
#MA1996
................
4.00
6/20/44
6
6
Government
National
Mortgage
Association,
Pool
#MA4511
................
4.00
6/20/47
6
3
Government
National
Mortgage
Association,
Pool
#MA5986
................
4.00
6/20/49
3
3
Government
National
Mortgage
Association,
Pool
#MA4322
................
4.00
3/20/47
3
3
Government
National
Mortgage
Association,
Pool
#MA5595
................
4.00
11/20/48
3
3
Government
National
Mortgage
Association,
Pool
#MA3245
................
4.00
11/20/45
3
8
Government
National
Mortgage
Association,
Pool
#MA6091
................
4.00
8/20/49
7
26
Government
National
Mortgage
Association,
Pool
#MA1091
................
4.00
6/20/43
26
3
Government
National
Mortgage
Association,
Pool
#MA5876
................
4.00
4/20/49
3
6
Government
National
Mortgage
Association,
Pool
#MA6040
................
4.00
7/20/49
6
9
Government
National
Mortgage
Association,
Pool
#MA3737
................
4.00
6/20/46
9
4
Government
National
Mortgage
Association,
Pool
#MA3522
................
4.00
3/20/46
4
3
Government
National
Mortgage
Association,
Pool
#MA5710
................
4.00
1/20/49
2
3
Government
National
Mortgage
Association,
Pool
#MA5651
................
4.00
12/20/48
3
3
Government
National
Mortgage
Association,
Pool
#MA5466
................
4.00
9/20/48
3
3
Government
National
Mortgage
Association,
Pool
#MA4263
................
4.00
2/20/47
3
25
Government
National
Mortgage
Association,
Pool
#MA8877
................
4.50
5/20/53
24
14
Government
National
Mortgage
Association,
Pool
#721760
.................
4.50
8/15/40
14
23
Government
National
Mortgage
Association,
Pool
#4801
..................
4.50
9/20/40
23
6
Government
National
Mortgage
Association,
Pool
#MA2756
................
4.50
4/20/45
6
3
Government
National
Mortgage
Association,
Pool
#MA4721
................
4.50
9/20/47
3
5
Government
National
Mortgage
Association,
Pool
#MA5399
................
4.50
8/20/48
5
3
Government
National
Mortgage
Association,
Pool
#MA1762
................
4.50
3/20/44
3
24
Government
National
Mortgage
Association,
Pool
#MA8724
................
4.50
3/20/53
24
8
Government
National
Mortgage
Association,
Pool
#MA5987
................
4.50
6/20/49
8
2
Government
National
Mortgage
Association,
Pool
#MA5818
................
4.50
3/20/49
2
2
Government
National
Mortgage
Association,
Pool
#MA5596
................
4.50
11/20/48
2
5
Government
National
Mortgage
Association,
Pool
#MA5764
................
4.50
2/20/49
5
5
Government
National
Mortgage
Association,
Pool
#MA2373
................
4.50
11/20/44
5
2
Government
National
Mortgage
Association,
Pool
#MA5193
................
4.50
5/20/48
2
14
Government
National
Mortgage
Association,
Pool
#4559
..................
5.00
10/20/39
14
3
Government
National
Mortgage
Association,
Pool
#MA5933
................
5.00
5/20/49
3
25
Government
National
Mortgage
Association,
Pool
#MA9016
................
5.00
7/20/53
25
2
Government
National
Mortgage
Association,
Pool
#MA5530
................
5.00
10/20/48
2
11
Government
National
Mortgage
Association,
Pool
#697946
.................
5.00
3/15/39
11
2
Government
National
Mortgage
Association,
Pool
#MA5653
................
5.00
12/20/48
2
3
Government
National
Mortgage
Association,
Pool
#MA5988
................
5.00
6/20/49
3
24
Government
National
Mortgage
Association,
Pool
#MA8800
................
5.00
4/20/53
24
25
Government
National
Mortgage
Association,
Pool
#MA9017
................
5.50
7/20/53
25
25
Government
National
Mortgage
Association,
Pool
#MA9305
................
5.50
11/20/53
25
25
Government
National
Mortgage
Association,
Pool
#MA9018
................
6.00
7/20/53
25
25
Government
National
Mortgage
Association,
30
YR
TBA
..................
2.00
1/20/54
21
25
Government
National
Mortgage
Association,
30
YR
TBA
..................
3.50
1/20/54
23
50
Government
National
Mortgage
Association,
30
YR
TBA
..................
4.00
1/20/54
48
25
Government
National
Mortgage
Association,
30
YR
TBA
..................
4.00
2/20/54
24
25
Government
National
Mortgage
Association,
30
YR
TBA
..................
4.50
1/20/54
24
50
Government
National
Mortgage
Association,
30
YR
TBA
..................
5.00
1/20/54
50
75
Government
National
Mortgage
Association,
30
YR
TBA
..................
5.50
1/20/54
74
50
Government
National
Mortgage
Association,
30
YR
TBA
..................
6.00
1/20/54
51
25
Government
National
Mortgage
Association,
30
YR
TBA
..................
6.00
2/20/54
25
50
Government
National
Mortgage
Association,
30
YR
TBA
..................
6.50
11/20/53
51
Total
U.S.
Government
Agency
Mortgages
...........................
9,449
140
HC
CAPITAL
TRUST
The
Core
Fixed
Income
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Securities
—
0.66%
$
25
Fannie
Mae
...................................................
0.75
10/8/27
$
22
25
Fannie
Mae,
Callable
3/18/24
@
100.00
...............................
0.88
12/18/26
23
25
Fannie
Mae
...................................................
1.63
1/7/25
24
10
Fannie
Mae
...................................................
5.63
7/15/37
11
20
Fannie
Mae
...................................................
6.63
11/15/30
23
50
Federal
Farm
Credit
Bank
.........................................
0.88
11/18/24
49
28
Federal
Farm
Credit
Bank,
Callable
1/12/24
@
100.00
....................
1.55
7/26/30
23
15
Federal
Home
Loan
Bank
.........................................
2.50
6/12/26
14
40
Federal
Home
Loan
Bank
.........................................
2.75
12/13/24
39
25
Federal
Home
Loan
Bank
.........................................
3.25
11/16/28
24
55
Federal
Home
Loan
Bank
.........................................
4.38
3/13/26
56
25
Federal
Home
Loan
Bank
.........................................
5.00
2/28/25
25
10
Freddie
Mac
..................................................
0.00(b)
11/15/38
5
50
Freddie
Mac
..................................................
0.38
7/21/25
48
5
Freddie
Mac
..................................................
0.38
9/23/25
5
40
Freddie
Mac,
Callable
2/23/24
@
100.00
..............................
5.85
8/23/27
40
15
Freddie
Mac
..................................................
6.25
7/15/32
17
10
Freddie
Mac
..................................................
6.75
3/15/31
12
5
Tennessee
Valley
Authority
........................................
3.50
12/15/42
4
25
Tennessee
Valley
Authority
........................................
3.88
3/15/28
25
10
Tennessee
Valley
Authority
........................................
4.25
9/15/52
9
Total
U.S.
Government
Agency
Securities
............................
498
Corporate
Bonds
—
14.80%
145
AbbVie,
Inc.
(Biotechnology)  
.....................................
4.40
11/6/42
135
25
Air
Products
&
Chemicals,
Inc.
(Chemicals),
Callable
11/15/39
@
100.00 
......
2.70
5/15/40
19
125
Amgen,
Inc.
(Biotechnology),
Callable
2/1/25
@
100.00 
..................
3.13
5/1/25
122
80
Amgen,
Inc.
(Biotechnology),
Callable
8/21/39
@
100.00 
..................
3.15
2/21/40
62
40
Amgen,
Inc.
(Biotechnology),
Callable
12/15/50
@
100.00 
.................
4.66
6/15/51
36
190
Anheuser-Busch
InBev
Worldwide,
Inc.
(Beverages)  
.....................
4.95
1/15/42
190
130
Apple,
Inc.
(Technology
Hardware,
Storage
&
Peripherals),
Callable
8/23/45
@
100.00 
..................................................
4.65
2/23/46
129
45
AT&T,
Inc.
(Diversified
Telecommunication
Services),
Callable
11/1/31
@
100.00 
2.25
2/1/32
37
148
AT&T,
Inc.
(Diversified
Telecommunication
Services),
Callable
3/15/55
@
100.00 
3.55
9/15/55
107
55
AT&T,
Inc.
(Diversified
Telecommunication
Services),
Callable
9/9/48
@
100.00 
.
4.55
3/9/49
48
95
Atmos
Energy
Corp.
(Gas
Utilities),
Callable
7/15/42
@
100.00 
.............
4.15
1/15/43
85
470
Bank
of
America
Corp.
(Banks),
Callable
4/22/31
@
100.00 
................
2.69
(SOFR
+
132
bps)(c)
4/22/32
397
150
Bank
of
America
Corp.,
MTN
(Banks),
Callable
2/7/29
@
100.00 
...........
3.97
(TSFR3M
+
147
bps)(c)
2/7/30
142
50
Berkshire
Hathaway
Energy
Co.
(Oil,
Gas
&
Consumable
Fuels),
Callable
8/1/44
@
100.00 
..................................................
4.50
2/1/45
46
55
BP
Capital
Markets
America,
Inc.
(Oil,
Gas
&
Consumable
Fuels),
Callable
8/24/49
@
100.00 
................................................
3.00
2/24/50
39
70
Bristol-Myers
Squibb
Co.
(Pharmaceuticals),
Callable
4/26/49
@
100.00 
.......
4.25
10/26/49
61
137
Brown
&
Brown,
Inc.
(Insurance),
Callable
12/15/30
@
100.00 
.............
2.38
3/15/31
113
75
Bunge
Ltd.
Finance
Corp.
(Consumer
Staples
Distribution
&
Retail),
Callable
2/14/31
@
100.00 
..........................................
2.75
5/14/31
65
125
Capital
One
Financial
Corp.
(Consumer
Finance),
Callable
2/1/28
@
100.00 
....
5.47
(SOFR
+
208
bps)(c)
2/1/29
124
190
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
(media),
Callable
1/1/31
@
100.00 
..............................
2.80
4/1/31
160
185
Citigroup,
Inc.
(Banks),
Callable
3/17/32
@
100.00 
......................
3.79
(SOFR
+
194
bps)(c)
3/17/33
166
175
Citigroup,
Inc.
(Banks),
Callable
3/31/30
@
100.00 
......................
4.41
(SOFR
+
391
bps)(c)
3/31/31
168
155
Collins
Aerospace
(Aerospace
&
Defense),
Callable
12/15/26
@
100.00 
.......
3.50
3/15/27
147
141
HC
CAPITAL
TRUST
The
Core
Fixed
Income
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
Corporate
Bonds
(continued)
$
130
Comcast
Corp.
(Media),
Callable
5/1/49
@
100.00 
.......................
4.00
11/1/49
$
109
25
Comcast
Corp.
(Media)  
..........................................
4.65
7/15/42
23
40
Consolidated
Edison
Co.
of
New
York,
Inc.
(Electric
Utilities),
Callable
9/15/43
@
100.00 
..................................................
4.45
3/15/44
36
20
Consolidated
Edison
Co.
of
New
York,
Inc.,
Series
2008-B
(Electric
Utilities)  
...
6.75
4/1/38
23
115
Constellation
Brands,
Inc.
(Beverages),
Callable
2/1/30
@
100.00 
............
2.88
5/1/30
103
115
CSX
Corp.
(Ground
Transportation)  
.................................
6.22
4/30/40
128
120
CVS
Health
Corp.
(Health
Care
Providers
&
Services),
Callable
9/25/37
@
100.00 
4.78
3/25/38
114
60
CVS
Health
Corp.
(Health
Care
Providers
&
Services),
Callable
1/20/45
@
100.00 
5.13
7/20/45
57
70
Dell
International
LLC/EMC
Corp.
(Technology
Hardware,
Storage
&
Peripherals),
Callable
8/1/26
@
100.00 
....................................
4.90
10/1/26
70
93
Devon
Energy
Corp.
(Oil,
Gas
&
Consumable
Fuels),
Callable
1/15/41
@
100.00 
.
5.60
7/15/41
90
35
Duke
Energy
Carolinas
LLC
(Electric
Utilities),
Callable
6/15/41
@
100.00 
.....
4.25
12/15/41
31
50
Duke
Energy
Progress
LLC
(Electric
Utilities),
Callable
2/15/45
@
100.00 
.....
4.20
8/15/45
43
225
Eastern
Energy
Gas
Holdings
LLC
(Oil,
Gas
&
Consumable
Fuels),
Callable
9/15/24
@
100.00 
................................................
3.60
12/15/24
221
160
EIDP,
Inc.
(Chemicals),
Callable
6/15/25
@
100.00 
......................
1.70
7/15/25
152
50
EIDP,
Inc.
(Chemicals),
Callable
4/15/30
@
100.00 
......................
2.30
7/15/30
44
15
Elevance
Health,
Inc.
(Health
Care
Providers
&
Services)  
.................
4.63
5/15/42
14
60
Elevance
Health,
Inc.
(Health
Care
Providers
&
Services)  
.................
4.65
1/15/43
55
95
Energy
Transfer
LP
(Oil,
Gas
&
Consumable
Fuels),
Callable
7/15/42
@
100.00 
.
4.95
1/15/43
83
110
Energy
Transfer
LP
(Oil,
Gas
&
Consumable
Fuels),
Callable
2/1/26
@
103.69 
..
7.38
2/1/31
116
109
Enterprise
Products
Operating
LLC
(Oil,
Gas
&
Consumable
Fuels),
Callable
9/15/43
@
100.00 
..........................................
4.85
3/15/44
105
164
FedEx
Corp.
Pass
Through
Trust,
Series
2020-1,
Class
-
AA
(Air
Freight
&
Logistics)  
...............................................
1.88
2/20/34
137
45
Fiserv,
Inc.
(Financial
Services),
Callable
12/2/32
@
100.00 
................
5.60
3/2/33
47
45
Ford
Motor
Co.
(Automobiles),
Callable
11/12/31
@
100.00 
................
3.25
2/12/32
37
45
General
Motors
Co.
(Automobiles),
Callable
9/1/25
@
100.00 
..............
6.13
10/1/25
46
55
General
Motors
Financial
Co.,
Inc.
(Specialty
Retail),
Callable
1/26/25
@
100.00 
.
2.90
2/26/25
53
125
General
Motors
Financial
Co.,
Inc.
(Specialty
Retail),
Callable
2/6/30
@
100.00 
.
5.85
4/6/30
129
70
Georgia
Power
Co.
(Electric
Utilities)  
...............................
4.30
3/15/42
62
46
Gilead
Sciences,
Inc.
(Biotechnology),
Callable
8/1/44
@
100.00 
............
4.50
2/1/45
43
150
HCA,
Inc.
(Health
Care
Providers
&
Services)  
.........................
5.38
2/1/25
150
70
HCA,
Inc.
(Health
Care
Providers
&
Services),
Callable
3/1/33
@
100.00 
......
5.50
6/1/33
71
120
Intel
Corp.
(Semiconductors
&
Semiconductor
Equipment),
Callable
4/29/25
@
100.00 
..................................................
3.70
7/29/25
118
75
Intel
Corp.
(Semiconductors
&
Semiconductor
Equipment),
Callable
6/8/47
@
100.00 
..................................................
3.73
12/8/47
61
50
International
Business
Machines
Corp.
(IT
Services)  
.....................
4.00
6/20/42
44
40
International
Paper
Co.
(Containers
&
Packaging),
Callable
5/15/41
@
100.00 
...
6.00
11/15/41
42
160
JPMorgan
Chase
&
Co.
(Banks),
Callable
4/22/31
@
100.00 
................
2.58
(TSFR3M
+
125
bps)(c)
4/22/32
135
480
JPMorgan
Chase
&
Co.
(Banks),
Callable
4/23/28
@
100.00 
................
4.01
(TSFR3M
+
138
bps)(c)
4/23/29
462
100
Kinder
Morgan,
Inc.
(Oil,
Gas
&
Consumable
Fuels),
Callable
12/1/44
@
100.00 
.
5.55
6/1/45
97
60
Lincoln
National
Corp.
(Insurance),
Callable
10/15/29
@
100.00 
............
3.05
1/15/30
53
80
Lincoln
National
Corp.
(Insurance),
Callable
10/15/30
@
100.00 
............
3.40
1/15/31
72
105
Lowe's
Cos.,
Inc.
(Specialty
Retail),
Callable
1/15/33
@
100.00 
.............
5.00
4/15/33
107
70
Martin
Marietta
Materials,
Inc.,
Series
CB
(Construction
Materials),
Callable
12/15/29
@
100.00 
.........................................
2.50
3/15/30
62
80
Marvell
Technology,
Inc.
(Semiconductors
&
Semiconductor
Equipment),
Callable
1/15/31
@
100.00 
..........................................
2.95
4/15/31
70
25
Marvell
Technology,
Inc.
(Semiconductors
&
Semiconductor
Equipment),
Callable
6/15/33
@
100.00 
..........................................
5.95
9/15/33
27
215
Microchip
Technology,
Inc.
(Semiconductors
&
Semiconductor
Equipment),
Callable
2/5/24
@
101.06 
...........................................
4.25
9/1/25
211
110
Microsoft
Corp.
(Software),
Callable
2/8/46
@
100.00 
....................
3.70
8/8/46
97
55
Mohawk
Industries,
Inc.
(Household
Durables),
Callable
2/15/30
@
100.00 
.....
3.63
5/15/30
51
142
HC
CAPITAL
TRUST
The
Core
Fixed
Income
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
Corporate
Bonds
(continued)
$
300
Morgan
Stanley,
MTN
(Capital
Markets),
Callable
7/20/26
@
100.00 
.........
1.51
(SOFR
+
86
bps)(c)
7/20/27
$
273
65
Morgan
Stanley
(Capital
Markets),
Callable
1/21/32
@
100.00 
..............
2.94
(SOFR
+
129
bps)(c)
1/21/33
55
225
Morgan
Stanley,
MTN
(Capital
Markets),
Callable
1/23/29
@
100.00 
.........
4.43
(TSFR3M
+
189
bps)(c)
1/23/30
219
95
National
Rural
Utilities
Cooperative
Finance
Corp.
(Financial
Services),
Callable
7/15/32
@
100.00 
..........................................
5.80
1/15/33
101
80
NextEra
Energy
Capital
Holdings,
Inc.
(Electric
Utilities),
Callable
11/28/32
@
100.00 
..................................................
5.05
2/28/33
80
75
NextEra
Energy
Capital
Holdings,
Inc.
(Electric
Utilities),
Callable
8/28/52
@
100.00 
..................................................
5.25
2/28/53
73
85
NNN
REIT,
Inc.
(Retail
REITs),
Callable
1/15/30
@
100.00 
................
2.50
4/15/30
73
35
NNN
REIT,
Inc.
(Retail
REITs),
Callable
7/15/33
@
100.00 
................
5.60
10/15/33
36
75
Northrop
Grumman
Corp.
(Aerospace
&
Defense),
Callable
4/15/47
@
100.00 
..
4.03
10/15/47
64
35
Nucor
Corp.
(Metals
&
Mining),
Callable
2/1/43
@
100.00 
.................
5.20
8/1/43
36
20
Oklahoma
Gas
and
Electric
Co.
(Electric
Utilities),
Callable
7/15/32
@
100.00 
..
5.40
1/15/33
21
60
Oklahoma
Gas
and
Electric
Co.
(Electric
Utilities),
Callable
10/1/52
@
100.00 
..
5.60
4/1/53
63
70
Oracle
Corp.
(Software),
Callable
11/15/44
@
100.00 
....................
4.13
5/15/45
57
165
Ovintiv
Exploration,
Inc.
(Oil,
Gas
&
Consumable
Fuels),
Callable
10/1/25
@
100.00 
..................................................
5.38
1/1/26
165
80
Philip
Morris
International,
Inc.
(Tobacco)  
............................
4.50
3/20/42
72
70
Principal
Financial
Group,
Inc.
(Insurance),
Callable
3/15/30
@
100.00 
........
2.13
6/15/30
59
85
Progress
Energy,
Inc.
(Multi-Utilities)  
...............................
6.00
12/1/39
90
55
Prudential
Financial,
Inc.
(Insurance)  
................................
4.60
5/15/44
51
15
Prudential
Financial,
Inc.,
MTN
(Insurance)  
..........................
6.63
6/21/40
17
30
Public
Service
Electric
&
Gas
Co.
(Electric
Utilities),
Callable
3/1/42
@
100.00 
..
3.65
9/1/42
25
50
Raytheon
Technologies
Corp.
(Aerospace
&
Defense)  
....................
4.50
6/1/42
46
95
Reliance
Steel
&
Aluminum
Co.
(Metals
&
Mining),
Callable
7/15/25
@
100.00 
.
1.30
8/15/25
89
40
Reliance
Steel
&
Aluminum
Co.
(Metals
&
Mining),
Callable
5/15/30
@
100.00 
.
2.15
8/15/30
34
70
RELX
Capital,
Inc.
(Software),
Callable
2/22/30
@
100.00 
.................
3.00
5/22/30
64
75
Roper
Technologies,
Inc.
(Software),
Callable
3/30/30
@
100.00 
.............
2.00
6/30/30
64
70
Sabra
Health
Care
LP
(Health
Care
REITs),
Callable
9/1/31
@
100.00 
.........
3.20
12/1/31
57
80
Southern
Co.
Gas
Capital
Corp.
(Gas
Utilities),
Callable
11/30/46
@
100.00 
....
4.40
5/30/47
68
55
Southwest
Airlines
Co.
(Passenger
Airlines),
Callable
4/15/27
@
100.00 
.......
5.13
6/15/27
55
45
Sysco
Corp.
(Consumer
Staples
Distribution
&
Retail),
Callable
10/17/33
@
100.00 
6.00
1/17/34
49
205
The
Goldman
Sachs
Group,
Inc.
(Capital
Markets),
Callable
7/21/31
@
100.00 
..
2.38
(SOFR
+
125
bps)(c)
7/21/32
168
155
The
Goldman
Sachs
Group,
Inc.
(Capital
Markets),
Callable
6/5/27
@
100.00 
...
3.69
(TSFR3M
+
177
bps)(c)
6/5/28
148
55
The
Home
Depot,
Inc.
(Specialty
Retail),
Callable
6/6/48
@
100.00 
..........
4.50
12/6/48
52
40
The
Home
Depot,
Inc.
(Specialty
Retail),
Callable
3/15/40
@
100.00 
..........
5.40
9/15/40
42
125
The
Interpublic
Group
of
Cos.,
Inc.
(Media)  
...........................
4.20
4/15/24
124
25
The
Interpublic
Group
of
Cos.,
Inc.
(Media),
Callable
4/1/48
@
100.00 
........
5.40
10/1/48
24
60
The
Travelers
Cos.,
Inc.
(Insurance)  
.................................
5.35
11/1/40
63
90
The
Walt
Disney
Co.
(Entertainment),
Callable
3/15/44
@
100.00 
............
4.75
9/15/44
87
80
T-Mobile
US,
Inc.
(Wireless
Telecommunication
Services),
Callable
1/16/24
@
101.13 
..................................................
2.25
2/15/26
76
60
T-Mobile
US,
Inc.
(Wireless
Telecommunication
Services),
Callable
7/15/52
@
100.00 
..................................................
5.65
1/15/53
63
55
Toyota
Motor
Credit
Corp.
(Consumer
Finance)  
........................
0.63
9/13/24
53
30
UDR,
Inc.,
MTN
(Residential
REITs),
Callable
5/1/32
@
100.00 
............
2.10
8/1/32
24
55
UDR,
Inc.
(Residential
REITs),
Callable
5/15/31
@
100.00 
.................
3.00
8/15/31
49
45
UnitedHealth
Group,
Inc.
(Health
Care
Providers
&
Services),
Callable
5/15/41
@
100.00 
..................................................
4.63
11/15/41
43
35
UnitedHealth
Group,
Inc.
(Health
Care
Providers
&
Services)  
..............
4.75
7/15/45
34
70
Valero
Energy
Corp.
(Oil,
Gas
&
Consumable
Fuels)  
.....................
6.63
6/15/37
77
70
Ventas
Realty
LP
(Diversified
REITs),
Callable
6/1/31
@
100.00 
.............
2.50
9/1/31
58
25
Ventas
Realty
LP
(Diversified
REITs),
Callable
11/1/24
@
100.00 
............
3.50
2/1/25
24
143
HC
CAPITAL
TRUST
The
Core
Fixed
Income
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
Corporate
Bonds
(continued)
$
120
Ventas
Realty
LP
(Diversified
REITs),
Callable
2/5/24
@
100.00 
.............
3.75
5/1/24
$
119
40
Ventas
Realty
LP
(Diversified
REITs),
Callable
10/15/28
@
100.00 
...........
4.40
1/15/29
39
40
Verizon
Communications,
Inc.
(Diversified
Telecommunication
Services),
Callable
12/15/31
@
100.00 
.........................................
2.36
3/15/32
33
207
Verizon
Communications,
Inc.
(Diversified
Telecommunication
Services),
Callable
9/22/40
@
100.00 
..........................................
3.40
3/22/41
165
85
Virginia
Electric
and
Power
Co.,
Series
B
(Electric
Utilities),
Callable
3/15/47
@
100.00 
..................................................
3.80
9/15/47
68
80
Warnermedia
Holdings,
Inc.
(Diversified
Telecommunication
Services),
Callable
12/15/31
@
100.00 
.........................................
4.28
3/15/32
73
220
Wells
Fargo
&
Co.,
MTN
(Banks),
Callable
10/30/29
@
100.00 
.............
2.88
(TSFR3M
+
143
bps)(c)
10/30/30
196
210
Wells
Fargo
&
Co.,
MTN
(Banks),
Callable
5/22/27
@
100.00 
..............
3.58
(TSFR3M
+
157
bps)(c)
5/22/28
200
90
Wells
Fargo
&
Co.
(Banks),
Callable
7/25/32
@
100.00 
...................
4.90
(SOFR
+
210
bps)(c)
7/25/33
87
55
WestRock
MWV
LLC
(Containers
&
Packaging)  
.......................
8.20
1/15/30
63
55
XTO
Energy,
Inc.
(Oil,
Gas
&
Consumable
Fuels)  
.......................
6.75
8/1/37
64
Total
Corporate
Bonds
..........................................
11,171
U.S.
Treasury
Obligations
—
28.58%
15
U.S.
Treasury
Bond
.............................................
1.13
5/15/40
10
8
U.S.
Treasury
Bond
.............................................
1.13
8/15/40
5
125
U.S.
Treasury
Bond
.............................................
1.25
5/15/50
68
133
U.S.
Treasury
Bond
.............................................
1.38
11/15/40
89
170
U.S.
Treasury
Bond
.............................................
1.38
8/15/50
95
140
U.S.
Treasury
Bond
.............................................
1.63
11/15/50
84
100
U.S.
Treasury
Bond
.............................................
1.75
8/15/41
70
156
U.S.
Treasury
Bond
.............................................
1.88
2/15/51
99
140
U.S.
Treasury
Bond
.............................................
1.88
2/15/41
101
148
U.S.
Treasury
Bond
.............................................
1.88
11/15/51
94
159
U.S.
Treasury
Bond
.............................................
2.00
8/15/51
104
106
U.S.
Treasury
Bond
.............................................
2.00
2/15/50
70
145
U.S.
Treasury
Bond
.............................................
2.00
11/15/41
105
101
U.S.
Treasury
Bond
.............................................
2.25
8/15/49
71
117
U.S.
Treasury
Bond
.............................................
2.25
8/15/46
83
100
U.S.
Treasury
Bond
.............................................
2.25
5/15/41
76
173
U.S.
Treasury
Bond
.............................................
2.25
2/15/52
120
110
U.S.
Treasury
Bond
.............................................
2.38
5/15/51
79
96
U.S.
Treasury
Bond
.............................................
2.38
11/15/49
69
110
U.S.
Treasury
Bond
.............................................
2.38
2/15/42
85
75
U.S.
Treasury
Bond
.............................................
2.50
5/15/46
56
50
U.S.
Treasury
Bond
.............................................
2.50
2/15/45
38
80
U.S.
Treasury
Bond
.............................................
2.50
2/15/46
60
80
U.S.
Treasury
Bond
.............................................
2.75
11/15/47
63
55
U.S.
Treasury
Bond
.............................................
2.75
8/15/47
43
10
U.S.
Treasury
Bond
.............................................
2.75
11/15/42
8
147
U.S.
Treasury
Bond
.............................................
2.88
5/15/52
118
65
U.S.
Treasury
Bond
.............................................
2.88
11/15/46
52
94
U.S.
Treasury
Bond
.............................................
2.88
5/15/49
75
75
U.S.
Treasury
Bond
.............................................
2.88
5/15/43
62
50
U.S.
Treasury
Bond
.............................................
2.88
8/15/45
40
100
U.S.
Treasury
Bond
.............................................
3.00
11/15/44
83
55
U.S.
Treasury
Bond
.............................................
3.00
5/15/47
45
50
U.S.
Treasury
Bond
.............................................
3.00
2/15/48
41
95
U.S.
Treasury
Bond
.............................................
3.00
8/15/48
78
45
U.S.
Treasury
Bond
.............................................
3.00
5/15/45
37
144
HC
CAPITAL
TRUST
The
Core
Fixed
Income
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Treasury
Obligations
(continued)
$
75
U.S.
Treasury
Bond
.............................................
3.00
2/15/47
$
62
90
U.S.
Treasury
Bond
.............................................
3.00
2/15/49
74
50
U.S.
Treasury
Bond
.............................................
3.00
11/15/45
41
115
U.S.
Treasury
Bond
.............................................
3.00
8/15/52
94
25
U.S.
Treasury
Bond
.............................................
3.13
11/15/41
22
22
U.S.
Treasury
Bond
.............................................
3.13
8/15/44
19
80
U.S.
Treasury
Bond
.............................................
3.13
5/15/48
67
90
U.S.
Treasury
Bond
.............................................
3.13
2/15/43
77
125
U.S.
Treasury
Bond
.............................................
3.25
5/15/42
110
75
U.S.
Treasury
Bond
.............................................
3.38
5/15/44
66
30
U.S.
Treasury
Bond
.............................................
3.38
11/15/48
26
10
U.S.
Treasury
Bond
.............................................
3.38
8/15/42
9
8
U.S.
Treasury
Bond
.............................................
3.50
2/15/39
8
100
U.S.
Treasury
Bond
.............................................
3.63
2/15/44
92
98
U.S.
Treasury
Bond
.............................................
3.63
2/15/53
91
75
U.S.
Treasury
Bond
.............................................
3.63
8/15/43
69
110
U.S.
Treasury
Bond
.............................................
3.63
5/15/53
102
33
U.S.
Treasury
Bond
.............................................
3.75
8/15/41
31
75
U.S.
Treasury
Bond
.............................................
3.75
11/15/43
70
35
U.S.
Treasury
Bond
.............................................
3.88
5/15/43
33
30
U.S.
Treasury
Bond
.............................................
3.88
2/15/43
29
10
U.S.
Treasury
Bond
.............................................
3.88
8/15/40
10
25
U.S.
Treasury
Bond
.............................................
4.00
11/15/42
24
73
U.S.
Treasury
Bond
.............................................
4.00
11/15/52
72
80
U.S.
Treasury
Bond
.............................................
4.13
8/15/53
81
75
U.S.
Treasury
Bond
.............................................
4.25
11/15/40
77
25
U.S.
Treasury
Bond
.............................................
4.38
2/15/38
26
15
U.S.
Treasury
Bond
.............................................
4.38
5/15/40
16
30
U.S.
Treasury
Bond
.............................................
4.38
8/15/43
31
25
U.S.
Treasury
Bond
.............................................
4.38
11/15/39
26
35
U.S.
Treasury
Bond
.............................................
4.38
5/15/41
36
65
U.S.
Treasury
Bond
.............................................
4.50
2/15/36
69
35
U.S.
Treasury
Bond
.............................................
4.63
2/15/40
38
25
U.S.
Treasury
Bond
.............................................
4.75
11/15/43
27
70
U.S.
Treasury
Bond
.............................................
4.75
2/15/41
76
45
U.S.
Treasury
Bond
.............................................
4.75
11/15/53
51
25
U.S.
Treasury
Bond
.............................................
4.75
2/15/37
27
40
U.S.
Treasury
Bond
.............................................
5.00
5/15/37
45
20
U.S.
Treasury
Bond
.............................................
5.25
2/15/29
21
40
U.S.
Treasury
Bond
.............................................
5.38
2/15/31
44
25
U.S.
Treasury
Bond
.............................................
6.00
2/15/26
26
25
U.S.
Treasury
Bond
.............................................
6.13
8/15/29
28
60
U.S.
Treasury
Bond
.............................................
6.13
11/15/27
65
35
U.S.
Treasury
Bond
.............................................
6.25
5/15/30
40
15
U.S.
Treasury
Bond
.............................................
6.50
11/15/26
16
15
U.S.
Treasury
Bond
.............................................
7.63
2/15/25
15
30
U.S.
Treasury
Note
..............................................
0.25
7/31/25
28
60
U.S.
Treasury
Note
..............................................
0.25
8/31/25
56
50
U.S.
Treasury
Note
..............................................
0.25
5/31/25
47
75
U.S.
Treasury
Note
..............................................
0.25
10/31/25
70
55
U.S.
Treasury
Note
..............................................
0.25
9/30/25
51
30
U.S.
Treasury
Note
..............................................
0.38
11/30/25
28
115
U.S.
Treasury
Note
..............................................
0.38
7/31/27
101
25
U.S.
Treasury
Note
..............................................
0.38
12/31/25
23
82
U.S.
Treasury
Note
..............................................
0.38
1/31/26
76
35
U.S.
Treasury
Note
..............................................
0.38
9/30/27
31
80
U.S.
Treasury
Note
..............................................
0.38
4/30/25
76
100
U.S.
Treasury
Note
..............................................
0.50
8/31/27
88
5
U.S.
Treasury
Note
..............................................
0.50
4/30/27
4
145
HC
CAPITAL
TRUST
The
Core
Fixed
Income
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Treasury
Obligations
(continued)
$
100
U.S.
Treasury
Note
..............................................
0.50
10/31/27
$
88
105
U.S.
Treasury
Note
..............................................
0.50
6/30/27
93
45
U.S.
Treasury
Note
..............................................
0.50
2/28/26
42
250
U.S.
Treasury
Note
..............................................
0.63
8/15/30
203
140
U.S.
Treasury
Note
..............................................
0.63
7/31/26
128
85
U.S.
Treasury
Note
..............................................
0.63
11/30/27
75
195
U.S.
Treasury
Note
..............................................
0.63
5/15/30
159
80
U.S.
Treasury
Note
..............................................
0.63
12/31/27
70
5
U.S.
Treasury
Note
..............................................
0.63
3/31/27
4
145
U.S.
Treasury
Note
..............................................
0.75
3/31/26
135
125
U.S.
Treasury
Note
..............................................
0.75
4/30/26
116
150
U.S.
Treasury
Note
..............................................
0.75
5/31/26
138
120
U.S.
Treasury
Note
..............................................
0.75
1/31/28
106
42
U.S.
Treasury
Note
..............................................
0.75
8/31/26
39
145
U.S.
Treasury
Note
..............................................
0.88
9/30/26
133
60
U.S.
Treasury
Note
..............................................
0.88
6/30/26
55
185
U.S.
Treasury
Note
..............................................
0.88
11/15/30
152
85
U.S.
Treasury
Note
..............................................
1.00
7/31/28
75
155
U.S.
Treasury
Note
..............................................
1.13
2/29/28
139
145
U.S.
Treasury
Note
..............................................
1.13
10/31/26
134
135
U.S.
Treasury
Note
..............................................
1.13
1/15/25
130
70
U.S.
Treasury
Note
..............................................
1.13
2/28/25
67
125
U.S.
Treasury
Note
..............................................
1.13
8/31/28
110
10
U.S.
Treasury
Note
..............................................
1.13
2/28/27
9
251
U.S.
Treasury
Note
..............................................
1.13
2/15/31
210
120
U.S.
Treasury
Note
..............................................
1.25
9/30/28
106
100
U.S.
Treasury
Note
..............................................
1.25
5/31/28
89
90
U.S.
Treasury
Note
..............................................
1.25
4/30/28
81
270
U.S.
Treasury
Note
..............................................
1.25
8/15/31
225
145
U.S.
Treasury
Note
..............................................
1.25
12/31/26
134
130
U.S.
Treasury
Note
..............................................
1.25
3/31/28
117
65
U.S.
Treasury
Note
..............................................
1.25
6/30/28
58
150
U.S.
Treasury
Note
..............................................
1.25
11/30/26
139
80
U.S.
Treasury
Note
..............................................
1.38
12/31/28
71
197
U.S.
Treasury
Note
..............................................
1.38
11/15/31
164
120
U.S.
Treasury
Note
..............................................
1.38
10/31/28
107
63
U.S.
Treasury
Note
..............................................
1.50
2/15/30
55
185
U.S.
Treasury
Note
..............................................
1.50
1/31/27
172
85
U.S.
Treasury
Note
..............................................
1.50
11/30/28
76
85
U.S.
Treasury
Note
..............................................
1.50
2/15/25
82
140
U.S.
Treasury
Note
..............................................
1.50
8/15/26
131
60
U.S.
Treasury
Note
..............................................
1.63
2/15/26
57
70
U.S.
Treasury
Note
..............................................
1.63
9/30/26
66
130
U.S.
Treasury
Note
..............................................
1.63
5/15/26
123
195
U.S.
Treasury
Note
..............................................
1.63
5/15/31
167
20
U.S.
Treasury
Note
..............................................
1.75
12/31/26
19
120
U.S.
Treasury
Note
..............................................
1.75
11/15/29
107
75
U.S.
Treasury
Note
..............................................
1.75
3/15/25
72
90
U.S.
Treasury
Note
..............................................
1.75
1/31/29
81
65
U.S.
Treasury
Note
..............................................
1.88
2/28/29
59
165
U.S.
Treasury
Note
..............................................
1.88
2/28/27
155
25
U.S.
Treasury
Note
..............................................
1.88
6/30/26
24
75
U.S.
Treasury
Note
..............................................
1.88
7/31/26
71
247
U.S.
Treasury
Note
..............................................
1.88
2/15/32
213
170
U.S.
Treasury
Note
..............................................
2.00
2/15/25
165
140
U.S.
Treasury
Note
..............................................
2.00
8/15/25
135
160
U.S.
Treasury
Note
..............................................
2.00
11/15/26
151
85
U.S.
Treasury
Note
..............................................
2.13
5/15/25
82
85
U.S.
Treasury
Note
..............................................
2.13
5/31/26
81
146
HC
CAPITAL
TRUST
The
Core
Fixed
Income
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Treasury
Obligations
(continued)
$
95
U.S.
Treasury
Note
..............................................
2.25
11/15/25
$
91
150
U.S.
Treasury
Note
..............................................
2.25
11/15/27
141
150
U.S.
Treasury
Note
..............................................
2.25
2/15/27
142
145
U.S.
Treasury
Note
..............................................
2.25
8/15/27
137
80
U.S.
Treasury
Note
..............................................
2.25
3/31/26
77
80
U.S.
Treasury
Note
..............................................
2.38
4/30/26
77
140
U.S.
Treasury
Note
..............................................
2.38
5/15/27
133
70
U.S.
Treasury
Note
..............................................
2.38
3/31/29
65
120
U.S.
Treasury
Note
..............................................
2.38
5/15/29
111
60
U.S.
Treasury
Note
..............................................
2.50
2/28/26
58
80
U.S.
Treasury
Note
..............................................
2.50
3/31/27
76
165
U.S.
Treasury
Note
..............................................
2.63
2/15/29
155
55
U.S.
Treasury
Note
..............................................
2.63
7/31/29
52
45
U.S.
Treasury
Note
..............................................
2.63
5/31/27
43
85
U.S.
Treasury
Note
..............................................
2.63
1/31/26
82
75
U.S.
Treasury
Note
..............................................
2.63
3/31/25
73
70
U.S.
Treasury
Note
..............................................
2.63
4/15/25
68
90
U.S.
Treasury
Note
..............................................
2.63
12/31/25
87
90
U.S.
Treasury
Note
..............................................
2.75
6/30/25
88
90
U.S.
Treasury
Note
..............................................
2.75
2/28/25
88
65
U.S.
Treasury
Note
..............................................
2.75
5/15/25
63
66
U.S.
Treasury
Note
..............................................
2.75
7/31/27
63
218
U.S.
Treasury
Note
..............................................
2.75
8/15/32
200
105
U.S.
Treasury
Note
..............................................
2.75
2/15/28
100
75
U.S.
Treasury
Note
..............................................
2.75
4/30/27
72
60
U.S.
Treasury
Note
..............................................
2.75
5/31/29
57
85
U.S.
Treasury
Note
..............................................
2.75
8/31/25
83
75
U.S.
Treasury
Note
..............................................
2.88
7/31/25
73
65
U.S.
Treasury
Note
..............................................
2.88
4/30/29
62
238
U.S.
Treasury
Note
..............................................
2.88
5/15/32
222
160
U.S.
Treasury
Note
..............................................
2.88
5/15/28
154
90
U.S.
Treasury
Note
..............................................
2.88
4/30/25
88
125
U.S.
Treasury
Note
..............................................
2.88
8/15/28
120
90
U.S.
Treasury
Note
..............................................
2.88
11/30/25
88
65
U.S.
Treasury
Note
..............................................
2.88
6/15/25
64
85
U.S.
Treasury
Note
..............................................
3.00
9/30/25
83
85
U.S.
Treasury
Note
..............................................
3.00
10/31/25
83
60
U.S.
Treasury
Note
..............................................
3.00
7/15/25
59
65
U.S.
Treasury
Note
..............................................
3.13
8/31/27
63
140
U.S.
Treasury
Note
..............................................
3.13
11/15/28
135
60
U.S.
Treasury
Note
..............................................
3.13
8/15/25
59
55
U.S.
Treasury
Note
..............................................
3.13
8/31/29
53
70
U.S.
Treasury
Note
..............................................
3.25
6/30/27
68
60
U.S.
Treasury
Note
..............................................
3.25
6/30/29
58
195
U.S.
Treasury
Note
..............................................
3.38
5/15/33
187
70
U.S.
Treasury
Note
..............................................
3.50
4/30/30
68
85
U.S.
Treasury
Note
..............................................
3.50
4/30/28
84
85
U.S.
Treasury
Note
..............................................
3.50
9/15/25
84
90
U.S.
Treasury
Note
..............................................
3.50
1/31/28
89
170
U.S.
Treasury
Note
..............................................
3.50
2/15/33
165
70
U.S.
Treasury
Note
..............................................
3.50
1/31/30
69
90
U.S.
Treasury
Note
..............................................
3.63
3/31/28
89
70
U.S.
Treasury
Note
..............................................
3.63
3/31/30
69
90
U.S.
Treasury
Note
..............................................
3.63
5/31/28
89
80
U.S.
Treasury
Note
..............................................
3.63
5/15/26
79
80
U.S.
Treasury
Note
..............................................
3.75
4/15/26
79
115
U.S.
Treasury
Note
..............................................
3.75
12/31/28
115
80
U.S.
Treasury
Note
..............................................
3.75
12/31/30
79
70
U.S.
Treasury
Note
..............................................
3.75
5/31/30
69
147
HC
CAPITAL
TRUST
The
Core
Fixed
Income
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Treasury
Obligations
(continued)
$
70
U.S.
Treasury
Note
..............................................
3.75
6/30/30
$
69
220
U.S.
Treasury
Note
..............................................
3.88
8/15/33
220
85
U.S.
Treasury
Note
..............................................
3.88
4/30/25
84
75
U.S.
Treasury
Note
..............................................
3.88
9/30/29
75
90
U.S.
Treasury
Note
..............................................
3.88
11/30/27
90
75
U.S.
Treasury
Note
..............................................
3.88
11/30/29
75
90
U.S.
Treasury
Note
..............................................
3.88
12/31/27
90
80
U.S.
Treasury
Note
..............................................
3.88
1/15/26
79
85
U.S.
Treasury
Note
..............................................
3.88
3/31/25
84
75
U.S.
Treasury
Note
..............................................
3.88
12/31/29
75
85
U.S.
Treasury
Note
..............................................
4.00
6/30/28
85
80
U.S.
Treasury
Note
..............................................
4.00
2/15/26
80
70
U.S.
Treasury
Note
..............................................
4.00
2/28/30
70
85
U.S.
Treasury
Note
..............................................
4.00
12/15/25
85
105
U.S.
Treasury
Note
..............................................
4.00
10/31/29
106
45
U.S.
Treasury
Note
..............................................
4.00
7/31/30
45
40
U.S.
Treasury
Note
..............................................
4.00
2/29/28
40
90
U.S.
Treasury
Note
..............................................
4.13
9/30/27
91
70
U.S.
Treasury
Note
..............................................
4.13
8/31/30
71
142
U.S.
Treasury
Note
..............................................
4.13
11/15/32
145
85
U.S.
Treasury
Note
..............................................
4.13
1/31/25
84
85
U.S.
Treasury
Note
..............................................
4.13
7/31/28
86
90
U.S.
Treasury
Note
..............................................
4.13
10/31/27
91
80
U.S.
Treasury
Note
..............................................
4.13
6/15/26
80
110
U.S.
Treasury
Note
..............................................
4.25
12/31/25
110
85
U.S.
Treasury
Note
..............................................
4.25
10/15/25
85
20
U.S.
Treasury
Note
..............................................
4.25
12/31/24
20
85
U.S.
Treasury
Note
..............................................
4.25
5/31/25
85
100
U.S.
Treasury
Note
..............................................
4.38
12/15/26
101
95
U.S.
Treasury
Note
..............................................
4.38
8/31/28
97
85
U.S.
Treasury
Note
..............................................
4.38
8/15/26
86
110
U.S.
Treasury
Note
..............................................
4.38
11/30/28
113
75
U.S.
Treasury
Note
..............................................
4.38
11/30/30
77
145
U.S.
Treasury
Note
..............................................
4.50
11/15/33
152
80
U.S.
Treasury
Note
..............................................
4.50
7/15/26
81
85
U.S.
Treasury
Note
..............................................
4.50
11/15/25
85
85
U.S.
Treasury
Note
..............................................
4.63
6/30/25
85
90
U.S.
Treasury
Note
..............................................
4.63
9/15/26
91
85
U.S.
Treasury
Note
..............................................
4.63
2/28/25
85
95
U.S.
Treasury
Note
..............................................
4.63
11/15/26
97
90
U.S.
Treasury
Note
..............................................
4.63
10/15/26
91
75
U.S.
Treasury
Note
..............................................
4.63
9/30/30
78
100
U.S.
Treasury
Note
..............................................
4.63
9/30/28
103
80
U.S.
Treasury
Note
..............................................
4.63
3/15/26
81
85
U.S.
Treasury
Note
..............................................
4.75
7/31/25
85
105
U.S.
Treasury
Note
..............................................
4.88
10/31/28
110
75
U.S.
Treasury
Note
..............................................
4.88
10/31/30
79
105
U.S.
Treasury
Note
..............................................
4.88
11/30/25
106
90
U.S.
Treasury
Note
..............................................
5.00
8/31/25
91
100
U.S.
Treasury
Note
..............................................
5.00
10/31/25
101
95
U.S.
Treasury
Note
..............................................
5.00
9/30/25
96
Total
U.S.
Treasury
Obligations
...................................
21,578
148
HC
CAPITAL
TRUST
The
Core
Fixed
Income
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
Yankee
Dollars
—
1.83%
$
45
America
Movil
SAB
de
CV
(Wireless
Telecommunication
Services)  
.........
6.13
11/15/37
$
50
185
Aptiv
PLC/Aptiv
Corp.
(Specialty
Retail),
Callable
1/16/24
@
100.00 
.........
2.40
2/18/25
179
30
BHP
Billiton
Finance
USA
Ltd.
(Metals
&
Mining),
Callable
6/8/33
@
100.00 
...
5.25
9/8/33
31
64
British
Telecommunications
PLC
(Diversified
Telecommunication
Services)  
....
9.63
12/15/30
79
170
Canadian
Natural
Resources
Ltd.
(Oil,
Gas
&
Consumable
Fuels),
Callable
6/15/25
@
100.00 
................................................
2.05
7/15/25
162
45
Canadian
Pacific
Railway
Co.
(Ground
Transportation)  
...................
7.13
10/15/31
51
40
Deutsche
Telekom
International
Finance
BV
(Diversified
Telecommunication
Services)  
................................................
8.75
6/15/30
48
80
Enbridge,
Inc.
(Oil,
Gas
&
Consumable
Fuels),
Callable
2/1/51
@
100.00 
......
3.40
8/1/51
58
105
Equinor
ASA
(Oil,
Gas
&
Consumable
Fuels)  
..........................
5.10
8/17/40
108
75
Iberdrola
International
BV
(Electric
Utilities)  
..........................
5.81
3/15/25
75
80
Iberdrola
International
BV
(Electric
Utilities)  
..........................
6.75
7/15/36
92
20
LYB
International
Finance
BV
(Chemicals),
Callable
9/15/43
@
100.00 
.......
4.88
3/15/44
18
40
Nutrien
Ltd.
(Chemicals),
Callable
2/13/30
@
100.00 
.....................
2.95
5/13/30
36
60
Orange
SA
(Diversified
Telecommunication
Services)  
....................
9.00
3/1/31
74
100
Pfizer
Investment
Enterprises
Pte
Ltd.
(Capital
Markets),
Callable
11/19/42
@
100.00 
..................................................
5.11
5/19/43
100
70
Shell
International
Finance
BV
(Oil,
Gas
&
Consumable
Fuels)  
.............
4.55
8/12/43
66
35
Telefonica
Emisiones
SA
(Diversified
Telecommunication
Services)  
..........
7.05
6/20/36
40
70
The
Toronto-Dominion
Bank
(Banks)  
...............................
3.20
3/10/32
62
25
Vodafone
Group
PLC
(Wireless
Telecommunication
Services)  
..............
4.13
5/30/25
25
25
Vodafone
Group
PLC
(Wireless
Telecommunication
Services)  
..............
6.15
2/27/37
27
Total
Yankee
Dollars
............................................
1,381
Shares
Investment
Companies
—
41.10%
Domestic
Fixed
Income
—
32.98%
419,924
Vanguard
Intermediate-Term
Treasury
ETF
............................
24,910
Money
Market
Funds
—
8.12%
57,873
State
Street
Institutional
Treasury
Money
Market
Fund,
Premier
Class
.........
5.28(d)
58
6,072,031
State
Street
Institutional
Treasury
Plus
Money
Market
Fund,
Trust
Class
........
5.25(d)
6,072
6,130
Total
Investment
Companies
......................................
31,040
Total
Investments
(cost
$78,457)
—
100.47%
.........................
75,859
Liabilities
in
excess
of
other
assets
—
(0.47)%
.........................
(356)
Net
Assets
—
100.00%
..........................................
$
75,503
Amounts
designated
as
"—"
are
$0
or
have
been
rounded
to
$0.
(a)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.  The
rate
disclosed
is
the
rate
in
effect
on
December
31,
2023.
(b)
Zero
Coupon
Security.
Effective
rate
shown
is
as
of
December
31,
2023.
(c)
Variable
Rate
Security.
The
rate
disclosed
is
the
rate
in
effect
on
December
31,
2023.
(d)
Annualized
7-day
yield
as
of
period-end.
bps—Basis
Points
ETF—Exchange-Traded
Fund
MTN—Medium
Term
Note
REIT—Real
Estate
Investment
Trust
SOFR—Secured
Overnight
Financing
Rate
TBA
—
To
Be
Announced
purchase
or
sale
commitment.
Security
is
subject
to
delayed
delivery
149
See
accompanying
notes
to
financial
statements.
HC
CAPITAL
TRUST
The
Core
Fixed
Income
Portfolio
Portfolio
of
Investments
(concluded)
—
December
31,2023
(Unaudited)
The
following
table
reflects
the
percentage
of
total
net
assets
of
the
Portfolio
attributable
to
each
Specialist
Manager
as
of
December
31,
2023.
Amounts
designated
as
"—"
indicate
the
Specialist
Manager
did
not
manage
any
holdings
in
that
category. 
TSFR3M
—
3
Month
SOFR
The
Core
Fixed
Income
Portfolio
Agincourt
Capital
Management,
LLC
Mellon
Investments
Corporation
Parametric
Portfolio
Associates,
LLC
HC
Capital
Solutions
Total
Asset
Backed
Securities
..........................................................................................
—
0.20
%
—
—
0.20
%
Collateralized
Mortgage
Obligations
......................................................................
—
0.78
%
—
—
0.78
%
U.S.
Government
Agency
Mortgages
.....................................................................
—
12.52
%
—
—
12.52
%
U.S.
Government
Agency
Securities
......................................................................
—
0.66
%
—
—
0.66
%
Corporate
Bonds
.....................................................................................................
14.80
%
—
—
—
14.80
%
U.S.
Treasury
Obligations
.......................................................................................
—
28.58
%
—
—
28.58
%
Yankee
Dollars
........................................................................................................
1.83
%
—
—
—
1.83
%
Investment
Companies
............................................................................................
0.07
%
1.07
%
33.49
%
6.47
%
41.10
%
Other
Assets
(Liabilities)
........................................................................................
0.20
%
-0.80
%
-0.01
%
0.14
%
-0.47
%
Total
Net
Assets
.................................................................................................
16.90
%
43.01
%
33.48
%
6.61
%
100.00
%
HC
CAPITAL
TRUST
The
Corporate
Opportunities
Portfolio
Portfolio
of
Investments
—
December
31,2023
(Unaudited)
150
See
accompanying
notes
to
financial
statements.
Shares
Security
Description
Rate
%
Maturity
Date
Value
(000)
Common
Stock
—
0.00%
1,740,900
ACC
Claims
Holding
LLC
(Financial
Services)
^(a)(b)
....................
$
–
Total
Common
Stock
...........................................
–
Investment
Companies
—
98.19%
Domestic
Fixed
Income
—
21.65%
474,918
Allspring
Income
Opportunities
.....................................
3,096
374,047
Blackstone
Strategic
Credit
Term
Fund
...............................
4,234
316,261
Eaton
Vance,
Ltd.
Duration
Income
Fund
..............................
3,030
152,837
First
Trust
High
Income
Long/Short
Fund
.............................
1,848
370,522
First
Trust
Senior
Floating
Rate
Income
Fund
II
.........................
3,739
547,113
Franklin,
Ltd.
Duration
Income
Trust
.................................
3,403
793,163
Nuveen
Credit
Strategies
Income
Fund
...............................
4,140
560,302
Nuveen
Floating
Rate
Income
Fund
Closed
End
Fund
.....................
4,605
357,695
PGIM
High
Yield
Bond
Fund,
Inc.
...................................
4,407
306,144
PGIM
Short
Duration
High
Yield
Opportunities
Fund
.....................
4,592
321,034
Western
Asset
Diversified
Income
Fund
...............................
4,527
710,130
Western
Asset
High
Income
Opportunity
Fund,
Inc.
......................
2,741
44,362
International
Fixed
Income
—
6.24%
94,343
BlackRock
Floating
Rate
Income
Trust
...............................
1,168
322,579
First
Trust
High
Yield
Opportunities
2027
Term
Fund
.....................
4,493
386,503
PGIM
Global
High
Yield
Fund,
Inc.
..................................
4,391
227,736
Western
Asset
High
Yield
Defined
Opportunity
Fund,
Inc.
..................
2,753
12,805
Money
Market
Funds
—
70.30%
1,177,000
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares^^
..........
5.00(c)
1,177
141,592,607
State
Street
Institutional
Treasury
Plus
Money
Market
Fund,
Trust
Class
........
5.25(c)
141,593
1,347,636
State
Street
Institutional
U.S.
Government
Money
Market
Fund,
Administrative
Class
....................................................
5.07(c)
1,348
144,118
Total
Investment
Companies
......................................
201,285
Total
Investments
(cost
$200,459)
—
98.19%
.........................
201,285
Other
assets
in
excess
of
liabilities
—
1.81%
..........................
3,715
Net
Assets
—
100.00%
..........................................
$
205,000
Amounts
designated
as
"—"
are
$0
or
have
been
rounded
to
$0.
^
All
or
part
of
this
security
was
on
loan
as
of
December
31,
2023.
^^
Purchased
with
cash
collateral
held
from
securities
lending.
(a)
Escrow
security
due
to
bankruptcy.
(b)
Security
was
valued
using
significant
unobservable
inputs
as
of
December
31,
2023.
(c)
Annualized
7-day
yield
as
of
period-end.
151
See
accompanying
notes
to
financial
statements.
HC
CAPITAL
TRUST
The
Corporate
Opportunities
Portfolio
Portfolio
of
Investments
(concluded)
—
December
31,2023
(Unaudited)
The
following
table
reflects
the
percentage
of
total
net
assets
of
the
Portfolio
attributable
to
each
Specialist
Manager
as
of
December
31,
2023.
Amounts
designated
as
"—"
indicate
the
Specialist
Manager
did
not
manage
any
holdings
in
that
category. 
The
Corporate
Opportunities
Portfolio
City
of
London
Investment
Management
Company,
Limited
Parametric
Portfolio
Associates,
LLC
HC
Capital
Solutions
Total
Common
Stocks
...............................................................................................................................
—
—
0.00
%
0.00
%
Investment
Companies
.....................................................................................................................
28.54
%
69.07
%
0.58
%
98.19
%
Other
Assets
(Liabilities)
.................................................................................................................
0.08
%
1.71
%
0.02
%
1.81
%
Total
Net
Assets
..........................................................................................................................
28.62
%
70.78
%
0.60
%
100.00
%
The
following
table
reflects
the
open
derivative
positions
held
by
the
Portfolio
as
of
December
31,
2023
.
Futures
Contracts
Purchased
*
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
and
Unrealized
Appreciation/
(Depreciation)
(000)
5
Year
US
Treasury
Note
Future
...................
807
3/29/24
$
87,780
$
2,174
E-Mini
S&P
500
Future
.........................
241
3/15/24
58,081
2,149
$
145,861
$
4,323
Total
Unrealized
Appreciation
.....................
$
4,323
Total
Unrealized
Depreciation
.....................
—
Total
Net
Unrealized
Appreciation/(Depreciation)
.......
$
4,323
*
Cash
has
been
pledged
as
collateral
for
futures
contracts
held
by
the
Portfolio.
HC
CAPITAL
TRUST
The
U.S.
Government
Fixed
Income
Securities
Portfolio
Portfolio
of
Investments
—
December
31,2023
(Unaudited)
152
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Securities
—
1.01%
$
200
Fannie
Mae
...................................................
0.38
8/25/25
$
187
450
Fannie
Mae
...................................................
0.50
6/17/25
425
400
Fannie
Mae
...................................................
0.50
11/7/25
373
350
Fannie
Mae
...................................................
0.75
10/8/27
311
100
Fannie
Mae,
Callable
3/18/24
@
100.00
...............................
0.88
12/18/26
91
200
Fannie
Mae
...................................................
0.88
8/5/30
164
100
Fannie
Mae
...................................................
1.88
9/24/26
94
150
Fannie
Mae
...................................................
2.13
4/24/26
143
95
Fannie
Mae
...................................................
6.25
5/15/29
105
160
Fannie
Mae
...................................................
6.63
11/15/30
184
180
Fannie
Mae
...................................................
7.25
5/15/30
212
250
Federal
Farm
Credit
Bank
.........................................
1.13
1/6/25
241
75
Federal
Farm
Credit
Bank,
Callable
1/12/24
@
100.00
....................
1.24
12/23/30
61
468
Federal
Farm
Credit
Bank,
Callable
1/12/24
@
100.00
....................
1.55
7/26/30
393
250
Federal
Farm
Credit
Bank
.........................................
1.75
2/14/25
242
300
Federal
Farm
Credit
Bank
.........................................
4.38
7/6/26
301
100
Federal
Farm
Credit
Bank
.........................................
4.50
8/14/26
101
200
Federal
Farm
Credit
Bank
.........................................
4.75
5/28/26
202
300
Federal
Home
Loan
Bank
.........................................
0.38
9/4/25
281
200
Federal
Home
Loan
Bank
.........................................
0.50
4/14/25
190
70
Federal
Home
Loan
Bank,
Callable
1/27/24
@
100.00
.....................
1.00
7/27/26
64
100
Federal
Home
Loan
Bank
.........................................
1.25
12/21/26
92
300
Federal
Home
Loan
Bank
.........................................
3.25
6/9/28
292
300
Federal
Home
Loan
Bank
.........................................
4.00
6/30/28
301
800
Federal
Home
Loan
Bank,
Series
2,
Callable
2/28/24
@
100.00
..............
4.00
8/28/25
788
200
Federal
Home
Loan
Bank
.........................................
4.38
6/12/26
201
500
Federal
Home
Loan
Bank
.........................................
4.63
11/17/26
507
165
Federal
Home
Loan
Bank
.........................................
5.50
7/15/36
186
100
Freddie
Mac,
Series
1
............................................
0.00(a)
11/15/38
51
650
Freddie
Mac
..................................................
0.38
7/21/25
610
500
Freddie
Mac
..................................................
0.38
9/23/25
467
400
Freddie
Mac,
Callable
1/27/24
@
100.00
..............................
0.80
10/27/26
363
350
Freddie
Mac
..................................................
1.50
2/12/25
338
27
Freddie
Mac,
Callable
2/28/24
@
100.00
..............................
4.20
8/28/25
27
250
Freddie
Mac
..................................................
6.25
7/15/32
289
180
Freddie
Mac
..................................................
6.75
3/15/31
210
85
Tennessee
Valley
Authority
........................................
5.25
9/15/39
91
200
Tennessee
Valley
Authority
........................................
5.38
4/1/56
221
100
Tennessee
Valley
Authority
........................................
5.88
4/1/36
114
140
Tennessee
Valley
Authority
........................................
6.15
1/15/38
163
Total
U.S.
Government
Agency
Securities
............................
9,676
U.S.
Treasury
Obligations
—
44.68%
1,500
U.S.
Treasury
Bond
.............................................
1.13
5/15/40
969
2,625
U.S.
Treasury
Bond
.............................................
1.13
8/15/40
1,679
2,610
U.S.
Treasury
Bond
.............................................
1.25
5/15/50
1,413
1,965
U.S.
Treasury
Bond
.............................................
1.38
11/15/40
1,308
3,330
U.S.
Treasury
Bond
.............................................
1.38
8/15/50
1,864
2,820
U.S.
Treasury
Bond
.............................................
1.63
11/15/50
1,688
2,625
U.S.
Treasury
Bond
.............................................
1.75
8/15/41
1,831
2,140
U.S.
Treasury
Bond
.............................................
1.88
2/15/41
1,543
2,695
U.S.
Treasury
Bond
.............................................
1.88
2/15/51
1,717
2,915
U.S.
Treasury
Bond
.............................................
1.88
11/15/51
1,851
4,335
U.S.
Treasury
Bond
.............................................
2.00
8/15/51
2,843
3,320
U.S.
Treasury
Bond
.............................................
2.00
11/15/41
2,410
1,370
U.S.
Treasury
Bond
.............................................
2.00
2/15/50
905
1,260
U.S.
Treasury
Bond
.............................................
2.25
8/15/46
899
153
HC
CAPITAL
TRUST
The
U.S.
Government
Fixed
Income
Securities
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Treasury
Obligations
(continued)
$
3,010
U.S.
Treasury
Bond
.............................................
2.25
2/15/52
$
2,096
1,750
U.S.
Treasury
Bond
.............................................
2.25
5/15/41
1,337
1,250
U.S.
Treasury
Bond
.............................................
2.25
8/15/49
877
3,860
U.S.
Treasury
Bond
.............................................
2.38
5/15/51
2,767
1,880
U.S.
Treasury
Bond
.............................................
2.38
2/15/42
1,448
3,000
U.S.
Treasury
Bond
.............................................
2.38
11/15/49
2,161
800
U.S.
Treasury
Bond
.............................................
2.50
5/15/46
601
1,135
U.S.
Treasury
Bond
.............................................
2.50
2/15/46
854
1,440
U.S.
Treasury
Bond
.............................................
2.50
2/15/45
1,094
450
U.S.
Treasury
Bond
.............................................
2.75
8/15/42
366
1,110
U.S.
Treasury
Bond
.............................................
2.75
8/15/47
868
1,995
U.S.
Treasury
Bond
.............................................
2.75
11/15/42
1,617
2,320
U.S.
Treasury
Bond
.............................................
2.75
11/15/47
1,813
2,095
U.S.
Treasury
Bond
.............................................
2.88
5/15/52
1,675
780
U.S.
Treasury
Bond
.............................................
2.88
8/15/45
631
831
U.S.
Treasury
Bond
.............................................
2.88
5/15/43
684
2,000
U.S.
Treasury
Bond
.............................................
2.88
5/15/49
1,596
955
U.S.
Treasury
Bond
.............................................
2.88
11/15/46
767
2,270
U.S.
Treasury
Bond
.............................................
3.00
8/15/52
1,864
1,460
U.S.
Treasury
Bond
.............................................
3.00
8/15/48
1,193
1,010
U.S.
Treasury
Bond
.............................................
3.00
5/15/45
835
670
U.S.
Treasury
Bond
.............................................
3.00
11/15/45
553
1,075
U.S.
Treasury
Bond
.............................................
3.00
5/15/47
881
440
U.S.
Treasury
Bond
.............................................
3.00
2/15/47
361
1,645
U.S.
Treasury
Bond
.............................................
3.00
2/15/49
1,344
1,370
U.S.
Treasury
Bond
.............................................
3.00
2/15/48
1,120
1,125
U.S.
Treasury
Bond
.............................................
3.00
5/15/42
954
1,855
U.S.
Treasury
Bond
.............................................
3.00
11/15/44
1,540
1,030
U.S.
Treasury
Bond
.............................................
3.13
5/15/48
861
1,000
U.S.
Treasury
Bond
.............................................
3.13
11/15/41
872
1,230
U.S.
Treasury
Bond
.............................................
3.13
8/15/44
1,044
1,000
U.S.
Treasury
Bond
.............................................
3.13
2/15/42
869
1,177
U.S.
Treasury
Bond
.............................................
3.13
2/15/43
1,009
850
U.S.
Treasury
Bond
.............................................
3.25
5/15/42
748
2,900
U.S.
Treasury
Bond
.............................................
3.38
11/15/48
2,537
1,530
U.S.
Treasury
Bond
.............................................
3.38
5/15/44
1,352
1,315
U.S.
Treasury
Bond
.............................................
3.38
8/15/42
1,177
40
U.S.
Treasury
Bond
.............................................
3.50
2/15/39
38
1,470
U.S.
Treasury
Bond
.............................................
3.63
8/15/43
1,355
1,030
U.S.
Treasury
Bond
.............................................
3.63
2/15/44
946
2,100
U.S.
Treasury
Bond
.............................................
3.63
2/15/53
1,947
1,905
U.S.
Treasury
Bond
.............................................
3.63
5/15/53
1,769
1,220
U.S.
Treasury
Bond
.............................................
3.75
11/15/43
1,143
150
U.S.
Treasury
Bond
.............................................
3.88
5/15/43
144
225
U.S.
Treasury
Bond
.............................................
3.88
8/15/40
220
875
U.S.
Treasury
Bond
.............................................
3.88
2/15/43
837
925
U.S.
Treasury
Bond
.............................................
4.00
11/15/52
916
1,265
U.S.
Treasury
Bond
.............................................
4.13
8/15/53
1,284
550
U.S.
Treasury
Bond
.............................................
4.25
11/15/40
562
30
U.S.
Treasury
Bond
.............................................
4.25
5/15/39
31
855
U.S.
Treasury
Bond
.............................................
4.38
11/15/39
892
163
U.S.
Treasury
Bond
.............................................
4.38
5/15/40
170
530
U.S.
Treasury
Bond
.............................................
4.38
2/15/38
558
551
U.S.
Treasury
Bond
.............................................
4.38
5/15/41
569
1,025
U.S.
Treasury
Bond
.............................................
4.50
2/15/36
1,095
255
U.S.
Treasury
Bond
.............................................
4.50
5/15/38
271
1,150
U.S.
Treasury
Bond
.............................................
4.50
8/15/39
1,219
673
U.S.
Treasury
Bond
.............................................
4.63
2/15/40
722
975
U.S.
Treasury
Bond
.............................................
4.75
11/15/53
1,098
154
HC
CAPITAL
TRUST
The
U.S.
Government
Fixed
Income
Securities
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Treasury
Obligations
(continued)
$
1,500
U.S.
Treasury
Bond
.............................................
4.75
2/15/41
$
1,626
520
U.S.
Treasury
Bond
.............................................
4.75
2/15/37
570
235
U.S.
Treasury
Bond
.............................................
5.00
5/15/37
263
282
U.S.
Treasury
Bond
.............................................
5.25
11/15/28
298
425
U.S.
Treasury
Bond
.............................................
5.25
2/15/29
451
215
U.S.
Treasury
Bond
.............................................
5.38
2/15/31
235
400
U.S.
Treasury
Bond
.............................................
5.50
8/15/28
427
85
U.S.
Treasury
Bond
.............................................
6.00
2/15/26
88
265
U.S.
Treasury
Bond
.............................................
6.13
11/15/27
285
280
U.S.
Treasury
Bond
.............................................
6.13
8/15/29
310
1,090
U.S.
Treasury
Bond
.............................................
6.25
5/15/30
1,231
100
U.S.
Treasury
Bond
.............................................
6.38
8/15/27
108
218
U.S.
Treasury
Bond
.............................................
6.50
11/15/26
232
1,000
U.S.
Treasury
Bond
.............................................
6.63
2/15/27
1,073
200
U.S.
Treasury
Bond
.............................................
6.75
8/15/26
213
300
U.S.
Treasury
Bond
.............................................
6.88
8/15/25
311
295
U.S.
Treasury
Bond
.............................................
7.63
2/15/25
305
3,105
U.S.
Treasury
Note
..............................................
0.25
8/31/25
2,899
1,880
U.S.
Treasury
Note
..............................................
0.25
10/31/25
1,746
1,000
U.S.
Treasury
Note
..............................................
0.25
9/30/25
931
1,675
U.S.
Treasury
Note
..............................................
0.25
6/30/25
1,573
1,580
U.S.
Treasury
Note
..............................................
0.25
7/31/25
1,480
2,525
U.S.
Treasury
Note
..............................................
0.25
5/31/25
2,378
3,415
U.S.
Treasury
Note
..............................................
0.38
9/30/27
2,996
3,140
U.S.
Treasury
Note
..............................................
0.38
1/31/26
2,901
2,920
U.S.
Treasury
Note
..............................................
0.38
12/31/25
2,706
2,200
U.S.
Treasury
Note
..............................................
0.38
11/30/25
2,043
1,280
U.S.
Treasury
Note
..............................................
0.38
8/15/24
1,243
1,560
U.S.
Treasury
Note
..............................................
0.38
4/30/25
1,476
2,075
U.S.
Treasury
Note
..............................................
0.38
7/31/27
1,831
1,885
U.S.
Treasury
Note
..............................................
0.50
4/30/27
1,683
2,600
U.S.
Treasury
Note
..............................................
0.50
5/31/27
2,316
2,425
U.S.
Treasury
Note
..............................................
0.50
10/31/27
2,132
3,675
U.S.
Treasury
Note
..............................................
0.50
2/28/26
3,396
3,090
U.S.
Treasury
Note
..............................................
0.50
8/31/27
2,731
1,900
U.S.
Treasury
Note
..............................................
0.50
6/30/27
1,688
1,905
U.S.
Treasury
Note
..............................................
0.50
3/31/25
1,811
2,885
U.S.
Treasury
Note
..............................................
0.63
11/30/27
2,544
1,575
U.S.
Treasury
Note
..............................................
0.63
3/31/27
1,416
2,800
U.S.
Treasury
Note
..............................................
0.63
12/31/27
2,462
2,635
U.S.
Treasury
Note
..............................................
0.63
7/31/26
2,413
3,895
U.S.
Treasury
Note
..............................................
0.63
8/15/30
3,162
2,720
U.S.
Treasury
Note
..............................................
0.63
5/15/30
2,224
3,470
U.S.
Treasury
Note
..............................................
0.75
4/30/26
3,210
2,800
U.S.
Treasury
Note
..............................................
0.75
5/31/26
2,585
1,845
U.S.
Treasury
Note
..............................................
0.75
8/31/26
1,692
3,090
U.S.
Treasury
Note
..............................................
0.75
3/31/26
2,868
4,025
U.S.
Treasury
Note
..............................................
0.75
1/31/28
3,550
1,615
U.S.
Treasury
Note
..............................................
0.88
9/30/26
1,484
2,295
U.S.
Treasury
Note
..............................................
0.88
6/30/26
2,123
4,830
U.S.
Treasury
Note
..............................................
0.88
11/15/30
3,972
3,365
U.S.
Treasury
Note
..............................................
1.00
7/31/28
2,961
650
U.S.
Treasury
Note
..............................................
1.13
2/28/27
596
2,465
U.S.
Treasury
Note
..............................................
1.13
2/29/28
2,205
5,490
U.S.
Treasury
Note
..............................................
1.13
2/15/31
4,586
2,135
U.S.
Treasury
Note
..............................................
1.13
2/28/25
2,050
2,825
U.S.
Treasury
Note
..............................................
1.13
10/31/26
2,607
2,580
U.S.
Treasury
Note
..............................................
1.13
1/15/25
2,486
3,635
U.S.
Treasury
Note
..............................................
1.13
8/31/28
3,211
155
HC
CAPITAL
TRUST
The
U.S.
Government
Fixed
Income
Securities
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Treasury
Obligations
(continued)
$
5,385
U.S.
Treasury
Note
..............................................
1.25
8/15/31
$
4,462
3,990
U.S.
Treasury
Note
..............................................
1.25
9/30/28
3,537
3,390
U.S.
Treasury
Note
..............................................
1.25
5/31/28
3,030
3,510
U.S.
Treasury
Note
..............................................
1.25
4/30/28
3,144
2,000
U.S.
Treasury
Note
..............................................
1.25
12/31/26
1,847
3,195
U.S.
Treasury
Note
..............................................
1.25
11/30/26
2,954
3,515
U.S.
Treasury
Note
..............................................
1.25
6/30/28
3,136
2,460
U.S.
Treasury
Note
..............................................
1.25
3/31/28
2,206
1,205
U.S.
Treasury
Note
..............................................
1.38
1/31/25
1,163
4,500
U.S.
Treasury
Note
..............................................
1.38
11/15/31
3,741
450
U.S.
Treasury
Note
..............................................
1.38
8/31/26
419
2,825
U.S.
Treasury
Note
..............................................
1.38
12/31/28
2,508
3,400
U.S.
Treasury
Note
..............................................
1.38
10/31/28
3,028
3,410
U.S.
Treasury
Note
..............................................
1.50
11/30/28
3,050
3,370
U.S.
Treasury
Note
..............................................
1.50
2/15/25
3,252
2,645
U.S.
Treasury
Note
..............................................
1.50
2/15/30
2,306
4,105
U.S.
Treasury
Note
..............................................
1.50
1/31/27
3,810
1,000
U.S.
Treasury
Note
..............................................
1.50
8/15/26
936
945
U.S.
Treasury
Note
..............................................
1.63
11/30/26
883
600
U.S.
Treasury
Note
..............................................
1.63
9/30/26
563
2,930
U.S.
Treasury
Note
..............................................
1.63
8/15/29
2,610
3,500
U.S.
Treasury
Note
..............................................
1.63
5/15/26
3,303
1,400
U.S.
Treasury
Note
..............................................
1.63
2/15/26
1,327
1,000
U.S.
Treasury
Note
..............................................
1.63
10/31/26
936
4,455
U.S.
Treasury
Note
..............................................
1.63
5/15/31
3,825
1,100
U.S.
Treasury
Note
..............................................
1.75
12/31/26
1,031
3,320
U.S.
Treasury
Note
..............................................
1.75
1/31/29
2,997
1,095
U.S.
Treasury
Note
..............................................
1.75
3/15/25
1,058
2,390
U.S.
Treasury
Note
..............................................
1.75
11/15/29
2,135
1,390
U.S.
Treasury
Note
..............................................
1.88
7/31/26
1,315
410
U.S.
Treasury
Note
..............................................
1.88
6/30/26
389
1,650
U.S.
Treasury
Note
..............................................
1.88
2/28/27
1,547
3,100
U.S.
Treasury
Note
..............................................
1.88
2/15/32
2,668
3,200
U.S.
Treasury
Note
..............................................
1.88
2/28/29
2,903
2,575
U.S.
Treasury
Note
..............................................
2.00
8/15/25
2,478
2,885
U.S.
Treasury
Note
..............................................
2.00
11/15/26
2,728
2,971
U.S.
Treasury
Note
..............................................
2.00
2/15/25
2,883
2,985
U.S.
Treasury
Note
..............................................
2.13
5/15/25
2,889
1,430
U.S.
Treasury
Note
..............................................
2.13
5/31/26
1,366
2,575
U.S.
Treasury
Note
..............................................
2.25
8/15/27
2,429
1,500
U.S.
Treasury
Note
..............................................
2.25
3/31/26
1,439
1,775
U.S.
Treasury
Note
..............................................
2.25
11/15/27
1,669
2,375
U.S.
Treasury
Note
..............................................
2.25
11/15/25
2,287
1,785
U.S.
Treasury
Note
..............................................
2.25
2/15/27
1,695
130
U.S.
Treasury
Note
..............................................
2.38
4/30/26
125
2,715
U.S.
Treasury
Note
..............................................
2.38
5/15/29
2,519
2,510
U.S.
Treasury
Note
..............................................
2.38
5/15/27
2,384
3,200
U.S.
Treasury
Note
..............................................
2.38
3/31/29
2,973
2,000
U.S.
Treasury
Note
..............................................
2.50
3/31/27
1,912
1,490
U.S.
Treasury
Note
..............................................
2.50
1/31/25
1,455
1,055
U.S.
Treasury
Note
..............................................
2.63
1/31/26
1,022
955
U.S.
Treasury
Note
..............................................
2.63
3/31/25
932
2,065
U.S.
Treasury
Note
..............................................
2.63
7/31/29
1,936
3,585
U.S.
Treasury
Note
..............................................
2.63
2/15/29
3,378
2,120
U.S.
Treasury
Note
..............................................
2.63
4/15/25
2,068
1,205
U.S.
Treasury
Note
..............................................
2.63
12/31/25
1,168
1,250
U.S.
Treasury
Note
..............................................
2.63
5/31/27
1,197
4,160
U.S.
Treasury
Note
..............................................
2.75
8/15/32
3,815
850
U.S.
Treasury
Note
..............................................
2.75
6/30/25
829
156
HC
CAPITAL
TRUST
The
U.S.
Government
Fixed
Income
Securities
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Treasury
Obligations
(continued)
$
1,525
U.S.
Treasury
Note
..............................................
2.75
5/15/25
$
1,489
750
U.S.
Treasury
Note
..............................................
2.75
4/30/27
722
1,280
U.S.
Treasury
Note
..............................................
2.75
8/31/25
1,246
2,500
U.S.
Treasury
Note
..............................................
2.75
2/28/25
2,446
2,825
U.S.
Treasury
Note
..............................................
2.75
2/15/28
2,701
3,000
U.S.
Treasury
Note
..............................................
2.75
5/31/29
2,835
3,000
U.S.
Treasury
Note
..............................................
2.88
4/30/29
2,856
3,610
U.S.
Treasury
Note
..............................................
2.88
5/15/32
3,351
2,005
U.S.
Treasury
Note
..............................................
2.88
6/15/25
1,960
3,380
U.S.
Treasury
Note
..............................................
2.88
8/15/28
3,235
1,500
U.S.
Treasury
Note
..............................................
2.88
4/30/25
1,467
2,995
U.S.
Treasury
Note
..............................................
2.88
5/15/28
2,873
1,505
U.S.
Treasury
Note
..............................................
2.88
5/31/25
1,471
540
U.S.
Treasury
Note
..............................................
2.88
7/31/25
527
1,800
U.S.
Treasury
Note
..............................................
2.88
11/30/25
1,754
1,415
U.S.
Treasury
Note
..............................................
3.00
9/30/25
1,382
880
U.S.
Treasury
Note
..............................................
3.00
10/31/25
860
1,835
U.S.
Treasury
Note
..............................................
3.00
7/15/25
1,795
2,000
U.S.
Treasury
Note
..............................................
3.13
8/31/29
1,923
1,930
U.S.
Treasury
Note
..............................................
3.13
8/15/25
1,891
3,430
U.S.
Treasury
Note
..............................................
3.13
11/15/28
3,315
1,700
U.S.
Treasury
Note
..............................................
3.25
6/30/29
1,647
2,200
U.S.
Treasury
Note
..............................................
3.25
6/30/27
2,151
4,400
U.S.
Treasury
Note
..............................................
3.38
5/15/33
4,229
5,000
U.S.
Treasury
Note
..............................................
3.50
2/15/33
4,854
2,200
U.S.
Treasury
Note
..............................................
3.50
1/31/28
2,167
1,245
U.S.
Treasury
Note
..............................................
3.50
1/31/30
1,219
1,905
U.S.
Treasury
Note
..............................................
3.50
9/15/25
1,877
1,580
U.S.
Treasury
Note
..............................................
3.63
5/15/26
1,562
400
U.S.
Treasury
Note
..............................................
3.63
3/31/30
394
2,175
U.S.
Treasury
Note
..............................................
3.75
5/31/30
2,158
1,545
U.S.
Treasury
Note
..............................................
3.75
4/15/26
1,531
1,400
U.S.
Treasury
Note
..............................................
3.88
9/30/29
1,398
4,705
U.S.
Treasury
Note
..............................................
3.88
8/15/33
4,705
1,765
U.S.
Treasury
Note
..............................................
3.88
11/30/29
1,763
1,325
U.S.
Treasury
Note
..............................................
3.88
12/31/29
1,324
1,500
U.S.
Treasury
Note
..............................................
3.88
4/30/25
1,487
500
U.S.
Treasury
Note
..............................................
3.88
3/31/25
496
1,740
U.S.
Treasury
Note
..............................................
3.88
1/15/26
1,727
1,725
U.S.
Treasury
Note
..............................................
4.00
12/15/25
1,716
1,900
U.S.
Treasury
Note
..............................................
4.00
2/15/26
1,892
1,750
U.S.
Treasury
Note
..............................................
4.00
10/31/29
1,760
1,000
U.S.
Treasury
Note
..............................................
4.00
2/29/28
1,004
450
U.S.
Treasury
Note
..............................................
4.13
1/31/25
447
3,720
U.S.
Treasury
Note
..............................................
4.13
11/15/32
3,787
1,580
U.S.
Treasury
Note
..............................................
4.13
6/15/26
1,580
1,835
U.S.
Treasury
Note
..............................................
4.25
10/15/25
1,832
1,670
U.S.
Treasury
Note
..............................................
4.38
8/15/26
1,682
1,950
U.S.
Treasury
Note
..............................................
4.38
12/15/26
1,970
2,340
U.S.
Treasury
Note
..............................................
4.50
11/15/33
2,461
1,590
U.S.
Treasury
Note
..............................................
4.50
7/15/26
1,605
1,765
U.S.
Treasury
Note
..............................................
4.50
11/15/25
1,771
125
U.S.
Treasury
Note
..............................................
4.63
2/28/25
125
1,750
U.S.
Treasury
Note
..............................................
4.63
9/15/26
1,775
1,555
U.S.
Treasury
Note
..............................................
4.63
3/15/26
1,569
1,805
U.S.
Treasury
Note
..............................................
4.63
10/15/26
1,832
157
HC
CAPITAL
TRUST
The
U.S.
Government
Fixed
Income
Securities
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
The
following
table
reflects
the
percentage
of
total
net
assets
of
the
Portfolio
attributable
to
each
Specialist
Manager
as
of
December
31,
2023.
Amounts
designated
as
"—"
indicate
the
Specialist
Manager
did
not
manage
any
holdings
in
that
category.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Treasury
Obligations
(continued)
$
1,945
U.S.
Treasury
Note
..............................................
4.63
11/15/26
$
1,976
Total
U.S.
Treasury
Obligations
...................................
428,632
Shares
Investment
Companies
—
53.63%
Domestic
Fixed
Income
—
51.09%
6,531,963
Vanguard
Intermediate-Term
Treasury
ETF
............................
387,476
2,164,856
Vanguard
Short-Term
Inflation-Protected
Securities
ETF
...................
102,809
490,285
Money
Market
Funds
—
2.54%
24,326,852
State
Street
Institutional
Treasury
Plus
Money
Market
Fund,
Trust
Class
........
5.25(b)
24,327
Total
Investment
Companies
......................................
514,612
Total
Investments
(cost
$970,446)
—
99.32%
.........................
952,920
Other
assets
in
excess
of
liabilities
—
0.68%
..........................
6,521
Net
Assets
—
100.00%
..........................................
$
959,441
(a)
Zero
Coupon
Security.
Effective
rate
shown
is
as
of
December
31,
2023.
(b)
Annualized
7-day
yield
as
of
period-end.
ETF—Exchange-Traded
Fund
The
U.S.
Government
Fixed
Income
Securities
Portfolio
Mellon
Investments
Corporation
Parametric
Portfolio
Associates,
LLC
Total
U.S.
Government
Agency
Securities
.......................................................................................................................
1.01
%
—
1.01
%
U.S.
Treasury
Obligations
........................................................................................................................................
44.68
%
—
44.68
%
Investment
Company
...............................................................................................................................................
—
53.63
%
53.63
%
Other
Assets
(Liabilities)
........................................................................................................................................
0.39%
%
0.29
%
0.68
%
Total
Net
Assets
..................................................................................................................................................
46.08
%
53.92
%
100.00
%
158
See
accompanying
notes
to
financial
statements.
HC
CAPITAL
TRUST
The
U.S.
Government
Fixed
Income
Securities
Portfolio
Portfolio
of
Investments
(concluded)
—
December
31,2023
(Unaudited)
The
following
table
reflects
the
open
derivative
positions
held
by
the
Portfolio
as
of
December
31,
2023
.
Futures
Contracts
Purchased
*
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
and
Unrealized
Appreciation/
(Depreciation)
(000)
10
Year
US
Treasury
Note
Future
.............................
1,189
3/19/24
$
134,227
$
4,884
$
134,227
$
4,884
Total
Unrealized
Appreciation
.....................
$
4,884
Total
Unrealized
Depreciation
.....................
—
Total
Net
Unrealized
Appreciation/(Depreciation)
.......
$
4,884
*
Cash
has
been
pledged
as
collateral
for
futures
contracts
held
by
the
Portfolio.
HC
CAPITAL
TRUST
The
U.S.
Corporate
Fixed
Income
Securities
Portfolio
Portfolio
of
Investments
—
December
31,2023
(Unaudited)
159
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
Corporate
Bonds
—
74.15%
$
2,694
AbbVie,
Inc.
(Biotechnology)  
.....................................
4.40
11/6/42
$
2,501
232
Air
Products
&
Chemicals,
Inc.
(Chemicals),
Callable
11/15/39
@
100.00 
......
2.70
5/15/40
177
615
Alabama
Power
Co.,
Series
B
(Electric
Utilities),
Callable
6/1/47
@
100.00 
.....
3.70
12/1/47
492
155
Alabama
Power
Co.
(Electric
Utilities),
Callable
2/15/44
@
100.00 
...........
4.15
8/15/44
135
2,315
Amgen,
Inc.
(Biotechnology),
Callable
2/1/25
@
100.00 
..................
3.13
5/1/25
2,255
1,435
Amgen,
Inc.
(Biotechnology),
Callable
8/21/39
@
100.00 
..................
3.15
2/21/40
1,117
810
Amgen,
Inc.
(Biotechnology),
Callable
12/15/50
@
100.00 
.................
4.66
6/15/51
738
1,790
Anheuser-Busch
Cos.
LLC/Anheuser-Busch
InBev
Worldwide,
Inc.
(Beverages),
Callable
8/1/45
@
100.00 
....................................
4.90
2/1/46
1,756
1,450
Anheuser-Busch
InBev
Worldwide,
Inc.
(Beverages)  
.....................
4.95
1/15/42
1,451
2,275
Apple,
Inc.
(Technology
Hardware,
Storage
&
Peripherals),
Callable
8/23/45
@
100.00 
..................................................
4.65
2/23/46
2,250
1,065
AT&T,
Inc.
(Diversified
Telecommunication
Services),
Callable
11/1/31
@
100.00 
2.25
2/1/32
879
2,519
AT&T,
Inc.
(Diversified
Telecommunication
Services),
Callable
3/15/55
@
100.00 
3.55
9/15/55
1,820
875
AT&T,
Inc.
(Diversified
Telecommunication
Services),
Callable
9/9/48
@
100.00 
.
4.55
3/9/49
769
255
Atmos
Energy
Corp.
(Gas
Utilities),
Callable
4/15/44
@
100.00 
.............
4.13
10/15/44
226
1,145
Atmos
Energy
Corp.
(Gas
Utilities),
Callable
7/15/42
@
100.00 
.............
4.15
1/15/43
1,027
5,805
Bank
of
America
Corp.
(Banks),
Callable
4/22/31
@
100.00 
................
2.69
(SOFR
+
132
bps)(a)
4/22/32
4,907
5,225
Bank
of
America
Corp.,
MTN
(Banks),
Callable
2/7/29
@
100.00 
...........
3.97
(TSFR3M
+
147
bps)(a)
2/7/30
4,957
855
Berkshire
Hathaway
Energy
Co.
(Oil,
Gas
&
Consumable
Fuels),
Callable
8/1/44
@
100.00 
..................................................
4.50
2/1/45
786
1,000
BP
Capital
Markets
America,
Inc.
(Oil,
Gas
&
Consumable
Fuels),
Callable
8/24/49
@
100.00 
................................................
3.00
2/24/50
705
1,245
Bristol-Myers
Squibb
Co.
(Pharmaceuticals),
Callable
4/26/49
@
100.00 
.......
4.25
10/26/49
1,089
2,705
Brown
&
Brown,
Inc.
(Insurance),
Callable
12/15/30
@
100.00 
.............
2.38
3/15/31
2,223
705
Bunge
Ltd.
Finance
Corp.
(Consumer
Staples
Distribution
&
Retail),
Callable
2/14/31
@
100.00 
..........................................
2.75
5/14/31
613
1,305
Bunge
Ltd.
Finance
Corp.
(Consumer
Staples
Distribution
&
Retail),
Callable
5/15/26
@
100.00 
..........................................
3.25
8/15/26
1,256
3,000
Capital
One
Financial
Corp.
(Consumer
Finance),
Callable
2/1/28
@
100.00 
....
5.47
(SOFR
+
208
bps)(a)
2/1/29
2,983
500
Capital
One
NA
(Consumer
Finance),
Callable
1/28/25
@
100.00 
............
2.28
(SOFR
+
91
bps)(a)
1/28/26
483
3,320
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
(media),
Callable
1/1/31
@
100.00 
..............................
2.80
4/1/31
2,797
2,885
Citigroup,
Inc.
(Banks),
Callable
3/17/32
@
100.00 
......................
3.79
(SOFR
+
194
bps)(a)
3/17/33
2,588
3,650
Citigroup,
Inc.
(Banks),
Callable
3/31/30
@
100.00 
......................
4.41
(SOFR
+
391
bps)(a)
3/31/31
3,495
1,244
Collins
Aerospace
(Aerospace
&
Defense),
Callable
12/15/26
@
100.00 
.......
3.50
3/15/27
1,181
395
Comcast
Corp.
(Media),
Callable
5/1/49
@
100.00 
.......................
4.00
11/1/49
330
295
Comcast
Corp.
(Media)  
..........................................
4.65
7/15/42
277
2,185
Comcast
Corp.
(Media)  
..........................................
4.75
3/1/44
2,072
860
Consolidated
Edison
Co.
of
New
York,
Inc.
(Electric
Utilities),
Callable
9/15/43
@
100.00 
..................................................
4.45
3/15/44
770
175
Consolidated
Edison
Co.
of
New
York,
Inc.,
Series
2008-B
(Electric
Utilities)  
...
6.75
4/1/38
200
2,165
Constellation
Brands,
Inc.
(Beverages),
Callable
2/1/30
@
100.00 
............
2.88
5/1/30
1,940
2,050
CSX
Corp.
(Ground
Transportation)  
.................................
6.22
4/30/40
2,290
2,415
CVS
Health
Corp.
(Health
Care
Providers
&
Services),
Callable
9/25/37
@
100.00 
4.78
3/25/38
2,284
1,130
CVS
Health
Corp.
(Health
Care
Providers
&
Services),
Callable
1/20/45
@
100.00 
5.13
7/20/45
1,076
1,230
Dell
International
LLC/EMC
Corp.
(Technology
Hardware,
Storage
&
Peripherals),
Callable
8/1/26
@
100.00 
....................................
4.90
10/1/26
1,230
1,565
Devon
Energy
Corp.
(Oil,
Gas
&
Consumable
Fuels),
Callable
1/15/41
@
100.00 
.
5.60
7/15/41
1,513
315
Devon
Energy
Corp.
(Oil,
Gas
&
Consumable
Fuels),
Callable
9/15/25
@
100.00 
.
5.85
12/15/25
319
435
Duke
Energy
Progress
LLC
(Electric
Utilities),
Callable
2/15/45
@
100.00 
.....
4.20
8/15/45
374
805
Eastern
Energy
Gas
Holdings
LLC,
Series
B
(Oil,
Gas
&
Consumable
Fuels),
Callable
8/15/29
@
100.00 
....................................
3.00
11/15/29
720
160
HC
CAPITAL
TRUST
The
U.S.
Corporate
Fixed
Income
Securities
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
Corporate
Bonds
(continued)
$
1,830
Eastern
Energy
Gas
Holdings
LLC
(Oil,
Gas
&
Consumable
Fuels),
Callable
9/15/24
@
100.00 
................................................
3.60
12/15/24
$
1,796
2,840
EIDP,
Inc.
(Chemicals),
Callable
6/15/25
@
100.00 
......................
1.70
7/15/25
2,694
750
EIDP,
Inc.
(Chemicals),
Callable
4/15/30
@
100.00 
......................
2.30
7/15/30
656
600
Elevance
Health,
Inc.
(Health
Care
Providers
&
Services)  
.................
4.63
5/15/42
558
735
Elevance
Health,
Inc.
(Health
Care
Providers
&
Services)  
.................
4.65
1/15/43
678
1,625
Energy
Transfer
LP
(Oil,
Gas
&
Consumable
Fuels),
Callable
7/15/42
@
100.00 
.
4.95
1/15/43
1,415
1,890
Energy
Transfer
LP
(Oil,
Gas
&
Consumable
Fuels),
Callable
2/1/26
@
103.69 
..
7.38
2/1/31
1,985
1,957
Enterprise
Products
Operating
LLC
(Oil,
Gas
&
Consumable
Fuels),
Callable
9/15/43
@
100.00 
..........................................
4.85
3/15/44
1,889
1,818
FedEx
Corp.
Pass
Through
Trust,
Series
2020-1,
Class
-
AA
(Air
Freight
&
Logistics)  
...............................................
1.88
2/20/34
1,520
990
Fiserv,
Inc.
(Financial
Services),
Callable
12/2/32
@
100.00 
................
5.60
3/2/33
1,033
465
Ford
Motor
Co.
(Automobiles),
Callable
11/12/31
@
100.00 
................
3.25
2/12/32
385
1,000
Ford
Motor
Credit
Co.
LLC
(Financial
Services)  
........................
4.13
8/4/25
972
780
General
Motors
Co.
(Automobiles),
Callable
9/1/25
@
100.00 
..............
6.13
10/1/25
790
1,815
General
Motors
Financial
Co.,
Inc.
(Specialty
Retail),
Callable
1/26/25
@
100.00 
.
2.90
2/26/25
1,761
2,055
General
Motors
Financial
Co.,
Inc.
(Specialty
Retail),
Callable
2/6/30
@
100.00 
.
5.85
4/6/30
2,116
1,165
Georgia
Power
Co.
(Electric
Utilities)  
...............................
4.30
3/15/42
1,038
775
Gilead
Sciences,
Inc.
(Biotechnology),
Callable
8/1/44
@
100.00 
............
4.50
2/1/45
719
2,785
HCA,
Inc.
(Health
Care
Providers
&
Services)  
.........................
5.38
2/1/25
2,778
1,235
HCA,
Inc.
(Health
Care
Providers
&
Services),
Callable
3/1/33
@
100.00 
......
5.50
6/1/33
1,252
1,575
Intel
Corp.
(Semiconductors
&
Semiconductor
Equipment),
Callable
4/29/25
@
100.00 
..................................................
3.70
7/29/25
1,549
1,327
Intel
Corp.
(Semiconductors
&
Semiconductor
Equipment),
Callable
6/8/47
@
100.00 
..................................................
3.73
12/8/47
1,083
765
International
Business
Machines
Corp.
(IT
Services)  
.....................
4.00
6/20/42
667
795
International
Paper
Co.
(Containers
&
Packaging),
Callable
5/15/41
@
100.00 
...
6.00
11/15/41
842
2,815
JPMorgan
Chase
&
Co.
(Banks),
Callable
4/22/31
@
100.00 
................
2.58
(TSFR3M
+
125
bps)(a)
4/22/32
2,381
3,018
JPMorgan
Chase
&
Co.
(Banks),
Callable
5/6/29
@
100.00 
................
3.70
(TSFR3M
+
142
bps)(a)
5/6/30
2,824
5,055
JPMorgan
Chase
&
Co.
(Banks),
Callable
4/23/28
@
100.00 
................
4.01
(TSFR3M
+
138
bps)(a)
4/23/29
4,855
1,665
Kinder
Morgan,
Inc.
(Oil,
Gas
&
Consumable
Fuels),
Callable
12/1/44
@
100.00 
.
5.55
6/1/45
1,607
1,055
Lincoln
National
Corp.
(Insurance),
Callable
10/15/29
@
100.00 
............
3.05
1/15/30
933
1,365
Lincoln
National
Corp.
(Insurance),
Callable
10/15/30
@
100.00 ^
............
3.40
1/15/31
1,226
1,835
Lowe's
Cos.,
Inc.
(Specialty
Retail),
Callable
1/15/33
@
100.00 
.............
5.00
4/15/33
1,869
1,295
Martin
Marietta
Materials,
Inc.,
Series
CB
(Construction
Materials),
Callable
12/15/29
@
100.00 
.........................................
2.50
3/15/30
1,138
1,275
Marvell
Technology,
Inc.
(Semiconductors
&
Semiconductor
Equipment),
Callable
2/15/28
@
100.00 
..........................................
2.45
4/15/28
1,152
810
Marvell
Technology,
Inc.
(Semiconductors
&
Semiconductor
Equipment),
Callable
1/15/31
@
100.00 
..........................................
2.95
4/15/31
706
205
Marvell
Technology,
Inc.
(Semiconductors
&
Semiconductor
Equipment),
Callable
6/15/33
@
100.00 
..........................................
5.95
9/15/33
217
3,771
Microchip
Technology,
Inc.
(Semiconductors
&
Semiconductor
Equipment),
Callable
2/5/24
@
101.06 
...........................................
4.25
9/1/25
3,708
1,720
Microsoft
Corp.
(Software),
Callable
2/8/46
@
100.00 
....................
3.70
8/8/46
1,509
960
Mohawk
Industries,
Inc.
(Household
Durables),
Callable
2/15/30
@
100.00 ^
....
3.63
5/15/30
889
5,250
Morgan
Stanley,
MTN
(Capital
Markets),
Callable
7/20/26
@
100.00 
.........
1.51
(SOFR
+
86
bps)(a)
7/20/27
4,778
1,165
Morgan
Stanley
(Capital
Markets),
Callable
1/21/32
@
100.00 
..............
2.94
(SOFR
+
129
bps)(a)
1/21/33
991
3,915
Morgan
Stanley,
MTN
(Capital
Markets),
Callable
1/23/29
@
100.00 
.........
4.43
(TSFR3M
+
189
bps)(a)
1/23/30
3,818
1,838
National
Rural
Utilities
Cooperative
Finance
Corp.
(Financial
Services),
Callable
7/15/32
@
100.00 
..........................................
5.80
1/15/33
1,945
450
Netflix,
Inc.
(Entertainment)  
......................................
5.88
2/15/25
453
161
HC
CAPITAL
TRUST
The
U.S.
Corporate
Fixed
Income
Securities
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
Corporate
Bonds
(continued)
$
1,490
NextEra
Energy
Capital
Holdings,
Inc.
(Electric
Utilities),
Callable
11/28/32
@
100.00 
..................................................
5.05
2/28/33
$
1,497
1,250
NextEra
Energy
Capital
Holdings,
Inc.
(Electric
Utilities),
Callable
8/28/52
@
100.00 
..................................................
5.25
2/28/53
1,224
1,580
NNN
REIT,
Inc.
(Retail
REITs),
Callable
1/15/30
@
100.00 
................
2.50
4/15/30
1,359
520
NNN
REIT,
Inc.
(Retail
REITs),
Callable
7/15/33
@
100.00 
................
5.60
10/15/33
537
1,395
Northrop
Grumman
Corp.
(Aerospace
&
Defense),
Callable
4/15/47
@
100.00 
..
4.03
10/15/47
1,197
576
Nucor
Corp.
(Metals
&
Mining),
Callable
2/1/43
@
100.00 
.................
5.20
8/1/43
584
400
Oklahoma
Gas
and
Electric
Co.
(Electric
Utilities),
Callable
7/15/32
@
100.00 
..
5.40
1/15/33
417
1,100
Oklahoma
Gas
and
Electric
Co.
(Electric
Utilities),
Callable
10/1/52
@
100.00 
..
5.60
4/1/53
1,164
1,460
Oracle
Corp.
(Software),
Callable
11/15/44
@
100.00 
....................
4.13
5/15/45
1,195
3,175
Ovintiv
Exploration,
Inc.
(Oil,
Gas
&
Consumable
Fuels),
Callable
10/1/25
@
100.00 
..................................................
5.38
1/1/26
3,176
850
Pfizer,
Inc.
(Pharmaceuticals),
Callable
3/15/38
@
100.00 
..................
4.10
9/15/38
777
1,435
Philip
Morris
International,
Inc.
(Tobacco)  
............................
4.50
3/20/42
1,289
1,290
Principal
Financial
Group,
Inc.
(Insurance),
Callable
3/15/30
@
100.00 
........
2.13
6/15/30
1,091
2,534
Progress
Energy,
Inc.
(Multi-Utilities)  
...............................
6.00
12/1/39
2,696
1,095
Prudential
Financial,
Inc.
(Insurance)  
................................
4.60
5/15/44
1,023
152
Prudential
Financial,
Inc.
(Insurance)  
................................
6.63
6/21/40
173
265
Public
Service
Electric
&
Gas
Co.
(Electric
Utilities),
Callable
3/1/42
@
100.00 
..
3.65
9/1/42
221
674
Raytheon
Technologies
Corp.
(Aerospace
&
Defense)  
....................
4.50
6/1/42
615
1,739
Reliance
Steel
&
Aluminum
Co.
(Metals
&
Mining),
Callable
7/15/25
@
100.00 
.
1.30
8/15/25
1,625
690
Reliance
Steel
&
Aluminum
Co.
(Metals
&
Mining),
Callable
5/15/30
@
100.00 
.
2.15
8/15/30
586
831
RELX
Capital,
Inc.
(Software),
Callable
2/22/30
@
100.00 
.................
3.00
5/22/30
765
1,310
Roper
Technologies,
Inc.
(Software),
Callable
3/30/30
@
100.00 
.............
2.00
6/30/30
1,113
930
Sabra
Health
Care
LP
(Health
Care
REITs),
Callable
9/1/31
@
100.00 
.........
3.20
12/1/31
761
959
Sabra
Health
Care
LP
(Health
Care
REITs),
Callable
5/15/26
@
100.00 
........
5.13
8/15/26
942
920
Southern
Co.
Gas
Capital
Corp.
(Gas
Utilities),
Callable
11/30/46
@
100.00 
....
4.40
5/30/47
780
1,095
Southwest
Airlines
Co.
(Passenger
Airlines),
Callable
4/15/27
@
100.00 
.......
5.13
6/15/27
1,100
795
Sysco
Corp.
(Consumer
Staples
Distribution
&
Retail),
Callable
10/17/33
@
100.00 
6.00
1/17/34
859
3,600
The
Goldman
Sachs
Group,
Inc.
(Capital
Markets),
Callable
7/21/31
@
100.00 
..
2.38
(SOFR
+
125
bps)(a)
7/21/32
2,954
2,710
The
Goldman
Sachs
Group,
Inc.
(Capital
Markets),
Callable
6/5/27
@
100.00 
...
3.69
(TSFR3M
+
177
bps)(a)
6/5/28
2,581
345
The
Home
Depot,
Inc.
(Specialty
Retail),
Callable
6/6/48
@
100.00 
..........
4.50
12/6/48
324
1,210
The
Home
Depot,
Inc.
(Specialty
Retail),
Callable
3/15/40
@
100.00 
..........
5.40
9/15/40
1,275
1,065
The
Interpublic
Group
of
Cos.,
Inc.
(Media)  ^
..........................
4.20
4/15/24
1,060
2
The
Interpublic
Group
of
Cos.,
Inc.
(Media),
Callable
12/30/29
@
100.00 
......
4.75
3/30/30
2
575
The
Interpublic
Group
of
Cos.,
Inc.
(Media),
Callable
4/1/48
@
100.00 
........
5.40
10/1/48
542
475
The
Travelers
Cos.,
Inc.
(Insurance)  
.................................
5.35
11/1/40
497
666
The
Travelers
Cos.,
Inc.
(Insurance)  
.................................
6.25
6/15/37
753
1,485
The
Walt
Disney
Co.
(Entertainment),
Callable
3/15/44
@
100.00 
............
4.75
9/15/44
1,430
1,100
T-Mobile
US,
Inc.
(Wireless
Telecommunication
Services),
Callable
1/16/24
@
101.13 
..................................................
2.25
2/15/26
1,043
1,210
T-Mobile
US,
Inc.
(Wireless
Telecommunication
Services),
Callable
7/15/52
@
100.00 
..................................................
5.65
1/15/53
1,270
1,100
Toyota
Motor
Credit
Corp.
(Consumer
Finance)  
........................
0.63
9/13/24
1,065
552
UDR,
Inc.,
MTN
(Residential
REITs),
Callable
5/1/32
@
100.00 
............
2.10
8/1/32
434
994
UDR,
Inc.
(Residential
REITs),
Callable
5/15/31
@
100.00 
.................
3.00
8/15/31
879
810
UnitedHealth
Group,
Inc.
(Health
Care
Providers
&
Services),
Callable
5/15/41
@
100.00 
..................................................
4.63
11/15/41
775
605
UnitedHealth
Group,
Inc.
(Health
Care
Providers
&
Services)  
..............
4.75
7/15/45
587
1,190
Valero
Energy
Corp.
(Oil,
Gas
&
Consumable
Fuels)  
.....................
6.63
6/15/37
1,308
1,175
Ventas
Realty
LP
(Diversified
REITs),
Callable
6/1/31
@
100.00 
.............
2.50
9/1/31
973
475
Ventas
Realty
LP
(Diversified
REITs),
Callable
11/1/24
@
100.00 
............
3.50
2/1/25
464
670
Ventas
Realty
LP
(Diversified
REITs),
Callable
2/5/24
@
100.00 
.............
3.75
5/1/24
666
945
Ventas
Realty
LP
(Diversified
REITs),
Callable
10/15/28
@
100.00 
...........
4.40
1/15/29
919
715
Verizon
Communications,
Inc.
(Diversified
Telecommunication
Services),
Callable
12/15/31
@
100.00 
.........................................
2.36
3/15/32
596
162
HC
CAPITAL
TRUST
The
U.S.
Corporate
Fixed
Income
Securities
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
Corporate
Bonds
(continued)
$
3,830
Verizon
Communications,
Inc.
(Diversified
Telecommunication
Services),
Callable
9/22/40
@
100.00 
..........................................
3.40
3/22/41
$
3,052
625
Virginia
Electric
and
Power
Co.,
Series
B
(Electric
Utilities),
Callable
3/15/47
@
100.00 
..................................................
3.80
9/15/47
504
820
Virginia
Electric
and
Power
Co.,
Series
D
(Electric
Utilities),
Callable
2/15/43
@
100.00 
..................................................
4.65
8/15/43
755
1,455
Warnermedia
Holdings,
Inc.
(Diversified
Telecommunication
Services),
Callable
12/15/31
@
100.00 
.........................................
4.28
3/15/32
1,328
5,380
Wells
Fargo
&
Co.,
MTN
(Banks),
Callable
10/30/29
@
100.00 
.............
2.88
(TSFR3M
+
143
bps)(a)
10/30/30
4,784
2,190
Wells
Fargo
&
Co.,
MTN
(Banks),
Callable
5/22/27
@
100.00 
..............
3.58
(TSFR3M
+
157
bps)(a)
5/22/28
2,086
1,225
Wells
Fargo
&
Co.
(Banks),
Callable
7/25/32
@
100.00 
...................
4.90
(SOFR
+
210
bps)(a)
7/25/33
1,189
340
WestRock
MWV
LLC
(Containers
&
Packaging)  
.......................
8.20
1/15/30
392
3,045
WRKCo,
Inc.
(Containers
&
Packaging),
Callable
1/15/26
@
100.00 
..........
4.65
3/15/26
3,031
1,146
XTO
Energy,
Inc.
(Oil,
Gas
&
Consumable
Fuels)  
.......................
6.75
8/1/37
1,334
Total
Corporate
Bonds
..........................................
199,844
Yankee
Dollars
—
7.86%
675
America
Movil
SAB
de
CV
(Wireless
Telecommunication
Services)  
.........
6.13
11/15/37
743
3,290
Aptiv
PLC/Aptiv
Corp.
(Specialty
Retail),
Callable
1/16/24
@
100.00 
.........
2.40
2/18/25
3,176
525
BHP
Billiton
Finance
USA
Ltd.
(Metals
&
Mining),
Callable
6/8/33
@
100.00 
...
5.25
9/8/33
543
1,246
British
Telecommunications
PLC
(Diversified
Telecommunication
Services)  
....
9.63
12/15/30
1,544
880
Canadian
Natural
Resources
Ltd.
(Oil,
Gas
&
Consumable
Fuels),
Callable
6/15/25
@
100.00 
................................................
2.05
7/15/25
837
1,354
Canadian
Natural
Resources
Ltd.
(Oil,
Gas
&
Consumable
Fuels),
Callable
3/1/27
@
100.00 
..................................................
3.85
6/1/27
1,318
935
Canadian
Pacific
Railway
Co.
(Ground
Transportation)  
...................
7.13
10/15/31
1,060
836
Deutsche
Telekom
International
Finance
BV
(Diversified
Telecommunication
Services)  
................................................
8.75
6/15/30
1,007
1,365
Enbridge,
Inc.
(Oil,
Gas
&
Consumable
Fuels),
Callable
2/1/51
@
100.00 
......
3.40
8/1/51
997
1
Enbridge,
Inc.
(Oil,
Gas
&
Consumable
Fuels),
Callable
4/15/27
@
100.00 
.....
3.70
7/15/27
1
560
Equinor
ASA
(Oil,
Gas
&
Consumable
Fuels)  
..........................
3.95
5/15/43
495
825
Equinor
ASA
(Oil,
Gas
&
Consumable
Fuels)  
..........................
5.10
8/17/40
850
1,375
Iberdrola
International
BV
(Electric
Utilities)  
..........................
5.81
3/15/25
1,378
1,490
Iberdrola
International
BV
(Electric
Utilities)  
..........................
6.75
7/15/36
1,706
200
LYB
International
Finance
BV
(Chemicals),
Callable
9/15/43
@
100.00 
.......
4.88
3/15/44
182
1,012
Nutrien
Ltd.
(Chemicals),
Callable
2/13/30
@
100.00 
.....................
2.95
5/13/30
914
1,143
Orange
SA
(Diversified
Telecommunication
Services)  
....................
9.00
3/1/31
1,412
900
Pfizer
Investment
Enterprises
Pte
Ltd.
(Capital
Markets),
Callable
11/19/42
@
100.00 
..................................................
5.11
5/19/43
901
1,225
Shell
International
Finance
BV
(Oil,
Gas
&
Consumable
Fuels)  
.............
4.55
8/12/43
1,163
475
Vodafone
Group
PLC
(Wireless
Telecommunication
Services)  
..............
4.13
5/30/25
469
456
Vodafone
Group
PLC
(Wireless
Telecommunication
Services)  
..............
6.15
2/27/37
494
Total
Yankee
Dollars
............................................
21,190
Shares
Investment
Companies
—
17.76%
Domestic
Fixed
Income
—
14.90%
519,250
Vanguard
Short-Term
Corporate
Bond
ETF
............................
40,174
Money
Market
Funds
—
2.86%
2,009,715
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares^^
..........
5.00(b)
2,010
7,090
State
Street
Institutional
Treasury
Money
Market
Fund,
Premier
Class
.........
5.28(b)
7
163
See
accompanying
notes
to
financial
statements.
HC
CAPITAL
TRUST
The
U.S.
Corporate
Fixed
Income
Securities
Portfolio
Portfolio
of
Investments
(concluded)
—
December
31,2023
(Unaudited)
The
following
table
reflects
the
percentage
of
total
net
assets
of
the
Portfolio
attributable
to
each
Specialist
Manager
as
of
December
31,
2023.
Amounts
designated
as
"—"
indicate
the
Specialist
Manager
did
not
manage
any
holdings
in
that
category. 
Shares
Security
Description
Rate
%
Value
(000)
Money
Market
Funds
(continued)
5,684,801
State
Street
Institutional
Treasury
Plus
Money
Market
Fund,
Trust
Class
........
5.25(b)
$
5,685
7,702
Total
Investment
Companies
......................................
47,876
Total
Investments
(cost
$280,217)
—
99.77%
.........................
268,910
Other
assets
in
excess
of
liabilities
—
0.23%
..........................
612
Net
Assets
—
100.00%
..........................................
$
269,522
^
All
or
part
of
this
security
was
on
loan
as
of
December
31,
2023.
^^
Purchased
with
cash
collateral
held
from
securities
lending.
The
value
of
the
collateral
could
include
collateral
held
for
securities
that
were
sold
on
or
before
December
31,
2023.
(a)
Variable
Rate
Security.
The
rate
disclosed
is
the
rate
in
effect
on
December
31,
2023.
(b)
Annualized
7-day
yield
as
of
period-end.
bps—Basis
Points
ETF—Exchange-Traded
Fund
MTN—Medium
Term
Note
REIT—Real
Estate
Investment
Trust
SOFR—Secured
Overnight
Financing
Rate
TSFR3M
—
3
Month
SOFR
The
U.S.
Corporate
Fixed
Income
Securities
Portfolio
Agincourt
Capital
Management,
LLC
Parametric
Portfolio
Associates,
LLC
HC
Capital
Solutions
Total
Corporate
Bonds
....................................................................................................................................
74.15
%
—
—
74.15
%
Yankee
Dollars
.......................................................................................................................................
7.86
%
—
—
7.86
%
Investment
Companies
...........................................................................................................................
0.75
%
14.93
%
2.08
%
17.76
%
Other
Assets
(Liabilities)
.......................................................................................................................
0.25
%
—
-0.02
%
0.23
%
Total
Net
Assets
................................................................................................................................
83.01
%
14.93
%
2.06
%
100.00
%
HC
CAPITAL
TRUST
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
of
Investments
—
December
31,2023
(Unaudited)
164
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
Asset
Backed
Securities
—
1
.42
%
$
100
American
Express
Credit
Account
Master
Trust
,
Series
2022-2
,
Class
-
A
.......
3.39
5/15/27
$
98
200
American
Express
Credit
Account
Master
Trust
,
Series
2023-1
,
Class
-
A
.......
4.87
5/15/28
201
150
American
Express
Credit
Account
Master
Trust
,
Series
2022-4
,
Class
-
A
.......
4.95
10/15/27
151
100
BA
Credit
Card
Trust
,
Series
2022-A1
,
Class
-
A1
........................
3.53
11/15/27
98
100
Barclays
Dryrock
Issuance
Trust
,
Series
2022-1
,
Class
-
A
..................
3.07
2/15/28
97
140
Capital
One
Multi-Asset
Execution
Trust
,
Series
2021-A2
,
Class
-
A2
.........
1.39
7/15/30
123
200
Capital
One
Multi-Asset
Execution
Trust
,
Series
2022-A2
,
Class
-
A
..........
3.49
5/15/27
196
100
Capital
One
Prime
Auto
Receivables
Trust
,
Series
2022-1
,
Class
-
A3
,
Callable
5/15/26
@
100.00
..........................................
3.17
4/15/27
98
100
CarMax
Auto
Owner
Trust
,
Series
2023-1
,
Class
-
A3
,
Callable
10/15/26
@
100.00
4.75
10/15/27
100
75
Carvana
Auto
Receivables
Trust
,
Series
2022-P2
,
Class
-
A4
................
4.68
2/10/28
74
100
CNH
Equipment
Trust
,
Series
2022-C
,
Class
-
A3
,
Callable
1/15/27
@
100.00
...
5.15
4/17/28
101
150
GM
Financial
Consumer
Automobile
Receivables
Trust
,
Series
2023-1
,
Class
-
A3
,
Callable
12/16/26
@
100.00
...................................
4.66
2/16/28
149
100
Hyundai
Auto
Receivables
Trust
,
Series
2022-B
,
Class
-
A3
,
Callable
8/15/26
@
100.00
...................................................
3.72
11/16/26
99
125
Hyundai
Auto
Receivables
Trust
,
Series
2023-C
,
Class
-
A3
,
Callable
1/15/28
@
100.00
...................................................
5.54
10/16/28
127
150
Mercedes-Benz
Auto
Receivables
Trust
,
Series
2023-1
,
Class
-
A3
,
Callable
11/15/26
@
100.00
................................................
4.51
11/15/27
149
100
Nissan
Auto
Receivables
Owner
Trust
,
Series
2023-A
,
Class
-
A3
,
Callable
3/15/27
@
100.00
................................................
4.91
11/15/27
100
150
Santander
Drive
Auto
Receivables
Trust
,
Series
2023-4
,
Class
-
A3
,
Callable
10/15/27
@
100.00
..........................................
5.73
4/17/28
151
100
Synchrony
Card
Funding
LLC
,
Series
2022-A1
,
Class
-
A
,
Callable
4/15/25
@
100.00
...................................................
3.37
4/15/28
98
100
Toyota
Auto
Receivables
Owner
Trust
,
Series
2022-C
,
Class
-
A3
,
Callable
11/15/26
@
100.00
................................................
3.76
4/15/27
98
85
Toyota
Auto
Receivables
Owner
Trust
,
Series
2023-A
,
Class
-
A3
,
Callable
3/15/27
@
100.00
................................................
4.63
9/15/27
85
150
Verizon
Master
Trust
,
Series
2022-2
,
Class
-
A
,
Callable
1/20/25
@
100.00
......
1.53
7/20/28
144
100
Verizon
Master
Trust
,
Series
2022-6
,
Class
-
A
,
Callable
7/20/25
@
100.00
......
3.67
1/22/29
99
125
Volkswagen
Auto
Loan
Enhanced
Trust
,
Series
2023-1
,
Class
-
A3
,
Callable
4/20/27
@
100.00
................................................
5.02
6/20/28
126
200
World
Omni
Auto
Receivables
Trust
,
Series
2021-C
,
Class
-
A4
,
Callable
9/15/25
@
100.00
...................................................
0.64
9/15/27
186
75
World
Omni
Auto
Receivables
Trust
,
Series
2023-B
,
Class
-
A3
,
Callable
12/15/26
@
100.00
................................................
4.66
5/15/28
75
Total
Asset
Backed
Securities
.....................................
3,023
Collateralized
Mortgage
Obligations
—
5
.34
%
150
Bank
,
Series
2020-BN26
,
Class
-
A4
,
Callable
3/15/30
@
100.00
.............
2.40
3/15/63
127
300
Bank
,
Series
2021-BN37
,
Class
-
A5
,
Callable
11/15/31
@
100.00
............
2.62(a)
11/15/64
252
100
Bank
,
Series
2019-BN21
,
Class
-
A5
,
Callable
10/15/29
@
100.00
............
2.85
10/17/52
87
100
Bank
,
Series
2019-BN19
,
Class
-
A3
,
Callable
7/15/29
@
100.00
.............
3.18
8/15/61
86
201
Bank
,
Series
2017-BNK9
,
Class
-
ASB
,
Callable
12/15/29
@
100.00
..........
3.47
11/15/54
194
300
Bank
,
Series
2018-BN10
,
Class
-
A5
,
Callable
2/15/28
@
100.00
.............
3.69
2/15/61
284
100
Bank
,
Series
2019-BN17
,
Class
-
A4
,
Callable
4/15/29
@
100.00
.............
3.71
4/15/52
94
150
Bank
,
Series
2022-BNK41
,
Class
-
A4
................................
3.79(a)
4/15/65
138
60
BBCMS
Mortgage
Trust
,
Series
2020-C7
,
Class
-
AS
,
Callable
4/15/30
@
100.00
.
2.44
4/15/53
49
400
BBCMS
Mortgage
Trust
,
Series
2022-C15
,
Class
-
A5
,
Callable
4/15/32
@
100.00
3.66(a)
4/15/55
361
125
BBCMS
Mortgage
Trust
,
Series
2023-C22
,
Class
-
A5
,
Callable
10/15/33
@
100.00
6.80(a)
11/15/56
142
100
Benchmark
Mortgage
Trust
,
Series
2020-IG1
,
Class
-
AS
,
Callable
1/15/30
@
100.00
2.91(a)
9/15/43
73
200
Benchmark
Mortgage
Trust
,
Series
2022-B33
,
Class
-
A5
,
Callable
3/15/32
@
100.00
...................................................
3.46
3/15/55
178
250
Benchmark
Mortgage
Trust
,
Series
2019-B9
,
Class
-
A5
,
Callable
2/15/29
@
100.00
4.02
3/15/52
232
165
HC
CAPITAL
TRUST
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
Collateralized
Mortgage
Obligations
(continued)
$
200
Benchmark
Mortgage
Trust
,
Series
2018-B6
,
Class
-
A4
,
Callable
10/10/28
@
100.00
...................................................
4.26
10/10/51
$
189
100
Citigroup
Commercial
Mortgage
Trust
,
Series
2020-GC46
,
Class
-
AS
,
Callable
2/15/30
@
100.00
..........................................
2.92
2/15/53
78
150
Citigroup
Commercial
Mortgage
Trust
,
Series
2019-C7
,
Class
-
A4
,
Callable
12/15/29
@
100.00
..........................................
3.10
12/15/72
134
100
Citigroup
Commercial
Mortgage
Trust
,
Series
2016-GC37
,
Class
-
A4
,
Callable
3/10/26
@
100.00
..........................................
3.31
4/10/49
95
100
Citigroup
Commercial
Mortgage
Trust
,
Series
2016-GC36
,
Class
-
A5
,
Callable
2/10/26
@
100.00
..........................................
3.62
2/10/49
95
183
COMM
Mortgage
Trust
,
Series
2015-LC19
,
Class
-
A4
,
Callable
1/10/27
@
100.00
3.18
2/10/48
178
80
COMM
Mortgage
Trust
,
Series
2015-DC1
,
Class
-
A5
,
Callable
2/10/25
@
100.00
3.35
2/10/48
78
90
CSAIL
Commercial
Mortgage
Trust
,
Series
2016-C7
,
Class
-
ASB
,
Callable
11/15/26
@
100.00
................................................
3.31
11/15/49
88
197
Fannie
Mae-ACES
,
Series
2020-M8
,
Class
-
A2
.........................
1.82
2/25/30
170
176
Fannie
Mae-ACES
,
Series
2022-M11
,
Class
-
A2
........................
2.95(a)
10/25/27
167
166
Fannie
Mae-ACES
,
Series
2017-M7
,
Class
-
A2
.........................
2.96(a)
2/25/27
158
96
Fannie
Mae-ACES
,
Series
2017-M11
,
Class
-
A2
........................
2.98
8/25/29
90
193
Fannie
Mae-ACES
,
Series
2017-M12
,
Class
-
A2
........................
3.06(a)
6/25/27
185
170
Fannie
Mae-ACES
,
Series
2017-
M15
,
Class
-
ATS2
......................
3.15(a)
11/25/27
163
238
Fannie
Mae-ACES
,
Series
2018-M14
,
Class
-
A2
........................
3.58(a)
8/25/28
231
181
Fannie
Mae-ACES
,
Series
2019-M2
,
Class
-
A2
.........................
3.62(a)
11/25/28
176
300
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K117
,
Class
-
A2
,
Callable
10/25/30
@
100.00
................................
1.41
8/25/30
249
300
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K1516
,
Class
-
A2
....................................................
1.72
5/25/35
217
59
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K106
,
Class
-
A1
,
Callable
2/25/30
@
100.00
.................................
1.78
10/25/29
54
390
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K126
,
Class
-
A2
.....................................................
2.07
1/25/31
336
200
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K133
,
Class
-
A2
,
Callable
10/25/31
@
100.00
................................
2.10
9/25/31
170
300
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K749
,
Class
-
AM
,
Callable
9/25/29
@
100.00
................................
2.12
4/25/29
267
150
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K749
,
Class
-
A2
.....................................................
2.12(a)
3/25/29
135
100
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K136
,
Class
-
A2
,
Callable
12/25/31
@
100.00
................................
2.13
11/25/31
85
300
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K1521
,
Class
-
A2
....................................................
2.18
8/25/36
230
44
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K099
,
Class
-
A1
,
Callable
11/25/29
@
100.00
................................
2.26
6/25/29
41
48
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K058
,
Class
-
A1
,
Callable
9/25/26
@
100.00
.................................
2.34
7/25/26
46
350
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K055
,
Class
-
A2
,
Callable
4/25/26
@
100.00
.................................
2.67
3/25/26
336
75
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K1514
,
Class
-
A2
,
Callable
10/25/34
@
100.00
...............................
2.86
10/25/34
64
200
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K147
,
Class
-
A2
,
Callable
6/25/32
@
100.00
.................................
3.00
6/25/32
180
100
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K092
,
Class
-
A2
,
Callable
7/25/29
@
100.00
.................................
3.30
4/25/29
95
100
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K047
,
Class
-
A2
,
Callable
5/25/25
@
100.00
.................................
3.33(a)
5/25/25
98
250
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K091
,
Class
-
A2
.....................................................
3.51
3/25/29
240
250
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K087
,
Class
-
A2
.....................................................
3.77
12/25/28
244
166
HC
CAPITAL
TRUST
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
Collateralized
Mortgage
Obligations
(continued)
$
150
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K152
,
Class
-
A2
.....................................................
3.78
11/25/32
$
143
75
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K-153
,
Class
-
AM
,
Callable
1/25/33
@
100.00
................................
3.82
12/25/32
72
500
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K077
,
Class
-
A2
,
Callable
5/25/28
@
100.00
.................................
3.85
5/25/28
489
400
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K081
,
Class
-
A2
,
Callable
12/25/28
@
100.00
................................
3.90(a)
8/25/28
391
150
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K751
,
Class
-
A2
.....................................................
4.41
3/25/30
150
224
GS
Mortgage
Securities
Trust
,
Series
2016-GS2
,
Class
-
A3
,
Callable
5/10/26
@
100.00
...................................................
2.79
5/10/49
212
200
GS
Mortgage
Securities
Trust
,
Series
2019-GC42
,
Class
-
A4
,
Callable
9/10/29
@
100.00
...................................................
3.00
9/10/52
179
100
GS
Mortgage
Securities
Trust
,
Series
2020-GC45
,
Class
-
AS
,
Callable
1/13/30
@
100.00
...................................................
3.17(a)
2/13/53
84
250
GS
Mortgage
Securities
Trust
,
Series
2017-GS5
,
Class
-
A4
,
Callable
3/10/27
@
100.00
...................................................
3.67
3/10/50
232
100
GS
Mortgage
Securities
Trust
,
Series
2018-GS10
,
Class
-
A5
,
Callable
7/10/28
@
100.00
...................................................
4.16(a)
7/10/51
94
200
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
Series
2017-C33
,
Class
-
A5
,
Callable
5/15/27
@
100.00
....................................
3.60
5/15/50
189
200
Morgan
Stanley
Capital
I
Trust
,
Series
2017-H1
,
Class
-
A4
,
Callable
6/15/27
@
100.00
...................................................
3.26
6/15/50
187
100
MSWF
Commercial
Mortgage
Trust
,
Series
2023-1
,
Class
-
A5
,
Callable
6/15/33
@
100.00
...................................................
5.75
5/15/56
105
100
SG
Commercial
Mortgage
Securities
Trust
,
Series
2016-C5
,
Class
-
A4
,
Callable
7/10/26
@
100.00
..........................................
3.06
10/10/48
93
122
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2019-C53
,
Class
-
A4
,
Callable
10/15/29
@
100.00
..........................................
3.04
10/15/52
109
500
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2016-C34
,
Class
-
A4
,
Callable
5/15/26
@
100.00
..........................................
3.10
6/15/49
469
183
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2015-C30
,
Class
-
A4
,
Callable
8/15/25
@
100.00
..........................................
3.66
9/15/58
177
124
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2015-P2
,
Class
-
A4
,
Callable
12/15/25
@
100.00
..........................................
3.81
12/15/48
119
142
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2015-C26
,
Class
-
C
,
Callable
2/15/25
@
100.00
..........................................
4.07
2/15/48
132
100
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2018-C47
,
Class
-
A4
,
Callable
10/15/28
@
100.00
..........................................
4.44
9/15/61
97
Total
Collateralized
Mortgage
Obligations
...........................
11,382
U.S.
Government
Agency
Mortgages
—
86
.58
%
85
Fannie
Mae
,
Pool
#MA4445
.......................................
1.50
10/1/41
70
327
Fannie
Mae
,
Pool
#CB0310
.......................................
1.50
4/1/36
284
316
Fannie
Mae
,
Pool
#MA4236
.......................................
1.50
1/1/51
245
102
Fannie
Mae
,
Pool
#MA4122
.......................................
1.50
9/1/35
89
139
Fannie
Mae
,
Pool
#MA4310
.......................................
1.50
4/1/41
116
373
Fannie
Mae
,
Pool
#CA7695
.......................................
1.50
11/1/50
289
239
Fannie
Mae
,
Pool
#BQ5781
.......................................
1.50
11/1/35
209
93
Fannie
Mae
,
Pool
#BT2055
........................................
1.50
3/1/37
81
403
Fannie
Mae
,
Pool
#CB0711
........................................
1.50
6/1/51
315
354
Fannie
Mae
,
Pool
#MA4417
.......................................
1.50
9/1/36
308
298
Fannie
Mae
,
Pool
#BQ3141
.......................................
1.50
10/1/35
261
78
Fannie
Mae
,
Pool
#MA4286
.......................................
1.50
3/1/41
64
129
Fannie
Mae
,
Pool
#FM9249
.......................................
1.50
10/1/41
106
195
Fannie
Mae
,
Pool
#MA4302
.......................................
1.50
4/1/36
170
167
HC
CAPITAL
TRUST
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
431
Fannie
Mae
,
Pool
#MA4354
.......................................
1.50
6/1/51
$
334
172
Fannie
Mae
,
Pool
#MA4266
.......................................
1.50
2/1/41
142
380
Fannie
Mae
,
Pool
#MA4304
.......................................
1.50
4/1/51
294
41
Fannie
Mae
,
Pool
#MA4342
.......................................
1.50
5/1/41
34
20
Fannie
Mae
,
Pool
#MA4181
.......................................
1.50
11/1/50
15
130
Fannie
Mae
,
Pool
#FS2037
........................................
1.50
5/1/37
112
279
Fannie
Mae
,
Pool
#FS1327
........................................
1.50
6/1/36
243
385
Fannie
Mae
,
Pool
#MA4343
.......................................
1.50
5/1/51
299
372
Fannie
Mae
,
Pool
#CA7696
.......................................
1.50
11/1/50
288
366
Fannie
Mae
,
Pool
#FM6579
.......................................
1.50
3/1/51
288
165
Fannie
Mae
,
Pool
#MA4386
.......................................
1.50
7/1/41
137
395
Fannie
Mae
,
Pool
#MA4280
.......................................
1.50
3/1/51
306
361
Fannie
Mae
,
Pool
#MA4441
.......................................
1.50
10/1/36
314
443
Fannie
Mae
,
Pool
#MA4397
.......................................
1.50
8/1/51
344
13
Fannie
Mae
,
Pool
#AS0001
........................................
2.00
7/1/28
12
342
Fannie
Mae
,
Pool
#MA4237
.......................................
2.00
1/1/51
281
307
Fannie
Mae
,
Pool
#CA7224
.......................................
2.00
10/1/50
253
77
Fannie
Mae
,
Pool
#AS1058
........................................
2.00
11/1/28
70
372
Fannie
Mae
,
Pool
#MA4442
.......................................
2.00
10/1/36
335
363
Fannie
Mae
,
Pool
#MA4305
.......................................
2.00
4/1/51
298
233
Fannie
Mae
,
Pool
#FM5044
.......................................
2.00
12/1/50
193
226
Fannie
Mae
,
Pool
#MA4325
.......................................
2.00
5/1/51
186
208
Fannie
Mae
,
Pool
#CA8118
.......................................
2.00
12/1/50
170
365
Fannie
Mae
,
Pool
#BQ9685
.......................................
2.00
1/1/51
300
451
Fannie
Mae
,
Pool
#BK8461
.......................................
2.00
1/1/51
370
226
Fannie
Mae
,
Pool
#BR4435
.......................................
2.00
4/1/51
186
444
Fannie
Mae
,
Pool
#MA4158
.......................................
2.00
10/1/50
365
307
Fannie
Mae
,
Pool
#CA9183
.......................................
2.00
2/1/36
277
502
Fannie
Mae
,
Pool
#BR4094
.......................................
2.00
1/1/51
411
132
Fannie
Mae
,
Pool
#MA4287
.......................................
2.00
3/1/41
113
247
Fannie
Mae
,
Pool
#MA4355
.......................................
2.00
6/1/51
203
84
Fannie
Mae
,
Pool
#MA4474
.......................................
2.00
11/1/41
72
144
Fannie
Mae
,
Pool
#MA4204
.......................................
2.00
12/1/40
125
36
Fannie
Mae
,
Pool
#MA2906
.......................................
2.00
2/1/32
33
349
Fannie
Mae
,
Pool
#MA4602
.......................................
2.00
5/1/37
313
328
Fannie
Mae
,
Pool
#BQ7777
.......................................
2.00
3/1/36
295
87
Fannie
Mae
,
Pool
#FS0317
........................................
2.00
2/1/42
75
431
Fannie
Mae
,
Pool
#MA4536
.......................................
2.00
2/1/37
386
180
Fannie
Mae
,
Pool
#BQ5160
.......................................
2.00
12/1/50
148
404
Fannie
Mae
,
Pool
#FM9579
.......................................
2.00
7/1/51
331
413
Fannie
Mae
,
Pool
#FM9704
.......................................
2.00
12/1/51
339
253
Fannie
Mae
,
Pool
#FS0355
........................................
2.00
9/1/51
207
358
Fannie
Mae
,
Pool
#MA4128
.......................................
2.00
9/1/40
310
400
Fannie
Mae
,
Pool
#MA4182
.......................................
2.00
11/1/50
329
9
Fannie
Mae
,
Pool
#CA0052
.......................................
2.00
7/1/32
8
267
Fannie
Mae
,
Pool
#FS1621
........................................
2.00
7/1/51
219
63
Fannie
Mae
,
Pool
#BU8781
.......................................
2.00
4/1/37
56
167
Fannie
Mae
,
Pool
#MA4176
.......................................
2.00
11/1/40
145
414
Fannie
Mae
,
Pool
#BT0240
........................................
2.00
9/1/51
340
434
Fannie
Mae
,
Pool
#FM4969
.......................................
2.00
12/1/50
361
392
Fannie
Mae
,
Pool
#CA8687
.......................................
2.00
1/1/51
323
346
Fannie
Mae
,
Pool
#BQ8341
.......................................
2.00
12/1/50
284
397
Fannie
Mae
,
Pool
#CB1620
.......................................
2.00
9/1/51
327
454
Fannie
Mae
,
Pool
#BR0948
.......................................
2.00
4/1/51
372
318
Fannie
Mae
,
Pool
#MA4403
.......................................
2.00
8/1/36
287
383
Fannie
Mae
,
Pool
#CB0325
.......................................
2.00
4/1/51
315
442
Fannie
Mae
,
Pool
#FS1334
........................................
2.00
11/1/51
363
320
Fannie
Mae
,
Pool
#BP9370
........................................
2.00
7/1/50
262
417
Fannie
Mae
,
Pool
#FM9441
.......................................
2.00
4/1/51
342
168
HC
CAPITAL
TRUST
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
351
Fannie
Mae
,
Pool
#BQ3004
.......................................
2.00
10/1/50
$
287
41
Fannie
Mae
,
Pool
#FM9724
.......................................
2.00
11/1/36
37
418
Fannie
Mae
,
Pool
#CB1787
.......................................
2.00
10/1/51
344
236
Fannie
Mae
,
Pool
#MA4119
.......................................
2.00
9/1/50
193
359
Fannie
Mae
,
Pool
#FM6852
.......................................
2.00
5/1/51
297
277
Fannie
Mae
,
Pool
#FM3755
.......................................
2.00
9/1/35
250
29
Fannie
Mae
,
Pool
#MA4093
.......................................
2.00
8/1/40
25
391
Fannie
Mae
,
Pool
#CB0684
.......................................
2.00
6/1/51
321
213
Fannie
Mae
,
Pool
#FM4039
.......................................
2.00
10/1/35
192
436
Fannie
Mae
,
Pool
#CA8252
.......................................
2.00
12/1/45
357
13
Fannie
Mae
,
Pool
#AY4232
.......................................
2.00
5/1/30
12
386
Fannie
Mae
,
Pool
#CA8110
.......................................
2.00
12/1/50
318
165
Fannie
Mae
,
Pool
#MA4333
.......................................
2.00
5/1/41
146
385
Fannie
Mae
,
Pool
#CA7833
.......................................
2.00
11/1/50
321
351
Fannie
Mae
,
Pool
#BR2176
.......................................
2.00
7/1/36
316
482
Fannie
Mae
,
Pool
#BQ5112
.......................................
2.00
11/1/50
395
345
Fannie
Mae
,
Pool
#MA4360
.......................................
2.00
6/1/36
310
369
Fannie
Mae
,
Pool
#FM6448
.......................................
2.00
3/1/51
304
449
Fannie
Mae
,
Pool
#CA8933
.......................................
2.00
2/1/51
372
446
Fannie
Mae
,
Pool
#FM7411
.......................................
2.00
5/1/51
364
214
Fannie
Mae
,
Pool
#SB8061
........................................
2.00
9/1/35
193
13
Fannie
Mae
,
Pool
#BJ4362
........................................
2.00
11/1/32
12
259
Fannie
Mae
,
Pool
#MA4208
.......................................
2.00
12/1/50
214
110
Fannie
Mae
,
Pool
#MA4155
.......................................
2.00
10/1/35
100
40
Fannie
Mae
,
Pool
#MA4071
.......................................
2.00
7/1/40
35
347
Fannie
Mae
,
Pool
#MA4255
.......................................
2.00
2/1/51
284
223
Fannie
Mae
,
Pool
#MA4437
.......................................
2.00
10/1/51
183
353
Fannie
Mae
,
Pool
#MA4281
.......................................
2.00
3/1/51
290
291
Fannie
Mae
,
Pool
#BU7103
.......................................
2.00
12/1/51
239
325
Fannie
Mae
,
Pool
#CA7225
.......................................
2.00
10/1/50
267
358
Fannie
Mae
,
Pool
#FM6555
.......................................
2.00
4/1/51
296
373
Fannie
Mae
,
Pool
#FM5308
.......................................
2.00
12/1/50
306
456
Fannie
Mae
,
Pool
#CA9273
.......................................
2.00
2/1/51
376
487
Fannie
Mae
,
Pool
#FM4788
.......................................
2.00
11/1/50
402
122
Fannie
Mae
,
Pool
#FM5453
.......................................
2.00
1/1/41
106
145
Fannie
Mae
,
Pool
#BP6626
........................................
2.00
8/1/50
119
358
Fannie
Mae
,
Pool
#CA8850
.......................................
2.00
2/1/51
294
423
Fannie
Mae
,
Pool
#MA4378
.......................................
2.00
7/1/51
347
448
Fannie
Mae
,
Pool
#MA4511
.......................................
2.00
1/1/52
368
395
Fannie
Mae
,
Pool
#CB0497
.......................................
2.00
5/1/51
326
312
Fannie
Mae
,
Pool
#MA4303
.......................................
2.00
4/1/36
281
411
Fannie
Mae
,
Pool
#FS0030
........................................
2.50
4/1/51
350
45
Fannie
Mae
,
Pool
#MA3764
.......................................
2.50
9/1/34
42
25
Fannie
Mae
,
Pool
#MA4016
.......................................
2.50
5/1/40
22
212
Fannie
Mae
,
Pool
#FM3027
.......................................
2.50
12/1/46
182
9
Fannie
Mae
,
Pool
#MA3788
.......................................
2.50
9/1/39
8
230
Fannie
Mae
,
Pool
#BP5878
........................................
2.50
6/1/50
198
69
Fannie
Mae
,
Pool
#MA1210
.......................................
2.50
10/1/27
65
4
Fannie
Mae
,
Pool
#MA2789
.......................................
2.50
10/1/36
4
61
Fannie
Mae
,
Pool
#MA3965
.......................................
2.50
3/1/40
55
68
Fannie
Mae
,
Pool
#MA1277
.......................................
2.50
12/1/27
64
140
Fannie
Mae
,
Pool
#BQ0329
.......................................
2.50
7/1/50
120
87
Fannie
Mae
,
Pool
#MA3827
.......................................
2.50
11/1/34
81
97
Fannie
Mae
,
Pool
#MA3765
.......................................
2.50
9/1/49
83
11
Fannie
Mae
,
Pool
#MA3830
.......................................
2.50
11/1/39
10
454
Fannie
Mae
,
Pool
#CB2523
.......................................
2.50
1/1/52
390
17
Fannie
Mae
,
Pool
#MA2868
.......................................
2.50
1/1/32
16
177
Fannie
Mae
,
Pool
#MA4183
.......................................
2.50
11/1/50
153
125
Fannie
Mae
,
Pool
#MA4075
.......................................
2.50
7/1/35
116
169
HC
CAPITAL
TRUST
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
361
Fannie
Mae
,
Pool
#BR7857
.......................................
2.50
5/1/51
$
308
394
Fannie
Mae
,
Pool
#BU5917
.......................................
2.50
12/1/51
340
72
Fannie
Mae
,
Pool
#AB7391
.......................................
2.50
12/1/42
62
416
Fannie
Mae
,
Pool
#BU1451
.......................................
2.50
1/1/52
355
20
Fannie
Mae
,
Pool
#CB2979
.......................................
2.50
2/1/37
19
54
Fannie
Mae
,
Pool
#BE3032
........................................
2.50
1/1/32
51
29
Fannie
Mae
,
Pool
#AT2717
........................................
2.50
5/1/43
25
19
Fannie
Mae
,
Pool
#MA3737
.......................................
2.50
8/1/34
18
45
Fannie
Mae
,
Pool
#MA3896
.......................................
2.50
1/1/35
42
211
Fannie
Mae
,
Pool
#CB1131
........................................
2.50
7/1/51
179
115
Fannie
Mae
,
Pool
#MA4099
.......................................
2.50
8/1/35
107
62
Fannie
Mae
,
Pool
#MA4053
.......................................
2.50
6/1/35
58
45
Fannie
Mae
,
Pool
#MA3955
.......................................
2.50
3/1/35
42
454
Fannie
Mae
,
Pool
#CA9289
.......................................
2.50
2/1/51
387
63
Fannie
Mae
,
Pool
#FM3296
.......................................
2.50
5/1/35
58
58
Fannie
Mae
,
Pool
#AP4742
........................................
2.50
8/1/27
55
56
Fannie
Mae
,
Pool
#BC9041
.......................................
2.50
11/1/31
53
55
Fannie
Mae
,
Pool
#AS4946
........................................
2.50
5/1/30
53
235
Fannie
Mae
,
Pool
#MA4159
.......................................
2.50
10/1/50
202
324
Fannie
Mae
,
Pool
#BQ5110
.......................................
2.50
11/1/50
279
238
Fannie
Mae
,
Pool
#MA4096
.......................................
2.50
8/1/50
205
227
Fannie
Mae
,
Pool
#BK2588
.......................................
2.50
5/1/50
195
136
Fannie
Mae
,
Pool
#MA3990
.......................................
2.50
4/1/50
117
237
Fannie
Mae
,
Pool
#MA4078
.......................................
2.50
7/1/50
204
245
Fannie
Mae
,
Pool
#FM4231
.......................................
2.50
9/1/50
210
261
Fannie
Mae
,
Pool
#FM3494
.......................................
2.50
4/1/48
229
447
Fannie
Mae
,
Pool
#FM8745
.......................................
2.50
9/1/51
381
377
Fannie
Mae
,
Pool
#MA4517
.......................................
2.50
1/1/37
347
242
Fannie
Mae
,
Pool
#CA6304
.......................................
2.50
7/1/50
207
222
Fannie
Mae
,
Pool
#CA6074
.......................................
2.50
6/1/50
190
28
Fannie
Mae
,
Pool
#MA3217
.......................................
2.50
12/1/32
26
285
Fannie
Mae
,
Pool
#FM4638
.......................................
2.50
10/1/50
243
9
Fannie
Mae
,
Pool
#ZT2094
........................................
2.50
6/1/34
8
224
Fannie
Mae
,
Pool
#BO4657
.......................................
2.50
11/1/49
192
220
Fannie
Mae
,
Pool
#MA4210
.......................................
2.50
12/1/50
189
253
Fannie
Mae
,
Pool
#MA4256
.......................................
2.50
2/1/51
215
44
Fannie
Mae
,
Pool
#FS0547
........................................
2.50
2/1/52
38
49
Fannie
Mae
,
Pool
#AU6387
.......................................
2.50
11/1/28
46
25
Fannie
Mae
,
Pool
#AU5334
.......................................
2.50
11/1/28
23
8
Fannie
Mae
,
Pool
#MA1511
.......................................
2.50
7/1/33
8
15
Fannie
Mae
,
Pool
#MA1270
.......................................
2.50
11/1/32
14
47
Fannie
Mae
,
Pool
#AU2619
.......................................
2.50
8/1/28
44
172
Fannie
Mae
,
Pool
#MA4414
.......................................
2.50
9/1/51
147
382
Fannie
Mae
,
Pool
#MA4399
.......................................
2.50
8/1/51
326
399
Fannie
Mae
,
Pool
#FM9033
.......................................
2.50
10/1/51
343
26
Fannie
Mae
,
Pool
#MA3801
.......................................
2.50
10/1/49
23
149
Fannie
Mae
,
Pool
#MA2730
.......................................
2.50
8/1/46
129
318
Fannie
Mae
,
Pool
#MA4541
.......................................
2.50
2/1/42
281
292
Fannie
Mae
,
Pool
#CA8955
.......................................
2.50
2/1/51
250
279
Fannie
Mae
,
Pool
#FM3878
.......................................
2.50
7/1/50
242
5
Fannie
Mae
,
Pool
#AS8172
........................................
2.50
10/1/36
5
301
Fannie
Mae
,
Pool
#FM4309
.......................................
2.50
9/1/50
260
19
Fannie
Mae
,
Pool
#BJ3742
........................................
2.50
12/1/32
18
27
Fannie
Mae
,
Pool
#BJ3944
........................................
2.50
1/1/33
25
13
Fannie
Mae
,
Pool
#AZ6458
.......................................
2.50
7/1/30
13
138
Fannie
Mae
,
Pool
#MA3902
.......................................
2.50
1/1/50
119
8
Fannie
Mae
,
Pool
#MA2854
.......................................
2.50
12/1/46
7
83
Fannie
Mae
,
Pool
#MA3154
.......................................
2.50
10/1/32
79
285
Fannie
Mae
,
Pool
#CA7237
.......................................
2.50
10/1/50
245
170
HC
CAPITAL
TRUST
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
46
Fannie
Mae
,
Pool
#AS8892
........................................
2.50
2/1/32
$
43
389
Fannie
Mae
,
Pool
#CB0415
.......................................
2.50
5/1/51
333
18
Fannie
Mae
,
Pool
#AS0513
........................................
2.50
8/1/43
16
206
Fannie
Mae
,
Pool
#CA8132
.......................................
2.50
12/1/50
177
50
Fannie
Mae
,
Pool
#AO3019
.......................................
2.50
5/1/27
47
22
Fannie
Mae
,
Pool
#MA3282
.......................................
2.50
2/1/33
21
400
Fannie
Mae
,
Pool
#CB1556
.......................................
2.50
9/1/51
344
230
Fannie
Mae
,
Pool
#FM2881
.......................................
2.50
4/1/50
198
319
Fannie
Mae
,
Pool
#CA8131
.......................................
2.50
12/1/50
275
111
Fannie
Mae
,
Pool
#FS1340
........................................
2.50
3/1/52
95
33
Fannie
Mae
,
Pool
#AS8246
........................................
2.50
11/1/31
32
13
Fannie
Mae
,
Pool
#AS8437
........................................
2.50
12/1/36
12
19
Fannie
Mae
,
Pool
#AS4660
........................................
2.50
3/1/30
18
414
Fannie
Mae
,
Pool
#CB1784
.......................................
2.50
10/1/51
352
253
Fannie
Mae
,
Pool
#CA6075
.......................................
2.50
6/1/50
216
457
Fannie
Mae
,
Pool
#FS0235
........................................
2.50
1/1/52
390
423
Fannie
Mae
,
Pool
#CB1828
.......................................
2.50
10/1/51
361
399
Fannie
Mae
,
Pool
#FM8997
.......................................
2.50
10/1/51
342
7
Fannie
Mae
,
Pool
#MA2888
.......................................
2.50
1/1/47
6
150
Fannie
Mae
,
Pool
#MA3246
.......................................
2.50
1/1/33
141
21
Fannie
Mae
,
Pool
#FM9543
.......................................
2.50
12/1/51
18
120
Fannie
Mae
,
Pool
#MA2956
.......................................
3.00
4/1/47
108
24
Fannie
Mae
,
Pool
#MA3934
.......................................
3.00
2/1/40
22
53
Fannie
Mae
,
Pool
#CA5519
.......................................
3.00
4/1/50
48
203
Fannie
Mae
,
Pool
#AO0752
.......................................
3.00
4/1/42
187
21
Fannie
Mae
,
Pool
#CA5423
.......................................
3.00
3/1/50
19
9
Fannie
Mae
,
Pool
#MA3078
.......................................
3.00
7/1/37
9
111
Fannie
Mae
,
Pool
#AL9865
.......................................
3.00
2/1/47
100
96
Fannie
Mae
,
Pool
#BO3192
.......................................
3.00
10/1/49
85
147
Fannie
Mae
,
Pool
#MA4020
.......................................
3.00
5/1/50
131
134
Fannie
Mae
,
Pool
#CA5668
.......................................
3.00
5/1/50
118
143
Fannie
Mae
,
Pool
#AP2465
........................................
3.00
8/1/42
131
16
Fannie
Mae
,
Pool
#MA2961
.......................................
3.00
4/1/37
15
369
Fannie
Mae
,
Pool
#CB3364
.......................................
3.00
4/1/52
326
17
Fannie
Mae
,
Pool
#BE9547
........................................
3.00
4/1/47
15
36
Fannie
Mae
,
Pool
#MA3127
.......................................
3.00
9/1/37
33
42
Fannie
Mae
,
Pool
#BD5787
.......................................
3.00
9/1/46
38
44
Fannie
Mae
,
Pool
#MA1401
.......................................
3.00
4/1/33
43
78
Fannie
Mae
,
Pool
#AU3735
.......................................
3.00
8/1/43
71
29
Fannie
Mae
,
Pool
#AW7383
.......................................
3.00
8/1/29
28
17
Fannie
Mae
,
Pool
#AW8295
.......................................
3.00
8/1/29
16
37
Fannie
Mae
,
Pool
#BO9169
.......................................
3.00
12/1/49
33
112
Fannie
Mae
,
Pool
#AS7904
........................................
3.00
9/1/46
101
201
Fannie
Mae
,
Pool
#MA3834
.......................................
3.00
11/1/49
180
55
Fannie
Mae
,
Pool
#FM1552
.......................................
3.00
12/1/47
49
30
Fannie
Mae
,
Pool
#MA2425
.......................................
3.00
10/1/30
29
103
Fannie
Mae
,
Pool
#BO8947
.......................................
3.00
1/1/50
92
119
Fannie
Mae
,
Pool
#AT7620
........................................
3.00
6/1/43
109
54
Fannie
Mae
,
Pool
#FM2132
.......................................
3.00
1/1/50
48
15
Fannie
Mae
,
Pool
#BC4276
.......................................
3.00
4/1/46
13
73
Fannie
Mae
,
Pool
#MA2246
.......................................
3.00
4/1/30
71
5
Fannie
Mae
,
Pool
#BA0826
.......................................
3.00
10/1/30
5
33
Fannie
Mae
,
Pool
#MA3991
.......................................
3.00
4/1/50
30
21
Fannie
Mae
,
Pool
#BE3861
........................................
3.00
1/1/47
19
63
Fannie
Mae
,
Pool
#BD5545
.......................................
3.00
10/1/46
57
341
Fannie
Mae
,
Pool
#FS2122
........................................
3.00
3/1/52
303
17
Fannie
Mae
,
Pool
#MA3897
.......................................
3.00
1/1/35
16
54
Fannie
Mae
,
Pool
#AS8521
........................................
3.00
12/1/46
49
20
Fannie
Mae
,
Pool
#AU7890
.......................................
3.00
9/1/28
19
171
HC
CAPITAL
TRUST
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
7
Fannie
Mae
,
Pool
#MA3657
.......................................
3.00
5/1/34
$
7
22
Fannie
Mae
,
Pool
#MA3090
.......................................
3.00
8/1/32
21
26
Fannie
Mae
,
Pool
#BD5076
.......................................
3.00
2/1/32
24
32
Fannie
Mae
,
Pool
#FM4317
.......................................
3.00
9/1/50
29
435
Fannie
Mae
,
Pool
#CB2756
.......................................
3.00
2/1/52
388
437
Fannie
Mae
,
Pool
#CB2755
.......................................
3.00
2/1/52
389
42
Fannie
Mae
,
Pool
#AS1527
........................................
3.00
1/1/29
40
449
Fannie
Mae
,
Pool
#CA5229
.......................................
3.00
2/1/50
398
29
Fannie
Mae
,
Pool
#MA3831
.......................................
3.00
11/1/39
26
25
Fannie
Mae
,
Pool
#MA3060
.......................................
3.00
7/1/32
24
13
Fannie
Mae
,
Pool
#MA3185
.......................................
3.00
11/1/37
12
30
Fannie
Mae
,
Pool
#MA3744
.......................................
3.00
8/1/49
27
6
Fannie
Mae
,
Pool
#MA3802
.......................................
3.00
10/1/49
5
6
Fannie
Mae
,
Pool
#AL9848
.......................................
3.00
3/1/47
6
80
Fannie
Mae
,
Pool
#MA3774
.......................................
3.00
9/1/49
71
39
Fannie
Mae
,
Pool
#BE4400
........................................
3.00
1/1/47
36
22
Fannie
Mae
,
Pool
#MA1338
.......................................
3.00
2/1/33
22
185
Fannie
Mae
,
Pool
#MA4579
.......................................
3.00
4/1/52
164
409
Fannie
Mae
,
Pool
#BU8883
.......................................
3.00
3/1/52
362
189
Fannie
Mae
,
Pool
#FS0831
........................................
3.00
3/1/52
167
102
Fannie
Mae
,
Pool
#MA1307
.......................................
3.00
1/1/33
95
19
Fannie
Mae
,
Pool
#MA3237
.......................................
3.00
1/1/48
17
202
Fannie
Mae
,
Pool
#QB1382
.......................................
3.00
7/1/50
180
137
Fannie
Mae
,
Pool
#BO6219
.......................................
3.00
12/1/49
122
8
Fannie
Mae
,
Pool
#MA2065
.......................................
3.00
10/1/34
7
73
Fannie
Mae
,
Pool
#BO7242
.......................................
3.00
1/1/50
65
88
Fannie
Mae
,
Pool
#MA3082
.......................................
3.00
7/1/47
80
4
Fannie
Mae
,
Pool
#MA3100
.......................................
3.00
8/1/37
4
50
Fannie
Mae
,
Pool
#MA3179
.......................................
3.00
11/1/47
45
5
Fannie
Mae
,
Pool
#MA3738
.......................................
3.00
8/1/34
5
48
Fannie
Mae
,
Pool
#AS7238
........................................
3.00
5/1/46
44
11
Fannie
Mae
,
Pool
#AS8056
........................................
3.00
10/1/46
10
63
Fannie
Mae
,
Pool
#BE1901
........................................
3.00
12/1/46
58
165
Fannie
Mae
,
Pool
#BP1932
........................................
3.00
4/1/50
147
361
Fannie
Mae
,
Pool
#CB2759
.......................................
3.00
2/1/52
319
19
Fannie
Mae
,
Pool
#AQ3223
.......................................
3.00
11/1/27
19
249
Fannie
Mae
,
Pool
#BU1241
.......................................
3.00
3/1/52
221
27
Fannie
Mae
,
Pool
#MA2230
.......................................
3.00
4/1/35
26
19
Fannie
Mae
,
Pool
#BJ2996
........................................
3.00
1/1/33
19
101
Fannie
Mae
,
Pool
#MA3871
.......................................
3.00
12/1/49
90
73
Fannie
Mae
,
Pool
#BD4225
.......................................
3.00
11/1/46
66
90
Fannie
Mae
,
Pool
#BN7703
.......................................
3.00
8/1/49
80
33
Fannie
Mae
,
Pool
#AZ0538
.......................................
3.00
9/1/30
32
27
Fannie
Mae
,
Pool
#AL8861
.......................................
3.00
7/1/31
25
100
Fannie
Mae
,
Pool
#AT2014
........................................
3.00
4/1/43
92
46
Fannie
Mae
,
Pool
#MA1527
.......................................
3.00
8/1/33
44
130
Fannie
Mae
,
Pool
#BD2446
.......................................
3.00
1/1/47
118
22
Fannie
Mae
,
Pool
#AS2312
........................................
3.00
5/1/29
21
64
Fannie
Mae
,
Pool
#AS4884
........................................
3.00
5/1/45
58
66
Fannie
Mae
,
Pool
#FM1134
.......................................
3.00
4/1/48
60
17
Fannie
Mae
,
Pool
#AS3117
........................................
3.00
8/1/29
16
82
Fannie
Mae
,
Pool
#MA2895
.......................................
3.00
2/1/47
74
11
Fannie
Mae
,
Pool
#MA2087
.......................................
3.00
11/1/34
11
71
Fannie
Mae
,
Pool
#MA3106
.......................................
3.00
8/1/47
64
36
Fannie
Mae
,
Pool
#CA3754
.......................................
3.00
6/1/34
34
19
Fannie
Mae
,
Pool
#MA3958
.......................................
3.00
3/1/40
17
42
Fannie
Mae
,
Pool
#AS7908
........................................
3.00
9/1/46
38
67
Fannie
Mae
,
Pool
#MA3960
.......................................
3.00
3/1/50
60
36
Fannie
Mae
,
Pool
#CA3788
.......................................
3.00
7/1/49
32
172
HC
CAPITAL
TRUST
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
118
Fannie
Mae
,
Pool
#FM1370
.......................................
3.00
4/1/46
$
107
15
Fannie
Mae
,
Pool
#MA2579
.......................................
3.00
4/1/36
14
11
Fannie
Mae
,
Pool
#MA1058
.......................................
3.00
5/1/32
10
10
Fannie
Mae
,
Pool
#MA3218
.......................................
3.00
12/1/32
9
16
Fannie
Mae
,
Pool
#BM1370
.......................................
3.00
4/1/37
15
48
Fannie
Mae
,
Pool
#AY4200
.......................................
3.00
5/1/45
44
90
Fannie
Mae
,
Pool
#MA2806
.......................................
3.00
11/1/46
82
25
Fannie
Mae
,
Pool
#MA2149
.......................................
3.00
1/1/30
24
17
Fannie
Mae
,
Pool
#MA2832
.......................................
3.00
12/1/36
16
90
Fannie
Mae
,
Pool
#BC4764
.......................................
3.00
10/1/46
81
12
Fannie
Mae
,
Pool
#MA2897
.......................................
3.00
2/1/37
12
81
Fannie
Mae
,
Pool
#AS0196
........................................
3.00
8/1/28
76
72
Fannie
Mae
,
Pool
#MA2833
.......................................
3.00
12/1/46
66
9
Fannie
Mae
,
Pool
#MA2287
.......................................
3.00
6/1/35
9
116
Fannie
Mae
,
Pool
#BO2201
.......................................
3.00
9/1/49
104
60
Fannie
Mae
,
Pool
#AS4333
........................................
3.00
1/1/45
55
76
Fannie
Mae
,
Pool
#MA2863
.......................................
3.00
1/1/47
69
15
Fannie
Mae
,
Pool
#AS4334
........................................
3.00
1/1/45
13
74
Fannie
Mae
,
Pool
#AS8784
........................................
3.00
2/1/47
67
76
Fannie
Mae
,
Pool
#AS8276
........................................
3.00
11/1/46
69
23
Fannie
Mae
,
Pool
#AS8424
........................................
3.00
12/1/36
21
25
Fannie
Mae
,
Pool
#AS8483
........................................
3.00
12/1/46
23
10
Fannie
Mae
,
Pool
#BA4786
.......................................
3.00
2/1/31
9
24
Fannie
Mae
,
Pool
#AS8438
........................................
3.00
12/1/36
23
6
Fannie
Mae
,
Pool
#AK0006
.......................................
3.00
1/1/27
5
110
Fannie
Mae
,
Pool
#MA2737
.......................................
3.00
9/1/46
99
111
Fannie
Mae
,
Pool
#MA4079
.......................................
3.00
7/1/50
99
58
Fannie
Mae
,
Pool
#AK3302
.......................................
3.00
3/1/27
56
7
Fannie
Mae
,
Pool
#AX8309
.......................................
3.00
11/1/29
7
9
Fannie
Mae
,
Pool
#AZ4358
.......................................
3.00
7/1/30
9
64
Fannie
Mae
,
Pool
#AY4829
.......................................
3.00
5/1/45
58
318
Fannie
Mae
,
Pool
#AQ7920
.......................................
3.00
12/1/42
292
308
Fannie
Mae
,
Pool
#AB7099
.......................................
3.00
11/1/42
282
15
Fannie
Mae
,
Pool
#AT1575
........................................
3.00
5/1/43
14
12
Fannie
Mae
,
Pool
#AR7426
.......................................
3.00
7/1/43
11
42
Fannie
Mae
,
Pool
#MA3147
.......................................
3.00
10/1/47
38
22
Fannie
Mae
,
Pool
#CA4860
.......................................
3.00
12/1/49
20
361
Fannie
Mae
,
Pool
#AP6375
........................................
3.00
9/1/42
331
22
Fannie
Mae
,
Pool
#MA3631
.......................................
3.00
4/1/34
21
4
Fannie
Mae
,
Pool
#FM1585
.......................................
3.00
9/1/49
3
21
Fannie
Mae
,
Pool
#MA3339
.......................................
3.00
4/1/33
20
15
Fannie
Mae
,
Pool
#BK1015
.......................................
3.00
2/1/33
14
30
Fannie
Mae
,
Pool
#AB4483
.......................................
3.00
2/1/27
29
165
Fannie
Mae
,
Pool
#MA4048
.......................................
3.00
6/1/50
147
30
Fannie
Mae
,
Pool
#MA2773
.......................................
3.00
10/1/36
29
20
Fannie
Mae
,
Pool
#MA3247
.......................................
3.00
1/1/33
19
21
Fannie
Mae
,
Pool
#MA3304
.......................................
3.00
3/1/48
19
29
Fannie
Mae
,
Pool
#MA2523
.......................................
3.00
2/1/36
27
25
Fannie
Mae
,
Pool
#MA3331
.......................................
3.00
4/1/48
22
232
Fannie
Mae
,
Pool
#FS1374
........................................
3.00
3/1/52
206
406
Fannie
Mae
,
Pool
#CB3172
.......................................
3.00
3/1/52
359
109
Fannie
Mae
,
Pool
#MA3905
.......................................
3.00
1/1/50
97
172
Fannie
Mae
,
Pool
#AP6493
........................................
3.00
9/1/42
157
105
Fannie
Mae
,
Pool
#MA3937
.......................................
3.00
2/1/50
94
122
Fannie
Mae
,
Pool
#AT0682
........................................
3.00
4/1/43
112
107
Fannie
Mae
,
Pool
#AS8414
........................................
3.00
11/1/46
97
38
Fannie
Mae
,
Pool
#AS8186
........................................
3.00
10/1/46
35
112
Fannie
Mae
,
Pool
#AB8897
.......................................
3.00
4/1/43
103
88
Fannie
Mae
,
Pool
#BC9003
.......................................
3.00
11/1/46
80
173
HC
CAPITAL
TRUST
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
26
Fannie
Mae
,
Pool
#AL9996
.......................................
3.00
4/1/32
$
25
188
Fannie
Mae
,
Pool
#FM3395
.......................................
3.00
6/1/50
167
130
Fannie
Mae
,
Pool
#BP6466
........................................
3.00
7/1/50
115
95
Fannie
Mae
,
Pool
#CA5729
.......................................
3.00
5/1/50
84
56
Fannie
Mae
,
Pool
#MA1982
.......................................
3.50
8/1/34
51
7
Fannie
Mae
,
Pool
#AK0706
.......................................
3.50
2/1/27
6
9
Fannie
Mae
,
Pool
#AE5487
.......................................
3.50
10/1/25
9
42
Fannie
Mae
,
Pool
#AO9140
.......................................
3.50
7/1/42
40
18
Fannie
Mae
,
Pool
#CA1191
.......................................
3.50
11/1/47
17
381
Fannie
Mae
,
Pool
#MA4654
.......................................
3.50
7/1/52
349
52
Fannie
Mae
,
Pool
#MA3414
.......................................
3.50
7/1/48
48
37
Fannie
Mae
,
Pool
#AY3802
.......................................
3.50
2/1/45
35
51
Fannie
Mae
,
Pool
#MA1059
.......................................
3.50
5/1/32
50
70
Fannie
Mae
,
Pool
#MA1107
.......................................
3.50
7/1/32
68
8
Fannie
Mae
,
Pool
#AS2081
........................................
3.50
4/1/29
7
54
Fannie
Mae
,
Pool
#AO4385
.......................................
3.50
6/1/42
51
17
Fannie
Mae
,
Pool
#AJ4093
........................................
3.50
10/1/26
16
43
Fannie
Mae
,
Pool
#AS4773
........................................
3.50
4/1/45
41
25
Fannie
Mae
,
Pool
#AS4772
........................................
3.50
4/1/45
23
53
Fannie
Mae
,
Pool
#AS4771
........................................
3.50
4/1/45
50
150
Fannie
Mae
,
Pool
#BM1568
.......................................
3.50
7/1/47
142
22
Fannie
Mae
,
Pool
#MA3494
.......................................
3.50
10/1/48
21
48
Fannie
Mae
,
Pool
#AO4647
.......................................
3.50
6/1/42
46
19
Fannie
Mae
,
Pool
#BA1893
.......................................
3.50
8/1/45
18
72
Fannie
Mae
,
Pool
#MA3520
.......................................
3.50
11/1/48
66
11
Fannie
Mae
,
Pool
#MA2495
.......................................
3.50
1/1/46
11
56
Fannie
Mae
,
Pool
#CA0487
.......................................
3.50
10/1/47
53
43
Fannie
Mae
,
Pool
#AY4300
.......................................
3.50
1/1/45
41
75
Fannie
Mae
,
Pool
#FM1543
.......................................
3.50
11/1/48
70
64
Fannie
Mae
,
Pool
#BM2000
.......................................
3.50
5/1/47
59
58
Fannie
Mae
,
Pool
#FM1001
.......................................
3.50
11/1/48
54
314
Fannie
Mae
,
Pool
#AO2548
.......................................
3.50
4/1/42
296
20
Fannie
Mae
,
Pool
#MA3597
.......................................
3.50
2/1/49
19
102
Fannie
Mae
,
Pool
#AO3760
.......................................
3.50
5/1/42
96
261
Fannie
Mae
,
Pool
#AO8137
.......................................
3.50
8/1/42
247
56
Fannie
Mae
,
Pool
#FM1566
.......................................
3.50
11/1/48
52
8
Fannie
Mae
,
Pool
#CA0234
.......................................
3.50
8/1/47
8
29
Fannie
Mae
,
Pool
#AS5319
........................................
3.50
7/1/45
27
38
Fannie
Mae
,
Pool
#AS6649
........................................
3.50
2/1/46
35
5
Fannie
Mae
,
Pool
#BM5446
.......................................
3.50
2/1/49
5
59
Fannie
Mae
,
Pool
#BK9038
.......................................
3.50
10/1/33
57
67
Fannie
Mae
,
Pool
#BD5046
.......................................
3.50
2/1/47
62
25
Fannie
Mae
,
Pool
#AX5201
.......................................
3.50
10/1/29
25
46
Fannie
Mae
,
Pool
#BM5485
.......................................
3.50
2/1/49
42
54
Fannie
Mae
,
Pool
#AX9530
.......................................
3.50
2/1/45
51
24
Fannie
Mae
,
Pool
#AY8856
.......................................
3.50
9/1/45
23
24
Fannie
Mae
,
Pool
#MA3462
.......................................
3.50
9/1/33
23
37
Fannie
Mae
,
Pool
#AS5068
........................................
3.50
6/1/45
35
51
Fannie
Mae
,
Pool
#AY5303
.......................................
3.50
3/1/45
47
47
Fannie
Mae
,
Pool
#AK7497
.......................................
3.50
4/1/42
45
6
Fannie
Mae
,
Pool
#BM1231
.......................................
3.50
11/1/31
6
4
Fannie
Mae
,
Pool
#AV6407
.......................................
3.50
2/1/29
4
19
Fannie
Mae
,
Pool
#MA3614
.......................................
3.50
3/1/49
18
6
Fannie
Mae
,
Pool
#310139
........................................
3.50
11/1/25
6
47
Fannie
Mae
,
Pool
#AZ9576
.......................................
3.50
12/1/45
45
57
Fannie
Mae
,
Pool
#MA3663
.......................................
3.50
5/1/49
53
136
Fannie
Mae
,
Pool
#ZM4908
.......................................
3.50
11/1/47
127
66
Fannie
Mae
,
Pool
#MA3305
.......................................
3.50
3/1/48
62
75
Fannie
Mae
,
Pool
#AZ0862
.......................................
3.50
7/1/45
71
174
HC
CAPITAL
TRUST
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
36
Fannie
Mae
,
Pool
#AY3913
.......................................
3.50
2/1/45
$
34
78
Fannie
Mae
,
Pool
#AS3133
........................................
3.50
8/1/44
73
73
Fannie
Mae
,
Pool
#BC1158
........................................
3.50
2/1/46
68
26
Fannie
Mae
,
Pool
#AZ6383
.......................................
3.50
9/1/45
25
125
Fannie
Mae
,
Pool
#AQ0546
.......................................
3.50
11/1/42
118
15
Fannie
Mae
,
Pool
#MA3637
.......................................
3.50
4/1/49
14
345
Fannie
Mae
,
Pool
#BU8723
.......................................
3.50
6/1/52
317
71
Fannie
Mae
,
Pool
#MA2292
.......................................
3.50
6/1/45
67
50
Fannie
Mae
,
Pool
#AS7491
........................................
3.50
7/1/46
47
57
Fannie
Mae
,
Pool
#AS0024
........................................
3.50
7/1/43
53
31
Fannie
Mae
,
Pool
#AS5696
........................................
3.50
8/1/45
29
79
Fannie
Mae
,
Pool
#BJ2692
........................................
3.50
4/1/48
73
42
Fannie
Mae
,
Pool
#AX2486
.......................................
3.50
10/1/44
40
21
Fannie
Mae
,
Pool
#AP9390
........................................
3.50
10/1/42
20
3
Fannie
Mae
,
Pool
#AJ6181
........................................
3.50
12/1/26
3
77
Fannie
Mae
,
Pool
#BM4703
.......................................
3.50
2/1/48
72
26
Fannie
Mae
,
Pool
#BJ0647
........................................
3.50
3/1/48
24
90
Fannie
Mae
,
Pool
#AU1635
.......................................
3.50
7/1/43
85
69
Fannie
Mae
,
Pool
#FM1911
.......................................
3.50
7/1/48
64
49
Fannie
Mae
,
Pool
#MA3057
.......................................
3.50
7/1/47
45
16
Fannie
Mae
,
Pool
#AE0981
.......................................
3.50
3/1/41
15
251
Fannie
Mae
,
Pool
#AB6017
.......................................
3.50
8/1/42
237
50
Fannie
Mae
,
Pool
#MA3332
.......................................
3.50
4/1/48
46
92
Fannie
Mae
,
Pool
#BD2436
.......................................
3.50
1/1/47
86
18
Fannie
Mae
,
Pool
#FS1774
........................................
3.50
5/1/37
17
5
Fannie
Mae
,
Pool
#MA2996
.......................................
3.50
5/1/37
4
53
Fannie
Mae
,
Pool
#FM3387
.......................................
3.50
3/1/35
52
116
Fannie
Mae
,
Pool
#MA3276
.......................................
3.50
2/1/48
108
22
Fannie
Mae
,
Pool
#AX7655
.......................................
3.50
1/1/45
21
4
Fannie
Mae
,
Pool
#AL8776
.......................................
3.50
7/1/46
3
42
Fannie
Mae
,
Pool
#BE3767
........................................
3.50
7/1/47
39
8
Fannie
Mae
,
Pool
#MA3152
.......................................
3.50
10/1/37
8
138
Fannie
Mae
,
Pool
#BP1947
........................................
3.50
4/1/50
127
17
Fannie
Mae
,
Pool
#MA3692
.......................................
3.50
7/1/49
16
81
Fannie
Mae
,
Pool
#BH5155
.......................................
3.50
9/1/47
75
11
Fannie
Mae
,
Pool
#MA3835
.......................................
3.50
11/1/49
10
5
Fannie
Mae
,
Pool
#MA2909
.......................................
3.50
2/1/37
5
41
Fannie
Mae
,
Pool
#AS7239
........................................
3.50
5/1/46
38
8
Fannie
Mae
,
Pool
#MA3906
.......................................
3.50
1/1/50
7
9
Fannie
Mae
,
Pool
#MA2692
.......................................
3.50
7/1/36
8
42
Fannie
Mae
,
Pool
#FM1028
.......................................
3.50
6/1/49
39
232
Fannie
Mae
,
Pool
#CB3601
.......................................
3.50
5/1/52
214
22
Fannie
Mae
,
Pool
#BC7633
.......................................
3.50
6/1/46
21
35
Fannie
Mae
,
Pool
#BC3126
.......................................
3.50
1/1/46
32
24
Fannie
Mae
,
Pool
#BC0163
.......................................
3.50
1/1/46
22
70
Fannie
Mae
,
Pool
#AY1306
.......................................
3.50
3/1/45
66
57
Fannie
Mae
,
Pool
#MA3745
.......................................
3.50
8/1/49
53
24
Fannie
Mae
,
Pool
#MA3775
.......................................
3.50
9/1/49
22
63
Fannie
Mae
,
Pool
#AL1717
.......................................
3.50
5/1/27
60
2
Fannie
Mae
,
Pool
#BA5031
.......................................
3.50
1/1/46
1
25
Fannie
Mae
,
Pool
#MA2923
.......................................
3.50
3/1/37
23
28
Fannie
Mae
,
Pool
#BM2001
.......................................
3.50
12/1/46
26
472
Fannie
Mae
,
Pool
#MA4600
.......................................
3.50
5/1/52
434
8
Fannie
Mae
,
Pool
#MA3634
.......................................
3.50
4/1/39
7
60
Fannie
Mae
,
Pool
#MA2125
.......................................
3.50
12/1/44
55
4
Fannie
Mae
,
Pool
#MA1021
.......................................
3.50
3/1/27
4
32
Fannie
Mae
,
Pool
#BE5258
........................................
3.50
1/1/47
30
70
Fannie
Mae
,
Pool
#MA3238
.......................................
3.50
1/1/48
65
46
Fannie
Mae
,
Pool
#AS7388
........................................
3.50
6/1/46
43
175
HC
CAPITAL
TRUST
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
17
Fannie
Mae
,
Pool
#AS5892
........................................
3.50
10/1/45
$
16
64
Fannie
Mae
,
Pool
#AJ8476
........................................
3.50
12/1/41
61
3
Fannie
Mae
,
Pool
#AX0159
.......................................
3.50
9/1/29
3
97
Fannie
Mae
,
Pool
#BH9277
.......................................
3.50
2/1/48
90
53
Fannie
Mae
,
Pool
#AU3742
.......................................
3.50
8/1/43
50
87
Fannie
Mae
,
Pool
#ZS4618
........................................
3.50
6/1/45
82
23
Fannie
Mae
,
Pool
#MA2389
.......................................
3.50
9/1/35
22
77
Fannie
Mae
,
Pool
#BH9215
.......................................
3.50
1/1/48
72
23
Fannie
Mae
,
Pool
#AZ2614
.......................................
3.50
8/1/45
22
8
Fannie
Mae
,
Pool
#MA3059
.......................................
3.50
7/1/37
7
37
Fannie
Mae
,
Pool
#FM0020
.......................................
3.50
7/1/49
34
55
Fannie
Mae
,
Pool
#SD8001
........................................
3.50
7/1/49
51
75
Fannie
Mae
,
Pool
#MA3182
.......................................
3.50
11/1/47
70
54
Fannie
Mae
,
Pool
#MA3026
.......................................
3.50
6/1/47
50
47
Fannie
Mae
,
Pool
#MA1980
.......................................
3.50
8/1/44
44
73
Fannie
Mae
,
Pool
#ZS4627
........................................
4.00
8/1/45
71
47
Fannie
Mae
,
Pool
#AL8387
.......................................
4.00
3/1/46
46
9
Fannie
Mae
,
Pool
#AW5109
.......................................
4.00
8/1/44
9
116
Fannie
Mae
,
Pool
#AY1377
.......................................
4.00
4/1/45
111
43
Fannie
Mae
,
Pool
#MA4797
.......................................
4.00
11/1/37
42
6
Fannie
Mae
,
Pool
#AS7028
........................................
4.00
4/1/46
5
5
Fannie
Mae
,
Pool
#MA2536
.......................................
4.00
2/1/36
5
11
Fannie
Mae
,
Pool
#MA3216
.......................................
4.00
12/1/37
11
58
Fannie
Mae
,
Pool
#CA0183
.......................................
4.00
8/1/47
56
61
Fannie
Mae
,
Pool
#MA3746
.......................................
4.00
8/1/49
58
55
Fannie
Mae
,
Pool
#MA3211
.......................................
4.00
12/1/47
53
10
Fannie
Mae
,
Pool
#MA0695
.......................................
4.00
4/1/31
10
43
Fannie
Mae
,
Pool
#AS9486
........................................
4.00
4/1/47
42
4
Fannie
Mae
,
Pool
#MA3037
.......................................
4.00
6/1/37
4
57
Fannie
Mae
,
Pool
#MA3804
.......................................
4.00
10/1/49
54
38
Fannie
Mae
,
Pool
#AS8532
........................................
4.00
12/1/46
37
7
Fannie
Mae
,
Pool
#BM5525
.......................................
4.00
3/1/31
7
31
Fannie
Mae
,
Pool
#AL7347
.......................................
4.00
9/1/45
30
53
Fannie
Mae
,
Pool
#CA1015
.......................................
4.00
1/1/48
51
11
Fannie
Mae
,
Pool
#BJ0639
........................................
4.00
3/1/48
11
20
Fannie
Mae
,
Pool
#AY2291
.......................................
4.00
3/1/45
20
6
Fannie
Mae
,
Pool
#AL2689
.......................................
4.00
2/1/27
6
8
Fannie
Mae
,
Pool
#AS2117
........................................
4.00
4/1/44
8
21
Fannie
Mae
,
Pool
#BM4991
.......................................
4.00
9/1/48
20
13
Fannie
Mae
,
Pool
#BH2623
.......................................
4.00
8/1/47
13
25
Fannie
Mae
,
Pool
#AY1595
.......................................
4.00
1/1/45
24
52
Fannie
Mae
,
Pool
#BJ9169
........................................
4.00
5/1/48
49
33
Fannie
Mae
,
Pool
#AW5063
.......................................
4.00
7/1/44
32
32
Fannie
Mae
,
Pool
#AC7328
.......................................
4.00
12/1/39
31
41
Fannie
Mae
,
Pool
#AS3293
........................................
4.00
9/1/44
40
32
Fannie
Mae
,
Pool
#AS3467
........................................
4.00
10/1/44
31
33
Fannie
Mae
,
Pool
#AS2498
........................................
4.00
5/1/44
32
26
Fannie
Mae
,
Pool
#AS3903
........................................
4.00
11/1/44
26
90
Fannie
Mae
,
Pool
#AZ8067
.......................................
4.00
9/1/45
86
68
Fannie
Mae
,
Pool
#AO2959
.......................................
4.00
5/1/42
66
6
Fannie
Mae
,
Pool
#BM4306
.......................................
4.00
9/1/25
6
85
Fannie
Mae
,
Pool
#AS7558
........................................
4.00
7/1/46
82
132
Fannie
Mae
,
Pool
#AS0531
........................................
4.00
9/1/43
128
51
Fannie
Mae
,
Pool
#BM2002
.......................................
4.00
10/1/47
49
91
Fannie
Mae
,
Pool
#BN6677
.......................................
4.00
6/1/49
87
12
Fannie
Mae
,
Pool
#CA2469
.......................................
4.00
10/1/48
12
27
Fannie
Mae
,
Pool
#BE8050
........................................
4.00
4/1/47
26
61
Fannie
Mae
,
Pool
#BD7081
.......................................
4.00
3/1/47
59
233
Fannie
Mae
,
Pool
#MA4732
.......................................
4.00
9/1/52
220
176
HC
CAPITAL
TRUST
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
22
Fannie
Mae
,
Pool
#AL4778
.......................................
4.00
10/1/32
$
21
31
Fannie
Mae
,
Pool
#BK9697
.......................................
4.00
12/1/48
30
4
Fannie
Mae
,
Pool
#AE0375
.......................................
4.00
7/1/25
4
24
Fannie
Mae
,
Pool
#AS3468
........................................
4.00
10/1/44
24
49
Fannie
Mae
,
Pool
#FM0021
.......................................
4.00
3/1/49
47
44
Fannie
Mae
,
Pool
#AS9831
........................................
4.00
6/1/47
43
29
Fannie
Mae
,
Pool
#AS7600
........................................
4.00
7/1/46
29
21
Fannie
Mae
,
Pool
#BN5258
.......................................
4.00
2/1/49
20
20
Fannie
Mae
,
Pool
#CA2474
.......................................
4.00
7/1/48
19
24
Fannie
Mae
,
Pool
#BK0915
.......................................
4.00
7/1/48
23
14
Fannie
Mae
,
Pool
#FM1101
.......................................
4.00
7/1/34
15
70
Fannie
Mae
,
Pool
#ZS4708
........................................
4.00
3/1/47
68
56
Fannie
Mae
,
Pool
#ZA4988
.......................................
4.00
8/1/47
54
39
Fannie
Mae
,
Pool
#MA3277
.......................................
4.00
2/1/48
37
12
Fannie
Mae
,
Pool
#MA3427
.......................................
4.00
7/1/33
12
43
Fannie
Mae
,
Pool
#FM1960
.......................................
4.00
5/1/49
41
37
Fannie
Mae
,
Pool
#MA3615
.......................................
4.00
3/1/49
35
14
Fannie
Mae
,
Pool
#AS8823
........................................
4.00
2/1/47
13
115
Fannie
Mae
,
Pool
#AJ7857
........................................
4.00
12/1/41
111
151
Fannie
Mae
,
Pool
#AJ7689
........................................
4.00
12/1/41
146
153
Fannie
Mae
,
Pool
#AJ5303
........................................
4.00
11/1/41
148
11
Fannie
Mae
,
Pool
#MA2455
.......................................
4.00
11/1/35
10
5
Fannie
Mae
,
Pool
#AW9041
.......................................
4.00
8/1/44
5
24
Fannie
Mae
,
Pool
#BA6910
.......................................
4.00
2/1/46
23
1
Fannie
Mae
,
Pool
#BA0847
.......................................
4.00
3/1/46
1
6
Fannie
Mae
,
Pool
#AS3448
........................................
4.00
9/1/44
6
38
Fannie
Mae
,
Pool
#AY8981
.......................................
4.00
8/1/45
36
374
Fannie
Mae
,
Pool
#FS3526
........................................
4.00
12/1/52
355
15
Fannie
Mae
,
Pool
#MA3592
.......................................
4.00
2/1/49
14
37
Fannie
Mae
,
Pool
#BM5685
.......................................
4.00
6/1/48
35
389
Fannie
Mae
,
Pool
#FS0016
........................................
4.00
6/1/49
374
11
Fannie
Mae
,
Pool
#AH3394
.......................................
4.00
1/1/41
11
3
Fannie
Mae
,
Pool
#AL9742
.......................................
4.00
7/1/29
3
89
Fannie
Mae
,
Pool
#AH5859
.......................................
4.00
2/1/41
86
19
Fannie
Mae
,
Pool
#MA3244
.......................................
4.00
1/1/38
19
38
Fannie
Mae
,
Pool
#CA1894
.......................................
4.00
6/1/48
36
54
Fannie
Mae
,
Pool
#MA3027
.......................................
4.00
6/1/47
52
83
Fannie
Mae
,
Pool
#FM5134
.......................................
4.00
1/1/49
80
289
Fannie
Mae
,
Pool
#190405
........................................
4.00
10/1/40
283
46
Fannie
Mae
,
Pool
#BK7608
.......................................
4.00
9/1/48
44
7
Fannie
Mae
,
Pool
#MA3413
.......................................
4.00
7/1/38
7
18
Fannie
Mae
,
Pool
#AT3872
........................................
4.00
6/1/43
18
51
Fannie
Mae
,
Pool
#AZ7362
.......................................
4.00
11/1/45
49
2
Fannie
Mae
,
Pool
#AZ8874
.......................................
4.00
9/1/45
2
25
Fannie
Mae
,
Pool
#BC5559
.......................................
4.00
3/1/46
24
40
Fannie
Mae
,
Pool
#AV2340
.......................................
4.00
12/1/43
38
19
Fannie
Mae
,
Pool
#MA3521
.......................................
4.00
11/1/48
19
13
Fannie
Mae
,
Pool
#MA3536
.......................................
4.00
12/1/48
13
3
Fannie
Mae
,
Pool
#CA3084
.......................................
4.00
2/1/49
3
30
Fannie
Mae
,
Pool
#CA0237
.......................................
4.00
8/1/47
29
70
Fannie
Mae
,
Pool
#AU3753
.......................................
4.00
8/1/43
67
36
Fannie
Mae
,
Pool
#BK0909
.......................................
4.00
7/1/48
34
17
Fannie
Mae
,
Pool
#MA0493
.......................................
4.00
8/1/30
16
54
Fannie
Mae
,
Pool
#MA0641
.......................................
4.00
2/1/31
54
29
Fannie
Mae
,
Pool
#AH6242
.......................................
4.00
4/1/26
28
37
Fannie
Mae
,
Pool
#BN0334
.......................................
4.00
12/1/48
35
45
Fannie
Mae
,
Pool
#AS3216
........................................
4.00
9/1/44
43
69
Fannie
Mae
,
Pool
#BK7943
.......................................
4.00
11/1/48
66
36
Fannie
Mae
,
Pool
#AS7601
........................................
4.00
7/1/46
34
177
HC
CAPITAL
TRUST
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
58
Fannie
Mae
,
Pool
#MA3183
.......................................
4.00
11/1/47
$
56
20
Fannie
Mae
,
Pool
#AY0025
.......................................
4.00
2/1/45
19
4
Fannie
Mae
,
Pool
#AC2995
.......................................
4.00
9/1/24
4
67
Fannie
Mae
,
Pool
#MA2995
.......................................
4.00
5/1/47
65
5
Fannie
Mae
,
Pool
#MA2655
.......................................
4.00
6/1/36
5
33
Fannie
Mae
,
Pool
#MA3563
.......................................
4.00
1/1/49
31
22
Fannie
Mae
,
Pool
#MA3638
.......................................
4.00
4/1/49
21
50
Fannie
Mae
,
Pool
#MA3121
.......................................
4.00
9/1/47
48
27
Fannie
Mae
,
Pool
#BN0594
.......................................
4.00
12/1/48
26
36
Fannie
Mae
,
Pool
#FM1571
.......................................
4.00
12/1/48
35
38
Fannie
Mae
,
Pool
#FM1415
.......................................
4.00
12/1/48
36
40
Fannie
Mae
,
Pool
#AX0841
.......................................
4.00
9/1/44
39
19
Fannie
Mae
,
Pool
#BK5283
.......................................
4.50
6/1/48
19
15
Fannie
Mae
,
Pool
#MA3593
.......................................
4.50
2/1/49
15
21
Fannie
Mae
,
Pool
#MA3522
.......................................
4.50
11/1/48
21
195
Fannie
Mae
,
Pool
#AL1107
........................................
4.50
11/1/41
195
9
Fannie
Mae
,
Pool
#AL8816
.......................................
4.50
9/1/45
9
45
Fannie
Mae
,
Pool
#AS8157
........................................
4.50
10/1/46
45
28
Fannie
Mae
,
Pool
#AS2276
........................................
4.50
4/1/44
28
51
Fannie
Mae
,
Pool
#AI4815
........................................
4.50
6/1/41
51
18
Fannie
Mae
,
Pool
#MA3537
.......................................
4.50
12/1/48
18
3
Fannie
Mae
,
Pool
#AW7048
.......................................
4.50
6/1/44
3
132
Fannie
Mae
,
Pool
#AH7521
.......................................
4.50
3/1/41
132
13
Fannie
Mae
,
Pool
#AU5302
.......................................
4.50
10/1/43
13
52
Fannie
Mae
,
Pool
#CA1711
.......................................
4.50
5/1/48
51
55
Fannie
Mae
,
Pool
#BK1416
.......................................
4.50
5/1/48
54
11
Fannie
Mae
,
Pool
#CA1218
.......................................
4.50
2/1/48
10
16
Fannie
Mae
,
Pool
#BM1285
.......................................
4.50
5/1/47
16
132
Fannie
Mae
,
Pool
#AH9055
.......................................
4.50
4/1/41
132
13
Fannie
Mae
,
Pool
#AS8576
........................................
4.50
12/1/46
13
59
Fannie
Mae
,
Pool
#AE0217
.......................................
4.50
8/1/40
59
4
Fannie
Mae
,
Pool
#BN0877
.......................................
4.50
11/1/48
4
29
Fannie
Mae
,
Pool
#MA0481
.......................................
4.50
8/1/30
29
99
Fannie
Mae
,
Pool
#AS9394
........................................
4.50
4/1/47
98
1
Fannie
Mae
,
Pool
#AA9781
.......................................
4.50
7/1/24
1
48
Fannie
Mae
,
Pool
#AB3192
.......................................
4.50
6/1/41
48
43
Fannie
Mae
,
Pool
#AL4450
.......................................
4.50
12/1/43
43
8
Fannie
Mae
,
Pool
#AS0861
........................................
4.50
10/1/43
8
26
Fannie
Mae
,
Pool
#AB1389
.......................................
4.50
8/1/40
26
48
Fannie
Mae
,
Pool
#MA3639
.......................................
4.50
4/1/49
47
11
Fannie
Mae
,
Pool
#AA0860
.......................................
4.50
1/1/39
11
12
Fannie
Mae
,
Pool
#FM3619
.......................................
4.50
1/1/50
12
14
Fannie
Mae
,
Pool
#BE6489
........................................
4.50
1/1/47
14
391
Fannie
Mae
,
Pool
#BV7928
.......................................
4.50
8/1/52
379
21
Fannie
Mae
,
Pool
#ZT1321
........................................
4.50
11/1/48
20
25
Fannie
Mae
,
Pool
#AL5082
.......................................
4.50
3/1/44
24
53
Fannie
Mae
,
Pool
#AD8529
.......................................
4.50
8/1/40
52
4
Fannie
Mae
,
Pool
#BK8830
.......................................
4.50
8/1/48
4
219
Fannie
Mae
,
Pool
#MA3184
.......................................
4.50
11/1/47
218
390
Fannie
Mae
,
Pool
#MA5070
.......................................
4.50
7/1/53
378
22
Fannie
Mae
,
Pool
#CA0623
.......................................
4.50
10/1/47
22
11
Fannie
Mae
,
Pool
#AB1470
.......................................
4.50
9/1/40
10
34
Fannie
Mae
,
Pool
#BE5992
........................................
4.50
2/1/47
34
10
Fannie
Mae
,
Pool
#AH6790
.......................................
4.50
3/1/41
10
18
Fannie
Mae
,
Pool
#G60512
........................................
4.50
12/1/45
18
39
Fannie
Mae
,
Pool
#CA0148
.......................................
4.50
8/1/47
38
25
Fannie
Mae
,
Pool
#AS1638
........................................
4.50
2/1/44
25
12
Fannie
Mae
,
Pool
#CA1795
.......................................
5.00
5/1/48
12
14
Fannie
Mae
,
Pool
#MA3669
.......................................
5.00
5/1/49
14
178
HC
CAPITAL
TRUST
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
2
Fannie
Mae
,
Pool
#BM3781
.......................................
5.00
11/1/30
$
2
19
Fannie
Mae
,
Pool
#BM3904
.......................................
5.00
5/1/48
19
24
Fannie
Mae
,
Pool
#836750
........................................
5.00
10/1/35
25
9
Fannie
Mae
,
Pool
#MA3527
.......................................
5.00
11/1/48
9
12
Fannie
Mae
,
Pool
#MA3472
.......................................
5.00
9/1/48
12
20
Fannie
Mae
,
Pool
#AS0837
........................................
5.00
10/1/43
20
58
Fannie
Mae
,
Pool
#AH5988
.......................................
5.00
3/1/41
58
22
Fannie
Mae
,
Pool
#AS0575
........................................
5.00
9/1/43
23
389
Fannie
Mae
,
Pool
#MA5071
.......................................
5.00
7/1/53
385
326
Fannie
Mae
,
Pool
#MA4761
.......................................
5.00
9/1/52
323
8
Fannie
Mae
,
Pool
#MA3708
.......................................
5.00
6/1/49
8
12
Fannie
Mae
,
Pool
#CA0349
.......................................
5.00
9/1/47
12
14
Fannie
Mae
,
Pool
#725238
........................................
5.00
3/1/34
14
9
Fannie
Mae
,
Pool
#MA3617
.......................................
5.00
3/1/49
9
24
Fannie
Mae
,
Pool
#AL5788
.......................................
5.00
5/1/42
25
11
Fannie
Mae
,
Pool
#890603
........................................
5.00
8/1/41
11
248
Fannie
Mae
,
Pool
#889117
........................................
5.00
10/1/35
251
11
Fannie
Mae
,
Pool
#890621
........................................
5.00
5/1/42
11
298
Fannie
Mae
,
Pool
#MA4918
.......................................
5.00
2/1/53
295
20
Fannie
Mae
,
Pool
#MA3594
.......................................
5.00
2/1/49
20
365
Fannie
Mae
,
Pool
#FS3360
........................................
5.50
12/1/52
369
384
Fannie
Mae
,
Pool
#MA5072
.......................................
5.50
7/1/53
386
6
Fannie
Mae
,
Pool
#929451
........................................
5.50
5/1/38
6
394
Fannie
Mae
,
Pool
#MA5010
.......................................
5.50
5/1/53
396
2
Fannie
Mae
,
Pool
#A69671
........................................
5.50
12/1/37
2
396
Fannie
Mae
,
Pool
#MA5190
.......................................
5.50
11/1/53
398
394
Fannie
Mae
,
Pool
#890221
........................................
5.50
12/1/33
404
—
Fannie
Mae
,
Pool
#AL0725
.......................................
5.50
6/1/24
—
1
Fannie
Mae
,
Pool
#A79636
........................................
5.50
7/1/38
1
398
Fannie
Mae
,
Pool
#MA4919
.......................................
5.50
2/1/53
401
394
Fannie
Mae
,
Pool
#MA5073
.......................................
6.00
7/1/53
401
244
Fannie
Mae
,
Pool
#725228
........................................
6.00
3/1/34
251
47
Fannie
Mae
,
Pool
#CB5704
.......................................
6.00
2/1/53
48
388
Fannie
Mae
,
Pool
#MA5140
.......................................
6.50
9/1/53
397
58
Fannie
Mae
,
Pool
#889984
........................................
6.50
10/1/38
61
125
Fannie
Mae,
15
YR
TBA
.........................................
1.50
1/25/39
109
25
Fannie
Mae,
15
YR
TBA
.........................................
2.50
2/25/39
23
225
Fannie
Mae,
15
YR
TBA
.........................................
3.00
1/25/39
212
100
Fannie
Mae,
15
YR
TBA
.........................................
3.50
1/25/39
96
125
Fannie
Mae,
15
YR
TBA
.........................................
4.00
1/25/39
122
250
Fannie
Mae,
15
YR
TBA
.........................................
4.00
1/25/54
237
175
Fannie
Mae,
15
YR
TBA
.........................................
4.50
1/25/39
174
150
Fannie
Mae,
15
YR
TBA
.........................................
5.00
1/25/39
151
25
Fannie
Mae,
15
YR
TBA
.........................................
5.50
2/25/39
25
100
Fannie
Mae,
15
YR
TBA
.........................................
5.50
1/25/39
101
150
Fannie
Mae,
30
YR
TBA
.........................................
3.00
1/25/54
133
100
Fannie
Mae,
30
YR
TBA
.........................................
3.50
1/25/54
92
475
Fannie
Mae,
30
YR
TBA
.........................................
4.50
1/25/54
460
50
Fannie
Mae,
30
YR
TBA
.........................................
5.00
2/25/54
50
1,650
Fannie
Mae,
30
YR
TBA
.........................................
5.00
1/25/54
1,635
1,100
Fannie
Mae,
30
YR
TBA
.........................................
5.50
1/25/54
1,107
100
Fannie
Mae,
30
YR
TBA
.........................................
5.50
7/25/54
101
1,100
Fannie
Mae,
30
YR
TBA
.........................................
6.00
1/25/54
1,119
375
Fannie
Mae,
30
YR
TBA
.........................................
6.00
2/25/54
381
450
Fannie
Mae,
30
YR
TBA
.........................................
6.50
2/25/54
461
1,225
Fannie
Mae,
30
YR
TBA
.........................................
6.50
1/25/54
1,256
225
Fannie
Mae,
30
YR
TBA
.........................................
7.00
2/25/54
232
250
Fannie
Mae,
30
YR
TBA
.........................................
7.00
1/25/54
258
395
Freddie
Mac
,
Pool
#SB8088
.......................................
1.50
2/1/36
344
179
HC
CAPITAL
TRUST
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
407
Freddie
Mac
,
Pool
#SB8083
.......................................
1.50
1/1/36
$
356
311
Freddie
Mac
,
Pool
#QN9521
.......................................
1.50
2/1/37
271
385
Freddie
Mac
,
Pool
#SD8154
.......................................
1.50
7/1/51
298
61
Freddie
Mac
,
Pool
#RB5110
.......................................
1.50
5/1/41
50
349
Freddie
Mac
,
Pool
#SB8097
.......................................
1.50
4/1/36
304
69
Freddie
Mac
,
Pool
#SD8082
.......................................
1.50
10/1/50
53
389
Freddie
Mac
,
Pool
#SB8144
.......................................
1.50
3/1/37
338
180
Freddie
Mac
,
Pool
#SD8139
.......................................
1.50
4/1/51
140
372
Freddie
Mac
,
Pool
#SB8106
.......................................
1.50
6/1/36
324
377
Freddie
Mac
,
Pool
#QC0962
.......................................
1.50
4/1/51
291
359
Freddie
Mac
,
Pool
#SB8079
.......................................
2.00
12/1/35
324
14
Freddie
Mac
,
Pool
#G18547
.......................................
2.00
3/1/30
13
408
Freddie
Mac
,
Pool
#SD8079
.......................................
2.00
7/1/50
335
396
Freddie
Mac
,
Pool
#RA5040
.......................................
2.00
4/1/51
326
377
Freddie
Mac
,
Pool
#RA4214
.......................................
2.00
12/1/50
312
387
Freddie
Mac
,
Pool
#RA3328
.......................................
2.00
8/1/50
319
404
Freddie
Mac
,
Pool
#QD1254
.......................................
2.00
11/1/51
331
411
Freddie
Mac
,
Pool
#QC4423
.......................................
2.00
7/1/51
337
372
Freddie
Mac
,
Pool
#SB8510
.......................................
2.00
2/1/36
335
134
Freddie
Mac
,
Pool
#QD3162
.......................................
2.00
12/1/51
110
30
Freddie
Mac
,
Pool
#G18634
.......................................
2.00
3/1/32
27
370
Freddie
Mac
,
Pool
#QC1075
.......................................
2.00
4/1/51
304
408
Freddie
Mac
,
Pool
#QB9896
.......................................
2.00
3/1/51
335
453
Freddie
Mac
,
Pool
#QB7708
.......................................
2.00
1/1/51
372
364
Freddie
Mac
,
Pool
#QB8064
.......................................
2.00
1/1/51
299
368
Freddie
Mac
,
Pool
#QB6893
.......................................
2.00
12/1/50
301
349
Freddie
Mac
,
Pool
#QB3926
.......................................
2.00
10/1/50
286
11
Freddie
Mac
,
Pool
#J25759
........................................
2.00
8/1/28
10
27
Freddie
Mac
,
Pool
#J25777
........................................
2.00
9/1/28
25
345
Freddie
Mac
,
Pool
#SD8128
.......................................
2.00
2/1/51
283
340
Freddie
Mac
,
Pool
#SB8107
.......................................
2.00
6/1/36
307
366
Freddie
Mac
,
Pool
#RA3205
.......................................
2.00
8/1/50
305
467
Freddie
Mac
,
Pool
#SD8113
.......................................
2.00
12/1/50
383
410
Freddie
Mac
,
Pool
#SD8199
.......................................
2.00
3/1/52
335
386
Freddie
Mac
,
Pool
#SD8160
.......................................
2.00
8/1/51
317
537
Freddie
Mac
,
Pool
#SB8128
.......................................
2.00
11/1/36
481
445
Freddie
Mac
,
Pool
#SD8182
.......................................
2.00
12/1/51
365
400
Freddie
Mac
,
Pool
#SD8098
.......................................
2.00
10/1/50
328
453
Freddie
Mac
,
Pool
#SD8193
.......................................
2.00
2/1/52
370
503
Freddie
Mac
,
Pool
#RA3606
.......................................
2.00
10/1/50
411
421
Freddie
Mac
,
Pool
#SD0731
.......................................
2.00
5/1/51
348
431
Freddie
Mac
,
Pool
#QD5748
.......................................
2.00
2/1/52
352
360
Freddie
Mac
,
Pool
#SD8121
.......................................
2.00
1/1/51
296
224
Freddie
Mac
,
Pool
#SD8146
.......................................
2.00
5/1/51
184
219
Freddie
Mac
,
Pool
#SD7537
.......................................
2.00
3/1/51
180
417
Freddie
Mac
,
Pool
#RA5155
.......................................
2.00
5/1/51
340
392
Freddie
Mac
,
Pool
#SD8134
.......................................
2.00
3/1/51
322
415
Freddie
Mac
,
Pool
#SD8172
.......................................
2.00
10/1/51
341
419
Freddie
Mac
,
Pool
#SD8177
.......................................
2.00
11/1/51
344
448
Freddie
Mac
,
Pool
#SD8188
.......................................
2.00
1/1/52
367
427
Freddie
Mac
,
Pool
#QD0433
.......................................
2.00
11/1/51
350
346
Freddie
Mac
,
Pool
#RA4986
.......................................
2.00
4/1/51
285
268
Freddie
Mac
,
Pool
#SD8150
.......................................
2.00
6/1/51
220
342
Freddie
Mac
,
Pool
#RA3575
.......................................
2.00
9/1/50
283
335
Freddie
Mac
,
Pool
#SB8115
.......................................
2.00
8/1/36
301
242
Freddie
Mac
,
Pool
#RA6025
.......................................
2.00
10/1/51
200
89
Freddie
Mac
,
Pool
#ZS7735
.......................................
2.00
1/1/32
82
353
Freddie
Mac
,
Pool
#QB3716
.......................................
2.00
9/1/50
289
412
Freddie
Mac
,
Pool
#QC7473
.......................................
2.00
9/1/51
338
180
HC
CAPITAL
TRUST
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
446
Freddie
Mac
,
Pool
#RA6333
.......................................
2.00
11/1/51
$
367
370
Freddie
Mac
,
Pool
#QC1333
.......................................
2.00
5/1/51
304
436
Freddie
Mac
,
Pool
#RA6026
.......................................
2.00
10/1/51
359
389
Freddie
Mac
,
Pool
#QO0110
.......................................
2.00
4/1/37
348
429
Freddie
Mac
,
Pool
#QC6925
.......................................
2.00
9/1/51
352
128
Freddie
Mac
,
Pool
#RB5138
.......................................
2.00
12/1/41
109
225
Freddie
Mac
,
Pool
#RB5121
.......................................
2.00
8/1/41
193
248
Freddie
Mac
,
Pool
#RA5257
.......................................
2.00
5/1/51
204
125
Freddie
Mac
,
Pool
#RB5095
.......................................
2.00
1/1/41
110
158
Freddie
Mac
,
Pool
#RB5111
.......................................
2.00
5/1/41
135
408
Freddie
Mac
,
Pool
#RA6507
.......................................
2.00
12/1/51
337
267
Freddie
Mac
,
Pool
#RB5153
.......................................
2.00
4/1/42
226
392
Freddie
Mac
,
Pool
#QC6815
.......................................
2.00
9/1/51
322
393
Freddie
Mac
,
Pool
#RA5928
.......................................
2.00
9/1/51
324
130
Freddie
Mac
,
Pool
#RB5141
.......................................
2.00
1/1/42
111
398
Freddie
Mac
,
Pool
#QC3697
.......................................
2.00
6/1/51
327
237
Freddie
Mac
,
Pool
#RB5114
.......................................
2.00
6/1/41
203
218
Freddie
Mac
,
Pool
#RA5256
.......................................
2.00
5/1/51
180
292
Freddie
Mac
,
Pool
#RC1727
.......................................
2.00
12/1/35
261
223
Freddie
Mac
,
Pool
#QC0423
.......................................
2.00
4/1/51
183
406
Freddie
Mac
,
Pool
#QC3597
.......................................
2.00
6/1/51
334
443
Freddie
Mac
,
Pool
#RA6765
.......................................
2.50
2/1/52
380
58
Freddie
Mac
,
Pool
#ZS4687
.......................................
2.50
11/1/46
50
8
Freddie
Mac
,
Pool
#G18472
.......................................
2.50
7/1/28
7
332
Freddie
Mac
,
Pool
#SD0412
.......................................
2.50
8/1/50
288
388
Freddie
Mac
,
Pool
#RA5832
.......................................
2.50
9/1/51
334
37
Freddie
Mac
,
Pool
#ZS8692
.......................................
2.50
4/1/33
35
11
Freddie
Mac
,
Pool
#G18665
.......................................
2.50
11/1/32
11
57
Freddie
Mac
,
Pool
#J37902
........................................
2.50
11/1/32
53
327
Freddie
Mac
,
Pool
#RA4527
.......................................
2.50
2/1/51
280
75
Freddie
Mac
,
Pool
#G18680
.......................................
2.50
3/1/33
69
70
Freddie
Mac
,
Pool
#SB8045
.......................................
2.50
5/1/35
65
7
Freddie
Mac
,
Pool
#G08755
.......................................
2.50
2/1/47
6
277
Freddie
Mac
,
Pool
#RA2634
.......................................
2.50
5/1/50
237
390
Freddie
Mac
,
Pool
#SD8183
.......................................
2.50
12/1/51
332
33
Freddie
Mac
,
Pool
#J18954
........................................
2.50
4/1/27
31
41
Freddie
Mac
,
Pool
#G18533
.......................................
2.50
12/1/29
40
292
Freddie
Mac
,
Pool
#SD8151
.......................................
2.50
6/1/51
249
33
Freddie
Mac
,
Pool
#SB8062
.......................................
2.50
9/1/35
30
312
Freddie
Mac
,
Pool
#RA2897
.......................................
2.50
6/1/50
268
418
Freddie
Mac
,
Pool
#RA6340
.......................................
2.50
11/1/51
358
368
Freddie
Mac
,
Pool
#RA5286
.......................................
2.50
5/1/51
313
4
Freddie
Mac
,
Pool
#J30875
........................................
2.50
3/1/30
3
286
Freddie
Mac
,
Pool
#QB3287
.......................................
2.50
8/1/50
247
405
Freddie
Mac
,
Pool
#RA6019
.......................................
2.50
10/1/51
347
36
Freddie
Mac
,
Pool
#J35643
........................................
2.50
11/1/31
34
324
Freddie
Mac
,
Pool
#SD0578
.......................................
2.50
3/1/51
276
8
Freddie
Mac
,
Pool
#G08638
.......................................
2.50
4/1/45
7
89
Freddie
Mac
,
Pool
#J38477
........................................
2.50
2/1/33
83
124
Freddie
Mac
,
Pool
#SB0301
.......................................
2.50
4/1/35
115
245
Freddie
Mac
,
Pool
#RB5157
.......................................
2.50
5/1/42
216
400
Freddie
Mac
,
Pool
#QC9156
.......................................
2.50
10/1/51
341
290
Freddie
Mac
,
Pool
#SD8167
.......................................
2.50
9/1/51
247
21
Freddie
Mac
,
Pool
#SB8053
.......................................
2.50
7/1/35
19
276
Freddie
Mac
,
Pool
#QB3703
.......................................
2.50
9/1/50
237
39
Freddie
Mac
,
Pool
#ZS8483
.......................................
2.50
3/1/28
36
39
Freddie
Mac
,
Pool
#J23440
........................................
2.50
4/1/28
37
302
Freddie
Mac
,
Pool
#SD8129
.......................................
2.50
2/1/51
258
270
Freddie
Mac
,
Pool
#SD8099
.......................................
2.50
10/1/50
233
181
HC
CAPITAL
TRUST
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
398
Freddie
Mac
,
Pool
#QC7457
.......................................
2.50
9/1/51
$
340
306
Freddie
Mac
,
Pool
#SD8114
.......................................
2.50
12/1/50
263
333
Freddie
Mac
,
Pool
#SD8141
.......................................
2.50
4/1/51
284
416
Freddie
Mac
,
Pool
#SD8189
.......................................
2.50
1/1/52
355
443
Freddie
Mac
,
Pool
#SD8147
.......................................
2.50
5/1/51
378
386
Freddie
Mac
,
Pool
#QC2251
.......................................
2.50
5/1/51
329
154
Freddie
Mac
,
Pool
#SD8083
.......................................
2.50
8/1/50
133
47
Freddie
Mac
,
Pool
#G18470
.......................................
2.50
6/1/28
45
51
Freddie
Mac
,
Pool
#RB5072
.......................................
2.50
9/1/40
47
445
Freddie
Mac
,
Pool
#SD8194
.......................................
2.50
2/1/52
379
226
Freddie
Mac
,
Pool
#QA9142
.......................................
2.50
5/1/50
196
129
Freddie
Mac
,
Pool
#SB8108
.......................................
2.50
6/1/36
119
449
Freddie
Mac
,
Pool
#SD1011
.......................................
2.50
4/1/52
382
340
Freddie
Mac
,
Pool
#SD8021
.......................................
2.50
9/1/49
292
30
Freddie
Mac
,
Pool
#C09026
.......................................
2.50
2/1/43
27
445
Freddie
Mac
,
Pool
#RA6621
.......................................
2.50
1/1/52
385
56
Freddie
Mac
,
Pool
#G18568
.......................................
2.50
9/1/30
53
240
Freddie
Mac
,
Pool
#RA3528
.......................................
2.50
9/1/50
205
412
Freddie
Mac
,
Pool
#RA6493
.......................................
2.50
12/1/51
351
423
Freddie
Mac
,
Pool
#QD5204
.......................................
2.50
1/1/52
361
228
Freddie
Mac
,
Pool
#SD8205
.......................................
2.50
4/1/52
194
420
Freddie
Mac
,
Pool
#SD0780
.......................................
2.50
12/1/51
361
388
Freddie
Mac
,
Pool
#RA5802
.......................................
2.50
9/1/51
332
462
Freddie
Mac
,
Pool
#SD8212
.......................................
2.50
5/1/52
393
308
Freddie
Mac
,
Pool
#RA2643
.......................................
2.50
6/1/50
262
21
Freddie
Mac
,
Pool
#G18485
.......................................
2.50
10/1/28
20
86
Freddie
Mac
,
Pool
#QE2352
.......................................
2.50
5/1/52
73
113
Freddie
Mac
,
Pool
#RB5086
.......................................
2.50
11/1/40
103
22
Freddie
Mac
,
Pool
#G18704
.......................................
2.50
6/1/33
20
203
Freddie
Mac
,
Pool
#SD8067
.......................................
2.50
6/1/50
175
63
Freddie
Mac
,
Pool
#J26408
........................................
2.50
11/1/28
57
12
Freddie
Mac
,
Pool
#C91904
.......................................
2.50
11/1/36
11
21
Freddie
Mac
,
Pool
#J25585
........................................
2.50
9/1/28
20
22
Freddie
Mac
,
Pool
#Q42878
.......................................
2.50
9/1/46
19
153
Freddie
Mac
,
Pool
#QA5290
.......................................
2.50
12/1/49
131
230
Freddie
Mac
,
Pool
#RA2595
.......................................
2.50
5/1/50
197
136
Freddie
Mac
,
Pool
#SD8055
.......................................
2.50
4/1/50
117
53
Freddie
Mac
,
Pool
#RB5054
.......................................
2.50
6/1/40
48
367
Freddie
Mac
,
Pool
#QC2031
.......................................
2.50
5/1/51
313
113
Freddie
Mac
,
Pool
#G18611
.......................................
2.50
9/1/31
107
170
Freddie
Mac
,
Pool
#RA2645
.......................................
2.50
6/1/50
145
47
Freddie
Mac
,
Pool
#ZK8425
.......................................
2.50
12/1/31
44
299
Freddie
Mac
,
Pool
#SD8122
.......................................
2.50
1/1/51
256
111
Freddie
Mac
,
Pool
#RB5043
.......................................
2.50
4/1/40
101
21
Freddie
Mac
,
Pool
#RA6815
.......................................
2.50
2/1/52
18
51
Freddie
Mac
,
Pool
#G18635
.......................................
2.50
3/1/32
48
11
Freddie
Mac
,
Pool
#J29932
........................................
3.00
11/1/29
11
43
Freddie
Mac
,
Pool
#ZS4688
.......................................
3.00
11/1/46
39
27
Freddie
Mac
,
Pool
#ZS4703
.......................................
3.00
2/1/47
24
55
Freddie
Mac
,
Pool
#ZM2169
.......................................
3.00
11/1/46
50
44
Freddie
Mac
,
Pool
#G18518
.......................................
3.00
7/1/29
42
98
Freddie
Mac
,
Pool
#ZS4658
.......................................
3.00
4/1/46
89
13
Freddie
Mac
,
Pool
#J38807
........................................
3.00
4/1/33
12
72
Freddie
Mac
,
Pool
#C04422
.......................................
3.00
12/1/42
65
54
Freddie
Mac
,
Pool
#ZS4706
.......................................
3.00
3/1/47
49
19
Freddie
Mac
,
Pool
#J38675
........................................
3.00
3/1/33
19
138
Freddie
Mac
,
Pool
#SD8184
.......................................
3.00
12/1/51
123
23
Freddie
Mac
,
Pool
#J36428
........................................
3.00
2/1/32
22
15
Freddie
Mac
,
Pool
#G18575
.......................................
3.00
11/1/30
14
182
HC
CAPITAL
TRUST
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
109
Freddie
Mac
,
Pool
#ZM2285
.......................................
3.00
12/1/46
$
99
32
Freddie
Mac
,
Pool
#ZS4641
.......................................
3.00
12/1/45
29
12
Freddie
Mac
,
Pool
#J33135
........................................
3.00
11/1/30
12
54
Freddie
Mac
,
Pool
#ZS4779
.......................................
3.00
6/1/48
48
2
Freddie
Mac
,
Pool
#J17111
........................................
3.00
10/1/26
2
30
Freddie
Mac
,
Pool
#G08648
.......................................
3.00
6/1/45
27
22
Freddie
Mac
,
Pool
#RB5162
.......................................
3.00
6/1/42
21
5
Freddie
Mac
,
Pool
#Q18882
.......................................
3.00
5/1/43
5
12
Freddie
Mac
,
Pool
#Q18599
.......................................
3.00
6/1/43
11
357
Freddie
Mac
,
Pool
#QD9881
.......................................
3.00
3/1/52
316
56
Freddie
Mac
,
Pool
#RA2594
.......................................
3.00
5/1/50
50
54
Freddie
Mac
,
Pool
#ZM2721
.......................................
3.00
2/1/47
49
40
Freddie
Mac
,
Pool
#SD8056
.......................................
3.00
4/1/50
36
93
Freddie
Mac
,
Pool
#ZS4621
.......................................
3.00
7/1/45
85
42
Freddie
Mac
,
Pool
#ZT0195
.......................................
3.00
9/1/46
38
86
Freddie
Mac
,
Pool
#ZS4512
.......................................
3.00
5/1/43
80
164
Freddie
Mac
,
Pool
#ZS4519
.......................................
3.00
6/1/43
151
41
Freddie
Mac
,
Pool
#Q41795
.......................................
3.00
7/1/46
37
340
Freddie
Mac
,
Pool
#SD8174
.......................................
3.00
10/1/51
304
53
Freddie
Mac
,
Pool
#ZA2313
.......................................
3.00
9/1/33
52
36
Freddie
Mac
,
Pool
#G08640
.......................................
3.00
5/1/45
32
5
Freddie
Mac
,
Pool
#C91949
.......................................
3.00
9/1/37
4
12
Freddie
Mac
,
Pool
#J38057
........................................
3.00
12/1/32
11
26
Freddie
Mac
,
Pool
#C91927
.......................................
3.00
5/1/37
24
80
Freddie
Mac
,
Pool
#QA1033
.......................................
3.00
7/1/49
71
83
Freddie
Mac
,
Pool
#ZS4609
.......................................
3.00
4/1/45
75
66
Freddie
Mac
,
Pool
#C91581
.......................................
3.00
11/1/32
64
63
Freddie
Mac
,
Pool
#SD8074
.......................................
3.00
7/1/50
56
107
Freddie
Mac
,
Pool
#SB8046
.......................................
3.00
5/1/35
102
84
Freddie
Mac
,
Pool
#ZA1283
.......................................
3.00
1/1/43
76
123
Freddie
Mac
,
Pool
#Q45735
.......................................
3.00
1/1/47
111
10
Freddie
Mac
,
Pool
#C91969
.......................................
3.00
1/1/38
10
4
Freddie
Mac
,
Pool
#C91939
.......................................
3.00
6/1/37
4
77
Freddie
Mac
,
Pool
#G18673
.......................................
3.00
1/1/33
73
21
Freddie
Mac
,
Pool
#G18582
.......................................
3.00
1/1/31
20
44
Freddie
Mac
,
Pool
#G15145
.......................................
3.00
7/1/29
43
134
Freddie
Mac
,
Pool
#ZS4697
.......................................
3.00
1/1/47
122
47
Freddie
Mac
,
Pool
#J17774
........................................
3.00
1/1/27
44
26
Freddie
Mac
,
Pool
#C91819
.......................................
3.00
4/1/35
25
9
Freddie
Mac
,
Pool
#C91943
.......................................
3.00
7/1/37
8
102
Freddie
Mac
,
Pool
#C04619
.......................................
3.00
3/1/43
94
39
Freddie
Mac
,
Pool
#ZT0715
.......................................
3.00
9/1/48
35
50
Freddie
Mac
,
Pool
#Q20067
.......................................
3.00
7/1/43
46
29
Freddie
Mac
,
Pool
#ZS8686
.......................................
3.00
2/1/33
28
21
Freddie
Mac
,
Pool
#C91798
.......................................
3.00
12/1/34
19
78
Freddie
Mac
,
Pool
#G60187
.......................................
3.00
8/1/45
71
21
Freddie
Mac
,
Pool
#Q19754
.......................................
3.00
7/1/43
19
45
Freddie
Mac
,
Pool
#G15217
.......................................
3.00
11/1/29
43
37
Freddie
Mac
,
Pool
#C91707
.......................................
3.00
6/1/33
36
463
Freddie
Mac
,
Pool
#ZS4522
.......................................
3.00
7/1/43
426
16
Freddie
Mac
,
Pool
#G18715
.......................................
3.00
12/1/33
15
103
Freddie
Mac
,
Pool
#SD8024
.......................................
3.00
11/1/49
92
114
Freddie
Mac
,
Pool
#Q16222
.......................................
3.00
3/1/43
104
229
Freddie
Mac
,
Pool
#Q21065
.......................................
3.00
8/1/43
209
21
Freddie
Mac
,
Pool
#G08540
.......................................
3.00
8/1/43
20
69
Freddie
Mac
,
Pool
#ZS4693
.......................................
3.00
12/1/46
62
19
Freddie
Mac
,
Pool
#SD8030
.......................................
3.00
12/1/49
16
75
Freddie
Mac
,
Pool
#ZM2089
.......................................
3.00
11/1/46
68
96
Freddie
Mac
,
Pool
#Q43734
.......................................
3.00
10/1/46
88
183
HC
CAPITAL
TRUST
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
39
Freddie
Mac
,
Pool
#G18531
.......................................
3.00
11/1/29
$
38
94
Freddie
Mac
,
Pool
#SD8242
.......................................
3.00
9/1/52
83
52
Freddie
Mac
,
Pool
#ZT1323
.......................................
3.00
10/1/48
46
5
Freddie
Mac
,
Pool
#Q13086
.......................................
3.00
11/1/42
5
3
Freddie
Mac
,
Pool
#J14241
........................................
3.00
1/1/26
3
14
Freddie
Mac
,
Pool
#ZT2019
.......................................
3.00
5/1/34
13
8
Freddie
Mac
,
Pool
#C91826
.......................................
3.00
5/1/35
8
6
Freddie
Mac
,
Pool
#G30999
.......................................
3.00
2/1/37
6
12
Freddie
Mac
,
Pool
#C91905
.......................................
3.00
11/1/36
11
65
Freddie
Mac
,
Pool
#QA8065
.......................................
3.00
3/1/50
58
119
Freddie
Mac
,
Pool
#G60989
.......................................
3.00
12/1/46
108
39
Freddie
Mac
,
Pool
#G08783
.......................................
3.00
10/1/47
35
2
Freddie
Mac
,
Pool
#Q39527
.......................................
3.00
3/1/46
1
113
Freddie
Mac
,
Pool
#QA9049
.......................................
3.00
4/1/50
101
38
Freddie
Mac
,
Pool
#G18569
.......................................
3.00
9/1/30
36
4
Freddie
Mac
,
Pool
#C91809
.......................................
3.00
2/1/35
4
21
Freddie
Mac
,
Pool
#G30945
.......................................
3.00
9/1/36
20
11
Freddie
Mac
,
Pool
#G18534
.......................................
3.00
12/1/29
10
55
Freddie
Mac
,
Pool
#G18514
.......................................
3.00
6/1/29
54
13
Freddie
Mac
,
Pool
#C91924
.......................................
3.00
4/1/37
12
37
Freddie
Mac
,
Pool
#ZA5128
.......................................
3.50
12/1/47
34
5
Freddie
Mac
,
Pool
#C91925
.......................................
3.50
4/1/37
5
59
Freddie
Mac
,
Pool
#G61148
.......................................
3.50
9/1/47
55
34
Freddie
Mac
,
Pool
#ZS4771
.......................................
3.50
6/1/48
32
77
Freddie
Mac
,
Pool
#G08766
.......................................
3.50
6/1/47
72
28
Freddie
Mac
,
Pool
#G08698
.......................................
3.50
3/1/46
26
98
Freddie
Mac
,
Pool
#G08636
.......................................
3.50
4/1/45
92
75
Freddie
Mac
,
Pool
#G08804
.......................................
3.50
3/1/48
69
7
Freddie
Mac
,
Pool
#J13582
........................................
3.50
11/1/25
7
61
Freddie
Mac
,
Pool
#G08632
.......................................
3.50
3/1/45
57
16
Freddie
Mac
,
Pool
#RA1508
.......................................
3.50
10/1/49
15
44
Freddie
Mac
,
Pool
#C91403
.......................................
3.50
3/1/32
42
15
Freddie
Mac
,
Pool
#A96409
.......................................
3.50
1/1/41
14
43
Freddie
Mac
,
Pool
#ZS4704
.......................................
3.50
2/1/47
41
146
Freddie
Mac
,
Pool
#RA2469
.......................................
3.50
4/1/50
137
10
Freddie
Mac
,
Pool
#Q55002
.......................................
3.50
3/1/48
10
25
Freddie
Mac
,
Pool
#ZS4759
.......................................
3.50
3/1/48
23
74
Freddie
Mac
,
Pool
#QA8794
.......................................
3.50
4/1/50
68
28
Freddie
Mac
,
Pool
#ZT1951
.......................................
3.50
5/1/49
26
22
Freddie
Mac
,
Pool
#G08813
.......................................
3.50
5/1/48
21
66
Freddie
Mac
,
Pool
#ZS4651
.......................................
3.50
3/1/46
62
7
Freddie
Mac
,
Pool
#G08620
.......................................
3.50
12/1/44
7
50
Freddie
Mac
,
Pool
#G08761
.......................................
3.50
5/1/47
47
27
Freddie
Mac
,
Pool
#G30776
.......................................
3.50
7/1/35
26
22
Freddie
Mac
,
Pool
#C03920
.......................................
3.50
5/1/42
21
36
Freddie
Mac
,
Pool
#Q12052
.......................................
3.50
10/1/42
34
59
Freddie
Mac
,
Pool
#Q09896
.......................................
3.50
8/1/42
56
33
Freddie
Mac
,
Pool
#Q04087
.......................................
3.50
10/1/41
31
40
Freddie
Mac
,
Pool
#SD8011
.......................................
3.50
9/1/49
37
4
Freddie
Mac
,
Pool
#C91760
.......................................
3.50
5/1/34
4
20
Freddie
Mac
,
Pool
#G08599
.......................................
3.50
8/1/44
18
440
Freddie
Mac
,
Pool
#SD0968
.......................................
3.50
4/1/52
410
31
Freddie
Mac
,
Pool
#J15105
........................................
3.50
4/1/26
31
9
Freddie
Mac
,
Pool
#ZS4747
.......................................
3.50
12/1/47
8
84
Freddie
Mac
,
Pool
#Q20860
.......................................
3.50
8/1/43
79
59
Freddie
Mac
,
Pool
#ZS4622
.......................................
3.50
7/1/45
56
12
Freddie
Mac
,
Pool
#Q31134
.......................................
3.50
2/1/45
12
14
Freddie
Mac
,
Pool
#J27494
........................................
3.50
2/1/29
14
67
Freddie
Mac
,
Pool
#G08641
.......................................
3.50
5/1/45
63
184
HC
CAPITAL
TRUST
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
58
Freddie
Mac
,
Pool
#Q08903
.......................................
3.50
6/1/42
$
55
550
Freddie
Mac
,
Pool
#SD8214
.......................................
3.50
5/1/52
504
48
Freddie
Mac
,
Pool
#C91456
.......................................
3.50
6/1/32
47
58
Freddie
Mac
,
Pool
#ZS4713
.......................................
3.50
4/1/47
54
65
Freddie
Mac
,
Pool
#Q49490
.......................................
3.50
7/1/47
60
97
Freddie
Mac
,
Pool
#SD8226
.......................................
3.50
7/1/52
89
48
Freddie
Mac
,
Pool
#SD2253
.......................................
3.50
12/1/52
44
85
Freddie
Mac
,
Pool
#G08562
.......................................
3.50
1/1/44
80
15
Freddie
Mac
,
Pool
#SB8007
.......................................
3.50
9/1/34
14
29
Freddie
Mac
,
Pool
#Q58422
.......................................
3.50
9/1/48
27
23
Freddie
Mac
,
Pool
#SB0031
.......................................
3.50
10/1/27
22
54
Freddie
Mac
,
Pool
#ZS4630
.......................................
3.50
9/1/45
51
33
Freddie
Mac
,
Pool
#Q36040
.......................................
3.50
9/1/45
31
36
Freddie
Mac
,
Pool
#Q57871
.......................................
3.50
8/1/48
34
25
Freddie
Mac
,
Pool
#ZS4659
.......................................
3.50
4/1/46
23
1
Freddie
Mac
,
Pool
#E02735
.......................................
3.50
10/1/25
1
32
Freddie
Mac
,
Pool
#G08687
.......................................
3.50
1/1/46
30
21
Freddie
Mac
,
Pool
#G08846
.......................................
3.50
11/1/48
20
97
Freddie
Mac
,
Pool
#ZS4599
.......................................
3.50
1/1/45
92
14
Freddie
Mac
,
Pool
#ZT0711
.......................................
3.50
10/1/48
13
119
Freddie
Mac
,
Pool
#ZS4536
.......................................
3.50
10/1/43
111
268
Freddie
Mac
,
Pool
#ZS4487
.......................................
3.50
6/1/42
253
68
Freddie
Mac
,
Pool
#ZS4642
.......................................
3.50
12/1/45
64
19
Freddie
Mac
,
Pool
#G08605
.......................................
3.50
9/1/44
18
88
Freddie
Mac
,
Pool
#G08627
.......................................
3.50
2/1/45
83
279
Freddie
Mac
,
Pool
#SD8038
.......................................
3.50
1/1/50
259
13
Freddie
Mac
,
Pool
#C91742
.......................................
3.50
1/1/34
12
8
Freddie
Mac
,
Pool
#C91940
.......................................
3.50
6/1/37
8
43
Freddie
Mac
,
Pool
#Q53176
.......................................
3.50
12/1/47
40
28
Freddie
Mac
,
Pool
#ZS4663
.......................................
3.50
5/1/46
26
28
Freddie
Mac
,
Pool
#Q37449
.......................................
3.50
11/1/45
27
48
Freddie
Mac
,
Pool
#Q51461
.......................................
3.50
10/1/47
45
9
Freddie
Mac
,
Pool
#C92003
.......................................
3.50
7/1/38
9
34
Freddie
Mac
,
Pool
#Q06749
.......................................
3.50
3/1/42
32
381
Freddie
Mac
,
Pool
#SD8221
.......................................
3.50
6/1/52
350
85
Freddie
Mac
,
Pool
#SB8183
.......................................
3.50
10/1/37
82
48
Freddie
Mac
,
Pool
#Q08998
.......................................
3.50
6/1/42
45
32
Freddie
Mac
,
Pool
#G08733
.......................................
3.50
11/1/46
30
29
Freddie
Mac
,
Pool
#G18707
.......................................
3.50
9/1/33
28
16
Freddie
Mac
,
Pool
#C91950
.......................................
3.50
9/1/37
15
38
Freddie
Mac
,
Pool
#SD8039
.......................................
4.00
1/1/50
37
14
Freddie
Mac
,
Pool
#ZS4652
.......................................
4.00
2/1/46
13
220
Freddie
Mac
,
Pool
#A96286
.......................................
4.00
1/1/41
216
5
Freddie
Mac
,
Pool
#C91923
.......................................
4.00
3/1/37
5
18
Freddie
Mac
,
Pool
#G08836
.......................................
4.00
9/1/48
18
9
Freddie
Mac
,
Pool
#C91994
.......................................
4.00
5/1/38
9
42
Freddie
Mac
,
Pool
#G08618
.......................................
4.00
12/1/44
41
371
Freddie
Mac
,
Pool
#SD1132
.......................................
4.00
6/1/52
353
21
Freddie
Mac
,
Pool
#G08483
.......................................
4.00
3/1/42
20
58
Freddie
Mac
,
Pool
#ZS4631
.......................................
4.00
9/1/45
56
47
Freddie
Mac
,
Pool
#G08459
.......................................
4.00
9/1/41
46
43
Freddie
Mac
,
Pool
#ZS4573
.......................................
4.00
7/1/44
42
6
Freddie
Mac
,
Pool
#G08633
.......................................
4.00
3/1/45
6
5
Freddie
Mac
,
Pool
#G14453
.......................................
4.00
6/1/26
5
37
Freddie
Mac
,
Pool
#C09070
.......................................
4.00
12/1/44
36
35
Freddie
Mac
,
Pool
#Q58680
.......................................
4.00
9/1/48
33
9
Freddie
Mac
,
Pool
#ZT1800
.......................................
4.00
3/1/34
9
44
Freddie
Mac
,
Pool
#G08616
.......................................
4.00
11/1/44
42
23
Freddie
Mac
,
Pool
#Q34081
.......................................
4.00
6/1/45
22
185
HC
CAPITAL
TRUST
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
55
Freddie
Mac
,
Pool
#ZS4731
.......................................
4.00
8/1/47
$
53
31
Freddie
Mac
,
Pool
#G08767
.......................................
4.00
6/1/47
29
46
Freddie
Mac
,
Pool
#G08588
.......................................
4.00
5/1/44
45
22
Freddie
Mac
,
Pool
#ZA6946
.......................................
4.00
5/1/49
21
31
Freddie
Mac
,
Pool
#ZT2106
.......................................
4.00
3/1/49
30
3
Freddie
Mac
,
Pool
#G08642
.......................................
4.00
5/1/45
3
187
Freddie
Mac
,
Pool
#QE6074
.......................................
4.00
7/1/52
177
94
Freddie
Mac
,
Pool
#SD0290
.......................................
4.00
4/1/50
89
35
Freddie
Mac
,
Pool
#ZT1952
.......................................
4.00
5/1/49
33
26
Freddie
Mac
,
Pool
#C91738
.......................................
4.00
11/1/33
26
2
Freddie
Mac
,
Pool
#J12435
........................................
4.00
6/1/25
2
78
Freddie
Mac
,
Pool
#G06506
.......................................
4.00
12/1/40
77
25
Freddie
Mac
,
Pool
#C91765
.......................................
4.00
6/1/34
25
36
Freddie
Mac
,
Pool
#Q27594
.......................................
4.00
8/1/44
35
22
Freddie
Mac
,
Pool
#G08601
.......................................
4.00
8/1/44
21
381
Freddie
Mac
,
Pool
#SD8256
.......................................
4.00
10/1/52
361
18
Freddie
Mac
,
Pool
#G08831
.......................................
4.00
8/1/48
18
10
Freddie
Mac
,
Pool
#ZN5030
.......................................
4.00
4/1/49
10
11
Freddie
Mac
,
Pool
#G08672
.......................................
4.00
10/1/45
11
60
Freddie
Mac
,
Pool
#ZL7781
.......................................
4.00
2/1/44
59
7
Freddie
Mac
,
Pool
#C92019
.......................................
4.00
10/1/38
7
3
Freddie
Mac
,
Pool
#Q27456
.......................................
4.00
7/1/44
3
479
Freddie
Mac
,
Pool
#SD8286
.......................................
4.00
1/1/53
453
115
Freddie
Mac
,
Pool
#SD8070
.......................................
4.00
6/1/50
109
379
Freddie
Mac
,
Pool
#QE5462
.......................................
4.00
7/1/52
360
46
Freddie
Mac
,
Pool
#G08785
.......................................
4.00
10/1/47
44
40
Freddie
Mac
,
Pool
#G08567
.......................................
4.00
1/1/44
39
25
Freddie
Mac
,
Pool
#G08637
.......................................
4.00
4/1/45
24
21
Freddie
Mac
,
Pool
#ZT1840
.......................................
4.00
9/1/48
20
25
Freddie
Mac
,
Pool
#ZT1320
.......................................
4.00
11/1/48
24
390
Freddie
Mac
,
Pool
#SD8313
.......................................
4.00
4/1/53
369
384
Freddie
Mac
,
Pool
#SD8244
.......................................
4.00
9/1/52
364
429
Freddie
Mac
,
Pool
#A97692
.......................................
4.50
3/1/41
429
17
Freddie
Mac
,
Pool
#Q22671
.......................................
4.50
11/1/43
17
384
Freddie
Mac
,
Pool
#SD8306
.......................................
4.50
3/1/53
372
4
Freddie
Mac
,
Pool
#A90437
.......................................
4.50
1/1/40
4
7
Freddie
Mac
,
Pool
#C09059
.......................................
4.50
3/1/44
7
88
Freddie
Mac
,
Pool
#SD8002
.......................................
4.50
7/1/49
86
22
Freddie
Mac
,
Pool
#ZS4774
.......................................
4.50
5/1/48
22
11
Freddie
Mac
,
Pool
#G08781
.......................................
4.50
9/1/47
11
382
Freddie
Mac
,
Pool
#SD8287
.......................................
4.50
1/1/53
370
39
Freddie
Mac
,
Pool
#A97495
.......................................
4.50
3/1/41
39
22
Freddie
Mac
,
Pool
#ZS4781
.......................................
4.50
7/1/48
22
34
Freddie
Mac
,
Pool
#G08759
.......................................
4.50
4/1/47
34
23
Freddie
Mac
,
Pool
#G08754
.......................................
4.50
3/1/47
22
296
Freddie
Mac
,
Pool
#SD8365
.......................................
4.50
10/1/53
287
44
Freddie
Mac
,
Pool
#ZT1711
.......................................
4.50
2/1/49
43
12
Freddie
Mac
,
Pool
#Q25432
.......................................
4.50
3/1/44
12
24
Freddie
Mac
,
Pool
#Q59805
.......................................
4.50
11/1/48
23
27
Freddie
Mac
,
Pool
#Q57957
.......................................
4.50
8/1/48
26
13
Freddie
Mac
,
Pool
#G08596
.......................................
4.50
7/1/44
13
1
Freddie
Mac
,
Pool
#E02862
.......................................
4.50
3/1/26
1
385
Freddie
Mac
,
Pool
#SD8266
.......................................
4.50
11/1/52
373
363
Freddie
Mac
,
Pool
#QE9161
.......................................
4.50
9/1/52
353
91
Freddie
Mac
,
Pool
#RA7928
.......................................
4.50
9/1/52
89
392
Freddie
Mac
,
Pool
#SD8340
.......................................
4.50
7/1/53
380
439
Freddie
Mac
,
Pool
#SD8245
.......................................
4.50
9/1/52
426
464
Freddie
Mac
,
Pool
#SD8315
.......................................
5.00
4/1/53
459
6
Freddie
Mac
,
Pool
#G08838
.......................................
5.00
9/1/48
6
186
HC
CAPITAL
TRUST
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
39
Freddie
Mac
,
Pool
#Q00763
.......................................
5.00
5/1/41
$
40
13
Freddie
Mac
,
Pool
#G05205
.......................................
5.00
1/1/39
13
397
Freddie
Mac
,
Pool
#SD8361
.......................................
5.00
9/1/53
393
387
Freddie
Mac
,
Pool
#SD8288
.......................................
5.00
1/1/53
383
50
Freddie
Mac
,
Pool
#ZT1779
.......................................
5.00
3/1/49
51
387
Freddie
Mac
,
Pool
#SD8341
.......................................
5.00
7/1/53
383
5
Freddie
Mac
,
Pool
#SD0093
.......................................
5.00
10/1/49
5
390
Freddie
Mac
,
Pool
#SD8323
.......................................
5.00
5/1/53
386
85
Freddie
Mac
,
Pool
#G04913
.......................................
5.00
3/1/38
87
5
Freddie
Mac
,
Pool
#G07068
.......................................
5.00
7/1/41
5
191
Freddie
Mac
,
Pool
#C01598
.......................................
5.00
8/1/33
193
381
Freddie
Mac
,
Pool
#SD8299
.......................................
5.00
2/1/53
378
1
Freddie
Mac
,
Pool
#G06091
.......................................
5.50
5/1/40
1
30
Freddie
Mac
,
Pool
#G06031
.......................................
5.50
3/1/40
30
372
Freddie
Mac
,
Pool
#SD8300
.......................................
5.50
2/1/53
374
395
Freddie
Mac
,
Pool
#SD8372
.......................................
5.50
11/1/53
397
379
Freddie
Mac
,
Pool
#SD8331
.......................................
5.50
6/1/53
381
117
Freddie
Mac
,
Pool
#G01665
.......................................
5.50
3/1/34
120
383
Freddie
Mac
,
Pool
#SD8342
.......................................
5.50
7/1/53
385
390
Freddie
Mac
,
Pool
#SD8362
.......................................
5.50
9/1/53
392
394
Freddie
Mac
,
Pool
#SD8373
.......................................
6.00
11/1/53
402
405
Freddie
Mac
,
Pool
#SD8343
.......................................
6.00
7/1/53
412
243
Freddie
Mac
,
Pool
#SD8325
.......................................
6.00
5/1/53
247
2
Freddie
Mac
,
Pool
#A62706
.......................................
6.00
6/1/37
2
110
Freddie
Mac
,
Pool
#G02794
.......................................
6.00
5/1/37
114
386
Freddie
Mac
,
Pool
#SD8363
.......................................
6.00
9/1/53
392
383
Freddie
Mac
,
Pool
#SD8350
.......................................
6.00
8/1/53
389
13
Freddie
Mac
,
Pool
#G05709
.......................................
6.00
6/1/38
13
24
Freddie
Mac
,
Pool
#G03551
.......................................
6.00
11/1/37
25
294
Freddie
Mac
,
Pool
#SD8374
.......................................
6.50
11/1/53
302
322
Government
National
Mortgage
Association
,
Pool
#MA7366
................
2.00
5/20/51
273
367
Government
National
Mortgage
Association
,
Pool
#MA8041
................
2.00
5/20/52
310
246
Government
National
Mortgage
Association
,
Pool
#MA7533
................
2.00
8/20/51
208
346
Government
National
Mortgage
Association
,
Pool
#MA7417
................
2.00
6/20/51
293
296
Government
National
Mortgage
Association
,
Pool
#MA6930
................
2.00
10/20/50
252
176
Government
National
Mortgage
Association
,
Pool
#MA6864
................
2.00
9/20/50
150
351
Government
National
Mortgage
Association
,
Pool
#MA7051
................
2.00
12/20/50
298
306
Government
National
Mortgage
Association
,
Pool
#MA6818
................
2.00
8/20/50
260
185
Government
National
Mortgage
Association
,
Pool
#MA7880
................
2.00
2/20/52
157
407
Government
National
Mortgage
Association
,
Pool
#MA7986
................
2.00
4/20/52
344
581
Government
National
Mortgage
Association
,
Pool
#MA7826
................
2.00
1/20/52
492
432
Government
National
Mortgage
Association
,
Pool
#MA7766
................
2.00
12/20/51
365
400
Government
National
Mortgage
Association
,
Pool
#MA6994
................
2.00
11/20/50
341
448
Government
National
Mortgage
Association
,
Pool
#MA7471
................
2.00
7/20/51
379
622
Government
National
Mortgage
Association
,
Pool
#MA7935
................
2.00
3/20/52
526
558
Government
National
Mortgage
Association
,
Pool
#MA7704
................
2.00
11/20/51
473
315
Government
National
Mortgage
Association
,
Pool
#MA7135
................
2.00
1/20/51
267
326
Government
National
Mortgage
Association
,
Pool
#MA7254
................
2.00
3/20/51
277
497
Government
National
Mortgage
Association
,
Pool
#MA7311
................
2.00
4/20/51
422
391
Government
National
Mortgage
Association
,
Pool
#MA7588
................
2.00
9/20/51
331
412
Government
National
Mortgage
Association
,
Pool
#MA7052
................
2.50
12/20/50
362
300
Government
National
Mortgage
Association
,
Pool
#MA7193
................
2.50
2/20/51
263
290
Government
National
Mortgage
Association
,
Pool
#MA8042
................
2.50
5/20/52
253
399
Government
National
Mortgage
Association
,
Pool
#MA7987
................
2.50
4/20/52
349
13
Government
National
Mortgage
Association
,
Pool
#AA8341
................
2.50
2/15/28
12
343
Government
National
Mortgage
Association
,
Pool
#MA7418
................
2.50
6/20/51
301
373
Government
National
Mortgage
Association
,
Pool
#MA7649
................
2.50
10/20/51
327
11
Government
National
Mortgage
Association
,
Pool
#MA4194
................
2.50
1/20/47
10
398
Government
National
Mortgage
Association
,
Pool
#MA7881
................
2.50
2/20/52
348
187
HC
CAPITAL
TRUST
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
259
Government
National
Mortgage
Association
,
Pool
#MA6995
................
2.50
11/20/50
$
228
548
Government
National
Mortgage
Association
,
Pool
#MA7767
................
2.50
12/20/51
480
241
Government
National
Mortgage
Association
,
Pool
#MA6931
................
2.50
10/20/50
212
134
Government
National
Mortgage
Association
,
Pool
#MA6540
................
2.50
3/20/50
118
13
Government
National
Mortgage
Association
,
Pool
#776954
.................
2.50
11/15/42
12
176
Government
National
Mortgage
Association
,
Pool
#MA4260
................
2.50
2/20/47
157
18
Government
National
Mortgage
Association
,
Pool
#MA4067
................
2.50
11/20/46
16
5
Government
National
Mortgage
Association
,
Pool
#MA4355
................
2.50
4/20/32
5
6
Government
National
Mortgage
Association
,
Pool
#MA2890
................
2.50
6/20/45
5
398
Government
National
Mortgage
Association
,
Pool
#MA7589
................
2.50
9/20/51
348
534
Government
National
Mortgage
Association
,
Pool
#MA7534
................
2.50
8/20/51
468
352
Government
National
Mortgage
Association
,
Pool
#MA7472
................
2.50
7/20/51
309
10
Government
National
Mortgage
Association
,
Pool
#711729
.................
2.50
3/15/43
9
311
Government
National
Mortgage
Association
,
Pool
#MA7255
................
2.50
3/20/51
273
8
Government
National
Mortgage
Association
,
Pool
#MA0908
................
2.50
4/20/28
8
321
Government
National
Mortgage
Association
,
Pool
#MA7312
................
2.50
4/20/51
281
9
Government
National
Mortgage
Association
,
Pool
#MA1133
................
2.50
7/20/28
9
170
Government
National
Mortgage
Association
,
Pool
#MA6655
................
2.50
5/20/50
149
16
Government
National
Mortgage
Association
,
Pool
#MA4717
................
2.50
9/20/47
14
360
Government
National
Mortgage
Association
,
Pool
#MA7367
................
2.50
5/20/51
316
180
Government
National
Mortgage
Association
,
Pool
#MA4125
................
2.50
12/20/46
160
180
Government
National
Mortgage
Association
,
Pool
#MA7705
................
2.50
11/20/51
158
85
Government
National
Mortgage
Association
,
Pool
#MA6598
................
2.50
4/20/50
75
396
Government
National
Mortgage
Association
,
Pool
#MA7936
................
2.50
3/20/52
346
10
Government
National
Mortgage
Association
,
Pool
#MA4424
................
2.50
5/20/32
9
407
Government
National
Mortgage
Association
,
Pool
#MA7136
................
2.50
1/20/51
357
402
Government
National
Mortgage
Association
,
Pool
#MA6709
................
2.50
6/20/50
352
190
Government
National
Mortgage
Association
,
Pool
#MA6819
................
2.50
8/20/50
167
32
Government
National
Mortgage
Association
,
Pool
#MA1283
................
2.50
9/20/43
29
378
Government
National
Mortgage
Association
,
Pool
#MA8147
................
2.50
7/20/52
331
433
Government
National
Mortgage
Association
,
Pool
#MA7827
................
2.50
1/20/52
379
13
Government
National
Mortgage
Association
,
Pool
#MA0601
................
2.50
12/20/27
13
371
Government
National
Mortgage
Association
,
Pool
#MA6865
................
2.50
9/20/50
325
43
Government
National
Mortgage
Association
,
Pool
#MA3172
................
3.00
10/20/45
39
6
Government
National
Mortgage
Association
,
Pool
#MA1890
................
3.00
5/20/29
5
360
Government
National
Mortgage
Association
,
Pool
#MA7768
................
3.00
12/20/51
326
54
Government
National
Mortgage
Association
,
Pool
#MA3596
................
3.00
4/20/46
49
147
Government
National
Mortgage
Association
,
Pool
#MA5076
................
3.00
3/20/48
134
201
Government
National
Mortgage
Association
,
Pool
#MA6656
................
3.00
5/20/50
183
13
Government
National
Mortgage
Association
,
Pool
#AK7285
................
3.00
3/15/45
12
7
Government
National
Mortgage
Association
,
Pool
#AN5756
................
3.00
7/15/45
7
99
Government
National
Mortgage
Association
,
Pool
#MA2147
................
3.00
8/20/44
92
67
Government
National
Mortgage
Association
,
Pool
#MA3033
................
3.00
8/20/45
61
132
Government
National
Mortgage
Association
,
Pool
#MA5018
................
3.00
2/20/48
121
15
Government
National
Mortgage
Association
,
Pool
#MA6766
................
3.00
7/20/50
14
228
Government
National
Mortgage
Association
,
Pool
#MA6599
................
3.00
4/20/50
207
51
Government
National
Mortgage
Association
,
Pool
#MA3104
................
3.00
9/20/45
46
21
Government
National
Mortgage
Association
,
Pool
#MA3243
................
3.00
11/20/45
19
352
Government
National
Mortgage
Association
,
Pool
#MA7828
................
3.00
1/20/52
320
9
Government
National
Mortgage
Association
,
Pool
#MA2797
................
3.00
5/20/30
8
75
Government
National
Mortgage
Association
,
Pool
#MA4450
................
3.00
5/20/47
69
59
Government
National
Mortgage
Association
,
Pool
#MA3662
................
3.00
5/20/46
54
18
Government
National
Mortgage
Association
,
Pool
#MA2600
................
3.00
2/20/45
16
60
Government
National
Mortgage
Association
,
Pool
#MA4381
................
3.00
4/20/47
55
4
Government
National
Mortgage
Association
,
Pool
#MA4935
................
3.00
1/20/33
4
66
Government
National
Mortgage
Association
,
Pool
#MA6710
................
3.00
6/20/50
60
38
Government
National
Mortgage
Association
,
Pool
#779084
.................
3.00
4/15/42
35
117
Government
National
Mortgage
Association
,
Pool
#AD8433
................
3.00
7/15/43
108
12
Government
National
Mortgage
Association
,
Pool
#AG0440
................
3.00
8/15/43
11
188
HC
CAPITAL
TRUST
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
82
Government
National
Mortgage
Association
,
Pool
#MA1374
................
3.00
10/20/43
$
76
45
Government
National
Mortgage
Association
,
Pool
#MA2825
................
3.00
5/20/45
41
46
Government
National
Mortgage
Association
,
Pool
#MA2960
................
3.00
7/20/45
42
162
Government
National
Mortgage
Association
,
Pool
#MA4126
................
3.00
12/20/46
149
79
Government
National
Mortgage
Association
,
Pool
#MA2520
................
3.00
1/20/45
73
439
Government
National
Mortgage
Association
,
Pool
#MA0624
................
3.00
12/20/42
407
144
Government
National
Mortgage
Association
,
Pool
#MA4899
................
3.00
12/20/47
132
78
Government
National
Mortgage
Association
,
Pool
#MA0153
................
3.00
6/20/42
72
29
Government
National
Mortgage
Association
,
Pool
#MA0851
................
3.00
3/20/43
27
91
Government
National
Mortgage
Association
,
Pool
#AA6149
................
3.00
3/20/43
84
20
Government
National
Mortgage
Association
,
Pool
#MA3520
................
3.00
3/20/46
18
408
Government
National
Mortgage
Association
,
Pool
#MA8098
................
3.00
6/20/52
369
2
Government
National
Mortgage
Association
,
Pool
#5276
..................
3.00
1/20/27
2
328
Government
National
Mortgage
Association
,
Pool
#MA6218
................
3.00
10/20/49
299
57
Government
National
Mortgage
Association
,
Pool
#MA4320
................
3.00
3/20/47
53
160
Government
National
Mortgage
Association
,
Pool
#MA4003
................
3.00
10/20/46
147
109
Government
National
Mortgage
Association
,
Pool
#MA3936
................
3.00
9/20/46
100
48
Government
National
Mortgage
Association
,
Pool
#MA3873
................
3.00
8/20/46
44
16
Government
National
Mortgage
Association
,
Pool
#MA4559
................
3.00
7/20/32
15
136
Government
National
Mortgage
Association
,
Pool
#MA4261
................
3.00
2/20/47
125
28
Government
National
Mortgage
Association
,
Pool
#MA4068
................
3.00
11/20/46
26
143
Government
National
Mortgage
Association
,
Pool
#MA4195
................
3.00
1/20/47
132
67
Government
National
Mortgage
Association
,
Pool
#MA3802
................
3.00
7/20/46
61
36
Government
National
Mortgage
Association
,
Pool
#MA2753
................
3.00
4/20/45
33
87
Government
National
Mortgage
Association
,
Pool
#MA4509
................
3.00
6/20/47
80
349
Government
National
Mortgage
Association
,
Pool
#MA7706
................
3.00
11/20/51
317
120
Government
National
Mortgage
Association
,
Pool
#MA3735
................
3.00
6/20/46
110
119
Government
National
Mortgage
Association
,
Pool
#MA6409
................
3.00
1/20/50
109
18
Government
National
Mortgage
Association
,
Pool
#MA6820
................
3.00
8/20/50
16
13
Government
National
Mortgage
Association
,
Pool
#MA0205
................
3.00
7/20/27
12
70
Government
National
Mortgage
Association
,
Pool
#MA0461
................
3.00
10/20/42
65
18
Government
National
Mortgage
Association
,
Pool
#MA1265
................
3.00
9/20/28
17
125
Government
National
Mortgage
Association
,
Pool
#MA0391
................
3.00
9/20/42
116
69
Government
National
Mortgage
Association
,
Pool
#MA6283
................
3.00
11/20/49
63
54
Government
National
Mortgage
Association
,
Pool
#MA3309
................
3.00
12/20/45
49
66
Government
National
Mortgage
Association
,
Pool
#MA6089
................
3.00
8/20/49
60
71
Government
National
Mortgage
Association
,
Pool
#MA4961
................
3.00
1/20/48
65
125
Government
National
Mortgage
Association
,
Pool
#MA6474
................
3.00
2/20/50
114
98
Government
National
Mortgage
Association
,
Pool
#MA4836
................
3.00
11/20/47
90
4
Government
National
Mortgage
Association
,
Pool
#AL5058
................
3.00
3/15/45
3
8
Government
National
Mortgage
Association
,
Pool
#AA2934
................
3.00
7/15/42
8
40
Government
National
Mortgage
Association
,
Pool
#AA2654
................
3.00
6/15/43
37
94
Government
National
Mortgage
Association
,
Pool
#MA4651
................
3.00
8/20/47
86
49
Government
National
Mortgage
Association
,
Pool
#MA2444
................
3.00
12/20/44
45
102
Government
National
Mortgage
Association
,
Pool
#MA6338
................
3.00
12/20/49
94
71
Government
National
Mortgage
Association
,
Pool
#MA4777
................
3.00
10/20/47
65
51
Government
National
Mortgage
Association
,
Pool
#MA2961
................
3.50
7/20/45
48
36
Government
National
Mortgage
Association
,
Pool
#MA2371
................
3.50
11/20/44
35
121
Government
National
Mortgage
Association
,
Pool
#MA1157
................
3.50
7/20/43
115
63
Government
National
Mortgage
Association
,
Pool
#MA4262
................
3.50
2/20/47
59
105
Government
National
Mortgage
Association
,
Pool
#MA0934
................
3.50
4/20/43
100
461
Government
National
Mortgage
Association
,
Pool
#MA8149
................
3.50
7/20/52
429
68
Government
National
Mortgage
Association
,
Pool
#MA3376
................
3.50
1/20/46
64
44
Government
National
Mortgage
Association
,
Pool
#MA4778
................
3.50
10/20/47
41
15
Government
National
Mortgage
Association
,
Pool
#MA3937
................
3.50
9/20/46
14
3
Government
National
Mortgage
Association
,
Pool
#MA1266
................
3.50
9/20/28
3
54
Government
National
Mortgage
Association
,
Pool
#MA3663
................
3.50
5/20/46
52
84
Government
National
Mortgage
Association
,
Pool
#MA4837
................
3.50
11/20/47
79
45
Government
National
Mortgage
Association
,
Pool
#MA4510
................
3.50
6/20/47
43
189
HC
CAPITAL
TRUST
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
54
Government
National
Mortgage
Association
,
Pool
#778157
.................
3.50
3/15/42
$
50
53
Government
National
Mortgage
Association
,
Pool
#MA3310
................
3.50
12/20/45
50
372
Government
National
Mortgage
Association
,
Pool
#MA8199
................
3.50
8/20/52
346
66
Government
National
Mortgage
Association
,
Pool
#MA4321
................
3.50
3/20/47
63
56
Government
National
Mortgage
Association
,
Pool
#MA3803
................
3.50
7/20/46
53
70
Government
National
Mortgage
Association
,
Pool
#MA2892
................
3.50
6/20/45
66
84
Government
National
Mortgage
Association
,
Pool
#MA0088
................
3.50
5/20/42
80
43
Government
National
Mortgage
Association
,
Pool
#MA2754
................
3.50
4/20/45
41
67
Government
National
Mortgage
Association
,
Pool
#MA3597
................
3.50
4/20/46
64
70
Government
National
Mortgage
Association
,
Pool
#MA4004
................
3.50
10/20/46
67
109
Government
National
Mortgage
Association
,
Pool
#MA5019
................
3.50
2/20/48
102
38
Government
National
Mortgage
Association
,
Pool
#AC3938
................
3.50
1/15/43
36
121
Government
National
Mortgage
Association
,
Pool
#MA0462
................
3.50
10/20/42
115
58
Government
National
Mortgage
Association
,
Pool
#MA5136
................
3.50
4/20/48
55
11
Government
National
Mortgage
Association
,
Pool
#MA6219
................
3.50
10/20/49
10
53
Government
National
Mortgage
Association
,
Pool
#MA5077
................
3.50
3/20/48
50
66
Government
National
Mortgage
Association
,
Pool
#MA0022
................
3.50
4/20/42
63
43
Government
National
Mortgage
Association
,
Pool
#MA5263
................
3.50
6/20/48
41
76
Government
National
Mortgage
Association
,
Pool
#MA2303
................
3.50
10/20/44
72
14
Government
National
Mortgage
Association
,
Pool
#MA6339
................
3.50
12/20/49
13
234
Government
National
Mortgage
Association
,
Pool
#MA8266
................
3.50
9/20/52
218
172
Government
National
Mortgage
Association
,
Pool
#MA2148
................
3.50
8/20/44
164
99
Government
National
Mortgage
Association
,
Pool
#MA4196
................
3.50
1/20/47
94
84
Government
National
Mortgage
Association
,
Pool
#MA4127
................
3.50
12/20/46
80
64
Government
National
Mortgage
Association
,
Pool
#MA4900
................
3.50
12/20/47
60
23
Government
National
Mortgage
Association
,
Pool
#BD5909
................
3.50
10/15/47
22
11
Government
National
Mortgage
Association
,
Pool
#MA5762
................
3.50
2/20/49
11
9
Government
National
Mortgage
Association
,
Pool
#MA5875
................
3.50
4/20/49
9
39
Government
National
Mortgage
Association
,
Pool
#MA1838
................
3.50
4/20/44
37
121
Government
National
Mortgage
Association
,
Pool
#MA2073
................
3.50
7/20/44
117
47
Government
National
Mortgage
Association
,
Pool
#MA4586
................
3.50
7/20/47
44
38
Government
National
Mortgage
Association
,
Pool
#740798
.................
3.50
1/15/42
36
71
Government
National
Mortgage
Association
,
Pool
#MA4382
................
3.50
4/20/47
67
49
Government
National
Mortgage
Association
,
Pool
#MA3736
................
3.50
6/20/46
46
14
Government
National
Mortgage
Association
,
Pool
#796271
.................
3.50
7/15/42
13
52
Government
National
Mortgage
Association
,
Pool
#MA3874
................
3.50
8/20/46
49
8
Government
National
Mortgage
Association
,
Pool
#738602
.................
3.50
8/15/26
8
78
Government
National
Mortgage
Association
,
Pool
#MA3244
................
3.50
11/20/45
73
99
Government
National
Mortgage
Association
,
Pool
#MA3173
................
3.50
10/20/45
94
2
Government
National
Mortgage
Association
,
Pool
#AL8566
................
3.50
3/15/45
2
63
Government
National
Mortgage
Association
,
Pool
#MA0699
................
3.50
1/20/43
60
119
Government
National
Mortgage
Association
,
Pool
#MA1090
................
3.50
6/20/43
113
92
Government
National
Mortgage
Association
,
Pool
#MA3521
................
3.50
3/20/46
88
35
Government
National
Mortgage
Association
,
Pool
#MA1919
................
3.50
5/20/44
33
12
Government
National
Mortgage
Association
,
Pool
#MA6711
................
3.50
6/20/50
11
105
Government
National
Mortgage
Association
,
Pool
#MA0852
................
3.50
3/20/43
100
65
Government
National
Mortgage
Association
,
Pool
#MA2678
................
3.50
3/20/45
61
10
Government
National
Mortgage
Association
,
Pool
#MA6475
................
3.50
2/20/50
9
60
Government
National
Mortgage
Association
,
Pool
#783976
.................
3.50
4/20/43
57
78
Government
National
Mortgage
Association
,
Pool
#AM4971
................
3.50
4/20/45
71
58
Government
National
Mortgage
Association
,
Pool
#MA4719
................
3.50
9/20/47
55
64
Government
National
Mortgage
Association
,
Pool
#MA4652
................
3.50
8/20/47
61
42
Government
National
Mortgage
Association
,
Pool
#MA2445
................
3.50
12/20/44
40
8
Government
National
Mortgage
Association
,
Pool
#MA6410
................
3.50
1/20/50
8
63
Government
National
Mortgage
Association
,
Pool
#MA4069
................
3.50
11/20/46
60
15
Government
National
Mortgage
Association
,
Pool
#AD2416
................
3.50
5/15/43
14
30
Government
National
Mortgage
Association
,
Pool
#MA4451
................
3.50
5/20/47
28
38
Government
National
Mortgage
Association
,
Pool
#MA3454
................
3.50
2/20/46
36
7
Government
National
Mortgage
Association
,
Pool
#MA1574
................
3.50
1/20/29
6
190
HC
CAPITAL
TRUST
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
87
Government
National
Mortgage
Association
,
Pool
#MA3034
................
3.50
8/20/45
$
83
214
Government
National
Mortgage
Association
,
Pool
#MA0220
................
3.50
7/20/42
205
60
Government
National
Mortgage
Association
,
Pool
#MA1761
................
4.00
3/20/44
58
19
Government
National
Mortgage
Association
,
Pool
#AD5627
................
4.00
4/15/43
18
30
Government
National
Mortgage
Association
,
Pool
#MA2602
................
4.00
2/20/45
29
49
Government
National
Mortgage
Association
,
Pool
#MA4511
................
4.00
6/20/47
48
13
Government
National
Mortgage
Association
,
Pool
#MA5986
................
4.00
6/20/49
13
54
Government
National
Mortgage
Association
,
Pool
#MA4653
................
4.00
8/20/47
53
53
Government
National
Mortgage
Association
,
Pool
#MA2304
................
4.00
10/20/44
52
12
Government
National
Mortgage
Association
,
Pool
#MA5330
................
4.00
7/20/48
11
27
Government
National
Mortgage
Association
,
Pool
#MA1996
................
4.00
6/20/44
26
8
Government
National
Mortgage
Association
,
Pool
#779401
.................
4.00
6/15/42
8
37
Government
National
Mortgage
Association
,
Pool
#MA1678
................
4.00
2/20/44
36
49
Government
National
Mortgage
Association
,
Pool
#MA1449
................
4.00
11/20/43
47
48
Government
National
Mortgage
Association
,
Pool
#MA1376
................
4.00
10/20/43
47
24
Government
National
Mortgage
Association
,
Pool
#MA2149
................
4.00
8/20/44
24
40
Government
National
Mortgage
Association
,
Pool
#MA5710
................
4.00
1/20/49
39
475
Government
National
Mortgage
Association
,
Pool
#MA8267
................
4.00
9/20/52
454
8
Government
National
Mortgage
Association
,
Pool
#MA6040
................
4.00
7/20/49
8
74
Government
National
Mortgage
Association
,
Pool
#MA5466
................
4.00
9/20/48
72
151
Government
National
Mortgage
Association
,
Pool
#5139
..................
4.00
8/20/41
148
20
Government
National
Mortgage
Association
,
Pool
#753254
.................
4.00
9/15/43
19
44
Government
National
Mortgage
Association
,
Pool
#MA2522
................
4.00
1/20/45
44
18
Government
National
Mortgage
Association
,
Pool
#740068
.................
4.00
9/15/40
17
41
Government
National
Mortgage
Association
,
Pool
#MA5078
................
4.00
3/20/48
40
15
Government
National
Mortgage
Association
,
Pool
#MA3455
................
4.00
2/20/46
14
13
Government
National
Mortgage
Association
,
Pool
#MA6091
................
4.00
8/20/49
13
41
Government
National
Mortgage
Association
,
Pool
#MA3377
................
4.00
1/20/46
40
8
Government
National
Mortgage
Association
,
Pool
#MA3174
................
4.00
10/20/45
8
13
Government
National
Mortgage
Association
,
Pool
#MA6155
................
4.00
9/20/49
13
20
Government
National
Mortgage
Association
,
Pool
#MA0155
................
4.00
6/20/42
19
11
Government
National
Mortgage
Association
,
Pool
#4922
..................
4.00
1/20/41
11
383
Government
National
Mortgage
Association
,
Pool
#MA8200
................
4.00
8/20/52
366
53
Government
National
Mortgage
Association
,
Pool
#MA5595
................
4.00
11/20/48
51
16
Government
National
Mortgage
Association
,
Pool
#MA5931
................
4.00
5/20/49
16
47
Government
National
Mortgage
Association
,
Pool
#MA4383
................
4.00
4/20/47
45
40
Government
National
Mortgage
Association
,
Pool
#MA5876
................
4.00
4/20/49
39
77
Government
National
Mortgage
Association
,
Pool
#MA4452
................
4.00
5/20/47
75
17
Government
National
Mortgage
Association
,
Pool
#738710
.................
4.00
9/15/41
17
45
Government
National
Mortgage
Association
,
Pool
#MA0319
................
4.00
8/20/42
44
26
Government
National
Mortgage
Association
,
Pool
#MA1286
................
4.00
9/20/43
25
12
Government
National
Mortgage
Association
,
Pool
#AV6086
................
4.00
7/15/47
12
26
Government
National
Mortgage
Association
,
Pool
#MA3737
................
4.00
6/20/46
26
73
Government
National
Mortgage
Association
,
Pool
#MA1839
................
4.00
4/20/44
72
34
Government
National
Mortgage
Association
,
Pool
#MA4263
................
4.00
2/20/47
34
72
Government
National
Mortgage
Association
,
Pool
#MA2074
................
4.00
7/20/44
70
42
Government
National
Mortgage
Association
,
Pool
#MA4197
................
4.00
1/20/47
41
46
Government
National
Mortgage
Association
,
Pool
#AB1483
................
4.00
8/15/42
45
27
Government
National
Mortgage
Association
,
Pool
#AM8203
................
4.00
5/15/45
26
87
Government
National
Mortgage
Association
,
Pool
#MA4587
................
4.00
7/20/47
85
43
Government
National
Mortgage
Association
,
Pool
#713876
.................
4.00
8/15/39
42
22
Government
National
Mortgage
Association
,
Pool
#MA3245
................
4.00
11/20/45
22
13
Government
National
Mortgage
Association
,
Pool
#MA3106
................
4.00
9/20/45
12
14
Government
National
Mortgage
Association
,
Pool
#MA4322
................
4.00
3/20/47
14
45
Government
National
Mortgage
Association
,
Pool
#MA3598
................
4.00
4/20/46
44
8
Government
National
Mortgage
Association
,
Pool
#766495
.................
4.00
10/15/41
8
63
Government
National
Mortgage
Association
,
Pool
#MA2224
................
4.00
9/20/44
62
212
Government
National
Mortgage
Association
,
Pool
#4801
..................
4.50
9/20/40
214
12
Government
National
Mortgage
Association
,
Pool
#MA4721
................
4.50
9/20/47
12
191
HC
CAPITAL
TRUST
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
55
Government
National
Mortgage
Association
,
Pool
#MA1762
................
4.50
3/20/44
$
55
6
Government
National
Mortgage
Association
,
Pool
#MA5987
................
4.50
6/20/49
6
3
Government
National
Mortgage
Association
,
Pool
#MA5877
................
4.50
4/20/49
3
11
Government
National
Mortgage
Association
,
Pool
#MA5711
................
4.50
1/20/49
11
57
Government
National
Mortgage
Association
,
Pool
#5260
..................
4.50
12/20/41
57
29
Government
National
Mortgage
Association
,
Pool
#MA4512
................
4.50
6/20/47
28
10
Government
National
Mortgage
Association
,
Pool
#MA5596
................
4.50
11/20/48
10
36
Government
National
Mortgage
Association
,
Pool
#MA5652
................
4.50
12/20/48
36
3
Government
National
Mortgage
Association
,
Pool
#MA5764
................
4.50
2/20/49
3
369
Government
National
Mortgage
Association
,
Pool
#MA8151
................
4.50
7/20/52
361
31
Government
National
Mortgage
Association
,
Pool
#MA5818
................
4.50
3/20/49
31
11
Government
National
Mortgage
Association
,
Pool
#729511
.................
4.50
4/15/40
10
39
Government
National
Mortgage
Association
,
Pool
#MA4384
................
4.50
4/20/47
39
9
Government
National
Mortgage
Association
,
Pool
#MA4129
................
4.50
12/20/46
9
5
Government
National
Mortgage
Association
,
Pool
#MA5529
................
4.50
10/20/48
5
18
Government
National
Mortgage
Association
,
Pool
#MA1092
................
4.50
6/20/43
18
16
Government
National
Mortgage
Association
,
Pool
#MA3805
................
4.50
7/20/46
16
50
Government
National
Mortgage
Association
,
Pool
#MA2756
................
4.50
4/20/45
50
565
Government
National
Mortgage
Association
,
Pool
#MA8877
................
4.50
5/20/53
551
389
Government
National
Mortgage
Association
,
Pool
#MA8724
................
4.50
3/20/53
379
89
Government
National
Mortgage
Association
,
Pool
#717148
.................
4.50
5/15/39
88
14
Government
National
Mortgage
Association
,
Pool
#MA4780
................
4.50
10/20/47
13
13
Government
National
Mortgage
Association
,
Pool
#738793
.................
4.50
9/15/41
13
32
Government
National
Mortgage
Association
,
Pool
#MA0701
................
4.50
1/20/43
32
157
Government
National
Mortgage
Association
,
Pool
#721760
.................
4.50
8/15/40
155
9
Government
National
Mortgage
Association
,
Pool
#MA5399
................
4.50
8/20/48
9
5
Government
National
Mortgage
Association
,
Pool
#BB7097
................
4.50
8/15/47
5
22
Government
National
Mortgage
Association
,
Pool
#MA5467
................
4.50
9/20/48
21
5
Government
National
Mortgage
Association
,
Pool
#MA0465
................
5.00
10/20/42
5
9
Government
National
Mortgage
Association
,
Pool
#MA5400
................
5.00
8/20/48
9
385
Government
National
Mortgage
Association
,
Pool
#MA8647
................
5.00
2/20/53
383
4
Government
National
Mortgage
Association
,
Pool
#MA5712
................
5.00
1/20/49
4
44
Government
National
Mortgage
Association
,
Pool
#694531
.................
5.00
11/15/38
45
14
Government
National
Mortgage
Association
,
Pool
#675179
.................
5.00
3/15/38
15
23
Government
National
Mortgage
Association
,
Pool
#712690
.................
5.00
4/15/39
23
10
Government
National
Mortgage
Association
,
Pool
#MA5933
................
5.00
5/20/49
10
396
Government
National
Mortgage
Association
,
Pool
#MA9016
................
5.00
7/20/53
393
9
Government
National
Mortgage
Association
,
Pool
#MA5080
................
5.00
3/20/48
9
4
Government
National
Mortgage
Association
,
Pool
#MA5988
................
5.00
6/20/49
4
16
Government
National
Mortgage
Association
,
Pool
#MA5597
................
5.00
11/20/48
16
9
Government
National
Mortgage
Association
,
Pool
#MA5530
................
5.00
10/20/48
9
199
Government
National
Mortgage
Association
,
Pool
#MA9240
................
5.00
10/20/53
198
32
Government
National
Mortgage
Association
,
Pool
#MA2076
................
5.00
7/20/44
33
72
Government
National
Mortgage
Association
,
Pool
#782523
.................
5.00
11/15/35
73
8
Government
National
Mortgage
Association
,
Pool
#MA5765
................
5.00
2/20/49
8
19
Government
National
Mortgage
Association
,
Pool
#MA4007
................
5.00
10/20/46
19
391
Government
National
Mortgage
Association
,
Pool
#MA8800
................
5.00
4/20/53
388
9
Government
National
Mortgage
Association
,
Pool
#782468
.................
5.00
11/15/38
9
154
Government
National
Mortgage
Association
,
Pool
#4559
..................
5.00
10/20/39
158
9
Government
National
Mortgage
Association
,
Pool
#MA5819
................
5.00
3/20/49
9
34
Government
National
Mortgage
Association
,
Pool
#604285
.................
5.00
5/15/33
34
3
Government
National
Mortgage
Association
,
Pool
#MA5653
................
5.00
12/20/48
3
397
Government
National
Mortgage
Association
,
Pool
#MA9105
................
5.00
8/20/53
394
7
Government
National
Mortgage
Association
,
Pool
#MA0466
................
5.50
10/20/42
7
28
Government
National
Mortgage
Association
,
Pool
#510835
.................
5.50
2/15/35
28
51
Government
National
Mortgage
Association
,
Pool
#783284
.................
5.50
6/20/40
54
197
Government
National
Mortgage
Association
,
Pool
#MA8948
................
5.50
6/20/53
198
395
Government
National
Mortgage
Association
,
Pool
#MA9017
................
5.50
7/20/53
398
299
Government
National
Mortgage
Association
,
Pool
#MA9241
................
5.50
10/20/53
301
192
HC
CAPITAL
TRUST
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
U.S.
Government
Agency
Mortgages
(continued)
$
6
Government
National
Mortgage
Association
,
Pool
#658181
.................
5.50
11/15/36
$
6
243
Government
National
Mortgage
Association
,
Pool
#MA8801
................
5.50
4/20/53
245
399
Government
National
Mortgage
Association
,
Pool
#MA9305
................
5.50
11/20/53
402
25
Government
National
Mortgage
Association
,
Pool
#781959
.................
6.00
7/15/35
25
28
Government
National
Mortgage
Association
,
Pool
#4245
..................
6.00
9/20/38
29
25
Government
National
Mortgage
Association
,
Pool
#4222
..................
6.00
8/20/38
25
7
Government
National
Mortgage
Association
,
Pool
#699237
.................
6.50
9/15/38
8
1,725
Government
National
Mortgage
Association,
30
YR
TBA
..................
2.00
1/20/54
1,460
150
Government
National
Mortgage
Association,
30
YR
TBA
..................
2.50
7/20/54
131
350
Government
National
Mortgage
Association,
30
YR
TBA
..................
3.00
1/20/54
317
200
Government
National
Mortgage
Association,
30
YR
TBA
..................
3.50
1/20/54
186
725
Government
National
Mortgage
Association,
30
YR
TBA
..................
4.00
1/20/54
692
700
Government
National
Mortgage
Association,
30
YR
TBA
..................
4.50
1/20/54
683
25
Government
National
Mortgage
Association,
30
YR
TBA
..................
4.50
2/20/54
24
500
Government
National
Mortgage
Association,
30
YR
TBA
..................
5.00
1/20/54
497
25
Government
National
Mortgage
Association,
30
YR
TBA
..................
5.00
2/20/54
25
75
Government
National
Mortgage
Association,
30
YR
TBA
..................
5.50
2/20/54
76
550
Government
National
Mortgage
Association,
30
YR
TBA
..................
5.50
1/20/54
554
200
Government
National
Mortgage
Association,
30
YR
TBA
..................
6.00
2/20/54
203
1,400
Government
National
Mortgage
Association,
30
YR
TBA
..................
6.00
1/20/54
1,424
750
Government
National
Mortgage
Association,
30
YR
TBA
..................
6.50
11/20/53
768
175
Government
National
Mortgage
Association,
30
YR
TBA
..................
6.50
2/20/54
178
125
Government
National
Mortgage
Association,
30
YR
TBA
..................
7.00
2/20/54
128
150
Government
National
Mortgage
Association,
30
YR
TBA
..................
7.00
1/20/53
154
Total
U.S.
Government
Agency
Mortgages
...........................
184,706
Corporate
Bond
—
0
.11
%
225
PG&E
Wildfire
Recovery
Funding
LLC
,
Series
A-5
(
Electric
Utilities
)
........
5.10
6/1/52
227
Total
Corporate
Bond
...........................................
227
Shares
Investment
Company
—
13
.71
%
Money
Market
Funds
—
13
.71
%
29,251,509
State
Street
Institutional
Treasury
Plus
Money
Market
Fund,
Trust
Class
........
5.25(b)
29,252
Total
Investment
Company
.......................................
29,252
Total
Investments
Before
TBA
Sale
Commitments
228,590
(cost
$
248,740
)
—
107
.16
%
.......................................
Principal
Amount  
(000)
TBA
Sale
Commitments
(c)
—
(
0
.16
)
%
$
(
50
)
Fannie
Mae,
15
YR
TBA
.........................................
2.00
1/25/39
(
45
)
(
50
)
Fannie
Mae,
15
YR
TBA
.........................................
2.00
2/25/38
(
45
)
(
25
)
Fannie
Mae,
30
YR
TBA
.........................................
2.50
2/25/54
(
21
)
(
25
)
Fannie
Mae,
30
YR
TBA
.........................................
2.00
2/25/54
(
20
)
(
250
)
Fannie
Mae,
30
YR
TBA
.........................................
2.00
1/25/54
(
205
)
Total
TBA
Sale
Commitments
.....................................
(
336
)
193
See
accompanying
notes
to
financial
statements.
HC
CAPITAL
TRUST
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
of
Investments
(concluded)
—
December
31,2023
(Unaudited)
The
following
table
reflects
the
percentage
of
total
net
assets
of
the
Portfolio
attributable
to
each
Specialist
Manager
as
of
December
31,
2023
.
Amounts
designated
as
"—"
indicate
the
Specialist
Manager
did
not
manage
any
holdings
in
that
category. 
Security
Description
Value
(000)
Liabilities
in
excess
of
other
assets
—
(
7
.00
)
%
.........................
(
14,929
)
Net
Assets
—
100.00%
..........................................
$
213,325
Amounts
designated
as
"—"
are
$0
or
have
been
rounded
to
$0.
(a)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.  The
rate
disclosed
is
the
rate
in
effect
on
December
31,
2023.
(b)
Annualized
7-day
yield
as
of
period-end.
(c)
Represents
a
"to
be
announced"
transaction.
The
Portfolio
has
committed
to
sell
securities
for
which
all
specific
information
is
not
available
at
this
time.
(See
Note
2
in
the
Notes
to
Financial
Statements.)
TBA
—
To
Be
Announced
purchase
or
sale
commitment.
Security
is
subject
to
delayed
delivery
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
Mellon
Investments
Corporation
HC
Capital
Solutions
Total
Asset
Backed
Securities
..........................................................................................................................................
1.42
%
—
1.42
%
Collateralized
Mortgage
Obligations
Companies
....................................................................................................
5.34
%
—
5.34
%
U.S.
Government
Agency
Mortgages
.....................................................................................................................
86.58
%
—
86.58
%
Corporate
Bond
.......................................................................................................................................................
0.11
%
—
0.11
%
Investment
Company
..............................................................................................................................................
7.30
%
6.41
%
13.71
%
TBA
Sale
Commitments
.........................................................................................................................................
-0.16
%
—
-0.16
%
Other
Assets
(Liabilities)
.........................................................................................................................................
-7.02
%
0.02
%
-7.00
%
Total
Net
Assets
..................................................................................................................................................
93.57
%
6.43
%
100.00
%
HC
CAPITAL
TRUST
The
Short-Term
Municipal
Bond
Portfolio
Portfolio
of
Investments
—
December
31,2023
(Unaudited)
194
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
Municipal
Bonds
—
97.43%
Alabama
—
8.22%
$
1,130
Auburn
University
Revenue,
Series
A
Continuously
Callable
@100 
...........
5.00
6/1/28
$
1,160
2,315
City
of
Huntsville
AL,
GO,
Series
A 
.................................
5.00
3/1/27
2,496
1,725
County
of
Baldwin
AL,
GO
Continuously
Callable
@100 
..................
5.00
5/1/25
1,758
5,414
Arizona
—
5.83%
990
Arizona
Department
of
Transportation
State
Highway
Fund
Revenue 
.........
5.00
7/1/28
1,100
1,275
Maricopa
County
Industrial
Development
Authority
Revenue,
Series
D 
........
5.00(a)
1/1/46
1,334
1,350
Maricopa
County
Unified
School
District
No.
41
Gilbert,
GO,
Series
C 
........
5.00
7/1/25
1,397
3,831
Arkansas
—
3.52%
2,295
Rogers
School
District
No.
30,
GO
Continuously
Callable
@100
(State
Aid
Withholding)
..............................................
4.00
2/1/26
2,311
Georgia
—
2.07%
1,300
State
of
Georgia,
GO,
Series
C 
.....................................
4.00
1/1/27
1,358
Illinois
—
4.47%
1,900
Metropolitan
Water
Reclamation
District
of
Greater
Chicago,
GO,
Series
C 
.....
5.00
12/1/24
1,931
935
State
of
Illinois,
GO,
Series
D 
.....................................
5.00
11/1/27
1,005
2,936
Indiana
—
4.14%
2,660
Indiana
Finance
Authority
Revenue,
Series
A
(Pre-Refunded/Escrowed
to
Maturity) 
5.00
3/1/39
2,723
Iowa
—
5.64%
1,000
City
of
Ankeny
IA,
GO,
Series
A 
...................................
5.00
6/1/25
1,032
2,105
City
of
Dubuque
IA,
GO,
Series
A 
..................................
2.00
6/1/24
2,094
550
Linn-Mar
Community
School
District,
GO
Continuously
Callable
@100
(BAM)
..
5.00
5/1/27
582
3,708
Kansas
—
6.40%
2,540
Kansas
Development
Finance
Authority
Revenue,
Series
D 
................
5.00
4/1/25
2,610
1,465
Riley
County
Unified
School
District
No.
383
Manhattan-Ogden,
GO,
Series
A
(Pre-
Refunded/Escrowed
to
Maturity) 
...............................
5.00
9/1/36
1,596
4,206
Maryland
—
4.40%
900
County
of
Baltimore
MD,
GO 
.....................................
5.00
3/1/31
1,056
1,640
County
of
Prince
George's
MD,
GO,
Series
A 
..........................
5.00
8/1/28
1,834
2,890
Massachusetts
—
2.47%
1,545
Massachusetts
School
Building
Authority
Revenue,
Series
A
(Pre-Refunded/
Escrowed
to
Maturity) 
.......................................
5.00
2/15/49
1,622
Michigan
—
1.59%
1,065
Michigan
State
Housing
Development
Authority
Revenue,
Series
A-1
Continuously
Callable
@100 
............................................
0.65
10/1/24
1,044
Missouri
—
1.75%
1,100
Lindbergh
School
District,
GO 
.....................................
4.00
3/1/27
1,150
195
HC
CAPITAL
TRUST
The
Short-Term
Municipal
Bond
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
Municipal
Bonds
(continued)
Nebraska
—
3.28%
$
2,060
Nebraska
Public
Power
District
Revenue,
Series
A 
.......................
5.00
1/1/26
$
2,154
New
Jersey
—
6.82%
1,250
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue,
Series
A
Continuously
Callable
@100 
..................................
5.00
7/1/30
1,315
3,000
State
of
New
Jersey,
GO,
Series
A 
...................................
5.00
6/1/26
3,171
4,486
New
York
—
2.85%
1,610
New
York
State
Dormitory
Authority
Revenue,
Series
A-1 
.................
5.00
3/15/31
1,873
North
Dakota
—
1.53%
1,000
City
of
Bismarck
ND,
GO,
Series
Q 
.................................
4.00
5/1/24
1,003
Oregon
—
2.06%
1,250
Oregon
State
Lottery
Revenue,
Series
A
Continuously
Callable
@100 
.........
5.00
4/1/30
1,356
South
Dakota
—
3.36%
1,905
South
Dakota
Conservancy
District
Revenue,
Series
B 
....................
5.00
8/1/30
2,210
Texas
—
6.92%
1,300
City
of
Garland
TX
Electric
Utility
System
Revenue,
Series
A 
..............
5.00
3/1/24
1,304
1,015
Conroe
Independent
School
District,
GO
(PSF-GTD)
.....................
5.00
2/15/25
1,038
1,150
Round
Rock
Independent
School
District,
GO
(PSF-GTD)
.................
5.00
8/1/25
1,192
1,000
Spring
Branch
Independent
School
District,
GO
(PSF-GTD)
................
5.00
2/1/25
1,024
4,558
Utah
—
3.83%
2,340
Alpine
School
District/UT,
GO,
Series
A
(SCH
BD
GTY)
..................
4.00
3/15/29
2,519
Virginia
—
3.98%
900
City
of
Fredericksburg
VA,
GO,
Series
A
(State
Aid
Withholding)
............
5.00
10/1/29
1,034
1,505
Hampton
Roads
Transportation
Accountability
Commission
Revenue,
Series
A 
..
5.00
7/1/26
1,581
2,615
Washington
—
4.85%
1,260
County
of
King
WA,
GO,
Series
B 
..................................
5.00
7/1/25
1,303
1,085
King
County
School
District
No.
405
Bellevue,
GO
(SCH
BD
GTY)
..........
5.00
12/1/24
1,105
750
State
of
Washington,
GO,
Series
R-2022C 
.............................
4.00
7/1/26
778
3,186
West
Virginia
—
3.22%
2,130
Jefferson
County
Board
of
Education/WV,
GO 
..........................
2.00
6/1/24
2,120
Wisconsin
—
4.23%
2,700
State
of
Wisconsin,
GO
Continuously
Callable
@100 
.....................
5.00
5/1/29
2,782
Total
Municipal
Bonds
..........................................
64,055
196
See
accompanying
notes
to
financial
statements.
HC
CAPITAL
TRUST
The
Short-Term
Municipal
Bond
Portfolio
Portfolio
of
Investments
(concluded)
—
December
31,2023
(Unaudited)
As
of
December
31,
2023,
100%
of
the
Portfolio’s
net
assets
were
managed
by
Breckinridge
Capital
Advisors,
Inc.
Shares
Security
Description
Rate
%
Maturity  
Date
Value
(000)
Investment
Company
—
0.34%
Money
Market
Funds
—
0.34%
223,040
State
Street
Institutional
Treasury
Plus
Money
Market
Fund,
Trust
Class
........
5.25(b)
$
223
Total
Investment
Company
.......................................
223
Total
Investments
(cost
$64,312)
—
97.77%
..........................
64,278
Other
assets
in
excess
of
liabilities
—
2.23%
..........................
1,463
Net
Assets
—
100.00%
..........................................
$
65,741
(a)
Interest
rate
is
determined
by
the
Remarketing
Agent.  The
rate
disclosed
is
the
rate
in
effect
on
December
31,
2023.
(b)
Annualized
7-day
yield
as
of
period-end.
BAM—Build
America
Mutual
GO—General
Obli
gation
PSF-GTD—Public
School
Fund
Guaranteed
SCH
BD
GTY—School
Board
Guaranty
HC
CAPITAL
TRUST
The
Intermediate
Term
Municipal
Bond
Portfolio
Portfolio
of
Investments
—
December
31,2023
(Unaudited)
197
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
Municipal
Bonds
—
94
.04
%
Alabama
—
2
.05
%
$
1,415
Alabama
Special
Care
Facilities
Financing
Authority-Birmingham
AL
Revenue
Continuously
Callable
@100
..................................
5.00
6/1/29
$
1,467
1,675
Auburn
University
Revenue
,
Series
A
................................
5.00
6/1/26
1,769
1,500
Black
Belt
Energy
Gas
District
Revenue
,
Series
B
,
Callable
9/1/30
@
100.32
....
5.25
12/1/53
1,626
2,895
Black
Belt
Energy
Gas
District
Revenue
,
Callable
9/1/31
@
100.53
...........
4.00(a)
6/1/51
2,915
1,000
Energy
Southeast
A
Cooperative
District
Revenue
,
Series
B-1
,
Callable
8/1/31
@
100.08
..................................................
5.75(a)
4/1/54
1,131
1,000
Troy
University
Revenue
,
Series
A
(
BAM
)
.............................
5.00
11/1/26
1,065
9,973
Alaska
—
0
.32
%
1,495
State
of
Alaska,
GO
,
Series
A
Continuously
Callable
@100
................
5.00
8/1/29
1,556
Arizona
—
2
.50
%
1,555
City
of
Phoenix
Civic
Improvement
Corp.
Revenue
,
Series
B
Continuously
Callable
@100
(
AMT
)
.............................................
5.00
7/1/30
1,696
1,685
City
of
Phoenix
Civic
Improvement
Corp.
Revenue
,
Series
A
Continuously
Callable
@100
...................................................
5.00
7/1/32
1,946
1,000
Maricopa
County
Union
High
School
District
No.
210-Phoenix,
GO
..........
5.00
7/1/25
1,035
1,215
Northern
Arizona
University
Revenue
,
Series
B
(
BAM
)
...................
5.00
6/1/26
1,282
4,000
Salt
River
Project
Agricultural
Improvement
&
Power
District
Revenue
,
Series
A
Continuously
Callable
@100
..................................
5.00
12/1/36
4,120
1,000
Salt
Verde
Financial
Corp.
Revenue
.................................
5.25
12/1/24
1,011
1,015
State
of
Arizona
Certificates
of
Participation
,
Series
A
....................
5.00
10/1/25
1,054
12,144
California
—
1
.82
%
2,500
California
Community
Choice
Financing
Authority
Revenue
,
Series
G
,
Callable
1/1/30
@
100.19
...........................................
5.25(a)
11/1/54
2,708
2,460
Golden
State
Tobacco
Securitization
Corp.
Revenue
,
Series
A-1
.............
5.00
6/1/26
2,606
2,000
State
of
California,
GO
Continuously
Callable
@100
.....................
5.00
9/1/33
2,422
1,000
State
of
California,
GO
Continuously
Callable
@100
.....................
5.00
4/1/35
1,106
8,842
Colorado
—
3
.15
%
1,225
Board
of
Governors
of
Colorado
State
University
System
Revenue
,
Series
E-2
(
State
Intercept
)
................................................
5.00
3/1/25
1,256
3,600
City
&
County
of
Denver
CO
Airport
System
Revenue
,
Series
A
(
AMT
)
........
5.00
12/1/25
3,707
3,050
Colorado
Health
Facilities
Authority
Revenue
,
Series
A
...................
5.00
1/1/25
3,112
2,970
Denver
City
&
County
School
District
No.
1,
GO
,
Series
A
(
State
Aid
Withholding
)
5.50
12/1/25
3,131
3,740
State
of
Colorado
Certificates
of
Participation
,
Series
M
Continuously
Callable
@100
...................................................
5.00
3/15/29
4,103
15,309
Connecticut
—
0
.92
%
1,085
Connecticut
State
Health
&
Educational
Facilities
Authority
Revenue
,
Series
B
..
5.00
12/1/26
1,151
1,500
State
of
Connecticut
Special
Tax
Revenue
,
Series
D
Continuously
Callable
@100
5.00
11/1/34
1,761
1,000
State
of
Connecticut,
GO
,
Series
A
..................................
4.00
1/15/29
1,068
465
State
of
Connecticut,
GO
,
Series
E
Continuously
Callable
@100
.............
5.00
9/15/32
517
4,497
Delaware
—
0
.15
%
620
Delaware
Transportation
Authority
Revenue
Continuously
Callable
@100
......
5.00
7/1/32
717
District
of
Columbia
—
2
.11
%
1,500
District
of
Columbia
Revenue
.....................................
5.00
4/1/25
1,539
198
HC
CAPITAL
TRUST
The
Intermediate
Term
Municipal
Bond
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
Municipal
Bonds
(continued)
District
of
Columbia
(continued)
$
1,000
District
of
Columbia,
GO
,
Series
D
Continuously
Callable
@100
............
5.00
6/1/33
$
1,065
2,000
Metropolitan
Washington
Airports
Authority
Aviation
Revenue
,
Series
A
(
AMT
)
..
5.00
10/1/29
2,207
2,075
Metropolitan
Washington
Airports
Authority
Aviation
Revenue
,
Series
A
Continuously
Callable
@100
(
AMT
)
.............................
4.00
10/1/36
2,154
2,815
Washington
Metropolitan
Area
Transit
Authority
Dedicated
Revenue
,
Series
A
...
5.00
7/15/31
3,301
10,266
Florida
—
3
.96
%
2,000
Alachua
County
Health
Facilities
Authority
Revenue
,
Callable
6/1/26
@
100.00
..
5.00(a)
12/1/37
2,083
1,500
Central
Florida
Expressway
Authority
Revenue
(
AGM
)
....................
5.00
7/1/30
1,723
1,500
County
of
Lee
FL
Solid
Waste
System
Revenue
(
AMT
)
....................
5.00
10/1/25
1,547
955
County
of
Polk
FL
Utility
System
Revenue
............................
5.00
10/1/27
1,039
1,000
Florida
Municipal
Power
Agency
Revenue
,
Series
A
.....................
5.00
10/1/25
1,040
2,030
JEA
Electric
System
Revenue
,
Series
3A
Continuously
Callable
@100
........
5.00
10/1/34
2,304
3,250
Orange
County
Convention
Center/Orlando
Revenue
,
Series
B
..............
5.00
10/1/25
3,362
3,295
Orlando
Utilities
Commission
Revenue
,
Series
2018-A
Continuously
Callable
@100
5.00
10/1/32
3,588
1,025
Palm
Beach
County
School
District
Certificates
of
Participation
,
Series
A
Continuously
Callable
@100
..................................
5.00
8/1/36
1,192
1,200
State
of
Florida,
GO
,
Series
A
......................................
5.00
7/1/30
1,399
19,277
Georgia
—
1
.89
%
5,000
Main
Street
Natural
Gas,
Inc.
Revenue
,
Series
C
,
Callable
6/1/26
@
100.50
.....
4.00(a)
3/1/50
5,011
1,000
Savannah
Economic
Development
Authority
Revenue
....................
1.90
8/1/24
979
815
State
of
Georgia,
GO
,
Series
A
.....................................
5.00
7/1/28
909
1,225
State
of
Georgia,
GO
,
Series
C
.....................................
4.00
1/1/28
1,302
1,000
State
of
Georgia,
GO
,
Series
A
Continuously
Callable
@100
................
3.00
8/1/36
968
9,169
Illinois
—
6
.45
%
730
Chicago
O'Hare
International
Airport
Revenue
,
Series
B
Continuously
Callable
@100
...................................................
5.00
1/1/28
744
455
Chicago
O'Hare
International
Airport
Revenue
,
Series
C
(
AMT
)
.............
5.00
1/1/32
509
400
Chicago
O'Hare
International
Airport
Revenue
,
Series
C
Continuously
Callable
@100
(
AMT
)
.............................................
5.00
1/1/33
445
1,000
Chicago
Park
District,
GO
,
Series
B
Continuously
Callable
@100
............
5.00
1/1/26
1,001
66
City
of
Chicago
IL
Certificates
of
Participation
,
Series
NT
Continuously
Callable
@100
...................................................
7.46
2/15/26
48
2,335
City
of
Chicago
Il,
GO
,
Series
A
Continuously
Callable
@100
..............
4.00
1/1/36
2,255
1,375
Illinois
Finance
Authority
Revenue
,
Series
B-2
,
Callable
5/15/26
@
100.00
.....
5.00(a)
5/15/50
1,433
1,650
Illinois
Municipal
Electric
Agency
Revenue
,
Series
A
Continuously
Callable
@100
4.00
2/1/35
1,665
1,635
Illinois
State
Toll
Highway
Authority
Revenue
,
Series
B
...................
5.00
1/1/25
1,670
3,035
Metropolitan
Water
Reclamation
District
of
Greater
Chicago,
GO
,
Series
A
Continuously
Callable
@100
..................................
5.00
12/1/27
3,228
1,420
Metropolitan
Water
Reclamation
District
of
Greater
Chicago,
GO
,
Series
D
.....
5.00
12/1/30
1,650
2,000
Regional
Transportation
Authority
Revenue
(
AGM
)
......................
6.00
6/1/25
2,058
3,000
Sales
Tax
Securitization
Corp.
Revenue
,
Series
A
........................
5.00
1/1/29
3,261
4,600
State
of
Illinois
Sales
Tax
Revenue
,
Series
A
(
BAM
)
......................
5.00
6/15/25
4,701
1,000
State
of
Illinois,
GO
,
Series
D
.....................................
5.00
7/1/27
1,055
2,995
University
of
Illinois
Certificates
of
Participation
,
Series
B
Continuously
Callable
@100
...................................................
5.00
10/1/27
3,149
2,400
University
of
Illinois
Revenue
,
Series
A
..............................
5.00
4/1/25
2,469
31,341
Indiana
—
2
.48
%
2,500
City
of
Whiting
IN
Revenue
(
AMT
)
.................................
5.00(a)
12/1/44
2,544
3,655
Indiana
Finance
Authority
Revenue
,
Series
B-3
,
Callable
7/1/31
@
101.64
......
5.00(a)
10/1/55
4,204
199
HC
CAPITAL
TRUST
The
Intermediate
Term
Municipal
Bond
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
Municipal
Bonds
(continued)
Indiana
(continued)
$
2,250
Indiana
Finance
Authority
Revenue
,
Series
B
,
Callable
1/1/25
@
100.00
.......
2.25(a)
12/1/58
$
2,212
1,500
Indiana
Finance
Authority
Revenue
,
Series
A
...........................
3.13
12/1/24
1,494
1,350
Indiana
Finance
Authority
Revenue
,
Series
A
Continuously
Callable
@100
.....
5.00
10/1/34
1,609
12,063
Iowa
—
0
.10
%
450
Iowa
Tobacco
Settlement
Authority
Revenue
,
Series
A-2
,
Class
-
1
Continuously
Callable
@100
............................................
5.00
6/1/32
484
Kentucky
—
1
.71
%
3,560
Kentucky
Public
Energy
Authority
Revenue
,
Series
A-1
,
Callable
5/1/30
@
100.38
4.00(a)
8/1/52
3,563
3,115
Kentucky
Public
Energy
Authority
Revenue
,
Series
A-1
,
Callable
11/1/31
@
100.18
5.25(a)
4/1/54
3,393
1,150
Louisville/Jefferson
County
Metropolitan
Government,
GO
,
Series
A
.........
5.00
12/1/30
1,347
8,303
Louisiana
—
0
.51
%
1,415
Jefferson
Sales
Tax
District
Revenue
,
Series
A
(
AGM
)
....................
5.00
12/1/25
1,471
1,000
Parish
of
St.
John
the
Baptist
LA
Revenue
.............................
2.10(a)
6/1/37
986
2,457
Maine
—
0
.22
%
1,025
Finance
Authority
of
Maine
Revenue
,
Series
A-1
(
AGM
)
..................
5.00
12/1/26
1,073
Maryland
—
3
.17
%
2,000
County
of
Baltimore
MD,
GO
Continuously
Callable
@100
................
4.00
3/1/33
2,143
860
County
of
Frederick
MD,
GO
Continuously
Callable
@100
................
5.00
4/1/37
1,030
1,190
County
of
Howard
MD,
GO
,
Series
A
Continuously
Callable
@100
...........
5.00
8/15/34
1,437
2,905
County
of
Montgomery
MD,
GO
,
Series
A
Continuously
Callable
@100
.......
4.00
8/1/31
3,160
2,090
Maryland
State
Transportation
Authority
Passenger
Facility
Charge
Revenue
(
AMT
)
5.00
6/1/28
2,282
2,500
State
of
Maryland
Department
of
Transportation
Revenue
Continuously
Callable
@100
...................................................
5.00
10/1/32
2,909
1,000
State
of
Maryland
Department
of
Transportation
Revenue
Continuously
Callable
@100
...................................................
4.00
10/1/32
1,042
1,240
State
of
Maryland,
GO
,
Series
A
Continuously
Callable
@100
..............
5.00
3/15/31
1,432
15,435
Massachusetts
—
1
.79
%
780
Commonwealth
of
Massachusetts,
GO
,
Series
A
Continuously
Callable
@100
...
5.00
5/1/35
941
3,000
Commonwealth
of
Massachusetts,
GO
,
Series
A
(
AMBAC
)
.................
5.50
8/1/30
3,527
1,400
Massachusetts
Educational
Financing
Authority
Revenue
,
Series
B
(
AMT
)
......
5.00
7/1/29
1,504
1,000
Massachusetts
Educational
Financing
Authority
Revenue
(
AMT
)
.............
5.00
1/1/25
1,015
1,500
Massachusetts
Port
Authority
Revenue
,
Series
A
(
AMT
)
...................
5.00
7/1/32
1,739
8,726
Michigan
—
3
.32
%
1,250
Great
Lakes
Water
Authority
Sewage
Disposal
System
Revenue
,
Series
A
Continuously
Callable
@100
..................................
5.00
7/1/37
1,477
1,100
Michigan
Finance
Authority
Revenue
................................
5.00
10/1/29
1,253
1,280
Michigan
Finance
Authority
Revenue
,
Series
B
.........................
5.00
10/1/30
1,486
6,000
Michigan
Finance
Authority
Revenue
,
Callable
5/16/26
@
100.00
............
5.00(a)
11/15/44
6,277
1,000
Michigan
Finance
Authority
Revenue
Continuously
Callable
@100
...........
5.50
12/1/29
1,032
1,450
Michigan
State
Building
Authority
Revenue
...........................
5.00
4/15/25
1,489
2,960
Utica
Community
Schools/MI,
GO
(
Q-SBLF
)
..........................
5.00
5/1/26
3,119
16,133
200
HC
CAPITAL
TRUST
The
Intermediate
Term
Municipal
Bond
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
Municipal
Bonds
(continued)
Minnesota
—
2
.84
%
$
1,000
Minneapolis-St
Paul
Metropolitan
Airports
Commission
Revenue
,
Series
C
.....
5.00
1/1/26
$
1,045
1,985
Minnesota
Housing
Finance
Agency
Revenue
,
Series
B
...................
5.00
8/1/28
2,172
1,240
Minnesota
Housing
Finance
Agency
Revenue
,
Series
B
...................
5.00
8/1/29
1,376
2,195
Minnesota
Housing
Finance
Agency
Revenue
,
Series
B
...................
5.00
8/1/30
2,471
1,345
State
of
Minnesota
Certificates
of
Participation
.........................
5.00
11/1/33
1,640
1,260
State
of
Minnesota,
GO
,
Series
E
...................................
5.00
8/1/30
1,471
3,000
State
of
Minnesota,
GO
,
Series
B
Continuously
Callable
@100
..............
5.00
8/1/35
3,636
13,811
Missouri
—
1
.11
%
2,400
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
Revenue
,
Series
A
......................................................
5.00
6/1/25
2,459
2,505
The
Curators
of
the
University
of
Missouri
Revenue
,
Series
B
...............
5.00
11/1/30
2,928
5,387
Nebraska
—
0
.78
%
1,000
City
of
Omaha
NE
Sewer
Revenue
,
Series
A
Continuously
Callable
@100
......
4.00
4/1/31
1,086
1,000
City
of
Omaha
NE
Sewer
Revenue
,
Series
A
Continuously
Callable
@100
......
4.00
4/1/32
1,082
1,350
Omaha
Public
Power
District
Revenue
,
Series
B
Continuously
Callable
@100
...
5.00
2/1/34
1,617
3,785
Nevada
—
2
.30
%
2,915
Clark
County
School
District,
GO
,
Series
A
Continuously
Callable
@100
(
AGM
)
.
5.00
6/15/32
3,342
1,000
Clark
County
School
District,
GO
,
Series
A
............................
5.00
6/15/26
1,054
5,435
Las
Vegas
Valley
Water
District,
GO
,
Series
C
Continuously
Callable
@100
....
4.00
6/1/34
5,974
800
Nevada
System
of
Higher
Education
Certificates
of
Participation
,
Series
A
Continuously
Callable
@100
..................................
5.00
7/1/26
810
11,180
New
Jersey
—
3
.45
%
1,000
New
Jersey
Economic
Development
Authority
Revenue
,
Series
RRR
.........
5.00
3/1/28
1,092
1,210
New
Jersey
Economic
Development
Authority
Revenue
...................
5.00
6/15/28
1,322
430
New
Jersey
Economic
Development
Authority
Revenue
Continuously
Callable
@100
...................................................
5.00
11/1/30
482
1,000
New
Jersey
Educational
Facilities
Authority
Revenue
,
Series
C
..............
5.00
3/1/31
1,190
1,725
New
Jersey
Higher
Education
Student
Assistance
Authority
Revenue
,
Series
B
(
AMT
)
..................................................
5.00
12/1/29
1,899
750
New
Jersey
Transportation
Trust
Fund
Authority
Revenue
,
Series
AA
Continuously
Callable
@100
............................................
5.00
6/15/36
872
1,000
New
Jersey
Transportation
Trust
Fund
Authority
Revenue
,
Series
AA
.........
5.00
6/15/30
1,133
1,750
New
Jersey
Transportation
Trust
Fund
Authority
Revenue
,
Series
BB
Continuously
Callable
@100
............................................
5.00
6/15/36
2,027
4,295
New
Jersey
Turnpike
Authority
Revenue
,
Series
A
Continuously
Callable
@100
.
5.00
1/1/31
4,480
1,100
State
of
New
Jersey,
GO
,
Series
A
...................................
4.00
6/1/31
1,200
1,035
Tobacco
Settlement
Financing
Corp.
Revenue
,
Series
A
Continuously
Callable
@100
...................................................
5.00
6/1/33
1,094
16,791
New
Mexico
—
0
.78
%
1,025
Albuquerque
Municipal
School
District
No.
12,
GO
Continuously
Callable
@100
(
State
Aid
Withholding
)
......................................
5.00
8/1/29
1,136
2,590
New
Mexico
Educational
Assistance
Foundation
Revenue
,
Series
1-A
(
AMT
)
....
5.00
9/1/25
2,659
3,795
New
York
—
7
.35
%
2,890
City
of
New
York
NY,
GO
,
Series
1-A
Continuously
Callable
@100
..........
5.00
4/1/32
3,338
201
HC
CAPITAL
TRUST
The
Intermediate
Term
Municipal
Bond
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
Municipal
Bonds
(continued)
New
York
(continued)
$
5,000
City
of
New
York
NY,
GO
,
Series
C
.................................
5.00
8/1/28
$
5,554
1,700
Metropolitan
Transportation
Authority
Revenue
,
Series
B
Continuously
Callable
@100
...................................................
5.00
11/15/29
1,798
2,410
New
York
City
Municipal
Water
Finance
Authority
Revenue
,
Series
BB-2
Continuously
Callable
@100
..................................
5.00
6/15/27
2,523
3,000
New
York
City
Municipal
Water
Finance
Authority
Revenue
,
Series
DD
Continuously
Callable
@100
..................................
5.00
6/15/34
3,685
855
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
,
Series
E-1
....................................................
5.00
11/1/28
956
1,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
,
Series
B-1
Continuously
Callable
@100
...............................
5.00
8/1/29
1,009
1,500
New
York
City
Transitional
Finance
Authority
Revenue
,
Series
D-1
Continuously
Callable
@100
............................................
5.00
11/1/36
1,814
1,000
New
York
State
Dormitory
Authority
Revenue
,
Series
A
Continuously
Callable
@100
...................................................
5.00
2/15/31
1,073
4,710
New
York
State
Thruway
Authority
Revenue
,
Series
A
Continuously
Callable
@100
5.00
3/15/35
5,583
1,165
New
York
State
Urban
Development
Corp.
Revenue
,
Series
A
Continuously
Callable
@100
...................................................
5.00
3/15/35
1,400
1,795
New
York
Transportation
Development
Corp.
Revenue
(
AMT
)
..............
5.00
12/1/27
1,911
4,970
Port
Authority
of
New
York
&
New
Jersey
Revenue
,
Series
207
Continuously
Callable
@100
(
AMT
)
.......................................
4.00
3/15/30
5,086
35,730
North
Carolina
—
0
.72
%
1,000
County
of
Wake
NC
Revenue
......................................
5.00
9/1/28
1,122
1,100
County
of
Wake
NC,
GO
,
Series
A
..................................
5.00
2/1/30
1,269
1,000
The
Charlotte-Mecklenburg
Hospital
Authority
Revenue
..................
5.00(a)
1/15/50
1,098
3,489
Ohio
—
4
.05
%
2,200
American
Municipal
Power,
Inc.
Revenue
,
Series
A
Continuously
Callable
@100
.
5.00
2/15/27
2,205
3,000
Buckeye
Tobacco
Settlement
Financing
Authority
Revenue
,
Series
A-2
,
Class
-
1
Continuously
Callable
@100
..................................
5.00
6/1/32
3,221
1,450
City
of
Columbus
OH
Sewerage
Revenue
Continuously
Callable
@100
........
5.00
6/1/29
1,537
820
City
of
Columbus
OH,
GO
,
Series
A
Continuously
Callable
@100
...........
5.00
8/15/34
1,000
1,000
County
of
Butler
OH
Revenue
,
Series
X
..............................
5.00
5/15/29
1,124
245
County
of
Mahoning
OH
Revenue
Continuously
Callable
@100
(
NATL
)
.......
5.50
10/15/25
247
800
County
of
Montgomery
OH
Revenue
Continuously
Callable
@100
...........
5.00
8/1/33
910
1,750
Ohio
Water
Development
Authority
Revenue
,
Series
A
Continuously
Callable
@100
5.00
12/1/37
2,068
2,000
State
of
Ohio
Revenue
...........................................
2.75(a)
1/1/52
1,991
500
State
of
Ohio
Revenue
,
Series
A
Continuously
Callable
@100
...............
5.00
1/1/30
547
1,200
State
of
Ohio,
GO
,
Series
V
.......................................
5.00
5/1/28
1,328
1,850
University
of
Cincinnati
Revenue
,
Series
A
............................
5.00
6/1/27
1,989
775
University
of
Cincinnati
Revenue
,
Series
A
............................
5.00
6/1/26
815
700
University
of
Cincinnati
Revenue
,
Series
A
............................
5.00
6/1/25
720
19,702
Oklahoma
—
0
.59
%
530
Oklahoma
Municipal
Power
Authority
Revenue
,
Series
A
Continuously
Callable
@100
(
AGM
)
.............................................
4.00
1/1/32
581
2,000
Oklahoma
Turnpike
Authority
Revenue
,
Series
A
........................
5.00
1/1/30
2,276
2,857
Oregon
—
1
.94
%
1,305
Benton
&
Linn
Counties
Consolidated
School
District
No.
509J
&
509A
Corvallis,
GO
,
Series
A
(
SCH
BD
GTY
)
..................................
5.00(a)
6/15/25
1,347
2,500
Multnomah
County
School
District
No.
1
Portland/OR,
GO
(
SCH
BD
GTY
)
....
5.00
6/15/29
2,833
202
HC
CAPITAL
TRUST
The
Intermediate
Term
Municipal
Bond
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
Municipal
Bonds
(continued)
Oregon
(continued)
$
2,500
Port
of
Portland
OR
Airport
Revenue
,
Series
29
Continuously
Callable
@100
(
AMT
)
5.00
7/1/35
$
2,828
2,000
Portland
Community
College
District,
GO
Continuously
Callable
@100
.......
5.00
6/15/35
2,413
9,421
Pennsylvania
—
6
.97
%
1,000
City
of
Philadelphia
PA
Water
&
Wastewater
Revenue
,
Series
B
.............
5.00
11/1/27
1,092
1,000
City
of
Philadelphia
PA
Water
&
Wastewater
Revenue
,
Series
B
(
AGM
)
........
5.00
9/1/29
1,132
2,000
City
of
Philadelphia
PA
Water
&
Wastewater
Revenue
,
Series
B
Continuously
Callable
@100
............................................
4.00
7/1/35
2,027
2,600
City
of
Philadelphia
PA,
GO
,
Series
B
Continuously
Callable
@100
..........
5.00
2/1/30
2,928
1,735
City
of
Philadelphia
PA,
GO
,
Series
B
Continuously
Callable
@100
..........
5.00
2/1/31
1,931
1,000
Commonwealth
Financing
Authority
Revenue
Continuously
Callable
@100
....
5.00
6/1/32
1,081
3,500
Commonwealth
of
Pennsylvania,
GO
Continuously
Callable
@100
(
BAM
)
.....
4.00
3/1/35
3,636
850
Easton
Area
School
District,
GO
,
Series
A
(
State
Aid
Withholding
)
...........
4.00
4/1/25
864
1,860
Luzerne
County
Industrial
Development
Authority
Revenue
,
Callable
12/3/29
@
100.00
(
AMT
)
.............................................
2.45(a)
12/1/39
1,745
2,500
Pennsylvania
Economic
Development
Financing
Authority
Revenue
(
AMT
)
.....
0.00(a)(b)
7/1/41
2,470
3,625
Pennsylvania
Economic
Development
Financing
Authority
Revenue
Continuously
Callable
@100
(
AMT
)
.......................................
5.00
12/31/33
4,130
4,075
Pennsylvania
Higher
Education
Assistance
Agency
Revenue
,
Series
A
(
AMT
)
....
5.00
6/1/30
4,432
1,000
Pennsylvania
Higher
Education
Assistance
Agency
Revenue
,
Series
A
(
AMT
)
....
5.00
6/1/29
1,094
625
Pennsylvania
Turnpike
Commission
Revenue
,
Series
B
...................
5.00
12/1/28
698
1,000
The
School
District
of
Philadelphia,
GO
,
Series
A
Continuously
Callable
@100
(
State
Aid
Withholding
)
......................................
5.25
9/1/36
1,171
3,225
The
School
District
of
Philadelphia,
GO
,
Series
A
(
State
Aid
Withholding
)
......
5.00
9/1/28
3,479
33,910
Rhode
Island
—
0
.57
%
625
Rhode
Island
Student
Loan
Authority
Revenue
,
Series
A
(
AMT
)
.............
5.00
12/1/29
700
1,875
Rhode
Island
Student
Loan
Authority
Revenue
,
Series
A
(
AMT
)
.............
5.00
12/1/29
2,076
2,776
South
Carolina
—
1
.43
%
3,680
County
of
Charleston
SC,
GO
,
Series
A
(
State
Aid
Withholding
)
.............
5.00
11/1/26
3,932
1,000
Piedmont
Municipal
Power
Agency
Revenue
,
Series
B
....................
5.00
1/1/29
1,083
680
South
Carolina
Public
Service
Authority
Revenue
,
Series
A
................
5.00
12/1/27
745
1,000
South
Carolina
Public
Service
Authority
Revenue
,
Series
A
................
5.00
12/1/31
1,179
6,939
South
Dakota
—
0
.37
%
1,675
South
Dakota
Board
of
Regents
Housing
&
Auxiliary
Facilities
System
Revenue
Continuously
Callable
@100
..................................
5.00
4/1/29
1,818
Tennessee
—
1
.10
%
1,215
County
of
Hamblen
TN,
GO
......................................
5.00
5/1/29
1,378
1,235
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facs
Bd
Revenue
..............................................
5.00
5/1/31
1,414
1,000
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facs
Bd
Revenue
Continuously
Callable
@100
.........................
5.00
5/1/35
1,159
1,350
Metropolitan
Government
of
Nashville
&
Davidson
County
TN,
GO
Continuously
Callable
@100
............................................
4.00
7/1/33
1,413
5,364
Texas
—
12
.73
%
1,025
Arlington
Higher
Education
Finance
Corp.
Revenue
(
PSF-GTD
)
.............
5.00
8/15/27
1,109
1,230
Arlington
Higher
Education
Finance
Corp.
Revenue
(
PSF-GTD
)
.............
5.00
8/15/28
1,355
203
HC
CAPITAL
TRUST
The
Intermediate
Term
Municipal
Bond
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
Municipal
Bonds
(continued)
Texas
(continued)
$
2,450
City
of
Dallas
TX,
GO
Continuously
Callable
@100
.....................
5.00
2/15/27
$
2,505
2,500
City
of
Houston
TX
Airport
System
Revenue
,
Series
C
(
AMT
)
..............
5.00
7/1/25
2,547
300
City
of
Pearland
TX,
GO
Continuously
Callable
@100
....................
5.00
3/1/29
323
1,750
City
of
San
Antonio
TX
Airport
System
Revenue
,
Series
A
(
AMT
)
............
5.00
7/1/25
1,801
1,000
City
of
San
Antonio
TX
Airport
System
Revenue
,
Series
A
(
AMT
)
............
5.00
7/1/26
1,037
1,300
City
of
San
Antonio
TX
Electric
&
Gas
Systems
Revenue
,
Series
B
...........
4.00
2/1/33
1,412
950
Clifton
Higher
Education
Finance
Corp.
Revenue
,
Series
T
Continuously
Callable
@100
(
PSF-GTD
)
..........................................
4.00
8/15/34
1,013
1,205
Clifton
Higher
Education
Finance
Corp.
Revenue
(
PSF-GTD
)
...............
5.00
8/15/24
1,217
2,200
Clifton
Higher
Education
Finance
Corp.
Revenue
(
PSF-GTD
)
...............
5.00
8/15/25
2,273
1,250
Conroe
Independent
School
District,
GO
Continuously
Callable
@100
(
PSF-GTD
)
5.00
2/15/30
1,285
1,545
County
of
Harris
TX
Revenue
,
Series
A
Continuously
Callable
@100
.........
5.00
8/15/30
1,627
1,750
County
of
Harris
TX
Revenue
Continuously
Callable
@100
................
5.00
8/15/34
1,800
4,730
Dallas
Area
Rapid
Transit
Revenue
Continuously
Callable
@100
............
5.00
12/1/33
5,380
2,500
Dallas
Independent
School
District,
GO
,
Series
A
Continuously
Callable
@100
(
PSF-GTD
)
...............................................
5.00
2/15/27
2,559
1,500
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
Continuously
Callable
@100
............................................
5.00
10/1/27
1,555
1,650
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
..........
5.00
11/15/25
1,714
2,100
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
..........
5.00
11/15/27
2,271
2,300
Love
Field
Airport
Modernization
Corp.
Revenue
(
AMT
)
..................
5.00
11/1/25
2,366
1,040
Love
Field
Airport
Modernization
Corp.
Revenue
Continuously
Callable
@100
..
5.00
11/1/28
1,040
1,090
Lower
Colorado
River
Authority
Revenue
(
AGM
)
.......................
5.00
5/15/29
1,224
1,000
Lower
Colorado
River
Authority
Revenue
Continuously
Callable
@100
(
AGM
)
..
5.00
5/15/34
1,194
2,180
Lower
Colorado
River
Authority
Revenue
Continuously
Callable
@100
.......
5.00
5/15/32
2,480
1,000
Lower
Colorado
River
Authority
Revenue
.............................
5.00
5/15/26
1,052
3,475
McKinney
Independent
School
District,
GO
,
Series
A
Continuously
Callable
@100
(
PSF-GTD
)
...............................................
5.00
2/15/31
3,558
250
North
Texas
Tollway
Authority
Revenue
,
Series
A
Continuously
Callable
@100
..
5.00
1/1/25
250
1,335
Spring
Independent
School
District,
GO
..............................
5.00
8/15/30
1,544
2,000
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
,
Series
A
,
Callable
1/1/32
@
100.00
....................................
5.00(a)
7/1/53
2,281
3,500
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
IV
Revenue
,
Series
B
,
Callable
7/1/33
@
100.00
...........................................
5.50(a)
1/1/54
3,898
2,230
University
of
Houston
Revenue
,
Series
C
Continuously
Callable
@100
........
5.00
2/15/28
2,324
1,200
Waller
Consolidated
Independent
School
District,
GO
(
BAM
)
...............
5.00
2/15/33
1,432
1,300
West
Harris
County
Regional
Water
Authority
Revenue
...................
5.00
12/15/27
1,414
1,000
West
Travis
County
Public
Utility
Agency
Revenue
(
BAM
)
.................
5.00
8/15/26
1,057
61,897
Utah
—
0
.24
%
1,090
Utah
Transit
Authority
Revenue
....................................
5.00
12/15/26
1,168
Virginia
—
1
.01
%
1,215
City
of
Chesapeake
VA,
GO
,
Series
A
Continuously
Callable
@100
..........
5.00
8/1/31
1,327
1,500
City
of
Richmond
VA
Public
Utility
Revenue
(Pre-Refunded/Escrowed
to
Maturity)
5.00
1/15/29
1,569
850
Hampton
Roads
Transportation
Accountability
Commission
Revenue
,
Series
A
Continuously
Callable
@100
..................................
5.00
7/1/31
991
1,000
Roanoke
Economic
Development
Authority
Revenue
.....................
5.00
7/1/25
1,037
4,924
Washington
—
3
.86
%
1,370
King
County
School
District
No.
401
Highline,
GO
Continuously
Callable
@100
(
SCH
BD
GTY
)
............................................
5.00
12/1/31
1,456
1,050
King
County
School
District
No.
405
Bellevue,
GO
Continuously
Callable
@100
(
SCH
BD
GTY
)
............................................
5.00
12/1/29
1,158
1,500
Port
of
Seattle
WA
Revenue
(
AMT
)
..................................
5.00
4/1/26
1,560
204
HC
CAPITAL
TRUST
The
Intermediate
Term
Municipal
Bond
Portfolio
Portfolio
of
Investments
(continued)
—
December
31,2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Principal
Amount  
(000)
Security
Description
Rate
%
Maturity  
Date
Value
(000)
Municipal
Bonds
(continued)
Washington
(continued)
$
1,555
Port
of
Seattle
WA
Revenue
Continuously
Callable
@100
(
AMT
)
............
5.00
8/1/33
$
1,752
790
State
of
Washington,
GO
,
Series
C
..................................
5.00
2/1/32
941
7,065
State
of
Washington,
GO
,
Series
R-2017A
Continuously
Callable
@100
.......
5.00
8/1/32
7,467
1,300
State
of
Washington,
GO
,
Series
C
Continuously
Callable
@100
.............
5.00
2/1/33
1,521
1,250
Washington
Health
Care
Facilities
Authority
Revenue
,
Series
B
.............
5.00
10/1/25
1,288
1,600
Washington
Health
Care
Facilities
Authority
Revenue
,
Series
B1
,
Callable
2/1/24
@
100.00
..................................................
5.00(a)
8/1/49
1,608
18,751
Wisconsin
—
1
.23
%
3,455
Public
Finance
Authority
Revenue
,
Series
A-2
..........................
3.70(a)
10/1/46
3,563
1,225
University
of
Wisconsin
Hospitals
&
Clinics
Revenue
,
Series
A
.............
5.00
4/1/26
1,279
1,100
Wisconsin
Health
&
Educational
Facilities
Authority
Revenue
..............
4.00
11/15/26
1,127
5,969
Total
Municipal
Bonds
..........................................
457,229
Shares
Investment
Companies
—
5
.28
%
Domestic
Fixed
Income
—
3
.50
%
116,927
BlackRock
California
Municipal
Income
Trust
..........................
1,406
14,405
BlackRock
Municipal
2030
Target
Term
Trust
..........................
300
58,574
BlackRock
Municipal
Income
Fund,
Inc.
..............................
682
49,623
BlackRock
MuniYield
Fund,
Inc.
...................................
535
70,198
BlackRock
MuniYield
Quality
Fund
III,
Inc.
...........................
817
71,012
DTF
Tax-Free
Income
2028
Term
Fund,
Inc.
...........................
763
129,929
DWS
Municipal
Income
Trust
......................................
1,155
137,822
Eaton
Vance
California
Municipal
Bond
Fund
..........................
1,261
52,484
Eaton
Vance
Municipal
Bond
Fund
..................................
532
101,260
Federated
Hermes
Premier
Municipal
Income
Fund
......................
1,113
60,560
Invesco
Quality
Municipal
Income
Trust
..............................
576
56,540
MainStay
MacKay
DefinedTerm
Municipal
Opportunities
Fund
..............
919
181,653
MFS
High
Income
Municipal
Trust
..................................
645
185,709
MFS
High
Yield
Municipal
Trust
....................................
615
123,697
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
......................
1,361
88,013
Nuveen
Municipal
Credit
Income
Fund
...............................
1,040
64,491
Nuveen
Municipal
Value
Fund,
Inc.
..................................
555
120,490
Nuveen
Quality
Municipal
Income
Fund
..............................
1,379
39,879
Pioneer
Municipal
High
Income
Advantage
Fund,
Inc.
....................
320
65,747
Pioneer
Municipal
High
Income
Opportunities
Fund,
Inc.
..................
695
36,627
Western
Asset
Managed
Municipals
Fund,
Inc.
..........................
372
17,041
Money
Market
Funds
—
1
.78
%
8,647,222
BlackRock
Liquidity
Funds
MuniCash
................................
2.81(c)
8,648
Total
Investment
Companies
......................................
25,689
205
See
accompanying
notes
to
financial
statements.
HC
CAPITAL
TRUST
The
Intermediate
Term
Municipal
Bond
Portfolio
Portfolio
of
Investments
(concluded)
—
December
31,2023
(Unaudited)
The
following
table
reflects
the
percentage
of
total
net
assets
of
the
Portfolio
attributable
to
each
Specialist
Manager
as
of
December
31,
2023
.
Amounts
designated
as
"—"
indicate
the
Specialist
Manager
did
not
manage
any
holdings
in
that
category. 
Security
Description
Value
(000)
Total
Investments
(cost
$
486,539
)
—
99
.32
%
.........................
$
482,918
Other
assets
in
excess
of
liabilities
—
0
.68
%
..........................
3,321
Net
Assets
—
100.00%
..........................................
$
486,239
AGM—Assured
Guaranty
Municipal
Corporation
AMBAC—American
Municipal
Bond
Assurance
Corporation
AMT—Alternative
Minimum
Tax
BAM—Build
America
Mutual
GO—General
Obligation
PSF-GTD—Public
School
Fund
Guaranteed
Q-SBLF—Qualified
School
Bond
Loan
Fund
SCH
BD
GTY—School
Board
Guaranty
The
Intermediate
Term
Municipal
Bond
Portfolio
Insight
North
America
LLC
Breckinridge
Capital
Advisors,
Inc
City
of
London
Investment
Management
Company,
Limited
HC
Capital
Solutions
Total
Municipal
Bonds
.....................................................................................................
84.21
%
9.83
%
—
—
94.04
%
Investment
Companies
............................................................................................
1.45
%
—
3.50
%
0.33
%
5.28
%
Other
Assets
(Liabilities)
........................................................................................
0.52
%
0.17
%
0.04
%
-0.05
%
0.68
%
Total
Net
Assets
.................................................................................................
86.18
%
10.00
%
3.54
%
0.28
%
100.00
%
HC
CAPITAL
TRUST
Statements
of
Assets
and
Liabilities
As
of
December
31,
2023
(Unaudited)
(Amounts
in
thousands,
except
per
share
amounts)
206
See
accompanying
notes
to
financial
statements.
Amounts
designated
as
"—"
are
$0
or
have
been
rounded
to
$0.
The
Value
Equity
Portfolio
The
Growth
Equity
Portfolio
The
Institutional
U.S.
Equity
Portfolio
The
Small
Capitalization-
Mid
Capitalization
Equity
Portfolio
ASSETS:
Investments
in
securities,
at
value(a)
..............................
$
701,563
$
838,236
$
2,496,239
$
80,671
Cash
...............................................................
343
41
5,798
—
Receivable
for
portfolio
shares
issued
............................
—
1,231
1,125
—
Receivable
from
investments
sold
................................
—
—
13,182
—
Variation
margin
receivable
on
derivatives
.......................
—
—
7
—
Cash
held
as
collateral
at
broker
for
derivatives
..................
—
—
40,849
—
Dividends
and
interest
receivable
.................................
563
905
2,835
92
Foreign
tax
reclaims
receivable
...................................
—
90
126
4
Prepaid
expenses
..................................................
17
18
41
7
Total
assets
.....................................................
702,486
840,521
2,560,202
80,774
LIABILITIES:
Written
options,
at
fair
value
(Premiums
received
$—,
$—,
$4,353
and
$—,
respectively)
..................................
—
—
1,376
—
Payable
for
investments
purchased
...............................
—
—
13,506
—
Payable
for
portfolio
shares
redeemed
............................
—
—
3,309
—
Payable
for
collateral
received
on
loaned
securities
..............
—
1,193
1,306
1,178
Variation
margin
payable
on
derivatives
..........................
—
—
214
—
Advisory
fees
payable
.............................................
43
223
480
6
Administrative
services
fees
payable
.............................
27
31
95
11
Trustee
fees
payable
...............................................
7
6
36
2
Professional
fees
payable
.........................................
25
23
130
11
Custodian
fees
payable
............................................
12
14
59
5
Other
accrued
expenses
...........................................
15
17
41
6
Total
liabilities
..................................................
129
1,507
20,552
1,219
NET
ASSETS
........................................................
$
702,357
$
839,014
$
2,539,650
$
79,555
NET
ASSETS
CONSISTS
OF:
Shares
of
beneficial
interest,
at
par
value
$
22
$
27
$
160
$
2
Additional
paid-in
capital
.........................................
296,675
243,329
2,058,511
44,075
Total
distributable
earnings/(loss)
405,660
595,660
480,982
35,478
Net
Assets
......................................................
$
702,357
$
839,016
$
2,539,653
$
79,555
NET
ASSETS:
HC
Strategic
Shares
...............................................
$
702,357
$
839,014
$
2,539,650
$
79,555
Total
............................................................
$
702,357
$
839,014
$
2,539,650
$
79,555
SHARES
OF
BENEFICIAL
INTEREST
OUTSTANDING
(Unlimited
number
of
shares
authorized;
par
value
$0.001):
HC
Strategic
Shares
...............................................
22,223
26,818
160,350
2,488
Total
.........................................................
22,223
26,818
160,350
2,488
Net
Asset
Value,
offering
and
redemption
price
per
share:
(b)
HC
Strategic
Shares
...............................................
$
31.60
$
31.29
$
15.84
$
31.97
Investments
in
securities,
at
cost
..................................
$
282,032
$
242,402
$
1,793,902
$
41,970
(a)
Includes
securities
on
loan
of
$0,
$1,167,
$1,270
and
$1,126,
respectively.
(b)
Per
share
amounts
may
not
recalculate
due
to
rounding
of
net
assets
and/or
shares
outstanding.
207
HC
CAPITAL
TRUST
Statements
of
Assets
and
Liabilities
(continued)
As
of
December
31,
2023
(Unaudited)
(Amounts
in
thousands,
except
per
share
amounts)
See
accompanying
notes
to
financial
statements.
Amounts
designated
as
"—"
are
$0
or
have
been
rounded
to
$0.
The
ESG
Growth
Portfolio
The
Catholic
SRI
Growth
Portfolio
The
International
Equity
Portfolio
The
Institutional
International
Equity
Portfolio
ASSETS:
Investments
in
securities,
at
value(a)
..............................
$
174,655
$
30,197
$
545,402
$
754,893
Cash
...............................................................
—
—
70
1,570
Foreign
currency,
at
value
(Cost
$84,
$19,
$240
and
$1,300,
respectively)
....................................................
89
20
582
1,388
Receivable
for
portfolio
shares
issued
............................
—
—
—
34
Receivable
from
investments
sold
................................
—
—
21
449
Variation
margin
receivable
on
derivatives
.......................
—
—
13
64
Cash
held
as
collateral
at
broker
for
derivatives
..................
—
—
7,711
14,167
Dividends
and
interest
receivable
.................................
144
27
375
1,109
Foreign
tax
reclaims
receivable
...................................
207
30
2,745
3,843
Prepaid
expenses
..................................................
3
5
15
16
Total
assets
.....................................................
175,098
30,279
556,934
777,533
LIABILITIES:
Written
options,
at
fair
value
(Premiums
received
$—,
$—,
$756
and
$1,270,
respectively)
.......................................
—
—
236
403
Payable
for
investments
purchased
...............................
—
—
14
473
Payable
for
portfolio
shares
redeemed
............................
—
—
4
1,562
Payable
for
collateral
received
on
loaned
securities
..............
—
4
—
4,712
Advisory
fees
payable
.............................................
11
—
57
136
Administrative
services
fees
payable
.............................
17
14
37
42
Trustee
fees
payable
...............................................
2
1
10
12
Professional
fees
payable
.........................................
20
11
94
93
Custodian
fees
payable
............................................
12
8
49
58
Other
accrued
expenses
...........................................
3
1
13
16
Total
liabilities
..................................................
65
39
514
7,507
NET
ASSETS
........................................................
$
175,033
$
30,240
$
556,420
$
770,026
NET
ASSETS
CONSISTS
OF:
Shares
of
beneficial
interest,
at
par
value
$
12
$
3
$
45
$
75
Additional
paid-in
capital
.........................................
124,169
19,213
413,397
676,378
Total
distributable
earnings/(loss)
50,852
11,024
142,978
93,573
Net
Assets
......................................................
$
175,033
$
30,240
$
556,420
$
770,026
NET
ASSETS:
HC
Strategic
Shares
...............................................
$
175,033
$
30,240
$
556,420
$
770,026
Total
............................................................
$
175,033
$
30,240
$
556,420
$
770,026
SHARES
OF
BENEFICIAL
INTEREST
OUTSTANDING
(Unlimited
number
of
shares
authorized;
par
value
$0.001):
HC
Strategic
Shares
...............................................
12,309
2,650
45,052
74,782
Total
.........................................................
12,309
2,650
45,052
74,782
Net
Asset
Value,
offering
and
redemption
price
per
share:
(b)
HC
Strategic
Shares
...............................................
$
14.22
$
11.41
$
12.35
$
10.30
Investments
in
securities,
at
cost
..................................
$
122,375
$
18,557
$
311,079
$
624,963
(a)
Includes
securities
on
loan
of
$0,
$4,
$0
and
$6,905,
respectively.
(b)
Per
share
amounts
may
not
recalculate
due
to
rounding
of
net
assets
and/or
shares
outstanding.
208
HC
CAPITAL
TRUST
Statements
of
Assets
and
Liabilities
(continued)
As
of
December
31,
2023
(Unaudited)
(Amounts
in
thousands,
except
per
share
amounts)
See
accompanying
notes
to
financial
statements.
Amounts
designated
as
"—"
are
$0
or
have
been
rounded
to
$0.
The
Emerging
Markets
Portfolio
The
Core
Fixed
Income
Portfolio
The
Corporate
Opportunities
Portfolio
ASSETS:
Investments
in
securities,
at
value(a)
......................................................
$
691,115
$
75,859
$
201,285
Cash
.......................................................................................
418
35
59
Foreign
currency,
at
value
(Cost
$2,492,
$—
and
$—,
respectively)
.....................
2,436
—
—
Receivable
for
portfolio
shares
issued
....................................................
154
79
52
Receivable
from
investments
sold
........................................................
35
487
—
Variation
margin
receivable
on
derivatives
...............................................
77
—
70
Cash
held
as
collateral
at
broker
for
derivatives
..........................................
14,190
—
4,123
Dividends
and
interest
receivable
.........................................................
1,733
373
809
Foreign
tax
reclaims
receivable
...........................................................
22
—
—
Prepaid
expenses
..........................................................................
17
5
8
Total
assets
.............................................................................
710,197
76,838
206,406
LIABILITIES:
Written
options,
at
fair
value
(Premiums
received
$1,221,
$—
and
$—,
respectively)
..
386
—
—
Payable
for
investments
purchased
.......................................................
19
1,305
—
Payable
for
portfolio
shares
redeemed
....................................................
489
—
21
Payable
for
collateral
received
on
loaned
securities
......................................
42
—
1,177
Variation
margin
payable
on
derivatives
..................................................
—
—
148
Accrued
foreign
capital
gains
tax
.........................................................
5,428
—
—
Advisory
fees
payable
.....................................................................
112
6
28
Administrative
services
fees
payable
.....................................................
43
14
12
Trustee
fees
payable
.......................................................................
12
1
2
Professional
fees
payable
.................................................................
95
3
8
Custodian
fees
payable
....................................................................
329
4
6
Other
accrued
expenses
...................................................................
18
2
4
Total
liabilities
..........................................................................
6,973
1,335
1,406
NET
ASSETS
................................................................................
$
703,224
$
75,503
$
205,000
NET
ASSETS
CONSISTS
OF:
Shares
of
beneficial
interest,
at
par
value
$
41
$
9
$
29
Additional
paid-in
capital
.................................................................
749,992
82,815
224,731
Total
distributable
earnings/(loss)
(46,809)
(7,321)
(19,760)
Net
Assets
..............................................................................
$
703,224
$
75,503
$
205,000
NET
ASSETS:
HC
Strategic
Shares
.......................................................................
$
703,224
$
75,503
$
205,000
Total
....................................................................................
$
703,224
$
75,503
$
205,000
SHARES
OF
BENEFICIAL
INTEREST
OUTSTANDING
(Unlimited
number
of
shares
authorized;
par
value
$0.001):
HC
Strategic
Shares
.......................................................................
40,571
8,772
29,318
Total
.................................................................................
40,571
8,772
29,318
Net
Asset
Value,
offering
and
redemption
price
per
share:
(b)
HC
Strategic
Shares
.......................................................................
$
17.33
$
8.61
$
6.99
Investments
in
securities,
at
cost
..........................................................
$
618,855
$
78,457
$
200,459
(a)
Includes
securities
on
loan
of
$154,
$0
and
$0,
respectively.
(b)
Per
share
amounts
may
not
recalculate
due
to
rounding
of
net
assets
and/or
shares
outstanding.
209
HC
CAPITAL
TRUST
Statements
of
Assets
and
Liabilities
(continued)
As
of
December
31,
2023
(Unaudited)
(Amounts
in
thousands,
except
per
share
amounts)
See
accompanying
notes
to
financial
statements.
Amounts
designated
as
"—"
are
$0
or
have
been
rounded
to
$0.
The
U.S.
Government
Fixed
Income
Securities
Portfolio
The
U.S.
Corporate
Fixed
Income
Securities
Portfolio
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
ASSETS:
Investments
in
securities,
at
value(a)
......................................................
$
952,920
$
268,910
$
228,590
Cash
.......................................................................................
402
—
—
Receivable
for
portfolio
shares
issued
....................................................
1,241
54
79
Receivable
from
investments
sold
........................................................
6,675
—
—
Cash
held
as
collateral
at
broker
for
derivatives
..........................................
2,654
—
—
Dividends
and
interest
receivable
.........................................................
2,915
2,753
624
TBA
sale
commitments
receivable
........................................................
—
—
393
Prepaid
expenses
..........................................................................
26
9
9
Total
assets
.............................................................................
966,833
271,726
229,695
LIABILITIES:
Payable
to
Custodian
......................................................................
—
20
—
Payable
for
investments
purchased
.......................................................
6,786
—
296
Payable
for
portfolio
shares
redeemed
....................................................
443
120
103
Payable
for
collateral
received
on
loaned
securities
......................................
—
2,010
—
TBA
sale
commitments
payable
..........................................................
—
—
15,921
Advisory
fees
payable
.....................................................................
24
19
10
Administrative
services
fees
payable
.....................................................
38
12
21
Trustee
fees
payable
.......................................................................
13
2
2
Professional
fees
payable
.................................................................
48
7
8
Custodian
fees
payable
....................................................................
22
12
5
Other
accrued
expenses
...................................................................
18
2
4
Total
liabilities
..........................................................................
7,392
2,204
16,370
NET
ASSETS
................................................................................
$
959,441
$
269,522
$
213,325
NET
ASSETS
CONSISTS
OF:
Shares
of
beneficial
interest,
at
par
value
$
111
$
30
$
26
Additional
paid-in
capital
.................................................................
1,012,477
295,604
250,893
Total
distributable
earnings/(loss)
(53,147)
(26,112)
(37,594)
Net
Assets
..............................................................................
$
959,441
$
269,522
$
213,325
NET
ASSETS:
HC
Strategic
Shares
.......................................................................
$
959,441
$
269,522
$
213,325
Total
....................................................................................
$
959,441
$
269,522
$
213,325
SHARES
OF
BENEFICIAL
INTEREST
OUTSTANDING
(Unlimited
number
of
shares
authorized;
par
value
$0.001):
HC
Strategic
Shares
.......................................................................
111,289
30,336
25,516
Total
.................................................................................
111,289
30,336
25,516
Net
Asset
Value,
offering
and
redemption
price
per
share:
(b)
HC
Strategic
Shares
.......................................................................
$
8.62
$
8.88
$
8.36
Investments
in
securities,
at
cost
..........................................................
$
970,446
$
280,217
$
248,740
(a)
Includes
securities
on
loan
of
$0,
$1,963
and
$0,
respectively.
(b)
Per
share
amounts
may
not
recalculate
due
to
rounding
of
net
assets
and/or
shares
outstanding.
210
See
accompanying
notes
to
financial
statements.
HC
CAPITAL
TRUST
Statements
of
Assets
and
Liabilities
(concluded)
As
of
December
31,
2023
(Unaudited)
(Amounts
in
thousands,
except
per
share
amounts)
Amounts
designated
as
"—"
are
$0
or
have
been
rounded
to
$0.
The
Short-Term
Municipal
Bond
Portfolio
The
Intermediate
Term
Municipal
Bond
Portfolio
ASSETS:
Investments
in
securities,
at
value
................................................................................
$
64,278
$
482,918
Cash
...............................................................................................................
—
158
Receivable
for
portfolio
shares
issued
............................................................................
632
645
Dividends
and
interest
receivable
.................................................................................
862
5,251
Prepaid
expenses
..................................................................................................
20
9
Total
assets
.....................................................................................................
65,792
488,981
LIABILITIES:
Payable
for
investments
purchased
...............................................................................
—
1,756
Payable
for
portfolio
shares
redeemed
............................................................................
32
505
Advisory
fees
payable
.............................................................................................
7
396
Administrative
services
fees
payable
.............................................................................
6
27
Trustee
fees
payable
...............................................................................................
1
7
Professional
fees
payable
.........................................................................................
2
25
Custodian
fees
payable
............................................................................................
1
14
Other
accrued
expenses
...........................................................................................
2
12
Total
liabilities
..................................................................................................
51
2,742
NET
ASSETS
........................................................................................................
$
65,741
$
486,239
NET
ASSETS
CONSISTS
OF:
Shares
of
beneficial
interest,
at
par
value
$
7
$
49
Additional
paid-in
capital
.........................................................................................
70,187
500,332
Total
distributable
earnings/(loss)
(4,453)
(14,142)
Net
Assets
......................................................................................................
$
65,741
$
486,239
NET
ASSETS:
HC
Strategic
Shares
...............................................................................................
$
65,741
$
486,239
Total
............................................................................................................
$
65,741
$
486,239
SHARES
OF
BENEFICIAL
INTEREST
OUTSTANDING
(Unlimited
number
of
shares
authorized;
par
value
$0.001):
HC
Strategic
Shares
...............................................................................................
6,807
49,449
Total
.........................................................................................................
6,807
49,449
Net
Asset
Value,
offering
and
redemption
price
per
share:
(a)
HC
Strategic
Shares
...............................................................................................
$
9.66
$
9.83
Investments
in
securities,
at
cost
..................................................................................
$
64,312
$
486,539
(a)
Per
share
amounts
may
not
recalculate
due
to
rounding
of
net
assets
and/or
shares
outstanding.
HC
CAPITAL
TRUST
Statements
of
Operations
For
the
Six
Months
Ended
December
31,
2023
(Unaudited)
(Amounts
in
thousands)
211
See
accompanying
notes
to
financial
statements.
1
st
Amounts
designated
as
“—”
are
$0
or
have
been
rounded
to
$0.
The
Value
Equity
Portfolio
The
Growth
Equity
Portfolio
The
Institutional
U.S.
Equity
Portfolio
The
Small
Capitalization-
Mid
Capitalization
Equity
Portfolio
INVESTMENT
INCOME:
Interest
.......................................................................
$
—
$
—
$
217
$
—
Dividends
(net
of
foreign
withholding
tax
of
$1,
$23,
$31
and
$2,
respectively)
..............................................................
5,399
5,254
20,979
594
Income
from
securities
lending,
net
.........................................
5
3
104
38
Total
Investment
Income
.................................................
5,404
5,257
21,300
632
EXPENSES:
Advisory
fees
................................................................
272
610
2,166
34
Management
fees
............................................................
73
88
267
8
Administrative
services
fees
................................................
140
167
497
28
Professional
fees
............................................................
56
66
232
13
Transfer
agent
fees
..........................................................
9
10
39
1
Compliance
service
fees
....................................................
8
9
35
1
Custodian
fees
...............................................................
28
37
107
6
Registration
and
filing
fees
..................................................
10
10
8
9
Trustee
fees
..................................................................
26
30
108
3
Other
........................................................................
48
72
111
7
Total
expenses
before
expenses
paid
indirectly
......................
670
1,099
3,570
110
Expenses
waived
and/or
reimbursed
by
Adviser
......................
(73)
(88)
(267)
(8)
Expenses
waived
by
Administrator
...................................
(10)
(13)
(42)
(2)
Less
:
Expenses
paid
indirectly
.......................................
—
(2)
(2)
—
Net
Expenses
.......................................................
587
996
3,259
100
Net
Investment
Income
......................................................
4,817
4,261
18,041
532
NET
REALIZED/UNREALIZED
GAIN/(LOSS)
ON
INVESTMENTS:
Net
realized
gains/(losses)
from
investment
in
securities
and
foreign
currency
translations
.....................................................
(1,185)
8,851
229,171
(281)
Net
realized
gains/(losses)
from
redemptions
in-kind
transactions
8,298
28,409
—
—
Net
realized
gains/(losses)
from
futures
transactions
.......................
—
—
836
8
Net
realized
gains/(losses)
from
written
options
transactions
..............
—
—
3,426
—
Net
realized
gains/(losses)
from
investments
...............................
7,113
37,260
233,433
(273)
Change
in
unrealized
appreciation/(depreciation)
on
investment
transactions
and
foreign
currency
translations
...........................
39,516
31,412
(64,749)
5,778
Change
in
unrealized
appreciation/(depreciation)
on
futures
...............
—
—
(1,286)
(3)
Change
in
unrealized
appreciation/(depreciation)
on
written
options
......
—
—
2,977
—
Change
in
unrealized
appreciation/(depreciation)
on
investments
..........
39,516
31,412
(63,058)
5,775
Net
realized/unrealized
gains/(losses)
from
investments
...................
46,629
68,672
170,375
5,502
Change
in
net
assets
resulting
from
operations
$
51,446
$
72,933
$
188,416
$
6,034
212
HC
CAPITAL
TRUST
Statements
of
Operations
(continued)
For
the
Six
Months
Ended
December
31,
2023
(Unaudited)
(Amounts
in
thousands)
See
accompanying
notes
to
financial
statements.
Amounts
designated
as
“—”
are
$0
or
have
been
rounded
to
$0.
The
ESG
Growth
Portfolio
The
Catholic
SRI
Growth
Portfolio
The
International
Equity
Portfolio
The
Institutional
International
Equity
Portfolio
INVESTMENT
INCOME:
Interest
.......................................................................
$
—
$
—
$
43
$
—
Dividends
(net
of
foreign
withholding
tax
of
$105,
$21,
$1,012
and
$869,
respectively)
..............................................................
1,378
237
5,874
10,416
Income
from
securities
lending,
net
.........................................
—
—
—
10
Total
Investment
Income
.................................................
1,378
237
5,917
10,426
EXPENSES:
Advisory
fees
................................................................
107
14
298
736
Management
fees
............................................................
18
3
59
83
Administrative
services
fees
................................................
57
32
135
174
Professional
fees
............................................................
30
13
125
136
Transfer
agent
fees
..........................................................
2
—
8
10
Compliance
service
fees
....................................................
2
—
7
9
Custodian
fees
...............................................................
20
11
67
83
Registration
and
filing
fees
..................................................
2
1
10
9
Trustee
fees
..................................................................
7
1
22
28
Other
........................................................................
10
5
27
34
Total
expenses
before
waivers
and/or
reimbursements
...............
255
80
758
1,302
Expenses
waived
and/or
reimbursed
by
Adviser
......................
(18)
(36)
(59)
(83)
Expenses
waived
by
Administrator
...................................
(3)
—
(10)
(15)
Net
Expenses
.......................................................
234
44
689
1,204
Net
Investment
Income
......................................................
1,144
193
5,228
9,222
NET
REALIZED/UNREALIZED
GAIN/(LOSS)
ON
INVESTMENTS:
Net
realized
gains/(losses)
from
investment
in
securities
and
foreign
currency
translations
.....................................................
2,457
(6)
5,504
76
Net
realized
gains/(losses)
from
futures
transactions
.......................
5
—
(2,109)
(7,288)
Net
realized
gains/(losses)
from
written
options
transactions
..............
—
—
812
2,800
Net
realized
gains/(losses)
from
investments
...............................
2,462
(6)
4,207
(4,412)
Change
in
unrealized
appreciation/(depreciation)
on
investment
transactions
and
foreign
currency
translations
...........................
8,283
2,035
20,734
34,204
Change
in
unrealized
appreciation/(depreciation)
on
futures
...............
(5)
—
69
225
Change
in
unrealized
appreciation/(depreciation)
on
written
options
......
—
—
419
48
Change
in
unrealized
appreciation/(depreciation)
on
investments
..........
8,278
2,035
21,222
34,477
Net
realized/unrealized
gains/(losses)
from
investments
...................
10,740
2,029
25,429
30,065
Change
in
net
assets
resulting
from
operations
$
11,884
$
2,222
$
30,657
$
39,287
213
HC
CAPITAL
TRUST
Statements
of
Operations
(continued)
For
the
Six
Months
Ended
December
31,
2023
(Unaudited)
(Amounts
in
thousands)
See
accompanying
notes
to
financial
statements.
Amounts
designated
as
“—”
are
$0
or
have
been
rounded
to
$0.
The
Emerging
Markets
Portfolio
The
Core
Fixed
Income
Portfolio
The
Corporate
Opportunities
Portfolio
INVESTMENT
INCOME:
Interest
.............................................................................................
$
50
$
769
$
—
Dividends
(net
of
foreign
withholding
tax
of
$1,370,
$—
and
$—,
respectively)
................
12,453
622
7,020
Income
from
securities
lending,
net
...............................................................
13
—
4
Total
Investment
Income
.......................................................................
12,516
1,391
7,024
EXPENSES:
Advisory
fees
......................................................................................
725
41
190
Management
fees
..................................................................................
76
8
22
Administrative
services
fees
......................................................................
165
52
54
Professional
fees
..................................................................................
119
7
19
Transfer
agent
fees
................................................................................
10
1
3
Compliance
service
fees
..........................................................................
9
1
3
Custodian
fees
.....................................................................................
435
9
14
Registration
and
filing
fees
........................................................................
8
5
6
Trustee
fees
........................................................................................
28
3
9
Other
..............................................................................................
34
5
12
Total
expenses
before
waivers
and/or
reimbursements
.....................................
1,609
132
332
Expenses
waived
and/or
reimbursed
by
Adviser
............................................
(76)
(8)
(22)
Expenses
waived
by
Administrator
.........................................................
(13)
(1)
(5)
Net
Expenses
.............................................................................
1,520
123
305
Net
Investment
Income
............................................................................
10,996
1,268
6,719
NET
REALIZED/UNREALIZED
GAIN/(LOSS)
ON
INVESTMENTS:
Net
realized
gains/(losses)
from
investment
in
securities
and
foreign
currency
translations
.....
(6,724)
(1,222)
543
Net
realized
gains/(losses)
from
futures
transactions
.............................................
(4,529)
—
(478)
Net
realized
gains/(losses)
from
written
options
transactions
....................................
1,654
—
—
Net
realized
gains/(losses)
from
swap
transactions
...............................................
(5,516)
—
—
Net
realized
gains/(losses)
from
investments
.....................................................
(15,115)
(1,222)
65
Change
in
unrealized
appreciation/(depreciation)
on
investment
transactions
and
foreign
currency
translations
...........................................................................
33,261
2,318
1,500
Change
in
unrealized
appreciation/(depreciation)
on
futures
.....................................
2,917
—
4,118
Change
in
unrealized
appreciation/(depreciation)
on
written
options
............................
495
—
—
Change
in
unrealized
appreciation/(depreciation)
on
swaps
......................................
2,176
—
—
Change
in
unrealized
appreciation/(depreciation)
on
investments
................................
38,849
2,318
5,618
Net
realized/unrealized
gains/(losses)
from
investments
.........................................
23,734
1,096
5,683
Change
in
net
assets
resulting
from
operations
$
34,730
$
2,364
$
12,402
214
HC
CAPITAL
TRUST
Statements
of
Operations
(continued)
For
the
Six
Months
Ended
December
31,
2023
(Unaudited)
(Amounts
in
thousands)
See
accompanying
notes
to
financial
statements.
Amounts
designated
as
“—”
are
$0
or
have
been
rounded
to
$0.
The
U.S.
Government
Fixed
Income
Securities
Portfolio
The
U.S.
Corporate
Fixed
Income
Securities
Portfolio
The
U.S.
Mortgage/
Asset
Backed
Fixed
Income
Securities
Portfolio
INVESTMENT
INCOME:
Interest
.............................................................................................
$
7,188
$
4,852
$
2,874
Dividends
(net
of
foreign
withholding
tax
of
$—,
$—
and
$—,
respectively)
...................
11,221
857
797
Income
from
securities
lending,
net
...............................................................
—
26
—
Total
Investment
Income
.......................................................................
18,409
5,735
3,671
EXPENSES:
Advisory
fees
......................................................................................
156
114
58
Management
fees
..................................................................................
100
28
23
Administrative
services
fees
......................................................................
194
63
89
Professional
fees
..................................................................................
84
18
18
Transfer
agent
fees
................................................................................
14
3
3
Compliance
service
fees
..........................................................................
13
3
2
Custodian
fees
.....................................................................................
38
33
13
Registration
and
filing
fees
........................................................................
8
8
8
Trustee
fees
........................................................................................
40
9
9
Other
..............................................................................................
37
11
11
Total
expenses
before
waivers
and/or
reimbursements
.....................................
684
290
234
Expenses
waived
and/or
reimbursed
by
Adviser
............................................
(100)
(28)
(23)
Expenses
waived
by
Administrator
.........................................................
(11)
(5)
(3)
Net
Expenses
.............................................................................
573
257
208
Net
Investment
Income
............................................................................
17,836
5,478
3,463
NET
REALIZED/UNREALIZED
GAIN/(LOSS)
ON
INVESTMENTS:
Net
realized
gains/(losses)
from
investment
in
securities
........................................
(22,968)
(6,929)
(333)
Net
realized
gains/(losses)
from
futures
transactions
.............................................
(1,057)
—
—
Net
realized
gains/(losses)
from
written
options
transactions
....................................
728
—
—
Net
realized
gains/(losses)
from
investments
.....................................................
(23,297)
(6,929)
(333)
Change
in
unrealized
appreciation/(depreciation)
on
investment
transactions
...................
33,245
13,468
3,311
Change
in
unrealized
appreciation/(depreciation)
on
futures
.....................................
5,069
—
—
Change
in
unrealized
appreciation/(depreciation)
on
written
options
............................
(1)
—
—
Change
in
unrealized
appreciation/(depreciation)
on
investments
................................
38,313
13,468
3,311
Net
realized/unrealized
gains/(losses)
from
investments
.........................................
15,016
6,539
2,978
Change
in
net
assets
resulting
from
operations
$
32,852
$
12,017
$
6,441
215
See
accompanying
notes
to
financial
statements.
HC
CAPITAL
TRUST
Statements
of
Operations
(concluded)
For
the
Six
Months
Ended
December
31,
2023
(Unaudited)
(Amounts
in
thousands)
Amounts
designated
as
“—”
are
$0
or
have
been
rounded
to
$0.
The
Short-Term
Municipal
Bond
Portfolio
The
Intermediate
Term
Municipal
Bond
Portfolio
INVESTMENT
INCOME:
Interest
..................................................................................................................
$
788
$
5,872
Dividends
(net
of
foreign
withholding
tax
of
$—
and
$—,
respectively)
.............................................
15
404
Total
Investment
Income
............................................................................................
803
6,276
EXPENSES:
Advisory
fees
...........................................................................................................
43
464
Management
fees
.......................................................................................................
8
52
Administrative
services
fees
...........................................................................................
29
114
Professional
fees
.......................................................................................................
7
54
Transfer
agent
fees
.....................................................................................................
1
8
Compliance
service
fees
...............................................................................................
1
7
Custodian
fees
..........................................................................................................
4
26
Registration
and
filing
fees
.............................................................................................
6
5
Trustee
fees
.............................................................................................................
4
22
Other
...................................................................................................................
11
24
Total
expenses
before
waivers
and/or
reimbursements
..........................................................
114
776
Expenses
waived
and/or
reimbursed
by
Adviser
.................................................................
(8)
(52)
Expenses
waived
by
Administrator
..............................................................................
(2)
(7)
Net
Expenses
..................................................................................................
104
717
Net
Investment
Income
.................................................................................................
699
5,559
NET
REALIZED/UNREALIZED
GAIN/(LOSS)
ON
INVESTMENTS:
Net
realized
gains/(losses)
from
investment
in
securities
.............................................................
(352)
(2,705)
Net
realized
gains/(losses)
from
investments
..........................................................................
(352)
(2,705)
Change
in
unrealized
appreciation/(depreciation)
on
investment
transactions
........................................
1,111
11,721
Change
in
unrealized
appreciation/(depreciation)
on
investments
.....................................................
1,111
11,721
Net
realized/unrealized
gains/(losses)
from
investments
..............................................................
759
9,016
Change
in
net
assets
resulting
from
operations
$
1,458
$
14,575
HC
CAPITAL
TRUST
Statements
of
Changes
in
Net
Assets
(Amounts
in
thousands)
216
See
accompanying
notes
to
financial
statements.
Amounts
designated
as
“—”
are
$0
or
have
been
rounded
to
$0.
The
Value
Equity
Portfolio
The
Growth
Equity
Portfolio
The
Institutional
U.S.
Equity
Portfolio
Six
Months
Ended
December
31,
2023
(Unaudited)
For
the
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
For
the
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
For
the
Year
Ended
June
30,
2023
Operations:
Net
investment
income
........................................
$
4,817
$
8,961
$
4,261
$
8,302
$
18,041
$
44,113
Net
realized
gains/(losses)
from
investments
.................
7,113
(219)
37,260
10,923
233,433
69,372
Change
in
unrealized
appreciation/(depreciation)
from
investments
.................................................
39,516
98,519
31,412
123,998
(63,058)
287,740
Change
in
net
assets
resulting
from
operations
..................
51,446
107,261
72,933
143,223
188,416
401,225
Distributions
to
Shareholders:
HC
Strategic
Shares
From
net
investment
income
and/or
net
realized
capital
gains
....................................
(7,014)
(11,649)
(16,245)
(53,425)
(277,621)
(159,311)
Change
in
net
assets
resulting
from
distributions
................
(7,014)
(11,649)
(16,245)
(53,425)
(277,621)
(159,311)
HC
Strategic
Shares
Proceeds
from
shares
issued
..................................
$
11,009
$
2,496
$
34,128
$
12,480
$
66,320
$
436,447
Proceeds
from
reinvestment
of
dividends
.....................
5,402
9,063
11,910
41,441
270,489
149,012
Cost
of
shares
redeemed
......................................
(24,293)
(25,929)
(70,292)
(44,083)
(177,355)
(613,675)
Change
in
net
assets
from
HC
Strategic
Shares
of
beneficial
interest
.........................................................
(7,882)
(14,370)
(24,254)
9,838
159,454
(28,216)
Change
in
net
assets
from
shares
of
beneficial
interest
.......
$
(7,882)
$
(14,370)
$
(24,254)
$
9,838
$
159,454
$
(28,216)
Change
in
net
assets
..............................................
36,550
81,242
32,434
99,636
70,249
217,161
Net
Assets:
Beginning
of
period
...........................................
665,807
584,565
806,580
706,876
2,469,401
2,252,240
End
of
period
..................................................
$
702,357
$
665,807
$
839,014
$
806,580
$
2,539,650
$
2,469,401
Share
Transactions:
HC
Strategic
Shares
Issued
.......................................................
370
86
1,140
618
3,999
28,683
Reinvested
..................................................
173
344
382
1,694
17,081
10,249
Redeemed
..................................................
(810)
(974)
(2,348)
(1,817)
(10,707)
(39,796)
Change
in
HC
Strategic
Shares
...............................
(267)
(544)
(826)
495
10,373
(864)
Total
change
in
shares
......................................
(267)
(544)
(826)
495
10,373
(864)
217
HC
CAPITAL
TRUST
Statements
of
Changes
in
Net
Assets
(continued)
(Amounts
in
thousands)
See
accompanying
notes
to
financial
statements.
Amounts
designated
as
“—”
are
$0
or
have
been
rounded
to
$0.
The
Small
Capitalization-
Mid
Capitalization
Equity
Portfolio
The
ESG
Growth
Portfolio
The
Catholic
SRI
Growth
Portfolio
Six
Months
Ended
December
31,
2023
(Unaudited)
For
the
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
For
the
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
For
the
Year
Ended
June
30,
2023
Operations:
Net
investment
income
........................................
$
532
$
965
$
1,144
$
2,407
$
193
$
456
Net
realized
gains/(losses)
from
investments
.................
(273)
575
2,462
(816)
(6)
(29)
Change
in
unrealized
appreciation/(depreciation)
from
investments
.................................................
5,775
7,992
8,278
21,035
2,035
4,299
Change
in
net
assets
resulting
from
operations
..................
6,034
9,532
11,884
22,626
2,222
4,726
Distributions
to
Shareholders:
HC
Strategic
Shares
From
net
investment
income
and/or
net
realized
capital
gains
....................................
(594)
(984)
(3,105)
(2,404)
(247)
(649)
Tax
return
of
capital
........................................
—
(8)
—
—
—
—
Change
in
net
assets
resulting
from
distributions
................
(594)
(992)
(3,105)
(2,404)
(247)
(649)
HC
Strategic
Shares
Proceeds
from
shares
issued
..................................
$
—
$
123
$
362
$
112
$
—
$
3,749
Proceeds
from
reinvestment
of
dividends
.....................
404
671
1,902
217
247
649
Cost
of
shares
redeemed
......................................
(1,522)
(3,336)
(127)
(94)
(1,038)
(1,944)
Change
in
net
assets
from
HC
Strategic
Shares
of
beneficial
interest
.........................................................
(1,118)
(2,542)
2,137
235
(791)
2,454
Change
in
net
assets
from
shares
of
beneficial
interest
.......
$
(1,118)
$
(2,542)
$
2,137
$
—
$
(791)
$
2,454
Change
in
net
assets
..............................................
4,322
5,998
10,916
20,457
1,184
6,531
Net
Assets:
Beginning
of
period
...........................................
75,233
69,235
164,117
143,660
29,056
22,525
End
of
period
..................................................
$
79,555
$
75,233
$
175,033
$
164,117
$
30,240
$
29,056
Share
Transactions:
HC
Strategic
Shares
Issued
.......................................................
—
4
27
8
—
382
Reinvested
..................................................
13
24
135
17
22
68
Redeemed
..................................................
(52)
(117)
(10)
(7)
(100)
(196)
Change
in
HC
Strategic
Shares
...............................
(39)
(89)
152
18
(78)
254
Total
change
in
shares
......................................
(39)
(89)
152
18
(78)
254
218
HC
CAPITAL
TRUST
Statements
of
Changes
in
Net
Assets
(continued)
(Amounts
in
thousands)
See
accompanying
notes
to
financial
statements.
Amounts
designated
as
“—”
are
$0
or
have
been
rounded
to
$0.
The
International
Equity
Portfolio
The
Institutional
International
Equity
Portfolio
The
Emerging
Markets
Portfolio
Six
Months
Ended
December
31,
2023
(Unaudited)
For
the
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
For
the
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
For
the
Year
Ended
June
30,
2023
Operations:
Net
investment
income
........................................
$
5,228
$
13,982
$
9,222
$
16,462
$
10,996
$
20,043
Net
realized
gains/(losses)
from
investments
.................
4,207
4,396
(4,412)
26,794
(15,115)
(11,629)
Change
in
unrealized
appreciation/(depreciation)
from
investments
.................................................
21,222
72,015
34,477
60,599
38,849
6,947
Change
in
net
assets
resulting
from
operations
..................
30,657
90,393
39,287
103,855
34,730
15,361
Distributions
to
Shareholders:
HC
Strategic
Shares
From
net
investment
income
and/or
net
realized
capital
gains
....................................
(7,922)
(13,334)
(3,595)
(10,428)
(27,920)
(13,347)
Tax
return
of
capital
........................................
—
—
—
(6,505)
—
—
Change
in
net
assets
resulting
from
distributions
................
(7,922)
(13,334)
(3,595)
(16,933)
(27,920)
(13,347)
HC
Strategic
Shares
Proceeds
from
shares
issued
..................................
$
5,119
$
11,568
$
18,474
$
211,763
$
10,425
$
83,010
Proceeds
from
reinvestment
of
dividends
.....................
5,279
9,140
3,161
14,735
21,864
10,376
Cost
of
shares
redeemed
......................................
(21,870)
(88,818)
(66,679)
(330,441)
(38,743)
(108,931)
Change
in
net
assets
from
HC
Strategic
Shares
of
beneficial
interest
.........................................................
(11,472)
(68,110)
(45,044)
(103,943)
(6,454)
(15,545)
Change
in
net
assets
from
shares
of
beneficial
interest
.......
$
(11,472)
$
(68,110)
$
(45,044)
$
(103,943)
$
(6,454)
$
(15,545)
Change
in
net
assets
..............................................
11,263
8,949
(9,352)
(17,021)
356
(13,531)
Net
Assets:
Beginning
of
period
...........................................
545,157
536,208
779,378
796,399
702,868
716,399
End
of
period
..................................................
$
556,420
$
545,157
$
770,026
$
779,378
$
703,224
$
702,868
Share
Transactions:
HC
Strategic
Shares
Issued
.......................................................
437
1,056
1,907
21,809
609
5,146
Reinvested
..................................................
434
762
312
1,483
1,287
643
Redeemed
..................................................
(1,863)
(8,389)
(6,804)
(37,387)
(2,239)
(6,470)
Change
in
HC
Strategic
Shares
...............................
(992)
(6,571)
(4,585)
(14,095)
(343)
(681)
Total
change
in
shares
......................................
(992)
(6,571)
(4,585)
(14,095)
(343)
(681)
219
HC
CAPITAL
TRUST
Statements
of
Changes
in
Net
Assets
(continued)
(Amounts
in
thousands)
See
accompanying
notes
to
financial
statements.
Amounts
designated
as
“—”
are
$0
or
have
been
rounded
to
$0.
The
Core
Fixed
Income
Portfolio
The
Corporate
Opportunities
Portfolio
The
U.S.
Government
Fixed
Income
Securities
Portfolio
Six
Months
Ended
December
31,
2023
(Unaudited)
For
the
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
For
the
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
For
the
Year
Ended
June
30,
2023
Operations:
Net
investment
income
........................................
$
1,268
$
2,214
$
6,719
$
10,721
$
17,836
$
32,735
Net
realized
gains/(losses)
from
investments
.................
(1,222)
(2,979)
65
4,568
(23,297)
(15,221)
Change
in
unrealized
appreciation/(depreciation)
from
investments
.................................................
2,318
339
5,618
268
38,313
(26,900)
Change
in
net
assets
resulting
from
operations
..................
2,364
(426)
12,402
15,557
32,852
(9,386)
Distributions
to
Shareholders:
HC
Strategic
Shares
From
net
investment
income
and/or
net
realized
capital
gains
....................................
(1,296)
(2,209)
(7,702)
(10,121)
(18,005)
(32,745)
Change
in
net
assets
resulting
from
distributions
................
(1,296)
(2,209)
(7,702)
(10,121)
(18,005)
(32,745)
HC
Strategic
Shares
Proceeds
from
shares
issued
..................................
$
5,392
$
20,278
$
7,326
$
18,323
$
62,714
$
466,271
Proceeds
from
reinvestment
of
dividends
.....................
1,284
2,205
7,487
9,717
12,844
23,950
Cost
of
shares
redeemed
......................................
(3,760)
(5,823)
(36,734)
(70,341)
(50,835)
(156,686)
Change
in
net
assets
from
HC
Strategic
Shares
of
beneficial
interest
.........................................................
2,916
16,660
(21,921)
(42,301)
24,723
333,535
Change
in
net
assets
from
shares
of
beneficial
interest
.......
$
2,916
$
16,660
$
(21,921)
$
(42,301)
$
24,723
$
333,535
Change
in
net
assets
..............................................
3,984
14,025
(17,222)
(36,865)
39,569
291,404
Net
Assets:
Beginning
of
period
...........................................
71,519
57,494
222,222
259,087
919,872
628,468
End
of
period
..................................................
$
75,503
$
71,519
$
205,000
$
222,222
$
959,441
$
919,872
Share
Transactions:
HC
Strategic
Shares
Issued
.......................................................
646
2,324
1,066
2,716
7,465
52,796
Reinvested
..................................................
153
259
1,086
1,458
1,525
2,818
Redeemed
..................................................
(449)
(679)
(5,326)
(10,509)
(6,037)
(18,208)
Change
in
HC
Strategic
Shares
...............................
350
1,904
(3,174)
(6,335)
2,953
37,406
Total
change
in
shares
......................................
350
1,904
(3,174)
(6,335)
2,953
37,406
220
HC
CAPITAL
TRUST
Statements
of
Changes
in
Net
Assets
(continued)
(Amounts
in
thousands)
See
accompanying
notes
to
financial
statements.
Amounts
designated
as
“—”
are
$0
or
have
been
rounded
to
$0.
The
U.S.
Corporate
Fixed
Income
Securities
Portfolio
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
The
Short-Term
Municipal
Bond
Portfolio
Six
Months
Ended
December
31,
2023
(Unaudited)
For
the
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
For
the
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
For
the
Year
Ended
June
30,
2023
Operations:
Net
investment
income
........................................
$
5,478
$
9,251
$
3,463
$
6,075
$
699
$
1,446
Net
realized
gains/(losses)
from
investments
.................
(6,929)
(7,308)
(333)
(517)
(352)
(3,140)
Change
in
unrealized
appreciation/(depreciation)
from
investments
.................................................
13,468
3,807
3,311
(7,824)
1,111
1,995
Change
in
net
assets
resulting
from
operations
..................
12,017
5,750
6,441
(2,266)
1,458
301
Distributions
to
Shareholders:
HC
Strategic
Shares
From
net
investment
income
and/or
net
realized
capital
gains
....................................
(5,607)
(9,281)
(3,595)
(6,210)
(717)
(1,460)
Change
in
net
assets
resulting
from
distributions
................
(5,607)
(9,281)
(3,595)
(6,210)
(717)
(1,460)
HC
Strategic
Shares
Proceeds
from
shares
issued
..................................
$
14,429
$
33,977
$
9,001
$
32,140
$
4,983
$
25,006
Proceeds
from
reinvestment
of
dividends
.....................
4,179
6,621
2,671
4,428
651
1,319
Cost
of
shares
redeemed
......................................
(21,559)
(28,703)
(18,887)
(23,651)
(10,042)
(95,778)
Change
in
net
assets
from
HC
Strategic
Shares
of
beneficial
interest
.........................................................
(2,951)
11,895
(7,215)
12,917
(4,408)
(69,453)
Change
in
net
assets
from
shares
of
beneficial
interest
.......
$
(2,951)
$
11,895
$
(7,215)
$
12,917
$
(4,408)
$
(69,453)
Change
in
net
assets
..............................................
3,459
8,364
(4,369)
4,441
(3,667)
(70,612)
Net
Assets:
Beginning
of
period
...........................................
266,063
257,699
217,694
213,253
69,408
140,020
End
of
period
..................................................
$
269,522
$
266,063
$
213,325
$
217,694
$
65,741
$
69,408
Share
Transactions:
HC
Strategic
Shares
Issued
.......................................................
1,676
3,900
1,112
3,831
521
2,611
Reinvested
..................................................
488
766
331
533
68
138
Redeemed
..................................................
(2,518)
(3,285)
(2,332)
(2,816)
(1,049)
(10,065)
Change
in
HC
Strategic
Shares
...............................
(354)
1,381
(889)
1,548
(460)
(7,316)
Total
change
in
shares
......................................
(354)
1,381
(889)
1,548
(460)
(7,316)
221
See
accompanying
notes
to
financial
statements.
HC
CAPITAL
TRUST
Statements
of
Changes
in
Net
Assets
(concluded)
(Amounts
in
thousands)
Amounts
designated
as
“—”
are
$0
or
have
been
rounded
to
$0.
The
Intermediate
Term
Municipal
Bond
Portfolio
Six
Months
Ended
December
31,
2023
(Unaudited)
For
the
Year
Ended
June
30,
2023
Operations:
Net
investment
income
...........................................................................................................
$
5,559
$
7,474
Net
realized
gains/(losses)
from
investments
....................................................................................
(2,705)
(3,801)
Change
in
unrealized
appreciation/(depreciation)
from
investments
............................................................
11,721
4,340
Change
in
net
assets
resulting
from
operations
.....................................................................................
14,575
8,013
Distributions
to
Shareholders:
HC
Strategic
Shares
From
net
investment
income
and/or
net
realized
capital
gains
.......................................................................................................
(5,689)
(7,421)
Change
in
net
assets
resulting
from
distributions
...................................................................................
(5,689)
(7,421)
HC
Strategic
Shares
Proceeds
from
shares
issued
.....................................................................................................
$
21,473
$
204,064
Proceeds
from
merger
(Note
9)
..................................................................................................
—
70,657
Proceeds
from
reinvestment
of
dividends
........................................................................................
5,126
6,854
Cost
of
shares
redeemed
.........................................................................................................
(26,628)
(175,883)
Change
in
net
assets
from
HC
Strategic
Shares
of
beneficial
interest
..............................................................
(29)
105,692
Change
in
net
assets
from
shares
of
beneficial
interest
..........................................................................
$
(29)
$
105,692
Change
in
net
assets
.................................................................................................................
8,857
106,284
Net
Assets:
Beginning
of
period
..............................................................................................................
477,382
371,098
End
of
period
.....................................................................................................................
$
486,239
$
477,382
Share
Transactions:
HC
Strategic
Shares
Issued
..........................................................................................................................
2,234
21,290
Issued
from
merger
(Note
9)
..................................................................................................
—
7,303
Reinvested
.....................................................................................................................
535
712
Redeemed
.....................................................................................................................
(2,761)
(18,418)
Change
in
HC
Strategic
Shares
..................................................................................................
8
10,887
Total
change
in
shares
.........................................................................................................
8
10,887
HC
CAPITAL
TRUST
Financial
Highlights
Selected
data
for
a
share
outstanding
throughout
the
periods
indicated.
222
See
accompanying
notes
to
financial
statements.
Change
in
Net
Assets
Resulting
From
Operations:
Distributions
to
Shareholders:
Ratios
to
Average
Net
Assets
Supplemental
Data
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)(a)
Net
Realized/
Unrealized
Gains/
(Losses)
on
Investments
Total
from
Operations
Net
Investment
Income
Net
Realized
Gains
from
Investments
Total
Distributions
to
Shareholders
Net
Asset
Value,
End
of
Period
Total
Return(b)
Gross
Expenses(c)
Net
Expenses(c)
Net
Investment
Income
(Loss)
(c)
Net
Assets,
at
End
of
Period
(000's)
Portfolio
Turnover
Rate(b)
The
Value
Equity
Portfolio
HC
Strategic
Shares
Six
Months
Ended
December
31,
2023
(unaudited)
..........
$29.60
$0.22
$2.09
$2.31
$(0.24)
$(0.07)
$(0.31)
$31.60
7.84%
0.20%
0.18%
1.44%
$702,357
3%
Year
Ended
June
30,
2023
...............
25.38
0.39
4.34
4.73
(0.40)
(0.11)
(0.51)
29.60
18.91%
0.22%
0.22%
1.47%
665,807
5%
Year
Ended
June
30,
2022
...............
29.70
0.35
(4.17)
(3.82)
(0.34)
(0.16)
(0.50)
25.38
(13.10)%
0.22%
0.22%
1.17%
584,565
8%
Year
Ended
June
30,
2021
...............
21.23
0.31
8.48
8.79
(0.32)
—
(0.32)
29.70
41.63%
0.22%
0.22%
1.20%
697,117
6%
Year
Ended
June
30,
2020
...............
20.21
0.35
1.03
1.38
(0.35)
(0.01)
(0.36)
21.23
6.89%
0.22%
0.22%
1.68%
538,326
19%
Year
Ended
June
30,
2019
...............
19.95
0.40
1.34
1.74
(0.41)
(1.07)
(1.48)
20.21
9.78%
0.21%
0.21%
2.05%
583,757
74%
The
Growth
Equity
Portfolio
HC
Strategic
Shares
Six
Months
Ended
December
31,
2023
(unaudited)
..........
$29.18
$0.16
$2.56
$2.72
$(0.18)
$(0.43)
$(0.61)
$31.29
9.33%
0.27%
0.28%
1.05%
$839,014
4%
Year
Ended
June
30,
2023
...............
26.04
0.30
4.82
5.12
(0.31)
(1.67)
(1.98)
29.18
21.14%
0.27%
0.27%
1.12%
806,580
11%
Year
Ended
June
30,
2022
...............
33.87
0.28
(5.17)
(4.89)
(0.28)
(2.66)
(2.94)
26.04
(16.30)%
0.27%
0.27%
0.85%
706,876
12%
Year
Ended
June
30,
2021
...............
25.84
0.25
9.63
9.88
(0.26)
(1.59)
(1.85)
33.87
39.43%
0.27%
0.27%
0.84%
933,398
15%
Year
Ended
June
30,
2020
...............
24.52
0.31
2.37
2.68
(0.33)
(1.03)
(1.36)
25.84
11.17%
0.26%
0.26%
1.26%
736,840
37%
Year
Ended
June
30,
2019
...............
23.54
0.30
2.30
2.60
(0.30)
(1.32)
(1.62)
24.52
12.22%
0.25%
0.25%
1.28%
802,838
41%
(a)
Per
share
amounts
are
based
on
average
shares
outstanding.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Annualized
for
periods
less
than
one
year.
223
HC
CAPITAL
TRUST
Financial
Highlights
(continued)
Selected
data
for
a
share
outstanding
throughout
the
periods
indicated.
See
accompanying
notes
to
financial
statements.
Change
in
Net
Assets
Resulting
From
Operations:
Distributions
to
Shareholders:
Ratios
to
Average
Net
Assets
Supplemental
Data
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)(a)
Net
Realized/
Unrealized
Gains/
(Losses)
on
Investments
Total
from
Operations
Net
Investment
Income
Net
Realized
Gains
from
Investments
Tax
Return
of
Capitals
Total
Distributions
to
Shareholders
Net
Asset
Value,
End
of
Period
Total
Return(b)
Gross
Expenses(c)
Net
Expenses(c)
Net
Investment
Income
(Loss)
(c)
Net
Assets,
at
End
of
Period
(000's)
Portfolio
Turnover
Rate(b)
The
Institutional
U.S.
Equity
Portfolio
HC
Strategic
Shares
Six
Months
Ended
December
31,
2023
(unaudited)
...
$16.46
$0.12
$1.18
$1.30
$(0.14)
$(1.78)
$—
$(1.92)
$15.84
7.94%
0.29%
0.30%
1.47%
$2,539,650
42%
Year
Ended
June
30,
2023
........
14.93
0.27
2.22
2.49
(0.26)
(0.70)
—
(0.96)
16.46
17.61%
0.28%
0.28%
1.74%
2,469,401
39%
Year
Ended
June
30,
2022
........
22.87
0.15
(2.54)
(2.39)
(0.16)
(5.39)
—
(5.55)
14.93
(15.30)%
0.28%
0.28%
0.77%
2,252,240
43%
Year
Ended
June
30,
2021
........
17.12
0.17
6.79
6.96
(0.18)
(1.03)
—
(1.21)
22.87
41.89%
0.28%
0.28%
0.87%
2,434,118
29%
Year
Ended
June
30,
2020
........
18.53
0.23
1.98
2.21
(0.21)
(3.41)
—
(3.62)
17.12
12.71%
0.24%
0.24%
1.36%
2,724,391
74%
Year
Ended
June
30,
2019
........
18.25
0.24
1.59
1.83
(0.24)
(1.31)
—
(1.55)
18.53
11.46%
0.23%
0.23%
1.31%
1,535,959
70%
The
Small
Capitalization-Mid
Capitalization
Equity
Portfolio
HC
Strategic
Shares
Six
Months
Ended
December
31,
2023
(unaudited)
...
$29.77
$0.21
$2.23
$2.44
$(0.24)
$—
$—
$(0.24)
$31.97
8.21%
0.30%
0.27%
1.44%
$79,555
41%
Year
Ended
June
30,
2023
........
26.47
0.37
3.32
3.69
(0.38)
(0.01)
—(d)
(0.39)
29.77
14.03%
0.31%
0.31%
1.32%
75,233
81%
Year
Ended
June
30,
2022
........
36.85(e)
0.12
(8.01)
(7.89)
(0.12)
(2.37)
—
(2.49)
26.47
(22.74)%
0.51%
0.51%
0.35%
69,235
64%
Year
Ended
June
30,
2021
........
23.30
0.08
13.58
13.66
(0.11)
—
—
(0.11)
36.85(e)
58.67%
0.49%
0.49%
0.25%
97,817
32%
Year
Ended
June
30,
2020
........
26.25
0.15
(1.82)
(1.67)
(0.18)
(1.10)
—
(1.28)
23.30
(6.83)%
0.53%
0.52%
0.64%
68,527
87%
Year
Ended
June
30,
2019
........
29.52
0.10
(0.77)
(0.67)
(0.13)
(2.47)
—
(2.60)
26.25
(0.81)%
0.68%
0.67%
0.36%
95,614
79%
(a)
Per
share
amounts
are
based
on
average
shares
outstanding.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Annualized
for
periods
less
than
one
year.
(d)
Amount
rounds
to
less
than
$0.005
per
share.
(e)
The
net
asset
value
per
share
("NAV")
for
financial
reporting
purposes
differs
from
the
NAV
reported
due
to
adjustments
made
in
accordance
with
accounting
principles
generally
accepted
in
United
States
of
America.
224
HC
CAPITAL
TRUST
Financial
Highlights
(continued)
Selected
data
for
a
share
outstanding
throughout
the
periods
indicated.
See
accompanying
notes
to
financial
statements.
Change
in
Net
Assets
Resulting
From
Operations:
Distributions
to
Shareholders:
Ratios
to
Average
Net
Assets
Supplemental
Data
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)(a)
Net
Realized/
Unrealized
Gains/
(Losses)
on
Investments
Total
from
Operations
Net
Investment
Income
Net
Realized
Gains
from
Investments
Total
Distributions
to
Shareholders
Net
Asset
Value,
End
of
Period
Total
Return(b)
Gross
Expenses(c)
Net
Expenses(c)
Net
Investment
Income
(Loss)
(c)
Net
Assets,
at
End
of
Period
(000's)
Portfolio
Turnover
Rate(b)
The
ESG
Growth
Portfolio
HC
Strategic
Shares
Six
Months
Ended
December
31,
2023
(unaudited)
..........
$13.50
$0.09
$0.89
$0.98
$(0.11)
$(0.15)
$(0.26)
$14.22
7.25%
0.31%
0.28%
1.38%
$175,033
2%
Year
Ended
June
30,
2023
...............
11.83
0.20
1.67
1.87
(0.19)
(0.01)
(0.20)
13.50
15.91%
0.38%
0.38%
1.59%
164,117
12%
Year
Ended
June
30,
2022
...............
14.56
0.19
(2.23)
(2.04)
(0.21)
(0.48)
(0.69)
11.83
(14.80)%
0.39%
0.39%
1.36%
143,660
10%
Year
Ended
June
30,
2021
...............
10.72
0.16
3.98
4.14
(0.17)
(0.13)
(0.30)
14.56
39.02%
0.36%
0.36%
1.28%
170,492
8%
Year
Ended
June
30,
2020
...............
10.92
0.18
0.32
0.50
(0.19)
(0.51)
(0.70)
10.72
4.49%
0.36%
0.34%
1.66%
132,452
31%
Year
Ended
June
30,
2019
...............
11.42
0.28
(0.10)
0.18
(0.30)
(0.38)
(0.68)
10.92
2.06%
0.34%
0.34%
2.52%
148,978
172%
The
Catholic
SRI
Growth
Portfolio
HC
Strategic
Shares
Six
Months
Ended
December
31,
2023
(unaudited)
..........
$10.65
$0.07
$0.78
$0.85
$(0.09)
$—
$(0.09)
$11.41
8.03%
0.56%
0.34%
1.34%
$30,240
2%
Year
Ended
June
30,
2023
...............
9.10
0.17
1.63
1.80
(0.17)
(0.08)
(0.25)
10.65
20.07%
0.56%
0.31%
1.81%
29,056
11%
Year
Ended
June
30,
2022
...............
16.13
0.20
(1.74)
(1.54)
(0.24)
(5.25)
(5.49)
9.10
(16.17)%
0.56%
0.31%
1.56%
22,525
25%
Year
Ended
June
30,
2021
...............
11.63
0.19
4.55
4.74
(0.24)
—
(0.24)
16.13
41.00%
0.38%
0.31%
1.38%
28,912
42%
Year
Ended
June
30,
2020
...............
11.84
0.21
0.13
0.34
(0.20)
(0.35)
(0.55)
11.63
2.72%
0.42%
0.31%
1.80%
53,083
14%
Year
Ended
June
30,
2019
...............
12.71
0.31
(0.14)
0.17
(0.31)
(0.73)
(1.04)
11.84
2.16%
0.41%
0.31%
2.60%
51,401
180%
(a)
Per
share
amounts
are
based
on
average
shares
outstanding.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Annualized
for
periods
less
than
one
year.
225
HC
CAPITAL
TRUST
Financial
Highlights
(continued)
Selected
data
for
a
share
outstanding
throughout
the
periods
indicated.
See
accompanying
notes
to
financial
statements.
Change
in
Net
Assets
Resulting
From
Operations:
Distributions
to
Shareholders:
Ratios
to
Average
Net
Assets
Supplemental
Data
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)(a)
Net
Realized/
Unrealized
Gains/
(Losses)
on
Investments
Total
from
Operations
Net
Investment
Income
Net
Realized
Gains
from
Investments
Tax
Return
of
Capitals
Total
Distributions
to
Shareholders
Net
Asset
Value,
End
of
Period
Total
Return(b)
Gross
Expenses**(c)
Net
Expenses**(c)
Net
Investment
Income
(Loss)
(c)
Net
Assets,
at
End
of
Period
(000's)
Portfolio
Turnover
Rate(b)
The
International
Equity
Portfolio
HC
Strategic
Shares
Six
Months
Ended
December
31,
2023
(unaudited)
...
$11.84
$0.11
$0.58
$0.69
$(0.18)
$—
$—
$(0.18)
$12.35
5.82%
0.28%
0.29%
1.95%
$556,420
15%
Year
Ended
June
30,
2023
........
10.19
0.29
1.65
1.94
(0.29)
—
—
(0.29)
11.84
19.01%
0.27%
0.27%
2.65%
545,157
8%
Year
Ended
June
30,
2022
........
12.60
0.39
(2.35)
(1.96)
(0.45)
—
—
(0.45)
10.19
(15.85)%
0.26%
0.26%
3.20%
536,208
19%
Year
Ended
June
30,
2021
........
9.75
0.29
2.85
3.14
(0.29)
—
—
(0.29)
12.60
32.16%
0.25%
0.25%
2.51%
719,981
23%
Year
Ended
June
30,
2020
........
10.37
0.19
(0.58)
(0.39)
(0.23)
—
—
(0.23)
9.75
(3.82)%
0.41%
0.41%
1.88%
605,097
95%
Year
Ended
June
30,
2019
........
10.74
0.34
(0.32)
0.02
(0.39)
—
—
(0.39)
10.37
0.24%
0.47%
0.47%
3.28%
911,059
55%
The
Institutional
International
Equity
Portfolio
HC
Strategic
Shares
Six
Months
Ended
December
31,
2023
(unaudited)
...
$9.82
$0.12
$0.41
$0.53
$(0.05)
$—
$—
$(0.05)
$10.30
5.39%
0.35%
0.34%
2.47%
$770,026
10%
Year
Ended
June
30,
2023
........
8.52
0.23
1.28
1.51
(0.13)
—(d)
(0.08)
(0.21)
9.82
17.76%
0.35%
0.35%
2.50%
779,378
26%
Year
Ended
June
30,
2022
........
11.61
0.27
(2.20)
(1.93)
(0.67)
(0.49)
—
(1.16)
8.52
(18.16)%
0.27%
0.27%
2.55%
796,399
23%
Year
Ended
June
30,
2021
........
8.85
0.18
2.78
2.96
(0.20)
—
—
(0.20)
11.61
33.57%
0.25%
0.25%
1.73%
1,228,416
7%
Year
Ended
June
30,
2020
........
9.70
0.18
(0.83)
(0.65)
(0.20)
—(d)
—
(0.20)
8.85
(6.83)%
0.44%
0.44%
1.96%
1,340,256
64%
Year
Ended
June
30,
2019
........
10.57
0.34
(0.40)
(0.06)
(0.42)
(0.39)
—
(0.81)
9.70
0.09%
0.42%
0.42%
3.46%
1,886,176
38%
The
Emerging
Markets
Portfolio
HC
Strategic
Shares
Six
Months
Ended
December
31,
2023
(unaudited)
...
$17.18
$0.27
$0.58
$0.85
$(0.70)
$—
$—
$(0.70)
$17.33
5.03%
0.46%
0.44%
3.18%
$703,224
12%
Year
Ended
June
30,
2023
........
17.22(e)
0.47
(0.20)
0.27
(0.31)
—(d)
—
(0.31)
17.18
1.63%
0.46%
0.46%
2.82%
702,868
6%
Year
Ended
June
30,
2022
........
23.10
0.40
(5.85)
(5.45)
(0.43)
—
—
(0.43)
17.22(e)
(23.87)%
0.52%
0.46%
1.96%
716,399
20%
Year
Ended
June
30,
2021
........
16.96
0.25
6.11
6.36
(0.22)
—
—
(0.22)
23.10
37.62%
0.51%
0.51%
1.20%
963,673
8%
Year
Ended
June
30,
2020
........
18.14
0.48
(1.05)
(0.57)
(0.61)
—
—
(0.61)
16.96
(3.44)%
0.51%
0.51%
2.77%
941,171
11%
Year
Ended
June
30,
2019
........
17.78
0.39
0.30
0.69
(0.33)
—
—
(0.33)
18.14
4.11%
0.58%
0.58%
2.24%
1,466,128
50%
*
The
expense
ratios
reflected
do
not
include
acquired
fund
fees
and
expenses
of
investment
companies,
in
which
a
portfolio
invests.
(a)
Per
share
amounts
are
based
on
average
shares
outstanding.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Annualized
for
periods
less
than
one
year.
(d)
Amount
rounds
to
less
than
$0.005
per
share.
(e)
The
net
asset
value
per
share
("NAV")
for
financial
reporting
purposes
differs
from
the
NAV
reported
due
to
adjustments
made
in
accordance
with
accounting
principles
generally
accepted
in
United
States
of
America.
226
HC
CAPITAL
TRUST
Financial
Highlights
(continued)
Selected
data
for
a
share
outstanding
throughout
the
periods
indicated.
See
accompanying
notes
to
financial
statements.
Change
in
Net
Assets
Resulting
From
Operations:
Distributions
to
Shareholders:
Ratios
to
Average
Net
Assets
Supplemental
Data
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)(a)
Net
Realized/
Unrealized
Gains/
(Losses)
on
Investments
Total
from
Operations
Net
Investment
Income
Net
Realized
Gains
from
Investments
Total
Distributions
to
Shareholders
Net
Asset
Value,
End
of
Period
Total
Return(b)
Gross
Expenses**(c)
Net
Expenses**(c)
Net
Investment
Income
(Loss)
(c)
Net
Assets,
at
End
of
Period
(000's)
Portfolio
Turnover
Rate(b)
The
Core
Fixed
Income
Portfolio
HC
Strategic
Shares
Six
Months
Ended
December
31,
2023
(unaudited)
..........
$8.49
$0.15
$0.12
$0.27
$(0.15)
$—
$(0.15)
$8.61
3.24%
0.36%
0.34%
3.50%
$75,503
38%(d)
Year
Ended
June
30,
2023
...............
8.82
0.28
(0.33)
(0.05)
(0.28)
—
(0.28)
8.49
(0.51)%
0.40%
0.40%
3.27%
71,519
45%(d)
Year
Ended
June
30,
2022
...............
10.27
0.18
(1.35)
(1.17)
(0.19)
(0.09)
(0.28)
8.82
(11.58)%
0.36%
0.36%
1.87%
57,494
33%(d)
Year
Ended
June
30,
2021
...............
10.59
0.18
(0.17)
0.01
(0.21)
(0.12)
(0.33)
10.27
0.09%
0.33%
0.33%
1.71%
66,230
38%(d)
Year
Ended
June
30,
2020
...............
9.98
0.25
0.62
0.87
(0.26)
—
(0.26)
10.59
8.85%
0.32%
0.32%
2.42%
66,278
36%(d)
Year
Ended
June
30,
2019
...............
9.49
0.25
0.51
0.76
(0.27)
—
(0.27)
9.98
8.12%
0.35%
0.35%
2.63%
68,267
34%(d)
The
Corporate
Opportunities
Portfolio
HC
Strategic
Shares
Six
Months
Ended
December
31,
2023
(unaudited)
..........
$6.84
$0.23
$0.18
$0.41
$(0.26)
$—
$(0.26)
$6.99
6.14%
0.32%
0.33%
6.56%
$205,000
24%
Year
Ended
June
30,
2023
...............
6.67
0.30
0.16
0.46
(0.29)
—
(0.29)
6.84
7.16%
0.30%
0.30%
4.50%
222,222
93%
Year
Ended
June
30,
2022
...............
8.07
0.02
(0.58)
(0.56)
(0.02)
(0.82)
(0.84)
6.67
(8.03)%
0.21%
0.21%
0.27%
259,087
44%
Year
Ended
June
30,
2021
...............
7.14
0.01
0.93
0.94
(0.01)
—
(0.01)
8.07
13.17%
0.21%
0.21%
0.12%
307,343
123%
Year
Ended
June
30,
2020
...............
7.01(e)
0.20
0.16
0.36
(0.23)
—
(0.23)
7.14
5.23%
0.32%
0.32%
2.81%
436,857
40%
Year
Ended
June
30,
2019
...............
6.85
0.40
0.17
0.57
(0.41)
—
(0.41)
7.01(e)
8.62%
0.47%
0.47%
5.81%
597,848
52%
The
U.S.
Government
Fixed
Income
Securities
Portfolio
HC
Strategic
Shares
Six
Months
Ended
December
31,
2023
(unaudited)
..........
$8.49
$0.16
$0.13
$0.29
$(0.16)
$—
$(0.16)
$8.62
3.52%
0.15%
0.12%
3.84%
$959,441
52%
Year
Ended
June
30,
2023
...............
8.86
0.30
(0.37)
(0.07)
(0.30)
—(f)
(0.30)
8.49
(0.76)%
0.17%
0.17%
3.53%
919,872
45%
Year
Ended
June
30,
2022
...............
9.99
0.18
(1.10)
(0.92)
(0.15)
(0.06)
(0.21)
8.86
(9.40)%
0.22%
0.22%
1.93%
628,468
41%
Year
Ended
June
30,
2021
...............
10.83
0.15
(0.50)
(0.35)
(0.15)
(0.34)
(0.49)
9.99
(3.30)%
0.20%
0.20%
1.47%
256,466
67%
Year
Ended
June
30,
2020
...............
10.03
0.21
0.80
1.01
(0.21)
—(f)
(0.21)
10.83
10.21%
0.19%
0.19%
1.99%
305,689
58%
Year
Ended
June
30,
2019
...............
9.59
0.21
0.44
0.65
(0.21)
—
(0.21)
10.03
6.87%
0.20%
0.20%
2.22%
305,531
31%
*
The
expense
ratios
reflected
do
not
include
acquired
fund
fees
and
expenses
of
investment
companies,
in
which
a
portfolio
invests.
(a)
Per
share
amounts
are
based
on
average
shares
outstanding.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Annualized
for
periods
less
than
one
year.
(d)
Portfolio
turnover
does
not
include
TBA
security
transactions.
(e)
The
net
asset
value
per
share
("NAV")
for
financial
reporting
purposes
differs
from
the
NAV
reported
due
to
adjustments
made
in
accordance
with
accounting
principles
generally
accepted
in
United
States
of
America.
(f)
Amount
rounds
to
less
than
$0.005
per
share.
227
HC
CAPITAL
TRUST
Financial
Highlights
(continued)
Selected
data
for
a
share
outstanding
throughout
the
periods
indicated.
See
accompanying
notes
to
financial
statements.
Change
in
Net
Assets
Resulting
From
Operations:
Distributions
to
Shareholders:
Ratios
to
Average
Net
Assets
Supplemental
Data
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)(a)
Net
Realized/
Unrealized
Gains/
(Losses)
on
Investments
Total
from
Operations
Net
Investment
Income
Net
Realized
Gains
from
Investments
Total
Distributions
to
Shareholders
Net
Asset
Value,
End
of
Period
Total
Return(b)
Gross
Expenses(c)
Net
Expenses(c)
Net
Investment
Income
(Loss)
(c)
Net
Assets,
at
End
of
Period
(000's)
Portfolio
Turnover
Rate(b)
The
U.S.
Corporate
Fixed
Income
Securities
Portfolio
HC
Strategic
Shares
Six
Months
Ended
December
31,
2023
(unaudited)
..........
$8.67
$0.18
$0.22
$0.40
$(0.19)
$—
$(0.19)
$8.88
4.69%
0.22%
0.20%
4.25%
$269,522
16%
Year
Ended
June
30,
2023
...............
8.79
0.31
(0.12)
0.19
(0.31)
—
(0.31)
8.67
2.19%
0.24%
0.24%
3.53%
266,063
37%
Year
Ended
June
30,
2022
...............
10.66
0.26
(1.48)
(1.22)
(0.26)
(0.39)
(0.65)
8.79
(12.12)%
0.21%
0.21%
2.63%
257,699
31%
Year
Ended
June
30,
2021
...............
10.92
0.30
0.05
0.35
(0.31)
(0.30)
(0.61)
10.66
3.21%
0.23%
0.23%
2.77%
270,435
46%
Year
Ended
June
30,
2020
...............
10.29
0.32
0.70
1.02
(0.32)
(0.07)
(0.39)
10.92
10.10%
0.21%
0.21%
3.04%
347,653
43%
Year
Ended
June
30,
2019
...............
9.59
0.34
0.70
1.04
(0.34)
—
(0.34)
10.29
11.07%
0.21%
0.21%
3.47%
312,255
25%
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
HC
Strategic
Shares
Six
Months
Ended
December
31,
2023
(unaudited)
..........
$8.24
$0.14
$0.12
$0.26
$(0.14)
$—
$(0.14)
$8.36
3.25%
0.23%
0.20%
3.34%
$213,325
6%(d)
Year
Ended
June
30,
2023
...............
8.58
0.23
(0.33)
(0.10)
(0.24)
—
(0.24)
8.24
(1.18)%
0.24%
0.24%
2.80%
217,694
12%(d)
Year
Ended
June
30,
2022
...............
9.55
0.12
(0.92)
(0.80)
(0.17)
—
(0.17)
8.58
(8.51)%
0.23%
0.23%
1.25%
213,253
27%(d)
Year
Ended
June
30,
2021
...............
9.80
0.09
(0.14)
(0.05)
(0.20)
—
(0.20)
9.55
(0.51)%
0.23%
0.23%
0.96%
215,034
46%(d)
Year
Ended
June
30,
2020
...............
9.57
0.20
0.28
0.48
(0.25)
—
(0.25)
9.80
5.12%
0.22%
0.22%
2.04%
249,509
32%(d)
Year
Ended
June
30,
2019
...............
9.32
0.24
0.28
0.52
(0.27)
—
(0.27)
9.57
5.70%
0.24%
0.24%
2.60%
216,403
15%(d)
The
Short-Term
Municipal
Bond
Portfolio
HC
Strategic
Shares
Six
Months
Ended
December
31,
2023
(unaudited)
..........
$9.55
$0.10
$0.11
$0.21
$(0.10)
$—
$(0.10)
$9.66
2.22%
0.33%
0.30%
2.01%
$65,741
13%
Year
Ended
June
30,
2023
...............
9.60
0.15
(0.04)
0.11
(0.16)
—
(0.16)
9.55
1.19%
0.29%
0.29%
1.54%
69,408
30%
Year
Ended
June
30,
2022
...............
10.01
0.08
(0.41)
(0.33)
(0.08)
—
(0.08)
9.60
(3.27)%
0.28%
0.28%
0.82%
140,020
32%
Year
Ended
June
30,
2021
...............
10.05
0.09
(0.04)
0.05
(0.09)
—(e)
(0.09)
10.01
0.51%
0.28%
0.28%
0.91%
150,484
18%
Year
Ended
June
30,
2020
...............
9.93
0.14
0.12
0.26
(0.14)
—
(0.14)
10.05
2.68%
0.28%
0.28%
1.44%
135,065
21%
Year
Ended
June
30,
2019
...............
9.80
0.15
0.13
0.28
(0.15)
—
(0.15)
9.93
2.88%
0.28%
0.28%
1.56%
106,274
15%
(a)
Per
share
amounts
are
based
on
average
shares
outstanding.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Annualized
for
periods
less
than
one
year.
(d)
Portfolio
turnover
does
not
include
TBA
security
transactions.
(e)
Amount
rounds
to
less
than
$0.005
per
share.
228
See
accompanying
notes
to
financial
statements.
HC
CAPITAL
TRUST
Financial
Highlights
(concluded)
Selected
data
for
a
share
outstanding
throughout
the
periods
indicated.
Change
in
Net
Assets
Resulting
From
Operations:
Distributions
to
Shareholders:
Ratios
to
Average
Net
Assets
Supplemental
Data
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)(a)
Net
Realized/
Unrealized
Gains/
(Losses)
on
Investments
Total
from
Operations
Net
Investment
Income
Net
Realized
Gains
from
Investments
Total
Distributions
to
Shareholders
Net
Asset
Value,
End
of
Period
Total
Return(b)
Gross
Expenses**(c)
Net
Expenses**(c)
Net
Investment
Income
(Loss)
(c)
Net
Assets,
at
End
of
Period
(000's)
Portfolio
Turnover
Rate(b)
The
Intermediate
Term
Municipal
Bond
Portfolio
HC
Strategic
Shares
Six
Months
Ended
December
31,
2023
(unaudited)
..........
$9.66
$0.11
$0.17
$0.28
$(0.11)
$—
$(0.11)
$9.83
2.99%
0.32%
0.33%
2.32%
$486,239
12%
Year
Ended
June
30,
2023
...............
9.63
0.19
0.02
0.21
(0.18)
—
(0.18)
9.66
2.20%
0.33%
0.33%
1.92%
477,382
25%
Year
Ended
June
30,
2022
...............
10.42
0.16
(0.77)
(0.61)
(0.16)
(0.02)
(0.18)
9.63
(5.98)%
0.31%
0.31%
1.56%
371,098
7%
Year
Ended
June
30,
2021
...............
10.32
0.17
0.11
0.28
(0.18)
—
(0.18)
10.42
2.70%
0.30%
0.30%
1.61%
388,073
17%
Year
Ended
June
30,
2020
...............
10.21
0.20
0.12
0.32
(0.20)
(0.01)
(0.21)
10.32
3.21%
0.31%
0.31%
1.92%
391,308
36%
Year
Ended
June
30,
2019
...............
9.90
0.22
0.31
0.53
(0.22)
—
(0.22)
10.21
5.45%
0.32%
0.32%
2.21%
393,097
27%
*
The
expense
ratios
reflected
do
not
include
acquired
fund
fees
and
expenses
of
investment
companies,
in
which
a
portfolio
invests.
(a)
Per
share
amounts
are
based
on
average
shares
outstanding.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Annualized
for
periods
less
than
one
year.
HC
CAPITAL
TRUST
Notes
to
Financial
Statements
—
December
31,
2023
(Unaudited)
229
1.
DESCRIPTION.
HC
Capital
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
series
investment
company.
The
Trust
is
a
Delaware
statutory
trust
which
was
organized
on
December
15,
1994.
As
of
December
31,
2023,
the
Trust
offered
sixteen
separate
investment
portfolios:
The
Value
Equity
Portfolio
(“Value
Portfolio”),
The
Growth
Equity
Portfolio
(“Growth
Portfolio”),
The
Institutional
U.S.
Equity
Portfolio
(“Institutional
U.S.
Portfolio”),
The
Small
Capitalization-Mid
Capitalization
Equity
Portfolio
(“Small
Cap-Mid
Cap
Portfolio”),
The
ESG
Growth
Portfolio
(“ESG
Growth
Portfolio”),
The
Catholic
SRI
Growth
Portfolio
(“Catholic
SRI
Growth
Portfolio”),
The
International
Equity
Portfolio
(“International
Portfolio”),
The
Institutional
International
Equity
Portfolio
(“Institutional
International
Portfolio”),
The
Emerging
Markets
Portfolio
(“Emerging
Markets
Portfolio”),
The
Core
Fixed
Income
Portfolio
(“Core
Fixed
Income
Portfolio”),
The
Corporate
Opportunities
Portfolio
(“Corporate
Opportunities
Portfolio”),
The
U.S.
Government
Fixed
Income
Securities
Portfolio
(“U.S.
Government
Fixed
Income
Portfolio”),
The
U.S.
Corporate
Fixed
Income
Securities
Portfolio
(“U.S.
Corporate
Fixed
Income
Portfolio”),
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
(“U.S.
Mortgage/Asset
Backed
Fixed
Income
Portfolio”),
The
Short-Term
Municipal
Bond
Portfolio
(“Short-Term
Municipal
Portfolio”),
and
The
Intermediate
Term
Municipal
Bond
Portfolio
(“Intermediate
Municipal
Portfolio”)
(each
a
“Portfolio”
and
collectively
the
“Portfolios”).
Each
Portfolio
is
authorized
to
issue
an
unlimited
number
of
shares
of
beneficial
interest
with
a
par
value
of
$0.001
each
in
one
class
of
shares:
HC
Strategic
Shares.
The
Trust’s
investment
adviser
is
HC
Capital
Solutions
(the
“Adviser”),
an
operating
division
of
Hirtle
Callaghan
&
Co.,
LLC.
As
of
December
31,
2023
,
all
Portfolios
in
the
Trust
are
diversified
Portfolios
under
the
1940
Act.
As
is
customary,
the
Trust’s
organizational
documents
permit
the
Trust
to
indemnify
its
officers
and
trustees
against
certain
liabilities
under
certain
circumstances.
In
addition,
in
the
normal
course
of
business,
the
Trust
enters
into
contracts
with
its
vendors
and
others
that
also
permit
the
indemnification
of
parties
to
the
contract
under
certain
circumstances.
The
Trust’s
maximum
exposure
under
these
arrangements
is
unknown,
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust.
2.
SIGNIFICANT
ACCOUNTING
POLICIES.
The
following
is
a
summary
of
the
significant
accounting
policies
followed
by
the
Portfolios
in
the
preparation
of
their
financial
statements.
The
Portfolios
are
investment
companies
and
follow
accounting
and
reporting
guidance
under
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
(“ASC”)
Topic
946,
“Financial
Services
—
Investment
Companies.”
The
policies
are
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“GAAP”).
The
presentation
of
the
Portfolios’
financial
statements
in
conformity
with
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
for
the
period.
Actual
results
could
differ
from
those
estimates.
A.
Portfolio
Valuation.
The
net
asset
value
(“NAV”)
per
share
of
each
Portfolio
is
determined
at
the
close
of
regular
trading
on
the
New
York
Stock
Exchange
(“NYSE”),
normally
at
4:00
p.m.
Eastern
time,
on
days
the
NYSE
is
open.
Each
class’s
NAV
per
share
is
calculated
by
adding
the
market
value
or
fair
value,
as
applicable,
of
all
securities
and
other
assets
of
the
Portfolio,
subtracting
its
liabilities
and
dividing
the
result
by
the
number
of
its
outstanding
shares.
B.
Securities
Valuation.
Security
values
are
ordinarily
obtained
through
the
use
of
independent
pricing
services
in
accordance
with
procedures
adopted
by
the
Trust’s
Board
of
Trustees
(the
“Board”).
Pursuant
to
such
procedures,
the
Portfolios
may
use
a
pricing
service,
bank,
or
broker-dealer
experienced
in
such
matters
to
value
the
Portfolio’s
securities.
When
reliable
market
quotations
are
not
readily
available
for
any
security,
the
Board
has
designated
the
Adviser
as
its
fair
valuation
designee
to
perform
fair
value
determinations.
The
fair
valuation
process
is
designed
to
value
the
security
at
the
price
the
Portfolio
would
reasonably
expect
to
receive
upon
its
current
sale.
Additional
consideration
is
given
to
securities
that
have
experienced
a
decrease
in
the
volume
or
level
of
activity
or
to
circumstances
that
indicate
that
a
transaction
is
not
orderly.
For
disclosure
purposes,
the
Trust
has
a
three-tier
fair
value
hierarchy
that
is
dependent
upon
the
observability
of
various
“inputs”
used
to
determine
the
value
of
the
Portfolios’
investments.
These
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
quoted
prices
in
active
markets
for
identical
assets
that
each
Portfolio
has
the
ability
to
access
230
HC
CAPITAL
TRUST
Notes
to
Financial
Statements
(continued)
—December
31,
2023
(Unaudited)
Level
2
—
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
significant
unobservable
inputs
(including
a
Portfolio’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfer
in
and
out
of
an
assigned
level
within
the
fair
value
hierarchy.
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
Equity
Securities
(Common
and
Preferred
Stock,
Exchange-Traded
Funds
and
Closed-End
Funds):
Readily
marketable
portfolio
securities
listed
on
a
securities
exchange,
including
Nasdaq,
are
valued
at
the
closing
price
on
the
exchange
or
at
the
Nasdaq
Official
Closing
Price.
If
there
have
been
no
sales
on
such
exchange,
the
securities
are
valued
at
the
closing
bid
price.
In
each
of
these
situations,
valuations
are
typically
categorized
as
Level
1
in
the
fair
value
hierarchy.
Readily
marketable
securities
traded
only
in
the
over-the-counter
market
are
valued
at
the
closing
price
and
are
typically
categorized
as
Level
1
in
the
fair
value
hierarchy,
or,
if
there
have
been
no
sales,
are
valued
at
the
mean
of
the
last
reported
bid
and
asked
prices
and
are
typically
categorized
as
Level
2
in
the
fair
value
hierarchy.
Securities
listed
on
a
foreign
exchange
are
valued
at
the
closing
price
on
that
exchange,
provided
that
where
the
prices
of
such
securities
are
denominated
in
foreign
currencies,
such
prices
are
converted
into
U.S.
dollars
at
the
bid
price
of
such
currencies
against
U.S.
dollars
at
the
time
of
the
NAV
calculation.
If
there
have
been
no
sales
on
such
exchange,
the
security
is
valued
at
the
closing
bid
price.
In
each
of
these
situations,
valuations
are
typically
categorized
as
Level
1
in
the
fair
value
hierarchy.
Fair
value
pricing
may
be
used
if
events
materially
affecting
the
value
of
foreign
securities
occur
between
the
time
when
the
exchange
on
which
they
are
traded
closes
and
the
time
when
the
NAV
is
calculated.
Such
securities
may
be
valued
at
fair
value
in
accordance
with
procedures
adopted
by
the
Board.
Management
identifies
possible
fluctuations
in
international
securities
by
monitoring
the
increase
or
decrease
in
the
value
of
a
designated
benchmark
index.
In
the
event
of
an
increase
or
decrease
greater
than
predetermined
levels,
a
Portfolio
may
use
a
systematic
valuation
model
provided
by
an
independent
third
party
to
fair
value
its
international
securities.
Such
systematic
valuations
are
typically
categorized
as
Level
2
in
the
fair
value
hierarchy.
Mutual
Funds:
Mutual
funds
are
valued
at
their
respective
daily
net
asset
value
and
are
typically
categorized
as
Level
1
in
the
fair
value
hierarchy.
Fixed
Income
Securities
(Corporate,
Municipal
and
Foreign
Bonds,
U.S.
Government
and
Agency
Securities):
Fixed
income
securities
are
valued
using
various
inputs
including
benchmark
yields,
reported
trades,
broker/
dealer
quotes,
issuer
spreads,
two-sided
markets,
benchmark
securities,
bids,
offers,
reference
data,
and
industry
and
market
events,
and
are
typically
categorized
as
Level
2
in
the
fair
value
hierarchy.
Asset-Backed
and
Mortgage-Backed
Securities:
In
addition
to
the
inputs
discussed
above
for
fixed-income
securities,
asset-backed
and
mortgage-backed
securities
are
valued
using
new
issue
data,
monthly
payment
information
and
collateral
performance,
and
are
typically
categorized
as
Level
2
in
the
fair
value
hierarchy.
Short-Term
Obligations:
Short-term
obligations
with
maturities
of
60
days
or
less
may
also
be
valued
at
amortized
cost,
which
constitutes
fair
value
as
determined
by
the
Board.
Such
securities
are
typically
categorized
as
Level
2
in
the
fair
value
hierarchy.
Loan
Participations
and
Agreements:
Loan
participations
and
assignments
for
which
a
secondary
trading
market
exists
are
valued
using
prices
or
quotations
provided
by
banks,
dealers,
or
pricing
services
and
are
typically
categorized
as
Level
2
in
the
fair
value
hierarchy.
To
the
extent
a
secondary
trading
market
does
not
exist,
loan
participations
and
assignments
are
valued
in
accordance
with
procedures
adopted
by
the
Board,
utilizing
unobservable
input
evaluations
from
the
investment
manager
of
the
lender
and
taking
into
consideration,
among
other
factors:
(i)
the
creditworthiness
of
the
borrower
and
the
lender;
(ii)
the
current
interest
rate;
period
until
next
rate
reset
and
maturity
of
the
loan;
(iii)
currently
available
process
in
the
market
for
instruments
of
similar
quality,
rate,
period
until
next
interest
rate,
period
until
next
interest
rate
reset
and
maturity
and
are
typically
categorized
as
Level
3
in
the
fair
value
hierarchy.
231
HC
CAPITAL
TRUST
Notes
to
Financial
Statements
(continued)
—December
31,
2023
(Unaudited)
Derivative
Instruments
(Futures,
Options,
Swaps
and
Forward
Currency
Contracts):
Swaps
are
valued
using
interdealer
broker
rates,
benchmark
yields,
and
swap
details
and
are
typically
categorized
as
Level
2
in
the
fair
value
hierarchy.
Exchange
traded
futures,
swaps
and
options
are
valued
using
quoted
prices
from
the
exchange
and
are
typically
categorized
as
Level
1
in
the
fair
value
hierarchy.
Forward
currency
contracts
are
valued
using
market
quotes
posted
by
major
currency
dealers
and
are
typically
categorized
as
Level
2
in
the
fair
value
hierarchy.
Rights
Securities:
Rights
securities
are
valued
at
the
closing
price
on
the
exchange
and
classified
as
Level
1
or
intrinsically
fair
valued
if
there
is
not
an
exchange
price
available
and
classified
as
Level
2
or
Level
3.
The
following
is
a
summary
of
the
inputs
used
to
value
the
following
Portfolios’
securities
as
of
December
31,
2023
(amounts
in
thousands).
The
breakdown
of
investment
categorization
is
disclosed
in
the
Schedule
of
Portfolio
Investments
for
each
Portfolio.
It?
cou
Portfolio
LEVEL
1
-
Quoted
Prices
LEVEL
2
-
Other
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Value
Portfolio
Common
Stocks
.............
$
699,645
$
—
$
—
1
$
699,645
Investment
Company
.........
1,918
—
—
1,918
Total
Investment
Securities
...
$
701,563
$
—
$
—
$
701,563
TOTAL
a
—
a
—
a
—
a
—
—
a
—
—
—
Growth
Portfolio
Common
Stocks
.............
$
836,467
$
—
$
—
1
$
836,467
Investment
Companies
........
1,769
—
—
1,769
Total
Investment
Securities
...
$
838,236
$
—
$
—
$
838,236
TOTAL
a
—
a
—
a
—
a
—
—
a
—
—
—
Institutional
U.S.
Portfolio
Common
Stocks
.............
$
1,765,292
$
—
$
—
$
1,765,292
Contingent
Right
.............
—
—
—
1
—
Investment
Companies
........
730,530
—
—
730,530
Purchased
Options
...........
417
—
—
417
Total
Investment
Securities
...
$
2,496,239
$
—
$
—
$
2,496,239
TOTAL
a
—
a
—
a
—
a
—
Other
Financial
Instruments
2
Futures
...................
$
2,975
$
—
$
—
$
2,975
Written
Options
............
(1,376)
—
—
(1,376)
Total
Investments
..........
$
2,497,838
$
—
$
—
$
2,497,838
a
—
a
—
a
—
a
—
Small
Cap-Mid
Cap
Portfolio
Common
Stocks
.............
$
79,142
3
$
—
$
79,145
Contingent
Rights
............
56
2
—
58
Right
......................
—
5
—
5
Warrant
....................
—
—
—
1
—
Investment
Companies
........
1,463
—
—
1,463
Total
Investment
Securities
...
$
80,661
$
10
$
—
$
80,671
TOTAL
a
—
a
—
a
—
a
—
—
a
—
—
—
232
HC
CAPITAL
TRUST
Notes
to
Financial
Statements
(continued)
—December
31,
2023
(Unaudited)
Portfolio
LEVEL
1
-
Quoted
Prices
LEVEL
2
-
Other
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
ESG
Growth
Portfolio
Common
Stocks
.............
$
174,538
$
—
$
—
1
$
174,538
Warrant
....................
—
—
—
1
—
Investment
Company
.........
117
—
—
117
Total
Investment
Securities
...
$
174,655
$
—
$
—
$
174,655
TOTAL
a
—
a
—
a
—
a
—
—
a
—
—
—
Catholic
SRI
Growth
Portfolio
Common
Stocks
.............
$
30,185
$
—
$
—
1
$
30,185
Warrant
....................
—
—
—
1
—
Investment
Companies
........
12
—
—
12
Total
Investment
Securities
...
$
30,197
$
—
$
—
$
30,197
TOTAL
a
—
a
—
a
—
a
—
—
a
—
—
—
International
Portfolio
Common
Stocks
.............
$
493,089
$
1,592
$
—
1
$
494,681
Warrant
....................
—
—
—
1
—
Investment
Companies
........
50,649
—
—
50,649
Purchased
Options
...........
72
—
—
72
Total
Investment
Securities
...
$
543,810
$
1,592
$
—
$
545,402
TOTAL
a
—
a
—
a
—
a
—
Other
Financial
Instruments
2
Futures
...................
$
114
$
—
$
—
$
114
Written
Options
............
(236)
—
—
(236)
Total
Investments
..........
$
543,688
$
1,592
$
—
$
545,280
a
—
a
—
a
—
a
—
Institutional
International
Portfolio
Common
Stocks
.............
$
461,959
—
$
—
1
$
461,959
Investment
Companies
........
292,817
—
—
292,817
Purchased
Options
...........
117
—
—
117
Total
Investment
Securities
...
$
754,893
$
—
$
—
$
754,893
TOTAL
a
—
a
—
a
—
a
—
Other
Financial
Instruments
2
Futures
...................
$
1,383
$
—
$
—
$
1,383
Written
Options
............
(403)
—
—
(403)
Total
Investments
..........
$
755,873
$
—
$
—
$
755,873
a
—
a
—
a
—
a
—
Emerging
Markets
Portfolio
Common
Stocks
.............
$
558,044
4,739
$
11,529
$
574,312
Rights
.....................
2
10
—
12
Investment
Companies
........
116,675
—
—
116,675
Purchased
Options
...........
116
—
—
116
Total
Investment
Securities
...
$
674,837
$
4,749
$
11,529
$
691,115
TOTAL
a
—
a
—
a
—
a
—
Other
Financial
Instruments
2
233
HC
CAPITAL
TRUST
Notes
to
Financial
Statements
(continued)
—December
31,
2023
(Unaudited)
Portfolio
LEVEL
1
-
Quoted
Prices
LEVEL
2
-
Other
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Emerging
Markets
Portfolio
(continued)
Future
....................
$
2,264
$
—
$
—
$
2,264
Written
Options
............
(386)
—
—
(386)
Total
Investments
..........
$
676,715
$
4,749
$
11,529
$
692,993
a
—
a
—
a
—
a
—
Core
Fixed
Income
Portfolio
Asset
Backed
Securities
.......
$
—
152
$
—
$
152
Collateralized
Mortgage
Obligations
.................
—
590
—
590
U.S.
Government
Agency
Mortgages
..................
—
9,449
—
9,449
U.S.
Government
Agency
Securities
...................
—
498
—
498
Corporate
Bonds
.............
—
11,171
—
11,171
U.S.
Treasury
Obligations
......
—
21,578
—
21,578
Yankee
Dollars
..............
—
1,381
—
1,381
Investment
Companies
........
31,040
—
—
31,040
Total
Investment
Securities
...
$
31,040
$
44,819
$
—
$
75,859
TOTAL
a
—
a
—
a
—
a
—
—
a
—
—
—
Corporate
Opportunities
Portfolio
Common
Stock
..............
$
—
$
—
$
—
1
$
—
Investment
Companies
........
201,285
—
—
201,285
Total
Investment
Securities
...
$
201,285
$
—
$
—
$
201,285
TOTAL
a
—
a
—
a
—
a
—
Other
Financial
Instruments
2
Futures
...................
$
4,323
$
—
$
—
$
4,323
Total
Investments
..........
$
205,608
$
—
$
—
$
205,608
a
—
a
—
a
—
a
—
U.S.
Government
Fixed
Income
Portfolio
U.S.
Government
Agency
Securities
...................
$
—
9,676
$
—
$
9,676
U.S.
Treasury
Obligations
......
—
428,632
—
428,632
Investment
Companies
........
514,612
—
—
514,612
Total
Investment
Securities
...
$
514,612
$
438,308
$
—
$
952,920
TOTAL
a
—
a
—
a
—
a
—
Other
Financial
Instruments
2
Future
....................
$
4,884
$
—
$
—
$
4,884
Total
Investments
..........
$
519,496
$
438,308
$
—
$
957,804
a
—
a
—
a
—
a
—
234
HC
CAPITAL
TRUST
Notes
to
Financial
Statements
(continued)
—December
31,
2023
(Unaudited)
Amounts
designated
as
“—”
are
$0
or
have
been
rounded
to
$0.
A
reconciliation
of
Level
3
financial
instruments
is
presented
when
a
Portfolio
had
a
significant
amount
of
Level
3
investments
at
the
beginning
and/or
end
of
the
period
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value
(amounts
in
thousands):
Portfolio
LEVEL
1
-
Quoted
Prices
LEVEL
2
-
Other
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
U.S.
Corporate
Fixed
Income
Portfolio
Corporate
Bonds
.............
$
—
$
199,844
$
—
$
199,844
Yankee
Dollars
..............
—
21,190
—
21,190
Investment
Companies
........
47,876
—
—
47,876
Total
Investment
Securities
...
$
47,876
$
221,034
$
—
$
268,910
TOTAL
a
—
a
—
a
—
a
—
—
a
—
—
—
U.S.
Mortgage/Asset
Backed
Fixed
Income
Portfolio
Asset
Backed
Securities
.......
$
—
$
3,023
$
—
$
3,023
Collateralized
Mortgage
Obligations
.................
—
11,382
—
11,382
U.S.
Government
Agency
Mortgages
..................
—
184,706
—
184,706
Corporate
Bond
..............
—
227
—
227
Investment
Company
.........
29,252
—
—
29,252
Total
Investment
Securities
...
$
29,252
$
199,338
$
—
$
228,590
TOTAL
a
—
a
—
a
—
a
—
Other
Financial
Instruments
2
TBA
Sale
Commitments
.....
$
—
$
(336)
$
—
$
(336)
Total
Investments
..........
$
29,252
$
199,002
$
—
$
228,254
a
—
a
—
a
—
a
—
Short-Term
Municipal
Portfolio
Municipal
Bonds
.............
$
—
64,055
$
—
$
64,055
Investment
Company
.........
223
—
—
223
Total
Investment
Securities
...
$
223
$
64,055
$
—
$
64,278
TOTAL
a
—
a
—
a
—
a
—
—
a
—
—
—
Intermediate
Municipal
Portfolio
Municipal
Bonds
.............
$
—
$
457,229
$
—
$
457,229
Investment
Companies
........
25,689
—
—
25,689
Total
Investment
Securities
...
$
25,689
$
457,229
$
—
$
482,918
TOTAL
a
—
a
—
a
—
a
—
—
a
—
—
—
1
A
reconciliation
of
assets
in
which
Level
3
inputs
are
used
in
determining
fair
value,
along
with
the
additional
quantitative
disclosures,
are
presented
when
there
are
significant
Level
3
investments
at
the
end
of
the
period.
As
of
December
31,
2023
Level
3
investments
were
0.00%
of
net
assets
and
are
not
considered
significant.
2
Other
Financial
Instruments
are
TBA
sale
commitments
or
derivative
instruments
not
reflected
in
the
total
investments,
such
as
futures,
which
are
valued
at
the
unrealized
appreciation/(depreciation)
on
the
instrument
and
written
options,
which
are
valued
at
fair
value.
235
HC
CAPITAL
TRUST
Notes
to
Financial
Statements
(continued)
—December
31,
2023
(Unaudited)
Ind
The
Portfolios’
financial
instruments
that
are
categorized
as
Level
3
were
valued
based
on
unobservable
inputs.
A
significant
change
in
unobservable
inputs
could
result
in
significantly
lower
or
higher
value
of
such
Level
3
financial
instruments.
C.
Securities
Transactions
and
Investment
Income.
For
financial
reporting
purposes,
portfolio
securities
transactions
are
reported
on
trade
date.
However,
for
daily
NAV
determination,
portfolio
securities
transactions
are
reflected
no
later
than
in
the
first
calculation
on
the
first
business
day
following
trade
date.
Dividend
income
is
recognized
on
the
ex-dividend
date
and
foreign
dividends
are
recognized
as
soon
as
reliable
information
is
available
from
the
Portfolio’s
sources.
Interest
income,
including
amortization
of
premium
and
accretion
of
discount
on
investments,
is
accrued
daily.
Pay-in-kind
interest
income
and
non-cash
dividend
income
received
in
the
form
of
securities
in-lieu
of
cash,
if
any,
are
recorded
at
the
fair
value
of
the
securities
received.
Realized
gains
and
losses
from
securities
transactions
are
determined
by
comparing
the
identified
cost
of
the
security
lot
sold
to
the
net
sales
proceeds.
Realized
gains
and
losses
from
principal
payment
transactions
on
mortgage-backed
and
asset-
backed
securities
are
classified
as
investment
income
or
loss
for
financial
reporting
purposes.
For
certain
securities,
including
real
estate
investment
trusts,
the
Portfolio
records
distributions
received
in
excess
of
income
as
a
reduction
of
the
cost
of
investments
and/or
realized
gain.
Such
amounts
are
based
on
estimates
if
actual
amounts
are
not
available.
Actual
amounts
of
income,
realized
gain
and
return
of
capital
may
differ
from
the
estimated
amounts.
The
Portfolio
records
adjustments
to
the
estimated
amounts
of
the
components
of
distributions
to
investment
income,
unrealized
appreciation/depreciation
and
realized
gain/loss
on
investments
as
necessary,
once
the
issuers
provide
information
about
the
actual
composition
of
the
distributions.
D.
Restricted
Securities.
A
restricted
security
is
a
security
that
cannot
be
offered
for
public
sale
without
prior
registration
under
the
Securities
Act
of
1933
(the
“1933
Act”)
(absent
an
exemption).
Whether
a
restricted
security
is
illiquid
is
determined
pursuant
to
guidelines
established
by
the
Board.
Not
all
restricted
securities
are
considered
illiquid.
E.
Allocations.
Expenses
directly
attributable
to
a
Portfolio
are
charged
to
that
Portfolio.
Class-specific
expenses,
if
any,
are
borne
by
that
class.
Other
expenses
are
allocated
proportionately
among
the
Portfolios
in
relation
to
the
net
assets
of
each
Portfolio
or
by
another
appropriate
method.
Income,
non-class-specific
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
to
the
respective
classes
based
on
relative
net
assets.
F.
Dividends
and
Capital
Gain
Distributions
to
Shareholders.
The
Core
Fixed
Income
Portfolio,
U.S.
Government
Fixed
Income
Portfolio,
U.S.
Corporate
Fixed
Income
Portfolio,
U.S.
Mortgage/Asset
Backed
Fixed
Income
Portfolio,
Short-Term
Municipal
Portfolio
and
Intermediate
Municipal
Portfolio
declare
and
distribute
dividends
from
net
investment
income,
if
any,
on
a
monthly
basis.
The
Value
Portfolio,
Growth
Portfolio,
Institutional
U.S.
Portfolio,
Small
Cap-Mid
Cap
Portfolio,
ESG
Growth
Portfolio,
Catholic
SRI
Growth
Portfolio
and
Corporate
Opportunities
Portfolio
declare
and
distribute
dividends
from
net
investment
income,
if
any,
on
a
quarterly
basis.
The
International
Portfolio
and
Institutional
International
Portfolio
declare
and
distribute
dividends
from
net
investment
income,
if
any,
on
a
semiannual
basis.
The
Emerging
Markets
Portfolio
declares
and
distributes
dividends
from
net
investment
income,
if
any,
on
an
annual
basis.
Net
realized
capital
gains,
if
any,
are
declared
and
distributed
at
least
annually
by
each
Portfolio
G.
Repurchase
Agreements.
Among
the
instruments
that
each
of
the
Portfolios
may
use
for
temporary
investment
purposes
are
repurchase
agreements.
Under
the
terms
of
a
typical
repurchase
agreement,
a
Portfolio
would
acquire
an
underlying
debt
security
for
a
relatively
short
period
(usually
not
more
than
one
week),
subject
to
an
obligation
of
the
seller
to
repurchase
that
security
from
the
Portfolio
at
an
agreed-upon
price
and
date.
Repurchase
agreements
may
involve
certain
risks
in
the
event
of
default
or
insolvency
of
the
counterparty,
including
possible
delays
or
restrictions
upon
the
Portfolio’s
ability
to
dispose
of
the
underlying
securities.
The
creditworthiness
of
those
banks
and
non-bank
dealers
with
which
the
Portfolios
may
enter
into
repurchase
agreements
are
monitored
in
accordance
with
guidelines
adopted
by
the
Board,
as
is
the
market
value
of
the
Portfolio
Asset
Group
Balance
as
of
June
30,
2023
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Purchases
Sales
Proceeds
Change
in
net
assets
resulting
from
operations
Transfer
into
Level
3
Transfer
out
of
Level
3
Balance
as
of
December
31,
2023
Emerging
Markets
Portfolio
............
Common
Stock
$
—
$
—
$
11,599
$
—
$
—
$
—
$
—
$
—
$
11,599
236
HC
CAPITAL
TRUST
Notes
to
Financial
Statements
(continued)
—December
31,
2023
(Unaudited)
securities
underlying
any
repurchase
agreement
to
ensure
that
the
seller’s
obligation
to
repurchase
is
collateralized
by
an
amount
at
least
equal
to
the
repurchase
price
including
accrued
interest.
All
repurchase
agreements
are
fully
collateralized
by
cash
and/or
government
securities
(as
defined
in
the
1940
Act).
If
approved
by
the
Adviser,
repurchase
agreements
may
also
be
fully
collateralized
by
other
securities
that,
at
the
time
the
repurchase
agreement
is
entered
into,
are
determined
by
the
Board,
or
its
authorized
delegate,
to
be
(i)
issued
by
an
issuer
that
has
an
exceptionally
strong
capacity
to
meet
its
obligations
on
the
collateral,
and
(ii)
sufficiently
liquid
that
they
can
be
sold
by
the
Portfolio
at
approximately
their
carrying
value
in
the
ordinary
course
of
business
within
seven
calendar
days.
Master
Repurchase
Agreements
(“MRA”)
permit
the
Portfolios,
under
certain
circumstances,
including
an
event
of
default
(such
as
bankruptcy
or
insolvency),
to
offset
receivables
under
the
MRA
with
collateral
posted
by
the
counterparty
and
create
one
net
payment
due
to
or
from
the
Portfolios.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
the
counterparty’s
bankruptcy
or
insolvency.
Pursuant
to
the
terms
of
the
MRA,
the
Portfolios
receive
securities
as
collateral
with
a
market
value
in
excess
of
the
repurchase
price
to
be
received
by
the
Portfolios
upon
the
maturity
of
the
transaction.
Upon
a
bankruptcy
or
insolvency
of
the
counterparty,
the
Portfolios
would
recognize
a
liability
with
respect
to
such
excess
collateral
to
reflect
the
Portfolio’s
obligation
under
bankruptcy
law
to
return
the
excess
to
the
counterparty.
H.
TBA
Purchase
and
Sale
Commitments.
Certain
of
the
Portfolios
may
enter
into
“TBA”
(to
be
announced)
commitments
to
purchase
or
sell
securities
for
a
fixed
price
at
a
future
date,
typically
not
to
exceed
45
days.
TBA
commitments
may
be
considered
securities
in
themselves,
and
involve
a
risk
of
loss
if
the
value
of
the
security
to
be
purchased
or
sold
declines
or
increases,
respectively,
prior
to
settlement
date.
Unsettled
TBA
commitments
are
valued
at
the
current
market
value
of
the
underlying
securities,
according
to
the
procedures
described
under
“Securities
Valuation”
above.
I.
Commission
Recapture.
Certain
of
the
Portfolios
participate
in
a
commission
recapture
program.
These
Portfolios
will
utilize
the
recaptured
commissions
to
pay
for,
in
whole
or
in
part,
certain
expenses
of
the
Portfolios,
excluding
investment
advisory
and
distribution
fees.
The
expenses
eligible
to
be
paid
will
include,
but
are
not
limited
to,
administrative
service
fees,
audit
fees,
custodian
fees,
legal
fees
and
printing
expenses,
as
directed
by
the
Trust.
These
amounts
are
disclosed
as
“Expenses
paid
indirectly”
on
the
Statements
of
Operations.
For
the
period
ended
December
31,
2023
,
the
following
commissions
were
recaptured:
J.
Foreign
Exchange
Transactions.
The
books
and
records
of
the
Portfolios
are
maintained
in
U.S.
dollars.
Non-U.S.
dollar
denominated
amounts
are
translated
into
U.S.
dollars
as
follows,
with
the
resultant
exchange
gains
and
losses
recorded
in
the
Statements
of
Operations:
i)
value
of
investment
securities
and
other
assets
and
liabilities
at
the
exchange
rate
on
the
valuation
date;
and
ii)
purchases
and
sales
of
investment
securities
and
income
and
expenses
at
the
exchange
rate
prevailing
on
the
respective
date
of
such
transactions.
The
Portfolios
do
not
isolate
realized
and
unrealized
gains
and
losses
attributable
to
changes
in
the
exchange
rates
from
gains
and
losses
that
arise
from
changes
in
the
value
of
investments.
Such
fluctuations
are
included
with
net
realized
and
unrealized
gain
or
loss
on
investments.
Dividends
and
interest
from
non-U.S.
sources
received
by
a
Portfolio
are
generally
subject
to
non-U.S.
withholding
taxes
at
rates
ranging
up
to
30%.
Such
withholding
taxes
may
be
reduced
or
eliminated
under
the
terms
of
applicable
U.S.
income
tax
treaties,
and
each
Portfolio
intends
to,
if
reasonable,
undertake
any
procedural
steps
required
to
claim
the
benefits
of
such
treaties.
If
the
value
of
more
than
50%
of
a
Portfolio’s
total
assets
at
the
close
of
any
taxable
year
consists
of
stock
or
securities
of
non-U.S.
corporations,
the
Portfolio
may
elect
to
treat
any
non-U.S.
taxes
paid
by
it
as
paid
by
its
shareholders.
Portfolio
Commissions
Recaptured
(000)
Growth
Portfolio
..............................................................................................................................................
$
2
Institutional
U.S.
Portfolio
...............................................................................................................................
2
237
HC
CAPITAL
TRUST
Notes
to
Financial
Statements
(continued)
—December
31,
2023
(Unaudited)
The
Portfolios
may
be
subject
to
foreign
taxes
on
gains
in
investments
or
currency
repatriation.
The
Portfolios
accrue
such
taxes,
as
applicable,
based
on
their
current
interpretation
of
tax
rules
in
the
foreign
markets
in
which
they
invest.
K.
Derivative
Instruments.
Certain
of
the
Portfolios
may
invest
in
various
financial
instruments
including
positions
in
forward
currency
contracts,
financial
futures
contracts,
options
contracts
and
swap
agreements.
The
following
is
a
summary
of
the
fair
value
of
derivative
instruments
held
by
the
Portfolios
as
of
December
31,
2023
(amounts
in
thousands).
t.
Amounts
designated
as
“—”
are
$0
or
have
been
rounded
to
$0.
The
following
is
a
summary
of
the
effect
of
derivative
instruments
on
the
Statements
of
Operations
for
the
period
ended
December
31,
2023
(amounts
in
thousands):
Assets
Portfolio
Unrealized
appreciation
on
futures
contracts*
Investments,
at
value
for
purchased
options
Equity
Risk
Exposure:
0
0
Institutional
U.S.
Portfolio
...........................................
$
2,97
5
$
2,977
International
Portfolio
...............................................
240
519
Institutional
International
Portfolio
....................................
1,697
867
Emerging
Markets
Portfolio
..........................................
2,560
834
Corporate
Opportunities
Portfolio
.....................................
2,149
–
Interest
Rate
Exposure:
Corporate
Opportunities
Portfolio
.....................................
2,174
–
U.S.
Government
Fixed
Income
Portfolio
...............................
4,884
–
Liabilities
Portfolio
Unrealized
depreciation
on
futures
contracts*
Written
options,
at
fair
value
Equity
Risk
Exposure:
0
0
Institutional
U.S.
Portfolio
...........................................
$
–
$
1,376
International
Portfolio
...............................................
126
236
Institutional
International
Portfolio
....................................
314
403
Emerging
Markets
Portfolio
..........................................
296
386
*
Total
fair
value
is
presented
by
Primary
Risk
Exposure.
For
futures
contracts,
the
amounts
represent
their
cumulative
appreciation/depreciation,
which
includes
movements
of
variation
margin.
Net
Realized
Gains
(Losses)
on
Derivatives
Recognized
as
a
Result
from
Operations
Portfolio
Net
realized
gains/(losses)
from
futures
transactions
Net
realized
gains/(losses)
from
written
options
transactions
Net
realized
gains/(losses)
from
purchased
options*
transactions
Net
realized
gains/(losses)
from
swap
transactions
Equity
Risk
Exposure:
$
–
$
–
$
–
$
–
Institutional
U.S.
Portfolio
.....................
836
3,426
(1,397)
–
Small
Cap-Mid
Cap
Portfolio
...................
8
–
–
–
ESG
Growth
Portfolio
........................
5
–
–
–
International
Portfolio
.........................
(2,109)
812
(324)
–
Institutional
International
Portfolio
..............
(7,288)
2,800
(1,066)
–
238
HC
CAPITAL
TRUST
Notes
to
Financial
Statements
(continued)
—December
31,
2023
(Unaudited)
Amounts
designated
as
“—”
are
$0
or
have
been
rounded
to
$0.
The
Trust
may
be
subject
to
master
netting
agreements
(“MNA”)
that
allow
for
amounts
owed
between
a
Portfolio
and
the
counterparty
to
be
netted.
The
party
that
has
the
larger
payable
pays
the
excess
of
the
larger
amount
over
the
smaller
amount
to
the
counterparty.
The
MNA
do
not
apply
to
amounts
owed
to/from
different
counterparties.
The
amounts
shown
in
the
Statements
of
Assets
and
Liabilities
do
not
take
into
consideration
the
effects
of
legally
enforceable
MNA.
As
of
December
31,
2023,
the
Portfolios
did
not
invest
in
derivatives
subject
to
a
MNA.
Forward
Currency
Contracts:
Certain
of
the
Portfolios
may
be
subject
to
currency
exchange
rate
risk
in
the
normal
course
of
pursuing
their
investment
objectives.
A
Portfolio
enters
into
forward
currency
contracts
(“forward
contracts”)
for
the
purpose
of
hedging
exposure
to
changes
in
foreign
currency
exchange
rates
on
its
holdings.
A
forward
contract
is
an
agreement
between
two
parties
to
buy
and
sell
a
currency
at
a
set
price
on
a
future
date.
The
value
of
the
forward
contract
fluctuates
with
changes
in
currency
exchange
rates.
The
forward
contract
is
marked-to-market
daily
and
the
change
in
value
is
recorded
by
the
Portfolio
as
unrealized
appreciation
or
depreciation.
When
the
forward
contract
is
closed,
the
Portfolio
records
a
realized
gain
or
loss
equal
to
the
fluctuation
in
value
during
the
period
the
forward
contract
was
open.
The
Portfolio
is
subject
to
credit
risk,
which
is
the
risk
that
the
counterparty
is
unable
to
meet
the
terms
of
a
forward
contract,
and
market
risk,
which
is
the
risk
that
the
value
of
the
currency
changes
unfavorably.
Forward
contracts
may
involve
credit
or
market
risk
in
excess
of
the
amounts
reflected
on
a
Portfolio’s
Statement
of
Assets
and
Liabilities.
The
gain
or
loss
from
the
difference
between
the
cost
of
original
contracts
and
the
amount
realized
upon
Net
Realized
Gains
(Losses)
on
Derivatives
Recognized
as
a
Result
from
Operations
Portfolio
Net
realized
gains/(losses)
from
futures
transactions
Net
realized
gains/(losses)
from
written
options
transactions
Net
realized
gains/(losses)
from
purchased
options*
transactions
Net
realized
gains/(losses)
from
swap
transactions
Emerging
Markets
Portfolio
....................
$
(4,529)
$
1,654
$
(664)
$
(5,516)
Corporate
Opportunities
Portfolio
...............
3,045
–
–
–
Interest
Rate
Risk
Exposure:
–
–
–
–
Corporate
Opportunities
Portfolio
...............
(3,523)
–
–
–
U.S.
Government
Fixed
Income
Portfolio
.........
(1,057)
728
(28)
–
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Derivatives
Recognized
as
a
Result
from
Operations
Portfolio
Change
in
unrealized
appreciation/
(depreciation)
on
futures
Change
in
unrealized
appreciation/
(depreciation)
on
written
options
Change
in
unrealized
appreciation/
depreciation
on
purchased
options*
Change
in
unrealized
appreciation/
(depreciation)
on
swaps
Equity
Risk
Exposure:
Institutional
U.S.
Portfolio
.....................
$
(1,286)
$
2,977
$
(810)
$
–
Small
Cap-Mid
Cap
Portfolio
...................
(3)
–
–
–
ESG
Growth
Portfolio
........................
(5)
–
–
–
International
Portfolio
.........................
69
419
(106)
–
Institutional
International
Portfolio
..............
225
48
54
–
Emerging
Markets
Portfolio
....................
2,917
495
(107)
2,176
Corporate
Opportunities
Portfolio
...............
(26)
–
–
–
Interest
Rate
Risk
Exposure:
Corporate
Opportunities
Portfolio
...............
4,144
–
–
–
U.S.
Government
Fixed
Income
Portfolio
.........
5,069
(1)
–
–
*
Options
purchased
activity
is
included
within
the
investment
in
securities
line
items
on
the
Statement
of
Operations.
239
HC
CAPITAL
TRUST
Notes
to
Financial
Statements
(continued)
—December
31,
2023
(Unaudited)
the
closing
of
such
forward
contracts
is
included
in
net
realized
gains
or
losses
on
foreign
currency
transactions.
Fluctuations
in
the
value
of
forward
contracts
held
are
recorded
for
financial
reporting
purposes
as
net
unrealized
gains
or
losses.
In
addition,
at
December
31,
2023
,
the
Portfolios
entered
into
currency
contracts
to
settle
trades
in
foreign
currencies.
These
transactions
are
included
in
“Receivable
from
investments
sold”
and
“Payable
for
investments
purchased”
on
the
Statements
of
Assets
and
Liabilities.
The
Portfolios
did
not
invest
in
forward
currency
contracts
during
the
period
ended
December
31,
2023
.
Financial
Futures
Contracts:
Certain
of
the
Portfolios
may
be
subject
to
equity
price
risk,
interest
rate
risk,
and
foreign
currency
exchange
rate
risk
in
the
normal
course
of
pursuing
their
investment
objectives.
Certain
of
the
Portfolios
may
invest
in
financial
futures
contracts
(“futures
contracts”)
in
order
to
reduce
such
risks,
as
part
of
their
investment
strategies
or
to
gain
exposure
to
or
hedge
against
changes
in
the
value
of
equities,
interest
rates
or
foreign
currencies.
A
futures
contract
represents
a
commitment
for
the
future
purchase
or
sale
of
an
asset
at
a
specified
price
on
a
specified
date.
Upon
entering
into
a
futures
contract,
a
Portfolio
is
required
to
pledge
to
the
broker
an
amount
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
contract
amount
(initial
margin
deposit).
Subsequent
payments,
known
as
“variation
margin,”
may
be
made
or
received
by
a
Portfolio
each
day,
depending
on
the
daily
fluctuations
in
the
value
of
the
underlying
financial
instrument.
A
Portfolio
recognizes
a
gain
or
loss
equal
to
the
daily
variation
margin,
which
is
recorded
as
a
receivable
or
payable
on
the
Statement
of
Assets
and
Liabilities
(if
applicable).
When
a
futures
contract
is
closed,
a
realized
gain
or
loss
is
recorded
as
“Net
realized
gains/(losses)
from
futures
transactions”
on
the
Statement
of
Operations.
Should
market
conditions
move
unexpectedly,
the
Portfolio
may
not
achieve
the
anticipated
benefits
of
the
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
transactions
involves
the
risk
of
an
imperfect
correlation
in
movements
in
the
price
of
futures
contracts,
interest
rates,
and
the
underlying
hedged
assets.
With
futures
contracts,
there
is
minimal
counterparty
credit
risk
to
the
Portfolios
since
futures
contracts
are
exchange
traded
and
the
exchange’s
clearinghouse,
as
counterparty
to
all
exchange-traded
futures
contracts,
guarantees
the
futures
contracts
against
default.
Securities
designated
as
collateral
for
market
value
on
futures
contracts
are
noted
in
each
Portfolio’s
Portfolio
of
Investments
(if
applicable).
Such
collateral
is
held
with
the
broker.
The
notional
value
of
the
futures
contracts
outstanding
at
December
31,
2023
,
and
the
month-end
average
notional
amount
for
the
period
ended
December
31,
2023
are
detailed
in
the
table
below:
Amounts
designated
as
“-”
are
$0
or
have
been
rounded
to
$0.
Purchased
Options
Contracts:
Certain
of
the
Portfolios
may
be
subject
to
equity
price
risk
and
interest
rate
risk
in
the
normal
course
of
pursuing
their
investment
objectives.
In
order
to
reduce
such
risks,
as
part
of
their
investment
strategies
and/
or
in
anticipation
of
future
purchases,
including
to
achieve
market
exposure
pending
direct
investment
in
securities,
certain
of
the
Portfolios
may
purchase
put
or
call
options.
Options
contracts
provide
the
purchaser
with
the
right,
but
not
the
obligation,
to
buy
or
sell
(call
or
put
option,
respectively)
a
financial
instrument
at
the
exercise
price.
The
Portfolio
pays
a
premium
which
is
included
in
“Investments,
at
value”
on
the
Statement
of
Assets
and
Liabilities
and
marked-to-market
to
reflect
the
current
value
of
the
option.
Premiums
paid
for
purchasing
options
which
expire
are
treated
as
realized
losses.
When
an
option
is
exercised
or
closed,
premiums
paid
for
purchasing
options
are
offset
against
proceeds
to
determine
the
realized
gain
or
loss
on
the
transaction.
Written
Options
Contracts:
Certain
of
the
Portfolios
may
be
subject
to
equity
price
risk
and
interest
rate
risk
in
the
normal
course
of
pursuing
their
investment
objectives.
In
order
to
reduce
such
risks,
as
part
of
their
investment
strategies
and/
or
in
anticipation
of
future
purchases,
including
to
achieve
market
exposure
pending
direct
investment
in
securities,
certain
of
Outstanding
Notional
Amount
(000)
Monthly
Average
Notional
Amount
(000)
Futures
Contracts:
Long
Short
Long
Short
Institutional
U.S.
Portfolio
.....................
$
92,917
$
—
$
143,809
$
—
Small
Cap-Mid
Cap
Portfolio
...................
—
—
34
—
ESG
Growth
Portfolio
........................
—
—
250
—
International
Portfolio
.........................
7,771
3,374
18,686
171
Institutional
International
Portfolio
..............
45,386
8,435
97,029
6,035
Emerging
Markets
Portfolio
....................
58,662
7,953
57,346
4,135
Corporate
Opportunities
Portfolio
...............
145,861
—
146,304
—
U.S.
Government
Fixed
Income
Portfolio
.........
134,227
—
87,440
—
240
HC
CAPITAL
TRUST
Notes
to
Financial
Statements
(continued)
—December
31,
2023
(Unaudited)
the
Portfolios
may
write
put
or
call
options.
Premiums
received
from
written
options
contracts
are
recorded
as
liabilities
on
the
Statement
of
Assets
and
Liabilities
and
are
marked-to-market
to
reflect
the
current
value
of
the
options
written.
Premiums
received
from
writing
options
which
expire
are
treated
as
realized
gains.
Premiums
received
from
writing
options,
which
are
either
exercised
or
closed,
are
offset
against
the
proceeds
received
or
the
amount
paid
on
the
transaction
to
determine
realized
gains
or
losses.
Realized
gains
and
losses
are
reported
as
“Net
realized
gains/(losses)
from
written
options
transactions”
on
the
Statement
of
Operations
(if
applicable).
When
writing
an
option,
the
Portfolio
bears
the
market
risk
of
unfavorable
changes
in
the
price
of
the
underlying
instrument.
With
exchange-traded
options,
there
is
minimal
counterparty
credit
risk
to
the
Portfolios
since
the
exchange’s
clearinghouse,
as
counterparty
to
all
exchange-traded
options,
guarantees
the
options
against
default.
With
over-the-counter
options,
the
Portfolios
bear
the
risk
that
counterparties
will
be
unable
to
perform
under
the
terms
of
the
contracts.
The
notional
value
of
purchased
and
written
options
outstanding
at
December
31,
2023
and
the
month-end
average
notional
amount
for
the
period
ended
December
31,
2023
are
detailed
in
the
table
below:
Swap
Agreements:
Certain
of
the
Portfolios
may
enter
into
swap
agreements
(“swaps”)
for
purposes
of
attempting
to
gain
exposure
to
the
securities
making
up
an
index
without
actually
purchasing
those
instruments,
to
hedge
a
position
or
to
gain
exposure
to
a
particular
instrument
or
currency.
A
swap
is
a
two-party
contract
entered
into
for
periods
ranging
from
one
day
to
more
than
one
year.
In
a
standard
swap
transaction,
two
parties
agree
to
exchange
the
returns
(or
differentials
in
rates
of
return)
earned
or
realized
on
particular
predetermined
investments
or
instruments.
The
gross
returns
to
be
exchanged
or
“swapped”
between
the
parties
are
calculated
with
respect
to
a
“notional
amount,”
i.e.,
the
return
on
or
increase
in
value
of
a
particular
dollar
amount
invested
in
a
“basket”
of
securities
representing
a
particular
index.
Swap
agreements
are
privately
negotiated
in
the
over-the-counter
(“OTC”)
market
and
may
be
entered
into
as
a
bilateral
contract
(“OTC
swaps”)
or
cleared
through
a
third
party,
known
as
a
clearing
organization
(“centrally
cleared
swap”).
Swaps
are
marked
to
market
daily
based
upon
valuations
as
determined
from
the
underlying
contract
or
in
accordance
with
the
requirements
of
the
clearing
organization.
Changes
in
market
value,
if
any,
are
reflected
as
a
component
of
net
change
in
appreciation
or
depreciation
on
swap
agreements
on
the
Statement
of
Daily
changes
in
valuation
of
centrally
cleared
swaps,
if
any,
are
recorded
as
variation
margin
on
swap
agreements
on
the
Statement
of
Assets
and
Liabilities.
Total
Return
Swaps:
Certain
of
the
Portfolios
may
enter
into
total
return
swaps
to
gain
or
mitigate
exposure
to
the
underlying
securities
or
indices.
In
“long”
total
return
swaps,
the
counterparty
will
generally
agree
to
pay
the
Portfolio
the
amount,
if
any,
by
which
the
notional
amount
of
the
swaps
would
have
increased
in
value
had
it
been
invested
in
the
particular
instruments,
plus
an
amount
equal
to
any
dividends
or
interest
that
would
have
been
received
on
those
instruments.
The
Portfolio
will
agree
to
pay
Purchased
Option
Contracts:
Outstanding
Notional
Amount
(000)
Monthly
Average
Notional
Amount
(000)
Institutional
U.S.
Portfolio
..................................................
$
258,338
$
107,275
International
Portfolio
......................................................
44,876
22,212
Institutional
International
Portfolio
...........................................
73,099
59,606
Emerging
Markets
Portfolio
.................................................
71,400
40,475
Written
Option
Contracts:
Outstanding
Notional
Amount
(000)
Monthly
Average
Notional
Amount
(000)
Institutional
U.S.
Portfolio
..................................................
$
258,338
$
251,228
International
Portfolio
......................................................
44,876
50,938
Institutional
International
Portfolio
...........................................
73,099
134,631
Emerging
Markets
Portfolio
.................................................
71,400
91,574
U.S.
Government
Fixed
Income
Portfolio
......................................
—
52,965
241
HC
CAPITAL
TRUST
Notes
to
Financial
Statements
(continued)
—December
31,
2023
(Unaudited)
to
the
counterparty
an
amount
equal
to
a
fixed
or
floating
rate
of
interest
on
the
notional
amount
of
the
swaps
plus
the
amount,
if
any,
by
which
the
notional
amount
would
have
decreased
in
value
had
it
been
invested
in
such
instruments
plus,
in
certain
instances,
commissions
or
trading
spreads
on
the
notional
amount.
Total
return
swaps
do
not
involve
the
delivery
of
securities
or
other
underlying
instruments.
The
net
amount
of
the
excess,
if
any,
of
a
Portfolio’s
obligations
over
its
entitlements
with
respect
to
each
swap
is
accrued
on
a
daily
basis
and
an
amount
of
cash
or
liquid
assets,
having
an
aggregate
value
at
least
equal
to
such
accrued
excess,
is
maintained
at
the
broker-dealer
or
the
Portfolio’s
custodian.
Until
a
total
return
swap
is
settled
in
cash,
the
gain
or
loss
on
the
notional
amount
is
recorded
as
“change
in
unrealized
appreciation/depreciation
on
swaps”
and,
when
cash
is
exchanged,
the
gain
or
loss
realized
is
recorded
as
“net
realized
gains/(losses)
from
swap
transactions.”
A
Portfolio
may
enter
into
total
return
swaps
that
provide
the
opposite
return
of
its
benchmark
index
or
security
(“short”
the
index
or
security).
Its
operations
are
similar
to
those
swaps
disclosed
above
except
that
the
counterparty
pays
interest
to
the
Portfolio
on
the
notional
amount
outstanding
and
that
dividends
or
interest
on
the
underlying
instruments
reduce
the
value
of
the
swaps
plus,
in
certain
instances,
the
Portfolio
will
agree
to
pay
to
the
counterparty
commissions
or
trading
spreads
on
the
notional
amount.
These
amounts
are
netted
against
any
unrealized
appreciation
or
depreciation
to
determine
the
value
of
the
swaps.
The
primary
risks
associated
with
the
use
of
swaps
are
an
imperfect
correlation
between
the
prices
of
financial
instruments
and
movements
in
the
prices
of
the
underlying
investments
and
the
inability
of
counterparties
to
perform
under
the
agreement.
The
counterparty
to
any
swap
agreement
will
typically
be
a
bank,
investment
banking
firm
or
broker-dealer.
The
Portfolio
will
bear
the
counterparty
risk,
i.e.,
the
risk
of
loss
of
the
net
amount,
if
any,
expected
to
be
received
under
a
swap
in
the
event
of
the
default
or
bankruptcy
of
the
swap
counterparty.
The
counterparty
risk
for
centrally
cleared
swap
agreements
is
generally
lower
than
for
OTC
swap
agreements
because
generally
a
clearing
organization
becomes
substituted
for
each
counterparty
to
a
centrally
cleared
swap
agreement
and,
in
effect,
guarantees
the
parties’
performance
under
the
contract
as
each
party
to
a
trade
looks
only
to
a
clearing
house
for
performance
of
financial
obligations.
However,
there
can
be
no
assurance
that
the
clearing
house,
or
its
members
will
satisfy
obligations
to
the
Portfolio.
There
are
no
open
swaps
or
unrealized
gain
or
loss
at
December
31,
2023.
The
notional
value
of
the
swap
agreements
outstanding
at
December
31,
2023
and
the
month-end
average
notional
amount
for
the
period
ended
December
31,
2023
are
detailed
in
the
table
below:
L.
Securities
Lending.
Certain
of
the
Portfolios
may
lend
their
portfolio
securities
to
broker-dealers
pursuant
to
a
Master
Securities
Lending
Agreement
(“MSLA”)
that
requires
the
borrower
to
post
collateral
equal
to
at
least
the
market
value
of
the
securities
loaned,
which
is
marked-to-market
on
a
daily
basis.
Any
collateral
shortfalls
associated
with
increases
in
the
valuation
of
the
securities
loaned
are
adjusted
the
next
business
day.
The
Portfolios
will
continue
to
benefit
from
interest
or
dividends
on
the
securities
loaned
and
may
also
earn
a
return
from
the
collateral.
The
Portfolios
pay
various
fees
in
connection
with
the
investment
of
the
collateral.
Any
voting
rights,
or
rights
to
consent,
relating
to
securities
loaned,
pass
to
the
borrower.
Currently
cash
collateral
received
by
a
Portfolio
in
securities
lending
transactions
may
only
be
invested
in
repurchase
agreements
or
money
market
funds
that
invest
in
U.S.
treasury
obligations.
A
Portfolio
bears
the
risk
of
such
investments.
Securities
on
loan
at
December
31,
2023
are
presented
in
the
Portfolios
of
Investments.
The
Portfolios
pay
the
Securities
Lending
Agent
fees
based
on
the
investment
income
received
from
securities
lending
activities
as
reflected
on
the
Statements
of
Operations.
Cash
collateral
received
from
the
borrower
is
recorded
on
the
Statements
of
Assets
and
Liabilities
as
“Payable
for
collateral
received
on
loaned
securities.”
Investments
acquired
with
such
cash
collateral
are
reported
in
a
manner
consistent
with
other
portfolio
investments
held
by
the
Portfolios
as
an
investment,
at
value
on
the
Statements
of
Assets
and
Liabilities.
The
Portfolios
may
receive
non-cash
collateral
in
the
form
of
securities
such
as
U.S.
treasuries,
which
the
Portfolios
may
not
sell
or
re-pledge
and
accordingly
are
not
reflected
on
the
Statements
of
Assets
and
Liabilities.
Total
Return
Swap
Agreements:
Outstanding
Notional
Amount
(000)
Monthly
Average
Notional
Amount
(000)
Emerging
Markets
Portfolio
.................................................
$
—
$
34,220
242
HC
CAPITAL
TRUST
Notes
to
Financial
Statements
(continued)
—December
31,
2023
(Unaudited)
Securities
lending
transactions
are
entered
into
by
a
Portfolio
under
a
MSLA
which
permits
the
Portfolio,
under
certain
circumstances,
including
an
event
of
default
(such
as
bankruptcy
or
insolvency),
to
offset
amounts
payable
by
the
Portfolio
to
the
same
counterparty
against
amounts
to
be
received
and
create
a
net
payment
due
to
or
from
the
Portfolio.
The
following
table
is
a
summary
of
the
Portfolios’
securities
lending
transactions
accounted
for
as
secured
borrowings,
which
are
subject
to
offset
under
an
MSLA,
at
December
31,
2023
(amounts
in
thousands):
Amounts
designated
as
“—”
are
$0
or
have
been
round
to
$0
Securities
lending
transactions
as
of
December
31,
2023
(amounts
in
thousands):
M.
Recent
Accounting
Pronouncement.
Effective
January
24,
2023,
the
SEC
adopted
rule
and
form
amendments
that
require
open-end
management
investment
companies
to
transmit
concise
and
visually
engaging
annual
and
semi-annual
reports
to
shareholders
that
highlight
key
information.
Other
information,
including
financial
statements,
will
no
longer
appear
in
a
tailored
shareholder
report
but
must
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semi-annual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
Accordingly,
the
rule
and
form
amendments
will
not
impact
the
Portfolios
until
the
2024
annual
shareholder
reports,
and
will
have
no
effect
on
the
Portfolios’
accounting
policies
or
financial
statements.
3.
INVESTMENT
ADVISORY
AND
ADMINISTRATIVE
CONTRACTS.
The
Trust
has
entered
into
investment
advisory
contracts
(“Portfolio
Management
Contracts”)
on
behalf
of
each
of
the
Portfolios
with
one
or
more
investment
management
organizations
(each,
a
“Specialist
Manager”).
For
the
Portfolio(s)
it
serves,
each
Specialist
Manager
is
responsible
for
providing
a
continuous
program
of
investment
management
for
that
portion
of
the
Portfolio
allocated
to
it
and
for
placing
all
orders
for
the
purchase
and
sale
of
securities
and
other
instruments
for
such
portion
of
the
Portfolio.
Except
as
noted,
each
Specialist
Manager
Portfolio
Value
of
Securities
on
Loan
Value
of
Collateral
Received*
Net
Amount
Catholic
SRI
Growth
Portfolio
.................................
$
4
$
4
$
—
Growth
Portfolio
............................................
1,167
1,167
—
Institutional
U.S.
Portfolio
....................................
1,270
1,270
—
Small
Cap-Mid
Cap
Portfolio
..................................
1,126
1,126
—
Institutional
International
Portfolio
.............................
6,905
4,712
2,193
Emerging
Markets
Portfolio
...................................
154
42
112
U.S.
Corporate
Fixed
Income
Portfolio
..........................
1,963
1,963
—
*
The
actual
collateral
received
may
be
in
excess
of
the
amounts
shown
in
the
table.
The
table
only
reflects
collateral
amounts
up
to
the
amount
of
the
value
of
securities
on
loan
as
disclosed
in
the
Portfolios
of
Investments
and
excludes
any
non-cash
collateral
received
with
a
value
of
(amounts
in
thousands)
$164
and
$2,558
for
the
Emerging
Markets
Portfolio
and
Institutional
International
Portfolio,
respectively.
Any
collateral
shortfalls
associated
with
increases
in
the
valuation
of
the
securities
loaned
are
adjusted
the
next
business
day.
Remaining
Contractual
Maturity
of
the
Collateral
Held
Portfolio
Overnight
and
Continuous
-Investment
Companies
Total
Catholic
SRI
Growth
Portfolio
...............................................
$
4
$
4
Growth
Portfolio
..........................................................
1,193
1,193
Institutional
U.S.
Portfolio
..................................................
1,306
1,306
Small
Cap-Mid
Cap
Portfolio
................................................
1,178
1,178
Institutional
International
Portfolio
...........................................
4,712
4,712
Emerging
Markets
Portfolio
.................................................
42
42
Corporate
Opportunities
Portfolio
............................................
1,177**
1,177
U.S.
Corporate
Fixed
Income
Portfolio
........................................
2,010
2,010
**
Represents
collateral
received
from
prior
securities
lending
activity.
243
HC
CAPITAL
TRUST
Notes
to
Financial
Statements
(continued)
—December
31,
2023
(Unaudited)
earns
a
fee,
accrued
daily
and
paid
either
monthly
or
quarterly,
based
on
average
daily
net
assets
of
that
portion
of
the
Portfolio
managed.
For
the
period
ended
December
31,
2023
,
the
Portfolios
incurred
the
following
investment
advisory
fees,
before
any
applicable
fee
waivers,
with
respect
to
the
services
of
the
indicated
Specialist
Manager(s)
as
reflected
on
the
Statements
of
Operations
as
“Advisory
fees.”
The
following
annual
fee
rates
are
applied
to
the
portions
of
the
Portfolios
that
are
managed
by
the
Specialist
Managers
in
determining
amounts
earned,
except
as
footnoted.
Value
Portfolio:
Specialist
Manager
Amount
Earned
(000)
Fee
Echo
Street
Capital
Management,
LLC
$
—
0.64%
(a)(b)
Mellon
Investments
Corporation
(Index
Strategy)
—
0.04%
(b)(c)
Mellon
Investments
Corporation
(Factor
Strategy)
—
0.065%
(b)(c)
Parametric
Portfolio
Associates,
LLC
(Liquidity
Strategy)
5
3.12%
(d)
Parametric
Portfolio
Associates,
LLC
(Targeted
Strategy)
—
0.05%
(b)(e)
Parametric
Portfolio
Associates,
LLC
(Tax-Managed
Custom
Strategy)
267
0.08%
(f)
Parametric
Portfolio
Associates,
LLC
(Options
Overlay
Strategy)
—
0.00%
(b)(g)
Total
$
272
0.08%
Growth
Portfolio:
Specialist
Manager
Amount
Earned
(000)
Fee
Echo
Street
Capital
Management,
LLC
$
—
0.64%
(a)(b)
Jennison
Associates,
LLC
361
0.37%
(h)
Mellon
Investments
Corporation
(Index
Strategy)
—
0.04%
(b)(c)
Mellon
Investments
Corporation
(Factor
Strategy)
—
0.065%
(b)(c)
Parametric
Portfolio
Associates,
LLC
(Liquidity
Strategy)
5
5.61%
(d)
Parametric
Portfolio
Associates,
LLC
(Targeted
Strategy)
—
0.05%
(b)(e)
Parametric
Portfolio
Associates,
LLC
(Tax-Managed
Custom
Strategy)
244
0.08%
(f)
Parametric
Portfolio
Associates,
LLC
(Options
Overlay
Strategy)
—
0.00%
(b)(g)
Total
$
610
0.15%
244
HC
CAPITAL
TRUST
Notes
to
Financial
Statements
(continued)
—December
31,
2023
(Unaudited)
Institutional
U.S.
Portfolio:
Specialist
Manager
Amount
Earned
(000)
Fee
Echo
Street
Capital
Management,
LLC
$
963
0.64%
(a)
Jennison
Associates,
LLC
186
0.37%
(h)
Mellon
Investments
Corporation
(Index
Strategy)
183
0.04%
(c)
Mellon
Investments
Corporation
(Factor
Strategy)
147
0.065%
(c)
Monashee
Investment
Management
LLC
331
0.450%
(i)
Parametric
Portfolio
Associates,
LLC
(Liquidity
Strategy)
21
0.10%
(d)
Parametric
Portfolio
Associates,
LLC
(Targeted
Strategy)
30
0.06%
(e)
Portfolio
Associates,
LLC
(Options
Overlay
Strategy)
—
0.00%
(b)(g)
Rhumbline
Advisors
LP
64
0.04%
Wellington
Management
Company,
LLP
241
0.73%
(j)
Total
$
2,166
0.18%
Small-Cap
Mid-Cap
Portfolio:
Specialist
Manager
Amount
Earned
(000)
Fee
Mellon
Investments
Corporation
(Index
Strategy)
—
0.04%
(b)(c)
Mellon
Investments
Corporation
(Factor
Strategy)
—
0.065%
(b)(c)
Parametric
Portfolio
Associates,
LLC
(Liquidity
Strategy)
5
6.73%
(d)
Parametric
Portfolio
Associates,
LLC
(Targeted
Strategy)
—
0.05%
(b)(e)
Parametric
Portfolio
Associates,
LLC
(Tax-Managed
Custom
Strategy)
29
0.08%
(f)
Total
$
34
0.09%
ESG
Growth
Portfolio:
Specialist
Manager
Amount
Earned
(000)
Fee
Agincourt
Capital
Management,
LLC
$
—
0.12%
(b)
Mellon
Investments
Corporation
78
0.10%
Parametric
Portfolio
Associates,
LLC
(Liquidity
Strategy)
5
2.41%
(d)
Parametric
Portfolio
Associates,
LLC
(Targeted
Strategy)
—
0.05%
(b)(e)
RBC
Global
Asset
Management
(U.K.)
Limited
24
0.00%
(k)
Total
$
107
0.10%
245
HC
CAPITAL
TRUST
Notes
to
Financial
Statements
(continued)
—December
31,
2023
(Unaudited)
Catholic
SRI
Growth
Portfolio:
Specialist
Manager
Amount
Earned
(000)
Fee
Agincourt
Capital
Management,
LLC
$
—
0.12%
(b)
Mellon
Investments
Corporation
14
0.10%
Parametric
Portfolio
Associates,
LLC
(Liquidity
Strategy)
—
0.05%
(b)(d)
Parametric
Portfolio
Associates,
LLC
(Targeted
Strategy)
—
0.05%
(b)(e)
Total
$
14
0.10%
International
Portfolio:
Specialist
Manager
Amount
Earned
(000)
Fee
City
of
London
Investment
Management
Company,
Limited
$
—
0.52%
(b)(l)
Mellon
Investments
Corporation
(Developed
Markets
Strategy)
—
0.05%
(b)(m)
Mellon
Investments
Corporation
(Developed
Factor
Strategy)
—
0.075%
(b)(m)
Mellon
Investments
Corporation
(Emerging
Markets
Strategy)
—
0.13%
(b)(m)
Monashee
Investment
Management
LLC
58
0.45%
(i)
Parametric
Portfolio
Associates,
LLC
(Liquidity
Strategy)
8
0.20%
(d)
Parametric
Portfolio
Associates,
LLC
(Targeted
Strategy)
—
0.05%
(b)(e)
Parametric
Portfolio
Associates,
LLC
(Tax-Managed
Custom
Strategy)
199
0.08%
(f)
Parametric
Portfolio
Associates,
LLC
(Options
Overlay
Strategy)
33
2.66%
(g)
Total
$
298
0.11%
Institutional
International
Portfolio:
Specialist
Manager
Amount
Earned
(000)
Fee
City
of
London
Investment
Management
Company,
Limited
$
441
0.52%
(l)
Mellon
Investments
Corporation
(Developed
Markets
Strategy)
83
0.05%
(m)
Mellon
Investments
Corporation
(Developed
Markets
Strategy)
—
0.075%
(b)(m)
Mellon
Investments
Corporation
(Emerging
Markets
Strategy)
—
0.13%
(b)(m)
Mellon
Investments
Corporation
(Factor
Strategy)
41
0.05%
(c)
Monashee
Investment
Management
LLC
98
0.45%
(i)
Parametric
Portfolio
Associates,
LLC
(Liquidity
Strategy)
37
0.09%
(d)
Parametric
Portfolio
Associates,
LLC
(Liquidity
Strategy)
3
0.05%
(e)
Parametric
Portfolio
Associates,
LLC
(Options
Overlay
Strategy)
33
1.29%
(g)
Total
$
736
0.20%
246
HC
CAPITAL
TRUST
Notes
to
Financial
Statements
(continued)
—December
31,
2023
(Unaudited)
Emerging
Markets
Portfolio:
Specialist
Manager
Amount
Earned
(000)
Fee
City
of
London
Investment
Management
Company,
Limited
$
—
1.00%
(b)(n)
Mellon
Investments
Corporation
375
0.13%
(c)
Monashee
Investment
Management
LLC
91
0.45%
(i)
Parametric
Portfolio
Associates,
LLC
(Liquidity
Strategy)
16
0.12%
(d)
Parametric
Portfolio
Associates,
LLC
(Targeted
Strategy)
—
0.05%
(b)(e)
Parametric
Portfolio
Associates,
LLC
(Tax-Managed
Custom
Strategy)
—
0.08%
(b)(f)
Parametric
Portfolio
Associates,
LLC
(Options
Overlay
Strategy)
33
1.15%
(g)
XY
Investments
(HK)
Limited
210
1.00%
(b)(o)
Total
$
725
0.15%
Core
Fixed
Income
Portfolio:
Specialist
Manager
Amount
Earned
(000)
Fee
Agincourt
Capital
Management,
LLC
$
5
0.08%
Mellon
Investments
Corporation
(U.S.
Government,
Mortgage
and
Asset
Backed
Strategy)
9
0.06%
Mellon
Investments
Corporation
(Corporate
Strategy)
—
0.15%
(b)
Parametric
Portfolio
Associates,
LLC
(Options
Overlay
Strategy)
27
0.23%
(p)
Total
$
41
0.12%
Corporate
Opportunities
Portfolio:
Specialist
Manager
Amount
Earned
(000)
Fee
City
of
London
Investment
Management
Company,
Limited
$
125
0.45%
Fort
Washington
Investment
Advisors,
Inc.
—
0.20%
(b)
MacKay
Shields,
LLC
—
0.40%
(b)(q)
Mellon
Investments
Corporation
—
0.25%
(b)
Parametric
Portfolio
Associates,
LLC
(Liquidity
Strategy)
64
0.09%
(d)
Parametric
Portfolio
Associates,
LLC
(Targeted
Strategy)
—
0.05%
(b)(e)
Parametric
Portfolio
Associates,
LLC
(Options
Overlay
Strategy)
—
N/A
(b)(p)
Total
$
189
0.19%
247
HC
CAPITAL
TRUST
Notes
to
Financial
Statements
(continued)
—December
31,
2023
(Unaudited)
Amounts
designated
as
“—”
are
$0
or
have
been
rounded
to
$0.
(a)
Echo
Street
Capital
Management
LLC
(“Echo
Street”)
receives
a
fee
based
on
the
average
daily
net
assets,
payable
quarterly,
of
that
portion
of
assets
managed
by
Echo
Street,
at
the
annual
rate
of
0.85%
of
the
first
$50
million
of
Combined
U.S.
Government
Fixed
Income
Portfolio:
Specialist
Manager
Amount
Earned
(000)
Fee
Mellon
Investments
Corporation
$
129
0.06%
Parametric
Portfolio
Associates,
LLC
(Options
Overlay
Strategy)
27
0.01%
(p)
Total
$
156
0.03%
U.S.
Corporate
Fixed
Income
Portfolio:
Specialist
Manager
Amount
Earned
(000)
Fee
Agincourt
Capital
management,
LLC
$
87
0.08%
Mellon
Investments
Corporation
—
0.15%
(b)
Parametric
Portfolio
Associates,
LLC
(Options
Overlay
Strategy)
27
0.14%
(p)
Total
$
114
0.09%
U.S.
Mortgage/Asset
Backed
Fixed
Income
Portfolio:
Specialist
Manager
Amount
Earned
(000)
Fee
Mellon
Investments
Corporation
$
58
0.06%
Parametric
Portfolio
Associates,
LLC
(Options
Overlay
Strategy)
—
N/A
(b)(p)
Total
$
58
0.06%
Short-Term
Municipal
Portfolio:
Specialist
Manager
Amount
Earned
(000)
Fee
Breckinridge
Capital
Advisors,
Inc.
$
43
0.125%
Total
$
43
0.125%
Intermediate
Municipal
Portfolio:
Specialist
Manager
Amount
Earned
(000)
Fee
Breckinridge
Capital
Advisors,
Inc.
$
33
0.125%
City
of
London
Investment
Management
Company,
Limited
37
0.45%
Insight
North
America,
LLC
394
0.19%
(r)
Parametric
Portfolio
Associates,
LLC
(Liquidity
Strategy)
—
N/A
(b)(p)
Total
$
464
0.19%
248
HC
CAPITAL
TRUST
Notes
to
Financial
Statements
(continued)
—December
31,
2023
(Unaudited)
Assets
(as
defined
below);
0.70%
of
the
next
$50
million
of
Combined
Assets;
0.60%
of
the
next
$100
million
of
Combined
Assets;
and
0.55%
of
Combined
Assets
in
excess
of
$200
million.
“Combined
Assets”
shall
mean
the
sum
of:
the
net
assets
of
each
portion
of
the
Value
Portfolio,
Growth
Portfolio,
and
Institutional
U.S.
Portfolio
allocated
to
Echo
Street.
(b)
Specialist
Manager
approved
by
the
Board
but
a
strategy
to
which
no
assets
were
allocated
during
the
period
ended
December
31,
2023
.
(c)
For
assets
allocated
to
an
Index
Strategy,
for
so
long
as
the
Combined
Assets
(as
defined
below)
are
greater
than
$2
billion,
Mellon
Investments
Corporation
(“Mellon”)
receives
a
fee
at
the
annual
rate
of
0.04%
of
the
average
daily
net
assets
of
the
Account.
If
the
Combined
Assets
are
reduced
to
$2
billion
or
less
due
to
withdrawals
or
redemptions,
beginning
with
the
start
of
the
first
calendar
year
following
the
date
on
which
such
withdrawals
or
redemptions
reduced
such
Combined
Assets
to
$2
billion
or
less,
the
fee
shall
be
calculated
based
on
average
daily
net
assets
of
the
Account
at
annual
rate
of
0.065%.
Index
Strategy
shall
mean
a
portfolio
wherein
the
Portfolio
Manager
seeks
to
approximate,
over
the
long
term,
the
performance
of
a
specific
market
index.
For
assets
allocated
to
a
Factor
Strategy,
for
so
long
as
the
Combined
Assets
are
greater
than
$2
billion,
the
fee
shall
be
at
the
annual
rate
of
0.065%
of
the
average
daily
net
assets
of
the
Account.
If
the
Combined
Assets
are
reduced
to
$2
billion
or
less
due
to
withdrawals
or
redemptions,
beginning
with
the
start
of
the
first
calendar
year
following
the
date
on
which
such
withdrawal
or
redemption
reduced
such
Combined
Assets
to
$2
billion
or
less,
the
fee
shall
be
calculated
based
on
average
daily
net
assets
of
the
Account
at
annual
rate
of
0.075%.
Factor
Strategy
shall
mean
a
portfolio
wherein
the
Portfolio
Manager
seeks
to
implement
a
strategy
developed
by
Hirtle
Callaghan
&
Co.
or
an
affiliate
with
the
objective
of
obtaining
exposure
to
one
or
more
factors
such
as
value
or
quality
within
the
U.S.
equity
markets.
“Combined
Assets”
shall
mean
the
sum
of:
the
net
assets
managed
by
Mellon
in
the
Value
Portfolio,
Growth
Portfolio,
Institutional
U.S.
Portfolio,
Small
Cap-Mid
Cap
Portfolio,
International
Portfolio,
Institutional
International
Portfolio,
Emerging
Markets
Portfolio,
and
the
net
assets
managed
by
Mellon
using
these
strategies
in
other
investment
advisory
accounts
for
which
HC
Capital
Solutions
serves
as
investment
adviser.
(d)
With
respect
to
its
Liquidity
Strategy,
Parametric
Portfolio
Associates,
LLC
(“Parametric”),
a
part
of
the
asset
management
division
of
Morgan
Stanley
Investment
Management,
receives
a
fee,
which
shall
be
calculated
daily
and
payable
monthly
in
arrears,
at
an
annual
rate
of
0.15%
of
the
first
$50
million
of
the
Combined
Liquidity
Assets
(as
defined
below);
0.10%
of
the
next
$100
million
of
Combined
Liquidity
Assets;
and
0.05%
of
Combined
Liquidity
Assets
over
$150
million.
Parametric
is
also
entitled
to
receive
a
flat
fee
of
$10,000
per
year
for
each
Portfolio.
One
Twelfth
of
the
flat
fee
with
respect
to
any
given
Portfolio
will
be
waived
with
respect
to
each
calendar
month
during
which
no
Portfolio
assets
were
allocated
to
the
Liquidity
Strategy
in
that
Portfolio.
“Combined
Liquidity
Assets”
shall
mean
the
sum
of:
the
net
assets
of
that
portion
of
each
Portfolio
managed
by
Parametric
for
investment
in
its
Liquidity
Strategy.
(e)
With
respect
to
its
Targeted
Strategy,
Parametric
receives
a
fee,
which
shall
be
calculated
daily
and
payable
in
arrears
at
the
rate
of
0.05%.
Parametric
is
also
entitled
to
receive
a
flat
fee
of
$5,000
per
year
for
each
Portfolio,
provided
that
such
fee
will
be
waived
with
respect
to
each
calendar
year
during
which
no
Portfolio
assets
were
allocated
to
the
Targeted
Strategy
in
that
Portfolio.
(f)
With
respect
to
its
Tax-Managed
Custom
Strategy,
Parametric
receives
a
fee,
which
shall
be
calculated
daily
and
payable
in
arrears
at
the
annual
rate
of
0.10%
of
the
first
$250
million
of
the
Combined
Tax-Managed
Custom
Strategy
Assets
(as
defined
below);
0.09%
of
the
next
$250
million
of
the
Combined
Tax-Managed
Custom
Strategy
Assets;
0.08%
of
the
next
$500
million
of
the
Combined
Tax-Managed
Custom
Strategy
Assets;
and
0.07%
of
the
Combined
Tax-Managed
Custom
Strategy
Assets
over
$1
billion.
“Combined
Tax-Managed
Custom
Strategy
Assets”
shall
mean
the
sum
of:
the
net
assets
of
that
portion
of
each
of
the
other
Portfolios
of
the
Trust
allocated
to
Parametric
from
time
to
time
for
investment
in
their
Tax-Management
Custom
Core
Strategy.
249
HC
CAPITAL
TRUST
Notes
to
Financial
Statements
(continued)
—December
31,
2023
(Unaudited)
(g)
With
respect
to
its
Options
Overlay
Strategy,
Parametric
receives
a
fee,
which
shall
be
calculated
daily
and
payable
in
arrears,
of
$5,500
per
calendar
month
for
each
Portfolio,
provided
that
such
fee
will
be
waived
with
respect
to
each
calendar
month
during
which
no
Portfolio
assets
were
allocated
to
the
Options
Overlay
Strategy
in
that
Portfolio.
(h)
Jennison
Associates
LLC
(“Jennison”)
is
entitled
to
receive
an
annual
fee
of
no
more
than
0.30%
of
average
daily
net
assets
of
that
portion
of
the
Growth
Portfolio
and
Institutional
U.S.
Portfolio
allocated
to
Jennison
(the
“Jennison
Accounts”).
While
the
rate
at
which
Jennison’s
fee
for
managing
the
Portfolios
will
not
exceed
0.30%,
the
fee
may
decrease
based
on
the
aggregate
market
value
of
the
Jennison
Accounts
and
certain
other
assets
managed
by
Jennison
(which
may
pay
fees
exceeding
0.30%)
for
the
benefit
of
certain
investors
who
are
clients
of
the
Trust’s
primary
adviser
at
the
following
annual
rates:
—
0.75%
on
the
first
$10
million;
—
0.50%
on
the
next
$30
million;
—
0.35%
on
the
next
$25
million;
—
0.25%
on
the
next
$335
million;
—
0.22%
on
the
next
$600
million;
—
0.20%
on
the
next
$4
billion;
and
—
0.25%
on
the
balance
(i)
Monashee
Investment
Management
LLC
(“Monashee”)
receives
a
fee,
which
shall
be
calculated
daily
and
payable
monthly
in
arrears,
at
an
annual
rate
of
0.45%
of
the
average
daily
net
assets
when
the
total
Outside
Assets
are
less
than
$250
million
(as
defined
below).
Outside
assets
from
$250
million
to
$500
million
at
0.40%,
from
$500
million
to
$750
million
at
0.35%;
from
$750
million
to
$1
billion
at
0.30%;
from
$1
billion
to
$2
billion
at
0.20%;
and
at
0.10%
if
the
outside
assets
are
over
$2
billion.
“Outside
Assets”
shall
mean
all
assets
managed,
advised,
sub-advised,
or
otherwise
by
Monahsee
and/or
its
affiliates
using
an
investment
program
that
is
the
same
as,
or
substantially
similar
to,
the
invest
program
of
the
Portfolio.
(j)
Wellington
Management
Company,
LLP
(“Wellington”)
receives
a
fee,
which
shall
be
payable
monthly
in
arrears
of
0.75%
of
the
average
daily
net
assets
of
the
first
$50
million
of
the
Combined
Assets
(as
defined
below).
On
Combined
Assets
over
$50
million,
the
fee
shall
be
at
the
annual
rate
of
0.65%
of
the
Combined
Assets.
“Combined
Assets”
shall
mean
the
sum
of:
the
net
assets
of
the
Institutional
U.S.
Portfolio
and
assets
in
the
same
investment
strategy
as
the
Portfolio
that
are
managed
by
Wellington
for
certain
other
clients
of
the
Trust’s
primary
adviser.
(k)
RBC
Global
Asset
Management
(U.K.)
Limited
(“RBC”)
receives
a
fee
based
on
the
average
daily
net
assets,
payable
monthly,
of
that
portion
of
assets
managed
by
RBC,
at
the
annual
rate
of
0.55%
of
the
first
$50
million;
0.50%
of
the
next
$50
million;
and
0.45%
exceeding
$100
million.
RBC’s
Portfolio
Management
Agreement
was
terminated
on
August
21,
2023.
(l)
City
of
London
Investment
Management
Company,
Limited
(“CLIM”)
receives
a
fee,
which
shall
be
calculated
daily
and
payable
monthly
in
arrears
at
the
annual
rate
of
0.80%
of
the
first
$50
million
of
the
Combined
Assets
(as
defined
below)
and
0.40%
of
the
Combined
assets
exceeding
$50
million.
“Combined
Assets”
shall
mean
the
sum
of:
the
average
daily
net
assets
managed
by
CLIM
in
the
International
Portfolio
and
the
Institutional
International
Portfolio;
and
the
net
assets
invested
in
the
same
strategy
as
the
Portfolios
that
are
managed
by
CLIM
for
certain
other
clients
of
the
Trust’s
primary
adviser.
(m)
For
its
services
to
the
International
Portfolio
and
the
Institutional
International
Portfolio,
Mellon
receives
differing
fees
from
each
Portfolio
with
respect
to
each
of
Mellon’s
Developed
Index
Strategy,
Developed
Factor
Strategy,
and
Emerging
Markets
Strategy
calculated
based
on
the
average
daily
net
assets
of
that
portion
of
the
assets
of
the
Portfolio
managed
by
it.
250
HC
CAPITAL
TRUST
Notes
to
Financial
Statements
(continued)
—December
31,
2023
(Unaudited)
For
assets
allocated
to
a
Developed
Index
Strategy
(the
“Index
Account”),
for
so
long
as
the
Combined
Assets
(as
defined
below)
are
greater
than
$2
billion,
the
fee
shall
be
at
the
annual
rate
of
0.05%
of
the
average
daily
net
assets
of
the
Index
Account.
If
the
Combined
Assets
are
reduced
to
$2
billion
or
less
due
to
withdrawals
or
redemptions,
beginning
with
the
start
of
the
first
calendar
year
following
the
date
on
which
such
withdrawal
or
redemption
reduced
such
Combined
Assets
to
$2
billion
or
less,
the
fee
shall
be
calculated
based
on
average
daily
net
assets
of
the
Index
Account
at
an
annual
rate
of
0.06%.
For
assets
allocated
to
a
Developed
Factor
Strategy
(the
“Factor
Account”),
for
so
long
as
the
Combined
Assets
(as
defined
below)
are
greater
than
$2
billion,
the
fee
shall
be
at
the
annual
rate
of
0.075%
of
the
average
daily
net
assets
of
the
Factor
Account.
If
the
Combined
Assets
are
reduced
to
$2
billion
or
less
due
to
withdrawals
or
redemptions,
beginning
with
the
start
of
the
first
calendar
year
following
the
date
on
which
such
withdrawal
or
redemptions
reduced
such
Combined
Assets
to
$2
billion
or
less,
the
fee
shall
be
calculated
based
on
average
daily
net
assets
of
the
Account
at
an
annual
rate
of
0.085%.
For
assets
allocated
to
an
Emerging
Markets
Strategy
(the
“EM
Account”),
for
so
long
as
the
aggregate
assets
allocated
to
Mellon
for
all
of
its
passive
equity
mandates
(including
accounts
for
other
clients
of
the
Advisor
and
certain
of
its
affiliates
besides
the
Trust)
exceed
$2
billion,
the
fee
shall
be
at
the
annual
rate
of
0.13%
of
the
average
daily
net
assets
of
the
EM
Account.
Should
these
aggregate
assets
fall
below
$2
billion;
the
fee
will
be
calculated
at
an
annual
rate
of
0.15%
for
those
assets
allocated
to
emerging
markets
strategies.
The
term
“Combined
Assets”
means
the
sum
of:
(i)
the
net
assets
of
the
Value
Portfolio,
Growth
Portfolio,
Institutional
U.S.
Portfolio,
Small
Cap-Mid-
Cap
Portfolio,
International
Portfolio,
Institutional
International
Portfolio
and
the
Emerging
Markets
Portfolio
of
the
Trust
(“collectively
the
“Trust
Portfolios”)
managed
by
the
Mellon;
and
(ii)
the
net
assets
of
each
other
investment
advisory
account
for
which
HC
Capital
Solutions
or
one
of
its
affiliates
serves
as
investment
adviser
and
for
which
Mellon
provides
portfolio
management
services
using
the
strategies
employed
in
Trust
Portfolios.
(n)
CLIM
receives
a
fee,
which
shall
be
calculated
daily
and
payable
quarterly
in
arrears
at
the
annual
rate
of
1.00%
of
the
first
$100
million
of
the
Combined
Assets
(as
defined
below);
0.80%
of
the
next
$100
million
of
Combined
Assets;
and
0.50%
of
Combined
Assets
exceeding
$200
million.
“Combined
Assets”
shall
mean
the
sum
of:
the
average
daily
net
assets
managed
by
CLIM
in
the
Portfolio
and
the
net
assets
invested
in
the
same
strategy
as
the
Portfolio
that
are
managed
by
CLIM
for
certain
other
clients
of
the
Trust’s
primary
adviser.
(o)
XY
Investments
(HK)
Limited
receives
a
fee,
which
shall
be
payable
monthly
in
arrears
at
the
annual
rate
of
1.00%
of
the
average
daily
net
assets
of
the
Account.
The
annual
rate
shall
be
reduced
to
0.90%
once
the
assets
under
management
with
respect
to
the
Portfolio
Manager’s
and
its
affiliates
Offshore
Strategy
(as
defined
below)
exceeds
$2
billion.
“Offshore
Strategy”
shall
mean
any
vehicle,
fund,
account
or
other
product
utilizing
a
quantitative
enhanced
index
investment
strategy
of
investing
in
a
China
A-share
market,
but
excluding
any
vehicle,
fund,
account
or
product
dedicated
solely
to
the
Portfolio
Manager’s
Shanghai
business.
XY’s
Portfolio
Management
Agreement
was
terminated
on
December
29,
2023.
(p)
With
respect
to
its
Options
Overlay
Strategy,
Parametric
receives
a
fee,
which
shall
be
calculated
daily
and
payable
in
arrears,
of
$4,500
per
calendar
month
for
each
Portfolio,
provided
that
such
fee
will
be
waived
with
respect
to
the
calendar
month
during
which
no
Portfolio
assets
were
allocated
to
the
Options
Overlay
Strategy
in
that
Portfolio.
(q)
MacKay
Shields,
LLC
receives
a
fee
which
shall
be
payable
monthly
in
arrears
at
the
annual
rate
on
0.40%
on
the
first
$100
million
of
the
average
daily
net
assets
of
the
Account
and
0.35%
on
daily
average
net
assets
over
$100
million.
(r)
Insight
North
America
LLC
(“Insight”)
receives
a
fee,
which
shall
be
calculated
daily
and
payable
quarterly,
at
an
annual
rate
of
0.25%
for
the
first
$100
million
of
the
Combined
Assets
(as
defined
below);
and
0.15%
of
the
Combined
Assets
exceeding
$100
million.
Insight
is
entitled
to
receive
a
fee
at
an
annual
rate
not
to
exceed
0.20%
of
the
Combined
Assets.
“Combined
Assets”
shall
mean
the
sum
of:
the
net
assets
managed
by
Insight
in
the
Portfolio
and
the
net
assets
invested
in
the
same
strategy
as
the
Portfolio
that
are
managed
by
Insight
for
the
benefit
of
certain
investors
who
are
clients
of
the
Trust’s
primary
adviser.
251
HC
CAPITAL
TRUST
Notes
to
Financial
Statements
(continued)
—December
31,
2023
(Unaudited)
Pursuant
to
discretionary
investment
advisory
agreements
between
the
Trust
and
the
Adviser,
the
Adviser
was
paid
a
fee
which
accrued
daily
and
paid
monthly
at
an
annual
rate
of
0.05%
of
average
daily
net
assets
per
Portfolio.
Since
September
18,
2023,
the
Adviser
receives
no
fee
for
its
services.
The
fees
that
the
Adviser
receives
are
listed
as
“Management
fees”
on
the
Statements
of
Operations.
The
Adviser
continuously
monitors
the
performance
of
various
investment
management
organizations,
including
the
Specialist
Managers
retained
by
the
Trust,
and
generally
oversees
the
services
provided
to
the
Trust
by
its
administrator,
custodian
and
other
service
providers.
The
Adviser
is
also
authorized
to
allocate
and
reallocate
assets
among
Specialist
Managers
in
multi-manager
portfolios
of
the
Trust
from
time
to
time
without
additional
authorization
of
the
Board.
In
addition,
the
Adviser
makes
its
officers
available
to
serve
as
officers
and/or
Trustees
of
the
Trust,
and
maintains
office
space
sufficient
for
the
Trust’s
principal
office.
The
Securities
and
Exchange
Commission
has
issued
an
order
that
permits
the
Trust
to
enter
into
portfolio
management
agreements
with
Specialist
Managers
upon
the
approval
of
the
Board
but
without
submitting
such
contracts
for
the
approval
of
the
shareholders
of
the
relevant
Portfolio
under
certain
circumstances.
During
the
period
the
Advisor
voluntarily
waived
fees
or
reimbursed
certain
expenses
reflected
as
“Expenses
waived
and/or
reimbursed
by
Adviser”
on
the
Statement
of
Operations.
Such
amounts
are
not
recoupable
in
subsequent
periods.
Citi
Fund
Services
Ohio,
Inc.
(“Citi”)
provides
the
Portfolios
with
administrative
and
fund
accounting
services.
The
fees
for
these
services
are
disclosed
as
“Administrative
service
fees”
on
the
Statements
of
Operations.
The
fees
are
accrued
daily
and
payable
on
a
monthly
basis
at
an
annual
rate
of
0.0506%
of
the
Trust’s
Portfolios’
average
daily
net
assets
up
to
$6
billion;
0.0047%
of
the
Trust’s
Portfolios’
average
daily
net
assets
between
$6
billion
and
$12
billion;
and
0.0276%
of
average
daily
net
assets
in
excess
of
$12
billion.
Citi
receives
additional
fees
paid
by
the
Trust
for
compliance
services,
regulatory
reporting
services
and
reimbursement
of
certain
expenses.
FIS
Investor
Services
LLC,
a
wholly-owned
subsidiary
of
Fidelity
National
Information
Services,
provides
dividend
and
capital
gains
disbursing
agent
and
transfer
agency
services.
The
fees
for
these
services
are
disclosed
as
“Transfer
agency
fees”
on
the
Statements
of
Operations.
The
fees
are
accrued
daily
and
payable
on
a
monthly
basis
at
an
annual
rate
of
0.0034%
of
the
Trust’s
Portfolios’
average
daily
net
assets
up
to
$6
billion;
0.0003%
of
the
Trust’s
Portfolios’
average
daily
net
assets
between
$6
billion
and
$12
billion;
and
0.0019%
of
average
daily
net
assets
in
excess
of
$12
billion.
Ultimus
Fund
Distributors,
LLC
(“Ultimus”)
provides
certain
distribution
services
to
the
Trust.
Ultimus
receives
an
annual
fee
of
$50,000
for
performing
the
services
listed
under
its
agreement
with
the
Trust.
None
of
Ultimus’
duties
under
its
agreement
are
primarily
intended
to
result
in
the
sale
of
Trust
shares.
Foreside
Fund
Officer
Services
LLC
(dba
ACA
Group)
provides
CCO
services
to
the
Trust
pursuant
to
a
Compliance
Services
Agreement
assigned
to
Foreside
effective
December
7,
2021
by
Alaric
Compliance
Services
LLC
(“Alaric”)
following
Foreside
Financial
Group,
LLC’s
acquisition
of
Alaric.
Through
December
31,
2023
the
Trust
paid
an
annual
fee
of
$164,000
for
such
services.
4.
PURCHASE
AND
SALE
TRANSACTIONS.
The
aggregate
cost
of
purchases
and
proceeds
from
sales
of
investment
securities,
other
than
long-term
U.S.
government
securities,
TBA
securities
and
short-term
securities
and
purchases
and
sales
associated
with
in-kind
transactions,
for
the
period
ended
December
31,
2023
were
as
follows
(amounts
in
thousands).
Any
252
HC
CAPITAL
TRUST
Notes
to
Financial
Statements
(continued)
—December
31,
2023
(Unaudited)
realized
gains
or
losses
from
in
kind
redemptions
are
reflected
on
the
Statements
of
Operations
as
net
realized
gains/(losses)
from
in
kind
redemptions.
The
aggregate
cost
of
purchases
and
proceeds
from
sales
of
long-term
U.S.
government
securities
for
the
period
ended
December
31,
2023
were
as
follows
(amounts
in
thousands):
5.
FEDERAL
INCOME
TAXES.
It
is
the
policy
of
each
Portfolio
to
continue
to
qualify
as
a
regulated
investment
company
by
complying
with
the
provisions
available
to
certain
investment
companies,
as
defined
in
applicable
sections
of
the
Internal
Revenue
Code
(the
“Code”),
and
to
make
distributions
of
net
investment
income
and
net
realized
capital
gains
sufficient
to
relieve
it
(but
not
the
shareholders)
from
all,
or
substantially
all,
federal
income
taxes.
The
Portfolios
may,
under
certain
circumstances,
utilize
equalization
accounting
for
tax
purposes
by
designating
earnings
and
profits,
including
net
realized
gains
distributed
to
shareholders
on
redemption
of
shares,
as
a
part
of
the
dividends
paid
deduction
for
income
tax
purposes.
The
Trust
has
evaluated
tax
positions
taken
or
expected
to
be
taken
in
the
course
of
preparing
each
Portfolio’s
tax
returns
to
determine
whether
it
is
more
likely
than
not
(i.e.,
greater
than
50-percent
chance)
that
each
tax
position
will
be
sustained
upon
examination
by
a
tax
authority
based
on
the
technical
merits
of
the
position.
A
tax
position
that
meets
the
more-
likely-than-
not
recognition
threshold
is
measured
to
determine
the
amount
of
benefit
to
recognize
in
the
financial
statements.
Differences
between
tax
positions
taken
in
a
tax
return
and
amounts
recognized
in
the
financial
statements
will
generally
result
in
an
increase
in
a
liability
for
taxes
payable
(or
a
reduction
of
a
tax
refund
receivable),
including
the
recognition
of
any
related
interest
and
penalties
as
an
operating
expense.
Tax
positions
taken
in
tax
years
remain
subject
to
examination
by
tax
authorities
(generally
the
last
three
tax
year
ends
2021
to
2023
and
the
interim
tax
period
since
then).
The
determination
has
been
made
that
there
are
no
uncertain
tax
positions
that
would
require
the
Portfolios
to
record
a
tax
liability
and,
therefore,
there
is
no
impact
to
the
Portfolios’
financial
statements.
Furthermore,
management
of
the
Portfolios
is
not
aware
of
any
tax
position
for
which
it
is
reasonably
possible
that
the
total
amounts
of
unrecognized
tax
benefits
will
significantly
change
in
the
next
12
months
Excluding
U.S.
Government
Securities
and
In-Kind
Transactions
Associated
with
In-Kind
Transactions
Portfolio
Purchases
Sales
Purchases
Sales
Value
Portfolio
.............................
$
16,595
$
17,708
$
–
$
9,804
Growth
Portfolio
............................
28,929
33,915
–
32,087
Institutional
U.S.
Portfolio
....................
968,748
1,049,090
–
–
Small
Cap-Mid
Cap
Portfolio
..................
30,330
31,034
–
–
ESG
Growth
Portfolio
.......................
31,904
2,947
–
–
Catholic
SRI
Growth
Portfolio
.................
679
1,464
–
–
International
Portfolio
........................
78,945
88,115
–
–
Institutional
International
Portfolio
.............
142,762
61,164
–
–
Emerging
Markets
Portfolio
...................
89,789
74,723
–
–
Core
Fixed
Income
Portfolio
..................
26,864
20,997
–
–
Corporate
Opportunities
Portfolio
..............
15,819
12,645
–
–
U.S.
Government
Fixed
Income
Portfolio
........
379,712
379,925
–
–
U.S.
Corporate
Fixed
Income
Portfolio
..........
41,027
45,853
–
–
U.S.
Mortgage/Asset
Backed
Fixed
Income
Portfolio
..................................
1,693
1,984
–
–
Short-Term
Municipal
Portfolio
................
8,608
11,475
–
–
Intermediate
Municipal
Portfolio
...............
55,158
56,893
–
–
Portfolio
Purchases
Sales
Core
Fixed
Income
Portfolio
................................................
$
3,819
$
3,342
U.S.
Government
Fixed
Income
Securities
Portfolio
.............................
101,780
92,992
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
....................
11,757
8,352
253
HC
CAPITAL
TRUST
Notes
to
Financial
Statements
(continued)
—December
31,
2023
(Unaudited)
A.
As
of
the
latest
tax
year
ended
June
30,
2023
,
the
cost
basis
of
investments
for
federal
income
tax
purposes,
gross
unrealized
appreciation,
gross
unrealized
depreciation,
and
net
unrealized
appreciation/depreciation
were
as
follows
(amounts
in
thousands):
The
tax
cost
of
investments
includes
the
cost
of
securities,
proceeds
received
from
TBA
sales
commitments
and
any
upfront
premiums
paid
or
received
on
derivatives,
as
applicable.
The
tax
unrealized
appreciation/depreciation
amounts
include
securities,
TBA
sales
commitments
and
derivatives
that
are
not
considered
realized
for
tax
purposes,
as
applicable.
The
differences
between
book-basis
and
tax-basis
unrealized
appreciation/depreciation
are
attributable
primarily
to:
tax
deferral
of
losses
on
wash
sales,
the
realization
for
tax
purposes
of
unrealized
gains/losses
on
investments
in
passive
foreign
investment
companies,
the
difference
between
book
and
tax
accretion
methods
for
market
discount,
derivatives,
and
in-kind
purchases
by
investors
that,
for
tax
purposes,
created
a
controlling
interest
in
a
Portfolio.
B.
Tax
Characteristics
of
Distributions
Paid
The
tax
characteristics
of
distributions
paid
during
the
fiscal
year
ended
June
30,
2023
,
was
as
follows
(amounts
in
thousands):
Portfolio
Tax
Cost
of
Investments
Tax
Unrealized
Appreciation
Tax
Unrealized
(Depreciation)
Unrealized
Appreciation/
(Depreciation)
Value
Portfolio
..............................
$
287,094
$
380,105
$
(1,138)
$
378,967
Growth
Portfolio
.............................
242,936
566,351
(3,344)
563,007
Institutional
U.S.
Portfolio
.....................
1,713,797
800,291
(63,598)
736,693
Small
Cap-Mid
Cap
Portfolio
...................
43,663
33,305
(745)
32,560
ESG
Growth
Portfolio
........................
120,377
52,334
(9,398)
42,936
Catholic
SRI
Growth
Portfolio
..................
19,763
10,505
(1,305)
9,200
International
Portfolio
.........................
331,345
215,805
(12,327)
203,478
Institutional
International
Portfolio
..............
701,648
127,021
(69,086)
57,935
Emerging
Markets
Portfolio
....................
673,506
146,010
(120,283)
25,727
Core
Fixed
Income
Portfolio
...................
76,960
15
(5,000)
(4,985)
Corporate
Opportunities
Portfolio
...............
217,036
493
(1,178)
(685)
U.S.
Government
Fixed
Income
Portfolio
.........
973,191
100
(55,389)
(55,289)
U.S.
Corporate
Fixed
Income
Portfolio
...........
292,269
1,052
(25,918)
(24,866)
U.S.
Mortgage/Asset
Backed
Fixed
Income
Portfolio
256,301
67
(23,541)
(23,474)
Short-Term
Municipal
Portfolio
.................
69,712
150
(1,271)
(1,121)
Intermediate
Municipal
Portfolio
................
491,782
1,436
(16,797)
(15,361)
254
HC
CAPITAL
TRUST
Notes
to
Financial
Statements
(continued)
—December
31,
2023
(Unaudited)
Amounts
designated
as
“—”
are
$0
or
have
been
rounded
to
$0.
*
Total
distributions
paid
may
differ
from
what
appears
on
the
Statements
of
Changes
in
Net
Assets
because
dividends
for
tax
purposes
are
recognized
when
actually
paid.
C.
Components
of
Accumulated
Earnings
As
of
their
tax
year
ended
June
30,
2023
,
the
components
of
accumulated
earnings/(deficit)
on
a
tax
basis
were
as
follows
(amounts
in
thousands):
Amounts
designated
as
“—”
are
$0
or
have
been
rounded
to
$0.
*
Total
accumulated
earnings/(deficit)
may
differ
from
the
total
distributable
earnings
amounts
reported
on
the
Statements
of
Assets
and
Liabilities
due
to
certain
temporary
differences
between
book-basis
and
tax-basis.
Distributions
Paid
From:
Year
Ended
June
30,
2023
Ordinary
Income
Net
Long
Term
Gains
Total
Taxable
Distributions
Tax-Exempt
Distributions
Return
of
Capital
Total
Distributions
Paid*
Value
Portfolio
........................
$
9,118
$
2,531
$
11,649
$
—
$
—
$
11,649
Growth
Portfolio
......................
8,389
45,036
53,425
—
—
53,425
Institutional
U.S.
Portfolio
...............
43,136
116,175
159,311
—
—
159,311
Small
Cap-Mid
Cap
Portfolio
.............
965
19
984
—
8
992
ESG
Growth
Portfolio
..................
2,350
54
2,404
—
—
2,404
Catholic
SRI
Growth
Portfolio
............
440
208
648
—
—
648
International
Portfolio
..................
13,334
—
13,334
—
—
13,334
Institutional
International
Portfolio
.........
10,005
423
10,428
—
6,505
16,933
Emerging
Markets
Portfolio
..............
13,347
—
13,347
—
—
13,347
Core
Fixed
Income
Portfolio
..............
2,209
—
2,209
—
—
2,209
Corporate
Opportunities
Portfolio
..........
10,121
—
10,121
—
—
10,121
U.S.
Government
Fixed
Income
Portfolio
.....
32,985
11
32,996
—
—
32,996
U.S.
Corporate
Fixed
Income
Portfolio
......
9,227
—
9,227
—
—
9,227
U.S.
Mortgage/Asset
Backed
Fixed
Income
Portfolio
............................
6,160
—
6,160
—
—
6,160
Short-Term
Municipal
Portfolio
............
74
—
74
1,388
—
1,462
Intermediate
Municipal
Portfolio
...........
293
—
293
7,112
—
7,405
Portfolio
Undistributed
Ordinary
Income/
Tax
Exempt
Income
Undistributed
Long
Term
Capital
Gains
Accumulated
Earnings
Distributions
Payable
Accumulated
Capital
and
Other
Losses
Unrealized
Appreciation/
(Depreciation)
Total
Accumulated
Earnings/
(Deficit)
*
Value
Portfolio
...........
$
102
$
1,591
$
1,693
$
—
$
(19,429)
(a)
$
378,967
$
361,231
Growth
Portfolio
.........
23
6,934
6,957
—
(30,992)
(a)
563,007
538,972
Institutional
U.S.
Portfolio
..
21,683
79,411
101,094
—
(267,607)
(a)
736,695
570,182
Small
Cap-Mid
Cap
Portfolio
—
—
—
—
(2,517)
32,559
30,042
ESG
Growth
Portfolio
.....
35
—
35
—
(896)
42,936
42,075
Catholic
SRI
Growth
Portfolio
22
—
22
—
(175)
9,200
9,047
International
Portfolio
.....
2,437
—
2,437
—
(85,875)
(a)
203,678
120,240
Institutional
International
Portfolio
...............
—
—
—
—
—
57,884
57,884
Emerging
Markets
Portfolio
.
11,594
—
11,594
—
(88,016)
22,490
(53,932)
Core
Fixed
Income
Portfolio
.
28
—
28
—
(3,436)
(4,985)
(8,393)
Corporate
Opportunities
Portfolio
...............
804
—
804
—
(24,580)
(685)
(24,461)
U.S.
Government
Fixed
Income
Portfolio
.........
459
—
459
(288)
(12,874)
(55,289)
(67,992)
U.S.
Corporate
Fixed
Income
Portfolio
...............
378
—
378
(248)
(7,788)
(24,866)
(32,524)
U.S.
Mortgage/Asset
Backed
Fixed
Income
Portfolio
.....
274
—
274
(173)
(17,069)
(23,472)
(40,440)
Short-Term
Municipal
Portfolio
...............
4
—
4
(10)
(4,065)
(1,121)
(5,192)
Intermediate
Municipal
Portfolio
...............
193
—
193
(60)
(7,799)
(15,361)
(23,027)
255
HC
CAPITAL
TRUST
Notes
to
Financial
Statements
(continued)
—December
31,
2023
(Unaudited)
(a)
Includes
$19,429,
$30,992,
$255,165,
and
$30,363
of
straddle
losses
which
were
deferred
for
the
Value
Portfolio,
Growth
Portfolio,
Institutional
U.S.
Portfolio
and
International
Portfolio,
respectively
(amounts
in
thousands).
D.
Capital
Loss
Carryforwards
As
of
their
tax
year
ended
June
30,
2023
,
the
following
Portfolios
had
capital
loss
carryforwards
(“CLCFs”)
which
do
not
expire
as
summarized
below
(amounts
in
thousands):
Amounts
designated
as
“—”
are
$0
or
have
been
rounded
to
$0.
(a)
All
or
a
portion
are
limited
as
a
result
of
changes
in
ownership
in
connection
with
merger
reorganization.
Unused
limitations
during
a
year
accumulate
for
future
use
in
offsetting
net
capital
gains.
E.
Deferred
Losses
Under
current
tax
law,
capital
losses
and
specified
ordinary
losses
realized
after
October
31
or
non-specified
ordinary
losses
realized
after
June
30
(ordinary
losses
collectively
known
as
“late
year
ordinary
loss”)
may
be
deferred
and
treated
as
occurring
on
the
first
business
day
of
the
following
fiscal
year.
The
following
Portfolios
had
net
deferred
losses,
which
will
be
treated
as
arising
on
the
first
day
of
the
fiscal
year
ended
June
30,
2024
(amounts
in
thousands):
Amounts
designated
as
“—”
are
$0
or
have
been
rounded
to
$0.
F.
Book-To-Tax
Differences
Distributions
are
based
on
amounts
calculated
in
accordance
with
applicable
federal
tax
regulations,
which
may
differ
from
GAAP.
To
the
extent
these
differences
are
permanent
in
nature
(e.g.,
net
operating
losses,
reclassification
of
bond
discount
and
premium,
equalization
accounting,
treatment
of
gains
and
losses
relating
to
foreign
currency
transactions,
distribution
re-characterization,
in-kind
redemptions
and
differing
treatment
of
income
relating
to
swap
agreements),
such
amounts
are
reclassified
within
the
capital
accounts
based
on
their
federal
tax-basis
treatment;
temporary
differences
do
not
require
reclassifications.
Portfolio
Short-Term
Amount
Long-Term
Amount
Total
Institutional
U.S.
Portfolio
....................................
$
3,864
$
8,577
$
12,441
(a)
Small
Cap-Mid
Cap
Portfolio
..................................
2,517
—
2,517
ESG
Growth
Portfolio
.......................................
896
—
896
International
Portfolio
........................................
55,512
—
55,512
Emerging
Markets
Portfolio
...................................
55,746
32,270
88,016
Core
Fixed
Income
Portfolio
..................................
1,083
2,353
3,436
Corporate
Opportunities
Portfolio
..............................
9,830
14,750
24,580
U.S.
Government
Fixed
Income
Portfolio
........................
8,304
4,570
12,874
U.S.
Corporate
Fixed
Income
Portfolio
..........................
2,084
5,704
7,788
U.S.
Mortgage/Asset
Backed
Fixed
Income
Portfolio
...............
6,407
10,661
17,068
Short-Term
Municipal
Portfolio
................................
1,364
2,701
4,065
Intermediate
Municipal
Portfolio
...............................
1,267
6,532
7,799
(a)
Portfolio
Post-October
Capital
Losses
Late
Year
Ordinary
Losses
Catholic
SRI
Growth
Portfolio
...............................................
$
175
$
—
256
HC
CAPITAL
TRUST
Notes
to
Financial
Statements
(continued)
—December
31,
2023
(Unaudited)
On
the
Statements
of
Assets
and
Liabilities,
as
a
result
of
permanent
book-to-tax
differences,
reclassification
adjustments
were
made
as
follows
(amounts
in
thousands):
6.
RISK
CONSIDERATIONS.
Market
Risk
—
Market
risk
is
the
risk
that
the
market
value
of
a
security
may
move
up
and
down,
sometimes
rapidly
and
unpredictably.
These
fluctuations
may
cause
a
security
to
be
worth
less
than
the
price
originally
paid
for
it,
or
less
than
it
was
worth
at
an
earlier
time.
Market
risk
may
affect
a
single
issuer,
industrial
sector
of
the
economy
or
the
market
as
a
whole.
In
addition,
unexpected
events
and
their
aftermaths,
such
as
the
spread
of
deadly
diseases;
natural
environmental,
or
man-made
disasters;
financial,
political,
or
social
disruptions;
terrorism
and
war;
and
other
tragedies
or
catastrophes,
can
cause
investor
fear
and
panic,
which
can
adversely
affect
the
economies
of
many
companies,
sectors,
nations,
regions,
and
the
market
in
general,
in
ways
that
cannot
necessarily
be
foreseen.
Finally,
key
information
about
a
security
or
market
may
be
inaccurate
or
unavailable.
This
is
particularly
relevant
to
investments
in
foreign
securities.
Credit
Risk
—
Credit
risk
is
the
risk
that
an
issuer
(or
in
the
case
of
certain
securities,
the
guarantor
or
counterparty)
will
be
unable
to
make
principal
and
interest
payments
when
due.
The
creditworthiness
of
an
issuer
may
be
affected
by
a
number
of
factors,
including
the
financial
condition
of
the
issuer
(or
guarantor)
and,
in
the
case
of
foreign
issuers,
the
financial
condition
of
the
region.
Foreign
Investment
Risk
—
Investments
in
securities
issued
by
non-U.S.
companies
and
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
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.
In
addition,
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.
Options
Risk
—
Purchasing
and
writing
put
and
call
options
are
highly
specialized
activities
and
entail
greater-than-
ordinary
investments
risks.
If
the
Portfolio
writes
a
put
option,
it
incurs
the
risk
that
the
market
value
of
the
underlying
security
or
futures
contract
could
decrease
below
the
option’s
exercise
price.
If
this
occurs,
the
option
could
be
exercised
and
the
portfolio
would
be
forced
to
buy
the
underlying
security
or
futures
contract
at
a
higher
price
than
its
current
market
value.
When
a
Portfolio
purchases
an
option,
it
will
lose
the
premium
paid
for
the
option
if
the
price
of
the
underlying
security
or
futures
contract
decreases
or
remains
the
same
(in
the
case
of
a
call
option)
or
increases
or
remains
the
same
(in
the
case
of
a
put
option).
If
an
option
purchased
by
the
Portfolio
were
permitted
to
expire
without
being
sold
or
exercised,
its
premium
would
represent
a
loss
to
the
Portfolio.
Options
Writing
Strategy
Risk
—
If
the
Index
appreciates
or
depreciates
sufficiently
over
the
period
to
offset
the
new
premium
from
the
written
option
on
that
index,
a
net
loss
will
result.
In
addition,
the
value
of
the
index
substitute
is
subject
to
change
as
the
values
of
the
component
securities
fluctuate.
The
performance
of
the
index
substitute
may
not
exactly
match
the
performance
of
the
index.
An
index
substitute
reflects
the
underlying
risks
of
the
index
and
index
substitute
options
are
subject
to
the
same
risks
as
index
options.
Floating
Rate
Investments
Risk
—
Coupon
rates
on
these
investments
are
floating,
not
fixed,
and
are
tied
to
a
benchmark
lending
rate.
The
risks
associated
with
floating
rate
loans
are
similar
to
the
risks
of
below
investment
grade
securities.
Adverse
changes
in
economic
conditions
are
likely
to
cause
issuers
of
these
securities
to
be
unable
to
meet
their
obligations.
In
addition,
Portfolio
Paid
in
Capital
Distributable
Earnings/
(Loss)
Value
Portfolio
...........................................................
$
1,863
$
(1,863)
Growth
Portfolio
..........................................................
8,101
(8,101)
Institutional
U.S.
Portfolio
..................................................
(43)
43
Small
Cap-Mid
Cap
Portfolio
................................................
(8)
8
Institutional
International
Portfolio
...........................................
(6,505)
6,505
U.S.
Corporate
Fixed
Income
Portfolio
........................................
3
(3)
Intermediate
Municipal
Portfolio
.............................................
3,304
(3,304)
257
HC
CAPITAL
TRUST
Notes
to
Financial
Statements
(continued)
—December
31,
2023
(Unaudited)
bank
loans
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.
7.
SIGNIFICANT
SHAREHOLDERS.
Shareholders,
including
other
funds,
individuals,
accounts,
as
well
as
the
Portfolio’s
investment
manager(s)
and/or
investment
personnel,
may
from
time
to
time
own
(beneficially
or
of
record)
a
significant
percentage
of
the
Portfolio’s
Shares
and
can
be
considered
to
“control”
the
Portfolio
when
that
ownership
exceeds
25%
of
the
Portfolio’s
assets
(which
may
differ
from
control
as
determined
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America).
The
following
table
includes
the
Portfolios
which
had
individual
shareholder
accounts
with
ownership
of
voting
securities
greater
than
10%
of
the
total
outstanding
voting
securities
but
less
than
25%
and/or
accounts
with
ownership
of
voting
securities
greater
than
25%
of
the
total
outstanding
voting
securities.
8.
CONCENTRATION
OF
INVESTMENTS.
As
of
December
31,
2023
,
the
Corporate
Opportunities
Portfolio’s
investment
in
the
State
Street
Institutional
Treasury
Plus
Money
Market
Fund
represented
greater
than
25%
of
the
Portfolio’s
net
assets.
The
financial
statements
of
the
State
Street
Institutional
Treasury
Plus
Money
Market
Fund
can
be
found
by
accessing
the
fund’s
website
at
http://www.ssga.com
.
As
of
December
31,
2023
,
the
Core
Fixed
Income
Portfolio
and
the
U.S.
Government
Fixed
Income
Securities
Portfolio
both
had
an
investment
in
in
the
Vanguard
Intermediate-Term
Treasury
ETF
that
represented
greater
than
25%
of
each
of
the
Portfolio’s
net
assets.
The
financial
statements
of
the
Vanguard
Intermediate-Term
Treasury
ETF
can
be
found
by
accessing
the
fund’s
website
at
https://investor.vanguard.com
.
9.
BUSINESS
COMBINATIONS
Effective
as
of
the
close
of
business
June
23,
2023,
the
Intermediate
Municipal
Portfolio
acquired
all
of
the
assets
and
liabilities
of
the
Intermediate
Municipal
Portfolio
II
(“Acquired
Fund”),
a
series
of
the
Trust,
an
open-end
registered
management
investment
company,
pursuant
to
a
Board-approved
plan
of
reorganization
dated
March
14,
2023
(the
“Plan)”.
Portfolio
Number
of
shareholders
with
ownership
of
voting
securities
of
the
Portfolio
greater
than
10%
and
less
than
25%
of
the
total
Portfolio’s
outstanding
voting
securities
Number
of
shareholders
with
ownership
of
voting
securities
of
the
Portfolio
greater
than
25%
of
the
total
Portfolio’s
outstanding
voting
securities
Institutional
U.S.
Portfolio……….
1
—
Small
Cap-Mid
Cap
Portfolio………………….
1
1
ESG
Growth
Portfolio…………………………
—
1
Catholic
SRI
Growth
Portfolio…………………….
1
1
Institutional
International
Portfolio……….
1
—
U.S.
Corporate
Fixed
Income
Portfolio…………….
1
—
U.S.
Government
Fixed
Income
Portfolio…………….
—
1
U.S.
Mortgage/Asset
Backed
Fixed
Income
Portfolio……
1
—
258
HC
CAPITAL
TRUST
Notes
to
Financial
Statements
(concluded)
—December
31,
2023
(Unaudited)
The
acquisition
was
accomplished
by
a
tax-free
exchange
of
7,302,990
Strategic
Shares
of
the
Intermediate
Municipal
Portfolio,
valued
at
$70,656,775
for
7,925,033
Strategic
Shares
of
the
Acquired
Fund
outstanding
as
of
close
of
business
June
23,
2023.
Pursuant
to
the
Plan,
all
of
the
assets
and
liabilities
of
the
Acquired
Fund
were
transferred
to
the
Intermediate
Municipal
Portfolio.
At
the
close
of
business
June
23,
2023,
the
Acquired
Fund's
investments
in
securities
had
a
fair
value
of
$69,923,469
and
identified
cost
of
$74,656,941,
representing
unrealized
depreciation
of
$4,733,472.
For
financial
reporting
purposes,
assets
received
and
shares
issued
by
the
Intermediate
Municipal
Portfolio
were
recorded
at
fair
value;
however,
the
cost
basis
of
the
investments
received
from
the
Acquired
Fund
was
carried
forward
to
align
ongoing
reporting
of
the
Intermediate
Municipal
Portfolio's
realized
and
unrealized
gains
and
losses
with
amounts
distributable
to
shareholders
for
tax
purposes.
Fees
and
expenses
of
the
reorganization
were
borne
by
the
Acquired
Portfolio
and
the
Intermediate
Municipal
Portfolio,
based
upon
relative
net
assets,
as
provided
by
the
Plan.
The
acquisition
did
not
result
in
a
material
change
to
the
Acquired
Fund’s
investment
portfolio
due
to
the
investment
restrictions
of
the
Intermediate
Municipal
Portfolio.
Additionally,
there
are
no
material
differences
in
accounting
policies
of
the
Acquired
Fund
as
compared
to
those
of
the
Intermediate
Municipal
Portfolio.
10.
SUBSEQUENT
EVENTS.
Management
has
evaluated
subsequent
events
through
the
date
these
financial
statements
were
issued.
Based
on
the
evaluation,
no
additional
disclosures
or
adjustments
were
required
to
the
financial
statements
as
of
December
31,
2023
.
HC
CAPITAL
TRUST
Additional
Information
—
December
31,
2023
(Unaudited)
259
1.
SECURITY
PROXY
VOTING.
A
description
of
the
policies
and
procedures
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
is
contained
in
the
Statement
of
Additional
Information.
Information
regarding
how
the
Portfolios
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve
months
ended
December
31
is
available
without
charge,
upon
request,
by
calling
800-242-9596
and
on
the
Securities
and
Exchange
Commission’s
(“SEC”)
website
at
http://www.sec.gov
.
2.
SHAREHOLDER
VOTES.
During
the
period
ending
December
31,
2023,
no
actions
were
taken
by
the
shareholders
of
the
Portfolios.
3.
EXPENSE
EXAMPLE.
As
a
shareholder
of
the
Trust,
you
incur
ongoing
costs,
including
management
fees
and
other
Portfolio
expenses.
This
example
(as
set
forth
in
the
table
below)
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Trust
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
from
July
1,
2023
through
December
31,
2023
.
Actual
Expenses:
The
table
below
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
below,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
table
under
the
heading
entitled
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes:
The
table
below
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
of
the
Portfolio’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Portfolio’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
redemption
fees
or
exchange
fees.
Therefore,
the
table
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Portfolio
Beginning
Account
Value
July
1,
2023
Ending
Account
Value
December
31,
2023
Expenses
Paid
During
Period
1
Annualized
Expense
Ratio
Value
Portfolio
........
HC
Strategic
Shares
Actual
$
1,000.00
$
1,078.40
$
0.94
0.18%
Hypothetical
2
$
1,000.00
$
1,024.23
$
0.92
0.18%
Growth
Portfolio
.......
HC
Strategic
Shares
Actual
$
1,000.00
$
1,093.30
$
1.32
0.25%
Hypothetical
2
$
1,000.00
$
1,023.88
$
1.27
0.25%
Institutional
U.S.
Portfolio
...........
HC
Strategic
Shares
Actual
$
1,000.00
$
1,079.40
$
1.41
0.27%
Hypothetical
2
$
1,000.00
$
1,023.78
$
1.37
0.27%
Small
Cap-Mid
Cap
Portfolio
...........
HC
Strategic
Shares
Actual
$
1,000.00
$
1,082.10
$
1.41
0.27%
Hypothetical
2
$
1,000.00
$
1,023.78
$
1.37
0.27%
ESG
Growth
Portfolio
..
HC
Strategic
Shares
Actual
$
1,000.00
$
1,072.50
$
1.46
0.28%
Hypothetical
2
$
1,000.00
$
1,023.73
$
1.42
0.28%
Catholic
SRI
Growth
Portfolio
...........
HC
Strategic
Shares
Actual
$
1,000.00
$
1,080.30
$
1.62
0.31%
Hypothetical
2
$
1,000.00
$
1,023.58
$
1.58
0.31%
260
HC
CAPITAL
TRUST
Additional
Information
(continued)
—
December
31,
2023
(Unaudited)
4.
ACCESS
TO
QUARTERLY
HOLDINGS
A
complete
schedule
of
each
Portfolio’s
portfolio
holdings
for
the
first
and
third
fiscal
quarter
of
each
fiscal
year
is
filed
with
the
SEC
on
Form
N-PORT
and
is
available
on
the
SEC’s
website
at
http://www.sec.gov
.
Portfolio
Beginning
Account
Value
July
1,
2023
Ending
Account
Value
December
31,
2023
Expenses
Paid
During
Period
1
Annualized
Expense
Ratio
International
Portfolio
...
HC
Strategic
Shares
Actual
$
1,000.00
$
1,058.20
$
1.35
0.26%
Hypothetical
2
$
1,000.00
$
1,023.83
$
1.32
0.26%
Institutional
International
Portfolio
...........
HC
Strategic
Shares
Actual
$
1,000.00
$
1,053.90
$
1.65
0.32%
Hypothetical
2
$
1,000.00
$
1,023.53
$
1.63
0.32%
Emerging
Markets
Portfolio
...........
HC
Strategic
Shares
Actual
$
1,000.00
$
1,050.30
$
2.27
0.44%
Hypothetical
2
$
1,000.00
$
1,022.92
$
2.24
0.44%
Core
Fixed
Income
Portfolio
...........
HC
Strategic
Shares
Actual
$
1,000.00
$
1,032.40
$
1.74
0.34%
Hypothetical
2
$
1,000.00
$
1,023.43
$
1.73
0.34%
Corporate
Opportunities
Portfolio
...........
HC
Strategic
Shares
Actual
$
1,000.00
$
1,061.40
$
1.55
0.30%
Hypothetical
2
$
1,000.00
$
1,023.63
$
1.53
0.30%
U.S.
Government
Fixed
Income
Portfolio
....
HC
Strategic
Shares
Actual
$
1,000.00
$
1,035.20
$
0.61
0.12%
Hypothetical
2
$
1,000.00
$
1,024.53
$
0.61
0.12%
U.S.
Corporate
Fixed
Income
Portfolio
....
HC
Strategic
Shares
Actual
$
1,000.00
$
1,046.90
$
1.03
0.20%
Hypothetical
2
$
1,000.00
$
1,024.13
$
1.02
0.20%
U.S.
Mortgage/Asset
Backed
Fixed
Income
Portfolio
...........
HC
Strategic
Shares
Actual
$
1,000.00
$
1,032.50
$
1.02
0.20%
Hypothetical
2
$
1,000.00
$
1,024.13
$
1.02
0.20%
Short-Term
Municipal
Portfolio
...........
HC
Strategic
Shares
Actual
$
1,000.00
$
1,022.20
$
1.52
0.30%
Hypothetical
2
$
1,000.00
$
1,023.63
$
1.53
0.30%
Intermediate
Municipal
Portfolio
...........
HC
Strategic
Shares
Actual
$
1,000.00
$
1,029.90
$
1.53
0.30%
Hypothetical
2
$
1,000.00
$
1,023.63
$
1.53
0.30%
1
Expenses
are
equal
to
the
average
account
value
over
the
period,
multiplied
by
the
Fund's
annualized
expense
ratio,
multiplied
by
184/366
(to
reflect
the
one
half
year
period).
2
Represents
the
hypothetical
5%
annual
return
before
expenses.
261
HC
CAPITAL
TRUST
Additional
Information
(continued)
—
December
31,
2023
(Unaudited)
5.
ADDITIONAL
PORTFOLIO
HOLDINGS
INFORMATION
The
following
tables
reflect
the
percentage
of
the
net
assets
of
each
Portfolio
attributable
to
the
indicated
industry
sector,
type
of
investments,
as
appropriate
for
the
indicated
Portfolio.
Value
Portfolio
Investment
Allocation
Percentage
of
Net
Assets
Information
Technology
.......................
27.2%
Financials
.......................................
13.3%
Health
Care
.....................................
12.4%
Consumer
Discretionary
.......................
11.1%
Industrials
......................................
10.1%
Communication
Services
......................
8.2%
Consumer
Staples
..............................
6.1%
Energy
..........................................
3.6%
Real
Estate
......................................
2.8%
Materials
........................................
2.7%
Utilities
.........................................
2.1%
Investment
Company
..........................
0.3%
Total
Investment
Securities
.................
99.9%
Total
Investments
.........................
99.9%
Growth
Portfolio
Investment
Allocation
Percentage
of
Net
Assets
Information
Technology
.......................
30.8%
Consumer
Discretionary
.......................
15.0%
Health
Care
.....................................
12.5%
Financials
.......................................
11.8%
Industrials
......................................
8.1%
Communication
Services
......................
7.8%
Consumer
Staples
..............................
5.7%
Energy
..........................................
2.6%
Real
Estate
......................................
2.0%
Materials
........................................
1.8%
Utilities
.........................................
1.6%
Investment
Companies
........................
0.2%
Total
Investment
Securities
.................
99.9%
Total
Investments
.........................
99.9%
Institutional
U.S.
Portfolio
Investment
Allocation
Percentage
of
Net
Assets
Investment
Companies
........................
28.8%
Information
Technology
.......................
17.3%
Financials
.......................................
9.4%
Health
Care
.....................................
8.2%
Consumer
Discretionary
.......................
7.2%
Industrials
......................................
6.7%
Communication
Services
......................
5.7%
Consumer
Staples
..............................
5.1%
Real
Estate
......................................
4.3%
Energy
..........................................
2.2%
Utilities
.........................................
1.8%
Materials
........................................
1.6%
Contingent
Right
...............................
0.0%
Purchased
Options
.............................
0.0%
Total
Investment
Securities
.................
98.3%
Other
Financial
Instruments
Futures
.......................................
0.1%
Written
Options
..............................
-0.0%
Total
Investments
.........................
98.4%
Small
Cap-Mid
Cap
Portfolio
Investment
Allocation
Percentage
of
Net
Assets
Financials
.......................................
17.3%
Industrials
......................................
16.6%
Health
Care
.....................................
15.8%
Information
Technology
.......................
12.8%
Consumer
Discretionary
.......................
11.5%
Energy
..........................................
6.6%
Real
Estate
......................................
6.1%
Materials
........................................
4.6%
Consumer
Staples
..............................
3.2%
Communication
Services
......................
2.7%
Utilities
.........................................
2.3%
Investment
Companies
........................
1.8%
Contingent
Rights
..............................
0.1%
Right
............................................
0.0%
Warrant
.........................................
0.0%
Total
Investment
Securities
.................
101.4%
Total
Investments
.........................
101.4%
262
HC
CAPITAL
TRUST
Additional
Information
(continued)
—
December
31,
2023
(Unaudited)
ESG
Growth
Portfolio
Investment
Allocation
Percentage
of
Net
Assets
Information
Technology
.......................
24.0%
Financials
.......................................
16.5%
Health
Care
.....................................
12.8%
Consumer
Discretionary
.......................
10.8%
Industrials
......................................
10.4%
Consumer
Staples
..............................
6.6%
Communication
Services
......................
6.1%
Energy
..........................................
5.2%
Materials
........................................
3.7%
Utilities
.........................................
2.1%
Real
Estate
......................................
1.5%
Investment
Company
..........................
0.1%
Warrant
.........................................
0.0%
Total
Investment
Securities
.................
99.8%
Total
Investments
.........................
99.8%
Catholic
SRI
Growth
Portfolio
Investment
Allocation
Percentage
of
Net
Assets
Information
Technology
.......................
27.6%
Financials
.......................................
18.7%
Consumer
Discretionary
.......................
11.5%
Industrials
......................................
8.8%
Communication
Services
......................
8.5%
Consumer
Staples
..............................
6.4%
Energy
..........................................
5.6%
Health
Care
.....................................
4.5%
Materials
........................................
4.0%
Utilities
.........................................
2.5%
Real
Estate
......................................
1.8%
Investment
Companies
........................
0.0%
Warrant
.........................................
0.0%
Total
Investment
Securities
.................
99.9%
Total
Investments
.........................
99.9%
International
Portfolio
Investment
Allocation
Percentage
of
Net
Assets
Financials
.......................................
18.9%
Industrials
......................................
14.4%
Health
Care
.....................................
9.6%
Consumer
Discretionary
.......................
9.2%
Investment
Companies
........................
9.1%
Information
Technology
.......................
8.7%
Consumer
Staples
..............................
7.9%
Materials
........................................
7.1%
Energy
..........................................
5.3%
Communication
Services
......................
3.2%
Utilities
.........................................
3.1%
Real
Estate
......................................
1.5%
Warrant
.........................................
0.0%
Purchased
Options
.............................
0.0%
Total
Investment
Securities
.................
98.0%
Other
Financial
Instruments
Futures
.......................................
0.0%
Written
Options
..............................
-0.0%
Total
Investments
.........................
98.0%
Institutional
International
Portfolio
Investment
Allocation
Percentage
of
Net
Assets
Investment
Companies
........................
38.0%
Financials
.......................................
13.2%
Industrials
......................................
9.7%
Health
Care
.....................................
7.2%
Consumer
Discretionary
.......................
6.7%
Information
Technology
.......................
6.1%
Consumer
Staples
..............................
5.1%
Materials
........................................
4.1%
Energy
..........................................
3.2%
Communication
Services
......................
2.2%
Utilities
.........................................
1.9%
Real
Estate
......................................
0.6%
Purchased
Options
.............................
0.0%
Total
Investment
Securities
.................
98.0%
Other
Financial
Instruments
Futures
.......................................
0.1%
Written
Options
..............................
-0.0%
Total
Investments
.........................
98.1%
263
HC
CAPITAL
TRUST
Additional
Information
(continued)
—
December
31,
2023
(Unaudited)
Emerging
Markets
Portfolio
Investment
Allocation
Percentage
of
Net
Assets
Financials
.......................................
18.3%
Information
Technology
.......................
17.8%
Investment
Companies
........................
16.6%
Consumer
Discretionary
.......................
10.7%
Communication
Services
......................
8.7%
Materials
........................................
6.6%
Consumer
Staples
..............................
5.0%
Industrials
......................................
5.0%
Energy
..........................................
4.3%
Health
Care
.....................................
2.5%
Utilities
.........................................
1.8%
Real
Estate
......................................
1.0%
Rights
...........................................
0.0%
Purchased
Options
.............................
0.0%
Total
Investment
Securities
.................
98.3%
Other
Financial
Instruments
Futures
.......................................
0.3%
Written
Options
..............................
-0.0%
Total
Investments
.........................
98.6%
Core
Fixed
Income
Portfolio
Investment
Allocation
Percentage
of
Net
Assets
Investment
Companies
........................
41.1%
U.S.
Treasury
Obligations
.....................
28.6%
U.S.
Government
Agency
Mortgages
........
12.5%
Financials
.......................................
4.7%
Energy
..........................................
1.9%
Communication
Services
......................
1.8%
Health
Care
.....................................
1.5%
Information
Technology
.......................
1.4%
Utilities
.........................................
1.1%
Consumer
Discretionary
.......................
1.1%
Industrials
......................................
1.0%
Collateralized
Mortgage
Obligations
.........
0.8%
Materials
........................................
0.7%
U.S.
Government
Agency
Securities
.........
0.7%
Consumer
Staples
..............................
0.7%
Real
Estate
......................................
0.7%
Asset
Backed
Securities
.......................
0.2%
Total
Investment
Securities
.................
100.5%
Total
Investments
.........................
100.5%
Corporate
Opportunities
Portfolio
Investment
Allocation
Percentage
of
Net
Assets
Investment
Companies
........................
98.2%
Financial
Services
..............................
0.0%
Total
Investment
Securities
.................
98.2%
Other
Financial
Instruments
Futures
.......................................
2.1%
Total
Investments
.........................
100.3%
U.S.
Government
Fixed
Income
Portfolio
Investment
Allocation
Percentage
of
Net
Assets
Investment
Companies
........................
53.6%
U.S.
Treasury
Obligations
.....................
44.7%
U.S.
Government
Agency
Securities
.........
1.0%
Total
Investment
Securities
.................
99.3%
Other
Financial
Instruments
Futures
.......................................
0.5%
Total
Investments
.........................
99.8%
U.S.
Corporate
Fixed
Income
Portfolio
Investment
Allocation
Percentage
of
Net
Assets
Financials
.......................................
24.6%
Investment
Companies
........................
17.8%
Communication
Services
......................
9.5%
Energy
..........................................
9.1%
Health
Care
.....................................
7.1%
Information
Technology
.......................
6.4%
Utilities
.........................................
6.3%
Materials
........................................
4.8%
Consumer
Discretionary
.......................
4.7%
Consumer
Staples
..............................
3.4%
Industrials
......................................
3.2%
Real
Estate
......................................
2.9%
Total
Investment
Securities
.................
99.8%
Total
Investments
.........................
99.8%
U.S.
Mortgage/Asset
Backed
Fixed
Income
Portfolio
Investment
Allocation
Percentage
of
Net
Assets
U.S.
Government
Agency
Mortgages
........
86.7%
Investment
Company
..........................
13.7%
Collateralized
Mortgage
Obligations
.........
5.3%
Asset
Backed
Securities
.......................
1.4%
Utilities
.........................................
0.1%
Total
Investment
Securities
.................
107.2%
TBA
Sale
Commitments
....................
-0.2%
Total
Investments
.........................
107.0%
Short-Term
Municipal
Portfolio
Investment
Allocation
Percentage
of
Net
Assets
General
Obligation
.............................
61.8%
Revenue
Bonds
.................................
35.7%
Investment
Company
..........................
0.3%
Total
Investment
Securities
.................
97.8%
Total
Investments
.........................
97.8%
264
HC
CAPITAL
TRUST
Additional
Information
(continued)
—
December
31,
2023
(Unaudited)
6.
BOARD
APPROVAL
OF
INVESTMENT
ADVISORY
CONTRACTS
The
Trust’s
investment
adviser
is
HC
Capital
Solutions
(the
“Adviser”),
an
operating
division
of
Hirtle
Callaghan
&
Co.
LLC
(“Hirtle
Callaghan”).
The
Adviser
provides
overall
investment
management
services
with
respect
to
HC
Capital
Trust
(the
“Trust”)
and
each
of
its
separate
portfolios
(“Portfolios”)
pursuant
to
the
terms
of
two
separate
agreements
with
the
Trust
(the
“HC
Contracts”).
The
Adviser
is
authorized
under
the
HC
Contracts
to
purchase
and
sell
portfolio
securities
for
the
Portfolios.
Day-to-day
portfolio
management
services,
however,
are
generally
provided
to
the
respective
Portfolios
by
one
or
more
investment
advisory
organizations
(each
a
“Specialist
Manager”)
pursuant
to
the
terms
of
separate
investment
advisory
agreements
(each
a
“Portfolio
Management
Agreement”).
During
the
six-month
period
covered
by
this
report,
the
Trust
offered
seventeen
Portfolios,
sixteen
of
which
were
managed
by
two
or
more
Specialist
Managers.
Each
Specialist
Manager
is
responsible
for
providing
day-to-day
portfolio
management
services
for
that
portion
of
a
Portfolio’s
assets
allocated
to
it
by,
and
under
the
supervision
of,
the
Adviser.
During
the
period
between
July
1,
2023
and
December
31,
2023,
the
Trust’s
Board
of
Trustees
(the
“Board”):
Approved
the
continuation
of
certain
Portfolio
Management
Agreements,
as
set
forth
below;
Approved
amendments
to
the
HC
Contracts;
and
Approved
new
Portfolio
Management
Agreements
with
Monashee
Investment
Management
LLC
(“Monashee”)
relating
to
seven
Portfolios.
In
considering
the
information
and
materials
described
herein,
the
Trustees
of
the
Trust
who
are
not
“interested
persons”
of
the
Trust
or
the
Adviser
within
the
meaning
of
the
Investment
Company
Act
(the
“Independent
Trustees”)
were
represented
by,
and
on
multiple
occasions
met
separately
with,
their
independent
legal
counsel
and
were
provided
with
a
written
description
of
their
statutory
responsibilities
and
the
legal
standards
that
are
applicable
to
approvals
of
advisory
agreements.
In
view
of
the
broad
scope
and
variety
of
factors
and
information,
the
Board
did
not
find
it
practicable
to,
and
did
not,
assign
relative
weights
to
the
specific
factors
considered
in
reaching
its
conclusions
to
approve
the
various
Portfolio
Management
Agreements
and
the
amendment.
Rather,
the
conclusions
were
made
on
the
basis
of
each
Trustee’s
business
judgment
after
consideration
of
all
of
the
factors
taken
in
their
entirety.
Continuation
of
Certain
Portfolio
Management
Agreements.
The
Portfolio
Management
Agreements
approved
for
continuance
during
the
period
(collectively,
the
“Continuing
Agreements”)
are
identified
below,
together
with
the
Specialist
Managers
subject
to
review
during
the
period.
Intermediate
Municipal
Portfolio
Investment
Allocation
Percentage
of
Net
Assets
Revenue
Bonds
.................................
65.4%
General
Obligation
.............................
26.3%
Investment
Companies
........................
5.3%
Certificates
of
Participation
...................
2.3%
Total
Investment
Securities
.................
99.3%
Total
Investments
.........................
99.3%
Specialist
Manager
Portfolios
Echo
Street
Capital
Management,
LLC
(“Echo
Street”)
The
Value
Equity
Portfolio
The
Growth
Equity
Portfolio
The
Institutional
U.S.
Equity
Portfolio
Rhumbline
Advisers
Limited
Partnership
(“Rhumbline”)
The
Institutional
U.S.
Equity
Portfolio
The
Institutional
International
Equity
Portfolio
265
HC
CAPITAL
TRUST
Additional
Information
(continued)
—
December
31,
2023
(Unaudited)
In
its
deliberations
with
respect
to
each
of
the
Continuing
Agreements,
the
Board
recognized
that,
under
each
such
agreement,
a
Specialist
Manager
is
responsible
only
for
day-to-day
investment
decisions
with
respect
that
portion
of
a
Portfolio’s
assets
allocated
to
it.
The
Board
further
recognized
that
the
Specialist
Managers
do
not
participate
in
the
administration
of
any
of
the
Portfolios
or
in
the
distribution
of
shares
of
any
of
the
Portfolios
and
thus
receive
limited,
if
any,
benefit
from
their
association
with
the
Trust
other
than
the
fee
paid
to
them
by
the
respective
Portfolios
for
investment
management
services.
In
approving
the
Continuing
Agreements,
the
Board
concluded
that
continuation
of
each
of
the
Continuing
Agreements
was
in
the
best
interests
of
each
respective
Portfolio
and
consistent
with
the
expectations
of
shareholders
of
the
Portfolios.
While
the
Board
did
not
identify
any
particular
factor
as
controlling,
the
Board
gave
substantial
weight
to
the
fact
that
the
Trust
is
designed
primarily
to
serve
as
a
vehicle
through
which
the
Adviser
implements
asset
allocation
strategies
on
behalf
of
Hirtle
Callaghan’s
clients;
and
that
shares
of
the
respective
Portfolios
are
generally
available
only
to
such
clients.
With
respect
to
the
nature,
extent
and
quality
of
the
services
provided
by
each
of
the
Specialist
Managers,
the
Board
was
informed
with
respect
to
the
specific
investment
process
employed
by
each
of
the
Specialist
Managers
in
managing
the
assets
of
the
respective
Portfolios
allocated
to
them
and
the
qualifications
of
each
Specialist
Manager’s
investment
management
personnel.
The
Board
was
also
informed
with
respect
to
each
Specialist
Manager’s
infrastructure
and
whether
it
appears
to
adequately
support
the
strategies
being
implemented
for
the
various
Portfolios.
The
Board
concluded
that
the
nature,
extent
and
quality
of
the
portfolio
management
services
provided
by
each
of
the
Specialist
Managers
were
satisfactory
in
light
of
the
specific
strategies
employed
on
behalf
of
the
respective
Portfolios
and,
thus,
supported
a
decision
to
approve
the
continuation
of
each
of
the
Continuing
Agreements.
The
Board
also
considered
representations
made
by
the
Adviser
that
the
performance
achieved
by
the
relevant
Specialist
Managers
was
consistent
with
the
Adviser’s
expectations
in
the
context
of
the
overall
objectives,
and
multi-manager
strategy,
of
each
of
the
respective
Portfolios.
During
the
course
of
its
deliberations,
the
Board
was
informed
with
respect
to
publicly
available
information
assembled
by
a
third-party
service
provider
about
the
performance
of
peer
funds
managed
by
other
investment
advisory
organizations.
The
Board
did
not
specifically
rely
on
such
information
but
based
its
conclusions
on
the
facts
and
circumstances
related
to
each
Portfolio.
XY
Investments
(HK)
Limited
(“XY
Investments”)
The
Emerging
Markets
Portfolio
Wellington
Management
Company,
LLP
(“Wellington”)
The
Institutional
U.S.
Equity
Portfolio
Mellon
Investments
Corporation
(“Mellon”)
The
Value
Equity
Portfolio
The
Growth
Equity
Portfolio
The
Institutional
U.S.
Equity
Portfolio
The
Small
Capitalization-Mid
Capitalization
Equity
Portfolio
The
ESG
Growth
Portfolio
The
Catholic
SRI
Growth
Portfolio
The
International
Equity
Portfolio
The
Institutional
International
Equity
Portfolio
The
Emerging
Markets
Portfolio
The
Core
Fixed
Income
Portfolio
The
Corporate
Opportunities
Portfolio
The
U.S.
Government
Fixed
Income
Securities
Portfolio
The
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolio
The
U.S.
Corporate
Fixed
Income
Securities
Portfolio
266
HC
CAPITAL
TRUST
Additional
Information
(continued)
—
December
31,
2023
(Unaudited)
With
respect
to
Echo
Street,
the
Board
was
informed
that
Echo
Street’s
investment
process
seeks
to
pay
reasonable
prices
for
securities
of
companies
that
are
growing
faster
than
the
broader
market.
The
Board
was
informed
that,
as
of
the
date
of
the
Meeting,
Echo
Street
was
only
actively
managing
assets
for
the
Institutional
U.S.
Equity
Portfolio.
The
Board
was
also
informed
that,
while
in
the
most
recent
1-
and
3-year
periods
the
returns
of
Echo
Street’s
portion
of
that
Portfolio
underperformed
the
returns
of
both
the
peer
group
median
and
benchmark
index,
another
fund
managed
by
Echo
Street
using
the
same
investment
approach
had
outperformed
both
the
peer
group
median
and
the
benchmark
over
the
long-term.
With
respect
to
RhumbLine,
the
Board
was
informed
that
the
firm’s
investment
process
was
to
produce
returns
that
closely
track
a
particular
benchmark
index
using
both
full
replication
and
optimization
approaches.
While
RhumbLine
had
not
yet
managed
any
Trust
assets
for
a
long
enough
period
to
have
a
meaningful
performance
history,
the
Board
was
informed
with
respect
to
the
firm’s
composite
performance
history,
which
showed
accurate
tracking
of
the
appropriate
benchmarks
over
time.
With
respect
to
XY
Investments,
the
Board
was
informed
that
the
firm
invests
in
swaps
that
provide
the
returns
of
China
A
Shares
using
a
fundamentally-driven
quantitative
investment
approach.
The
Board
noted
that,
for
the
one-year
period
the
firm
had
outperformed
its
benchmark
index,
while
underperforming
that
index
for
the
three-year
period
and
having
mixed
results
when
compared
with
select
peer
funds,
outperforming
some
and
underperforming
others.
With
respect
to
Wellington,
the
Board
was
informed
that
the
portion
of
The
Institutional
U.S.
Equity
Portfolio
managed
by
Wellington
outperformed
the
appropriate
benchmark
index
and
an
appropriate
peer
group
of
funds
for
the
one
-,
three-
and
five-year
periods
ended
September
30,
2023.
With
respect
to
Mellon,
the
Board
was
informed
that
the
firm
managed
assets
for
equity
Portfolios
of
the
Trust
using
several
different
strategies
–
both
indexing
strategies
and
factor-based
strategies,
and
that
the
Adviser
allocates
Portfolio
assets
among
these
strategies.
With
respect
to
fixed
income
Portfolios,
the
Board
was
informed
that
the
firm
generally
uses
passive
investment
strategies
intended
to
mirror
the
returns
of
the
applicable
benchmark
indices.
The
Board
was
informed
that
Mellon
had
assets
allocated
to
it
in
eight
of
the
Portfolios
for
which
it
is
under
contract,
employing
eleven
different
strategies,
and
that
it
had
outperformed
the
applicable
benchmark
indices
for
all
but
one
of
the
strategies
employed
for
equity
Portfolios
since
the
respective
inceptions
of
such
accounts,
and
that
four
of
these
strategies,
in
the
ESG
Growth,
Catholic
SRI
Growth,
Institutional
International
and
Emerging
Markets
Portfolios,
Mellon
had
outperformed
their
respective
indices
by
more
than
0.10%.
The
one
strategy
that
had
not
outperformed
its
benchmark
index
underperformed
the
index
by
0.02%.
The
Board
was
also
informed
that,
for
the
strategies
employed
for
fixed
income
Portfolios,
since
the
respective
inceptions
of
such
accounts,
one
strategy
had
matched
its
benchmark
index
exactly
while
the
other
three
had
underperformed
their
respective
indices
by
between
0.04%
and
0.13%.
In
concluding
that
continuation
of
the
Continuing
Agreements
was
appropriate,
the
Board
did
not
rely
upon
any
single
factor
but
gave
considerable
weight
to
the
Adviser’s
recommendations
and
its
assessment
of
each
Specialist
Manager’s
overall
compliance
profile
and
the
success
and
future
ability
of
each
Specialist
Manager
in
capturing
the
respective
Portfolios’
desired
asset
classes.
Based
on
the
foregoing,
the
Board
concluded
that
the
performance
of
the
Specialist
Managers
was
satisfactory,
and
that
continuation
of
such
contracts
was
in
the
best
interest
of
shareholders
of
the
respective
Portfolios.
The
Board
also
concluded
that
the
nature,
extent
and
quality
of
the
portfolio
management
services
provided
by
the
Specialist
Managers
were
satisfactory
in
light
of
the
specific
strategies
employed
on
behalf
of
the
Portfolios
and,
thus,
supported
a
decision
to
approve
the
continuation
of
the
Continuing
Agreements.
The
Board
also
concluded
that
the
rates
at
which
the
Specialist
Managers
are
compensated
under
the
Continuing
Agreements
are
reasonable.
In
reaching
this
conclusion,
the
Board
had
before
it
financial
information
about
the
Specialist
Managers
relating
to
factors
such
as
comparable
fees
charged
to
peer
funds
and/or
other
institutional
clients
by
the
Specialist
Managers
for
similar
services,
costs
incurred
by
the
Specialist
Managers
in
providing
services
to
the
Portfolios
and/or
the
Specialist
Managers’
profitability.
With
respect
to
certain
Specialist
Managers,
the
Board
noted
that
the
fees
Portfolios
included
breakpoints
intended
to
recognize
economies
of
scale
achieved
as
the
level
of
assets
in
the
respective
accounts
increases.
With
respect
to
Echo
Street,
the
Board
was
informed
that
the
firm
received
an
annual
fee
of
no
more
than
0.85%,
with
a
breakpoint
schedule
providing
for
lower
fees
at
greater
asset
levels
down
to
0.55%
for
assets
over
$200
million,
and
that
for
Portfolio
in
which
Echo
Street
was
actively
managing
assets,
The
Institutional
U.S.
Equity
Portfolio,
this
fee
schedule
resulted
in
an
annual
fee
for
the
past
year
that
was
slightly
higher
than
the
comparable
industry
average
fee.
267
HC
CAPITAL
TRUST
Additional
Information
(continued)
—
December
31,
2023
(Unaudited)
With
respect
to
RhumbLine,
the
Board
was
informed
that
the
firm
was
entitled
to
receive
a
fee
of
either
0.04%
or
0.05%,
depending
on
the
Portfolio,
and
that
these
fee
levels
were
well
below
the
average
industry
fees.
With
respect
to
XY
Investments,
the
Board
was
informed
that
the
firm
received
an
annual
fee
of
1.00%,
with
the
possibility
of
that
fee
lowering
as
the
firm’s
total
assets
under
management
increased.
It
was
noted
that
this
fee
was
higher
than
the
comparable
industry
average
fees.
With
respect
to
Wellington
in
The
Institutional
U.S.
Equity
Portfolio,
the
Board
was
informed
that
Wellington
received
an
effective
fee
for
the
period
of
0.73%,
while
the
average
advisory
fee
for
peer
funds
was
0.58%.
With
respect
to
the
higher
effective
fee,
the
Adviser
informed
the
Board
that
Wellington
was
managing
a
portfolio
of
real
estate
related
securities
within
the
broader
U.S.
equity
scope
of
the
overall
Portfolio
and
that
the
average
industry
advisory
fee
for
real
estate
focused
funds
was
more
in
line
with
the
fee
paid
by
the
Portfolio
to
Wellington.
With
respect
to
Mellon,
the
Board
was
informed
with
respect
to
the
fact
that
the
firm
is
entitled
to
multiple
different
fee
arrangements,
depending
on
asset
class,
asset
levels
and
strategy
and
that
these
fee
levels
range
from
0.04%
to
0.15%
for
equity
Portfolios
and
from
0.06%
to
0.25%
for
fixed
income
Portfolios.
Effective
fees
paid
during
the
period
were
0.06%
for
The
Institutional
U.S.
Equity
Portfolio,
0.10%
for
each
of
the
ESG
Growth
and
Catholic
SRI
Growth
Portfolios,
0.06%
for
The
Institutional
International
Equity
Portfolio,
0.13%
for
The
Emerging
Markets
Portfolio
and
0.06%
for
the
Core
Fixed
Income,
U.S.
Government
Fixed
Income
Securities
and
U.S.
Mortgage/Asset
Backed
Fixed
Income
Securities
Portfolios.
The
Board
was
informed
that
each
of
these
fees
was
equal
to
or
lower
than
the
comparable
industry
average
fees,
except
for
The
Emerging
Markets
Portfolio
which
had
an
effective
fee
that
was
one
basis
point
above
its
comparable
industry
average
fee.
In
considering
this
information,
the
Board
gave
substantial
weight
to
the
fact
that
the
rates
at
which
each
Specialist
Manager
is
compensated
were
determined
as
a
result
of
arms-length
negotiations
conducted
by
the
officers
of
the
Trust
and
the
Adviser.
Accordingly,
the
Board
determined
that
the
profitability
to
each
of
each
of
the
Specialist
Managers
from
their
relationships
with
the
Trust
Portfolios
was
not
a
material
factor
in
its
deliberations
with
respect
to
the
consideration
of
the
approval
of
the
Continuing
Agreements.
Approval
of
Amendments
to
the
HC
Contracts.
During
the
period,
the
Board
also
approved
the
Amendments
to
the
HC
Contracts
related
to
each
of
the
Trust
Portfolios.
The
Board
was
informed
with
respect
to
the
fact
that,
historically,
the
Trust
had
paid
the
Adviser
a
management
fee
at
the
annual
rate
of
0.05%
of
each
Portfolios
assets
and
that
Hirtle
Callaghan
had
then
waived
its
clients’
advisory
fees
by
0.05%
to
the
extent
that
a
client’s
assets
were
invested
in
one
or
more
Trust
Portfolios.
At
its
meeting
in
September,
2023,
the
Board
approved
the
Amendments,
which
eliminated
the
management
fee
payable
to
the
Adviser.
In
approving
the
Amendments,
the
Board
concluded
that
the
elimination
of
the
fee
payable
to
the
Adviser
at
the
Trust
level,
while
not
effectively
impacting
the
fees
ultimately
paid
by
clients
of
Hirtle
Callaghan
on
their
Trust
investments,
would
save
the
Adviser
the
time
and
expense
of
calculating
and
processing
client-level
fee
waivers
and
improve
shareholder
communications
with
respect
to
fee
calculations.
Based
on
all
of
the
information
presented,
the
Board
concluded
that
implementation
of
the
Amendments
was
in
the
interests
of
shareholders
of
the
Portfolios.
Approval
of
New
Portfolio
Management
Agreements
with
Monashee.
At
its
Special
Meeting
held
on
August
17,
2023,
the
Board
approved
seven
new
Portfolio
Management
Agreements
with
Monashee
related
to
The
Value
Equity
Portfolio,
The
Growth
Equity
Portfolio,
The
Institutional
U.S.
Equity
Portfolio,
The
International
Equity
Portfolio,
The
Institutional
International
Equity
Portfolio,
The
Emerging
Markets
Portfolio
and
The
Corporate
Opportunities
Portfolio
(the
“Affected
Portfolios”).
Based
upon
the
Adviser’s
recommendation,
it
was
determined
by
the
Board
that
the
engagement
of
Monashee
to
manage
the
options
overlay
strategy
(the
“Strategy”)
employed
for
Affected
Portfolios
was
appropriate.
Accordingly,
the
Board
approved
the
terms
of
the
respective
new
Portfolio
Management
Agreements
(collectively,
the
“Agreements”)
between
the
Trust
and
Monashee.
In
connection
with
its
deliberations,
the
Board
reviewed
and
considered
information
that
it
had
requested
and
received
from
Monashee,
as
well
as
information
provided
to
it
by
the
Adviser.
In
addition,
the
Board
had
the
opportunity
to
meet
with
and
ask
questions
of
principals
of
Monashee.
268
HC
CAPITAL
TRUST
Additional
Information
(continued)
—
December
31,
2023
(Unaudited)
In
concluding
that
the
approval
of
the
Agreements
was
in
the
best
interests
of
the
Affected
Portfolios
and
consistent
with
the
expectations
of
their
shareholders,
the
Board
gave
substantial
weight
to
the
Adviser’s
views,
as
well
as
the
Adviser’s
assessment
of
the
potential
contribution
to
the
respective
Affected
Portfolios
of
Monashee’s
management
of
the
Strategy.
The
Board
noted
the
Adviser’s
explanation
that
Monashee
would
be
well
positioned
to
manage
all
aspects
of
the
Strategy.
Other
factors
considered
by
the
Board
in
approving
the
Agreements
included
the
nature,
extent
and
quality
of
the
services
expected
to
be
provided
by
Monashee,
and
the
Adviser’s
expectations
for
the
Affected
Portfolios.
The
Board
also
reviewed
and
considered,
among
other
things,
the
qualifications,
background
and
experience
of
the
investment
personnel
at
Monashee
who
would
be
responsible
for
the
day-to-day
portfolio
management
of
the
Affected
Portfolios’
allocated
assets,
noting
that
the
individual
expected
to
be
primarily
responsible
for
the
Strategy
had
initially
implemented
the
Strategy
for
the
Portfolios
while
employed
by
the
Adviser;
Monashee’s
experience
in
managing
other
funds
and
accounts;
Monashee’s
financial
condition;
and
Monashee’s
policies
and
procedures
designed
to
prevent
violations
of
the
Federal
Securities
laws
(as
defined
in
Rule
38a-1
under
the
1940
Act).
In
its
deliberations
with
respect
to
each
of
the
Agreements,
the
Board
recognized
that,
under
each
such
agreement,
Monashee
would
be
responsible
only
for
day-to-day
investment
decisions
with
respect
to
that
portion
of
an
Affected
Portfolio’s
assets
allocated
to
it.
The
Board
further
recognized
that
Monashee
would
not
participate
in
the
administration
of
any
of
the
Affected
Portfolios
or
in
the
distribution
of
shares
of
any
of
the
Affected
Portfolios
and
thus
would
receive
limited,
if
any,
benefit
from
its
association
with
the
Trust
other
than
the
fee
paid
to
it
by
the
respective
Affected
Portfolios
for
investment
management
services.
The
Board
also
determined
that
the
rate
at
which
Monashee
would
be
compensated
for
its
services
under
the
Agreements
was
reasonable.
During
the
course
of
its
deliberations,
the
Board
was
provided
with
publicly
available
information
assembled
by
a
third-party
service
provider
about
the
performance
and
fee
structures
of
funds
similar
to
the
Affected
Portfolios
managed
by
other
investment
advisers
(the
“peer
group”)
and
with
information
from
Monashee
regarding
the
fee
structures
of
their
similarly-managed
accounts.
While
the
Board
found
this
information
useful
as
an
indication
of
the
range
of
fees
and
services
in
the
peer
group
and
among
similarly-managed
accounts
of
the
proposed
managers,
the
Board
did
not
specifically
rely
upon
such
comparisons,
but
based
its
findings
primarily
on
the
specific
facts
and
circumstances
of
the
Affected
Portfolios
and
of
the
Trust
as
a
whole
and
the
fact
that
the
terms
of
the
Agreements
were
determined
as
a
result
of
arms-length
negotiations
conducted
by
the
officers
of
the
Trust
and
the
Adviser.
The
Board
also
recognized
that
the
overall
levels
of
advisory
fees
experienced
by
the
Affected
Portfolios
depends
upon
the
manner
in
which
its
assets
are
allocated
among
the
various
Specialist
Managers
serving
the
Affected
Portfolios
at
any
given
time.
In
concluding
that
implementation
of
the
Agreements
would
be
appropriate
and,
further,
that
approval
of
the
Agreements
was
in
the
best
interests
of
shareholders
of
the
Affected
Portfolios,
the
Board
considered
it
of
importance
that,
like
all
of
the
Portfolios
of
the
Trust,
the
Affected
Portfolios
are
designed
primarily
to
serve
as
a
vehicle
through
which
the
Adviser
implements
asset
allocation
strategies
on
behalf
of
investment
advisory
clients
of
the
Adviser
and
its
affiliates
and
that
shares
of
the
Affected
Portfolios
are
generally
available
only
to
such
clients.
Subsequently,
at
a
Special
Meeting
held
on
November
29,
2023,
(the
“Meeting”)
the
Board
approved
seven
additional
new
Portfolio
Management
Agreements
(the
“New
Agreements”)
with
Monashee
related
to
the
Affected
Portfolios.
The
Board
was
informed
that
a
pending
change
in
the
ownership
structure
of
Monashee
would
result
in
the
automatic
termination
of
the
then-existing
Agreements
between
the
Trust
and
the
Affected
Portfolios.
Based
upon
the
Adviser’s
recommendation,
it
was
determined
by
the
Board
that
the
continuation
of
the
engagement
of
Monashee
to
manage
the
Strategy
was
appropriate.
Accordingly,
the
Board
approved
the
terms
of
the
respective
New
Agreements
between
the
Trust
and
Monashee.
In
connection
with
its
deliberations,
the
Board
reviewed
and
considered
information
that
it
had
requested
and
received
from
Monashee,
as
well
as
information
provided
to
it
by
the
Adviser
at
both
the
Meeting
and
the
special
Board
meeting
held
on
August
17,
2023.
269
HC
CAPITAL
TRUST
Additional
Information
(concluded)
—
December
31,
2023
(Unaudited)
In
concluding
that
the
approval
of
the
New
Agreements
was
in
the
best
interests
of
the
Affected
Portfolios
and
consistent
with
the
expectations
of
their
shareholders,
the
Board
gave
substantial
weight
to
the
Adviser’s
views,
as
well
as
the
Adviser’s
assessment
of
the
contribution
to
the
respective
Affected
Portfolios
of
Monashee’s
management
of
the
Strategy.
Other
factors
considered
by
the
Board
in
approving
the
New
Agreements
included
the
nature,
extent
and
quality
of
the
services
provided
by
Monashee,
and
the
Adviser’s
expectations
for
the
Affected
Portfolios.
The
Board
also
reviewed
and
considered,
among
other
things,
the
qualifications,
background
and
experience
of
the
investment
personnel
at
Monashee
who
were
responsible
for
the
day-to-day
portfolio
management
of
the
Affected
Portfolios’
allocated
assets,
noting
again
that
the
individual
primarily
responsible
for
the
Strategy
had
initially
implemented
the
Strategy
for
the
Portfolios
while
employed
by
the
Adviser;
Monashee’s
experience
in
managing
other
funds
and
accounts;
Monashee’s
financial
condition;
and
Monashee’s
policies
and
procedures
designed
to
prevent
violations
of
the
Federal
Securities
laws
(as
defined
in
Rule
38a-1
under
the
1940
Act).
In
its
deliberations
with
respect
to
each
of
the
New
Agreements,
the
Board
recognized
that,
under
each
such
agreement,
Monashee
was
responsible
only
for
day-to-day
investment
decisions
with
respect
to
that
portion
of
an
Affected
Portfolio’s
assets
allocated
to
it.
The
Board
further
recognized
that
Monashee
did
not
participate
in
the
administration
of
any
of
the
Affected
Portfolios
or
in
the
distribution
of
shares
of
any
of
the
Affected
Portfolios
and
thus
received
limited,
if
any,
benefit
from
its
association
with
the
Trust
other
than
the
fee
paid
to
it
by
the
respective
Affected
Portfolios
for
investment
management
services.
The
Board
also
determined
that
the
rate
at
which
Monashee
was
compensated
for
its
services
under
the
New
Agreements
was
reasonable.
During
the
course
of
its
deliberations,
the
Board
was
provided
with
publicly
available
information
assembled
by
a
third-party
service
provider
about
the
fee
structures
of
funds
similar
to
the
Affected
Portfolios
managed
by
other
investment
advisers
(the
“peer
group”).
While
the
Board
found
this
information
useful
as
an
indication
of
the
range
of
fees
and
services
in
the
peer
group,
the
Board
did
not
specifically
rely
upon
such
comparisons,
but
based
its
findings
primarily
on
the
specific
facts
and
circumstances
of
the
Affected
Portfolios
and
of
the
Trust
as
a
whole
and
the
fact
that
the
terms
of
the
New
Agreements
were
determined
as
a
result
of
arms-length
negotiations
conducted
by
the
officers
of
the
Trust
and
the
Adviser.
The
Board
also
recognized
that
the
overall
levels
of
advisory
fees
experienced
by
the
Affected
Portfolios
depends
upon
the
manner
in
which
its
assets
are
allocated
among
the
various
Specialist
Managers
serving
the
Affected
Portfolios
at
any
given
time.
In
concluding
that
implementation
of
the
New
Agreements
would
be
appropriate
and,
further,
that
approval
of
the
New
Agreements
was
in
the
best
interests
of
shareholders
of
the
Affected
Portfolios,
the
Board
considered
it
of
importance
that,
like
all
of
the
Portfolios
of
the
Trust,
the
Affected
Portfolios
are
designed
primarily
to
serve
as
a
vehicle
through
which
the
Adviser
implements
asset
allocation
strategies
on
behalf
of
investment
advisory
clients
of
the
Adviser
and
its
affiliates
and
that
shares
of
the
Affected
Portfolios
are
generally
available
only
to
such
clients.
HC
CAPITAL
TRUST
8/23
Trustees
GEOFFREY
A.
TRZEPACZ*
JOHN
M.
DYER
JARRETT
B.
KLING
R.
RICHARD
WILLIAMS
RICHARD
W.
WORTHAM
III
*
‘Interested
Person’
as
that
term
is
defined
in
the
Investment
Company
Act
of
1940.
Investment
Adviser
HC
Capital
Solutions
Five
Tower
Bridge
300
Barr
Harbor
Drive,
5th
Floor
West
Conshohocken,
PA
19428
Administrator
Citi
Fund
Services
Ohio,
Inc.
4400
Easton
Commons,
Suite
200
Columbus,
OH
43219
Distributor
Ultimus
Fund
Distributors,
LLC
225
Pictoria
Drive,
Suite
450
Cincinnati,
OH
45246
Counsel
Stradley
Ronon
Stevens
&
Young,
LLP
2005
Market
Street,
Suite
2600
Philadelphia,
PA
19103-7018
Independent
Registered
Public
Accounting
Firm
Grant
Thornton
LLP
Two
Commerce
Square
2001
Market
Street,
Suite
700
Philadelphia,
PA
19103
Custodian
State
Street
Bank
and
Trust
Company
State
Street
Financial
Center
1
Lincoln
Street
Boston,
MA
02111-2900
This
report
is
for
the
information
of
the
shareholders
of
HC
Capital
Trust.
Its
use
in
connection
with
any
offering
of
the
Trust’s
shares
is
authorized
only
in
case
of
a
concurrent
or
prior
delivery
of
the
Trust’s
current
prospectus.
The
prospectus
contains
more
complete
information,
including
investment
objectives,
risks,
fees
and
expenses
and
should
be
read
carefully
before
investing
or
sending
any
money.
 
Item 2. Code of Ethics.
 
Not Applicable.
 
Item 3. Audit Committee Financial Expert.
 
Not Applicable.
 
Item 4. Principal Accountant Fees and Services.
 
Not Applicable.
               
Item 5.    Audit Committee of Listed Registrants.
 
Not Applicable.
 
Item 6.   Schedule of Investments.
 
(a)
Not Applicable.
(b)
Not Applicable.
 
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
 
Not Applicable.
 
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
 
Not Applicable.
 
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
 
Not Applicable.
 
Item 10. Submission of Matters to a Vote of Security Holders.
 
Not Applicable.
 
Item 11. Controls and Procedures.
 
(a)          
The Registrant’s
principal executive officer and principal financial officer have concluded
, based on their
evaluation of the
Registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these
disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
 
(b)           There were no changes in the Registrant’s internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (“the Act”) (17 CFR 270.30a-3(d))
that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
 
Item 12. Disclosures of Securities Lending Activities for Closed-End Management Investment Companies.
 
Not Applicable.
 
Item 13.
Recovery of Erroneously Awarded Compensation.
 
Not Applicable.
 
Item 14. Exhibits.
 
(a)(1) Not Applicable.
(a)(3)
Not Applicable.
 
 

 

SIGNATURES

 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
(Registrant)                          HC Capital Trust                                                                
 
 
 
By (Signature and Title)    /s/ Geoffrey Trzepacz                                                        
Geoffrey Trzepacz, Principal Executive Officer
 
Date                                       February 29, 2024                                                              
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
 
 
By (Signature and Title)     /s/ Colette Bergman                                                           
Colette Bergman, Principal Financial Officer
 
Date:                                      February 29, 2024                                                              
 
By (Signature and Title)     /s/ Geoffrey Trzepacz                                                        
Geoffrey Trzepacz, Principal Executive Officer
 
Date:                                      February 29, 2024